ANNUAL

47 th
REPORT
2016-17

Prof. R. S. S. Mani Dr. Jimmy Mirchandani Dr. Rahul Mirchandani Mr. B. V. Dholakia Mr. C. B. Chhaya Mrs. Nitya Mirchandani
Independent Director Director Chairman & Managing Director Independent Director Independent Director Director

Board Of Directors & Achievement

First Agro based company in the country wins Skoch Gold Award as Skoch order of merit
Limca Book of Records Top 100 SME's in India
 ANNUAL
47 th
REPORT
2016-17

All India Directors' Circle Customers attended Aries 2020 Campaign Launch at Bombay Stock Exchange, Mumbai

All India Directors Circle Dealers at Hotel IBIS, Delhi

 ANNUAL
47 th
REPORT
2016-17

International
Engagement

MBA students from Georgetown University's

Meeting with Nepal Distributor and Training for Nepal Sales
McDonough School of Business, USA at Aries House for
Staff
CSR Impact Assessment, HQ Mumbai

Other Major
Events

Students of staff and

workers received
the Founders
Award for academic
excellence

Aries participated in the 5th Edition of The Annual Northeast Young Sales Meeting with AP Region Team at Tirupati
Leaders Connect Conclave organized in Arunachal Pradesh by Youth
Net and Govt. of Arunachal Pradesh

Mr. Sanjay Pathak, Honorable Minister of MSME, Govt. of Madhya Pradesh meets Executive Launch of Aries Brand New Website with the AP &
Director, Dr. Rahul Mirchandani to discuss investment opportunitiesmeeting held at Hotel Taj Telangana Team on 21st Nov 2016
 47th Annual Report
2016 - 2017

BOARD OF DIRECTORS INTERNAL AUDITOR

Kirit Manek & Co.
'U5DKXO0LUFKDQGDQL
Chairman & Managing Director COST AUDITOR
(Appointed w.e.f. 04.04.2017) R. Nanabhoy & Co.

'U-LPP\0LUFKDQGDQL SECRETARIAL AUDITOR

Director Mr. A. Sekar
(Resigned as CMD w.e.f. 03.04.2017)
BANKERS
Prof. R. S. S. Mani AXIS Bank Ltd.
Mr. C. B. Chhaya ICICI Bank Ltd.
Mr. B. V. Dholakia HDFC Bank Limited
0UV1LW\D0LUFKDQGDQL Canara Bank
AUDIT COMMITTEE BRANCHES/STOCK LOCATIONS
Mr. B. V. Dholakia Chairman Ahmedabad, Gujarat
Prof. R. S. S. Mani Bangalore, Karnataka
0UV1LW\D0LUFKDQGDQL(w.e.f. 04.04.2017) Bellary, Karnataka
STAKEHOLDERS RELATIONSHIP COMMITTEE Bhubaneshwar, Orissa
Coimbatore, Tamil Nadu
Mr. C. B. Chhaya, Chairman
Ghaziabad, Uttar Pradesh
'U-LPP\0LUFKDQGDQL
Guwahati, Assam
'U5DKXO0LUFKDQGDQL
Hissar, Haryana
NOMINATION & REMUNERATION COMMITTEE Hyderabad, Telangana
Mr. C. B. Chhaya-Chairman Indore, Madhya Pradesh
Prof. R. S. S. Mani Jaipur, Rajasthan
Mr. B. V. Dholakia Jalandhar, Punjab
Kolkata, West Bengal
TREASURY COMMITTEE /XFNQRZ, Uttar Pradesh
'U5DKXO0LUFKDQGDQLChairman Nagpur, Maharashtra
(w.e.f. 04.04.2017) Nashik, Maharashtra
Nipani, Karnataka
Mr. C. B. Chhaya Patna, Bihar
0UV1LW\D0LUFKDQGDQL Raipur, Chhatisgarh
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE 5DQFKL, Jharkhand,
Rudrapur, Uttaranchal
'U5DKXO0LUFKDQGDQLChairman
Solapur, Maharashtra
(w.e.f. 04.04.2017)
Sriganganagar, Rajasthan
'U-LPP\0LUFKDQGDQL
Vijayawada, Andhra Pradesh
Mr. B. V. Dholakia
MANUFACTURING LOCATIONS
CHIEF FINANCIAL OFFICER
Mr. S. Ramamurthy Mumbai
Hyderabad
COMPANY SECRETARY & COMPLIANCE OFFICER Chhatral
Mr. Qaiser P. Ansari Lucknow
STATUTORY AUDITOR Fujairah, UAE(Subsidiary Company)

.LUWL'6KDKDQG$VVRFLDWHV

5HJLVWHUHG2I¿FH: Aries House, Plot No. 24, Deonar, Govandi (East), Mumbai-400 043, Web Site: www.ariesagro.com

47th Annual Report - 2016-17

 CONTENTS
'HVFULSWLRQ Company Page Nos.
Highlights Aries Agro Limited 1
Chairman’s Letter to Share Holders Aries Agro Limited 2
1RWLFH $JHQGD Aries Agro Limited 3-11
Board’s Report Aries Agro Limited 12-30
Aries Agro Care Private Limited 168-173
Aries Agro Equipments Private Limited 193-198
Aries Agro Produce Private Limited 220-225
Auditors Report Aries Agro Limited-Standalone 55-59
Aries Agro Limited- Consolidated 99-101
Golden Harvest Middle East FZC 140
Amarak Chemicals FZC 152
Aries Agro Care Private Limited 174-176
Aries Agro Equipments Private Limited 199-201
Aries Agro Produce Private Limited 226-228
5HSRUWV $FFRXQWV
%DODQFH6KHHWDVDWst0DUFK Aries Agro Limited- Standalone 60
Aries Agro Limited- Consolidated 102
Golden Harvest Middle East FZC 141
Amarak Chemicals FZC 153
Aries Agro Care Private Limited 177
Aries Agro Equipments Private Limited 202
Aries Agro Produce Private Limited 229
6WDWHPHQWRI3UR¿W /RVVIRUWKHSHULRGHQGHGDWst0DUFK Aries Agro Limited- Standalone 61
Aries Agro Limited- Consolidated 103
Golden Harvest Middle East FZC 142
Amarak Chemicals FZC 154
Aries Agro Care Private Limited 178
Aries Agro Equipments Private Limited 203
Aries Agro Produce Private Limited 230
6WDWHPHQWRI&KDQJHVLQ(TXLW\IRUWKH\HDUHQGHGst0DUFK Aries Agro Limited- Standalone 62
Aries Agro Limited- Consolidated 104
Golden Harvest Middle East FZC 142
Amarak Chemicals FZC 154
6WDWHPHQWRI&DVK)ORZVIRUWKH\HDUHQGHGst0DUFK Aries Agro Limited- Standalone 63
Aries Agro Limited- Consolidated 105
Golden Harvest Middle East FZC 143
Amarak Chemicals FZC 155
Aries Agro Care Private Limited 179
Aries Agro Equipments Private Limited 204
Aries Agro Produce Private Limited 231
1RWHVWR$FFRXQWV Aries Agro Limited- Standalone 64-97
Aries Agro Limited- Consolidated 106-139
Golden Harvest Middle East FZC 144-151
Amarak Chemicals FZC 156-166
Aries Agro Care Private Limited 180-191
Aries Agro Equipments Private Limited 205-217
Aries Agro Produce Private Limited 232-243
5HSRUWRQ&RUSRUDWH*RYHUQDQFH Aries Agro Limited 31-49
0DQDJHPHQW'LVFXVVLRQDQG$QDO\VLV5HSRUW Aries Agro Limited 50-52
5HSRUWRQ&RUSRUDWH6RFLDO5HVSRQVLELOLW\ Aries Agro Limited 53-54
6WDWHPHQWSXUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FW 98
$*0$WWHQGDQFH6OLS3UR[\)RUP Aries Agro Limited

47th Annual Report - 2016-17

)LQDQFLDO+LJKOLJKWV6WDQGDORQH
( Rupees in Lakhs unless stated otherwise)
3DUWLFXODUV 2016-17 2015-16 2014-15  
Revenue from Operations (Net of Discounts / Rebates) 22,964.73 21,283.46 21,366.31 21,878.34 17,565.46
Total Income 23,117.35 21,426.05 21,518.59 22,104.57 17,888.64
Earnings Before Interest, Tax, Depreciation & Amortisation 4,139.06 3,287.68 3,820.50 4,264.70 3,428.95
(EBITDA)
EBITDA % 18.02 15.45 17.88 19.49 19.52
3UR¿W%HIRUH'HSUHFLDWLRQDQG7D[ 2,019.66 1,216.02 1,690.85 1,987.93 1,588.21
3UR¿W%HIRUH'HSUHFLDWLRQDQG7D[ 8.79 5.71 7.91 9.09 9.04
3UR¿W%HIRUH7D[3%7 1,834.36 1,040.39 1,509.13 1,840.97 1,403.44
PBT % 7.99 4.89 7.06 8.41 7.99
3UR¿WIRUWKH<HDU3$7 1,184.35 639.68 1,181.28 1,153.03 934.13
PAT % 5.16 3.01 5.53 5.27 5.32
Equity Dividend % 20.00 15.00 20.00 20.00 15.00
Dividend Payout 0.22 0.30 0.22 0.23 0.21
Equity Share Capital 1,300.43 1,300.43 1,300.43 1,300.43 1,300.43
Other Equity (less Revaluation Reserve) 12,209.78 11,267.81 10,970.30 12,029.36 11,180.62
Net Worth 13,510.21 12,568.24 12,270.73 13,329.79 12,481.05
Gross Fixed Assets 5,436.16 5,414.16 4,902.41 4,779.06 4,875.42
Net Fixed Assets 2,480.03 2,577.40 2,109.58 3,489.32 3,694.48
Total Assets 31,824.53 29,904.20 28,892.42 32,266.38 33,431.47
Market Capitalisation 20,117.71 11,716.91 13,745.59 7,425.48 5,858.45
Number of Employees 822 748 753 785 748

.H\,QGLFDWRUV6WDQGDORQH
3DUWLFXODUV 2016-17 2015-16 2014-15  
Earnings Per Share - Rs. (Excluding Exceptional Items) 9.11 4.92 9.08 8.87 7.18
Turnover Per Share - Rs. 176.59 163.66 164.30 168.24 135.07
Book Value Per Share - Rs. 103.89 96.65 94.36 102.50 95.98
Debt : Equity Ratio* 0.83 0.90 0.87 0.99 1.19
EBITDA / Gross Turnover % 14.93 14.01 15.98 17.95 18.07
1HW3UR¿W0DUJLQ 5.16 3.01 5.53 5.27 5.32
RONW % * 8.77 5.09 9.63 8.65 7.48
ROCE % 15.78 12.80 15.60 15.18 11.61
Inventory Turnover (in days) 183 171 170 166 213
Debtors Turnover (in days) 127 139 140 159 171
Current Ratio 1.57 1.55 1.61 1.64 1.87
Price Earning Ratio 16.99 18.32 11.64 6.44 6.27
Market Vale per Share 154.70 90.10 105.70 57.10 45.05

47th Annual Report - 2016-17 1

 CHAIRMAN’S LETTER TO SHAREHOLDERS
Dear Members,
th
It is with great pleasure that I present to you the 47 Annual Report
of your Company, Aries Agro Limited.
During the year under review 2016-17, the monsoons recorded All
India average of 97% of the LPA (Long Period Average). The Kharif
rainfall was as per expectation. However, the winter rains especially
LQ6RXWK,QGLDZHUHH[WUHPHO\GH¿FLHQW7KHVHFRQGKDOIZDVDOVR
affected by demonetization which restricted sales and collections for
almost three months before conditions improved towards the end of
the fourth quarter. Stress on the rural economy post demonetization
required the Company to provide extra schemes to ensure continued
IXQGVLQÀRZGXULQJWKHVHFRQGKDOIRIWKH\HDU
)LQDQFLDO<HDUUHJLVWHUHGDJRRG.KDULIZLWKJURZWK
in H1 and a subdued Rabi with growth of 11.37 % in revenue. Strong
For Twelve consecutive years Aries Quality Management System
ZDVDXGLWHGDQGFHUWL¿HGDV16(1,62ZLWK]HURQRQ
compliance report showing complete adherence to international
quality standards.
Aries continues its tradition of carrying out a range of activities that
spread knowledge and adoption of farming best practices in the
markets that Aries functions in.
7KHFRPSDQ\XQGHUWRRNDFWLYLWLHVIRFXVHGVSHFL¿FDOO\RQVXSSRUWLQJ
school aged girls across India and supported education various rural
schools. We also supplied Braille Kits and Hearing Aid Machines for
the differently abled.
The Company’s Call Centre based in Vijayawada continued to
provide answers to farmers’ queries. During the year under review
over 5000 number of farmers called the call center at Vijayawada
FRVWFRQWUROPHDVXUHVZHUHSXWLQSODFHDQGKHQFHSUR¿WDELOLW\3$7
increased by 85.15 % compared to the previous year.
The credit for increase in revenue is also attributed to the success
RIWKH&RPSDQ\¶V¿UVWHYHUÀDVKVDOHFRQGXFWHGRQWK$SULO
which resulted in an order book being created in the beginning of
WKH)LQDQFLDO<HDURIWKHRUGHUERRNZDVFRQYHUWHGGXULQJ
the Financial year. Orders received during the Flash Sale boosted
better working capital management.
7KH &RPSDQ\ LQWURGXFHG ¿YH QHZ SURGXFWV QDPHO\ 0RERPLQ
Crackguard, Boon-o-Milk, Tracemin and K-phonic
The total capacity utilization currently stands at 58% of the total
installed capacity of 84,600 MT p.a. in India. During the year we
took a decision to close the operations in one of our international
manufacturing facilities at UAE namely Golden Harvest Middle East
FZC and sell the machinery which was eight years old and purchase
identical set of new machinery in India for installation at Hyderabad
and Chhatral manufacturing units. This was required in the context
of changed import duty structures which has made manufacturing in
India most viable and cheaper.
International clients are located in Bangladesh, Ghana, Kenya,
Nepal, Vietnam and Taiwan. Distributors in Nepal and Vietnam have
invested in branding and promotion of our range of products in their
respective countries. Exports constituted 12.50 % of our group
UHYHQXHGXULQJWKH)LQDQFLDO<HDU
Aries was selected for being amongst the top 100 SMEs in India and
was conferred the Skoch Order of Merit – 2017
We were also awarded the National Record by Limca Book of
Records for the largest Flash Sale of specialty plant nutrition
products conducted during April 2016 at Bombay Stock Exchange,
International Convention Center, Mumbai.
Aries was awarded the highest independent honour in India, the
Skoch Gold Award 2017 for our consistent work serving Indian
farmers.
2 47th Annual Report - 2016-17
with queries on integrated nutrient management, pest management,
soil health and post harvest management. During the year under
review almost 6,000 knowledge dissemination activities including
farmers meeting were undertaken impacting over 70,000 number of
farmers. These sessions were conducted by team of 71 extension
RI¿FLDOVVSUHDGDFURVVVWDWHV
Aries organized various state level farmer conferences in 20
States. The unique feature of these events have been that they had
participation on a common intellectual platform from top government
RI¿FLDOV RSLQLRQ OHDGHUV DFDGHPLD UHVHDUFK VFKRODUV VFLHQWLVWV
agribusiness students and farmers from across the states.
The Company also organized soil testing camps in 3 major
consuming states using Mobile Soil Testing Kits.
2017 monsoons are expected to be 98% of normal and the Company
LVKRSHIXOWKDWLWZLOODFKLHYHJRRGJURZWKLQUHYHQXHVDQGSUR¿WDELOLW\
A series of dealers meetings and booking bazaars were conducted
during April 2017 and orders with payment instruments totaling to
Rs. 305.88 Crores are in hand with bookings made by 1250 number
of dealers. Other major focus areas for the year ahead include
Increase penetration in Acquaculture, a non monsoon dependant
sector, increase in exports in Asian Region after receiving Export
License and launch of slow release granules for some existing soil
applied products
Through its products and passion, Aries continually demonstrates
that it is a responsible corporate citizen, working hard to retain the
delicate balance of nature and the development of communities
where it works and grows.
Sincerely,
'U5DKXO0LUFKDQGDQL
&KDLUPDQ 0DQDJLQJ'LUHFWRU
 NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the Forty Seventh Annual General
Meeting of the Members of ARIES AGRO LIMITED will be held on
Thursday, the 28th September, 2017 at 10.00 a.m. at The Chembur
Gymkhana, 16th Road, Chembur, Mumbai-400 071, to transact the
following business:-
ORDINARY BUSINESS
1. To receive, consider, approve and adopt:
a. the Audited Financial Statements of the Company for
WKH)LQDQFLDO<HDUHQGHGst March, 2017, together with
<HDUVFRPPHQFLQJIURPth April, 2017 upto and inclusive of 31st
0DUFKDVEURDGO\VSHFL¿HGEHORZDQGPRUHVSHFL¿FDOO\
set out in the Agreement dated 23rd May, 2017 signed between
the said Dr. Rahul Mirchandani and the Company submitted to
this meeting and initialed by the Chairman of the Nomination
DQG 5HPXQHUDWLRQ &RPPLWWHH IRU SXUSRVH RI LGHQWL¿FDWLRQ
ZKLFK $JUHHPHQW EH DQG LV KHUHE\ VSHFL¿FDOO\ VDQFWLRQHG
the Explanatory Statement annexed to the Notice convening
this Annual General Meeting(including the remuneration to
EH SDLG LQ WKH HYHQW RI /RVV RU ,QDGHTXDF\ RI 3UR¿W LQ DQ\
the Reports of the Board of Directors and the Auditors
thereon.
b. the Audited Consolidated Financial Statements of the
&RPSDQ\IRUWKH)LQDQFLDO<HDUHQGHGst March, 2017,
together with the Report of the Auditors thereon.
 7R GHFODUH 'LYLGHQG IRU WKH )LQDQFLDO<HDU HQGHG st March,
2017.
3. To appoint a Director in place of Dr. Jimmy Mirchandani (DIN
00239021) who retires by rotation and being eligible offers
himself for re-appointment.
)LQDQFLDO <HDU GXULQJ WKH WHQXUH RI KLV DSSRLQWPHQW ZLWK
authority to the Board of Directors (which includes Nomination
and Remuneration Committee) to alter and vary the terms and
conditions of the said appointment in such manner as may
be agreed to between the Board of Directors and Dr. Rahul
Mirchandani.”
“OVERALL REMUNERATION
Subject to the provisions of Section 196, 197, Schedule V and
other provisions of the Companies Act, 2013, the remuneration
SD\DEOH WR 'U 5DKXO 0LUFKDQGDQL LQ DQ\ ¿QDQFLDO \HDU VKDOO
QRWH[FHHG)LYHSHUFHQWRIWKHQHWSUR¿WVRIWKH&RPSDQ\
4. Appointment of Statutory Auditors of the Company.
MINIMUM REMUNERATION
7R FRQVLGHU DQG LI WKRXJKW ¿W WR SDVV ZLWK RU ZLWKRXW
PRGL¿FDWLRQV WKH IROORZLQJ UHVROXWLRQ DV DQ Ordinary
Resolution:
“RESOLVED THAT pursuant to the provisions of Section 139,
142 and other applicable provisions, if any, of the Companies
Act, 2013 and the Rules framed thereunder, as amended from
time to time, M/S Sandeep Sheth & Associates, Chartered
Accountants, (Membership No. 101903, and having Peer
:KHUHLQDQ\¿QDQFLDO\HDUGXULQJWKHFXUUHQF\RIWKHWHQXUH
RI 'U 5DKXO 0LUFKDQGDQL WKH &RPSDQ\ KDV QR SUR¿WV RU LWV
SUR¿WVDUHLQDGHTXDWHWKHUHPXQHUDWLRQSD\DEOHWR'U5DKXO
Mirchandani, will be as stated below except the Commission as
follows :-
SALARY, PERQUISITES AND ALLOWANCES
Not Exceeding Rs. 13,50,000/- pm inclusive of all perquisites
5HYLHZ &HUWL¿FDWH LVVXHG E\ WKH ,QVWLWXWH RI &KDUWHUHG DQG DOORZDQFHV DV VWDWHG EHORZ H[FHSW WKRVH VSHFL¿FDOO\
Accountants of India), be and is hereby appointed as Auditors excluded as per Schedule V of the Act.
of the Company in place of retiring Auditors M/s. Kirti D. Shah COMMISSION:
& Associates, Chartered Accountants, Mumbai,(Membership
1R  WR KROG RI¿FH IURP WKH FRQFOXVLRQ RI WKLV$QQXDO
General Meeting (AGM) till the conclusion of the Fifty Second
Annual General Meeting of the Company to be held in the
\HDUVXEMHFWWRUDWL¿FDWLRQRIWKHLUDSSRLQWPHQWDWHYHU\
Annual General Meeting if so required under the Act and at
such Remuneration plus Service Tax, Out-of-Pocket, Travelling
Expenses, etc., as may be mutually agreed between the Board
of Directors of the Company and the Auditors.”
SPECIAL BUSINESS
5. $SSRLQWPHQW RI 'U 5DKXO 0LUFKDQGDQL DV WKH 0DQDJLQJ
'LUHFWRURIWKH&RPSDQ\
 7R FRQVLGHU DQG LI WKRXJKW ¿W WR SDVV ZLWK RU ZLWKRXW
As decided by the Board of Directors at the time of adoption
of accounts, but not exceeding the ceiling in respect of
overall remuneration as prescribed under Section 197 of the
Companies Act, 2013.
Other Terms and Conditions:
PERQUISITES :
A. Rent Free furnished accommodation or House Rent Allowance
not exceeding Rs. 1,08,000/- SHUPRQWKDORQJZLWKEHQH¿WVRI
gas, fuel, water, electricity and telephone/fax as also upkeep
and maintenance of the residential accommodation the value
of such accommodation and its upkeep and maintenance being
evaluated in accordance with the provisions of the Income Tax
PRGL¿FDWLRQV WKH IROORZLQJ UHVROXWLRQ DV D 6SHFLDO
Resolution:
“RESOLVED THAT pursuant to the provisions of Sections 196,
197 and other applicable provisions read with Schedule V to
the Companies Act, 2013,(“Act”), as amended or re-enacted
from time to time, and subject to such approvals, if any, as may
be necessary, the Company hereby approves the appointment
and terms of remuneration of Dr. Rahul Mirchandani (DIN
00239057) as the Managing Director of the Company for
a period of 5(Five) years commencing from 4th April, 2017
upto and inclusive of 31st March, 2022 upon the terms and
conditions including remuneration for a period of 3(Three)
Rules. Personal long distance calls will be billed to Dr. Rahul
Mirchandani.
B. Conveyance : Company car with chauffeur or alternatively
Company to maintain Dr. Rahul Mirchandani’s personal car and
provide him with a chauffeur; monetary value for private use to
be evaluated in accordance with the Income Tax Rules.
C. 0HGLFDO %HQH¿WV  5HLPEXUVHPHQW RI PHGLFDO H[SHQVHV IRU
himself and his family actually incurred during the continuance
of his employment as per Rules of the Company upto a limit
of one months salary in a year or three months salary over a
period of three years.
47th Annual Report - 2016-17 3
D. Communication Allowance/Expenses: Dr. Rahul Mirchandani
will be entitled for communication allowance/reimbursement as
per rules of the Company.
E. Leave : 30 working days leave (traveling time included) once
in every year of service, with encashment of unavailed leave at
the end of the tenure.
F. Leave Travel Assistance : Leave travel concession for self and
family, once every year or as per Rules of the Company upto a
limit of one months salary in a year.
G. Other Perquisites e.g. Personal Accident Insurance for himself
and for his family and Club Fees(Subject to a maximum of two
clubs. No admission or life membership fee will be paid) and
any others, upto a maximum of Rs. 60,750/- p.m.
H. Contribution to Provident Fund, Superannuation Fund or
Annuity Fund to the extent these either singly or put together
are not taxable under the Income Tax Act, 1961; gratuity
payable at a rate not exceeding half a month salary for each
completed year of service and encashment of unavailed leave
at the end of tenure shall not be included in the computation
of the ceiling on remuneration in terms of Schedule V of the
Companies Act, 2013.
SITTING FEES
Dr. Rahul Mirchandani will not be entitled to Sitting Fees for
meetings of the Board / Committee of the Board attended by
him.”
COMPENSATION
 ,I DQ\ WLPH WKH RI¿FH RI WKH 0DQDJLQJ 'LUHFWRU LV GHWHUPLQHG
EHIRUHWKHH[SLU\RIKLVWHUPVRIRI¿FHWKH0DQDJLQJ'LUHFWRU
VKDOOEHHQWLWOHGWRFRPSHQVDWLRQIRUORVVRIRI¿FHLQDFFRUGDQFH
with and subject to the restrictions laid down in Section 191 and
202 of the Companies Act 2013 and rules framed thereunder.”
6. 5DWL¿FDWLRQ RI WKH 5HPXQHUDWLRQ RI WKH &RVW $XGLWRU LQ
WHUPVRI6HFWLRQRIWKH&RPSDQLHV$FWUHDGZLWK
Companies(Audit and Auditors) Rules, 2014
 7R FRQVLGHU DQG LI WKRXJKW ¿W WR SDVV ZLWK RU ZLWKRXW
PRGL¿FDWLRQV WKH IROORZLQJ 5HVROXWLRQ DV DQ Ordinary
Resolution:
“RESOLVED THAT pursuant to the provisions of Section 148
and all other applicable provisions of the Companies Act, 2013
read with Rule 14 of the Companies (Audit and Auditors) Rules,
NOTES:
1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE
ANNAUL GENERAL MEETING IS ENTITLED TO APPOINT A
352;< 72$77(1'$1' 927( 21$ 32// ,167($' 2)
+,06(/)$1'7+(352;<1(('127%($0(0%(52)
7+(&203$1<
 7+( 352;< ,1 25'(5 72 %( ())(&7,9( 6+28/' %(
/2'*(' :,7+ 7+( &203$1< $7 /($67  +2856
BEFORE THE COMMENCEMENT OF THE MEETING. A
352;< 62 $332,17(' 6+$// 127 +$9( $1< 5,*+7
72 63($. $7 7+( 0((7,1* %/$1. 352;< )250 ,6
ENCLOSED.
Pursuant to the provision of Section 105 of the Companies
Act, 2013 a person can act as a proxy on behalf of members
QRWH[FHHGLQJ¿IW\DQGKROGLQJLQWKHDJJUHJDWHQRWPRUHWKDQ
ten percent of the total share capital of the Company carrying
voting rights. A member holding more than ten percent of the
total share capital of the Company carrying voting rights may
appoint a single person as proxy and such person shall not act
as a proxy for any other person or shareholder.
3. Corporate Members intending to send their Authorised
Representatives to attend the Meeting are requested to send
WR WKH &RPSDQ\ D &HUWL¿HG &RS\ RI WKH %RDUG 5HVROXWLRQ
authorizing their Representative to attend and Vote on their
behalf at the Meeting before three days of the date of the
meeting.
 0HPEHUV3UR[LHVVKRXOGEULQJWKHDWWHQGDQFHVOLSGXO\¿OOHG
in for attending the meeting. The Identity/Signature of the
Members holding shares in Electronic/Demat form is liable for
YHUL¿FDWLRQ ZLWK 6SHFLPHQ 6LJQDWXUHV DV PD\ EH IXUQLVKHG
by NSDL/CDSL to the Company. Such Members are advised
to bring the relevant Identity Card issued by the Depository
Participant to the Annual General Meeting.
5. The relative Explanatory Statement pursuant to Section 102(1)
of the Companies Act, 2013, in respect of Special Business is
annexed hereto. .
6. All the documents referred to in the Notice and Explanatory
6WDWHPHQWDUHRSHQIRULQVSHFWLRQDWWKH5HJLVWHUHG2I¿FHRI
the Company between 10.00 a.m. and 12.00 noon on all days,
except Saturdays, Sundays and holidays until the date of the
Annual General Meeting or any adjournment thereof.
 LQFOXGLQJ DQ\ VWDWXWRU\ PRGL¿FDWLRQV RU UHHQDFWPHQW
thereof, for the time being in force), the remuneration of Rs.
2,40,000/-(Rupees Two Forty Thousands Only) plus Service
Tax and reimbursement of Out of Pocket Expenses at actual
as approved by the Board of Directors of the Company payable
WR 0V 5 1DQDEKR\  &R &RVW$FFRXQWDQWV KDYLQJ ¿UP¶V
registration No. 000010for conducting the Cost Audit of the
UHFRUGV PDLQWDLQHG E\ WKH &RPSDQ\ IRU WKH ¿QDQFLDO \HDU
ending 31st0DUFKEHDQGLVKHUHE\UDWL¿HG´
By Order of the Board
Qaiser P. Ansari
Place: Mumbai &RPSDQ\6HFUHWDU\
Date: 9th August, 2017 0HPEHUVKLS1R$&6 Company will be closed from Saturday, 16th September, 2017
4 47th Annual Report - 2016-17
7. Members desirous of getting any information about the accounts
and operations of the Company are requested to write their
queries to the Company at least seven days in advance of the
meeting so that the information required can be made readily
available at the meeting.
8. Individual shareholders can now take the facility of nomination.
The nominee shall be the person in whom all rights of transfer
and/or amount payable in respect of shares shall vest in the
event of the death of the shareholder(s). A minor can be a
nominee provided the name of the guardian is given in the
Nomination Form. Members who are interested in availing the
nomination facility are requested to write to the Company.
9. The Register of Members and Share Transfer Books of the
to Thursday, 28th September, 2017 (both days inclusive) for
determining the names of members eligible for Dividend on
Equity Shares, if declared at the Meeting as recommended
by the Board of Directors. On such declaration of Dividend
 at the forthcoming Annual General Meeting, such Dividend
will be paid on 24th October, 2017 to those members whose
names appear on the Register of Members on 15th September,
2017 after giving effect to valid transfers in respect of transfer
requests lodged with the Company on or before the close of
business hours on 8th September, 2017. In respect of shares
held through the depositories, Dividend will be paid on the
DIRUHVDLGGDWHWRWKHEHQH¿FLDORZQHUVRIVKDUHVZKRVHQDPHV
appear at the close of business hours on 15th September, 2017
as per details furnished by the depositories for this purpose.
10. Members are requested to avail the facility of remittance of
Dividend through the National Electronic Clearing Systems
18. The Company has submitted with the MCA the List of Un-Paid
Dividends as on the date of the last AGM i.e. and the same is
also displayed in the Investor Relations Section on our web-
site at www.ariesagro.com.
19. In compliance with Section 124 and other applicable provisions
of the Companies Act, 2013 and rules framed thereunder,
unclaimed Dividend for the year ended 31st March, 2009 has
been transferred to the ‘Investor Education and Protection Fund’
(IEPF) established by the Central Government. Unclaimed
Dividends for all the subsequent years will be transferred to
the IEPF according to the statutory stipulations. Members
are requested to contact the Company’s Registrar & Share
1(&67KH 1(&6 IDFLOLW\ LV DYDLODEOH DW ORFDWLRQV LGHQWL¿HG
by the Reserve Bank of India from time to time. Members
holding shares in physical form and desirous of availing this
facility are requested to immediately write to the Company’s
Registrars and Transfer Agents with changes in their bank
account/account numbers, if any, along with a photocopy of a
blank cheque pertaining to the concerned account.
 %HQH¿FLDO 2ZQHUV KROGLQJ VKDUHV LQ (OHFWURQLF 'HPDW
form are requested to notify any change in their Addresses,
Bank Account, Mandate, etc. to their respective Depository
Participant. ECS Mandates has to be sent to the concerned
Depository Participant directly.
12. Members holding shares in physical form are requested to
notify any change in their Address, Bank Accounts etc. to
the Registrar and Transfer Agent of the Company M/s Aarthi
Consultants Private Limited.
13. The Securities and Exchange Board of India (SEBI) has made
it mandatory to print the Bank Details of the Investors on the
physical payment instruments, if any payment is made to
Investors by physical payment instrument. Members holding
shares in physical form are requested to immediately submit
their Bank Details to the Company/Registrars and Transfer
Agents, M/s Aarthi Consultants Private Limited.
14. The Securities and Exchange Board of India (SEBI) has
mandated the submission of Permanent Account Number(PAN)
by every participant in securities market. Members holding
shares in electronic form are, therefore, requested to submit
PAN to their Depository Participants with whom they are
maintaining their Demat Accounts. Members holding shares in
physical form can submit their PAN details to the Company/
Registrars and Transfer Agents, M/s Aarthi Consultants Private
Limited.
15. 0HPEHUVDUHUHTXHVWHGWREULQJWKHLUFRS\RIWKH$QQXDO
Report to the Annual General Meeting.
16. In case of joint holders attending the Meeting, only such joint
holder who is higher in the order of names will be entitled to
vote.
17. Non-Resident Indian Members are requested to inform
Registrars and Transfer Agents M/S Aarthi Consultants Private
Limited, immediately of:-
a) Change in their residential status on return to India for
permanent settlement.
b) Particulars of their Bank Account maintained in India with
complete Name, Branch, Account Type, Account Number
and address of the Bank with Pin Code Number, if not
furnished earlier.
Transfer Agents, in respect of their outstanding dividends for
the succeeding years.
20. As per, Section 124(6) of the Companies Act, 2013 all shares
in respect of which unpaid or unclaimed dividend has been
transferred to IEPF, shall also be transferred to IEPF. Ministry
RI &RUSRUDWH $IIDLUV KDV UHFHQWO\ QRWL¿HG ,QYHVWRU (GXFDWLRQ
and Protection Fund Authority (Accounting, Audit,Transfer
and Refund) Amendment Rules, 2017 which have come into
force from February 28, 2017. The said Rules, amongst other
matters, contain provisions for transfer of all shares in respect
of which dividend has not been paid or claimed for seven
consecutive years or more, in the name of IEPF Suspense
Account.
All the Share Holders are requested to claim the Unpaid/
Unclaimed Dividends due to them by making an application to
M/S. Aarthi Consultants Pvt.Ltd., Registrar and Transfer Agents
of the Company or directly to the Company on or before 22nd
October, 2017. In case the Share Holders fail to claim the above
dividend, all the concerned shares (whether held in physical or
electronic form) will be transferred by the Company to IEPF
6XVSHQVH$FFRXQW.LQGO\QRWHWKDWGLYLGHQGIRU)LQDQFLDO<HDU
2009-10 Interim has already been transferred to IEPF.
However, the Share Holders can claim from IEPF Authority
both unclaimed dividend amount and the shares transferred
to IEPF Suspense Account by making an application in Form
IEPF-5 online and sending the physical copy of the same
duly signed (as per registered specimen signature) along with
requisite documents enumerated in the said Form IEPF-5 to the
&RPSDQ\DWLWV5HJLVWHUHG2I¿FHRUWR06$DUWKL&RQVXOWDQWV
Pvt. Ltd., Registrar and Transfer Agents of the Company for
YHUL¿FDWLRQ RI WKHLU FODLP :H VKDOO VHQG D YHUL¿FDWLRQ UHSRUW
to IEPF Authority for refund of the unclaimed dividend amount
and transfer of the shares back to the credit of the shareholder.
As per the above mentioned rules, only one such request can
be made in one year.
21. The Annual Report duly circulated to the Members of the
Company, is available on the Company’s Website at www.
ariesagro.com and on the website of M/S. Aarthi Consultants
Private Limited at www.aarthiconsultants.com.
22. Shareholders can register their complaints, if any, on an
exclusive e-mail id investorrelations@ariesagro.com which has
been designated for the said purpose.
23. In accordance with the Section 101 of the Companies Act,
2013 read with the Rules, the Annual Reports are sent by
electronic mode to those members whose shareholding is in
dematerialised format and whose email ids are registered with
the Depository for communication purposes. The members
holding shares in physical form and who have not registered
47th Annual Report - 2016-17 5
 their email ID are requested to register their email ID addresses 3DUWLFXODUVUHTXLUHG Information
with M/S Aarathi Consultants Private Limitedthe Company’s
Name of the Director Dr. Rahul Mirchandani*
Registrars and Transfer Agents.
Date of Birth 12th August, 1975
24. To support the ‘Green Initiative’, the Members who have not
registered their e-mail addresses are requested to register Date of Appointment 2nd February, 1994
the same with M/S Aarathi Consultants Private Limited / ([SHUWLVH LQ VSHFL¿F
As Executive Director, he was
Depositories. functional areas overseing various functions of
25. The Company’s Equity Shares are listed at (i) BSE Limited, the Company namely Marketing,
Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001; Brand Promotion and New Product
and (ii) National Stock Exchange of India Limited, Exchange Development etc.
Plaza, Floor 5, Plot No. C/1, Bandra (East), Mumbai- 400051 As Managing Director, he oversees
and the Company has paid the Annual Listing Fees to the said all the functions and day to day
Stock Exchanges for the year 2017-18. affairs of the Company and
particular Marketing, Finance and
26. Details of the Directors seeking appointment/re-appointment at Administration.
the forthcoming Annual General Meeting are given below:
4XDOL¿FDWLRQV B.Com, CFA , MBA, Ph.
3DUWLFXODUVUHTXLUHG Information D(Management Studies) from
Name of the Director Dr. Jimmy Mirchandani* NMIMS.
Date of Birth 10th January, 1956 Chairman/Member of Member of the Audit Committee,
the Committees of the Stake Holders Relationship
Date of Appointment 15th January, 1976
Board of Directors of Committee, Treasury Committee &
([SHUWLVH LQ VSHFL¿F Director the Company. CSR Committee.
functional areas
Ceased to be a Member of the Audit
4XDOL¿FDWLRQV B.Sc. (Veterinary), LL B. Committee w.e.f. 03.04.2017.
Chairman/Member of Member of Stake Holders Directorship in
other Sreeni Agro Chemicals Ltd.
the Committees of the Relationship Committee Treasury Companies Aries East-West Nutrients Pvt. Ltd.
Board of Directors of Committee, CSR Committee. Blossoms International Ltd.
the Company. Ceased to be a Member of the Treasury Aries Marketing Ltd.
Committee w.e.f. 03.04.2017. Aries Agro Care Pvt. Ltd.
Directorship inother Sreeni Agro Chemicals Ltd. Aries Agro Equipments Pvt. Ltd.
Companies Aries East-West Nutrients Pvt. Ltd. Aries Agro Produce Private
Blossoms International Ltd. Limited**
Aries Agro Care Pvt. Ltd. Golden Harvest Middle East FZC
Aries Agro Equipments Pvt. Ltd. Membership of NIL
Aries Agro Produce Private Audit Committee of
Limited** other Public Limited
Golden Harvest Middle East FZC Companies
Amarak Chemicals FZC Membership of any NIL
Membership of NIL other Committee of
Audit Committee of other Public Limited
other public limited Companies.
companies *Appointed as the Chairman and Managing Director w.e.f.
Membership of any NIL 04.04.2017
other committee of ** Resigned from the Directorship w.e.f. 25th May, 2017
other public limited
27. The Registrar and Share Transfer Agent of the Company
companies.
(RTA).
*Resigned as MD w.e.f. 03.04.2017. Continues to be a Director
AARTHI CONSULTANTS PRIVATE LIMITED
** Resigned from the Directorship w.e.f. 25th May, 2017 1-2-285, Domalguda, Hyderabad – 500 029, Telangana, India\
Tel : +91-40-27634445 / 27642217, Fax: +91-40-27632184
E-mail: aries@aarthiconsultants.com
Website: www.aarthiconsultants.com
 9RWLQJWKURXJKHOHFWURQLFPHDQV
In compliance with provisions of Section 108 of the Companies
Act, 2013 and Rule 20 of the Companies (Management and
Administration) Rules, 2014, the Company is pleased to provide
members facility to exercise their right to vote at the 47th Annual
General Meeting (AGM) by electronic means and the business
may be transacted through remote e-Voting Services provided
by Central Depository Services Limited (CSDL).

6 47th Annual Report - 2016-17

 The instructions for members for voting electronically are as
under:-
(i) The voting period begins on Saturday, 23rd September, 2017
at 10.00 a.m. and ends on Wednesday, 27th September, 2017
at 5.00 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 Friday, 15th September, 2017, may cast
their vote electronically. The remote e-voting module shall be
disabled by CDSL for voting thereafter.
(ii) Shareholders who have already voted prior to the Meeting date
would not be entitled to vote at the Meeting Venue.
(iii) The shareholders should log on to the e-voting website www.
evotingindia.com during the voting period
(iv) Click on “Shareholders” tab.
(v) Now Enter your User ID
a. )RU&'6/GLJLWVEHQH¿FLDU\,'
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.
(vi) 1H[W HQWHU WKH ,PDJH 9HUL¿FDWLRQ DV GLVSOD\HG DQG &OLFN RQ
Login.
(vii) 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.
(viii) ,I\RXDUHD¿UVWWLPHXVHUIROORZWKHVWHSVJLYHQEHORZ
Creation’ menu wherein they are required to mandatorily enter
WKHLUORJLQSDVVZRUGLQWKHQHZSDVVZRUG¿HOG.LQGO\QRWHWKDW
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
\RXUSDVVZRUGFRQ¿GHQWLDO
(xi) For Members holding shares in physical form, the details can
be used only for e-voting on the resolutions contained in this
Notice.
(xii) Click on the EVSN for the Company <ARIES AGRO LIMITED>
on which you choose to vote.
(xiii) On the voting page, you will see “RESOLUTION DESCRIPTION”
DQG DJDLQVW WKH VDPH WKH RSWLRQ ³<(612´ IRU YRWLQJ 6HOHFW
WKHRSWLRQ<(6RU12DVGHVLUHG7KHRSWLRQ<(6LPSOLHVWKDW
you assent to the Resolution and option NO implies that you
dissent to the Resolution.
(xiv) Click on the “RESOLUTIONS FILE LINK” if you wish to view
the entire Resolution details.
(xv) After selecting the resolution you have decided to vote on, click
RQ³68%0,7´$FRQ¿UPDWLRQER[ZLOOEHGLVSOD\HG,I\RXZLVK
WRFRQ¿UP\RXUYRWHFOLFNRQ³2.´HOVHWRFKDQJH\RXUYRWH
click on “CANCEL” and accordingly modify your vote.
(xvi) Once you “CONFIRM” your vote on the resolution, you will not
be allowed to modify your vote.
For Members holding shares in Demat Form
DQG3K\VLFDO)RUP
PAN Enter your 10 digit alpha-numeric *PAN issued
by Income Tax Department (Applicable for
both demat shareholders as well as physical
shareholders)
‡ 0HPEHUV ZKR KDYH QRW XSGDWHG WKHLU 3$1
with the Company/Depository Participant
DUH UHTXHVWHG WR XVH WKH ¿UVW WZR OHWWHUV RI
their name and the 8 digits of the sequence
number(Available in the Address label pasted
in the cover and/or in the e-mail sent to the
[YLL<RXFDQDOVRWDNHRXWSULQWRIYRWHVFDVWE\FOLFNLQJRQ³&OLFN
here to print” option on the Voting page.
(xviii)If Demat account holder has forgotten the login password then
(QWHU WKH 8VHU ,' DQG WKH LPDJH YHUL¿FDWLRQ FRGH DQG FOLFN
on Forgot Password & enter the details as prompted by the
system.
(xix) Shareholders can also cast their vote using CDSL’s mobile app
m-Voting available for android based mobiles. The m-Voting
app can be downloaded from Google Play Store. Apple and
Windows phone user can download the app from App Store
and the Windows Phone Store respectively. Please follow the
instructions as prompted by the mobile app while voting on
your mobile.
PHPEHUVLQWKH3$1¿HOG
(xx) Note for Non-Individual Shareholders and Custodians
‡ ,Q FDVH WKH VHTXHQFH QXPEHU LV OHVV WKDQ 
y Non-Individual shareholders (i.e. other than Individuals,
digits enter the applicable number of 0’s before
HUF, NRI etc.) and Custodian are required to log on to
WKHQXPEHUDIWHUWKH¿UVWWZRFKDUDFWHUVRIWKH
https://www.evotingindia.com and register themselves as
name in CAPITAL letters. Eg. If your name is
Corporates.
Ramesh Kumar with sequence number 1 then
HQWHU5$LQWKH3$1¿HOG y A scanned copy of the Registration Form bearing the
stamp and sign of the entity should be emailed to
Dividend Enter the Dividend Bank Details or Date of Birth
helpdesk.evoting@cdslindia.com.
Bank (in dd/mm/yyyy format) as recorded in your demat
Details account or in the Company records in order to y After receiving the login details a Compliance User should
Or Date login. be created using the admin login and password. The
of Birth ‡ ,I ERWK WKH GHWDLOV DUH QRW UHFRUGHG ZLWK WKH Compliance User would be able to link the account(s) for
(DOB) Depository or Company please enter the which they wish to vote on.
member id / folio number in the Dividend Bank y The list of accounts linked in the login should be mailed to
GHWDLOV¿HOGDVPHQWLRQHGLQLQVWUXFWLRQY
(ix) After entering these details appropriately, click on “SUBMIT”
tab.
(x) Members holding shares in physical form will then directly
reach the Company selection screen. However, members
holding shares in demat form will now reach ‘Password
helpdesk.evoting@cdslindia.com and on approval of the
accounts they would be able to cast their vote.
y 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.
47th Annual Report - 2016-17 7
(xxi) In case you have any queries or issues regarding e-voting,
you may refer the Frequently Asked Questions (“FAQs”) and
e-voting manual available at www.evotingindia.com under
help section or write an email to helpdesk.evoting@cdslindia.
com. The Name, Designation, Address, email ID and Phone
Numbers of the person responsible to address the grievances
connected with facility for voting by electronic means is as
follows:
Mr. Wenceslaus Furtado
Designation: Deputy Manager
Address: Phiroze Jeejeebhoy Towers, 16th Floor,
Dalal Street, Fort, Mumbai- 400001.
email id:helpdesk.evoting@cdslindia.com<mailto:helpdesk.
evoting@cdslindia.com>
Phone number: 18002005533
EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF
7+(&203$1,(6$&7
Item No. 4
This Explanatory Statement is provided though strictly not required
as per Section 102 of the Act.
M/s. Kirti D. Shah & Associates, Chartered Accountants, Mumbai,
WKH6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\KROG2I¿FHWLOOWKHFRQFOXVLRQ
of the ensuing Annual General Meeting.
The Board of Directors has, based on the recommendation of the
Audit Committee, at its Meeting held on 9th August, 2017 proposed
the appointment of M/S Sandeep Sheth & Associates , Chartered
Accountants, Mumbai,(Membership No. 101903 and having Peer
5HYLHZ&HUWL¿FDWHLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWV
of India) as the Statutory Auditors of the Company for a period of
(xxii) Pursuant to Section 107 of the Act read with Rule 20 of the
Companies (Management and Administration) Rules, 2014,
voting through Polling Paper shall also be made available
to those Members who will be attending the Annual General
Meeting and have not cast their vote by e-voting.
(xxiii) Ms. Shailashri Bhaskar, Practicing Company Secretary
(Membership No. FCS-5778 and CP No. 5092) or in her absence
Mr. A. Sekar, Practicing Company Secretary (Membership
)LYHFRQVHFXWLYH\HDUVWRKROGRI¿FHIURPFRQFOXVLRQRIWKHth
Annual General Meeting of the Company scheduled to be held in the
year 2017 till the conclusion of the 52nd Annual General Meeting to
EHKHOGLQWKH\HDUVXEMHFWWRUDWL¿FDWLRQE\6KDUH+ROGHUVDW
every Annual General Meeting, if so required under the Act).
As per the requirement of the Act, M/S Sandeep Sheth & Associates,
&KDUWHUHG $FFRXQWDQWV KDYH FRQVHQWHG DQG FRQ¿UPHG WKDW WKHLU
DSSRLQWPHQW LI PDGH ZRXOG EH ZLWKLQ WKH OLPLWV VSHFL¿HG XQGHU
No. ACS-8649 and CP No. 2450), has been appointed as the
Scrutinizer to scrutinize e-voting process (including the Ballot
Form received from the Members who do not have access to
the e-voting process) and the Polling at the AGM, in a fair and
transparent manner.
The Scrutinizer shall, within a period not exceeding three
working days from the conclusion of the e-voting period,
unblock the votes in the presence of at least two witnesses not
in the employment of the Company and make a Scrutinizer’s
Report of the votes cast in favour or against, if any, forthwith to
the Chairman of the Company.
By Order of the Board
Qaiser P. Ansari
Place: Mumbai &RPSDQ\6HFUHWDU\
Date: 9th August, 2017 0HPEHUVKLS1R$&6 terms and conditions as per his appointment as the Executive
6HFWLRQJRIWKH$FWDQGLWLVQRWGLVTXDOL¿HGWREHDSSRLQWHG
as Auditor in terms of the provisions of Section 139 and 141 of the
Act and the Companies (Audit and Auditors) Rules, 2014.
Accordingly, approval of the Members is being sought for proposal
contained in the Resolution set out at item No. 4 of the Notice.
The Board commends the resolution at Item No. 4 for approval by
the Members.
None of the Directors / Key Managerial Personnel of the Company /
WKHLUUHODWLYHVDUHLQDQ\ZD\FRQFHUQHGRULQWHUHVWHG¿QDQFLDOO\RU
otherwise, in the resolution set out at Item No. 4 of the Notice.
Item No. 5
The Board of Directors of the Company at its Meeting held on 3rd April,
2017 elevated Dr. Rahul Mirchandani as the Managing Director of
the Company w.e.f. 4th April, 2017 for remaining period of his current
term i.e. upto 30th September, 2018 at the same remuneration and
Director in place of the vacancy caused due to resignation of Dr.
Jimmy Mirchandani from the Chairman and Managing Directorship
of the Company w.e.f. 3rd April, 2017 owing to Dr. Jimmy decided to
settle abroad.
,QSDUWLDOPRGL¿FDWLRQRIWKHUHVROXWLRQSDVVHGLQWKH%RDUG0HHWLQJ
held on 3rd April, 2017, the Board in their Meeting held on 27th April,
2017 with the agenda duly circulated in advance and by passing
a resolution unanimously, appointed Dr. Rahul Mirchandani as
0DQDJLQJ 'LUHFWRU IRU D SHULRG RI )LYH <HDUV DQG UHYLVHG WKH
UHPXQHUDWLRQIRUDSHULRGRIWKUHH<HDUVZLWKHIIHFWIURPth April,
2017, subject to the approval of the Company in General Meeting
in accordance with Schedule V of the Act. The Nomination and
Remuneration Committee at their meeting held on 3rd April, 2017 and
27th April, 2017 have, after considering the various factors namely
prevailing pay packets, responsibilities being shouldered by Working
Directors, their contribution for the growth of the Company etc., have
VDQFWLRQHG DQG ¿[HG WKH UHPXQHUDWLRQ DV VWDWHG LQ WKH UHVROXWLRQ
under Item No. 5. There is no proposal for appointment of Executive
Director as Dr. Rahul Mirchandani will continue to shoulder the said
responsibilities in addition to his duties as Managing Director.

8 47th Annual Report - 2016-17

,QIRUPDWLRQ SXUVXDQW WR WKH SURYLVLRQV RI 6FKHGXOH 9 RI WKH (2) 'DWH RU H[SHFWHG GDWH RI FRPPHQFHPHQW RI FRPPHUFLDO
&RPSDQLHV $FW  DQG IRUPLQJ SDUW RI WKH H[SODQDWRU\ SURGXFWLRQ
VWDWHPHQWWRWKH1RWLFHFRQYHQLQJWKH$QQXDO*HQHUDO0HHWLQJ The Company was incorporated in the year 1969 and since
I. GENERAL INFORMATION then has been into production.
(1) Nature of Industry:  ,Q FDVH RI QHZ FRPSDQLHV H[SHFWHG GDWH RI
 7KH &RPSDQ\ FDQ EH EURDGO\ FODVVL¿HG DV D IRFXVHG FRPPHQFHPHQW RI DFWLYLWLHV DV SHU SURMHFW DSSURYHG E\
Specialty Plant Nutrition Company engaged in manufacturing ¿QDQFLDOLQVWLWXWLRQVDSSHDULQJLQWKHSURVSHFWXV –
Micronutrients for agriculture produce. The Company also Not Applicable.
deals in Veterinary products on a small scale. The Company is  D )LQDQFLDO SHUIRUPDQFH EDVHG RQ JLYHQ LQGLFDWRUV
also dealing and manufacturing Soluble Fertilisers and Sulphur %DVHG RQ$XGLWHG SXEOLVKHG ¿QDQFLDO VWDWHPHQW IRU
based fertilizers. WKH\HDU 
2XWVWDQGLQJ$FKLHYHPHQWV As on As on
1. The National Record awarded by Limca Book of Records for  
the Largest Flash Sale of Specialty Plant Nutrient Products 1 6DOHV WR 3UR¿W 15.45% 18.02%
conducted during April 2016 at Bombay Stock Exchange, before Interest,
International Convention Center, Mumbai. Depreciation & Tax
2. The highest independent honour in India namely the Skoch 2 6DOHVWR3UR¿WEHIRUH 5.71% 8.79%
Gold Award 2017 for our consistent work serving Indian Depreciation & Tax
farmers.
3 Current Ratio 1.55 1.57
3. Recognition with Skoch Order of Merit - 2017 for being 4 Debt Equity Ratio 0.90 0.83
amongst the top 100 SME’s in India
5 Earning Per Share Rs. 4.92 per Rs. 9.11 per
4. Listed amongst the Top 500 Indian Manufacturing Companies share share
for four consecutive years – 2011, 2012, 2013 & 2014 by
 E ([SRUW 3HUIRUPDQFH DQG QHW IRUHLJQ H[FKDQJH
Inc.500, which is an offshoot of the annual Inc.500 Awards:
FROODERUDWLRQV
“Est. in 1982 in America.
As on As on Remarks
5. :LQQHU RI ,QQRYDWLYH  ± &HUWL¿FDWH RI H[FHOOHQFH LQ
 
recognition of smart innovation by 9.9 Media & Inc. India for
(Rs. In Lakhs) (Rs. In Lakhs)
two consecutive years 2013 & 2014.
1. Export Earnings 122.12 131.13 --
6. Winner-CNBC Emerging India Award 2008 – Best SME in the
FMCG, Food & Agribusiness category 2. Net Foreign NIL NIL No Foreign
Exchange Exchange
7. Winner – Trailblazers Brand Innovator Award 2010 – Agricultural Collaborations Collaborations
Inputs category
(5) Foreign Investments or Collaborators, if any.
8. Company selected to showcase product Innovations to US
President Barack Obama at the US-India Agri Expo 2010 There is no investment by Foreign Collaborators but the Non
Resident Indians are holding 1,38,483 Equity Shares of Rs.10/-
9. The Wall Street Journal : Recognized innovative product each fully paid up. The Company’s overseas investment in
distribution and knowledge dissemination through 100 Aries aggregate is Rs. 2,024.89 Lakhs in its Subsidiary abroad.
Rural Retail vehicles
II. INFORMATION ABOUT THE APPOINTEES
10. First and only company to launch Khazaana : India’s only
B. DR. RAHUL MIRCHANDANI
customer Loyalty Programme in Agribusiness
1) %DFNJURXQGGHWDLOV
11. First company to successfully connect over 10,000 young
Dr. Rahul Mirchandani has been in continuous employment of
IDUPHUV LQ &,,¶V<RXQJ ,QGLDQV 1DWLRQDO )DUPHU 1HWZRUN ZLWK
the Company since 2nd February, 1994. He was re-appointed as
the objective of knowledge sharing
Executive Director of the Company for a period of 3 years from
12. Selected by the International Labor Organization, Switzerland 01/10/2015 to 30/09/2018 by the members of the Company at
to exemplify ideal Labor Relations in the Small Scale Sector in their 45th AGM held on 30th September, 2015. Further details of
India. Dr. Rahul Mirchandani have been given in the Annexure to this
13. First specialty agricultural inputs company to list on both the Notice.
BSE and the NSE. 2) Past remuneration:
14. Recipient of the National Unity Award. As per the approval granted by the members of the Company
15. Recipient of the Outstanding Leadership Award by the at their 45th AGM held on 30th September, 2015, Dr. Rahul
American Biographical Institute. Mirchandani was entitled to overall remuneration of not
H[FHHGLQJRIWKH1HW3UR¿WVRIWKH&RPSDQ\LQDQ\¿QDQFLDO
'U5DKXO0LUFKDQGDQLZDVDZDUGHGWKH³,QF,QGLD&HUWL¿FDWH year. Within the said overall remuneration Dr. Rahul Mirchandani
of Excellence” for being ranked amongst 30 most Innovative was entitled to a remuneration of Rs. 5,00,000/- p.m. including
Indian CEOs for the year 2014. perquisites as per schedule V of the Companies Act, 2013. Dr.
Rahul Mirchandani was also entitled for Commission within the
overall remuneration as prescribed under Section 196, and 197
read with Schedule V of the Companies Act, 2013.

47th Annual Report - 2016-17 9

 5HFRJQLWLRQDQG$ZDUGV D.
Dr. Rahul Mirchandani has a rich and extensive experience of
management and his vision and commitment has enabled the
&RPSDQ\VWHHUWKURXJKWKHPRVWGLI¿FXOWWLPHVWKH&RPSDQ\ E.
has faced.
4) -RE3UR¿OHDGKLVVXLWDELOLW\ the end of the tenure.
As Managing Director, he oversees all the functions and day to F.
day affairs of the Company and particular Marketing, Finance
and Administration. As Executive Director, he was overseing
various functions of the Company namely Marketing, Human G.
Resources, Strategy and Quality Control etc. He has a rich and
varied background and imparts solutions to problems, foresight
and vision in Marketing and Execution. This insight experience
has largely contributed to the Company’s progress in present H.
competitive environment.
5) Remuneration proposed :
As stated in the Resolution under item No. 5
OVERALL REMUNERATION
Subject to the provisions of Section 196, 197, Schedule V and other
provisions of the Companies Act, 2013, the remuneration payable
WR 'U 5DKXO 0LUFKDQGDQL LQ DQ\ ¿QDQFLDO \HDU VKDOO QRW H[FHHG
Communication Allowance/Expenses: Dr. Rahul Mirchandani
will be entitled for communication allowance/reimbursement as
per rules of the Company.
Leave : 30 working days leave (traveling time included) once
in every year of service, with encashment of unavailed leave at
Leave Travel Assistance : Leave travel concession for self and
family, once every year or as per Rules of the Company upto a
limit of one months salary in a year.
Other Perquisites e.g. Personal Accident Insurance for himself
and for his family and Club Fees(Subject to a maximum of two
clubs. No admission or life membership fee will be paid) and
any others, upto a maximum of Rs. 60,750/- p.m.
Contribution to Provident Fund, Superannuation Fund or
Annuity Fund to the extent these either singly or put together
are not taxable under the Income Tax Act, 1961; gratuity
payable at a rate not exceeding half a month salary for each
completed year of service and encashment of unavailed leave
at the end of tenure shall not be included in the computation
of the ceiling on remuneration in terms of Schedule V of the
Companies Act, 2013.
SITTING FEES
)LYHSHUFHQWRIWKHQHWSUR¿WVRIWKH&RPSDQ\
MINIMUM REMUNERATION
:KHUHLQDQ\¿QDQFLDO\HDUGXULQJWKHFXUUHQF\RIWKHWHQXUHRI'U
5DKXO 0LUFKDQGDQL WKH &RPSDQ\ KDV QR SUR¿WV RU LWV SUR¿WV DUH
inadequate, the remuneration payable to Dr. Rahul Mirchandani, will
be as stated below except the Commission as follows :-
SALARY, PERQUISITES AND ALLOWANCES
Not Exceeding Rs. 13,50,000/- p.m. inclusive of all perquisites and
Dr. Rahul Mirchandani will not be entitled to Sitting Fees for
meetings of the Board / Committee of the Board attended by
him.”
COMPENSATION
 ,I DQ\ WLPH WKH RI¿FH RI WKH 0DQDJLQJ 'LUHFWRU LV GHWHUPLQHG
EHIRUHWKHH[SLU\RIKLVWHUPVRIRI¿FHWKH0DQDJLQJ'LUHFWRU
VKDOOEHHQWLWOHGWRFRPSHQVDWLRQIRUORVVRIRI¿FHLQDFFRUGDQFH
with and subject to the restrictions laid down in Section 191 and
DOORZDQFHVDVVWDWHGEHORZH[FHSWWKRVHVSHFL¿FDOO\H[FOXGHGDV
per Schedule V of the Act.
COMMISSION:
As decided by the Board of Directors at the time of adoption
of accounts, but not exceeding the ceiling in respect of overall
remuneration as prescribed under Section 197 of the Companies
Act, 2013.
Other Terms and Conditions:
PERQUISITES :
A. Rent Free furnished accommodation or House Rent Allowance
QRWH[FHHGLQJ5VSHUPRQWKDORQJZLWKEHQH¿WVRI
gas, fuel, water, electricity and telephone/fax as also upkeep
and maintenance of the residential accommodation the value
of such accommodation and its upkeep and maintenance being
evaluated in accordance with the provisions of the Income Tax
Rules. Personal long distance calls will be billed to Dr. Rahul
Mirchandani.
202 of the Companies Act 2013 and rules framed thereunder.”
6) &RPSDUDWLYH 5HPXQHUDWLRQ SUR¿OH  In this Industry there
are Large Corporate House, where the remuneration is
VXEVWDQWLDOO\KLJKHULQOLQHZLWKWKHLUWXUQRYHUDQGSUR¿WV7KH
&RPSDQ\ FRXOG EH FODVVL¿HG DV D 0HGLXP 6L]HG )HWLOL]HU
Company and considering its size in terms of turnover and
SUR¿WVWKHSURSRVHGUHPXQHUDWLRQFRXOGEHFRQVLGHUHGWREH
reasonable. The proposed remuneration is in line with Schedule
V of the Companies Act, 2013, which is in comparision with
prevailing remuneration payable to the managerial person in
Industry.
7) 3HFXQLDU\ UHODWLRQVKLS ZLWK &RPSDQ\ RU PDQDJHULDO
personnel. : Dr. Rahul Mirchandani is the promoter of the
Company and is the son of founder promoter Late Dr. T.B.
Mirchandani and Mrs. Bala Mirchandani. He is brother of Dr.
Jimmy Mirchandani, Director and is the husband of Director
Mrs. Nitya Mirchandani.
III OTHER INFORMATION
B. Conveyance : Company car with chauffeur or alternatively
Company to maintain Dr. Rahul Mirchandani’s personal car and
provide him with a chauffeur; monetary value for private use to
be evaluated in accordance with the Income Tax Rules.
& 0HGLFDO %HQH¿WV  5HLPEXUVHPHQW RI PHGLFDO H[SHQVHV IRU
himself and his family actually incurred during the continuance
of his employment as per Rules of the Company upto a limit
of one months salary in a year or three months salary over a
period of three years.
10 47th Annual Report - 2016-17
 5HDVRQVRIORVVRULQDGHTXDWHSUR¿WV
 7KH&RPSDQ\KDVEHHQHDUQLQJDGHTXDWHSUR¿WVLQFHODVWIHZ
\HDUV ,W KDV XQGHUWDNHQ PDMRU H[SDQVLRQ DQG GLYHUVL¿FDWLRQ
programme in line with the objects enlisted at the time of IPO.
This entail interest cost and provision for higher depreciation
RQWKHDVVHWV7KHSUR¿WDELOLW\RIWKH&RPSDQ\KDVEHHQVWDEOH
year by year but may be inadequate for making payment of
the remuneration (which is in consonance with the corporate
practice) to all the working Directors as the total Managerial
 5HPXQHUDWLRQ VKRXOG QRW H[FHHG  RI WKH 1HW 3UR¿W DV
FRPSXWHG XQGHU WKH &RPSDQLHV $FW  7KH SUR¿WV PD\
be inadequate due to the seasonal nature of business and
the dependence of Indian Agriculture on rains. This additional
information is being given as an abundant caution to meet
FRQWLQJHQF\RIKDYLQJLQDGHTXDWHSUR¿WLQDQ\)LQDQFLDO<HDU
during the tenure of working Directors.
The policy of the Company to maintain the space with the
innovative technology and this has resulted an increasing trend
LQWKHSUR¿WDELOLW\LQWKHORQJUXQ
(2) Steps taken or proposed to be taken for improvement:
The Company runs successfully several process controlled
manufacturing facilities at Chhatral, Hyderabad and Mumbai.
This keeps the batch costs and consumption in control
and restricts sudden changes in manufacturing costs. The
Company also has begun a stringent cost budgeting exercise
wherein every Department, Regional and State Heads have
been assigned cost budget in addition to sales and collection
WDUJHWV7KH&RPSDQ\KDVDOVRGLVFRQWLQXHGORZSUR¿WSURGXFW
OLQHVWRNHHSSUR¿WVDWGHVLUHGOHYHOV
incentives along with the performance criteria.
(iii) Service contracts, notice period, etc.
(iv) Stock option details, if any
The copy of the Agreement containing terms and conditions
inclusive of the remuneration of Dr. Rahul Mirchandani are
DYDLODEOH DW WKH 5HJLVWHUHG 2I¿FH RI WKH &RPSDQ\ IRU WKH
inspection of the members.
None of the Directors, Key Managerial Personnel and their
relatives except Dr. Jimmy Mirchandani, Director, Dr. Rahul
Mirchandani, Chairman and Managing Director and Mrs. Nitya
Mirchandani, Director are concerned or interested in the said
resolution.
The above may be treated as an abstract of the terms of
contract under Section 190(1) of the Companies Act, 2013.
The Board of Directors of your Company recommends the
resolution as a 6SHFLDO 5HVROXWLRQ for approval under Item
No. 5.
Item No. 6
The Board, on the recommendation of the Audit Committee, has
 ([SHFWHGLQFUHDVHLQSURGXFWLYLW\DQGSUR¿WVLQPHDVXUDEOH
terms
Based on the strategy, the Company expects to achieve
improvement in the level of Turnover by 10% as reported in
WKH)LQDQFLDO<HDU7KHLQFUHDVHLQ7XUQRYHUZLOOUHVXOW
in the better utilization of Plant’s capacity leading to improved
SUR¿WDELOLW\7KH&RPSDQ\LVDOVRLQWKHSURFHVVRILPSOHPHQWLQJ
cost reduction drives. This will enable the Company to achieve
better performance in the years ahead.
IV DISCLOSURES
1) The shareholders of the Company shall be informed of the
UHPXQHUDWLRQSDFNDJHRIWKHPDQDJHULDOSHUVRQV
The details of remuneration have been provided elsewhere in
this statement.
approved the appointment and remuneration of the Cost Auditors
to conduct the audit of the Cost Records of the Company for the
¿QDQFLDO \HDU HQGLQJ 0DUFK   IRU D UHPXQHUDWLRQ RI 5V
2,40,000/-(Rupees Two Lakh Forty Thousands Only) p.a. plus
Service Tax and reimbursement of Out of Pocket Expenses at actual.
In accordance with the provisions of Section 148 of the Act read with
the Companies (Audit and Auditors) Rules, 2014, the remuneration
SD\DEOHWRWKH&RVW$XGLWRUVKDVWREHUDWL¿HGE\WKHVKDUHKROGHUV
of the Company.
Accordingly, consent of the members is sought for passing an
Ordinary Resolution as set out at Item No. 6 of the Notice for
UDWL¿FDWLRQRIWKHUHPXQHUDWLRQSD\DEOHWRWKH&RVW$XGLWRUVIRUWKH
¿QDQFLDO\HDUHQGLQJ0DUFK
None of the Directors / Key Managerial Personnel of the Company /
 7KH IROORZLQJ GLVFORVXUHV VKDOO EH PHQWLRQHG LQ WKH
%RDUGRI'LUHFWRU¶V5HSRUWXQGHUWKHKHDGLQJ³&RUSRUDWH
*RYHUQDQFH´LIDQ\DWWDFKHGWRWKH$QQXDO5HSRUW
The Company undertakes to disclose the following details in
the relevant Report of the Board of Directors of the Company.
(i) All elements of remuneration package of all the Directors
WKHLUUHODWLYHVDUHLQDQ\ZD\FRQFHUQHGRULQWHUHVWHG¿QDQFLDOO\RU
otherwise, in the resolution set out at Item No. 6 of the Notice.
The Board commends the Ordinary Resolution set out at Item No.
6 of the Notice for approval by the shareholders.
By Order of the Board
 LL 'HWDLOV RI ¿[HG FRPSRQHQW DQG SHUIRUPDQFH OLQNHG Qaiser P. Ansari
Place: Mumbai &RPSDQ\6HFUHWDU\
Date: 9th August, 2017 0HPEHUVKLS1R$&6

47th Annual Report - 2016-17 11

 BOARD’S REPORT
To
The Members,
Aries Agro Limited
<RXU'LUHFWRUVKDYHSOHDVXUHLQSUHVHQWLQJWKHLUth Annual Report on the operations of the Company together with the Audited Financial
6WDWHPHQWVIRUWKH)LQDQFLDO<HDUHQGHGst March, 2017.
FINANCIAL PERFORMANCE
3XUVXDQWWRWKHQRWL¿FDWLRQGDWHGth February, 2015 issued by the Ministry of Corporate Affairs, the Company has voluntarily adopted the
,QGLDQ$FFRXQWLQJ6WDQGDUGV,QG$6QRWL¿HGXQGHUWKH&RPSDQLHV,QGLDQ$FFRXQWLQJ6WDQGDUGV5XOHVZLWKHIIHFWIURPst April, 2016.
Financial Statements for the year ended and as at 31st March, 2016 have been restated to conform to Ind AS. Note No. 2 to the Financial
Statement provides further explanation on the transition to Ind AS.
( Rupees in Lakhs unless stated otherwise)

3DUWLFXODUV Standalone Consolidated

Year Ended <HDU(QGHG Year Ended <HDU(QGHG
VW0DUFK 31st March, 2016 VW0DUFK 31st March, 2016
7RWDO5HYHQXHLQFOXGLQJ2WKHU  21,426.05  26,939.44
,QFRPH
3UR¿W%HIRUH7D[,QWHUHVW   3,287.68  4,743.11
Depreciation
Less :- Finance Costs  2,071.65  2,467.57
Depreciation & Amortisation  175.63  1,058.04
Expense
 2,247.29  3,525.61
3UR¿W%HIRUH7D[  1,040.39  1,217.50
Less :- Current Tax 651.00 365.00 651.00 365.00
Adjustment of Tax relating to earlier  21.61  21.61
periods
Deferred Tax (6.27) 14.11 (6.27) 14.11
650.01 400.71 650.01 400.71
3UR¿WIRUWKH\HDU  639.68  816.79
Less :- Non-Controlling Interest - -  93.71
3UR¿WIRUWKH\HDUDWWULEXWDEOHWR  639.68  723.07
Owners of the Parent
Balance brought forward  5,090.37  8,508.04
Amount available for 6,551.06 5,730.05  9,231.11
Appropriation
Less :- Transferred to General - 50.00 - 50.00
Reserve
Transferred to Legal Reserve - -  35.61
Transferred to Foreign Currency - -  (153.50)
Translation Reserve
Dividend paid  260.09  260.09
Tax on Dividend Proposed  53.25  53.25
Ind AS Impact  -  -
 363.34 456.76 245.45
6XUSOXVFDUULHGIRUZDUGWR  5,366.71  8,985.67
%DODQFH6KHHW
OPERATIONS STANDALONE
During the year under review, the Earnings Before Interest, Depreciation and Tax was 18.02 % of Net Sales compared to 15.45 % of Net
Sales in the previous year. The Total Revenue (excluding Other Income) for the year net of discount / rebates was Rs. 22,964.73 Lakhs as
DJDLQVW5V/DNKVLQWKHSUHYLRXV\HDU3UR¿WDIWHUWD[IRUWKH\HDUZDVRI1HW6DOHVFRPSDUHGWRRI1HW6DOHVLQ
the previous year.

12 47th Annual Report - 2016-17

CONSOLIDATED FINANCIAL STATEMENT
In accordance with the Indian Accounting Standard (Ind-AS) 110
on Consolidated Financial Statements, the Audited Consolidated
Financial Statement is provided in the Annual Report.
7KH &RQVROLGDWHG 3UR¿W %HIRUH ,QWHUHVW 'HSUHFLDWLRQ ([FHSWLRQDO
Items and Taxes (EBITDA) of the Group was Rs. 4,200.91 Lakhs
LQ WKH )LQDQFLDO <HDU  FRPSDUHG WR 5V  /DNKV LQ
WKH SUHYLRXV \HDU &RQVHTXHQWO\ WKH &RQVROLGDWHG 3UR¿W %HIRUH
Exceptional Items and Taxes (PBT) was Rs. 1,194.92 Lakhs in
WKH)LQDQFLDO<HDUFRPSDUHGWR5V/DNKVLQWKH
previous year.
FINANCIAL REVIEW
7KH SUR¿WDELOLW\ IURP RSHUDWLRQV LQ ,QGLD LPSURYHG GXH WR FRVW
PDQDJHPHQWDQGLPSURYHGRSHUDWLRQDOHI¿FLHQF\+RZHYHUGXULQJ
the second half of the year additional discounts were passed on to
LPSURYH FDVK ÀRZ SRVW GHPRQHWL]DWLRQ ,W ZDV IHOW SUXGHQW WR GR
VR VLQFH WKHUH ZDV OLPLWHG FDVK ÀRZ DYDLODEOH LQ WKH PDUNHW DQG
i) Increase penetration in Acquaculture especially in states like
Andhra Pradesh, West Bengal and Chhattisgarh .
ii) Increase exports in Asian region.
iii) Launch of granular soil application products.
The above plans combined with good monsoon and El nino
conditions only projected post September, the revenue growth in the
FXUUHQW)LQDQFLDO<HDULVH[SHFWHGWREHVDWLVIDFWRU\
With regard to taxation, on the basis of information available till
GDWH*67DSSHDUVEHQH¿FLDOIRURXULQGXVWU\DVHIIHFWLYHWD[UDWHLV
either constant or lower than in the previous tax regime. Moreover,
LQSXW WD[ FUHGLW ZLOO DVVLVW SDVVLQJ RQ FRUUHVSRQGLQJ EHQH¿W WR WKH
customers thereby possible gain as a boost to demand.
CREDIT RATING
7KH&RPSDQ\¶V¿QDQFLDOGLVFLSOLQHLVUHÀHFWHGLQWKHFUHGLWUDWLQJV
ascribed by rating Agency as given below:
CARE RATINGS: Long Term CARE BBB+(Triple B Plus)
FROOHFWLQJIXQGVDWWKLVWLPHZDVGLI¿FXOWZLWKRXWVXFKDGGLWLRQDOFRVW
Demand in the southern markets especially Tamil Nadu was lower
than expected.
With the collective support of staff and Aries customers the
Company was able to improve its revenue from Indian operations
E\SHUFHQWDJHZLWKDQLQFUHDVHLQSUR¿WDELOLW\ZLWKLQ
comparison with the previous year.
The global operations were closed and reinstallation with fresh
identical machinery in India. Therefore, revenue from overseas were
ORZHUDQGDRQHWLPHORVVRQVDOHRIPDFKLQHU\LPSDFWHGSUR¿WDELOLW\
of the consolidated operations.
DIVIDEND
After considering earnings, requirement for funds and with the
objective of rewarding the Shareholders, the Directors have
recommended a Dividend of 20% being Rs. 2.00 per Equity Share
RI5VHDFKZKLFKLVRI1HW3UR¿WIRUWKH\HDUHQGHGst
March, 2017 (previous year 15% being Rs. 1.50 per Equity Share of
5HDI¿UPHGand Short Term CARE $5HDI¿UPHG. There was no
change in the Credit Rating of the Company during the year.
CHANGES IN NATURE OF BUSINESS AND REVISION IN THE
BOARD’S REPORT
There is no change in the nature of business of the Company during
the year. There is no revision made in the Board’s Report and
ZKDWHYHUVXEPLWWHGKHUHZLWKLVWKH¿QDO5HSRUW
SAFETY AND HEALTH
The health and safety of the employees across its operations remains
the highest priority for the Group. All endeavours are being taken to
enhance safety standards and processes towards minimising safety
risks in all operations in the Company.
USE OF IPO PROCEEDS
<RXU &RPSDQ\ PDGH LWV  ,32 LQ -DQXDU\  IRU WKH SXUSRVHV
as stated in the Prospectus dated 26th December, 2007. The IPO
proceeds have been utilized in accordance with the schedule of
5VHDFKZKLFKLVRI1HW3UR¿WVXEMHFWWR\RXUDSSURYDO
at the ensuing Annual General Meeting. The Dividend, if approved,
ZLOO UHVXOW LQ DQ RXWÀRZ RI 5V  /DNKV LQFOXGLQJ 'LYLGHQG
Distribution Tax.
TRANSFER TO RESERVES
<RXU'LUHFWRUVGRQRWSURSRVHWRWUDQVIHUDQ\DPRXQWWRWKH*HQHUDO
5HVHUYHRXWRIWKHFXUUHQW\HDU¶VSUR¿WDQGWKHEDODQFHDJJUHJDWLQJ
WR5V/DNKVLVSURSRVHGWREHUHWDLQHGLQWKH3UR¿WDQG
Loss Account.
FUTURE PROSPECTS:
The Company has annual booking bazaars held at notable locations
during 2017 April. This led to an order book of Rs.305.88 Crores and
we expect conversion of 75%. In addition there will be regular orders
which come in from time to time from customers who have not
participated in the pre-season booking process. During the current
year 1250 dealers/distributors participated in the booking bazaar
DQGÀDVKVDOHDVDJDLQVWODVW\HDU
The Company is introducing 7 new products in the plant nutrition
sector and these will be launched in August and October, 2017
which will support growth in the top line and bottom line.
7KH&RPSDQ\DOVRKDVLGHQWL¿HGWKUHHDUHDVRIIXWXUHIRFXVQDPHO\
the Prospectus and variation approved by the shareholders at their
Annual General Meeting held on 29th September, 2009 by passing
a Special Resolution. However, the renovation/extension of existing
2I¿FH%XLOGLQJDW0XPEDLLVunder progress and once it is completed
the Company will approach the shareholders for requisite approval
as regards to utilization of IPO proceed.
PUBLIC DEPOSITS
The Company has not accepted any deposits from the Public
within the meaning of Section 73 of the Companies Act, 2013 and
Members (other than Directors) during the year under review and
as such, no amount on account of Principal or Interest on Deposits
from Public and Members (other than Directors) was outstanding as
on 31st March, 2017.
SUBSIDIARIES & ASSOCIATE COMPANIES
<RXU&RPSDQ\KDV¿YH6XEVLGLDULHVRXWRIZKLFKWKUHHQRQPDWHULDO
Indian Subsidiaries viz Aries Agro Care Private Limited, Aries Agro
Equipments Private Limited, Aries Agro Produce Private Limited and
two foreign subsidiaries namely Golden Harvest Middle East FZC
and a Step Down Subsidiary viz Amarak Chemicals FZC at UAE.
The operations of Aries Agro Care Pvt. Ltd. commenced in the
)LQDQFLDO<HDUEXWGLVFRQWLQXHGWKHDFWLYLW\LQWKH¿QDQFLDO
\HDUDQGKDGQREXVLQHVVDFWLYLW\LQWKH¿QDQFLDO\HDU
17 . The Company incurred expenses to the tune of Rs. 0.33 Lakhs.
47th Annual Report - 2016-17 13
The business operations of Aries Agro Equipments Pvt. Ltd.
commenced in the year 2009-10 in agricultural sprayers but
GLVFRQWLQXHG WKH DFWLYLW\ LQ WKH ¿QDQFLDO \HDU  'XULQJ WKH
)LQDQFLDO<HDUWKH&RPSDQ\GLGQRWKDYHDQ\,QFRPHDQG
incurred expenses of Rs. 0.30 Lakhs.
The above two Companies are Wholly Owned Subsidiaries of the
Company.
There was no business activity in other Subsidiary namely Aries Agro
3URGXFH3YW/WG'XULQJWKH)LQDQFLDO<HDUWKH&RPSDQ\
has incurred expenses of Rs. 0.27 Lakhs.
Since the Company has divested 6,000 Equity Shares of Rs. 10/-
each from its total holding of 7,500 Equity Shares of Rs. 10/- each on
03.04.2017, thereby reducing its holding to 15%, Aries Agro Produce
Pvt. Ltd. Ceased to be either a Subsidiary or and Associate w.e.f.
04.04.2017.
As regards the overseas subsidiary M/S. Golden Harvest Middle
East FZC with an installed capacity of 10,800 MT p.a., in their
(LJKWK<HDURIRSHUDWLRQKDVJHQHUDWHGDWRWDOVDOHRI$('10.14
Lakhs(INR 181.03 Lakhs) with a Loss of AED 45.82 Lakhs(INR
817.81 Lakhs) for the year 2016-17.
M/s. Amarak Chemicals FZC, which is a Step Down Subsidiary of
Aries Agro Limited with an installed capacity of 60,000 MT p.a., in
WKHLU )RXUWK )XOO <HDU RI RSHUDWLRQ KDV JHQHUDWHG D WRWDO VDOH RI
DIRECTORS & KEY MANAGERIAL PERSONNEL
DIRECTORS
There is no change in the Composition of the Board of Directors
during the year under review.
Pursuant to the provisions of Section 152(6) of the Companies
Act, 2013, Dr. Jimmy Mirchandani, Director retires by rotation and
being eligible, offers himself for re-appointment. Accordingly, his
re-appointment forms part of the Notice of ensuing Annual General
Meeting.
All the Independent Directors have submitted declarations to the
effect that each of them meets the criteria of Independence as
provided in Section 149(6) of the Companies Act, 2013 and Listing
Regulations and there has been no change in the circumstances
which may affect their status as Independent Director during the
year.
During the year, the Non-Executive Directors of the Company had
no pecuniary relationship of transactions with the Company.
Familiarisation Programme for Independent Directors---- Though
there is no formal Policy for familiarization but the Company in
order to familiarize the Independent Directors with the business of
WKH&RPSDQ\SUHVHQWDWLRQZDVPDGHE\WKH&KLHI)LQDQFLDO2I¿FHU
covering nature and scope of business, nature of industry in which
&RPSDQ\ RSHUDWHV SUR¿WDELOLW\ DQG IXWXUH SODQV 5HJXODUO\ DW
AED 201.64 /DNKV,15  /DNKV ZLWK D SUR¿W RI$(' 
Lakhs(INR 172.24 Lakhs) for the year 2016-17.
<RXU &RPSDQ\ KDV IRXU *URXS &RPSDQLHV YL] $ULHV (DVW:HVW
Nutrients Private Limited, Aries Marketing Limited, Blossoms
International Limited and Sreeni Agro Chemicals Limited. There
were no business activities in any of these Companies during the
)LQDQFLDO<HDU
As required under Section 129(3) of The Companies Act, 2013,
DQQH[HGKHUHWRDUHWKH$XGLWHG )LQDQFLDO 6WDWHPHQWVIRUWKH<HDU
ended 31st March, 2017 of Golden Harvest Middle East FZC.,
Amarak Chemicals FZC,.Aries Agro Care Private Limited, Aries Agro
Equipments Private Limited and Aries Agro Produce Private Limited.
A Statement in Form AOC-1 of Subsidiary Companies as prescribed
under Section 129(3) of The Companies Act, 2013 read with Rule
5 of Companies(Accounts) Rules, 2014, is annexed and is forming
part of the Annual Report.
Apart from the above statement a list of Subsidiary & Group
Companies is given in Note No. 38 of the Notes to Accounts is
forming part of the Annual Report.
The Financial Statements of the Subsidiary Companies and related
information shall be uploaded on the website of your Company which
can be accessed using the link http://www.ariesagro.com and the
same are available for inspection by the members at the Registered
2I¿FHRI\RXU&RPSDQ\GXULQJEXVLQHVVKRXUVRQDOOZRUNLQJGD\V
except Saturdays and Sundays upto the date of the Annual General
Meeting, as required under Section 136 of the Act. Any Member
desirous of obtaining a copy of the said Financial Statements may
ZULWHWRWKH&RPSDQ\6HFUHWDU\DWWKH5HJLVWHUHG2I¿FH$GGUHVV
All the above Indian Subsidiary and Group Companies are un-listed
DQGQRQPDWHULDO&RPSDQLHVDVGH¿QHGXQGHU/LVWLQJ5HJXODWLRQV
meetings updates are given to the Board. Directors are also taken
for the Factory visits and they also attended the Annual Sales Meet.
House Journal as and when published is also sent to all the Directors
and their feedback are considered.
KEY MANAGERIAL PERSONNEL
Dr. Jimmy Mirchandani resigned from the Chairman and Managing
Directorship of the Company w.e.f. 3rd April, 2017. The Board placed
on record its sincere and deep gratitude and appreciation for the
services rendered during his term of nearly 41 years and making the
Company to grow from strength to strength and reach at its present
height.
Upon recommendation of the Nomination and Remuneration
Committee and the Audit Committee, looking at the experience and
exposure of Dr. Jimmy Mirchandani to the International Market and
the interest of the Company, the Board of Directors in their Meeting
held on 3rd April, 2017 decided to avail professional services of
'U -LPP\ 0LUFKDQGDQL DV DQ $GYLVRU  IRU D SHULRG RI  <HDUV
with effect from 4th April, 2017 in terms of Section 197(4) of the
Companies Act, 2013, and the said services to be provided by Dr.
Jimmy Mirchandani from out of India. The Services rendered by Dr.
Jimmy Mirchandani are of a professional nature and that the Director
LVSURIHVVLRQDOO\TXDOL¿HGDVD9HWHULQDULDQ /DZ0DMRUEDFNHGE\
PRUHWKDQ\HDUVRIH[SHULHQFHLQWKHUHOHYDQW¿HOG
Dr. Rahul Mirchandani was elevated as the Managing Director of
the Company w.e.f. 4th April, 2017 for remaining period of his current
term i.e. upto 30th September, 2018 at the same remuneration and
terms and conditions as per his appointment as the Executive
Director in the Meeting of the Board of Directors held on 3rd April,
 ,Q SDUWLDO PRGL¿FDWLRQ RI WKH UHVROXWLRQ SDVVHG LQ WKH %RDUG
Meeting held on 3rd April, 2017, the Board in their Meeting held
on 27th April, 2017 appointed Dr. Rahul Mirchandani as Managing
INSURANCE 'LUHFWRUIRUDSHULRGRI)LYH<HDUVDQGUHYLVHGWKHUHPXQHUDWLRQ
All properties and assets of your Company are adequately insured IRUDSHULRGRIWKUHH<HDUVZLWKHIIHFWIURPth April, 2017.
covering all conceivable risks. Accordingly, appointment of Dr. Rahul Mirchandani as Managing
Director forms part of the Agenda and the proposed Resolution is

14 47th Annual Report - 2016-17

set out at item No. 5 of the Notice. reasonable and prudent so as to give a true and fair view of the
6WDWHRIWKH$IIDLUVRIWKH&RPSDQ\DWWKHHQGRIWKH¿QDQFLDO
There was no other change in the Key Managerial Personnel
\HDUDQGRIWKHSUR¿WRIWKH&RPSDQ\IRUWKDW\HDU
during the year under review. All the Key Managerial Personnel
have submitted disclosures and declaration required under the  WKH\KDYHWDNHQSURSHUDQGVXI¿FLHQWFDUHIRUWKHPDLQWHQDQFH
Companies Act, 2013 and Listing Regulations. of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the
MEETINGS OF BOARD
assets of the Company and for preventing and detecting fraud
Four Meetings of the Board of Directors were held during the year. and other irregularities;
For further details, please refer Report on Corporate Governance of
4. they have prepared the Annual Accounts on a ‘going concern’
this Annual Report.
basis;
AUDIT COMMITTEE
5. they have laid down Internal Financial Controls to be followed
The Audit Committee was re-constituted on 3rd April, 2017. It now by the Company and such Internal Financial Controls are
comprises Shri. B. V. Dholakia(Independent Director) as Chairman, adequate and operating effectively;
Prof. R. S. S. Mani (Independent Director) as Member and Mrs.
6. they have devised proper systems to ensure compliance with
Nitya Mirchandani as Members. Dr. Rahul Mirchandani ceased to
the provisions of all applicable laws and that such systems
be a Member of the Committee on 3rd April, 2017 on his elevation as
were adequate and operating effectively.
the Managing Director.
PARTICULARS OF EMPLOYEES & RELATED DISCLOSURES
All the recommendations made by the Audit Committee were
accepted by the Board during the year under review. The information required under Section 197 of the Companies
Act, 2013 read with Rule 5(1) of the Companies (Appointment and
CSR COMMITTEE
Remuneration of Managerial Personnel) Rules, 2014, are as under:
The CSR Committee comprises Dr. Rahu Mirchandani(Chairman-
1. 7KH UDWLR RI WKH UHPXQHUDWLRQ RI HDFK 'LUHFWRU WR WKH
w.e.f. 03.04.2017), Dr. Jimmy Mirchandani and Shri. B. V. Dholakia
median remuneration of the employees of the Company
as other Members. For further details, please refer Report on
IRUWKH¿QDQFLDO\HDU
Corporate Governance of this Annual Report.
BOARD EVALUATION 1RQ([HFXWLYH'LUHFWRUV Ratio to 'LUHFWRUV
median Remuneration
The Board of Directors have carried out an Annual Evaluation of its
Remunerations / Sitting Fees
own performance and individual Directors pursuant to provisions of
Rs. Lakhs
the Act and Corporate Governance requirements as prescribed by
Regulation 17(10) of the SEBI(LODR) Regulations, 2015. Mrs . Nitya Mirchandani 0.44 1.20
Prof R. S. S. Mani 0.77 2.10
The performance of the Board was evaluated by the Board after
seeking inputs from all the Directors on the basis of criteria such Mr. Chakradhar Bharat 0.74 2.03
as the Board Composition and Structure, Effectiveness of Board Chhaya
Process, Information and Functioning etc. Mr. Bhumitra 0.88 2.40
In a separate Meeting of the Independent Directors, performance of Vinodchandra Dholakia
Non-Independent Directors, Performance of the Board as a whole ([HFXWLYH'LUHFWRUV
and performance of the Chairman was evaluated, taking into account Dr. Jimmy Mirchandani 36.76 100.60
the views of Executive Directors and Non-Executive Directors. Dr. Rahul Mirchandani 38.69 105.90
POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERATION  7KHSHUFHQWDJHLQFUHDVHLQUHPXQHUDWLRQRIHDFK'LUHFWRU
AND OTHER DETAILS &KLHI)LQDQFLDO2I¿FHU&RPSDQ\6HFUHWDU\RU0DQDJHULI
The Policy on Directors Appointment and Remuneration DQ\LQWKH¿QDQFLDO\HDU
LQFOXGLQJ FULWHULD IRU GHWHUPLQLQJ TXDOL¿FDWLRQV SRVLWLYH DWWULEXWHV
independence of Director and also Remuneration for Key Managerial ,QFUHDVHLQ
'LUHFWRUV&KLHI)LQDQFLDO
Personnel and other Employees are contained in the Nomination Remuneration in the
2I¿FHU&RPSDQ\6HFUHWDU\
and Remuneration Policy which is hosted at the web site of the )LQDQFLDO<HDU
Company www.ariesagro.com and the same is re-produced in the Dr. Jimmy Mirchandani 67.30
Report on Corporate Governance. Dr. Rahul Mirchandani 65.42
DIRECTORS’ RESPONSIBILITY STATEMENTS Mr. S. Ramamurthy, 20.31
&KLHI)LQDQFLDO2I¿FHU
Pursuant to the requirements of Section 134(5) of the Companies
Act, 2013 the Board of Directors, to the best of their knowledge and Mr. Qaiser P. Ansari, 4.01
DELOLW\FRQ¿UPWKDW Company Secretary

1. in preparation of the Annual Accounts, applicable Accounting
Standards have been followed and that there are no material
departures;
2. they have selected such Accounting Policies and applied them
consistently and made judgements and estimates that are
 7KH SHUFHQWDJH LQFUHDVH LQ WKH PHGLDQ UHPXQHUDWLRQ RI
HPSOR\HHVLQWKH¿QDQFLDO\HDU0.37 %
4. The number of permanent employees on the rolls of
&RPSDQ\822
 $YHUDJH SHUFHQWLOH LQFUHDVH DOUHDG\ PDGH LQ WKH VDODULHV
of employees other than the managerial personnel

47th Annual Report - 2016-17 15

 LQ WKH ODVW ¿QDQFLDO \HDU DQG LWV FRPSDULVRQ ZLWK WKH
SHUFHQWLOH LQFUHDVH LQ WKH PDQDJHULDO UHPXQHUDWLRQ
DQG MXVWL¿FDWLRQ WKHUHRI DQG SRLQW RXW LI WKHUH DUH DQ\
H[FHSWLRQDOFLUFXPVWDQFHVIRULQFUHDVHLQWKHPDQDJHULDO
UHPXQHUDWLRQ
The average annual increase was around 12.68% after
accounting for promotions and other event based compensation
revision.
Though the Chairman & Managing Director and the Executive
Director were re-appointed for a term of 3 years each, their
5HPXQHUDWLRQUHPDLQHGRIWKH3UR¿WDVFDOFXODWHDVSHUWKH
Companies Act, 2013..
 $I¿UPDWLRQ WKDW WKH UHPXQHUDWLRQ LV DV SHU WKH
5HPXQHUDWLRQ3ROLF\RIWKH&RPSDQ\
7KH &RPSDQ\ DI¿UPV WKDW WKH UHPXQHUDWLRQ LV DV SHU WKH
Remuneration Policy of the Company.
The Statement containing Particular of Employees as required
under Section 197(12) of the Companies Act, 2013 read with
Rules 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, drawing
remuneration in excess of the limits set out in the said Rules
are provided in the Annual Report.
Information in accordance with the provisions of Section
197(12) of the Companies Act, 2013 (“Act”) read with Rule 5(2)
and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, are as under:

TOP 10 EMPLOYEES IN TERMS OF REMUNERATION DRAWN DURING THE YEAR 2016-17

Sr. NAME DESGINATION REMUNERATION NATURE OF OTHER NATURE OF DUTY QUALIFICATION DATE OF AGE Last % of Equity Whether
No. RECEIVED EMPLOYMENT TERMS & & EXPERIENCE COMMENCEMENT Employment Shares held relative of any
CONDI- held as on 'LUHFWRURU
TIONS  Manager and
the name of
VXFK'LUHFWRU
or Manager
1 '5-,00< CHAIRMAN & 10,060,000 CONTRACTUAL N.A. MANAGING THE B V Sc. (Vet); LLB 15.01.1976 61 N.A. 27.11 Brother of
MIRCHANDANI MANAGING AFFAIRS OF THE Dr. Rahul
DIRECTOR &203$1< Mirchandani &
Brother-in-Law
of Mrs. Nitya
Mirchandani
2 DR. RAHUL EXECUTIVE 10,589,920 CONTRA CTUAL N.A. MANAGING THE B. Com; CFA; 02.02.1994 40 N.A. 20.17 Brother of
MIRCHANDANI DIRECTOR AFFAIRS OF THE MBA; Ph.D Dr. Jimmy
&203$1< Mirchandani
& Husband
of Mrs. Nitya
Mirchandani
3 MR. P.K. JAISWAL CHIEF 9,786,601 FULL TIME N.A. MANAGING THE B.Sc. 26.01.1982 59 N.A. 0.01 N.A.
MARKETING (03/2<(( MARKET ING
CONTROLLER ACTIVITIES FOR
W.R., N.R. & C.R.
4 MR. S. CHIEF 4,229,808 FULL TIME N.A. FINANCIAL B. Com. C.A. 16.10.1995 63 M/s. Micro NIL N.A.
5$0$0857+< FINANCIAL (03/2<(( MANAGEMENT OF Plantae Ltd.
OFFICER 7+(&203$1< , Desgn- VP
(Finance &
Accounts)
5 MR. QAISER &203$1< 2,462,302 FULL TIME N.A. &203$1<6(&5( B. Com. LLB CS 02.06.2008 54 M/s. Sabero 0.00 N.A.
PARVEZ ANSARI 6(&5(7$5< (03/2<(( 7$5< Organics Gujrat
& SENIOR VP Ltd., Desgn-
(LEGAL) CS & Dy. Gen.
Manager(Legal
& Taxation)
6 05%53$1'(< VICE 2,124,961 FULL TIME N.A. HR & ADMIN B.Sc. DPMIR 18.01.1982 55 M/s. R. B. 0.01 N.A.
PRESIDENT (03/2<(( Vaidya &
(ADMN.) Co. , Desgn-
General
Assistant
7 051(02257+< VICE 2,049,498 FULL TIME N.A. FINANCE B. Com. (CA Ent.) 22.09.1983 56 M/s. Kolatkar 0.002 N.A.
PRESIDENT (03/2<(( & Dandekar
75($685< CA , Desgn-
Articleship
Trainee
8 05-$<$35$'((3 BUSINESS 1,925,176 FULL TIME N.A. MARKET ING M.Sc. MBA 15.11.2013 34 M/s. Tata 0.00 N.A.
SUBRAMA NIAN HEAD (SOUTH (03/2<(( & EXTEN SION Consultancy
CENTRAL ACTIVITIES FOR Services,
REGION) Southern Region Desgn- IT
Analyst

16 47th Annual Report - 2016-17

 9 MR. BIPLOB VICE 1,786,075 FULL TIME N.A. OVER ALL B.Sc. 08.12.2009 49 M/s. Jaysynth 0.00 N.A.
CHATTERJEE PRESIDENT (03/2<(( PRODUC TION Dye Chem,
(PRODUC Desgn-
TION) Production
2I¿FHU
10 MR. D. RAVINDRA ASST. VICE 1,559,820 FULL TIME N.A. PRODUC M.Sc. 25.10.1979 63 M/s. Beekay 0.15 N.A.
NATH PRESIDENT (03/2<(( TION FOR Pestisides Pvt.
(PRODUC 3$6+$0</$5$0 Ltd., Desgn-
TION) UNIT Supervisor
Cum Chemist
3$57,&8/$562)(03/2<((6,17(5062)6(&7,212)7+(&203$1,(6$&75($':,7+58/($1'2)7+(&203$1,(6$332,170(17$1'5(081(5$7,212)0$1$*(5,$/
PERSONNEL) RULES, 2014 DRAWING REMUNERATION NOT LESS THAN Rs. 1.02 Crores p.a./Rs. Eight Lakhs Fifty Thousand p.m. DURING THE YEAR 2016-17
SR. NAME DESGINATION REMUNERATION NATURE OF OTHER NATURE OF DUTY QUALIFICATION DATE OF AGE Last % of Equity Whether
No. RECEIVED EMPLOYMENT TERMS & & EXPERIENCE COMMENCEMENT Employment Shares relative of any
CONDITIONS held held as on 'LUHFWRURU
 Manager and
the name of
VXFK'LUHFWRU
or Manager
1 DR. RAHUL EXECU TIVE 10,589,920 CONTRA CTUAL N.A. MANAGING THE B. Com; CFA; 02.02.1994 40 N.A. 20.17 Brother of
MIRCHANDANI DIREC TOR AFFAIRS OF THE MBA; Ph.D Dr. Jimmy
&203$1< Mirchandani
& Husband
of Mrs. Nitya
Mirchandani

ESOPS HUMAN RESOURCES

The Company has not offered any ESOPS scheme to its Employees
or Directors.
RISK MANAGEMENT AND INTERNAL FINANCIAL CONTROLS
<RXU &RPSDQ\ KDV HODERUDWH 5LVN 0DQDJHPHQW 3URFHGXUH ZKLFK
is based on three Pillars. Business Risk Assessment, Operational
Controls Assessment and Policy Compliance processes. Major
5LVNV LGHQWL¿HG E\ WKH %XVLQHVV DQG )XQFWLRQV DUH V\VWHPDWLFDOO\
addressed through mitigating actions on continuing basis. The Key
risks are also discussed at the Audit Committee.
Humans are considered as one of the most critical resources in
the business which can be continuously smoothened to maximize
the effectiveness of the Organization. Human resources build the
Enterprise and the sense of belonging would inculcate the spirit
of dedication and loyalty amongst them towards strengthening the
Company’s Polices and Systems. All personnel continue to have
healthy, cordial and harmonious approach thereby enhancing the
contributory value of the Company.
LISTING

The Company’s Internal Financial Control Systems are
commensurate with the nature of its business and the size and
FRPSOH[LW\RILWVRSHUDWLRQV7KHVHDUHURXWLQHO\WHVWHGDQGFHUWL¿HG
E\ WKH 6WDWXWRU\ DV ZHOO DV ,QWHUQDO $XGLWRUV FRYHULQJ DOO 2I¿FHV
)DFWRULHV DQG .H\ %XVLQHVV DUHDV 6LJQL¿FDQW$XGLW 2EVHUYDWLRQV
and Follow Up Actions thereon are reported to Audit Committee.
The Audit Committee reviews adequacy and effectiveness of
the Company’s Internal Control environment and monitors the
implementation of the audit recommendations.
Based on the framework of Internal Financial Controls and
Compliance Systems established and maintained by the Company,
work performed by the Internal, Statutory and Secretarial Auditors
and review performed by the Management and the relevant Board
Committees, including the Audit Committee, the Board is of the
opinion that the Company’s Internal Financial Controls were
DGHTXDWHDQGHIIHFWLYHGXULQJWKH)LQDQFLDO<HDU
GREEN INITIATIVES
Pursuant to Sections 101 and 136 of the Companies Act, 2013
the Company will be sending Annual Report through electronic
mode(email) to all the shareholders who have registered their email
addresses with the Company or with the Depository to receive the
Annual Report through electronic mode and initiated steps to reduce
consumption of paper.
The Equity Shares of the Company are listed at BSE Limited (BSE)
and National Stock Exchange of India Limited(NSE).
The Company has made all the compliances of Listing Regulations
including payment of Annual Listing Fees upto 31st March, 2018 to
both the Stock Exchanges.
CORPORATE GOVERNANCE
The Company has complied with the various requirements under
the Corporate Governance reporting system. A detailed Compliance
Report on Corporate Governance is annexed to this Report as
UHTXLUHG E\ WKH /LVWLQJ 5HJXODWLRQV 7KH $XGLWRUV¶ &HUWL¿FDWH RQ
Compliance with the conditions of Corporate Governance is also
annexed to this report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management’s Discussion and Analysis Report for the year under
review, as stipulated under Listing Regulations with the Stock
Exchanges, is also annexed to this report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION
AND FOREIGN EXCHANGE EARNING & OUTGO
Particulars in respect of Conservation of Energy, Technology
Absorption and Foreign Exchange Earnings and Outgo, as required
to be disclosed by the Companies(Accounts) Rules, 2014 and
forming a part of the Directors Report are as under: -

47th Annual Report - 2016-17 17

I. Conservation of energy ‡ 7KH &RPSDQ\¶V 5 ' DW 0XPEDL LV ,62  FHUWL¿HG DQG
works on new product development and continuous quality
The Company accords great importance to conservation of
checks. The manufacturing unit at Hyderabad has been
energy. The main focus of the Company during the year was:
equipped with a state of art laboratory to keep pace with the
a. Energy Conservation measures taken:- Company’s expansion in that region.
i. Close monitoring of consumption of electricity, LPG, Diesel and 2. 2EMHFWLYHV
water. ‡ Innovate and develop products ideally suited for sustainable
ii. Optimum use of Energy by Switching off Machines, Lights, agriculture
Fans, Air Conditioners and Exhaust Systems whenever not ‡ Develop new production processes to improve the cost
required. effectiveness of its products as well as their agronomical
iii. Creating awareness among Workmen to conserve energy. HI¿FLHQF\
iv. Aries continues power generation through it Solar Power ‡ Develop production processes that utilize renewable and are
Generation System at its manufacturing unit in Hyderabad. pollution free.

Impact of measures taken for reduction of energy consumption and ‡ Ensure continuous updation of in house knowledge required to
consequent impact on the cost of production of goods develop products and services for the company.
‡ Source worldwide information related to product development
- There is marginal increase in the cost due to increase in
and agriculture best practices
consumption.
‡ Develop new age environmental friendly crop management
b. Total energy consumption and energy consumption per unit of
techniques
production
 %HQH¿WVGHULYHGDVDUHVXOWRIWKHDERYHHIIRUWV
Form –A
‡ Improvement in productivity/quality and reduction in cost of
Form for disclosure of Particulars with respect to Conservation of production of Company’s Plants and at Customer’s end.
Energy.
‡ Cost reduction, import substitution, safer environment and
Sr. 3DUWLFXODUV Current Year Previous Year strategic resource management.
No. 2016-2017 2015-2016 ‡ Meeting the statutory requirements.
(a) 3XUFKDVHG 4. )XWXUH3ODQRI$FWLRQ
I. (OHFWULFLW\ ‡ Identifying customized formulations for new states where Aries
(i) Unit (KWH) 908,208 862,373 is entering to sell their product range.
(ii) Total Amount (Rs) 8,918,395 8,422,432 ‡ Identify products from the existing Aries crop nutrition range
which can be adopted in aquaculture.
(iii) Rate/Unit (Rs.) 9.82 9.77
‡ &RQGXFWLQJ VFLHQWL¿F UHVHDUFK DQG VWXGLHV SLORW VFDOH
development, trial and testing for development of new products,
II Piped Gas new process development, improvement in the existing
production process etc
(i) Unit(M3) 324,908 275,063
‡ Customized micronutrient fertilizers for export
(ii) Total Amount (Rs) 10,165,698 10,067,553
‡ Granulation of MM mixtures for soil application.
(iii) Rate/Unit (Rs.) 31.28 36.60
‡ &RIIHHDQG7HDVSHFL¿FIRUPXODWLRQV
‡ Developing new assay method for antibacterial agents.
(b) Own Generation
‡ 0RGL¿FDWLRQRIPDQXIDFWXULQJSURFHVVWRPDNHLWSROOXWLRQIUHH
(i) Coal Not Applicable Not Applicable
‡ Hydroponics as a technology
(ii) Furnace Oil - KI 4,607 3,422
‡ &URSVSHFL¿FIRUPXODWLRQVRIPLFURQXWULHQWIHUWLOL]HU
(iii) Internal Generation 19,482 12,996
Units(Generator) ‡ Bio Fertilizers
(iv) Solar System Units 68,622 104,667 5. ([SHQGLWXUHRQ5 '
II. )RUP IRU GLVFORVXUH RI SDUWLFXODUV ZLWK UHVSHFW WR Description For the year For the year
7HFKQRORJ\$EVRUSWLRQ5HVHDUFKDQG'HYHORSPHQW ended ended
31st March, 2017 31st March, 2016
(A) RESEARCH AND DEVELOPMENT:
(Rupees) (Rupees)
1. 6SHFL¿F$UHDV LQ ZKLFK 5HVHDUFK DQG 'HYHORSPHQW ZDV
FDUULHGRXWE\WKH&RPSDQ\ (I) Capital 47,522 3,32,799
(II) Recurring 4,645,418 4,171,522
‡ There is a continuous focus on University research on specialty
plant nutrition which continues across India. (III) TOTAL 4,692,940 4,504,321
(IV) Total R & D
‡ 2XU WHDP RI H[WHQVLRQ RI¿FHUV FRQGXFWV FRQWLQXRXV ¿HOG
expenditure as a % of
demonstrations and extension work including large scale soil
VDPSOLQJ ZKLFK SURYLGHV FRQVWDQW XSGDWHV RQ GH¿FLHQF\ a. Gross Revenue 0.17 0.19
levels across all states in India. b. Net Revenue 0.20 0.21

18 47th Annual Report - 2016-17

1. B1. 7HFKQRORJ\$EVRUSWLRQ$GDSWDWLRQDQG,QQRYDWLRQ
The Management has focused on productivity and Total Quality
Management [TQM] in order to optimize manufacturing costs.
B2. %HQH¿WV
This has helped in achieving optimum manufacturing costs,
improved quality of products and consequently, enhanced
customer satisfaction. The Company uses indigenous
technology.
B3. The Company has not imported any technology during the year
under review.
& )RUHLJQ([FKDQJH(DUQLQJVDQG2XWJR
1. Activities relating to exports, initiatives taken to increase
exports, development of new export markets for products and
services and export plans:
International clients are located in Bangladesh, Ghana, Kenya,
Nepal, Vietnam and Taiwan. Sales were booked for Ghana,
Kenya, Nepal, Vietnam, Taiwan and Bangladesh. Distributors
in Nepal and Vietnam have invested in branding and promotion
of our range of products in their respective countries. The total
exports and global sales constituted 12.50 % of our group
revenue during the Financial 2016-17.
2. 7RWDO)RUHLJQ([FKDQJHXVHGDQGHDUQHG:
Used : Rs. 25,58,98,223/-
Earned: Rs. 1,31,13,165/-
 ,QLWLDWLYHIRU([SRUWV
Following import substitution and commencement of
manufacturing of certain products in the Indian factories,
previously being produced in our UAE facilities, the Company
has applied for the required export license to enable direct
export of such products from India to the existing global buyers.
This will ensure that every customer is serviced effectively.
Export development from India, in addition to from the UAE
factories, shall further boost prospects in international business.
SPECIAL BUSINESS
As regards the items of the Notice of the AGM relating to Special
Business, the resolutions incorporated in the Notice and the
Explanatory Statement relating thereto, fully indicate the reasons for
VHHNLQJWKHDSSURYDOVRIPHPEHUVWRWKRVHSURSRVDOV<RXUDWWHQWLRQ
is drawn to these items and Explanatory Statement annexed to the
Notice.
VIGIL MECHANISM
The Vigil Mechanism of the Company, which also incorporates a
Whistle Blower Policy in terms of the Listing Regulations is in place.
Protected disclosures can be made by a Whistle Blower in writing or
through an e-mail, to the Chairman/Member of the Audit Committee.
The Policy on Vigil Mechanism and Whistle Blower Policy may be
accessed on the Company’s website www.ariesagro.com.
PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE,
GUARANTEES GIVEN & SECURITIES PROVIDED
Particulars of Loans given, Investments made, Guarantees given
and Securities provided along with the purpose for which the Loan
or Guarantee or Security is proposed to be utilized by the recipient
are provided in the Standalone Financial Statements.
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
None of the transactions with Related Parties falls under the
scope of Section 188(1) of the Companies Act, 2013. Information
on transactions with Related parties pursuant to Section 134(3)
(h) of the Companies Act, 2013 read with Rule 8(2) of the
Companies(Accounts) Rule, 2014 are given in $QQH[XUH, in Form
AOC-2 and the same forms part of this Report.
CORPORATE SOCIAL RESPONSIBILITY
The brief outline of the Corporate Social Responsibility (CSR) Policy
of the Company and the initiatives undertaken by the Company on
CSR activities during the year are set out in $QQH[XUH,, of this
Report in the format prescribed in the Companies(Corporate Social
Responsibility Policy) Rules, 2014. The Policy is available on the
Web-Site of the Company.
<RXU &RPSDQ\ FRQWLQXHV WR GHPRQVWUDWH D VWURQJ FRPPLWPHQW
towards providing products which do not hamper the soil and crop
eco systems.
EXTRACTS OF ANNUAL RETURN
As provided under Section 92(3) of the Companies Act, 2013 the
Extract of the Annual Return is given in $QQH[XUH,,, in prescribed
Format MGT-9, which forms part of this Report.
AUDITORS & AUDITORS REPORTS
Statutory Auditors
M/s. Kirti D. Shah & Associates, Chartered Accountants, Mumbai,
the Statutory Auditors of the Company, would be completing their
maximum term permitted under Section 139 of the Companies Act,
DQGUXOHVIUDPHGWKHUHXQGHUDQGDFFRUGLQJO\ZLOOKROG2I¿FH
till the conclusion of the ensuing Annual General Meeting. The Board
has placed on record its appreciation for their long association and
contributing to the growth of the Company.
The Board has recommended the appointment of M/S Sandeep
Sheth & Associates, Chartered Accountants, (Membership No.
DQGKDYLQJ3HHU5HYLHZ&HUWL¿FDWHLVVXHGE\WKH,QVWLWXWH
of Chartered Accountants of India) as the Statutory Auditors of the
Company in place of M/s. Kirti D. Shah & Associates, Chartered
Accountants, Mumbai, for a term of 5(Five) consecutive years, from
conclusion of the 47th Annual General Meeting of the Company
scheduled to be held in the year 2017 till the conclusion of the 52nd
Annual General Meeting to be held in the year 2022, for approval of
Share Holders of the Company, based on the recommendation of
WKH$XGLW&RPPLWWHHVXEMHFWWRUDWL¿FDWLRQVXEMHFWWRUDWL¿FDWLRQE\
Share Holders at every Annual General Meeting.
Accordingly, appointment of Statutory Auditor and the proposed
Resolution is set out at item No. 4 of the Notice.
The Statutory Auditors’ Report both with respect to the Standalone
and Consolidated Financial Statements do not contain any
TXDOL¿FDWLRQUHVHUYDWLRQRUDGYHUVHUHPDUN)XUWKHUWKDWWKHUHZDV
no fraud reported by Auditors under sub-section (2) of Section 143 of
the Companies Act, 2013 other than those reportable to the Central
Government.
Cost Auditors
The Company had appointed M/s. R. Nanabhoy & Co., Cost
Accountants, to conduct the Audit of Cost Accounting Records of its
SURGXFWVIRUWKH¿QDQFLDO\HDU
7KHGXHGDWHIRU¿OLQJWKH&RVW$XGLW5HSRUWVLQ;%5/PRGHIRUWKH
¿QDQFLDO\HDUHQGHG0DUFKZDVRULJLQDOO\th September,
47th Annual Report - 2016-17 19
7KH&RVW$XGLW5HSRUWVZHUH¿OHGE\WKH&RVW$XGLWRURQth
September, 2016 within the due date.
Further M/s. R. Nanabhoy & Co., Cost Auditors were re-appointed
as the Cost Auditor of the Company for the year ending 31st March,
2017 by the Board of Directors at their meeting held on 30th May,
2016 after ensuring their eligibility and obtaining the letter of eligibility
from them.
7KH&RPSDQ\¶V&RVW$XGLWIRUWKH)LQDQFLDO<HDULVXQGHU
SURFHVVDQGWKH&RPSDQ\ZLOO¿OHWKH&RVW$XGLW5HSRUWZLWKLQ
GD\VRIWKHHQGRIWKH)LQDQFLDO<HDULHRQRUEHIRUHth
September, 2017.
6HFUHWDULDO$XGLWRUV
The Board has appointed Mr. A. Sekar, Practising Company
6HFUHWDU\WRFRQGXFW6HFUHWDULDO$XGLWIRUWKH¿QDQFLDO\HDU
7KH6HFUHWDULDO$XGLW5HSRUWIRUWKH¿QDQFLDO\HDUHQGHG0DUFK
2017 is annexed herewith marked as $QQH[XUH,9 to this Report.
7KH 6HFUHWDULDO $XGLW 5HSRUW GRHV QRW FRQWDLQ DQ\ TXDOL¿FDWLRQ
reservation or adverse remark.
GENERAL DISCLOSURES
<RXU 'LUHFWRUV VWDWH WKDW QR GLVFORVXUH RU UHSRUWLQJ LV UHTXLUHG LQ
respect of the following items as there were no transactions on these
items during the year under review:
1. Details relating to deposits covered under Chapter V of the Act.
2. Issue of Equity Shares with differential rights as to dividend,
Except as disclosed elsewhere in this report, no material changes
DQG FRPPLWPHQWV ZKLFK FRXOG DIIHFW WKH &RPSDQ\¶V ¿QDQFLDO
SRVLWLRQKDYHRFFXUUHGEHWZHHQWKHHQGRIWKH¿QDQFLDO\HDURIWKH
Company and date of this report.
MATERIAL ORDERS PASSED
No material Orders have been passed by any Authorities in respect
of any matters with regards to the business of the Company during
WKH)LQDQFLDO<HDU+RZHYHUIROORZLQJ2UGHUZDVSDVVHGDIWHUWKH
end of the Financial and before the date of this Report.
In the Notes to Accounts under para ‘d’, we had referred on the
&ODVVL¿FDWLRQRI0LFURQXWULHQWVXQGHU&HQWUDO([FLVHDQGDOVRDERXW
the Circular dtd. 06/04/2016 clarifying that Micronutrient Fertilizers
DUH QRW FODVVL¿DEOH DV 3ODQW *URZWK 5HJXODWRUV XQGHU &KDSWHU
+HDGLQJ1RRIWKH&HQWUDO([FLVH$FW
7KH 'HSDUWPHQWDO $XWKRULWLHV DW +\GHUDEDG KDV ¿OHG DQ DSSHDO
EHIRUHWKH&HQWUDO([FLVHDQG6HUYLFH7D[$SSHOODWH7ULEXQDO7KH
VDLG DSSHDO ZDV GHFLGHG E\ WKH 7ULEXQDO¶V +\GHUDEDG 5HJLRQDO
%HQFKRQXSKROGLQJWKH&RPPLVVLRQHURI&HQWUDO([FLVH
RUGHUWKDWWKH0LFURQXWULHQWVDUHFODVVL¿DEOHXQGHU&KDSWHU+HDGLQJ
1R  DQG QRW DV 3ODQW *URZWK 5HJXODWRUV XQGHU &KDSWHU
Heading No. 3808.
6LPLODU RUGHUV DUH H[SHFWHG IURP RWKHU$SSHOODWH WULEXQDOV QDPHO\
Mumbai and Ahmedabad.
STATUTORY DISCLOSURES
1RQH RI WKH 'LUHFWRUV RI \RXU &RPSDQ\ DUH GLVTXDOL¿HG DV SHU
voting or otherwise.
3. Issue of Shares (including Sweat Equity Shares) to employees
of the Company under any scheme.
4. Buy Back of shares of the Company during the year under
review.
5. Neither the Managing Director nor the Whole-time Directors of
the Company receive any remuneration or commission from
any of its Subsidiaries.
 1RVLJQL¿FDQWRUPDWHULDORUGHUVZHUHSDVVHGE\WKH5HJXODWRUV
or Courts or Tribunals which impact the going concern status
and Company’s operations in future.
7. The Company is not required to submit Business Responsibility
Report in pursuance of Regulation 34(2)(f) SEBI(LODR)
Regulations, 2015.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN
AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL)
$&7
The Company has set up an Internal Complaints Committee
(ICC) for providing a Redressal Mechanism pertaining to Sexual
Harassment of Women employees at workplace. There was no
complaint received during the year under review.
MATERIAL CHANGES AND COMMITMENTS, IF ANY AFFECTING
THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE
OCCURRED BETWEEN THE FINANCIAL YEAR END OF THE
COMPANY TO WHICH FINANCIAL RESULTS RELATE
20 47th Annual Report - 2016-17
SURYLVLRQV RI 6HFWLRQ  RI WKH &RPSDQLHV $FW  <RXU
Directors have made necessary Disclosures, as required under
various provisions of the Companies Act, 2013 and the SEBI(Listing
Obligations and Disclosure Requirements) Regulations, 2015.
ACKNOWLEDGEMENT
We would like to acknowledge with gratitude, the support and
co-operation extended by Shareholders, Vendors, Media and
Banks and look forward to their continued support. We appreciate
continued co-operation received from various regulatory authorities
including Department of Agriculture, Department of Corporate
Affairs, Registrar of Companies, Reserve Bank of India, Securities
and Exchange Board of India, Stock Exchanges, Depositories,
Central Government and respective State Governments. We also
recognize and appreciate the sincere hard work, loyalty and efforts
of the employees and look forward to their continued support.
For and on behalf of the Board,
'U5DKXO0LUFKDQGDQL
Place: Mumbai &KDLUPDQ 0DQDJLQJ'LUHFWRU
Date: 9th August, 2017 ',1
 $QQH[XUH,
Form No. AOC-2
3XUVXDQWWRFODXVHKRIVXEVHFWLRQRI6HFWLRQRIWKH&RPSDQLHV$FWDQG5XOHRIWKH&RPSDQLHV$FFRXQWV5XOHV
)RUPIRUGLVFORVXUHRI3DUWLFXODUVRI&RQWUDFWV$UUDQJHPHQWVHQWHUHGLQWRE\WKH&RPSDQ\ZLWK5HODWHGSDUWLHVUHIHUUHGWRLQVXE
VHFWLRQRI6HFWLRQRIWKH&RPSDQLHV$FWLQFOXGLQJFHUWDLQDUP¶VOHQJWKWUDQVDFWLRQVXQGHUWKLUGSURYLVLRQWKHUHWR
 'HWDLOV RI &RQWUDFWV RU$UUDQJHPHQWV RU 7UDQVDFWLRQV QRW DW DUP¶V OHQJWK EDVLV Aries Agro Limited has not entered into any
&RQWUDFWRU$UUDQJHPHQWZLWKLWV5HODWHG3DUWLHVZKLFKLVQRWDWDUP¶VOHQJWKGXULQJWKH)LQDQFLDO<HDU
 'HWDLOVRI&RQWUDFWVRU$UUDQJHPHQWVRU7UDQVDFWLRQVDWDUP¶VOHQJWKEDVLV

Sr.
No.
1. Name(s) of the Relate Party and Golden Harvest Middle East FZC-75% Amarak Chemicals FZC-Step Down
nature of Relationship Subsidiary Subsidiary
2. 1DWXUHRI&RQWUDFWV Order based Contracts Order based Contracts
Arrangements/
7UDQVDFWLRQV
 'XUDWLRQRI&RQWUDFWV Order based Contracts Order based Contracts
$UUDQJHPHQWV7UDQVDFWLRQV
4. 6DOLHQWWHUPVRI&RQWUDFWV As per the Orders from time to time As per the Orders from time to time
$ U U D Q J H P H Q W V  7U D Q V D F W L R Q V
LQFOXGLQJ9DOXHLIDQ\
5. Date of Approval by the Board , Not Applicable, since the Contract was Not Applicable, since the Contract was
if any entered into in the ordinary course of entered into in the ordinary course of
business and on arm’s length basis business and on arm’s length basis
6. $PRXQW3DLGDVDGYDQFHVLIDQ\ Rs. 1,847.91 Lakhs Rs. 289.13 Lakhs

For and on behalf of the Board,

'U5DKXO0LUFKDQGDQL
Place: Mumbai &KDLUPDQ 0DQDJLQJ'LUHFWRU
Date: 9th August, 2017 ',1

47th Annual Report - 2016-17 21

 $QQH[XUH,,
ANNUAL REPORT ON CSR ACTIVITIES

3DUWLFXODUV Details
1. A brief outline of the Company's CSR Policy, Our policy on Corporate Social Responsibility of Company is broadly framed
including overview of projects or programs taking into account the following measures: -
proposed to be undertaken and a reference to a) Welfare measures for the community at large, so as to ensure the disadvantaged
the web-link to the CSR Policy and projects or VHFWLRQVRIWKH6RFLHW\GHULYHGWKHPD[LPXPEHQH¿WV
programs. b) Contribution to the society at large by way of social and cultural development,
imparting education, training and social awareness especially with regard to the
farming sector for their development and generation of income.
c) Protection and safeguarding of the environment and maintaining ecological
balance through a range of ecologically sustainable and cost effective products.
Chairman & Managing Director/Executive Director of the Company shall exercise
their delegated powers for according approval for the project within the ceiling
limit of said 100% budget. CSR should be broadly executed by Company in the
areas in which its operating units are located. CSR committee will frame the CSR
Policy and modify from time to time and the Board to implement and monitor CSR
activities.
The CSR Policy is hosted at www.ariesagro.com in the Investor Relations
Section.
2. The Composition of the CSR Committee. --- Dr. Jimmy Mirchandani*
Dr. Rahul Mirchandani**
Shri Bhumitra V. Dholakia
*Ceased to be the Chairman w.e.f. 03.04.2017
** Appointed the Chairman w.e.f. 03.04.2017
3. $YHUDJH1HW3UR¿WRIWKH&RPSDQ\IRUODVWWKUHH Rs. 15,00,77,688/-
)LQDQFLDO<HDUV
4. Prescribed CSR Expenditure (two per cent. of the Rs. 30,01,554/-
amount as in item 3 above)
5. 'HWDLOVRI&65VSHQWGXULQJWKH)LQDQFLDO<HDU
(a) Total amount to be spent for the Financial Rs. 30,01,554/-
<HDU
(b) Amount unspent , if any; NIL
(c) Manner in which the amount spent during the +HDGRI([SHQVH Amount ,WHP1RLQ6FKHGXOH9,,
)LQDQFLDO<HDU RIWKH&RPSDQLHV$FW

Education including Farmers 21,43,035 (ii)
Farmers Call Centre 5,74,192 (x)
Infrastructure Support 6,81,547 (x)
Health Care 50,000 (i)
TOTAL 

We hereby declare that the implementation and monitoring of CSR Policy, is in compliance with CSR Objectives and Policy of the Company.”

For and on behalf of the Board,

'U5DKXO0LUFKDQGDQL 'U-LPP\0LUFKDQGDQL B. V. Dholakia

Place: Mumbai &KDLUPDQ 0DQDJLQJ'LUHFWRU 'LUHFWRU 'LUHFWRU
Date: 9th August, 2017 ',1 ',1 ',1

22 47th Annual Report - 2016-17

 $QQH[XUH,,,

)250120*7±
EXTRACT OF ANNUAL RETURN
$VRQWKH¿QDQFLDO\HDUHQGHG
[Pursuant to Section 92(3) of the Companies Act, 2013, and Rule 12(1) of the Companies (Management and Administration) Rules, 2014]
I. REGISTRATION AND OTHER DETAILS

CIN L99999MH1969PLC014465
Registration Date 27th November, 1969
Name of the Company ARIES AGRO LIMITED
Category / Sub-Category of the Company &203$1</,0,7('%<6+$5(6,1',$1121*29(510(17&203$1<
$GGUHVVRIWKH5HJLVWHUHG2I¿FHDQG Aries House, Plot No. 24, Deonar, Govandi(E), Mumbai-400 043
contact details Phone No. 022 2556 4052/53
Fax No. 022 2556 4054/2557 1711
Whether listed Company <(6
Name, address and contact details of AARTHI CONSULTANTS PRIVATE LIMITED
Registrar and Transfer Agent, if any 1-2-285, Domalguda, Hyderabad – 500 029,
Telangana, India
Tel : +91-40-27634445 / 27642217,
Fax: +91-40-27632184
E-mail: aries@aarthiconsultants.com
Website: www.aarthiconsultants.com
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
All the business activities contributing 10 % or more of the total turnover of the Company shall be stated:-

Sr. 1DPHDQG'HVFULSWLRQRIPDLQSURGXFWV6HUYLFHV 1,&&RGHRIWKH3URGXFW % to total turnover of the

No. 6HUYLFH Company
1. Micro Nutrient Fertilizer-Manufactured 52397 53.62
2. Micro Nutrient Fertilizer-Traded 52397 18.69
3. Micro Nutrient Fertilizer-Manufactured 24129 11.71

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Sr. Name of the Address of the Company CIN/GLN Holding/ %tage of $SSOLFDEOH
No. Company Subsidiary/ Shares held 6HFWLRQ
$VVRFLDWH
1. Golden Harvest Plot P3-04, Post Box N.A. Subsidiary 75 2(87)(ii)
Middle East FZC No. 9267, Sharjah
Airport International Free
Zone(SAIF), Sharjah, UAE
2. Amarak Chemicals Al Hayl Industrial Area, P. N.A. Step Down 75(Held 2(87)(ii)
FZC O. Box 5283, Fujairah Free Subsidiary throughGolden
Zone(FFZ), Fujairah, UAE Harvest Middle
East FZC)
3. Aries Agro Care Aries House, Plot No. U01122MH2007PTC166761 Subsidiary 100 2(87)(ii)
Private Limited 24, Deonar, Govandi(E),
Mumbai-400 043

4. Aries Agro Aries House, Plot No. U01403MH2007PTC166972 Subsidiary 100 2(87)(ii)
Equipments Private 24, Deonar, Govandi(E),
Limited Mumbai-400 043
5. Aries Agro Produce Aries House, Plot No. U01403MH2008PTC183789 Subsidiary 75 2(87)(ii)
Private Limited* 24, Deonar, Govandi(E),
Mumbai-400 043
&HDVHGWREHD6XEVLGLDU\ZHI

47th Annual Report - 2016-17 23

,9 6+$5(+2/',1*3$77(51(TXLW\6KDUH&DSLWDO%UHDNXSDVSHUFHQWDJHRI7RWDO(TXLW\
(i) Category wise shareholding

Category of No. of Shares held at the beginning of the No. of Shares held at the end of the year %
Shareholders year  Change
01.04.2016 during
the year
Demat Physical Total % of Demat Physical Total % of
Total Total
Shares Shares
A. PROMOTERS
(1) Indian
a) Individual/HUF 6857926 0 6857926 52.74 6847926 0 6847926 52.66 0.15
b) Central Govt 0 0 0 0 0 0 0 0 0
c) State Govt (s) 0 0 0 0 0 0 0 0 0
d) Bodies Corp. 0 0 0 0 0 0 0 0 0
e) Banks / FI 0 0 0 0 0 0 0 0 0
f) Any Other…. 0 0 0 0 0 0 0 0 0
Sub-total (A) (1):-  0  52.74  0  52.66 0.15
(2) Foreign - - - - - - - - -
a) NRIs - Individuals 0 0 0 0 0 0 0 0 0
b) Other – Individuals 0 0 0 0 0 0 0 0 0
c) Bodies Corp. 0 0 0 0 0 0 0 0 0
d) Banks / FI 0 0 0 0 0 0 0 0 0
e) Any Other…. 0 0 0 0 0 0 0 0 0
Sub-total (A) (2):- 0 0 0 0 0 0 0 0 0
Total shareholding  0  52.74  0  52.66 0.15
of Promoter (A) = (A)
(1)+(A)(2)
B. PUBLIC -
SHAREHOLDING
1. Institutions -
a) Mutual Funds 0 0 0 0 0 0 0 0 0
b) Banks / FI 10943 0 10943 0.08 31965 0 31965 0.25 192.10
c) Central Govt 0 0 0 0 0 0 0 0 0
d) State Govt(s) 0 0 0 0 0 0 0 0 0
e) Venture Capital 0 0 0 0 0 0 0 0 0
Funds
f) Insurance 0 0 0 0 0 0 0 0 0
Companies
g) FIIs 0 0 0 0 0 0 0 0 0
h) Foreign Venture 0 0 0 0 0 0 0 0 0
Capital funds
i) Others (specify) 0 0 0 0 0 0 0 0 0
Sub-total (B)(1):- 10943 0 10943 0.08 31965 0 31965 0.25
2. Non-Institutions
a) Bodies Corp.
i) Indian 764106 131500 895606 6.89 950321 130875 1081196 8.31 20.72
ii) Overseas 0 0 0 0 0 0 0 0 0

24 47th Annual Report - 2016-17

Category of No. of Shares held at the beginning of the No. of Shares held at the end of the year %
Shareholders year  Change
01.04.2016 during
the year
Demat Physical Total % of Demat Physical Total % of
Total Total
Shares Shares
b) Individuals
i) Individual 3193554 179331 3372885 25.94 2862661 164961 3027622 23.28 
Shareholders
holding nominal
share capital upto
Rs. 1 lakh
ii) Individual 1536965 0 1536965 11.82 1579980 0 1579980 12.15 2.80
Shareholders
holding nominal
share capital in
excess of `1 lakh
c) Others 0 0 0 0 0 0 0 0 0
Directors and
Relatives
i) Shares held by 0 0 0 0 0 0 0 0 0
Pakistani citizens
vested with the
Custodian of
Enemy Property
ii) Other Foreign 0 0 0 0 0 0 0 0 0
Nationals
iii) Foreign Bodies 0 0 0 0 0 0 0 0 0
iv) NRI / OCBs 162552 0 162552 1.25 138483 0 138483 1.06 -14.81
v) Clearing Members / 167097 0 167097 1.28 291218 0 291218 2.24 79.15
Clearing House
vi) Trusts 0 0 0 0 0 0 0 0 0
vii) Limited Liability 0 0 0 0 0 0 0 0 0
Partnership
viii) Foreign Portfolio 0 0 0 0 0 0 0 0 0
Investor (Corporate)
L[4XDOL¿HG)RUHLJQ 0 0 0 0 0 0 0 0 0
Investor
x) NBFCs Regd with 365 0 365 0.00 5949 0 5949 0.05 1529.04
RBI
Sub-Total (B)(2):        
7RWDO3XEOLF 5835582 310831 6146413 47.26 5860577 295836 6156413 47.34
Shareholding
(B)=(B)(1)+(B)(2)
C. SHARES HELD 0 0 0 0 0 0 0 0 0
BY CUSTODIAN
FOR GDRS &
ADRS
Grand Total (A+B+C)    100.00    100.00 -

47th Annual Report - 2016-17 25

(ii) Shareholding of Promoters

Shareholder’s Name No. of Shares held at the beginning of No. of Shares held at the end of the year % Change
the year 01.04.2016  during the
No. of % of total %of Shares No. of % of total % of Shares year
Shares Shares Pledged / Shares Shares Pledged /
of the HQFXPEHUHG of the HQFXPEHUHGWR
FRPSDQ\ to total FRPSDQ\ total shares
shares
Jimmy Mirchandani 3524830 27.11 0 3524830 27.11 0 0
Rahul Mirchandani 2623221 20.17 0 2623221 20.17 0 0
Akshay Mirchandani 361875 2.78 0 361875 2.78 0 0
Amol Mirchandani 335000 2.58 0 335000 2.58 0 0
Ashok Mirchandani 10000 0.08 0 0 0 0 -100
Nitya Mirchandani 3000 0.02 0 3000 0.02 0 0
Total  52.74 0  52.66 0 0
(iii) Change in Promoters’ Shareholding
Mr. Ashok Mirchandani holding 10,000 Shares at the beginning of the Financial Year under the Promoter Group sold his shares during the year. Apart from that there
was no change in the Promoter’s Shareholding between 01.04.2016 to 31.03.2017.
(iv) 6KDUHKROGLQJ3DWWHUQRI7RS7HQ6KDUHKROGHUVRWKHUWKDQ'LUHFWRUV3URPRWHUVDQG+ROGHUVRI*'5VDQG$'5V

Sr. Shareholder’s Name * Shareholding at the Shareholder’s Name Shareholding at the end
No. beginning of the year RIWKH\HDU
01.04.2016
No. of % of total No. of shares No. of % of total
shares shares shares shares
of the of the
FRPSDQ\ FRPSDQ\
1 9,-$<.,6+$1/$/.(',$ 360000 2.77 9,-$<.,6+$1/$/.(',$ 360000 2.77
2 9,-$<.,6+$1/$/.(',$ 238091 1.83 9,-$<.,6+$1/$/.(',$ 238091 1.83
3 HITEN RAMNIKLAL MEHTA 175000 1.35 SHASHI GUPTA 187700 1.44
4 SANKIRT HOLDINGS PVT LTD 156730 1.21 VRAMATH INVESTMENT 165539 1.27
&216817$1&<397/7'
5 PALKHI INV. & TRDG CO. PVT LTD. 125000 0.96 66+<$0 152600 1.17
6 EDELWEISS SECURITIES LIMITED 102619 0.79 9,-$<$6 152000 1.17
7 $/$&5,7<6(&85,7,(6/7' 76100 0.59 BMA WEALTH CREATORS LTD 128044 0.98
8 NAVKAR FINLEASE PVT LTD 70136 0.53 PALKHI INV. & TRDG CO. PVT 125000 0.96
LTD.
9 IL AND FS SECURITIES SERVICES 59936 0.46 SANKIRT HOLDINGS PVT LTD 106730 0.82
LIMITED
10 $-$<83$'+<$<$ 57602 0.44 ABHINAV GUPTA 95670 0.74
11 SUNIL KOTHARI 42500 0.33 KOUSJIK SEKAHR 71400 0.55
* 7KH6KDUHVRIWKH&RPSDQ\DUHWUDGHGRQDGDLO\EDVLVDQGKHQFHWKHGDWHZLVHLQFUHDVHGHFUHDVHLQ6KDUH+ROGLQJLVQRWLQGLFDWHG
(v) 6KDUHKROGLQJRI'LUHFWRUVDQG.H\0DQDJHULDO3HUVRQQHO

Sr. Shareholder’s Name Shareholding at the Cumulative Date of Reason for

No beginning of the year Shareholding FKDQJHLQ FKDQJH
01.04.2016 during the year shareholding
No. of % of total No. of shares % of total
'LUHFWRUV shares shares of the shares of the
FRPSDQ\ FRPSDQ\
1 Dr. Jimmy Mirchandani 3524830 27.11 3524830 27.11 NIL N.A.
2. Dr. Rahul Mirchandani 2623221 20.17 2623221 20.17 NIL N.A.
3 Mrs. Nitya Mirchandani 3000 0.02 3000 0.02 NIL N.A.
4 Prof. R. S. S. Mani 0 0 0 0 NIL N.A.

26 47th Annual Report - 2016-17

 5 Mr. C. B. Chhaya 0 0 0 0 NIL N.A.
6 Mr. B. V. Dholakia 0 0 0 0 NIL N.A.
7. Mr. S. Ramamurthy 0 0 0 0 NIL N.A.
8. Mr. Qaiser P. Ansari 5 0.00 5 0 NIL N.A.
Other than this, no other Director and Key Managerial Personnel holds any shares in the Company.
V. INDEBTEDNESS
 ,QGHEWHGQHVVRIWKH&RPSDQ\LQFOXGLQJLQWHUHVWRXWVWDQGLQJDFFUXHGEXWQRWGXHIRUSD\PHQW

(Rupees in Lakhs)
6HFXUHG/RDQV 8QVHFXUHG Total
3DUWLFXODUV Deposits
H[FOXGLQJ'HSRVLWV Loans Indebtedness
,QGHEWHGQHVVDWWKHEHJLQQLQJRIWKH)LQDQFLDO<HDU
1. Principal Amount 10,103.65 1,265.61 - 11,369.26
2. Interest Due but not Paid - - - -
3. Interest accrued but not due 1.03 7.87 - 8.90
7RWDO   - 
&KDQJHLQ,QGHEWHGQHVVGXULQJWKH)LQDQFLDO<HDU
1. Addition - 195.38 - 195.38
2. Reduction 395.56 - - 395.56
Net Change (1-2)   - 
,QGHEWHGQHVVDWWKHHQGRIWKH)LQDQFLDO<HDU
1. Principal Amount 9,708.42 1,459.45 - 11,167.87
2. Interest Due but not Paid - - - -
3. Interest accrued but not due 0.70 9.41 - 10.11
7RWDO   - 
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
$ 5HPXQHUDWLRQWR0DQDJLQJ'LUHFWRU:KROH7LPH'LUHFWRUDQGRU0DQDJHU

Sr. 3DUWLFXODUVRI5HPXQHUDWLRQ Dr. Jimmy Dr. Rahul Total

No. 0LUFKDQGDQL 0LUFKDQGDQL(' Amount
CMD (` In Lakhs p.a ) (` In Lakhs
(` In Lakhs p.a) p.a)
1 Gross Salary
(a) Salary as per provisions contained in section 17 (1) of the Income Tax 44.16 44.16 88.32
Act, 1961
Gross Salary
(b) Value of Perquisites u/sec 17 (2) Income Tax Act, 1961 3.60 2.60 7.20
F3UR¿WVLQOLHXRIVDODU\XQGHUVHFWLRQRI,QFRPH7D[$FW
2 Stock Option Nil Nil Nil
3 Sweat Equity Nil Nil Nil
4 Commission 37.00 37.00 74.00
D DVDRISUR¿W
b. Others, specify
5 Others, Please specify
a) HRA 4.80 4.80 9.60
b) Medical 3.68 3.68 7.36
c) LTA 3.68 3.68 7.36
d) Leave Salary 3.68 3.68 7.36
e) Contribution to PF 0.00 5.30 5.30
Total (A) 100.60 105.90 206.50
&HLOLQJDVSHUWKH$FW 209.56

47th Annual Report - 2016-17 27

% 5HPXQHUDWLRQWRRWKHU'LUHFWRUV

Sr. 3DUWLFXODUVRI5HPXQHUDWLRQ Fee for attending Commission) Others, Total Amount

No. Board/ (in Lakhs) please (`in Lakhs)
Committee VSHFLI\
Meetings (`in Lakhs)
(in Lakhs)
1. ,QGHSHQGHQW'LUHFWRUV
Prof. R. S. S. Mani 2.10 - - 2.10
Mr. C. B. Chhaya 2.03 - - 2.03
Mr. B. V. Dholakia 2.40 - - 2.40
Total (1)  - - 
2. 2WKHU1RQ([HFXWLYH'LUHFWRUV
Mrs. Nitya Mirchandani 1.20 - - 1.20
Total (2) 1.20 - - 1.20
Total (B)=(1+2)  - - 
Total Managerial Remuneration Rs. 214.23 Lakhs
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD

Sr. No. 3DUWLFXODUVRI5HPXQHUDWLRQ Name of Key Managerial Personnel Total Amount

(` in Lakhs)
&KLHI)LQDQFLDO2I¿FHU &RPSDQ\6HFUHWDU\
Mr. S. Ramamurthy Mr. Qaiser P. Ansari
(` in Lakhs) (` in Lakhs)
1 Gross Salary
(a) Salary as per provisions contained 16.58 13.39 29.97
in section 17 (1) of
the Income Tax Act, 1961
(b) Value of Perquisites u/sec 17 (2) - - -
Income Tax Act, 1961
2 F3UR¿WVLQOLHXRIVDODU\XQGHUVHFWLRQ - - -
17 (3) of Income Tax Act, 1961
Stock Option - - -
3 Sweat Equity - - -
4 Commission - - -
DDVDRISUR¿W
b. others, specify
5 Others, Please specify 4.97 4.02 8.99
a) HRA 2.87 1.10 3.97
b) Conveyance 0.37 0.25 0.62
c) Medical 1.33 1.07 2.40
d) LTA 1.33 0.29 1.62
e) Leave Salary 2.36 1.07 3.43
f) Bonus 10.50 1.84 12.34
g) Incentive 1.99 1.61 3.63
h) Contribution to PF
Total 42.31 24.65 66.97
9,, 3(1$/7,(6381,6+0(17&203281',1*2)2))(1&(68QGHUWKH&RPSDQLHV$FW
There were no penalties, punishment or compounding of offences for breach of any Section of Companies Act against the Company or
LWV'LUHFWRUVRURWKHU2I¿FHUVLQGHIDXOWLIDQ\GXULQJWKH\HDUHQGHGst March, 2017.
For and on behalf of the Board,
Place: Mumbai 'U5DKXO0LUFKDQGDQL
Date: 9th August, 2017 &KDLUPDQ 0DQDJLQJ'LUHFWRU
',1

28 47th Annual Report - 2016-17

 $QQH[XUH,9

SECRETARIAL AUDIT REPORT

)257+(<($5(1'('0$5&+
To
The Members
Aries Agro Limited
Aries House, Plot No. 24
Deonar, Govandi(E)
Mumbai - 400 043
I have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence to good Corporate Practices by
Aries Agro Limited, (hereinafter called the Company). Secretarial Audit was conducted in the manner that provided me a reasonable basis for
evaluating the corporate conducts / statutory compliances and expressing my opinion thereon.
%DVHGRQP\YHUL¿FDWLRQRIWKH&RPSDQ\¶VERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQV¿OHGDQGRWKHUUHFRUGVPDLQWDLQHGE\WKH&RPSDQ\
DQGDOVRWKHLQIRUPDWLRQSURYLGHGE\WKH&RPSDQ\LWVRI¿FHUVDJHQWVDQGDXWKRUL]HGUHSUHVHQWDWLYHGXULQJWKHFRQGXFWRI6HFUHWDULDO$XGLW
I hereby report that in my opinion the Company has during the year ended 31st March, 2017, complied with the statutory provisions listed
hereunder and also that the Company has proper Board processes and compliance mechanism in place to the extent, in the manner and
subject to the reporting made hereinafter:
,KDYHH[DPLQHGWKHERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQV¿OHGDQGRWKHUUHFRUGVPDLQWDLQHGE\WKH&RPSDQ\IRUWKH\HDUXQGHU
review, according to the provision of :
(i) The Companies Act, 2013 ( the Act) and the rules made thereunder;
(ii) The Securities Contract (Regulation) act, 1956 (“SCRA”) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 an the rules and regulations made thereunder to the extent of Foreign Direct Investment,
Overseas Direct Investment and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (“SEBI Act”) to the
extent they are applicable to the company
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015
(c) The Securities and Exchange Board of India ( Registrars to an Issue and Share Transfer Agents ) Regulations 1993 regarding the
Companies Act and dealing with client;
(vi) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (“SEBI Act”) were not
applicable to the company
(a) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009
E 7KH6HFXULWLHVDQG([FKDQJH%RDUGRI,QGLD6KDUH%DVHG(PSOR\HH%HQH¿WV5HJXODWLRQV
(c) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008
(d) The Securities and Exchange Board of India ( Delisting of Equity Shares) Regulations, 2009; and
(e) The Securities and Exchange Board of India ( Buyback of Securities) Regulations, 1998;
YLL 2WKHUODZVVSHFL¿FDOO\DSSOLFDEOHWRWKHFRPSDQ\QDPHO\
 ‡ 7KH,QVHFWLFLGHV$FWDQG
 ‡ 7KH)HUWLOL]HU&RQWURO2UGHU
I have also examined compliance with the applicable clauses of the following:
(i) Secretarial Standards Issued by The Institute of Company Secretaries of India
(ii) The SEBI (Listing Obligations and Disclosure) Regulations, 2015.
During the period under review, the Company has complied with the provisions of the Acts, Rules, Regulations, Guidelines, Standards, etc.,
mentioned above :-

47th Annual Report - 2016-17 29

I further report that
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non Executive Directors and
Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried
out in compliance with the provisions of the Act.
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days
LQDGYDQFHDQGDV\VWHPH[LVWVIRUVHHNLQJDQGREWDLQLQJIXUWKHULQIRUPDWLRQDQGFODUL¿FDWLRQVRQWKHDJHQGDLWHPVEHIRUHWKHPHHWLQJDQG
for meaningful participation at the meeting.
Majority decision is carried through while the dissenting members’ views are capture and recorded as part of the minutes.
The company has formulated a Compliance Management System to monitor and ensure compliance with applicable laws, rules, regulations
and guidelines, which is ongoing and subject of continuous review. Prima facie these systems and processes in the company are adequate
and are commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations
and guidelines.
I further report that during the audit period, the company has not undertaken any action having a major bearing on the company’s affairs in
pursuance of the above referred laws.
A SEKAR
3/$&(080%$, &203$1<6(&5(7$5<
DATE : 9th August, 2017 ACS 8649 CP 2450

This report is to be read with our letter of even date which is annexed as Annexure A and forms an integral part of this report.

µ$QQH[XUH$¶
1. Maintenance of secretarial record is the responsibility of the management of the company. My responsibility is to express an opinion
on these secretarial records based on my audit.
2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the
FRQWHQWVRIWKH6HFUHWDULDOUHFRUGV7KHYHUL¿FDWLRQZDVGRQHRQWHVWEDVLVWRHQVXUHWKDWFRUUHFWIDFWVDUHUHÀHFWHGLQVHFUHWDULDOUHFRUGV
I believe that the processes and practices, followed b y m e provide a reasonable basis for our opinion.
 , KDYHQRWYHUL¿HGWKHFRUUHFWQHVVDQGDSSURSULDWHQHVVRI¿QDQFLDOUHFRUGV%RRNVRI
Accounts and records pertaining to direct and indirect taxation of the company, which I believe are the domain of other professionals on
whom the responsibility is entrusted by the provisions of the Companies Act, 2013.
4. Where ever required, I have obtained the Management representation about the compliance of laws, rules and regulations and happening
of events etc.
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management.
0\H[DPLQDWLRQZDVOLPLWHGWRWKHYHUL¿FDWLRQRISURFHGXUHVRQWHVWEDVLV
 7KH6HFUHWDULDO$XGLWUHSRUWLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKHFRPSDQ\QRURIWKHHI¿FDF\RUHIIHFWLYHQHVVZLWKZKLFK
the management has conducted the affairs of the company.
A SEKAR
3/$&(080%$, &203$1<6(&5(7$5<
DATE : 9th August, 2017 ACS 8649 CP 2450

30 47th Annual Report - 2016-17

 REPORT ON CORPORATE GOVERNANCE
1. &RUSRUDWH*RYHUQDQFH3KLORVRSK\
The Company’s Corporate Governance is aimed at ensuring Business Sustainability by striking a balance between Economic and Social
JRDOVDQGEHWZHHQ,QGLYLGXDODQG&RUSRUDWHJRDOV7KH&RUSRUDWH*RYHUQDQFHIUDPHZRUNLVWRHQFRXUDJHWKHHI¿FLHQWXVHRIUHVRXUFHV
maintain an accountability and compliance of applicable Laws with a view to enhance value of all the Stakeholders. In compliance with
the disclosure requirements of Schedule V to the Regulation 34 (3) of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) the details are set out below:-
2. BOARD OF DIRECTORS
(A) %RDUG&RPSRVLWLRQ^DRI3DUW&RI6FKHGXOH9`
The Board of Directors of the Company (‘the Board’) consists of 6 Directors, headed by an Executive Chairman and out of which
Four (4) are Non Executive Directors of which Three(3) are Independent Directors and one is Woman Director. The Independent
Directors are eminent professionals, with experience in, Management and Strategy, Human Resources, Banking, Corporate Laws
etc. Composition of the Board and category of Directors are as follows:
Category Name of the Directors
Promoter- Executive Directors Dr. Jimmy Mirchandani
Chairman & Managing Director
5HVLJQHGDV0'ZHI&RQWLQXHVWREHD'LUHFWRU
Dr. Rahul Mirchandani
Executive Director
*Appointed as the Chairman and Managing Director w.e.f. 04.04.2017
Promoter- Non-Executive Directors Mrs. Nitya Mirchandani
Independent- Non-Executive Directors Prof. R.S.S. Mani
Mr. Chakradhar Bharat Chhaya
Mr. Bhumitra Vinodchandra Dholakia
(B) $WWHQGDQFHDQG2WKHU'LUHFWRUVKLSV^EWRHRI3DUW&RI6FKHGXOH9`
Attendance of Directors at Board Meetings, last Annual General Meeting and number of Directorships and Chairmanships/
Memberships of Committees of each Director in various Companies as on 31st March, 2017 is as follows:-
1DPHRIWKH'LUHFWRU  $WWHQGDQFHRI0HHWLQJVGXULQJ 'LUHFWRUVKLS No. of Inter Se
'HVLJQDWLRQDQGFDWHJRU\ 2016-17 in other Membership(s)/ Relationship
Board Last AGM 3XEOLF Chairmanship(s)
Meetings KHOGRQth Companies of Board
Attended(Total September, 2016 LQFRUSRUDWHG Committees in
4 (four) Held) in India other Companies
Dr. Jimmy Mirchandani 2 <HV 2 NIL Brother of ED
Chairman & Managing Director
(Promoter)(CMD)
*Resigned as MD w.e.f. 03.04.2017.
Continues to be a Director
Dr. Rahul Mirchandani 4 <HV 3 NIL Brother of
Executive Director CMD and
(Promoter)(ED) Husband of
*Appointed as the Chairman NED
and Managing Director w.e.f.
04.04.2017
Prof. R. S. S. Mani 4 <HV NIL NIL N.A.
Director Non Executive
(Independent)
Mr. Chakradhar Bharat Chhaya 4 <HV 2 4 N.A.
Director Non Executive (including 2 as
(Independent) Chairman)
Mr. Bhumitra Vinodchandra 4 <HV 2 5 N.A.
Dholakia (including 4 as
Director Non Executive Chairman)
(Independent)
Mrs. Nitya Mirchandani 4 <HV NIL NIL Wife of ED
Director Non-Executive
(Promoter)(NED)

47th Annual Report - 2016-17 31

  1RQHRIWKH'LUHFWRUVKROGVRI¿FHLQPRUHWKDQ6HYHQ/LVWHG&RPSDQLHVDVDQ,QGHSHQGHQW'LUHFWRU1RQHRIWKH:KROH7LPH
Directors serve as an Independent Director in more than three Listed Companies. None of the Directors on the Board holds the
RI¿FHRI'LUHFWRULQPRUHWKDQ&RPSDQLHV
(C) 'HWDLOVRI(TXLW\6KDUHVRIWKH&RPSDQ\KHOGE\WKH'LUHFWRUVDVRQst0DUFK are given below: {2(f) of Part C of
6FKHGXOH9`

Name of the Directors Number of Equity Share

([HFXWLYH'LUHFWRUV
Dr. Jimmy Mirchandani 35,24,830
Dr. Rahul Mirchandani 26,23,221
1RQ([HFXWLYH'LUHFWRUV
Prof. R. S. S. Mani NIL
Mr. C. B. Chhaya NIL
Mr. Bhumitra V. Dholakia NIL
Mrs. Nitya Mirchandani 3,000
The Company has not issued any Convertible Instruments.
(D) Board Meetings
The Agenda and Background notes with supporting are circulated to the Directors well in advance of the Board Meetings and
additional items, if any, are tabled at the course of the Board Meetings. During the year information as mentioned in Regulation 17(7)
of Listing Regulations has been placed before the Board for its consideration. The minutes of all the Committees of the Directors are
placed before the Board and noted by them.
Four Board Meetings were held during the year, on 30.05.2016, 11.08.2016, 23.11.2016 and 10.02.2017. The quorum was present
at all the Meetings.
The gap between two board meetings did not exceed four months. Every Quarter there was a Board Meeting as required under the
Secretarial Standard-1 on the Board Meetings.
The terms and conditions of the appointment of Independent Directors are disclosed on the Web Site of the Company.
During the year a separate Meeting of the Independent Directors was held inter-alia to review the performance of Non-Independent
Directors and the Board as a whole.
The Board periodically reviews compliance reports of all laws applicable to the Company.
(E) &RGHRI&RQGXFW
The Company has adopted a Code of Conduct for the Members of the Board and the Senior Executives in compliance with the
provision of Regulation 17(5) of Listing Regulations. All the Members of the Board, Key Managerial Personnel and the Senior
0DQDJHPHQW3HUVRQQHOKDYHDI¿UPHGFRPSOLDQFHWRWKH&RGHRI&RQGXFWDVRQDQGDGHFODUDWLRQWRWKDWHIIHFWVLJQHG
by the Chairman & Managing Director is attached and forms a part of this Report.
 ) :HEOLQNZKHUHGHWDLOVRIIDPLOLDUL]DWLRQ3URJUDPWR,QGHSHQGHQW'LUHFWRU
The web link for details of familiarization program to Independent Director is ZZZDULHVDJURFRP
BOARD COMMITTEES
3. AUDIT COMMITTEE
Two third of the Members of the Committee are Non-Executive and Independent Directors. All the Members of the Audit Committee are
SURIHVVLRQDOVDQG¿QDQFLDOO\OLWHUDWHZLWKLQWKHPHDQLQJRI5HJXODWLRQFRIWKH/LVWLQJ5HJXODWLRQV
L 7KHWHUPVRIUHIHUHQFHRIWKH$XGLW&RPPLWWHH
The terms of reference of the Audit Committee are in accordance with Part C of Schedule II to the Regulation 18 (3) of the
SEBI(Listing Obligations and Disclosure Requirements) Regulations, 2015 and Section 177 of the Companies Act, 2013. The
&RPPLWWHHDFWVDVDOLQNEHWZHHQWKH0DQDJHPHQW$XGLWRUVDQG%RDUGRI'LUHFWRUVRIWKH&RPSDQ\DQGKDVIXOODFFHVVWR¿QDQFLDO
information.
Recommendations of the Audit Committee, if any, are considered and implemented by the Board from time to time.
(ii) Composition, Name of Members and Chairperson
The Audit Committee comprises of the following Directors:
Mr. Bhumitra V. Dholakia : Chairman (Independent Director)*
Dr. Rahul Mirchandani* : Member (Non-Independent Director)
Prof. R. S. S. Mani : Member (Independent Director)
The composition of the Audit Committee was changed at the Board Meeting held on 03.04.2017 and Mrs. Nitya Mirchandani
was inducted as a Member in place of Dr. Rahul Mirchandani.

32 47th Annual Report - 2016-17

 The Chairman of the Audit Committee remains present at the Annual General Meeting. The previous Annual General Meeting of the
Company was held on 30th September, 2016 and was attended by Mr. Bhumitra V. Dholakia, Chairman of the Audit Committee.
 LLL 0HHWLQJVDQG$WWHQGDQFHGXULQJWKH\HDU
The Audit Committee met 4 times during the year on 30.05.2016, 11.08.2016, 23.11.2016 and 10.02.2017. Not more than four
months had elapsed between any two meetings. The necessary quorum was present at all the Meetings.
The attendance of each member of the Committee is given below:

1DPHRIWKH'LUHFWRU No. of meetings attended(held)

Mr. Bhumitra V. Dholakia 4(4)
Prof R. S. S. Mani 4(4)
Dr. Rahul Mirchandani 4(4)
  7KH6WDWXWRU\$XGLWRUV,QWHUQDO$XGLWRUV&RVW$XGLWRUV6HFUHWDULDO$XGLWRUVDQG&KLHI)LQDQFLDO2I¿FHUDUHSHUPDQHQWLQYLWHHVWR
the meetings of the Committee. The Company Secretary is the Secretary of the Committee.
4. NOMINATION AND REMUNERATION COMMITTEE
The Company has a Nomination and Remuneration Committee of Directors. The scope of the Nomination and Remuneration Committee
is as per the amended provisions of the Listing Regulations.
 L 7KH7HUPVRI5HIHUHQFHRIWKH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHHDUHDVXQGHU
  7RIRUPXODWHFULWHULDIRUGHWHUPLQLQJTXDOL¿FDWLRQVSRVLWLYHDWWULEXWHVDQGLQGHSHQGHQFHRIDGLUHFWRUDQGUHFRPPHQGWRWKH%RDUG
a policy, relating to the remuneration of the directors, key managerial personnel and other employees;
2. To formulate criteria for evaluation of Independent Directors and the Board;
3. to devise a policy on Board diversity;
  7RLGHQWLI\SHUVRQVZKRDUHTXDOL¿HGWREHFRPHGLUHFWRUVDQGZKRPD\EHDSSRLQWHGLQVHQLRUPDQDJHPHQWLQDFFRUGDQFHZLWKWKH
criteria laid down, and recommend to the Board their appointment and removal. The company shall disclose the remuneration policy
and the evaluation criteria in its Annual Report.
5. Whether to extend or continue the term of appointment of the Independent Director , on the basis of the report of performance
evaluation of Independent Director.
(ii) & (iii)&RPSRVLWLRQ1DPHRIPHPEHUV&KDLUSHUVRQ $WWHQGDQFHGXULQJWKH\HDU
Nomination and Remuneration Committee consists of Mr. Chakradhar Bharat Chhaya, Prof. R. S. S. Mani, and Mr. Bhumitra V.
Dholakia all Independent Directors, as members. Mr. Chakradhar Bharat Chhaya is the Chairman of the Committee. During the
)LQDQFLDO<HDUWKH&RPPLWWHHPHWRQFHRQ
The attendance of each member of the Committee is given below:

1DPHRIWKH'LUHFWRU No. of meetings attended(held)

Mr. C. B. Chhaya 1(1)
Prof R. S. S. Mani 1(1)
Mr. Bhumitra V. Dholakia 1(1)
((iv) The Company does not have any Employee Stock Option Scheme.
(v) 5HPXQHUDWLRQ3ROLF\
The Remuneration Policy for Working Directors is in line with the other peer Companies and reviewed periodically. The payment of
remuneration is duly approved by the Board of Directors upon the recommendation of the Nomination and Remuneration Committee
DQGVXEVHTXHQWO\FRQ¿UPHGE\WKH6KDUHKROGHUV
The Nomination and Remuneration Policy of the Company is displayed on Company’s web-site i.e. www.ariesagro.com. And is re-
produced as under;

47th Annual Report - 2016-17 33

 ARIES AGRO LIMITED
NOMINATION AND REMUNERATION POLICY FOR DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)
1. Introduction
 7KH&RPSDQ\FRQVLGHUVKXPDQUHVRXUFHVLQFOXVLYHRILWV6HQLRU0DQDJHPHQW7HDP0HPEHUVDVLWVLQYDOXDEOH$VVHW7KLVSROLF\RQ
1RPLQDWLRQDQG5HPXQHUDWLRQRI'LUHFWRUV.H\0DQDJHU3HUVRQQHO.03VDQG6HQLRU0DQDJHPHQWKDVEHHQIRUPXODWHGLQWHUPV
RIWKHSURYLVLRQVRIWKH&RPSDQLHV$FWDQGWKH/LVWLQJ$JUHHPHQWLQRUGHUWRDWWUDFWDQGUHWDLQKLJKSHUIRUPLQJDQGPRWLYDWHG
([HFXWLYHV LQ D FRPSHWLWLYH FRUSRUDWH ZRUOG 7KLV ZLOO OHDG WR JRRG FRUSRUDWH JRYHUQDQFH DV ZHOO DV VXVWDLQHG DQG ORQJWHUP YDOXH
FUHDWLRQIRU6WDNHKROGHUV
2. Objective and purpose of the Policy
 7KHREMHFWLYHDQGSXUSRVHRIWKLVSROLF\DUH
  7R IRUPXODWH WKH FULWHULD IRU GHWHUPLQLQJ TXDOL¿FDWLRQV FRPSHWHQFLHV SRVLWLYH DWWULEXWHV DQG LQGHSHQGHQFH IRU DSSRLQWPHQW RI
D 'LUHFWRU ([HFXWLYH  1RQ([HFXWLYH DQG UHFRPPHQG WR WKH %RDUG SROLFLHV UHODWLQJ WR WKH UHPXQHUDWLRQ RI WKH 'LUHFWRUV .H\
0DQDJHULDO3HUVRQQHODQGRWKHU(PSOR\HHV
  7RIRUPXODWHWKHFULWHULDIRUHYDOXDWLRQRISHUIRUPDQFHRIDOOWKH'LUHFWRUVRQWKH%RDUG
  7RGHYLVHDSROLF\RQ%RDUGGLYHUVLW\DQG
  7ROD\RXWUHPXQHUDWLRQSULQFLSOHVIRUZRUNLQJ'LUHFWRUV.H\0DQDJHULDO3HUVRQQHODQG6HQLRU0DQDJHPHQW7HDP0HPEHUVOLQNHG
WRWKHLUHIIRUWSHUIRUPDQFHDQGDFKLHYHPHQWLQUHODWLRQWRWKH&RPSDQ\¶VJRDOV
3. 'H¿QLWLRQV
‘Board’ means Board of Directors of the Company.
‘Directors’ means Directors of the Company.
 µ&RPPLWWHH¶PHDQV1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHHRIWKH&RPSDQ\DVFRQVWLWXWHGRUUHFRQVWLWXWHGE\WKH%RDUGLQDFFRUGDQFH
ZLWKWKH$FWDQGDSSOLFDEOH/LVWLQJ$JUHHPHQWVDQGRU5HJXODWLRQV
 µ&RPSDQ\¶PHDQV$ULHV$JUR/LPLWHG
 µ,QGHSHQGHQW'LUHFWRU¶PHDQVD'LUHFWRUUHIHUUHGWRLQ6HFWLRQRIWKH&RPSDQLHV$FWDQG5XOHV
 µ.H\0DQDJHULDO3HUVRQQHO.03¶PHDQV
 L 0DQDJLQJ'LUHFWRURUWKH0DQDJHU
 LL :KROHWLPH'LUHFWRU
 LLL &RPSDQ\6HFUHWDU\DQG
 LY &KLHI)LQDQFLDO2I¿FHU
 µ6HQLRU0DQDJHPHQW¶PHDQVSHUVRQQHORIWKH&RPSDQ\ZKRDUHPHPEHUVRILWVFRUHPDQDJHPHQWWHDPH[FOXGLQJ%RDUGRI'LUHFWRUV
FRPSULVLQJDOOPHPEHUVRIPDQDJHPHQWRQHOHYHOEHORZWKH([HFXWLYH'LUHFWRULQFOXGLQJWKHIXQFWLRQDOKHDGV
 8QOHVVWKHFRQWH[WRWKHUZLVHUHTXLUHVZRUGVDQGH[SUHVVLRQVXVHGLQWKLVSROLF\DQGQRWGH¿QHGKHUHLQEXWGH¿QHGLQWKH&RPSDQLHV
$FWDQG/LVWLQJ$JUHHPHQWDVPD\EHDPHQGHGIURPWLPHWRWLPHVKDOOKDYHWKHPHDQLQJUHVSHFWLYHO\DVVLJQHGWRWKHPWKHUHLQ
General
7KLV3ROLF\LVGLYLGHGLQWKUHHSDUWV
Part – A6FRSHDQG$SSOLFDELOLW\
Part--B5HVSRQVLELOLWLHVDQG3RZHUVRIWKH&RPPLWWHHDQGUHFRPPHQGHGE\WKH&RPPLWWHHWRWKH%RDUG
Part – CFRYHUVWKHDSSRLQWPHQWDQGQRPLQDWLRQDQG
Part – DFRYHUVUHPXQHUDWLRQDQGSHUTXLVLWHVHWF
7KLVSROLF\VKDOOEHFRPHHIIHFWLYHIURPWKHGDWHRILWVDGRSWLRQE\WKH%RDUGDQGVKDOOEHLQFOXGHGLQWKH5HSRUWRIWKH%RDUGRI'LUHFWRUV
Part – A
SCOPE AND APPLICABILITY
D 5HPXQHUDWLRQVWUXFWXUHVDQGRWKHUWHUPVRIHPSOR\PHQWRI.H\0DQDJHULDO3HUVRQQHODQG6HQLRU0DQDJHPHQW3HUVRQQHO
E 5HPXQHUDWLRQRI1RQ([HFXWLYH'LUHFWRUV
F 6HOHFWLRQRIWKH,QGHSHQGHQW'LUHFWRUV
G 6HOHFWLRQRI.H\0DQDJHULDO3HUVRQQHO
Part – B
RESPONSIBILITIES AND POWERS OF THE NOMINATION AND REMUNERATION COMMITTEE
The following matters shall be dealt with by the Committee in consonance with the principles and requirements enshrined under the Companies
$FWDQGWKH/LVWLQJ$JUHHPHQWSDUWLFXODUO\FODXVHUHODWLQJWR&RUSRUDWH*RYHUQDQFH
D 6L]HDQGFRPSRVLWLRQRIWKH%RDUG
 3HULRGLFDOO\UHYLHZLQJWKHVL]HDQGFRPSRVLWLRQRIWKH%RDUGWRHQVXUHWKDWLWLVVWUXFWXUHGWRPDNHDSSURSULDWHGHFLVLRQVZLWKDYDULHW\
RISHUVSHFWLYHVDQGVNLOOVLQWKHEHVWLQWHUHVWVRIWKH&RPSDQ\DVDZKROH

34 47th Annual Report - 2016-17

E 'LUHFWRUV
 )RUPXODWHWKHFULWHULDGHWHUPLQLQJTXDOL¿FDWLRQVSRVLWLYHDWWULEXWHVDQGLQGHSHQGHQFHRID'LUHFWRUDQGUHFRPPHQGLQJFDQGLGDWHVWRWKH
%RDUGZKHQFLUFXPVWDQFHVZDUUDQWWKHDSSRLQWPHQWRIDQHZ'LUHFWRUKDYLQJUHJDUGWRWKHUDQJHRIVNLOOVH[SHULHQFHDQGH[SHUWLVHRQ
WKH%RDUGDQGZKRZLOOEHVWFRPSOHPHQWWKH%RDUG
F 6XFFHVVLRQSODQV
 (VWDEOLVKLQJ DQG UHYLHZLQJ %RDUG DQG .H\ 0DQDJHULDO 3HUVRQQHO VXFFHVVLRQ SODQV LQ RUGHU WR HQVXUH DQG PDLQWDLQ DQ DSSURSULDWH
EDODQFHRIVNLOOVH[SHULHQFHDQGH[SHUWLVHRQWKH%RDUGDQG6HQLRU0DQDJHPHQW
G (YDOXDWLRQRISHUIRUPDQFH
 L 0DNHUHFRPPHQGDWLRQVWRWKH%RDUGRQDSSURSULDWHSHUIRUPDQFHFULWHULDIRUWKH'LUHFWRUV
 LL )RUPXODWHWKHFULWHULDDQGIUDPHZRUNIRUHYDOXDWLRQRISHUIRUPDQFHRIHYHU\'LUHFWRURQWKH%RDUGRIWKH&RPSDQ\
 LLL ,GHQWLI\ RQJRLQJ WUDLQLQJ DQG HGXFDWLRQ SURJUDPPHV IRU WKH %RDUG WR HQVXUH WKDW 1RQ([HFXWLYH 'LUHFWRUV DUH SURYLGHG ZLWK
adequate information regarding the options of the business, the industry and their legal responsibilities and duties.
H %RDUGGLYHUVLW\
 7KH&RPPLWWHHLVWRDVVLVWWKH%RDUGLQHQVXULQJ%RDUGQRPLQDWLRQSURFHVVZLWKWKHGLYHUVLW\RIJHQGHUWKRXJKWH[SHULHQFHNQRZOHGJH
DQGSHUVSHFWLYHLQWKH%RDUGLQDFFRUGDQFHZLWKWKH%RDUG'LYHUVLW\3ROLF\
I 5HPXQHUDWLRQIUDPHZRUNDQGSROLFLHV
 7KH&RPPLWWHHLVUHVSRQVLEOHIRUUHYLHZLQJDQGPDNLQJUHFRPPHQGDWLRQVWRWKH%RDUGRQ
D 7KHUHPXQHUDWLRQRIWKH0DQDJLQJ'LUHFWRU:KROHWLPH'LUHFWRUVDQGRWKHU.03V
E 7KHOHYHORIUHPXQHUDWLRQRI1RQ([HFXWLYH'LUHFWRUVDQGIRULQGLYLGXDOUHPXQHUDWLRQIRU1RQ([HFXWLYH'LUHFWRUVDQGWKH&KDLUPDQ
LQFOXGLQJDQ\DGGLWLRQDOIHHVSD\DEOHIRUPHPEHUVKLSRI%RDUGFRPPLWWHHV
F 7KHUHPXQHUDWLRQSROLFLHVIRUDOOHPSOR\HHVLQFOXGLQJ.03V6HQLRU0DQDJHPHQWDQGRWKHU(PSOR\HHVLQFOXGLQJEDVHSD\LQFHQWLYH
SD\PHQWVHTXLW\DZDUGVUHWLUHPHQWULJKWVDQGVHUYLFHFRQWUDFWVKDYLQJUHJDUGWRWKHQHHGWR
 L $WWUDFWDQGPRWLYDWHWDOHQWWRSXUVXHWKH&RPSDQ\¶VORQJWHUPJURZWK
 LL 'HPRQVWUDWHDFOHDUUHODWLRQVKLSEHWZHHQH[HFXWLYHFRPSHQVDWLRQDQGSHUIRUPDQFHDQG
 LLL %HUHDVRQDEOHDQGIDLUKDYLQJUHJDUGWREHVWJRYHUQDQFHSUDFWLFHVDQGOHJDOUHTXLUHPHQWV
G 7KH &RPSDQ\¶V HTXLW\ EDVHG LQFHQWLYH VFKHPHV LQFOXGLQJ D FRQVLGHUDWLRQ RI SHUIRUPDQFH WKUHVKROGV DQG UHJXODWRU\ DQG PDUNHW
UHTXLUHPHQWV
H 7KH &RPSDQ\¶V VXSHUDQQXDWLRQ DUUDQJHPHQWV DQG FRPSOLDQFH ZLWK UHOHYDQW ODZV DQG UHJXODWLRQV LQ UHODWLRQ WR VXSHUDQQXDWLRQ
DUUDQJHPHQWVDQG
I 7KH&RPSDQ\¶VUHPXQHUDWLRQUHSRUWLQJLQWKH¿QDQFLDOVWDWHPHQWVDQGUHPXQHUDWLRQUHSRUW
J +RZHYHU WKH 0DQDJLQJ 'LUHFWRU RU ([HFXWLYH 'LUHFWRU MRLQWO\ RU VHYHUDOO\ VKDOO KDYH ULJKW WR ¿[ WRWDO SD\ SDFNDJH UHPXQHUDWLRQ
DOORZDQFHVDQGSHUTXLVLWHVRIDOOWKH.H\0DQDJHULDODQG6HQLRU0DQDJHPHQW3HUVRQQHORWKHUWKDQ'LUHFWRUOHYHOZLWKLQWKHIUDPH
ZRUNRIWKLV3ROLF\DQGSHULRGLFDOO\UHSRUWWRWKH&RPPLWWHHZKLFKZLOOHYDOXDWHWKHVDPHDQGLIQHHGEHUHFRPPHQGYDULDWLRQLQWKHSD\
SDFNDJH
Part – C
Policy for appointment and removal of Director, KMPs and Senior Management
$SSRLQWPHQWFULWHULDDQGTXDOL¿FDWLRQV
 7KH&RPPLWWHHVKDOOLGHQWLI\DQGDVFHUWDLQWKHLQWHJULW\TXDOL¿FDWLRQH[SHUWLVHDQGH[SHULHQFHRIWKHSHUVRQIRUDSSRLQWPHQWDV'LUHFWRU
.03RU6HQLRU0DQDJHPHQWOHYHODQGUHFRPPHQGWRWKH%RDUGKLVKHUDSSRLQWPHQW
 $SHUVRQWREHDSSRLQWHGDV'LUHFWRU.03RU6HQLRU0DQDJHPHQWOHYHOVKRXOGSRVVHVVDGHTXDWHTXDOL¿FDWLRQH[SHUWLVHDQGH[SHULHQFH
IRUWKHSRVLWLRQKHVKHLVFRQVLGHUHGIRUDSSRLQWPHQW7KH&RPPLWWHHKDVGLVFUHWLRQWRGHFLGHZKHWKHUTXDOL¿FDWLRQH[SHUWLVHDQG
H[SHULHQFHSRVVHVVHGE\DSHUVRQLVVXI¿FLHQWVDWLVIDFWRU\IRUWKHFRQFHUQHGSRVLWLRQ
 $SHUVRQWREHDSSRLQWHGDV'LUHFWRUVKRXOGSRVVHVVLPSHFFDEOHUHSXWDWLRQIRULQWHJULW\GHHSH[SHUWLVHDQGLQVLJKWVLQVHFWRUVDUHDV
UHOHYDQWWRWKH&RPSDQ\DELOLW\WRFRQWULEXWHWRWKH&RPSDQ\¶VJURZWKFRPSOHPHQWDU\VNLOOVLQUHODWLRQWRWKHRWKHU%RDUGPHPEHUV
 7KH&RPSDQ\VKDOOQRWDSSRLQWRUFRQWLQXHWKHHPSOR\PHQWRIDQ\SHUVRQDV0DQDJLQJ'LUHFWRU([HFXWLYH'LUHFWRUZKRKDVDWWDLQHG
WKHDJHRIVHYHQW\\HDUVDQGVKDOOQRWDSSRLQW,QGHSHQGHQW'LUHFWRUVZKRKDVDWWDLQHGWKHDJHRIVHYHQW\\HDUV3URYLGHGWKDWWKHWHUP
RIWKHSHUVRQKROGLQJWKLVSRVLWLRQPD\EHH[WHQGHGDWWKHGLVFUHWLRQRIWKHFRPPLWWHHEH\RQGWKHDJHRIVHYHQW\\HDUVZLWKWKHDSSURYDO
RIVKDUHKROGHUVE\SDVVLQJD6SHFLDO5HVROXWLRQEDVHGRQWKH([SODQDWRU\6WDWHPHQWDQQH[HGWRWKH1RWLFHIRUVXFKPRWLRQLQGLFDWLQJ
WKHMXVWL¿FDWLRQIRUH[WHQVLRQRIDSSRLQWPHQWEH\RQGVHYHQW\\HDUVDVWKHFDVHPD\EH
 $:KROH7LPH.03RIWKH&RPSDQ\VKDOOQRWKROGRI¿FHLQPRUHWKDQRQH&RPSDQ\H[FHSWLQLWV6XEVLGLDU\&RPSDQ\DWWKHVDPH
WLPH+RZHYHUD:KROH7LPH.03FDQEHDSSRLQWHGDVD'LUHFWRULQDQ\&RPSDQ\ZLWKWKHSHUPLVVLRQRIWKH%RDUGRI'LUHFWRUVRIWKH
Company.
Term / Tenure
 0DQDJLQJ'LUHFWRU:KROHWLPH'LUHFWRU
 7KH&RPSDQ\VKDOODSSRLQWRUUHDSSRLQWDQ\SHUVRQDVLWV0DQDJLQJ'LUHFWRURU:KROHWLPH'LUHFWRUIRUDWHUPQRWH[FHHGLQJ¿YH\HDUV
DWDWLPH1RUHDSSRLQWPHQWVKDOOEHPDGHHDUOLHUWKDQRQH\HDUEHIRUHWKHH[SLU\WHUP

47th Annual Report - 2016-17 35

2. Independent Director
 $Q,QGHSHQGHQW'LUHFWRUVKDOOKROGRI¿FHIRUDWHUPXSWR¿YHFRQVHFXWLYH\HDUVRQWKH%RDUGRIWKH&RPSDQ\DQGZLOOEHHOLJLEOHIRUUH
DSSRLQWPHQWRQSDVVLQJRID6SHFLDO5HVROXWLRQE\WKH&RPSDQ\DQGGLVFORVXUHRIVXFKDSSRLQWPHQWLQWKH%RDUG¶V5HSRUW
 1R ,QGHSHQGHQW 'LUHFWRU VKDOO KROG RI¿FH IRU PRUH WKDQ WZR FRQVHFXWLYH WHUPV EXW VXFK ,QGHSHQGHQW 'LUHFWRU VKDOO EH HOLJLEOH IRU
DSSRLQWPHQWDIWHUH[SLU\RIWKUHH\HDUVRIFHDVLQJWREHFRPHDQ,QGHSHQGHQW'LUHFWRUSURYLGHGWKDWDQ,QGHSHQGHQW'LUHFWRUVKDOOQRW
during the said period of three years, be appointed in or be associated with the Company in any other capacity, either directly or indirectly.
At the time of appointment of Independent Director, it should be ensured that number of Boards on which such Independent Director
VHUYHVLVUHVWULFWHGWRVHYHQOLVWHGFRPSDQLHVDVDQ,QGHSHQGHQW'LUHFWRUDQGWKUHHOLVWHGFRPSDQLHVDVDQ,QGHSHQGHQW'LUHFWRULQFDVH
VXFKSHUVRQLVVHUYLQJDVD:KROHWLPH([HFXWLYH'LUHFWRURIDOLVWHG&RPSDQ\
 5HPRYDO
 'XHWRUHDVRQVIRUDQ\GLVTXDOL¿FDWLRQPHQWLRQHGLQWKH&RPSDQLHV$FWUXOHVPDGHWKHUHXQGHURUXQGHUDQ\RWKHU$SSOLFDEOH
$FWUXOHVDQGUHJXODWLRQVWKH&RPPLWWHHPD\UHFRPPHQGWRWKH%RDUGZLWKUHDVRQVUHFRUGHGLQZULWLQJUHPRYDORID'LUHFWRURU.03
VXEMHFWWRWKHSURYLVLRQVDQGFRPSOLDQFHRIWKHVDLG$FWUXOHVDQGUHJXODWLRQV
 5HWLUHPHQW
 7KH:KROHWLPH'LUHFWRUV.03DQG6HQLRU0DQDJHPHQW3HUVRQQHOVKDOOUHWLUHDVSHUWKHDSSOLFDEOHSURYLVLRQVRIWKH&RPSDQLHV$FW
DQGWKHSUHYDLOLQJ3ROLF\RIWKH&RPSDQ\7KH%RDUGZLOOKDYHWKHGLVFUHWLRQWRUHWDLQWKH:KROHWLPH'LUHFWRUV.03DQG6HQLRU
0DQDJHPHQW3HUVRQQHOLQWKHVDPHSRVLWLRQUHPXQHUDWLRQRURWKHUZLVHHYHQDIWHUDWWDLQLQJWKHUHWLUHPHQWDJHIRUWKHEHQH¿WRIWKH
Company.
PART – D
Policy relating to the remuneration for Directors, KMPs and other Employees
Managing Director, Executive Director or Whole Time Director
1. The remuneration / compensation / commission etc. to Directors will be determined by the Committee and recommended to the Board
IRUDSSURYDO
2. 7KHUHPXQHUDWLRQDQGFRPPLVVLRQWREHSDLGWRWKH0DQDJLQJ'LUHFWRUDQGRU([HFXWLYH'LUHFWRUV:KROH7LPH'LUHFWRUVVKDOOEHDV
SHUPLVVLEOHXQGHUWKHSURYLVLRQVRIWKH&RPSDQLHV$FWDQGWKHUXOHVPDGHWKHUHXQGHU
3. ,QFUHPHQWVWRWKHH[LVWLQJUHPXQHUDWLRQFRPSHQVDWLRQVWUXFWXUHPD\EHUHFRPPHQGHGE\WKH&RPPLWWHHWRWKH%RDUGZKLFKVKRXOG
EHZLWKLQWKHOLPLWVDSSURYHGE\WKH6KDUHKROGHUVLQWKHFDVHRI0DQDJLQJ'LUHFWRU2U([HFXWLYH'LUHFWRU:KROH7LPH'LUHFWRU:KHUH
DQ\LQVXUDQFHLVWDNHQE\WKH&RPSDQ\RQEHKDOIRILWV0DQDJLQJ'LUHFWRU&KLHI)LQDQFLDO2I¿FHUWKH&RPSDQ\6HFUHWDU\DQGDQ\
other employees for indemnifying them against any liability, the premium paid on such insurance shall not be treated as part of the
UHPXQHUDWLRQSD\DEOHWRDQ\VXFKSHUVRQQHO3URYLGHGWKDWLIVXFKSHUVRQLVSURYHGWREHJXLOW\WKHSUHPLXPSDLGRQVXFKLQVXUDQFH
shall be treated as part of the remuneration.
Remuneration to KMPs (other than Directors) and Senior Management Personnel (referred to as Executives)
7KHSROLF\RQUHPXQHUDWLRQIRU.03VDQG6HQLRU0DQDJHPHQW3HUVRQQHOLVDVEHORZ
 )L[HG3D\
 7KH UHPXQHUDWLRQ DQG UHZDUG VWUXFWXUH IRU ([HFXWLYHV FRPSULVHV WKUHH EURDG FRPSRQHQWV ± $QQXDO 5HPXQHUDWLRQ 9DULDEOH 3D\
3HUIRUPDQFH ,QFHQWLYH DQG /RQJ7HUP UHZDUGV 7KH &RPPLWWHH ZRXOG GHWHUPLQH WKH UHPXQHUDWLRQ RI WKH 'LUHFWRUV DQG IRUPXODWH
JXLGHOLQHVIRUUHPXQHUDWLRQSD\DEOHWRWKH(PSOR\HHV
 7KHVHJXLGHOLQHVDUHDVXQGHU
a) $QQXDO5HPXQHUDWLRQ
 $QQXDO5HPXQHUDWLRQUHIHUVWRWKHDQQXDOFRPSHQVDWLRQSD\DEOHWRWKHHPSOR\HHVRIWKH&RPSDQ\7KLVFRPSULVHVRIWZRSDUWV±D
¿[HGFRPSRQHQWDQGDSHUIRUPDQFHOLQNHGYDULDEOHFRPSRQHQWEDVHGRQWKHH[WHQWRIDFKLHYHPHQWRIWKHLQGLYLGXDO¶VREMHFWLYHVDQG
SHUIRUPDQFHRIWKHEXVLQHVVXQLW(YHU\HPSOR\HHLVUHTXLUHGWRVLJQRIIDQGDFFHSWDWDUJHWZKLFKFOHDUO\DUWLFXODWHVWKHNH\SHUIRUPDQFH
PHDVXUHVIRUWKHSDUWLFXODUGH¿QHGUROH7KHSHUIRUPDQFHOLQNHGYDULDEOHSD\ZLOOEHGLUHFWO\OLQNHGWRWKHSHUIRUPDQFHRQLQGLYLGXDO
FRPSRQHQWVRIWKHSHUIRUPDQFHFRQWUDFWDQGWKHRYHUDOOSHUIRUPDQFHRIWKHEXVLQHVV$QHPSOR\HH¶VYDULDEOHSD\ZRXOGWKHUHIRUHEH
GLUHFWO\GHSHQGHQWRQNH\SHUIRUPDQFHPHDVXUHVWKDWUHSUHVHQWWKHEHVWLQWHUHVWVRIVKDUHKROGHUV
 7KH REMHFWLYH LV WR VHW WKH WRWDO UHPXQHUDWLRQ DW OHYHOV WR DWWUDFW PRWLYDWH DQG UHWDLQ KLJKFDOLEHU DQG KLJK SRWHQWLDO SHUVRQQHO LQ D
FRPSHWLWLYHJOREDOPDUNHW7KHWRWDOUHPXQHUDWLRQOHYHOLVWREHUHVHWDQQXDOO\EDVHGRQDFRPSHQVDWLRQZLWKWKHUHOHYDQWSHHUJURXS
JOREDOO\HVWDEOLVKHGWKURXJKLQGHSHQGHQWFRPSHQVDWLRQVXUYH\VIURPWLPHWRWLPH
b) /RQJWHUPUHZDUGV
 /RQJWHUPUHZDUGVPD\LQFOXGH/RQJ7HUP,QFHQWLYH3ODQV/7,3XQGHUZKLFKLQFHQWLYHVZRXOGEHJUDQWHGWRHOLJLEOH([HFXWLYHVEDVHG
RQWKHLUFRQWULEXWLRQWRWKHSHUIRUPDQFHRIWKH&RPSDQ\UHODWLYHSRVLWLRQLQWKHRUJDQL]DWLRQDQGOHQJWKRIVHUYLFHXQGHUWKHVXSHUYLVLRQ
DQG DSSURYDO RI WKH &RPPLWWHH 7KH &RPSDQ\ FRXOG LPSOHPHQW YDULRXV ORQJ WHUP DZDUGV VFKHPHV WKDW FRXOG LQFOXGH /RQJ 7HUP
,QFHQWLYH3URJUDPPH/7,3VSUHDGRYHUVHYHUDO\HDUVZLWKSD\RXWVLQPXOWLSOHWUDQFKHVOLQNHGWRWKH&RPSDQ\¶VSHUIRUPDQFH$QRWKHU
IRUPRIORQJWHUPDZDUGVFRXOGEHLQWKHQDWXUHRI6WRFN2SWLRQVRIWKH&RPSDQ\6WRFN2SWLRQVPD\EHJUDQWHGWRNH\HPSOR\HHVDQG
high performers in the organization who would be selected by the Committee based on their criticality, past performance and potential.
7KHJUDQWYHVWLQJDQGRWKHUVFKHPHGHWDLOVZRXOGEHIRUPXODWHGIURPWLPHWRWLPH
 7KHVHORQJWHUPUHZDUGVFKHPHVDUHLPSOHPHQWHGWRDWWUDFWDQGUHWDLQNH\WDOHQWLQWKHLQGXVWU\
 5HPXQHUDWLRQWR1RQ([HFXWLYH,QGHSHQGHQW'LUHFWRUV

36 47th Annual Report - 2016-17

 5HPXQHUDWLRQ
 7KHUHPXQHUDWLRQSD\DEOHWRHDFK1RQ([HFXWLYH'LUHFWRULVEDVHGRQWKHUHPXQHUDWLRQVWUXFWXUHDVGHWHUPLQHGE\WKH%RDUGDQGLV
UHYLVHGIURPWLPHWRWLPHGHSHQGLQJRQLQGLYLGXDOFRQWULEXWLRQWKH&RPSDQ\¶VSHUIRUPDQFHDQGWKHSURYLVLRQVRIWKH&RPSDQLHV$FW
DQGWKHUXOHVPDGHWKHUHXQGHUDQGWKH/LVWLQJ$JUHHPHQW
 7KH UHPXQHUDWLRQ WR WKH 1RQ([HFXWLYH 'LUHFWRUV LQFOXGLQJ ,QGHSHQGHQW 'LUHFWRUV PD\ EH SDLG ZLWKLQ WKH PRQHWDU\ OLPLW DSSURYHG
E\VKDUHKROGHUVVXEMHFWWRWKHOLPLWQRWH[FHHGLQJRIWKHSUR¿WVRIWKH&RPSDQ\FRPSXWHGDVSHUWKHDSSOLFDEOHSURYLVLRQVRIWKH
Companies Act, 2013.
 5HPXQHUDWLRQVWUXFWXUHIRU,QGHSHQGHQW'LUHFWRUV±6LWWLQJIHHVDVSHUWKHQRUPVRIWKH&RPSDQ\
 ,QFDVH RI DQ\ VXEVHTXHQW FKDQJHV LQ WKH SURYLVLRQV RI WKH &RPSDQLHV$FW  RU DQ\ RWKHU UHJXODWLRQV ZKLFK PDNHV DQ\ RI WKH
SURYLVLRQVLQWKH3ROLF\LQFRQVLVWHQWZLWKWKH$FWRUUHJXODWLRQVWKHQWKHSURYLVLRQVRIWKH$FWRUUHJXODWLRQVZRXOGSUHYDLORYHUWKH3ROLF\
DQGWKHSURYLVLRQVLQWKH3ROLF\ZRXOGEHPRGL¿HGLQGXHFRXUVHWRPDNHLWFRQVLVWHQWZLWKODZ
 7KLV3ROLF\VKDOOEHUHYLHZHGE\WKH%RDUGRQLWVRZQRUXSRQWKHVXJJHVWLRQRIWKH1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHHDVDQG
ZKHQDQ\FKDQJHVDUHWREHLQFRUSRUDWHGLQWKH3ROLF\$Q\FKDQJHRUPRGL¿FDWLRQLQWKH3ROLF\DVUHFRPPHQGHGE\WKH&RPPLWWHH
ZRXOGEHWDEOHGIRUDSSURYDORIWKH%RDUG
 7KLV3ROLF\LVXSGDWHGRQth May, 2014.
H 3HUIRUPDQFH(YDOXDWLRQRI'LUHFWRUV
Pursuant to applicable provisions of the Companies Act, 2013 and Listing Regulations, the Board, in consultation with its Nomination &
Remuneration Committee has formulated a framework containing, inter-alia, the criteria for performance evaluation of the Independent
Directors, Board of Directors, Committees of Board, Individual Directors including Managing Director and Non-Executive Directors and
Chairperson of the Board.
 0HHWLQJRI,QGHSHQGHQW'LUHFWRUV
A Separate meeting of the Independent Directors was held on 10.02.2017, inter-alia, to discuss evaluation of the performance of Non-
Independent Directors, the Board as a whole, evaluation of the performance of the Chairman, taking into account the views of the
([HFXWLYH DQG 1RQ([HFXWLYH 'LUHFWRUV DQG WKH HYDOXDWLRQ RI WKH TXDOLW\ FRQWHQW DQG WLPHOLQHV RI ÀRZ RI LQIRUPDWLRQ EHWZHHQ WKH
Management and the Board that is necessary for the Board to effectively and reasonably perform its duties.
(vi) 'HWDLOVRI5HPXQHUDWLRQSDLGWRWKH'LUHFWRUVIRUWKH\HDUHQGHGst0DUFK
i) Managing Director and Executive Director.
  7KH$JUHHPHQWVZLWKWKH&KDLUPDQ 0DQDJLQJ'LUHFWRUDQG([HFXWLYH'LUHFWRUZHUHIRUDSHULRGRIWKUHH<HDUVIURP
to 30.09.2018.
The total remuneration paid to the Managing Director and Executive Director during the year 2016-17 was as under:
(Rupees)
Name Salary Commission Contribution to Provident Fund/ Gratuity Total
Dr. Jimmy Mirchandani 63,60,000 37,00,000 -- 1,00,60,000
Chairman & Managing Director
*Resigned as MD w.e.f. 03.04.2017.
Continues to be a Director
Dr. Rahul Mirchandani 63,60,000 37,00,000 5,29,920 
Executive Director
*Appointed as the Chairman and
Managing Director w.e.f. 04.04.2017
Notes:
a) The Agreements with the Managing Director, and Executive Director were for a period of three years upto 30th September,
2018. Either party to the Agreement was entitled to terminate by giving the other party a notice of 3 months.
  E 7KH0DQDJLQJ'LUHFWRUDQG([HFXWLYH'LUHFWRUZHUHHQWLWOHGWRFRPSHQVDWLRQIRUORVVRIRI¿FHLQDFFRUGDQFHZLWKDQGVXEMHFW
to restrictions laid down under Sections 197 and 202 of the Companies Act 2013.
c) Presently, the Company does not have a scheme for grant of Stock Options to its Working Directors
d) The Managing Director and Executive Director are entitled to Commission within the overall limit prescribed under Section 197
of the Companies Act, 2013.
ii) The Non Executive Directors are not entitled to any Remuneration except payment of Sitting Fees for attending the Meetings of
Board of Directors and Committees thereof. During the year 2016-17, the Company has paid total Sitting Fee of Rs. 7,72,500/- to
Non Executive Directors as under:
Prof. R. S. S. Mani Rs. 2,10,000.00
Mr. C. B. Chhaya Rs. 2,02,500.00
Mr. B. V. Dholakia Rs. 2,40,000.00
Mrs. Nitya Mirchandani Rs. 1,20,000.00

47th Annual Report - 2016-17 37

 Since there is a payment of only sitting fees either the disclosure of the criteria of making other payments to non-executive directors
or dissemination of the information on the website has not been made.
5. STAKE HOLDERS RELATIONSHIP COMMITTEE
i) The Company has a Stake Holders Relationship Committee pursuant to provisions of Section 178(5) of the Companies Act, 2013
and Listing Regulations.
 LL 7KH6WDNH+ROGHUV5HODWLRQVKLS&RPPLWWHHKDVEHHQFRQVWLWXWHGWRVSHFL¿FDOO\ORRNLQWRUHGUHVVLQJWKH6KDUHKROGHUVDQG,QYHVWRUV¶
Complaints or Grievances.
iii) The Committee met once during the year on 10th February, 2017.
iv) The Composition of the Stake Holders Relationship Committee and details of Meetings attended by its Members are given below:

Name & Position Category 1XPEHURI0HHWLQJVGXULQJWKH)LQDQFLDO<HDU

Held Attended
Mr. C. B. Chhaya Independent, Non-Executive 1 1
Chairman
Dr. Jimmy Mirchandani Non-Independent, Executive 1 0
Member
Dr. Rahul Mirchandani Non-Independent, Executive 1 1
Member
As per Regulation 46 of SEBI (Listing Obligation and Disclosure Requirement) Regulations, 2015 the exclusive E-mail id of the
Investor Grievance Department of the Company is investorrelations@ariesagro.com
v) The Company has always valued Customer relationship. This philosophy has been extended to Stakeholder Relationship.
vi) 1DPH 'HVLJQDWLRQDQG$GGUHVVRI&RPSOLDQFH2I¿FHU:
  0U 4DLVHU 3DUYH]$QVDUL &RPSDQ\ 6HFUHWDU\ RU LQ KLV DEVHQFH 0U 6 5DPDPXUWK\ &KLHI )LQDQFLDO 2I¿FHU LV GHVLJQDWHG DV
&RPSOLDQFH2I¿FHURIWKH&RPSDQ\
Aries House, Plot No. 24, Deonar
Govandi(E), Mumbai-400 043
Phone No. 022 2556 4052/53/62580505
Fax No. 022 2556 4054/25571711
vii) A statement of various Complaints received and cleared by the Company during the year ended on 31st March, 2017 is given below:

Nature of Request/Complaint Opening No. of Requests/ Complaints Redressed Pending

A: REQUESTS
1. Change/Correction of Address 0 5 5 0
2. Receipt of D/W for Re-validation / 0 8 8 0
Correction of Bank Mandate
TOTAL 0   0
B: COMPLAINTS 0 0 0 0
TOTAL 0 0 0 0
GRAND TOTAL 0   0
viii) The “SCORES” website of SEBI for redressing of Grievances of the investors is being visited at regular intervals by the Company
6HFUHWDU\DQGQR&RPSODLQWZDVUHFHLYHGGXULQJWKH)LQDQFLDO<HDUWKURXJK6&25(6
ix) As required by the Listing Regulations the E-mail ID of the Investor Grievance Department of the Company is investorrelations@
DULHVDJURFRP.
x) The Web Site address of the Company is www.ariesagro.com.
5A. OTHER COMMITTEES (VOLUNTARY DISCLOSURE AND COMPLIANCE)
 D &RUSRUDWH6RFLDO5HVSRQVLELOLW\&65&RPPLWWHH
Corporate Social Responsibility(CSR) Committee of Directors as required under Section 135 of the Companies Act, 2013 was
constituted on 2nd April, 2014 comprising of the following Directors:
i) Dr. Jimmy Mirchandani, Non-Independent, Executive
ii) Dr. Rahul Mirchandani, Non-Independent, Executive
iii) Mr. Bhumitra V. Dholakia, Independent, Non-Executive
* Dr. Rahul Mirchandani was appointed as the Chairman w.e.f. 03.04.2017. There is no change in the composition of the
Committee.

38 47th Annual Report - 2016-17

 The broad terms of reference of CSR Committee is as follows:
(a) to formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to be
XQGHUWDNHQE\WKH&RPSDQ\DVVSHFL¿HGLQ6FKHGXOH9,,
(b) to recommend the amount of expenditure to be incurred on the activities referred to in clause (a); and
(c) to monitor the Corporate Social Responsibility Policy of the Company from time to time.
During the year two Meetings of the CSR Committee was held on 30th May, 2016 and 11th August, 2016.
The Composition of the CSR Committee and details of Meetings attended by its Members are given below:

Name & Position Category Number of Meetings during the

)LQDQFLDO<HDU
Held Attended
Dr. Jimmy Mirchandani Non-Independent, Executive 2 2
Chairman
Dr. Rahul Mirchandani Non-Independent, Executive 2 2
Member
Mr. Bhumitra V. Dholakia Independent, Non-Executive 2 2
b) Treasury Committee
Composition of the Committee
The Treasury Committee was constituted by the Board of Directors of the Company at their meeting held on 28th January, 2010 to
FRQVLGHUDQGDSSURYH¿QDQFLDOQHHGVERUURZLQJVRIWKH&RPSDQ\IURPWLPHWRWLPHDQGQHJRWLDWHWKH7HUPVDQG&RQGLWLRQVZLWKWKH
%DQNV)LQDQFLDO,QVWLWXWLRQVDYDLOWKH&UHGLW)DFLOLWLHVDQG¿QDOL]HDQGVLJQ$JUHHPHQWV'HHGV'RFXPHQWVHWFZLWKWKH%DQNV)LQDQFLDO
Institutions.
The Committee consists of the following members:
Dr. Jimmy Mirchandani : Chairman
Dr. Rahul Mirchandani : Member
Mr. C. B. Chhaya : Member
The composition of the Treasury Committee was changed at the Board Meeting held on 03,04.2017 and Mrs. Nitya Mirchandani
was inducted as a Member in place of Dr. Jimmy Mirchandani and Dr. Rahul Mirchandani was appointed as the Chairman.
The Committee met 3(three) times during the year and it was well attended.
F 5LVN0DQDJHPHQW&RPPLWWHH
The Company is not required to have the Risk Management Committee as it does not fall under the Top 100 Companies as required by
the Listing Regulations.
However, the Board of the Company had formed a Risk Management Committee to frame, implement and monitor Risk Management
Plan for the Company.
The Composition of the Risk Management Committee was Dr. Jimmy Mirchandani, Chairman, Dr. Rahul Mirchandani Member and Mr.
S. Ramamurthy. Member.
The Board of Directors in their Meeting held on 11th August, 2016 dissolved the Risk Management Committee as the Audit
&RPPLWWHHKDVDGGLWLRQDOWDVNWRRYHUVLJKWLQWKHDUHDRI)LQDQFLDO5LVNVDQG&RQWUROV0DMRU5LVNVLGHQWL¿HGE\EXVLQHVVDQG
functions are systematically addressed through mitigating actions on continuing basis.

47th Annual Report - 2016-17 39

6. GENERAL BODY MEETINGS
(i) and (ii) 7KHGDWHWLPHDQGYHQXHRIWKHODVW*HQHUDO%RG\0HHWLQJVRIWKH&RPSDQ\LVJLYHQEHORZ

)LQDQFLDO<HDUHQGHG Date Time Venue 'HWDLOVRI6SHFLDO5HVROXWLRQV

31st March, 2014 26.09.2014 10.00 a.m. The Chembur 1. Authorisation for Borrowing Money under Section
Gymkhana, 16th Road, 180(1)(c) of the Companies Act, 2013
Chembur, 2. Authorisation for creation of Charges on the assets
Mumbai-400 071 of the Company under Section 180(1)(a) of the
Companies Act, 2013.
31st March, 2015 30.09.2015 10.00 a.m. The Chembur 1. Re-appointment of Dr. Jimmy Mirchandani as the
Gymkhana, 16th Road, Managing Director and revision in remuneration for a
Chembur, SHULRGRIWKUHH<HDUVFRPPHQFLQJIURPVW2FWREHU
Mumbai-400 071 2015 upto and inclusive of 30th September, 2018.
2. Re-appointment of Dr. Rahul Mirchandani as the
Executive Director and revision in remuneration for a
SHULRGRIWKUHH<HDUVFRPPHQFLQJIURPVW2FWREHU
2015 upto and inclusive of 30th September, 2018.
31st March, 2016 30.09.2016 10.00 a.m. The Chembur
Gymkhana, 16th Road, NONE
Chembur,
Mumbai-400 071
(iii) to (iv)1R3RVWDOEDOORWZDVFRQGXFWHGGXULQJWKH\HDUXQGHUUHYLHZ1R([WUD2UGLQDU\*HQHUDO0HHWLQJZDVKHOG
(v) And (vi) At the forthcoming Annual General Meeting there is no Item on the Agenda requiring to be passed by Postal Ballot. Hence,
no need to specify the procedure for Postal Ballot.
7. DISCLOSURES
 L 5HODWHG3DUW\7UDQVDFWLRQV
During the year under review, besides the transactions reported in Notes to the Accounts of the Annual Report, there were no other
5HODWHG 3DUW\7UDQVDFWLRQV ZLWK WKH 3URPRWHUV 'LUHFWRUV DQG 0DQDJHPHQW WKDW KDG D SRWHQWLDO FRQÀLFW ZLWK WKH LQWHUHVW RI WKH
Company at large.
The Board has approved a Policy for Related Party Transactions.
All the transactions with Related Parties are periodically approved by the Audit Committee. The Register of Contracts detailing
transactions in which Directors are interested is placed before the Board at every Meeting for its approval. Transactions with Related
Parties, as per requirements of Ind AS 24 are disclosed in Note No. 38 to the Accounts in the Annual Report and they are not in
FRQÀLFWZLWKWKHLQWHUHVWRIWKH&RPSDQ\DWODUJH
LL &RPSOLDQFHVE\WKH&RPSDQ\
There have been no instances of Non-Compliance on any matter with the Rules and Regulations prescribed by the Stock Exchanges,
Securities and Exchange Board of India or any other Statutory Authority relating to the Capital Markets during the last three years.
 LLL :KLVWOH%ORZHU3ROLF\9LJLO0HFKDQLVP
The Company has adopted a Whistle Blower Policy and established the necessary Vigil Mechanism for Employees and Directors
to report concerns about un-ethical behavior. No person has been denied access to the Chairman/Member of the Audit Committee.
The said Policy has been put up on the web site of the Company. There is one of the item at every Audit Committee Meeting to
review any complaint received under Vigil Mechanism.
LY &RPSOLDQFHZLWK0DQGDWRU\DQG1RQ0DQGDWRU\,WHPV
The Company has complied with the mandatory requirements regarding the Board of Directors, Audit Committees and other Board
Committees and other disclosures as required under the provisions of the Listing Regulations. The status of compliance in respect
of non-mandatory requirements of Listing Regulations is as follows:
(a) 0DLQWHQDQFHRIWKH&KDLUPDQ¶V2I¿FH7KH&RPSDQ\KDVDQ([HFXWLYH&KDLUPDQDQGWKHRI¿FHSURYLGHGWRKLPIRUSHUIRUPLQJ
KLV H[HFXWLYH IXQFWLRQV LV DOVR XWLOL]HG E\ KLP IRU GLVFKDUJLQJ KLV GXWLHV DV &KDLUPDQ 1R VHSDUDWH RI¿FH LV PDLQWDLQHG IRU WKH
Non-Executive Chairman of the Audit Committee but Secretarial and other assistance is provided to him, whenever needed, in
performance of his duties.
(b) 7HQXUHRI,QGHSHQGHQW'LUHFWRUV$OOWKUHH,QGHSHQGHQW'LUHFWRUVKDYHEHHQDSSRLQWHGIRUDWHUPRI¿YH\HDUVLQWKH)RUW\
Fourth Annual General Meeting held on 26th6HSWHPEHUDQGZLOOKROGRI¿FHXSWRth September, 2019.
(c) Nomination and Remuneration Committee: The Company has set up a Nomination and Remuneration Committee consisting of
three Non Executive Independent Directors. Please see the paragraph on Nomination and Remuneration Committee.
(d) Shareholders’ rights:8Q$XGLWHG4XDUWHUO\)LQDQFLDO5HVXOWVDQG6XPPDU\RI6LJQL¿FDQW(YHQWVDUHSRVWHGRQWKHZHEVLWHRIWKH
Company.

40 47th Annual Report - 2016-17

 (e) $XGLW4XDOL¿FDWLRQ The Auditors remarks if any are explained in the Board’s Report and necessary actions are also taken by the
&RPSDQ\ZKHQUHTXLUHG7KH&RPSDQ\VKDOOHQGHDYRUWRKDYHXQTXDOL¿HG)LQDQFLDO6WDWHPHQWV7KHUHLVQRTXDOL¿FDWLRQLQWKH
Auditors Report in the current year.
  7KHUHKDYHEHHQQRTXDOL¿FDWLRQVE\WKH$XGLWRUVLQWKHLUUHSRUWRQWKH$FFRXQWVRIWKH&RPSDQ\IRUWKHODVW6HYHQ\HDUV7KH
&RPSDQ\VKDOOHQGHDYRUWRFRQWLQXHWRKDYHXQTXDOL¿HG¿QDQFLDOVWDWHPHQWV
(f) Separate posts of Chairman and CEO—The Articles No. 179 of the Articles of Association permits the Managing Director to hold
WKHRI¿FHRIWKH&KDLUPDQ
(g) Reporting of Internal Auditor3DUWQHURIWKH¿UPRI,QWHUQDO$XGLWRUDWWHQGVWKHPHHWLQJVRIWKH$XGLW&RPPLWWHHUHJXODUO\DQG
directly interacts with the Audit Committee.
(h) :HEOLQNZKHUH3ROLF\IRUGHWHUPLQLQJ0DWHULDO6XEVLGLDULHVLVGLVFORVHG
The Company has not formulated the Policy as its three Indian Subsidiaries are not Material and at present they do not have any
commercial activity.
(i) :HEOLQNZKHUH3ROLF\RQGHDOLQJZLWK5HODWHG3DUW\7UDQVDFWLRQV
The web link for Policy dealing with Related Party Transactions is at www.ariesagro.com.
(j) 'LVFORVXUHRI&RPPRGLW\3ULFH5LVNVDQG&RPPRGLW\+HGJLQJ$FWLYLWLHV
Not Applicable
(k) &0'&)2&HUWL¿FDWLRQ
&KDLUPDQ 0DQDJLQJ'LUHFWRU&KLHI([HFXWLYH2I¿FHUDQG&KLHI)LQDQFLDO2I¿FHUKDYHLVVXHGQHFHVVDU\FHUWL¿FDWHSXUVXDQWWRWKH
provisions of Listing Regulations and the same is annexed and forms part of the Annual Report.
(l) 'HFODUDWLRQUHJDUGLQJ&RGHRI&RQGXFW
7KH0HPEHUVRIWKH%RDUGDQG6HQLRU0DQDJHPHQW3HUVRQQHOKDYHDI¿UPHGWKH&RPSOLDQFHZLWKWKH&RGHDSSOLFDEOHWRWKHP
during the year ended 31st0DUFK7KH$QQXDO5HSRUWRIWKH&RPSDQ\FRQWDLQVD&HUWL¿FDWHE\WKH&KDLUPDQDQG0DQDJLQJ
Director in terms of Listing Regulations based on compliance declarations received from Independent Directors, Non-Executive
Directors and Senior Management Personnel.
(m) 5HFRQFLOLDWLRQRI6KDUH&DSLWDO$XGLW
  $TXDOL¿HG3UDFWLFLQJ&RPSDQ\6HFUHWDU\FDUULHGRXWD6KDUH&DSLWDO$XGLWWRUHFRQFLOHWKHWRWDODGPLWWHG(TXLW\6KDUH&DSLWDOZLWK
the National Securities Depository Limited (NSDL) and the Central Depository Services (India) Limited (CDSL) and the total issued
DQG/LVWHG(TXLW\6KDUH&DSLWDO7KH$XGLW5HSRUWFRQ¿UPVWKDWWKHWRWDOLVVXHGSDLGXSFDSLWDOLVLQDJUHHPHQWZLWKWKHWRWDOQXPEHU
of shares in the Physical form and total number of Dematerialized shares held with NSDL and CDSL.
 1RQ&RPSOLDQFHRIDQ\UHTXLUHPHQWRI&RUSRUDWH*RYHUQDQFH5HSRUWRIVXESDUDVWRDERYH
The Company has complied with all mandatory items of the Listing Regulations. The Company has executed a new Listing Agreement
with BSE Ltd and the National Stock Exchange of India Ltd thus complying with Regulation 109 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015.
 $GRSWLRQ RI 'LVFUHWLRQDU\ UHTXLUHPHQWV DV VSHFL¿HG LQ SDUW ( RI 6FKHGXOH ,, RI 6(%,/LVWLQJ 2EOLJDWLRQ DQG 'LVFORVXUH
Requirements) Regulations, 2015.
7KH &RPSDQ\ FRPSOLHG ZLWK DOO WKH GLVFUHWLRQDU\ UHTXLUHPHQWV DV VSHFL¿HG LQ 3DUW ( RI 6FKHGXOH ,, RI 6(%,/LVWLQJ 2EOLJDWLRQ DQG
Disclosure Requirements) Regulations, 2015.
10. As per para 13 of Part C of Schedule V to the Listing Regulations, the Company has made disclosures of the compliance with Corporate
*RYHUQDQFHUHTXLUHPHQWVVSHFL¿HGLQUHJXODWLRQWRDQGFODXVHVEWRLRIVXEUHJXODWLRQRIUHJXODWLRQRQWKHZHEVLWHRI
the Company – www.ariesagro.com.
11. SUBSIDIARY COMPANIES
The Audit Committee reviews the Consolidated Financial Statements of the Company and the Investments made by its un-listed
6XEVLGLDU\ &RPSDQLHV 7KH 0LQXWHV RI WKH %RDUG 0HHWLQJV DORQJ ZLWK 5HSRUW RQ 6LJQL¿FDQW GHYHORSPHQWV RI XQOLVWHG 6XEVLGLDU\
Companies are periodically placed before the Board of Directors of the Company.
12. MEANS OF COMMUNICATION
0HDQVRI&RPPXQLFDWLRQ
(i) 4XDUWHUO\+DOI\HDUO\DQG<HDUO\)LQDQFLDO5HVXOWV
  7KH4XDUWHUO\+DOI<HDUO\DQG$QQXDOUHVXOWVRIWKH&RPSDQ\DUHSXEOLVKHGLQWKH1HZVSDSHUVDQGSRVWHGRQWKHZHEVLWHRIWKH
Company at www.ariesagro.com. The Quarterly and Annual results are generally published in The Financial Express and Apla
Mahanagar. The Company’s Financial Results are sent in time to Stock Exchanges so that they may be posted on the Stock
Exchanges’ website.
(ii) Newspaper where results are published
  7KH&RPSDQ\XVXDOO\SXEOLVKHVLWV¿QDQFLDOUHVXOWVLQIROORZLQJQHZVSDSHU

47th Annual Report - 2016-17 41

 1. The Financial Express
2. Apla Mahanagar
(iii) Company’s Corporate Website
The Company’s website is a comprehensive reference on Aries Agro Management, Products, Investor Relations, Clients, etc. The
VHFWLRQRQ³,QYHVWRUV¶5HODWLRQV´VHUYHVWRLQIRUPWKH6WDNHKROGHUVE\JLYLQJFRPSOHWH¿QDQFLDOGHWDLOV&RUSRUDWH*RYHUQDQFH
Composition of Board, Contact Information relating to our Registrar and Transfer Agents, etc.
Quarterly Report on Corporate Governance Listing Regulations have been submitted to Stock Exchange(s) as follows

Quarterly Report for the quarter ended Submitted to BSE Ltd. Through their 6XEPLWWHGWR1DWLRQDO6WRFN([FKDQJH
portal of India Ltd through NEAPS
30th June, 2016 6th July, 2016 5th July, 2016
30th September,2016 5th October, 2016 5th October, 2016
31st December,2016 6th January, 2017 6th January, 2017
31st March, 2017 6th April, 2017 6th April, 2017
(iv) 5HOHDVHRI2I¿FLDO1HZV
7KH&RPSDQ\LQWLPDWHVWRWKH6WRFN([FKDQJHDQ\2I¿FLDO1HZVDQGSODFHVRQLWVZHEVLWHVDOVR
(v) Presentation to Institutional Investors or to analysts
7KHUHLVQR2I¿FLDO1HZVUHOHDVHGLVSOD\HGRQWKHZHEVLWH7KH&RPSDQ\¶VODVWSUHVHQWDWLRQWR,QVWLWXWLRQDO,QYHVWRUV(TXLW\$QDO\VW
is posted on the website.
(vi) &RUSRUDWH )LOLQJ DQG 'LVVHPLQDWLRQ 6\VWHP &)'6 %6( 2QOLQH DQG 16( (OHFWURQLF $SSOLFDWLRQ 3URFHVVLQJ 6\VWHP
(NEAPS) –
In accordance with Listing Regulations, all disclosures and communications to BSE Limited are done electronically through BSE’s
Online portal and to the National Stock Exchange of India Limited are done electronically through NSE’s NEAPS portal.
 *(1(5$/6+$5(+2/'(56,1)250$7,21
(i) Annual General Meeting
The 47th Annual General Meeting of the Shareholders will be held on Thursday, 28th September, 2017 at 10.00 a.m.
Venue: The Chembur Gymkhana, 16th Road, Chembur, Mumbai – 400 071.
(ii) )LQDQFLDO&DOHQGDU
For the year ending 31st March, 2018 the Financial Results will be announced on:
First Quarter : On or before 14th August, 2017
Half year : On or before 14th November, 2017
Third Quarter : On or before 14th February, 2018
  <HDUO\  2QRUEHIRUHth May, 2018
(iii) Date of Book Closure: - Saturday, 16th September, 2017 to Thursday, 28th September, 2017 (both days inclusive)
(iv) Dividend, if any, declared by the Members in the ensuing Annual General Meeting will be paid on 24th October, 2017.
Y 8QFODLPHG'LYLGHQG,325HIXQGWR,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQG
During the year under review the Company was not required to credit any amount to the Investor Education and Protection Fund
(IEPF).
Pursuant to Section 124(5) of the Companies Act, 2013 dividend which remains Un-Paid/Un-Claimed for a period of seven years
from the date of transfer to the unpaid dividend account is required to be transferred to the Investor Education and Protection Fund
(IEPF) established by the Central Government.

42 47th Annual Report - 2016-17

 (vi) The status of dividend remaining unclaimed is given hereunder:

8QFODLPHG Status :KHWKHULWFDQ &DQEHFODLPHGIURP $FWLRQWREH

Dividend EHFODLPHG taken
For the Financial Transferred to Investor No N.A. N.A.
<HDU Education and Protection (As per Section
Fund Account 205C of the
Companies Act,
1956, No claim
shall lie against the
Fund)
For the Financial Lying in respective <HV M/S Aarthi Consultants Private Letter on plain
<HDUVWR Unpaid Dividend Limited, Registrars and Transfer paper
2015-16 Accounts Agents
1-2-285, Domalguda,
Hyderabad-500 029
040-27634445/8111/
27642217
(vii) Pursuant to the provision of the Investor Education and Protection Fund (Uploading of Information Regarding Un-Paid/Un-Claimed
amounts lying with Companies), Rules, 2012, the Company has hosted on its website i.e. www.ariesagro.com and on the web site
of the Ministry of Corporate Affairs the details of the Unclaimed Dividend as on the AGM dated 30.09.2016.
 YLLL 7KHGDWHRIGHFODUDWLRQRIGLYLGHQGLQUHVSHFWRI)LQDQFLDO<HDUVWRDQGWKHODVWGDWHIRUFODLPLQJVXFKGLYLGHQGLV
given in the table below:

)LQDQFLDO 'DWHRI'HFODUDWLRQ Rate Last Date of Claiming payment from Due for Transfer to
year Aarthi Consultants Pvt. Ltd* IEPF
2009-10 17th September, 2010 15% 21st October, 2017 22nd October, 2017
2010-11 28th January, 2011 10% 4th March, 2018 5th March, 2018
(Interim)
2010-11 29th September, 2011 10% 4th October, 2018 5th October, 2018
(Final)
2011-12 28th September, 2012 15% 3rd October, 2019 4th October, 2019
2012-13 30th September, 2013 15% 5th October, 2020 6th October, 2020
2013-14 26th September, 2014 20% 1st October, 2021 2nd October, 2021
2014-15 30th September, 2015 20% 5th October, 2022 6th October, 2022
2015-16 30th September, 2016 15% 5th October, 2023 6th October, 2023
*Indicative dates. Actual dates may vary.
(ix) The Company’s Registrars have already written to the Shareholders and Depositors informing them about the due dates for
transfer to IEPF for unclaimed dividends/ IPO Application Refunds . Attention of the stakeholders is again drawn to this matter
through the Annual Report.
(x) Shareholders are requested to get in touch with the Registrars for encashing the unclaimed dividend amount, if any, standing to the
credit of their account.
(xi) As per, Section 124(6) of the Companies Act, 2013 all shares in respect of which unpaid or unclaimed dividend has been transferred
WR,(3)VKDOODOVREHWUDQVIHUUHGWR,(3)0LQLVWU\RI&RUSRUDWH$IIDLUVKDVUHFHQWO\QRWL¿HG,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQG
Authority (Accounting, Audit,Transfer and Refund) Amendment Rules, 2017 which have come into force from February 28, 2017.
The said Rules, amongst other matters, contain provisions for transfer of all shares in respect of which dividend has not been paid
or claimed for seven consecutive years or more, in the name of IEPF Suspense Account.
All the Share Holders are requested to claim the Unpaid/Unclaimed Dividends due to them by making an application to M/S. Aarthi
Consultants Pvt.Ltd., Registrar and Transfer Agents of the Company or directly to the Company on or before 22nd October, 2017. In
case the Share Holders fail to claim the above dividend, all the concerned shares (whether held in physical or electronic form) will
EHWUDQVIHUUHGE\WKH&RPSDQ\WR,(3)6XVSHQVH$FFRXQW.LQGO\QRWHWKDWGLYLGHQGIRU)LQDQFLDO<HDU,QWHULPKDVDOUHDG\
been transferred to IEPF.
However, the Share Holders can claim from IEPF Authority both unclaimed dividend amount and the shares transferred to IEPF
Suspense Account by making an application in Form IEPF-5 online and sending the physical copy of the same duly signed (as
per registered specimen signature) along with requisite documents enumerated in the said Form IEPF-5 to the Company at its
5HJLVWHUHG2I¿FHRUWR06$DUWKL&RQVXOWDQWV3YW/WG5HJLVWUDUDQG7UDQVIHU$JHQWVRIWKH&RPSDQ\IRUYHUL¿FDWLRQRIWKHLU
FODLP:HVKDOOVHQGDYHUL¿FDWLRQUHSRUWWR,(3)$XWKRULW\IRUUHIXQGRIWKHXQFODLPHGGLYLGHQGDPRXQWDQGWUDQVIHURIWKHVKDUHV
back to the credit of the shareholder. As per the above mentioned rules, only one such request can be made in one year.

47th Annual Report - 2016-17 43

 [LL /LVWLQJThe Equity Shares of the Company are listed on BSE Ltd and National Stock Exchange of India Ltd.
(xiii) ISIN NO. : INE298I01015
  6FULS&RGH  %6(
NSE - ARIES
 [LY/LVWLQJ)HH7KH/LVWLQJ)HHIRUWKH¿QDQFLDO\HDUKDVEHHQSDLGWRWKHDERYH6WRFN([FKDQJHV
  7KH/LVWLQJ)HHIRUWKH¿QDQFLDO\HDUKDYHDOVREHHQSDLGWRWKHDERYH6WRFN([FKDQJHV
(xiv) 0DUNHW3ULFH'DWDKLJKORZGXULQJHDFKPRQWKLQWKHODVW)LQDQFLDO<HDU
Monthly Share Price Data of the Company’s shares on BSE for the year ended 31st March, 2017

Month Highest Lowest

Rate (Rs.) Date Rate (Rs.) Date
April, 2016 119.10 21.04.2016 88.05 05.04.2016
May, 2016 137.30 13.05.2016 103.00 31.05.2016
June, 2016 127.00 30.06.2016 106.00 02.06.2016
July, 2016 125.10 04.07.2016 112.10 21.07.2016 &
22.07.2016
August, 2016 119.20 01.08.2016 101.40 16.08.2016
September, 2016 124.40 22.09.2016 99.00 20.09.2016
October, 2016 148.30 10.10.2016 115.00 04.10.2016
November, 2016 144.05 29.11.2016 105.00 21.11.2016
December, 2016 177.70 13.12.2016 130.00 01.12.2016
January, 2017 189.00 18.01.2017 160.30 02.01.2017
February, 2017 195.90 08.02.2017 157.05 23.02.2017
March, 2017 162.75 01.03.2017 144.20 14.03.2017
Monthly Share Price Data of the Company’s shares on NSE for the year ended 31st March, 2017

Month Highest Lowest

Rate (Rs.) Date Rate (Rs.) Date
April, 2016 119.75 21.04.2016 88.05 01.04.2016 &
05.04.2016
May, 2016 137.35 13.05.2016 102.15 31.05.2016
June, 2016 127.35 30.06.2016 105.55 24.06.2016
July, 2016 125.70 04.07.2016 112.20 29.07.2016
August, 2016 119.85 01.08.2016 101.00 16.08.2016
September, 2016 124.70 22.09.2016 98.00 16.09.2016
October, 2016 148.45 10.10.2016 115.95 03.10.2016
November, 2016 144.20 29.11.2016 105.00 15.11.2016
December, 2016 177.65 13.12.2016 128.45 01.12.2016
January, 2017 189.90 11.01.2017 160.00 02.01.2017
February, 2017 195.95 08.02.2017 155.30 15.02.2017
March, 2017 162.75 01.03.2017 144.00 14.03.2017

44 47th Annual Report - 2016-17

 (xv) 3HUIRUPDQFHLQFRPSDULVRQWR%6( 16(6HQVH[
BSE

NSE

(xvi) Name and Address of the Registrar and Share Transfer Agents
M/S. AARTHI CONSULTANTS PVT LTD
 5HJG2I¿FH
1-2-285 Domalguda,
Hyderabad – 500029
Tel: 040 27638111 / 27634445 / 27642217 / 66611921
Fax: 040 27632184
Email: LQIR#DDUWKLFRQVXOWDQWVFRP
(xvii) Share Transfer System
Aarthi Consultants Private Limited processes transfer of shares held in Physical form and sends to the Company.
The powers for approval of share transfers (physical) are delegated as under:
  8SWR6KDUHV  0U65DPDPXUWK\&KLHI)LQDQFLDO2I¿FHUDQG0U4DLVHU3$QVDUL&RPSDQ\6HFUHWDU\
1001 to 5000 Shares : Dr. Jimmy Mirchandani, Chairman & Managing Director or Dr. Rahul Mirchandani, Executive Director
above 5000 Shares : Stake Holders Relationship Committee
  ,IWKHUHOHYDQWGRFXPHQWVDUHLQRUGHUDQGFRPSOHWHLQDOOUHVSHFWVWKHWUDQVIHURIVKDUHVLVHIIHFWHGDQGFHUWL¿FDWHVDUHGLVSDWFKHG
to the transferees within 15 days from the date of receipt.
The requests for dematerialisation of shares are processed by the Registrar and Share Transfer Agents and if all the documents are
found to be in order, the same are approved by them within a period of 15 days.

47th Annual Report - 2016-17 45

 (xviii) (1)'LVWULEXWLRQRI6KDUH+ROGLQJDVRQst0DUFK

SL CATEGORY HOLDERS HOLDERS SHARES AMOUNT AMOUNT

NO PERCENTAGE PERCENTAGE
1 1 - 5000 8291 85.43 971319 9713190 7.47
2 5001 - 10000 736 7.58 572666 5726660 4.40
3 10001 - 20000 338 3.48 508010 5080100 3.91
4 20001 - 30000 107 1.10 277441 2774410 2.13
5 30001 - 40000 52 0.54 185412 1854120 1.43
6 40001 - 50000 57 0.59 270237 2702370 2.08
7 50001 - 100000 61 0.63 440979 4409790 3.39
8 100001 & Above 63 0.65 9778275 97782750 75.19
Total: 9705* 100 13004339 130043390 100
*Prepared based on the PAN
(2) 'LVWULEXWLRQRIVKDUHKROGLQJDFFRUGLQJWRFDWHJRULHVRIVKDUHKROGHUVDVRQst0DUFK

Categories No. of Shares Amt. in Rs. % to Total

Promoters 6847926 68479260 52.66
Directors (Independent) -- -- --
Financial Institutions/ Banks 31965 319650 0.25
Mutual Funds / UTI -- -- --
NRIs / OCBs/FIIs 138483 1384830 1.06
Other Bodies Corporate 1081196 10811960 8.31
Public 4904769 49047690 37.72
Total   100.00
(xix) For the purpose of SEBI (Substantial Acquisition of Shares & Takeover) Regulations, 2011, the following Companies are to be
considered as Group Companies belonging to Promoters Group.

Sr. No. Name of the Companies 6KDUHKROGLQJRIWKH&RPSDQ\DVRQ

1. Sreeni Agro Chemicals Ltd. NIL
2. Aries Marketing Ltd. NIL
3. Blossoms International Ltd. NIL
4. Aries East-West Nutrients Pvt. Ltd. NIL
(xx) Subsidiary Companies
A list of Subsidiary Companies is given in Note No. 38 of the Notes to Accounts forming part of the Annual Report.
All the Subsidiary Companies are Board managed. As the majority share holder, the Company has nominated its representative on
WKH%RDUGRI6XEVLGLDU\&RPSDQLHVWRPRQLWRUSHUIRUPDQFHRIVXFK&RPSDQLHV7KHVHDUHQRWPDWHULDO6XEVLGLDULHVDVGH¿QHG
under Listing Regulations.
(xxi)'HWDLOVRI'HPDW6KDUHVDVRQst0DUFK

Name of Depository No. of Shareholders No. of Shares % of Capital

NSDL 5876 9902260 76.15
CDSL 3754 2806243 21.58
Sub-Total   
Physical Mode 264 295836 2.27
Grand Total   100.00
*Actual Count
(xxii) The Company has not issued any GDR’s/ ADR’s, Warrants or any other convertible instruments.

46 47th Annual Report - 2016-17

 (xxiii)3ODQW/RFDWLRQ

/RFDWLRQ Address
Mumbai, Maharashtra ‡ ARIES House, Plot No. 24, Deonar, Govandi(E), Mumbai-400 043, Maharashtra
Hyderabad, Telangana ‡ 244-246, 250-252, IDA Phase-II, Pashamylaram, Patancheru Mandal, Medak Dist;502 307,
Telangana
Chhatral, Gujarat ‡ 1202/1 & 1202/2, Village: Rajpur, Taluka: Kadi, Distt: Mehsana, 382 740, Gujarat
Lucknow, Uttar Pradesh ‡ Plot No. 836, Banthara, Lucknow-Kanpur Highway, Sikandarpur, Tehsil & Distt. Lucknow, U. P.,
227 101
Fujairah, UAE ‡ Amarak Chemicals FZC( a Subsidiary of Golden Harvest Middle East FZC thereby a Step Down
Subsidiary of Aries Agro Limited)
Al Hayl Industrial Area, P. O. Box 5283, Fujairah Free Zone(FFZ), Fujairah, UAE
(xxiv) Address for Correspondence:
i) Any query relating to the shares of the Company for Shares held in Physical Form and Shares held in Demat Form should be
addressed to:
M/s. Aarthi Consultants Pvt. Ltd.
1-2-285 Domalguda, Hyderabad – 500029
Tel: 040 27638111 / 27634445 / 27642217 / 66611921
Fax: 040 27632184
Email: info@aarthiconsultants.com
ii) For grievance redress and any query
   0U4DLVHU3$QVDUL&RPSDQ\6HFUHWDU\ &RPSOLDQFH2I¿FHU250U65DPDPXUWK\&KLHI)LQDQFLDO2I¿FHUDWWKHIROORZLQJ
address
Aries Agro Limited
Aries House, Plot No. 24,
Deonar, Govandi (E), Mumbai – 400043
Tel: 022 25564052 / 53 / 62580505
Fax: 022 25564054
Email: LQYHVWRUUHODWLRQV#DULHVDJURFRP
Web Site: www.ariesagro.com
 [[Y6(%,WROOIUHHKHOSOLQHVHUYLFHIRULQYHVWRUVDYDLODEOHRQDOOGD\VIURPDPWRSP
*******

47th Annual Report - 2016-17 47

 CERTIFICATE FROM AUDITORS REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
AUDITORS’ CERTIFICATE
To the Members of Aries Agro Limited
We have examined the compliance of the conditions of Corporate Governance by Aries Agro Limited for the year ended 31st March, 2017, as
stipulated in Listing Regulations.
The compliance of the conditions of Corporate Governance is the responsibility of the Company’s Management. Our examination has been
limited to review of the procedures and implementation thereof adopted by the Company for ensuring the compliance with the conditions
of Corporate Governance as stipulated in the Listing Regulations. It is neither an audit nor an expression of an opinion on the Financial
Statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us and based on the representations made by
the Directors and the Management, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in
Listing Regulations.
:HIXUWKHUVWDWHWKDWVXFKFRPSOLDQFHLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRUWKHHI¿FLHQF\RUHIIHFWLYHQHVVZLWK
which the Management has conducted the affairs of the Company.
For .LUWL'6KDK $VVRFLDWHV
&KDUWHUHG$FFRXQWDQWV

Kirti D. Shah
Proprietor
0HPEHUVKLS1R
Mumbai
Date: 9th August, 2017

'HFODUDWLRQE\WKH&KDLUPDQ 0DQDJLQJ'LUHFWRUWRWKH&RPSOLDQFHRI&RGHRI&RQGXFWLQSXUVXDQFH
RI&ODXVH'LLRIWKH/LVWLQJ$JUHHPHQW
It is hereby declared that the Company has obtained from all the Members of the Board and Senior Management Personnel of the Company,
DI¿UPDWLRQWKDWWKH\KDYHFRPSOLHGZLWKWKH&RGHRI&RQGXFWRIWKH&RPSDQ\IRUWKH)LQDQFLDO<HDU

_________________________
'U5DKXO0LUFKDQGDQL
Chairman & Managing Director
',1
Date:9th August, 2017

48 47th Annual Report - 2016-17

 MANAGING DIRECTOR(MD) AND CHIEF FINANCIAL OFFICER (CFO) CERTIFICATION
:HWKHXQGHUVLJQHGLQRXUUHVSHFWLYHFDSDFLWLHVDV0DQDJLQJ'LUHFWRUDQG&KLHI)LQDQFLDO2I¿FHURI$ULHV$JUR/LPLWHG³7KH&RPSDQ\´WR
the best of our knowledge and belief certify that :
D :HKDYHUHYLHZHGWKH)LQDQFLDO6WDWHPHQWVDQGWKH&DVK)ORZ6WDWHPHQWIRUWKH<HDUHQGHGRQst March, 2017 and that to the best
of our knowledge and belief we state that :-
i. These Statements do not contain any materially untrue statement or omit any material fact or contain any statement that might be
misleading.
ii. These statements together present a True and Fair view of the Company’s affairs and are in compliance with existing Accounting
Standards, Applicable Laws and Regulations.
(b) We further state that to the best of our knowledge and belief there are no transactions entered into by the Company during the year, which
are Fraudulent, Illegal or Violative of the Company’s Code of Conduct. We hereby declare that all the Members of the Board of Directors
DQG0DQDJHPHQW&RPPLWWHHKDYHFRQ¿UPHGFRPSOLDQFHZLWKWKH&RGHRI&RQGXFWDVDGRSWHGE\WKH&RPSDQ\
(c) We are responsible for establishing and maintaining Internal Controls for Financial Reporting and for evaluating the effectiveness of the
same over the Financial Reporting of the Company and have evaluated the effectiveness of Internal Control Systems of the Company
SHUWDLQLQJWR)LQDQFLDO5HSRUWLQJDQGKDYHGLVFORVHGWRWKH$XGLWRUVDQGWKH$XGLW&RPPLWWHHGH¿FLHQFLHVLQWKHGHVLJQRURSHUDWLRQRI
,QWHUQDO&RQWUROVLIDQ\RIZKLFKZHDUHDZDUHDQGWKHVWHSVZHKDYHWDNHQRUSURSRVHWRWDNHWRUHFWLI\WKHVHGH¿FLHQFLHV
(d) We have indicated, based on our most recent evaluation, wherever applicable, to the Auditors and Audit Committee:
 L 7KHUHKDYHEHHQQRVLJQL¿FDQWFKDQJHVLQWKH,QWHUQDO&RQWUROVRYHU)LQDQFLDO5HSRUWLQJGXULQJWKH\HDU
 LL 7KHUHKDYHEHHQQRVLJQL¿FDQWFKDQJHVLQWKH$FFRXQWLQJ3ROLFLHVPDGHGXULQJWKH\HDUDQGWKDWWKHVDPHKDVEHHQGLVFORVHGLQ
the Notes to the Financial Statements; and
 LLL 7KHUH KDYH EHHQ QR LQVWDQFHV RI VLJQL¿FDQW IUDXG RI ZKLFK ZH KDYH EHFRPH DZDUH DQG WKH LQYROYHPHQW WKHUHLQ LI DQ\ RI WKH
0DQDJHPHQWRUDQ(PSOR\HHKDYLQJVLJQL¿FDQWUROHLQWKH&RPSDQ\¶V,QWHUQDO&RQWURO6\VWHPRYHU)LQDQFLDO5HSRUWLQJ

'U5DKXO0LUFKDQGDQL 65DPDPXUWK\
 &KDLUPDQ 0DQDJLQJ'LUHFWRU &KLHI)LQDQFLDO2I¿FHU
',1 0HPEHUVKLS1R$&$

Mumbai
9th August, 2017

47th Annual Report - 2016-17 49

 MANAGEMENT DISCUSSION AND ANALYSIS
FORWARD LOOKING STATEMENTS
This report contains forward looking statements, which may
EH LGHQWL¿HG E\ WKHLU XVH RI ZRUGV OLNH µSODQV¶ µH[SHFWV¶ µZLOO¶
‘anticipates’, ‘believes’, ‘intends’, ‘projects’, ‘estimates’, or other
words of similar meaning. All statements that address expectations
or projections about the future, including but not limited to statements
about the Company’s strategy for growth, product development,
PDUNHW SRVLWLRQ H[SHQGLWXUHV DQG ¿QDQFLDO UHVXOWV DUH IRUZDUG
looking statements. These forward looking statements, which may
LQFOXGHVWDWHPHQWVUHODWLQJWRIXWXUHUHVXOWVRIRSHUDWLRQV¿QDQFLDO
condition, business prospects, plans and objectives, are based
on the current beliefs, assumptions, expectations, estimates, and
Harvest Middle East FZC, Sharjah, UAE ceased its manufacturing
operations w.e.f. December 2016. The manufacturing unit at
Fujairah, UAE, functioned at 10% capacity utilization. However, the
movement restrictions and lack of power continued to remain as
constraints in this factory.
HIGHLIGHTS & KEY EVENTS
HIGHLIGHTS
)LQDQFLDO <HDU  ZDV FKDUDFWHUL]HG E\ JRRG .KDULI ZLWK
25.70 % growth in H1 and subdued Rabi with growth of 11.37 % in
revenue. On a standalone basis, the Company registered increase
of 18.15% in turnover. Strong cost control measures were put in
projections of the Directors and Management of the Company, about
the business, industry and markets in which the Company operates.
These statements are not guarantees of future performance,
and are subject to known and unknown risks, uncertainties, and
other factors, many of which are beyond Company’s control and
GLI¿FXOW WR SUHGLFW WKDW FRXOG DOWHU DFWXDO UHVXOWV SHUIRUPDQFH RU
achievements to differ materially from those in the forward looking
statements. Such statements are not, and should not be construed,
as a representation as to future performance or achievements of
the Company. In particular, such statements should not be regarded
as a projection of future performance of the Company. It should be
noted that the actual performance or achievements of the Company
PD\YDU\VLJQL¿FDQWO\IURPVXFKVWDWHPHQWV
OVERVIEW
OVERVIEW OF INDUSTRY:
The Company is part of the growing specialty plant nutrition
industry which is a niche sector within the crop nutrition segment
of agricultural inputs. During the year under review the monsoons
recorded All India average of 97% of the LPA (Long Period Average).
The Kharif rainfall was as per expectation. However, the winter rains
HVSHFLDOO\LQ6RXWK,QGLDZHUHH[WUHPHO\GH¿FLHQW$VDUHVXOWWKH
second half performance was comparatively lower than expected.
Some states, especially Tamil Nadu recorded severe drought
conditions. The second half was also affected by demonetization
which restricted sales and collections for almost three months before
conditions improved towards the end of the fourth quarter. Stress
on the rural economy post demonetization required the Company to
SURYLGHH[WUDVFKHPHVWRHQVXUHFRQWLQXHGIXQGVLQÀRZGXULQJWKH
second half of the year. This had impact on second half margins.
This situation was faced by almost all companies in the rural sector
DQG WKH LPSDFW ZDV IDLUO\ VLJQL¿FDQW GXULQJ 4 DQG VOLJKWO\ OHVV
VLJQL¿FDQWLQ4
MANUFACTURING BASE
The total capacity utilization currently stands at 58% of the total
installed capacity of 84,600 MT p.a. in India. During the year we
took a decision to close the operations in one of our international
manufacturing facilities at UAE namely Golden Harvest Middle
East FZC (not a Material Subsidiary of Aries Agro Ltd) and sell the
machinery which was eight years old and purchase identical set of
new machinery in India. This new set of machinery was installed
between the Hyderabad and Chhatral manufacturing units, thus
reinstalling the Sharjah installed capacity in the Indian factories. This
was required in the context of changed import duty structures which
has made manufacturing in India most viable and cheaper. Golden
50 47th Annual Report - 2016-17
SODFHDQGKHQFHSUR¿WDELOLW\3$7LQFUHDVHRI
The credit for increase in revenue is also attributed to the success
RIWKH&RPSDQ\¶V¿UVWHYHUÀDVKVDOHFRQGXFWHGRQth April 2016
which resulted in an order book being created in the beginning of
WKH)LQDQFLDO<HDU7KLVLVSDUWRIWKHIRXU\HDUORQJ*ROGHQ-XELOHH
Campaign – Aries 2020. 75.83% of the order book was converted
GXULQJWKH)LQDQFLDO\HDU7KH&RPSDQ\LQWURGXFHG¿YHQHZSURGXFWV
namely Mobomin, Crackguard, Boon-o-Milk, Tracemin and K-Phonic
GXULQJ WKH )LQDQFLDO <HDU DQG WKLV VXSSRUWHG WKH UHYHQXH JURZWK
Orders received during the Flash Sale caused better working capital
management with 12 days reduction in debtors.
However, international operations being restructured, caused stress
RQWKHFRQVROLGDWHG3UR¿W /RVVDFFRXQWWRWKHH[WHQWRI5V
Crores (net) loss on sale of assets of Golden Harvest Middle East
FZC, Sharjah, UAE, which is a onetime loss which the Company
chose to bear since future operations in India will lead to a reduction
in cost of manufacturing of several key brands.
KEY EVENTS
The following were the key events during the year;
1) $ULHVRUJDQL]HGWKH¿UVWHYHU$JUL%XVLQHVV)ODVK6DOHDW%6(
,QWHUQDWLRQDO &RQYHQWLRQ &HQWUH DQG DW$ULHV +HDG 2I¿FH RQ
19th and 20th April, 2016. 900 number of dealers/distributors
from 20 states participated in the Flash Sale which led to
5V FURUHV ERRNLQJV LQ  PLQXWHV ZKLFK ZDV FHUWL¿HG
as a National Record by Limca Book of Records.
2) All India Planning meeting was held in Daman with Top
0DQDJHPHQW6WDWHKHDGVDQG5HJLRQ+HDGVWR¿QDOL]HSODQV
for 2016-17.
3) Dealers Meetings were held across India in Hyderabad,
Vijayawada, Puri, Haridwar, Goa, Mettupalayam and
Pondicherry.
4) $ULHV RUJDQL]HG IDPLO\ GD\ LQ 0XPEDL RI¿FH RQ -XQ
and awarded meritorious students of staff and workers with the
Founders Award for academic excellence.
5) Aries organized Training and Development programme
‘Aries Futura’ for its Extension Team consisting of more than
300 number of extension staff trained at Acharya Nagarjuna
University, Guntur from 17th to 20th April 2016. ‘Aries Futura was
also held at Bhopal, Raipur and Karnal during 2016-17.
6) Aries conducted half yearly meeting in Delhi from 18th to 21st
October, 2016. The entire team visited Rashtrapati Bhavan as
SDUWRIWKH+DOI<HDUO\&RQIHUHQFH
7) 1RUWK<RXQJ/HDGHUV&RQQHFW&RQFODYHLQYLWHG$ULHVWRPHQWRU GLOBAL DISTRIBUTION:
youth in Arunachal Pradesh on 28th and 29th October, 2016.
International clients are located in Bangladesh, Ghana, Kenya,
 On 8th March, 2017 Aries had industry interactive session on Nepal, Vietnam and Taiwan. Distributors in Nepal and Vietnam have
“Impact Assessment of CSR Interventions” with MBA students invested in branding and promotion of our range of products in their
from Georgetown University’s McDonough School of Business, respective countries. The total exports and global sales constituted
USA RIRXUJURXSUHYHQXHGXULQJWKH)LQDQFLDO<HDU
 Aries and SCA Group jointly organized Capacity Building
workshop optimizing post harvest supply chain for Indian
farmers conducted by Scientists from Wageningen University
& Research Centre, Netherlands.
RECOGNITION:
1) Aries was selected for being amongst the top 100 SMEs in
India and was conferred the Skoch Order of Merit – 2017
2) Aries was awarded the National Record by Limca Book of
Records for the largest Flash Sale of specialty plant nutrition
products conducted during April 2016 at Bombay Stock
Exchange, International Convention Center, Mumbai.
3) Aries was awarded the highest independent honour in India,
the Skoch Gold Award 2017 for our consistent work serving
Indian farmers.
4) For Twelve consecutive years Aries Quality Management
6\VWHP ZDV DXGLWHG DQG FHUWL¿HG DV 16(1 ,62 
with zero non-compliance report showing complete adherence
to international quality standards.
GLOBAL SOURCING
Aries has sourced 52% of its total raw materials from overseas
suppliers located in Taiwan, UAE, China, Belgium, Malaysia and UK.
Imports constitute 23% of our total purchases and our Company has
LGHQWL¿HGDSRRORIUHOLDEOHRYHUVHDVVXSSOLHUV
COST MANAGEMENT
Financial year 2016-17 showed noticeable changes in cost
management. The material cost increased by 20.91%, Finance Cost
LQFUHDVHGE\DQG(PSOR\HH&RVWDQG%HQH¿WVLQFUHDVHGE\
14.86% of sales. However, trade schemes increased as a result
of 2020 Flash Sale and additional cash discounts offered post
demonetization. Considering both these positive and negative cost
GULYHUV WKH SUR¿WDELOLW\ VWRRG DW  RI VDOHV DQ LQFUHDVH RI
 FRPSDUHG WR SUHYLRXV )LQDQFLDO <HDU 7KH FXVWRPV GXWLHV
OHYLHGRQLPSRUWVSRVWWKHFKDQJHRIFODVVL¿FDWLRQRIPDQ\EUDQGV
being imported by the Company led to a steep escalation in the cost
of imported materials. As a result, the Company has extensively
carried out import substitution with closure of one overseas unit,
UHLQVWDOODWLRQ RI VLPLODU PDFKLQHU\ LQ ,QGLD DQG LGHQWL¿FDWLRQ RI
indigenous sources of key raw materials.
7KH IRUHLJQ H[FKDQJH UDWH ÀXFWXDWLRQV FDXVHG LPSDFW RI  
VLJQL¿FDQWO\ORZHUWKDQWKHSUHYLRXV\HDUVVLQFHGRPHVWLFSURGXFWLRQ
and reduced imports reduced the exposure of the Company to this
cost factor.
MAN POWER
The total Man Power of the Company increased from 748 to 822
during the year under review. Stringent norms has been set for
performance appraisals and manpower costs were in line with
pre-sanctioned budgets and funds are released only based on the
progress of the season.
OUTLOOK:
2017 monsoons are expected to be 98% of normal and the
Company is hopeful that it will achieve good growth in revenues and
SUR¿WDELOLW\$VHULHVRIGHDOHUVPHHWLQJVDQGERRNLQJED]DDUVZHUH
conducted during April 2017 at Amritsar, Puri, Goa and Kakdwip. The
orders with payment instruments totaling to Rs. 305.88 Crores are
in hand with bookings made by 1250 number of dealers. Following
IURPWKHH[SHULHQFHRIWKHSUHYLRXV)LQDQFLDO<HDUWKH&RPSDQ\LV
planning inventories and production based on this order book and
conversion of bookings into actual sales is estimated as 75% similar
WRWKHSUHYLRXV)LQDQFLDO<HDU7KHPDMRUIRFXVDUHDLQFOXGHV
- Increase penetration in Acquaculture. Aqua culture is a new
market and is a non monsoon dependant sector. During the
year under review we had sales of around 12 Crores in Andhra
Pradesh, West Bengal and Chattisgarh in this sector. We are
looking forward to a wider penetration this year. It is noteworthy
that existing agri products are being positioned for aquaculture
- Increase in exports in Asian Region after receiving Export
License
- Launch slow release granules for some existing soil applied
products.
The Company is introducing 7 new products in the plant nutrition
sector and this will be launched in August and October 2017 which
will support growth in the topline and bottom line.
SEGMENTWISE / PRODUCTWISE PERFORMANCE
As the Company’s business activity falls within a single primary
business segment, the disclosure requirements of Accounting
Standard (Ind AS-108) “ Operating Segments “, are not applicable.
RISK MANAGEMENT & INTERNAL CONTROLS
RISK MANAGEMENT
The Company has a Risk Management Policy.
The Company manages, monitors and reports on the principal risks
and uncertainties that can impact its ability to achieve its strategic
objectives. The Company’s management systems, organizational
structures, processes, standards, code of conduct and behaviours
together form the Aries Risk Management Systems (ARMS) that
governs how the Company conducts its business and manages
associated risks.
The Company has in place adequate Internal Financial Controls with
reference to Financial Statements. During the year, such controls
were tested and no reportable material weakness in the design or
operations were observed.
INTERNAL CONTROL SYSTEM
The Company has an extensive system of internal controls to
ensure optimal utilization of resources and accurate reporting of
¿QDQFLDOWUDQVDFWLRQVDQGVWULFWFRPSOLDQFHZLWKDSSOLFDEOHODZVDQG
UHJXODWLRQV 7KH &RPSDQ\ KDV SXW LQ SODFH VXI¿FLHQW V\VWHPV WR
47th Annual Report - 2016-17 51
ensure that assets are safeguarded against loss from unauthorized We have 136 workers in our permanent employment and sizeable
use or disposition, and that transactions are authorized, recorded numbers on contract, working in our factories. The detailed breakup
and reported correctly. of the same is as under:
THREATS AND OPPORTUNITIES Sr. No. 3DUWLFXODU Employees
The external factors which could serve as possible threat to the 1. Skilled 30
business would include erratic spread of the rainfall and water 2. Semi-Skilled 7
DYDLODELOLW\LQWKHUHVHUYRLUVÀXFWXDWLRQVLQRLODQGJDVSULFHVIRUHLJQ
3. Unskilled 99
H[FKDQJHUDWHÀXFWXDWLRQVVKRUWDJHVRINH\UDZPDWHULDOVSULFLQJ
pressure, indirect and direct substitutes, etc. Sub- Total 
4. Contract Labour 153
Opportunities would include growth in product range as well as
expansion into unserved markets in India and abroad. Increasing TOTAL 
awareness levels amongst existing customers on balanced nutrition The Department wise breakup of our manpower is as under:
will increase number of products the farmers purchase from the
Aries range. Sr. No Name of the Department No. of Staff
1. Directors 2
FINANCIAL PERFORMANCE:
2. Accounts, Personnel & Administration, 153
7KH&RPSDQ\¶V6DOHV7XUQRYHUIRUWKH¿QDQFLDO\HDUHQGHG0DUFK Legal & Secretarial
31, 2017 increased to Rs. 27,719.13 Lakhs from Rs. 23,461.58
3. Production(Staff and Workers), R&D and 188
/DNKVLQWKHSUHYLRXV\HDUUHÀHFWLQJDQLQFUHDVHRI
Spray Dryer Operators
Total expenses for the year was Rs. 21,282.99 Lakhs as against Rs.
4. Sales 479
20,385.66 Lakhs in the previous year.
TOTAL 
3UR¿W%HIRUH7D[LQFUHDVHGWR5V/DNKVGXULQJWKH\HDUDV
against Rs. 1,040.39 Lakhs in the previous year. HEALTH/ SAFETY/ENVIRONMENT SENSITIVITY
Tax provision for the year was Rs. 650.01 Lakhs as against Rs. HEALTH THROUGH NUTRITION:
400.71 Lakhs in the previous year which translates to 2.83 % on
)<6DOHV ‡ 7KH &RPSDQ\ SURPRWHV ³%DODQFHG 1XWULWLRQ DV D 1DWLRQDO
Imperative”, building resistance of crops to pests and diseases
3UR¿W$IWHU7D[IRUWKH\HDUZDV5V/DNKVDVDJDLQVW5V and hence lowering the usage of harmful and expensive
 /DNKV LQ WKH SUHYLRXV \HDU ZKLFK LV   RI )<  pesticides
Sales.
ENVIRONMENT SENSITIVITY:
RESOURCES AND LIQUIDITY:
‡ 7KH6RODU3RZHU*HQHUDWLRQ6\VWHPDWLWVPDQXIDFWXULQJXQLW
As on March 31, 2017, the net worth of the Company stood at Rs. in Hyderabad is still operational and has generated 68,622 kws
13,510.21 Lakhs as against Rs.12,568.24 Lakhs. RISRZHUGXULQJWKH)LQDQFLDO<HDU
As on March 31, 2017, the Company had a Debt / Equity ratio of ‡ $OO$ULHV SURGXFWV DUH EDVHG RQ WKH SKLORVRSK\ RI ³8VH OHVV
0.83. The Company has not raised any Deposits from the public. chemicals and use safe chemicals” – low doses of chemically
HUMAN RESOURCES: inert and cost effective nutrient complexes
$VDWWKHHQGRIWKH¿QDQFLDO\HDUWKHUHZHUHHPSOR\HHVXQGHU ‡ 7KHHQWLUHUDQJHRI$ULHV&KHODWHVDUHHQYLURQPHQWDOO\VDIH
the permanent rolls and 153 plus under contract. We have an NON POLLUTING:
ongoing arrangement with few labour supplier organizations for our
various locations. ‡ $OO$ULHVIDFWRULHVKDYH]HURHIÀXHQWVDQGSURGXFHQRKDUPIXO
emissions

52 47th Annual Report - 2016-17

 REPORT ON CORPORATE SOCIAL RESPONSIBILITY
CSR AT ARIES AGRO LIMITED
Aries continues its tradition of carrying out a range of activities that
spread knowledge and adoption of farming best practices in the
markets that Aries functions in. The Company has carried out a
UDQJH RI SURMHFWV GXULQJ WKH ¿QDQFLDO \HDU  LQ DGGLWLRQ WR
some philanthropic activities.
FOCUS AREAS OF ENGAGEMENTS
SUPPORTING THE GIRL CHILD:
7KHFRPSDQ\XQGHUWRRNDFWLYLWLHVIRFXVHGVSHFL¿FDOO\RQVXSSRUWLQJ
school aged girls across India which included;
‡ &RQVWUXFWLQJ /DGLHV :DVKURRP DW =3 +LJK 6FKRRO
Vizianagaram, Vijayawada.
‡ $ULHVVXSSRUWHGWKHFDPSDLJQ³+HOS0\'DXJKWHU´E\GRQDWLQJ
to Milaap Social Ventures India (P) Ltd., to support the Girl
Child.
EDUCATION:
‡ $ULHVFRQVWUXFWHG.LWFKHQFXP'LQLQJ+DOODW9.3.RPDUDQD
Bheem Vidyarthi Nilayam, Khamam.
‡ 'LVWULEXWHG&RPSXWHU GHVNWRSVVFKRRO XQLIRUPVH[DPSDGV
geometry boxes, books, bath bucket, mugs, dustbin, etc for
the students of Police CAP School (Orphans and single parent
children), Guntur.
‡ 'LVWULEXWHG6FKRROODEIXUQLWXUH,URQ6WRROVDQG6SRUWVLWHPV
for the students of Zilla Parishad High School Vatluru and
Mandala Praja Parishat Primary School, Kavvagunta
‡ 'LVWULEXWHGIRRGJUDLQVWRWKHVWXGHQWVRI9HGD6FKRRO1DJSXU
‡ 'LVWULEXWHG3URMHFWRUV/DSWRSVWRWKHVWXGHQWVRI6RODSXUDQG
also distributed Desktops to the students of Zilla Parishad
Primary School, Solapur.
‡ $OVRGRQDWHGIRUWKHGHYHORSPHQWRIVWXGHQWVDW3DUSROL*UDP
Vikas Mandal, Sawantwadi, Sindhudurg.
LEARNING FOR THE DIFFERENTLY ABLED:
‡ $ULHVVXSSOLHG%UDLOOH.LWV6ODWHV0DWKHPDWLF6ODWHV$EDFXV
Kits) Iron Safe, Trunk Boxes, Toiletry Kits, Rice Bags, etc for
the students of Kasturibai Blind Women Ashram, Anantapur
Dist.
‡ 'LVWULEXWHG +HDULQJ $LG 0DFKLQHV IRU WKH GHDI VWXGHQWV RI
Navjeevan Special School for the Deaf, Kurnool.
FARMERS CALL CENTRE:
The Company’s Call Centre based in Vijayawada continued to
provide answers to farmer’s queries and provided direct interaction
with consumers. During the year under review, 5446 number
of farmers called the call center at Vijayawada with queries on
integrated nutrient management, pest management, soil health
and post harvest management, etc were answered by the three call
center executives. In addition, the Company has added call center
numbers on all literature and promotional materials and is extending
the reach of this call center to other states across India.
SPREADING KNOWLEDGE:
‡ $ULHV¶ H[WHQVLRQ WHDP FRQWLQXHV WR VWURQJO\ DGYRFDWH JRRG
agricultural practices in all states of India. The activities
are conducted under the supervision of Agronomist and
Agricultural Research Institutions throughout the year. During
the year under review 5877 knowledge dissemination activities
including farmers meeting were undertaken impacting 73,300
number of farmers. These sessions were conducted by team of
H[WHQVLRQRI¿FLDOVVSUHDGDFURVVVWDWHV
‡ $ULHV RUJDQL]HG YDULRXV VWDWH OHYHO IDUPHUV¶ FRQIHUHQFH DW
Andhra Pradesh, Chhattisgarh, Madhya Pradesh, Gujarat,
Maharashtra, Gujarat, Karnataka, Rajasthan, Haryana,
Uttar Pradesh, Himachal Pradesh, Punjab, Bihar, Odisha,
Jharkhand, West Bengal, Tamil Nadu, Kerala and Jammu &
Kashmir. The unique feature of these events have been that
they had participation on a common intellectual platform from
WRSJRYHUQPHQWRI¿FLDOVRSLQLRQOHDGHUVDFDGHPLDUHVHDUFK
scholars, scientists, agribusiness students and farmers from
across the states.
‡ /DUJH IDUPHUV WUDLQLQJ SURJUDPPH RQ JRRG DJULFXOWXUDO
practices exposed the farming community to latest plant nutrition
concepts and also focused on socially and economically
backward areas at Kakdwip, West Bengal
‡ (GXFDWLQJ ,QGLDQ IDUPHUV RQ SRVW KDUYHVW SUDFWLFHV DGRSWHG
by the Dutch on tomato and banana crop leading to creation
of product market combination for Indian farmers to export to
Netherlands.
SOIL TESTING SERVICES
‡ 7KH&RPSDQ\KDVRUJDQL]HGGXULQJWKH\HDUVRLOWHVWLQJFDPSV
in North Karnataka, Andhra Pradesh and Telangana using
Mobile Soil Testing Kits which analyse 10 parameters including
pH, EC, NPK levels in soil, micro nutrient levels including Zinc,
Ferrous, Boron, Organic Carbon, etc. Approximately 2412 Soil
Health Cards were issued to farmers providing an additional
VHUYLFH LQ RUGHU WKDW WKH\ XQGHUVWDQG WKH VSHFL¿F QXWULHQW
needs of their farms.
ACCESS TO CLEAN WATER
‡ 3URYLGHG $FTXD )UHVK 52  89 :DWHU SXUL¿HU V\VWHP
to students of Mandala Praja Parishat Primary School,
Kavvagunta.
OTHER CSR ACTIVITIES:
‡ ,QDGGLWLRQDVHULHVRIDZDUGVZHUHGLVWULEXWHGLQ5$3RGDU
College of Commerce & Economics, Matunga, Mumbai for the
meritorious students in the Bachelor of Management Studies
programme. Have been distributing these awards since the last
15 years in the name of Aries’ founder, Late Bala Mirchandani.
56 students received these awards at the College Annual Day.
‡ 6SRQVRUVKLSRIVWXGHQWV¶DFWLYLWLHVDW.-6RPDL\D,QVWLWXWHRI
Management, Mumbai.
‡ 7KH&RPSDQ\GRQDWHGIRU,QGLD/HDGHUVKLS,QLWLDWLYHVXSSRUWLQJ
the development of young leaders within the Ananta Aspen
Institute.
47th Annual Report - 2016-17 53
‡ 7KH &RPSDQ\ FRQWULEXWHG WR 1*2V DVVLVWLQJ WKH WUHDWPHQW CSR EXPENDITURE DURING THE YEAR 2016-17
of victims of stone pelting in Jammu & Kashmir for their
rehabilitation. +HDGRI([SHQVH Amount (Rs.)
Education including farmers 21,43,035
‡ $ULHVVXSSOLHG3RWVDQGUHGPXGWRSODQWWUHHVDWWKH&KDLWDQ\D
Mahila Mandali, Secunderabad. Farmers Call Centre 5,74,192
Infrastructure 6,81,547
INFLUENCER RELATIONS
Healthcare 50,000
During the year the Company was represented at various industry
TOTAL 
bodies including Confederation of Indian Industry’s Agricultural
Council, Confederation of Indian Industry’s Innovation Council, $VVHVVLQJWKHLPSDFWRI&65DFWLYLWLHV:
Indian Micro-Fertilizers Manufacturers Association (IMMA) and 7KH &RPSDQ\ KDYLQJ VSHQW VLJQL¿FDQW DPRXQW RI PRQH\ RYHU WKH
Fertilizer Association of India (FAI). At these forums, the Company past few years, it was decided to create an assessment framework
advocated that balanced plant nutrition being recognized as a to track the impact of CSR activities on the various communities
national imperative. It has also conducted various sessions with key and projects being supported. The assessment frame work was
LQÀXHQFHUVWRSURPRWHWKHV\VWHPDWLFVSUHDGRIZRUOGFODVVIDUPHUV¶ based on global best practices and hence four MBA students from
education and skilling programmes. The Company believes that the Georgetown University’s McDonough School of Business, USA
spread of knowledge is an essential part of its responsibility towards worked on independently assessing our CSR activities over the
society development and nation building. past three years and submitted their recommendations for impact
Through our knowledge sharing activities and continuous connect assessment based on the following parameters.
with Research Institutions, our commitment to use knowledge as ‡ Business Strategy
a catalyst for building agricultural productivity remains steadfast. ‡ CSR Vision
In addition, our products remain environmentally sensitive and
‡ Mission
we ensure minimum adverse reactions to the soil and related eco
‡ Goals
systems.
‡ Objectives
Through its products and passion, Aries continually demonstrates ‡ Activities
that it is a responsible corporate citizen, working hard to retain the
‡ Output
delicate balance of nature and the development of communities
‡ Impact
where it works and grows.
‡ Communication
This will be implemented from 2017-18 onwards.

54 47th Annual Report - 2016-17

 INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF
ARIES AGRO LIMITED
Report on the Standalone Ind AS Financial Statements
:H KDYH DXGLWHG WKH DFFRPSDQ\LQJ VWDQGDORQH ,QG $6 ¿QDQFLDO
statements of ARIES AGRO LIMITED (“the Company”), which
comprise the Balance Sheet as at 31st March, 2017, the Statement
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
RIWKHVWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV
:H EHOLHYH WKDW WKH DXGLW HYLGHQFH ZH KDYH REWDLQHG LV VXI¿FLHQW
and appropriate to provide a basis for our audit opinion on the
VWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV
RI 3UR¿W DQG /RVV LQFOXGLQJ RWKHU FRPSUHKHQVLYH LQFRPH DQG
WKH6WDWHPHQWRIFDVKÀRZVDQGVWDWHPHQWRIFKDQJHVLQHTXLW\IRU
WKH\HDUWKHQHQGHGDQGDVXPPDU\RIWKHVLJQL¿FDQWDFFRXQWLQJ
policies and other explanatory information (herein after referred to
Opinion
In our opinion and to the best of our information and according
to the explanations given to us, the aforesaid standalone Ind AS
DV³VWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV´
Management’s Responsibility for the Standalone 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 standalone Ind
$6¿QDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZRIWKH¿QDQFLDO
SRVLWLRQ ¿QDQFLDO SHUIRUPDQFH LQFOXGLQJ RWKHU FRPSUHKHQVLYH
LQFRPH FDVK ÀRZV DQG FKDQJHV LQ HTXLW\ RI WKH &RPSDQ\ LQ
accordance with the accounting principles generally accepted in
,QGLD LQFOXGLQJ WKH ,QGLDQ $FFRXQWLQJ 6WDQGDUGV VSHFL¿HG XQGHU
6HFWLRQRIWKH$FWUHDGZLWKUHOHYDQW5XOHVLVVXHGWKHUHXQGHU
7KLV UHVSRQVLELOLW\ DOVR LQFOXGHV PDLQWHQDQFH RI DGHTXDWH
accounting records in accordance with the provisions of the Act for
safeguarding the assets of the Company and for preventing and
¿QDQFLDOVWDWHPHQWVJLYHWKHLQIRUPDWLRQUHTXLUHGE\WKH$FWLQWKH
PDQQHUVRUHTXLUHGDQGJLYHDWUXHDQGIDLUYLHZLQFRQIRUPLW\ZLWK
the accounting principles generally accepted in India including the
Ind AS:
(a) LQ WKH FDVH RI WKH %DODQFH 6KHHW RI ¿QDQFLDO SRVLWLRQ RI WKH
Company as at 31st March, 2017;
(b) LQWKHFDVHRIWKH6WDWHPHQWRI3UR¿WDQG/RVVRIWKH¿QDQFLDO
performance including other comprehensive income of the
Company for the year ended on that date;
(c) LQWKHFDVHRIWKH&DVK)ORZ6WDWHPHQWRIWKHFDVKÀRZVRIWKH
Company for the year ended on that date; and
(d) LQWKHFDVHRIWKHVWDWHPHQWRIFKDQJHVLQHTXLW\RIWKHFKDQJHV
LQHTXLW\IRUWKH\HDUHQGHGRQWKDWGDWH
Report on Other Legal and Regulatory Requirements
1.
detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgements and estimates
that are reasonable and prudent; and design, implementation and
PDLQWHQDQFH RI DGHTXDWH LQWHUQDO ¿QDQFLDO FRQWUROV WKDW ZHUH
operating effectively for ensuring the accuracy and completeness of
$VUHTXLUHGE\WKH&RPSDQLHV$XGLWRU¶V5HSRUW2UGHU
(“the Order”) issued by the Central Government of India in
terms of Sub section (11) of Section 143 of the Act, we give
LQ WKH $QQH[XUH $ D VWDWHPHQW RQ WKH PDWWHUV VSHFL¿HG LQ
SDUDJUDSKVDQGRIWKH2UGHU
2.
the accounting records, relevant to the preparation and presentation
RIWKHVWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQG
fair view and are free from material misstatement, whether due to
IUDXGRUHUURU
Auditors’ Responsibility
Our responsibility is to express an opinion on these standalone
,QG $6 ¿QDQFLDO VWDWHPHQWV EDVHG RQ RXU DXGLW :H KDYH WDNHQ
into account the provisions of the Act, the accounting and auditing
VWDQGDUGVDQGPDWWHUVZKLFKDUHUHTXLUHGWREHLQFOXGHGLQWKHDXGLW
report under the provisions of the Act and the Rules made there
XQGHU
We conducted our audit in accordance with the Standards on Auditing
$VUHTXLUHGE\6HFWLRQRIWKH$FWZHUHSRUWWKDW
(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) ,Q RXU RSLQLRQ SURSHU ERRNV RI DFFRXQW DV UHTXLUHG E\
law have been kept by the Company so far as it appears
from our examination of those books [and proper returns
DGHTXDWHIRUWKHSXUSRVHVRIRXUDXGLWKDYHEHHQUHFHLYHG
from the branches not visited by us];
(c) 7KH%DODQFH6KHHWWKH6WDWHPHQWRI3UR¿WDQG/RVVWKH
Cash Flow Statement, and the statement of changes in
HTXLW\GHDOWZLWKE\WKLV5HSRUWDUHLQDJUHHPHQWZLWKWKH
books of account;
VSHFL¿HGXQGHU6HFWLRQRIWKH$FW7KRVH6WDQGDUGVUHTXLUH
WKDWZHFRPSO\ZLWKHWKLFDOUHTXLUHPHQWVDQGSODQDQGSHUIRUPWKH
audit to obtain reasonable assurance about whether the standalone
,QG$6¿QDQFLDOVWDWHPHQWVDUHIUHHIURPPDWHULDOPLVVWDWHPHQW
An audit involves performing procedures to obtain audit evidence
about the amounts and the disclosures in the standalone Ind AS
¿QDQFLDO VWDWHPHQWV 7KH SURFHGXUHV VHOHFWHG GHSHQG RQ WKH
auditor’s judgement, including the assessment of the risks of
(d) ,QRXURSLQLRQWKH%DODQFH6KHHWWKH6WDWHPHQWRI3UR¿W
DQG/RVVWKH&DVK)ORZ6WDWHPHQWDQGWKHVWDWHPHQWRI
FKDQJHVLQHTXLW\FRPSO\ZLWKWKH$FFRXQWLQJ6WDQGDUGV
VSHFL¿HGXQGHU6HFWLRQRIWKH$FWUHDGZLWKUHOHYDQW
Rule issued there under;
(e) On the basis of the written representations received from
the directors as on 31st March, 2017 taken on record by the
%RDUGRI'LUHFWRUVQRQHRIWKHGLUHFWRUVDUHGLVTXDOL¿HG
as on 31st March, 2017 from being appointed as a director
PDWHULDOPLVVWDWHPHQWRIWKHVWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV
ZKHWKHUGXHWRIUDXGRUHUURU,QPDNLQJWKRVHULVNDVVHVVPHQWVWKH
DXGLWRUFRQVLGHUVLQWHUQDO¿QDQFLDOFRQWUROUHOHYDQWWRWKH&RPSDQ\¶V
SUHSDUDWLRQ RI WKH VWDQGDORQH ,QG $6 ¿QDQFLDO VWDWHPHQWV WKDW
give a true and fair view in order to design audit procedures that
DUH DSSURSULDWH LQ WKH FLUFXPVWDQFHV $Q DXGLW DOVR LQFOXGHV
LQWHUPVRI6HFWLRQRIWKH$FW
(f) :LWK UHVSHFW WR WKH DGHTXDF\ RI WKH LQWHUQDO ¿QDQFLDO
FRQWUROV RYHU ¿QDQFLDO UHSRUWLQJ RI WKH &RPSDQ\ DQG
the operating effectiveness of such controls, refer to our
separate report in “Annexure B”; and
(g) with respect to the other matters to be included in the

47th Annual Report - 2016-17 55

 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:
L 7KH&RPSDQ\KDVGLVFORVHGWKHLPSDFWRISHQGLQJ
OLWLJDWLRQV RQ LWV ¿QDQFLDO SRVLWLRQ LQ LWV VWDQGDORQH
,QG $6 ¿QDQFLDO VWDWHPHQWV DV UHIHUUHG WR LQ WKH
notes to accounts of these standalone Ind AS
¿QDQFLDOVWDWHPHQWV For Kirti D. Shah & Associates
LL 7KH &RPSDQ\ KDV PDGH SURYLVLRQ DV UHTXLUHG
under the applicable law or accounting standards,
for material foreseeable losses, if any, on long-term
contracts including derivative contracts;
LLL 7KHUH KDV EHHQ QR GHOD\ LQ WUDQVIHUULQJ DPRXQWV
UHTXLUHGWREHWUDQVIHUUHGWRWKH,QYHVWRU(GXFDWLRQ
and Protection Fund by the Company; and
 47th Annual Report - 2016-17
LY 7KH &RPSDQ\ KDV SURYLGHG UHTXLVLWH GLVFORVXUHV
LQ LWV VWDQGDORQH ,QG$6 ¿QDQFLDO VWDWHPHQWV DV WR
KROGLQJVDVZHOODVGHDOLQJVLQ6SHFL¿HG%DQN1RWHV
GXULQJ WKH SHULRG IURP  1RYHPEHU  WR 
'HFHPEHU  DQG WKHVH DUH LQ DFFRUGDQFH ZLWK
the books of accounts maintained by the Company
as referred to in the notes to accounts of these
VWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV
Chartered Accountants
 )LUP5HJLVWUDWLRQ1R:
Kirti D. Shah
Proprietor
 0HPEHUVKLS1R
Place : Mumbai
Date : 30th May,2017
 ANNEXURE- A TO INDEPENDENT AUDITOR’S REPORT
7KH$QQH[XUHUHIHUUHGWRLQRXU,QGHSHQGHQW$XGLWRUV¶5HSRUWWRWKHPHPEHUVRIWKH&RPSDQ\RQWKHVWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV
for the year ended 31st March 2017, we report that:

i. (a) The company has maintained proper records showing full vii. (a) According to the information and explanations given to us
SDUWLFXODUV LQFOXGLQJ TXDQWLWDWLYH GHWDLOV DQG VLWXDWLRQ RI and the records of the company examined by us, in our
¿[HGDVVHWV opinion, the company is generally regular in depositing
 E 7KHVH ¿[HG DVVHWV ZHUH SK\VLFDOO\ YHUL¿HG E\ WKH
PDQDJHPHQW DW UHDVRQDEOH LQWHUYDOV :H KDYH EHHQ
informed that no material discrepancies were noticed on
VXFKSK\VLFDOYHUL¿FDWLRQ
(c) According to the information and explanation given to us
and on the basis of our examination of the records of the
company, the title deeds of immovable properties are held
LQWKHQDPHRIWKHFRPSDQ\
ii. According to the information and explanations provided to us,
WKH VWRFN RI LQYHQWRU\ KDV EHHQ SK\VLFDOO\ YHUL¿HG GXULQJ WKH
SHULRGE\WKHPDQDJHPHQWDWUHDVRQDEOHLQWHUYDOV1RPDWHULDO
GLVFUHSDQFLHVZHUHQRWLFHGRQSK\VLFDOYHUL¿FDWLRQRIVWRFNVDV
FRPSDUHGWRERRNUHFRUGV
iii. 7KH &RPSDQ\ KDV JUDQWHG ORDQV WR ¿YH FRPSDQLHV
(subsidiaries) covered in the Register maintained under
Section 189 of the Act, 2013
(a) As per information and explanation provided to us, the
rate of interest and other terms and conditions on which
VWDWXWRU\GXHVLQFOXGLQJ3URYLGHQW)XQG(PSOR\HH6WDWH
Insurance, Income Tax, Sales Tax, Service Tax, Custom
'XW\([FLVH'XW\9DOXH$GGHG7D[&HVVDQGDQ\RWKHU
PDWHULDOVWDWXWRU\GXHVH[FHSWRFFDVLRQDOPLQRUGHOD\V
As per the information given by the management and
apparent from the records the undisputed liabilities as
on 31st March 2017 is for a period exceeding six months
IURPWKHGDWHRILWEHFRPLQJSD\DEOHLV1,/
(b) Details of disputed liability in respect of tax dues on
account of Income Tax, Sales Tax, Service Tax, Custom
'XW\ ([FLVH 'XW\ 9DOXH$GGHG7D[ &HVV WRJHWKHU ZLWK
the status and the Forum before which such dispute is
SHQGLQJDVRQVW0DUFKLVDVSHU$QQH[XUH,
viii. The company has not defaulted in repayment of loans or
ERUURZLQJWRD¿QDQFLDOLQVWLWXWLRQEDQNVRU*RYHUQPHQW7KH
Company has not obtained any borrowings by way of issue of
GHEHQWXUHV
ix. According to the information and explanation provided to us,
the company did not raise any money by way of initial public
the loans granted by the Company to the bodies corporate
listed in the register maintained under section 189 of the
Act were not , prima facie, prejudicial to the interest of the
FRPSDQ\
(b) As per information and explanation provided to us, in
the case of loans granted by the company to the bodies
corporate listed in the register maintained under section
189 of the Act, the borrowers have been regular in the
payment of principal and interest as stipulated wherever
DSSOLFDEOH
(c) As per the information given by the management, there
are no overdue amounts in respect of the loans granted
to the bodies corporate listed in the register maintained
XQGHUVHFWLRQRIWKH$FW
iv. In our opinion and according to the information and explanations
given to us, the company has complied with the provisions
RI VHFWLRQ  DQG  RI WKH$FW ZLWK UHVSHFW WR WKH ORDQV
LQYHVWPHQWVPDGH
RIIHULQJRUIXUWKHUSXEOLFRIIHULQFOXGLQJGHEWLQVWUXPHQWV7KH
company has taken term loans which have been utilized for the
SXUSRVHIRUZKLFKVXFKORDQVZHUHREWDLQHG
x. During the course of our examination of books and records of
the company, carried out in accordance with generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any
instance of material fraud by the company or on the company
E\ LWV RI¿FHUV RU HPSOR\HHV QRWLFHG RU UHSRUWHG GXULQJ WKH
year, nor we have been informed of any such case by the
PDQDJHPHQW
xi. According to the information and explanations given to us
and based on our examination of the records of the company,
the company has paid/provided for managerial remuneration
LQDFFRUGDQFHZLWKWKHUHTXLVLWHVDSSURYDOVPDQGDWHGE\WKH
SURYLVLRQVRIVHFWLRQUHDGZLWK6FKHGXOH9WRWKH$FW
xii. In our opinion and according to the information and explanations
JLYHQWRXVWKHFRPSDQ\LVQRWDQLGKLFRPSDQ\$FFRUGLQJO\
v. According to the information and explanations provided by the
company, The Company has not accepted deposits from the
SXEOLF
vi. 7KH&RPSDQ\KDVDSSRLQWHGDFRVWDFFRXQWDQW¿UPWRFDUU\RXW
WKH&RVW$XGLW:HKDYHUHYLHZHGWKHFRVWUHFRUGVPDLQWDLQHG
by the Company pursuant to the Companies (Cost Accounting
Records) Rules, 2014 prescribed by the Central Government
under section 148 (1) of the Companies Act, 2013 and are of
the opinion that prima facie the prescribed cost records have
EHHQ PDLQWDLQHG :H KDYH KRZHYHU QRW PDGH D GHWDLOHG
examination of the cost records with a view to determine
whether they are accurate or complete
SDUDJUDSK[LLRIWKH2UGHULVQRWDSSOLFDEOH
xiii. According to the information and explanations given to us and
based on our examination of the records of the Company,
transactions with the related parties are in compliance with
sections 177 and 188 of the Act wherever applicable and details
of such transactions have been disclosed in the standalone
,QG $6 ¿QDQFLDO VWDWHPHQWV DV UHTXLUHG E\ WKH DSSOLFDEOH
DFFRXQWLQJVWDQGDUGV
xiv. According to the information and explanations give to us and
based on our examination of the records of the Company, the
Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures
GXULQJWKH\HDU
47th Annual Report - 2016-17 57
xv. According to the information and explanations given to us and xvi. 7KH &RPSDQ\ LV QRW UHTXLUHG WR EH UHJLVWHUHG XQGHU VHFWLRQ
based on our examination of the records of the Company, ,$RIWKH5HVHUYH%DQNRI,QGLD$FW
the Company has not entered into non-cash transactions For Kirti D. Shah & Associates
ZLWK GLUHFWRUV RU SHUVRQV FRQQHFWHG ZLWK KLP $FFRUGLQJO\ Chartered Accountants
SDUDJUDSK[YRIWKH2UGHULVQRWDSSOLFDEOH  )LUP5HJLVWUDWLRQ1R:

Kirti D. Shah
Proprietor
 0HPEHUVKLS1R
Place : Mumbai
Date : 30th May,2017

Annexure I to Clause vii(b) of Auditor’s Report

Details of disputed statutory dues outstanding as on 31st March, 2017

Nature of Dues Period to which Forum where the dispute is Particulars of Dispute Tax Outstanding
payment relates pending Rs.
Sales Tax Additional Commissioner- Disallowance of legitimate claim of
/XFNQRZ Grade II (Appeals), JRRGVUHWXUQDQGOHYLHG9$7RQ%UDQFK
2013-14 
Commercial tax, transfer and incorrect enhancement of
/XFNQRZ83 VDOHVWXUQRYHU
Total 13,08,936
Income Tax Income Tax Appellate Tribunal 'LVDOORZDQFHRI1RWLRQDO,QWHUHVWRQ
 
Advances given
Income Tax Commissioner of Income Tax 'LVDOORZDQFHRIGHGXFWLRQXV$
2008-09 (Appeals) XXII , Mumbai and 
Disallowance u/s 35D
Income Tax Commissioner of Income Tax 'LVDOORZDQFHRIGHGXFWLRQXV'
2009-10 25,92,730
(Appeals) XXII, Mumbai
Income Tax Commissioner of Income Tax 'LVDOORZDQFHRIGHGXFWLRQXV'
2010-11 
(Appeals) XXI, Mumbai
Income Tax Income Tax Appellate (1) Transfer Pricing adjustment
Tribunal, Mumbai (2) Disallowance of deduction u/s
2012-13 35D 2,12,74,249
(3) 'LVDOORZDQFHXV[UZV
YD
Income Tax Dispute Resolution Panel – I, (1) Transfer Pricing adjustment
2013-14 
Mumbai
Total 3,82,73,257
&HQWUDO([FLVH    &HQWUDO([FLVH 6HUYLFH7D[ &ODVVL¿FDWLRQRI*RRGV,PSRUWHG
29,91,582
Customs 13 $SSHOODWH7ULEXQDO&(67$7
&HQWUDO([FLVH  March 2011 to &HQWUDO([FLVH 6HUYLFH7D[ &ODVVL¿FDWLRQRI*RRGV0DQXIDFWXUHG 3,81,04,558
Customs October 2012 $SSHOODWH7ULEXQDO&(67$7 + 3,81,04,558(Penalty)
Total 7,92,00,698

58 47th Annual Report - 2016-17

 ANNEXURE “B” to the Independent Auditor’s Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
:H KDYH DXGLWHG WKH LQWHUQDO ¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO
reporting of Aries Agro Limited (“the Company”) as of 31 March
LQFRQMXQFWLRQZLWKRXUDXGLWRIWKHVWDQGDORQH,QG$6¿QDQFLDO
VWDWHPHQWVRIWKH&RPSDQ\IRUWKH\HDUHQGHGRQWKDWGDWH
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing
DQG PDLQWDLQLQJ LQWHUQDO ¿QDQFLDO FRQWUROV EDVHG RQ WKH LQWHUQDO
FRQWURORYHU¿QDQFLDOUHSRUWLQJFULWHULDHVWDEOLVKHGE\WKH&RPSDQ\
considering the essential components of internal control stated in the
*XLGDQFH1RWHRQ$XGLWRI,QWHUQDO)LQDQFLDO&RQWUROVRYHU)LQDQFLDO
Reporting issued by the Institute of Chartered Accountants of India
Meaning of Internal Financial Controls over Financial Reporting
$ FRPSDQ\¶V LQWHUQDO ¿QDQFLDO FRQWURO RYHU ¿QDQFLDO UHSRUWLQJ LV
a process designed to provide reasonable assurance regarding
WKH UHOLDELOLW\ RI ¿QDQFLDO UHSRUWLQJ DQG WKH SUHSDUDWLRQ RI ,QG $6
¿QDQFLDO VWDWHPHQWV IRU H[WHUQDO SXUSRVHV LQ DFFRUGDQFH ZLWK
JHQHUDOO\ DFFHSWHG DFFRXQWLQJ SULQFLSOHV $ FRPSDQ\¶V LQWHUQDO
¿QDQFLDOFRQWURORYHU¿QDQFLDOUHSRUWLQJLQFOXGHVWKRVHSROLFLHVDQG
procedures that (1) pertain to the maintenance of records that, in
UHDVRQDEOHGHWDLODFFXUDWHO\DQGIDLUO\UHÀHFWWKHWUDQVDFWLRQVDQG
dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit
SUHSDUDWLRQ RI ,QG $6 ¿QDQFLDO VWDWHPHQWV LQ DFFRUGDQFH ZLWK
µ,&$,¶ 7KHVH UHVSRQVLELOLWLHV LQFOXGH WKH GHVLJQ LPSOHPHQWDWLRQ
generally accepted accounting principles, and that receipts and
DQG PDLQWHQDQFH RI DGHTXDWH LQWHUQDO ¿QDQFLDO FRQWUROV WKDW ZHUH
expenditures of the company are being made only in accordance
RSHUDWLQJ HIIHFWLYHO\ IRU HQVXULQJ WKH RUGHUO\ DQG HI¿FLHQW FRQGXFW
with authorisations of management and directors of the company;
of its business, including adherence to company’s policies, the
and (3) provide reasonable assurance regarding prevention or
safeguarding of its assets, the prevention and detection of frauds
WLPHO\ GHWHFWLRQ RI XQDXWKRULVHG DFTXLVLWLRQ XVH RU GLVSRVLWLRQ RI
and errors, the accuracy and completeness of the accounting
the company’s assets that could have a material effect on the Ind AS
UHFRUGVDQGWKHWLPHO\SUHSDUDWLRQRIUHOLDEOH¿QDQFLDOLQIRUPDWLRQ
¿QDQFLDOVWDWHPHQWV
DVUHTXLUHGXQGHUWKH&RPSDQLHV$FW
Inherent Limitations of Internal Financial Controls over
Auditors’ Responsibility
Financial Reporting
Our responsibility is to express an opinion on the Company’s internal
%HFDXVHRIWKHLQKHUHQWOLPLWDWLRQVRILQWHUQDO¿QDQFLDOFRQWUROVRYHU
¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO UHSRUWLQJ EDVHG RQ RXU DXGLW :H
¿QDQFLDOUHSRUWLQJLQFOXGLQJWKHSRVVLELOLW\RIFROOXVLRQRULPSURSHU
FRQGXFWHG RXU DXGLW LQ DFFRUGDQFH ZLWK WKH *XLGDQFH 1RWH RQ
management override of controls, material misstatements due to
Audit of Internal Financial Controls over Financial Reporting (the
HUURU RU IUDXG PD\ RFFXU DQG QRW EH GHWHFWHG $OVR SURMHFWLRQV
³*XLGDQFH1RWH´DQGWKH6WDQGDUGVRQ$XGLWLQJLVVXHGE\,&$,DQG
deemed to be prescribed under section 143(10) of the Companies
$FW  WR WKH H[WHQW DSSOLFDEOH WR DQ DXGLW RI LQWHUQDO ¿QDQFLDO
controls, both applicable to an audit of Internal Financial Controls
DQGERWKLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD
7KRVH 6WDQGDUGV DQG WKH *XLGDQFH 1RWH UHTXLUH WKDW ZH FRPSO\
ZLWKHWKLFDOUHTXLUHPHQWVDQGSODQDQGSHUIRUPWKHDXGLWWRREWDLQ
UHDVRQDEOH DVVXUDQFH DERXW ZKHWKHU DGHTXDWH LQWHUQDO ¿QDQFLDO
FRQWUROV RYHU ¿QDQFLDO UHSRUWLQJ ZDV HVWDEOLVKHG DQG PDLQWDLQHG
DQGLIVXFKFRQWUROVRSHUDWHGHIIHFWLYHO\LQDOOPDWHULDOUHVSHFWV
Our audit involves performing procedures to obtain audit evidence
DERXW WKH DGHTXDF\ RI WKH LQWHUQDO ¿QDQFLDO FRQWUROV V\VWHP RYHU
¿QDQFLDO UHSRUWLQJ DQG WKHLU RSHUDWLQJ HIIHFWLYHQHVV 2XU DXGLW RI
LQWHUQDO¿QDQFLDOFRQWUROVRYHU¿QDQFLDOUHSRUWLQJLQFOXGHGREWDLQLQJ
DQXQGHUVWDQGLQJRILQWHUQDO¿QDQFLDOFRQWUROVRYHU¿QDQFLDOUHSRUWLQJ
assessing the risk that a material weakness exists, and testing and
evaluating the design and operating effectiveness of internal control
EDVHGRQWKHDVVHVVHGULVN7KHSURFHGXUHVVHOHFWHGGHSHQGRQWKH
auditor’s judgment, including the assessment of the risks of material
PLVVWDWHPHQW RI WKH ,QG $6 ¿QDQFLDO VWDWHPHQWV ZKHWKHU GXH WR
IUDXGRUHUURU
:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXI¿FLHQWDQG
appropriate to provide a basis for our audit opinion on the Company’s
LQWHUQDO¿QDQFLDOFRQWUROVV\VWHPRYHU¿QDQFLDOUHSRUWLQJ
RI DQ\ HYDOXDWLRQ RI WKH LQWHUQDO ¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO
reporting to future periods are subject to the risk that the internal
¿QDQFLDO FRQWURO RYHU ¿QDQFLDO UHSRUWLQJ PD\ EHFRPH LQDGHTXDWH
because of changes in conditions, or that the degree of compliance
ZLWKWKHSROLFLHVRUSURFHGXUHVPD\GHWHULRUDWH
Opinion
In our opinion, the Company has, in all material respects, an
DGHTXDWHLQWHUQDO¿QDQFLDOFRQWUROVV\VWHPRYHU¿QDQFLDOUHSRUWLQJ
DQG VXFK LQWHUQDO ¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO UHSRUWLQJ ZHUH
RSHUDWLQJ HIIHFWLYHO\ DV DW  0DUFK  EDVHG RQ WKH LQWHUQDO
FRQWURORYHU¿QDQFLDOUHSRUWLQJFULWHULDHVWDEOLVKHGE\WKH&RPSDQ\
considering the essential components of internal control stated in the
*XLGDQFH1RWHRQ$XGLWRI,QWHUQDO)LQDQFLDO&RQWUROV2YHU)LQDQFLDO
5HSRUWLQJLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD
For Kirti D. Shah & Associates
Chartered Accountants
 )LUP5HJLVWUDWLRQ1R:
Kirti D. Shah
Proprietor
 0HPEHUVKLS1R
Place : Mumbai
Date : 30th May,2017
47th Annual Report - 2016-17 59
 Balance Sheet as on 31st March, 2017
( Amounts in Rupees unless stated otherwise )
Particulars Note As at As at As at
Nos. 31st March 2017 VW0DUFK 1st April, 2015
I. ASSETS
(1) Non-Current Assets
(a) 3URSHUW\3ODQWDQG(TXLSPHQW  246,831,498  
(b) Intangible Assets  1,171,853 1,312,120 
(c) Capital Work in Progress 150,000,000 90,500,000 92,919,950
(d) Financial Assets
(i) 1RQ&XUUHQW,QYHVWPHQWV 7 202,764,000  
600,767,351 551,004,418 
(2) Current Assets
(a) Inventories 8 1,149,055,703 992,822,395 
(b) Financial Assets
(i) Trade Receivables 9 801,285,222 808,905,120 
(ii) &DVK &DVK(TXLYDOHQWV 10 52,178,120  38,842,110
(iii) Other Bank Balances 11 53,674,394  
(iv) &XUUHQW/RDQV 12 1,231,984 1,232,152 1,050,353
(v) Other Financial Assets 13 1,587,443  1,713,025
(c) Other Current Assets 14 522,672,785 542,917,130 
2,581,685,651 2,439,415,833 
TOTAL 3,182,453,002 2,990,420,251 2,889,241,585

II. EQUITY AND LIABILITIES

(1) Equity
(a) (TXLW\6KDUH&DSLWDO 15 130,043,390 130,043,390 130,043,390
(b) 2WKHU(TXLW\  1,220,978,104  1,097,030,082
1,351,021,494  1,227,073,472
(2) Non-Current Liabilities
(a) )LQDQFLDO/LDELOLWLHV
1RQ&XUUHQW%RUURZLQJV 17 139,895,247  
(b) 1RQ&XUUHQW3URYLVLRQV 18 10,890,071  
(c) 'HIHUUHG7D[/LDELOLWLHV1HW 19 38,235,226 38,315,141 
189,020,544  
(3) Current Liabilities
(a) )LQDQFLDO/LDELOLWLHV
(i) Current Borrowings 20 960,524,916  
(ii) Trade Payables 21 296,540,174 224,991,431 258,433,808
(iii) 2WKHU&XUUHQW)LQDQFLDO/LDELOLWLHV 22 20,316,638  70,012,788
(b) 2WKHU&XUUHQW/LDELOLWLHV 23 304,047,052  222,973,780
(c) Current Provisions 24 9,854,183  8,330,112
(d) &XUUHQW7D[/LDELOLW\1HW 25 51,128,001 25,217,277 51,492,993
1,642,410,964  1,483,979,707
TOTAL 3,182,453,002 2,990,420,251 2,889,241,585
6XPPDU\RI6LJQL¿FDQW$FFRXQWLQJ3ROLFLHV 5

7KH1RWHVUHIHUUHGWRDERYHIRUPDQLQWHJUDOSDUWRIWKHVH)LQDQFLDO6WDWHPHQWV

As per our report of even date For and on behalf of the Board of Directors of Aries Agro Limited

For Kirti D. Shah & Associates Dr. Rahul Mirchandani Prof. R. S. S. Mani Mr. S. Ramamurthy
Chartered Accountants &KDLUPDQ 0DQDJLQJ'LUHFWRU Director &KLHI)LQDQFLDO2I¿FHU
)LUP5HJLVWUDWLRQ1R: ',1 ',1 0HPEHUVKLS1R$&$

Kirti D. Shah Dr. Jimmy Mirchandani Mr. C. B. Chhaya Mr. Qaiser P. Ansari
Proprietor Director Director Company Secretary
0HPEHUVKLS1R ',1 ',1 0HPEHUVKLS1R$&6

Mrs. Nitya Mirchandani Mr. B.V. Dholakia

Place : Mumbai Director Director
',1 ',1
Date : 30th May, 2017

 47th Annual Report - 2016-17

 6WDWHPHQWRI3UR¿WDQG/RVVIRUWKH\HDUHQGHGVW0DUFK
( Amounts in Rupees unless stated otherwise )
Particulars Note Year Ended <HDU(QGHG
Nos. 31st March, 2017 VW0DUFK
I. Revenue from Operations  2,771,912,698 
/HVV'LVFRXQWV5HEDWHV 475,440,074 217,812,140
2,296,472,624 2,128,345,900
II. Other Income 27 15,262,163 14,259,519

III. Total Revenue ( I + II ) 2,311,734,786 

IV. Expenses :
a) Cost of Materials Consumed 28 660,032,516 
b) Purchases of Stock-in-Trade 29 430,251,224 435,399,707
c) (Increase)/Decrease in Inventories of Finished Goods and Stock-in-Trade 30 (148,429,224) (8,883,411)
d) ([FLVH'XW\RQ6DOHRI*RRGV 31 128,555,679 
e) (PSOR\HH%HQH¿WV([SHQVH 32 256,682,788 
(f) Finance Costs 33 211,940,436 
g) Depreciation and Amortization  18,529,371 
h) 2WKHU([SHQVHV 34 570,735,839 542,458,021
7RWDO([SHQVHV 2,128,298,629 

V. 3UR¿W/RVV%HIRUH7D[,,,,9 183,436,157 104,039,272

VI. Tax Expense

(a) Current Tax 65,100,000 
(b) Adjustment of Tax relating to earlier periods 528,839 
(c) Deferred Tax (627,358) 
Income Tax Expense 65,001,481 40,071,273

VII. 3UR¿W/RVVIRUWKHSHULRG 118,434,677 

VIII. Other Comprehensive Income

(A) ,WHPVWKDWZLOOQRWEHUHFODVVL¿HGWR3UR¿WRU/RVV
(i) 5HPHDVXUHPHQWVRI'H¿QHG%HQH¿W3ODQV (4,622,344) 
(4,622,344) 
IX. Total Comprehensive Income for the period (VIII + IX) 113,812,333 

X. Earnings per Equity Share 35

(1) %DVLF 'LOXWHG 9.11 

6XPPDU\RI6LJQL¿FDQW$FFRXQWLQJ3ROLFLHV 5

7KH1RWHVUHIHUUHGWRDERYHIRUPDQLQWHJUDOSDUWRIWKHVH)LQDQFLDO6WDWHPHQWV

As per our report of even date For and on behalf of the Board of Directors of Aries Agro Limited

For Kirti D. Shah & Associates Dr. Rahul Mirchandani Prof. R. S. S. Mani Mr. S. Ramamurthy
Chartered Accountants &KDLUPDQ 0DQDJLQJ'LUHFWRU Director &KLHI)LQDQFLDO2I¿FHU
)LUP5HJLVWUDWLRQ1R: ',1 ',1 0HPEHUVKLS1R$&$

Kirti D. Shah Dr. Jimmy Mirchandani Mr. C. B. Chhaya Mr. Qaiser P. Ansari
Proprietor Director Director Company Secretary
0HPEHUVKLS1R ',1 ',1 0HPEHUVKLS1R$&6

Mrs. Nitya Mirchandani Mr. B.V. Dholakia

Place : Mumbai Director Director
',1 ',1
Date : 30th May, 2017

47th Annual Report - 2016-17 

Statement of Changes in Equity for the year ended 31st March, 2017
Note No. 15
( Amounts in Rupees unless stated otherwise )
A Equity Share Capital As at Changes in Equity Balance as at Changes in Balance as at
1st April, 2015 Share Capital during 31st March, 2016 Equity Share 31st March, 2017
2015-16 Capital during
2016-17
130,043,390 - 130,043,390 - 130,043,390

Note No. 16

B Other Equity Reserves & Surplus Items of Other Total

Comprehensive
Income
Securities General Reatined Re-
Premium Reserve Earnings measurement
Reserve RIQHWGH¿QHG
EHQH¿WSODQV

Balance as at 1st April, 2015 490,037,050 97,956,310 509,036,723 - 1,097,030,082

Add : 3UR¿W/RVVIRUWKH\HDU - -  - 
Add : 7UDQVIHUIURP5HWDLQHG(DUQLQJV - 5,000,000 - - 5,000,000
/HVV Transfer to General Reserve - - (5,000,000) - (5,000,000)
/HVV Dividend paid F Y 2014-15 - -  - 
/HVV Dividend Distribution Tax paid F Y - - (5,325,191) - (5,325,191)
2014-15
/HVV Re-measurements of the net - - -  
GH¿QHGEHQH¿WSODQV
Balance at at 31st March, 2016 490,037,050 102,956,310 536,670,854 (2,883,267) 1,126,780,947
Add : 3UR¿W/RVVIRUWKH\HDU - -  - 
Add : ,QG$6,PSDFWRQ'H¿QHG%HQH¿W - -  - 
Plans
/HVV Ind AS Impact on Deferred Tax - (547,443) - (547,443)
/HVV 'LYLGHQGSDLGIRU)< - -  - 
/HVV Dividend Distribution Tax paid for F - -  - 
<
/HVV Ind AS Impact on Residential Flat - - (240,088) - (240,088)
/HVV Re-measurements of the net - - -  
GH¿QHGEHQH¿WSODQV
Balance as at 31 March, 2017 490,037,050 102,956,310 635,490,356 (7,505,611) 1,220,978,104

Dividend declared @ `2 per share

 47th Annual Report - 2016-17

 Statement of Cash Flows for the year ended 31st March, 2017
( Amounts in Rupees unless stated otherwise )
Sr. Particulars Year Ended <HDU(QGHG
No. 31st March, 2017 VW0DUFK
A) CASH FLOW FROM OPERATING ACTIVITIES
1HW3UR¿WEHIRUHWD[DVSHU6WDWHPHQWRI3UR¿WDQG/RVV 183,436,157 104,039,272
Adjusted for :
'HSUHFLDWLRQDQG$PRUWLVDWLRQ([SHQVH 18,529,371 
/RVVRQ6DOHRI$VVHWVQHW 174,616 
(IIHFWRI5HPHDVXUHPHQWV (759,944) 
Interest Income (14,842,099) 
Finance Costs 211,940,436 
2SHUDWLQJ3UR¿WEHIRUH:RUNLQJ&DSLWDO&KDQJHV 398,478,538 315,927,472
Adjusted for :
(Increase) / Decrease in Trade Receivables 7,619,897 
(Increase) / Decrease in Inventories (156,233,308) 
Increase / (Decrease) in Trade Payables 71,548,743 (33,442,377)
,QFUHDVH'HFUHDVHLQ3URYLVLRQV 2WKHU&XUUHQW/LDELOLWLHV 40,170,645 (8,344,773)
Cash Generated from Operations 361,584,516 
,QFRPH7D[HVSDLGUHFHLYHG1HW (65,081,394) 
Net Cash Flow from Operating Activities (A) 296,503,121 253,018,030

B) CASH FLOW FROM INVESTING ACTIVITIES :

Purchase of Fixed Assets ( Tangible Fixed Assets, Capital work in progress (WIP) (70,588,297) (71,573,414)
Proceeds from Sale of Fixed Assets 2,121,375 
0RYHPHQWLQ6KRUW7HUP/RDQVDQG$GYDQFHV 2WKHU$VVHWV 17,755,621 (72,430,475)
Interest Income 14,842,099 
1HW&DVK)ORZIURPXVHGLQ,QYHVWLQJ$FWLYLWLHV% (35,869,202) 

C) CASH FLOW FROM FINANCING ACTIVITIES:

Dividend Paid (19,506,509) 
Tax on Dividend paid (3,971,066) (5,325,191)
1RQ&XUUHQW%RUURZLQJV1HW 22,972,825 
&XUUHQW%RUURZLQJV1HW (36,776,704) 
Finance Costs (211,940,436) 
1HW&DVKXVHGLQIURP¿QDQFLQJDFWLYLWLHV& (249,221,890) 

1HW,QFUHDVHLQ&DVKDQG&DVK(TXLYDOHQWV 11,412,029 1,923,980

2SHQLQJ%DODQFHRI&DVKDQG&DVK(TXLYDOHQWV 40,766,091 38,842,110

&ORVLQJ%DODQFHRI&DVKDQG&DVK(TXLYDOHQWV 52,178,120 

1RWH7KHDERYHVWDWHPHQWKDVEHHQSUHSDUHGXQGHUWKHLQGLUHFWPHWKRGVHWRXWLQ,QG$6³6WDWHPHQWRI&DVK)ORZ´

As per our report of even date For and on behalf of the Board of Directors of Aries Agro Limited

For Kirti D. Shah & Associates Dr. Rahul Mirchandani Prof. R. S. S. Mani Mr. S. Ramamurthy
Chartered Accountants &KDLUPDQ 0DQDJLQJ'LUHFWRU Director &KLHI)LQDQFLDO2I¿FHU
)LUP5HJLVWUDWLRQ1R: ',1 ',1 0HPEHUVKLS1R$&$

Kirti D. Shah Dr. Jimmy Mirchandani Mr. C. B. Chhaya Mr. Qaiser P. Ansari
Proprietor Director Director Company Secretary
0HPEHUVKLS1R ',1 ',1 0HPEHUVKLS1R$&6

Mrs. Nitya Mirchandani Mr. B.V. Dholakia

Place : Mumbai Director Director
',1 ',1
Date : 30th May, 2017

47th Annual Report - 2016-17 

NOTES to the Financial Statements for the year ended 31st March, 2017
1. Corporate Information
 $ULHV$JUR/LPLWHGµ$ULHV¶RUWKHµ&RPSDQ\¶ZDVLQFRUSRUDWHGDW0XPEDLLQIRUPDQXIDFWXULQJRIVPDOOUDQJHRIPLQHUDOIHHGDGGLWLYHV
IRUDQLPDOV ELUGVDQGWKHQGLYHUVL¿HGLQWRPLQHUDODGGLWLYHV IRUWKHDJULFXOWXUHXVHDQGFXUUHQWO\LVLQWREXVLQHVVRIPDQXIDFWXULQJ
PLFURQXWULHQWVDQGRWKHUQXWULWLRQDOSURGXFWVIRUSODQWVDQGDQLPDOV
 ,Q-DQXDU\WKH&RPSDQ\LQFRUSRUDWHG$ULHV$JUR&DUH3ULYDWH/LPLWHGDVD:KROO\2ZQHG6XEVLGLDU\IRUFDUU\LQJEXVLQHVVLQWKH
%UDQFKRIDJURSURWHFWLRQVHHGVHWF
 ,Q-DQXDU\WKH&RPSDQ\LQFRUSRUDWHG$ULHV$JUR(TXLSPHQWV3ULYDWH/LPLWHGDVD:KROO\2ZQHG6XEVLGLDU\IRUFDUU\LQJEXVLQHVV
LQDOOW\SHRIIDUPHTXLSPHQWVPDFKLQHU\HWF
 ,Q  WKH &RPSDQ\ DFTXLUHG  6KDUHV LQ *ROGHQ +DUYHVW 0LGGOH (DVW )=& 6KDUMDK 8$( E\ YLUWXH RI ZKLFK WKH VDLG *ROGHQ
+DUYHVW0LGGOH(DVW)=&KDVEHFRPHD6XEVLGLDU\RIWKH&RPSDQ\*ROGHQ+DUYHVW0LGGOH(DVW)=&LVLQWKHEXVLQHVVRIPDQXIDFWXULQJ
FKHODWHGPLFURQXWULHQWV
 ,Q-XQHWKH&RPSDQ\LQFRUSRUDWHG$ULHV$JUR3URGXFH3ULYDWH/LPLWHGDVD6XEVLGLDU\IRUFDUU\LQJEXVLQHVVLQDOONLQGVRIIDUPLQJ
HWF
 ,QWKH\HDUWKH&RPSDQ\¶V2YHUVHDV6XEVLGLDU\YL]06*ROGHQ+DUYHVW0LGGOH(DVW)=&DFTXLUHG6KDUHVRI06$PDUDN
&KHPLFDOV)=&EDVHGLQ)XMDLUDK)UHH=RQH8$(E\YLUWXHRIZKLFK06$PDUDN&KHPLFDOV)=&KDVEHFRPHD6WHS'RZQ6XEVLGLDU\
RI$ULHV$JUR/LPLWHG
 $ULHV$JUR/LPLWHGLVDQ,QGLDQ0XOWLQDWLRQDO&RPSDQ\WKDWRIIHUVWKHZLGHVWUDQJHRISURGXFWVLQWKHSULPDU\VHFRQGDU\DQGPLFUR
IHUWLOL]HUVHFWRUUDQJLQJIURPLQGLYLGXDOHOHPHQWVWRPL[HGVSHFLDOW\SODQWQXWULHQWIHUWLOL]HUV6LQFH$ULHVKDVSLRQHHUHGVHYHUDO
innovative concepts of farming to Indian agriculturists, including the wonder of Chelation Technology, bio-degradable complexes of
SODQW QXWULHQWV ZDWHU VROXEOH 13. IHUWLOL]HUV YDOXH DGGHG VHFRQGDU\ QXWULHQWV QDWXUDO DQG ELRORJLFDO SURGXFWV DQG ZDWHU WUHDWPHQW
IRUPXODWLRQV
2. Basis of Preparation
 0LQLVWU\RI&RUSRUDWH$IIDLUVQRWL¿HGURDGPDSWRLPSOHPHQW,QGLDQ$FFRXQWLQJ6WDQGDUGVµ,QG$6¶QRWL¿HGXQGHUWKH&RPSDQLHV,QGLDQ
$FFRXQWLQJ6WDQGDUGV5XOHVDVDPHQGHGE\WKHFRPSDQLHV,QGLDQ$FFRXQWLQJ6WDQGDUGVDPHQGPHQW5XOHV$VSHU
WKHVDLGURDGPDSWKH&RPSDQ\LVUHTXLUHGWRDSSO\,QG$6IRUWKH\HDUHQGHGst0DUFK+RZHYHUWKHFRPSDQ\KDVYROXQWDULO\
adopted Ind AS as from the year 1st$SULOZLWKst$SULOEHLQJWKHGDWHRIWUDQVLWLRQ7KHFRPSDUDWLYH¿JXUHVLQWKH%DODQFH
6KHHWDVDWVW0DUFKDQGst$SULODQGWKH6WDWHPHQWRI3UR¿WDQG/RVVDQGWKH&DVK)ORZ6WDWHPHQWIRUWKH\HDUHQGHG
31st0DUFKKDVEHHQUHVWDWHGDFFRUGLQJO\
The Company has adopted all the Ind AS standards and the adoption was carried out in-accordance with IndAS 101 First time adoption
RI,QGLDQ$FFRXQWLQJ6WDQGDUGV
1.1 Statement of Compliance
 7KH&RPSDUDWLYH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVFRPSULVLQJ%DODQFH6KHHW6WDWHPHQWRI3UR¿WDQG/RVV6WDWHPHQWRI&KDQJHVLQ
(TXLW\&DVK)ORZ6WDWHPHQWWRJHWKHUZLWKWKH1RWHVWRDFFRXQWVDORQJZLWKDVXPPDU\RIWKHVLJQL¿FDQWDFFRXQWLQJSROLFLHVDQGRWKHU
H[SODQDWRU\LQIRUPDWLRQIRUWKH\HDUHQGHGVW0DUFKKDYHEHHQSUHSDUHGLQDFFRUGDQFHZLWKWKH,QG$6DVQRWL¿HGDERYH
 )RU DOO SHULRGV XS WR DQG LQFOXGLQJ WKH \HDU HQGHG VW 0DUFK  WKH &RPSDQ\ SUHSDUHG LWV ¿QDQFLDO VWDWHPHQWV LQ DFFRUGDQFH
ZLWKDFFRXQWLQJVWDQGDUGVQRWL¿HGXQGHUVHFWLRQRIWKH&RPSDQLHV$FWUHDGWRJHWKHUZLWKSDUDJUDSKRIWKH&RPSDQLHV
$FFRXQWV5XOHV,QGLDQ*$$3
1.2 Basis of Measurement - Historic Cost Convention
These Consolidated Financial statements have been prepared on a historical cost basis, except for the following:
‡ FHUWDLQ¿QDQFLDODVVHWVDQGOLDELOLWLHVWKDWLVPHDVXUHGDWIDLUYDOXHUHIHUDFFRXQWLQJSROLF\UHJDUGLQJ¿QDQFLDOLQVWUXPHQWV
‡ 'H¿QHGEHQH¿WSODQV±SODQDVVHWVPHDVXUHGDWIDLUYDOXH
 $OODVVHWVDQGOLDELOLWLHVKDVEHHQFODVVL¿HGDVFXUUHQWRUQRQFXUUHQWDVSHUWKH&RPSDQ\¶VQRUPDORSHUDWLQJF\FOHDQGRWKHUFULWHULDVHW
RXWLQWKH6FKHGXOH,,,WRWKH&RPSDQLHV$FW
2.3 Functional and Presentation Currency
Items included in the Financial Statements of the entity are measured using the currency of the primary economic environment in which
WKHHQWLW\RSHUDWHV³WKHIXQFWLRQDOFXUUHQF\´,QGLDQ5XSHHLVWKH)XQFWLRQDOFXUUHQF\RIWKH&RPSDQ\
 7KH)LQDQFLDOVWDWHPHQWVDUHSUHVHQWHGLQ,QGLDQ5XSHHVZKLFKLVWKH&RPSDQ\¶VSUHVHQWDWLRQFXUUHQF\
1.4 Use of Estimates:
 7KHSUHSDUDWLRQRI)LQDQFLDO6WDWHPHQWVLQDFFRUGDQFHZLWK,QG$6UHTXLUHVXVHRIHVWLPDWHVDQGDVVXPSWLRQVIRUVRPHLWHPVZKLFK
PLJKWKDYHDQHIIHFWRQWKHLUUHFRJQLWLRQDQGPHDVXUHPHQWLQWKH%DODQFH6KHHWDQG6WDWHPHQWRI3UR¿WDQG/RVV7KHDFWXDODPRXQWV
UHDOL]HGPD\GLIIHUIURPWKHVHHVWLPDWHV$FFRXQWLQJHVWLPDWHVFRXOGFKDQJHIURPSHULRGWRSHULRG$FWXDOUHVXOWVFRXOGGLIIHUIURPWKRVH

 47th Annual Report - 2016-17

NOTES to the Financial Statements for the year ended 31st March, 2017
HVWLPDWHV$SSURSULDWHFKDQJHVLQHVWLPDWHVDUHPDGHDVWKHPDQDJHPHQWEHFRPHVDZDUHRIFKDQJHVLQFLUFXPVWDQFHVVXUURXQGLQJ
WKH HVWLPDWHV 'LIIHUHQFHV EHWZHHQ WKH DFWXDO UHVXOWV DQG HVWLPDWHV DUH UHFRJQL]HG LQ WKH SHULRG LQ ZKLFK WKH UHVXOWV DUH NQRZQ 
PDWHULDOL]HGDQGLIPDWHULDOWKHLUHIIHFWVDUHGLVFORVHGLQWKHQRWHVWRWKH)LQDQFLDO6WDWHPHQWV
Estimates and assumptions are required in particular for :
(i) Determination of the estimated useful life of tangible assets and the assessment as to which components of the cost may be
capitalized :
 8VHIXOOLIHRIWDQJLEOHDVVHWVLVEDVHGRQWKHOLIHSUHVFULEHGLQ6FKHGXOH,,RIWKH&RPSDQLHV$FW,QFDVHVZKHUHWKHXVHIXOOLIHLV
different from that prescribed in Schedule II, it is based on technical advice, taking into account the nature of the asset, estimated usage
DQGRSHUDWLQJFRQGLWLRQVRIWKHDVVHWSDVWKLVWRU\RIUHSODFHPHQWDQGPDLQWHQDQFHVXSSRUW$QDVVXPSWLRQDOVRQHHGVWREHPDGH
ZKHQWKH&RPSDQ\DVVHVVHVZKHWKHUDQDVVHWPD\EHFDSLWDOL]HGDQGZKLFKFRPSRQHQWVRIWKHFRVWRIWKHDVVHWPD\EHFDSLWDOL]HG
 5HFRJQLWLRQDQGPHDVXUHPHQWRIGH¿QHGEHQH¿WREOLJDWLRQV
 7KH REOLJDWLRQ DULVLQJ IURP WKH GH¿QHG EHQH¿W SODQ LV GHWHUPLQHG RQ WKH EDVLV RI DFWXDULDO DVVXPSWLRQV .H\ DFWXDULDO DVVXPSWLRQV
LQFOXGHGLVFRXQWUDWHWUHQGVLQVDODU\HVFDODWLRQDQGYHVWHGIXWXUHEHQH¿WVDQGOLIHH[SHFWDQF\7KHGLVFRXQWUDWHLVGHWHUPLQHGZLWK
UHIHUHQFHWRPDUNHW\LHOGVDWWKHHQGRIWKHUHSRUWLQJSHULRGRQWKHJRYHUQPHQWERQGV7KHSHULRGWRPDWXULW\RIWKHXQGHUO\LQJERQGV
FRUUHVSRQGWRWKHSUREDEOHPDWXULW\RIWKHSRVWHPSOR\PHQWEHQH¿WREOLJDWLRQV
(iii) Recognition of deferred tax assets :
 $'HIHUUHGWD[DVVHWLVUHFRJQL]HGIRUDOOWKHGHGXFWLEOHWHPSRUDU\GLIIHUHQFHVWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWD[DEOHSUR¿WZLOO
EHDYDLODEOHDJDLQVWZKLFKWKHGHGXFWLEOHWHPSRUDU\GLIIHUHQFHFDQEHXWLOL]HG7KHPDQDJHPHQWDVVXPHVWKDWWD[DEOHSUR¿WVZLOOEH
DYDLODEOHZKLOHUHFRJQL]LQJGHIHUUHGWD[DVVHWV
(iv) Recognition and measurement of other provisions :
 7KHUHFRJQLWLRQDQGPHDVXUHPHQWRIRWKHUSURYLVLRQVDUHEDVHGRQWKHDVVHVVPHQWRIWKHSUREDELOLW\RIDQRXWÀRZRIUHVRXUFHVDQGRQ
SDVWH[SHULHQFHDQGFLUFXPVWDQFHVNQRZQDWWKHEDODQFHVKHHWGDWH7KHDFWXDORXWÀRZRIUHVRXUFHVDWDIXWXUHGDWHPD\WKHUHIRUHYDU\
IURPWKH¿JXUHLQFOXGHGLQRWKHUSURYLVLRQV
(v) 'LVFRXQWLQJRIORQJWHUP¿QDQFLDOOLDELOLWLHV
 $OO¿QDQFLDOOLDELOLWLHVDUHUHTXLUHGWREHPHDVXUHGDWIDLUYDOXHRQLQLWLDOUHFRJQLWLRQ,QFDVHRI¿QDQFLDOOLDELOLWLHVZKLFKDUHUHTXLUHGWR
EHVXEVHTXHQWO\PHDVXUHGDWDPRUWL]HGFRVWLQWHUHVWLVDFFUXHGXVLQJWKHHIIHFWLYHLQWHUHVWPHWKRG
(vi) Determining whether an arrangement contains a lease :
 $WWKHLQFHSWLRQRIDQDUUDQJHPHQWWKH&RPSDQ\GHWHUPLQHVZKHWKHUWKHDUUDQJHPHQWLVRUFRQWDLQVDOHDVH$WWKHLQFHSWLRQRURQ
UHDVVHVVPHQW RI DQ DUUDQJHPHQW WKDW FRQWDLQV D OHDVH WKH &RPSDQ\ VHSDUDWHV SD\PHQWV DQG RWKHU FRQVLGHUDWLRQ UHTXLUHG E\ WKH
DUUDQJHPHQWLQWRWKRVHIRUWKHOHDVHDQGWKRVHIRUWKHRWKHUHOHPHQWVEDVHGRQWKHLUUHODWLYHIDLUYDOXHV,IWKH&RPSDQ\FRQFOXGHVIRUD
¿QDQFHOHDVHWKDWLWLVLPSUDFWLFDEOHWRVHSDUDWHWKHSD\PHQWVUHOLDEO\WKHQDQDVVHWDQGDOLDELOLW\DUHUHFRJQL]HGDWDQDPRXQWHTXDO
WRWKHIDLUYDOXHRIWKHXQGHUO\LQJDVVHWVXEVHTXHQWO\WKHOLDELOLW\LVUHGXFHGDVSD\PHQWVDUHPDGHDQGDQLPSXWHG¿QDQFHFRVWRQ
WKHOLDELOLW\LVUHFRJQL]HGXVLQJWKH&RPSDQ\¶VLQFUHPHQWDOERUURZLQJUDWH,QFDVHRIRSHUDWLQJOHDVHWKH&RPSDQ\WUHDWVDOOSD\PHQWV
XQGHUWKHDUUDQJHPHQWDVOHDVHSD\PHQWV
3. Standards Issued but not yet effective :
Ind AS 115 “Revenue from Contract with Customers 7KH0&$KDGQRWL¿HG,QG$6³5HYHQXHIURP&RQWUDFWZLWK&XVWRPHUV´
LQ)HEUXDU\7KHFRUHSULQFLSOHRIWKHQHZVWDQGDUGLVWKDWDQHQWLW\VKRXOGUHFRJQL]HUHYHQXHWRGHSLFWWKHWUDQVIHURISURPLVHG
JRRGVRUVHUYLFHVWRWKHFXVWRPHUVLQDQDPRXQWWKDWUHÀHFWVWKHFRQVLGHUDWLRQWRZKLFKWKHHQWLW\H[SHFWVWREHHQWLWOHGLQH[FKDQJHIRU
WKRVHJRRGVRUVHUYLFHV)XUWKHUWKHQHZVWDQGDUGUHTXLUHVHQKDQFHGGLVFORVXUHVDERXWWKHQDWXUHDPRXQWWLPLQJDQGXQFHUWDLQW\RI
UHYHQXHDQGFDVKÀRZVDULVLQJIURPWKHHQWLW\¶VFRQWUDFWVZLWKFXVWRPHUV
 &XUUHQW9HUVXV1RQ&XUUHQW&ODVVL¿FDWLRQ
L 7KHDVVHWVDQGOLDELOLWLHVLQWKH%DODQFH6KHHWDUHEDVHGRQFXUUHQWQRQ±FXUUHQWFODVVL¿FDWLRQ$QDVVHWDVFXUUHQWZKHQLWLV
 ([SHFWHGWREHUHDOL]HGRULQWHQGHGWREHVROGRUFRQVXPHGLQQRUPDORSHUDWLQJF\FOH
 +HOGSULPDULO\IRUWKHSXUSRVHRIWUDGLQJ
 ([SHFWHGWREHUHDOL]HGZLWKLQWZHOYHPRQWKVDIWHUWKHUHSRUWLQJSHULRGRU
 &DVKRUFDVKHTXLYDOHQWVXQOHVVUHVWULFWHGIURPEHLQJH[FKDQJHGRUXVHGWRVHWWOHDOLDELOLW\IRUDWOHDVWWZHOYHPRQWKVDIWHUWKH
reporting period
 $OORWKHUDVVHWVDUHFODVVL¿HGDVQRQFXUUHQW
(ii) A liability is current when it is:
 ([SHFWHGWREHVHWWOHGLQQRUPDORSHUDWLQJF\FOH

47th Annual Report - 2016-17 

NOTES to the Financial Statements for the year ended 31st March, 2017
 +HOGSULPDULO\IRUWKHSXUSRVHRIWUDGLQJ
 'XHWREHVHWWOHGZLWKLQWZHOYHPRQWKVDIWHUWKHUHSRUWLQJSHULRGRU
 There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period
 $OORWKHUOLDELOLWLHVDUHWUHDWHGDVQRQFXUUHQW
 'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHFODVVL¿HGDVQRQFXUUHQWDVVHWVDQGOLDELOLWLHV
 7KHRSHUDWLQJF\FOHLVWKHWLPHEHWZHHQWKHDFTXLVLWLRQRIDVVHWVIRUSURFHVVLQJDQGWKHLUUHDOL]DWLRQLQFDVKDQGFDVKHTXLYDOHQWV
 6LJQL¿FDQW$FFRXQWLQJ3ROLFLHV
A) Plant, Property & Equipment :
 $OOWKHSURSHUW\SODQWDQGHTXLSPHQWVKDYHEHHQFDUULHGDWYDOXHLQDFFRUGDQFHZLWKWKHSUHYLRXV*$$37KH&RPSDQ\KDVHOHFWHG
WKHVHYDOXHDVGHHPHGFRVWDWWKHGDWHRIWUDQVLWLRQWR,QG$6
 3URSHUW\3ODQW (TXLSPHQWDUHVWDWHGDWRULJLQDOFRVWQHWRIWD[GXW\FUHGLWDYDLOHGOHVVDFFXPXODWHGGHSUHFLDWLRQDQGDFFXPXODWHG
LPSDLUPHQWORVVHVLIDQ\$OOFRVWVLQFOXGLQJ¿QDQFHFRVWVLQFXUUHGXSWRWKHGDWHWKHDVVHWLVUHDG\IRULWVLQWHQGHGXVH
 :KHQVLJQL¿FDQWSDUWVRISURSHUW\SODQWDQGHTXLSPHQWDUHUHTXLUHGWREHUHSODFHGDWLQWHUYDOVWKHFRPSDQ\GHUHFRJQL]HVWKHUHSODFHG
SDUWDQGUHFRJQL]HVWKHQHZSDUWZLWKLWVRZQDVVRFLDWHGXVHIXOOLIHDQGLWLVGHSUHFLDWHGDFFRUGLQJO\
 $OO WKH RWKHU UHSDLU DQG PDLQWHQDQFH FRVWV DUH UHFRJQLVHG LQ WKH VWDWHPHQW RI SUR¿W DQG ORVV DV LQFXUUHG7KH SUHVHQW YDOXH RI WKH
expected cost for the decommissioning of the asset after its use is included in the cost of the respective asset if the recognition criteria
IRUDSURYLVLRQLVPHW
 3URSHUW\3ODQW (TXLSPHQWDUHHOLPLQDWHGIURPWKH¿QDQFLDOVWDWHPHQWVHLWKHURQGLVSRVDORUZKHQUHWLUHGIURPDFWLYHXVH/RVVHV
DULVLQJ LQ WKH FDVH RI UHWLUHPHQW RI SURSHUW\ SODQW DQG HTXLSPHQW DQG JDLQV DQG ORVVHV DULVLQJ IURP GLVSRVDO RI SURSHUW\ SODQW DQG
HTXLSPHQWDUHUHFRJQLVHGLQWKHVWDWHPHQWRISUR¿WDQGORVVLQWKH\HDURIRFFXUUHQFH
 6XEVHTXHQW H[SHQGLWXUH UHODWHG WR DQ LWHP RI 3URSHUW\ 3ODQW  (TXLSPHQW LV DGGHG WR LWV ERRN YDOXH RQO\ LI LW LQFUHDVHV WKH IXWXUH
EHQH¿WVIURPWKHH[LVWLQJDVVHWEH\RQGLWVSUHYLRXVO\DVVHVVHGVWDQGDUGRISHUIRUPDQFH$OORWKHUH[SHQVHVRQH[LVWLQJ3URSHUW\3ODQW
(TXLSPHQWLQFOXGLQJURXWLQHUHSDLUDQGPDLQWHQDQFHH[SHQGLWXUHDQGFRVWRIUHSODFLQJSDUWVDUHFKDQJHGWRWKHVWDWHPHQWRISUR¿W
DQGORVVIRUWKHSHULRGGXULQJZKLFKVXFKH[SHQVHVDUHLQFXUUHG
The Company adjusts exchange differences arising on translation/ settlement of long-term foreign currency monetary items pertaining to
WKHDFTXLVLWLRQRIDGHSUHFLDEOHDVVHWWRWKHFRVWRIWKHDVVHWDQGGHSUHFLDWHVWKHVDPHRYHUWKHUHPDLQLQJOLIHRIWKHDVVHW
 *DLQV RU ORVVHV DULVLQJ IURP GLVSRVDO RI 3ODQW 3URSHUW\ DQG (TXLSPHQW DUH PHDVXUHG DV WKH GLIIHUHQFH EHWZHHQ WKH QHW GLVSRVDO
SURFHHGVDQGWKHFDUU\LQJDPRXQWRIWKHDVVHWDQGDUHUHFRJQL]HGLQWKHVWDWHPHQWRISUR¿WDQGORVVZKHQWKHDVVHWLVGLVSRVHG
B) Depreciation & Amortization :
a) 'HSUHFLDWLRQRQSURSHUW\SODQW HTXLSPHQWLVSURYLGHGRYHUWKHXVHIXOOLIHRIDVVHWVDVVSHFL¿HGLQVFKHGXOH,,WRWKHFRPSDQLHV
$FW,QFDVHRI3URSHUW\SODQW (TXLSPHQWWKDWDUHDGGHGGLVSRVHGRIIGXULQJWKH\HDUGHSUHFLDWLRQLVSURYLGHGRQSURUDWD
EDVLVZLWKUHIHUHQFHWRWKHPRQWKRIDGGLWLRQGHOHWLRQ
 /HDVHKROG LPSURYHPHQWV DUH EHLQJ GHSUHFLDWHG RYHU WKH OHDVH WHUP RU HVWLPDWHG XVHIXO OLIH ZKLFKHYHU LV ORZHU 8VHG DVVHWV
DFTXLUHGIURPWKLUGSDUWLHVDUHGHSUHFLDWHGRQDVWUDLJKWOLQHEDVLVRYHUWKHLUUHPDLQLQJXVHIXOOLIHRIVXFKDVVHWV
b) 'HSUHFLDWLRQPHWKRGVXVHIXOOLIHDQGUHVLGXDOYDOXHVDUHUHYLHZHGDWHDFKUHSRUWLQJGDWHDQGDGMXVWHGLIDSSURSULDWH
C) Intangible Assets :
 ,QWDQJLEOH DVVHWV DUH VWDWHG DW FRVW OHVV DFFXPXODWHG DPRUWL]DWLRQ DQG LPSDLUPHQW ,QWDQJLEOH DVVHWV DUH DPRUWLVHG RYHU WKH
LUUHVSHFWLYHLQGLYLGXDOHVWLPDWHGXVHIXOOLYHVRQDVWUDLJKWOLQHEDVLVIURPWKHGDWHWKDWWKH\DUHDYDLODEOHIRUXVH7KHHVWLPDWHG
XVHIXO OLIH RI DQ LGHQWL¿DEOH LQWDQJLEOH DVVHW LV EDVHG RQ D QXPEHU RI IDFWRUV LQFOXGLQJ WKH HIIHFWV RI REVROHVFHQFH GHPDQG
competition, and other economic factors (such as the stability of the industry, and known technological advances), and the level of
PDLQWHQDQFHH[SHQGLWXUHVUHTXLUHGWRREWDLQWKHH[SHFWHGIXWXUHFDVKÀRZVIURPWKHDVVHW
 7KHXVHIXOOLYHVRILQWDQJLEOHDVVHWVDUHDVVHVVHGDVHLWKHU¿QLWHRULQ¿QLWH
 7KHDPRUWL]DWLRQSHULRGDQGWKHDPRUWL]DWLRQPHWKRGIRUDQLQWDQJLEOHDVVHWZLWKD¿QLWHXVHIXOOLIHDUHUHYLHZHGDWOHDVWDWWKHHQG
RIHDFKUHSRUWLQJSHULRG&KDQJHVLQWKHH[SHFWHGXVHIXOOLIHRUWKHH[SHFWHGSDWWHUQRIFRQVXPSWLRQRIIXWXUHHFRQRPLFEHQH¿WV
embodied in the asset is considered to modify the amortized period or method, as appropriate, and are treated as changes in
DFFRXQWLQJHVWLPDWHV
 ,QWDQJLEOHDVVHWVZLWK¿QLWHXVHIXOOLIHDUHDPRUWL]HGRYHUWKHXVHIXOHFRQRPLFOLIHDQGDVVHVVHGIRULPSDLUPHQWZKHQHYHUWKHUHLV
DQ\LQGLFDWLRQWKDWWKHLQWDQJLEOHDVVHWPD\EHLPSDLUHG
 ,QWDQJLEOHVZLWKLQGH¿QLWHXVHIXOOLIHLIDQ\DUHQRWDPRUWL]HGEXWDUHWHVWHGIRULPSDLUPHQWDQQXDOO\HLWKHULQGLYLGXDOO\RUDWWKHFDVK
JHQHUDWLQJXQLWOHYHO

 47th Annual Report - 2016-17

NOTES to the Financial Statements for the year ended 31st March, 2017
D) Impairment of Non-Current Assets :
As at each balance sheet date, the Company assesses whether there is an indication that an asset may be impaired and also whether
WKHUHLVDQLQGLFDWLRQRIUHYHUVDORILPSDLUPHQWORVVUHFRJQL]HGLQWKHSUHYLRXVSHULRGV,IDQ\LQGLFDWLRQH[LVWVRUZKHQDQQXDOLPSDLUPHQW
WHVWLQJIRUDQDVVHWLVUHTXLUHGLIDQ\WKH&RPSDQ\GHWHUPLQHVWKHUHFRYHUDEOHDPRXQWDQGLPSDLUPHQWORVVLVUHFRJQL]HGZKHQWKH
FDUU\LQJDPRXQWRIDQDVVHWH[FHHGVLWVUHFRYHUDEOHDPRXQW
Recoverable amount is determined:
‡ ,QWKHFDVHRIDQLQGLYLGXDODVVHWDWWKHKLJKHURIWKHIDLUYDOXHOHVVFRVWWRVHOODQGWKHYDOXHLQXVHDQG
‡ ,Q WKH FDVH RI FDVK JHQHUDWLQJ XQLW D JURXS RI DVVHWV WKDW JHQHUDWH LGHQWL¿HG LQGHSHQGHQW FDVK ÀRZV DW WKH KLJKHU RI FDVK
JHQHUDWLQJXQLW¶VIDLUYDOXHOHVVFRVWWRVHOODQGWKHYDOXHLQXVH
 ,QDVVHVVLQJYDOXHLQXVHWKHHVWLPDWHGIXWXUHFDVKÀRZVDUHGLVFRXQWHGWRWKHLUSUHVHQWYDOXHXVLQJDSUHWD[GLVFRXQWUDWHWKDWUHÀHFWV
FXUUHQWPDUNHWDVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGWKHULVNVSHFL¿FWRWKHDVVHW
 ,QGHWHUPLQLQJIDLUYDOXHOHVVFRVWGLVSRVDOUHFHQWPDUNHWWUDQVDFWLRQDUHWDNHQLQWRDFFRXQW
 ,PSDLUPHQWORVVHVRIFRQWLQXLQJRSHUDWLRQVLQFOXGLQJLPSDLUPHQWRQLQYHQWRULHVDUHUHFRJQL]HGLQWKHVWDWHPHQWRISUR¿WDQGORVV
 ,QWDQJLEOHDVVHWVZLWKLQGH¿QLWHXVHIXOOLYHVDUHWHVWHGIRULPSDLUPHQWDQQXDOO\DVDSSURSULDWHDQGZKHQFLUFXPVWDQFHVLQGLFDWHWKDWWKH
FDUU\LQJYDOXHPD\EHLPSDLUHG
E) Cash and Cash Equivalents :
 &DVKDQGFDVKHTXLYDOHQWVFRPSULVHFDVKRQKDQGDQGGHPDQGGHSRVLWVZLWKEDQNVZKLFKDUHVKRUWWHUPKLJKO\OLTXLGLQYHVWPHQWVWKDW
DUHUHDGLO\FRQYHUWLEOHLQWRNQRZQDPRXQWVRIFDVKDQGZKLFKDUHVXEMHFWWRLQVLJQL¿FDQWULVNRIFKDQJHVLQYDOXH
F) Inventories and WIP:
 ,QYHQWRULHVDUHYDOXHGDWWKHORZHURIFRVWDQGQHWUHDOL]DEOHYDOXH
Costs incurred in bringing each product to its present location and condition are accounted for as follows:
a) Raw materials and packing materials :
/RZHURIFRVWDQGQHWUHDOL]DEOHYDOXH+RZHYHUPDWHULDOVDQGRWKHULWHPVKHOGIRUXVHLQWKHSURGXFWLRQRILQYHQWRULHVDUHQRW
ZULWWHQGRZQEHORZFRVWLIWKH¿QLVKHGSURGXFWVLQZKLFKWKH\ZLOOEHLQFRUSRUDWHGDUHH[SHFWHGWREHVROGDWRUDERYHFRVW&RVW
LVGHWHUPLQHGRQD¿UVWLQ¿UVWRXWEDVLV&XVWRPVGXW\RQLPSRUWHGUDZPDWHULDOVH[FOXGLQJVWRFNVLQWKHERQGHGZDUHKRXVHLV
WUHDWHGDVSDUWRIWKHFRVWRIWKHLQYHQWRULHV5DZPDWHULDOVWRUHDQGVSDUHV&RVWRQ),)2EDVLVRUQHWUHDOL]DEOHYDOXHZKLFKHYHU
LVORZHU
E :RUNLQSURJUHVVDQG¿QLVKHGJRRGV
 /RZHU RI FRVW DQG QHW UHDOL]DEOH YDOXH &RVW LQFOXGHV GLUHFW PDWHULDOV DQG ODERXU DQG D SURSRUWLRQ RI PDQXIDFWXULQJ RYHUKHDGV
EDVHGRQQRUPDORSHUDWLQJFDSDFLW\&RVWRI¿QLVKHGJRRGVLQFOXGHVH[FLVHGXW\
c) Traded goods :
 /RZHURIFRVWDQGQHWUHDOL]DEOHYDOXH&RVWLQFOXGHVWKHSXUFKDVHSULFHDQGRWKHUDVVRFLDWHGFRVWVGLUHFWO\LQFXUUHGLQEULQJLQJWKH
LQYHQWRU\WRLWVSUHVHQWORFDWLRQ1HWUHDOL]DEOHYDOXHLVWKHHVWLPDWHGVHOOLQJSULFHLQWKHRUGLQDU\FRXUVHRIEXVLQHVVOHVVHVWLPDWHG
FRVWVRIFRPSOHWLRQDQGHVWLPDWHGFRVWVQHFHVVDU\WRPDNHWKHVDOH
d) :DVWHDQGVFUDSDUHQRWVHSDUDWHO\YDOXHGEHLQJLQVLJQL¿FDQWLQYDOXH
e) 1HW UHDOL]DEOH YDOXH LV WKH HVWLPDWHG VHOOLQJ SULFH LQ WKH RUGLQDU\ FRXUVH RI EXVLQHVV OHVV HVWLPDWHG FRVWV RI FRPSOHWLRQ DQG
HVWLPDWHGFRVWVQHFHVVDU\WRPDNHWKHVDOH
G) Leases :
The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception date,
ZKHWKHUIXO¿OOPHQWRIWKHDUUDQJHPHQWLVGHSHQGHQWRQWKHXVHRIDVSHFL¿FDVVHWRUDVVHWVRUDUUDQJHPHQWFRQYH\VDULJKWWRXVHWKH
DVVHWHYHQLIWKDWULJKWLVQRWH[SOLFLWO\VSHFL¿HGLQDQDUUDQJHPHQW
a) Operating Lease
 /HDVHVLQZKLFKWKH&RPSDQ\GRHVQRWWUDQVIHUVXEVWDQWLDOO\DOOWKHULVNVDQGUHZDUGVRIRZQHUVKLSRIDQDVVHWDUHFODVVL¿HGDV
RSHUDWLQJOHDVHV5HQWDOLQFRPHIURPRSHUDWLQJOHDVHLVUHFRJQLVHGRQDVWUDLJKWOLQHEDVLVRYHUWKHWHUPRIWKHUHOHYDQWOHDVH
Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset
DQGUHFRJQLVHGRYHUWKHOHDVHWHUPRQWKHVDPHEDVLVDVUHQWDOLQFRPH&RQWLQJHQWUHQWVDUHUHFRJQLVHGDVUHYHQXHLQWKHSHULRG
LQZKLFKWKH\DUHHDUQHG
b) Finance Lease
 /HDVHVDUHFODVVL¿HGDV¿QDQFHOHDVHVZKHQVXEVWDQWLDOO\DOORIWKHULVNVDQGUHZDUGVRIRZQHUVKLSWUDQVIHUIURPWKH&RPSDQ\
WRWKHOHVVHH$PRXQWVGXHIURPOHVVHHVXQGHU¿QDQFHOHDVHVDUHUHFRUGHGDVUHFHLYDEOHVDWWKH&RPSDQ\¶VQHWLQYHVWPHQWLQ

47th Annual Report - 2016-17 

NOTES to the Financial Statements for the year ended 31st March, 2017
WKHOHDVHV)LQDQFHOHDVHLQFRPHLVDOORFDWHGWRDFFRXQWLQJSHULRGVVRDVWRUHÀHFWDFRQVWDQWSHULRGLFUDWHRIUHWXUQRQWKHQHW
LQYHVWPHQWRXWVWDQGLQJLQUHVSHFWRIWKHOHDVH
+ 5HWLUHPHQWEHQH¿WV
a) 6KRUW7HUP(PSOR\HH%HQH¿WV
 $FFXPXODWHG OHDYH ZKLFK LV H[SHFWHG WR EH XWLOLVHG ZLWKLQ WKH QH[W  PRQWKV LV WUHDWHG DV VKRUWWHUP HPSOR\HH EHQH¿W7KH
Company measures the expected cost of such absences as the additional amount that it expects to pay as a result of the unused
HQWLWOHPHQWWKDWKDVDFFXPXODWHGDWWKHUHSRUWLQJGDWH
 6KRUWWHUPHPSOR\HHEHQH¿WVDUHH[SHQVHGDVWKHUHODWHGVHUYLFHLVSURYLGHG$OLDELOLW\LVUHFRJQLVHGIRUWKHDPRXQWH[SHFWHGWR
be paid if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the
HPSOR\HHDQGWKHREOLJDWLRQFDQEHHVWLPDWHGUHOLDEO\
b) 3RVW(PSOR\PHQW%HQH¿WV
i) 'H¿QHG&RQWULEXWLRQ3ODQV
 5HWLUHPHQWEHQH¿WLQWKHIRUPRI3URYLGHQW)XQGLVDGH¿QHGFRQWULEXWLRQVFKHPHDQGWKHFRQWULEXWLRQVDUHFKDUJHGWRWKH
VWDWHPHQW RI SUR¿W DQG ORVV IRU WKH \HDU ZKHQ WKH FRQWULEXWLRQV WR WKH JRYHUQPHQW IXQGV DUH GXH 7KH &RPSDQ\ KDV QR
REOLJDWLRQRWKHUWKDQWKHFRQWULEXWLRQSD\DEOHWRSURYLGHQWIXQGDXWKRULWLHV
ii) 'H¿QHG&RQWULEXWLRQ3ODQV
 7KHHPSOR\HHV¶JUDWXLW\IXQGVFKHPHLVWKH&RPSDQ\¶VGH¿QHGEHQH¿WSODQ7KHSUHVHQWYDOXHRIWKHREOLJDWLRQXQGHUWKHVDLG
GH¿QHGEHQH¿WSODQLVGHWHUPLQHGRQWKHEDVLVRIDFWXDULDOYDOXDWLRQIURPDQLQGHSHQGHQWDFWXDU\XVLQJWKH3URMHFWHG8QLW
&UHGLW0HWKRG
 7KHJUDWXLW\EHQH¿WRIWKH&RPSDQ\LVDGPLQLVWHUHGE\DWUXVWIRUPHGIRUWKLVSXUSRVHWKURXJKWKHJURXSJUDWXLW\VFKHPH
Remeasurements comprising of actuarial gain and losses, the effect of the asset ceiling and the return on plan assets (excluding
DPRXQWLQFOXGHGLQQHWLQWHUHVWRQWKHQHWGH¿QHGEHQH¿WOLDELOLW\DUHUHFRJQLVHGLPPHGLDWHO\LQWKHEDODQFHVKHHWZLWKD
FRUUHVSRQGLQJGHELWRUFUHGLWWRUHWDLQHGHDUQLQJVWKURXJKRWKHUFRPSUHKHQVLYHLQFRPHLQWKHSHULRGLQZKLFKWKH\RFFXU
 5HPHDVXUHPHQWVDUHQRWUHFODVVL¿HGWRWKHVWDWHPHQWRISUR¿WDQGORVVLQVXEVHTXHQWSHULRGV
 3DVWVHUYLFHFRVWLVUHFRJQLVHGLQWKHVWDWHPHQWRISUR¿W ORVVLQWKHSHULRGRISODQDPHQGPHQW
 1HWLQWHUHVWLVFDOFXODWHGE\DSSO\LQJWKHGLVFRXQWHGUDWHWRWKHQHWGH¿QHGEHQH¿WOLDELOLW\RUDVVHW
c) 2WKHU/RQJ7HUP(PSOR\HH%HQH¿WV
 7KH &RPSDQ\ WUHDWV DFFXPXODWHG OHDYH H[SHFWHG WR EH FDUULHG IRUZDUG EH\RQG  PRQWKV DV ORQJWHUP HPSOR\HH EHQH¿W IRU
PHDVXUHPHQW SXUSRVHV 6XFK ORQJWHUP FRPSHQVDWHG DEVHQFHV DUH SURYLGHG IRU EDVHG RQ WKH DFWXDULDO YDOXDWLRQ XVLQJ WKH
SURMHFWHGXQLWFUHGLWPHWKRGDWWKH\HDUHQG$FWXDULDOJDLQVORVVHVDUHLPPHGLDWHO\WDNHQWRWKHVWDWHPHQWRISUR¿WDQGORVVDQG
DUHQRWGHIHUUHG
I) Non-current assets held for sale :
 1RQ&XUUHQWDVVHWVDUHFODVVL¿HGDVKHOGIRUVDOHLIWKHLUFDUU\LQJDPRXQWVZLOOEHUHFRYHUHGSULQFLSDOO\WKURXJKDVDOHWUDQVDFWLRQUDWKHU
WKDQWKURXJKFRQWLQXLQJXVH
 1RQ&XUUHQWDVVHWVFODVVL¿HGDVKHOGIRUVDOHDUHPHDVXUHGDWWKHORZHURIWKHLUFDUU\LQJDPRXQWDQGIDLUYDOXHOHVVFRVWVWRVHOO7KLV
FRQGLWLRQLVUHJDUGHGDVPHWRQO\ZKHQWKHVDOHLVKLJKO\SUREDEOHDQGWKHDVVHWLVDYDLODEOHIRULPPHGLDWHVDOHLQLWVSUHVHQWFRQGLWLRQ
0DQDJHPHQWPXVWEHFRPPLWWHGWRWKHVDOHZKLFKVKRXOGEHH[SHFWHGWRTXDOLI\IRUUHFRJQLWLRQDVDFRPSOHWHGVDOHZLWKLQRQH\HDU
IURPWKHGDWHRIFODVVL¿FDWLRQ
 7KHFULWHULDIRUKHOGIRUVDOHGLVWULEXWLRQFODVVL¿FDWLRQLVUHJDUGHGPHWRQO\ZKHQWKHDVVHWVDUHDYDLODEOHIRULPPHGLDWHVDOHGLVWULEXWLRQ
in its present condition, subject only to terms that are usual and customary for sales of such assets, its sale is highly probable; and it will
JHQXLQHO\EHVROGQRWDEDQGRQHG7KH&RPSDQ\WUHDWVVDOHRIWKHDVVHWWREHKLJKO\SUREDEOHZKHQ
‡ 7KHDSSURSULDWHOHYHORIPDQDJHPHQWLVFRPPLWWHGWRDSODQWRVHOOWKHDVVHW
‡ $QDFWLYHSURJUDPPHUWRORFDWHDEX\HUDQGFRPSOHWHWKHSODQKDVEHHQLQLWLDWHG
‡ 7KHDVVHWLVEHLQJDFWLYHO\PDUNHWHGIRUVDOHDWDSULFHWKDWLVUHDVRQDEOHLQUHODWLRQWRLWVFXUUHQWIDLUYDOXH
‡ 7KHVDOHLVH[SHFWHGWRTXDOLI\IRUUHFRJQLWLRQDVDFRPSOHWHGVDOHZLWKLQRQH\HDUIURPWKHGDWHRIFODVVL¿FDWLRQDQG
‡ $FWLRQVUHTXLUHGWRFRPSOHWHWKHSODQLQGLFDWHWKDWLWLVXQOLNHO\WKDWVLJQL¿FDQWFKDQJHVWRWKHSODQZLOOEHPDGHRUWKDWWKHSODQZLOO
EHZLWKGUDZQ
AssetsDQGOLDELOLWLHVFODVVL¿HGDVKHOGIRUVDOHDUHSUHVHQWHGVHSDUDWHO\LQWKHEDODQFHVKHHW
 3URSHUW\SODQWDQGHTXLSPHQWDQGLQWDQJLEOHDVVHWVRQFHFODVVL¿HGDVKHOGIRUVDOHWRRZQHUVDUHQRWGHSUHFLDWHGRUDPRUWL]HG

 47th Annual Report - 2016-17

NOTES to the Financial Statements for the year ended 31st March, 2017

J) Foreign Currency :
Functional and Presentation Currency
 &RQVROLGDWHG ¿QDQFLDO VWDWHPHQWV KDYH EHHQ SUHVHQWHG LQ ,QGLDQ 5XSHHV `), which is the Group’s functional currency and Group’s
SUHVHQWDWLRQFXUUHQF\(DFKHQWLW\LQWKH*URXSGHWHUPLQHVLWVRZQIXQFWLRQDOFXUUHQF\WKHFXUUHQF\RIWKHSULPDU\HFRQRPLFHQYLURQPHQW
LQZKLFKWKHHQWLW\RSHUDWHVDQGLWHPVLQFOXGHGLQWKH¿QDQFLDOVWDWHPHQWVRIHDFKHQWLW\DUHPHDVXUHGXVLQJWKDWIXQFWLRQDO&XUUHQF\
Transactions and Balances :
 7KHWUDQVDFWLRQVLQIRUHLJQFXUUHQF\DUHDFFRXQWHGDWWKHH[FKDQJHUDWHLHFXVWRPUDWHSUHYDLOLQJRQWKHGDWHRIWUDQVDFWLRQ([FKDQJH
ÀXFWXDWLRQ EHWZHHQ WKH WUDQVDFWLRQ GDWH DQG VHWWOHPHQW GDWH LQ UHVSHFW RI WUDQVDFWLRQV DUH WUDQVIHUUHG WR H[FKDQJH UDWH GLIIHUHQFH
DFFRXQWDQGZULWWHQRIIWRWKHVWDWHPHQWRISUR¿W ORVV([FKDQJHGLIIHUHQFHWKDWDULVHRQVHWWOHPHQWRIPRQHWDU\LWHPVRURQUHSRUWLQJ
at each balance sheet date of the Company’s monetary items at the closing rate are recognized as income or expenses in the Statement
RI3UR¿WDQG/RVVLQWKHSHULRGLQZKLFKWKH\DULVH
Current assets and current liabilities involving transactions in foreign currency are converted at the exchange rates prevailing on the date
RI%DODQFH6KHHW$Q\SUR¿WDQGORVVDULVLQJRXWRIVXFKFRQYHUVLRQLVFKDUJHGWRWKH6WDWHPHQWRISUR¿WDQGORVV
 1RQPRQHWDU\LWHPVLHLQYHVWPHQWVDUHFRQYHUWHGDWWKHUDWHSUHYDOHQWRQWKHGDWHRIWUDQVDFWLRQ
K) Financial Instruments :
 $¿QDQFLDOLQVWUXPHQWLVDQ\FRQWUDFWWKDWJLYHVULVHWRD¿QDQFLDODVVHWRIRQHHQWLW\DQGD¿QDQFLDOOLDELOLW\RUHTXLW\LQVWUXPHQWRIDQRWKHU
HQWLW\
1) Financial Assets :
L &ODVVL¿FDWLRQ
 )LQDQFLDO $VVHWV FRPSULVHV RI ,QYHVWPHQWV LQ (TXLW\ DQG 'HEW VHFXULWLHV 7UDGH 5HFHLYDEOHV &DVK DQG &DVK HTXLYDOHQWV
%RUURZLQJVDQGRWKHU)LQDQFLDO$VVHWV
(ii) Initial recognition measurement :
 $OO¿QDQFLDODVVHWVLVUHFRJQL]HGLQLWLDOO\DWIDLUYDOXHSOXVLQWKHFDVHRI¿QDQFLDODVVHWVQRWUHFRUGHGDWIDLUYDOXHWKURXJKSUR¿WRU
ORVVWUDQVDFWLRQFRVWVWKDWDUHDWWULEXWDEOHWRWKHDFTXLVLWLRQRIWKH¿QDQFLDODVVHW
 )LQDQFLDO$VVHWVDUHFODVVL¿HGDWLQLWLDOUHFRJQLWLRQDV¿QDQFLDODVVHWVPHDVXUHGDWIDLUYDOXHRUDV¿QDQFLDODVVHWVPHDVXUHGDW
DPRUWL]HGFRVW
(iii) Subsequent Recognition
a) Financial Assets measured at amortized cost
Financial assets are measured at amortized cost when asset is held within a business model, whose objective is to hold assets
IRUFROOHFWLQJFRQWUDFWXDOFDVKÀRZVDQGFRQWUDFWXDOWHUPVRIWKHDVVHWJLYHULVHRQVSHFL¿HGGDWHVWRFDVKÀRZVWKDWDUHVROHO\
SD\PHQWVRISULQFLSDODQGLQWHUHVW6XFK¿QDQFLDODVVHWVDUHPHDVXUHGDWDPRUWL]HGFRVWXVLQJWKHHIIHFWLYHLQWHUHVWUDWH(,5
PHWKRG
 7KH(,5DPRUWL]DWLRQLVUHFRJQL]HGDV¿QDQFHLQFRPHLQWKH6WDWHPHQWRI3UR¿WDQG/RVV
Trade receivables
 $ UHFHLYDEOH LV FODVVL¿HG DV D µWUDGH UHFHLYDEOH¶ LI LW LV LQ UHVSHFW WR WKH DPRXQW GXH IURP FXVWRPHUV RQ DFFRXQW RI JRRGV
VROG RU VHUYLFHV UHQGHUHG LQ WKH RUGLQDU\ FRXUVH RI EXVLQHVV 7UDGH UHFHLYDEOHV DUH UHFRJQLVHG LQLWLDOO\ DW IDLU YDOXH DQG
VXEVHTXHQWO\PHDVXUHGDWDPRUWLVHGFRVWXVLQJWKHHIIHFWLYHLQWHUHVWUDWHPHWKRGOHVVSURYLVLRQIRULPSDLUPHQW)RUVRPH
trade receivables the Group may obtain security in the form of guarantee, security deposit or letter of credit which can be called
XSRQLIWKHFRXQWHUSDUW\LVLQGHIDXOWXQGHUWKHWHUPVRIWKHDJUHHPHQW
Impairment is made on the expected credit losses, which are the present value of the shortfalls over the expected life of
¿QDQFLDODVVHWV7KHHVWLPDWHGLPSDLUPHQWORVVHVDUHUHFRJQLVHGLQDVHSDUDWHSURYLVLRQDFFRXQWDQGWKHLPSDLUPHQWORVVHV
DUHUHFRJQLVHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVVZLWKLQRWKHUH[SHQVHV
 )RUIRUHLJQFXUUHQF\WUDGHUHFHLYDEOHLPSDLUPHQWLVDVVHVVHGDIWHUUHLQVWDWHPHQWDWFORVLQJUDWHV
 6XEVHTXHQW FKDQJHV LQ DVVHVVPHQW RI LPSDLUPHQW DUH UHFRJQLVHG LQ SURYLVLRQ IRU LPSDLUPHQW DQG FKDQJHV LQ LPSDLUPHQW
ORVVHVDUHUHFRJQLVHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVVZLWKLQRWKHUH[SHQVHV
Individual receivables which are known to be uncollectible are written off by reducing the carrying amount of trade receivable
DQGWKHDPRXQWRIWKHORVVLVUHFRJQLVHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVVZLWKLQRWKHUH[SHQVHV
 6XEVHTXHQWUHFRYHULHVRIDPRXQWVSUHYLRXVO\ZULWWHQRIIDUHFUHGLWHGWRRWKHU,QFRPH
b) Financial Assets measured at fair value through other comprehensive income (FVTOCI)
 )LQDQFLDODVVHWVXQGHUWKLVFDWHJRU\DUHPHDVXUHGLQLWLDOO\DVZHOODVDWHDFKUHSRUWLQJGDWHDWIDLUYDOXH)DLUYDOXHPRYHPHQWV
DUHUHFRJQL]HGLQWKHRWKHUFRPSUHKHQVLYHLQFRPH

47th Annual Report - 2016-17 

NOTES to the Financial Statements for the year ended 31st March, 2017

F )LQDQFLDO$VVHWVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV)973/
Financial assets under this category are measured initially as well as at each reporting date at fair value with all changes
UHFRJQL]HGLQSUR¿WRUORVV
d) Investment in Subsidiary and Associates
 ,QYHVWPHQWLQHTXLW\LQVWUXPHQWVRI6XEVLGLDULHVDQG$VVRFLDWHVDUHPHDVXUHGDWFRVW3URYLVLRQIRU,PSDLUPHQWORVVRQVXFK
LQYHVWPHQWLVPDGHRQO\ZKHQWKHUHLVDGLPLQXWLRQLQYDOXHRIWKHLQYHVWPHQWZKLFKLVRWKHUWKDQWHPSRUDU\
e) Investment in Debt Instruments
 $ GHEW LQVWUXPHQW LV PHDVXUHG DW DPRUWL]HG FRVW RU DW )973/$Q\ GHEW LQVWUXPHQW ZKLFK GRHV QRW PHHW WKH FULWHULD IRU
FDWHJRUL]DWLRQ DV DW DPRUWL]HG FRVW RU DV )92&, LV FODVVL¿HG DV DW )973/ 'HEW LQVWUXPHQWV LQFOXGHG ZLWKLQ WKH )973/
FDWHJRU\DUHPHDVXUHGDWIDLUYDOXHZLWKDOOFKDQJHVUHFRJQL]HGLQWKH6WDWHPHQWRISUR¿WDQGORVV
(iv) De-recognition of Financial Assets:
 $¿QDQFLDODVVHWLVSULPDULO\GHUHFRJQL]HGZKHQWKHULJKWVWRUHFHLYHFDVKÀRZVIURPWKHDVVHWKDYHH[SLUHGRUWKH&RPSDQ\KDV
WUDQVIHUUHGLWVULJKWVWRUHFHLYHFDVKÀRZVIURPWKHDVVHW
2) Financial Liabilities:
(i) Initial recognition and measurement
 $OO ¿QDQFLDO OLDELOLWLHV DUH UHFRJQL]HG LQLWLDOO\ DW IDLU YDOXH DQG LQ WKH FDVH RI ORDQV ERUURZLQJV DQG SD\DEOHV QHW RI GLUHFWO\
DWWULEXWDEOHWUDQVDFWLRQFRVWV
 7KH &RPSDQ\¶V ¿QDQFLDO OLDELOLWLHV LQFOXGH WUDGH DQG RWKHU SD\DEOHV ORDQV DQG ERUURZLQJV LQFOXGLQJ EDQN RYHUGUDIWV VHFXULW\
GHSRVLWVDQGRWKHUGHSRVLWV
(ii) Subsequent measurement:
)LQDQFLDOOLDELOLWLHVDWIDLUYDOXHWKURXJKSUR¿WRUORVVLQFOXGH¿QDQFLDOOLDELOLWLHVKHOGIRUWUDGLQJDQG¿QDQFLDOOLDELOLWLHVGHVLJQDWHG
XSRQLQLWLDOUHFRJQLWLRQDVDWIDLUYDOXHWKURXJKSUR¿WRUORVV
 )LQDQFLDOOLDELOLWLHVGHVLJQDWHGXSRQLQLWLDOUHFRJQLWLRQDWIDLUYDOXHWKURXJKSUR¿WRUORVVDUHGHVLJQDWHGDVVXFKDWWKHLQLWLDOGDWHRI
UHFRJQLWLRQDQGRQO\LIWKHFULWHULDLQ,QG$6DUHVDWLV¿HG
 )RUOLDELOLWLHVGHVLJQDWHGDV)973/IDLUYDOXHJDLQVORVVHVDWWULEXWDEOHWRFKDQJHVLQRZQFUHGLWULVNLVUHFRJQL]HGLQ2&,7KHVH
JDLQVORVVDUHQRWVXEVHTXHQWO\WUDQVIHUUHGWR3 /+RZHYHUWKH&RPSDQ\PD\WUDQVIHUWKHFXPXODWLYHJDLQRUORVVZLWKLQHTXLW\
 $OORWKHUFKDQJHVLQIDLUYDOXHRIVXFKOLDELOLW\DUHUHFRJQLVHGLQWKHVWDWHPHQWRISUR¿WRUORVV
(iii) Loans and Borrowings :
,QWHUHVWEHDULQJORDQVDQGERUURZLQJVDUHVXEVHTXHQWO\PHDVXUHGDWDPRUWLVHGFRVWXVLQJWKH(IIHFWLYH,QWHUHVW5DWH(,5PHWKRG
*DLQVDQGORVVHVDUHUHFRJQLVHGLQSUR¿WRUORVVZKHQWKHOLDELOLWLHVDUHGHUHFRJQLVHGDVZHOODVWKURXJK(,5DPRUWLVDWLRQSURFHVV
$PRUWLVHGFRVWLVFDOFXODWHGE\WDNLQJLQWRDFFRXQWDQ\GLVFRXQWRUSUHPLXPRQDFTXLVLWLRQDQGIHHVRUFRVWVWKDWDUHDQLQWHJUDO
SDUWRIWKH(,57KH(,5DPRUWLVDWLRQLVLQFOXGHGDV¿QDQFHFRVWVLQWKHVWDWHPHQWRISUR¿WDQGORVV7KLVFDWHJRU\JHQHUDOO\DSSOLHV
WRERUURZLQJV
(iv) Trade and Other Payables
$SD\DEOHLVFODVVL¿HGDV¶WUDGHSD\DEOH¶LILWLVLQUHVSHFWRIWKHDPRXQWGXHRQDFFRXQWRIJRRGVSXUFKDVHGRUVHUYLFHVUHFHLYHGLQ
WKHQRUPDOFRXUVHRIEXVLQHVV7KHVHDPRXQWVUHSUHVHQWXQSDLGOLDELOLWLHVIRUJRRGVDQGVHUYLFHVSURYLGHGWRWKH*URXSWLOOWKHHQG
RI¿QDQFLDO\HDU7UDGHDQGRWKHUSD\DEOHVDUHSUHVHQWHGDVFXUUHQWOLDELOLWLHVXQOHVVSD\PHQWLVQRWGXHZLWKLQPRQWKVDIWHUWKH
UHSRUWLQJSHULRG7UDGHSD\DEOHVDUHUHFRJQLVHGLQLWLDOO\DWWKHLUIDLUYDOXHDQGVXEVHTXHQWO\PHDVXUHGDWDPRUWLVHGFRVWXVLQJWKH
HIIHFWLYHLQWHUHVWUDWHPHWKRG
(v) Derecognition of Financial Liabilities :
$¿QDQFLDOOLDELOLW\LVGHUHFRJQLVHGZKHQWKHREOLJDWLRQXQGHUWKHOLDELOLW\LVGLVFKDUJHGRUFDQFHOOHGRUH[SLUHV:KHQDQH[LVWLQJ
¿QDQFLDOOLDELOLW\LVUHSODFHGE\DQRWKHUIURPWKHVDPHOHQGHURQVXEVWDQWLDOO\GLIIHUHQWWHUPVRUWKHWHUPVRIDQH[LVWLQJOLDELOLW\DUH
VXEVWDQWLDOO\PRGL¿HGVXFKDQH[FKDQJHRUPRGL¿FDWLRQLVWUHDWHGDVWKHGHUHFRJQLWLRQRIWKHRULJLQDOOLDELOLW\DQGWKHUHFRJQLWLRQ
RIDQHZOLDELOLW\7KHGLIIHUHQFHLQWKHUHVSHFWLYHFDUU\LQJDPRXQWVLVUHFRJQLVHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVV
L) Borrowing Costs :
%RUURZLQJFRVWVWKDWDUHGLUHFWO\DWWULEXWDEOHWRDFTXLVLWLRQFRQVWUXFWLRQRUSURGXFWLRQRIDTXDOLI\LQJDVVHWQHWRILQFRPHHDUQHGRQ
WHPSRUDU\GHSOR\PHQWRIIXQGVDUHFDSLWDOLVHGDVDSDUWRIWKHFRVWRIVXFKDVVHWV%RUURZLQJFRVWFRQVLVWVRILQWHUHVWRWKHUFRVW
incurred in connection with borrowings of fund and exchange differences to the extent regarded as an adjustment to the borrowing
FRVW$TXDOLI\LQJDVVHWLVRQHWKDWQHFHVVDULO\WDNHVVXEVWDQWLDOSHULRGRIWLPHWRJHWUHDG\IRULQWHQGHGXVH%RUURZLQJFRVWDOVR
LQFOXGHVH[FKDQJHGLIIHUHQFHVWRWKHH[WHQWUHJDUGHGDVDQDGMXVWPHQWWRWKHERUURZLQJFRVWV
  $OORWKHUERUURZLQJFRVWVDUHFKDUJHGWRWKH6WDWHPHQWRI3UR¿WDQG/RVV

70 47th Annual Report - 2016-17

NOTES to the Financial Statements for the year ended 31st March, 2017

M) Taxes :
(a) Current Income Tax :
(i) Tax on income for the current period is determined on the basis on estimated taxable income and tax credits computed in accordance
ZLWKWKHSURYLVLRQVRIWKHUHOHYDQWWD[ODZVDQGEDVHGRQWKHH[SHFWHGRXWFRPHRIDVVHVVPHQWVDSSHDOV
Current tax comprises of the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to
WKHWD[SD\DEOHRUUHFHLYDEOHLQUHVSHFWRIWKHSUHYLRXV\HDUV,WLVPHDVXUHGXVLQJWD[UDWHVHQDFWHGRUVXEVWDQWLYHO\HQDFWHGDWWKH
UHSRUWLQJGDWH
Current tax assets and liabilities are offset only if, the Company:
‡ KDVDOHJDOO\HQIRUFHDEOHULJKWWRVHWRIIWKHUHFRJQLVHGDPRXQWVDQG
‡ LQWHQGVHLWKHUWRVHWWOHRQDQHWEDVLVRUWRUHDOLVHWKHDVVHWDQGVHWWOHWKHOLDELOLW\VLPXOWDQHRXVO\
(ii) &XUUHQWLQFRPHWD[UHODWLQJWRLWHPVUHFRJQLVHGGLUHFWO\LQHTXLW\LVUHFRJQLVHGLQHTXLW\DQGQRWLQWKHVWDWHPHQWRISUR¿W ORVV
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations
DUHVXEMHFWWRLQWHUSUHWDWLRQDQGHVWDEOLVKHVSURYLVLRQVZKHUHDSSURSULDWH
(b) Deferred Tax :
(i) Deferred tax is provided using the balance sheet approach on temporary differences at the reporting date between the tax bases of
DVVHWVDQGOLDELOLWLHVDQGWKHLUFDUU\LQJDPRXQWVIRU¿QDQFLDOUHSRUWLQJSXUSRVHDWWKHUHSRUWLQJGDWH
(ii) The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that
VXI¿FLHQWWD[DEOHSUR¿WZLOOEHDYDLODEOHWRDOORZDOORUSDUWRIWKHGHIHUUHGWD[DVVHWWREHXWLOLVHG8QUHFRJQLVHGGHIHUUHGWD[DVVHWVDUH
UHDVVHVVHGDWHDFKUHSRUWLQJGDWHDQGDUHUHFRJQLVHGWRWKHH[WHQWWKDWLWKDVEHFRPHSUREDEOHWKDWIXWXUHWD[DEOHSUR¿WVZLOODOORZWKH
GHIHUUHGWD[DVVHWWREHUHFRYHUHG
 'HIHUUHGWD[OLDELOLWLHVDUHDOZD\VSURYLGHGIRULQIXOO'HIHUUHGWD[DVVHWVDUHUHFRJQL]HGWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWKH\ZLOOEH
DEOHWREHRIIVHWDJDLQVWIXWXUHWD[DEOHLQFRPH'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHFDOFXODWHGZLWKRXWGLVFRXQWLQJDWWD[UDWHVWKDWDUH
H[SHFWHGWRDSSO\WRWKHLUUHVSHFWLYHSHULRGRIUHDOL]DWLRQSURYLGHGWKH\DUHHQDFWHGRUVXEVWDQWLYHO\HQDFWHGDWWKHEDODQFHVKHHWGDWH
 0RVWFKDQJHVLQGHIHUUHGWD[DVVHWVRUOLDELOLWLHVDUHUHFRJQL]HGDVDFRPSRQHQWRIWD[H[SHQVHLQWKHLQFRPHVWDWHPHQW2QO\FKDQJHV
LQGHIHUUHGWD[DVVHWVRUOLDELOLWLHVWKDWUHODWHWRDFKDQJHLQYDOXHRIDVVHWVRUOLDELOLWLHVWKDWLVFKDUJHGGLUHFWO\WRHTXLW\DUHFKDUJHGRU
FUHGLWHGGLUHFWO\WRHTXLW\
 6DOHVYDOXHDGGHGWD[HV
 ([SHQVHVDQGDVVHWVDUHUHFRJQLVHGQHWRIWKHDPRXQWRIVDOHVYDOXHDGGHGWD[HVSDLGH[FHSW
‡ :KHQWKHWD[LQFXUUHGRQDSXUFKDVHRIDVVHWVRUVHUYLFHVLVQRWUHFRYHUDEOHIURPWKHWD[DWLRQDXWKRULW\LQZKLFKFDVHWKHWD[SDLG
LVUHFRJQLVHGDVSDUWRIWKHFRVWRIDFTXLVLWLRQRIWKHDVVHWRUDVSDUWRIWKHH[SHQVHLWHPDVDSSOLFDEOH
‡ :KHQUHFHLYDEOHVDQGSD\DEOHVDUHVWDWHGZLWKWKHDPRXQWRIWD[LQFOXGHG7KHQHWDPRXQWRIWD[UHFRYHUDEOHIURPRUSD\DEOHWR
WKHWD[DWLRQDXWKRULW\LVLQFOXGHGDVSDUWRIUHFHLYDEOHVRUSD\DEOHVLQWKHEDODQFHVKHHW
Minimum Alternate Tax :
 0LQLPXP$OWHUQDWH7D[0$7SDLGLQD\HDULVFKDUJHGWRWKHVWDWHPHQWRISUR¿WDQGORVVDVFXUUHQWWD[7KH&RPSDQ\UHFRJQL]HV0$7
credit available as an asset only to the extent that there is convincing evidence that the Company will pay normal income tax during
WKHVSHFL¿HGSHULRGLHWKHSHULRGIRUZKLFK0$7FUHGLWLVDOORZHGWREHFDUULHGIRUZDUG,QWKH\HDULQZKLFKWKH&RPSDQ\UHFRJQL]HV
0$7FUHGLWDVDQDVVHWLQDFFRUGDQFHZLWKWKH*XLGDQFH1RWHRQ³$FFRXQWLQJIRU&UHGLW$YDLODEOHLQUHVSHFWRI0LQLPXP$OWHUQDWLYH7D[
XQGHUWKH,QFRPHWD[$FW´WKHVDLGDVVHWLVFUHDWHGE\ZD\RIFUHGLWWRWKHVWDWHPHQWRISUR¿WDQGORVVDQGVKRZQDV³0$7&UHGLW
(QWLWOHPHQW´7KH&RPSDQ\UHYLHZVWKH³0$7FUHGLWHQWLWOHPHQW´DVVHWDWHDFKUHSRUWLQJGDWHDQGZULWHVGRZQWKHDVVHWWRWKHH[WHQWWKH
&RPSDQ\GRHVQRWKDYHFRQYLQFLQJHYLGHQFHWKDWLWZLOOSD\QRUPDOWD[GXULQJWKHVSHFL¿HGSHULRG
N) Revenue Recognition :
 5HYHQXHLVUHFRJQL]HGWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWKHHFRQRPLFEHQH¿WVZLOOÀRZWRWKH&RPSDQ\DQGWKHUHYHQXHFDQEH
UHOLDEO\PHDVXUHGUHJDUGOHVVRIZKHQWKHSD\PHQWLVEHLQJPDGH
 7KHVSHFL¿FUHFRJQLWLRQFULWHULDGHVFULEHGEHORZPXVWDOVREHPHWEHIRUHUHYHQXHLVUHFRJQL]HG
(a) Sale of products :
 $VVWDWHGLQ,QG$65HYHQXHIURPVDOHRISURGXFWVLVUHFRJQL]HGZKHQWKHVLJQL¿FDQWULVNVDQGUHZDUGVRIRZQHUVKLSRIWKH
JRRGVKDYHSDVVHGWRWKHEX\HU7KH&RPSDQ\FROOHFWVVDOHVWD[DQGYDOXHDGGHGWD[9$7RQEHKDOIRIWKHJRYHUQPHQWDQG
WKHUHIRUHWKHVHDUHQRWHFRQRPLFEHQH¿WVÀRZLQJWRWKH&RPSDQ\+HQFHWKH\DUHH[FOXGHGIURPUHYHQXH([FLVHGXW\GHGXFWHG
from revenue (gross) is the amount that is included in the revenue (gross) and not the entire amount of liability arising during the
\HDU

47th Annual Report - 2016-17 71

NOTES to the Financial Statements for the year ended 31st March, 2017

(b) Other Income :

Interest Income
 ,QWHUHVWLQFRPHLVUHFRJQL]HGRQDFFUXDOEDVLVDWDSSOLFDEOHLQWHUHVWUDWHV)RUDOO¿QDQFLDOLQVWUXPHQWVPHDVXUHGDWDPRUWL]HGFRVW
LQWHUHVWLQFRPHLVUHFRUGHGXVLQJWKHHIIHFWLYHLQWHUHVWUDWH(,5ZKLFKLVWKHUDWHWKDWH[DFWO\GLVFRXQWVWKHHVWLPDWHGIXWXUHFDVK
SD\PHQWRUUHFHLSWVWKURXJKWKHH[SHFWHGOLIHRIWKH¿QDQFLDOLQVWUXPHQWRUDVKRUWHUSHULRGZKHUHDSSURSULDWHWRWKHQHWFDUU\LQJ
DPRXQWRIWKH¿QDQFLDODVVHWVLQWHUHVWLQFRPHLVLQFOXGHGLQRWKHULQFRPHLQWKHVWDWHPHQWRISUR¿W ORVV
Dividend Income
Dividend income is accounted for when the right to receive the same is established, which is generally when shareholders approve
WKHGLYLGHQG
2 'LYLGHQG'LVWULEXWLRQ
Annual dividend distribution to the shareholders is recognised as a liability in the period in which the dividend is approved by the
VKDUHKROGHUV$Q\LQWHULPGLYLGHQGSDLGLVUHFRJQLVHGRQDSSURYDOE\%RDUGRI'LUHFWRUV'LYLGHQGSD\DEOHDQGFRUUHVSRQGLQJWD[RQ
GLYLGHQGGLVWULEXWLRQLVUHFRJQLVHGGLUHFWO\LQHTXLW\
P) Earnings Per Share :
 %DVLFHDUQLQJVSHUVKDUHDUHFDOFXODWHGE\GLYLGLQJWKHQHWSUR¿WRUORVVIRUWKH\HDUDWWULEXWDEOHWRHTXLW\VKDUHKROGHUVE\WKHZHLJKWHG
DYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDU3DUWO\SDLGHTXLW\VKDUHVDUHWUHDWHGDVDIUDFWLRQRIDQHTXLW\VKDUHWR
WKHH[WHQWWKDWWKH\DUHHQWLWOHGWRSDUWLFLSDWHLQGLYLGHQGVUHODWLYHWRDIXOO\SDLGHTXLW\VKDUHGXULQJWKHUHSRUWLQJSHULRG7KHZHLJKWHG
DYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDULVDGMXVWHGIRUHYHQWVVXFKDVERQXVLVVXHERQXVHOHPHQWLQDULJKWVLVVXH
WRH[LVWLQJVKDUHKROGHUVVKDUHVSOLWDQGUHYHUVHVKDUHVSOLWFRQVROLGDWLRQRIVKDUHVWKDWKDYHFKDQJHGWKHQXPEHURIHTXLW\VKDUHV
RXWVWDQGLQJZLWKRXWDFRUUHVSRQGLQJFKDQJHLQUHVRXUFHV
 'LOXWHG(36DPRXQWVDUHFDOFXODWHGE\GLYLGLQJWKHSUR¿WDWWULEXWDEOHWRHTXLW\KROGHUVRIWKH&RPSDQ\DIWHUDGMXVWLQJIRULQWHUHVWRQWKH
FRQYHUWLEOHSUHIHUHQFHVKDUHVE\WKHZHLJKWHGDYHUDJHQXPEHURI(TXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDUSOXVWKHZHLJKWHGDYHUDJH
QXPEHURI(TXLW\VKDUHVWKDWZRXOGEHLVVXHGRQFRQYHUVLRQRIDOOWKHGLOXWLYHSRWHQWLDO(TXLW\VKDUHVLQWR(TXLW\VKDUHV
Q) Segment Reporting :
 ,GHQWL¿FDWLRQRIVHJPHQWV
The Company’s operating businesses are organised and managed separately according to the nature of products and services provided,
ZLWKHDFKVHJPHQWUHSUHVHQWLQJDVWUDWHJLFEXVLQHVVXQLWWKDWRIIHUVGLIIHUHQWSURGXFWVDQGVHUYLFHVWRGLIIHUHQWPDUNHWV7KHDQDO\VLVRI
geographical segments is based on the areas in which major operating divisions of the Company operates
R) Provisions, Contingent Liabilities and Contingent Assets :
A provision is recognized if as a result of a past event the Company has a present legal or constructive obligation that can be estimated
UHOLDEO\DQGLWLVSUREDEOHWKDWDQRXWÀRZRIHFRQRPLFEHQH¿WVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQ3URYLVLRQVDUHGHWHUPLQHGE\
GLVFRXQWLQJWKHH[SHFWHGIXWXUHFDVKÀRZVDWDSUHWD[UDWHWKDWUHÀHFWVFXUUHQWPDUNHWDVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGWKH
ULVNVVSHFL¿FWRWKHOLDELOLW\&RQWLQJHQW/LDELOLWLHVDUHQRWUHFRJQL]HGEXWDUHGLVFORVHGLQWKHQRWHV&RQWLQJHQW$VVHWVDUHQRWUHFRJQL]HG
EXWGLVFORVHGLQWKH)LQDQFLDO6WDWHPHQWVZKHQHFRQRPLFLQÀRZLVSUREDEOH
(a) Provisions are recognized for liabilities that can be measured only by using a substantial degree of estimation, if
(i) the Company has a present obligation as a result of past event,
LL DSUREDEOHRXWÀRZRIUHVRXUFHVLVH[SHFWHGWRVHWWOHWKHREOLJDWLRQDQG
LLL WKHDPRXQWRIREOLJDWLRQFDQEHUHOLDEO\HVWLPDWHG
 ,IWKHHIIHFWRIWLPHYDOXHRIPRQH\LVPDWHULDOSURYLVLRQVDUHGLVFRXQWHGXVLQJFXUUHQWSUHWD[UDWHWKDWUHÀHFWVZKHQDSSURSULDWH
WKHULVNVSHFL¿FWRWKHOLDELOLW\:KHQGLVFRXQWLQJLVXVHGWKHLQFUHDVHLQWKHSURYLVLRQGXHWRWKHSDVVDJHRIWLPHLVUHFRJQL]HGDV
D¿QDQFHFRVW
Where the Company expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement
LVUHFRJQL]HGDVDVHSDUDWHDVVHWEXWRQO\ZKHQWKHUHLPEXUVHPHQWLVYLUWXDOO\FHUWDLQ7KHH[SHQVHUHODWLQJWRDQ\SURYLVLRQLV
SUHVHQWHGLQWKHVWDWHPHQWRISUR¿WDQGORVVQHWRIDQ\UHLPEXUVHPHQW
(b) Contingent liabilities are disclosed in case of:
L D SUHVHQW REOLJDWLRQ DULVLQJ IURP SDVW HYHQWV ZKHQ LW LV QRW SUREDEOH WKDW DQ RXWÀRZ RI UHVRXUFHV ZLOO EH UHTXLUHG WR VHWWOH WKH
obligation,
(ii) a present obligation arising from past events, when no reliable estimate is possible,
LLL DSRVVLEOHREOLJDWLRQDULVLQJIURPSDVWHYHQWVZKHUHWKHSUREDELOLW\RIRXWÀRZRIUHVRXUFHVLVQRWUHPRWH
(c) &RQWLQJHQWDVVHWVDUHQHLWKHUUHFRJQL]HGQRUGLVFORVHG
 &RPPLWPHQWVLQFOXGHWKHDPRXQWRISXUFKDVHRUGHUQHWRIDGYDQFHVLVVXHGWRSDUWLHVIRUFRPSOHWLRQRIDVVHWV
 3URYLVLRQVDQG&RQWLQJHQW/LDELOLWLHVDUHUHFRJQL]HGGLVFORVHGDIWHUDQHYDOXDWLRQRIWKHIDFWVDQGOHJDODVSHFWVDQGWKHDPRXQWVDUH
reviewed on the Balance Sheet date

72 47th Annual Report - 2016-17

 Note No. 6 - Property , Plant and Equipment and Intangible Assets as at 31st March , 2017
Particulars PROPERTY, PLANT AND EQUIPMENT INTANGIBLE Total
ASSETS
Land Buildings Plant & Electrical Laboratory 2I¿FH Furniture & Air Computer Vehicles Commercial Total Computer
Machinery Installations Equipments Equipments Fixtures Conditioners Vehicles Software
Gross Block
As at 1st April , 2015    17,552,854 2,219,893     28,323,793  472,581,813  490,240,711
Add :- Addition during the year - 901,590  - 332,799 774,510 74,745  545,201 15,025,249 315,000   75,217,260
/HVV'LVSRVDOV,PSDLUHG - - 5,958,773  303,032 291,795 91,599    878,501 24,041,898 - 24,041,898
during the year
As at 31st March , 2016 13,456,619 307,832,678 114,262,197 16,943,417 2,249,660 5,914,591 18,484,113 3,274,965 7,719,568 28,488,574 4,603,626 523,230,008 18,186,065 541,416,073
Add :- Addition during the year -   11,400 47,522  1,243,499   115,725 - 11,288,551 39,835 11,328,386
/HVV'LVSRVDOV,PSDLUHG - 350,000 - - 0 21,900 - 5,000 -   9,128,578 - 9,128,578
during the year
As at 31st March , 2017 13,456,619 313,640,610 116,888,286 16,954,817 2,297,182 6,661,772 19,727,611 3,406,842 7,899,994 20,339,508 4,116,740 525,389,981 18,225,900 543,615,881
Accumulated Depreciation
As at 1st April , 2015 - 191,971,017  3,394,452 1,097,474   2,788,784   3,189,252   279,282,761
Add :- Addition during the year -   2,120,431 283,340 443,742 2,080,811  402,829   17,459,384 103,711 17,563,096
/HVV'LVSRVDOV,PSDLUHG - -    283,749 91,599 577,203 439,853   13,170,201 - 13,170,201
during the year
As at 31st March , 2016 - 195,673,582 26,005,956 4,905,446 1,226,951 4,542,638 10,225,932 2,449,648 6,741,741 11,880,872 3,148,944 266,801,711 16,873,945 283,675,656
Add :- Addition during the year - 3,885,715  1,779,378  419,333 2,138,540      180,102 18,529,371
/HVV'LVSRVDOV,PSDLUHG - 109,912 - - -  - 4,750 -    - 6,592,498
during the year
As at 31st March , 2017 - 199,449,386 32,911,973 6,684,824 1,487,449 4,948,465 12,364,473 2,652,059 7,060,342 7,704,253 3,295,259 278,558,482 17,054,047 295,612,529
Net carring amount -
As at 1st April, 2015   37,741,775 14,158,403 1,122,419 1,049,231   837,202 14,055,982 1,977,875   210,957,952
$VDWVW0DUFK    12,037,971 1,022,709 1,371,953 8,258,180 825,318 977,827    1,312,120 257,740,418
As at 31st March, 2017 13,456,619 114,191,224 83,976,313 10,269,993 809,733 1,713,307 7,363,139 754,783 839,652 12,635,254 821,481 246,831,498 1,171,853 248,003,351
NOTES :
2QWUDQVLWLRQWR,QG$63URSHUW\3ODQWDQG(TXLSPHQWDQG,QWDQJLEOHVDUHFDUULHGDWQHWEORFN
7KH*URVV%ORFNRI)L[HG$VVHWVLQFOXGHV5V3UHYLRXV<HDU5VRQDFFRXQWRIUHYDOXDWLRQRI%XLOGLQJFDUULHGRXWLQ)<
,QDFFRUGDQFHZLWKWKH,QG$6³,PSDLUPHQWRI$VVHWV´WKHPDQDJHPHQWKDVGXULQJWKH\HDUFDUULHGRXWDQGH[HUFLVHRILGHQWLI\LQJWKHDVVHWVWKDWZRXOGKDYHEHHQLPSDLUHGLQUHVSHFWRIHDFKFDVKJHQHUDWLQJXQLW2QWKHEDVLVRIWKLVUHYLHZFDUULHGRXWE\WKH
0DQDJHPHQWWKHUHZDVQRLPSDLUPHQWORVVRQ)L[HG$VVHWVGXULQJWKH\HDU

47th Annual Report - 2016-17

73
NOTES to the Financial Statements for the year ended 31st March, 2017

( Amounts in Rupees unless stated otherwise )

7 NON-CURRENT INVESTMENTS As at As at As at
(Unquoted and fully paid up) 31st March, 2017 VW0DUFK 1st April, 2015
No. of Face No. of Face No. of Face
Shares 9DOXH Shares 9DOXH Shares 9DOXH
A) Equity Shares
(i) Subsidiary Companies (at Cost) ( `) ( `) ( `)
(a) $ULHV$JUR&DUH3YW/WG 10000 10 100,000 10000 10 100,000 10000 10 100,000
(b) $ULHV$JUR(TXLSPHQWV3YW/WG 10000 10 100,000 10000 10 100,000 10000 10 100,000
(c) $ULHV$JUR3URGXFH3YW/WG 7500 10 75,000 7500 10 75,000 7500 10 75,000
(d) *ROGHQ+DUYHVW0LGGOH(DVW)=& 1125 $(' 1,227,375 1125 $(' 1,227,375 1125 $(' 1,227,375
  
1,502,375 1,502,375 1,502,375
B) Share Application Money
(i) Subsidiary Companies
(a) *ROGHQ+DUYHVW0LGGOH(DVW)=& 201,261,625  
Total 202,764,000  

 $ULHV$JUR&DUH3YW/WGKDVEHHQLQFRUSRUDWHGDVDZKROO\RZQHGVXEVLGLDU\RQth January, 2007 with the Registrar of Companies,

0DKDUDVKWUD0XPEDLWRFDUU\RQWKHEXVLQHVVLQDOOEUDQFKHVRIDJURSURWHFWLRQDJURFDUHHWF7KH5HJLVWHUHG2I¿FHRIWKH&RPSDQ\
LVORFDWHGDW³$ULHV+RXVH3ORWQR'HRQDU*RYDQGL(0XPEDL±´
 $ULHV$JUR (TXLSPHQWV 3YW /WG KDV EHHQ LQFRUSRUDWHG DV D ZKROO\ RZQHG VXEVLGLDU\ RQ th January, 2007 with the Registrar of
&RPSDQLHV0DKDUDVKWUD0XPEDLWRFDUU\RQWKHEXVLQHVVRIPDQXIDFWXULQJUHSDLUHWFRIDOOW\SHVRIUXUDODQGIDUPHTXLSPHQWV
PDFKLQHU\HWF7KH5HJLVWHUHG2I¿FHRIWKH&RPSDQ\LVORFDWHGDW³$ULHV+RXVH3ORWQR'HRQDU*RYDQGL(0XPEDL±´
 *ROGHQ+DUYHVW0LGGOH(DVW)=&ZDVLQFRUSRUDWHGRQst'HFHPEHUDVD)UHH=RQH&RPSDQ\ZLWKOLPLWHGOLDELOLW\WRFDUU\RQWKH
activities of manufacturing Chemical Fertilizer and exporting all the necessities, material and acts related to its natural work or needed
WRWKHDERYHPHQWLRQHGZRUNV,QWKH\HDULWEHFDPHVXEVLGLDU\RIWKH&RPSDQ\$ULHV$JUR/LPLWHG7KH5HJLVWHUHG2I¿FH
RIWKH&RPSDQ\LVORFDWHGDW³6$,)=RQH(PLUDWHVRI6KDUMDK´7KHOLFHQFHKDVVLQFHEHHQFRQYHUWHGLQWRDWUDGLQJOLFHQFHHIIHFWLYH
IURPWK'HFHPEHU
 $ULHV$JUR3URGXFH3YW/WGKDVEHHQLQFRUSRUDWHGRQth-XQHDVRZQHGVXEVLGLDU\ZLWKWKH5HJLVWUDURI&RPSDQLHV
0DKDUDVKWUD0XPEDLWRFDUU\RXWWKHEXVLQHVVRIDOONLQGVRI)DUPLQJDJULFXOWXUHKRUWLFXOWXUHHWFDQGWRSODQWJURZFXOWLYDWHDQG
LQDQ\RWKHUZD\GHDOLQIDUPLQJDQGDJULFXOWXUDOSURGXFH7KHUHJLVWHUHGRI¿FHRIWKH&RPSDQ\LVORFDWHGDW³$ULHV+RXVH3ORWQR
'HRQDU*RYDQGL(0XPEDL±´
 7KH&RPSDQ\VROGPDMRULW\RIVKDUHKROGLQJLQLWVVXEVLGLDU\$ULHV$JUR3URGXFH3ULYDWH/LPLWHGRQUG$SULOLHDIWHUWKHGDWHRI
%DODQFH6KHHW+HQFH$ULHV$JUR3URGXFH3ULYDWH/LPLWHGKDVFHDVHGWREHDVXEVLGLDU\RIWKH&RPSDQ\ZHIUG$SULO

 /RVVHVRI6XEVLGLDULHVQRWSURYLGHGLQDFFRXQWV
Particulars Year Ended 31st March 2017 <HDU(QGHGVW0DUFK <HDU(QGHGVW0DUFK
Accumulated Current Year Accumulated Current Year Accumulated Current Year
a) $ULHV$JUR&DUH3YW/WG (2,776,015) (42,195) (2,733,820)   (23,120)
b) $ULHV$JUR3URGXFH3YW/WG (327,178) (27,300) (299,878) (27,100) (272,778) 
(3,103,193) (69,495)    (42,730)

74 47th Annual Report - 2016-17

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
8 INVENTORIES As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
(At lower of cost or Net Realisable
Value)
$V&HUWL¿HGDQGYDOXHGE\WKH
Management)
Raw Materials 259,370,367 248,251,581 
Finished Goods 748,017,690  550,417,940
Stock-in-Trade ( in respect of Goods 55,912,119  
DFTXLUHGIRU7UDGLQJ
Packing Materials 85,755,527 89,070,229 
Total 1,149,055,703 992,822,395 

9 TRADE RECEIVABLES As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
Unsecured
Considered Good 801,285,222 808,905,120 
Considered Doubtful - - 154,321,123
801,285,222 808,905,120 
/HVV&UHGLW/RVV - - 154,321,123
Total 801,285,222 808,905,120 

 Ageing of Trade Receivables

Particulars Neither Due nor Ageing Total
Impaired
Upto 6 Months 6-12 Months above 12
Months
As at 31st March, 2017

8QVHFXUHG -   15,435,731 801,285,222

Gross Total -   15,435,731 801,285,222
Provision for Doubtful Receivables -
Net Total -   15,435,731 801,285,222

 Trade Receivables includes Amount

due from Related Parties
Particulars Maximum balance Maximum balance Maximum balance
during the year during the year during the year
(a) Amarak Chemicals 19,278,704 10,738,213 19,278,704 19,278,704 17,382,958 17,382,958
10,738,213 19,278,704 17,382,958

 7UDGH5HFHLYDEOHVDUHQRQLQWHUHVWEHDULQJDQGUHFHLYDEOHLQQRUPDORSHUDWLQJF\FOH

10 CASH AND CASH EQUIVALENTS As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015
Balance with Banks in Current Accounts 52,168,489 40,444,923 38,421,249
Cash on hand 9,631  
Total 52,178,120  38,842,110

47th Annual Report - 2016-17 75

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
11 OTHER BANK BALANCES As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
Fixed Deposits with Banks held as Margin Money (Maturigy less than 50,735,147 48,327,434 
One Year)
8QFODLPHG'LYLGHQG$FFRXQWV 2,939,247  
Total 53,674,394  

)L[HG'HSRVLWVDUHNHSWDV0DUJLQDJDLQVWYDULRXV&UHGLW/LPLWV*XDUDQWHHV

12 CURRENT LOANS As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
(Unsecured and Considered Good)
/RDQVWR5HODWHG3DUWLHV - - -
/RDQVWR(PSOR\HHV 1,231,984 1,232,152 1,050,353
1,231,984 1,232,152 1,050,353

13 OTHER CURRENT FINANCIAL ASSETS As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015
(Unsecured and Considered Good)
Interest Accrued but not due 1,587,443  1,713,025
1,587,443  1,713,025

,QWHUHVW$FFUXHGEXWQRWGXHLQFOXGHV,QWHUHVWDFFUXHGRQYDULRXV)L[HG'HSRVLWVZLWK%DQNV

14 OTHER CURRENT ASSETS As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015
(Unsecured and Considered Good)
Advances to Related Parties 243,773,851  
Other Advances 271,576,389 397,088,950 
Security Deposits 7,322,545 8,532,904 7,371,449
Total 522,672,785 542,917,130 

 Advances given to Subsidiaries :

Company Name Maximum As at 31st Maximum As at Maximum As at 1
balance March, 2017 balance 31st March balance April, 2015
during the during the  during the
year year year
(a) $PDUDN&KHPLFDOV)=& 29,929,966 28,913,173 - - 30,324,780 27,595,098
(b) $ULHV$JUR&DUH3YW/WG 5,918,635 5,918,635 5,814,935 5,814,935 5,812,435 5,812,435
(c) $ULHV$JUR(TXLSPHQWV3YW/WG 3,736,812 3,736,812 3,552,759 3,552,759 3,550,259 3,550,259
(d) $ULHV$JUR3URGXFH3YW/WG 190,866 190,866    
(e) *ROGHQ+DUYHVW0LGGOH(DVW)=& 194,601,075 205,014,365 170,893,945   
234,377,353 243,773,851 180,327,099   

a) $OOWKHDERYH$GYDQFHVDUHLQWHUHVWIUHH
b) 2WKHUWHUPVDQGFRQGLWLRQVRQZKLFKVXFKDGYDQFHVDUHJLYHQWRWKH&RPSDQLHVDUHQRWSUHMXGLFLDOWRWKHLQWHUHVWRIWKH&RPSDQ\

 47th Annual Report - 2016-17

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
5HIHU1RWH1RIRUGHWDLOVRI$GYDQFHVWR5HODWHG3DUWLHV

 Other Advances includes :

Particulars As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
(a) %DODQFHVZLWK&XVWRPV&HQWUDO([FLVH$XWKRULWLHV 13,591,504 8,294,889 
(b) Advance to Suppliers 253,615,707  
(c) Advance to Staff against expenses 1,856,769  
(d) ,PSUHVW$GYDQFHIRU9HKLFOH([SHQVHV 383,705 403,932 172,450
(e) 3UHSDLG([SHQVHV 2,128,704 2,125,551 2,154,774
271,576,389 397,088,950 

15 EQUITY SHARE CAPITAL As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015
Authorised
(TXLW\6KDUHVRI` 10/- each 150,000,000 150,000,000 150,000,000
150,000,000 150,000,000 150,000,000
Issued, Subscribed and Fully Paidup
VW0DUFKVW$SULO 130,043,390 130,043,390 130,043,390
(TXLW\6KDUHVRI`HDFK
130,043,390 130,043,390 130,043,390

 Reconciliation of the number of Equity Shares :

Particulars As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
Shares outstanding at the beginning of the year 13,004,339 13,004,339 13,004,339
Add : - Issued during the year - - -
/HVV6KDUHVFDQFHOOHGGXULQJWKH\HDU - - -
Shares outstanding at the end of the year 13,004,339 13,004,339 13,004,339

 List of Shareholder's holding more than 5 % Shares in the Company :

Name of the Shareholders No of Shares As at 31st 1RRI6KDUHV As at 31st 1RRI6KDUHV As at 1 April,
March, 2017 0DUFK 2015
% of Holding RI+ROGLQJ RI+ROGLQJ
(i) 'U-LPP\0LUFKDQGDQL 3,524,830 27.11% 3,524,830  3,524,830 
(ii) 'U5DKXO0LUFKDQGDQL 2,623,221 20.17%    
Total 6,148,051 47.28%    
16 Nature of Reserves
Securities Premium Reserve : UHSUHVHQWV WKH DPRXQW UHFHLYHG LQ H[FHVV RI SDU YDOXH RI VHFXULWLHV LH HTXLW\ VKDUHV 3UHPLXP RQ
UHGHPSWLRQRIVHFXULWLHVLVDFFRXQWHGLQVHFXULW\SUHPLXPDYDLODEOH:KHUHVHFXULW\SUHPLXPLVQRWDYDLODEOHSUHPLXPRQUHGHPSWLRQ
RIVHFXULWLHVLVDFFRXQWHGLQVWDWHPHQWRISUR¿WDQGORVV6HFWLRQRI&RPSDQLHV$FWVSHFLI\UHVWULFWLRQDQGXWLOLVDWLRQRIVHFXULW\
SUHPLXP
General Reserve : UHSUHVHQWV WKH VWDWXWRU\ UHVHUYH WKLV LV LQ DFFRUGDQFH ZLWK ,QGLDQ &RUSRUDWH ODZ ZKHUHLQ D SRUWLRQ RI SUR¿W LV
DSSRUWLRQHG WR JHQHUDO UHVHUYH 8QGHU &RPSDQLHV $FW  LW ZDV PDQGDWRU\ WR WUDQVIHU DPRXQW EHIRUH D &RPSDQ\ FDQ GHFODUH
GLYLGHQGKRZHYHUXQGHU&RPSDQLHV$FWWUDQVIHURIDQ\DPRXQWWR*HQHUDOUHVHUYHLVDWWKHGLVFUHWLRQRIWKH&RPSDQ\
Retained Earnings :UHSUHVHQWWKHXQGLVWULEXWHGSUR¿WVRIWKH&RPSDQ\
Other Comprehensive Income Reserve :UHSUHVHQWWKHEDODQFHLQHTXLW\IRULWHPVWREHDFFRXQWHGLQ2WKHU&RPSUHKHQVLYH,QFRPH
2WKH&RPSUHKHQVLFH,QFRPHLVFODVVL¿HGLQWRLLWHPVWKDWZLOOQRWEHUHFODVVL¿HGWRSUR¿WDQGORVVLLLWHPVWKDWZLOOEHUHFODVVL¿HGWR
SUR¿WDQGORVV

47th Annual Report - 2016-17 77

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

17 NON - CURRENT BORROWINGS As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015
Secured Term Loans
7HUP/RDQVIURP%DQNV 7,353,716 10,317,130 13,438,750
7,353,716 10,317,130 13,438,750
Un-Secured Term Loans
7HUP/RDQVIURP%DQNV 132,541,531  
Total 132,541,531  
139,895,247  

 6HFXUHG7HUP/RDQVIURP%DQNVUHIHUUHGDERYHWRWKHH[WHQWRI
Sr. Partuculars As at As at As at
No. 31st March, 2017 VW0DUFK 1st April, 2015
(a) 6HFXUHGE\ZD\RI&KDUJHRQWKH&RPSDQ\
V0RWRU9HKLFOHV 7,353,716 10,317,130 2,794,903
(b) Secured by way of Primary Charge on all Fixed Assets at Mouje - - 5,120,985
5DMSXU*XMDUDWDQGSHUVRQDOO\JXDUDQWHHGE\'LUHFWRUV
(c) Secured by way of Primary Charge on Solar Panel at - - 
Pashamylaram, Andhrapradesh and Pari Pasu charge on all
Fixed Assets at Deonar, Mumbai and personally guaranteed by
'LUHFWRUV
7,353,716 10,317,130 13,438,750

8Q6HFXUHG7HUP/RDQVIURP%DQNVDUHVHFXUHGE\ZD\RI&KDUJHRQSHUVRQDO$VVHWVRI'LUHFWRUVDQGJXDUDQWHHGE\WKH'LUHFWRUV
 0DWXULW\3UR¿OHRI7HUP/RDQVDUHDVVHWRXWEHORZ
Sr. Financial Years Secured Term Un-Secured Total
No. Loans from Term Loans from
Banks Banks
(a) 2017-18  13,403,229 
Sub-Total  13,403,229 
(b) 2018-19  15,042,729 
(c) 2019-20 3,204,322  
(d)  $ERYH 912,907  101,527,770
Sub-Total  132,541,531 139,895,247
Total Grand- 10,317,130 145,944,760 156,261,890
Total

`LVVKRZQLQ&XUUHQW0DWXULWLHV2QVW0DUFK`DQGRQVW0DUFK`

18 NON CURRENT PROVISIONS As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015
3URYLVLRQIRU(PSOR\HH%HQH¿WV5HIHU1RWH1R
Gratuity 3,861,101 2,878,904 
/HDYH6DODU\ 6,457,024  
One Time Incentive 571,946  1,585,723
Total 10,890,071  

78 47th Annual Report - 2016-17

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

19 DEFERRED TAX LIABILITY As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015
A Deferred Tax Liability
Related to Fixed Assets : Difference between Depreciation charged 42,306,134 42,414,085 
for Financial Reporting and Depreciation as per Income Tax
*URVV'HIHUUHG7D[/LDELOLW\ 42,306,134 42,414,085 
B Gross Deferred Tax Asset
'LVDOORZDQFHXQGHUWKH,QFRPH7D[$FW8V% 4,070,908 4,098,945 
4,070,908 4,098,945 
C Net Deferred Tax Liability (A-B) 38,235,226 38,315,141 

20 CURRENT BORROWINGS As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
Secured Borrowings
Working Capital Facilities from Banks
Cash Credits 777,131,292  
:RUNLQJ&DSLWDO'HPDQG/RDQ 40,000,000 - -
Buyers Credits 143,393,624 110,779,308 
960,524,916  
Un-Secured Borrowings
From Related Parties -  
-  
Total 960,524,916  

:RUNLQJ&DSLWDO)DFLOLWLHVIURP%DQNVDUHVHFXUHGE\ZD\RI&KDUJHRQ&RPSDQ\¶V,QYHQWRU\%RRN'HEWV&KDUJHRQ/DQG%XLOGLQJ
3ODQW 0DFKLQHU\DQGDOORWKHUPRYDEOH¿[HGDVVHWVRIWKH&RPSDQ\DQGJXDUDQWHHGE\'LUHFWRUV

21 TRADE PAYABLES As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
Due to Others 296,540,174 224,991,431 258,433,808
Total 296,540,174 224,991,431 258,433,808

7KHUHDUHQR0LFURDQG6PDOO(QWHUSULVHVWRZKRP&RPSDQ\RZHVGXHVZKLFKDUHRXWVWDQGLQJIRUPRUHWKDQGD\VDVDWVW0DUFK
7KLVLQIRUPDWLRQDVUHTXLUHGWREHGLVFORVHGXQGHUWKH0LFUR6PDOODQG0HGLXP(QWHUSULVHV'HYHORSPHQW$FWKDVEHHQ
GHWHUPLQHGWRWKHH[WHQWVXFKSDUWLHVKDYHEHHQLGHQWL¿HGRQWKHEDVLVRILQIRUPDWLRQDYDLODEOHZLWKWKH&RPSDQ\
7UDGH3D\DEOHVLQFOXGHVDPRXQWGXHWR,QGLDQ6XEVLGLDU\$ULHV$JUR(TXLSPHQWV3ULYDWH/LPLWHGRI`
$OO7UDGH3D\DEOHVDUHQRQLQWHUHVWEHDULQJDQGSD\DEOHRUVHWWOHGZLWKLQQRUPDORSHUDWLQJF\FOHRIWKH&RPSDQ\

22 OTHER CURRENT FINANCIAL LIABILITIES As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015
&XUUHQW0DWXULWLHVRI/RQJ7HUP'HEW 16,366,644  
Interest Accrued but not due on Borrowings 1,010,747 890,154 1,047,371
8QFODLPHG'LYLGHQG 2,939,247  
Total 20,316,638  70,012,788

47th Annual Report - 2016-17 79

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

 &XUUHQW0DWXULWLHVRI/RQJ7HUP'HEWLQFOXGHVDPRXQWUHSD\DEOHZLWKLQRQH\HDURI
Sr. Particulars As at As at As at
No. 31st March, 2017 VW0DUFK 1st April, 2015
(a) 6HFXUHG7HUP/RDQVIURP%DQNV 2,963,415  
(b) 8Q6HFXUHG7HUP/RDQVIURP%DQNV 13,403,229  
16,366,644  

 6HFXUHG7HUP/RDQVIURP%DQNVLQFOXGHGLQ&XUUHQW0DWXULWLHVRI/RQJ7HUP'HEWWRWKHH[WHQWRI
Sr. Particulars As at As at As at
No. 31st March, 2017 VW0DUFK 1st April, 2015
(a) 6HFXUHGE\ZD\RI&KDUJHRQWKH&RPSDQ\
V0RWRU9HKLFOHV 2,963,415  1,747,323
(b) )RUHLJQ&XUUHQF\7HUP/RDQZKLFKLVVHFXUHGE\ZD\RI(TXLWDEOH - - 31,128,740
0RUWJDJHRI/DQGDQG%XLOGLQJDQGSHUVRQDOJXDUDQWHHRI'LUHFWRUV
(c) $[LV %DQN /WG E\ ZD\ RI 3ULPDU\ &KDUJH RQ DOO )L[HG$VVHWV DW -  20,000,000
0RXMH5DMSXU*XMDUDWDQGSHUVRQDOO\JXDUDQWHHGE\'LUHFWRUV
(d) Canara Bank by way of Primary Charge on Solar Panel at - 5,474,119 5,172,000
3DVKDP\ODUDP$QGKUDSUDGHVKDQG3DUL3DVXFKDUJHRQDOO¿[HG
DVVHWVDW'HRQDU0XPEDLDQGSHUVRQDOO\JXDUDQWHHGE\'LUHFWRUV
2,963,415  

8Q6HFXUHG7HUP/RDQVIURP%DQNVLQFOXGHGLQ&XUUHQW0DWXULWLHVRI/RQJ7HUP'HEWWRWKHH[WHQWRI5VDUHVHFXUHGE\
ZD\RI&KDUJHRQSHUVRQDO$VVHWVRI'LUHFWRUVDQGJXDUDQWHHGE\WKH'LUHFWRUV
8QFODLPHG'LYLGHQGGRQRWLQFOXGHDQ\DPRXQWVGXHDQGRXWVWDQGLQJWREHFUHGLWHGWR,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQG

23 OTHER CURRENT LIABILITIES As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015

$FFUXHG6DODULHVDQG%HQH¿WV 78,084,640  37,410,700

Advances / Credits from Customers 83,856,092  37,114,500
Dues to Directors 20,438,123 27,110,793 
Security Deposits 75,371,794 84,310,271 
Statutory Dues 14,053,364 11,083,571 14,938,258
Other Payables 32,243,040 44,899,193 
Total 304,047,052  222,973,780

6WDWXWRU\'XHVLQFOXGHV,QGLUHFW7D[HV7D['HGXFWHGDW6RXUFH7D[&ROOHFWHGDW6RXUFH(6,&3URYLGHQW)XQGDQG3URIHVVLRQ7D[
2WKHU3D\DEOHVLQFOXGHVPDLQO\6WDII([SHQVH&ODLPVDQG3URYLVLRQIRU([SHQVHV

24 CURRENT PROVISIONS As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015

3URYLVLRQIRU(PSOR\HH%HQH¿WV
Gratuity 3,539,172 4,752,293 4,411,179
/HDYH6DODU\ 4,821,917  3,475,383
One Time Incentive 1,493,094 529,597 443,550
Total 9,854,183  8,330,112

80 47th Annual Report - 2016-17

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

25 CURRENT TAX LIABILITY (NET) As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015
3URYLVLRQIRU,QFRPH7D[1HWRI$GYDQFH7D[7'6 51,128,001 25,217,277 51,342,993
Provision for Wealth Tax - - 150,000
Total 51,128,001 25,217,277 51,492,993

26 REVENUE FROM OPERATIONS Year Ended <HDU(QGHG

31st March, 2017 VW0DUFK
Sales of Products
Manufactured 2,168,417,390 
Traded 603,495,308 
2,771,912,698 
/HVV Discounts / Rebates 475,440,074 217,812,140
Total 2,296,472,624 2,128,345,900

 Particulars of Sale of Products :

Sr. Particulars Year Ended 31st <HDU(QGHGVW
No. March, 2017 0DUFK

Manufactured Products
(a) Agricultural Mirconutrient and Speciality Fertilizers 1,905,284,554 
(b) Insecticides and Pesticides 248,631,309 223,529,887
(c) Animal Feed and Feed Concentrates 8,742,917 -
(d) Others 5,758,610 7,840,412
2,168,417,390 
Traded Products
(a) Agricultural Mirconutrient and Speciality Fertilizers 603,495,308 372,233,128
(b) $JUL(TXLSPHQWV - 
(c) Others - 277,429,450
603,495,308 
/HVV'LVFRXQWV5HEDWHV 475,440,074 217,812,140
2,296,472,624 2,128,345,900

27 OTHER INCOME Year Ended 31st <HDU(QGHGVW

March, 2017 0DUFK
Interest Income on :
Bank Fixed Deposits 3,782,085 4,097,735
Others 11,060,014 9,470,987

Other Non-Operating Income

0LVF2WKHU,QFRPH 26,049 111,912
Re-Processing Charges 394,016 578,885
Total 15,262,163 14,259,519

47th Annual Report - 2016-17 81

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

28 COST OF MATERIALS CONSUMED Year Ended 31st <HDU(QGHGVW

March, 2017 0DUFK
1) Opening Stock of Raw Materials 248,251,581 
Add : Purchases 487,899,198 403,520,182
736,150,779 
/HVV&ORVLQJ6WRFNRI5DZ0DWHULDOV 259,370,367 248,251,581
Raw Material Consumed 476,780,412 

2) Opening Stock of Packing Materials 89,070,229 

Add : Purchases 179,937,402 
269,007,631 
/HVV&ORVLQJ6WRFNRI3DFNLQJ0DWHULDOV 85,755,527 89,070,229
Packing Materials Consumed 183,252,104 154,337,057

Consumption of Materials (1+2) 660,032,516 

29 PURCHASES OF STOCK-IN-TRADE Year Ended 31st <HDU(QGHGVW

March, 2017 0DUFK
Purchases of Stock-In-Trade 430,251,224 435,399,707
430,251,224 435,399,707

30 ,1&5($6('(&5($6(,1,19(1725,(62)),1,6+('*22'6$1'672&.,1 Year Ended 31st <HDU(QGHGVW

TRADE March, 2017 0DUFK
Inventories at the beginning of the year
Finished Goods 593,804,669 550,417,940
Stock-in-Trade 61,695,916 
655,500,585 
Inventories at the end of the year
Finished Goods 748,017,690 
Stock-in-Trade 55,912,119 
803,929,809 
,QFUHDVH'HFUHDVHLQ,QYHQWRULHV (148,429,224) (8,883,411)

31 EXCISE DUTY ON SALE OF GOODS Year Ended 31st <HDU(QGHGVW

March, 2017 0DUFK

([FLVH'XW\RQ6DOHRI*RRGV 128,555,679 

Total 128,555,679 

32 EMPLOYEE BENEFIT EXPENSES Year Ended 31st <HDU(QGHGVW

March, 2017 0DUFK
Salaries, Wages and Allowances 197,879,073 180,381,952
Directors Remuneration 21,422,420 
&RQWULEXWLRQWR3URYLGHQW 2WKHU)XQGV 28,554,556 23,530,709
6WDII:HOIDUH([SHQVHV 8,826,739 
Total 256,682,788 

82 47th Annual Report - 2016-17

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
 $VSHU,QG$6(PSOR\HH%HQH¿WVWKHGLVFORVXUHRIHPSOR\HHEHQH¿WVDVGH¿QHGLQWKH,QGLDQ$FFRXQWLQJ6WDQGDUG
(Ind AS) are given below :
Particulars Year Ended 31st <HDU(QGHGVW
March, 2017 0DUFK

([SHQVHUHFRJQLVHGIRU'H¿QHG&RQWULEXWLRQ3ODQ

Company's contribution to Provident Fund 17,645,354 

17,645,354 

$OO3HUPDQHQW(PSOR\HHVKDYLQJVHUYHGIURPWKHVWGD\RIWKHLUHPSOR\PHQWDUHHQWLWOHGWRWKHEHQH¿WVRIWKHFRQWULEXWLRQWR3URYLGHQW)XQG
7KH&RPSDQ\FRQWULEXWHVVSHFL¿HGSHUFHQWDJHRIWKHVDODU\SDLGWR(PSOR\HHVWRWKH'H¿QHG)XQG
'H¿QHG%HQH¿W3ODQ
$OO (PSOR\HHV ZKR KDYH FRPSOHWHG ¿YH \HDUV RU PRUH RI VHUYLFH DUH HQWLWOHG WR EHQH¿WV RI *UDWXLW\ 7KH &RPSDQ\ KDV WKH (PSOR\HH¶V
*URXS*UDWXLW\VFKHPHPDQDJHGE\/LIH,QVXUDQFH&RUSRUDWLRQRI,QGLDZKLFKLVD'H¿QHG%HQH¿W3ODQ7KH(PSOR\HHV/HDYH(QFDVKPHQW
VFKHPHZKLFKLVD'H¿QHG%HQH¿W3ODQLVXQIXQGHG
%HORZWDEOHVHWVIRUWKWKHFKDQJHVLQWKHSURMHFWHGEHQH¿WREOLJDWLRQDQGSODQDVVHWVDQGDPRXQWVUHFRJQLVHGLQWKH6WDQGDORQH%DODQFH
6KHHWDVDWVW0DUFKDQGVW0DUFKEHLQJWKHUHVSHFWLYHPHDVXUHPHQWGDWHV
I 5HFRQFLOLDWLRQRIRSHQLQJDQGFORVLQJEDODQFHVRIWKH3UHVHQW9DOXHRIWKH'H¿QHG%HQH¿W2EOLJDWLRQ
Particulars Gratuity Leave Encashment OneTime Incentive
As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st
March, 2017 0DUFK March, 2017 0DUFK March, 2017 0DUFK
3UHVHQW9DOXHRI'H¿QHG%HQH¿W 55,923,691 53,738,148 8,910,852  1,893,475 2,029,273
obligation at the beginning of the year
Current Service Cost 4,752,293 4,411,179 1,669,743 1,551,085 100,099 103,831
Interest Cost 3,716,352 3,745,284 517,326  124,594 140,985
Actuarial (gain) / loss 3,193,281  1,981,680 1,183,243 (53,128) 
%HQH¿WVSDLG (3,871,179) (8,140,743) (1,800,660)  - -
3UHVHQW9DOXHRI'H¿QHG%HQH¿W 63,714,438  11,278,941 8,910,852 2,065,040 1,893,475
obligation at the end of the year

II Reconciliation of opening and closing balances of the Fair Value of the Plan Assets
Particulars Gratuity
As at As at
31st March, 2017 VW0DUFK
)DLU9DOXHRI3ODQ$VVHWVDWWKHEHJLQQLQJRIWKH\HDU 48,292,494 43,080,578
Interest Income 3,361,835 3,130,484
Return on plan assets excluding amounts included in Interest Income 499,489 89,185
Contributions 5,988,603 10,132,990
%HQH¿WVSDLG (3,871,179) (8,140,743)
Actuarial gain / (loss) - -
Fair value of Plan Assets at the end of the year 54,271,242 48,292,494

47th Annual Report - 2016-17 83

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
III ([SHQVHVUHFRJQLVHGLQ3UR¿WDQG/RVV
Particulars Gratuity Leave Encashment One Time Incentive
As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st
March, 2017 0DUFK March, 2017 0DUFK March, 2017 0DUFK
Current Service Ccost 4,752,293 4,411,179  1,551,085 100,099 103,831
Interest Cost 354,517    124,594 140,985
1HW&RVWUHFRJQLVHGLQ6WDWHPHQWRI 5,106,810 5,025,979  1,979,547  
3UR¿WDQG/RVV

IV Expenses recognised in Other Comprehensive Income

Particulars Gratuity Leave Encashment One Time Incentive
As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st
March, 2017 0DUFK March, 2017 0DUFK March, 2017 0DUFK
Components of actuarial gain / losses
on obligations :
'XHWRFKDQJHLQ¿QDQFLDO 2,358,382 475,171 379,754 80,175  14,723
assumptions
Due to change in demographic - - 1,198,140 - - -
assumptions
Due to experience adjustments 834,899     (395,337)
Return on Plan Assets excluding (499,489) (89,185) - - - -
amounts included in Interest Income
1HW&RVWUHFRJQLVHGLQ2WKHU 2,693,792   1,183,243 (53,128) 
Comprehensive Income

V $VVXPSWLRQVXVHGWRGHWHUPLQHWKH'H¿QHG%HQH¿W2EOLJDWLRQV
Particulars Gratuity Leave Encashment One Time Incentive
As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st
March, 2017 0DUFK March, 2017 0DUFK March, 2017 0DUFK
Mortality rate IALM 2006-08 ,$/0 IALM 2006-08 ,$/0 IALM 2006-08 ,$/0
Ultimate 8OWLPDWH Ultimate 8OWLPDWH Ultimate 8OWLPDWH
Discount rate (per annum) 7.00%  7.00%  7.00% 
([SHFWHGUDWHRI5HWXUQRQ3ODQ$VVHWV 7.00% 
(per annum)
([SHFWHGUDWHRILQFUHDVHLQ6DODU\SHU 5.00%  5.00%  NA 1$
annum)
([SHFWHG$YHUDJHUHPDLQLQJZRUNLQJ 23.70  - - - -
OLYHVRI(PSOR\HHV<HDUV
 7KHHVWLPDWHVRIUDWHRIHVFDODWLRQLQVDODU\FRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHLQWRDFFRXQWLQÀDWLRQVHQLRULW\SURPRWLRQDQGRWKHU
UHOHYDQWIDFWRUVLQFOXGLQJVXSSO\DQGGHPDQGLQWKHHPSOR\PHQWPDUNHW6DPHDVVXPSWLRQVZHUHFRQVLGHUHGIRUFRPSDUDWLYHSHULRG
LHDVFRQVLGHUHGLQSUHYLRXV*$$3RQWUDQVLWLRQWR,QG$6
The expected rate of return on plan assets is determined considering several applicable factors, mainly the composition of Plan assets
KHOGDVVHVVHGULVNVKLVWRULFDOUHVXOWVRIUHWXUQRQSODQDVVHWVDQGWKH&RPSDQ\¶VSROLF\IRUSODQDVVHWVPDQDJHPHQW

84 47th Annual Report - 2016-17

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
VI Sensitivity Analysis :
Particulars Change in Effect on Gratuity
Assumption obligation
For the year ended 31st March, 2016
Discount Rate  
 
Salary Growth Rate  
 
For the year ended 31st March, 2017
Discount Rate +0.5% 61,882,121
-0.5% 65,676,944
Salary Growth Rate +0.5% 65,677,421
-0.5% 61,927,011
 6HQVLWLYLW\DQDO\VLVLVSHUIRUPHGE\YDU\LQJDVLQJOHSDUDPHWHUZKLOHNHHSLQJDOORWKHUSDUDPHWHUVXQFKDQJHG6HQVLWLYLW\DQDO\VLVIDLOV
WRIRFXVRQWKHLQWHUUHODWLRQVKLS EHWZHHQXQGHUO\LQJ SDUDPHWHUV+HQFHWKHUHVXOWVPD\YDU\LIWZRRUPRUHYDULDEOHV DUHFKDQJHG
VLPXOWDQHRXVO\:KHQFDOFXODWLQJWKHVHQVLWLYLW\RIWKHGH¿QHGEHQH¿WREOLJDWLRQWRVLJQL¿FDQWDFWXDULDODVVXPSWLRQVWKH3URMHFWHG8QLW
&UHGLWPHWKRGKDVEHHQDSSOLHGDVZKHQFDOFXODWLQJWKHGH¿QHGEHQH¿WREOLJDWLRQUHFRJQLVHGZLWKLQWKH%DODQFH6KHHW7KHPHWKRG
XVHGGRHVQRWLQGLFDWHDQ\WKLQJDERXWWKHOLNHOLKRRGRIFKDQJHLQDQ\SDUDPHWHUDQGWKHH[WHQWRIWKHFKDQJHLIDQ\

VII History of Experience adjustments is as follows :

Particulars Gratuity
For the year ended 31st March, 2016
3ODQ/LDELOLWLHVORVVJDLQ 
Plan Assets - (loss) / gain -

For the year ended 31st March, 2017 (834,899)

3ODQ/LDELOLWLHVORVVJDLQ -
Plan Assets - (loss) / gain

VIII (VWLPDWHRI([SHFWHG%HQH¿WSD\PHQWV
Particulars Gratuity
1st April, 2017 to 31st March, 2018 
1st April, 2018 to 31st March, 2019 8,242,737
1st April, 2019 to 31st March, 2020 5,137,289
1st April, 2020 to 31st March, 2021 
1st April, 2021 to 31st March, 2022 
1st April, 2022 to 31st March, 2023 and Onwards 

47th Annual Report - 2016-17 85

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
IX 6WDWHPHQWRI(PSOR\HH%HQH¿W3URYLVLRQ
Particulars Gratuity Leave Encashment One Time Incentive
As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st
March, 2017 0DUFK March, 2017 0DUFK March, 2017 0DUFK

)DLU9DOXHRI3ODQ$VVHWV 54,271,242 48,292,494 - - - -

3UHVHQW9DOXHRI2EOLJDWLRQ 63,714,438  11,278,941 8,910,852 2,065,040 1,893,475
Amount recognised in Balance Sheet (9,443,196)  (11,278,941) (8,910,852) (2,065,040) (1,893,475)

X Current and Non-Current provision for Gratuity, Leave Salary and One Time Incentive
Particulars Gratuity Leave Encashment One Time Incentive
As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st
March, 2017 0DUFK March, 2017 0DUFK March, 2017 0DUFK
Current 3,539,172 4,752,293 4,821,917  1,493,094 529,597
1RQ&XUUHQW 3,861,101 2,878,904 6,457,024  571,946 
Total 7,400,273  11,278,941 8,910,852 2,065,040 1,893,475

33 FINANCE COST Year Ended <HDU(QGHG

31st March, 2017 VW0DUFK
Interest Expense
2Q7HUP/RDQV 18,480,009 
On Bank Borrowings 112,700,865 109,935,894
On Security Deposits 5,325,480 4,749,280
Other Interest 51,210,828 45,534,708
Bank and Finance Charges 24,223,254 
Total 211,940,436 

6 DEPRECIATION & AMORTISATION Year Ended <HDU(QGHG

31st March, 2017 VW0DUFK
Depreciation 18,349,269 17,459,384
Amortisation 180,102 103,711
Total 18,529,371 

 47th Annual Report - 2016-17

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

34 OTHER EXPENSES Year Ended 31st <HDU(QGHGVW

March, 2017 0DUFK
Manufacturing Expenses
Stores and Spare Parts consumed 1,115,550 
3RZHU )XHO 19,084,093 18,489,985
5HQW5DWHV 7D[HV 5,708,243 
Repairs to Building 519,980 2,125,849
Repairs to Machinery 4,309,073 3,311,080
Freight Inward 62,645,672 54,410,458
Processing Charges 27,328,622 19,577,791
Security Charges 852,018 1,822,595
:DJHV $OORZDQFHV 60,570,629 54,402,457
0LVFHOODQHRXV([SHQVHV 4,340,426 2,281,850
186,474,306 
Selling & Distribution Expenses
$GYHUWLVHPHQWDQG3XEOLFLW\([SHQVHV 117,025,861 121,938,487
)UHLJKW 'HOLYHU\([SHQVHV 62,477,898 51,895,859
0RELOH6HOOLQJ([SHQVHV 735,051 847,019
6HOOLQJ([SHQVHV 7,521,483 
7UDYHOOLQJ([SHQVHV 84,933,516 
272,693,808 
Other Administration Expenses
Audit Fees 2,300,000 2,748,000
&RQYH\DQFH 0RWRU&DU([SHQVHV 26,459,215 23,210,752
&RUSRUDWH6RFLDO5HVSRQVLELOLW\&65([SHQVHV 3,448,774 
(OHFWULFLW\ 1,063,047 
*HQHUDO([SHQVHV 2,536,237 
Insurance 2,632,662 
/HJDO 3URIHVVLRQDO)HHV 9,880,716 
/RVVRQ6DOHRI$VVHW 174,616 
3RVWDJH 7HOHSKRQHV 7,520,971 7,251,297
3ULQWLQJ 6WDWLRQHU\ 4,558,704 4,489,757
5HQW5DWHV 7D[HV 45,462,074 39,298,881
5HSDLUV 0DLQWHQDQFH 3,154,824 1,440,527
1HW*DLQ/RVVRQ)RUHLJQ&XUUHQF\7UDQVDFWLRQDQG7UDQVODWLRQ 2,375,888 
111,567,726 
Total 570,735,839 542,458,021

47th Annual Report - 2016-17 87

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
 Other Disclosures
a) Autitors Remuneration
Sr. No. Particulars Year Ended <HDU(QGHG
31st March, 2017 VW0DUFK

1 Statutory Auditors
(i) Audit Fee 2,300,000 2,748,000
(ii) Tax Audit Fee 690,000 274,800
(iii) Taxation Matters 726,350 
(iv) &HUWL¿FDWLRQDQG&RQVXOWDQF\)HH 1,322,250 279,315
Total 5,038,600 

b) Expenditure incurred on Corporate Social Responsibility

Details of expenditure on Corporate Social Responsibility Activities as per Section 135 of the Companies Act, 2013 read with Schedule
III are as below :
Sr. Particulars Year Ended <HDU(QGHG
No. 31st March, 2017 VW0DUFK
(i) (GXFDWLRQLQFOXGLQJ)DUPHUV 2,143,035 1,492,599
(ii) Farmers Call Centre 574,192 237,784
(iii) Infrastructure 681,547 1,392,230
(iv) +HDOWK&DUH 50,000 -
(v) Scholarships - 178,850
(v) Distribution of Books - 52,500
3,448,774 

c) 'LVFORVXUHRQ6SHFL¿HG%DQN1RWHV6%1
V
'XULQJWKH\HDUWKH&RPSDQ\KDGVSHFL¿HGEDQNQRWHVRURWKHUGHQRPLQDWLRQQRWHVDVGH¿QHGLQWKH0&$1RWL¿FDWLRQ*65(
GDWHGVW0DUFKRQWKHGHWDLOVRI6SHFL¿HG%DQN1RWHV6%1
VKHOGDQGWUDQVDFWHGIURPWKHSHULRGIURPWK1RYHPEHU
WRWK'HFHPEHU7KHGHQRPLQDWLRQZLVH6%1
VDQGRWKHUQRWHVDVSHUWKHQRWL¿FDWLRQLVJLYHQEHORZ
Particulars SBN's Other Total
Demonination
Notes
&ORVLQJ&DVKLQ+DQGDVRQWK1RYHPEHU   40,033,078
Add :- Permitted Receipts - 10,517,533 10,517,533
/HVV Permitted Payments - 9,982,540 9,982,540
/HVV Amount deposited in Banks  331 39,497,031
Closing Cash in Hand as on 30th December, 2016 - 1,071,040 1,071,040
)RUWKHSXUSRVHRIWKLVFODXVHWKHWHUP6SHFL¿HG%DQN1RWHVVKDOOKDYHWKHVDPHPHDQLQJSURYLGHGLQWKHQRWL¿FDWLRQRIWKH*RYHUQPHQW
RI,QGLDLQWKH0LQLVWU\RI)LQDQFH'HSDUWPHQWRI(FRQRPLF$IIDLUVQXPEHU62(GDWHGWK1RYHPEHU

88 47th Annual Report - 2016-17

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
35 EARNINGS PER SHARE (EPS)
7KHIROORZLQJLVDUHFRQFLOLDWLRQRIWKH(TXLW\6KDUHVXVHGLQWKHFRPSXWDWLRQRIEDVLFDQG (Number of Shares)
GLOXWHGHDUQLQJVSHU(TXLW\6KDUH
Sr. Particulars As at As at
No 31st March, 2017 VW0DUFK
(i) ,VVXHG(TXLW\6KDUHV 13,004,339 13,004,339
Weighted Average Shares outstanding - Basic and Diluted 13,004,339 13,004,339

1HW3UR¿WDYDLODEOHWR(TXLW\6KDUHKROGHUVRIWKH&RPSDQ\XVHGLQWKHEDVLFDQGGLOXWHGHDUQLQJVSHUVKDUHZDVGHWHUPLQHGDV
follows :
Sr. Particulars Year Ended <HDU(QGHG
No 31st March, 2017 VW0DUFK
(i) 3UR¿WDQG/RVVDIWHU7D[IRUDWWULEXWDEOHWR(TXLW\6KDUHKROGHUV 118,434,677 
(ii) %DVLF(DUQLQJSHU(TXLW\6KDUH 9.11 
(iii) )DFH9DOXHSHU(TXLW\6KDUH 10 10
36.1 OPERATING LEASE COMMITMENTS ( Company is a Lessee )
 7KH&RPSDQ\¶VVLJQL¿FDQWOHDVLQJDUUDQJHPHQWVDUHLQUHVSHFWRI2SHUDWLQJ/HDVHVIRU9HKLFOHV7KHVHOHDVLQJDUUDQJHPHQWVZKLFK
DUHQRWQRQFDQFHOODEOHUDQJHXSWRPRQWKVJHQHUDOO\DQGDUHUHQHZDEOHE\PXWXDOFRQVHQWRQPXWXDOO\DJUHHDEOHWHUPV7KH
DJJUHJDWH/HDVH5HQWDOVSD\DEOHDUHFKDUJHGDV³5(17´LQ2WKHU$GPLQLVWUDWLYH([SHQVHVXQGHU1RWH

:LWKUHJDUGWR2SHUDWLQJ/HDVHVIRU9HKLFOHVWKHIXWXUHPLQLPXPOHDVHUHQWDOVDUHDVIROORZV
Sr. Particulars Total Minimum Lease 7RWDO0LQLPXP/HDVH
No. Payments outstanding Payments outstanding as
as at 31st March, 2017 DWVW0DUFK
(a) Within One year 26,903,531 12,555,858
(b) /DWHUWKDQ2QH\HDUDQGQRWODWHUWKDQ)LYH\HDUV 37,044,865 
63,948,396 
7KHDERYHOHDVHUHQWDOVDUHLQFOXVLYHRI9$7,QVXUDQFHDQG2WKHU&KDUJHV

36.2 /HDVHSD\PHQWVUHFRJQLVHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVV
Sr. Particulars Year Ended <HDU(QGHG
No. 31st March, 2017 VW0DUFK
(a) 0LQLPXP/HDVH3D\PHQWV,QFOXVLYHRI9$7,QVXUDQFHDQG2WKHU&KDUJHV 30,199,284 25,809,342

36.3 *HQHUDOGHVFULSWLRQRI/HDVHWHUPV
(a) /HDVH5HQWDOVDUHFKDUJHGRQWKHEDVLVRIDJUHHGWHUPV
(b) $VVHWVDUHWDNHQRQ/HDVHIRUDSHULRGXSWRPRQWKV
37 Transition to Ind AS
Basis of preparation
 )RUDOOSHULRGXSWRDQGLQFOXGLQJWKH\HDUHQGHGVW0DUFKWKH&RPSDQ\KDVSUHSDUHGLWV¿QDQFLDOVWDWHPHQWVLQDFFRUGDQFH
ZLWKJHQHUDOO\DFFHSWHGDFFRXQWLQJSULQFLSOHVLQ,QGLD,QGLDQ*$$37KHVH¿QDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHGVW0DUFKDUH
WKH&RPSDQ\¶V¿UVWDQQXDO,QG$6¿QDQFLDOVWDWHPHQWVDQGKDYHEHHQSUHSDUHGLQDFFRUGDQFHZLWK,QG$6$FFRUGLQJO\WKH&RPSDQ\
KDVSUHSDUHG¿QDQFLDOVWDWHPHQWVZKLFKFRPSO\ZLWK,QG$6DSSOLFDEOHIRUSHULRGVEHJLQQLQJRQRUDIWHUVW$SULODVGHVFULEHGLQ
WKH$FFRXQWLQJ3ROLFLHV,QSUHSDULQJWKHVH¿QDQFLDOVWDWHPHQWVWKH&RPSDQ\¶VRSHQLQJ%DODQFH6KHHWZDVSUHSDUHGDVDWVW$SULO
WKH&RPSDQ\¶VGDWHRIWUDQVLWLRQWR,QG$67KLVQRWHH[SODLQVWKHSULQFLSDODGMXVWPHQWVPDGHE\WKH&RPSDQ\LQUHVWDWLQJLWV
,QGLDQ*$$3%DODQFH6KHHWDVDWVW$SULODQGLWVSUHYLRXVO\SXEOLVKHG,QGLDQ*$$3¿QDQFLDOVWDWHPHQWVIRUWKHTXDUWHUHQGHG
VW0DUFKDQG\HDUHQGHGVW0DUFK

47th Annual Report - 2016-17 89

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
Impact of Transition to Ind AS
7KHIROORZLQJLVDVXPPDU\RIWKHHIIHFWVRIWKHGLIIHUHQFHVEHWZHHQ,QG$6DQG,QGLDQ*$$3RQWKH&RPSDQ\¶VWRWDOHTXLW\VKDUHKROGHUV¶IXQGV
DQGSUR¿WDQGORVVIRUWKH¿QDQFLDOSHULRGIRUWKHSHULRGVSUHYLRXVO\UHSRUWHGXQGHU,QGLDQ*$$3IROORZLQJWKHGDWHRIWUDQVLWLRQWR,QG$6
Reconciliation of Balance Sheet as at 1st April, 2015

Particulars Local GAAP Ind AS As per Ind AS

As at Adjustment As at
31st March, 2015 1st April, 2015
I. ASSETS
(1) Non-Current Assets
(a) 3URSHUW\3ODQWDQG(TXLSPHQW  - 
(b) Intangible Assets  - 
(c) Capital Work in Progress 92,919,950 - 92,919,950
(d) Financial Assets
(i) 1RQ&XUUHQW,QYHVWPHQWV  - 
506,641,902 - 506,641,902
(2) Current Assets
(a) Inventories  - 
(b) Financial Assets
(i) Trade Receivables  154,321,123 
(ii) &DVK &DVK(TXLYDOHQWV 38,842,110 - 38,842,110
(iii) Other Bank Balances  - 
(iv) &XUUHQW/RDQV 1,050,353 - 1,050,353
(v) Other Financial Assets 1,713,025 - 1,713,025
(c) Other Current Assets  - 
2,536,920,806 154,321,123 2,382,599,683

TOTAL 3,043,562,708 154,321,123 2,889,241,585

II. EQUITY AND LIABILITIES
(1) Equity
(a) (TXLW\6KDUH&DSLWDO 130,043,390 - 130,043,390
(b) 2WKHU(TXLW\ 1,221,275,200 124,245,118 1,097,030,082
1,351,318,590 124,245,118 1,227,073,472
(2) Non-Current Liabilities
(a) )LQDQFLDO/LDELOLWLHV
1RQ&XUUHQW%RUURZLQJV  - 
(b) 1RQ&XUUHQW3URYLVLRQV 7,048,585 (4,551,815) 
(c) 'HIHUUHG7D[/LDELOLWLHV1HW   
174,284,293 (3,904,113) 178,188,406
(3) Current Liabilities
(a) )LQDQFLDO/LDELOLWLHV
(i) Current Borrowings  - 
(ii) Trade Payables 258,433,808 - 258,433,808
(iii) 2WKHU&XUUHQW)LQDQFLDO/LDELOLWLHV 70,012,788 - 70,012,788
(b) 2WKHU&XUUHQW/LDELOLWLHV 222,973,780 - 222,973,780
(c) Current Provisions 42,310,230 33,980,118 8,330,112
(d) &XUUHQW7D[/LDELOLW\1HW 51,492,993 - 51,492,993
1,517,959,825 33,980,118 1,483,979,707

TOTAL 3,043,562,708 154,321,123 2,889,241,585

90 47th Annual Report - 2016-17

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

Reconciliation of Other Equity as at 1st April, 2015

Particulars Reserves & Surplus Total
Securities General Reserve Reatined
Premium Reserve Earnings
Balance as at 1 April, 2015 (Previous GAAP) 490,037,050   1,221,275,200
Add: Proposed Dividend - -  
Add: Dividend Distribution Tax - - 5,325,191 5,325,191
Add: Deferred Tax Impact - -  
/HVV Difference in Gratuity provided - -  
/HVV 'LIIHUHQFHLQ/HDYH6DODU\SURYLGHG - -  
/HVV One Time Incentive provided - - (2,029,273) (2,029,273)
/HVV Impairment of Trade Receivables - - (154,321,123) (154,321,123)
Total Ind AS Adjustments - - (124,245,118) (124,245,118)
Balance as at 1st April, 2015 (Ind AS) 490,037,050 97,956,310 509,036,723 1,097,030,082

Principal differences between Ind AS and Indian GAAP

Measurement and Recognition difference for year ended 31st March, 2016
1. Trade Receivables
 $QHQWLW\LVUHTXLUHGWRUHFRJQLVHDFUHGLWORVVDOORZDQFHRIPRQWKH[SHFWHGORVVHVRQWKHLQLWLDOUHFRJQLWLRQRI¿QDQFLDODVVHWH[SHFW
ZKHQWKHVLPSOL¿HGDSSURDFKLVDSSOLHG6XEVHTXHQWO\PRQWKVH[SHFWHGORVVHVDUHUHSODFHGE\OLIHWLPHH[SHFWHGORVVHVLIWKHFUHGLW
ULVN LQFUHDVHV VLJQL¿FDQWO\ VLQFH LQLWLDO UHFRJQLWLRQ$FFRUGLQJO\ WKH &RPSDQ\ KDV UHFRJQLVHG `  DV /LIHWLPH ([SHFWHG
&UHGLW/RVVDQGUHGXFHGWKH7UDGH5HFHLYDEOHVWRWKHWXQHRI&UHGLW/RVVZLWKDFRUUHVSRQGLQJGHELWWR2WKHU(TXLW\
2. Proposed Dividend
 8QGHU ,QGLDQ *$$3 SURSRVHG GLYLGHQGV DUH UHFRJQLVHG DV OLDELOLW\ LQ WKH SHULRG WR ZKLFK WKH\ UHODWH LUUHVSHFWLYH RI WKH DSSURYDO E\
VKDUHKROGHUV8QGHU,QG$6DSURSRVHGGLYLGHQGLVUHFRJQLVHGDVOLDELOLW\LQWKHSHULRGLQZKLFKLWLVGHFODUHGRQDSSURYDORIVKDUHKROGHUV
LQ D JHQHUDO PHHWLQJ RU SDLG7KHUH WKH SURSRVHG GLYLGHQG DQG WKH GLYLGHQG GLVWULEXWLRQ WD[ RI `  RQ VW 0DUFK 
KDV EHHQ GHUHFRJQLVHG DQG UHFRJQLVHG GXULQJ  RQ SD\PHQW 6LPLODU\ SURSRVHG GLYLGHQG DQG GLYLGHQG GLVWULEXWLRQ WD[ RI
`RQVW0DUFKKDVEHHQGHUHFRJQLVHGDQGUHFRJQLVHGGXULQJ
 'H¿QHG%HQH¿W3ODQ
$GMXVWPHQWVUHÀHFWXQDPRUWLVHGQHJDWLYHSDVWVHUYLFHFRVWDULVLQJRQFKDQJHLQDFWXDULDOYDOXDWLRQRI*UDWXLW\DQG/HDYH6DODU\DQG
LQFOXVLRQRIDFWXDULDOYDOXDWLRQRI2QH7LPH,QFHQWLYH7KHLPSDFWRIFKDQJHLQWKHDFWXDULDODVVXPSWLRQDQGH[SHULHQFHDGMXVWPHQWVIRU
GH¿QHGEHQH¿WREOLJDWLRQWRZDUGVJUDWXLW\/HDYH6DODU\2QH7LPH,QFHQWLYHLVDFFRXQWHGLQWKH6WDWHPHQWRI2WKHU&RPSUHKHQVLYH
,QFRPH'XHWRWKLV`DQG`IRUWKH\HDUHQGHGVW0DUFKDQGVW0DUFKUHVSHFWLYHO\LVVKRZQLQ
2WKHU&RPSUHKHQVLYH,QFRPHDQGUHYHUVDOLQ6WDWHPHQWRISUR¿WDQG/RVV
4. Deferred Tax
The Group has accounted for deferred tax on the various adjustments between Indnan GAAP and Ind AS at the tax rate at which they
DUHH[SHFWHGWREHUHYHUVHGDQGLPSDFWRIEDODQFHVKHHWDSSURDFKDSSOLHGXQGHU,QG$6DJDLQVWSUR¿WDQGORVVDSSURDFKXQGHU,QGLDQ
*$$3
5. Other Equity
Adjustment to retained earnings and other comprehensive income has been made in accordance with Ind AS for the above mentioned
OLQH LWHPV$FWXDULDO JDLQV DQG ORVVHV DUH UHFRJQLVHG LQ 2WKHU &RPSUHKHQVLYH ,QFRPH DV SHU ,QG$6  ZKLFK ZHUH UHFRJQLVHG LQ
6WDWHPHQWRI3UR¿WDQG/RVVXQGHU,QGLDQ*$$3
6. Statement of Cash Flows
7KHLPSDFWRIWUDQVLWLRQ IURP ,QGLDQ *$$3WR,QG$6 RQ WKH 6WDWHPHQW RI &DVK )ORZV LV GXH WR YDULRXV UHFODVVL¿FDWLRQ DGMXVWPHQWV
UHFRUGHGXQGHU,QG$6LQ%DODQFH6KHHW6WDWHPHQWRI3UR¿WDQG/RVVDQGGLIIHUHQFHLQWKHGH¿QDWLRQRI&DVKDQG&DVK(TXLYDOHQWV
DQGWKHVHWZR*$$3
V

47th Annual Report - 2016-17 91

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
Reconciliation of Balance Sheet as at 31st March, 2016
Particulars Local GAAP Ind AS As per Ind AS
As at Adjustment As at
31st March, 2016 31st March, 2016
I. ASSETS
(1) Non-Current Assets
(a) 3URSHUW\3ODQWDQG(TXLSPHQW  - 
(b) Intangible Assets 1,312,120 - 1,312,120
(c) Capital Work in Progress 90,500,000 - 90,500,000
(d) Financial Assets
(i) 1RQ&XUUHQW,QYHVWPHQWV  - 
551,004,418 - 551,004,418
(2) Current Assets
(a) Inventories 992,822,395 - 992,822,395
(b) Financial Assets
(i) Trade Receivables  154,321,123 808,905,120
(ii) &DVK &DVK(TXLYDOHQWV  - 
(iii) Other Bank Balances  - 
(iv) &XUUHQW/RDQV 1,232,152 - 1,232,152
(v) Other Financial Assets  - 
(c) Other Current Assets 542,917,130 - 542,917,130
2,593,736,956 154,321,123 2,439,415,833

TOTAL 3,144,741,374 154,321,123 2,990,420,251

II. EQUITY AND LIABILITIES
(1) Equity
(a) (TXLW\6KDUH&DSLWDO 130,043,390 - 130,043,390
(b) 2WKHU(TXLW\   
1,391,756,722 134,932,386 1,256,824,337
(2) Non-Current Liabilities
(a) )LQDQFLDO/LDELOLWLHV
1RQ&XUUHQW%RUURZLQJV  - 
(b) 1RQ&XUUHQW3URYLVLRQV 8,738,238 (150,323) 
(c) 'HIHUUHG7D[/LDELOLWLHV1HW  547,443 38,315,141
164,523,244 397,120 164,126,124
(3) Current Liabilities
(a) )LQDQFLDO/LDELOLWLHV
(i) Current Borrowings  - 
(ii) Trade Payables 224,991,431 - 224,991,431
(iii) 2WKHU&XUUHQW)LQDQFLDO/LDELOLWLHV  - 
(b) 2WKHU&XUUHQW/LDELOLWLHV   
(c) Current Provisions 27,802,580  
(d) &XUUHQW7D[/LDELOLW\1HW 25,217,277 - 25,217,277
1,588,461,408 18,991,617 1,569,469,790

TOTAL 3,144,741,374 154,321,123 2,990,420,251

92 47th Annual Report - 2016-17

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

Reconciliation of Other Equity as at 31st March, 2016

Particulars Reserves & Surplus Items of Other Total
Securities General Reatined Comprehensive
Premium Reserve Earnings Income
Reserve
Balance as at 31st March, 2016 (Previous GAAP) 490,037,050 102,956,310 668,719,973 - 1,261,713,332
/HVV 'LIIHUHQFHLQ2WKHU(TXLW\RQ7UDQVLWLRQDVDWVW - - (124,245,118) - (124,245,118)
April, 2015
Add : De-Recognition of Proposed Dividend - -  - 19,506,509
Add : De-Recognition of Dividend Distribution Tax - -  - 3,971,066
Add : 'LIIHUHQFHLQ3UR¿WDQG/RVV)< - - 52,292 - 52,292
/HVV Dividend paid F Y 2014-15 - -  - (26,008,678)
/HVV Dividend Distribution Tax paid F Y 2014-15 - - (5,325,191) - (5,325,191)
/HVV 5HPHDVXUHPHQWVRIWKHQHWGH¿QHGEHQH¿W - - -  (2,883,267)
plans
Total Ind AS Adjustments - - (132,049,119) (2,883,267) (134,932,386)
Balance as at 31st March, 2016 (Ind AS) 490,037,050 102,956,310 536,670,854 (2,883,267) 1,126,780,947

5HFRQFLOLDWLRQRI6WDWHPHQWRI3UR¿WDQG/RVVIRUWKH\HDUHQGHGVW0DUFK
Particulars As per Local GAAP Ind AS As per Ind AS
Year Ended Adjustment Year Ended
31st March, 2016 31st March, 2016
I. Revenue from Operations  - 
$GG([FLVH'XW\2Q6DOHV   -
/HVV'LVFRXQWV5HEDWHV - (217,812,140) 217,812,140
2,293,792,532 165,446,632 2,128,345,900
II. Other Income 14,259,519 - 14,259,519
III. Total Revenue ( I + II ) 2,308,052,051 165,446,632 2,142,605,419
IV. ([SHQVHV
(a) Cost of Materials Consumed  - 
(b) Purchases of Stock-in-Trade 435,399,707 - 435,399,707
(c) (Increase) / Decrease in Inventories of Finished Goods and Stock- (8,883,411) - (8,883,411)
in-Trade
(d) ([FLVH'XW\RQ6DOHRI*RRGV -  
(e) (PSOR\HH%HQH¿WV([SHQVH  1,425,984 
(f) Finance Costs 205,892,020 (1,273,432) 
(g) Depreciation and Amortization  - 
(h) 2WKHU([SHQVHV  217,812,140 542,458,021
7RWDO([SHQVHV 2,204,165,331 165,599,184 2,038,566,146
V. 3UR¿W%HIRUH7D[3%7,,,,9 103,886,720 (152,552) 104,039,272
VI. Tax Expense
(a) Current Tax  - 
(b) Adjustment of Tax relating to earlier periods -  
(c) Deferred Tax   
Income Tax Expense 37,810,416 (2,260,857) 40,071,273
VII. 3UR¿WDIWHU7D[3$799, 66,076,304 2,108,305 63,968,000
/HVV6KRUW3URYLVLRQIRU7D[LQ(DUOLHU<HDUV   -
VIII. 3UR¿W/RVVIRUWKHSHULRG 63,915,708 (52,292) 63,968,000
IX. Other Comprehensive Income
(A) ,WHPVWKDWZLOOQRWEHUHFODVVL¿HGWR3UR¿WRU/RVV
(i) 5HPHDVXUHPHQWVRI'H¿QHG%HQH¿W3ODQV -  
- 2,883,267 (2,883,267)
X. Total Comprehensive Income for the period (VII + VIII) 63,915,708 2,830,975 61,084,733

47th Annual Report - 2016-17 93

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

6XPPDU\RIUHFRQFLOLDWLRQRIPRYHPHQWLQ3UR¿WDQG/RVVRQWUDQVLWLRQWR,QG$6IRUWKH\HDUHQGHGVW0DUFK
1HW3UR¿WDVSHU,QGLDQ*$$3 63,915,708
$GG/HVV$GMXVWPHQWVRQDFFRXQWRIWUDQVLWLRQWR,QG$6
5HFODVVL¿FDWLRQRIDFWXDULDOJDLQVDQGORVVHVRQGH¿QHGEHQH¿WSODQVWR2WKHU&RPSUHKHQVLYH,QFRPH 
'HFUHDVHLQ3UR¿WGXHWRLQFUHDVHLQSURYLVLRQRIGH¿QHGEHQH¿WSODQV (2,730,715)
Deferred Tax on accounting effect of Ind AS adjustments 
A 1HW3UR¿WDVSHU,QG$6 
B Add :- Other Comprehensive Income
5HPHDVXUHPHQWVRIGH¿QHGEHQH¿WSODQV 
Total Comprehensive Income (A+B) 61,084,733

38. RELATED PARTY DISCLOSURES

Related Party Disclosures as per Ind AS 24 issued by the Institute of Chartered Accountants of India
Part - A
Details of Related Parties
Sr. Nature of Relationship Name of the Related Party Remarks
No.
1 .H\0DQDJHPHQW3HUVRQQHO a) 'U5DKXO0LUFKDQGDQL D&KDLUPDQ 0DQDJLQJ'LUHFWRU
b) 'U-LPP\0LUFKDQGDQL b) Director
c) 0UV1LW\D0LUFKQGDQL c) Director
2 (QWLWLHVZKHUH&RQWUROH[LVWV
- Subsidiaries and Indirect
Subsidiaries
>([WHQWRI+ROGLQJ@
3 (QWHUSULVHVRYHUZKLFKWKH
.H\0DQDJHPHQW3HUVRQVKDV
VLJQL¿FDQW,QÀXHQFHRI&RQWURO
4 5HODWLYHVRI.H\0DQDJHPHQW
Personnel
d) 0U65DPDPXUWK\
e) 0U4DLVHU3$QVDUL
a) $ULHV$JUR&DUH3YW/WG
b) $ULHV$JUR(TXLSPHQWV3YW/WG
c) $ULHV$JUR3URGXFH3YW/WG
d) *ROGHQ+DUYHVW0LGGOH(DVW)=&
e) $PDUDN&KHPLFDOV)=&
a) $ULHV0DUNHWLQJ/WG
b) %ORVVRPV,QWHUQDWLRQDO/WG
c) 6UHHQL$JUR&KHPLFDOV/WG
d) $ULHV(DVW:HVW1XWULHQWV3YW/WG
Name of the Key Management Personnel
G&KLHI)LQDQFLDO2I¿FHU
e) Company Secretary
>@ a) Date of Incorporation 5th January, 2007
>@ b) Date of Incorporation 12th January, 2007
>@ c) Date of Incorporation 20th June, 2008
>@ d) Date of Incorporation 31st October, 2004
>@ e) Step Down Subsidiary
Date of Incorporation 9th September, 2007
Name of the Relative Relationship
a) 'U5DKXO0LUFKDQGDQL D0UV1LW\D0LUFKDQGDQL Spouse
b) Master Armaan Mirchandani Son
F'U-LPP\0LUFKDQGDQL Brother
b) 'U-LPP\0LUFKDQGDQL D0UV9LYLDQ3URNRS0LUFKDQGDQL Spouse
E0U$NVKD\0LUFKDQGDQL Son
F0U$PRO0LUFKDQGDQL Son
G'U5DKXO0LUFKDQGDQL Brother
c) 0UV1LW\D0LUFKDQGDQL D'U5DKXO0LUFKDQGDQL Spouse
b) Master Armaan Mirchandani Son

94 47th Annual Report - 2016-17

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

Part - B
Disclosure of Transactions between the Company and Related Parties
Sr. Category Nature of Service Year Ended <HDU(QGHG
No. 31st March, 2017 VW0DUFK
1 .H\0DQDJHPHQW3HUVRQQHO /RDQUHSDLG 12,165,675 35,280,201
/RDQWDNHQ 1,850,000 7,224,300
Directors 20,649,920 
Remuneration paid
Salary Paid 6,692,110 
Sitting Fees 120,000 130,000
2 Subsidiaries /RDQJLYHQ 413,159 5,000
/RDQUHIXQG - 32,180,000
Sale of Goods 121,591 950,538
Purchase of Goods 21,378,159 92,737,870
Payments (Including 130,417,664 
Advance) for Goods
Interest Income on - 293,027
/RDQ
3 5HODWLYHVRI.H\0DQDJHPHQW Salary paid 1,155,698 
Personnel

Part - C
Balance Outstanding with Related Parties
Category Nature of Name of the Related Party As at As at
Outstanding 31st March, 2017 VW0DUFK
.H\0DQDJHPHQW3HUVRQQHO Dues to Directors 'U-LPP\0LUFKDQGDQL 4,819,574 10,890,094
'U5DKXO0LUFKDQGDQL 16,104,549 
0U65DPDPXUWK\ 148,668 132,992
0U4DLVHU3$QVDUL 109,452 104,590
Subsidiary /RDQV $GYDQFHV $ULHV$JUR&DUH3YW/WG 5,918,635 5,814,935
$ULHV$JUR(TXLSPHQWV3YW/WG 3,736,812 3,552,759
$ULHV$JUR3URGXFH3YW/WG 190,866 
*ROGHQ+DUYHVW0LGGOH(DVW)=& 205,014,365 
$PDUDN&KHPLFDOV)=& 28,913,173 -

Creditors for Goods *ROGHQ+DUYHVW0LGGOH(DVW)=& 27,884,130 28,583,573

$ULHV$JUR(TXLSPHQWV3YW/WG 11,806,960 

Share Investments *ROGHQ+DUYHVW0LGGOH(DVW)=& 202,489,000 202,489,000

Sundry Debtors $PDUDN&KHPLFDOV)=& 10,738,213 19,278,704

5HODWLYHVRI.H\0DQDJHPHQW3HUVRQQHO Salary Amol Mirchandani 67,905 

47th Annual Report - 2016-17 95

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

39. Contingent Liability not provided for in the accounts:

a) /HWWHUVRIFUHGLWJXDUDQWHHVJLYHQ%LOOVGLVFRXQWLQJRs./DNKV
b) 6WDQGE\OHWWHURIFUHGLWIRU2YHUVHDV6XEVLGLDU\*ROGHQ+DUYHVW0LGGOH(DVW)=&
‡ $[LV%DQN Rs. /DNKV
-----------------------
Rs./DNKV
=============
c) Claims against company not acknowledged as debts Rs./DNKVZKLFKLQFOXGHVWD[GXHVGLVSXWHGDVRs./DNKV
towards sales Tax, Rs./DNKVWRZDUGV,QFRPH7D[Rs./DNKVWRZDUGVFHQWUDOH[FLVH FXVWRPVDQGLQFOXGHVRs.
/DNKVSHUWDLQLQJWRSHQGLQJVXLWVUHJDUGLQJTXDOLW\LVVXH
d)  7KH &RPPLVVLRQHU RI &HQWUDO ([FLVH 0XPEDL DQG +\GHUDEDG KDG LVVXHG 6KRZ &DXVH&XP'HPDQG 1RWLFHV IRU OHY\ RI
([FLVH'XW\RQFOHDUDQFHVRI0LFURQXWULHQWVE\FODVVLI\LQJWKHVDPHDV3ODQW*URZWK5HJXODWRUVXQGHU&KDSWHU+HDGLQJ1R
RI&HQWUDO([FLVH$FW7KH&RPPLVVLRQHURI&HQWUDO([FLVH0XPEDLYLGHKLV2UGHUGDWHGth1RYHPEHUDQG
&RPPLVVLRQHU RI &HQWUDO ([FLVH +\GHUDEDG YLGH KLV 2UGHU GDWHG th 1RYHPEHU  KDG FDQFHOOHG WKHVH GHPDQGV LQ
UHVSHFWRIFOHDUDQFHXSWR-XQH7KH'HSDUWPHQWKDVSUHIHUUHGDSSHDOVDJDLQVWWKHVDLGRUGHUV7KH'HSDUWPHQWKDV
DOVRLVVXHGSHULRGLFDO6KRZ&DXVH1RWLFHVRIDERXWRs.&URUHVWRWKH&RPSDQ\LQUHVSHFWRIFOHDUDQFHVWKHUHDIWHUDQG
WKH&RPSDQ\KDVUHSOLHGWRDOOVXFKQRWLFHV,QYLHZRIWKH2UGHUVUHIHUUHGWRDERYHRQWKHSHQGLQJDSSHDOVDQGVXEPLVVLRQV
QRDFWLRQKDVEHHQWDNHQ
  &RPPLVVLRQHURI&HQWUDO([FLVH$KPHGDEDG±,,KDVSDVVHGDQRUGHUFRQ¿UPLQJGHPDQGRI5V&URUHVRQDFFRXQWRI
&HQWUDO([FLVHGXW\LQWHUHVWRQWKHVDLGDPRXQWDQGSHQDOW\RIOLNHDPRXQWLHRs.&URUHVDJDLQVWZKLFKWKH&RPSDQ\
KDVSUHIHUUHGDQDSSHDOEHIRUHWKH&HQWUDO([FLVHDQG6HUYLFH7D[$SSHOODWH7ULEXQDO$KPHGDEDG
  7KH &HQWUDO %RDUG RI ([FLVH DQG &XVWRPV YLGH WKHLU &LUFXODU 1R &; GDWHG  KDV FODUL¿HG WKDW
0LFURQXWULHQWVDUHQRWFODVVL¿DEOHDV3ODQW*URZWK5HJXODWRUVXQGHU&KDSWHU+HDGLQJ1RRIWKH&HQWUDO([FLVH$FW
  8QGHUWKHFLUFXPVWDQFHVDQGLQYLHZRIOHJDOSURQRXQFHPHQWVWKDWWKH([FLVH$XWKRULWLHVFDQQRWJREH\RQGWKH6KRZ&DXVH
1RWLFHWKH6KRZ&DXVH&XP'HPDQG1RWLFHVDUHOLDEOHWREHGURSSHGLQYLHZRIWKH&LUFXODUUHIHUUHGWRDERYH
  7KH &RPSDQ\ KDV EHHQ FODVVLI\LQJ 6XOSKXU %HQWRQLWH XQGHU &KDSWHU +HDGLQJ 1R  DV RWKHU IRUPV RI 6XOSKXU
+RZHYHUWKH&XVWRPVDXWKRULWLHVFODVVL¿HG6XOSKXU%HQWRQLWHLPSRUWHGXQGHU&KDSWHU+HDGLQJ1R³DVUHFRYHUHG
E\SURGXFWLQUH¿QLQJRIFUXGHRLO´7KH$GGLWLRQDO&RPPLVVLRQHURI&XVWRPV1KDYD6KHYDFRQ¿UPHGWKHFODVVL¿FDWLRQXQGHU
&KDSWHU+HDGLQJ1RDQGGHPDQGHGDQDPRXQWRIRs./DNKVLQDGGLWLRQSHQDOW\RIOLNHDPRXQWLHRs.
/DNKVDORQJZLWK¿QHDQGSHQDOW\RIRs./DNKVHDFKRQWKH&KDLUPDQ 0DQDJLQJ'LUHFWRUDQG3XUFKDVH0DQDJHURIWKH
&RPSDQ\
  7KH &RPSDQ\ SUHIHUUHG DQ DSSHDO EHIRUH WKH &RPPLVVLRQHU$SSHDOV ZKR YLGH RUGHU GDWHG  ZKLOH XSKROGLQJ
WKH'HSDUWPHQW¶VFRQWHQWLRQRIFODVVLI\LQJWKHSURGXFWXQGHU&KDSWHU+HDGLQJ1RVHWDVLGHWKH¿QHDQGSHQDOW\
LPSRVHGXSRQWKH&RPSDQ\WKH&KDLUPDQ 0DQDJLQJ'LUHFWRUDQGWKH3XUFKDVH0DQDJHU7KH&RPPLVVLRQHU$SSHDOVDOVR
GLUHFWHGWRJUDQWEHQH¿WYLGH6U1RXQGHU1RWL¿FDWLRQ1R&867KH&RPSDQ\KDVSUHIHUUHGDQDSSHDODJDLQVW
WKHVDLGRUGHUWRWKH&XVWRPV&HQWUDO([FLVHDQG6HUYLFH7D[7ULEXQDO0XPEDLRQFRQWHVWLQJWKHFODVVL¿FDWLRQRI
6XOSKXU%HQWRWRQLWHXQGHU&KDSWHU+HDGLQJ1R
40. Segmental Reporting as per Ind AS - 108
The Company has only One business Segment “ Agro Inputs “as its primary segment and hence disclosure of segment-wise information
LVQRWUHTXLUHGXQGHU,QG$6µ2SHUDWLQJ6HJPHQWV¶QRWL¿HGSXUVXDQWWRWKH&RPSDQLHV,QGLDQ$FFRXQWLQJ6WDQGDUG5XOHVDV
DPHQGHG
41. Events Occurring after Balance Sheet
a) Sale of Shareholding in Subsidiary
 7KH&RPSDQ\6ROGLWV0DMRULW\RIVKDUHKROGLQJLQLWVVXEVLGLDU\$ULHV$JUR3URGXFH3ULYDWH/LPLWHGRQrd$SULOLHDIWHUWKH
GDWHRI%DODQFH6KHHW+HQFHWKH&RPSDQ\$ULHV$JUR3URGXFH3ULYDWH/LPLWHGKDVFHDVHGWREHD6XEVLGLDU\RIWKH&RPSDQ\
ZHIrd$SULO7KH&RQVROLGDWLWHG3UR¿W /RVVLQFOXGHV`DVORVVRIWKHVDLG6XEVLGLDU\

 47th Annual Report - 2016-17

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
b) Dividend proposed to be distributed
(Amount in Rupees unless stated otherwise)
Particulars Year Ended <HDU(QGHG
31st March, 2017 31st0DUFK
'LYLGHQGSURSRVHGIRU(TXLW\6KDUHKROGHUV#`2 per share 2,60,08,678 
Total 2,60,08,678 
(Amounts in Rupees unless stated otherwise)
42.
6XSSOHPHQWDU\3UR¿WDQG/RVV'DWD Year Ended <HDU(QGHG
31 March 2017 0DUFK
(a)9DOXHRI,PSRUWVFDOFXODWHGRQ&,)EDVLV 25,45,82,553 20,39,43,143
(on accrual basis) :

(b)(DUQLQJVLQ)RUHLJQ&XUUHQF\RQDFFUXDOEDVLV
)2%9DOXHRIH[SRUWVDOHV 1,31,13,165 
,QWHUHVWRQ(&%/RDQV - 1,50,517

(c)([SHQGLWXUHLQ)RUHLJQ&XUUHQF\RQDFFUXDOEDVLV
)RUHLJQ7UDYHOLQJ([SHQVHV 13,15,670 35,57,720
,QWHUHVWRQ(&%/RDQV - 1,50,517

(d) Details of Consumption of Raw Materials :

Particulars Year Ended 31 March 2017 <HDU(QGHG0DUFK
Imported 19,83,58,328 41.60% 17,59,49,485 
Indigenous 27,84,22,084 58.40% 23,87,35,577 
Total 47,67,80,412 100.00%  
43. 7KH &RPSDQ\ KDV DFTXLUHG D YHKLFOH LQ WKH QDPH RI WKH 'LUHFWRU ZKLFK LV \HW WR EH WUDQVIHUUHG LQ WKH QDPH RI WKH &RPSDQ\ 7KH
Company has all the ownership rights and Depreciation thereon has been charged at the rates prescribed in the Schedule II to the
&RPSDQLHV$FW
44. 3UHYLRXV<HDUV¿JXUHVKDYHEHHQUHJURXSHGZKHUHYHUQHFHVVDU\VRDVWRPDNHWKHPFRPSDUDEOHZLWKWKHFXUUHQW\HDU

As per our report of even date For and on behalf of the Board of Directors of Aries Agro Limited

For Kirti D. Shah & Associates Dr. Rahul Mirchandani Prof. R. S. S. Mani Mr. S. Ramamurthy
Chartered Accountants &KDLUPDQ 0DQDJLQJ'LUHFWRU Director &KLHI)LQDQFLDO2I¿FHU
)LUP5HJLVWUDWLRQ1R: ',1 ',1 0HPEHUVKLS1R$&$

Kirti D. Shah Dr. Jimmy Mirchandani Mr. C. B. Chhaya Mr. Qaiser P. Ansari
Proprietor Director Director Company Secretary
0HPEHUVKLS1R ',1 ',1 0HPEHUVKLS1R$&6

Mrs. Nitya Mirchandani Mr. B.V. Dholakia

Place : Mumbai Director Director
',1 ',1
Date : 30th May, 2017

47th Annual Report - 2016-17 97

 6WDWHPHQW3XUVXDQWWR¿UVWSURYLVRWRVXEVHFWLRQRIVHFWLRQWKH&RPSDQLHV$FWUHDGZLWKUXOHRI&RPSDQLHV$FFRXQW5XOHV

98
in the prescribed Form AOC - 1 relating to subsidairy companies
( Rupees in Lakhs )
Sr. Name of the Subsidairy Reporting Exchange Share Other Total Total Investments Turnover 3UR¿W Porvision 3UR¿WDIWHU Proposed % of Country
No. Company Currency Rate Capital Equity Asets Liabities Before for Taxation Taxation Dividend Shareholding
Taxation
1 $ULHV$JUR&DUH3YW/WG ,15      - -  -  -  India
2 $ULHV$JUR(TXLSPHQWV ,15      - -  -  -  India
3YW/WG
3 $ULHV$JUR3URGXFH3YW/WG ,15    - - - -  -  -  India
4 *ROGHQ+DUYHVK0LGGOH $('         -  -  8$(

47th Annual Report - 2016-17

(DVW)=&
5 $PDUDN&KHPLFDO)=& $('      -   -  - KHOGE\ 8$(
*ROGHQ+DUYHVW
0LGGOH(DVW
)=&

As per our report of even date For and on behalf of the Board of Directors of Aries Agro Limited

For Kirti D. Shah & Associates Dr. Rahul Mirchandani Prof. R. S. S. Mani Mr. S. Ramamurthy
Chartered Accountants &KDLUPDQ  Director &KLHI)LQDQFLDO2I¿FHU
)LUP5HJLVWUDWLRQ1R: Managing Director ',1 0HPEHUVKLS1R$&$
',1

Kirti D. Shah Dr. Jimmy Mirchandani Mr. C. B. Chhaya Mr. Qaiser P. Ansari
Proprietor Director Director Company Secretary
0HPEHUVKLS1R ',1 ',1 0HPEHUVKLS1R$&6

Mrs. Nitya Mirchandani Mr. B.V. Dholakia

Place : Mumbai Director Director
Date : 30th May, 2017 ',1 ',1
 INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF ARIES AGRO LIMITED Standards require that we comply with ethical requirements
and plan and perform the audit to obtain reasonable assurance
REPORT ON THE CONSOLIDATED Ind AS FINANCIAL
DERXWZKHWKHUWKHFRQVROLGDWHG,QG$6¿QDQFLDOVWDWHPHQWVDUH
STATEMENTS
IUHHIURPPDWHULDOPLVVWDWHPHQWV
:HKDYHDXGLWHGWKHDFFRPSDQ\LQJFRQVROLGDWHG,QG$6¿QDQFLDO
An audit involves performing procedures to obtain audit evidence
statement of ARIES AGRO LIMITED (“the Holding Company”),
about the amounts and the disclosures in the consolidated Ind
its subsidiaries and jointly controlled entities (collectively referred
$6 ¿QDQFLDO VWDWHPHQWV 7KH SURFHGXUHV VHOHFWHG GHSHQG RQ
as the “the Group”) which comprise the Consolidated Balance
the auditor’s judgment, including the assessment of the risks
Sheet as at 31st March, 2017, the Consolidated Statement of
RI PDWHULDO PLVVWDWHPHQW RI WKH FRQVROLGDWHG ,QG $6 ¿QDQFLDO
3UR¿W DQG /RVV LQFOXGLQJ RWKHU FRPSUHKHQVLYH LQFRPH WKH
VWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU,QPDNLQJWKRVHULVN
Consolidated Cash Flow Statement and consolidated statement
assessments, the auditor considers internal control relevant
of changes in equity for the year then ended and a summary
to the Holding Company’s preparation and presentation of
RI WKH VLJQL¿FDQW DFFRXQWLQJ SROLFLHV DQG RWKHU H[SODQDWRU\
WKH FRQVROLGDWHG ,QG $6 ¿QDQFLDO VWDWHPHQWV WKDW JLYH D
information (hereinafter referred to as “the consolidated Ind AS
true and fair view in order to design audit procedures that
¿QDQFLDOVWDWHPHQWV´
MANAGEMENT RESPONSIBILITY FOR THE CONSOLIDATED
FINANCIAL STATEMENTS
The Company’s Board of Directors is responsible for the
matters stated in Section 134(5) of the Companies Act, 2013
(“the Act”) with respect to the preparation and presentation of
WKHVH¿QDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZRIWKH
¿QDQFLDO SRVLWLRQ ¿QDQFLDO SHUIRUPDQFH DQG FDVK ÀRZV RI WKH
Group in accordance with the accounting principles generally
accepted in India, including the Accounting Standards (Ind AS)
VSHFL¿HGXQGHU6HFWLRQRIWKH$FWUHDGZLWK5XOHVLVVXHG
WKHUHXQGHU 7KLV UHVSRQVLELOLW\ DOVR LQFOXGHV PDLQWHQDQFH RI
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
judgements and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal
¿QDQFLDOFRQWUROVWKDWZHUHRSHUDWLQJHIIHFWLYHO\IRUHQVXULQJWKH
accuracy and completeness of the accounting records, relevant
WRWKHSUHSDUDWLRQDQGSUHVHQWDWLRQRIWKH¿QDQFLDOVWDWHPHQWV
that give a true and fair view and are free from material
DUH DSSURSULDWH LQ WKH FLUFXPVWDQFHV $Q DXGLW DOVR LQFOXGHV
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
SUHVHQWDWLRQRIWKHFRQVROLGDWHG,QG$6¿QDQFLDOVWDWHPHQWV
:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXI¿FLHQW
and appropriate to provide a basis for our audit opinion on the
FRQVROLGDWHG,QG$6¿QDQFLDOVWDWHPHQWV
OPINION
In our opinion and to the best of our information and according
WRWKHH[SODQDWLRQVJLYHQWRXVDQGEDVHGRQWKHFRQVLGHUDWLRQ
RIWKHUHSRUWVRIWKHRWKHUDXGLWRUVRQWKH¿QDQFLDOVWDWHPHQWV
FRQVROLGDWHG,QG$6¿QDQFLDOVWDWHPHQWVRIWKHVXEVLGLDULHVDQG
DVVRFLDWHV DV QRWHG EHORZ WKH ,QG $6 FRQVROLGDWHG ¿QDQFLDO
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 including Ind
AS:
(a) In the case of the Consolidated Balance Sheet, of the state
of affairs of the Group as at 31st March, 2017;
misstatement, whether due to fraud or error, which have been
used for the purpose
RISUHSDUDWLRQRIWKHFRQVROLGDWHG,QG$6¿QDQFLDOVWDWHPHQWVE\
WKH'LUHFWRUVRIWKHKROGLQJ&RPSDQ\DVDIRUHVDLG
Auditors’ Responsibility
2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKHVHFRQVROLGDWHG
,QG $6 ¿QDQFLDO VWDWHPHQWV EDVHG RQ RXU DXGLW :H KDYH
taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be
included in the audit report under the provisions of the Act and
WKH5XOHVPDGHWKHUHXQGHU
We conducted our audit in accordance with the Standards on
E ,Q WKH FDVH RI WKH &RQVROLGDWHG 6WDWHPHQW RI 3UR¿W DQG
/RVV LQFOXGLQJ RWKHU FRPSUHVVLYH LQFRPH RI WKH SUR¿W RI
the Group for the year ended on that date; and
(c) In the case of the Consolidated Cash Flow Statement, of
WKHFDVKÀRZVRIWKH*URXSIRUWKH\HDUHQGHGRQWKDWGDWH
(d) In the case of statement of changes in equity, of the changes
LQHTXLW\IRUWKH\HDUWKHQHQGHGRQWKDWGDWH
Report on Other Legal and Regulatory Requirements
 $VUHTXLUHGE\VXEVHFWLRQRI6HFWLRQRIWKH$FWZH
UHSRUWWRWKHH[WHQWDSSOLFDEOHWKDW
(a) We have sought and obtained all the information and
$XGLWLQJ VSHFL¿HG XQGHU 6HFWLRQ  RI WKH $FW 7KRVH H[SODQDWLRQVZKLFKWRWKHEHVWRIRXUNQRZOHGJHDQG

47th Annual Report - 2016-17 99

 belief were necessary for the purposes of our audit of
WKHDIRUHVDLGFRQVROLGDWHG¿QDQFLDOVWDWHPHQWV
(b) In our opinion, proper books of account as required by
law relating to preparation of the aforesaid consolidated
,QG$6¿QDQFLDOVWDWHPHQWVKDYHEHHQNHSWVRIDUDVLW
DSSHDUVIURPRXUH[DPLQDWLRQRIWKRVHERRNV
(c) The consolidated balance sheet, the consolidated
VWDWHPHQW RI SUR¿W DQG ORVV DQG WKH FRQVROLGDWHG
FDVK ÀRZ VWDWHPHQW DQG WKH FRQVROLGDWHG VWDWHPHQW
RI FKDQJHV LQ HTXLW\ GHDOW ZLWK E\ WKLV 5HSRUW DUH
in agreement with the relevant books of account
maintained for the purpose of preparation of the
FRQVROLGDWHG,QG$6¿QDQFLDOVWDWHPHQWV
(d) In our opinion, the aforesaid consolidated Ind AS
¿QDQFLDO VWDWHPHQWV FRPSO\ ZLWK WKH $FFRXQWLQJ
6WDQGDUGVVSHFL¿HGXQGHU6HFWLRQRIWKH$FWUHDG
law or accounting standards, for material foreseeable
losses, if any, on long term contracts including
derivatives contracts; and
 LLL 7KHUH KDV EHHQ QR GHOD\ LQ WUDQVIHUULQJ DPRXQWV
required to be transferred, to the Investor Education
and Protection Fund by the Holding Company and
VXEVLGLDU\FRPSDQLHVLQFRUSRUDWHGLQ,QGLD
 LY 7KH&RPSDQ\KDVSURYLGHGUHTXLVLWHGLVFORVXUHVLQLWV
FRQVROLGDWHG,QG$6¿QDQFLDOVWDWHPHQWVDVWRKROGLQJV
DV ZHOO DV GHDOLQJV LQ 6SHFL¿HG %DQN 1RWHV GXULQJ
WKH SHULRG IURP  1RYHPEHU  WR  'HFHPEHU
 DQG WKHVH DUH LQ DFFRUGDQFH ZLWK WKH ERRNV RI
DFFRXQWVPDLQWDLQHGE\WKH&RPSDQ\5HIHUQRWHVWR
WKHFRQVROLGDWHG,QG$6¿QDQFLDOVWDWHPHQWV
OTHER MATTERS
7KH,QG$6)LQDQFLDO6WDWHPHQWVFRQVROLGDWHG,QG$6¿QDQFLDO
ZLWK5XOHRIWKH&RPSDQLHV$FFRXQWV5XOHV
(e) On the basis of the written representations received
from the directors of the Holding Company as on 31
March 2017 taken on record by the Board of Directors
of the Holding Company and the report of the statutory
auditors of its subsidiary companies incorporated in
India, none of the Directors of the Group companies
LQFRUSRUDWHG LQ ,QGLD LV GLVTXDOL¿HG DV RQ  0DUFK
2017 from being appointed as a Director of that
FRPSDQ\LQWHUPVRIVXEVHFWLRQRI6HFWLRQRI
WKH$FW
VWDWHPHQWVRIFHUWDLQVXEVLGLDULHVZKLFKUHÀHFWWRWDODVVHWRI5V
DVDWst0DUFKWRWDOUHYHQXHRI5V1,/
DQGQHWFDVKÀRZDPRXQWLQJWR5VIRUWKH\HDUWKHQ
HQGHGKDYHEHHQDXGLWHGE\XVDQG,QG$6¿QDQFLDOVWDWHPHQWV
RIDQDVVRFLDWHLQZKLFKWKHVKDUHRI/RVVRIWKHJURXSLV5V
KDYHEHHQDXGLWHGE\XV
:HGLGQRWDXGLWWKH¿QDQFLDOVWDWHPHQWVFRQVROLGDWHG¿QDQFLDO
VWDWHPHQWV RI FHUWDLQ VXEVLGLDULHV ZKRVH ¿QDQFLDO VWDWHPHQWV
UHÀHFW WRWDO DVVHW RI$('  DV DW 0DUFK  
WRWDOUHYHQXHVRI$('DQGQHWFDVKÀRZDPRXQWLQJ
WR$('IRUWKH\HDUHQGHGRQWKDWGDWHDQG¿QDQFLDO
 I :LWKUHVSHFWWRWKHDGHTXDF\RIWKHLQWHUQDO¿QDQFLDO statements of an associate in which the share of loss of the group
FRQWUROVRYHU¿QDQFLDOUHSRUWLQJRIWKH*URXSDQGWKH
operating effectiveness of such controls, refer to our
separate report in “$QQH[XUH$´DQG
(g) with respect to the other matters to be included in
WKH $XGLWRU¶V 5HSRUW LQ DFFRUGDQFH ZLWK 5XOH  RI
LV $('  7KLV ¿QDQFLDO VWDWHPHQWV  FRQVROLGDWHG
¿QDQFLDOVWDWHPHQWVKDYHEHHQDXGLWHGE\RWKHUDXGLWRUVZKRVH
reports have been furnished to us and our opinion is based
VROHO\RQWKHUHSRUWVRIWKHRWKHUDXGLWRUV
2XURSLQLRQLVQRWTXDOL¿HGLQUHVSHFWVRIRWKHUPDWWHUV
WKH &RPSDQLHV $XGLW DQG $XGLWRUV 5XOHV  LQ
For Kirti D. Shah & Associates
our opinion and to the best of our information and
Chartered Accountants
DFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXV
)LUP5HJLVWUDWLRQ1R:
 L 7KHFRQVROLGDWHG,QG$6¿QDQFLDOVWDWHPHQWVGLVFORVH
Kirti D. Shah
the impact of pending litigations on the consolidated
Proprietor
¿QDQFLDO SRVLWLRQ RI WKH *URXS DV UHIHUUHG WR LQ WKH
0HPEHUVKLS1R
QRWHVRIDFFRXQWVWRWKHVH¿QDQFLDOVWDWHPHQWV
Place : Mumbai
 LL 3URYLVLRQKDVEHHQPDGHLQWKHFRQVROLGDWHG,QG$6
¿QDQFLDOVWDWHPHQWVDVUHTXLUHGXQGHUWKHDSSOLFDEOH Date : 30th May, 2017

100 47th Annual Report - 2016-17

 ANNEXURE “A” to the Independent Auditor’s Report
Annexure - A to the Auditors’ Report
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013 (“the
Act”)
:H KDYH DXGLWHG WKH LQWHUQDO ¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO
reporting of Aries Agro Limited (“the Company”) as of 31 March
2017 in conjunction with our audit of the consolidated Ind AS
¿QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\IRUWKH\HDUHQGHGRQWKDWGDWH
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing
DQG PDLQWDLQLQJ LQWHUQDO ¿QDQFLDO FRQWUROV EDVHG RQ WKH LQWHUQDO
FRQWURORYHU¿QDQFLDOUHSRUWLQJFULWHULDHVWDEOLVKHGE\WKH&RPSDQ\
considering the essential components of internal control stated in the
*XLGDQFH1RWHRQ$XGLWRI,QWHUQDO)LQDQFLDO&RQWUROVRYHU)LQDQFLDO
5HSRUWLQJLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD
:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXI¿FLHQWDQG
appropriate to provide a basis for our audit opinion on the Company’s
LQWHUQDO¿QDQFLDOFRQWUROVV\VWHPRYHU¿QDQFLDOUHSRUWLQJ
Meaning of Internal Financial Controls over Financial Reporting
$ FRPSDQ\¶V LQWHUQDO ¿QDQFLDO FRQWURO RYHU ¿QDQFLDO UHSRUWLQJ LV
a process designed to provide reasonable assurance regarding
WKH UHOLDELOLW\ RI ¿QDQFLDO UHSRUWLQJ DQG WKH SUHSDUDWLRQ RI ,QG $6
¿QDQFLDO VWDWHPHQWV IRU H[WHUQDO SXUSRVHV LQ DFFRUGDQFH ZLWK
JHQHUDOO\ DFFHSWHG DFFRXQWLQJ SULQFLSOHV $ FRPSDQ\¶V LQWHUQDO
¿QDQFLDOFRQWURORYHU¿QDQFLDOUHSRUWLQJLQFOXGHVWKRVHSROLFLHVDQG
procedures that (1) pertain to the maintenance of records that, in
UHDVRQDEOHGHWDLODFFXUDWHO\DQGIDLUO\UHÀHFWWKHWUDQVDFWLRQVDQG
dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit
SUHSDUDWLRQ RI ,QG $6 ¿QDQFLDO VWDWHPHQWV LQ DFFRUGDQFH ZLWK
generally accepted accounting principles, and that receipts and
µ,&$,¶ 7KHVH UHVSRQVLELOLWLHV LQFOXGH WKH GHVLJQ LPSOHPHQWDWLRQ
DQG PDLQWHQDQFH RI DGHTXDWH LQWHUQDO ¿QDQFLDO FRQWUROV WKDW ZHUH
RSHUDWLQJ HIIHFWLYHO\ IRU HQVXULQJ WKH RUGHUO\ DQG HI¿FLHQW FRQGXFW
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
UHFRUGVDQGWKHWLPHO\SUHSDUDWLRQRIUHOLDEOH¿QDQFLDOLQIRUPDWLRQ
DVUHTXLUHGXQGHUWKH&RPSDQLHV$FW
Auditors’ Responsibility
2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKH&RPSDQ\¶VLQWHUQDO
¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO UHSRUWLQJ EDVHG RQ RXU DXGLW :H
FRQGXFWHG RXU DXGLW LQ DFFRUGDQFH ZLWK WKH *XLGDQFH 1RWH RQ
$XGLW RI ,QWHUQDO )LQDQFLDO &RQWUROV RYHU )LQDQFLDO 5HSRUWLQJ WKH
H[SHQGLWXUHV RI WKH FRPSDQ\ DUH EHLQJ PDGH RQO\ LQ DFFRUGDQFH
with authorisations of management and directors of the company;
and (3) provide reasonable assurance regarding prevention or
timely detection of unauthorised acquisition, use, or disposition of
the company’s assets that could have a material effect on the Ind AS
¿QDQFLDOVWDWHPHQWV
Inherent Limitations of Internal Financial Controls over
Financial Reporting
%HFDXVHRIWKHLQKHUHQWOLPLWDWLRQVRILQWHUQDO¿QDQFLDOFRQWUROVRYHU
¿QDQFLDOUHSRUWLQJLQFOXGLQJWKHSRVVLELOLW\RIFROOXVLRQRULPSURSHU
management override of controls, material misstatements due to
HUURU RU IUDXG PD\ RFFXU DQG QRW EH GHWHFWHG $OVR SURMHFWLRQV
RI DQ\ HYDOXDWLRQ RI WKH LQWHUQDO ¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO
³*XLGDQFH1RWH´DQGWKH6WDQGDUGVRQ$XGLWLQJLVVXHGE\,&$,DQG
deemed to be prescribed under section 143(10) of the Companies
$FW  WR WKH H[WHQW DSSOLFDEOH WR DQ DXGLW RI LQWHUQDO ¿QDQFLDO
controls, both applicable to an audit of Internal Financial Controls
DQGERWKLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD
7KRVH 6WDQGDUGV DQG WKH *XLGDQFH 1RWH UHTXLUH WKDW ZH FRPSO\
with ethical requirements and plan and perform the audit to obtain
UHDVRQDEOH DVVXUDQFH DERXW ZKHWKHU DGHTXDWH LQWHUQDO ¿QDQFLDO
FRQWUROV RYHU ¿QDQFLDO UHSRUWLQJ ZDV HVWDEOLVKHG DQG PDLQWDLQHG
DQGLIVXFKFRQWUROVRSHUDWHGHIIHFWLYHO\LQDOOPDWHULDOUHVSHFWV
Our audit involves performing procedures to obtain audit evidence
DERXW WKH DGHTXDF\ RI WKH LQWHUQDO ¿QDQFLDO FRQWUROV V\VWHP RYHU
¿QDQFLDO UHSRUWLQJ DQG WKHLU RSHUDWLQJ HIIHFWLYHQHVV 2XU DXGLW RI
LQWHUQDO¿QDQFLDOFRQWUROVRYHU¿QDQFLDOUHSRUWLQJLQFOXGHGREWDLQLQJ
DQXQGHUVWDQGLQJRILQWHUQDO¿QDQFLDOFRQWUROVRYHU¿QDQFLDOUHSRUWLQJ
DVVHVVLQJWKHULVNWKDWDPDWHULDOZHDNQHVVH[LVWVDQGWHVWLQJDQG
evaluating the design and operating effectiveness of internal control
EDVHGRQWKHDVVHVVHGULVN7KHSURFHGXUHVVHOHFWHGGHSHQGRQWKH
auditor’s judgment, including the assessment of the risks of material
PLVVWDWHPHQW RI WKH ,QG $6 ¿QDQFLDO VWDWHPHQWV ZKHWKHU GXH WR
IUDXGRUHUURU
reporting to future periods are subject to the risk that the internal
¿QDQFLDO FRQWURO RYHU ¿QDQFLDO UHSRUWLQJ PD\ EHFRPH LQDGHTXDWH
because of changes in conditions, or that the degree of compliance
ZLWKWKHSROLFLHVRUSURFHGXUHVPD\GHWHULRUDWH
Opinion
In our opinion, the Company has, in all material respects, an
DGHTXDWHLQWHUQDO¿QDQFLDOFRQWUROVV\VWHPRYHU¿QDQFLDOUHSRUWLQJ
DQG VXFK LQWHUQDO ¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO UHSRUWLQJ ZHUH
operating effectively as at 31 March 2017, based on the internal
FRQWURORYHU¿QDQFLDOUHSRUWLQJFULWHULDHVWDEOLVKHGE\WKH&RPSDQ\
considering the essential components of internal control stated in the
*XLGDQFH1RWHRQ$XGLWRI,QWHUQDO)LQDQFLDO&RQWUROV2YHU)LQDQFLDO
5HSRUWLQJLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD
For Kirti D. Shah & Associates
Chartered Accountants
)LUP5HJLVWUDWLRQ1R:
Kirti D. Shah
Proprietor
0HPEHUVKLS1R
Place : Mumbai
Date : 30th May, 2017
47th Annual Report - 2016-17 101
 Consolidated Balance Sheet as on 31st March, 2017
(Amounts in Rupees unless stated otherwise)
PARTICULARS Note As at As at As at
Nos. 31st March, 2017 VW0DUFK 1st April, 2015
I. ASSETS
(1) Non-Current Assets
(a) Property, Plant and Equipment  708,682,981 852,841,132 857,293,991
(b) Intangible Assets  1,171,853 1,312,120 
(c) Goodwill 7 -  
(d) Capital Work in Progress 222,039,555  92,919,950
(e) Financial Assets
(i) 1RQ&XUUHQW,QYHVWPHQWV 8 21,192,000  20,414,940
953,086,389  988,249,352
(2) Current Assets
(a) Inventories 9 1,415,102,198 1,423,811,297 1,447,224,155
(b) Financial Assets
(i) 7UDGH5HFHLYDEOHV 10 1,423,862,986  
(ii) Cash & Cash Equivalents 11 57,372,112  
(iii) Other Bank Balances 12 53,674,394  
(iv) &XUUHQW/RDQV 13 46,498,193  
(v) Other Financial Assets 14 1,587,443  1,713,025
(c) Other Current Assets 15 548,844,695  538,289,989
3,546,942,021  3,293,277,958
TOTAL 4,500,028,410 4,475,539,090 4,281,527,310
II. EQUITY AND LIABILITIES
(1) Equity
(a) Equity Share Capital  130,043,390 130,043,390 130,043,390
(b) Other Equity 17 1,621,884,133  1,530,412,859
1,751,927,523 1,715,911,413 
(2) Non-Controlling Interest 18
1RQ&RQWUROOLQJ,QWHUHVW(TXLW\ 247,543,109 273,823,270 
1RQ&RQWUROOLQJ,QWHUHVW1RQ(TXLW\ 134,668,364  137,152,410
382,211,473  359,737,070
(3) Non-Current Liabilities
(a) )LQDQFLDO/LDELOLWLHV
1RQ&XUUHQW%RUURZLQJV 19 139,895,247  
(b) 1RQ&XUUHQW3URYLVLRQV 20 19,299,026 17,972,874 18,522,144
(c) 'HIHUUHG7D[/LDELOLW\1HW 21 38,235,225 38,315,141 
197,429,498 174,201,952 
(4) Current Liabilities
(a) )LQDQFLDO/LDELOLWLHV
(i) Current Borrowings 22 1,218,107,417  
(ii) Trade Payables 23 349,635,695 289,378,438 
(iii) 2WKHU&XUUHQW)LQDQFLDO/LDELOLWLHV 24 22,027,331  
(b) 2WKHU&XUUHQW/LDELOLWLHV 25 514,263,589  
(c) Current Provisions  13,297,883  
(d) &XUUHQW7D[/LDELOLW\1HW 27 51,128,001 25,217,277 51,492,993
2,168,459,916  
TOTAL 4,500,028,410 4,475,539,090 4,281,527,310
6XPPDU\RI6LJQL¿FDQW$FFRXQWLQJ3ROLFLHV 5
7KH1RWHVUHIHUUHGWRDERYHIRUPDQLQWHJUDOSDUWRIWKHVH)LQDQFLDO6WDWHPHQWV

As per our report of even date For and on behalf of the Board of Directors of Aries Agro Limited

For Kirti D. Shah & Associates Dr. Rahul Mirchandani Prof. R. S. S. Mani Mr. S. Ramamurthy
Chartered Accountants Chairman & Managing Director Director &KLHI)LQDQFLDO2I¿FHU
)LUP5HJLVWUDWLRQ1R: ',1 ',1 0HPEHUVKLS1R$&$

Kirti D. Shah Dr. Jimmy Mirchandani Mr. C. B. Chhaya Mr. Qaiser P. Ansari
Proprietor Director Director Company Secretary
0HPEHUVKLS1R ',1 ',1 0HPEHUVKLS1R$&6

Mrs. Nitya Mirchandani Mr. B.V. Dholakia

Place : Mumbai Director Director
',1 ',1
Date : 30th May, 2017

102 47th Annual Report - 2016-17

 6WDWHPHQWRI3UR¿WDQG/RVVIRUWKH\HDUHQGHGVW0DUFK
(Amounts in Rupees unless stated otherwise)
PARTICULARS Note Year Ended Year Ended
Nos. 31st March, 2017 VW0DUFK
I. 5HYHQXHIURP2SHUDWLRQV 28 3,129,052,004 2,897,585,178
/HVV'LVFRXQWV5HEDWHV 475,440,074 217,812,140
2,653,611,929 
II. Other Income 29 30,612,444 
III. 7RWDO5HYHQXH,,, 2,684,224,373 
IV. ([SHQVHV
(a) Cost of Materials Consumed 30 825,082,091 
(b) 3XUFKDVHVRI6WRFNLQ7UDGH 31 430,251,224 435,399,707
(c) ,QFUHDVH'HFUHDVHLQ,QYHQWRULHVRI)LQLVKHG*RRGVDQG6WRFNLQ7UDGH 32 (70,102,631) 
(d) ([FLVH'XW\RQ6DOHRI*RRGV 33 128,555,679 
(e) (PSOR\HH%HQH¿WV([SHQVH 34 282,994,602 
(f) Finance Costs 35 233,705,597 
(g) Depreciation and Amortization  66,892,626 
(h) 2WKHU([SHQVHV  667,352,820 
7RWDO([SHQVHV 2,564,732,007 2,572,193,850

V. 3UR¿W%HIRUH7D[3%7,,,,9 119,492,365 121,749,817

VI. Tax Expense

a) &XUUHQW7D[ 65,100,000 
b) $GMXVWPHQWRI7D[UHODWLQJWRHDUOLHUSHULRGV 528,839 
c) 'HIHUUHG7D[ (627,358) 
Income Tax Expense 65,001,481 40,071,273

VII. 3UR¿W/RVVIRUWKH3HULRG 54,490,884 

VIII. 3UR¿W/RVVIRUWKH\HDUDWWULEXWDEOHWR

Owners of the Parent 70,608,545 72,307,124
1RQ&RQWUROOLQJ,QWHUHVW (16,117,661) 9,371,420
54,490,884 
IX. Other Comprehensive Income
(A) ,WHPVWKDWZLOOQRWEHUHFODVVL¿HGWR3UR¿WRU/RVV
L5HPHDVXUHPHQWVRI'H¿QHG%HQH¿W3ODQV (4,622,344) 
(4,622,344) 

X. Total Comprehensive Income for the year (VIII + IX) 49,868,540 78,795,277

XI. Other Comprehensive Income for the year attributable to :

Owners of the Parent (4,622,344) 
(4,622,344) 

XII. Total Comprehensive Income for the year attributable to :

Owners of the Parent 65,986,201 
1RQ&RQWUROOLQJ,QWHUHVW (16,117,661) 9,371,420
49,868,540 78,795,277
XIII. Earnings per Equity Share 37
(1) Basic & Diluted 5.43 
6XPPDU\RI6LJQL¿FDQW$FFRXQWLQJ3ROLFLHV 5

7KH1RWHVUHIHUUHGWRDERYHIRUPDQLQWHJUDOSDUWRIWKHVH)LQDQFLDO6WDWHPHQWV

As per our report of even date For and on behalf of the Board of Directors of Aries Agro Limited

For Kirti D. Shah & Associates Dr. Rahul Mirchandani Prof. R. S. S. Mani Mr. S. Ramamurthy
Chartered Accountants Chairman & Managing Director Director &KLHI)LQDQFLDO2I¿FHU
)LUP5HJLVWUDWLRQ1R: ',1 ',1 0HPEHUVKLS1R$&$

Kirti D. Shah Dr. Jimmy Mirchandani Mr. C. B. Chhaya Mr. Qaiser P. Ansari
Proprietor Director Director Company Secretary
0HPEHUVKLS1R ',1 ',1 0HPEHUVKLS1R$&6

Mrs. Nitya Mirchandani Mr. B.V. Dholakia

Place : Mumbai Director Director
',1 ',1
Date : 30th May, 2017
47th Annual Report - 2016-17 103
 Statement of Changes in Equity for the year ended 31st March, 2017

104
Note No. 16

A Equity Share Capital As at 1st Changes Balance as Changes in Balance as Non-

April, 2015 in Equity at 31st March, Equity Capital at 31st March, Controlling
Capital 2016 during 2016-17 2017 Interest
during
2015-16
130,043,390 - 130,043,390 - 130,043,390 247,543,109
Note No. 17
B Other Equity Reserves & Surplus Items of Other TOTAL Non-
Comprehensive Controlling
Income Interest

47th Annual Report - 2016-17

Securities Legal Foreign Genaral Reatined TOTAL Re-
Premium Reserve Currency Reserve Earnings measurement
Reserve Translation RIQHWGH¿QHG
Reserve EHQH¿WSODQV
Balance as at 1st April, 2015 490,037,050 12,392,022 79,223,316 97,956,310 850,804,161 1,530,412,859 - 1,530,412,859 137,152,410
Add : 3UR¿W/RVVIRUWKH\HDU - - - - 72,307,124 72,307,124 - 72,307,124 9,657,167
Add : 7UDQVIHUIURP5HWDLQHG(DUQLQJV - 3,560,823 - 5,000,000 - 8,560,823 - 8,560,823 -
/HVV 7UDQVIHUWR*HQHUDO5HVHUYH/HJDO5HVHUYH - - - - (8,560,823) (8,560,823) - (8,560,823) -
/HVV 'LYLGHQGSDLG)< - - - - (26,008,678) (26,008,678) - (26,008,678) -
/HVV 'LYLGHQG'LVWULEXWLRQ7D[SDLG)< - - - - (5,325,191) (5,325,191) - (5,325,191) -
/HVV 5HPHDVXUHPHQWVRIWKHQHWGH¿QHGEHQH¿WSODQV - - - - - - (2,883,267) (2,883,267) -
/HVV )RUHLJQ&XUUHQF\7UDQVODWLRQ5HVHUYH - - 2,015,180 - 15,349,996 17,365,176 - 17,365,176 8,285,499
Balance as at 31st March, 2016 490,037,050 15,952,844 81,238,496 102,956,310 898,566,590 1,588,751,291 (2,883,267) 1,585,868,023 155,095,076
Add : 3UR¿W/RVVIRUWKH\HDU - - - - 70,608,545 70,608,545 - 70,608,545 (17,033,316)
Add : 7UDQVIHUIURP5HWDLQHG(DUQLQJV  1,367,660 -  - 1,367,660 - 1,367,660 -
/HVV 7UDQVIHUWR*HQHUDO5HVHUYH/HJDO5HVHUYH  - -  (1,367,660) (1,367,660) - (1,367,660) -
Add : ,QG$6,PSDFWRQ'H¿QHG%HQH¿W3ODQV  - -  4,649,931 4,649,931 - 4,649,931 -
/HVV ,QG$V,PSDFWRQ'HIHUUHG7D[  - -  (547,443) (547,443) - (547,443) -
/HVV 'LYLGHQGSDLGIRU)<  - -  (19,506,509) (19,506,509) - (19,506,509) -
/HVV 'LYLGHQG'LVWULEXWLRQ7D[SDLGIRU)<  - -  (3,971,066) (3,971,066) - (3,971,066) -
/HVV ,QG$V,PSDFWRQ5HVLGHQWLDO)ODW  - -  (240,088) (240,088) - (240,088) -
/HVV 5HPHDVXUHPHQWVRIWKHQHWGH¿QHGEHQH¿WSODQV  - -  - - (4,622,344) (4,622,344) -
/HVV )RUHLJQ&XUUHQF\7UDQVODWLRQ5HVHUYH  - 14,337,984  (24,692,900) (10,354,917) - (10,354,917) (3,393,396)
Balance as at 31 March, 2017 490,037,050 17,320,504 95,576,480 102,956,310 923,499,400 1,629,389,744 (7,505,611) 1,621,884,133 134,668,364
Dividend declared @ `2 per share
 Statement of Cash Flows for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
Sr. Particulars Year Ended Year Ended
No. 31st March, 2017 VW0DUFK
A) CASH FLOW FROM OPERATING ACTIVITIES
1HW3UR¿WEHIRUHWD[DVSHU6WDWHPHQWRI3UR¿WDQG/RVV 119,492,365 121,749,817
Adjusted for :
'HSUHFLDWLRQDQG$PRUWLVDWLRQ([SHQVH 66,892,626 
/RVVRQ6DOHRI$VVHWVQHW 27,618,115 
(IIHFWRI([FKDQJH5DWHFKDQJH 23,670,768 
(IIHFWRI5HPHDVXUHPHQWV (759,944) 
Interest Income (14,857,807) 
Finance Costs 233,705,597 
2SHUDWLQJ3UR¿WEHIRUH:RUNLQJ&DSLWDO&KDQJHV 455,761,720 430,908,799
Adjusted for :
,QFUHDVH'HFUHDVHLQ7UDGH5HFHLYDEOHV (240,586,511) 
,QFUHDVH'HFUHDVHLQ,QYHQWRULHV 8,709,100 23,412,858
,QFUHDVH'HFUHDVHLQ7UDGH3D\DEOHV 60,257,256 
,QFUHDVH'HFUHDVHLQ3URYLVLRQV 2WKHU&XUUHQW/LDELOLWLHV 258,055,261 
Cash Generated from Operations 542,196,826 375,898,788
,QFRPH7D[HVSDLGUHFHLYHG1HW (65,081,394) 
Net Cash Flow from Operating Activities (A) 477,115,432 337,238,191
B) CASH FLOW FROM INVESTING ACTIVITIES :
3XUFKDVHRI)L[HG$VVHWV3URSHUW\3ODQW (TXLSPHQW,QWDQJLEOH$VVHWV&DSLWDOZRUNLQ (53,366,918) 
progress (WIP)
3URFHHGVIURP6DOHRI)L[HG$VVHWV 45,495,090 
0RYHPHQWLQ6KRUW7HUP/RDQVDQG$GYDQFHV 2WKHU$VVHWV 119,028,615 
Interest Income 14,857,807 
1HW&DVK)ORZIURPXVHGLQ,QYHVWLQJ$FWLYLWLHV% 126,014,594 
C) CASH FLOW FROM FINANCING ACTIVITIES:
3URFHHGVIURPLVVXHRI6KDUH&DSLWDO,QFUHDVHLQ6KDUH$SSOLFDWLRQ0RQH\6KDUHKROGHUV (46,706,873) 
Current Account
Dividend Paid (19,506,509) 
7D[RQ'LYLGHQGSDLG (3,971,066) (5,325,191)
1RQ&XUUHQW%RUURZLQJV1HW 21,981,310 
&XUUHQW%RUURZLQJV1HW (305,033,829) 
Finance Costs (233,705,597) 
1HW&DVKXVHGLQIURP¿QDQFLQJDFWLYLWLHV& (586,942,564) 
1HW,QFUHDVHLQ&DVKDQG&DVK(TXLYDOHQWV 16,187,461 
Opening Balance of Cash and Cash Equivalents 41,184,651 
Closing Balance of Cash and Cash Equivalents 57,372,112 

1RWH7KHDERYHVWDWHPHQWKDVEHHQSUHSDUHGXQGHUWKHLQGLUHFWPHWKRGVHWRXWLQ,QG$6³6WDWHPHQWRI&DVK)ORZ´

7KH1RWHVUHIHUUHGWRDERYHIRUPDQLQWHJUDOSDUWRIWKHVH)LQDQFLDO6WDWHPHQWV

As per our report of even date For and on behalf of the Board of Directors of Aries Agro Limited

For Kirti D. Shah & Associates Dr. Rahul Mirchandani Prof. R. S. S. Mani Mr. S. Ramamurthy
Chartered Accountants Chairman & Managing Director Director &KLHI)LQDQFLDO2I¿FHU
)LUP5HJLVWUDWLRQ1R: ',1 ',1 0HPEHUVKLS1R$&$

Kirti D. Shah Dr. Jimmy Mirchandani Mr. C. B. Chhaya Mr. Qaiser P. Ansari
Proprietor Director Director Company Secretary
0HPEHUVKLS1R ',1 ',1 0HPEHUVKLS1R$&6

Mrs. Nitya Mirchandani Mr. B.V. Dholakia

Place : Mumbai Director Director
',1 ',1
Date : 30th May, 2017

47th Annual Report - 2016-17 105

NOTES to the Financial Statements for the year ended 31st March, 2017
1. Corporate Information
 $ULHV$JUR/LPLWHGµ$ULHV¶RUWKHµ&RPSDQ\¶ZDVLQFRUSRUDWHGDW0XPEDLLQIRUPDQXIDFWXULQJRIVPDOOUDQJHRIPLQHUDOIHHGDGGLWLYHV
IRUDQLPDOV ELUGVDQGWKHQGLYHUVL¿HGLQWRPLQHUDODGGLWLYHV IRUWKHDJULFXOWXUHXVHDQGFXUUHQWO\LVLQWREXVLQHVVRIPDQXIDFWXULQJ
PLFURQXWULHQWVDQGRWKHUQXWULWLRQDOSURGXFWVIRUSODQWVDQGDQLPDOV
 ,Q-DQXDU\WKH&RPSDQ\LQFRUSRUDWHG$ULHV$JUR&DUH3ULYDWH/LPLWHGDVD:KROO\2ZQHG6XEVLGLDU\IRUFDUU\LQJEXVLQHVVLQWKH
%UDQFKRIDJURSURWHFWLRQVHHGVHWF
 ,Q-DQXDU\WKH&RPSDQ\LQFRUSRUDWHG$ULHV$JUR(TXLSPHQWV3ULYDWH/LPLWHGDVD:KROO\2ZQHG6XEVLGLDU\IRUFDUU\LQJEXVLQHVV
LQDOOW\SHRIIDUPHTXLSPHQWVPDFKLQHU\HWF
In 2008 the Company acquired 75% Shares in Golden Harvest Middle East FZC, Sharjah, UAE, by virtue of which the said Golden
+DUYHVW0LGGOH(DVW)=&KDVEHFRPHD6XEVLGLDU\RIWKH&RPSDQ\*ROGHQ+DUYHVW0LGGOH(DVW)=&LVLQWKHEXVLQHVVRIPDQXIDFWXULQJ
FKHODWHGPLFURQXWULHQWV
 ,Q-XQHWKH&RPSDQ\LQFRUSRUDWHG$ULHV$JUR3URGXFH3ULYDWH/LPLWHGDVD6XEVLGLDU\IRUFDUU\LQJEXVLQHVVLQDOONLQGVRIIDUPLQJ
HWF
 ,QWKH\HDUWKH&RPSDQ\¶V2YHUVHDV6XEVLGLDU\YL]06*ROGHQ+DUYHVW0LGGOH(DVW)=&DFTXLUHG6KDUHVRI06$PDUDN
&KHPLFDOV)=&EDVHGLQ)XMDLUDK)UHH=RQH8$(E\YLUWXHRIZKLFK06$PDUDN&KHPLFDOV)=&KDVEHFRPHD6WHS'RZQ6XEVLGLDU\
RI$ULHV$JUR/LPLWHG
 $ULHV$JUR/LPLWHGDQGLWV6XEVLGLDULHVµWKH*URXS¶DUHHQJDJHGLQPDQXIDFWXUHDQGWUDGLQJRI0LFURQXWULHQW)HUWLOL]HUV)DUP(TXLSPHQWV
UDQJLQJIURPLQGLYLGXDOHOHPHQWVWRPL[HGVSHFLDOW\SODQWQXWULHQWIHUWLOL]HUV6LQFH$ULHVKDVSLRQHHUHGVHYHUDOLQQRYDWLYHFRQFHSWV
RIIDUPLQJWR)DUPLQJ&RPPXQLW\LQFOXGLQJWKHZRQGHURI&KHODWLRQ7HFKQRORJ\ELRGHJUDGDEOHFRPSOH[HVRISODQWQXWULHQWVZDWHU
VROXEOH13.IHUWLOL]HUVYDOXHDGGHGVHFRQGDU\QXWULHQWVQDWXUDODQGELRORJLFDOSURGXFWVDQGZDWHUWUHDWPHQWIRUPXODWLRQV
2. Basis of Preparation and Consolidation
 0LQLVWU\RI&RUSRUDWH$IIDLUVQRWL¿HGURDGPDSWRLPSOHPHQW,QGLDQ$FFRXQWLQJ6WDQGDUGVµ,QG$6¶QRWL¿HGXQGHUWKH&RPSDQLHV,QGLDQ
$FFRXQWLQJ6WDQGDUGV5XOHVDVDPHQGHGE\WKHFRPSDQLHV,QGLDQ$FFRXQWLQJ6WDQGDUGVDPHQGPHQW5XOHV$VSHU
WKHVDLGURDGPDSWKH&RPSDQ\LVUHTXLUHGWRDSSO\,QG$6IRUWKH\HDUHQGHGVW0DUFK+RZHYHUWKH*URXSKDVHOHFWHGWR
YROXQWDULO\DGRSW,QG$6IRUWKH¿QDQFLDO\HDUEHJLQQLQJRQVW$SULOZLWKVW$SULODVWKHWUDQVLWLRQGDWH7KHVHDUHWKH
*URXS¶V¿UVWDQQXDOFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVSUHSDUHGFRPSO\LQJLQDOOPDWHULDOUHVSHFWVZLWKWKHDFFRXQWLQJVWDQGDUGVQRWL¿HG
XQGHU6HFWLRQRIWKH&RPSDQLHV$FWUHDGWRJHWKHUZLWKSDUDJUDSKRIWKH&RPSDQLHV$FFRXQWV5XOH7KHVH¿QDQFLDO
VWDWHPHQWV FRPSO\ ZLWK ,QG$6 QRWL¿HG E\ 0LQLVWU\ RI &RPSDQ\$IIDLUV ³0&$´ WKH *URXS KDV FRQVLVWHQWO\ DSSOLHG WKH DFFRXQWLQJ
policies used in the preparation of its opening Ind AS Balance Sheet at 1st April, 2015 and throughout all periods presented, as if these
SROLFLHVKDGDOZD\VEHHQLQHIIHFWDQGDUHFRYHUHGE\,QG$6µ¶)LUVWWLPHDGRSWLRQRI,QGLDQ$FFRXQWLQJ6WDQGDUGV¶¶7KH7UDQVLWLRQ
was carried out from accounting principles generally accepted in India (‘’Indian GAAP’’) which is considered as the previous GAAP,
DVGH¿QHGLQ,QG$67KHUHFRQFLOLDWLRQRIHIIHFWVRIWKHWUDQVLWLRQIURP,QGLDQ*$$3RQWKHHTXLW\DVDWVW$SULODQGVW
0DUFKDQGRQWKHQHWSUR¿WDQGORVVDQGFDVKÀRZVIRUWKH\HDUHQGHGVW0DUFKLVGLVFORVHGLQ1RWHWRWKHVH¿QDQFLDO
VWDWHPHQWV
 7KH¿QDQFLDOVWDWHPHQWKDVEHHQSUHSDUHGFRQVLGHULQJDOO,QG$6QRWL¿HGE\0&$WLOOUHSRUWLQJGDWHLHVW0DUFK
 7KH6LJQL¿FDQWDFFRXQWLQJSROLFLHVXVHGLQSUHSDULQJWKHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVDUHVHWRXWLQ1RWHRIWKH1RWHVWRWKH
&RQVROLGDWHG)LQDQFLDO6WDWHPHQWV
 7KHSUHSDUDWLRQRIWKH¿QDQFLDOVWDWHPHQWVUHTXLUHVPDQDJHPHQWWRPDNHHVWLPDWHVDQGDVVXPSWLRQV$FWXDOUHVXOWVFRXOGYDU\IURP
WKHVHHVWLPDWHV7KHHVWLPDWHVDQGXQGHUO\LQJDVVXPSWLRQVDUHUHYLHZHGRQDQRQJRLQJEDVLV5HYLVLRQVWRDFFRXQWLQJHVWLPDWHVDUH
recognised in the period in which the estimate is revised if the revision effects only that period or in the period of the revision and future
SHULRGVLIWKHUHYLVLRQDIIHFWVERWKFXUUHQWDQGIXWXUH\HDUV
 7KHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVUHODWHWRWKHµ$5,(6*5283¶WRJHWKHUZLWKLWV6XEVLGLDULHV6XEVLGLDU\DUHWKRVHHQWLWLHVLQZKLFK
the Parent directly or indirectly, has interest more than 50% of the voting power or otherwise control the composition of the board or
JRYHUQLQJ ERG\ VR DV WR REWDLQ HFRQRPLF EHQH¿WV IURP DFWLYLWLHV7KH FRQVROLGDWHG ¿QDQFLDO VWDWHPHQWV KDYH EHHQ SUHSDUHG RQ WKH
IROORZLQJEDVLV
D 7KH¿QDQFLDOVWDWHPHQWVRIWKHVXEVLGLDULHVDUHFRPELQHGRQDOLQHE\±OLQHEDVLVE\DGGLQJWRJHWKHUWKHOLNHLWHPVRIDVVHWVOLDELOLWLHV
LQFRPH DQG H[SHQVHV DIWHU IXOO\ HOLPLQDWLQJ LQWUDJURXS EDODQFHV DQG LQWUDJURXS WUDQVDFWLRQV DQG XQUHDOL]HG SUR¿WV RU ORVVHV LQ
DFFRUGDQFHZLWK,QG$6±µ&RQVROLGDWHG)LQDQFLDO6WDWHPHQWV¶QRWL¿HGXQGHU6HFWLRQRIWKH$FWUHDGZLWK&RPSDQLHV,QGLDQ
$FFRXQWLQJ6WDQGDUGV5XOHVDVDPHQGHGWLPHWRWLPH
E ,Q WKH FDVH RI IRUHLJQ VXEVLGLDULHV EHLQJ QRQLQWHJUDO IRUHLJQ RSHUDWLRQV UHYHQXH LWHPV DUH FRQVROLGDWHG DW WKH DYHUDJH H[FKDQJH
UDWHVSUHYDLOLQJGXULQJWKH\HDU$OODVVHWVDQGOLDELOLWLHVDUHFRQYHUWHGDWUDWHVSUHYDLOLQJDWWKHHQGRIWKH\HDU&RPSRQHQWVRIHTXLW\
DUHWUDQVODWHGDWFORVLQJUDWH$Q\JDLQ/RVVRQH[FKDQJHGLIIHUHQFHDULVLQJRQFRQVROLGDWLRQLVUHFRJQL]HGLQWKH)RUHLJQ&XUUHQF\
7UDQVODWLRQ5HVHUYH)&75

 47th Annual Report - 2016-17

NOTES to the Consolidated Financial Statements for the Year Ended 31st March, 2017
F 1RQFRQWUROOLQJ,QWHUHVW1&,LQWKHQHWDVVHWVRIWKHFRQVROLGDWHGVXEVLGLDULHVLVLGHQWL¿HGDQGSUHVHQWHGLQWKHFRQVROLGDWHG%DODQFH
6KHHW VHSDUDWHO\ IURP OLDELOLWLHV DQG WKH HTXLW\ DWWULEXWDEOH WR WKH 3DUHQW¶V VKDUHKROGHUV 1&, LQ WKH QHW DVVHWV RI WKH FRQVROLGDWHG
subsidiaries consists of:
  7KHDPRXQWRIHTXLW\DWWULEXWDEOHWR1&,DWWKHGDWHRQZKLFKLQYHVWPHQWLQDVXEVLGLDU\LVPDGHDQG
  7KH1&,VKDUHRIPRYHPHQWLQWKHHTXLW\VLQFHWKHGDWHWKHSDUHQWVXEVLGLDU\UHODWLRQVKLSFDPHLQWRH[LVWHQFH
G 1&,LQWKHWRWDOFRPSUHKHQVLYHLQFRPHFRPSULVLQJRISUR¿WDQGORVVDQGRWKHUFRPSUHKHQVLYHLQFRPHIRUWKH\HDURIFRQVROLGDWHG
VXEVLGLDULHVLVLGHQWL¿HGDQGDGMXVWHGDJDLQVWWKHWRWDOFRPSUHKHQVLYHLQFRPHRIWKH*URXS:KHUHDFFXPXODWHGORVVHVDWWULEXWDEOHWR
WKH1&,EHIRUHWKHGDWHRIWUDQVLWLRQLHVW$SULODUHLQH[FHVVRIWKHLUHTXLW\LQWKHDEVHQFHRIDFWXDOREOLJDWLRQRIWKH1&,WKH
VDPHLVDFFRXQWHGIRUE\$ULHV$JUR+RZHYHUORVVHVDWWULEXWDEOHRYHUDQGDERYHWKHVKDUHRI1&,DUHERUQHE\1&,HYHQLILWUHVXOWVLQ
WKHLUGH¿FLWEDODQFHVXEVHTXHQWWR,QG$6WUDQVLWLRQGDWH
H :KHUH*URXSKDVFRQWUDFWXDOREOLJDWLRQ3XWFDOORUDQ\RWKHUWRGHOLYHUFDVKRUDQRWKHU¿QDQFLDODVVHWDQGWRVHWWOHDQ\FRPSRXQG
¿QDQFLDO LQVWUXPHQWV FODVVL¿HG E\ VXEVLGLDU\ DV HTXLW\ RU PL[ RI HTXLW\ DQG OLDELOLW\ WR WKH H[WHQW WKHUH LV VXFK DQ REOLJDWLRQ RU D
FRPSRQHQWRILWVXEMHFWWRREOLJDWLRQWKHHTXLW\FRPSRQHQWFRQVLGHUHGE\VXEVLGLDU\LVFODVVL¿HGDV¿QDQFLDOOLDELOLW\LQFRQVROLGDWHG
¿QDQFLDOVWDWHPHQW
f) For acquisitions of additional interests in subsidiaries, where there is no change in control, the Group recognises a reduction to the
QRQFRQWUROOLQJLQWHUHVWRIWKHUHVSHFWLYHVXEVLGLDU\ZLWKWKHGLIIHUHQFHEHWZHHQWKLV¿JXUHDQGWKHFDVKSDLGLQFOXVLYHRIWUDQVDFWLRQ
IHHVEHLQJUHFRJQLVHGLQHTXLW\,QDGGLWLRQXSRQGLOXWLRQRIQRQFRQWUROOLQJLQWHUHVWVWKHGLIIHUHQFHEHWZHHQWKHFDVKUHFHLYHGIURP
VDOHRUOLVWLQJRIWKHVXEVLGLDU\VKDUHVDQGWKHLQFUHDVHWRQRQFRQWUROOLQJLQWHUHVWLVDOVRUHFRJQLVHGLQHTXLW\,IWKH*URXSORVHVFRQWURO
RYHU D VXEVLGLDU\ LW GHUHFRJQLVHV WKH UHODWHG DVVHWV LQFOXGLQJ JRRGZLOO OLDELOLWLHV QRQFRQWUROOLQJ LQWHUHVW DQG RWKHU FRPSRQHQWV RI
HTXLW\ZKLOHDQ\UHVXOWDQWJDLQRUORVVLVUHFRJQLVHGLQSUR¿WDQGORVV$Q\LQYHVWPHQWUHWDLQHGLVUHFRJQLVHGDWIDLUYDOXH7KHUHVXOWVRI
VXEVLGLDULHVDFTXLUHGRUGLVSRVHGRIIZLOOUHLQFOXGHGLQWKHFRQVROLGDWHG3UR¿WDQG/RVV6WDWHPHQWIURPWKHHIIHFWLYHGDWHRIDFTXLVLWLRQ
RUXSWRWKHHIIHFWLYHGDWHRIGLVSRVDODVDSSURSULDWH
J 7KHFRQVROLGDWHG¿QDQFLDOVWDWHPHQWVDUHSUHSDUHGXVLQJXQLIRUPDFFRXQWLQJSROLFLHVIRUOLNHWUDQVDFWLRQVDQGRWKHUHYHQWVLQVLPLODU
FLUFXPVWDQFHVDQGDUHSUHVHQWHGLQWKHVDPHPDQQHUDVWKHFRPSDQLHVVHSDUDWH¿QDQFLDOVWDWHPHQWV
2.1 Statement of Compliance
 7KH&RPSDUDWLYH&RQVROLGDWHG)LQDQFLDO6WDWHPHQWVFRPSULVLQJ%DODQFH6KHHW6WDWHPHQWRI3UR¿WDQG/RVV6WDWHPHQWRI&KDQJHVLQ
(TXLW\&DVK)ORZ6WDWHPHQWWRJHWKHUZLWKWKH1RWHVWRDFFRXQWVDORQJZLWKDVXPPDU\RIWKHVLJQL¿FDQWDFFRXQWLQJSROLFLHVDQGRWKHU
H[SODQDWRU\LQIRUPDWLRQIRUWKH\HDUHQGHGVW0DUFKKDYHEHHQSUHSDUHGLQDFFRUGDQFHZLWKWKH,QG$6DVQRWL¿HGDERYH
 )RU DOO SHULRGV XS WR DQG LQFOXGLQJ WKH \HDU HQGHG VW 0DUFK  WKH &RPSDQ\ SUHSDUHG LWV ¿QDQFLDO VWDWHPHQWV LQ DFFRUGDQFH
DFFRXQWLQJ VWDQGDUGV QRWL¿HG XQGHU WKH VHFWLRQ  RI WKH &RPSDQLHV$FW  UHDG WRJHWKHU ZLWK SDUDJUDSK  RI WKH &RPSDQLHV
$FFRXQWV5XOHV,QGLDQ*$$3
2.2 Basis of Measurement - Historic Cost Convention
 7KHVH&RQVROLGDWHG)LQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGRQDKLVWRULFDOFRVWEDVLVH[FHSWIRUWKHIROORZLQJ
 ‡ FHUWDLQ¿QDQFLDODVVHWVDQGOLDELOLWLHVWKDWLVPHDVXUHGDWIDLUYDOXHUHIHUDFFRXQWLQJSROLF\UHJDUGLQJ¿QDQFLDOLQVWUXPHQWV
 ‡ 'H¿QHGEHQH¿WSODQV±SODQDVVHWVPHDVXUHGDWIDLUYDOXH
 $OODVVHWVDQGOLDELOLWLHVKDVEHHQFODVVL¿HGDVFXUUHQWRUQRQFXUUHQWDVSHUWKH&RPSDQ\¶VQRUPDORSHUDWLQJF\FOHDQGRWKHUFULWHULDVHW
RXWLQWKH6FKHGXOH,,,WRWKH&RPSDQLHV$FW
2.3 Functional and Presentation Currency
Items included in the Financial Statements of the entity are measured using the currency of the primary economic environment in which
WKHHQWLW\RSHUDWHV³WKHIXQFWLRQDOFXUUHQF\´,QGLDQ5XSHHLVWKH)XQFWLRQDOFXUUHQF\RIWKH&RPSDQ\
 7KH)LQDQFLDOVWDWHPHQWVDUHSUHVHQWHGLQ,QGLDQ5XSHHVZKLFKLVWKH&RPSDQ\¶VSUHVHQWDWLRQFXUUHQF\
2.4 Use of Estimates:
The preparation of Consolidated Financial Statements in accordance with Ind AS requires use of estimates and assumptions for some
LWHPVZKLFKPLJKWKDYHDQHIIHFWRQWKHLUUHFRJQLWLRQDQGPHDVXUHPHQWLQWKH%DODQFH6KHHWDQG6WDWHPHQWRI3UR¿WDQG/RVV7KH
DFWXDO DPRXQWV UHDOL]HG PD\ GLIIHU IURP WKHVH HVWLPDWHV $FFRXQWLQJ HVWLPDWHV FRXOG FKDQJH IURP SHULRG WR SHULRG $FWXDO UHVXOWV
FRXOG GLIIHU IURP WKRVH HVWLPDWHV$SSURSULDWH FKDQJHV LQ HVWLPDWHV DUH PDGH DV WKH PDQDJHPHQW EHFRPHV DZDUH RI FKDQJHV LQ
FLUFXPVWDQFHVVXUURXQGLQJWKHHVWLPDWHV'LIIHUHQFHVEHWZHHQWKHDFWXDOUHVXOWVDQGHVWLPDWHVDUHUHFRJQL]HGLQWKHSHULRGLQZKLFKWKH
UHVXOWVDUHNQRZQPDWHULDOL]HGDQGLIPDWHULDOWKHLUHIIHFWVDUHGLVFORVHGLQWKHQRWHVWRWKH)LQDQFLDO6WDWHPHQWV
Estimates and assumptions are required in particular for :
(i) Determination of the estimated useful life of tangible assets and the assessment as to which components of the cost may
be capitalized :
  8VHIXOOLIHRIWDQJLEOHDVVHWVLVEDVHGRQWKHOLIHSUHVFULEHGLQ6FKHGXOH,,RIWKH&RPSDQLHV$FW,QFDVHVZKHUHWKHXVHIXOOLIH
is different from that prescribed in Schedule II, it is based on technical advice, taking into account the nature of the asset, estimated

47th Annual Report - 2016-17 107

NOTES to the Consolidated Financial Statements for the Year Ended 31st March, 2017
XVDJHDQGRSHUDWLQJFRQGLWLRQVRIWKHDVVHWSDVWKLVWRU\RIUHSODFHPHQWDQGPDLQWHQDQFHVXSSRUW$QDVVXPSWLRQDOVRQHHGVWR
be made, when the Company assesses, whether an asset may be capitalized and which components of the cost of the asset may
EHFDSLWDOL]HG
 LL 5HFRJQLWLRQDQGPHDVXUHPHQWRIGH¿QHGEHQH¿WREOLJDWLRQV
  7KHREOLJDWLRQDULVLQJIURPWKHGH¿QHGEHQH¿WSODQLVGHWHUPLQHGRQWKHEDVLVRIDFWXDULDODVVXPSWLRQV.H\DFWXDULDODVVXPSWLRQV
LQFOXGHGLVFRXQWUDWHWUHQGVLQVDODU\HVFDODWLRQDQGYHVWHGIXWXUHEHQH¿WVDQGOLIHH[SHFWDQF\7KHGLVFRXQWUDWHLVGHWHUPLQHG
ZLWKUHIHUHQFHWRPDUNHW\LHOGVDWWKHHQGRIWKHUHSRUWLQJSHULRGRQWKHJRYHUQPHQWERQGV7KHSHULRGWRPDWXULW\RIWKHXQGHUO\LQJ
ERQGVFRUUHVSRQGWRWKHSUREDEOHPDWXULW\RIWKHSRVWHPSOR\PHQWEHQH¿WREOLJDWLRQV
(iii) Recognition of deferred tax assets :
  $'HIHUUHGWD[DVVHWLVUHFRJQL]HGIRUDOOWKHGHGXFWLEOHWHPSRUDU\GLIIHUHQFHVWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWD[DEOHSUR¿WZLOO
EHDYDLODEOHDJDLQVWZKLFKWKHGHGXFWLEOHWHPSRUDU\GLIIHUHQFHFDQEHXWLOL]HG7KHPDQDJHPHQWDVVXPHVWKDWWD[DEOHSUR¿WVZLOO
EHDYDLODEOHZKLOHUHFRJQL]LQJGHIHUUHGWD[DVVHWV
(iv) Recognition and measurement of other provisions :
  7KHUHFRJQLWLRQDQGPHDVXUHPHQWRIRWKHUSURYLVLRQVDUHEDVHGRQWKHDVVHVVPHQWRIWKHSUREDELOLW\RIDQRXWÀRZRIUHVRXUFHV
DQGRQSDVWH[SHULHQFHDQGFLUFXPVWDQFHVNQRZQDWWKHEDODQFHVKHHWGDWH7KHDFWXDORXWÀRZRIUHVRXUFHVDWDIXWXUHGDWHPD\
WKHUHIRUHYDU\IURPWKH¿JXUHLQFOXGHGLQRWKHUSURYLVLRQV
 Y 'LVFRXQWLQJRIORQJWHUP¿QDQFLDOOLDELOLWLHV
  $OO¿QDQFLDOOLDELOLWLHVDUHUHTXLUHGWREHPHDVXUHGDWIDLUYDOXHRQLQLWLDOUHFRJQLWLRQ,QFDVHRI¿QDQFLDOOLDELOLWLHVZKLFKDUHUHTXLUHG
WREHVXEVHTXHQWO\PHDVXUHGDWDPRUWL]HGFRVWLQWHUHVWLVDFFUXHGXVLQJWKHHIIHFWLYHLQWHUHVWPHWKRG
(vi) Determining whether an arrangement contains a lease :
  $WWKHLQFHSWLRQRIDQDUUDQJHPHQWWKH&RPSDQ\GHWHUPLQHVZKHWKHUWKHDUUDQJHPHQWLVRUFRQWDLQVDOHDVH$WWKHLQFHSWLRQRURQ
reassessment of an arrangement that contains a lease, the Company separates payments and other consideration required by the
DUUDQJHPHQWLQWRWKRVHIRUWKHOHDVHDQGWKRVHIRUWKHRWKHUHOHPHQWVEDVHGRQWKHLUUHODWLYHIDLUYDOXHV,IWKH&RPSDQ\FRQFOXGHV
IRUD¿QDQFHOHDVHWKDWLWLVLPSUDFWLFDEOH WRVHSDUDWHWKHSD\PHQWVUHOLDEO\WKHQDQDVVHWDQGDOLDELOLW\ DUHUHFRJQL]HGDWDQ
amount equal to the fair value of the underlying asset; subsequently, the liability is reduced as payments are made and an imputed
¿QDQFHFRVWRQWKHOLDELOLW\LVUHFRJQL]HGXVLQJWKH&RPSDQ\¶VLQFUHPHQWDOERUURZLQJUDWH,QFDVHRIRSHUDWLQJOHDVHWKH&RPSDQ\
WUHDWVDOOSD\PHQWVXQGHUWKHDUUDQJHPHQWDVOHDVHSD\PHQWV
3. Standards Issued but not yet effective :
 ,QG$6³5HYHQXHIURP&RQWUDFWZLWK&XVWRPHUV7KH0&$KDGQRWL¿HG,QG$6³5HYHQXHIURP&RQWUDFWZLWK&XVWRPHUV´LQ
)HEUXDU\7KHFRUHSULQFLSOHRIWKHQHZVWDQGDUGLVWKDWDQHQWLW\VKRXOGUHFRJQL]HUHYHQXHWRGHSLFWWKHWUDQVIHURISURPLVHGJRRGV
RUVHUYLFHVWRWKHFXVWRPHUVLQDQDPRXQWWKDWUHÀHFWVWKHFRQVLGHUDWLRQWRZKLFKWKHHQWLW\H[SHFWVWREHHQWLWOHGLQH[FKDQJHIRUWKRVH
JRRGVRUVHUYLFHV)XUWKHUWKHQHZVWDQGDUGUHTXLUHVHQKDQFHGGLVFORVXUHVDERXWWKHQDWXUHDPRXQWWLPLQJDQGXQFHUWDLQW\RIUHYHQXH
DQGFDVKÀRZVDULVLQJIURPWKHHQWLW\¶VFRQWUDFWVZLWKFXVWRPHUV
 &XUUHQW9HUVXV1RQ&XUUHQW&ODVVL¿FDWLRQ
 L 7KHDVVHWVDQGOLDELOLWLHVLQWKH%DODQFH6KHHWDUHEDVHGRQFXUUHQWQRQ±FXUUHQWFODVVL¿FDWLRQ$QDVVHWDVFXUUHQWZKHQLWLV
  ([SHFWHGWREHUHDOL]HGRULQWHQGHGWREHVROGRUFRQVXPHGLQQRUPDORSHUDWLQJF\FOH
  +HOGSULPDULO\IRUWKHSXUSRVHRIWUDGLQJ
  ([SHFWHGWREHUHDOL]HGZLWKLQWZHOYHPRQWKVDIWHUWKHUHSRUWLQJSHULRGRU
  &DVKRUFDVKHTXLYDOHQWVXQOHVVUHVWULFWHGIURPEHLQJH[FKDQJHGRUXVHGWRVHWWOHDOLDELOLW\IRUDWOHDVWWZHOYHPRQWKVDIWHUWKH
reporting period
 $OORWKHUDVVHWVDUHFODVVL¿HGDVQRQFXUUHQW
(ii) A liability is current when it is:
  ([SHFWHGWREHVHWWOHGLQQRUPDORSHUDWLQJF\FOH
  +HOGSULPDULO\IRUWKHSXUSRVHRIWUDGLQJ
  'XHWREHVHWWOHGZLWKLQWZHOYHPRQWKVDIWHUWKHUHSRUWLQJSHULRGRU
  7KHUHLVQRXQFRQGLWLRQDOULJKWWRGHIHUWKHVHWWOHPHQWRIWKHOLDELOLW\IRUDWOHDVWWZHOYHPRQWKVDIWHUWKHUHSRUWLQJSHULRG
 $OORWKHUOLDELOLWLHVDUHWUHDWHGDVQRQFXUUHQW
 'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHFODVVL¿HGDVQRQFXUUHQWDVVHWVDQGOLDELOLWLHV
The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents

108 47th Annual Report - 2016-17

NOTES to the Consolidated Financial Statements for the Year Ended 31st March, 2017
 6LJQL¿FDQW$FFRXQWLQJ3ROLFLHV
A) Plant, Property & Equipment :
 $OOWKHSURSHUW\SODQWDQGHTXLSPHQWVKDYHEHHQFDUULHGDWYDOXHLQDFFRUGDQFHZLWKWKHSUHYLRXV*$$37KH&RPSDQ\KDVHOHFWHGWKHVH
YDOXHDVGHHPHGFRVWDWWKHGDWHRIWUDQVLWLRQWR,QG$6
 3URSHUW\3ODQW (TXLSPHQWDUHVWDWHGDWRULJLQDOFRVWQHWRIWD[GXW\FUHGLWDYDLOHGOHVVDFFXPXODWHGGHSUHFLDWLRQDQGDFFXPXODWHG
LPSDLUPHQWORVVHVLIDQ\$OOFRVWVLQFOXGLQJ¿QDQFHFRVWVLQFXUUHGXSWRWKHGDWHWKHDVVHWLVUHDG\IRULWVLQWHQGHGXVH
 :KHQVLJQL¿FDQWSDUWVRISURSHUW\SODQWDQGHTXLSPHQWDUHUHTXLUHGWREHUHSODFHGDWLQWHUYDOVWKHFRPSDQ\GHUHFRJQL]HVWKHUHSODFHG
SDUWDQGUHFRJQL]HVWKHQHZSDUWZLWKLWVRZQDVVRFLDWHGXVHIXOOLIHDQGLWLVGHSUHFLDWHGDFFRUGLQJO\
 $OO WKH RWKHU UHSDLU DQG PDLQWHQDQFH FRVWV DUH UHFRJQLVHG LQ WKH VWDWHPHQW RI SUR¿W DQG ORVV DV LQFXUUHG 7KH SUHVHQW YDOXH RI WKH
H[SHFWHGFRVWIRUWKHGHFRPPLVVLRQLQJRIWKHDVVHWDIWHULWVXVHLVLQFOXGHGLQWKHFRVWRIWKHUHVSHFWLYHDVVHWLIWKHUHFRJQLWLRQFULWHULD
IRUDSURYLVLRQLVPHW
 3URSHUW\3ODQW (TXLSPHQWDUHHOLPLQDWHGIURPWKH¿QDQFLDOVWDWHPHQWVHLWKHURQGLVSRVDORUZKHQUHWLUHGIURPDFWLYHXVH/RVVHV
arising in the case of retirement of property, plant and equipment and gains and losses arising from disposal of property, plant and
HTXLSPHQWDUHUHFRJQLVHGLQWKHVWDWHPHQWRISUR¿WDQGORVVLQWKH\HDURIRFFXUUHQFH
 6XEVHTXHQW H[SHQGLWXUH UHODWHG WR DQ LWHP RI 3URSHUW\ 3ODQW  (TXLSPHQW LV DGGHG WR LWV ERRN YDOXH RQO\ LI LW LQFUHDVHV WKH IXWXUH
EHQH¿WVIURPWKHH[LVWLQJDVVHWEH\RQGLWVSUHYLRXVO\DVVHVVHGVWDQGDUGRISHUIRUPDQFH$OORWKHUH[SHQVHVRQH[LVWLQJ3URSHUW\3ODQW
(TXLSPHQWLQFOXGLQJURXWLQHUHSDLUDQGPDLQWHQDQFHH[SHQGLWXUHDQGFRVWRIUHSODFLQJSDUWVDUHFKDQJHGWRWKHVWDWHPHQWRISUR¿W
DQGORVVIRUWKHSHULRGGXULQJZKLFKVXFKH[SHQVHVDUHLQFXUUHG
 7KH&RPSDQ\DGMXVWVH[FKDQJHGLIIHUHQFHVDULVLQJRQWUDQVODWLRQVHWWOHPHQWRIORQJWHUPIRUHLJQFXUUHQF\PRQHWDU\LWHPVSHUWDLQLQJWR
WKHDFTXLVLWLRQRIDGHSUHFLDEOHDVVHWWRWKHFRVWRIWKHDVVHWDQGGHSUHFLDWHVWKHVDPHRYHUWKHUHPDLQLQJOLIHRIWKHDVVHW
Gains or losses arising from disposal of Plant, Property and Equipment are measured as the difference between the net disposal
SURFHHGVDQGWKHFDUU\LQJDPRXQWRIWKHDVVHWDQGDUHUHFRJQL]HGLQWKHVWDWHPHQWRISUR¿WDQGORVVZKHQWKHDVVHWLVGLVSRVHG
B) Depreciation & Amortization :
D 'HSUHFLDWLRQRQSURSHUW\SODQW HTXLSPHQWLVSURYLGHGRYHUWKHXVHIXOOLIHRIDVVHWVDVVSHFL¿HGLQVFKHGXOH,,WRWKHFRPSDQLHV$FW
,QFDVHRI3URSHUW\SODQW (TXLSPHQWWKDWDUHDGGHGGLVSRVHGRIIGXULQJWKH\HDUGHSUHFLDWLRQLVSURYLGHGRQSURUDWDEDVLVZLWK
UHIHUHQFHWRWKHPRQWKRIDGGLWLRQGHOHWLRQ
 ‡ 7KH FRVW RI 3URSHUW\ 3ODQW DQG (TXLSPHQW IRU 6XEVLGLDU\ ³*ROGHQ +DUYHVW 0LGGOH (DVW )=&´ LV GHSUHFLDWHG E\ HTXDO DQQXDO
LQVWDOOPHQWVRYHUWKHHVWLPDWHGXVHIXOOLYHVRI$VVHWV7KHHVWLPDWHGXVHIXOOLYHVRIWKH$VVHWVIRUWKHFDOFXODWLRQRI'HSUHFLDWLRQDUH
as follows :
  1DPHRIWKH$VVHW <HDUV
Building 20
Machinaries 10
Equipments 5
  2I¿FH)XUQLWXUH 
Motor Vehicles 4
 ‡ 7KHFRVWRI3URSHUW\3ODQWDQG(TXLSPHQWIRU6XEVLGLDU\³$PDUDN&KHPLFDOV)=&´LVGHSUHFLDWHGE\HTXDODQQXDOLQVWDOOPHQWVRYHU
WKHHVWLPDWHGXVHIXOOLYHVRI$VVHWV7KHHVWLPDWHGXVHIXOOLYHVRIWKH$VVHWVIRUWKHFDOFXODWLRQRI'HSUHFLDWLRQDUHDVIROORZV
  1DPHRIWKH$VVHW<HDUV
Building 20
Machinaries 10
  )XUQLWXUH)L[WXUHDQG2I¿FH(TXLSPHQWV 
Motor Vehicles 4
 'HSUHFLDWLRQRQSURSHUW\SODQW HTXLSPHQWLVSURYLGHGRYHUWKHXVHIXOOLIHRIDVVHWVDVVSHFL¿HGLQVFKHGXOH,,WRWKHFRPSDQLHV$FW
,QFDVHRI3URSHUW\SODQW (TXLSPHQWWKDWDUHDGGHGGLVSRVHGRIIGXULQJWKH\HDUGHSUHFLDWLRQLVSURYLGHGRQSURUDWDEDVLVZLWK
UHIHUHQFHWRWKHPRQWKRIDGGLWLRQGHOHWLRQ
 /HDVHKROGLPSURYHPHQWVDUHEHLQJGHSUHFLDWHGRYHUWKHOHDVHWHUPRUHVWLPDWHGXVHIXOOLIHZKLFKHYHULVORZHU8VHGDVVHWVDFTXLUHG
IURPWKLUGSDUWLHVDUHGHSUHFLDWHGRQDVWUDLJKWOLQHEDVLVRYHUWKHLUUHPDLQLQJXVHIXOOLIHRIVXFKDVVHWV
E 'HSUHFLDWLRQPHWKRGVXVHIXOOLIHDQGUHVLGXDOYDOXHVDUHUHYLHZHGDWHDFKUHSRUWLQJGDWHDQGDGMXVWHGLIDSSURSULDWH

47th Annual Report - 2016-17 109

NOTES to the Consolidated Financial Statements for the Year Ended 31st March, 2017
c) Intangible Assets :
 ,QWDQJLEOHDVVHWVDUHVWDWHGDWFRVWOHVVDFFXPXODWHGDPRUWL]DWLRQDQGLPSDLUPHQW,QWDQJLEOHDVVHWVDUHDPRUWLVHGRYHUWKHLUUHVSHFWLYH
LQGLYLGXDOHVWLPDWHGXVHIXOOLYHVRQDVWUDLJKWOLQHEDVLVIURPWKHGDWHWKDWWKH\DUHDYDLODEOHIRUXVH7KHHVWLPDWHGXVHIXOOLIHRIDQ
LGHQWL¿DEOH LQWDQJLEOH DVVHW LV EDVHG RQ D QXPEHU RI IDFWRUV LQFOXGLQJ WKH HIIHFWV RI REVROHVFHQFH GHPDQG FRPSHWLWLRQ DQG RWKHU
HFRQRPLFIDFWRUVVXFKDVWKHVWDELOLW\RIWKHLQGXVWU\DQGNQRZQWHFKQRORJLFDODGYDQFHVDQGWKHOHYHORIPDLQWHQDQFHH[SHQGLWXUHV
UHTXLUHGWRREWDLQWKHH[SHFWHGIXWXUHFDVKÀRZVIURPWKHDVVHW
 7KHXVHIXOOLYHVRILQWDQJLEOHDVVHWVDUHDVVHVVHGDVHLWKHU¿QLWHRULQ¿QLWH
 7KHDPRUWL]DWLRQSHULRGDQGWKHDPRUWL]DWLRQPHWKRGIRUDQLQWDQJLEOHDVVHWZLWKD¿QLWHXVHIXOOLIHDUHUHYLHZHGDWOHDVWDWWKHHQGRI
HDFKUHSRUWLQJSHULRG&KDQJHVLQWKHH[SHFWHGXVHIXOOLIHRUWKHH[SHFWHGSDWWHUQRIFRQVXPSWLRQRIIXWXUHHFRQRPLFEHQH¿WVHPERGLHG
LQWKHDVVHWLVFRQVLGHUHGWRPRGLI\WKHDPRUWL]HGSHULRGRUPHWKRGDVDSSURSULDWHDQGDUHWUHDWHGDVFKDQJHVLQDFFRXQWLQJHVWLPDWHV
 ,QWDQJLEOHDVVHWVZLWK¿QLWHXVHIXOOLIHDUHDPRUWL]HGRYHUWKHXVHIXOHFRQRPLFOLIHDQGDVVHVVHGIRULPSDLUPHQWZKHQHYHUWKHUHLVDQ\
LQGLFDWLRQWKDWWKHLQWDQJLEOHDVVHWPD\EHLPSDLUHG
 ,QWDQJLEOHVZLWKLQGH¿QLWHXVHIXOOLIHLIDQ\DUHQRWDPRUWL]HGEXWDUHWHVWHGIRULPSDLUPHQWDQQXDOO\HLWKHULQGLYLGXDOO\RUDWWKHFDVK
JHQHUDWLQJXQLWOHYHO
D) Impairment of Non-Current Assets :
As at each balance sheet date, the Company assesses whether there is an indication that an asset may be impaired and also whether
WKHUHLVDQLQGLFDWLRQRIUHYHUVDORILPSDLUPHQWORVVUHFRJQL]HGLQWKHSUHYLRXVSHULRGV,IDQ\LQGLFDWLRQH[LVWVRUZKHQDQQXDOLPSDLUPHQW
testing for an asset is required, if any, the Company determines the recoverable amount and impairment loss is recognized when the
FDUU\LQJDPRXQWRIDQDVVHWH[FHHGVLWVUHFRYHUDEOHDPRXQW
 5HFRYHUDEOHDPRXQWLVGHWHUPLQHG
 ‡ ,QWKHFDVHRIDQLQGLYLGXDODVVHWDWWKHKLJKHURIWKHIDLUYDOXHOHVVFRVWWRVHOODQGWKHYDOXHLQXVHDQG
 ‡ ,Q WKH FDVH RI FDVK JHQHUDWLQJ XQLW D JURXS RI DVVHWV WKDW JHQHUDWH LGHQWL¿HG LQGHSHQGHQW FDVK ÀRZV DW WKH KLJKHU RI FDVK
JHQHUDWLQJXQLW¶VIDLUYDOXHOHVVFRVWWRVHOODQGWKHYDOXHLQXVH
 ,QDVVHVVLQJYDOXHLQXVHWKHHVWLPDWHGIXWXUHFDVKÀRZVDUHGLVFRXQWHGWRWKHLUSUHVHQWYDOXHXVLQJDSUHWD[GLVFRXQWUDWHWKDWUHÀHFWV
FXUUHQWPDUNHWDVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGWKHULVNVSHFL¿FWRWKHDVVHW
 ,QGHWHUPLQLQJIDLUYDOXHOHVVFRVWGLVSRVDOUHFHQWPDUNHWWUDQVDFWLRQDUHWDNHQLQWRDFFRXQW
 ,PSDLUPHQWORVVHVRIFRQWLQXLQJRSHUDWLRQVLQFOXGLQJLPSDLUPHQWRQLQYHQWRULHVDUHUHFRJQL]HGLQWKHVWDWHPHQWRISUR¿WDQGORVV
 ,QWDQJLEOHDVVHWVZLWKLQGH¿QLWHXVHIXOOLYHVDUHWHVWHGIRULPSDLUPHQWDQQXDOO\DVDSSURSULDWHDQGZKHQFLUFXPVWDQFHVLQGLFDWHWKDWWKH
FDUU\LQJYDOXHPD\EHLPSDLUHG
E) Cash and Cash Equivalents :
 &DVKDQGFDVKHTXLYDOHQWVFRPSULVHFDVKRQKDQGDQGGHPDQGGHSRVLWVZLWKEDQNVZKLFKDUHVKRUWWHUPKLJKO\OLTXLGLQYHVWPHQWVWKDW
DUHUHDGLO\FRQYHUWLEOHLQWRNQRZQDPRXQWVRIFDVKDQGZKLFKDUHVXEMHFWWRLQVLJQL¿FDQWULVNRIFKDQJHVLQYDOXH
F) Inventories and WIP:
 ,QYHQWRULHVDUHYDOXHGDWWKHORZHURIFRVWDQGQHWUHDOL]DEOHYDOXH
Costs incurred in bringing each product to its present location and condition are accounted for as follows:
a) Raw materials and packing materials :
  /RZHURIFRVWDQGQHWUHDOL]DEOHYDOXH+RZHYHUPDWHULDOVDQGRWKHULWHPVKHOGIRUXVHLQWKHSURGXFWLRQRILQYHQWRULHVDUHQRW
ZULWWHQGRZQEHORZFRVWLIWKH¿QLVKHGSURGXFWVLQZKLFKWKH\ZLOOEHLQFRUSRUDWHGDUHH[SHFWHGWREHVROGDWRUDERYHFRVW&RVW
LVGHWHUPLQHGRQD¿UVWLQ¿UVWRXWEDVLV&XVWRPVGXW\RQLPSRUWHGUDZPDWHULDOVH[FOXGLQJVWRFNVLQWKHERQGHGZDUHKRXVHLV
WUHDWHGDVSDUWRIWKHFRVWRIWKHLQYHQWRULHV5DZPDWHULDOVWRUHDQGVSDUHV&RVWRQ),)2EDVLVRUQHWUHDOL]DEOHYDOXHZKLFKHYHU
LVORZHU
 E :RUNLQSURJUHVVDQG¿QLVKHGJRRGV
  /RZHU RI FRVW DQG QHW UHDOL]DEOH YDOXH &RVW LQFOXGHV GLUHFW PDWHULDOV DQG ODERXU DQG D SURSRUWLRQ RI PDQXIDFWXULQJ RYHUKHDGV
EDVHGRQQRUPDORSHUDWLQJFDSDFLW\&RVWRI¿QLVKHGJRRGVLQFOXGHVH[FLVHGXW\
c) Traded goods :
  /RZHURIFRVWDQGQHWUHDOL]DEOHYDOXH&RVWLQFOXGHVWKHSXUFKDVHSULFHDQGRWKHUDVVRFLDWHGFRVWVGLUHFWO\LQFXUUHGLQEULQJLQJWKH
LQYHQWRU\WRLWVSUHVHQWORFDWLRQ1HWUHDOL]DEOHYDOXHLVWKHHVWLPDWHGVHOOLQJSULFHLQWKHRUGLQDU\FRXUVHRIEXVLQHVVOHVVHVWLPDWHG
FRVWVRIFRPSOHWLRQDQGHVWLPDWHGFRVWVQHFHVVDU\WRPDNHWKHVDOH
 G :DVWHDQGVFUDSDUHQRWVHSDUDWHO\YDOXHGEHLQJLQVLJQL¿FDQWLQYDOXH
 H 1HW UHDOL]DEOH YDOXH LV WKH HVWLPDWHG VHOOLQJ SULFH LQ WKH RUGLQDU\ FRXUVH RI EXVLQHVV OHVV HVWLPDWHG FRVWV RI FRPSOHWLRQ DQG
HVWLPDWHGFRVWVQHFHVVDU\WRPDNHWKHVDOH

110 47th Annual Report - 2016-17

G) Leases :
The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception date,
ZKHWKHUIXO¿OOPHQWRIWKHDUUDQJHPHQWLVGHSHQGHQWRQWKHXVHRIDVSHFL¿FDVVHWRUDVVHWVRUDUUDQJHPHQWFRQYH\VDULJKWWRXVHWKH
DVVHWHYHQLIWKDWULJKWLVQRWH[SOLFLWO\VSHFL¿HGLQDQDUUDQJHPHQW
a) Operating Lease
  /HDVHVLQZKLFKWKH&RPSDQ\GRHVQRWWUDQVIHUVXEVWDQWLDOO\DOOWKHULVNVDQGUHZDUGVRIRZQHUVKLSRIDQDVVHWDUHFODVVL¿HGDV
RSHUDWLQJOHDVHV5HQWDOLQFRPHIURPRSHUDWLQJOHDVHLVUHFRJQLVHGRQDVWUDLJKWOLQHEDVLVRYHUWKHWHUPRIWKHUHOHYDQWOHDVH
Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset
DQGUHFRJQLVHGRYHUWKHOHDVHWHUPRQWKHVDPHEDVLVDVUHQWDOLQFRPH&RQWLQJHQWUHQWVDUHUHFRJQLVHGDVUHYHQXHLQWKHSHULRG
LQZKLFKWKH\DUHHDUQHG
b) Finance Lease
/HDVHVDUHFODVVL¿HGDV¿QDQFHOHDVHVZKHQVXEVWDQWLDOO\DOORIWKHULVNVDQGUHZDUGVRIRZQHUVKLSWUDQVIHUIURPWKH&RPSDQ\
WRWKHOHVVHH$PRXQWVGXHIURPOHVVHHVXQGHU¿QDQFHOHDVHVDUHUHFRUGHGDVUHFHLYDEOHVDWWKH&RPSDQ\¶VQHWLQYHVWPHQWLQ
WKHOHDVHV)LQDQFHOHDVHLQFRPHLVDOORFDWHGWRDFFRXQWLQJSHULRGVVRDVWRUHÀHFWDFRQVWDQWSHULRGLFUDWHRIUHWXUQRQWKHQHW
LQYHVWPHQWRXWVWDQGLQJLQUHVSHFWRIWKHOHDVH
+ 5HWLUHPHQWEHQH¿WV
 D 6KRUW7HUP(PSOR\HH%HQH¿WV
  $FFXPXODWHG OHDYH ZKLFK LV H[SHFWHG WR EH XWLOLVHG ZLWKLQ WKH QH[W  PRQWKV LV WUHDWHG DV VKRUWWHUP HPSOR\HH EHQH¿W7KH
&RPSDQ\PHDVXUHVWKHH[SHFWHGFRVWRIVXFKDEVHQFHVDVWKHDGGLWLRQDODPRXQWWKDWLWH[SHFWVWRSD\DVDUHVXOWRIWKHXQXVHG
HQWLWOHPHQWWKDWKDVDFFXPXODWHGDWWKHUHSRUWLQJGDWH
  6KRUWWHUPHPSOR\HHEHQH¿WVDUHH[SHQVHGDVWKHUHODWHGVHUYLFHLVSURYLGHG$OLDELOLW\LVUHFRJQLVHGIRUWKHDPRXQWH[SHFWHGWR
be paid if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the
HPSOR\HHDQGWKHREOLJDWLRQFDQEHHVWLPDWHGUHOLDEO\
 E 3RVW(PSOR\PHQW%HQH¿WV
 L 'H¿QHG&RQWULEXWLRQ3ODQV
  5HWLUHPHQWEHQH¿WLQWKHIRUPRI3URYLGHQW)XQGLVDGH¿QHGFRQWULEXWLRQVFKHPHDQGWKHFRQWULEXWLRQVDUHFKDUJHGWRWKHVWDWHPHQW
RISUR¿WDQGORVVIRUWKH\HDUZKHQWKHFRQWULEXWLRQVWRWKHJRYHUQPHQWIXQGVDUHGXH7KH&RPSDQ\KDVQRREOLJDWLRQRWKHUWKDQ
WKHFRQWULEXWLRQSD\DEOHWRSURYLGHQWIXQGDXWKRULWLHV
 LL 'H¿QHG&RQWULEXWLRQ3ODQV
  7KHHPSOR\HHV¶JUDWXLW\IXQGVFKHPHLVWKH&RPSDQ\¶VGH¿QHGEHQH¿WSODQ7KHSUHVHQWYDOXHRIWKHREOLJDWLRQXQGHUWKHVDLG
GH¿QHGEHQH¿WSODQLVGHWHUPLQHGRQWKHEDVLVRIDFWXDULDOYDOXDWLRQIURPDQLQGHSHQGHQWDFWXDU\XVLQJWKH3URMHFWHG8QLW&UHGLW
0HWKRG
  7KHJUDWXLW\EHQH¿WRIWKH&RPSDQ\LVDGPLQLVWHUHGE\DWUXVWIRUPHGIRUWKLVSXUSRVHWKURXJKWKHJURXSJUDWXLW\VFKHPH
  5HPHDVXUHPHQWVFRPSULVLQJRIDFWXDULDOJDLQDQGORVVHVWKHHIIHFWRIWKHDVVHWFHLOLQJDQGWKHUHWXUQRQSODQDVVHWVH[FOXGLQJ
DPRXQW LQFOXGHG LQ QHW LQWHUHVW RQ WKH QHW GH¿QHG EHQH¿W OLDELOLW\ DUH UHFRJQLVHG LPPHGLDWHO\ LQ WKH EDODQFH VKHHW ZLWK D
FRUUHVSRQGLQJGHELWRUFUHGLWWRUHWDLQHGHDUQLQJVWKURXJKRWKHUFRPSUHKHQVLYHLQFRPHLQWKHSHULRGLQZKLFKWKH\RFFXU
  5HPHDVXUHPHQWVDUHQRWUHFODVVL¿HGWRWKHVWDWHPHQWRISUR¿WDQGORVVLQVXEVHTXHQWSHULRGV
  3DVWVHUYLFHFRVWLVUHFRJQLVHGLQWKHVWDWHPHQWRISUR¿W ORVVLQWKHSHULRGRISODQDPHQGPHQW
  1HWLQWHUHVWLVFDOFXODWHGE\DSSO\LQJWKHGLVFRXQWHGUDWHWRWKHQHWGH¿QHGEHQH¿WOLDELOLW\RUDVVHW
 F 2WKHU/RQJ7HUP(PSOR\HH%HQH¿WV
  7KH &RPSDQ\ WUHDWV DFFXPXODWHG OHDYH H[SHFWHG WR EH FDUULHG IRUZDUG EH\RQG  PRQWKV DV ORQJWHUP HPSOR\HH EHQH¿W IRU
PHDVXUHPHQW SXUSRVHV 6XFK ORQJWHUP FRPSHQVDWHG DEVHQFHV DUH SURYLGHG IRU EDVHG RQ WKH DFWXDULDO YDOXDWLRQ XVLQJ WKH
SURMHFWHGXQLWFUHGLWPHWKRGDWWKH\HDUHQG$FWXDULDOJDLQVORVVHVDUHLPPHGLDWHO\WDNHQWRWKHVWDWHPHQWRISUR¿WDQGORVVDQG
DUHQRWGHIHUUHG
I) Non-current assets held for sale :
 1RQ&XUUHQWDVVHWVDUHFODVVL¿HGDVKHOGIRUVDOHLIWKHLUFDUU\LQJDPRXQWVZLOOEHUHFRYHUHGSULQFLSDOO\WKURXJKDVDOHWUDQVDFWLRQUDWKHU
WKDQWKURXJKFRQWLQXLQJXVH
 1RQ&XUUHQWDVVHWVFODVVL¿HGDVKHOGIRUVDOHDUHPHDVXUHGDWWKHORZHURIWKHLUFDUU\LQJDPRXQWDQGIDLUYDOXHOHVVFRVWVWRVHOO7KLV
FRQGLWLRQLVUHJDUGHGDVPHWRQO\ZKHQWKHVDOHLVKLJKO\SUREDEOHDQGWKHDVVHWLVDYDLODEOHIRULPPHGLDWHVDOHLQLWVSUHVHQWFRQGLWLRQ
0DQDJHPHQWPXVWEHFRPPLWWHGWRWKHVDOHZKLFKVKRXOGEHH[SHFWHGWRTXDOLI\IRUUHFRJQLWLRQDVDFRPSOHWHGVDOHZLWKLQRQH\HDU
IURPWKHGDWHRIFODVVL¿FDWLRQ
 7KHFULWHULDIRUKHOGIRUVDOHGLVWULEXWLRQFODVVL¿FDWLRQLVUHJDUGHGPHWRQO\ZKHQWKHDVVHWVDUHDYDLODEOHIRULPPHGLDWHVDOHGLVWULEXWLRQ
in its present condition, subject only to terms that are usual and customary for sales of such assets, its sale is highly probable; and it will
JHQXLQHO\EHVROGQRWDEDQGRQHG7KH&RPSDQ\WUHDWVVDOHRIWKHDVVHWWREHKLJKO\SUREDEOHZKHQ

47th Annual Report - 2016-17 111

 ‡ 7he appropriate level of management is committed to a plan to sell the asset,
 ‡ $QDFWLYHSURJUDPPHUWRORFDWHDEX\HUDQGFRPSOHWHWKHSODQKDVEHHQLQLWLDWHG
 ‡ 7KHDVVHWLVEHLQJDFWLYHO\PDUNHWHGIRUVDOHDWDSULFHWKDWLVUHDVRQDEOHLQUHODWLRQWRLWVFXUUHQWIDLUYDOXH
 ‡ 7KHVDOHLVH[SHFWHGWRTXDOLI\IRUUHFRJQLWLRQDVDFRPSOHWHGVDOHZLWKLQRQH\HDUIURPWKHGDWHRIFODVVL¿FDWLRQDQG
 ‡ $FWLRQVUHTXLUHGWRFRPSOHWHWKHSODQLQGLFDWHWKDWLWLVXQOLNHO\WKDWVLJQL¿FDQWFKDQJHVWRWKHSODQZLOOEHPDGHRUWKDWWKHSODQZLOO
EHZLWKGUDZQ
 ‡ $VVHWVDQGOLDELOLWLHVFODVVL¿HGDVKHOGIRUVDOHDUHSUHVHQWHGVHSDUDWHO\LQWKHEDODQFHVKHHW
 3URSHUW\SODQWDQGHTXLSPHQWDQGLQWDQJLEOHDVVHWVRQFHFODVVL¿HGDVKHOGIRUVDOHWRRZQHUVDUHQRWGHSUHFLDWHGRUDPRUWL]HG
J) Foreign Currency :
Functional and Presentation Currency
 &RQVROLGDWHG ¿QDQFLDO VWDWHPHQWV KDYH EHHQ SUHVHQWHG LQ ,QGLDQ 5XSHHV `), which is the Group’s functional currency and Group’s
SUHVHQWDWLRQFXUUHQF\(DFKHQWLW\LQWKH*URXSGHWHUPLQHVLWVRZQIXQFWLRQDOFXUUHQF\WKHFXUUHQF\RIWKHSULPDU\HFRQRPLFHQYLURQPHQW
LQZKLFKWKHHQWLW\RSHUDWHVDQGLWHPVLQFOXGHGLQWKH¿QDQFLDOVWDWHPHQWVRIHDFKHQWLW\DUHPHDVXUHGXVLQJWKDWIXQFWLRQDO&XUUHQF\
Transactions and Balances :
 7KHWUDQVDFWLRQVLQIRUHLJQFXUUHQF\DUHDFFRXQWHGDWWKHH[FKDQJHUDWHLHFXVWRPUDWHSUHYDLOLQJRQWKHGDWHRIWUDQVDFWLRQ([FKDQJH
ÀXFWXDWLRQ EHWZHHQ WKH WUDQVDFWLRQ GDWH DQG VHWWOHPHQW GDWH LQ UHVSHFW RI WUDQVDFWLRQV DUH WUDQVIHUUHG WR H[FKDQJH UDWH GLIIHUHQFH
DFFRXQWDQGZULWWHQRIIWRWKHVWDWHPHQWRISUR¿W ORVV([FKDQJHGLIIHUHQFHWKDWDULVHRQVHWWOHPHQWRIPRQHWDU\LWHPVRURQUHSRUWLQJ
DWHDFKEDODQFHVKHHWGDWHRIWKH&RPSDQ\¶VPRQHWDU\LWHPVDWWKHFORVLQJUDWHDUHUHFRJQL]HGDVLQFRPHRUH[SHQVHVLQWKH6WDWHPHQW
RI3UR¿WDQG/RVVLQWKHSHULRGLQZKLFKWKH\DULVH
 &XUUHQWDVVHWVDQGFXUUHQWOLDELOLWLHVLQYROYLQJWUDQVDFWLRQVLQIRUHLJQFXUUHQF\DUHFRQYHUWHGDWWKHH[FKDQJHUDWHVSUHYDLOLQJRQWKHGDWH
RI%DODQFH6KHHW$Q\SUR¿WDQGORVVDULVLQJRXWRIVXFKFRQYHUVLRQLVFKDUJHGWRWKH6WDWHPHQWRISUR¿WDQGORVV
 1RQPRQHWDU\LWHPVLHLQYHVWPHQWVDUHFRQYHUWHGDWWKHUDWHSUHYDOHQWRQWKHGDWHRIWUDQVDFWLRQ
K) Financial Instruments :
 $¿QDQFLDOLQVWUXPHQWLVDQ\FRQWUDFWWKDWJLYHVULVHWRD¿QDQFLDODVVHWRIRQHHQWLW\DQGD¿QDQFLDOOLDELOLW\RUHTXLW\LQVWUXPHQWRIDQRWKHU
HQWLW\
1) Financial Assets :
 L &ODVVL¿FDWLRQ
  )LQDQFLDO $VVHWV FRPSULVHV RI ,QYHVWPHQWV LQ (TXLW\ DQG 'HEW VHFXULWLHV 7UDGH 5HFHLYDEOHV &DVK DQG &DVK HTXLYDOHQWV
%RUURZLQJVDQGRWKHU)LQDQFLDO$VVHWV
(ii) Initial recognition measurement :
  $OO¿QDQFLDODVVHWVLVUHFRJQL]HGLQLWLDOO\DWIDLUYDOXHSOXVLQWKHFDVHRI¿QDQFLDODVVHWVQRWUHFRUGHGDWIDLUYDOXHWKURXJKSUR¿WRU
ORVVWUDQVDFWLRQFRVWVWKDWDUHDWWULEXWDEOHWRWKHDFTXLVLWLRQRIWKH¿QDQFLDODVVHW
  )LQDQFLDO$VVHWVDUHFODVVL¿HGDWLQLWLDOUHFRJQLWLRQDV¿QDQFLDODVVHWVPHDVXUHGDWIDLUYDOXHRUDV¿QDQFLDODVVHWVPHDVXUHGDW
DPRUWL]HGFRVW
(iii) Subsequent Recognition
a) Financial Assets measured at amortized cost
Financial assets are measured at amortized cost when asset is held within a business model, whose objective is to hold assets
IRUFROOHFWLQJFRQWUDFWXDOFDVKÀRZVDQGFRQWUDFWXDOWHUPVRIWKHDVVHWJLYHULVHRQVSHFL¿HGGDWHVWRFDVKÀRZVWKDWDUHVROHO\
SD\PHQWVRISULQFLSDODQGLQWHUHVW6XFK¿QDQFLDODVVHWVDUHPHDVXUHGDWDPRUWL]HGFRVWXVLQJWKHHIIHFWLYHLQWHUHVWUDWH(,5
PHWKRG
 7KH(,5DPRUWL]DWLRQLVUHFRJQL]HGDV¿QDQFHLQFRPHLQWKH6WDWHPHQWRI3UR¿WDQG/RVV
Trade receivables
 $UHFHLYDEOHLVFODVVL¿HGDVDµWUDGHUHFHLYDEOH¶LILWLVLQUHVSHFWWRWKHDPRXQWGXHIURPFXVWRPHUVRQDFFRXQWRIJRRGVVROGRUVHUYLFHV
UHQGHUHG LQ WKH RUGLQDU\ FRXUVH RI EXVLQHVV 7UDGH UHFHLYDEOHV DUH UHFRJQLVHG LQLWLDOO\ DW IDLU YDOXH DQG VXEVHTXHQWO\ PHDVXUHG DW
DPRUWLVHGFRVWXVLQJWKHHIIHFWLYHLQWHUHVWUDWHPHWKRGOHVVSURYLVLRQIRULPSDLUPHQW)RUVRPHWUDGHUHFHLYDEOHVWKH*URXSPD\REWDLQ
security in the form of guarantee, security deposit or letter of credit which can be called upon if thecounterparty is in default under the
WHUPVRIWKHDJUHHPHQW
 ,PSDLUPHQWLVPDGHRQWKHH[SHFWHGFUHGLWORVVHVZKLFKDUHWKHSUHVHQWYDOXHRIWKHVKRUWIDOOVRYHUWKHH[SHFWHGOLIHRI¿QDQFLDODVVHWV
The estimated impairment losses are recognised in a separate provision account and the impairment losses are recognised in the
6WDWHPHQWRI3UR¿WDQG/RVVZLWKLQRWKHUH[SHQVHV
 )RUIRUHLJQFXUUHQF\WUDGHUHFHLYDEOHLPSDLUPHQWLVDVVHVVHGDIWHUUHLQVWDWHPHQWDWFORVLQJUDWHV
Subsequent changes in assessment of impairment are recognised in provision for impairment and changes in impairment losses
DUHUHFRJQLVHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVVZLWKLQRWKHUH[SHQVHV

112 47th Annual Report - 2016-17

 Individual receivables which are known to be uncollectible are written off by reducing the carrying amount of trade receivable and
WKHDPRXQWRIWKHORVVLVUHFRJQLVHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVVZLWKLQRWKHUH[SHQVHV
Subsequent recoveries of amounts previously written off are credited to other Income
b) Financial Assets measured at fair value through other comprehensive income (FVTOCI)
  )LQDQFLDODVVHWVXQGHUWKLVFDWHJRU\DUHPHDVXUHGLQLWLDOO\DVZHOODVDWHDFKUHSRUWLQJGDWHDWIDLUYDOXH)DLUYDOXHPRYHPHQWVDUH
UHFRJQL]HGLQWKHRWKHUFRPSUHKHQVLYHLQFRPH 
 F )LQDQFLDO$VVHWVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV)973/
Financial assets under this category are measured initially as well as at each reporting date at fair value with all changes recognized
LQSUR¿WRUORVV 
d) Investment in Subsidiary and Associates
  ,QYHVWPHQW LQ HTXLW\ LQVWUXPHQWV RI 6XEVLGLDULHV DQG$VVRFLDWHV DUH PHDVXUHG DW FRVW 3URYLVLRQ IRU ,PSDLUPHQW ORVV RQ VXFK
LQYHVWPHQWLVPDGHRQO\ZKHQWKHUHLVDGLPLQXWLRQLQYDOXHRIWKHLQYHVWPHQWZKLFKLVRWKHUWKDQWHPSRUDU\ 
e) Investment in Debt Instruments
  $GHEWLQVWUXPHQWLVPHDVXUHGDWDPRUWL]HGFRVWRUDW)973/$Q\GHEWLQVWUXPHQWZKLFKGRHVQRWPHHWWKHFULWHULDIRUFDWHJRUL]DWLRQ
DVDWDPRUWL]HGFRVWRUDV)92&,LVFODVVL¿HGDVDW)973/'HEWLQVWUXPHQWVLQFOXGHGZLWKLQWKH)973/FDWHJRU\DUHPHDVXUHGDW
IDLUYDOXHZLWKDOOFKDQJHVUHFRJQL]HGLQWKH6WDWHPHQWRISUR¿WDQGORVV 
(iv) De-recognition of Financial Assets:
  $¿QDQFLDODVVHWLVSULPDULO\GHUHFRJQL]HGZKHQWKHULJKWVWRUHFHLYHFDVKÀRZVIURPWKHDVVHWKDYHH[SLUHGRUWKH&RPSDQ\KDV
WUDQVIHUUHGLWVULJKWVWRUHFHLYHFDVKÀRZVIURPWKHDVVHW
2) Financial Liabilities:
(i) Initial recognition and measurement
  $OO ¿QDQFLDO OLDELOLWLHV DUH UHFRJQL]HG LQLWLDOO\ DW IDLU YDOXH DQG LQ WKH FDVH RI ORDQV ERUURZLQJV DQG SD\DEOHV QHW RI GLUHFWO\
DWWULEXWDEOHWUDQVDFWLRQFRVWV
  7KH &RPSDQ\¶V ¿QDQFLDO OLDELOLWLHV LQFOXGH WUDGH DQG RWKHU SD\DEOHV ORDQV DQG ERUURZLQJV LQFOXGLQJ EDQN RYHUGUDIWV VHFXULW\
GHSRVLWVDQGRWKHUGHSRVLWV 
(ii) Subsequent measurement:
  )LQDQFLDOOLDELOLWLHVDWIDLUYDOXHWKURXJKSUR¿WRUORVVLQFOXGH¿QDQFLDOOLDELOLWLHVKHOGIRUWUDGLQJDQG¿QDQFLDOOLDELOLWLHVGHVLJQDWHG
XSRQLQLWLDOUHFRJQLWLRQDVDWIDLUYDOXHWKURXJKSUR¿WRUORVV
  )LQDQFLDOOLDELOLWLHVGHVLJQDWHGXSRQLQLWLDOUHFRJQLWLRQDWIDLUYDOXHWKURXJKSUR¿WRUORVVDUHGHVLJQDWHGDVVXFKDWWKHLQLWLDOGDWHRI
UHFRJQLWLRQDQGRQO\LIWKHFULWHULDLQ,QG$6DUHVDWLV¿HG
  )RUOLDELOLWLHVGHVLJQDWHGDV)973/IDLUYDOXHJDLQVORVVHVDWWULEXWDEOHWRFKDQJHVLQRZQFUHGLWULVNLVUHFRJQL]HGLQ2&,7KHVH
JDLQVORVVDUHQRWVXEVHTXHQWO\WUDQVIHUUHGWR3 /+RZHYHUWKH&RPSDQ\PD\WUDQVIHUWKHFXPXODWLYHJDLQRUORVVZLWKLQHTXLW\
  $OORWKHUFKDQJHVLQIDLUYDOXHRIVXFKOLDELOLW\DUHUHFRJQLVHGLQWKHVWDWHPHQWRISUR¿WRUORVV
(iii) Loans and Borrowings :
  ,QWHUHVWEHDULQJORDQVDQGERUURZLQJVDUHVXEVHTXHQWO\PHDVXUHGDWDPRUWLVHGFRVWXVLQJWKH(IIHFWLYH,QWHUHVW5DWH(,5PHWKRG
*DLQVDQGORVVHVDUHUHFRJQLVHGLQSUR¿WRUORVVZKHQWKHOLDELOLWLHVDUHGHUHFRJQLVHGDVZHOODVWKURXJK(,5DPRUWLVDWLRQSURFHVV
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral
SDUWRIWKH(,57KH(,5DPRUWLVDWLRQLVLQFOXGHGDV¿QDQFHFRVWVLQWKHVWDWHPHQWRISUR¿WDQGORVV7KLVFDWHJRU\JHQHUDOO\DSSOLHV
WRERUURZLQJV
Trade and Other Payables
  $SD\DEOHLVFODVVL¿HGDV¶WUDGHSD\DEOH¶LILWLVLQUHVSHFWRIWKHDPRXQWGXHRQDFFRXQWRIJRRGVSXUFKDVHGRUVHUYLFHVUHFHLYHGLQ
WKHQRUPDOFRXUVHRIEXVLQHVV7KHVHDPRXQWVUHSUHVHQWXQSDLGOLDELOLWLHVIRUJRRGVDQGVHUYLFHVSURYLGHGWRWKH*URXSWLOOWKHHQG
RI¿QDQFLDO\HDU7UDGHDQGRWKHUSD\DEOHVDUHSUHVHQWHGDVFXUUHQWOLDELOLWLHVXQOHVVSD\PHQWLVQRWGXHZLWKLQPRQWKVDIWHUWKH
UHSRUWLQJSHULRG7UDGHSD\DEOHVDUHUHFRJQLVHGLQLWLDOO\DWWKHLUIDLUYDOXHDQGVXEVHTXHQWO\PHDVXUHGDWDPRUWLVHGFRVWXVLQJWKH
HIIHFWLYHLQWHUHVWUDWHPHWKRG
(v) Derecognition of Financial Liabilities :
  $¿QDQFLDOOLDELOLW\LVGHUHFRJQLVHGZKHQWKHREOLJDWLRQXQGHUWKHOLDELOLW\LVGLVFKDUJHGRUFDQFHOOHGRUH[SLUHV:KHQDQH[LVWLQJ
¿QDQFLDOOLDELOLW\LVUHSODFHGE\DQRWKHUIURPWKHVDPHOHQGHURQVXEVWDQWLDOO\GLIIHUHQWWHUPVRUWKHWHUPVRIDQH[LVWLQJOLDELOLW\DUH
VXEVWDQWLDOO\PRGL¿HGVXFKDQH[FKDQJHRUPRGL¿FDWLRQLVWUHDWHGDVWKHGHUHFRJQLWLRQRIWKHRULJLQDOOLDELOLW\DQGWKHUHFRJQLWLRQ
RIDQHZOLDELOLW\7KHGLIIHUHQFHLQWKHUHVSHFWLYHFDUU\LQJDPRXQWVLVUHFRJQLVHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVV
L) Borrowing Costs :
Borrowing costs that are directly attributable to acquisition, construction or production of a qualifying asset (net of income earned on
WHPSRUDU\ GHSOR\PHQW RI IXQGV DUH FDSLWDOLVHG DV D SDUW RI WKH FRVW RI VXFK DVVHWV %RUURZLQJ FRVW FRQVLVWV RI LQWHUHVW RWKHU FRVW
LQFXUUHGLQFRQQHFWLRQZLWKERUURZLQJVRIIXQGDQGH[FKDQJHGLIIHUHQFHVWRWKHH[WHQWUHJDUGHGDVDQDGMXVWPHQWWRWKHERUURZLQJFRVW

47th Annual Report - 2016-17 113

 $TXDOLI\LQJDVVHWLVRQHWKDWQHFHVVDULO\WDNHVVXEVWDQWLDOSHULRGRIWLPHWRJHWUHDG\IRULQWHQGHGXVH%RUURZLQJFRVWDOVRLQFOXGHV
H[FKDQJHGLIIHUHQFHVWRWKHH[WHQWUHJDUGHGDVDQDGMXVWPHQWWRWKHERUURZLQJFRVWV
 $OORWKHUERUURZLQJFRVWVDUHFKDUJHGWRWKH6WDWHPHQWRI3UR¿WDQG/RVV
M) Taxes :
(a) Current Income Tax :
 L 7D[RQLQFRPHIRUWKHFXUUHQWSHULRGLVGHWHUPLQHGRQWKHEDVLVRQHVWLPDWHGWD[DEOHLQFRPHDQGWD[FUHGLWVFRPSXWHGLQDFFRUGDQFH
ZLWKWKHSURYLVLRQVRIWKHUHOHYDQWWD[ODZVDQGEDVHGRQWKHH[SHFWHGRXWFRPHRIDVVHVVPHQWVDSSHDOV
  &XUUHQWWD[FRPSULVHVRIWKHH[SHFWHGWD[SD\DEOHRUUHFHLYDEOHRQWKHWD[DEOHLQFRPHRUORVVIRUWKH\HDUDQGDQ\DGMXVWPHQWWR
WKHWD[SD\DEOHRUUHFHLYDEOHLQUHVSHFWRIWKHSUHYLRXV\HDUV,WLVPHDVXUHGXVLQJWD[UDWHVHQDFWHGRUVXEVWDQWLYHO\HQDFWHGDWWKH
UHSRUWLQJGDWH
  &XUUHQWWD[DVVHWVDQGOLDELOLWLHVDUHRIIVHWRQO\LIWKH&RPSDQ\
 ‡ KDVDOHJDOO\HQIRUFHDEOHULJKWWRVHWRIIWKHUHFRJQLVHGDPRXQWVDQG
 ‡ LQWHQGVHLWKHUWRVHWWOHRQDQHWEDVLVRUWRUHDOLVHWKHDVVHWDQGVHWWOHWKHOLDELOLW\VLPXOWDQHRXVO\
 LL &XUUHQWLQFRPHWD[UHODWLQJWRLWHPVUHFRJQLVHGGLUHFWO\LQHTXLW\LVUHFRJQLVHGLQHTXLW\DQGQRWLQWKHVWDWHPHQWRISUR¿W ORVV
0DQDJHPHQWSHULRGLFDOO\HYDOXDWHVSRVLWLRQVWDNHQLQWKHWD[UHWXUQVZLWKUHVSHFWWRVLWXDWLRQVLQZKLFKDSSOLFDEOHWD[UHJXODWLRQV
DUHVXEMHFWWRLQWHUSUHWDWLRQDQGHVWDEOLVKHVSURYLVLRQVZKHUHDSSURSULDWH
(b) Deferred Tax :
 L 'HIHUUHGWD[LVSURYLGHGXVLQJWKHEDODQFHVKHHWDSSURDFKRQWHPSRUDU\GLIIHUHQFHVDWWKHUHSRUWLQJGDWHEHWZHHQWKHWD[EDVHVRI
DVVHWVDQGOLDELOLWLHVDQGWKHLUFDUU\LQJDPRXQWVIRU¿QDQFLDOUHSRUWLQJSXUSRVHDWWKHUHSRUWLQJGDWH
 LL 7KHFDUU\LQJDPRXQWRIGHIHUUHGWD[DVVHWVLVUHYLHZHGDWHDFKUHSRUWLQJGDWHDQGUHGXFHGWRWKHH[WHQWWKDWLWLVQRORQJHUSUREDEOH
WKDWVXI¿FLHQWWD[DEOHSUR¿WZLOOEHDYDLODEOHWRDOORZDOORUSDUWRIWKHGHIHUUHGWD[DVVHWWREHXWLOLVHG8QUHFRJQLVHGGHIHUUHGWD[
DVVHWVDUHUHDVVHVVHGDWHDFKUHSRUWLQJGDWHDQGDUHUHFRJQLVHGWRWKHH[WHQWWKDWLWKDVEHFRPHSUREDEOHWKDWIXWXUHWD[DEOHSUR¿WV
ZLOODOORZWKHGHIHUUHGWD[DVVHWWREHUHFRYHUHG
  'HIHUUHGWD[OLDELOLWLHVDUHDOZD\VSURYLGHGIRULQIXOO'HIHUUHGWD[DVVHWVDUHUHFRJQL]HGWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWKH\
ZLOOEHDEOHWREHRIIVHWDJDLQVWIXWXUHWD[DEOHLQFRPH'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHFDOFXODWHGZLWKRXWGLVFRXQWLQJDWWD[
UDWHVWKDWDUHH[SHFWHGWRDSSO\WRWKHLUUHVSHFWLYHSHULRGRIUHDOL]DWLRQSURYLGHGWKH\DUHHQDFWHGRUVXEVWDQWLYHO\HQDFWHGDWWKH
EDODQFHVKHHWGDWH
  0RVWFKDQJHVLQGHIHUUHGWD[DVVHWVRUOLDELOLWLHVDUHUHFRJQL]HGDVDFRPSRQHQWRIWD[H[SHQVHLQWKHLQFRPHVWDWHPHQW2QO\
FKDQJHVLQGHIHUUHGWD[DVVHWVRUOLDELOLWLHVWKDWUHODWHWRDFKDQJHLQYDOXHRIDVVHWVRUOLDELOLWLHVWKDWLVFKDUJHGGLUHFWO\WRHTXLW\
DUHFKDUJHGRUFUHGLWHGGLUHFWO\WRHTXLW\
 F 6DOHVYDOXHDGGHGWD[HV
  ([SHQVHVDQGDVVHWVDUHUHFRJQLVHGQHWRIWKHDPRXQWRIVDOHVYDOXHDGGHGWD[HVSDLGH[FHSW
 ‡ :KHQWKHWD[LQFXUUHGRQDSXUFKDVHRIDVVHWVRUVHUYLFHVLVQRWUHFRYHUDEOHIURPWKHWD[DWLRQDXWKRULW\LQZKLFKFDVHWKHWD[SDLG
LVUHFRJQLVHGDVSDUWRIWKHFRVWRIDFTXLVLWLRQRIWKHDVVHWRUDVSDUWRIWKHH[SHQVHLWHPDVDSSOLFDEOH
 ‡ :KHQUHFHLYDEOHVDQGSD\DEOHVDUHVWDWHGZLWKWKHDPRXQWRIWD[LQFOXGHG7KHQHWDPRXQWRIWD[UHFRYHUDEOHIURPRUSD\DEOHWR
WKHWD[DWLRQDXWKRULW\LVLQFOXGHGDVSDUWRIUHFHLYDEOHVRUSD\DEOHVLQWKHEDODQFHVKHHW
(d) Minimum Alternate Tax :
  0LQLPXP$OWHUQDWH7D[0$7SDLGLQD\HDULVFKDUJHGWRWKHVWDWHPHQWRISUR¿WDQGORVVDVFXUUHQWWD[7KH&RPSDQ\UHFRJQL]HV
0$7FUHGLWDYDLODEOHDVDQDVVHWRQO\WRWKHH[WHQWWKDWWKHUHLVFRQYLQFLQJHYLGHQFHWKDWWKH&RPSDQ\ZLOOSD\QRUPDOLQFRPHWD[
GXULQJWKHVSHFL¿HGSHULRGLHWKHSHULRGIRUZKLFK0$7FUHGLWLVDOORZHGWREHFDUULHGIRUZDUG,QWKH\HDULQZKLFKWKH&RPSDQ\
UHFRJQL]HV0$7FUHGLWDVDQDVVHWLQDFFRUGDQFHZLWKWKH*XLGDQFH1RWHRQ³$FFRXQWLQJIRU&UHGLW$YDLODEOHLQUHVSHFWRI0LQLPXP
$OWHUQDWLYH7D[XQGHUWKH,QFRPHWD[$FW´WKHVDLGDVVHWLVFUHDWHGE\ZD\RIFUHGLWWRWKHVWDWHPHQWRISUR¿WDQGORVVDQG
VKRZQDV³0$7&UHGLW(QWLWOHPHQW´7KH&RPSDQ\UHYLHZVWKH³0$7FUHGLWHQWLWOHPHQW´DVVHWDWHDFKUHSRUWLQJGDWHDQGZULWHV
GRZQWKHDVVHWWRWKHH[WHQWWKH&RPSDQ\GRHVQRWKDYHFRQYLQFLQJHYLGHQFHWKDWLWZLOOSD\QRUPDOWD[GXULQJWKHVSHFL¿HGSHULRG
N) Revenue Recognition :
 5HYHQXHLVUHFRJQL]HGWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWKHHFRQRPLFEHQH¿WVZLOOÀRZWRWKH&RPSDQ\DQGWKHUHYHQXHFDQEH
UHOLDEO\PHDVXUHGUHJDUGOHVVRIZKHQWKHSD\PHQWLVEHLQJPDGH
 7KHVSHFL¿FUHFRJQLWLRQFULWHULDGHVFULEHGEHORZPXVWDOVREHPHWEHIRUHUHYHQXHLVUHFRJQL]HG
(a) Sale of products :
  $VVWDWHGLQ,QG$65HYHQXHIURPVDOHRISURGXFWVLVUHFRJQL]HGZKHQWKHVLJQL¿FDQWULVNVDQGUHZDUGVRIRZQHUVKLSRIWKH
JRRGVKDYHSDVVHGWRWKHEX\HU7KH&RPSDQ\FROOHFWVVDOHVWD[DQGYDOXHDGGHGWD[9$7RQEHKDOIRIWKHJRYHUQPHQWDQG
WKHUHIRUHWKHVHDUHQRWHFRQRPLFEHQH¿WVÀRZLQJWRWKH&RPSDQ\+HQFHWKH\DUHH[FOXGHGIURPUHYHQXH([FLVHGXW\GHGXFWHG
from revenue (gross) is the amount that is included in the revenue (gross) and not the entire amount of liability arising during the
\HDU

114 47th Annual Report - 2016-17

 (b) Other Income :
Interest Income
  ,QWHUHVWLQFRPHLVUHFRJQL]HGRQDFFUXDOEDVLVDWDSSOLFDEOHLQWHUHVWUDWHV)RUDOO¿QDQFLDOLQVWUXPHQWVPHDVXUHGDWDPRUWL]HGFRVW
LQWHUHVWLQFRPHLVUHFRUGHGXVLQJWKHHIIHFWLYHLQWHUHVWUDWH(,5ZKLFKLVWKHUDWHWKDWH[DFWO\GLVFRXQWVWKHHVWLPDWHGIXWXUHFDVK
SD\PHQWRUUHFHLSWVWKURXJKWKHH[SHFWHGOLIHRIWKH¿QDQFLDOLQVWUXPHQWRUDVKRUWHUSHULRGZKHUHDSSURSULDWHWRWKHQHWFDUU\LQJ
DPRXQWRIWKH¿QDQFLDODVVHWVLQWHUHVWLQFRPHLVLQFOXGHGLQRWKHULQFRPHLQWKHVWDWHPHQWRISUR¿W ORVV
Dividend Income
Dividend income is accounted for when the right to receive the same is established, which is generally when shareholders approve
WKHGLYLGHQG
2 'LYLGHQG'LVWULEXWLRQ
Annual dividend distribution to the shareholders is recognised as a liability in the period in which the dividend is approved by the
VKDUHKROGHUV$Q\LQWHULPGLYLGHQGSDLGLVUHFRJQLVHGRQDSSURYDOE\%RDUGRI'LUHFWRUV'LYLGHQGSD\DEOHDQGFRUUHVSRQGLQJWD[RQ
GLYLGHQGGLVWULEXWLRQLVUHFRJQLVHGGLUHFWO\LQHTXLW\
P) Earnings Per Share :
 %DVLFHDUQLQJVSHUVKDUHDUHFDOFXODWHGE\GLYLGLQJWKHQHWSUR¿WRUORVVIRUWKH\HDUDWWULEXWDEOHWRHTXLW\VKDUHKROGHUVE\WKHZHLJKWHG
DYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDU3DUWO\SDLGHTXLW\VKDUHVDUHWUHDWHGDVDIUDFWLRQRIDQHTXLW\VKDUHWR
WKHH[WHQWWKDWWKH\DUHHQWLWOHGWRSDUWLFLSDWHLQGLYLGHQGVUHODWLYHWRDIXOO\SDLGHTXLW\VKDUHGXULQJWKHUHSRUWLQJSHULRG7KHZHLJKWHG
average number of equity shares outstanding during the year is adjusted for events such as bonus issue; bonus element in a rights issue
WRH[LVWLQJVKDUHKROGHUVVKDUHVSOLWDQGUHYHUVHVKDUHVSOLWFRQVROLGDWLRQRIVKDUHVWKDWKDYHFKDQJHGWKHQXPEHURIHTXLW\VKDUHV
RXWVWDQGLQJZLWKRXWDFRUUHVSRQGLQJFKDQJHLQUHVRXUFHV
 'LOXWHG(36DPRXQWVDUHFDOFXODWHGE\GLYLGLQJWKHSUR¿WDWWULEXWDEOHWRHTXLW\KROGHUVRIWKH&RPSDQ\DIWHUDGMXVWLQJIRULQWHUHVWRQWKH
convertible preference shares) by the weighted average number of Equity shares outstanding during the year plus the weighted average
QXPEHURI(TXLW\VKDUHVWKDWZRXOGEHLVVXHGRQFRQYHUVLRQRIDOOWKHGLOXWLYHSRWHQWLDO(TXLW\VKDUHVLQWR(TXLW\VKDUHV
Q) Segment Reporting :
 ,GHQWL¿FDWLRQRIVHJPHQWV
The Company’s operating businesses are organised and managed separately according to the nature of products and services provided,
ZLWKHDFKVHJPHQWUHSUHVHQWLQJDVWUDWHJLFEXVLQHVVXQLWWKDWRIIHUVGLIIHUHQWSURGXFWVDQGVHUYLFHVWRGLIIHUHQWPDUNHWV7KHDQDO\VLVRI
geographical segments is based on the areas in which major operating divisions of the Company operates
R) Provisions, Contingent Liabilities and Contingent Assets :
A provision is recognized if as a result of a past event the Company has a present legal or constructive obligation that can be estimated
UHOLDEO\DQGLWLVSUREDEOHWKDWDQRXWÀRZRIHFRQRPLFEHQH¿WVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQ3URYLVLRQVDUHGHWHUPLQHGE\
GLVFRXQWLQJWKHH[SHFWHGIXWXUHFDVKÀRZVDWDSUHWD[UDWHWKDWUHÀHFWVFXUUHQWPDUNHWDVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGWKH
ULVNVVSHFL¿FWRWKHOLDELOLW\&RQWLQJHQW/LDELOLWLHVDUHQRWUHFRJQL]HGEXWDUHGLVFORVHGLQWKHQRWHV&RQWLQJHQW$VVHWVDUHQRWUHFRJQL]HG
EXWGLVFORVHGLQWKH)LQDQFLDO6WDWHPHQWVZKHQHFRQRPLFLQÀRZLVSUREDEOH
(a) Provisions are recognized for liabilities that can be measured only by using a substantial degree of estimation, if
(i) the Company has a present obligation as a result of past event,
 LL DSUREDEOHRXWÀRZRIUHVRXUFHVLVH[SHFWHGWRVHWWOHWKHREOLJDWLRQDQG
 LLL WKHDPRXQWRIREOLJDWLRQFDQEHUHOLDEO\HVWLPDWHG
 ,IWKHHIIHFWRIWLPHYDOXHRIPRQH\LVPDWHULDOSURYLVLRQVDUHGLVFRXQWHGXVLQJFXUUHQWSUHWD[UDWHWKDWUHÀHFWVZKHQDSSURSULDWHWKH
ULVNVSHFL¿FWRWKHOLDELOLW\:KHQGLVFRXQWLQJLVXVHGWKHLQFUHDVHLQWKHSURYLVLRQGXHWRWKHSDVVDJHRIWLPHLVUHFRJQL]HGDVD¿QDQFH
FRVW
 :KHUHWKH&RPSDQ\H[SHFWVVRPHRUDOORIDSURYLVLRQWREHUHLPEXUVHGIRUH[DPSOHXQGHUDQLQVXUDQFHFRQWUDFWWKHUHLPEXUVHPHQWLV
UHFRJQL]HGDVDVHSDUDWHDVVHWEXWRQO\ZKHQWKHUHLPEXUVHPHQWLVYLUWXDOO\FHUWDLQ7KHH[SHQVHUHODWLQJWRDQ\SURYLVLRQLVSUHVHQWHG
LQWKHVWDWHPHQWRISUR¿WDQGORVVQHWRIDQ\UHLPEXUVHPHQW
(b) Contingent liabilities are disclosed in case of:
 L D SUHVHQW REOLJDWLRQ DULVLQJ IURP SDVW HYHQWV ZKHQ LW LV QRW SUREDEOH WKDW DQ RXWÀRZ RI UHVRXUFHV ZLOO EH UHTXLUHG WR VHWWOH WKH
obligation,
(ii) a present obligation arising from past events, when no reliable estimate is possible,
 LLL DSRVVLEOHREOLJDWLRQDULVLQJIURPSDVWHYHQWVZKHUHWKHSUREDELOLW\RIRXWÀRZRIUHVRXUFHVLVQRWUHPRWH
 F &RQWLQJHQWDVVHWVDUHQHLWKHUUHFRJQL]HGQRUGLVFORVHG
 &RPPLWPHQWVLQFOXGHWKHDPRXQWRISXUFKDVHRUGHUQHWRIDGYDQFHVLVVXHGWRSDUWLHVIRUFRPSOHWLRQRIDVVHWV
 3URYLVLRQVDQG&RQWLQJHQW/LDELOLWLHVDUHUHFRJQL]HGGLVFORVHGDIWHUDQHYDOXDWLRQRIWKHIDFWVDQGOHJDODVSHFWVDQGWKHDPRXQWVDUH
reviewed on the%DODQFH6KHHWGDWH

47th Annual Report - 2016-17 115

 Note No. 6 - Property , Plant and Equipment and Intangible Assets as at 31st March , 2017


Particulars PROPERTY, PLANT AND EQUIPMENT INTANGIBLE Total
ASSETS
Land Buildings Plant & Electrical Laboratory 2I¿FH Furniture & Air Computer Vehicles Commercial Total Computer
Machinery Installations Equipments Equipments Fixtures Conditioners Vehicles Software
Gross Block
As at 1st April , 2015   722,554,232 21,355,409 2,219,893   3,527,371  43,948,878  1,452,738,817  1,470,397,714
$GG$GGLWLRQGXULQJWKH\HDU     332,799 901,575 74,745  545,201 15,025,249 315,000   76,362,861
/HVV'LVSRVDOV,PSDLUHGGXULQJ   5,958,773  303,032 291,795 91,599    878,501 24,997,077  24,997,077
the year
$GG/HVV$GMXVWPHQWVRQ  17,929,250 39,773,922    115,937 17,705  943,753    59,206,943
DFFRXQWRI([FKDQJH5DWH

47th Annual Report - 2016-17

As at 31st March , 2016 13,456,619 623,019,296 812,655,297 19,992,458 2,249,660 8,941,920 20,519,547 3,585,794 7,719,568 45,057,412 5,586,806 1,562,784,376 18,186,065 1,580,970,441
$GG$GGLWLRQGXULQJWKH\HDU    11,400 47,522  1,243,499      39,835 13,159,439
/HVV'LVSRVDOV,PSDLUHGGXULQJ     0  977,320    1,459,711   190,035,276
the year
$GG/HVV$GMXVWPHQWVRQ    (32,113)   (32,472) (3,273)  (197,115) (10,355) (19,991,358)  (19,991,358)
DFFRXQWRI([FKDQJH5DWH
As at 31st March , 2017 13,456,619 574,585,989 691,362,117 16,954,815 2,297,182 8,602,747 20,753,253 3,406,842 7,899,994 22,441,048 4,116,740 1,365,877,345 18,225,900 1,384,103,245
Accumulated Depreciation
As at 1st April , 2015  257,509,200  4,997,824 1,097,474   3,081,908  20,941,199 3,791,918   612,215,060
$GG$GGLWLRQGXULQJWKH\HDU  19,004,571 72,281,574 2,120,431 283,340    402,829    103,711 105,803,682
/HVV'LVSRVDOV,PSDLUHGGXULQJ    1,315,879  283,749 91,599 577,203 439,853     13,876,643
the year
$GG/HVV$GMXVWPHQWVRQ  4,407,071      17,705  521,041    22,675,091
DFFRXQWRI([FKDQJH5DWH
As at 31st March , 2016 - 280,920,842 365,954,494 5,878,499 1,226,951 7,311,314 12,261,374 2,760,477 6,741,741 23,099,542 3,788,011 709,943,245 16,873,945 726,817,190
$GG$GGLWLRQGXULQJWKH\HDU   38,790,513 1,779,378   2,138,540   3,717,103   180,102 66,892,643
/HVV'LVSRVDOV,PSDLUHGGXULQJ  19,071,247    1,047,092 977,323    1,035,282 110,720,533  110,720,533
the year
$GG/HVV$GMXVWPHQWVRQ  (1,747,020)  (10,249)  (50,043) (32,472) (3,273)    (8,740,890)  (8,740,890)
DFFRXQWRI([FKDQJH5DWH
As at 31st March , 2017 - 278,378,800 328,862,167 6,684,807 1,487,450 6,889,441 13,390,119 2,652,059 7,060,341 8,493,920 3,295,259 657,194,364 17,054,047 674,248,411
Net carring amount -
As at 1st April, 2015  345,873,050 441,881,485  1,122,419  10,441,448  837,202  2,302,388 857,293,991  
$VDWVW0DUFK  342,098,454  14,113,958 1,022,709  8,258,173 825,317 977,827 21,957,870 1,798,795 852,841,132 1,312,120 854,153,252
As at 31st March 2017 13,456,619 296,207,189 362,499,949 10,270,008 809,733 1,713,306 7,363,134 754,783 839,652 13,947,127 821,481 708,682,981 1,171,853 709,854,835

NOTES :
 2QWUDQVLWLRQWR,QG$63URSHUW\3ODQWDQG(TXLSPHQWDQG,QWDQJLEOHVDUHFDUULHGDWQHWEORFN
 7KH*URVV%ORFNRI)L[HG$VVHWVLQFOXGHV5V3UHYLRXV<HDU5VRQDFFRXQWRIUHYDOXDWLRQRI%XLOGLQJFDUULHGRXWLQ)<
 ,QDFFRUGDQFHZLWKWKH,QG$6³,PSDLUPHQWRI$VVHWV´WKHPDQDJHPHQWKDVGXULQJWKH\HDUFDUULHGRXWDQGH[HUFLVHRILGHQWLI\LQJWKHDVVHWVWKDWZRXOGKDYHEHHQLPSDLUHGLQUHVSHFWRIHDFKFDVKJHQHUDWLQJXQLW2QWKHEDVLVRIWKLVUHYLHZFDUULHGRXWE\WKH
0DQDJHPHQWWKHUHZDVQRLPSDLUPHQWORVVRQ)L[HG$VVHWVGXULQJWKH\HDU
NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

7 GOODWILL As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
Created on Consolidation -  
-  

8 NON-CURRENT INVESTMENTS As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015

(Unquoted and fully paid up) 1RRI Face

A) Equity Shares Shares Value
(i) Subsidiary Companies (at Cost) 45,000 AED
D(TXLW\6KDUHVRI$('HDFK0$3&2 25 21,192,000  20,414,940
Fertilizers Industries FZC
Total 21,192,000  20,414,940

9 INVENTORIES As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
(At lower of cost or Net Realisable Value)
$V&HUWL¿HGDQGYDOXHGE\WKH0DQDJHPHQW
5DZ0DWHULDOV 416,291,967  
Finished Goods 854,990,007  571,398,441
6WRFNLQ7UDGHLQUHVSHFWRI*RRGVDFTXLUHGIRU7UDGLQJ 55,912,119 233,087,282 244,473,454
Packing Materials 87,908,104  
Total 1,415,102,198 1,423,811,297 1,447,224,155

10 TRADE RECEIVABLES As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
Unsecured
Considered Good 1,423,862,986  
Considered Doubtful -  154,321,123
1,423,862,986  
/HVV&UHGLW/RVV -  154,321,123
Total 1,423,862,986  

 Ageing of Trade Receivables

Particulars Neither Due Ageing Total
nor Impaired
Upto 6 Months 6-12 Months above 12
Months
As at 31st March, 2017

Unsecured - 955,517,207   1,423,862,986

Gross Total  955,517,207   1,423,862,986
3URYLVLRQIRU'RXEWIXO5HFHLYDEOHV -
Net Total  955,517,207   1,423,862,986

47th Annual Report - 2016-17 117

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

11 CASH AND CASH EQUIVALENTS As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015
Balance with Banks in Current Accounts 57,227,982  44,484,217
With Scheduled Banks in Deposit Accounts 15,316  22,783
Cash on hand 128,814  559,291
Total 57,372,112  

12 OTHER BANK BALANCES As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015
)L[HG'HSRVLWVZLWK%DQNVKHOGDV0DUJLQ0RQH\0DWXULW\OHVV 50,735,147 48,327,434 
than One Year)
Unclaimed Dividend Accounts 2,939,247  
Total 53,674,394  

 )L[HG'HSRVLWVDUHNHSWDV0DUJLQDJDLQVWYDULRXV&UHGLW/LPLWV*XDUDQWHHV

13 CURRENT LOANS As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
(Unsecured and Considered Good)
/RDQVWR5HODWHG3DUWLHV 45,230,546 53,799,713 54,988,419
/RDQVWR(PSOR\HHV 1,267,648 1,232,152 1,050,353
46,498,193  

14 OTHER CURRENT FINANCIAL ASSETS As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015
Interest Accrued but not due 1,587,443  1,713,025
1,587,443  1,713,025

 ,QWHUHVW$FFUXHGEXWQRWGXHLQFOXGHV,QWHUHVWDFFUXHGRQYDULRXV)L[HG'HSRVLWVZLWK%DQNV

15 OTHER CURRENT ASSETS As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015
(Unsecured and Considered Good)
%DODQFHVZLWK,QFRPH7D[$XWKRULWLHV - 5,505 9,949
Other Advances 538,876,463  
Security Deposits 9,968,232  11,999,127
Total 548,844,695  538,289,989

 Other Advances includes :

Particulars As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
D%DODQFHVZLWK&XVWRPV&HQWUDO([FLVH$XWKRULWLHV 13,597,009 8,294,889 
(b) Advance to Suppliers 514,961,348  500,320,799
F$GYDQFHWR6WDIIDJDLQVWH[SHQVHV 1,856,769  
G,PSUHVW$GYDQFHIRU9HKLFOH([SHQVHV 383,705 403,932 172,450
H3UHSDLG([SHQVHV 8,077,633  
I6WDII/RDQV - 310,288 
538,876,463  

118 47th Annual Report - 2016-17

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
16 EQUITY SHARE CAPITAL As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
Authorised
(TXLW\6KDUHVRI5VHDFK 150,000,000 150,000,000 150,000,000
150,000,000 150,000,000 150,000,000
Issued, Subscribed and Fully Paidup
VW0DUFKVW$SULO 130,043,390 130,043,390 130,043,390
(TXLW\6KDUHVRI5VHDFK
130,043,390 130,043,390 130,043,390
 Reconciliation of the number of Equity Shares :
Particulars As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
Shares outstanding at the beginning of the year 13,004,339 13,004,339 13,004,339
$GG,VVXHGGXULQJWKH\HDU -  
/HVV6KDUHVFDQFHOOHGGXULQJWKH\HDU -  
Shares outstanding at the end of the year 13,004,339 13,004,339 13,004,339

 List of Shareholder’s holding more than 5 % Shares in the Company :

Name of the Shareholders No of Shares As at 1RRI As at 1RRI As at
31st March, 2017 Shares VW0DUFK Shares 1st April, 2015
% of Holding % of Holding % of Holding
L'U-LPP\0LUFKDQGDQL 3,524,830 27.11% 3,524,830  3,524,830 
LL'U5DKXO0LUFKDQGDQL 2,623,221 20.17%    
Total 6,148,051 47.28%    
17 Nature of Reserves
 Securities Premium Reserve :UHSUHVHQWVWKHDPRXQWUHFHLYHGLQH[FHVVRISDUYDOXHRIVHFXULWLHVLHHTXLW\VKDUHV3UHPLXPRQ
UHGHPSWLRQRIVHFXULWLHVLVDFFRXQWHGLQVHFXULW\SUHPLXPDYDLODEOH:KHUHVHFXULW\SUHPLXPLVQRWDYDLODEOHSUHPLXPRQUHGHPSWLRQ
RIVHFXULWLHVLVDFFRXQWHGLQVWDWHPHQWRISUR¿WDQGORVV6HFWLRQRI&RPSDQLHV$FWVSHFLI\UHVWULFWLRQDQGXWLOLVDWLRQRIVHFXULW\
SUHPLXP
 Legal Reserve : UHSUHVHQWV UHVHUYH FUHDWHG RXW RI SUR¿W RI WKH &RPSDQ\ LQ DFFRUGDQFH ZLWK WKH SURYLVLRQV RI 0HPRUDQGXP DQG
$UWLFOHVRI$VVRFLDWLRQRIWKH&RPSDQ\
 Foreign Currency Translation Reserve : represents differrence in valuation of Investment in Overseas Subsidiary
 General Reserve : UHSUHVHQWV WKH VWDWXWRU\ UHVHUYH WKLV LV LQ DFFRUGDQFH ZLWK ,QGLDQ &RUSRUDWH ODZ ZKHUHLQ D SRUWLRQ RI SUR¿W LV
DSSRUWLRQHG WR JHQHUDO UHVHUYH 8QGHU &RPSDQLHV$FW  LW ZDV PDQGDWRU\ WR WUDQVIHU DPRXQW EHIRUH D &RPSDQ\ FDQ GHFODUH
GLYLGHQGKRZHYHUXQGHU&RPSDQLHV$FWWUDQVIHURIDQ\DPRXQWWR*HQHUDOUHVHUYHLVDWWKHGLVFUHWLRQRIWKH&RPSDQ\
 Retained Earnings :UHSUHVHQWWKHXQGLVWULEXWHGSUR¿WVRIWKH&RPSDQ\
 Other Comprehensive Income Reserve :UHSUHVHQWWKHEDODQFHLQHTXLW\IRULWHPVWREHDFFRXQWHGLQ2WKHU&RPSUHKHQVLYH,QFRPH
2WKHU&RPSUHKHQVLFH,QFRPHLVFODVVL¿HGLQWRLLWHPVWKDWZLOOQRWEHUHFODVVL¿HGWRSUR¿WDQGORVVLLLWHPVWKDWZLOOEHUHFODVVL¿HGWR
SUR¿WDQGORVV

18 NON-CONTROLLING INTEREST As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
1RQ&RQWUROOLQJ,QWHUHVW(TXLW\ 247,543,109 273,823,270 
1RQ&RQWUROOLQJ,QWHUHVW1RQ(TXLW\ 134,668,364  137,152,410
382,211,473  359,737,070

 1RQ&RQWUROOLQJ,QWHUHVWDVDWVW0DUFKUHSUHVHQWVWKDWSDUWRIWKHSUR¿W/RVVDQGQHWDVVVHWVRI*ROGHQ+DUYHVW0LGGOH

(DVW)=&WRWKHH[WHQWRI6KDUHVDQG$PDUDN&KHPLFDOV)=&WRWKHH[WHQWRI6KDUHVKHOGE\RWKHUSDUWLHV

47th Annual Report - 2016-17 119

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
19 NON - CURRENT BORROWINGS As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
Secured Term Loans
7HUP/RDQVIURP%DQNV 7,353,716  
7,353,716  
Un-Secured Term Loans
7HUP/RDQVIURP%DQNV 132,541,531  
132,541,531  
Total 139,895,247  

 6HFXUHG7HUP/RDQVIURP%DQNVUHIHUUHGDERYHWRWKHH[WHQWRI

Sr. Partuculars As at As at As at
No. 31st March, 2017 VW0DUFK 1st April, 2015
(a) Secured by way of Charge on the Company's Motor 7,353,716  
9HKLFOHV
(b) 6HFXUHGE\ZD\RI3ULPDU\&KDUJHRQDOO)L[HG$VVHWV -  5,120,985
DW0RXMH5DMSXU*XMDUDWDQGSHUVRQDOO\JXDUDQWHHGE\
'LUHFWRUV
(c) Secured by way of Primary Charge on Solar Panel at -  
Pashamylaram, Andhrapradesh and Pari Pasu charge
RQDOO)L[HG$VVHWVDW'HRQDU0XPEDLDQGSHUVRQDOO\
JXDUDQWHHGE\'LUHFWRUV
7,353,716  

 8Q6HFXUHG7HUP/RDQVIURP%DQNVDUHVHFXUHGE\ZD\RI&KDUJHRQSHUVRQDO$VVHWVRI'LUHFWRUVDQGJXDUDQWHHGE\WKH'LUHFWRUV
 0DWXULW\3UR¿OHRI7HUP/RDQVDUHDVVHWRXWEHORZ

Sr. Financial Years Secured Term Un-Secured Term Total

No. Loans from Banks Loans from Banks
(a)   13,403,229 
Sub-Total  13,403,229 
(b)   15,042,729 
(c)  3,204,322  
(d)  $ERYH 912,907  101,527,770
Sub-Total  132,541,531 139,895,247
Grand-Total 10,317,130  
 5VLVVKRZQLQ&XUUHQW0DWXULWLHV2QVW0DUFK5VDQGRQVW0DUFK5V

20 NON CURRENT PROVISIONS As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015

3URYLVLRQIRU(PSOR\HH%HQH¿WV
Gratuity 12,270,056  
/HDYH6DODU\ 6,457,024  
One Time Incentive 571,946  1,585,723
Total 19,299,026 17,972,874 18,522,144

120 47th Annual Report - 2016-17

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

21 DEFERRED TAX LIABILITY As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015
A Deferred Tax Liability
5HODWHGWR)L[HG$VVHWV'LIIHUHQFHEHWZHHQ'HSUHFLDWLRQ 42,306,134 42,414,085 
FKDUJHGIRU)LQDQFLDO5HSRUWLQJDQG'HSUHFLDWLRQDVSHU
,QFRPH7D[
*URVV'HIHUUHG7D[/LDELOLW\ 42,306,134 42,414,085 
B Gross Deferred Tax Asset
'LVDOORZDQFHXQGHUWKH,QFRPH7D[$FW8V% 4,070,908 4,098,945 
4,070,908 4,098,945 
C Net Deferred Tax Liability (A-B) 38,235,225 38,315,141 

22 CURRENT BORROWINGS As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
Secured Borrowings
Working Capital Facilities from Banks
Cash Credits 777,131,292  
:RUNLQJ&DSLWDO'HPDQG/RDQ 40,000,000  
Buyers Credits 143,393,624 110,779,308 
960,524,916  
Un-Secured Borrowings
Working Capital Facilities from Banks 138,958,285  
)URP5HODWHG3DUWLHV 1,783,316 12,190,110 40,780,593
From Others 116,820,900  
Security Deposits 20,000 20,000 20,000
257,582,501  551,782,714
Total 1,218,107,417  
 :RUNLQJ&DSLWDO)DFLOLWLHVIURP%DQNVDUHVHFXUHGE\ZD\RI&KDUJHRQ&RPSDQ\
V,QYHQWRU\%RRN'HEWV&KDUJHRQ/DQG
%XLOGLQJ3ODQW 0DFKLQHU\DQGDOORWKHUPRYDEOH¿[HGDVVHWVRIWKH&RPSDQ\DQGJXDUDQWHHGE\'LUHFWRUV

23 TRADE PAYABLES As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015

Due to Others 349,635,695 289,378,438 

Total 349,635,695 289,378,438 

 7KHUHDUHQR0LFURDQG6PDOO(QWHUSULVHVWRZKRP&RPSDQ\RZHVGXHVZKLFKDUHRXWVWDQGLQJIRUPRUHWKDQGD\VDVDWVW
0DUFK7KLVLQIRUPDWLRQDVUHTXLUHGWREHGLVFORVHGXQGHUWKH0LFUR6PDOODQG0HGLXP(QWHUSULVHV'HYHORSPHQW$FWKDV
EHHQGHWHUPLQHGWRWKHH[WHQWVXFKSDUWLHVKDYHEHHQLGHQWL¿HGRQWKHEDVLVRILQIRUPDWLRQDYDLODEOHZLWKWKH&RPSDQ\
 7UDGH3D\DEOHVLQFOXGHVDPRXQWGXHWR,QGLDQ6XEVLGLDU\$ULHV$JUR(TXLSPHQWV3ULYDWH/LPLWHGRI`
 $OO7UDGH3D\DEOHVDUHQRQLQWHUHVWEHDULQJDQGSD\DEOHRUVHWWOHGZLWKLQQRUPDORSHUDWLQJF\FOHRIWKH&RPSDQ\

24 OTHER CURRENT FINANCIAL LIABILITIES As at As at As at

31st March, 2017 VW0DUFK 31st March, 2015
&XUUHQW0DWXULWLHVRI/RQJ7HUP'HEW 16,366,644  
Interest Accrued but not due on Borrowings 2,721,440 3,514,017 2,811,157
Unclaimed Dividend 2,939,247  
Dues to Directors -  
Total 22,027,331  

47th Annual Report - 2016-17 121

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
 &XUUHQW0DWXULWLHVRI/RQJ7HUP'HEWLQFOXGHVDPRXQWUHSD\DEOHZLWKLQRQH\HDURI

Sr. Particulars As at As at As at
No. 31st March, 2017 VW0DUFK 31st March, 2015
(a) 6HFXUHG7HUP/RDQVIURP%DQNV 2,963,415  
(b) 8Q6HFXUHG7HUP/RDQVIURP%DQNV 13,403,229  
16,366,644  
 6HFXUHG7HUP/RDQVIURP%DQNVLQFOXGHGLQ&XUUHQW0DWXULWLHVRI/RQJ7HUP'HEWWRWKHH[WHQWRI

Sr. Particulars As at As at As at
No. 31st March, 2017 VW0DUFK 31st March, 2015
(a) Secured by way of Charge on the Company's Motor 2,963,415 4,841,985 
9HKLFOHV
(b) )RUHLJQ&XUUHQF\7HUP/RDQZKLFKLVVHFXUHGE\ZD\RI -  31,128,740
(TXLWDEOH0RUWJDJHRI/DQGDQG%XLOGLQJDQGSHUVRQDO
JXDUDQWHHRI'LUHFWRUV
(c) $[LV%DQN/WGE\ZD\RI3ULPDU\&KDUJHRQDOO)L[HG -  20,000,000
$VVHWVDW0RXMH5DMSXU*XMDUDWDQGSHUVRQDOO\
JXDUDQWHHGE\'LUHFWRUV
(d) Canara Bank by way of Primary Charge on Solar Panel - 5,474,119 5,172,000
at Pashamylaram, Andhrapradesh and Pari Pasu charge
RQDOO¿[HGDVVHWVDW'HRQDU0XPEDLDQGSHUVRQDOO\
JXDUDQWHHGE\'LUHFWRUV
2,963,415  
 8Q6HFXUHG7HUP/RDQVIURP%DQNVLQFOXGHGLQ&XUUHQW0DWXULWLHVRI/RQJ7HUP'HEWWRWKHH[WHQWRI5VDUHVHFXUHG
E\ZD\RI&KDUJHRQSHUVRQDO$VVHWVRI'LUHFWRUVDQGJXDUDQWHHGE\WKH'LUHFWRUV
 8QFODLPHG'LYLGHQGGRQRWLQFOXGHDQ\DPRXQWVGXHDQGRXWVWDQGLQJWREHFUHGLWHGWR,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQG

25 OTHER CURRENT LIABILITIES As at As at As at

31st March, 2017 VW0DUFK 31st March, 2015
$FFUXHG6DODULHVDQG%HQH¿WV 78,084,640  37,410,700
$GYDQFHV&UHGLWVIURP&XVWRPHUV 277,261,783 33,359,248 14,301,585
Dues to Directors 37,248,968 27,110,793 
Security Deposits 75,371,794 84,310,271 
Statutory Dues 14,053,364 11,083,571 14,938,258
Other Payables 32,243,040 44,899,193 
Total 514,263,589  

 6WDWXWRU\'XHVLQFOXGHV,QGLUHFW7D[HV7D['HGXFWHGDW6RXUFH7D[&ROOHFWHGDW6RXUFH(6,&3URYLGHQW)XQGDQG3URIHVVLRQ7D[
 2WKHU3D\DEOHVLQFOXGHVPDLQO\6WDII([SHQVH&ODLPVDQG3URYLVLRQIRU([SHQVHV

26 CURRENT PROVISIONS As at As at As at
31st March, 2017 VW0DUFK 31st March, 2015
3URYLVLRQIRU(PSOR\HH%HQH¿WV
Gratuity 3,539,172 4,752,293 4,411,179
/HDYH6DODU\ 8,265,617 7,854,780 8,085,757
One Time Incentive 1,493,094 529,597 443,550
Total 13,297,883  

122 47th Annual Report - 2016-17

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

27 CURRENT TAX LIABILITY (NET) As at As at As at

31st March, 2017 VW0DUFK 31st March, 2015
3URYLVLRQIRU,QFRPH7D[1HWRI$GYDQFH7D[7'6 51,128,001 25,217,277 51,342,993
3URYLVLRQIRU:HDOWK7D[ -  150,000
Total 51,128,001 25,217,277 51,492,993

28 REVENUE FROM OPERATIONS Year Ended Year Ended

31st March, 2017 VW0DUFK
Sales of Products
Manufactured 2,510,701,844 1,953,528,425
Traded 618,350,159 
3,129,052,004 2,897,585,178
/HVV'LVFRXQWV5HEDWHV 475,440,074 217,812,140
Total 2,653,611,929 

 Particulars of Sale of Products :

Sr. Particulars Year Ended Year Ended

No. 31st March, 2017 VW0DUFK
Manufactured Products
(a) Agricultural Mirconutrient and Speciality Fertilizers 1,905,284,554 
(b) 3ODQW1XWULHQWV 342,284,454 
(c) Insecticides and Pesticides 248,631,309 223,529,887
(d) Animal Feed and Feed Concentrates 8,742,917 
(e) Others 5,758,610 7,840,412
2,510,701,844 1,953,528,425
/HVV([FLVH'XW\ - 
2,510,701,844 1,953,528,425
Traded Products
(a) Agricultural Mirconutrient and Speciality Fertilizers 603,495,308 372,233,128
(b) 3ODQW1XWULHQWV 14,854,851 
(c) Agri Equipments - 
(d) Others - 277,429,450
618,350,159 
/HVV'LVFRXQWV5HEDWHV 475,440,074 217,812,140
2,653,611,929 

29 OTHER INCOME Year Ended Year Ended

31st March, 2017 VW0DUFK
Interest Income on :
%DQN)L[HG'HSRVLWV 3,782,085 4,097,735
Others 11,075,722 

Other Non-Operating Income

0LVF2WKHU,QFRPH 10,290,544 
3UR¿WRQ6DOHRI)L[HG$VVHWV 5,070,077 
5H3URFHVVLQJ&KDUJHV 394,016 578,885
Total 30,612,444 

47th Annual Report - 2016-17 123

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

30 COST OF MATERIALS CONSUMED Year Ended Year Ended

31st March, 2017 VW0DUFK
1) 2SHQLQJ6WRFNRI5DZ0DWHULDOV 484,502,252 
Add : Purchases 571,044,182 
1,055,546,434 
/HVV&ORVLQJ6WRFNRI5DZ0DWHULDOV 417,980,252 
5DZ0DWHULDO&RQVXPHG 637,566,182 

2) Opening Stock of Packing Materials 92,819,419 

Add : Purchases 182,627,754 155,377,208
275,447,173 
/HVV&ORVLQJ6WRFNRI3DFNLQJ0DWHULDOV 87,931,264 92,751,413
Packing Materials Consumed 187,515,909 159,107,593

Consumption of Materials (1+2) 825,082,091 

31 PURCHASES OF STOCK-IN-TRADE Year Ended Year Ended

31st March, 2017 VW0DUFK
3XUFKDVHVRI6WRFN,Q7UDGH 430,251,224 435,399,707
430,251,224 435,399,707

32 ,1&5($6('(&5($6(,1,19(1725,(62)),1,6+('*22'6$1'672&. Year Ended Year Ended

IN-TRADE 31st March, 2017 VW0DUFK
Inventories at the beginning of the year
Finished Goods 780,254,470 572,032,051
6WRFNLQ7UDGH 61,695,916 
841,950,386 
Inventories at the end of the year
Finished Goods 856,140,898 
6WRFNLQ7UDGH 55,912,119 
912,053,017 
,QFUHDVH'HFUHDVHLQ,QYHQWRULHV (70,102,631) 

33 EXCISE DUTY ON SALE OF GOODS Year Ended Year Ended

31st March, 2017 VW0DUFK
([FLVH'XW\RQ6DOHRI*RRGV 128,555,679 
Total 128,555,679 

34 EMPLOYEE BENEFIT EXPENSES Year Ended Year Ended

31st March, 2017 VW0DUFK
Salaries, Wages and Allowances 207,827,213 
'LUHFWRUV5HPXQHUDWLRQ 35,168,705 31,010,454
Contribution to Provident & Other Funds 30,184,916 
6WDII:HOIDUH([SHQVHV 9,813,768 8,307,520
Total 282,994,602 

124 47th Annual Report - 2016-17

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

 $VSHU,QG$6³(PSOR\HH%HQH¿WV´WKHGLVFORVXUHRIHPSOR\HHEHQH¿WVDVGH¿QHGLQWKH,QGLDQ$FFRXQWLQJ6WDQGDUG,QG

AS) are given below :

Particulars Year Ended Year Ended

31st March, 2017 VW0DUFK
([SHQVHUHFRJQLVHGIRU'H¿QHG&RQWULEXWLRQ3ODQ
Company's contribution to Provident Fund 17,645,354 
17,645,354 
$OO 3HUPDQHQW (PSOR\HHV KDYLQJ VHUYHG IURP WKH VW GD\ RI WKHLU HPSOR\PHQW DUH HQWLWOHG WR WKH EHQH¿WV RI WKH FRQWULEXWLRQ WR
3URYLGHQW)XQG
 7KH&RPSDQ\FRQWULEXWHVVSHFL¿HGSHUFHQWDJHRIWKHVDODU\SDLGWR(PSOR\HHVWRWKH'H¿QHG)XQG
'H¿QHG%HQH¿W3ODQ
$OO(PSOR\HHVZKRKDYHFRPSOHWHG¿YH\HDUVRUPRUHRIVHUYLFHDUHHQWLWOHGWREHQH¿WVRI*UDWXLW\7KH&RPSDQ\KDVWKH(PSOR\HH¶V
*URXS *UDWXLW\ VFKHPH PDQDJHG E\ /LIH ,QVXUDQFH &RUSRUDWLRQ RI ,QGLD ZKLFK LV D 'H¿QHG %HQH¿W 3ODQ 7KH (PSOR\HHV /HDYH
(QFDVKPHQWVFKHPHZKLFKLVD'H¿QHG%HQH¿W3ODQLVXQIXQGHG
 %HORZ WDEOH VHWV IRUWK WKH FKDQJHV LQ WKH SURMHFWHG EHQH¿W REOLJDWLRQ DQG SODQ DVVHWV DQG DPRXQWV UHFRJQLVHG LQ WKH 6WDQGDORQH
%DODQFH6KHHWDVDWVW0DUFKDQGVW0DUFKEHLQJWKHUHVSHFWLYHPHDVXUHPHQWGDWHV
, 5HFRQFLOLDWLRQRIRSHQLQJDQGFORVLQJEDODQFHVRIWKH3UHVHQW9DOXHRIWKH'H¿QHG%HQH¿W2EOLJDWLRQ

Particulars Gratuity Leave Encashment OneTime Incentive

As at As at As at As at As at As at
31st March, 31st March, 31st March, 31st March, 31st March, 31st March,
2017  2017  2017 
3UHVHQW9DOXHRI'H¿QHG 55,923,691 53,738,148 8,910,852  1,893,475 2,029,273
%HQH¿WREOLJDWLRQDWWKH
beginning of the year
Current Service Cost 4,752,293 4,411,179 1,669,743 1,551,085 100,099 103,831
Interest Cost 3,716,352 3,745,284 517,326  124,594 140,985
$FWXDULDOJDLQORVV 3,193,281  1,981,680 1,183,243 (53,128) 
%HQH¿WVSDLG (3,871,179) (8,140,743) (1,800,660)  - 
3UHVHQW9DOXHRI'H¿QHG 63,714,438  11,278,941 8,910,852 2,065,040 1,893,475
%HQH¿WREOLJDWLRQDWWKH
end of the year
II Reconciliation of opening and closing balances of the Fair Value of the Plan Assets

Particulars Gratuity
As at As at
31st March, 2017 VW0DUFK
Fair Value of Plan Assets at the beginning of the year 48,292,494 43,080,578
Interest Income 3,361,835 3,130,484
5HWXUQRQSODQDVVHWVH[FOXGLQJDPRXQWVLQFOXGHGLQ,QWHUHVW,QFRPH 499,489 89,185
Contributions 5,988,603 10,132,990
%HQH¿WVSDLG (3,871,179) (8,140,743)
$FWXDULDOJDLQORVV - 
Fair value of Plan Assets at the end of the year 54,271,242 48,292,494

47th Annual Report - 2016-17 125

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
,,, ([SHQVHVUHFRJQLVHGLQ3UR¿WDQG/RVV

Particulars Gratuity Leave Encashment OneTime Incentive

As at As at As at As at As at As at
31st March, 31st March, 31st March, 31st March, 31st March, 31st March,
2017  2017  2017 

Current Service Ccost 4,752,293 4,411,179  1,551,085 100,099 103,831

Interest Cost 354,517 614,800   124,594 140,985
1HW&RVWUHFRJQLVHGLQ6WDWHPHQWRI 5,106,810 5,025,979  1,979,547  
3UR¿WDQG/RVV
IV Expenses recognised in Other Comprehensive Income

Particulars Gratuity Leave Encashment OneTime Incentive

As at As at As at As at As at As at
31st March, 31st March, 31st March, 31st March, 31st March, 31st March,
2017  2017  2017 
&RPSRQHQWVRIDFWXDULDOJDLQORVVHV
on obligations :
'XHWRFKDQJHLQ¿QDQFLDODVVXPSWLRQV 2,358,382 475,171 379,754 80,175  14,723
Due to change in demographic - - 1,198,140   
assumptions
'XHWRH[SHULHQFHDGMXVWPHQWV 834,899 1,694,652    (395,337)
5HWXUQRQ3ODQ$VVHWVH[FOXGLQJ (499,489) (89,185)    
amounts included in Interest Income
1HW&RVWUHFRJQLVHGLQ2WKHU 2,693,792 2,080,638  1,183,243 (53,128) 
Comprehensive Income
9 $VVXPSWLRQVXVHGWRGHWHUPLQHWKH'H¿QHG%HQH¿W2EOLJDWLRQV

Particulars Gratuity Leave Encashment One Time Incentive

As at As at As at As at As at As at
31st March, 31st March, 31st March, 31st March, 31st March, 31st March,
2017  2017  2017 
Mortality rate IALM 2006- ,$/0 IALM 2006- ,$/0 IALM 2006- ,$/0
08 08 08 08 08 08
Ultimate Ultimate Ultimate Ultimate Ultimate Ultimate
Discount rate (per annum) 7.00%  7.00%  7.00% 
([SHFWHGUDWHRI5HWXUQRQ3ODQ$VVHWV 7.00% 
(per annum)
([SHFWHGUDWHRILQFUHDVHLQ6DODU\SHU 5.00%  5.00%  NA 1$
annum)
([SHFWHG$YHUDJHUHPDLQLQJZRUNLQJ 23.70  -  - 
lives of Employees (Years)
7KHHVWLPDWHVRIUDWHRIHVFDODWLRQLQVDODU\FRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHLQWRDFFRXQWLQÀDWLRQVHQLRULW\SURPRWLRQDQGRWKHU
UHOHYDQWIDFWRUVLQFOXGLQJVXSSO\DQGGHPDQGLQWKHHPSOR\PHQWPDUNHW6DPHDVVXPSWLRQVZHUHFRQVLGHUHGIRUFRPSDUDWLYHSHULRG
LHDVFRQVLGHUHGLQSUHYLRXV*$$3RQWUDQVLWLRQWR,QG$6
 7KHH[SHFWHGUDWHRIUHWXUQRQSODQDVVHWVLVGHWHUPLQHGFRQVLGHULQJVHYHUDODSSOLFDEOHIDFWRUVPDLQO\WKHFRPSRVLWLRQRI3ODQDVVHWV
KHOGDVVHVVHGULVNVKLVWRULFDOUHVXOWVRIUHWXUQRQSODQDVVHWVDQGWKH&RPSDQ\¶VSROLF\IRUSODQDVVHWVPDQDJHPHQW

 47th Annual Report - 2016-17

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
VI Sensitivity Analysis :

Particulars Change in Effect on Gratuity

Assumption obligation
For the year ended 31st March, 2016
'LVFRXQW5DWH  
 
6DODU\*URZWK5DWH  
 
For the year ended 31st March, 2017
'LVFRXQW5DWH +0.5% 61,882,121
-0.5% 65,676,944
6DODU\*URZWK5DWH +0.5% 65,677,421
-0.5% 61,927,011
6HQVLWLYLW\DQDO\VLVLVSHUIRUPHGE\YDU\LQJDVLQJOHSDUDPHWHUZKLOHNHHSLQJDOORWKHUSDUDPHWHUVXQFKDQJHG6HQVLWLYLW\DQDO\VLVIDLOV
WRIRFXVRQWKHLQWHUUHODWLRQVKLSEHWZHHQXQGHUO\LQJSDUDPHWHUV+HQFHWKHUHVXOWVPD\YDU\LIWZRRUPRUHYDULDEOHVDUHFKDQJHG
VLPXOWDQHRXVO\:KHQFDOFXODWLQJWKHVHQVLWLYLW\RIWKHGH¿QHGEHQH¿WREOLJDWLRQWRVLJQL¿FDQWDFWXDULDODVVXPSWLRQVWKH3URMHFWHG8QLW
&UHGLWPHWKRGKDVEHHQDSSOLHGDVZKHQFDOFXODWLQJWKHGH¿QHGEHQH¿WREOLJDWLRQUHFRJQLVHGZLWKLQWKH%DODQFH6KHHW7KHPHWKRG
XVHGGRHVQRWLQGLFDWHDQ\WKLQJDERXWWKHOLNHOLKRRGRIFKDQJHLQDQ\SDUDPHWHUDQGWKHH[WHQWRIWKHFKDQJHLIDQ\
VII History of Experience adjustments is as follows :

Particulars Gratuity
For the year ended 31st March, 2016
3ODQ/LDELOLWLHVORVVJDLQ 
3ODQ$VVHWVORVVJDLQ 
For the year ended 31st March, 2017 (834,899)
3ODQ/LDELOLWLHVORVVJDLQ 
3ODQ$VVHWVORVVJDLQ
9,,, (VWLPDWHRI([SHFWHG%HQH¿WSD\PHQWV

Particulars Gratuity
1st April, 2017 to 31st March, 2018 
1st April, 2018 to 31st March, 2019 8,242,737
1st April, 2019 to 31st March, 2020 5,137,289
1st April, 2020 to 31st March, 2021 
1st April, 2021 to 31st March, 2022 
1st April, 2022 to 31st March, 2023 and Onwards 
,; 6WDWHPHQWRI(PSOR\HH%HQH¿W3URYLVLRQ

Particulars Gratuity Leave Encashment OneTime Incentive

As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st
March, 2017 0DUFK March, 2017 0DUFK March, 2017 0DUFK
Fair Value of Plan Assets 54,271,242 48,292,494 -  - 
Present Value of Obligation 63,714,438  11,278,941 8,910,852 2,065,040 1,893,475
Amount recognised in Balance Sheet (9,443,196)  (11,278,941) (8,910,852) (2,065,040) (1,893,475)

47th Annual Report - 2016-17 127

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
X Current and Non-Current provision for Gratuity, Leave Salary and One Time Incentive

Particulars Gratuity Leave Encashment OneTime Incentive

As at 31st As at 31st As at 31st As at 31st As at 31st As at 31st
March, 2017 0DUFK March, 2017 0DUFK March, 2017 0DUFK
Current 3,539,172 4,752,293 8,265,617  1,493,094 529,597
1RQ&XUUHQW 12,270,056 2,878,904 6,457,024  571,946 
Total 15,809,228  14,722,641 8,910,852 2,065,040 1,893,475

35 FINANCE COSTS Year Ended Year Ended

31st March, 2017 VW0DUFK
Interest Expense
2Q7HUP/RDQV 18,764,967 
On Bank Borrowings 128,770,650 
On Security Deposits 5,325,480 4,749,280
Other Interest 55,437,486 
Bank and Finance Charges 25,407,014 30,373,954
Total 233,705,597 

6 DEPRECIATION & AMORTISATION Year Ended Year Ended

31st March, 2017 VW0DUFK
Depreciation 66,712,524 
Amortisation 180,102 103,711
Total 66,892,626 

128 47th Annual Report - 2016-17

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

36 OTHER EXPENSES Year Ended Year Ended

31st March, 2017 VW0DUFK
Manufacturing Expenses
Consumption of Stores & Spare Parts 1,115,550 
Power & Fuel 26,753,631 38,937,359
5HQW5DWHV 7D[HV 17,981,261 21,272,575
5HSDLUVWR%XLOGLQJ 519,980 
5HSDLUVWR0DFKLQHU\ 8,242,460 
Freight Inward 62,645,672 54,410,458
Processing Charges 27,328,622 19,577,791
Security Charges 852,018 1,822,595
Wages & Allowances 68,385,350 
0LVFHOODQHRXV([SHQVHV 5,823,421 
219,647,965 
Selling & Distribution Expenses
$GYHUWLVHPHQWDQG3XEOLFLW\([SHQVHV 117,025,861 127,024,211
)UHLJKW 'HOLYHU\([SHQVHV 62,477,898 
0RELOH6HOOLQJ([SHQVHV 735,051 847,019
6HOOLQJ([SHQVHV 20,900,952 
7UDYHOOLQJ([SHQVHV 86,682,530 
287,822,291 
Other Administration Expenses
Audit Fees 2,521,550 3,097,471
Bank Charges 690 
&RQYH\DQFH 0RWRU&DU([SHQVHV 28,147,379 
&RUSRUDWH6RFLDO5HVSRQVLELOLW\&65([SHQVHV 3,448,774 
Electricity 1,504,227 1,787,420
*HQHUDO([SHQVHV 9,089,423 10,102,715
Insurance 4,382,071 
/HJDO 3URIHVVLRQDO)HHV 9,907,941 
/RVVRQ6DOHRI$VVHW 32,688,192 
Postage & Telephones 10,661,196 
Printing & Stationery 4,671,534 
5HQW5DWHV 7D[HV 46,915,648 44,380,901
5HSDLUV 0DLQWHQDQFH 3,568,051 1,807,702
1HW*DLQ/RVVRQ)RUHLJQ&XUUHQF\7UDQVDFWLRQDQG7UDQVODWLRQ 2,375,888 
159,882,563 140,480,480
Total 667,352,820 

 Other Disclosures

a) Autitors Remuneration
Sr. Particulars Year Ended Year Ended
No. 31st March, 2017 VW0DUFK
1 Statutory Auditors
(i) Audit Fee 2,521,550 3,097,471
(ii) 7D[$XGLW)HH 690,000 274,800
(iii) 7D[DWLRQ0DWWHUV 743,600 
(iv) &HUWL¿FDWLRQDQG&RQVXOWDQF\)HH 1,322,250 279,315
Total 5,277,400 4,130,453

47th Annual Report - 2016-17 129

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
b) Expenditure incurred on Corporate Social Responsibility
'HWDLOVRI H[SHQGLWXUH RQ &RUSRUDWH 6RFLDO 5HVSRQVLELOLW\$FWLYLWLHV DV SHU 6HFWLRQ  RI WKH &RPSDQLHV$FWUHDGZLWK
Schedule III are as below :

Sr. Particulars Year Ended Year Ended

No. 31st March, 2017 VW0DUFK

(i) Education including Farmers 2,143,035 1,492,599

(ii) Farmers Call Centre 574,192 237,784
(iii) Infrastructure 681,547 1,392,230
(iv) Health Care 50,000 
(v) Scholarships - 178,850
(v) Distribution of Books - 52,500
3,448,774 

F 'LVFORVXUHRQ6SHFL¿HG%DQN1RWHV6%1¶V
 'XULQJWKH\HDUWKH&RPSDQ\KDGVSHFL¿HGEDQNQRWHVRURWKHUGHQRPLQDWLRQQRWHVDVGH¿QHGLQWKH0&$1RWL¿FDWLRQ*65
( GDWHG VW 0DUFK  RQ WKH GHWDLOV RI 6SHFL¿HG %DQN 1RWHV 6%1¶V KHOG DQG WUDQVDFWHG IURP WKH SHULRG IURP WK
1RYHPEHUWRWK'HFHPEHU7KHGHQRPLQDWLRQZLVH6%1¶VDQGRWKHUQRWHVDVSHUWKHQRWL¿FDWLRQLVJLYHQEHORZ

Particulars SBN's Other Total

Demonination
Notes
&ORVLQJ&DVKLQ+DQGDVRQWK1RYHPEHU 39,496,700 536,378 40,033,078
$GG3HUPLWWHG5HFHLSWV - 10,517,533 10,517,533
/HVV3HUPLWWHG3D\PHQWV - 9,982,540 9,982,540
/HVV$PRXQWGHSRVLWHGLQ%DQNV 39,496,700 331 39,497,031
Closing Cash in Hand as on 30th December, 2016 - 1,071,040 1,071,040
)RUWKHSXUSRVHRIWKLVFODXVHWKHWHUP6SHFL¿HG%DQN1RWHVVKDOOKDYHWKHVDPHPHDQLQJSURYLGHGLQWKHQRWL¿FDWLRQRIWKH
*RYHUQPHQWRI,QGLDLQWKH0LQLVWU\RI)LQDQFH'HSDUWPHQWRI(FRQRPLF$IIDLUVQXPEHU62(GDWHGWK1RYHPEHU
37 EARNINGS PER SHARE (EPS)
The following is a reconciliation of the Equity Shares used in the computation of basic and diluted earnings per Equity Share :

Sr. No Particulars Year Ended Year Ended

31st March, 2017 VW0DUFK
(i) Issued Equity Shares 13,004,339 13,004,339
Weighted Average Shares outstanding - Basic and Diluted 13,004,339 13,004,339
1HW3UR¿WDYDLODEOHWR(TXLW\6KDUHKROGHUVRIWKH&RPSDQ\XVHGLQWKHEDVLFDQGGLOXWHGHDUQLQJVSHUVKDUHZDVGHWHUPLQHGDVIROORZV

Sr. No Particulars Year Ended Year Ended

31st March, 2017 VW0DUFK
(i) 3UR¿WDQG/RVVDIWHU7D[IRUDWWULEXWDEOHWR(TXLW\6KDUHKROGHUV 70,608,545 72,307,124
(ii) Basic Earning per Equity Share 5.43 
(iii) Face Value per Equity Share 10 10
38.1 OPERATING LEASE COMMITMENTS ( Company is a Lessee )
7KH&RPSDQ\¶VVLJQL¿FDQWOHDVLQJDUUDQJHPHQWVDUHLQUHVSHFWRI2SHUDWLQJ/HDVHVIRU9HKLFOHV7KHVHOHDVLQJDUUDQJHPHQWVZKLFK
DUH QRW QRQFDQFHOODEOH UDQJH XSWR  PRQWKV JHQHUDOO\ DQG DUH UHQHZDEOH E\ PXWXDO FRQVHQW RQ PXWXDOO\ DJUHHDEOH WHUPV7KH
DJJUHJDWH/HDVH5HQWDOVSD\DEOHDUHFKDUJHGDV³5(17´LQ2WKHU$GPLQLVWUDWLYH([SHQVHVXQGHU1RWH

130 47th Annual Report - 2016-17

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

 :LWKUHJDUGWR2SHUDWLQJ/HDVHVIRU9HKLFOHVWKHIXWXUHPLQLPXPOHDVHUHQWDOVDUHDVIROORZV

Sr. Particulars Total Minimum Total Minimum

No. Lease Payments /HDVH3D\PHQWV
outstanding as at outstanding as at
31st March, 2017 VW0DUFK
(a) Within One year 26,903,531 12,555,858
(b) /DWHUWKDQ2QH\HDUDQGQRWODWHUWKDQ)LYH\HDUV 37,044,865 
(c) /DWHUWKDQ)LYH\HDUV - 
63,948,396 
The above lease rentals are inclusive of VAT, Insurance and Other Charges
38.2 /HDVHSD\PHQWVUHFRJQLVHGLQWKH6WDWHPHQWRI3UR¿WDQG/RVV

Sr. No. Particulars Year Ended Year Ended

31st March, 2017 VW0DUFK

(a) 0LQLPXP/HDVH3D\PHQWV,QFOXVLYHRI9$7,QVXUDQFHDQG2WKHU&KDUJHV 30,199,284 25,809,342

38.3 *HQHUDOGHVFULSWLRQRI/HDVHWHUPV
 D /HDVH5HQWDOVDUHFKDUJHGRQWKHEDVLVRIDJUHHGWHUPV
 E $VVHWVDUHWDNHQRQ/HDVHIRUDSHULRGXSWRPRQWKV
39 Transition to Ind AS
Basis of preparation
)RUDOOSHULRGXSWRDQGLQFOXGLQJWKH\HDUHQGHGVW0DUFKWKH&RPSDQ\KDVSUHSDUHGLWV¿QDQFLDOVWDWHPHQWVLQDFFRUGDQFH
ZLWK JHQHUDOO\ DFFHSWHG DFFRXQWLQJ SULQFLSOHV LQ ,QGLD ,QGLDQ *$$3 7KHVH ¿QDQFLDO VWDWHPHQWV IRU WKH \HDU HQGHG VW 0DUFK
DUHWKH&RPSDQ\¶V¿UVWDQQXDO,QG$6¿QDQFLDOVWDWHPHQWVDQGKDYHEHHQSUHSDUHGLQDFFRUGDQFHZLWK,QG$6$FFRUGLQJO\WKH
&RPSDQ\KDVSUHSDUHG¿QDQFLDOVWDWHPHQWVZKLFKFRPSO\ZLWK,QG$6DSSOLFDEOHIRUSHULRGVEHJLQQLQJRQRUDIWHUVW$SULODV
GHVFULEHGLQWKH$FFRXQWLQJ3ROLFLHV,QSUHSDULQJWKHVH¿QDQFLDOVWDWHPHQWVWKH&RPSDQ\¶VRSHQLQJ%DODQFH6KHHWZDVSUHSDUHG
DVDWVW$SULOWKH&RPSDQ\¶VGDWHRIWUDQVLWLRQWR,QG$67KLVQRWHH[SODLQVWKHSULQFLSDODGMXVWPHQWVPDGHE\WKH&RPSDQ\
LQUHVWDWLQJLWV,QGLDQ*$$3%DODQFH6KHHWDVDWVW$SULODQGLWVSUHYLRXVO\SXEOLVKHG,QGLDQ*$$3¿QDQFLDOVWDWHPHQWVIRUWKH
TXDUWHUHQGHGVW0DUFKDQG\HDUHQGHGVW0DUFK
Impact of Transition to Ind AS
The following is a summary of the effects of the differences between Ind AS and Indian GAAP on the Company’s total equity shareholders’
IXQGVDQGSUR¿WDQGORVVIRUWKH¿QDQFLDOSHULRGIRUWKHSHULRGVSUHYLRXVO\UHSRUWHGXQGHU,QGLDQ*$$3IROORZLQJWKHGDWHRIWUDQVLWLRQ
WR,QG$6

47th Annual Report - 2016-17 131

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
Reconciliation of Balance Sheet as at 1st April, 2015

Particulars Local GAAP Ind AS As per Ind AS

As at Adjustment As at
31st March, 2015 1st April, 2015
I. ASSETS
(1) Non-Current Assets
(a) Property, Plant and Equipment 857,293,991  857,293,991
(b) Intangible Assets   
(c) Good Will  
(d) Capital Work in Progress 92,919,950  92,919,950
(e) Financial Assets
(i) 1RQ&XUUHQW,QYHVWPHQWV 20,414,940  20,414,940
988,249,352 - 988,249,352
(2) Current Assets
(a) Inventories 1,447,224,155  1,447,224,155
(b) Financial Assets
(i) 7UDGH5HFHLYDEOHV  154,321,123 
(ii) Cash & Cash Equivalents   
(iii) Other Bank Balances   
(iv) &XUUHQW/RDQV   
(v) Other Financial Assets 1,713,025  1,713,025
(c) Other Current Assets 538,289,989  538,289,989
3,447,599,081 154,321,123 3,293,277,958

TOTAL 4,435,848,433 154,321,123 4,281,527,310

II. EQUITY AND LIABILITIES
(1) Equity
(a) Equity Share Capital 130,043,390  130,043,390
(b) Other Equity  124,245,118 1,530,412,859
1,784,701,367 124,245,118 1,660,456,249
(2) Non-Controlling Interest
1RQ&RQWUROOLQJ,QWHUHVW(TXLW\   
1RQ&RQWUROOLQJ,QWHUHVW1RQ(TXLW\ 137,152,410  137,152,410
359,737,070  359,737,070
(3) Non-Current Liabilities
(a) )LQDQFLDO/LDELOLWLHV
1RQ&XUUHQW%RUURZLQJV   
(b) 1RQ&XUUHQW3URYLVLRQV 13,970,329 (4,551,815) 18,522,144
(c) 'HIHUUHG7D[/LDELOLWLHV1HW   
184,173,151 (3,904,113) 188,077,264
(4) Current Liabilities
(a) )LQDQFLDO/LDELOLWLHV
(i) Current Borrowings   
(ii) Trade Payables   
(iii) 2WKHU&XUUHQW)LQDQFLDO/LDELOLWLHV   
(b) 2WKHU&XUUHQW/LDELOLWLHV   
(c) Current Provisions  33,980,118 
(d) &XUUHQW7D[/LDELOLW\1HW 51,492,993  51,492,993
2,107,236,844 33,980,118 2,073,256,726
TOTAL 4,435,848,433 154,321,123 4,281,527,310

132 47th Annual Report - 2016-17

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
Reconciliation of Other Equity as at 1st April, 2015
Particulars Reserves & Surplus Total
Securities Legal Foreign General Reatined
Premium Reserve Currency Reserve Earnings
Reserve Translation
Reserve
Balance as at 1 April, 2015 (Previous 490,037,050 12,392,022   975,049,279
GAAP) 
Add: Proposed Dividend      
Add: 'LYLGHQG'LVWULEXWLRQ7D[     5,325,191 5,325,191
Add: 'HIHUUHG7D[,PSDFW      
/HVV Difference in Gratuity provided      

/HVV 'LIIHUHQFHLQ/HDYH6DODU\      
provided
/HVV One Time Incentive provided     (2,029,273) (2,029,273)
/HVV Impairment of Trade     (154,321,123) (154,321,123)
5HFHLYDEOHV
Total Ind AS Adjustments - - - - (124,245,118) (124,245,118)
Balance as at 1st April, 2015 (Ind AS) 490,037,050 12,392,022 79,223,316 97,956,310 850,804,161 1,530,412,859
Principal differences between Ind AS and Indian GAAP
Measurement and Recognition difference for year ended 31st March, 2016
1. Trade Receivables
$Q HQWLW\ LV UHTXLUHG WR UHFRJQLVH D FUHGLW ORVV DOORZDQFH RI  PRQWK H[SHFWHG ORVVHV RQ WKH LQLWLDO UHFRJQLWLRQ RI ¿QDQFLDO DVVHW
H[SHFWZKHQWKHVLPSOL¿HGDSSURDFKLVDSSOLHG6XEVHTXHQWO\PRQWKVH[SHFWHGORVVHVDUHUHSODFHGE\OLIHWLPHH[SHFWHGORVVHV
LIWKHFUHGLWULVNLQFUHDVHVVLJQL¿FDQWO\VLQFHLQLWLDOUHFRJQLWLRQ$FFRUGLQJO\WKH&RPSDQ\KDVUHFRJQLVHGCDV/LIHWLPH
([SHFWHG&UHGLW/RVVDQGUHGXFHGWKH7UDGH5HFHLYDEOHVWRWKHWXQHRI&UHGLW/RVVZLWKDFRUUHVSRQGLQJGHELWWR2WKHU(TXLW\
2. Proposed Dividend
Under Indian GAAP, proposed dividends are recognised as liability in the period to which they relate irrespective of the approval
E\ VKDUHKROGHUV8QGHU ,QG$6 D SURSRVHG GLYLGHQG LV UHFRJQLVHG DV OLDELOLW\ LQ WKH SHULRG LQ ZKLFK LW LV GHFODUHG RQ DSSURYDO RI
VKDUHKROGHUVLQDJHQHUDOPHHWLQJRUSDLG7KHUHWKHSURSRVHGGLYLGHQGDQGWKHGLYLGHQGGLVWULEXWLRQWD[RICRQVW
0DUFKKDVEHHQGHUHFRJQLVHGDQGUHFRJQLVHGGXULQJRQSD\PHQW6LPLODU\SURSRVHGGLYLGHQGDQGGLYLGHQGGLVWULEXWLRQ
WD[RICRQVW0DUFKKDVEHHQGHUHFRJQLVHGDQGUHFRJQLVHGGXULQJ
 'H¿QHG%HQHGLW3ODQ
$GMXVWPHQWVUHÀHFWXQDPRUWLVHGQHJDWLYHSDVWVHUYLFHFRVWDULVLQJRQFKDQJHLQDFWXDULDOYDOXDWLRQRI*UDWXLW\DQG/HDYH6DODU\DQG
LQFOXVLRQRIDFWXDULDOYDOXDWLRQRI2QH7LPH,QFHQWLYH7KHLPSDFWRIFKDQJHLQWKHDFWXDULDODVVXPSWLRQDQGH[SHULHQFHDGMXVWPHQWVIRU
GH¿QHGEHQH¿WREOLJDWLRQWRZDUGVJUDWXLW\/HDYH6DODU\2QH7LPH,QFHQWLYHLVDFFRXQWHGLQWKH6WDWHPHQWRI2WKHU&RPSUHKHQVLYH
,QFRPH'XHWRWKLVCDQGCIRUWKH\HDUHQGHGVW0DUFKDQGVW0DUFKUHVSHFWLYHO\LVVKRZQLQ
2WKHU&RPSUHKHQVLYH,QFRPHDQGUHYHUVDOLQ6WDWHPHQWRISUR¿WDQG/RVV
4 Deferred Tax
7KH*URXSKDVDFFRXQWHGIRUGHIHUUHGWD[RQWKHYDULRXVDGMXVWPHQWVEHWZHHQ,QGQDQ*$$3DQG,QG$6DWWKHWD[UDWHDWZKLFKWKH\
DUHH[SHFWHGWREHUHYHUVHGDQGLPSDFWRIEDODQFHVKHHWDSSURDFKDSSOLHGXQGHU,QG$6DJDLQVWSUR¿WDQGORVVDSSURDFKXQGHU,QGLDQ
*$$3
5. Other Equity
Adjustment to retained earnings and other comprehensive income has been made in accordance with Ind AS for the above mentioned
OLQHLWHPV$FWXDULDOJDLQVDQGORVVHVDUHUHFRJQLVHGLQ2WKHU&RPSUHKHQVLYH,QFRPHDVSHU,QG$6ZKLFKZHUHUHFRJQLVHGLQ
6WDWHPHQWRI3UR¿WDQG/RVVXQGHU,QGLDQ*$$3
6. Statement of Cash Flows
7KHLPSDFWRIWUDQVLWLRQIURP,QGLDQ*$$3WR,QG$6RQWKH6WDWHPHQWRI&DVK)ORZVLVGXHWRYDULRXVUHFODVVL¿FDWLRQDGMXVWPHQWV
UHFRUGHGXQGHU,QG$6LQ%DODQFH6KHHW6WDWHPHQWRI3UR¿WDQG/RVVDQGGLIIHUHQFHLQWKHGH¿QDWLRQRI&DVKDQG&DVK(TXLYDOHQWV
DQGWKHVHWZR*$$3¶V

47th Annual Report - 2016-17 133

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
Reconciliation of Balance Sheet as at 1st April, 2016
Particulars Local GAAP Ind AS As per Ind AS
As at Adjustment As at
31st March, 2015 1st April, 2015
I. ASSETS
(1) Non-Current Assets
(a) Property, Plant and Equipment 852,841,132  852,841,132
(b) Intangible Assets 1,312,120  1,312,120
(c) Good Will  
(d) Capital Work in Progress   
(e) Financial Assets
(i) 1RQ&XUUHQW,QYHVWPHQWV   
1,057,633,327 - 1,057,633,327
(2) Current Assets
(a) Inventories 1,423,811,297  1,423,811,297
(b) Financial Assets
(i) 7UDGH5HFHLYDEOHV 1,337,597,598 154,321,123 
(ii) Cash & Cash Equivalents   
(iii) Other Bank Balances   
(iv) &XUUHQW/RDQV   
(v) Other Financial Assets   
(c) Other Current Assets   
3,572,226,886 154,321,123 3,417,905,763

TOTAL 4,629,860,213 154,321,123 4,475,539,090

II. EQUITY AND LIABILITIES
(1) Equity
(a) Equity Share Capital 130,043,390  130,043,390
(b) Other Equity 1,720,800,410  
1,850,843,800 134,932,386 1,715,911,413
(2) Non-Controlling Interest
1RQ&RQWUROOLQJ,QWHUHVW(TXLW\ 273,823,270  273,823,270
1RQ&RQWUROOLQJ,QWHUHVW1RQ(TXLW\   
  
(3) Non-Current Liabilities
(a) )LQDQFLDO/LDELOLWLHV
1RQ&XUUHQW%RUURZLQJV   
(b) 1RQ&XUUHQW3URYLVLRQV 17,822,551 (150,323) 17,972,874
(c) 'HIHUUHG7D[/LDELOLWLHV1HW  547,443 38,315,141
174,599,072 397,120 174,201,952
(4) Current Liabilities
(a) )LQDQFLDO/LDELOLWLHV
(i) Current Borrowings   
(ii) Trade Payables 289,378,438  289,378,438
(iii) 2WKHU&XUUHQW)LQDQFLDO/LDELOLWLHV   
(b) 2WKHU&XUUHQW/LDELOLWLHV   
(c) Current Provisions 31,392,288  
(d) &XUUHQW7D[/LDELOLW\1HW 25,217,277  25,217,277
2,175,498,996 18,991,617 2,156,507,379
TOTAL 4,629,860,213 154,321,123 4,475,539,090

134 47th Annual Report - 2016-17

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
Reconciliation of Other Equity as at 1st April, 2016
Particulars Reserves & Surplus Items of Total
Other Com-
prehensive
Income
Securities Legal Foreign General Reatined
Premium Reserve Currency Reserve Earnings
Reserve Translation
Reserve
Balance as at 1 April, 2015 490,037,050 15,952,844     1,720,800,410
(Previous GAAP)
Add: Difference in Other     (124,245,118)  (124,245,118)
Equity on Transition as
at 1st April, 2015
Add: 'H5HFRJQLWLRQRI       
Proposed Dividend
Add: 'H5HFRJQLWLRQRI       
'LYLGHQG'LVWULEXWLRQ7D[
/HVV 'LIIHUHQFHLQ3UR¿WDQG     52,292  52,292
/RVV)<
/HVV Dividend paid F Y       

/HVV Dividend Distribution     (5,325,191)  (5,325,191)
7D[SDLG)<
/HVV 5HPHDVXUHPHQWVRIWKH       
QHWGH¿QHGEHQH¿WSODQV
Total Ind AS Adjustments - - - - (132,049,119) (2,883,267) (134,932,386)
Balance as at 1st April, 2016 490,037,050 15,952,844 81,238,496 102,956,310 898,566,591 (2,883,267) 1,585,868,023
(Ind AS)
5HFRQFLOLDWLRQRI6WDWHPHQWRI3UR¿WDQG/RVVIRUWKH\HDUHQGHGVW0DUFK
Particulars As per Local GAAP Ind AS As per Ind AS
Year Ended Adjustment Year Ended
31st March, 2016 31st March, 2016
I. 5HYHQXHIURP2SHUDWLRQV 2,897,585,178 2,897,585,178
$GG([FLVH'XW\2Q6DOHV 52,365,507 52,365,507 -
/HVV'LVFRXQWV5HEDWHV - (217,812,140) 217,812,140
2,845,219,671 165,446,632 2,679,773,039
II. Other Income 14,170,628 14,170,628
III. 7RWDO5HYHQXH,,, 2,859,390,299 165,446,632 2,693,943,667

IV. ([SHQVHV
(a) Cost of Materials Consumed 828,639,258 828,639,258
(b) 3XUFKDVHVRI6WRFNLQ7UDGH 435,399,707 435,399,707
(c) ,QFUHDVH'HFUHDVHLQ,QYHQWRULHVRI)LQLVKHG*RRGV (3,826,972) (3,826,972)
DQG6WRFNLQ7UDGH
(d) ([FLVH'XW\RQ6DOHRI*RRGV - (52,365,507) 52,365,507
(e) (PSOR\HH%HQH¿WV([SHQVH 259,366,010 1,425,984 257,940,026
(f) Finance Costs 245,483,917 (1,273,432) 246,757,349
(g) Depreciation and Amortization 105,803,681 105,803,681
(h) 2WKHU([SHQVHV 866,927,433 217,812,140 649,115,293
7RWDO([SHQVHV 2,737,793,034 165,599,184 2,572,193,850

47th Annual Report - 2016-17 135

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

Particulars As per Local GAAP Ind AS As per Ind AS

Year Ended Adjustment Year Ended
31st March, 2016 31st March, 2016
V. 3UR¿W%HIRUH7D[3%7,,,,9 121,597,265 (152,552) 121,749,817
VI. Tax Expense
(a) &XUUHQW7D[ 36,500,000 - 36,500,000
(b) $GMXVWPHQWRI7D[UHODWLQJWRHDUOLHUSHULRGV - (2,160,597) 2,160,597
(c) 'HIHUUHG7D[ 1,310,416 (100,260) 1,410,676
Income Tax Expense 37,810,416 (2,260,857) 40,071,273
VII. 3UR¿WDIWHU7D[3$799, 83,786,849 2,108,305 81,678,544
/HVV6KRUW3URYLVLRQIRU7D[LQ(DUOLHU<HDUV 2,160,597 2,160,597 -
VIII. 3UR¿W/RVVIRUWKHSHULRG 81,626,252 (52,292) 81,678,544
IX. 3UR¿W/RVVIRUWKH\HDUDWWULEXWDEOHWR
Owners of the Parent 72,254,832 (52,292) 72,307,124
1RQ&RQWUROOLQJ,QWHUHVW 9,371,420 - 9,371,420
81,626,252 (52,292) 81,678,544
X. Other Comprehensive Income
(A) ,WHPVWKDWZLOOQRWEHUHFODVVL¿HGWR3UR¿WRU/RVV
(i) 5HPHDVXUHPHQWVRI'H¿QHG%HQH¿W3ODQV - 2,883,267 (2,883,267)
- 2,883,267 (2,883,267)
(ii) /HVV,QFRPH7D[UHODWLQJWR,WHPVWKDWZLOOQRWEH - - -
UHFODVVL¿HGWR3UR¿WRU/RVV
- 2,883,267 (2,883,267)
XI. Total Comprehensive Income for the year (IX + X) 81,626,252 2,830,975 78,795,277
XII. Other Comprehensive Income for the year attributable to :
Owners of the Parent - - (2,883,267)
- - (2,883,267)
XIII. Total Comprehensive Income for the year attributable to :
Owners of the Parent 72,254,832 2,830,975 69,423,857
1RQ&RQWUROOLQJ,QWHUHVW 9,371,420 - 9,371,420
81,626,252 2,830,975 78,795,277

6XPPDU\RIUHFRQFLOLDWLRQRIPRYHPHQWLQ3UR¿WDQG/RVVRQWUDQVLWLRQWR,QG$6IRUWKH\HDUHQGHGVW0DUFK
1HW3UR¿WDVSHU,QGLDQ*$$3 72,254,832
$GG/HVV$GMXVWPHQWVRQDFFRXQWRIWUDQVLWLRQWR,QG$6
5HFODVVL¿FDWLRQRIDFWXDULDOJDLQVDQGORVVHVRQGH¿QHGEHQH¿WSODQVWR2WKHU&RPSUHKHQVLYH,QFRPH 
'HFUHDVHLQ3UR¿WGXHWRLQFUHDVHLQSURYLVLRQRIGH¿QHGEHQH¿WSODQV (2,730,715)
'HIHUUHG7D[RQDFFRXQWLQJHIIHFWRI,QG$6DGMXVWPHQWV 
$1HW3UR¿WDVSHU,QG$6 72,307,124
B Add :- Other Comprehensive Income
5HPHDVXUHPHQWVRIGH¿QHGEHQH¿WSODQV 
Total Comprehensive Income (A+B) 69,423,857

 47th Annual Report - 2016-17

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
40. RELATED PARTY DISCLOSURES
 5HODWHG3DUW\'LVFORVXUHVDVSHU,QG$6LVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD

Part - A
Details of Related Parties
Sr. Nature of Relationship Name of the Related Party Remarks
No.
1 .H\0DQDJHPHQW a) 'U5DKXO0LUFKDQGDQL a) Chairman & Managing Director
Personnel
b) 'U-LPP\0LUFKDQGDQL b) Director
c) 0UV1LW\D0LUFKQGDQL c) Director
d) 0U65DPDPXUWK\ G&KLHI)LQDQFLDO2I¿FHU
e) 0U4DLVHU3$QVDUL e) Company Secretary
2 Enterprises over which a) $ULHV0DUNHWLQJ/WG
WKH.H\0DQDJHPHQW
3HUVRQVKDVVLJQL¿FDQW
,QÀXHQFHRI&RQWURO
b) %ORVVRPV,QWHUQDWLRQDO/WG
c) 6UHHQL$JUR&KHPLFDOV/WG
d) $ULHV(DVW:HVW1XWULHQWV3YW
/WG
3 5HODWLYHVRI.H\ Name of the Key Management Name of the Relative Relationship
Management Personnel Personnel
a) 'U5DKXO0LUFKDQGDQL D0UV1LW\D0LUFKDQGDQL Spouse
b) Master Armaan Mirchandani Son
F'U-LPP\0LUFKDQGDQL Brother
b) 'U-LPP\0LUFKDQGDQL D0UV9LYLDQ3URNRS0LUFKDQGDQL Spouse
E0U$NVKD\0LUFKDQGDQL Son
F0U$PRO0LUFKDQGDQL Son
G'U5DKXO0LUFKDQGDQL Brother
c) 0UV1LW\D0LUFKDQGDQL D'U5DKXO0LUFKDQGDQL Spouse
b) Master Armaan Mirchandani Son

Part - B
Disclosure of Transactions between the Company and Related Parties
Sr. No. Category Nature of Service Year Ended Year Ended
31st March, 2017 VW0DUFK
1 .H\0DQDJHPHQW /RDQUHSDLG 12,165,675 35,280,201
Personnel
/RDQWDNHQ 1,850,000 7,224,300
'LUHFWRUV5HPXQHUDWLRQ 20,649,920 
paid
Salary Paid 6,692,110 
Sitting Fees 120,000 130,000
2 5HODWLYHVRI.H\ Salary paid 1,155,698 
Management Personnel

47th Annual Report - 2016-17 137

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
Part - C
Balance Outstanding with Related Parties
Category Nature of Outstanding Name of the Related Party As at As at
31st March, 2017 VW0DUFK
.H\ Dues to Directors 'U-LPP\0LUFKDQGDQL 4,819,574 10,890,094
Management
Personnel
'U5DKXO0LUFKDQGDQL 16,104,549 
0U65DPDPXUWK\ 148,668 132,992
0U4DLVHU3$QVDUL 109,452 104,590
5HODWLYHVRI.H\ Salary Amol Mirchandani 67,905 
Management
Personnel
41. Gratuity
UAE Operations
 7KH/LDELOLW\IRU(PSOR\HHVLVIXOO\SURYLGHGIRULQWKHDFFRXQWV
42. Contingent Liability not provided for in the accounts:
a) /HWWHUVRIFUHGLWJXDUDQWHHVJLYHQ%LOOVGLVFRXQWLQJRs./DNKV
b) Standby letter of credit for Overseas Subsidiary Golden Harvest Middle East FZC
‡ $[LV%DQN Rs. /DNKV
  
Rs./DNKV
=============
c) Claims against company not acknowledged as debts Rs./DNKVZKLFKLQFOXGHVWD[GXHVGLVSXWHGDVRs./DNKV
WRZDUGVVDOHV7D[Rs./DNKVWRZDUGV,QFRPH7D[Rs./DNKVWRZDUGVFHQWUDOH[FLVH FXVWRPVDQGLQFOXGHVRs.
/DNKVSHUWDLQLQJWRSHQGLQJVXLWVUHJDUGLQJTXDOLW\LVVXH
d)  7KH &RPPLVVLRQHU RI &HQWUDO ([FLVH 0XPEDL DQG +\GHUDEDG KDG LVVXHG 6KRZ &DXVH&XP'HPDQG 1RWLFHV IRU OHY\ RI
([FLVH'XW\RQFOHDUDQFHVRI0LFURQXWULHQWVE\FODVVLI\LQJWKHVDPHDV3ODQW*URZWK5HJXODWRUVXQGHU&KDSWHU+HDGLQJ1R
RI&HQWUDO([FLVH$FW7KH&RPPLVVLRQHURI&HQWUDO([FLVH0XPEDLYLGHKLV2UGHUGDWHGth1RYHPEHUDQG
&RPPLVVLRQHURI&HQWUDO([FLVH+\GHUDEDGYLGHKLV2UGHUGDWHGth1RYHPEHUKDGFDQFHOOHGWKHVHGHPDQGVLQUH
VSHFWRIFOHDUDQFHXSWR-XQH7KH'HSDUWPHQWKDVSUHIHUUHGDSSHDOVDJDLQVWWKHVDLGRUGHUV7KH'HSDUWPHQWKDVDOVR
LVVXHGSHULRGLFDO6KRZ&DXVH1RWLFHVRIDERXWRs.&URUHVWRWKH&RPSDQ\LQUHVSHFWRIFOHDUDQFHVWKHUHDIWHUDQGWKH
&RPSDQ\KDVUHSOLHGWRDOOVXFKQRWLFHV,QYLHZRIWKH2UGHUVUHIHUUHGWRDERYHRQWKHSHQGLQJDSSHDOVDQGVXEPLVVLRQVQR
DFWLRQKDVEHHQWDNHQ
  &RPPLVVLRQHURI&HQWUDO([FLVH$KPHGDEDG±,,KDVSDVVHGDQRUGHUFRQ¿UPLQJGHPDQGRI5V&URUHVRQDFFRXQWRI
&HQWUDO([FLVHGXW\LQWHUHVWRQWKHVDLGDPRXQWDQGSHQDOW\RIOLNHDPRXQWLHRs.&URUHVDJDLQVWZKLFKWKH&RPSDQ\
KDVSUHIHUUHGDQDSSHDOEHIRUHWKH&HQWUDO([FLVHDQG6HUYLFH7D[$SSHOODWH7ULEXQDO$KPHGDEDG
  7KH &HQWUDO %RDUG RI ([FLVH DQG &XVWRPV YLGH WKHLU &LUFXODU 1R &; GDWHG  KDV FODUL¿HG WKDW
0LFURQXWULHQWVDUHQRWFODVVL¿DEOHDV3ODQW*URZWK5HJXODWRUVXQGHU&KDSWHU+HDGLQJ1RRIWKH&HQWUDO([FLVH$FW
  8QGHUWKHFLUFXPVWDQFHVDQGLQYLHZRIOHJDOSURQRXQFHPHQWVWKDWWKH([FLVH$XWKRULWLHVFDQQRWJREH\RQGWKH6KRZ&DXVH
1RWLFHWKH6KRZ&DXVH&XP'HPDQG1RWLFHVDUHOLDEOHWREHGURSSHGLQYLHZRIWKH&LUFXODUUHIHUUHGWRDERYH
  7KH &RPSDQ\ KDV EHHQ FODVVLI\LQJ 6XOSKXU %HQWRQLWH XQGHU &KDSWHU +HDGLQJ 1R  DV RWKHU IRUPV RI 6XOSKXU
+RZHYHUWKH&XVWRPVDXWKRULWLHVFODVVL¿HG6XOSKXU%HQWRQLWHLPSRUWHGXQGHU&KDSWHU+HDGLQJ1R³DVUHFRYHUHG
E\SURGXFWLQUH¿QLQJRIFUXGHRLO´7KH$GGLWLRQDO&RPPLVVLRQHURI&XVWRPV1KDYD6KHYDFRQ¿UPHGWKHFODVVL¿FDWLRQXQGHU
&KDSWHU+HDGLQJ1RDQGGHPDQGHGDQDPRXQWRIRs./DNKVLQDGGLWLRQSHQDOW\RIOLNHDPRXQWLHRs.
/DNKVDORQJZLWK¿QHDQGSHQDOW\RIRs./DNKVHDFKRQWKH&KDLUPDQ 0DQDJLQJ'LUHFWRUDQG3XUFKDVH0DQDJHURIWKH
&RPSDQ\
  7KH &RPSDQ\ SUHIHUUHG DQ DSSHDO EHIRUH WKH &RPPLVVLRQHU$SSHDOV ZKR YLGH RUGHU GDWHG  ZKLOH XSKROGLQJ
WKH'HSDUWPHQW¶VFRQWHQWLRQRIFODVVLI\LQJWKHSURGXFWXQGHU&KDSWHU+HDGLQJ1RVHWDVLGHWKH¿QHDQGSHQDOW\
LPSRVHGXSRQWKH&RPSDQ\WKH&KDLUPDQ 0DQDJLQJ'LUHFWRUDQGWKH3XUFKDVH0DQDJHU7KH&RPPLVVLRQHU$SSHDOVDOVR
GLUHFWHGWRJUDQWEHQH¿WYLGH6U1RXQGHU1RWL¿FDWLRQ1R&867KH&RPSDQ\KDVSUHIHUUHGDQDSSHDODJDLQVW
WKHVDLGRUGHUWRWKH&XVWRPV&HQWUDO([FLVHDQG6HUYLFH7D[7ULEXQDO0XPEDLRQFRQWHVWLQJWKHFODVVL¿FDWLRQRI
6XOSKXU%HQWRWRQLWHXQGHU&KDSWHU+HDGLQJ1R

138 47th Annual Report - 2016-17

NOTES to the Consolidated Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
43. Segmental Reporting as per Ind AS - 108
 7KH&RPSDQ\KDVRQO\2QHEXVLQHVV6HJPHQW³$JUR,QSXWV³DVLWVSULPDU\VHJPHQWDQGKHQFHGLVFORVXUHRIVHJPHQWZLVHLQIRUPDWLRQ
LVQRWUHTXLUHGXQGHU,QG$6µ2SHUDWLQJ6HJPHQWV¶QRWL¿HGSXUVXDQWWRWKH&RPSDQLHV,QGLDQ$FFRXQWLQJ6WDQGDUG5XOHVDV
DPHQGHG
44. Events Occurring after Balance Sheet
a) Sale of Shareholding in Subsidiary
 7KH&RPSDQ\6ROGLWV0DMRULW\RIVKDUHKROGLQJLQLWVVXEVLGLDU\$ULHV$JUR3URGXFH3ULYDWH/LPLWHGRQrd$SULOLHDIWHUWKH
GDWHRI%DODQFH6KHHW+HQFHWKH&RPSDQ\$ULHV$JUR3URGXFH3ULYDWH/LPLWHGKDVFHDVHGWREHD6XEVLGLDU\RIWKH&RPSDQ\
ZHIrd$SULO7KH&RQVROLGDWLWHG3UR¿W /RVVLQFOXGHV`DVORVVRIWKHVDLG6XEVLGLDU\
b) Dividend proposed to be distributed (Amount in Rupees unless stated otherwise)

Particulars Year Ended Year Ended

31st March, 2017 31st0DUFK
Dividend proposed for Equity Shareholders @ `2 per share 2,60,08,678 
Total 2,60,08,678 
45. 7KH &RPSDQ\ KDV DFTXLUHG D YHKLFOH LQ WKH QDPH RI WKH 'LUHFWRU ZKLFK LV \HW WR EH WUDQVIHUUHG LQ WKH QDPH RI WKH &RPSDQ\ 7KH
Company has all the ownership rights and Depreciation thereon has been charged at the rates prescribed in the Schedule II to the
&RPSDQLHV$FW
46. 3UHYLRXV<HDUV¿JXUHVKDYHEHHQUHJURXSHGZKHUHYHUQHFHVVDU\VRDVWRPDNHWKHPFRPSDUDEOHZLWKWKHFXUUHQW\HDU

As per our report of even date For and on behalf of the Board of Directors of Aries Agro Limited

For Kirti D. Shah & Associates Dr. Rahul Mirchandani Prof. R. S. S. Mani Mr. S. Ramamurthy
Chartered Accountants Chairman & Managing Director Director &KLHI)LQDQFLDO2I¿FHU
)LUP5HJLVWUDWLRQ1R: ',1 ',1 0HPEHUVKLS1R$&$

Kirti D. Shah Dr. Jimmy Mirchandani Mr. C. B. Chhaya Mr. Qaiser P. Ansari
Proprietor Director Director Company Secretary
0HPEHUVKLS1R ',1 ',1 0HPEHUVKLS1R$&6

Mrs. Nitya Mirchandani Mr. B.V. Dholakia

Place : Mumbai Director Director
',1 ',1
Date : 30th May, 2017

47th Annual Report - 2016-17 139

Golden Harvest Middle East (FZC)

INDEPENDENT AUDITOR’S REPORT

The Shareholders’ DFFRUGDQFH ZLWK ,6$V ZLOO DOZD\V GHWHFW D PDWHULDO PLVVWDWHPHQW
Golden Harvest Middle East FZC ZKHQLWH[LVWV0LVVWDWHPHQWVFDQDULVHIURPIUDXGRUHUURUDQGDUH
Sharjah Airport International Free Zone FRQVLGHUHG PDWHULDO LI LQGLYLGXDOO\ RU LQ WKH DJJUHJDWH WKH\ FRXOG
Sharjah – United Arab Emirates UHDVRQDEO\ EH H[SHFWHG WR LQÀXHQFH WKH HFRQRPLF GHFLVLRQV RI
Report on the Audit of the Financial Statements XVHUVWDNHQRQWKHEDVLVRIWKHVH¿QDQFLDOVWDWHPHQWV
Opinion $VSDUWRIDQDXGLWLQDFFRUGDQFHZLWK,6$VZHH[HUFLVHSURIHVVLRQDO
MXGJPHQWDQGPDLQWDLQSURIHVVLRQDOVNHSWLFLVPWKURXJKRXWWKHDXGLW
:HKDYHDXGLWHGWKH¿QDQFLDOVWDWHPHQWVRIGolden Harvest Middle :HDOVR
East FZC, Sharjah Airport International Free Zone, Sharjah (the
&RPSDQ\ZKLFKFRPSULVHWKHVWDWHPHQWRI¿QDQFLDOSRVLWLRQDVDW
0DUFKWKHVWDWHPHQWRISUR¿WRUORVVDQGRWKHUFRPSUHKHQVLYH
LQFRPHVWDWHPHQWRIFKDQJHVLQVKDUHKROGHUV¶IXQGVDQGFDVKÀRZ
VWDWHPHQW IRU WKH \HDU WKHQ HQGHG DQG D VXPPDU\ RI VLJQL¿FDQW
DFFRXQWLQJSROLFLHVDQGRWKHUH[SODQDWRU\QRWHV
,QRXURSLQLRQWKHDFFRPSDQ\LQJ¿QDQFLDOVWDWHPHQWVSUHVHQWIDLUO\
LQ DOO PDWHULDO UHVSHFWV WKH ¿QDQFLDO SRVLWLRQ RI WKH &RPSDQ\ DV
DW0DUFKDQGLWV¿QDQFLDOSHUIRUPDQFHDQGLWVFDVKÀRZV
IRUWKH\HDUWKHQHQGHG LQ DFFRUGDQFHZLWK ,QWHUQDWLRQDO )LQDQFLDO
5HSRUWLQJ6WDQGDUGV
Basis for opinion
:HFRQGXFWHGRXUDXGLWLQDFFRUGDQFHZLWK,QWHUQDWLRQDO6WDQGDUGV
‡ ,GHQWLI\ DQG DVVHVV WKH ULVNV RI PDWHULDO PLVVWDWHPHQW RI WKH
¿QDQFLDO VWDWHPHQWV ZKHWKHU GXH WR IUDXG RU HUURU GHVLJQ
DQG SHUIRUP DXGLW SURFHGXUHV UHVSRQVLYH WR WKRVH ULVNV DQG
REWDLQ DXGLW HYLGHQFH WKDW LV VXI¿FLHQW DQG DSSURSULDWH WR
SURYLGH D EDVLV IRU RXU RSLQLRQ 7KH ULVN RI QRW GHWHFWLQJ D
PDWHULDO PLVVWDWHPHQW UHVXOWLQJ IURP IUDXG LV KLJKHU WKDQ IRU
RQHUHVXOWLQJIURPHUURUDVIUDXGPD\LQYROYHFROOXVLRQIRUJHU\
LQWHQWLRQDO RPLVVLRQV PLVUHSUHVHQWDWLRQV RU WKH RYHUULGH RI
LQWHUQDOFRQWURO
‡ 2EWDLQ DQ XQGHUVWDQGLQJ RI LQWHUQDO FRQWURO UHOHYDQW WR WKH
DXGLWLQRUGHUWRGHVLJQDXGLWSURFHGXUHVWKDWDUHDSSURSULDWH
LQWKHFLUFXPVWDQFHVEXWQRWIRUWKHSXUSRVHRIH[SUHVVLQJDQ
RSLQLRQRQWKHHIIHFWLYHQHVVRIWKH&RPSDQ\¶VLQWHUQDOFRQWURO
RQ$XGLWLQJ ,6$V 2XU UHVSRQVLELOLWLHV XQGHU WKRVH VWDQGDUGV DUH
IXUWKHUGHVFULEHGLQWKH$XGLWRU¶VUHVSRQVLELOLWLHVIRUWKHDXGLWRIWKH
¿QDQFLDO VWDWHPHQWV VHFWLRQ RI RXU UHSRUW :H DUH LQGHSHQGHQW RI
WKH&RPSDQ\LQDFFRUGDQFHZLWKWKH,QWHUQDWLRQDO(WKLFV6WDQGDUGV
%RDUG)RU$FFRXQWDQWV&RGHRI(WKLFVIRU3URIHVVLRQDO$FFRXQWDQWV
‡ (YDOXDWH WKH DSSURSULDWHQHVV RI DFFRXQWLQJ SROLFLHV XVHG
DQG WKH UHDVRQDEOHQHVV RI DFFRXQWLQJ HVWLPDWHV DQG UHODWHG
GLVFORVXUHVPDGHE\PDQDJHPHQW
‡ &RQFOXGH RQ WKH DSSURSULDWHQHVV RI PDQDJHPHQW¶V XVH RI
,(6%$FRGHWRJHWKHUZLWKWKHHWKLFDOUHTXLUHPHQWVWKDWDUHUHOHYDQW
WRRXUDXGLWRIWKH¿QDQFLDOVWDWHPHQWVLQWKH8QLWHG$UDE(PLUDWHV
DQGZHKDYHIXO¿OOHGRXURWKHUHWKLFDOUHVSRQVLELOLWLHVLQDFFRUGDQFH
ZLWK WKHVH UHTXLUHPHQWV :H EHOLHYH WKDW WKH DXGLW HYLGHQFH ZH
KDYH REWDLQHG LV VXI¿FLHQW DQG DSSURSULDWH WR SURYLGH D EDVLV IRU
RXURSLQLRQ
0DQDJHPHQW¶VUHVSRQVLELOLW\IRUWKH¿QDQFLDOVWDWHPHQWV
0DQDJHPHQWLVUHVSRQVLEOHIRUWKHSUHSDUDWLRQDQGIDLUSUHVHQWDWLRQ
RIWKH¿QDQFLDOVWDWHPHQWVLQDFFRUGDQFHZLWK,QWHUQDWLRQDO)LQDQFLDO
WKH JRLQJ FRQFHUQ EDVLV RI DFFRXQWLQJ DQG EDVHG RQ WKH
DXGLWHYLGHQFHREWDLQHGZKHWKHUDPDWHULDOXQFHUWDLQW\H[LVWV
UHODWHGWRHYHQWVRUFRQGLWLRQVWKDWPD\FDVWVLJQL¿FDQWGRXEW
RQWKH&RPSDQ\¶VDELOLW\WRFRQWLQXHDVDJRLQJFRQFHUQ,IZH
FRQFOXGHWKDWDPDWHULDOXQFHUWDLQW\H[LVWVZHDUHUHTXLUHGWR
GUDZDWWHQWLRQLQRXUDXGLWRU¶VUHSRUWWRWKHUHODWHGGLVFORVXUHVLQ
WKH¿QDQFLDOVWDWHPHQWVRULIVXFKGLVFORVXUHVDUHLQDGHTXDWH
WR PRGLI\ RXU RSLQLRQ 2XU FRQFOXVLRQV DUH EDVHG RQ WKH
DXGLWHYLGHQFHREWDLQHGXSWRWKHGDWHRIRXUDXGLWRU¶VUHSRUW
+RZHYHUIXWXUHHYHQWVRUFRQGLWLRQVPD\FDXVHWKH&RPSDQ\
5HSRUWLQJ6WDQGDUGV,)567KHPDQDJHPHQWLVDOVRUHVSRQVLEOH
IRU VXFK LQWHUQDO FRQWUROV DV LW GHWHUPLQHV QHFHVVDU\ WR HQDEOH
WKH SUHSDUDWLRQ RI ¿QDQFLDO VWDWHPHQWV WKDW DUH IUHH IURP PDWHULDO
PLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURU
0DQDJHPHQW¶VUHVSRQVLELOLW\IRUWKH¿QDQFLDOVWDWHPHQWV
,Q SUHSDULQJ WKH ¿QDQFLDO VWDWHPHQWV PDQDJHPHQW LV UHVSRQVLEOH
IRUDVVHVVLQJWKH&RPSDQ\¶VDELOLW\WRFRQWLQXHDVDJRLQJFRQFHUQ
GLVFORVLQJDVDSSOLFDEOHPDWWHUVUHODWHGWRJRLQJFRQFHUQDQGXVLQJ
WKH JRLQJ FRQFHUQ EDVLV RI DFFRXQWLQJ XQOHVV PDQDJHPHQW HLWKHU
LQWHQGVWROLTXLGDWHWKH&RPSDQ\RUWRFHDVHRSHUDWLRQVRUKDVQR
UHDOLVWLFDOWHUQDWLYHEXWWRGRVR
7KH 0DQDJHPHQW LV UHVSRQVLEOH IRU RYHUVHHLQJ WKH &RPSDQ\¶V
¿QDQFLDOUHSRUWLQJSURFHVV
Auditors’ responsibility for the Audit of the Financial Statements
2XUREMHFWLYHVDUHWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKH
¿QDQFLDOVWDWHPHQWVDVDZKROHDUHIUHHIURPPDWHULDOPLVVWDWHPHQW
ZKHWKHU GXH WR IUDXG RU HUURU DQG WR LVVXH DQ DXGLWRU¶V UHSRUW
WKDW LQFOXGHV RXU RSLQLRQ 5HDVRQDEOH DVVXUDQFH LV D KLJK OHYHO
RI DVVXUDQFH EXW LV QRW D JXDUDQWHH WKDW DQ DXGLW FRQGXFWHG LQ
140 12th Annual Report 2016-17
WRFHDVHWRFRQWLQXHDVDJRLQJFRQFHUQ
‡ (YDOXDWHWKHRYHUDOOSUHVHQWDWLRQVWUXFWXUHDQGFRQWHQWRIWKH
¿QDQFLDO VWDWHPHQWV LQFOXGLQJ WKH GLVFORVXUHV DQG ZKHWKHU
WKH¿QDQFLDOVWDWHPHQWVUHSUHVHQWWKHXQGHUO\LQJWUDQVDFWLRQV
DQGHYHQWVLQDPDQQHUWKDWDFKLHYHVIDLUSUHVHQWDWLRQ
‡ 2EWDLQ VXI¿FLHQW DSSURSULDWH DXGLW HYLGHQFH UHJDUGLQJ WKH
¿QDQFLDO LQIRUPDWLRQ RI WKH HQWLWLHV RU EXVLQHVV DFWLYLWLHV
ZLWKLQ WKH &RPSDQ\ WR H[SUHVV DQ RSLQLRQ RQ WKH ¿QDQFLDO
VWDWHPHQWV :H DUH UHVSRQVLEOH IRU WKH GLUHFWLRQ VXSHUYLVLRQ
DQG SHUIRUPDQFH RI WKH &RPSDQ\ DXGLW :H UHPDLQ VROHO\
UHVSRQVLEOHIRURXUDXGLWRSLQLRQ
:H FRPPXQLFDWH ZLWK WKH PDQDJHPHQW UHJDUGLQJ DPRQJ RWKHU
PDWWHUV WKH SODQQHG VFRSH DQG WLPLQJ RI WKH DXGLW DQG VLJQL¿FDQW
DXGLW ¿QGLQJV LQFOXGLQJ DQ\ VLJQL¿FDQW GH¿FLHQFLHV LQ LQWHUQDO
FRQWUROWKDWZHLGHQWLI\GXULQJRXUDXGLW
Prasad Associates
Chartered Accountants
Date:0D\
Place:6KDUMDK
 Golden Harvest Middle East (FZC)

STATEMENT OF FINANCIAL POSITION AT 31ST MARCH 2017

Notes 2017 
AED $('
ASSETS
Non-current assets
3URSHUW\SODQWDQGHTXLSPHQW 5 - 
,QYHVWPHQWLQVXEVLGLDULHVDVVRFLDWHV 6 3,450,000 
3,450,000 
Current assets
,QYHQWRULHV - 
7UDGHUHFHLYDEOHV  9,417,126 
3UHSD\PHQWVDQGRWKHUUHFHLYDEOHV 8 30,990 
$PRXQWVGXHIURPUHODWHGSDUWLHV  26,663,718 
$GYDQFHWRZDUGVVKDUHDSSOLFDWLRQPRQH\ 10 27,849,627 
&DVKDQGEDQNEDODQFHV 11 80,454 
7RWDOFXUUHQWDVVHWV 64,041,915 
TOTAL ASSETS 67,491,915 

SHAREHOLDERS' FUNDS AND LIABILITIES

SHAREHOLDERS' FUNDS
6KDUHFDSLWDO  150,000 
6KDUHKROGHUV
FXUUHQWDFFRXQWV  19,308,140 
5HWDLQHGHDUQLQJV 16,758,721 
5HVHUYHIXQG 14 75,000 
7RWDOVKDUHKROGHUV
IXQGV 36,291,861 

Non current liabilities

3URYLVLRQIRUHPSOR\HHV
WHUPLQDOEHQH¿WV 15 230,469 
7RWDOQRQFXUUHQWOLDELOLWLHV 230,469 

Current liabilities
7UDGHSD\DEOHVDQGDFFUXDOV 16 1,267,930 
%DQNERUURZLQJV  7,868,533 
$PRXQWVGXHWRUHODWHGSDUWLHV  21,833,122 
7RWDOFXUUHQWOLDELOLWLHV 30,969,585 
7RWDOOLDELOLWLHV 31,200,054 
TOTAL SHAREHOLDERS' FUNDS AND LIABILITIES 67,491,915 

:H FRQ¿UP WKDW ZH DUH UHVSRQVLEOH IRU WKHVH ¿QDQFLDO VWDWHPHQWV LQFOXGLQJ VHOHFWLQJ WKH DFFRXQWLQJ SROLFLHV DQG PDNLQJ MXGJHPHQWV
XQGHUO\LQJWKHP

For Golden Harvest Middle East FZC

Place:6KDUMDK
Date :0D\ Director

12th Annual Report 2016-17 141

Golden Harvest Middle East (FZC)

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE

YEAR ENDED 31 MARCH 2017
Notes 2017 
AED $('
INCOME
6DOHV 18 1,014,167 
&RVWRIVDOHV  (1,757,538) 
GROSS PROFIT (743,371) 
2WKHULQFRPH 2,810 
Total income (740,561) 
EXPENSES
$GPLQLVWUDWLRQVHOOLQJDQGJHQHUDOH[SHQVHV  1,123,692 
)LQDQFHFKDUJHV  837,094 
/RVVRQVDOHRISURSHUW\SODQWDQGHTXLSPHQWQHW 1,649,216 
'HSUHFLDWLRQ 5 231,029 
Total expenses 3,841,031 
Net (loss) for the year (4,581,592) 

:HFRQ¿UPWKDWZHDUHUHVSRQVLEOHIRUWKHVH¿QDQFLDOVWDWHPHQWVLQFOXGLQJVHOHFWLQJWKHDFFRXQWLQJSROLFLHVDQGPDNLQJMXGJHPHQWV
XQGHUO\LQJWKHP
For Golden Harvest Middle East FZC

Place:6KDUMDK
Date: 0D\ Director

STATEMENT OF CHANGES IN SHAREHOLDERS’ FUNDS FOR THE YEAR ENDED

31 MARCH 2017
Year to 31 March 2017 Share capital Shareholders' Retained Reserve fund Total
AED current earnings AED AED
accounts AED
AED
Balance at 1 April 2016     
1HWORVVIRUWKH\HDU     
1HWPRYHPHQWLQFXUUHQWDFFRXQWV     
Balance at 31 March 2017 150,000 19,308,140 16,758,721 75,000 36,291,861
Year to 31 March 2016 Share capital Shareholders' Retained Reserve fund Total
AED current earnings AED AED
accounts AED
AED
Balance at 1 April 2015     
1HWORVVIRUWKH\HDU     
1HWPRYHPHQWLQFXUUHQWDFFRXQWV     
Balance at 31 March 2016 150,000 21,178,484 21,340,313 75,000 42,743,797

 12th Annual Report 2016-17

 Golden Harvest Middle East (FZC)

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2017

2017 
AED $('
CASH FLOWS FROM OPERATING ACTIVITIES
1HWORVVIRUWKH\HDU (4,581,592) 
$GMXVWPHQWIRU
'HSUHFLDWLRQ 231,029 
3URYLVLRQIRUHPSOR\HHV
WHUPLQDOEHQH¿WV (21,488) 
/RVVRQVDOHRISURSHUW\SODQWDQGHTXLSPHQW 1,649,216 
2SHUDWLQJORVVSUR¿WEHIRUHZRUNLQJFDSLWDOFKDQJHV (2,722,835) 

'HFUHDVHLQLQYHQWRULHV 1,550,664 

,QFUHDVHLQWUDGHUHFHLYDEOHV - 
'HFUHDVHLQSUHSD\PHQWVDQGRWKHUUHFHLYDEOHV 114,054 
'HFUHDVH,QFUHDVHLQDPRXQWVGXHIURPUHODWHGSDUWLHV 287,380 
'HFUHDVHLQWUDGHSD\DEOHVDQGDFFUXDOV (690,942) 
'HFUHDVHLQEDQNERUURZLQJV (2,951,025) 
,QFUHDVHLQDPRXQWVGXHWRUHODWHGSDUWLHV 3,912,361 
Net cash (used in) operating activities (500,343) 

CASH FLOWS FROM INVESTING ACTIVITIES

3URFHHGVIURPVDOHRISURSHUW\SODQWDQGHTXLSPHQW 2,446,974 
Net cash from investing activities 2,446,974 

CASH FLOWS FROM FINANCING ACTIVITIES

1HWPRYHPHQWLQFXUUHQWDFFRXQWV (1,870,344) 
'HFUHDVHLQWHUPORDQV - 
1HWFDVKXVHGLQIURP¿QDQFLQJDFWLYLWLHV (1,870,344) 

1HWLQFUHDVHGHFUHDVHLQFDVKDQGFDVKHTXLYDOHQWV 76,287 

&DVKDQGFDVKHTXLYDOHQWVDWEHJLQQLQJRIWKH\HDU 4,167 
Cash and cash equivalents at end of the year 80,454 

For Golden Harvest Middle East FZC

Place:6KDUMDK
Date: 0D\ Director

12th Annual Report 2016-17 

Golden Harvest Middle East (FZC)

NOTES to the Financial Statements for the year ended 31st March 2017
1. LEGAL STATUS AND ACTIVITY L D WHPSRUDU\ GLIIHUHQFH H[LVWV ZKHQHYHU WKH FDUU\LQJ DPRXQW
Legal status *ROGHQ +DUYHVW 0LGGOH (DVW )=& WKH RIDQDVVHWLVOHVVWKDQLWVWD[EDVHDWWKHHQGRIWKHUHSRUWLQJ
³&RPSDQ\´ LV D )UHH =RQH &RPSDQ\ ZLWK OLPLWHG OLDELOLW\ SHULRG
LQFRUSRUDWHGDQGOLFHQVHGDW6KDUMDK$LUSRUW,QWHUQDWLRQDO)UHH LL DQHQWLW\FDQDVVXPHWKDWLWZLOOUHFRYHUDQDPRXQWKLJKHUWKDQ
6$,)=RQH6KDUMDKSXUVXDQWWR6KDUMDK(PLUL'HFUHH1RRI WKHFDUU\LQJDPRXQWRIDQDVVHWWRHVWLPDWHLWVIXWXUHWD[DEOH
 SUR¿W
 7KH &RPSDQ\ ZDV LQFRUSRUDWHG RQ  2FWREHU  DQG 
RSHUDWLQJXQGHU,QGXVWULDO/LFHQVH1RLVVXHGE\6$,)
=RQH$XWKRULWLHV
Activity7KHSULQFLSDODFWLYLW\RIWKH&RPSDQ\LVPDQXIDFWXULQJ
RUJDQLF DQG FKHPLFDO IHUWLOL]HUV 7KH SULQFLSDO SODFH RI WKH
LLL ZKHUHWKHWD[ODZUHVWULFWVWKHVRXUFHRIWD[DEOHSUR¿WVDJDLQVW
ZKLFKSDUWLFXODUW\SHVRIGHIHUUHGWD[DVVHWVFDQEHUHFRYHUHG
WKH UHFRYHUDELOLW\ RI WKH GHIHUUHG WD[ DVVHWV FDQ RQO\ EH
DVVHVVHGLQFRPELQDWLRQZLWKRWKHUGHIHUUHGWD[DVVHWVRIWKH
VDPHW\SHDQG
EXVLQHVVRIWKH&RPSDQ\LVORFDWHGDW36KDUMDK$LUSRUW LY WD[ GHGXFWLRQV UHVXOWLQJ IURP WKH UHYHUVDO RI GHIHUUHG WD[
,QWHUQDWLRQDO)UHH=RQH6KDUMDK8QLWHG$UDE(PLUDWHV DVVHWV DUH H[FOXGHG IURP WKH HVWLPDWHG IXWXUH WD[DEOH SUR¿W
 7KHVHVHSDUDWH¿QDQFLDOVWDWHPHQWVUHODWHVWRWKHRSHUDWLRQV WKDWLVXVHGWRHYDOXDWHWKHUHFRYHUDELOLW\RIWKRVHDVVHWV
RI *ROGHQ +DUYHVW 0LGGOH (DVW )=& DQG GR QRW LQFOXGH WKH
UHVXOWV RI RSHUDWLRQV RI LWV VXEVLGLDU\ &RPSDQ\ 0V $PDUDN
&KHPLFDOV)=&)XMDLUDK8QLWHG$UDE(PLUDWHV
Management: 7KH &RPSDQ\ LV PDQDJHG E\ 0U &KDODNXGL
6XEUDPDQL 6KDQNDUDQDUD\DQ DQG 0U $NVKD\ 0LUFKDQGDQL
,QGLDQQDWLRQDOV
Accounting period7KHVH ¿QDQFLDO VWDWHPHQWV UHODWH WR WKH
SHULRGIURP$SULOWLOO0DUFK
2. APPLICATION OF NEW AND REVISED INTERNATIONAL
FINANCIAL REPORTING STANDARDS (IFRS)
2.1. New and amended standards adopted by the Company
 7KHIROORZLQJVWDQGDUGVDQGDPHQGPHQWVKDYHEHHQDGRSWHG
E\WKH&RPSDQ\IRUWKH¿UVWWLPHIRUWKH¿QDQFLDO\HDUEHJLQQLQJ
RQ-DQXDU\ ZLWK WKH LUUHYRFDEOH RSWLRQ DW LQFHSWLRQ WR SUHVHQW FKDQJHV
‡ Accounting for acquisitions of interests in joint operations –
Amendments to IFRS 11
‡ &ODUL¿FDWLRQ RI DFFHSWDEOH PHWKRGV RI GHSUHFLDWLRQ DQG
amortisation – Amendments to IAS 16 and IAS 38
‡ Annual improvements to IFRSs 2012 – 2014 cycle, and
‡ Disclosure Initiative: Amendments to IAS 1.
 7KHDGRSWLRQRIWKHVHDPHQGPHQWVGLGQRWKDYHDQ\LPSDFWRQ
WKH¿QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\IRUWKHFXUUHQWSHULRG
RUDQ\SULRUSHULRGDQGLVQRWOLNHO\WRDIIHFWIXWXUHSHULRGV
 7KH&RPSDQ\DOVRHOHFWHGWRDGRSWWKHIROORZLQJDPHQGPHQWV
HDUO\ GRFXPHQWDWLRQLVVWLOOUHTXLUHGEXWLVGLIIHUHQWWRWKDWFXUUHQWO\
Disclosure Initiative: Amendments to IAS 7.
 7KLV DPHQGPHQW UHTXLUHV GLVFORVXUH RI FKDQJHV LQ OLDELOLWLHV
DULVLQJIURP¿QDQFLQJDFWLYLWLHV
2.2. New standards and interpretations not yet adopted
 $QXPEHURIQHZVWDQGDUGVDQGDPHQGPHQWVWRVWDQGDUGVDQG
LQWHUSUHWDWLRQVDUHHIIHFWLYHIRUDQQXDOSHULRGVEHJLQQLQJRQRU
DIWHU-DQXDU\DQGKDYHQRWEHHQDSSOLHGLQSUHSDULQJ
WKHVH¿QDQFLDOVWDWHPHQWV1RQHRIWKHVHLVH[SHFWHGWRKDYH
DVLJQL¿FDQWHIIHFWRQWKH¿QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\
H[FHSWWKHIROORZLQJVHWRXWEHORZ 5HYHQXH LV UHFRJQLVHG ZKHQ D FXVWRPHU REWDLQV FRQWURO
 ,$6µ,QFRPHWD[HV¶ZDVDPHQGHGWRFODULI\WKHDFFRXQWLQJ
IRUGHIHUUHGWD[ZKHUHDQDVVHWLVPHDVXUHGDWIDLUYDOXHDQG
WKDW IDLU YDOXH LV EHORZ WKH DVVHW¶V WD[ EDVH 6SHFL¿FDOO\ WKH
DPHQGPHQWVFRQ¿UPWKDW
144 12th Annual Report 2016-17
 7KLVDPHQGPHQWLVHIIHFWLYHIRUDQQXDOSHULRGVEHJLQQLQJRQRU
DIWHU-DQXDU\
 ,)56  µ)LQDQFLDO LQVWUXPHQWV¶ DGGUHVVHV WKH FODVVL¿FDWLRQ
PHDVXUHPHQWDQGUHFRJQLWLRQRI¿QDQFLDODVVHWVDQG¿QDQFLDO
OLDELOLWLHV7KHFRPSOHWHYHUVLRQRI,)56ZDVLVVXHGLQ-XO\
 ,W UHSODFHV WKH JXLGDQFH LQ ,$6  WKDW UHODWHV WR WKH
FODVVL¿FDWLRQDQGPHDVXUHPHQWRI¿QDQFLDOLQVWUXPHQWV,)56
 UHWDLQV EXW VLPSOL¿HV WKH PL[HG PHDVXUHPHQW PRGHO DQG
HVWDEOLVKHVWKUHHSULPDU\PHDVXUHPHQWFDWHJRULHVIRU¿QDQFLDO
DVVHWV DPRUWLVHG FRVW IDLU YDOXH WKURXJK 2&, DQG IDLU YDOXH
WKURXJK3 /7KHEDVLVRIFODVVL¿FDWLRQGHSHQGVRQWKHHQWLW\¶V
EXVLQHVV PRGHO DQG WKH FRQWUDFWXDO FDVK ÀRZ FKDUDFWHULVWLFV
RI WKH ¿QDQFLDO DVVHW ,QYHVWPHQWV LQ HTXLW\ LQVWUXPHQWV DUH
UHTXLUHG WR EH PHDVXUHG DW IDLU YDOXH WKURXJK SUR¿W RU ORVV
LQ IDLU YDOXH LQ 2&, ZLWK QR UHF\FOLQJ 7KHUH LV QRZ D QHZ
H[SHFWHG FUHGLW ORVVHV PRGHO WKDW UHSODFHV WKH LQFXUUHG ORVV
LPSDLUPHQWPRGHOXVHGLQ,$6)RU¿QDQFLDOOLDELOLWLHVWKHUH
ZHUHQRFKDQJHVWRFODVVL¿FDWLRQDQGPHDVXUHPHQWH[FHSWIRU
WKH UHFRJQLWLRQ RI FKDQJHV LQ D FRPSDQ\¶V RZQ FUHGLW ULVN LQ
RWKHU FRPSUHKHQVLYH LQFRPH IRU OLDELOLWLHV GHVLJQDWHG DW IDLU
YDOXHWKURXJKSUR¿WRUORVV,)56UHOD[HVWKHUHTXLUHPHQWV
IRU KHGJH HIIHFWLYHQHVV E\ UHSODFLQJ WKH EULJKW OLQH KHGJH
HIIHFWLYHQHVV WHVWV ,W UHTXLUHV DQ HFRQRPLF UHODWLRQVKLS
EHWZHHQWKHKHGJHGLWHPDQGKHGJLQJLQVWUXPHQWDQGIRUWKH
µKHGJHGUDWLR¶WREHWKHVDPHDVWKHRQHPDQDJHPHQWDFWXDOO\
XVHV IRU ULVN PDQDJHPHQW SXUSRVHV &RQWHPSRUDQHRXV
SUHSDUHGXQGHU,$67KHVWDQGDUGLVHIIHFWLYHIRUDFFRXQWLQJ
SHULRGVEHJLQQLQJRQRUDIWHU-DQXDU\(DUO\DGRSWLRQLV
SHUPLWWHG7KH&RPSDQ\H[SHFWV,)56WRKDYHDQLPPDWHULDO
LPSDFWRQWKHDFFRXQWLQJIRUDYDLODEOHIRUVDOH¿QDQFLDODVVHWV
DQGGHULYDWLYHV
 ,)56µ5HYHQXHIURPFRQWUDFWVZLWKFXVWRPHUV¶GHDOVZLWK
UHYHQXH UHFRJQLWLRQ DQG HVWDEOLVKHV SULQFLSOHV IRU UHSRUWLQJ
XVHIXO LQIRUPDWLRQ WR XVHUV RI ¿QDQFLDO VWDWHPHQWV DERXW
WKH QDWXUH DPRXQW WLPLQJ DQG XQFHUWDLQW\ RI UHYHQXH DQG
FDVK ÀRZV DULVLQJ IURP DQ HQWLW\¶V FRQWUDFWV ZLWK FXVWRPHUV
RI D JRRG RU VHUYLFH DQG WKXV KDV WKH DELOLW\ WR GLUHFW WKH
XVH DQG REWDLQ WKH EHQH¿WV IURP WKH JRRG RU VHUYLFH 7KH
VWDQGDUGUHSODFHV,$6µ5HYHQXH¶DQG,$6µ&RQVWUXFWLRQ
FRQWUDFWV¶DQGUHODWHGLQWHUSUHWDWLRQV7KHVWDQGDUGLVHIIHFWLYH
IRU DQQXDO SHULRGV EHJLQQLQJ RQ RU DIWHU  -DQXDU\  DQG
 Golden Harvest Middle East (FZC)

NOTES to the Financial Statements for the year ended 31st March 2017
HDUOLHUDSSOLFDWLRQLVSHUPLWWHG7KH&RPSDQ\H[SHFWV,)56 3.4. Depreciation
WRKDYHDQLPPDWHULDOLPSDFWRQWKHSURYLVLRQRIVHUYLFHVDQG  7KH FRVW RI SURSHUW\ SODQW DQG HTXLSPHQW LV GHSUHFLDWHG E\
PDQDJHPHQWLQFRPHWKDWIDOOXQGHUWKHVFRSHRI,)56 HTXDO DQQXDO LQVWDOOPHQWV RYHU WKH HVWLPDWHG XVHIXO OLYHV RI
 ,)56µ/HDVHV¶ZDVLVVXHGLQ-DQXDU\)RUOHVVHHVLW WKH DVVHWV 7KH HVWLPDWHG XVHIXO OLYHV RI WKH DVVHWV IRU WKH
ZLOOUHVXOWLQDOPRVWDOOOHDVHVEHLQJUHFRJQLVHGRQWKHVWDWHPHQW FDOFXODWLRQRIGHSUHFLDWLRQDUHDVIROORZV
RI¿QDQFLDOSRVLWLRQDVWKHGLVWLQFWLRQEHWZHHQRSHUDWLQJDQG  %XLOGLQJ \HDUV
¿QDQFH OHDVHV ZLOO EH UHPRYHG 8QGHU WKH QHZ VWDQGDUG DQ
DVVHWWKHULJKWWRXVHWKHOHDVHGLWHPDQGD¿QDQFLDOOLDELOLW\  0DFKLQHULHV \HDUV
WRSD\UHQWDOVDUHUHFRJQLVHG7KHRQO\H[FHSWLRQVDUHVKRUW  (TXLSPHQW \HDUV
WHUP DQG ORZYDOXH OHDVHV 7KH DFFRXQWLQJ IRU OHVVRUV ZLOO  2I¿FHIXUQLWXUH \HDUV
QRW VLJQL¿FDQWO\ FKDQJH 7KH VWDQGDUG LV HIIHFWLYH IRU DQQXDO
SHULRGV EHJLQQLQJ RQ RU DIWHU  -DQXDU\  DQG HDUOLHU  0RWRUYHKLFOH \HDUV
DSSOLFDWLRQLVSHUPLWWHG  7KH JDLQ RU ORVV RQ WKH GLVSRVDO RU UHWLUHPHQW RI DQ LWHP RI
 7KH&RPSDQ\H[SHFWV,)56WRKDYHDQLPPDWHULDOLPSDFW SURSHUW\SODQWDQGHTXLSPHQWLVGHWHUPLQHGDVWKHGLIIHUHQFH
RQLWVFXUUHQWDFFRXQWLQJSUDFWLFHV EHWZHHQ WKH VDOHV SURFHHGV DQG WKH FDUU\LQJ DPRXQW RI WKH
DVVHW DQG LV UHFRJQL]HG LQ WKH VWDWHPHQW RI FRPSUHKHQVLYH
 7KHUHDUHQRRWKHU,)56VRU,)5,&LQWHUSUHWDWLRQVWKDWDUHQRW LQFRPH
\HWHIIHFWLYHWKDWZRXOGEHH[SHFWHGWRKDYHDPDWHULDOLPSDFW
RQWKH&RPSDQ\ 3.5. Financial instruments

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES  )LQDQFLDODVVHWVDQG¿QDQFLDOOLDELOLWLHVDUHUHFRJQL]HGRQWKH

&RPSDQ\¶V EDODQFH VKHHW ZKHQ WKH &RPSDQ\ EHFRPHV D
3.1. Compliance with IFRS SDUW\WRWKHFRQWUDFWXDOSURYLVLRQVRIWKHLQVWUXPHQW.
 7KH¿QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\KDYHEHHQSUHSDUHG 3.6. Financial assets
LQDFFRUGDQFHZLWK,QWHUQDWLRQDO)LQDQFLDO5HSRUWLQJ6WDQGDUGV
,)56 DQG LQWHUSUHWDWLRQV LVVXHG E\ WKH ,)56 ,QWHUSUHWDWLRQV  )LQDQFLDO DVVHWV DUH FODVVL¿HG DV ¿QDQFLDO DVVHWV DW
&RPPLWWHH,)56,&DSSOLFDEOHWRFRPSDQLHVUHSRUWLQJXQGHU UHFHLYDEOHVKHOGWRPDWXULW\¿QDQFLDODVVHWVDQGDYDLODEOHIRU
,)567KH¿QDQFLDOVWDWHPHQWVFRPSO\ZLWK,)56DVLVVXHGE\ VDOH¿QDQFLDODVVHWVDVDSSURSULDWH7KH&RPSDQ\GHWHUPLQHV
WKH,QWHUQDWLRQDO$FFRXQWLQJ6WDQGDUGV%RDUG,$6% WKHFODVVL¿FDWLRQRILWV¿QDQFLDODVVHWVDWLQLWLDOUHFRJQLWLRQ

3.2. Basis of preparation 5HJXODU ZD\ SXUFKDVHV DQG VDOHV RI ¿QDQFLDO DVVHWV DUH
UHFRJQLVHG RQ WUDGHGDWH WKH GDWH RQ ZKLFK WKH &RPSDQ\
 7KH ¿QDQFLDO VWDWHPHQWV KDYH EHHQ SUHSDUHG RQ D KLVWRULFDO FRPPLWVWRSXUFKDVHRUVHOOWKHDVVHW
FRVWEDVLVH[FHSWIRUWKHIROORZLQJ
 :KHQ ¿QDQFLDO DVVHWV DUH UHFRJQLVHG LQLWLDOO\ WKH\ DUH
‡ DYDLODEOHIRUVDOH¿QDQFLDODVVHWV¿QDQFLDODVVHWVDQGOLDELOLWLHV PHDVXUHGDWIDLUYDOXHSOXVLQWKHFDVHRILQYHVWPHQWVQRWDW
LQFOXGLQJ GHULYDWLYH LQVWUXPHQWV FHUWDLQ FODVVHV RI SURSHUW\
SODQW DQG HTXLSPHQW DQG LQYHVWPHQW SURSHUW\ ± PHDVXUHG DW
IDLUYDOXH
‡ DVVHWV KHOG IRU VDOH ± PHDVXUHG DW IDLU YDOXH OHVV FRVW RI
GLVSRVDODQG
‡ GH¿QHG EHQH¿W SHQVLRQ SODQV ± SODQ DVVHWV PHDVXUHG DW IDLU
YDOXH
+LVWRULFDO FRVW LV JHQHUDOO\ EDVHG RQ WKH IDLU YDOXH RI WKH
FRQVLGHUDWLRQ JLYHQ LQ H[FKDQJH IRU DVVHWV RU JRRGV RU
VHUYLFHV
 7KH SULQFLSDO VLJQL¿FDQW DFFRXQWLQJ SROLFLHV DSSOLHG LQ WKHVH
¿QDQFLDOVWDWHPHQWVDUHVHWRXWEHORZ UHFHLYDEOH LV HVWDEOLVKHG ZKHQ WKHUH LV REMHFWLYH HYLGHQFH
3.3. Property, plant and equipment
 3URSHUW\ SODQW DQG HTXLSPHQW LV VWDWHG DW FRVW OHVV
DFFXPXODWHG GHSUHFLDWLRQ DQG LGHQWL¿HG LPSDLUPHQW ORVV LI
DQ\ 7KH FRVW FRPSULVH RI SXUFKDVH SULFH WRJHWKHU ZLWK DQ\
LQFLGHQWDOH[SHQVHRIDFTXLVLWLRQRUFRQVWUXFWLRQ
 6XEVHTXHQWFRVWVDUHLQFOXGHGLQWKHDVVHWVFDUU\LQJDPRXQW
RUUHFRJQL]HGDVDVHSDUDWHDVVHWDVDSSURSULDWHRQO\ZKHQ
LWLVSUREDEOHWKDWIXWXUHHFRQRPLFEHQH¿WVDVVRFLDWHGZLWKWKH
LWHPZLOOÀRZWRWKH&RPSDQ\DQGWKHFRVWRIWKHLWHPFDQEH
PHDVXUHG UHOLDEO\ 0DMRU FRVWV LQFXUUHG LQ UHVWRULQJ SURSHUW\
SODQWDQG HTXLSPHQW WR WKHLU QRUPDO ZRUNLQJ FRQGLWLRQ DUH
FKDUJHGWRWKHVWDWHPHQWRIFRPSUHKHQVLYHLQFRPHGXULQJWKH
¿QDQFLDOSHULRGLQZKLFKWKH\DUHLQFXUUHG
IDLUYDOXHWKURXJKSUR¿WRUORVVGLUHFWO\DWWULEXWDEOHWUDQVDFWLRQ
FRVWV
 )LQDQFLDO DVVHWV DUH GHUHFRJQLVHG RQO\ ZKHQ WKH FRQWUDFWXDO
ULJKWV WR WKH FDVK ÀRZV IURP WKH ¿QDQFLDO DVVHW H[SLUH RU
WKH &RPSDQ\ WUDQVIHUV VXEVWDQWLDOO\ DOO ULVNV DQG UHZDUGV RI
RZQHUVKLS
7UDGHDQGRWKHUUHFHLYDEOHV
 7UDGH UHFHLYDEOHV DUH DPRXQWV GXH IURP FXVWRPHUV IRU
PHUFKDQGLVHVROGRUVHUYLFHVSHUIRUPHGLQWKHRUGLQDU\FRXUVH
RI EXVLQHVV 7UDGH UHFHLYDEOHV RULJLQDWHG E\ WKH &RPSDQ\
DUHPHDVXUHGDWFRVW$QDOORZDQFHIRUFUHGLWORVVHVRIWUDGH
WKDW WKH &RPSDQ\ ZLOO QRW EH DEOH WR FROOHFW WKH DPRXQWV
GXH,QGLFDWRUVWKDWWKHWUDGHUHFHLYDEOHDUHLPSDLUHGLQFOXGH
FRQVLVWHQW GHIDXOW LQ WKH SD\PHQWV ZKHQ GXH ¿QDQFLDO
GLI¿FXOWLHVRIWKHFXVWRPHUDQGRWKHULQGLFDWRUV
 :KHQDWUDGHUHFHLYDEOHLVFRQVLGHUHGXQFROOHFWLEOHLWLVZULWWHQ
RIIDJDLQVWWKHDOORZDQFHDFFRXQWIRUFUHGLWORVVHV6XEVHTXHQW
UHFRYHULHVRIDPRXQWVSUHYLRXVO\ZULWWHQRIIDUHFUHGLWHGLQWKH
VWDWHPHQW RI LQFRPH 7KH FDUU\LQJ YDOXH RI WUDGH UHFHLYDEOH
DSSUR[LPDWHWRWKHLUIDLUYDOXHGXHWRWKHVKRUWWHUPQDWXUHRI
WKRVHUHFHLYDEOHV
&DVKDQGFDVKHTXLYDOHQWV
 &DVK DQG FDVK HTXLYDOHQWV FRPSULVH VKRUWWHUP KLJKO\ OLTXLG
LQYHVWPHQWV WKDW DUH UHDGLO\ FRQYHUWLEOH WR D NQRZQ DPRXQW RI
FDVKDQGDUHVXEMHFWWRDQLQVLJQL¿FDQWULVNRIFKDQJHVLQYDOXH
12th Annual Report 2016-17 145
Golden Harvest Middle East (FZC)

NOTES to the Financial Statements for the year ended 31st March 2017
,PSDLUPHQWRI¿QDQFLDODVVHWV  )LQDQFLDO OLDELOLWLHV LQFOXGHG LQ WUDGH DQG RWKHU SD\DEOHV DUH
 7KH&RPSDQ\DVVHVVHVDWHDFK¿QDQFLDOSRVLWLRQGDWHZKHWKHU UHFRJQL]HGLQLWLDOO\DWIDLUYDOXHDQGVXEVHTXHQWO\DWDPRUWL]HG
WKHUH LV REMHFWLYH HYLGHQFH WKDW D ¿QDQFLDO DVVHW RU JURXS RI FRVW 7KH IDLU YDOXH RI D QRQLQWHUHVW EHDULQJ OLDELOLW\ LV LWV
¿QDQFLDODVVHWVLVLPSDLUHG,IWKHUHLVREMHFWLYHHYLGHQFHVXFK GLVFRXQWHGUHSD\PHQWDPRXQW,IWKHGXHGDWHRIWKHOLDELOLW\LV
DVVLJQL¿FDQW¿QDQFLDOGLI¿FXOW\RIWKHREOLJRUEUHDFKRIFRQWUDFW OHVVWKDQRQH\HDUGLVFRXQWLQJLVRPLWWHG
RULWEHFRPHVSUREDEOHWKDWWKHGHEWRUZLOOHQWHUEDQNUXSWF\ 3.8 Prepayments
WKH DVVHW LV WHVWHG IRU LPSDLUPHQW7KH DPRXQW RI WKH ORVV LV  3UHSD\PHQWV DUH FDUULHG DW FRVW OHVV DQ\ DFFXPXODWHG
PHDVXUHG DV WKH GLIIHUHQFH EHWZHHQ WKH DVVHW¶V FDUU\LQJ LPSDLUPHQWORVVHV
DPRXQWDQGWKHSUHVHQWYDOXHRIHVWLPDWHGIXWXUHFDVKÀRZV
3.9 Share capital
H[FOXGLQJ IXWXUH H[SHFWHG FUHGLW ORVVHV WKDW KDYH QRW EHHQ
LQFXUUHG GLVFRXQWHG DW WKH ¿QDQFLDO DVVHW¶V RULJLQDO HIIHFWLYH  6KDUHVDUHFODVVL¿HGDVHTXLW\ZKHQWKHUHLVQRREOLJDWLRQWR
LQWHUHVW UDWH WKDW LV WKH HIIHFWLYH LQWHUHVW UDWH FRPSXWHG DW WUDQVIHUFDVKRURWKHUDVVHWV
LQLWLDOUHFRJQLWLRQ7KHFDUU\LQJDPRXQWRIWKHDVVHWLVUHGXFHG
WKURXJKXVHRIDQDOORZDQFHDFFRXQW7KHDPRXQWRIWKHORVVLV
UHFRJQL]HGLQVWDWHPHQWRILQFRPH
,Q UHODWLRQ WR WUDGH UHFHLYDEOHV D SURYLVLRQ IRU LPSDLUPHQW LV
PDGHZKHQWKHUHLVREMHFWLYHHYLGHQFHVXFKDVWKHSUREDELOLW\
3.10 Trade payables
 7UDGH SD\DEOHV DUH REOLJDWLRQV WR SD\ IRU JRRGV RU VHUYLFHV
WKDW KDYH EHHQ DFTXLUHG LQ WKH RUGLQDU\ FRXUVH RI EXVLQHVV
IURP VXSSOLHUV 7UDGH SD\DEOHV DUH FODVVL¿HG DV FXUUHQW
OLDELOLWLHV LI SD\PHQW LV GXH ZLWKLQ RQH \HDU RU OHVV RU LQ WKH
RI LQVROYHQF\ RU VLJQL¿FDQW ¿QDQFLDO GLI¿FXOWLHV RI WKH GHEWRU
WKDWWKH&RPSDQ\ZLOOQRWEHDEOHWRFROOHFWDOORIWKHDPRXQWV
GXHXQGHUWKHRULJLQDOWHUPVRIWKHLQYRLFH,PSDLUHGGHEWVDUH
GHUHFRJQL]HGZKHQWKH\DUHDVVHVVHGDVXQFROOHFWLEOH
 )RUGHEWVHFXULWLHVLIDQ\VXFKHYLGHQFHH[LVWVWKHFXPXODWLYH
ORVV ± PHDVXUHG DV WKH GLIIHUHQFH EHWZHHQ WKH DFTXLVLWLRQ
FRVW DQG WKH FXUUHQW IDLU YDOXH OHVV DQ\ LPSDLUPHQW ORVV RQ
WKDW¿QDQFLDODVVHWSUHYLRXVO\UHFRJQL]HGLQSUR¿WRUORVV±LV
UHPRYHG IURP HTXLW\ DQG UHFRJQL]HG LQ SUR¿W RU ORVV ,I LQ D
VXEVHTXHQWSHULRGWKHIDLUYDOXHRIDGHEWLQVWUXPHQWFODVVL¿HG
DV DYDLODEOHIRUVDOH LQFUHDVHV DQG WKH LQFUHDVH FDQ EH
REMHFWLYHO\ UHODWHG WR DQ HYHQW RFFXUULQJ DIWHU WKH LPSDLUPHQW
ORVV ZDV UHFRJQL]HG LQ SUR¿W RU ORVV WKH LPSDLUPHQW ORVV LV
QRUPDORSHUDWLQJF\FOHRIWKHEXVLQHVVLIORQJHU,IQRWWKH\DUH
SUHVHQWHGDVQRQFXUUHQWOLDELOLWLHV
 7UDGH SD\DEOHV DUH UHFRJQL]HG LQLWLDOO\ DW IDLU YDOXH DQG
VXEVHTXHQWO\ PHDVXUHG DW DPRUWL]HG FRVW XVLQJ WKH HIIHFWLYH
LQWHUHVWPHWKRG
3.11 Revenue recognition
 5HYHQXH LV PHDVXUHG DW WKH IDLU YDOXH RI WKH FRQVLGHUDWLRQ
UHFHLYHGRUUHFHLYDEOHDQGUHSUHVHQWVDPRXQWVUHFHLYDEOHIRU
JRRGVVXSSOLHGVWDWHGQHWRIGLVFRXQWVUHWXUQVHWF
 5HYHQXH IURP WKH VDOH RI JRRGV LV UHFRJQL]HG ZKHQ DOO WKH
IROORZLQJFRQGLWLRQVDUHVDWLV¿HG
L WKH&RPSDQ\KDVWUDQVIHUUHGWRWKHEX\HUWKHVLJQL¿FDQWULVNV
UHYHUVHGWKURXJKWKHVWDWHPHQWRILQFRPH
DQGUHZDUGVRIRZQHUVKLSRIWKHJRRGV
 )RU HTXLW\ LQYHVWPHQWV D VLJQL¿FDQW RU SURORQJHG GHFOLQH LQ
LL WKH&RPSDQ\UHWDLQVQHLWKHUFRQWLQXLQJPDQDJHULDOLQYROYHPHQW
WKH IDLU YDOXH RI WKH VHFXULW\ EHORZ LWV FRVW LV DOVR HYLGHQFH
WRWKHGHJUHHXVXDOO\DVVRFLDWHGZLWKRZQHUVKLSQRUHIIHFWLYH
WKDW WKH DVVHWV DUH LPSDLUHG ,I DQ\ VXFK HYLGHQFH H[LVWV WKH
FRQWURORYHUWKHJRRGVVROG
FXPXODWLYH ORVV ± PHDVXUHG DV WKH GLIIHUHQFH EHWZHHQ WKH
DFTXLVLWLRQFRVWDQGWKHFXUUHQWIDLUYDOXHOHVVDQ\LPSDLUPHQW LLL WKHDPRXQWRIUHYHQXHFDQEHPHDVXUHGUHOLDEO\
ORVV RQ WKDW ¿QDQFLDO DVVHW SUHYLRXVO\ UHFRJQL]HG LQ SUR¿W RU LY LW LV SUREDEOH WKDW WKH HFRQRPLF EHQH¿WV DVVRFLDWHG ZLWK WKH
ORVV±LVUHPRYHGIURPHTXLW\DQGUHFRJQL]HGLQSUR¿WRUORVV WUDQVDFWLRQZLOOÀRZWRWKH&RPSDQ\DQG
,PSDLUPHQW ORVVHV UHFRJQL]HG LQ WKH VWDWHPHQW RI LQFRPH RQ
HTXLW\ LQVWUXPHQWV DUH QRW UHYHUVHG WKURXJK WKH VWDWHPHQW RI
LQFRPH
 ,I LQ D VXEVHTXHQW SHULRG WKH DPRXQW RI WKH LPSDLUPHQW ORVV
GHFUHDVHV DQG WKH GHFUHDVH FDQ EH UHODWHG REMHFWLYHO\ WR
DQ HYHQW RFFXUULQJ DIWHU WKH LPSDLUPHQW ZDV UHFRJQL]HG WKH
SUHYLRXVO\ UHFRJQL]HG LPSDLUPHQW ORVV LV UHYHUVHG WR WKH
H[WHQWWKDWWKHFDUU\LQJYDOXHRIWKHDVVHWGRHVQRWH[FHHGLWV
DPRUWL]HGFRVWDWWKHUHYHUVDOGDWH$Q\VXEVHTXHQWUHYHUVDORI
DQLPSDLUPHQWORVVLVUHFRJQL]HGLQVWDWHPHQWRILQFRPH
3.7. Financial Liabilities
 /LDELOLWLHVZLWKLQWKHVFRSHRI,$6DUHFODVVL¿HGDV¿QDQFLDO
OLDELOLWLHVDWIDLUYDOXHWKURXJKSUR¿WRUORVVRURWKHUOLDELOLWLHVDV
DSSURSULDWH
 $¿QDQFLDOOLDELOLW\LVGHUHFRJQL]HGZKHQWKHREOLJDWLRQXQGHU
WKHOLDELOLW\LVGLVFKDUJHGRUFDQFHOOHGRUH[SLUHV
Y WKHFRVWVLQFXUUHGRUWREHLQFXUUHGLQUHVSHFWRIWKHWUDQVDFWLRQ
FDQEHPHDVXUHGUHOLDEO\
3.12 Inventories
 5DZ PDWHULDOV ¿QLVKHG JRRGV DQG ZRUN LQ SURJUHVV DUH
VWDWHG DW WKH ORZHU RI FRVW DQG QHW UHDOLVDEOH YDOXH &RVWV RI
LQYHQWRULHVDUHGHWHUPLQHGRQDZHLJKWHGDYHUDJHEDVLV&RVW
RI LQYHQWRULHV FRPSULVHV RI FRVWV RI SXUFKDVH DQG ZKHUH
DSSOLFDEOH FRVW RI FRQYHUVLRQ DQG RWKHU FRVWV WKDW KDV EHHQ
LQFXUUHGLQEULQJLQJWKHLQYHQWRULHVWRWKHLUSUHVHQWORFDWLRQDQG
FRQGLWLRQ1HWUHDOLVDEOHYDOXHUHSUHVHQWVWKHHVWLPDWHGVHOOLQJ
SULFHIRULQYHQWRULHVOHVVDOOHVWLPDWHGFRVWVRIFRPSOHWLRQDQG
FRVWVQHFHVVDU\WRPDNHWKHVDOH
3.13 Borrowings
 %RUURZLQJVDUHLQLWLDOO\UHFRJQLVHGDWIDLUYDOXHQHWRIWUDQVDFWLRQ
FRVWV LQFXUUHG %RUURZLQJV DUH VXEVHTXHQWO\ PHDVXUHG DW
DPRUWLVHG FRVW$Q\ GLIIHUHQFH EHWZHHQ WKH SURFHHGV QHW RI
 $OOORDQVDQGERUURZLQJVDUHFODVVL¿HGDVRWKHUOLDELOLWLHV,QLWLDO
UHFRJQLWLRQLVDWIDLUYDOXHOHVVGLUHFWO\DWWULEXWDEOHWUDQVDFWLRQ
FRVWV $IWHU LQLWLDO UHFRJQLWLRQ LQWHUHVWEHDULQJ ORDQV DQG
ERUURZLQJV DUH VXEVHTXHQWO\ PHDVXUHG DW DPRUWL]HG FRVW
XVLQJWKHHIIHFWLYHLQWHUHVWPHWKRG
146 12th Annual Report 2016-17
WUDQVDFWLRQ FRVWV DQG WKH UHGHPSWLRQ DPRXQW LV UHFRJQLVHG
LQ SUR¿W RU ORVV RYHU WKH SHULRG RI WKH ERUURZLQJV XVLQJ WKH
HIIHFWLYH LQWHUHVW PHWKRG )HHV SDLG RQ WKH HVWDEOLVKPHQW RI
ORDQ IDFLOLWLHV DUH UHFRJQLVHG DV WUDQVDFWLRQ FRVWV RI WKH ORDQ

NOTES to the Financial Statements for the year ended 31st March 2017
WRWKHH[WHQWWKDWLWLVSUREDEOHWKDWVRPHRUDOORIWKHIDFLOLW\
ZLOOEHGUDZQGRZQ,QWKLVFDVHWKHIHHLVGHIHUUHGXQWLOWKH
GUDZ GRZQ RFFXUV 7R WKH H[WHQW WKHUH LV QR HYLGHQFH WKDW LW
LVSUREDEOHWKDWVRPHRUDOORIWKHIDFLOLW\ZLOOEHGUDZQGRZQ
WKHIHHLVFDSLWDOLVHGDVDSUHSD\PHQWIRUOLTXLGLW\VHUYLFHVDQG
DPRUWLVHGRYHUWKHSHULRGRIWKHIDFLOLW\WRZKLFKLWUHODWHV
 %RUURZLQJV DUH UHPRYHG IURP WKH EDODQFH VKHHW ZKHQ WKH
REOLJDWLRQ VSHFL¿HG LQ WKH FRQWUDFW LV GLVFKDUJHG FDQFHOOHG
RU H[SLUHG 7KH GLIIHUHQFH EHWZHHQ WKH FDUU\LQJ DPRXQW RI D
¿QDQFLDO OLDELOLW\ WKDW KDV EHHQ H[WLQJXLVKHG RU WUDQVIHUUHG WR
DQRWKHU SDUW\ DQG WKH FRQVLGHUDWLRQ SDLG LQFOXGLQJ DQ\ QRQ
FDVKDVVHWVWUDQVIHUUHGRUOLDELOLWLHVDVVXPHGLVUHFRJQLVHGLQ
SUR¿WRUORVVDVRWKHULQFRPHRU¿QDQFHFRVWV
 :KHUHWKHWHUPVRID¿QDQFLDOOLDELOLW\DUHUHQHJRWLDWHGDQGWKH
HQWLW\ LVVXHV HTXLW\ LQVWUXPHQWV WR D FUHGLWRU WR H[WLQJXLVK DOO
Golden Harvest Middle East (FZC)
 7KHDPRXQWUHFRJQL]HGDVDSURYLVLRQLVWKHEHVWHVWLPDWHRI
WKHFRQVLGHUDWLRQUHTXLUHGWRVHWWOHWKHSUHVHQWREOLJDWLRQDWWKH
HQG RI WKH UHSRUWLQJ SHULRG WDNLQJ LQWR DFFRXQW WKH ULVNV DQG
XQFHUWDLQWLHV VXUURXQGLQJ WKH REOLJDWLRQ :KHQ D SURYLVLRQ LV
PHDVXUHGXVLQJWKHFDVKÀRZVHVWLPDWHGWRVHWWOHWKHSUHVHQW
REOLJDWLRQ LWV FDUU\LQJ DPRXQW LV WKH SUHVHQW YDOXH RI WKRVH
FDVKÀRZV
 :KHQVRPHRUDOORIWKHHFRQRPLFEHQH¿WVUHTXLUHGWRVHWWOH
D SURYLVLRQ DUH H[SHFWHG WR EH UHFRYHUHG IURP D WKLUG SDUW\
D UHFHLYDEOH LV UHFRJQL]HG DV DQ DVVHW LI LW LV YLUWXDOO\ FHUWDLQ
WKDW UHLPEXUVHPHQW ZLOO EH UHFHLYHG DQG WKH DPRXQW RI WKH
UHFHLYDEOHFDQEHPHDVXUHGUHOLDEO\
3.17 Foreign currencies
Functional and presentation currency
RUSDUWRIWKHOLDELOLW\GHEWIRUHTXLW\VZDSDJDLQRUORVVLV
UHFRJQLVHGLQSUR¿WRUORVVZKLFKLVPHDVXUHGDVWKHGLIIHUHQFH
EHWZHHQ WKH FDUU\LQJ DPRXQW RI WKH ¿QDQFLDO OLDELOLW\ DQG WKH
IDLUYDOXHRIWKHHTXLW\LQVWUXPHQWVLVVXHG
 %RUURZLQJV DUH FODVVL¿HG DV FXUUHQW OLDELOLWLHV XQOHVV WKH
&RPSDQ\KDVDQXQFRQGLWLRQDOULJKWWRGHIHUVHWWOHPHQWRIWKH
OLDELOLW\IRUDWOHDVWPRQWKVDIWHUWKHUHSRUWLQJSHULRG
3.14 Borrowing cost
 *HQHUDO DQG VSHFL¿F ERUURZLQJ FRVWV GLUHFWO\ DWWULEXWDEOH WR
WKHDFTXLVLWLRQFRQVWUXFWLRQRUSURGXFWLRQRITXDOLI\LQJDVVHWV
ZKLFK DUH DVVHWV WKDW QHFHVVDULO\ WDNH D VXEVWDQWLDO SHULRG
RIWLPHWRJHWUHDG\IRUWKHLULQWHQGHGXVHRUVDOHDUHDGGHG
WRWKHFRVWRIWKRVHDVVHWVXQWLOVXFKWLPHDVWKHDVVHWVDUH
VXEVWDQWLDOO\UHDG\IRUWKHLULQWHQGHGXVHRUVDOH
3.15 Interest income and expense
 ,QWHUHVW LQFRPH DQG H[SHQVH DUH UHFRJQL]HG ZLWKLQ C¿QDQFH
LQFRPH¶DQGC¿QDQFHFRVWV¶LQSUR¿WRUORVVXVLQJWKHHIIHFWLYH
LQWHUHVW UDWH PHWKRG H[FHSW IRU ERUURZLQJ FRVWV UHODWLQJ WR
TXDOLI\LQJ DVVHWV ZKLFK DUH FDSLWDOL]HG DV SDUW RI WKH FRVW RI
WKDW DVVHW7KH &RPSDQ\ KDV FKRVHQ WR FDSLWDOL]H ERUURZLQJ
FRVWVRQDOOTXDOLI\LQJDVVHWVLUUHVSHFWLYHRIZKHWKHUWKH\DUH
PHDVXUHGDWIDLUYDOXHRUQRW
7KH HIIHFWLYH LQWHUHVW PHWKRG LV D PHWKRG RI FDOFXODWLQJ WKH
DPRUWLVHG FRVW RI D ¿QDQFLDO DVVHW RU ¿QDQFLDO OLDELOLW\ DQG RI
DOORFDWLQJ WKH LQWHUHVW LQFRPH RU LQWHUHVW H[SHQVH RYHU WKH
UHOHYDQW SHULRG 7KH HIIHFWLYH LQWHUHVW UDWH LV WKH UDWH WKDW
H[DFWO\GLVFRXQWVHVWLPDWHGIXWXUHFDVKSD\PHQWVRUUHFHLSWV
WKURXJKRXW WKH H[SHFWHG OLIH RI WKH ¿QDQFLDO LQVWUXPHQW RU D
VKRUWHU SHULRG ZKHUH DSSURSULDWH WR WKH QHW FDUU\LQJ DPRXQW
RI WKH ¿QDQFLDO DVVHW RU ¿QDQFLDO OLDELOLW\ :KHQ FDOFXODWLQJ
WKHHIIHFWLYHLQWHUHVWUDWHWKH&RPSDQ\HVWLPDWHVFDVKÀRZV
FRQVLGHULQJDOOFRQWUDFWXDOWHUPVRIWKH¿QDQFLDOLQVWUXPHQWIRU
 7KH¿QDQFLDOVWDWHPHQWVDUHSUHVHQWHGLQ8$('LUKDP$('
ZKLFKLVWKH&RPSDQ\¶VIXQFWLRQDODQGSUHVHQWDWLRQFXUUHQF\
 7UDQVDFWLRQDQGEDODQFHV
 7UDQVDFWLRQV LQ IRUHLJQ FXUUHQFLHV DUH WUDQVODWHG LQWR WKH
IXQFWLRQDOFXUUHQF\XVLQJWKHH[FKDQJHUDWHVSUHYDLOLQJDWWKH
WUDQVDFWLRQGDWHV0RQHWDU\DVVHWVDQGOLDELOLWLHVH[SUHVVHGLQ
IRUHLJQFXUUHQFLHVDWWKHEDODQFHVKHHWGDWHDUHWUDQVODWHGDW
UDWHVRIH[FKDQJHUXOLQJDWWKHEDODQFHVKHHWGDWH([FKDQJH
GLIIHUHQFHVDULVLQJLQWKHVHFDVHVDUHGHDOWZLWKLQWKHVWDWHPHQW
RILQFRPH
3.18.(PSOR\HHV¶WHUPLQDOEHQH¿WV
 7HUPLQDWLRQEHQH¿WVDUHSDLGWRHPSOR\HHV¶ZKHQHPSOR\PHQW
LV WHUPLQDWHG E\ WKH &RPSDQ\ EHIRUH WKH QRUPDO UHWLUHPHQW
GDWHRUZKHQHYHUDQHPSOR\HHDFFHSWVYROXQWDU\UHWLUHPHQWLQ
H[FKDQJHIRUWKHVHEHQH¿WV
 3URYLVLRQLVPDGHIRUHPSOR\HHV¶WHUPLQDOEHQH¿WVRQWKHEDVLV
SUHVFULEHGXQGHUWKH8$(/DERXU/DZEDVHGRQHPSOR\HHV¶
VDODULHVDQGQXPEHURI\HDUVRIVHUYLFH7KHWHUPLQDOEHQH¿WV
DUH SDLG WR HPSOR\HHV RQ WHUPLQDWLRQ RU FRPSOHWLRQ RI WKHLU
WHUPRIHPSOR\PHQW
3.19.Contingent liabilities and contingent assets
 $ FRQWLQJHQW OLDELOLW\ LV D SRVVLEOH REOLJDWLRQ WKDW DULVHV IURP
SDVWHYHQWVDQGZKRVHH[LVWHQFHZLOORQO\EHFRQ¿UPHGE\WKH
RFFXUUHQFHRUQRQRFFXUUHQFHRIRQHRUPRUHXQFHUWDLQIXWXUH
HYHQWVQRWZKROO\ZLWKLQWKHFRQWURORIWKH&RPSDQ\,WFDQDOVR
EHDSUHVHQWREOLJDWLRQDULVLQJIURPWKHSDVWHYHQWVWKDWLVQRW
UHFRJQL]HGEHFDXVHLWLVQRWSUREDEOHWKDWRXWÀRZRIHFRQRPLF
UHVRXUFHVZLOOEHUHTXLUHGRUWKHDPRXQWRIREOLJDWLRQFDQQRW
EHPHDVXUHGUHOLDEO\
 &RQWLQJHQW OLDELOLWLHV DUH QRW UHFRJQL]HG EXW DUH GLVFORVHG LQ
WKH QRWHV WR WKH DFFRXQWV :KHQ D FKDQJH LQ WKH SUREDELOLW\
RIDQRXWÀRZRFFXUVVRWKDWRXWÀRZLVSUREDEOHLWZLOOWKHQEH
H[DPSOH SUHSD\PHQW RSWLRQV EXW GRHV QRW FRQVLGHU IXWXUH UHFRJQL]HGDVSURYLVLRQ
FUHGLWORVVHV7KHFDOFXODWLRQLQFOXGHVDOOIHHVDQGSRLQWVSDLG
 $ FRQWLQJHQW DVVHW LV D SRVVLEOH DVVHW WKDW DULVHV IURP SDVW
RUUHFHLYHGEHWZHHQSDUWLHVWRWKHFRQWUDFWWKDWDUHDQLQWHJUDO
HYHQWV DQG ZKRVH H[LVWHQFH ZLOO EH FRQ¿UPHG RQO\ E\ WKH
SDUWRIWKHHIIHFWLYHLQWHUHVWUDWHWUDQVDFWLRQFRVWVDQGDOORWKHU
RFFXUUHQFHRUQRQRFFXUUHQFHRIRQHRUPRUHXQFHUWDLQIXWXUH
SUHPLXPVRUGLVFRXQWV
HYHQWVQRWZKROO\ZLWKLQWKHFRQWURORIWKH&RPSDQ\&RQWLQJHQW
3.16 Provisions DVVHWVDUHQRWUHFRJQL]HGEXWDUHGLVFORVHGLQWKHQRWHVWRWKH
 3URYLVLRQV DUH UHFRJQL]HG ZKHQ WKH &RPSDQ\ KDV D SUHVHQW DFFRXQWV ZKHQ DQ LQÀRZ RI HFRQRPLF EHQH¿WV LV SUREDEOH
REOLJDWLRQ OHJDO RU FRQVWUXFWLYH DV D UHVXOW RI D SDVW HYHQW :KHQDQLQÀRZLVYLUWXDOO\FHUWDLQDQDVVHWLVUHFRJQL]HG
LW LV SUREDEOH WKDW WKH &RPSDQ\ ZLOO EH UHTXLUHG WR VHWWOH WKH
REOLJDWLRQDQGDUHOLDEOHHVWLPDWHFDQEHPDGHRIWKHDPRXQW
RIWKHREOLJDWLRQ

12th Annual Report 2016-17 

Golden Harvest Middle East (FZC)

NOTES to the Financial Statements for the year ended 31st March 2017
4. SIGNIFICANT ACCOUNTING ESTIMATES 6. INVESTMENTS IN SUBSIDIARIES/ASSOCIATES
 7KHSUHSDUDWLRQRI¿QDQFLDOVWDWHPHQWVUHTXLUHVPDQDJHPHQW (Un-quoted at cost)
WRPDNHMXGJPHQWVHVWLPDWHVDQGDVVXPSWLRQVWKDWDIIHFWWKH  $W WKH EDODQFH VKHHW GDWH WKH &RPSDQ\ KDG LQYHVWPHQW
DSSOLFDWLRQ RI SROLFLHV DQG UHSRUWHG DPRXQWV RI DVVHWV DQG LQ WKH DVVRFLDWH FRPSDQ\ LQ DFFRUGDQFH ZLWK WKH WHUPV DQG
OLDELOLWLHVLQFRPHDQGH[SHQVHV$FWXDOUHVXOWVPD\GLIIHUIURP FRQGLWLRQV RI WKH 0HPRUDQGXP DQG $UWLFOHV RI $VVRFLDWLRQV
WKHVHHVWLPDWHV RI WKH DVVRFLDWH FRPSDQ\ 7KH DVVRFLDWH FRPSDQ\ LV LQ WKH
 (VWLPDWHV DQG XQGHUO\LQJ DVVXPSWLRQV DUH UHYLHZHG RQ SURFHVV RI VHWWLQJ XS D PDQXIDFWXULQJ IDFLOLW\ DQG KDV QRW
DQ RQJRLQJ EDVLV 5HYLVLRQV WR DFFRXQWLQJ HVWLPDWHV DUH FRPPHQFHGFRPPHUFLDORSHUDWLRQVWLOOGDWH
UHFRJQL]HGLQWKHSHULRGLQZKLFKWKHHVWLPDWHLVUHYLVHGLIWKH  $W WKH EDODQFH VKHHW GDWH WKH LQYHVWPHQW LQ DVVRFLDWH
UHYLVLRQDIIHFWVRQO\WKDWSHULRGRULQWKHSHULRGRIWKHUHYLVLRQ DPRXQWLQJ WR $('  KDV QRW EHHQ UHÀHFWHG LQ WKH
DQGIXWXUHSHULRGVLIWKHUHYLVLRQVDIIHFWERWKFXUUHQWDQGIXWXUH VWDWXWRU\UHFRUGVRIWKHDVVRFLDWH&RPSDQ\PDLQWDLQHGE\WKH
SHULRGV +DPUL\DK)UHH=RQH$XWKRULW\
 7KH NH\ DVVXPSWLRQV FRQFHUQLQJ WKH IXWXUH DQG RWKHU NH\  $W WKH EDODQFH VKHHW GDWH &RPSDQ\ LV DOVR KROGLQJ 
VRXUFHV RI HVWLPDWLRQ XQFHUWDLQW\ DW WKH EDODQFH VKHHW WKDW VKDUHV LQ D VXEVLGLDU\ FRPSDQ\ 0V $PDUDN &KHPLFDOV
KDYH D VLJQL¿FDQW ULVN RI FDXVLQJ PDWHULDO DGMXVWPHQW WR WKH )=& UHJLVWHUHG LQ )XMDLUDK )UHH =RQH )XMDLUDK 8QLWHG$UDE
FDUU\LQJ DPRXQWV RI DVVHWV DQG OLDELOLWLHV ZLWKLQ WKH QH[W (PLUDWHVDPRXQWLQJWR$('
¿QDQFLDO\HDUDUH
7. TRADE RECEIVABLES
Impairment of trade receivables and amount due from
related parties 2017 2016
 $QHVWLPDWHRIWKHFROOHFWLEOHDPRXQWRIWUDGHUHFHLYDEOHVDQG AED AED
DPRXQWGXHIURPUHODWHGSDUWLHVDUHPDGHZKHQFROOHFWLRQRI 7UDGHUHFHLYDEOHV  
WKHIXOODPRXQWLVQRORQJHUSUREDEOH)RULQGLYLGXDOO\VLJQL¿FDQW 9,417,126 
DPRXQWV WKLV HVWLPDWLRQ LV SHUIRUPHG RQ DQ LQGLYLGXDO EDVLV
$PRXQWV ZKLFK DUH QRW LQGLYLGXDOO\ VLJQL¿FDQW EXW ZKLFK DUH L $W  0DUFK   RI WKH QHW WUDGH UHFHLYDEOHV
SDVWGXHDUHDVVHVVHGFROOHFWLYHO\DQGDQDOORZDQFHDSSOLHG    DUH GXH IURP  FXVWRPHUV   
DFFRUGLQJ WR WKH OHQJWK RI WLPH SDVW GXH EDVHG RQ KLVWRULFDO FXVWRPHUV
UHFRYHU\ UDWHV$Q\ GLIIHUHQFH EHWZHHQ WKH DPRXQWV DFWXDOO\ LL 7KH 0DQDJHPHQW RI WKH &RPSDQ\ FRQ¿UPV WKDW WKH
FROOHFWHG LQ IXWXUH SHULRGV DQG WKH DPRXQWV H[SHFWHG WR EH DERYH UHFHLYDEOHV DUH IXOO\ UHFRYHUDEOH DQG KHQFH QR
FROOHFWHGZLOOEHUHFRJQL]HGLQWKHVWDWHPHQWRILQFRPH SURYLVLRQKDVEHHQPDGHLQWKHDFFRXQWVGXULQJWKH\HDU
Impairment of property, plant and equipment LLL 7KHDJLQJDQDO\VLVRIWKHDFFRXQWVUHFHLYDEOHDUHDVIROORZV
2017 
 $GHFOLQHLQWKHYDOXHRISURSHUW\SODQWDQGHTXLSPHQWFRXOG
AED $('
KDYH D VLJQL¿FDQW HIIHFW RQ WKH DPRXQWV UHFRJQL]HG LQ WKH
'XHIRUOHVVWKDQPRQWKV  
¿QDQFLDO VWDWHPHQWV 0DQDJHPHQW DVVHVVHV WKH LPSDLUPHQW
'XHIRUPRUHWKDQPRQWKV  
RISURSHUW\SODQWDQGHTXLSPHQWZKHQHYHUHYHQWVRUFKDQJHV
9,417,126 
LQ FLUFXPVWDQFHV LQGLFDWH WKDW WKH FDUU\LQJ YDOXH PD\ QRW EH
UHFRYHUDEOH
 )DFWRUV WKDW DUH FRQVLGHUHG LPSRUWDQW ZKLFK FRXOG WULJJHU DQ L $W0DUFKRIWKHQHWWUDGHUHFHLYDEOHV±
LPSDLUPHQWUHYLHZLQFOXGHWKHIROORZLQJ DUHGXHIURPFXVWRPHUV±FXVWRPHUV
‡ VLJQL¿FDQW FKDQJHV LQ WKH WHFKQRORJ\ DQG UHJXODWRU\ LL 7KH PDQDJHPHQW RI WKH &RPSDQ\ FRQ¿UPV WKDW WKH DERYH
HQYLURQPHQWV UHFHLYDEOHVDUHIXOO\UHFRYHUDEOHDQGKHQFHQRSURYLVLRQKDV
EHHQPDGHLQWKHDFFRXQWVGXULQJWKH\HDU
‡ HYLGHQFH IURP LQWHUQDO UHSRUWLQJ ZKLFK LQGLFDWHV WKDW WKH
HFRQRPLF SHUIRUPDQFH RI WKH DVVHW LV RU ZLOO EH ZRUVH WKDQ LLL 7KHDJLQJDQDO\VLVRIWKHWUDGHUHFHLYDEOHVDUHDVIROORZV
H[SHFWHG
Useful life of property, plant and equipment 8. PREPAYMENTS AND OTHER RECEIVABLES
 7KH &RPSDQ\¶V PDQDJHPHQW GHWHUPLQHV WKH HVWLPDWHG
2017 
XVHIXOOLYHVRILWVSURSHUW\SODQWDQGHTXLSPHQWIRUFDOFXODWLQJ
AED $('
GHSUHFLDWLRQ 7KLV HVWLPDWH LV GHWHUPLQHG DIWHU FRQVLGHULQJ
WKH H[SHFWHG XVDJH RI WKH DVVHW RU SK\VLFDO ZHDU DQG WHDU 3UHSD\PHQWV 25,890 
0DQDJHPHQW UHYLHZV WKH UHVLGXDO YDOXH DQG XVHIXO OLYHV 'HSRVLWV 5,100 
DQQXDOO\ DQG IXWXUH GHSUHFLDWLRQ FKDUJH ZRXOG EH DGMXVWHG /RDQVDQGDGYDQFHV - 
ZKHUH WKH PDQDJHPHQW EHOLHYHV WKH XVHIXO OLYHV GLIIHU IURP
30,990 
SUHYLRXVHVWLPDWHV
9. RELATED PARTY TRANSACTIONS
5. PROPERTY, PLANT AND EQUIPMENT
 7KH&RPSDQ\KDVLQWKHRUGLQDU\FRXUVHRIEXVLQHVVHQWHUHG
 0RYHPHQWLQSURSHUW\SODQWDQGHTXLSPHQWDUHJLYHQRQSDJH
LQWRWUDGLQJ¿QDQFLDODQGVHUYLFHWUDQVDFWLRQVZLWKFRQFHUQVLQ
QXPEHU
ZKLFKWKHVKDUHKROGHUV¶GLUHFWRUV¶PDQDJHURIWKH&RPSDQ\RU
WKHLUUHODWLYHVKDYHDQLQYHVWLQJFRQWUROOLQJLQWHUHVW

148 12th Annual Report 2016-17

 Golden Harvest Middle East (FZC)

NOTES to the Financial Statements for the year ended 31st March 2017
 7KHSULFHVDQGWHUPVRIWKHVHWUDQVDFWLRQVZHUHDSSURYHGE\ 12. SHARE CAPITAL
WKHPDQDJHPHQWDQGFRQVLGHUHGFRPSDUDEOHWRWKRVHFKDUJHG
E\ WKLUG SDUWLHV 7KH DPRXQWV RXWVWDQGLQJ IURPWR UHODWHG 2017 
SDUWLHV DUH XQVHFXUHG ZKLFK GR QRW DWWUDFW LQWHUHVW DQG DUH AED $('
SD\DEOHRQGHPDQG1RH[SHQVHKDVEHHQUHFRJQL]HGLQWKH $XWKRULVHGLVVXHGDQGSDLGXS 150,000 
SHULRGIRUEDGRUGRXEWIXOGHEWVLQUHVSHFWRIWKHDPRXQWVRZHG FDSLWDO
E\UHODWHGSDUWLHV VKDUHVRI$('HDFK
 $WWKHHQGRIWKHUHSRUWLQJSHULRGDPRXQWVGXHIURPWRUHODWHG 150,000 
SDUWLHVZHUHDVIROORZV
13. SHAREHOLDERS’ CURRENT ACCOUNTS
Amount due from related parties 2017   6KDUHKROGHUV¶FXUUHQWDFFRXQWEDODQFHVGRQRWDWWUDFWLQWHUHVW
AED $(' DQGWKHUHDUHQRGH¿QHGUHSD\PHQWDUUDQJHPHQWV
0$3&2)HUWLOL]HUV)=& 982,243  14. RESERVE FUND
+DPUL\DK)UHH=RQH6KDUMDK
 7KLVUHSUHVHQWVUHVHUYHFUHDWHGRXWRISUR¿WRIWKH&RPSDQ\LQ
$PDUDN&KHPLFDOV)=&)XMDLUDK 24,102,532 
DFFRUGDQFHZLWKWKHSURYLVLRQVRI0HPRUDQGXPDQG$UWLFOHVRI
$ULHV$JUR/LPLWHG0XPEDL 1,578,943 
$VVRFLDWLRQRIWKH&RPSDQ\
26,663,718 
15. PROVISION FOR EMPLOYEES’ TERMINAL BENEFITS
 $PRXQW GXH IURP 0$3&2 )HUWLOL]HU )=& D UHODWHG SDUW\
DPRXQWLQJ WR $('  LV VXEMHFW WR FRQ¿UPDWLRQ DQG  7KHSURYLVLRQIRUHQGRIVHUYLFHEHQH¿WVIRUHPSOR\HHVLVPDGH
UHFRQFLOLDWLRQ LQ DFFRUGDQFH ZLWK WKH UHTXLUHPHQWV RI WKH 8$( /DERXU
/DZV 7KLV LV DQ XQIXQGHG GH¿QHG EHQH¿WV UHWLUHPHQW SODQ
Amount due to related parties 2017  (PSOR\HHVDUHHQWLWOHGWREHQH¿WVEDVHGRQOHQJWKRIVHUYLFH
AED $(' DQG¿QDOUHPXQHUDWLRQ$FFUXHGHPSOR\HHV¶WHUPLQDOEHQH¿WV
$ULHV$JUR/LPLWHG 10,224,155  DUHSD\DEOHRQWHUPLQDWLRQRIHPSOR\PHQW
0LUDEHOOH+ROGLQJV -  16. TRADE PAYABLES AND ACCRUALS
$PDUDN&KHPLFDOV)=& 11,608,967  2017 
)XMDLUDK
AED $('
21,833,122 
7UDGHSD\DEOHV 145,140 
 'XULQJ WKH \HDU WKH &RPSDQ\ HQWHUHG LQWR WKH IROORZLQJ
$FFUXHGH[SHQVHV 1,122,790 
WUDQVDFWLRQVZLWKUHODWHGSDUWLHV
1,267,930 
2017  17. BANK BORROWINGS
AED $('  7KLVUHSUHVHQWVVKRUWWHUPORDQWDNHQIURPD¿QDQFLDOLQVWLWXWLRQ
6DOHV 997,679  ZKLFKEHDUVLQWHUHVWDWFRPPHUFLDOUDWHV
3XUFKDVHV -   7KHDERYHORDQLVVHFXUHGDJDLQVWVWDQGE\/&LVVXHGE\$[LV
%DQN,QGLDRI0V$ULHV$JUR/WG0XPEDLWKHVKDUHKROGHURI
Key management compensation WKH&RPSDQ\
LQFOXGLQJ'LUHFWRU¶VHPROXPHQWV 18. SALES
2017 
AED $(' 2017 
'LUHFWRUV
UHPXQHUDWLRQ 411,600  AED $('
411,600  7UDGLQJ 1,004,391 
10. ADVANCE TOWARDS SHARE APPLICATION MONEY 0DQXIDFWXULQJ 9,776 
1,014,167 
 7KLV UHSUHVHQWV DPRXQW SDLG WR WKH VXEVLGLDU\ &RPSDQ\
19. COST OF SALES
$PDUDN&KHPLFDOV)=&)XMDLUDK)UHH=RQHWRZDUGVDGYDQFH
IRUDOORWPHQWRIVKDUHV 2017 
11. CASH AND BANK BALANCES AED $('
2SHQLQJLQYHQWRULHV 1,550,664 
2017 
3XUFKDVHV 34,897 
AED $('
'LUHFWH[SHQVHV 171,977 
&DVKLQKDQG 2,492 
/HVV&ORVLQJLQYHQWRULHV - 
&XUUHQWDFFRXQWZLWKEDQNV 77,962 
1,757,538 
80,454 

12th Annual Report 2016-17 

Golden Harvest Middle East (FZC)

NOTES to the Financial Statements for the year ended 31st March 2017
20. ADMINISTRATION, SELLING AND GENERAL EXPENSES  7KH ¿QDQFLDO LQVWUXPHQWV FRPSULVH RI ¿QDQFLDO DVVHWV DQG
¿QDQFLDOOLDELOLWLHV
2017 
 7KH IDLU YDOXH RI WKH ¿QDQFLDO DVVHWV DQG ¿QDQFLDO OLDELOLWLHV
AED $(' LV LQFOXGHG DW WKH DPRXQW DW ZKLFK WKH LQVWUXPHQW FRXOG EH
6DODULHVDQGEHQH¿WV 612,313  H[FKDQJHG LQ D FXUUHQW WUDQVDFWLRQ EHWZHHQ NQRZOHGJHDEOH
5HQWH[SHQVHV 182,810  ZLOOLQJSDUWLHV
/HJDODQGSURIHVVLRQDOFKDUJHV 82,032   )LQDQFLDODVVHWVRIWKH&RPSDQ\LQFOXGHFDVKEDQNEDODQFHV
&RPPXQLFDWLRQH[SHQVHV 27,275  WUDGHUHFHLYDEOHVGHSRVLWVDGYDQFHVDQGDPRXQWVGXHIURP
,QVXUDQFHFKDUJHV 14,457  UHODWHG SDUWLHV )LQDQFLDO OLDELOLWLHV LQFOXGH EDQN ERUURZLQJV
5HSDLUVDQGPDLQWHQDQFH 6,383  DPRXQWVGXHWRUHODWHGSDUWLHVWUDGHSD\DEOHVDQGDFFUXDOV
$GYHUWLVHPHQWDQGEXVLQHVV -   7KHPDQDJHPHQWEHOLHYHVWKDWWKHIDLUYDOXHVRIWKH¿QDQFLDO
SURPRWLRQH[SHQVHV DVVHWVDQGOLDELOLWLHVDSSUR[LPDWHWRWKHLUFDUU\LQJDPRXQWV
3ULQWLQJDQGVWDWLRQHU\ 1,302  23. FINANCIAL RISK MANAGEMENT
7UDYHOLQJDQGFRQYH\DQFH 8,526  23.1 Financial risk factors
2WKHUH[SHQVHV 188,594   7KHULVNPDQDJHPHQWIXQFWLRQZLWKLQWKH&RPSDQ\LVFDUULHG
1,123,692  RXWLQUHVSHFWRI¿QDQFLDOULVNV)LQDQFLDOULVNVDUHULVNVDULVLQJ
21. FINANCE CHARGES IURP ¿QDQFLDO LQVWUXPHQWV WR ZKLFK WKH &RPSDQ\ LV H[SRVHG
GXULQJ RU DW WKH HQG RI WKH UHSRUWLQJ SHULRG )LQDQFLDO ULVN
2017  FRPSULVHV PDUNHW ULVN LQFOXGLQJ FXUUHQF\ ULVN LQWHUHVW UDWH
AED $(' ULVNFUHGLWULVNDQGOLTXLGLW\ULVN7KHSULPDU\REMHFWLYHVRIWKH
%DQNFKDUJHV 37,296  ¿QDQFLDOULVNPDQDJHPHQWIXQFWLRQDUHWRHVWDEOLVKULVNOLPLWV
,QWHUHVWFKDUJHV 799,798  DQGWKHQHQVXUHWKDWH[SRVXUHWRULVNVVWD\VZLWKLQWKHVHOLPLWV
837,094   7KHLGHQWL¿HGNH\ULVNVDUHDVIROORZV
22. FINANCIAL INSTRUMENTS L Currency risk
L 6LJQL¿FDQWDFFRXQWLQJSROLFLHV  7KH &RPSDQ\ XQGHUWDNHV FHUWDLQ WUDQVDFWLRQV GHQRPLQDWHG
 'HWDLOV RI WKH VLJQL¿FDQW DFFRXQWLQJ SROLFLHV DQG PHWKRGV LQ IRUHLJQ FXUUHQFLHV DQG KHQFH H[SRVXUH WR H[FKDQJH UDWH
DGRSWHG LQFOXGLQJ WKH FULWHULD IRU UHFRJQLWLRQ WKH EDVLV RI ÀXFWXDWLRQVDULVHV
PHDVXUHPHQW DQG WKH EDVLV RQ ZKLFK LQFRPH DQG H[SHQVHV  7KH PDMRULW\ RI WKH &RPSDQ\¶V ¿QDQFLDO DVVHWV DQG ¿QDQFLDO
DUH UHFRJQL]HG LQ UHVSHFW RI HDFK FODVV RI ¿QDQFLDO DVVHW OLDELOLWLHV DUH HLWKHU GHQRPLQDWHG LQ ORFDO FXUUHQF\ $(' RU
DQG ¿QDQFLDO OLDELOLW\ DUH GLVFORVHG LQ QRWH  WR WKH ¿QDQFLDO FXUUHQFLHV¿[HGWRWKH$('+HQFHWKHPDQDJHPHQWEHOLHYHV
VWDWHPHQWV
WKDWWKHUHZRXOGQRWEHDPDWHULDOLPSDFWRQWKHSUR¿WDELOLW\LI
LL Fair value WKHVH IRUHLJQ FXUUHQFLHV ZHDNHQV RU VWUHQJWKHQV DJDLQVW WKH
 7KHIROORZLQJWDEOHDQDO\VHVWKHIDLUYDOXHRI¿QDQFLDODVVHWV $('ZLWKDOORWKHUYDULDEOHVKHOGFRQVWDQW
DQG¿QDQFLDOOLDELOLWLHVWKDWDUHQRWPHDVXUHGDWIDLUYDOXHRQ LL Interest rate risk
UHFXUULQJEDVLV
 7KH &RPSDQ\¶V H[SRVXUH WR LQWHUHVW UDWH ULVN UHODWHV SULPDULO\
2017 2016 2017 2016
AED AED AED AED WR WKH &RPSDQ\¶V ERUURZLQJV ZLWK ÀRDWLQJ LQWHUHVW UDWHV 7KH
Carrying amount Fair value LQWHUHVW UDWHV RQ EDQN ERUURZLQJV DUH DW FRPPHUFLDO UDWHV
Financial assets QHJRWLDWHGZLWKEDQNVDQGDUHODUJHO\VXEMHFWWRUHJXODUUHYLVLRQ
7UDGHUHFHLYDEOHV     LLL Liquidity risk
'HSRVLWVDQG    
DGYDQFHV  7KH &RPSDQ\ PDQDJHV LWV OLTXLGLW\ ULVN E\ HQVXULQJ LW KDV
$PRXQWGXHIURP     VXI¿FLHQWOLTXLGFDVKEDODQFHVWRPHHWLWVSD\PHQWREOLJDWLRQV
UHODWHGSDUWLHV DVWKH\IDOOGXH7KH&RPSDQ\PDLQWDLQVJRRGZRUNLQJUHODWLRQV
&DVKDQGEDQN    
ZLWKLWVEDQNVDQGHQVXUHVFRPSOLDQFHZLWKWKHFRYHQDQWVDV
EDODQFHV
36,166,398 36,424,491 36,166,398 36,424,491 VWLSXODWHGLQIDFLOLW\DUUDQJHPHQWV
Financial liabilities  7KH WDEOH EHORZ VXPPDUL]HV WKH PDWXULW\ SUR¿OH RI WKH
7UDGHSD\DEOHVDQG     &RPSDQ\¶V¿QDQFLDOLQVWUXPHQWV7KHFRQWUDFWXDOPDWXULWLHVRI
DFFUXDOV
WKH¿QDQFLDOLQVWUXPHQWVKDYHEHHQGHWHUPLQHGRQWKHEDVLVRI
%DQNERUURZLQJV    
$PRXQWGXHWRUHODWHG     WKHUHPDLQLQJSHULRGDWWKHHQGRIWKHUHSRUWLQJSHULRGWRWKH
SDUWLHV FRQWUDFWXDOPDWXULW\GDWH7KHPDWXULW\SUR¿OHLVPRQLWRUHGE\
30,969,585 30,699,191 30,969,585 30,699,191 PDQDJHPHQWWRHQVXUHDGHTXDWHOLTXLGLW\LVPDLQWDLQHG

150 12th Annual Report 2016-17

 Golden Harvest Middle East (FZC)

2017 2016 24. CAPITAL COMMITMENTS

Less than More than Total Less than More Total
 ([FHSW IRU WKH RQJRLQJ EXVLQHVV REOLJDWLRQV ZKLFK DUH XQGHU
365 days 365 days 365 days than
365 QRUPDOFRXUVHRIEXVLQHVVDJDLQVWZKLFKQRORVVLVH[SHFWHG
days WKHUH KDV EHHQ QR RWKHU NQRZQ FDSLWDO FRPPLWPHQW RQ
AED AED AED AED AED AED &RPSDQ\¶V¿QDQFLDOVWDWHPHQWVDVRIUHSRUWLQJGDWH
Financial assets
1RQLQWHUHVW   36,166,398  - 36,424,491 25. CONTINGENT LIABILITIES
EHDULQJ
 ([FHSW IRU WKH RQJRLQJ EXVLQHVV REOLJDWLRQV ZKLFK DUH XQGHU
,QWHUHVWEHDULQJ   -   -
26,749,272 9,417,126 36,166,398 36,424,491 - 36,424,491
QRUPDOFRXUVHRIEXVLQHVVDJDLQVWZKLFKQRORVVLVH[SHFWHG
Financial liabilities WKHUH KDV EHHQ QR RWKHU NQRZQ FRQWLQJHQW OLDELOLW\ RQ
1RQLQWHUHVW  - 11,492,085  - 8,270,666 &RPSDQ\¶V¿QDQFLDOVWDWHPHQWVDVRIUHSRUWLQJGDWH
EHDULQJ
26. COMPARATIVE FIGURES
,QWHUHVWEHDULQJ   19,477,500   22,428,525
30,969,585 - 30,969,585 30,699,191 - 30,699,191  3UHYLRXV \HDU¶V ¿JXUHV KDYH EHHQ UHJURXSHG RU UHFODVVL¿HG
ZKHUHYHUQHFHVVDU\WRPDNHWKHPFRPSDUDEOHWRWKRVHRIWKH
LY Credit risk FXUUHQW\HDU

 &UHGLWULVNLVWKHULVNWKDWRQHSDUW\WRD¿QDQFLDOLQVWUXPHQWZLOO  +RZHYHU VXFK UHFODVVL¿FDWLRQ GRHV QRW KDYH LPSDFW RQ WKH
FDXVHD¿QDQFLDOORVVIRUWKHRWKHUSDUW\E\IDLOLQJWRGLVFKDUJH SUHYLRXVO\UHSRUWHGORVVRUHTXLW\
DQREOLJDWLRQ7KH&RPSDQ\¶VFUHGLWH[SRVXUHLVFRQWLQXRXVO\ 27. LEVEL OF PRECISION
PRQLWRUHGDQGUHJXODUO\UHYLHZHGE\WKHPDQDJHPHQW  $OO¿JXUHVDUHURXQGHGRIIWRQHDUHVW'LUKDPV$('
 7KH&RPSDQ\LVSRWHQWLDOO\H[SRVHGWRFRQFHQWUDWLRQRIFUHGLW 28. APPROVAL OF FINANCIAL STATEMENTS
ULVN IURP LWV ¿QDQFLDO DVVHWV ZKLFK FRPSULVH SULQFLSDOO\ EDQN
EDODQFHV DFFRXQWV DQG RWKHU UHFHLYDEOHV DQG DPRXQW GXH  7KHVH¿QDQFLDOVWDWHPHQWVZHUHDSSURYHGE\WKHVKDUHKROGHUV
IURPUHODWHGSDUWLHV DQGDXWKRUL]HGIRULVVXHRQ0D\
7KHFUHGLWULVNRQOLTXLGIXQGVLVOLPLWHGEHFDXVHWKH&RPSDQ\¶V
EDQN DFFRXQWV DUH SODFHG ZLWK KLJK FUHGLW TXDOLW\ ¿QDQFLDO For Golden Harvest Middle East FZC
LQVWLWXWLRQV
 7KH FUHGLW ULVN RQ WUDGH UHFHLYDEOHV DQG UHODWHG SDUWLHV LV
VXEMHFWWRFUHGLWHYDOXDWLRQVDQGDQDOORZDQFHKDVEHHQPDGH
IRUGRXEWIXOGHEWV7KHDPRXQWVSUHVHQWHGLQWKHVWDWHPHQWRI Director
¿QDQFLDOSRVLWLRQDUHQHWRIDOORZDQFHVIRUGRXEWIXOGHEWV

5 PROPERTY, PLANT AND EQUIPMENT AT 31 MARCH 2017

Building Machineries Equipments 2I¿FH Motor Total
AED AED AED furniture vehicles AED
AED AED
Cost:
DW$SULO      
GLVSRVDOGXULQJWKH\HDU      
DW0DUFK      
Depreciation:
DW$SULO      
FKDUJHIRUWKH\HDU      
RQGLVSRVDOV      
DW0DUFK      
Net book values:
at 31 March 2017 - - -  - -
at 31 March 2016 1,700,600 2,623,591 -  3,028 4,327,219

12th Annual Report 2016-17 151

Amarak Chemicals FZC

INDEPENDENT AUDITOR’S REPORT

The Shareholders’ DFFRUGDQFH ZLWK ,6$V ZLOO DOZD\V GHWHFW D PDWHULDO PLVVWDWHPHQW
Amarak Chemicals FZC ZKHQLWH[LVWV0LVVWDWHPHQWVFDQDULVHIURPIUDXGRUHUURUDQGDUH
Fujairah Free Zone FRQVLGHUHG PDWHULDO LI LQGLYLGXDOO\ RU LQ WKH DJJUHJDWH WKH\ FRXOG
Fujairah – United Arab Emirates UHDVRQDEO\ EH H[SHFWHG WR LQÀXHQFH WKH HFRQRPLF GHFLVLRQV RI
XVHUVWDNHQRQWKHEDVLVRIWKHVH¿QDQFLDOVWDWHPHQWV
Report on the Audit of the Financial Statements
$VSDUWRIDQDXGLWLQDFFRUGDQFHZLWK,6$VZHH[HUFLVHSURIHVVLRQDO
Opinion
MXGJPHQWDQGPDLQWDLQSURIHVVLRQDOVNHSWLFLVPWKURXJKRXWWKHDXGLW
:H KDYH DXGLWHG WKH ¿QDQFLDO VWDWHPHQWV RI Amarak Chemicals :HDOVR
FZC, Fujairah Free Zone, FujairahWKH&RPSDQ\ZKLFKFRPSULVH
‡ ,GHQWLI\ DQG DVVHVV WKH ULVNV RI PDWHULDO PLVVWDWHPHQW RI WKH
WKHVWDWHPHQWRI¿QDQFLDOSRVLWLRQDVDW0DUFKWKHVWDWHPHQW
¿QDQFLDO VWDWHPHQWV ZKHWKHU GXH WR IUDXG RU HUURU GHVLJQ
RI SUR¿W RU ORVV DQG RWKHU FRPSUHKHQVLYH LQFRPH VWDWHPHQW RI
DQG SHUIRUP DXGLW SURFHGXUHV UHVSRQVLYH WR WKRVH ULVNV DQG
FKDQJHVLQVKDUHKROGHUV¶IXQGVDQGFDVKÀRZVWDWHPHQWIRUWKH\HDU
REWDLQ DXGLW HYLGHQFH WKDW LV VXI¿FLHQW DQG DSSURSULDWH WR
WKHQHQGHGDQGDVXPPDU\ RIVLJQL¿FDQW DFFRXQWLQJ SROLFLHV DQG
SURYLGH D EDVLV IRU RXU RSLQLRQ 7KH ULVN RI QRW GHWHFWLQJ D
RWKHUH[SODQDWRU\QRWHV
PDWHULDO PLVVWDWHPHQW UHVXOWLQJ IURP IUDXG LV KLJKHU WKDQ IRU
,QRXURSLQLRQWKHDFFRPSDQ\LQJ¿QDQFLDOVWDWHPHQWVSUHVHQWIDLUO\ RQHUHVXOWLQJIURPHUURUDVIUDXGPD\LQYROYHFROOXVLRQIRUJHU\
LQ DOO PDWHULDO UHVSHFWV WKH ¿QDQFLDO SRVLWLRQ RI WKH &RPSDQ\ DV LQWHQWLRQDO RPLVVLRQV PLVUHSUHVHQWDWLRQV RU WKH RYHUULGH RI
DW0DUFKDQGLWV¿QDQFLDOSHUIRUPDQFHDQGLWVFDVKÀRZV LQWHUQDOFRQWURO
IRUWKH\HDUWKHQHQGHG LQ DFFRUGDQFHZLWK ,QWHUQDWLRQDO )LQDQFLDO
‡ 2EWDLQ DQ XQGHUVWDQGLQJ RI LQWHUQDO FRQWURO UHOHYDQW WR WKH
5HSRUWLQJ6WDQGDUGV
DXGLWLQRUGHUWRGHVLJQDXGLWSURFHGXUHVWKDWDUHDSSURSULDWH
Basis for opinion LQWKHFLUFXPVWDQFHVEXWQRWIRUWKHSXUSRVHRIH[SUHVVLQJDQ
RSLQLRQRQWKHHIIHFWLYHQHVVRIWKH&RPSDQ\¶VLQWHUQDOFRQWURO
:HFRQGXFWHGRXUDXGLWLQDFFRUGDQFHZLWK,QWHUQDWLRQDO6WDQGDUGV
RQ$XGLWLQJ ,6$V 2XU UHVSRQVLELOLWLHV XQGHU WKRVH VWDQGDUGV DUH
IXUWKHUGHVFULEHGLQWKH$XGLWRU¶VUHVSRQVLELOLWLHVIRUWKHDXGLWRIWKH
¿QDQFLDO VWDWHPHQWV VHFWLRQ RI RXU UHSRUW :H DUH LQGHSHQGHQW RI
WKH&RPSDQ\LQDFFRUGDQFHZLWKWKH,QWHUQDWLRQDO(WKLFV6WDQGDUGV
%RDUG)RU$FFRXQWDQWV&RGHRI(WKLFVIRU3URIHVVLRQDO$FFRXQWDQWV
‡ (YDOXDWH WKH DSSURSULDWHQHVV RI DFFRXQWLQJ SROLFLHV XVHG
DQG WKH UHDVRQDEOHQHVV RI DFFRXQWLQJ HVWLPDWHV DQG UHODWHG
GLVFORVXUHVPDGHE\PDQDJHPHQW
‡ &RQFOXGH RQ WKH DSSURSULDWHQHVV RI PDQDJHPHQW¶V XVH RI
WKH JRLQJ FRQFHUQ EDVLV RI DFFRXQWLQJ DQG EDVHG RQ WKH
,(6%$FRGHWRJHWKHUZLWKWKHHWKLFDOUHTXLUHPHQWVWKDWDUHUHOHYDQW
WRRXUDXGLWRIWKH¿QDQFLDOVWDWHPHQWVLQWKH8QLWHG$UDE(PLUDWHV
DQGZHKDYHIXO¿OOHGRXURWKHUHWKLFDOUHVSRQVLELOLWLHVLQDFFRUGDQFH
ZLWK WKHVH UHTXLUHPHQWV :H EHOLHYH WKDW WKH DXGLW HYLGHQFH ZH
KDYH REWDLQHG LV VXI¿FLHQW DQG DSSURSULDWH WR SURYLGH D EDVLV IRU
RXURSLQLRQ
0DQDJHPHQW¶VUHVSRQVLELOLW\IRUWKH¿QDQFLDOVWDWHPHQWV
0DQDJHPHQWLVUHVSRQVLEOHIRUWKHSUHSDUDWLRQDQGIDLUSUHVHQWDWLRQ
RIWKH¿QDQFLDOVWDWHPHQWVLQDFFRUGDQFHZLWK,QWHUQDWLRQDO)LQDQFLDO
DXGLWHYLGHQFHREWDLQHGZKHWKHUDPDWHULDOXQFHUWDLQW\H[LVWV
UHODWHGWRHYHQWVRUFRQGLWLRQVWKDWPD\FDVWVLJQL¿FDQWGRXEW
RQWKH&RPSDQ\¶VDELOLW\WRFRQWLQXHDVDJRLQJFRQFHUQ,IZH
FRQFOXGHWKDWDPDWHULDOXQFHUWDLQW\H[LVWVZHDUHUHTXLUHGWR
GUDZDWWHQWLRQLQRXUDXGLWRU¶VUHSRUWWRWKHUHODWHGGLVFORVXUHVLQ
WKH¿QDQFLDOVWDWHPHQWVRULIVXFKGLVFORVXUHVDUHLQDGHTXDWH
WR PRGLI\ RXU RSLQLRQ 2XU FRQFOXVLRQV DUH EDVHG RQ WKH
DXGLWHYLGHQFHREWDLQHGXSWRWKHGDWHRIRXUDXGLWRU¶VUHSRUW
+RZHYHUIXWXUHHYHQWVRUFRQGLWLRQVPD\FDXVHWKH&RPSDQ\
WRFHDVHWRFRQWLQXHDVDJRLQJFRQFHUQ
5HSRUWLQJ6WDQGDUGV,)567KHPDQDJHPHQWLVDOVRUHVSRQVLEOH
IRU VXFK LQWHUQDO FRQWUROV DV LW GHWHUPLQHV QHFHVVDU\ WR HQDEOH
WKH SUHSDUDWLRQ RI ¿QDQFLDO VWDWHPHQWV WKDW DUH IUHH IURP PDWHULDO
PLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURU
0DQDJHPHQW¶VUHVSRQVLELOLW\IRUWKH¿QDQFLDOVWDWHPHQWV
,Q SUHSDULQJ WKH ¿QDQFLDO VWDWHPHQWV PDQDJHPHQW LV UHVSRQVLEOH
IRUDVVHVVLQJWKH&RPSDQ\¶VDELOLW\WRFRQWLQXHDVDJRLQJFRQFHUQ
GLVFORVLQJDVDSSOLFDEOHPDWWHUVUHODWHGWRJRLQJFRQFHUQDQGXVLQJ
WKH JRLQJ FRQFHUQ EDVLV RI DFFRXQWLQJ XQOHVV PDQDJHPHQW HLWKHU
LQWHQGVWROLTXLGDWHWKH&RPSDQ\RUWRFHDVHRSHUDWLRQVRUKDVQR
UHDOLVWLFDOWHUQDWLYHEXWWRGRVR
7KH 0DQDJHPHQW LV UHVSRQVLEOH IRU RYHUVHHLQJ WKH &RPSDQ\¶V
¿QDQFLDOUHSRUWLQJSURFHVV
Auditors’ responsibility for the Audit of the Financial Statements
2XUREMHFWLYHVDUHWRREWDLQUHDVRQDEOHDVVXUDQFHDERXWZKHWKHUWKH
¿QDQFLDOVWDWHPHQWVDVDZKROHDUHIUHHIURPPDWHULDOPLVVWDWHPHQW
ZKHWKHU GXH WR IUDXG RU HUURU DQG WR LVVXH DQ DXGLWRU¶V UHSRUW
WKDW LQFOXGHV RXU RSLQLRQ 5HDVRQDEOH DVVXUDQFH LV D KLJK OHYHO
RI DVVXUDQFH EXW LV QRW D JXDUDQWHH WKDW DQ DXGLW FRQGXFWHG LQ
152 Annual Report 2016-17
‡ (YDOXDWHWKHRYHUDOOSUHVHQWDWLRQVWUXFWXUHDQGFRQWHQWRIWKH
¿QDQFLDO VWDWHPHQWV LQFOXGLQJ WKH GLVFORVXUHV DQG ZKHWKHU
WKH¿QDQFLDOVWDWHPHQWVUHSUHVHQWWKHXQGHUO\LQJWUDQVDFWLRQV
DQGHYHQWVLQDPDQQHUWKDWDFKLHYHVIDLUSUHVHQWDWLRQ
‡ 2EWDLQ VXI¿FLHQW DSSURSULDWH DXGLW HYLGHQFH UHJDUGLQJ WKH
¿QDQFLDO LQIRUPDWLRQ RI WKH HQWLWLHV RU EXVLQHVV DFWLYLWLHV
ZLWKLQ WKH &RPSDQ\ WR H[SUHVV DQ RSLQLRQ RQ WKH ¿QDQFLDO
VWDWHPHQWV :H DUH UHVSRQVLEOH IRU WKH GLUHFWLRQ VXSHUYLVLRQ
DQG SHUIRUPDQFH RI WKH &RPSDQ\ DXGLW :H UHPDLQ VROHO\
UHVSRQVLEOHIRURXUDXGLWRSLQLRQ
:H FRPPXQLFDWH ZLWK WKH PDQDJHPHQW UHJDUGLQJ DPRQJ RWKHU
PDWWHUV WKH SODQQHG VFRSH DQG WLPLQJ RI WKH DXGLW DQG VLJQL¿FDQW
DXGLW ¿QGLQJV LQFOXGLQJ DQ\ VLJQL¿FDQW GH¿FLHQFLHV LQ LQWHUQDO
FRQWUROWKDWZHLGHQWLI\GXULQJRXUDXGLW
Prasad Associates
Chartered Accountants
'DWH0D\
3ODFH6KDUMDK
 Amarak Chemicals FZC

STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2017

Notes 2017 
AED $('
ASSETS
Non-current assets
3URSHUW\SODQWDQGHTXLSPHQW 5 26,152,406 
&DSLWDOZRUNLQSURJUHVV  4,079,250 
7RWDOQRQFXUUHQWDVVHWV 30,231,656 

Current assets
,QYHQWRULHV  15,064,920 
7UDGHUHFHLYDEOHV 8 29,624,254 
$PRXQWVGXHIURPUHODWHGSDUWLHV  11,608,967 
'HSRVLWVDGYDQFHVDQGSUHSD\PHQWV  14,992,817 
&DVKDQGEDQNEDODQFHV 11 211,888 
7RWDOFXUUHQWDVVHWV 71,502,846 
TOTAL ASSETS 101,734,502 

SHAREHOLDERS' FUNDS AND LIABILITIES

SHAREHOLDERS' FUNDS
6KDUHFDSLWDO 12 3,000,000 
6KDUHKROGHUV
FXUUHQWDFFRXQWV  10,785,972 
/HJDOUHVHUYH 14 905,776 
5HWDLQHGHDUQLQJV 6,915,519 
7RWDOVKDUHKROGHUV
HTXLW\ 21,607,267 
6KDUHDSSOLFDWLRQPRQH\ 15 27,849,627 
7RWDOVKDUHKROGHUV
IXQGV 49,456,894 

Non Current liabilities

3URYLVLRQIRUHPSOR\HHV
WHUPLQDOEHQH¿WV  245,689 
7HUPORDQVQRQFXUUHQWSRUWLRQ - 
7RWDOQRQFXUUHQWOLDELOLWLHV 245,689 
Current liabilities
7UDGHSD\DEOHVDQGDFFUXDOV  25,684,121 
$PRXQWVGXHWRUHODWHGSDUWLHV  26,347,798 
7HUPORDQVFXUUHQWSRUWLRQ - 
7RWDOFXUUHQWOLDELOLWLHV 52,031,919 
7RWDOOLDELOLWLHV 52,277,608 
TOTAL SHAREHOLDERS' FUNDS AND LIABILITIES 101,734,502 

:H FRQ¿UP WKDW ZH DUH UHVSRQVLEOH IRU WKHVH ¿QDQFLDO VWDWHPHQWV LQFOXGLQJ VHOHFWLQJ WKH DFFRXQWLQJ SROLFLHV DQG PDNLQJ MXGJHPHQWV
XQGHUO\LQJWKHP
For Amarak Chemicals FZC

3ODFH)XMDLUDK
'DWH0D\ Director

Annual Report 2016-17 

Amarak Chemicals FZC

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE

YEAR ENDED 31 MARCH 2017
Notes 2017 
AED $('
INCOME
6DOHV 20,163,503 
&RVWRIVDOHV 18 (14,154,262) 
GROSS PROFIT 6,009,241 
2WKHULQFRPH  684,877 
Total income 6,694,118 
EXPENSES
$GPLQLVWUDWLRQDQGJHQHUDOH[SHQVHV  2,868,764 
)LQDQFHFKDUJHV 21 382,242 
'HSUHFLDWLRQ 5 2,478,397 
Total expenses 5,729,403 
1HWSUR¿WIRUWKH\HDU 964,715 

:H FRQ¿UP WKDW ZH DUH UHVSRQVLEOH IRU WKHVH ¿QDQFLDO VWDWHPHQWV LQFOXGLQJ VHOHFWLQJ WKH DFFRXQWLQJ SROLFLHV DQG PDNLQJ MXGJHPHQWV
XQGHUO\LQJWKHP
For Amarak Chemicals FZC

Place:)XMDLUDK
Date:0D\ Director

STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY

FOR THE YEAR ENDED 31 MARCH 2017
Year to 31 March 2017 Share capital Shareholders' Retained Legal Total
current earnings reserve
accounts
AED AED AED AED AED
Balance at 1 April 2016     
1HWSUR¿WIRUWKH\HDU     
7UDQVIHUWROHJDOUHVHUYH     
1HWPRYHPHQWVLQFXUUHQWDFFRXQWV     
Balance at 31 March 2017 3,000,000 10,785,972 6,915,519 905,776 21,607,267

Year to 31 March 2016 Share capital Shareholders' Retained Legal Total

current earnings reserve
accounts
AED AED AED AED AED
Balance at 1 April 2015     
1HWSUR¿WIRUWKH\HDU     
7UDQVIHUWROHJDOUHVHUYH     
1HWPRYHPHQWVLQFXUUHQWDFFRXQWV     
Balance at 31 March 2016 3,000,000 9,976,804 6,047,276 809,304 19,833,384

154 Annual Report 2016-17

 Amarak Chemicals FZC

CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2017

2017 
AED $('
CASH FLOWS FROM OPERATING ACTIVITIES
1HWSUR¿WIRUWKH\HDU 964,715 
$GMXVWPHQWIRU
'HSUHFLDWLRQ 2,478,397 
3UR¿WRQGLVSRVDORISURSHUW\SODQWDQGHTXLSPHQW (111,765) 
3URYLVLRQIRUHPSOR\HHV
WHUPLQDOEHQH¿WV (5,919) 
2SHUDWLQJSUR¿WEHIRUHZRUNLQJFDSLWDOFKDQJHV 3,325,428 
,QFUHDVHLQFDSLWDOZRUNLQSURJUHVV - 
'HFUHDVHLQFUHDVHLQLQYHQWRULHV 7,275,154 
,QFUHDVHLQWUDGHUHFHLYDEOHV (17,220,423) 
'HFUHDVHLQFUHDVHLQDPRXQWVGXHIURPUHODWHGSDUWLHV 241,800 
,QFUHDVHLQGHSRVLWVDGYDQFHVDQGSUHSD\PHQWV (1,124,995) 
,QFUHDVHGHFUHDVHLQWUDGHSD\DEOHDQGDFFUXDOV 3,957,704 
,QFUHDVHLQDPRXQWVGXHWRUHODWHGSDUWLHV 2,894,737 
Net cash (used in) operating activities (650,595) 
CASH FLOWS FROM INVESTING ACTIVITIES
3XUFKDVHRISURSHUW\SODQWDQGHTXLSPHQW (102,580) 
3URFHHGVIURPVDOHRISURSHUW\SODQWDQGHTXLSPHQW 316,900 
Net cash from/(used in) investing activities 214,320 
CASH FLOWS FROM FINANCING ACTIVITIES
1HWPRYHPHQWLQFXUUHQWDFFRXQWV 809,168 
'HFUHDVHLQWHUPORDQV (174,408) 
1HWFDVKIURP¿QDQFLQJDFWLYLWLHV 634,760 
1HWLQFUHDVHGHFUHDVHLQFDVKDQGFDVKHTXLYDOHQWV 198,485 
&DVKDQGFDVKHTXLYDOHQWVDWEHJLQQLQJRIWKH\HDU 13,403 
Cash and cash equivalents at end of the year 211,888 

Annual Report 2016-17 155

Amarak Chemicals FZC

Notes To The Financial Statements For The Year Ended 31 March 2017
1. LEGAL STATUS AND ACTIVITY
Legal status$PDUDN&KHPLFDOV)=&³WKH&RPSDQ\´LVD)UHH=RQH&RPSDQ\UHJLVWHUHGLQ)XMDLUDK)UHH=RQHLQWKH(PLUDWHRI
)XMDLUDKZLWKOLPLWHGOLDELOLW\SXUVXDQWWRDQGWKH,PSOHPHQWLQJ5HJXODWLRQVLVVXHGWKHUHXQGHUE\WKH)XMDLUDK)UHH=RQH$XWKRULW\
 7KH&RPSDQ\LVRSHUDWLQJXQGHUOLFHQVH1RLVVXHGRQ6HSWHPEHUE\)XMDLUDK)UHH=RQH$XWKRULW\)XMDLUDK8QLWHG$UDE
(PLUDWHV
Activity 7KH SULQFLSDO DFWLYLW\ RI WKH &RPSDQ\ LV PDQXIDFWXULQJ RI FKHPLFDOV DQG IHUWLOL]HUV 7KH SULQFLSDO SODFH RI EXVLQHVV RI WKH
&RPSDQ\LVORFDWHGDW)XMDLUDK)UHH=RQH)XMDLUDK8QLWHG$UDE(PLUDWHV
Management:$V SHU OLFHQVH LVVXHG E\ )XMDLUDK )UHH =RQH$XWKRULW\ 0U 6XEUDPDQL 6KDQNDUDQDUD\DQ &KDODNXGL DQG 0U$NVKD\
0LUFKDQGDQL,QGLDQ1DWLRQDOVDUHDSSRLQWHGDV'LUHFWRUVRIWKH&RPSDQ\
Accounting period7KHVH¿QDQFLDOVWDWHPHQWVUHODWHWRWKHSHULRGIURP$SULOWLOO0DUFK
2. APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
2.1. New and amended standards adopted by the Company
 7KHIROORZLQJVWDQGDUGVDQGDPHQGPHQWVKDYHEHHQDGRSWHGE\WKH&RPSDQ\IRUWKH¿UVWWLPHIRUWKH¿QDQFLDO\HDUEHJLQQLQJRQ
-DQXDU\
‡ Accounting for acquisitions of interests in joint operations – Amendments to IFRS 11
‡ &ODUL¿FDWLRQRIDFFHSWDEOHPHWKRGVRIGHSUHFLDWLRQDQGDPRUWLVDWLRQ±$PHQGPHQWVWR,$6DQG,$6
‡ Annual improvements to IFRSs 2012 – 2014 cycle, and
‡ Disclosure Initiative: Amendments to IAS 1.
 7KHDGRSWLRQRIWKHVHDPHQGPHQWVGLGQRWKDYHDQ\LPSDFWRQWKH¿QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\IRUWKHFXUUHQWSHULRGRUDQ\
SULRUSHULRGDQGLVQRWOLNHO\WRDIIHFWIXWXUHSHULRGV
 7KH&RPSDQ\DOVRHOHFWHGWRDGRSWWKHIROORZLQJDPHQGPHQWVHDUO\
Disclosure Initiative: Amendments to IAS 7.
 7KLVDPHQGPHQWUHTXLUHVGLVFORVXUHRIFKDQJHVLQOLDELOLWLHVDULVLQJIURP¿QDQFLQJDFWLYLWLHV
2.2. New standards and interpretations not yet adopted
 $QXPEHURIQHZVWDQGDUGVDQGDPHQGPHQWVWRVWDQGDUGVDQGLQWHUSUHWDWLRQVDUHHIIHFWLYHIRUDQQXDOSHULRGVEHJLQQLQJRQRUDIWHU
-DQXDU\DQGKDYHQRWEHHQDSSOLHGLQSUHSDULQJWKHVH¿QDQFLDOVWDWHPHQWV1RQHRIWKHVHLVH[SHFWHGWRKDYHDVLJQL¿FDQWHIIHFW
RQWKH¿QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\H[FHSWWKHIROORZLQJVHWRXWEHORZ
 ,$6µ,QFRPHWD[HV¶ZDVDPHQGHGWRFODULI\WKHDFFRXQWLQJIRUGHIHUUHGWD[ZKHUHDQDVVHWLVPHDVXUHGDWIDLUYDOXHDQGWKDWIDLUYDOXH
LVEHORZWKHDVVHW¶VWD[EDVH6SHFL¿FDOO\WKHDPHQGPHQWVFRQ¿UPWKDW
L DWHPSRUDU\GLIIHUHQFHH[LVWVZKHQHYHUWKHFDUU\LQJDPRXQWRIDQDVVHWLVOHVVWKDQLWVWD[EDVHDWWKHHQGRIWKHUHSRUWLQJSHULRG
LL DQHQWLW\FDQDVVXPHWKDWLWZLOOUHFRYHUDQDPRXQWKLJKHUWKDQWKHFDUU\LQJDPRXQWRIDQDVVHWWRHVWLPDWHLWVIXWXUHWD[DEOHSUR¿W
LLL ZKHUH WKH WD[ ODZ UHVWULFWV WKH VRXUFH RI WD[DEOH SUR¿WV DJDLQVW ZKLFK SDUWLFXODU W\SHV RI GHIHUUHG WD[ DVVHWV FDQ EH UHFRYHUHG WKH
UHFRYHUDELOLW\RIWKHGHIHUUHGWD[DVVHWVFDQRQO\EHDVVHVVHGLQFRPELQDWLRQZLWKRWKHUGHIHUUHGWD[DVVHWVRIWKHVDPHW\SHDQG
LY WD[GHGXFWLRQVUHVXOWLQJIURPWKHUHYHUVDORIGHIHUUHGWD[DVVHWVDUHH[FOXGHGIURPWKHHVWLPDWHGIXWXUHWD[DEOHSUR¿WWKDWLVXVHGWR
HYDOXDWHWKHUHFRYHUDELOLW\RIWKRVHDVVHWV
 7KLVDPHQGPHQWLVHIIHFWLYHIRUDQQXDOSHULRGVEHJLQQLQJRQRUDIWHU-DQXDU\
 ,)56µ)LQDQFLDOLQVWUXPHQWV¶DGGUHVVHVWKHFODVVL¿FDWLRQPHDVXUHPHQWDQGUHFRJQLWLRQRI¿QDQFLDODVVHWVDQG¿QDQFLDOOLDELOLWLHV7KH
FRPSOHWHYHUVLRQRI,)56ZDVLVVXHGLQ-XO\,WUHSODFHVWKHJXLGDQFHLQ,$6WKDWUHODWHVWRWKHFODVVL¿FDWLRQDQGPHDVXUHPHQW
RI ¿QDQFLDO LQVWUXPHQWV ,)56  UHWDLQV EXW VLPSOL¿HV WKH PL[HG PHDVXUHPHQW PRGHO DQG HVWDEOLVKHV WKUHH SULPDU\ PHDVXUHPHQW
FDWHJRULHVIRU¿QDQFLDODVVHWVDPRUWLVHGFRVWIDLUYDOXHWKURXJK2&,DQGIDLUYDOXHWKURXJK3 /7KHEDVLVRIFODVVL¿FDWLRQGHSHQGV
RQWKHHQWLW\¶VEXVLQHVVPRGHODQGWKHFRQWUDFWXDOFDVKÀRZFKDUDFWHULVWLFVRIWKH¿QDQFLDODVVHW,QYHVWPHQWVLQHTXLW\LQVWUXPHQWVDUH
UHTXLUHGWREHPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WRUORVVZLWKWKHLUUHYRFDEOHRSWLRQDWLQFHSWLRQWRSUHVHQWFKDQJHVLQIDLUYDOXHLQ2&,
ZLWKQRUHF\FOLQJ7KHUHLVQRZDQHZH[SHFWHGFUHGLWORVVHVPRGHOWKDWUHSODFHVWKHLQFXUUHGORVVLPSDLUPHQWPRGHOXVHGLQ,$6)RU
¿QDQFLDOOLDELOLWLHVWKHUHZHUHQRFKDQJHVWRFODVVL¿FDWLRQDQGPHDVXUHPHQWH[FHSWIRUWKHUHFRJQLWLRQRIFKDQJHVLQDFRPSDQ\¶VRZQ
FUHGLWULVNLQRWKHUFRPSUHKHQVLYHLQFRPHIRUOLDELOLWLHVGHVLJQDWHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV,)56UHOD[HVWKHUHTXLUHPHQWV
IRUKHGJHHIIHFWLYHQHVVE\UHSODFLQJWKHEULJKWOLQHKHGJHHIIHFWLYHQHVVWHVWV,WUHTXLUHVDQHFRQRPLFUHODWLRQVKLSEHWZHHQWKHKHGJHG
LWHP DQG KHGJLQJ LQVWUXPHQW DQG IRU WKH µKHGJHG UDWLR¶ WR EH WKH VDPH DV WKH RQH PDQDJHPHQW DFWXDOO\ XVHV IRU ULVN PDQDJHPHQW

 Annual Report 2016-17

 Amarak Chemicals FZC

Notes To The Financial Statements For The Year Ended 31 March 2017
SXUSRVHV&RQWHPSRUDQHRXV GRFXPHQWDWLRQLVVWLOOUHTXLUHGEXWLVGLIIHUHQWWRWKDWFXUUHQWO\SUHSDUHGXQGHU,$67KHVWDQGDUGLV
HIIHFWLYHIRUDFFRXQWLQJSHULRGVEHJLQQLQJRQRUDIWHU-DQXDU\(DUO\DGRSWLRQLVSHUPLWWHG7KH&RPSDQ\H[SHFWV,)56WRKDYH
DQLPPDWHULDOLPSDFWRQWKHDFFRXQWLQJIRUDYDLODEOHIRUVDOH¿QDQFLDODVVHWVDQGGHULYDWLYHV
 ,)56  µ5HYHQXH IURP FRQWUDFWV ZLWK FXVWRPHUV¶ GHDOV ZLWK UHYHQXH UHFRJQLWLRQ DQG HVWDEOLVKHV SULQFLSOHV IRU UHSRUWLQJ XVHIXO
LQIRUPDWLRQWRXVHUVRI¿QDQFLDOVWDWHPHQWVDERXWWKHQDWXUHDPRXQWWLPLQJDQGXQFHUWDLQW\RIUHYHQXHDQGFDVKÀRZVDULVLQJIURPDQ
HQWLW\¶VFRQWUDFWVZLWKFXVWRPHUV5HYHQXHLVUHFRJQLVHGZKHQDFXVWRPHUREWDLQVFRQWURORIDJRRGRUVHUYLFHDQGWKXVKDVWKHDELOLW\
WRGLUHFWWKHXVHDQGREWDLQWKHEHQH¿WVIURPWKHJRRGRUVHUYLFH7KHVWDQGDUGUHSODFHV,$6µ5HYHQXH¶DQG,$6µ&RQVWUXFWLRQ
FRQWUDFWV¶ DQG UHODWHG LQWHUSUHWDWLRQV 7KH VWDQGDUG LV HIIHFWLYH IRU DQQXDO SHULRGV EHJLQQLQJ RQ RU DIWHU  -DQXDU\  DQG HDUOLHU
DSSOLFDWLRQLVSHUPLWWHG7KH&RPSDQ\H[SHFWV,)56WRKDYHDQLPPDWHULDOLPSDFWRQWKHSURYLVLRQRIVHUYLFHVDQGPDQDJHPHQW
LQFRPHWKDWIDOOXQGHUWKHVFRSHRI,)56
 ,)56  µ/HDVHV¶ ZDV LVVXHG LQ -DQXDU\  )RU OHVVHHV LW ZLOO UHVXOW LQ DOPRVW DOO OHDVHV EHLQJ UHFRJQLVHG RQ WKH VWDWHPHQW RI
¿QDQFLDOSRVLWLRQDVWKHGLVWLQFWLRQEHWZHHQRSHUDWLQJDQG¿QDQFHOHDVHVZLOOEHUHPRYHG8QGHUWKHQHZVWDQGDUGDQDVVHWWKHULJKW
WRXVHWKHOHDVHGLWHPDQGD¿QDQFLDOOLDELOLW\WRSD\UHQWDOVDUHUHFRJQLVHG7KHRQO\H[FHSWLRQVDUHVKRUWWHUPDQGORZYDOXHOHDVHV
7KHDFFRXQWLQJIRUOHVVRUVZLOOQRWVLJQL¿FDQWO\FKDQJH7KHVWDQGDUGLVHIIHFWLYHIRUDQQXDOSHULRGVEHJLQQLQJRQRUDIWHU-DQXDU\
DQGHDUOLHUDSSOLFDWLRQLVSHUPLWWHG
 7KH&RPSDQ\H[SHFWV,)56WRKDYHDQLPPDWHULDOLPSDFWRQLWVFXUUHQWDFFRXQWLQJSUDFWLFHV
 7KHUHDUHQRRWKHU,)56VRU,)5,&LQWHUSUHWDWLRQVWKDWDUHQRW\HWHIIHFWLYHWKDWZRXOGEHH[SHFWHGWRKDYHDPDWHULDOLPSDFWRQWKH
&RPSDQ\
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3.1. Compliance with IFRS
 7KH¿QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\KDYHEHHQSUHSDUHGLQDFFRUGDQFHZLWK,QWHUQDWLRQDO)LQDQFLDO5HSRUWLQJ6WDQGDUGV,)56
DQGLQWHUSUHWDWLRQVLVVXHGE\WKH,)56,QWHUSUHWDWLRQV&RPPLWWHH,)56,&DSSOLFDEOHWRFRPSDQLHVUHSRUWLQJXQGHU,)567KH¿QDQFLDO
VWDWHPHQWVFRPSO\ZLWK,)56DVLVVXHGE\WKH,QWHUQDWLRQDO$FFRXQWLQJ6WDQGDUGV%RDUG,$6%
3.2. Basis of preparation
 7KH¿QDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGRQDKLVWRULFDOFRVWEDVLVH[FHSWIRUWKHIROORZLQJ
‡ DYDLODEOHIRUVDOH¿QDQFLDODVVHWV¿QDQFLDODVVHWVDQGOLDELOLWLHVLQFOXGLQJGHULYDWLYHLQVWUXPHQWVFHUWDLQFODVVHVRISURSHUW\SODQWDQG
HTXLSPHQWDQGLQYHVWPHQWSURSHUW\±PHDVXUHGDWIDLUYDOXH
‡ DVVHWVKHOGIRUVDOH±PHDVXUHGDWIDLUYDOXHOHVVFRVWRIGLVSRVDODQG
‡ GH¿QHGEHQH¿WSHQVLRQSODQV±SODQDVVHWVPHDVXUHGDWIDLUYDOXH
 +LVWRULFDOFRVWLVJHQHUDOO\EDVHGRQWKHIDLUYDOXHRIWKHFRQVLGHUDWLRQJLYHQLQH[FKDQJHIRUDVVHWVRUJRRGVRUVHUYLFHV
 7KHSULQFLSDOVLJQL¿FDQWDFFRXQWLQJSROLFLHVDSSOLHGLQWKHVH¿QDQFLDOVWDWHPHQWVDUHVHWRXWEHORZ
3.3. Property, plant and equipment
 3URSHUW\SODQWDQGHTXLSPHQWDUHVWDWHGDWFRVWOHVVDFFXPXODWHGGHSUHFLDWLRQDQGLGHQWL¿HGLPSDLUPHQWORVVLIDQ\7KHFRVWFRPSULVH
RISXUFKDVHSULFHWRJHWKHUZLWKDQ\LQFLGHQWDOH[SHQVHRIDFTXLVLWLRQRUFRQVWUXFWLRQ
 6XEVHTXHQWFRVWVDUHLQFOXGHGLQWKHDVVHWVFDUU\LQJDPRXQWRUUHFRJQL]HGDVDVHSDUDWHDVVHWDVDSSURSULDWHRQO\ZKHQLWLVSUREDEOH
WKDWIXWXUHHFRQRPLFEHQH¿WVDVVRFLDWHGZLWKWKHLWHPZLOOÀRZWRWKH&RPSDQ\DQGWKHFRVWRIWKHLWHPFDQEHPHDVXUHGUHOLDEO\0DMRU
FRVWVLQFXUUHGLQUHVWRULQJSURSHUW\SODQWDQGHTXLSPHQWWRWKHLUQRUPDOZRUNLQJFRQGLWLRQDUHFKDUJHGWRWKHVWDWHPHQWRIFRPSUHKHQVLYH
LQFRPHGXULQJWKH¿QDQFLDOSHULRGLQZKLFKWKH\DUHLQFXUUHG
3.4. Depreciation
 7KHFRVWRISURSHUW\SODQWDQGHTXLSPHQWLVGHSUHFLDWHGE\HTXDODQQXDOLQVWDOOPHQWVRYHUWKHHVWLPDWHGXVHIXOOLYHVRIWKHDVVHWV7KH
HVWLPDWHGXVHIXOOLYHVRIWKHDVVHWVIRUWKHFDOFXODWLRQRIGHSUHFLDWLRQDUHDVIROORZV
 %XLOGLQJ \HDUV
 0DFKLQHULHV \HDUV
 )XUQLWXUH¿[WXUHVDQGRI¿FHHTXLSPHQW \HDUV
 0RWRUYHKLFOH \HDUV
 7KHJDLQRUORVVRQWKHGLVSRVDORUUHWLUHPHQWRIDQLWHPRI3URSHUW\SODQWDQGHTXLSPHQWLVGHWHUPLQHGDVWKHGLIIHUHQFHEHWZHHQWKH
VDOHVSURFHHGVDQGWKHFDUU\LQJDPRXQWRIWKHDVVHWDQGLVUHFRJQL]HGLQWKHVWDWHPHQWRIFRPSUHKHQVLYHLQFRPH

Annual Report 2016-17 

Amarak Chemicals FZC

Notes To The Financial Statements For The Year Ended 31 March 2017
3.5. Financial instruments
 )LQDQFLDODVVHWVDQG¿QDQFLDOOLDELOLWLHVDUHUHFRJQL]HGRQWKH&RPSDQ\¶VEDODQFHVKHHWZKHQWKH&RPSDQ\EHFRPHVDSDUW\WRWKH
FRQWUDFWXDOSURYLVLRQVRIWKHLQVWUXPHQW.
3.6. Financial assets
 )LQDQFLDODVVHWVDUHFODVVL¿HGDV¿QDQFLDODVVHWVDWUHFHLYDEOHVKHOGWRPDWXULW\¿QDQFLDODVVHWVDQGDYDLODEOHIRUVDOH¿QDQFLDODVVHWV
DVDSSURSULDWH7KH&RPSDQ\GHWHUPLQHVWKHFODVVL¿FDWLRQRILWV¿QDQFLDODVVHWVDWLQLWLDOUHFRJQLWLRQ
 5HJXODUZD\SXUFKDVHVDQGVDOHVRI¿QDQFLDODVVHWVDUHUHFRJQLVHGRQWUDGHGDWHWKHGDWHRQZKLFKWKH&RPSDQ\FRPPLWVWRSXUFKDVH
RUVHOOWKHDVVHW
 :KHQ¿QDQFLDODVVHWVDUHUHFRJQLVHGLQLWLDOO\WKH\DUHPHDVXUHGDWIDLUYDOXHSOXVLQWKHFDVHRILQYHVWPHQWVQRWDWIDLUYDOXHWKURXJK
SUR¿WRUORVVGLUHFWO\DWWULEXWDEOHWUDQVDFWLRQFRVWV
 )LQDQFLDODVVHWVDUHGHUHFRJQLVHGRQO\ZKHQWKHFRQWUDFWXDOULJKWVWRWKHFDVKÀRZVIURPWKH¿QDQFLDODVVHWH[SLUHRUWKH&RPSDQ\
WUDQVIHUVVXEVWDQWLDOO\DOOULVNVDQGUHZDUGVRIRZQHUVKLS
7UDGHDQGRWKHUUHFHLYDEOHV
 7UDGHUHFHLYDEOHVDUHDPRXQWVGXHIURPFXVWRPHUVIRUPHUFKDQGLVHVROGRUVHUYLFHVSHUIRUPHGLQWKHRUGLQDU\FRXUVHRIEXVLQHVV7UDGH
UHFHLYDEOHVRULJLQDWHGE\WKH&RPSDQ\DUHPHDVXUHGDWFRVW$QDOORZDQFHIRUFUHGLWORVVHVRIWUDGHUHFHLYDEOHLVHVWDEOLVKHGZKHQ
WKHUHLVREMHFWLYHHYLGHQFHWKDWWKH&RPSDQ\ZLOOQRWEHDEOHWRFROOHFWWKHDPRXQWVGXH,QGLFDWRUVWKDWWKHWUDGHUHFHLYDEOHDUHLPSDLUHG
LQFOXGHFRQVLVWHQWGHIDXOWLQWKHSD\PHQWVZKHQGXH¿QDQFLDOGLI¿FXOWLHVRIWKHFXVWRPHUDQGRWKHULQGLFDWRUV
 :KHQDWUDGHUHFHLYDEOHLVFRQVLGHUHGXQFROOHFWLEOHLWLVZULWWHQRIIDJDLQVWWKHDOORZDQFHDFFRXQWIRUFUHGLWORVVHV6XEVHTXHQWUHFRYHULHV
RIDPRXQWVSUHYLRXVO\ZULWWHQRIIDUHFUHGLWHGLQWKHVWDWHPHQWRILQFRPH7KHFDUU\LQJYDOXHRIWUDGHUHFHLYDEOHVDSSUR[LPDWHWRWKHLUIDLU
YDOXHGXHWRWKHVKRUWWHUPQDWXUHRIWKRVHUHFHLYDEOHV
&DVKDQGFDVKHTXLYDOHQWV
 &DVKDQGFDVKHTXLYDOHQWVFRPSULVHVKRUWWHUPKLJKO\OLTXLGLQYHVWPHQWVWKDWDUHUHDGLO\FRQYHUWLEOHWRDNQRZQDPRXQWRIFDVKDQGDUH
VXEMHFWWRDQLQVLJQL¿FDQWULVNRIFKDQJHVLQYDOXH
,PSDLUPHQWRI¿QDQFLDODVVHWV
 7KH&RPSDQ\DVVHVVHVDWHDFK¿QDQFLDOSRVLWLRQGDWHZKHWKHUWKHUHLVREMHFWLYHHYLGHQFHWKDWD¿QDQFLDODVVHWRUJURXSRI¿QDQFLDO
DVVHWVLVLPSDLUHG,IWKHUHLVREMHFWLYHHYLGHQFHVXFKDVVLJQL¿FDQW¿QDQFLDOGLI¿FXOW\RIWKHREOLJRUEUHDFKRIFRQWUDFWRULWEHFRPHV
SUREDEOHWKDWWKHGHEWRUZLOOHQWHUEDQNUXSWF\WKHDVVHWLVWHVWHGIRULPSDLUPHQW7KHDPRXQWRIWKHORVVLVPHDVXUHGDVWKHGLIIHUHQFH
EHWZHHQWKHDVVHW¶VFDUU\LQJDPRXQWDQGWKHSUHVHQWYDOXHRIHVWLPDWHGIXWXUHFDVKÀRZVH[FOXGLQJIXWXUHH[SHFWHGFUHGLWORVVHVWKDW
KDYHQRWEHHQLQFXUUHGGLVFRXQWHGDWWKH¿QDQFLDODVVHW¶VRULJLQDOHIIHFWLYHLQWHUHVWUDWHWKDWLVWKHHIIHFWLYHLQWHUHVWUDWHFRPSXWHG
DW LQLWLDO UHFRJQLWLRQ7KH FDUU\LQJ DPRXQW RI WKH DVVHW LV UHGXFHG WKURXJK XVH RI DQ DOORZDQFH DFFRXQW7KH DPRXQW RI WKH ORVV LV
UHFRJQL]HGLQVWDWHPHQWRILQFRPH
,QUHODWLRQWRWUDGHUHFHLYDEOHVDSURYLVLRQIRULPSDLUPHQWLVPDGHZKHQWKHUHLVREMHFWLYHHYLGHQFHVXFKDVWKHSUREDELOLW\RILQVROYHQF\
RUVLJQL¿FDQW¿QDQFLDOGLI¿FXOWLHVRIWKHGHEWRUWKDWWKH&RPSDQ\ZLOOQRWEHDEOHWRFROOHFWDOORIWKHDPRXQWVGXHXQGHUWKHRULJLQDOWHUPV
RIWKHLQYRLFH,PSDLUHGGHEWVDUHGHUHFRJQL]HGZKHQWKH\DUHDVVHVVHGDVXQFROOHFWLEOH
 )RUGHEWVHFXULWLHVLIDQ\VXFKHYLGHQFHH[LVWVWKHFXPXODWLYHORVV±PHDVXUHGDVWKHGLIIHUHQFHEHWZHHQWKHDFTXLVLWLRQFRVWDQGWKH
FXUUHQWIDLUYDOXHOHVVDQ\LPSDLUPHQWORVVRQWKDW¿QDQFLDODVVHWSUHYLRXVO\UHFRJQL]HGLQSUR¿WRUORVV±LVUHPRYHGIURPHTXLW\DQG
UHFRJQL]HGLQSUR¿WRUORVV,ILQDVXEVHTXHQWSHULRGWKHIDLUYDOXHRIDGHEWLQVWUXPHQWFODVVL¿HGDVDYDLODEOHIRUVDOHLQFUHDVHVDQG
WKHLQFUHDVHFDQEHREMHFWLYHO\UHODWHGWRDQHYHQWRFFXUULQJDIWHUWKHLPSDLUPHQWORVVZDVUHFRJQL]HGLQSUR¿WRUORVVWKHLPSDLUPHQW
ORVVLVUHYHUVHGWKURXJKWKHVWDWHPHQWRILQFRPH
 )RUHTXLW\LQYHVWPHQWVDVLJQL¿FDQWRUSURORQJHGGHFOLQHLQWKHIDLUYDOXHRIWKHVHFXULW\EHORZLWVFRVWLVDOVRHYLGHQFHWKDWWKHDVVHWV
DUHLPSDLUHG,IDQ\VXFKHYLGHQFHH[LVWVWKHFXPXODWLYHORVV±PHDVXUHGDVWKHGLIIHUHQFHEHWZHHQWKHDFTXLVLWLRQFRVWDQGWKHFXUUHQW
IDLUYDOXHOHVVDQ\LPSDLUPHQWORVVRQWKDW¿QDQFLDODVVHWSUHYLRXVO\UHFRJQL]HGLQSUR¿WRUORVV±LVUHPRYHGIURPHTXLW\DQGUHFRJQL]HG
LQSUR¿WRUORVV,PSDLUPHQWORVVHVUHFRJQL]HGLQWKHLQFRPHVWDWHPHQWRQHTXLW\LQVWUXPHQWVDUHQRWUHYHUVHGWKURXJKWKHVWDWHPHQWRI
LQFRPH
 ,ILQDVXEVHTXHQWSHULRGWKHDPRXQWRIWKHLPSDLUPHQWORVVGHFUHDVHVDQGWKHGHFUHDVHFDQEHUHODWHGREMHFWLYHO\WRDQHYHQWRFFXUULQJ
DIWHUWKHLPSDLUPHQWZDVUHFRJQL]HGWKHSUHYLRXVO\UHFRJQL]HGLPSDLUPHQWORVVLVUHYHUVHGWRWKHH[WHQWWKDWWKHFDUU\LQJYDOXHRIWKH
DVVHWGRHVQRWH[FHHGLWVDPRUWL]HGFRVWDWWKHUHYHUVDOGDWH$Q\VXEVHTXHQWUHYHUVDORIDQLPSDLUPHQWORVVLVUHFRJQL]HGLQVWDWHPHQW
RILQFRPH

158 Annual Report 2016-17

 Amarak Chemicals FZC

Notes To The Financial Statements For The Year Ended 31 March 2017
3.7. Financial Liabilities
/LDELOLWLHVZLWKLQWKHVFRSHRI,$6DUHFODVVL¿HGDV¿QDQFLDOOLDELOLWLHVDWIDLUYDOXHWKURXJKSUR¿WRUORVVRURWKHUOLDELOLWLHVDVDSSURSULDWH
 $¿QDQFLDOOLDELOLW\LVGHUHFRJQL]HGZKHQWKHREOLJDWLRQXQGHUWKHOLDELOLW\LVGLVFKDUJHGRUFDQFHOOHGRUH[SLUHV
 $OOORDQVDQGERUURZLQJVDUHFODVVL¿HGDVRWKHUOLDELOLWLHV,QLWLDOUHFRJQLWLRQLVDWIDLUYDOXHOHVVGLUHFWO\DWWULEXWDEOHWUDQVDFWLRQFRVWV
$IWHULQLWLDOUHFRJQLWLRQLQWHUHVWEHDULQJORDQVDQGERUURZLQJVDUHVXEVHTXHQWO\PHDVXUHGDWDPRUWL]HGFRVWXVLQJWKHHIIHFWLYHLQWHUHVW
PHWKRG
 )LQDQFLDOOLDELOLWLHVLQFOXGHGLQWUDGHDQGRWKHUSD\DEOHVDUHUHFRJQL]HGLQLWLDOO\DWIDLUYDOXHDQGVXEVHTXHQWO\DWDPRUWL]HGFRVW7KHIDLU
YDOXHRIDQRQLQWHUHVWEHDULQJOLDELOLW\LVLWVGLVFRXQWHGUHSD\PHQWDPRXQW,IWKHGXHGDWHRIWKHOLDELOLW\LVOHVVWKDQRQH\HDUGLVFRXQWLQJ
LVRPLWWHG
3.8. Prepayments
3UHSD\PHQWVDUHFDUULHGDWFRVWOHVVDQ\DFFXPXODWHGLPSDLUPHQWORVVHV
3.9. Share capital
 6KDUHVDUHFODVVL¿HGDVHTXLW\ZKHQWKHUHLVQRREOLJDWLRQWRWUDQVIHUFDVKRURWKHUDVVHWV
3.10. Trade payables
 7UDGHSD\DEOHVDUHREOLJDWLRQVWRSD\IRUJRRGVRUVHUYLFHVWKDWKDYHEHHQDFTXLUHGLQWKHRUGLQDU\FRXUVHRIEXVLQHVVIURPVXSSOLHUV
7UDGH SD\DEOHV DUH FODVVL¿HG DV FXUUHQW OLDELOLWLHV LI SD\PHQW LV GXH ZLWKLQ RQH \HDU RU OHVV RU LQ WKH QRUPDO RSHUDWLQJ F\FOH RI WKH
EXVLQHVVLIORQJHU,IQRWWKH\DUHSUHVHQWHGDVQRQFXUUHQWOLDELOLWLHV
 7UDGHSD\DEOHVDUHUHFRJQL]HGLQLWLDOO\DWIDLUYDOXHDQGVXEVHTXHQWO\PHDVXUHGDWDPRUWL]HGFRVWXVLQJWKHHIIHFWLYHLQWHUHVWPHWKRG
3.11. Revenue recognition
 5HYHQXHLVPHDVXUHGDWWKHIDLUYDOXHRIWKHFRQVLGHUDWLRQUHFHLYHGRUUHFHLYDEOHDQGUHSUHVHQWVDPRXQWVUHFHLYDEOHIRUJRRGVVXSSOLHG
VWDWHGQHWRIGLVFRXQWVUHWXUQVHWF
 5HYHQXHIURPWKHVDOHRIJRRGVLVUHFRJQL]HGZKHQDOOWKHIROORZLQJFRQGLWLRQVDUHVDWLV¿HG
L WKH&RPSDQ\KDVWUDQVIHUUHGWRWKHEX\HUWKHVLJQL¿FDQWULVNVDQGUHZDUGVRIRZQHUVKLSRIWKHJRRGV
LL WKH&RPSDQ\UHWDLQVQHLWKHUFRQWLQXLQJPDQDJHULDOLQYROYHPHQWWRWKHGHJUHHXVXDOO\DVVRFLDWHGZLWKRZQHUVKLSQRUHIIHFWLYHFRQWURO
RYHUWKHJRRGVVROG
LLL WKHDPRXQWRIUHYHQXHFDQEHPHDVXUHGUHOLDEO\
LY LWLVSUREDEOHWKDWWKHHFRQRPLFEHQH¿WVDVVRFLDWHGZLWKWKHWUDQVDFWLRQZLOOÀRZWRWKH&RPSDQ\DQG
Y WKHFRVWVLQFXUUHGRUWREHLQFXUUHGLQUHVSHFWRIWKHWUDQVDFWLRQFDQEHPHDVXUHGUHOLDEO\
3.12. Inventories
 5DZPDWHULDOV¿QLVKHGJRRGVDQGZRUNLQSURJUHVVDUHVWDWHGDWWKHORZHURIFRVWDQGQHWUHDOLVDEOHYDOXH&RVWVRILQYHQWRULHVDUH
GHWHUPLQHGRQDZHLJKWHGDYHUDJHEDVLV&RVWRILQYHQWRULHVFRPSULVHVRIFRVWVRISXUFKDVHDQGZKHUHDSSOLFDEOHFRVWRIFRQYHUVLRQ
DQGRWKHUFRVWVWKDWKDVEHHQLQFXUUHGLQEULQJLQJWKHLQYHQWRULHVWRWKHLUSUHVHQWORFDWLRQDQGFRQGLWLRQ1HWUHDOLVDEOHYDOXHUHSUHVHQWV
WKHHVWLPDWHGVHOOLQJSULFHIRULQYHQWRULHVOHVVDOOHVWLPDWHGFRVWVRIFRPSOHWLRQDQGFRVWVQHFHVVDU\WRPDNHWKHVDOH
3.13.Interest income and expense
 ,QWHUHVWLQFRPHDQGH[SHQVHDUHUHFRJQL]HGZLWKLQC¿QDQFHLQFRPH¶DQGC¿QDQFHFRVWV¶LQSUR¿WRUORVVXVLQJWKHHIIHFWLYHLQWHUHVWUDWH
PHWKRGH[FHSWIRUERUURZLQJFRVWVUHODWLQJWRTXDOLI\LQJDVVHWVZKLFKDUHFDSLWDOL]HGDVSDUWRIWKHFRVWRIWKDWDVVHW7KH&RPSDQ\KDV
FKRVHQWRFDSLWDOL]HERUURZLQJFRVWVRQDOOTXDOLI\LQJDVVHWVLUUHVSHFWLYHRIZKHWKHUWKH\DUHPHDVXUHGDWIDLUYDOXHRUQRW
 7KH HIIHFWLYH LQWHUHVW PHWKRG LV D PHWKRG RI FDOFXODWLQJ WKH DPRUWLVHG FRVW RI D ¿QDQFLDO DVVHW RU ¿QDQFLDO OLDELOLW\ DQG RI DOORFDWLQJ
WKHLQWHUHVWLQFRPHRULQWHUHVWH[SHQVHRYHUWKHUHOHYDQWSHULRG7KHHIIHFWLYHLQWHUHVWUDWHLVWKHUDWHWKDWH[DFWO\GLVFRXQWVHVWLPDWHG
IXWXUHFDVKSD\PHQWVRUUHFHLSWVWKURXJKRXWWKHH[SHFWHGOLIHRIWKH¿QDQFLDOLQVWUXPHQWRUDVKRUWHUSHULRGZKHUHDSSURSULDWHWRWKH
QHWFDUU\LQJDPRXQWRIWKH¿QDQFLDODVVHWRU¿QDQFLDOOLDELOLW\:KHQFDOFXODWLQJWKHHIIHFWLYHLQWHUHVWUDWHWKH&RPSDQ\HVWLPDWHVFDVK
ÀRZVFRQVLGHULQJDOOFRQWUDFWXDOWHUPVRIWKH¿QDQFLDOLQVWUXPHQWIRUH[DPSOHSUHSD\PHQWRSWLRQVEXWGRHVQRWFRQVLGHUIXWXUHFUHGLW
ORVVHV7KH FDOFXODWLRQ LQFOXGHV DOO IHHV DQG SRLQWV SDLG RU UHFHLYHG EHWZHHQ SDUWLHV WR WKH FRQWUDFW WKDW DUH DQ LQWHJUDO SDUW RI WKH
HIIHFWLYHLQWHUHVWUDWHWUDQVDFWLRQFRVWVDQGDOORWKHUSUHPLXPVRUGLVFRXQWV
3.14.Provisions
 3URYLVLRQVDUHUHFRJQL]HGZKHQWKH&RPSDQ\KDVDSUHVHQWREOLJDWLRQOHJDORUFRQVWUXFWLYHDVDUHVXOWRIDSDVWHYHQWLWLVSUREDEOH
WKDWWKH&RPSDQ\ZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQDQGDUHOLDEOHHVWLPDWHFDQEHPDGHRIWKHDPRXQWRIWKHREOLJDWLRQ

Annual Report 2016-17 

Amarak Chemicals FZC

Notes To The Financial Statements For The Year Ended 31 March 2017
 7KHDPRXQWUHFRJQL]HGDVDSURYLVLRQLVWKHEHVWHVWLPDWHRIWKHFRQVLGHUDWLRQUHTXLUHGWRVHWWOHWKHSUHVHQWREOLJDWLRQDWWKHHQGRIWKH
UHSRUWLQJSHULRGWDNLQJLQWRDFFRXQWWKHULVNVDQGXQFHUWDLQWLHVVXUURXQGLQJWKHREOLJDWLRQ:KHQDSURYLVLRQLVPHDVXUHGXVLQJWKHFDVK
ÀRZVHVWLPDWHGWRVHWWOHWKHSUHVHQWREOLJDWLRQLWVFDUU\LQJDPRXQWLVWKHSUHVHQWYDOXHRIWKRVHFDVKÀRZV
 :KHQVRPHRUDOORIWKHHFRQRPLFEHQH¿WVUHTXLUHGWRVHWWOHDSURYLVLRQDUHH[SHFWHGWREHUHFRYHUHGIURPDWKLUGSDUW\DUHFHLYDEOH
LVUHFRJQL]HGDVDQDVVHWLILWLVYLUWXDOO\FHUWDLQWKDWUHLPEXUVHPHQWZLOOEHUHFHLYHGDQGWKHDPRXQWRIWKHUHFHLYDEOHFDQEHPHDVXUHG
UHOLDEO\
3.15.(PSOR\HHV¶WHUPLQDOEHQH¿WV
 7HUPLQDWLRQ EHQH¿WV DUH SDLG WR HPSOR\HHV¶ ZKHQ HPSOR\PHQW LV WHUPLQDWHG E\ WKH &RPSDQ\ EHIRUH WKH QRUPDO UHWLUHPHQW GDWH RU
ZKHQHYHUDQHPSOR\HHDFFHSWVYROXQWDU\UHWLUHPHQWLQH[FKDQJHIRUWKHVHEHQH¿WV
 3URYLVLRQLVPDGHIRUHPSOR\HHV¶WHUPLQDOEHQH¿WVRQWKHEDVLVSUHVFULEHGXQGHUWKH8$(/DERXU/DZEDVHGRQHPSOR\HHV¶VDODULHV
DQGQXPEHURI\HDUVRIVHUYLFH7KHWHUPLQDOEHQH¿WVDUHSDLGWRHPSOR\HHVRQWHUPLQDWLRQRUFRPSOHWLRQRIWKHLUWHUPRIHPSOR\PHQW
3.16.Foreign currencies
Functional and presentation currency
 7KH¿QDQFLDOVWDWHPHQWVDUHSUHVHQWHGLQ8$('LUKDP$('ZKLFKLVWKH&RPSDQ\¶VIXQFWLRQDODQGSUHVHQWDWLRQFXUUHQF\
 7UDQVDFWLRQDQGEDODQFHV
 7UDQVDFWLRQVLQIRUHLJQFXUUHQFLHVDUHWUDQVODWHGLQWRWKHIXQFWLRQDOFXUUHQF\XVLQJWKHH[FKDQJHUDWHVSUHYDLOLQJDWWKHWUDQVDFWLRQGDWHV
0RQHWDU\DVVHWVDQGOLDELOLWLHVH[SUHVVHGLQIRUHLJQFXUUHQFLHVDWWKHEDODQFHVKHHWGDWHDUHWUDQVODWHGDWUDWHVRIH[FKDQJHUXOLQJDWWKH
EDODQFHVKHHWGDWH([FKDQJHGLIIHUHQFHVDULVLQJLQWKHVHFDVHVDUHGHDOWZLWKLQWKHLQFRPHVWDWHPHQW
3.17.Contingent liabilities and contingent assets
 $FRQWLQJHQWOLDELOLW\LVDSRVVLEOHREOLJDWLRQWKDWDULVHVIURPSDVWHYHQWVDQGZKRVHH[LVWHQFHZLOORQO\EHFRQ¿UPHGE\WKHRFFXUUHQFHRU
QRQRFFXUUHQFHRIRQHRUPRUHXQFHUWDLQIXWXUHHYHQWVQRWZKROO\ZLWKLQWKHFRQWURORIWKH&RPSDQ\,WFDQDOVREHDSUHVHQWREOLJDWLRQ
DULVLQJIURPWKHSDVWHYHQWVWKDWLVQRWUHFRJQL]HGEHFDXVHLWLVQRWSUREDEOHWKDWRXWÀRZRIHFRQRPLFUHVRXUFHVZLOOEHUHTXLUHGRUWKH
DPRXQWRIREOLJDWLRQFDQQRWEHPHDVXUHGUHOLDEO\
 &RQWLQJHQWOLDELOLWLHVDUHQRWUHFRJQL]HGEXWDUHGLVFORVHGLQWKHQRWHVWRWKHDFFRXQWV:KHQDFKDQJHLQWKHSUREDELOLW\RIDQRXWÀRZ
RFFXUVVRWKDWRXWÀRZLVSUREDEOHLWZLOOWKHQEHUHFRJQL]HGDVSURYLVLRQ
 $FRQWLQJHQWDVVHWLVDSRVVLEOHDVVHWWKDWDULVHVIURPSDVWHYHQWVDQGZKRVHH[LVWHQFHZLOOEHFRQ¿UPHGRQO\E\WKHRFFXUUHQFHRUQRQ
RFFXUUHQFHRIRQHRUPRUHXQFHUWDLQIXWXUHHYHQWVQRWZKROO\ZLWKLQWKHFRQWURORIWKH&RPSDQ\&RQWLQJHQWDVVHWVDUHQRWUHFRJQL]HGEXW
DUHGLVFORVHGLQWKHQRWHVWRWKHDFFRXQWVZKHQDQLQÀRZRIHFRQRPLFEHQH¿WVLVSUREDEOH:KHQDQLQÀRZLVYLUWXDOO\FHUWDLQDQDVVHW
LVUHFRJQL]HG
4. SIGNIFICANT ACCOUNTING ESTIMATES
 7KHSUHSDUDWLRQRI¿QDQFLDOVWDWHPHQWVUHTXLUHVPDQDJHPHQWWRPDNHMXGJPHQWVHVWLPDWHVDQGDVVXPSWLRQVWKDWDIIHFWWKHDSSOLFDWLRQ
RISROLFLHVDQGUHSRUWHGDPRXQWVRIDVVHWVDQGOLDELOLWLHVLQFRPHDQGH[SHQVHV$FWXDOUHVXOWVPD\GLIIHUIURPWKHVHHVWLPDWHV
 (VWLPDWHVDQGXQGHUO\LQJDVVXPSWLRQVDUHUHYLHZHGRQDQRQJRLQJEDVLV5HYLVLRQVWRDFFRXQWLQJHVWLPDWHVDUHUHFRJQL]HGLQWKHSHULRG
LQZKLFKWKHHVWLPDWHLVUHYLVHGLIWKHUHYLVLRQDIIHFWVRQO\WKDWSHULRGRULQWKHSHULRGRIWKHUHYLVLRQDQGIXWXUHSHULRGVLIWKHUHYLVLRQV
DIIHFWERWKFXUUHQWDQGIXWXUHSHULRGV
 7KHNH\DVVXPSWLRQVFRQFHUQLQJWKHIXWXUHDQGRWKHUNH\VRXUFHVRIHVWLPDWLRQXQFHUWDLQW\DWWKHEDODQFHVKHHWWKDWKDYHDVLJQL¿FDQW
ULVNRIFDXVLQJPDWHULDODGMXVWPHQWWRWKHFDUU\LQJDPRXQWVRIDVVHWVDQGOLDELOLWLHVZLWKLQWKHQH[W¿QDQFLDO\HDUDUH
Impairment of trade receivables and amount due from related parties
 $QHVWLPDWHRIWKHFROOHFWLEOHDPRXQWRIWUDGHUHFHLYDEOHVDQGDPRXQWGXHIURPUHODWHGSDUWLHVDUHPDGHZKHQFROOHFWLRQRIWKHIXOO
DPRXQWLVQRORQJHUSUREDEOH)RULQGLYLGXDOO\VLJQL¿FDQWDPRXQWVWKLVHVWLPDWLRQLVSHUIRUPHGRQDQLQGLYLGXDOEDVLV$PRXQWVZKLFK
DUHQRWLQGLYLGXDOO\VLJQL¿FDQWEXWZKLFKDUHSDVWGXHDUHDVVHVVHGFROOHFWLYHO\DQGDQDOORZDQFHDSSOLHGDFFRUGLQJWRWKHOHQJWKRIWLPH
SDVWGXHEDVHGRQKLVWRULFDOUHFRYHU\UDWHV$Q\GLIIHUHQFHEHWZHHQWKHDPRXQWVDFWXDOO\FROOHFWHGLQIXWXUHSHULRGVDQGWKHDPRXQWV
H[SHFWHGWREHFROOHFWHGZLOOEHUHFRJQL]HGLQWKHLQFRPHVWDWHPHQW
Impairment of property, plant and equipment
 $ GHFOLQH LQ WKH YDOXH RI SURSHUW\ SODQW DQG HTXLSPHQW FRXOG KDYH D VLJQL¿FDQW HIIHFW RQ WKH DPRXQWV UHFRJQL]HG LQ WKH ¿QDQFLDO
VWDWHPHQWV 0DQDJHPHQW DVVHVVHV WKH LPSDLUPHQW RI 3URSHUW\ SODQW DQG HTXLSPHQW ZKHQHYHU HYHQWV RU FKDQJHV LQ FLUFXPVWDQFHV
LQGLFDWHWKDWWKHFDUU\LQJYDOXHPD\QRWEHUHFRYHUDEOH
 )DFWRUVWKDWDUHFRQVLGHUHGLPSRUWDQWZKLFKFRXOGWULJJHUDQLPSDLUPHQWUHYLHZLQFOXGHWKHIROORZLQJ

 Annual Report 2016-17

 Amarak Chemicals FZC

Notes To The Financial Statements For The Year Ended 31 March 2017
‡ VLJQL¿FDQWFKDQJHVLQWKHWHFKQRORJ\DQGUHJXODWRU\HQYLURQPHQWV
‡ HYLGHQFHIURPLQWHUQDOUHSRUWLQJZKLFKLQGLFDWHVWKDWWKHHFRQRPLFSHUIRUPDQFHRIWKHDVVHWLVRUZLOOEHZRUVHWKDQH[SHFWHG
Useful life of property, plant and equipment
 7KH&RPSDQ\¶VPDQDJHPHQWGHWHUPLQHVWKHHVWLPDWHGXVHIXOOLYHVRILWVSURSHUW\SODQWDQGHTXLSPHQWIRUFDOFXODWLQJGHSUHFLDWLRQ7KLV
HVWLPDWHLVGHWHUPLQHGDIWHUFRQVLGHULQJWKHH[SHFWHGXVDJHRIWKHDVVHWRUSK\VLFDOZHDUDQGWHDU0DQDJHPHQWUHYLHZVWKHUHVLGXDO
YDOXHDQGXVHIXOOLYHVDQQXDOO\DQGIXWXUHGHSUHFLDWLRQFKDUJHZRXOGEHDGMXVWHGZKHUHWKHPDQDJHPHQWEHOLHYHVWKHXVHIXOOLYHVGLIIHU
IURPSUHYLRXVHVWLPDWHV
5. PROPERTY, PLANT AND EQUIPMENT
0RYHPHQWLQSURSHUW\SODQWDQGHTXLSPHQWDUHJLYHQRQSDJHQXPEHU
6. CAPITAL WORK-IN-PROGRESS

2017 
AED $('
2SHQLQJEDODQFH 4,079,250 
([SHQGLWXUHLQFXUUHGGXULQJWKH\HDU - 
Ending balance 4,079,250 

&DSLWDOZRUNLQSURJUHVVUHSUHVHQWVH[SHQGLWXUHLQFXUUHGLQFRQQHFWLRQZLWKWKHHUHFWLRQRIPDFKLQHU\8SRQFRPSOHWLRQRIWKHLQVWDOODWLRQ
SURFHVVWKHFDSLWDOZRUNLQSURJUHVVZLOOEHDOORFDWHGWRWKHUHOHYDQWDVVHW
 INVENTORIES

2017 
AED $('
5DZPDWHULDOV 8,868,538 
)LQLVKHGJRRGV 6,057,322 
3DFNLQJPDWHULDOV 121,890 
&RQVXPDEOHV 17,170 
15,064,920 

,QYHQWRULHV UHSUHVHQW JRRGV O\LQJ LQ WKH ZDUHKRXVH SUHPLVHV DW )XMDLUDK )UHH =RQH ZKLFK DUH YDOXHG DQG FHUWL¿HG E\ WKH WHFKQLFDO
SHUVRQQHORIWKH&RPSDQ\
8. TRADE RECEIVABLES

2017 
AED $('
7UDGHUHFHLYDEOHV 29,624,254 
29,624,254 

L ,QWKHRSLQLRQRIWKHPDQDJHPHQWWKHUHFHLYDEOHVDUHFRQVLGHUHGJRRGDQGIXOO\UHFRYHUDEOH
 LL 7KHDJLQJDQDO\VLVRIWKHWUDGHUHFHLYDEOHVDUHDVIROORZV

2017 
AED $('
'XHIRUOHVVWKDQPRQWKV 17,003,584 
'XHIRUPRUHWKDQPRQWKV 12,620,670 
29,624,254 

9. RELATED PARTY TRANSACTIONS

 7KH&RPSDQ\KDVLQWKHRUGLQDU\FRXUVHRIEXVLQHVVHQWHUHGLQWRWUDGLQJ¿QDQFLDODQGVHUYLFHWUDQVDFWLRQVZLWKFRQFHUQVLQZKLFKWKH
VKDUHKROGHUV¶GLUHFWRUV¶PDQDJHURIWKH&RPSDQ\RUWKHLUUHODWLYHVKDYHDQLQYHVWLQJFRQWUROOLQJLQWHUHVW

Annual Report 2016-17 

Amarak Chemicals FZC

Notes To The Financial Statements For The Year Ended 31 March 2017
 7KHSULFHVDQGWHUPVRIWKHVHWUDQVDFWLRQVZHUHDSSURYHGE\WKHPDQDJHPHQWDQGFRQVLGHUHGFRPSDUDEOHWRWKRVHFKDUJHGE\WKLUG
SDUWLHV7KHDPRXQWVRXWVWDQGLQJWRUHODWHGSDUWLHVDUHXQVHFXUHGZKLFKGRQRWDWWUDFWLQWHUHVWDQGDUHSD\DEOHRQGHPDQG1RH[SHQVH
KDVEHHQUHFRJQL]HGLQWKHSHULRGIRUEDGRUGRXEWIXOGHEWVLQUHVSHFWRIWKHDPRXQWVRZHGE\UHODWHGSDUWLHV
 $WWKHHQGRIWKHUHSRUWLQJSHULRGDPRXQWVGXHIURPWRUHODWHGSDUWLHVZHUHDVIROORZV

Amounts due from related parties

2017 
AED $('
*ROGHQ+DUYHVW0LGGOH(DVW)=& 11,608,967 
11,608,967 
Amounts due to related parties
2017 
AED $('
*ROGHQ+DUYHVW0LGGOH(DVW)=&QHW 24,102,532 
$ULHV$JUR/WG0XPEDL,QGLDQHW 2,245,266 
26,347,798 

 7KHYROXPHVRIUHODWHGSDUW\WUDQVDFWLRQVGXULQJWKH\HDUZHUHDVIROORZV

2017 
AED $('
6DOHV 165,375 
3XUFKDVHV - 
'LUHFWRUVUHPXQHUDWLRQ 358,500 
10. DEPOSITS, ADVANCES AND PREPAYMENTS

2017 
AED $('
3UHSD\PHQWV 310,969 
'HSRVLWV 139,333 
$GYDQFHWRVXSSOLHUV 14,540,496 
2WKHUUHFHLYDEOHV 2,019 
14,992,817 

11. CASH AND BANK BALANCES

2017 
AED $('
&DVKLQKDQG 4,257 
&XUUHQWDFFRXQWZLWKEDQNV 207,631 
211,888 

12. SHARE CAPITAL

2017 
AED $('
$XWKRULVHGLVVXHGDQGSDLGXSFDSLWDO 3,000,000 
VKDUHVRI$('HDFK
3,000,000 

 Annual Report 2016-17

 Amarak Chemicals FZC

Notes To The Financial Statements For The Year Ended 31 March 2017
13. SHAREHOLDERS’ CURRENT ACCOUNTS
 6KDUHKROGHUV¶FXUUHQWDFFRXQWEDODQFHVGRQRWDWWUDFWLQWHUHVWDQGWKHUHDUHQRGH¿QHGUHSD\PHQWDUUDQJHPHQWV
14. LEGAL RESERVE
 7KLVUHSUHVHQWVUHVHUYHFUHDWHGRXWRISUR¿WRIWKH&RPSDQ\LQDFFRUGDQFHZLWKWKHSURYLVLRQVRI0HPRUDQGXPDQG$UWLFOHVRI$VVRFLDWLRQ
RIWKH&RPSDQ\
15. SHARE APPLICATION MONEY
 6KDUHDSSOLFDWLRQPRQH\UHSUHVHQWVDPRXQWUHFHLYHGIURP*ROGHQ+DUYHVW0LGGOH(DVW)=&6KDUMDK$LUSRUW,QWHUQDWLRQDO)UHH=RQH
8QLWHG$UDE(PLUDWHVDVKDUHKROGHURIWKH&RPSDQ\WRZDUGVDGYDQFHIRUDOORWPHQWRIVKDUHVRIWKH&RPSDQ\
16. PROVISION FOR EMPLOYEES’ TERMINAL BENEFITS
 7KHSURYLVLRQIRUHQGRIVHUYLFHEHQH¿WVIRUHPSOR\HHVLVPDGHLQDFFRUGDQFHZLWKWKHUHTXLUHPHQWVRIWKH8$(/DERXU/DZV7KLV
LVDQXQIXQGHGGH¿QHGEHQH¿WVUHWLUHPHQWSODQ(PSOR\HHVDUHHQWLWOHGWREHQH¿WVEDVHGRQOHQJWKRIVHUYLFHDQG¿QDOUHPXQHUDWLRQ
$FFUXHGHPSOR\HHV¶WHUPLQDOEHQH¿WVDUHSD\DEOHRQWHUPLQDWLRQRIHPSOR\PHQW
17. TRADE PAYABLES AND ACCRUALS

2017 
AED $('
7UDGHSD\DEOHV 6,426,460 
$FFUXHGH[SHQVHV 604,178 
2WKHUSD\DEOHV 6,615,000 
$GYDQFHUHFHLYHGIURPFXVWRPHUV 12,038,483 
25,684,121 

18. COST OF SALES

2017 
AED $('
2SHQLQJLQYHQWRULHV 22,340,074 
3XUFKDVHV 5,966,157 
'LUHFWH[SHQVHV 912,951 
/HVV&ORVLQJLQYHQWRULHV (15,064,920) 
14,154,262 

19. OTHER INCOME

2017 
AED $('
0LVFHOODQHRXVLQFRPH 720 
3UR¿WRQVDOHRIPRWRUYHKLFOH 111,765 
([FHVVSURYLVLRQZULWWHQEDFN 572,392 
684,877 

Annual Report 2016-17 

Amarak Chemicals FZC

Notes To The Financial Statements For The Year Ended 31 March 2017
20. ADMINISTRATION AND GENERAL EXPENSES

2017 
AED $('
6DODULHVDQGEHQH¿WV 860,161 
&OHDULQJDQGIRUZDUGLQJFKDUJHV 641,378 
5HQWH[SHQVHV 610,774 
2I¿FHH[SHQVHV 175,862 
/HJDODQGSURIHVVLRQDOFKDUJHV 152,564 
&RPPXQLFDWLRQH[SHQVHV 145,448 
,QVXUDQFHFKDUJHV 83,549 
9HKLFOHUXQQLQJH[SHQVHV 69,472 
:DWHUDQGHOHFWULFLW\FKDUJHV 48,174 
&RPPLVVLRQH[SHQVHV 39,874 
5HSDLUVDQGPDLQWHQDQFH 26,295 
7UDYHOOLQJH[SHQVHV 10,194 
3ULQWLQJDQGVWDWLRQHU\ 5,019 
$GYHUWLVHPHQWDQGEXVLQHVVSURPRWLRQH[SHQVHV - 
2,868,764 

21. FINANCE CHARGES

2017 
AED $('
%DQNFKDUJHV 29,021 
,QWHUHVWFKDUJHV 353,221 
382,242 

22. FINANCIAL INSTRUMENTS

L 6LJQL¿FDQWDFFRXQWLQJSROLFLHV
'HWDLOVRIWKHVLJQL¿FDQWDFFRXQWLQJSROLFLHVDQGPHWKRGVDGRSWHGLQFOXGLQJWKHFULWHULDIRUUHFRJQLWLRQWKHEDVLVRIPHDVXUHPHQWDQG
WKHEDVLVRQZKLFKLQFRPHDQGH[SHQVHVDUHUHFRJQL]HGLQUHVSHFWRIHDFKFODVVRI¿QDQFLDODVVHWDQG¿QDQFLDOOLDELOLW\DUHGLVFORVHG
LQQRWHWRWKH¿QDQFLDOVWDWHPHQWV
LL Fair value
7KHIROORZLQJWDEOHDQDO\VHVWKHIDLUYDOXHRI¿QDQFLDODVVHWVDQG¿QDQFLDOOLDELOLWLHVWKDWDUHQRWPHDVXUHGDWIDLUYDOXHRQUHFXUULQJEDVLV
2017 2016
AED AED
Carrying Fair Value Carrying Fair Value
value value
Financial Assets
7UDGHUHFHLYDEOHV    
'HSRVLWVDQGDGYDQFHV    
&DVKDQGEDQNEDODQFHV    
$PRXQWGXHIURPUHODWHGSDUWLHV - -  
29,977,494 29,977,494 12,791,767 12,791,767
Financial Liabilities
7UDGHSD\DEOHVDQGDFFUXDOV    
$PRXQWGXHWRUHODWHGSDUWLHV    
7HUPORDQ - -  
39,993,436 39,993,436 33,744,919 33,744,919

 Annual Report 2016-17

 Amarak Chemicals FZC

 7KH¿QDQFLDOLQVWUXPHQWVFRPSULVHRI¿QDQFLDODVVHWVDQG¿QDQFLDOOLDELOLWLHV
 7KHIDLUYDOXHRIWKH¿QDQFLDODVVHWVDQG¿QDQFLDOOLDELOLWLHVLVLQFOXGHGDWWKHDPRXQWDWZKLFKWKHLQVWUXPHQWFRXOGEHH[FKDQJHGLQD
FXUUHQWWUDQVDFWLRQEHWZHHQNQRZOHGJHDEOHZLOOLQJSDUWLHV
 )LQDQFLDO DVVHWV RI WKH &RPSDQ\ LQFOXGH FDVK EDQN EDODQFHV WUDGH UHFHLYDEOHV GHSRVLWV DGYDQFH DQG DPRXQWV GXH IURP UHODWHG
SDUWLHV)LQDQFLDOOLDELOLWLHVLQFOXGHDPRXQWVGXHWRUHODWHGSDUWLHVWUDGHSD\DEOHVDQGDFFUXDOV
 7KHPDQDJHPHQWEHOLHYHVWKDWWKHIDLUYDOXHVRIWKH¿QDQFLDODVVHWVDQGOLDELOLWLHVDSSUR[LPDWHWRWKHLUFDUU\LQJDPRXQWV
23. FINANCIAL RISK MANAGEMENT
23.1.Financial risk factors
 7KH ULVN PDQDJHPHQW IXQFWLRQ ZLWKLQ WKH &RPSDQ\ LV FDUULHG RXW LQ UHVSHFW RI ¿QDQFLDO ULVNV )LQDQFLDO ULVNV DUH ULVNV DULVLQJ IURP
¿QDQFLDOLQVWUXPHQWVWRZKLFKWKH&RPSDQ\LVH[SRVHGGXULQJRUDWWKHHQGRIWKHUHSRUWLQJSHULRG)LQDQFLDOULVNFRPSULVHVPDUNHWULVN
LQFOXGLQJFXUUHQF\ULVNFUHGLWULVNDQGOLTXLGLW\ULVN7KHSULPDU\REMHFWLYHVRIWKH¿QDQFLDOULVNPDQDJHPHQWIXQFWLRQDUHWRHVWDEOLVK
ULVNOLPLWVDQGWKHQHQVXUHWKDWH[SRVXUHWRULVNVVWD\VZLWKLQWKHVHOLPLWV
 7KHLGHQWL¿HGNH\ULVNVDUHDVIROORZV
L Currency risk
 7KH &RPSDQ\ XQGHUWDNHV FHUWDLQ WUDQVDFWLRQV GHQRPLQDWHG LQ IRUHLJQ FXUUHQFLHV DQG KHQFH H[SRVXUH WR H[FKDQJH UDWH ÀXFWXDWLRQV
DULVHV
 7KHPDMRULW\RIWKH&RPSDQ\¶V¿QDQFLDODVVHWVDQG¿QDQFLDOOLDELOLWLHVDUHHLWKHUGHQRPLQDWHGLQORFDOFXUUHQF\$('RUFXUUHQFLHV¿[HG
WRWKH$('+HQFHWKHPDQDJHPHQWEHOLHYHVWKDWWKHUHZRXOGQRWEHDPDWHULDOLPSDFWRQWKHSUR¿WDELOLW\LIWKHVHIRUHLJQFXUUHQFLHV
ZHDNHQVRUVWUHQJWKHQVDJDLQVWWKH$('ZLWKDOORWKHUYDULDEOHVKHOGFRQVWDQW
LL Liquidity risk
 7KH&RPSDQ\PDQDJHVLWVOLTXLGLW\ULVNE\HQVXULQJLWKDVVXI¿FLHQWOLTXLGFDVKEDODQFHVWRPHHWLWVSD\PHQWREOLJDWLRQVDVWKH\IDOOGXH
 7KH WDEOH EHORZ VXPPDUL]HV WKH PDWXULW\ SUR¿OH RI WKH &RPSDQ\¶V ¿QDQFLDO LQVWUXPHQWV 7KH FRQWUDFWXDO PDWXULWLHV RI WKH ¿QDQFLDO
LQVWUXPHQWVKDYHEHHQGHWHUPLQHGRQWKHEDVLVRIWKHUHPDLQLQJSHULRGDWWKHHQGRIWKHUHSRUWLQJSHULRGWRWKHFRQWUDFWXDOPDWXULW\GDWH
7KHPDWXULW\SUR¿OHLVPRQLWRUHGE\PDQDJHPHQWWRHQVXUHDGHTXDWHOLTXLGLW\LVPDLQWDLQHG

2017 2016
Less than 365 More than 365 Total Less than 365 More than 365 Total
days days days days
AED AED AED AED AED AED
Financial assets
1RQLQWHUHVWEHDULQJ   29,977,494   12,791,767
,QWHUHVWEHDULQJ      -
17,356,824 12,620,670 29,977,494 12,791,767  12,791,767

Financial liabilities
1RQLQWHUHVWEHDULQJ  - 39,993,436   33,570,511
,QWHUHVWEHDULQJ      174,408
39,993,436  39,993,436 33,689,957 54,962 33,744,919

LLL Credit risk

 &UHGLW ULVN LV WKH ULVN WKDW RQH SDUW\ WR D ¿QDQFLDO LQVWUXPHQW ZLOO FDXVH D ¿QDQFLDO ORVV IRU WKH RWKHU SDUW\ E\ IDLOLQJ WR GLVFKDUJH DQ
REOLJDWLRQ7KH&RPSDQ\¶VFUHGLWH[SRVXUHLVFRQWLQXRXVO\PRQLWRUHGDQGUHJXODUO\UHYLHZHGE\WKHPDQDJHPHQW
 7KH&RPSDQ\LVSRWHQWLDOO\H[SRVHGWRFRQFHQWUDWLRQRIFUHGLWULVNIURPLWV¿QDQFLDODVVHWVZKLFKFRPSULVHSULQFLSDOO\EDQNEDODQFHV
WUDGHDQGRWKHUUHFHLYDEOHVDQGDPRXQWGXHIURPUHODWHGSDUWLHV
 7KHFUHGLWULVNRQOLTXLGIXQGVLVOLPLWHGEHFDXVHWKH&RPSDQ\¶VEDQNDFFRXQWVDUHSODFHGZLWKKLJKFUHGLWTXDOLW\¿QDQFLDOLQVWLWXWLRQV
 7KHFUHGLWULVNRQWUDGHUHFHLYDEOHVDQGUHODWHGSDUWLHVLVVXEMHFWWRFUHGLWHYDOXDWLRQVDQGDQDOORZDQFHKDVEHHQPDGHIRUGRXEWIXO
GHEWV7KHDPRXQWVSUHVHQWHGLQWKHVWDWHPHQWRI¿QDQFLDOSRVLWLRQDUHQHWRIDOORZDQFHVIRUGRXEWIXOGHEWV

Annual Report 2016-17 

Amarak Chemicals FZC

24. CAPITAL COMMITMENTS

2SHUDWLQJOHDVHFRPPLWPHQWV
 &RPPLWPHQWVDVDOHVVHHXQGHURSHUDWLQJOHDVHVRQODQGOHDVHGIURP)XMDLUDK)UHH=RQH$XWKRULW\IRUDQLQLWLDOSHULRGRI\HDUV

2017 2016
AED AED
L 1RWODWHUWKDQRQH\HDUIURPEDODQFHVKHHWGDWH  
LL \HDUVSRVWEDODQFHVKHHWGDWH  
80,000 272,000
 ([FHSWIRUWKHDERYHDQGRQJRLQJEXVLQHVVREOLJDWLRQVZKLFKDUHXQGHUQRUPDOFRXUVHRIEXVLQHVVDJDLQVWZKLFKQRORVVLVH[SHFWHG
WKHUHKDVEHHQQRRWKHUNQRZQFDSLWDOFRPPLWPHQWRQ&RPSDQ\¶V¿QDQFLDOVWDWHPHQWVDVRIUHSRUWLQJGDWH
25. CONTINGENT LIABILITIES
 ([FHSWIRUWKHRQJRLQJEXVLQHVVREOLJDWLRQVZKLFKDUHXQGHUQRUPDOFRXUVHRIEXVLQHVVDJDLQVWZKLFKQRORVVLVH[SHFWHGWKHUHKDV
EHHQQRRWKHUNQRZQFRQWLQJHQWOLDELOLW\RQ&RPSDQ\¶V¿QDQFLDOVWDWHPHQWVDVRIUHSRUWLQJGDWH
26. COMPARATIVE FIGUERS
 3UHYLRXV\HDU¶V¿JXUHVKDYHEHHQUHJURXSHGRUUHFODVVL¿HGZKHUHYHUQHFHVVDU\WRPDNHWKHPFRPSDUDEOHWRWKRVHRIWKHFXUUHQW\HDU
 +RZHYHUVXFKUHFODVVL¿FDWLRQGRHVQRWKDYHLPSDFWRQWKHSUHYLRXVO\UHSRUWHGSUR¿WRUHTXLW\
27. LEVEL OF PRECISION
 $OO¿JXUHVDUHURXQGHGRIIWRQHDUHVW'LUKDPV$('
28. APPROVAL OF FINANCIAL STATEMENTS
 7KHVH¿QDQFLDOVWDWHPHQWVZHUHDSSURYHGE\WKHVKDUHKROGHUVDQGDXWKRUL]HGIRULVVXHRQ0D\

5 PROPERTY, PLANT AND EQUIPMENT AT 31 MARCH 2017

Building Machineries )XUQLWXUH¿[WXUHV Motor vehicles Total
DQGRI¿FH
equipments
AED AED AED AED AED
Cost:
DW$SULO     
DGGLWLRQVGXULQJWKH\HDU     
GLVSRVDOVGXULQJWKH\HDU     
DW0DUFK     
Depreciation:
DW$SULO     
FKDUJHIRUWKH\HDU     
RQGLVSRVDO     
DW0DUFK     
Net book values:
at 31 March 2017 10,306,680 15,771,441  74,285 26,152,406
at 31 March 2016 11,045,484 17,379,993 14,337 293,544 28,733,358

 Annual Report 2016-17

 Aries Agro Care Private Limited

NOTICE OF 11th ANNUAL GENERAL MEETING

Notice is hereby given that the Eleventh Annual General Meeting of the Members of ARIES AGRO CARE PRIVATE LIMITED will be held on
Wednesday, 27th6HSWHPEHUDW$0DWWKH5HJLVWHUHGRI¿FHRIWKH&RPSDQ\DW$ULHV+RXVH3ORW1R'HRQDU*RYDQGL(DVW
0XPEDLWRWUDQVDFWWKHIROORZLQJ2UGLQDU\%XVLQHVV

1. To receive, consider, approve and adopt the Audited Financial Statements of the Company for the Financial Year ended 31st March, 2017,
WRJHWKHUZLWKWKH5HSRUWVRIWKH%RDUGRI'LUHFWRUVDQGWKH$XGLWRUVWKHUHRQ

 7RDSSRLQW'LUHFWRULQSODFHRI'U-LPP\0LUFKDQGDQL',1ZKRUHWLUHVE\URWDWLRQDQGEHLQJHOLJLEOHRIIHUVKLPVHOIIRUUH

appointment.

3. Appointment of Auditors

 7RFRQVLGHUDQGLIWKRXJKW¿WWRSDVVZLWKRUZLWKRXWPRGL¿FDWLRQVWKHIROORZLQJUHVROXWLRQDVDQ2UGLQDU\5HVROXWLRQ

 ³5(62/9('7+$7SXUVXDQWWRWKHSURYLVLRQVRI6HFWLRQDQGRWKHUDSSOLFDEOHSURYLVLRQVLIDQ\RIWKH&RPSDQLHV$FWDQGWKH
5XOHVIUDPHGWKHUHXQGHUDVDPHQGHGIURPWLPHWRWLPHWKH&RPSDQ\KHUHE\UDWL¿HVWKHDSSRLQWPHQWRI0V.LUWL'6KDK $VVRFLDWHV
&KDUWHUHG$FFRXQWDQWV0XPEDL0HPEHUVKLS1RDV$XGLWRUVRIWKH&RPSDQ\WRKROGRI¿FHIURPWKHFRQFOXVLRQRIWKLV$QQXDO
*HQHUDO0HHWLQJ$*0WLOOWKHFRQFOXVLRQRIWKH7ZHOIWK$QQXDO*HQHUDO0HHWLQJ$*0RIWKH&RPSDQ\WREHKHOGLQWKH\HDU
DWVXFK5HPXQHUDWLRQSOXV6HUYLFH7D[2XWRI3RFNHW7UDYHOOLQJ([SHQVHVHWFDVPD\EHPXWXDOO\DJUHHGEHWZHHQWKH%RDUGRI
Directors of the Company and the Auditors.”

By Order of the Board

For Aries Agro Care Private Limited

Dr. Rahul Mirchandani

Place: Mumbai Director
Date: 25th May, 2017 DIN: 00239057

127(6

 $0(0%(5(17,7/('72$77(1'$1'927($77+(0((7,1*,6(17,7/('72$332,17$352;<72$77(1'$1'927(
,167($'2)+,06(/)$1'7+(352;<1(('127%($0(0%(52)7+(&203$1<

 7+( 352;< ,1 25'(572 %( ())(&7,9( 6+28/' %( /2'*(' :,7+7+( &203$1<$7 /($67  +2856 %()25(7+(
&200(1&(0(172)7+(0((7,1*

11th Annual Report 2016-17 167

Aries Agro Care Private Limited

BOARD’S REPORT
To, 9. CORPORATE SOCIAL RESPONSIBILITY
The Members of The Company is not covered within provisions of Section 135
of the Companies Act, 2013 and rules framed thereunder.
Aries Agro Care Private Limited.
10. MATERIAL ORDERS PASSED
Your Directors present their Eleventh Annual Report together with
Audited Financial Statements of the Company for the Financial Year No material Orders have been passed by any Authorities in
ended 31st March, 2017. respect of any matters with regards to the business of the
Company.
1. FINANCIAL RESULTS :
11. INTERNAL FINANCIAL CONTROL
 3XUVXDQWWRWKHQRWL¿FDWLRQGDWHGth February, 2015 issued by
the Ministry of Corporate Affairs, the Company has voluntarily The Company has in place adequate Internal Financial Controls
DGRSWHG WKH ,QGLDQ $FFRXQWLQJ 6WDQGDUGV,QG $6 QRWL¿HG commensurate with the size of the Company with reference to
XQGHU WKH &RPSDQLHV,QGLDQ $FFRXQWLQJ 6WDQGDUGV 5XOHV Financial Statements.
2015 with effect from 1st April, 2016. Financial Statements for
12. CONSERVATION OF ENERGY AND TECHNOLOGY
the year ended and as at 31st March, 2016 have been restated
ABSORPTION AND FOREGIN EXCHANGE EARNINGS AND
to conform to Ind AS. Note No. 2 to the Financial Statement
OUTGO :
provides further explanation on the transition to Ind AS.
Since the Company did not have any business activity and there
During the year under review the Company did not do any
ZHUHQR)RUHLJQ([FKDQJHHDUQLQJH[SHQGLWXUHRURXWÀRZWKH
EXVLQHVVDQGGLGQRWKDYHDQ\,QFRPH%XWWKH&RPSDQ\KDV
Particulars in respect of Conservation of Energy, Technology
LQFXUUHGDORVVRI5VDVFRPSDUHGWRWKH/RVVRI5V
Absorption and Foreign Exchange Earnings and Outgo, as
LQWKH3UHYLRXV<HDU
UHTXLUHG WR EH GLVFORVHG E\ WKH &RPSDQLHV$FFRXQWV 5XOHV
2. CURRENT STATUS 
In view of the extremely volatile nature of the seeds business, 13. DIRECTORS & KEY MANAGERIAL PERSONNEL:
the business of the Company stood suspended during the year.
In accordance with the Companies Act, 2013 and the Articles
3. DIVIDEND AND TRANSFER TO RESERVE : RI $VVRFLDWLRQ RI WKH &RPSDQ\ 'U -LPP\ 0LUFKDQGDL',1
 UHWLUHV E\ URWDWLRQ DW WKH HQVXLQJ$QQXDO *HQHUDO
Since the Company has incurred losses the question of
Meeting and being eligible, offers himself for re-appointment.
Dividend and Transfer to Reserve does not arise.
Accordingly his re-appointment forms part of the notice of
4. DEPOSITS : ensuing AGM.
The Company has not accepted any Deposits from the Public. The Company does not have any Managing Directors or
([HFXWLYH:KROH 7LPH 'LUHFWRUV RU DQ\ .H\ 0DQDJHULDO
5. PARTICULARS OF EMPLOYEES & RELATED
Personnel..
DISCLOSURES
14. MEETINGS OF BOARD
The Company did not have any Managing Directors or
([HFXWLYH:KROH7LPH'LUHFWRUVRUDQ\(PSOR\HHVZKRZHUH  )RXU0HHWLQJVRIWKH%RDUGRI'LUHFWRUVZHUHKHOGGXULQJWKH
in receipt of remuneration in excess of the provisions under \HDURQDQG
6HFWLRQRIWKH&RPSDQLHV$FWUHDGZLWK5XOHRI
15. AUDITORS :
WKH&RPSDQLHV$SSRLQWPHQWDQG5HPXQHUDWLRQRI0DQDJHULDO
3HUVRQQHO5XOHV  0V .LUWL ' 6KDK  $VVRFLDWHV &KDUWHUHG $FFRXQWDQWV
0XPEDL0HPEHUVKLS 1R  ZHUH DSSRLQWHG DV WKH
6. PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENT UNDER SECTION 186
The Company has not given any Loans or given Guarantees or
PDGH,QYHVWPHQWVLQWHUPVRISURYLVLRQVRI6HFWLRQRIWKH
6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\IRUDSHULRGRI¿YH\HDUV
DWWKHth Annual General Meeting of the Company held on 22nd
6HSWHPEHU
 $VSHUWKHSURYLVLRQRI6HFWLRQRIWKH&RPSDQLHV$FW
Companies Act, 2013
2013, their appointment for the above tenure is subject to
7. PARTICULARS OF CONTRACTS OR ARRANGEMENTS UDWL¿FDWLRQE\0HPEHUVDWHYHU\$*0$FFRUGLQJO\UDWL¿FDWLRQ
WITH RELATED PARTIES of the Members is being sought for proposal contained in the
Resolution set out at item No. 3 of the Notice.
As there was no business activity in the Company during
the Financial Year 2016-17, there were no Contracts or 16. AUDITORS’ REPORT
Arrangements with Related Parties except the advance given
The Statutory Auditors’ Report does not contain any
by the holding company to meet with the operational expenses.
TXDOL¿FDWLRQUHVHUYDWLRQRUDGYHUVHUHPDUN
8. RISK MANAGEMENT POLICY AND ITS IMPLEMENTATION
17. DIRECTORS’ RESPONSIBILITY STATEMENTS
Since there is no business activity in the Company and there is
Pursuant to the requirements of Section 134(5) of the
no risk which may affect the Company and as the Company is
Companies Act, 2013 the Board of Directors, to the best of
DQ8QOLVWHG&RPSDQ\QR5LVN0DQDJHPHQW3ROLF\KDVEHHQ
WKHLUNQRZOHGJHDQGDELOLW\FRQ¿UPWKDW
framed.

 11th Annual Report 2016-17

 Aries Agro Care Private Limited

1. in preparation of the Annual Accounts, applicable 19. MATERIAL CHANGES AND COMMITMENTS, IF ANY
Accounting Standards have been followed and that there AFFECTING THE FINANCIAL
are no material departures
POSITION OF THE COMPANY WHICH HAVE OCCURRED
2. they have selected such Accounting Policies and applied BETWEEN THE FINANCIAL YEAR END OF THE COMPANY
them consistently and made judgements and estimates TO WHICH FINANCIAL RESULTS
that are reasonable and prudent so as to give a true and
RELATE
fair view of the State of the
No material changes and commitments which could affect the
 $IIDLUVRIWKH&RPSDQ\DWWKHHQGRIWKH¿QDQFLDO\HDUDQG
&RPSDQ\¶V¿QDQFLDOSRVLWLRQKDYHRFFXUUHGEHWZHHQWKHHQG
of the Loss of the Company for that year;
RIWKH¿QDQFLDO\HDURIWKH&RPSDQ\DQGGDWHRIWKLV5HSRUW
 WKH\ KDYH WDNHQ SURSHU DQG VXI¿FLHQW FDUH IRU WKH
20. ACKNOWLEDGEMENT :
maintenance of adequate accounting records in
accordance with the provisions of the Companies Act, Your Directors would like to express their grateful appreciation
2013 for safeguarding the assets of the Company and for IRUWKHFRRSHUDWLRQDQGDVVLVWDQFHUHFHLYHGIURPWKH+ROGLQJ
preventing and detecting fraud and other irregularities; &RPSDQ\ LH 06 $ULHV $JUR /LPLWHG DQG RWKHU UHODWHG
agencies.
 WKH\ KDYH SUHSDUHG WKH $QQXDO $FFRXQWV RQ D µJRLQJ
concern’ basis. %\2UGHURIWKH%RDUG
For Aries Agro Care Private Limited
5. they have laid down Internal Financial Controls to be
followed by the Company and such Internal Financial
Controls are adequate and operating effectively;
Dr. Jimmy Mirchandani Dr. Rahul Mirchandani
6. they have devised proper systems to ensure compliance Director Director
with the provisions of all applicable laws and that such DIN: 00239021 DIN: 00239057
systems were adequate and operating effectively.
3ODFH0XPEDL
18. EXTRACTS OF ANNUAL RETURN 'DWH th May, 2017
 $VSURYLGHGXQGHU6HFWLRQRIWKH&RPSDQLHV$FW
the Extract of the Annual Return is given in Annexure-I in
SUHVFULEHG)RUPDW0*7ZKLFKIRUPVSDUWRIWKLV5HSRUW

11th Annual Report 2016-17 

Aries Agro Care Private Limited

Annexure - I
FORM NO. MGT – 9
EXTRACT OF ANNUAL RETURN
$VRQWKH¿QDQFLDO\HDUHQGHG
>3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWDQG5XOHRIWKH&RPSDQLHV0DQDJHPHQWDQG$GPLQLVWUDWLRQ5XOHV@
I. REGISTRATION AND OTHER DETAILS

CIN 80+37&
Registration Date 5th January, 2007
Name of the Company ARIES AGRO CARE PRIVATE LIMITED
&DWHJRU\6XE&DWHJRU\RIWKH&RPSDQ\ &203$1</,0,7('%<6+$5(6,1',$1121*29(510(17&203$1<
$GGUHVVRIWKH5HJLVWHUHG2I¿FHDQG $ULHV+RXVH3ORW1R'HRQDU*RYDQGL(0XPEDL
contact details 3KRQH1R
)D[1R
Whether listed Company NO
Name, address and contact details of Not Applicable
Registrar and Transfer Agent, if any
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
 $OOWKHEXVLQHVVDFWLYLWLHVFRQWULEXWLQJRUPRUHRIWKHWRWDOWXUQRYHURIWKH&RPSDQ\VKDOOEHVWDWHG

Sr. Name and Description of main products / Services NIC Code of the Product/ Service % to total turnover of the Company
No
1 Seeds  0.00
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Sr. Name of the Address of the Company CIN/GLN Holding/ %tage of Applicable
No. Company Subsidiary Shares held Section
Associate
1. Aries Agro Limited $ULHV+RXVH3ORW1R /0+3/& +ROGLQJ 100 
'HRQDU*RYDQGL(
0XPEDL
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
(i) Category wise shareholding

Category of Shareholders No. of Shares held at the beginning of the No. of Shares held at the end of the year %
year 31.03.2017 Change
01.04.2016 during
the year
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
A.PROMOTERS
(1) Indian
D,QGLYLGXDO+8) 0 0 0 0 0 0 0 0 0
E&HQWUDO*RYW 0 0 0 0 0 0 0 0 0
F6WDWH*RYWV 0 0 0 0 0 0 0 0 0
G%RGLHV&RUS 0 10000 10000 100 0 10000 10000 100 0
H%DQNV), 0 0 0 0 0 0 0 0 0
I$Q\2WKHU« 0 0 0 0 0 0 0 0 0
Sub-total (A) (1):- 0 10000 10000 100 0 10000 10000 100 0
(2) Foreign - - - - - - - - -
D15,V,QGLYLGXDOV 0 0 0 0 0 0 0 0 0
E2WKHU±,QGLYLGXDOV 0 0 0 0 0 0 0 0 0
F%RGLHV&RUS 0 0 0 0 0 0 0 0 0
G%DQNV), 0 0 0 0 0 0 0 0 0
H$Q\2WKHU« 0 0 0 0 0 0 0 0 0
Sub-total (A) (2):- 0 0 0 0 0 0 0 0 0

170 11th Annual Report 2016-17

 Aries Agro Care Private Limited

Category of Shareholders No. of Shares held at the beginning of the No. of Shares held at the end of the year %
year 31.03.2017 Change
01.04.2016 during
the year
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
Total shareholding of Promoter (A) 0 10000 10000 100 0 10000 10000 100 0
= (A)(1)+(A)(2)
B. PUBLIC SHAREHOLDING -
1. Institutions -
D0XWXDO)XQGV 0 0 0 0 0 0 0 0 0
E%DQNV), 0 0 0 0 0 0 0 0 0
F&HQWUDO*RYW 0 0 0 0 0 0 0 0 0
G6WDWH*RYWV 0 0 0 0 0 0 0 0 0
H9HQWXUH&DSLWDO)XQGV 0 0 0 0 0 0 0 0 0
I,QVXUDQFH&RPSDQLHV 0 0 0 0 0 0 0 0 0
J),,V 0 0 0 0 0 0 0 0 0
K)RUHLJQ9HQWXUH&DSLWDOIXQGV 0 0 0 0 0 0 0 0 0
L2WKHUVVSHFLI\ 0 0 0 0 0 0 0 0 0
Sub-total (B)(1):- 0 0 0 0 0 0 0 0 0
2. Non-Institutions
a) Bodies Corp.
L,QGLDQ 0 0 0 0 0 0 0 0 0
LL2YHUVHDV 0 0 0 0 0 0 0 0 0
b) Individuals
L,QGLYLGXDO 0 0 0 0 0 0 0 0 0
Shareholders
holding nominal
share capital upto
` 1 lakh
LL,QGLYLGXDO 0 0 0 0 0 0 0 0 0
Shareholders
holding nominal
share capital in
excess of `1 lakh
F2WKHUV 0 0 0 0 0 0 0 0 0
Directors and Relatives
L6KDUHVKHOGE\ 0 0 0 0 0 0 0 0 0
Pakistani citizens
vested with the
Custodian of
Enemy Property
LL2WKHU)RUHLJQ 0 0 0 0 0 0 0 0 0
Nationals
LLL)RUHLJQ%RGLHV 0 0 0 0 0 0 0 0 0
LY15,2&%V 0 0 0 0 0 0 0 0 0
Y&OHDULQJ0HPEHUV 0 0 0 0 0 0 0 0 0
&OHDULQJ+RXVH
YL7UXVWV 0 0 0 0 0 0 0 0 0
YLL/LPLWHG/LDELOLW\ 0 0 0 0 0 0 0 0 0
Partnership
YLLL)RUHLJQ3RUWIROLR 0 0 0 0 0 0 0 0 0
,QYHVWRU&RUSRUDWH
ix) QualL¿HG)RUHLJQ 0 0 0 0 0 0 0 0 0
Investor
Sub-Total (B)(2): 0 0 0 0 0 0 0 0 0
Total Public Shareholding 0 0 0 0 0 0 0 0 0
(B)=(B)(1)+(B)(2)

11th Annual Report 2016-17 171

Aries Agro Care Private Limited

Category of Shareholders No. of Shares held at the beginning of the No. of Shares held at the end of the year %
year 31.03.2017 Change
01.04.2016 during
the year
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
C. SHARES HELD BY CUSTODIAN 0 0 0 0 0 0 0 0 0
FOR GDRS & ADRS
Grand Total (A+B+C) 0 10000 10000 100.00 0 10000 10000 100.00 -
(II) SHAREHOLDING OF PROMOTERS

Shareholder’s Name No. of Shares held at the beginning of the year No. of Shares held at the end of the year % Change
01.04.2016 31.03.2017 during
No. of % of total Shares %of Shares Pledged No. of % of total %of Shares Pledged the year
Shares of the company / encumbered to total Shares Shares of the / encumbered to
shares company total shares
Aries Agro Limited 10000 100 0 10000 100 0 0

Total 10000 100 0 10000 100 0 0

(iii) Change in Promoters’ Shareholding

There is no change in Promoter’s Shareholding between 01.04.2016 to 31.03.2017.
(iv) Shareholding Pattern of Top Ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):

Sr. Shareholder’s Name * Shareholding at the beginning of the year 01.04.2016 Shareholding at the end of the year 31.03.2017
No No. of shares % of total shares of the No. of shares % of total shares of the
company company
1 Aries Agro Limited 10000 100 10000 100
Total
(v) Shareholding of Directors and Key Managerial Personnel:

Sr. Shareholder’s Name Shareholding at the Cumulative Date of change Reason for
No beginning of the year 01.04.2016 Shareholding during the year in shareholding change
Directors No. of shares % of total shares No. of shares % of total
of the company shares of the
company
1 NIL
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment :
Secured Loans Unsecured Loans Deposits Total Indebtedness
excluding Deposits
Indebtedness at the beginning of the Financial Year
1. Principal Amount NIL  NIL 
2. Interest Due but not Paid NIL NIL NIL NIL
3. Interest accrued but not due NIL NIL NIL NIL
Total(1+2+3) NIL  NIL 
Change in Indebtedness during the Financial Year
1. Addition NIL 1,03,700 NIL 1,03,700
2. Reduction NIL NIL NIL NIL
Net Change NIL 1,03,700 NIL 1,03,700
Indebtedness at the end of the Financial Year
1. Principal Amount NIL  NIL 
2. Interest Due but not Paid NIL NIL NIL NIL
3. Interest accrued but not due NIL NIL NIL NIL
Total(1+2+3) NIL  NIL 

172 11th Annual Report 2016-17

 Aries Agro Care Private Limited

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director / Whole Time Director and/or Manager:

The Company does not have any Managing Director/Executive Director/Whole Time Director and hence question of payment of
Remuneration does not arise.
B. Remuneration to other Directors:
No Remuneration has been paid to Non-Executive Directors.
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD
The Company does not have any Key Managerial Personnel other than Managing Director/ Executive Director/Whole Time Director hence no Remuneration
has been paid
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES (Under the Companies Act) :
There were no penalties, punishment or compounding of offences during the year ended 31st March, 2017
 )RUDQGRQEHKDOIRIWKH%RDUG

Dr. Jimmy Mirchandani Dr. Rahul Mirchandani

Place: Mumbai Director Director
Date: 25Th May, 2017 DIN: 00239021 DIN: 00239057

11th Annual Report 2016-17 173

Aries Agro Care Private Limited

INDEPENDENT AUDITOR’S REPORT

TO THE MEMBERS OF (b) LQ WKH FDVH RI WKH 6WDWHPHQW RI 3UR¿W DQG /RVV RI WKH ¿QDQFLDO SHUIRU-
mance including other comprehensive income of the Company for the
ARIES AGRO CARE PRIVATE LIMITED
year ended on that date;
Report on the Standalone Ind AS Financial Statements
(c) LQWKHFDVHRIWKH&DVK)ORZ6WDWHPHQWRIWKHFDVKÀRZVRIWKH&RPSDQ\
:HKDYHDXGLWHGWKHDFFRPSDQ\LQJVWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV for the year ended on that date; and
of ARIES AGRO CARE PRIVATE LIMITED ³WKH&RPSDQ\´ZKLFKFRPSULVH
(d) in the case of the statement of changes in equity, of the changes in equity
WKH%DODQFH6KHHWDVDWst0DUFKWKH6WDWHPHQWRI3UR¿WDQG/RVV
for the year ended on that date.
LQFOXGLQJRWKHUFRPSUHKHQVLYHLQFRPHDQGWKH6WDWHPHQWRIFDVKÀRZVDQG
statement of changes in equity for the year then ended, and a summary of the Report on Other Legal and Regulatory Requirements
VLJQL¿FDQWDFFRXQWLQJSROLFLHVDQGRWKHUH[SODQDWRU\LQIRUPDWLRQKHUHLQDIWHU
1. $V UHTXLUHG E\ WKH &RPSDQLHV $XGLWRU¶V 5HSRUW 2UGHU  ³WKH 2U-
UHIHUUHGWRDV³VWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV´
GHU´LVVXHGE\WKH&HQWUDO*RYHUQPHQWRI,QGLDLQWHUPVRI6XEVHFWLRQ
Management’s Responsibility for the Standalone Financial Statements RI6HFWLRQRIWKH$FWZHJLYHLQWKH$QQH[XUH$DVWDWHPHQWRQ
WKHPDWWHUVVSHFL¿HGLQSDUDJUDSKVDQGRIWKH2UGHU
7KH &RPSDQ\¶V %RDUG RI 'LUHFWRUV LV UHVSRQVLEOH IRU WKH PDWWHUV VWDWHG LQ
6HFWLRQ  RI WKH &RPSDQLHV $FW  ³WKH $FW´ ZLWK UHVSHFW WR WKH
SUHSDUDWLRQDQGSUHVHQWDWLRQRIWKHVHVWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV
WKDWJLYHDWUXHDQGIDLUYLHZRIWKH¿QDQFLDOSRVLWLRQ¿QDQFLDOSHUIRUPDQFH
LQFOXGLQJRWKHUFRPSUHKHQVLYHLQFRPHFDVKÀRZVDQGFKDQJHVLQHTXLW\RI
the Company in accordance with the accounting principles generally accepted
LQ ,QGLD LQFOXGLQJ WKH ,QGLDQ$FFRXQWLQJ 6WDQGDUGV VSHFL¿HG XQGHU 6HFWLRQ
133 of the Act, read with relevant Rules issued there under.
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
judgements and estimates that are reasonable and prudent; and design,
LPSOHPHQWDWLRQDQGPDLQWHQDQFHRIDGHTXDWHLQWHUQDO¿QDQFLDOFRQWUROVWKDW
were operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the
VWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZDQGDUH
free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these standalone Ind AS
2. $VUHTXLUHGE\6HFWLRQRIWKH$FWZHUHSRUWWKDW
(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
[and proper returns adequate for the purposes of our audit have been
UHFHLYHGIURPWKHEUDQFKHVQRWYLVLWHGE\XV@
(c) 7KH %DODQFH 6KHHW WKH 6WDWHPHQW RI 3UR¿W DQG /RVV WKH &DVK )ORZ
Statement, and the statement of changes in equity dealt with by this Re-
port are in agreement with the books of account;
(d) ,QRXURSLQLRQWKH%DODQFH6KHHWWKH6WDWHPHQWRI3UR¿WDQG/RVVWKH
Cash Flow Statement, and the statement of changes in equity comply with
WKH$FFRXQWLQJ 6WDQGDUGV VSHFL¿HG XQGHU 6HFWLRQ  RI WKH$FW UHDG
with relevant Rule issued there under;
(e) On the basis of the written representations received from the directors as
on 31st0DUFKWDNHQRQUHFRUGE\WKH%RDUGRI'LUHFWRUVQRQHRIWKH
GLUHFWRUVDUHGLVTXDOL¿HGDVRQst March, 2017 from being appointed as
¿QDQFLDOVWDWHPHQWVEDVHGRQRXUDXGLW
We have taken into account the provisions of the Act, the accounting and
auditing standards and matters which are required to be included in the audit
report under the provisions of the Act and the Rules made there under.
:HFRQGXFWHGRXUDXGLWLQDFFRUGDQFHZLWKWKH6WDQGDUGVRQ$XGLWLQJVSHFL¿HG
DGLUHFWRULQWHUPVRI6HFWLRQRIWKH$FW
(f) :LWKUHVSHFWWRWKHDGHTXDF\RIWKHLQWHUQDO¿QDQFLDOFRQWUROVRYHU¿QDQ-
cial reporting of the Company and the operating effectiveness of such con-
WUROVUHIHUWRRXUVHSDUDWHUHSRUWLQ³$QQH[XUH%´DQG
(g) with respect to the other matters to be included in the Auditor’s Report in
XQGHU 6HFWLRQ  RI WKH$FW7KRVH 6WDQGDUGV UHTXLUH WKDW ZH FRPSO\
with ethical requirements and plan and perform the audit to obtain reasonable
DVVXUDQFHDERXWZKHWKHUWKHVWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWVDUHIUHH
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the
DPRXQWVDQGWKHGLVFORVXUHVLQWKHVWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV
The procedures selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the standalone Ind AS
¿QDQFLDO VWDWHPHQWV ZKHWKHU GXH WR IUDXG RU HUURU ,Q PDNLQJ WKRVH ULVN
DVVHVVPHQWV WKH DXGLWRU FRQVLGHUV LQWHUQDO ¿QDQFLDO FRQWURO UHOHYDQW WR WKH
&RPSDQ\¶VSUHSDUDWLRQRIWKHVWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWVWKDWJLYH
a true and fair view in order to design audit procedures that are appropriate
in the circumstances. 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
SUHVHQWDWLRQRIWKHVWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV
:H EHOLHYH WKDW WKH DXGLW HYLGHQFH ZH KDYH REWDLQHG LV VXI¿FLHQW DQG
appropriate to provide a basis for our audit opinion on the standalone Ind AS
¿QDQFLDOVWDWHPHQWV
Opinion
In our opinion and to the best of our information and according to the
H[SODQDWLRQVJLYHQWRXVWKHDIRUHVDLGVWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV
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
DFFHSWHGLQ,QGLDLQFOXGLQJWKH,QG$6 Kirti D. Shah
(a) LQWKHFDVHRIWKH%DODQFH6KHHWRI¿QDQFLDOSRVLWLRQRIWKH&RPSDQ\DV
at 31st March, 2017;
 11th Annual Report 2016-17
DFFRUGDQFH ZLWK 5XOH  RI WKH &RPSDQLHV $XGLW DQG$XGLWRUV 5XOHV
LQRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJWR
WKHH[SODQDWLRQVJLYHQWRXV
i. The Company has disclosed the impact of pending litigations on
LWV ¿QDQFLDO SRVLWLRQ LQ LWV VWDQGDORQH ,QG $6 ¿QDQFLDO VWDWHPHQWV
as referred to in the notes to accounts of these standalone Ind AS
¿QDQFLDOVWDWHPHQWV
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any, on
long-term contracts including derivative contracts;
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the
Company; and
iv. The Company has provided requisite disclosures in its standalone
,QG $6 ¿QDQFLDO VWDWHPHQWV DV WR KROGLQJV DV ZHOO DV GHDOLQJV LQ
6SHFL¿HG %DQN 1RWHV GXULQJ WKH SHULRG IURP th November, 2016 to
30th December, 2016 and these are in accordance with the books of
accounts maintained by the Company as referred to in the notes to
DFFRXQWVRIWKHVHVWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV
For Kirti D. Shah & Associates
Chartered Accountants
Firm Registration No. 115133W
3ODFH0XPEDL  3URSULHWRU
'DWHth May, 2017 Membership No. 032371
 Aries Agro Care Private Limited

ANNEXURE “A”TO INDEPENDENT AUDITOR’S REPORT

The Annexure referred to in our Independent Auditors’ Report to the Company has not obtained any borrowings by way of issue of
PHPEHUVRIWKH&RPSDQ\RQWKH¿QDQFLDOVWDWHPHQWVIRUWKH\HDU debentures.
ended 31st0DUFKZHUHSRUWWKDW ix. According to the information and explanation provided to us,
L 7KH&RPSDQ\GRHVQRWKDYHDQ\)L[HG$VVHWVKHQFHFODXVHL the company did not raise any money by way of initial public
of the said order is not applicable to the company. RIIHULQJRUIXUWKHUSXEOLFRIIHULQFOXGLQJGHEWLQVWUXPHQWV7KH
company has not taken any term loans during the year under
LL 7KHUHZHUHQRLQYHQWRULHVGXULQJWKH\HDUDQGKHQFHFODXVHLL
of the said order is not applicable to the company.
x.
iii. According to the information and explanation given to us, the
Company has not granted any loan, secured and unsecured
WR FRPSDQLHV ¿UPV RU RWKHU SDUWLHV FRYHUHG LQ WKH UHJLVWHU
PDLQWDLQHG XQGHU VHFWLRQ  RI WKH &RPSDQLHV $FW 
xi.
audit.
According to the information and explanations given to us,
no material fraud by the Company or on the Company by its
RI¿FHUVRUHPSOR\HHVKDVEHHQQRWLFHGRUUHSRUWHGGXULQJWKH
course of our audit.
According to the information and explanations given to us and
$FFRUGLQJO\FODXVHLLLRIWKHVDLGRUGHULVQRWDSSOLFDEOHWRWKH
based on our examination of the records of the company, the
company.
FRPSDQ\ KDV QRW SDLGSURYLGHG IRU PDQDJHULDO UHPXQHUDWLRQ
iv. In our opinion and according to the information and explanations DQGKHQFHFODXVH[LRIWKHVDLGRUGHULVQRWDSSOLFDEOHWRWKH
given to us, the company has complied with the provisions company.
RI VHFWLRQ  DQG  RI WKH$FW ZLWK UHVSHFW WR WKH ORDQV xii. In our opinion and according to the information and explanations
investments, guarantees, and securities. given to us, the company is not a nidhi company. Accordingly,
v. According to the information and explanations provided by the
company, The Company has not accepted deposits from the
SXEOLF +HQFH WKH TXHVWLRQ RI FRPSOLDQFH ZLWK WKH GLUHFWLYHV
LVVXHGE\5HVHUYH%DQNRI,QGLDDQGSURYLVLRQRIVHFWLRQV
DQGRIWKH&RPSDQLHV$FWDQGWKH&RPSDQLHV
FODXVH[LLRIWKHVDLG2UGHULVQRWDSSOLFDEOHWRWKHFRPSDQ\
xiii. According to the information and explanations given to us and
based on our examination of the records of the Company,
transactions with the related parties are in compliance with
VHFWLRQV  DQG  RI WKH $FW ZKHUHYHU DSSOLFDEOH DQG
$FFHSWDQFHRI'HSRVLWV5XOHVGRHVQRWDULVH1RRUGHU details of such transactions have been disclosed in the
has been passed by the National Company Law Tribunal or ¿QDQFLDOVWDWHPHQWVDVUHTXLUHGE\WKHDSSOLFDEOHDFFRXQWLQJ
&RPSDQ\/DZ%RDUGRU5%,LQWKLVUHJDUG standards.

vi. The Central Government has not prescribed the maintenance xiv. According to the information and explanations give to us and
RIFRVWUHFRUGVXQGHUVHFWLRQRIWKH$FWIRUDQ\VHUYLFHV based on our examination of the records of the Company, the
rendered by the company. Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures
YLL D $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXV during the year.
and the records of the company examined by us, in our
xv. According to the information and explanations given to us and
opinion, the company is generally regular in depositing
based on our examination of the records of the Company, the
statutory dues including Provident Fund, Employee
Company has not entered into non-cash transactions with
State Insurance, Income Tax, Sales Tax, Wealth Tax,
directors or persons connected with him. Accordingly, clause
Service Tax, Custom Duty, Excise Duty, Value Added
Tax, Cess and any other material statutory dues except
RFFDVLRQDO PLQRU GHOD\V $V SHU WKH LQIRUPDWLRQ JLYHQ
by the management and apparent from the records; The
undisputed liabilities as on 31st March, 2017 is for a
period exceeding six months from the date of it becoming
payable is NIL.
[YRIWKHVDLG2UGHULVQRWDSSOLFDEOHWRWKHFRPSDQ\
xvi. The Company is not required to be registered under section
,$RIWKH5HVHUYH%DQNRI,QGLD$FW
For Kirti D Shah & Associates
Chartered Accountants
FirmRegistration No. 115133W
 E 7KHUH LV QR GLVSXWHG OLDELOLW\ LQ UHVSHFW RI WD[ GXHV RQ
Kirti D. Shah
account of Income Tax, Sales Tax, Service Tax, Customs
3ODFH0XPEDL 3URSULHWRU
Duty, Cess, etc.
'DWHth May, 2017 Membership No. 032371
viii. The company has not defaulted in repayment of loans or
ERUURZLQJWRD¿QDQFLDOLQVWLWXWLRQEDQNVRU*RYHUQPHQW7KH

11th Annual Report 2016-17 175

Aries Agro Care Private Limited

ANNEXURE - B TO THE AUDITORS’ REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
:H KDYH DXGLWHG WKH LQWHUQDO ¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO Meaning of Internal Financial Controls over Financial Reporting
reporting of Aries Agro Care Private Limited³WKH&RPSDQ\´DV
$ FRPSDQ\¶V LQWHUQDO ¿QDQFLDO FRQWURO RYHU ¿QDQFLDO UHSRUWLQJ LV
of 31st March, 2017 in conjunction with our audit of the standalone
a process designed to provide reasonable assurance regarding
,QG$6¿QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\IRUWKH\HDUHQGHGRQ
WKH UHOLDELOLW\ RI ¿QDQFLDO UHSRUWLQJ DQG WKH SUHSDUDWLRQ RI ¿QDQFLDO
that date.
statements for external purposes in accordance with generally
Management’s Responsibility for Internal Financial Controls DFFHSWHGDFFRXQWLQJSULQFLSOHV$FRPSDQ\¶VLQWHUQDO¿QDQFLDOFRQWURO
RYHU¿QDQFLDOUHSRUWLQJLQFOXGHVWKRVHSROLFLHVDQGSURFHGXUHVWKDW
The Company’s management is responsible for establishing
DQG PDLQWDLQLQJ LQWHUQDO ¿QDQFLDO FRQWUROV EDVHG RQ WKH LQWHUQDO  SHUWDLQWRWKHPDLQWHQDQFHRIUHFRUGVWKDWLQUHDVRQDEOHGHWDLO
FRQWURORYHU¿QDQFLDOUHSRUWLQJFULWHULDHVWDEOLVKHGE\WKH&RPSDQ\ DFFXUDWHO\DQGIDLUO\UHÀHFWWKHWUDQVDFWLRQVDQGGLVSRVLWLRQVRI
considering the essential components of internal control stated in the the assets of the company;
Guidance Note on Audit of Internal Financial Controls over Financial
 SURYLGH UHDVRQDEOH DVVXUDQFH WKDW WUDQVDFWLRQV DUH UHFRUGHG
Reporting issued by the Institute of Chartered Accountants of India
DV QHFHVVDU\ WR SHUPLW SUHSDUDWLRQ RI ¿QDQFLDO VWDWHPHQWV LQ
µ,&$,¶ 7KHVH UHVSRQVLELOLWLHV LQFOXGH WKH GHVLJQ LPSOHPHQWDWLRQ
accordance with generally accepted accounting principles, and
DQG PDLQWHQDQFH RI DGHTXDWH LQWHUQDO ¿QDQFLDO FRQWUROV WKDW ZHUH
that receipts and expenditures of the company are being made
RSHUDWLQJ HIIHFWLYHO\ IRU HQVXULQJ WKH RUGHUO\ DQG HI¿FLHQW FRQGXFW
only in accordance with authorisations of management and
of its business, including adherence to company’s policies, the
directors of the company; and
safeguarding of its assets, the prevention and detection of frauds
and errors, the accuracy and completeness of the accounting
UHFRUGVDQGWKHWLPHO\SUHSDUDWLRQRIUHOLDEOH¿QDQFLDOLQIRUPDWLRQ
as required under the Companies Act, 2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s internal
¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO UHSRUWLQJ EDVHG RQ RXU DXGLW :H
conducted our audit in accordance with the Guidance Note on
$XGLW RI ,QWHUQDO )LQDQFLDO &RQWUROV RYHU )LQDQFLDO 5HSRUWLQJ WKH
 SURYLGH UHDVRQDEOH DVVXUDQFH UHJDUGLQJ SUHYHQWLRQ RU WLPHO\
detection of unauthorised acquisition, use, or disposition of
the company’s assets that could have a material effect on the
¿QDQFLDOVWDWHPHQWV
Inherent Limitations of Internal Financial Controls over
Financial Reporting
%HFDXVHRIWKHLQKHUHQWOLPLWDWLRQVRILQWHUQDO¿QDQFLDOFRQWUROVRYHU
¿QDQFLDOUHSRUWLQJLQFOXGLQJWKHSRVVLELOLW\RIFROOXVLRQRULPSURSHU
³*XLGDQFH1RWH´DQGWKH6WDQGDUGVRQ$XGLWLQJLVVXHGE\,&$,DQG management override of controls, material misstatements due to
GHHPHGWREHSUHVFULEHGXQGHUVHFWLRQRIWKH&RPSDQLHV
$FW  WR WKH H[WHQW DSSOLFDEOH WR DQ DXGLW RI LQWHUQDO ¿QDQFLDO
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
UHDVRQDEOH DVVXUDQFH DERXW ZKHWKHU DGHTXDWH LQWHUQDO ¿QDQFLDO
FRQWUROV RYHU ¿QDQFLDO UHSRUWLQJ ZDV HVWDEOLVKHG DQG PDLQWDLQHG
and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence
DERXW WKH DGHTXDF\ RI WKH LQWHUQDO ¿QDQFLDO FRQWUROV V\VWHP RYHU
¿QDQFLDO UHSRUWLQJ DQG WKHLU RSHUDWLQJ HIIHFWLYHQHVV 2XU DXGLW RI
LQWHUQDO¿QDQFLDOFRQWUROVRYHU¿QDQFLDOUHSRUWLQJLQFOXGHGREWDLQLQJ
DQ XQGHUVWDQGLQJ RI LQWHUQDO ¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO
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 judgment, including the assessment of the
ULVNV RI PDWHULDO PLVVWDWHPHQW RI WKH VWDQGDORQH ,QG $6 ¿QDQFLDO
statements, whether due to fraud or error.
:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXI¿FLHQWDQG
appropriate to provide a basis for our audit opinion on the Company’s
LQWHUQDO¿QDQFLDOFRQWUROVV\VWHPRYHU¿QDQFLDOUHSRUWLQJ
176 11th Annual Report 2016-17
error or fraud may occur and not be detected. Also, projections
RI DQ\ HYDOXDWLRQ RI WKH LQWHUQDO ¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO
reporting to future periods are subject to the risk that the internal
¿QDQFLDO FRQWURO RYHU ¿QDQFLDO UHSRUWLQJ PD\ EHFRPH LQDGHTXDWH
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
DGHTXDWHLQWHUQDO¿QDQFLDOFRQWUROVV\VWHPRYHU¿QDQFLDOUHSRUWLQJ
DQG VXFK LQWHUQDO ¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO UHSRUWLQJ ZHUH
operating effectively as at 31st March, 2017, based on the internal
FRQWURORYHU¿QDQFLDOUHSRUWLQJFULWHULDHVWDEOLVKHGE\WKH&RPSDQ\
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.
For Kirti D. Shah & Associates
Chartered Accountants
Firm Registration No. 115133W
Kirti D Shah
Proprietor
'DWHth May, 2017 Membership No. 032371
3ODFH0XPEDL
 Aries Agro Care Private Limited

Balance Sheet as on 31st March, 2017

( Amounts in Rupees unless stated otherwise )
Particulars Note As at As at As at
Nos. 31st March, 2017 31st March, 2016 1st April, 2015
I. ASSETS
 Current Assets
D Financial Assets
L &DVK &DVK(TXLYDOHQWV 3 26,279 57,066 
LL Other Financial Assets  - - 1,126
E Other Current Assets 5 3,321,085  
TOTAL 3,347,364 3,378,151 3,388,079
II. EQUITY AND LIABILITIES
 Equity
D Equity Share Capital 6 100,000 100,000 100,000
E Other Equity 7 (2,766,465)  
Total (2,666,465) (2,633,820) (2,597,092)
 Current Liabilities
D Financial Liabilities
L &XUUHQW%RUURZLQJV    
LL Trade Payables    171,522
Total   
TOTAL 3,347,364 3,378,151 3,388,079
6XPPDU\RI6LJQL¿FDQW$FFRXQWLQJ3ROLFLHV 2.1

The Notes referred to above form an integral part of these Standalone Financial Statements

As per our report of even date For and on behalf of the Board of Directors of
Aries Agro Care Private Limited

For Kirti D. Shah & Associates Dr. Jimmy Mirchandani

Chartered Accountants Director
Firm Registration No. 115133W ',1

Kirti D. Shah Dr. Rahul Mirchandani

Proprietor Director
Membership No 32371 ',1

Place : Mumbai.
Date : 25th May, 2017.

11th Annual Report 2016-17 177

Aries Agro Care Private Limited

6WDWHPHQWRI3UR¿WDQG/RVVIRUWKH\HDUHQGHGst March, 2017

( Amounts in Rupees unless stated otherwise )
Particulars Note Year Ended Year Ended
Nos. 31st March, 2017 31st March, 2016
I. Other Income - -
7RWDO5HYHQXH,,, - -
II. ([SHQVHV
I Finance Costs 10  
L Other Expenses 11 32,300 
Total Expenses  
III. 3UR¿W%HIRUH7D[3%7,,, (32,645) (36,728)
IV. Tax Expense
D Current Tax - -
E Adjustment of Tax relating to earlier periods - -
F Deferred Tax - -
Income Tax Expense - -
V. 3UR¿WDIWHU7D[3$7,,,,9  
/HVV6KRUW3URYLVLRQIRU7D[LQ(DUOLHU<HDUV - -
VI. 3UR¿W/RVVIRUWKHSHULRG  
VII. Other Comprehensive Income
(A) ,WHPVWKDWZLOOQRWEHUHFODVVL¿HGWR3UR¿WRU/RVV
L Changes in Revaluation Surplus - -
LL 5HPHDVXUHPHQWVRI'H¿QHG%HQH¿W3ODQV - -
LLL Equity Instruments through OCI - -
- -
LY /HVV,QFRPH7D[UHODWLQJWR,WHPVWKDWZLOOQRWEHUHFODVVL¿HGWR
3UR¿WRU/RVV
- -
(B) ,WHPVWKDWZLOOEHUHFODVVL¿HGWR3UR¿WRU/RVV
L Exchange Differences in translating the Financial Statements of
Foreign Operation
LL Debt Instruments through OCI
LLL The effective portion of gains and loss on hedging instruments in a
FDVKÀRZKHGJH
- -
LL /HVV,QFRPH7D[UHODWLQJWR,WHPVWKDWZLOOEHUHFODVVL¿HGWR
3UR¿WRU/RVV
- -
VIII. Total Comprehensive Income for the period (VI + VII) (32,645) (36,728)
IX. Earnings per Equity Share 12
 %DVLF 'LOXWHG (3.26) (3.67)
6XPPDU\RI6LJQL¿FDQW$FFRXQWLQJ3ROLFLHV 2.1

The Notes referred to above form an integral part of these Standalone Financial Statements

As per our report of even date For and on behalf of the Board of Directors of
Aries Agro Care Private Limited

For Kirti D. Shah & Associates Dr. Jimmy Mirchandani

Chartered Accountants Director
Firm Registration No. 115133W ',1

Kirti D. Shah Dr. Rahul Mirchandani

Proprietor Director
Membership No 32371 ',1

Place : Mumbai.
Date : 25th May, 2017.

 11th Annual Report 2016-17

 Aries Agro Care Private Limited

Statement of Cash Flows for the year ended 31st March, 2017
( Amounts in Rupees unless stated otherwise )
Sr. No. Particulars Year Ended 31 Year Ended 31
March, 2017 March, 2016
A) CASH FLOW FROM OPERATING ACTIVITIES
1HW3UR¿WEHIRUHWD[DVSHU6WDWHPHQWRI3UR¿WDQG/RVV (32,645) 
Adjusted for :
Finance Costs  
2SHUDWLQJ3UR¿WEHIRUH:RUNLQJ&DSLWDO&KDQJHV (32,300) 
Adjusted for :
 ,QFUHDVH'HFUHDVHLQ7UDGH3D\DEOHV  23,100
Cash Generated from Operations (134,142) 
Net Cash Flow from Operating Activities (A) (134,142) (13,474)

B) CASH FLOW FROM INVESTING ACTIVITIES :

0RYHPHQWLQ6KRUW7HUP/RDQVDQG$GYDQFHV 2WKHU$VVHWV - 
Net Cash Flow from / ( used in) Investing Activities (B) - 

C) CASH FLOW FROM FINANCING ACTIVITIES:

6KRUW7HUP%RUURZLQJV1HW 103,700 3,700
Finance Costs (345) 
1HW&DVKXVHGLQIURP¿QDQFLQJDFWLYLWLHV& 103,355 

Net Increase in Cash and Cash Equivalents (30,787) 

2SHQLQJ%DODQFHRI&DVKDQG&DVK(TXLYDOHQWV 57,066 

&ORVLQJ%DODQFHRI&DVKDQG&DVK(TXLYDOHQWV 26,279 57,066

1RWH7KHDERYHVWDWHPHQWKDVEHHQSUHSDUHGXQGHUWKHLQGLUHFWPHWKRGVHWRXWLQ,QG$6³6WDWHPHQWRI&DVK)ORZ´

As per our report of even date For and on behalf of the Board of Directors of
Aries Agro Care Private Limited

For Kirti D. Shah & Associates Dr. Jimmy Mirchandani

Chartered Accountants Director
Firm Registration No. 115133W ',1

Kirti D. Shah Dr. Rahul Mirchandani

Proprietor Director
Membership No 32371 ',1

Place : Mumbai.
Date : 25th May, 2017.

11th Annual Report 2016-17 

Aries Agro Care Private Limited
NOTES to the Financial Statements as on 31st March, 2017
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES:
1. Company Overview
Aries Agro Care Private Limited was incorporated in January, 2007
as a Wholly Owned Subsidiary of Aries Agro Limited for carrying
EXVLQHVVLQWKH%UDQFKHVRIDJURSURWHFWLRQDJURDQGVHHGVHWF
surrounding the estimates. Differences between the actual
results and estimates are recognized in the period in which
WKH UHVXOWV DUH NQRZQ  PDWHULDOL]HG DQG LI PDWHULDO WKHLU
effects are disclosed in the notes to the Financial Statements.
Estimates and assumptions are required in particular for:
2. Basis of Preparation of Financial Statements L 'HWHUPLQDWLRQ RI WKH HVWLPDWHG XVHIXO OLIH RI WDQJLEOH DVVHWV
and the assessment as to which components of the cost may
 0LQLVWU\RI&RUSRUDWH$IIDLUVQRWL¿HGURDGPDSWRLPSOHPHQW,QGLDQ EHFDSLWDOL]HG8VHIXOOLIHRIWDQJLEOHDVVHWVLVEDVHGRQWKH
$FFRXQWLQJ 6WDQGDUGV µ,QG $6¶ QRWL¿HG XQGHU WKH &RPSDQLHV life prescribed in Schedule II of the Companies Act, 2013. In
,QGLDQ $FFRXQWLQJ 6WDQGDUGV 5XOHV  DV DPHQGHG E\ WKH cases, where the useful life is different from that prescribed
FRPSDQLHV ,QGLDQ $FFRXQWLQJ 6WDQGDUGV DPHQGPHQW 5XOHV
2016. As per the said roadmap, the Company is required to apply
Ind AS for the year ended 31st0DUFK+RZHYHUWKHFRPSDQ\
has voluntarily adopted Ind AS as from the year 1st April, 2016 with
1st$SULOEHLQJWKHGDWHRIWUDQVLWLRQ7KHFRPSDUDWLYH¿JXUHV
LQWKH%DODQFH6KHHWDVDWVW0DUFKDQGst April 2015 and
WKH6WDWHPHQWRI3UR¿WDQG/RVVDQGWKH&DVK)ORZ6WDWHPHQWIRU
the year ended 31st March, 2017 has to be restated accordingly.
in Schedule II, it is based on technical advice, taking into
account the nature of the asset, estimated usage and
operating conditions of the asset, past history of replacement
and maintenance support. An assumption also needs to be
made, when the Company assesses, whether an asset may
be capitalized and which components of the cost of the asset
may be capitalized.
The Company has adopted all the Ind AS standards and the
adoption was carried out in-accordance with IndAS 101 First time
adoption of Indian Accounting Standards.
a. Statement of Compliance
 7KH &RPSDUDWLYH )LQDQFLDO 6WDWHPHQWV FRPSULVLQJ %DODQFH
6KHHW6WDWHPHQWRI3UR¿WDQG/RVV6WDWHPHQWRI&KDQJHV
in Equity, Cash Flow Statement, together with the Notes to
DFFRXQWVDORQJZLWKDVXPPDU\RIWKHVLJQL¿FDQWDFFRXQWLQJ
policies and other explanatory information for the year ended
LL 5HFRJQLWLRQ DQG PHDVXUHPHQW RI GH¿QHG EHQH¿W
obligations:
 7KH REOLJDWLRQ DULVLQJ IURP WKH GH¿QHG EHQH¿W SODQ LV
GHWHUPLQHG RQ WKH EDVLV RI DFWXDULDO DVVXPSWLRQV .H\
actuarial assumptions include discount rate, trends in salary
HVFDODWLRQDQGYHVWHGIXWXUHEHQH¿WVDQGOLIHH[SHFWDQF\7KH
discount rate is determined with reference to market yields at
the end of the reporting period on the government bonds. The
period to maturity of the underlying bonds correspond to the
SUREDEOHPDWXULW\RIWKHSRVWHPSOR\PHQWEHQH¿WREOLJDWLRQV
31st March, 2017 have been prepared in accordance with the 
,QG$6DVQRWL¿HGDERYH
For all periods up to and including the year ended 31st March,
 WKH &RPSDQ\ SUHSDUHG LWV ¿QDQFLDO VWDWHPHQWV LQ
DFFRUGDQFH DFFRXQWLQJ VWDQGDUGV QRWL¿HG XQGHU WKH VHFWLRQ
133 of the Companies Act 2013, read together with paragraph
LLL Recognition of deferred tax assets:
A Deferred tax asset is recognized for all the deductible
temporary differences to the extent that it is probable that
WD[DEOH SUR¿W ZLOO EH DYDLODEOH DJDLQVW ZKLFK WKH GHGXFWLEOH
temporary difference can be utilized. The management
DVVXPHVWKDWWD[DEOHSUR¿WVZLOOEHDYDLODEOHZKLOHUHFRJQL]LQJ
RIWKH&RPSDQLHV$FFRXQWV5XOHV,QGLDQ*$$3 deferred tax assets.
b. Basis of Measurement - Historic Cost Convention LY Recognition and measurement of other provisions:
These Financial statements have been prepared on a The recognition and measurement of other provisions are
KLVWRULFDOFRVWEDVLVH[FHSWIRUWKHIROORZLQJ EDVHGRQWKHDVVHVVPHQWRIWKHSUREDELOLW\RIDQRXWÀRZRI
‡ FHUWDLQ ¿QDQFLDO DVVHWV DQG OLDELOLWLHV WKDW LV PHDVXUHG resources, and on past experience and circumstances known
DWIDLUYDOXHUHIHUDFFRXQWLQJSROLF\UHJDUGLQJ¿QDQFLDO DWWKHEDODQFHVKHHWGDWH7KHDFWXDORXWÀRZRIUHVRXUFHVDW
LQVWUXPHQWV D IXWXUH GDWH PD\ WKHUHIRUH YDU\ IURP WKH ¿JXUH LQFOXGHG LQ
other provisions.
‡ $VVHWVKHOGIRUVDOH±PHDVXUHGDWIDLUYDOXHOHVVFRVWWR
sale; Y 'LVFRXQWLQJRIORQJWHUP¿QDQFLDOOLDELOLWLHV
‡ 'H¿QHG EHQH¿W SODQV ± SODQ DVVHWV PHDVXUHG DW IDLU  $OO¿QDQFLDOOLDELOLWLHVDUHUHTXLUHGWREHPHDVXUHGDWIDLUYDOXH
value RQLQLWLDOUHFRJQLWLRQ,QFDVHRI¿QDQFLDOOLDELOLWLHVZKLFKDUH
required to be subsequently measured at amortized cost,
 $OO DVVHWV DQG OLDELOLWLHV KDV EHHQ FODVVL¿HG DV FXUUHQW
interest is accrued using the effective interest method.
or non-current as per the Company’s normal operating
cycle and other criteria set out in the Schedule III to the 
Companies Act, 2013.
c. Functional and Presentation Currency
Items included in the Financial Statements of the entity
are measured using the currency of the primary economic
HQYLURQPHQW LQ ZKLFK WKH HQWLW\ RSHUDWHV ³WKH IXQFWLRQDO
YL Determining whether an arrangement contains a lease:
At the inception of an arrangement, the Company determines
whether the arrangement is or contains a lease. At the
inception or on reassessment of an arrangement that contains
a lease, the Company separates payments and other
consideration required by the arrangement into those for the
lease and those for the other elements based on their relative
FXUUHQF\´ ,QGLDQ 5XSHH LV WKH )XQFWLRQDO FXUUHQF\ RI WKH
Company.
The Financial statements are presented in Indian Rupees,
which is the Company’s presentation currency.
d. Use of Estimates:
The preparation of Financial Statements in accordance with
Ind - AS requires use of estimates and assumptions for
some items, which might have an effect on their recognition
DQG PHDVXUHPHQW LQ WKH %DODQFH 6KHHW DQG 6WDWHPHQW RI
3UR¿W DQG /RVV 7KH DFWXDO DPRXQWV UHDOL]HG PD\ GLIIHU
from these estimates. Accounting estimates could change
from period to period. Actual results could differ from those
estimates. Appropriate changes in estimates are made as the
management becomes aware of changes in circumstances
 11th Annual Report 2016-17
IDLUYDOXHV,IWKH&RPSDQ\FRQFOXGHVIRUD¿QDQFHOHDVHWKDW
it is impracticable to separate the payments reliably, then an
asset and a liability are recognized at an amount equal to the
fair value of the underlying asset; subsequently, the liability is
UHGXFHGDVSD\PHQWVDUHPDGHDQGDQLPSXWHG¿QDQFHFRVW
on the liability is recognized using the Company’s incremental
borrowing rate. In case of operating lease, the Company treats
all payments under the arrangement as lease payments.
e. Standards Issued but not yet effective Ind - AS 115
“Revenue from Contract with Customers 7KH 0&$ KDG
QRWL¿HG,QG$6³5HYHQXHIURP&RQWUDFWZLWK&XVWRPHUV´
in February, 2015. The core principle of the new standard is
that an entity should recognize revenue to depict the transfer
of promised goods or services to the customers in an amount
 Aries Agro Care Private Limited

NOTES to the Financial Statements as on 31st March, 2017

WKDWUHÀHFWVWKHFRQVLGHUDWLRQWRZKLFKWKHHQWLW\H[SHFWVWR and maintenance expenditure and cost of replacing parts,
be entitled in exchange for those goods or services. Further, DUHFKDQJHGWRWKHVWDWHPHQWRISUR¿WDQGORVVIRUWKHSHULRG
the new standard requires enhanced disclosures about the during which such expenses are incurred.
nature, amount, timing and uncertainty of revenue and cash The Company adjusts exchange differences arising on
ÀRZVDULVLQJIURPWKHHQWLW\¶VFRQWUDFWVZLWKFXVWRPHUV WUDQVODWLRQVHWWOHPHQWRIORQJWHUPIRUHLJQFXUUHQF\PRQHWDU\
I &XUUHQW9HUVXV1RQ&XUUHQW&ODVVL¿FDWLRQ items pertaining to the acquisition of a depreciable asset
to the cost of the asset and depreciates the same over the
L 7KHDVVHWVDQGOLDELOLWLHVLQWKH%DODQFH6KHHWDUHEDVHG
RQ FXUUHQW QRQ ± FXUUHQW FODVVL¿FDWLRQ $Q DVVHW DV
FXUUHQWZKHQLWLV Gains or losses arising from disposal of Plant, Property and
1. Expected to be realized or intended to be sold or
consumed in normal operating cycle.
 +HOGSULPDULO\IRUWKHSXUSRVHRIWUDGLQJ
3. Expected to be realized within twelve months after the
reporting period, or
 &DVK RU FDVK HTXLYDOHQWV XQOHVV UHVWULFWHG IURP EHLQJ
exchanged or used to settle a liability for at least twelve
months after the reporting period
$OORWKHUDVVHWVDUHFODVVL¿HGDVQRQFXUUHQW
remaining life of the asset.
Equipment are measured as the difference between the net
disposal proceeds and the carrying amount of the asset and
DUH UHFRJQL]HG LQ WKH VWDWHPHQW RI SUR¿W DQG ORVV ZKHQ WKH
asset is disposed.
B. Depreciation & Amortization:
a. 'HSUHFLDWLRQRQSURSHUW\SODQW HTXLSPHQWLVSURYLGHG
RYHUWKHXVHIXOOLIHRIDVVHWVDVVSHFL¿HGLQVFKHGXOH,,
WRWKHFRPSDQLHV$FW,QFDVHRI3URSHUW\SODQW 
(TXLSPHQWWKDWDUHDGGHGGLVSRVHGRIIGXULQJWKH\HDU
depreciation is provided on pro-rata basis with reference
WRWKHPRQWKRIDGGLWLRQGHOHWLRQ
LL $OLDELOLW\LVFXUUHQWZKHQLWLV
1. Expected to be settled in normal operating cycle
 +HOGSULPDULO\IRUWKHSXUSRVHRIWUDGLQJ
3. Due to be settled within twelve months after the reporting
period, or
 7KHUHLVQRXQFRQGLWLRQDOULJKWWRGHIHUWKHVHWWOHPHQWRI
the liability for at least twelve months after the reporting
period
C.
All other liabilities are treated as non - current.
 'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHFODVVL¿HGDVQRQ
current assets and liabilities.
The operating cycle is the time between the acquisition
of assets for processing and their realization in cash and
cash equivalents.
 6LJQL¿FDQW$FFRXQWLQJ3ROLFLHV
Leasehold improvements are being depreciated over the
lease term or estimated useful life whichever is lower.
8VHGDVVHWVDFTXLUHGIURPWKLUGSDUWLHVDUHGHSUHFLDWHG
on a straight line basis over their remaining useful life of
such assets.
b. Depreciation methods, useful life and residual values
are reviewed at each reporting date and adjusted if
appropriate.
Intangible Assets :
Intangible assets are stated at cost less accumulated
amortization and impairment. Intangible assets are amortised
over the irrespective individual estimated useful lives on a
straight-line basis, from the date that they are available for
XVH 7KH HVWLPDWHG XVHIXO OLIH RI DQ LGHQWL¿DEOH LQWDQJLEOH
asset is based on a number of factors including the effects
of obsolescence, demand, competition, and other economic
IDFWRUV VXFK DV WKH VWDELOLW\ RI WKH LQGXVWU\ DQG NQRZQ
A. Plant, Property & Equipment:
All the property, plant and equipments have been carried at
value in accordance with the previous GAAP. The Company
has elected these value as deemed cost at the date of
transition to Ind AS.
 3URSHUW\3ODQW (TXLSPHQWDUHVWDWHGDWRULJLQDOFRVWQHWRI
WD[ GXW\ FUHGLW DYDLOHG OHVV DFFXPXODWHG GHSUHFLDWLRQ DQG
accumulated impairment losses, if any. All costs, including
¿QDQFHFRVWVLQFXUUHGXSWRWKHGDWHWKHDVVHWLVUHDG\IRULWV
intended use.
 :KHQ VLJQL¿FDQW SDUWV RI SURSHUW\ SODQW DQG HTXLSPHQW DUH
required to be replaced at intervals, the company derecognizes
the replaced part, and recognizes the new part with its own
associated useful life and it is depreciated accordingly.
All the other repair and maintenance costs are recognised in
WKHVWDWHPHQWRISUR¿WDQGORVVDVLQFXUUHG7KHSUHVHQWYDOXH
of the expected cost for the decommissioning of the asset
after its use is included in the cost of the respective asset if
the recognition criteria for a provision is met.
 3URSHUW\3ODQW (TXLSPHQWDUHHOLPLQDWHGIURPWKH¿QDQFLDO
statements either on disposal or when retired from active use.
Losses arising in the case of retirement of property, plant
and equipment and gains and losses arising from disposal of
WHFKQRORJLFDO DGYDQFHV DQG WKH OHYHO RI PDLQWHQDQFH
expenditures required to obtain the expected future cash
ÀRZVIURPWKHDVVHW
The useful lives of intangible assets are assessed as either
¿QLWHRULQ¿QLWH
The amortization period and the amortization method for an
LQWDQJLEOHDVVHWZLWKD¿QLWHXVHIXOOLIHDUHUHYLHZHGDWOHDVW
at the end of each reporting period. Changes in the expected
useful life or the expected pattern of consumption of future
HFRQRPLF EHQH¿WV HPERGLHG LQ WKH DVVHW LV FRQVLGHUHG WR
modify the amortized period or method, as appropriate, and
are treated as changes in accounting estimates.
 ,QWDQJLEOH DVVHWV ZLWK ¿QLWH XVHIXO OLIH DUH DPRUWL]HG RQ
straight line basis over the useful economic life and assessed
for impairment whenever there is any indication that the
intangible asset may be impaired.
 ,QWDQJLEOHVZLWKLQGH¿QLWHXVHIXOOLIHLIDQ\DUHQRWDPRUWL]HG
but are tested for impairment annually, either individually or at
the cash generating unit level.
D. Borrowing Costs :
 %RUURZLQJ FRVWV WKDW DUH GLUHFWO\ DWWULEXWDEOH WR DFTXLVLWLRQ
FRQVWUXFWLRQRUSURGXFWLRQRIDTXDOLI\LQJDVVHWQHWRILQFRPH
property, plant and equipment are recognised in the statement
RISUR¿WDQGORVVLQWKH\HDURIRFFXUUHQFH
Subsequent expenditure related to an item of Property, Plant
(TXLSPHQWLVDGGHGWRLWVERRNYDOXHRQO\LILWLQFUHDVHVWKH
IXWXUH EHQH¿WV IURP WKH H[LVWLQJ DVVHW EH\RQG LWV SUHYLRXVO\
assessed standard of performance. All other expenses on
H[LVWLQJ3URSHUW\3ODQW (TXLSPHQWLQFOXGLQJURXWLQHUHSDLU
HDUQHGRQWHPSRUDU\GHSOR\PHQWRIIXQGVDUHFDSLWDOLVHGDV
DSDUWRIWKHFRVWRIVXFKDVVHWV%RUURZLQJFRVWFRQVLVWVRI
interest, other cost incurred in connection with borrowings of
fund and exchange differences to the extent regarded as an
adjustment to the borrowing cost. A qualifying asset is one
that necessarily takes substantial period of time to get ready
IRU LQWHQGHG XVH %RUURZLQJ FRVW DOVR LQFOXGHV H[FKDQJH
differences to the extent regarded as an adjustment to the
borrowing costs.
11th Annual Report 2016-17 
Aries Agro Care Private Limited
NOTES to the Financial Statements as on 31st March, 2017
All other borrowing costs are charged to the Statement of
3UR¿WDQG/RVV
E. Leases
The determination of whether an arrangement is, or contains,
a lease is based on the substance of the arrangement at
WKH LQFHSWLRQ GDWH ZKHWKHU IXO¿OOPHQW RI WKH DUUDQJHPHQW
LV GHSHQGHQW RQ WKH XVH RI D VSHFL¿F DVVHW RU DVVHWV RU
arrangement conveys a right to use the asset, even if that
ULJKWLVQRWH[SOLFLWO\VSHFL¿HGLQDQDUUDQJHPHQW
Company as a lessor
Leases in which the Company does not transfer substantially
all the risks and rewards of ownership of an asset are
FODVVL¿HGDVRSHUDWLQJOHDVHV5HQWDOLQFRPHIURPRSHUDWLQJ
lease is recognised on a straight-line basis over the term of
the relevant lease. Initial direct costs incurred in negotiating
and arranging an operating lease are added to the carrying
amount of the leased asset and recognised over the lease
term on the same basis as rental income.
Contingent rents are recognised as revenue in the period in
which they are earned.
 /HDVHV DUH FODVVL¿HG DV ¿QDQFH OHDVHV ZKHQ VXEVWDQWLDOO\
all of the risks and rewards of ownership transfer from the
Company to the lessee. Amounts due from lessees under
¿QDQFHOHDVHVDUHUHFRUGHGDVUHFHLYDEOHVDWWKH&RPSDQ\¶V
net investment in the leases. Finance lease income is
DOORFDWHG WR DFFRXQWLQJ SHULRGV VR DV WR UHÀHFW D FRQVWDQW
periodic rate of return on the net investment outstanding in
respect of the lease.
F. Inventories and WIP:
G. Foreign Currency Transactions and Balances:
The transactions in foreign currency are accounted at the
exchange rate i.e. custom rate prevailing on the date of
WUDQVDFWLRQ ([FKDQJH ÀXFWXDWLRQ EHWZHHQ WKH WUDQVDFWLRQ
date and settlement date in respect of transactions are
transferred to exchange rate difference account and written
RIIWRWKHVWDWHPHQWRISUR¿W ORVV([FKDQJHGLIIHUHQFHWKDW
arise on settlement of monetary items or on reporting at each
balance sheet date of the Company’s monetary items at the
closing rate are recognized as income or expenses in the
6WDWHPHQWRI3UR¿WDQG/RVVLQWKHSHULRGLQZKLFKWKH\DULVH
Current assets and current liabilities involving transactions
in foreign currency are converted at the exchange rates
SUHYDLOLQJRQWKHGDWHRI%DODQFH6KHHW$Q\SUR¿WDQGORVV
DULVLQJ RXW RI VXFK FRQYHUVLRQ LV FKDUJHG WR SUR¿W DQG ORVV
account.
Non-monetary items i.e. investments are converted at the rate
prevalent on the date of transaction.
H. Revenue Recognition:
Revenue is recognized to the extent that it is probable that the
HFRQRPLFEHQH¿WVZLOOÀRZWRWKH&RPSDQ\DQGWKHUHYHQXH
can be reliably measured, regardless of when the payment is
being made.
 7KHVSHFL¿FUHFRJQLWLRQFULWHULDGHVFULEHGEHORZPXVWDOVREH
met before revenue is recognized.
a. Sale of products:
 $VVWDWHGLQ,QG$65HYHQXHIURPVDOHRISURGXFWV
LVUHFRJQL]HGZKHQWKHVLJQL¿FDQWULVNVDQGUHZDUGVRI
ownership of the goods have passed to the buyer. The
Inventories are valued at the lower of cost and net realizable &RPSDQ\FROOHFWVVDOHVWD[DQGYDOXHDGGHGWD[9$7
value. on behalf of the government and, therefore, these are
Costs incurred in bringing each product to its present location QRWHFRQRPLFEHQH¿WVÀRZLQJWRWKH&RPSDQ\+HQFH
DQGFRQGLWLRQDUHDFFRXQWHGIRUDVIROORZV they are excluded from revenue. Excise duty deducted
IURP UHYHQXH JURVV LV WKH DPRXQW WKDW LV LQFOXGHG LQ
a. Raw materials and packing materials :
/RZHU RI FRVW DQG QHW UHDOL]DEOH YDOXH +RZHYHU
materials and other items held for use in the production
of inventories are not written down below cost if the
¿QLVKHGSURGXFWVLQZKLFKWKH\ZLOOEHLQFRUSRUDWHGDUH
expected to be sold at or above cost. Cost is determined
RQD¿UVWLQ¿UVWRXWEDVLV&XVWRPVGXW\RQLPSRUWHGUDZ
WKHUHYHQXHJURVVDQGQRWWKHHQWLUHDPRXQWRIOLDELOLW\
arising during the year.
b. Interest Income
Interest income is recognized on accrual basis at
DSSOLFDEOH LQWHUHVW UDWHV )RU DOO ¿QDQFLDO LQVWUXPHQWV
measured at amortized cost, interest income is recorded
PDWHULDOV H[FOXGLQJ VWRFNV LQ WKH ERQGHG ZDUHKRXVH
is treated as part of the cost of the inventories. Raw
PDWHULDO VWRUH DQG VSDUHV &RVW RQ ),)2 EDVLV RU QHW
realizable value, whichever is lower.
E :RUNLQSURJUHVVDQG¿QLVKHGJRRGV income is included in other income in the statement of
Lower of cost and net realizable value. Cost includes
direct materials and labour and aproportion of
manufacturing overheads based on normal operating
FDSDFLW\&RVWRI¿QLVKHGJRRGVLQFOXGHVH[FLVHGXW\
c. Traded goods :
Lower of cost and net realizable value. Cost includes
the purchase price and other associated costs directly
incurred in bringing the inventory to its present location.
Net realizable value is the estimated selling price in the
ordinary course of business, less estimated costs of
completion and estimated costs necessary to make the
XVLQJWKHHIIHFWLYHLQWHUHVWUDWH(,5ZKLFKLVWKHUDWH
that exactly discounts the estimated future cash payment
RU UHFHLSWV WKURXJK WKH H[SHFWHG OLIH RI WKH ¿QDQFLDO
instrument or a shorter period, where appropriate, to
WKHQHWFDUU\LQJDPRXQWRIWKH¿QDQFLDODVVHWVLQWHUHVW
SUR¿W ORVV
c. Dividend income:
Dividend income is accounted for when the right to
receive the same is established, which is generally when
shareholders approve the dividend.
I. Expenditure on new projects and substantial expansion:
Expenditure directly relating to construction activity is
capitalized. Indirect expenditure incurred during construction
period is capitalized as part of the indirect construction cost
to the extent to which the expenditure is directly related
to construction or is incidental there to. Other indirect
sale. H[SHQGLWXUH LQFOXGLQJ ERUURZLQJ FRVWV LQFXUUHG GXULQJ WKH
d. Waste and scrap are not separately valued being construction period which is not related to the construction
LQVLJQL¿FDQWLQYDOXH activity nor is incidental thereto is charged to the statement
RISUR¿WDQGORVV,QFRPHHDUQHGGXULQJFRQVWUXFWLRQSHULRG
e. Net realizable value is the estimated selling price in the
is deducted from the total of the indirect expenditure. All
ordinary course of business, less estimated costs of
direct capital expenditure on expansion is capitalized. As
completion and estimated costs necessary to make the
regards indirect expenditure on expansion, only that portion
sale.
is capitalized which represents the marginal increase in such
H[SHQGLWXUH LQYROYHG DV D UHVXOW RI FDSLWDO H[SDQVLRQ %RWK
direct and indirect expenditure are capitalized only if they

 11th Annual Report 2016-17

 Aries Agro Care Private Limited

NOTES to the Financial Statements as on 31st March, 2017

increase the value of the asset beyond its original standard of K. Taxes :
performance. a. Current Income Tax:
- (PSOR\HHEHQH¿WV (i) Tax on income for the current period is determined on
a. 6KRUW7HUP(PSOR\HH%HQH¿WV the basis on estimated taxable income and tax credits
Accumulated leave, which is expected to be utilised computed in accordance with the provisions of the
within the next 12 months, is treated as short-term relevant tax laws and based on the expected outcome
HPSOR\HHEHQH¿W7KH&RPSDQ\PHDVXUHVWKHH[SHFWHG RIDVVHVVPHQWVDSSHDOV
cost of such absences as the additional amount that it Current tax comprises of the expected tax payable or
expects to pay as a result of the unused entitlement that receivable on the taxable income or loss for the year
has accumulated at the reporting date. and any adjustment to the tax payable or receivable in
 6KRUW  WHUP HPSOR\HH EHQH¿WV DUH H[SHQVHG DV WKH respect of the previous years. It is measured using tax
related service is provided. A liability is recognised for rates enacted or substantively enacted at the reporting
the amount expected to be paid if the Company has date.
a present legal or constructive obligation to pay this Current tax assets and liabilities are offset only if, the
amount as a result of past service provided by the &RPSDQ\
employee and the obligation can be estimated reliably. ‡ KDVDOHJDOO\HQIRUFHDEOHULJKWWRVHWRIIWKHUHFRJQLVHG
b. 3RVW(PSOR\PHQW%HQH¿WV amounts; and
L 'H¿QHG&RQWULEXWLRQ3ODQV ‡ LQWHQGVHLWKHUWRVHWWOHRQDQHWEDVLVRUWRUHDOLVHWKH
5HWLUHPHQW EHQH¿W LQ WKH IRUP RI 3URYLGHQW asset and settle the liability simultaneously.
)XQG LV D GH¿QHG FRQWULEXWLRQ VFKHPH DQG WKH (ii) Current income tax relating to items recognised directly
FRQWULEXWLRQVDUHFKDUJHGWRWKHVWDWHPHQWRISUR¿W in equity is recognised in equity and not in the statement
and loss for the year when the contributions to the RI SUR¿W  ORVV 0DQDJHPHQW SHULRGLFDOO\ HYDOXDWHV
government funds are due. The Company has no positions taken in the tax returns with respect to
obligation other than the contribution payable to situations in which applicable tax regulations are subject
provident fund authorities. to interpretation and establishes provisions where
LL 'H¿QHG%HQH¿W3ODQV appropriate.
The employees’ gratuity fund scheme is the
&RPSDQ\¶VGH¿QHGEHQH¿WSODQ7KHSUHVHQWYDOXH
RIWKHREOLJDWLRQXQGHUWKHVDLGGH¿QHGEHQH¿WSODQ
is determined on the basis of actuarial valuation
from an independent actuary using the Projected
8QLW&UHGLW0HWKRG
 7KHJUDWXLW\EHQH¿WRIWKH&RPSDQ\LVDGPLQLVWHUHG
by a trust formed for this purpose through the
group gratuity scheme.
Remeasurements comprising of actuarial gain and
losses, the effect of the asset ceiling and the return
RQSODQDVVHWVH[FOXGLQJDPRXQWLQFOXGHGLQQHW
b. Deferred taxes:
(i) Deferred tax is provided using the balance sheet
approach on temporary differences at the reporting date
between the tax bases of assets and liabilities and their
FDUU\LQJDPRXQWVIRU¿QDQFLDOUHSRUWLQJSXUSRVHDWWKH
reporting date.
(ii) The carrying amount of deferred tax assets is reviewed
at each reporting date and reduced to the extent that
LWLVQRORQJHUSUREDEOHWKDWVXI¿FLHQWWD[DEOHSUR¿WZLOO
be available to allow all or part of the deferred tax asset
WR EH XWLOLVHG 8QUHFRJQLVHG GHIHUUHG WD[ DVVHWV DUH
reassessed at each reporting date and are recognised
LQWHUHVW RQ WKH QHW GH¿QHG EHQH¿W OLDELOLW\ DUH
recognised immediately in the balance sheet with
a corresponding debit or credit to retained earnings
through other comprehensive income in the period
in which they occur.
 5HPHDVXUHPHQWV DUH QRW UHFODVVL¿HG WR WKH
VWDWHPHQWRISUR¿WDQGORVVLQVXEVHTXHQWSHULRGV
Past service cost is recognised in the statement of
SUR¿W ORVVLQWKHSHULRGRISODQDPHQGPHQW
Net interest is calculated by applying the
GLVFRXQWHGUDWHWRWKHQHWGH¿QHGEHQH¿WOLDELOLW\RU
asset.
F 2WKHU/RQJ7HUP(PSOR\HH%HQH¿WV income statement. Only changes in deferred tax assets
The Company treats accumulated leave expected to
EHFDUULHGIRUZDUGEH\RQGPRQWKVDVORQJ±WHUP
HPSOR\HH EHQH¿W IRU PHDVXUHPHQW SXUSRVHV 6XFK
long-term compensated absences are provided for
based on the actuarial valuation using the projected
XQLW FUHGLW PHWKRG DW WKH \HDUHQG $FWXDULDO JDLQV
ORVVHVDUHLPPHGLDWHO\WDNHQWRWKHVWDWHPHQWRISUR¿W
and loss and are not deferred.
The Company presents the entire leave as a current
liability in the balance sheet, since it does not have
an unconditional right to defer its settlement for 12
months after the reporting date.
to the extent that it has become probable that future
WD[DEOH SUR¿WV ZLOO DOORZ WKH GHIHUUHG WD[ DVVHW WR EH
recovered.
Deferred tax liabilities are always provided for in full.
Deferred tax assets are recognized to the extent that
it is probable that they will be able to be offset against
future taxable income. Deferred tax assets and liabilities
are calculated, without discounting, at tax rates that
are expected to apply to their respective period of
realization, provided they are enacted or substantively
enacted at the balance sheet date.
Most changes in deferred tax assets or liabilities are
recognized as a component of tax expense in the
or liabilities that relate to a change in value of assets or
liabilities that is charged directly to equity are charged or
credited directly to equity.
c. Sales/ value added taxes
Expenses and assets are recognised net of the amount of
VDOHVYDOXHDGGHGWD[HVSDLGH[FHSW
‡ :KHQ WKH WD[ LQFXUUHG RQ D SXUFKDVH RI DVVHWV RU
services is not recoverable from the taxation authority, in
which case, the tax paid is recognised as part of the cost
of acquisition of the asset or as part of the expense item,
as applicable
‡ :KHQ UHFHLYDEOHV DQG SD\DEOHV DUH VWDWHG ZLWK WKH
amount of tax included The net amount of tax recoverable
from, or payable to, the taxation authority is included as
11th Annual Report 2016-17 
Aries Agro Care Private Limited

NOTES to the Financial Statements as on 31st March, 2017

part of receivables or payables in the balance sheet. FDQ EH HVWLPDWHG UHOLDEO\ DQG LW LV SUREDEOH WKDW DQ RXWÀRZ
d. Minimum Alternate Tax RIHFRQRPLFEHQH¿WVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQ
Provisions are determined by discounting the expected
 0LQLPXP $OWHUQDWH 7D[ 0$7 SDLG LQ D \HDU LV FKDUJHG WR
WKHVWDWHPHQWRISUR¿WDQGORVVDVFXUUHQWWD[7KH&RPSDQ\
recognizes MAT credit available as an asset only to the extent
that there is convincing evidence that the Company will pay
QRUPDOLQFRPHWD[GXULQJWKHVSHFL¿HGSHULRGLHWKHSHULRG
for which MAT credit is allowed to be carried forward. In the
year in which the Company recognizes MAT credit as an asset
in accordance with the Guidance Note on “Accounting for
Credit Available in respect of Minimum Alternative Tax under
WKH,QFRPHWD[$FW´WKHVDLGDVVHWLVFUHDWHGE\ZD\RI
FUHGLWWRWKHVWDWHPHQWRISUR¿WDQGORVVDQGVKRZQDV³0$7
Credit Entitlement.” The Company reviews the “MAT credit
entitlement” asset at each reporting date and writes down the
asset to the extent the Company does not have convincing
HYLGHQFHWKDWLWZLOOSD\QRUPDOWD[GXULQJWKHVSHFL¿HGSHULRG
L. Segment reporting
 ,GHQWL¿FDWLRQRIVHJPHQWV
The Company’s operating businesses are organised and
managed separately according to the nature of products and
services provided, with each segment representing a strategic
business unit that offers different products and services to
different markets. The analysis of geographical segments is
based on the areas in which major operating divisions of the
Company operates.
M. Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and
demand deposits with banks which are short-term, highly
liquid investments that are readily convertible into known
DPRXQWVRIFDVKDQGZKLFKDUHVXEMHFWWRLQVLJQL¿FDQWULVNRI
changes in value.
 &DVK DQG FDVK HTXLYDOHQWV IRU WKH SXUSRVH RI FDVK ÀRZ
statement comprise cash at bank and in hand and short-term
investments with an original maturity of three months or less.
N. Impairment of Non Financial Assets
As at each balance sheet date, the Company assesses whether
there is an indication that an asset may be impaired and also
whether there is an indication of reversal of impairment loss
recognized in the previous periods. If any indication exists,
or when annual impairment testing for an asset is required,
if any, the Company determines the recoverable amount and
impairment loss is recognized when the carrying amount of an
IXWXUHFDVKÀRZVDWDSUHWD[UDWHWKDWUHÀHFWVFXUUHQWPDUNHW
DVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGWKHULVNVVSHFL¿F
to the liability. Contingent Liabilities are not recognized but are
disclosed in the notes. Contingent Assets are not recognized
but disclosed in the Financial Statements when economic
LQÀRZLVSUREDEOH
a. Provisions are recognized for liabilities that can be
measured only by using a substantial degree of
estimation, if
i. the Company has a present obligation as a result
of past event,
LL D SUREDEOH RXWÀRZ RI UHVRXUFHV LV H[SHFWHG WR
settle the obligation; and
iii. the amount of obligation can be reliably estimated.
If the effect of time value of money is material,
provisions are discounted using current pre-
WD[ UDWH WKDW UHÀHFWV ZKHQ DSSURSULDWH WKH ULVN
VSHFL¿FWRWKHOLDELOLW\:KHQGLVFRXQWLQJ LVXVHG
the increase in the provision due to the passage of
WLPHLVUHFRJQL]HGDVD¿QDQFHFRVW
Where the Company expects some or all of a
provision to be reimbursed, for example under
an insurance contract, the reimbursement is
recognized as a separate asset but only when
the reimbursement is virtually certain. The
expense relating to any provision is presented
LQ WKH VWDWHPHQW RI SUR¿W DQG ORVV QHW RI DQ\
reimbursement.
b. &RQWLQJHQWOLDELOLWLHVDUHGLVFORVHGLQFDVHRI
i. a present obligation arising from past events, when
LWLVQRWSUREDEOHWKDWDQRXWÀRZRIUHVRXUFHVZLOO
be required to settle the obligation,
ii. a present obligation arising from past events, when
no reliable estimate is possible,
iii. a possible obligation arising
IURPSDVWHYHQWVZKHUHWKHSUREDELOLW\RIRXWÀRZRI
resources is not remote.
c. Contingent assets are neither recognized nor disclosed.
 &RPPLWPHQWVLQFOXGHWKHDPRXQWRISXUFKDVHRUGHUQHW
asset exceeds its recoverable amount. RIDGYDQFHVLVVXHGWRSDUWLHVIRUFRPSOHWLRQRIDVVHWV
 5HFRYHUDEOHDPRXQWLVGHWHUPLQHG Provisions and Contingent Liabilities are recognized
 GLVFORVHG DIWHU DQ HYDOXDWLRQ RI WKH IDFWV DQG OHJDO
‡ ,QWKHFDVHRIDQLQGLYLGXDODVVHWDWWKHKLJKHURIWKHIDLU DVSHFWVDQGWKHDPRXQWVDUHUHYLHZHGRQWKH%DODQFH
value less cost to sell and the value in use; and Sheet date.
‡ ,Q WKH FDVH RI FDVK JHQHUDWLQJ XQLW D JURXS RI DVVHWV P. Non-current assets held for sale :
WKDWJHQHUDWHLGHQWL¿HGLQGHSHQGHQWFDVKÀRZVDWWKH
higher of cash generating unit’s fair value less cost to
sell and the value in use.
 ,QDVVHVVLQJYDOXHLQXVHWKHHVWLPDWHGIXWXUHFDVKÀRZVDUH
discounted to their present value using a pre-tax discount rate
WKDWUHÀHFWVFXUUHQWPDUNHWDVVHVVPHQWVRIWKHWLPHYDOXHRI
PRQH\DQGWKHULVNVSHFL¿FWRWKHDVVHW
In determining fair value less cost disposal, recent market
transaction are taken in to account.
Impairment losses of continuing operations, including
impairment on inventories, are recognized in the statement of
SUR¿WDQGORVV
 ,QWDQJLEOH DVVHWV ZLWK LQGH¿QLWH XVHIXO OLYHV DUH WHVWHG IRU
impairment annually, as appropriate, and when circumstances
indicate that the carrying value may be impaired.
O. Provisions, Contingent Liabilities and Contingent Assets:
A provision is recognized if as a result of a past event the
Company has a present legal or constructive obligation that
 11th Annual Report 2016-17
 1RQ &XUUHQW DVVHWV DUH FODVVL¿HG DV KHOG IRU VDOH LI WKHLU
carrying amounts will be recovered principally through a sale
transaction rather than through continuing use.
 1RQ&XUUHQWDVVHWVFODVVL¿HGDVKHOGIRUVDOHDUHPHDVXUHG
at the lower of their carrying amount and fair value less costs
to sell. This condition is regarded as met only when the sale is
highly probable and the asset is available for immediate sale in
its present condition. Management must be committed to the
sale, which should be expected to qualify for recognition as a
FRPSOHWHGVDOHZLWKLQRQH\HDUIURPWKHGDWHRIFODVVL¿FDWLRQ
 7KH FULWHULD IRU KHOG IRU VDOH GLVWULEXWLRQ FODVVL¿FDWLRQ
is regarded met only when the assets are available for
LPPHGLDWH VDOH GLVWULEXWLRQ LQ LWV SUHVHQW FRQGLWLRQ VXEMHFW
only to terms that are usual and customary for sales of such
assets, its sale is highly probable; and it will genuinely be sold,
not abandoned. The Company treats sale of the asset to be
KLJKO\SUREDEOHZKHQ
 Aries Agro Care Private Limited

NOTES to the Financial Statements as on 31st March, 2017

‡ 7KHDSSURSULDWHOHYHORIPDQDJHPHQWLVFRPPLWWHGWRD and Associates are measured at cost. Provision for
plan to sell the asset, Impairment loss on such investment is made only when
‡ $Q DFWLYH SURJUDPPHU WR ORFDWH D EX\HU DQG FRPSOHWH there is a diminution in value of the investment, which is
the plan has been initiated, other than temporary.
‡ 7KHDVVHWLVEHLQJDFWLYHO\PDUNHWHGIRUVDOHDWDSULFH e. Investment in Debt Instruments
that is reasonable in relation to its current fair value, A debt instrument is measured at amortized cost or at
‡ 7KH VDOH LV H[SHFWHG WR TXDOLI\ IRU UHFRJQLWLRQ DV FVTPL. Any debt instrument, which does not meet the
a completed sale within one year from the date of criteria for categorization as at amortized cost or as
FODVVL¿FDWLRQDQG )92&, LV FODVVL¿HG DV DW )973/ 'HEW LQVWUXPHQWV
included within the FVTPL category are measured at fair
‡ $FWLRQVUHTXLUHGWRFRPSOHWHWKHSODQLQGLFDWHWKDWLWLV value with all changes recognized in the Statement of
XQOLNHO\WKDWVLJQL¿FDQWFKDQJHVWRWKHSODQZLOOEHPDGH SUR¿WDQGORVV
or that the plan will be withdrawn.
(vi) De-recognition of Financial Assets:
 $VVHWV DQG OLDELOLWLHV FODVVL¿HG DV KHOG IRU VDOH DUH
presented separately in the balance sheet.  $ ¿QDQFLDO DVVHW LV SULPDULO\ GHUHFRJQL]HG ZKHQ WKH
ULJKWVWRUHFHLYHFDVKÀRZVIURPWKHDVVHWKDYHH[SLUHG
Property, plant and equipment and intangible assets or the Company has transferred its rights to receive cash
RQFH FODVVL¿HG DV KHOG IRU VDOH WR RZQHUV DUH QRW ÀRZVIURPWKHDVVHW
depreciated or amortized.
b. Financial Liabilities:
Q. Financial Instruments:
(i) Initial recognition and measurement
 $ ¿QDQFLDO LQVWUXPHQW LV DQ\ FRQWUDFW WKDW JLYHV ULVH WR D
¿QDQFLDODVVHWRIRQHHQWLW\DQGD¿QDQFLDOOLDELOLW\RUHTXLW\ $OO¿QDQFLDOOLDELOLWLHVDUHUHFRJQL]HGLQLWLDOO\DWIDLUYDOXH
instrument of another entity. and, in the case of loans, borrowings, and payables, net
of directly attributable transaction costs.
a. Financial Assets:
 7KH &RPSDQ\¶V ¿QDQFLDO OLDELOLWLHV LQFOXGH WUDGH DQG
L &ODVVL¿FDWLRQ
Financial Assets comprises of Investments in Equity
and Debt securities, Trade Receivables, Cash and Cash
HTXLYDOHQWV%RUURZLQJVDQGRWKHU)LQDQFLDO$VVHWV
(ii) Initial recognition and measurement
 $OO ¿QDQFLDO DVVHWV LV UHFRJQL]HG LQLWLDOO\ DW IDLU YDOXH
SOXVLQWKHFDVHRI¿QDQFLDODVVHWVQRWUHFRUGHGDWIDLU
YDOXH WKURXJK SUR¿W RU ORVV WUDQVDFWLRQ FRVWV WKDW DUH
DWWULEXWDEOHWRWKHDFTXLVLWLRQRIWKH¿QDQFLDODVVHW
 )LQDQFLDO$VVHWVDUHFODVVL¿HGDWLQLWLDOUHFRJQLWLRQDV
¿QDQFLDO DVVHWV PHDVXUHG DW IDLU YDOXH RU DV ¿QDQFLDO
assets measured at amortized cost.
(iii) Subsequent Recognition
a. Financial Assets measured at amortized cost
Financial assets are measured at amortized cost when asset
is held within a business model, whose objective is to hold
DVVHWV IRU FROOHFWLQJ FRQWUDFWXDO FDVK ÀRZV DQG FRQWUDFWXDO
WHUPVRIWKHDVVHWJLYHULVHRQVSHFL¿HGGDWHVWRFDVKÀRZV
that are solely payments of principal and interest. Such
¿QDQFLDO DVVHWV DUH PHDVXUHG DW DPRUWL]HG FRVW XVLQJ WKH
other payables, loans and borrowings including bank
overdrafts, security deposits and other deposits.
(ii) Subsequent measurement:
 )LQDQFLDO OLDELOLWLHV DW IDLU YDOXH WKURXJK SUR¿W RU ORVV
LQFOXGH¿QDQFLDOOLDELOLWLHVKHOGIRUWUDGLQJDQG¿QDQFLDO
liabilities designated upon initial recognition as at fair
YDOXHWKURXJKSUR¿WRUORVV
Financial liabilities designated upon initial recognition at
IDLUYDOXHWKURXJKSUR¿WRUORVVDUHGHVLJQDWHGDVVXFK
at the initial date of recognition, and only if the criteria in
,QG$6DUHVDWLV¿HG
For liabilities designated as FVTPL, fair value
JDLQV ORVVHV DWWULEXWDEOH WR FKDQJHV LQ RZQ FUHGLW
ULVN LV UHFRJQL]HG LQ 2&, 7KHVH JDLQV ORVV DUH
QRW VXEVHTXHQWO\ WUDQVIHUUHG WR 3 / +RZHYHU WKH
Company may transfer the cumulative gain or loss within
equity.
All other changes in fair value of such liability are
UHFRJQLVHGLQWKHVWDWHPHQWRISUR¿WRUORVV
(iii) Loans and Borrowings:
HIIHFWLYHLQWHUHVWUDWH(,5PHWKRG Interest-bearing loans and borrowings are subsequently
 7KH(,5DPRUWL]DWLRQLVUHFRJQL]HGDV¿QDQFHLQFRPHLQWKH measured at amortised cost using the Effective Interest
6WDWHPHQWRI3UR¿WDQG/RVV 5DWH (,5 PHWKRG *DLQV DQG ORVVHV DUH UHFRJQLVHG
LQSUR¿WRUORVVZKHQWKHOLDELOLWLHVDUHGHUHFRJQLVHGDV
 7KH&RPSDQ\ZKLOHDSSO\LQJWKHDERYHFULWHULDKDVFODVVL¿HG
well as through EIR amortisation process. Amortised
WKHIROORZLQJDW$PRUWL]HG&RVW
cost is calculated by taking into account any discount
a) Investment in Debt Instruments or premium on acquisition and fees or costs that are an
b. Financial Assets measured at fair value through integral part of the EIR. The EIR amortisation is included
other comprehensive income (FVTOCI) DV¿QDQFHFRVWVLQWKHVWDWHPHQWRISUR¿WDQGORVV7KLV
category generally applies to borrowings
Financial assets under this category are measured
initially as well as at each reporting date at fair value. (iv) Derecognition of Financial Liabilities:
Fair value movements are recognized in the other $¿QDQFLDOOLDELOLW\LVGHUHFRJQL]HGZKHQWKHREOLJDWLRQ
comprehensive income. under the liability is discharged or cancelled or expires.
c. Financial Assets measured at fair value through :KHQDQH[LVWLQJ¿QDQFLDOOLDELOLW\LVUHSODFHGE\DQRWKHU
SUR¿WRUORVV)973/ from the same lender on substantially different terms,
or the terms of an existing liability are substantially
Financial assets under this category are measured PRGL¿HG VXFK DQ H[FKDQJH RU PRGL¿FDWLRQ LV WUHDWHG
initially as well as at each reporting date at fair value as the derecognition of the original liability and the
ZLWKDOOFKDQJHVUHFRJQL]HGLQSUR¿WRUORVV recognition of a new liability. The difference in the
d. Investment in Subsidiary and Associates respective carrying amounts is recognized in the
Investment in equity instruments of Subsidiaries 6WDWHPHQWRI3UR¿WDQG/RVV

11th Annual Report 2016-17 

Aries Agro Care Private Limited
NOTES to the Financial Statements as on 31st March, 2017
R. Earnings Per Share:
 %DVLF HDUQLQJV SHU VKDUH DUH FDOFXODWHG E\ GLYLGLQJ WKH QHW SUR¿W
or loss for the year attributable to equity shareholders by the
weighted average number of equity shares outstanding during the
year. Partly paid equity shares are treated as a fraction of an equity
share to the extent that they are entitled to participate in dividends
relative to a fully paid equity share during the reporting period. The
weighted average number of equity shares outstanding during the
year is adjusted for events such as bonus issue; bonus element
in a rights issue to existing shareholders; share split; and reverse
S. Investments:
Investments that are readily realizable and intended to be held
for not more than twelve months from the date on which such
LQYHVWPHQWV DUH PDGH DUH FODVVL¿HG DV FXUUHQW LQYHVWPHQWV $OO
RWKHULQYHVWPHQWVDUHFODVVL¿HGDVORQJWHUPLQYHVWPHQWV
On initial recognition, all investments are measured at cost. The
cost comprises purchase price and directly attributable acquisition
charges such as brokerage, fees and duties. If an investment
is acquired, or partly acquired, by the issue of shares or other
securities, the acquisition cost is the fair value of the securities
VKDUHVSOLWFRQVROLGDWLRQRIVKDUHVWKDWKDYHFKDQJHGWKHQXPEHU
of equity shares outstanding, without a corresponding change in
resources.
 'LOXWHG (36 DPRXQWV DUH FDOFXODWHG E\ GLYLGLQJ WKH SUR¿W
DWWULEXWDEOH WR HTXLW\ KROGHUV RI WKH &RPSDQ\ DIWHU DGMXVWLQJ IRU
issued.
If an investment is acquired in exchange for another asset, the
acquisition is determined by reference to the fair value of the asset
given up or by reference to the fair value of the investment acquired,
whichever is more clearly evident.
LQWHUHVW RQ WKH FRQYHUWLEOH SUHIHUHQFH VKDUHV E\ WKH ZHLJKWHG
average number of Equity shares outstanding during the year
plus the weighted average number of Equity shares, that would be
issued on conversion of all the dilutive potential Equity shares into
Equity shares.
 11th Annual Report 2016-17
 &XUUHQWLQYHVWPHQWVDUHFDUULHGLQWKH¿QDQFLDOVWDWHPHQWVDWORZHU
of cost and fair value determined on an individual investment basis.
/RQJWHUP LQYHVWPHQWV DUH FDUULHG DW FRVW +RZHYHU SURYLVLRQ
for diminution in value is made to recognize a decline other than
temporary in the value of the investments.
On disposal of an investment, the difference between its carrying
amount and net disposal proceeds is charged or credited to the
VWDWHPHQWRISUR¿WDQGORVV
 Aries Agro Care Private Limited

NOTES to the Financial Statements as on 31st March, 2017

( Amounts in Rupees unless stated otherwise )

3 CASH AND CASH EQUIVALENTS As at As at As at

31st March, 2017 31st March, 2016 1st April, 2015
%DODQFHZLWK%DQNVLQ&XUUHQW$FFRXQWV 10,963  35,311
:LWK6FKHGXOHG%DQNVLQ'HSRVLW$FFRXQWV 15,316 15,316 
Total 26,279 57,066 

4 OTHER CURRENT FINANCIAL ASSETS As at As at As at

(Unsecured and Considered Good) 31st March, 2017 31st March, 2016 1st April, 2015
Interest Accrued but not due - - 1,126
Total - - 1,126

5 OTHER CURRENT ASSETS As at As at As at

(Unsecured and Considered Good) 31st March, 2017 31st March, 2016 1st April, 2015
Advances other than Capital Advances
Security Deposits 7,000 7,000 7,000
Other Advances 3,314,085  
Total 3,321,085  

5.1 Other Advances includes : As at As at As at

Particulars 31st March, 2017 31st March, 2016 1st April, 2015
D Advance to Suppliers 3,314,085  
Total 3,314,085  

6 SHARE CAPITAL As at As at As at
31st March, 2017 31st March, 2016 1st April, 2015
Authorised Share Capital
(TXLW\6KDUHVRI5VHDFK 100,000 100,000 100,000
Total 100,000 100,000 100,000
Issued, Subscribed and Fully Paidup
(TXLW\6KDUHVRI5VHDFK 100,000 100,000 100,000
Total 100,000 100,000 100,000

6.1 5HFRQFROLDWLRQRI(TXLW\6KDUHVRXWVWDQGLQJDWWKHEHJLQQLQJDQGDWWKHHQGRIWKH\HDU
Particulars As at As at As at
31st March, 2017 31st March, 2016 1st April, 2015
Equity Shares at the beginning of the year 10,000 10,000 10,000
$GG,VVXHGGXULQJWKH\HDU - - -
/HVV6KDUHVFDQFHOOHGGXULQJWKH\HDU - - -
Equity Shares at the end of the year 10,000 10,000 10,000

11th Annual Report 2016-17 

Aries Agro Care Private Limited

NOTES to the Financial Statements as on 31st March, 2017

( Amounts in Rupees unless stated otherwise )
6.2 List of Shareholder’s holding more than 5 percent of Shares in the Company
Name of the Share No of As at No of As at No of Shares As at
Holder Shares 31st March, 2017 Shares 31st March, 2016 1st April, 2015
% Held +HOG
L Aries Agro Limited 10,000 100.00% 10,000 100.00% 10,000 100.00%

7 OTHER EQUITY Reserves & Surplus Total

Securities General Retained
Premium Reserve Earnings
Reserve
Balance as at 1st April, 2015 - - (2,697,092) (2,697,092)
$GG Dividend and Dividend Distribution Tax paid after - - - -
UHSRUWLQJSHULRG,QG$6
/HVV Impairment Loss on Non-Current Assets - - - -
Restated Balance at the beginning of the reporting - - (2,697,092) (2,697,092)
period
$GG 3UR¿W/RVVIRUWKH\HDU - - (36,728) (36,728)
Transfer from Retained Earnings - - - -
Other Comprehensive Income - - - -
Total Comprehensive Income for the year - - (36,728) (36,728)
/HVV Dividends - - - -
Dividend Distribution Tax - - - -
Transfer to General Reserve - - - -
Balance as at 1st April, 2016 - - (2,733,820) (2,733,820)
/HVV'LYLGHQGDQG'LYLGHQG'LVWULEXWLRQ7D[SDLGIRU)< - - - -
2015-16
$GG Dividend and Dividend Distribution Tax paid after - - - -
UHSRUWLQJSHULRG,QG$6
Restated Balance at the beginning of the reporting - - (2,733,820) (2,733,820)
period
$GG 3UR¿W/RVVIRUWKH\HDU - - (32,645) (32,645)
Transfer from Retained Earnings - - - -
Other Comprehensive Income - - - -
Total Comprehensive Income for the year - - (32,645) (32,645)
/HVV Dividends - - - -
Dividend Distribution Tax - - - -
Transfer to General Reserve - - - -
Balance as at 31st March, 2017 - - (2,766,465) (2,766,465)

8 CURRENT BORROWINGS As at As at As at
31st March, 2017 31st March, 2016 1st April, 2015
Un-Secured Borrowings
/RDQIURP+ROGLQJ&RPSDQ\ 5,918,635  
From Related Parties 2,414  
Total 5,921,049 5,817,349 5,813,649

 11th Annual Report 2016-17

 Aries Agro Care Private Limited

NOTES to the Financial Statements as on 31st March, 2017

( Amounts in Rupees unless stated otherwise )

9 TRADE PAYABLES As at As at As at
31st March, 2017 31st March, 2016 1st April, 2015
Due to Others 92,780  171,522
Total 92,780  171,522
9.1 7KHUHDUHQR0LFURDQG6PDOO(QWHUSULVHVWRZKRP&RPSDQ\RZHVGXHVZKLFKDUHRXWVWDQGLQJIRUPRUHWKDQGD\VDVDWVW
March, 2017. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has
EHHQGHWHUPLQHGWRWKHH[WHQWVXFKSDUWLHVKDYHEHHQLGHQWL¿HGRQWKHEDVLVRILQIRUPDWLRQDYDLODEOHZLWKWKH&RPSDQ\

10 FINANCE COSTS Year Ended 31st Year Ended 31st

March, 2017 March, 2016

2WKHU%RUURZLQJ&RVWV 345 

Total 345 154

11 OTHER EXPENSES Year Ended 31st Year Ended 31st

March, 2017 March, 2016
Other Administration Expenses
Audit Fees 17,325 17,175
/HJDO 3URIHVVLRQDO)HHV 11,275 
5HQW5DWHV 7D[HV 3,700 3,700
Total 32,300 

11.1 Payment to Auditors as :

Sr. Particulars Year Ended 31st Year Ended 31st
No. March, 2017 March, 2016
D Statutory Audit Fees 17,325 17,175
E Tax Audit Fees 5,750 5,725
Total 23,075 22,900

12 EARNINGS PER SHARE (EPS) Year Ended Year Ended

31st March, 2017 31st March, 2016

L 1HW3UR¿W$IWHU7D[3$7DVSHU6WDWHPHQWRI3UR¿WDQG/RVVDWWULEXWDEOHWR(TXLW\  

Shareholders
LL Weighted Average number of Equity Shares used as denominator for calculating EPS 10,000 10,000
LLL %DVLF 'LOXWHG(DUQLQJVSHU6KDUH5V  
LY )DFH9DOXHSHU(TXLW\6KDUH5V 10 10

11th Annual Report 2016-17 

Aries Agro Care Private Limited

NOTES to the Financial Statements as on 31st March, 2017

( Amounts in Rupees unless stated otherwise )
13 RELATED PARTY DISCLOSURES
5HODWHG3DUW\'LVFORVXUHVDVSHU,QG$6LVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD
Part - A
Details of Related Parties
Sr. Nature of Relationship Name of the Related Party Remarks
No.
1 +ROGLQJ&RPSDQ\ D Aries Agro Limited D Date of becoming Subsidiary of Aries Agro Limited
LVWK-DQXDU\,QFRUSRUDWLRQ'DWH
2 .H\0DQDJHPHQW3HUVRQQHO D Dr. Jimmy Mirchandani D Director
E Dr. Rahul Mirchandani E Director
F Prof. R. S. S. Mani F Director
3 5HODWLYHVRI.H\ Name of the Key Management Name of the Relative Relationship
Management Personnel Personnel
D Dr. Jimmy Mirchandani D Mrs. Vivian Prokop Mirchandani Spouse
E Mr. Akshay Mirchandani Son
F Mr. Amol Mirchandani Son
G Dr. Rahul Mirchandani %URWKHU
E Dr. Rahul Mirchandani D Mrs. Nitya Mirchandani Spouse
E Mastar Armaan Mirchandani Son
F Dr. Jimmy Mirchandani %URWKHU
 Fellow Subsidiaries D Aries Agro Equipments Pvt Ltd D A wholly owned Subsidiary of Aries Agro Limited
E Aries Agro Produce Pvt Ltd E A Subsidiary of Aries Agro Limited
F *ROGHQ+DUYHVW0LGGOH(DVW F A Subsidiary of Aries Agro Limited
G Amarak Chemicals G A Step Down Subsidiary of Aries Agro Limited
5 Enterprises over which the D Aries East West Nutrients Pvt Ltd
.H\0DQDJHPHQW3HUVRQQHO E Aries Marketing Ltd
KDYHVLJQL¿FDQWLQÀXHQFHRU
F %ORVVRPV,QWHUQDWLRQDO/WG
control
G Sreeni Agro Chemicals Ltd

Part - B
Details of Transactions with Related Parties
Sr. Category Nature of Service Year Ended Year Ended
No. 31 March 2017 31 March 2016
1 +ROGLQJ&RPSDQ\ Loans taken 103,700 25,000
2 .H\0DQDJHPHQW3HUVRQQHO Loans taken - 1,200

Part - C
Balance Outstanding with Related Parties
Category Nature of outstanding Name of the Replated Party As at As at
31 March 2017 31 March 2016
+ROGLQJ&RPSDQ\ 8QVHFXUHG/RDQV Aries Agro Limited 5,918,635 
.H\0DQDJHPHQW 8QVHFXUHG/RDQV Dr. Jimmy Mirchandani 2,414 
Personnel
14. Current Assets, Loan & Advances and Provisions
a) The current assets and loans and advances are approximately of the value stated, if realized in the ordinary course of business.
b) The provision for all known liabilities is not in excess of the amounts considered reasonably necessary.
c) 7KHEDODQFHVRIVXQGU\FUHGLWRUVVXQGU\GHEWRUVDQGORDQVDQGDGYDQFHVDUHVXEMHFWWRFRQ¿UPDWLRQ
d) 7KHORDQVDQGDGYDQFHVLQFOXGHV5VDGYDQFHGWR0V3UDGKDP%LRWHFKOLPLWHGIRUVXSSO\RIVHHGV7KHVDLGVXSSOLHU
IDLOHGWRVXSSO\WKHJRRGVLQWLPH7KH&RPSDQ\KDV¿OHGVXLWIRUZLQGLQJXSWKH&RPSDQ\7KH&RPSDQ\LQYLHZRIVXFKVXLWLV
KRSHIXORIUHFRYHU\RIDOOGXHV+HQFHQRSURYLVLRQLVPDGHLQWKHDFFRXQWVLQUHVSHFWRIVXFKGXHV

 11th Annual Report 2016-17

 Aries Agro Care Private Limited

NOTES to the Financial Statements as on 31st March, 2017

15. Contingent Liability
a) &ODLPVDJDLQVWFRPSDQ\QRWDFNQRZOHGJHGDVGHEWV5V/DFVZKLFKSHUWDLQVWRSHQGLQJVXLWVUHJDUGLQJDOOHJHGGXHV>7KH
&RPSDQ\0V3UDGKDP%LRWHFK3ULYDWH/LPLWHGKDV¿OHGFRXQWHUFODLPLQUHVSHFWRIFDQFHOODWLRQRIRUGHUIRUVHHGV±6HHQRWHQR
G@
16. )RUHLJQ([FKDQJH(DUQLQJV 2XWÀRZ
 'XULQJWKH\HDUWKHUHZHUHQR)RUHLJQ([FKDQJHHDUQLQJVH[SHQGLWXUHRURXWÀRZ
17. Micro and Small Scale Business Entities
 7KHUHDUHQRPLFURDQGVPDOO(QWHUSULVHVWRZKRPFRPSDQ\RZHVGXHVZKLFKDUHRXWVWDQGLQJIRUPRUHWKDQGD\VDVDWst March,
2016. This Information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been
GHWHUPLQHGWRWKHH[WHQWVXFKSDUWLHVKDYHEHHQLGHQWL¿HGRQWKHEDVLVRILQIRUPDWLRQDYDLODEOHZLWKWKHFRPSDQ\
18. Segment Reporting
The Company has only one business segment “Agricultural Equipments” as its primary segment and hence disclosure of segment-wise
LQIRUPDWLRQLVQRWUHTXLUHGXQGHU,QGLDQ$FFRXQWLQJ6WDQGDUG,QG$6±2SHUDWLQJ6HJPHQWV¶QRWL¿HGSXUVXDQWWRWKH&RPSDQLHV
,QGLDQ$FFRXQWLQJ6WDQGDUG5XOHVDVDPHQGHG
19. ,QDEVHQFHRIYLUWXDOFHUWDLQW\WKDWVXI¿FLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHIRUVHWRIIRIORVVHVLQFXUUHGE\WKHFRPSDQ\WKH
company has not taken credit for Deferred tax assets.
20. 7KH3UHYLRXV\HDU¶V¿JXUHVDUHUHDUUDQJHGDQGUHJURXSHGZKHUHYHULVQHFHVVDU\

The Notes referred to above form an integral part of these Standalone Financial Statements

As per our report of even date For and on behalf of the Board of Directors of
Aries Agro Care Private Limited

For Kirti D. Shah & Associates Dr. Jimmy Mirchandani

Chartered Accountants Director
Firm Registration No. 115133W ',1

Kirti D. Shah Dr. Rahul Mirchandani

Proprietor Director
Membership No 32371 ',1

Place : Mumbai.
Date : 25th May, 2017.

11th Annual Report 2016-17 

Aries Agro Equipments Private Limited

NOTICE OF 11TH ANNUAL GENERAL MEETING

Notice is hereby given that the Eleventh Annual General Meeting of the Members of ARIES AGRO EQUIPMENTS PRIVATE LIMITED will
be held on Wednesday, 27th6HSWHPEHUDWDPDWWKH5HJLVWHUHGRI¿FHRIWKH&RPSDQ\DW$ULHV+RXVH3ORW1R'HRQDU
*RYDQGL(DVW0XPEDLWRWUDQVDFWWKHIROORZLQJ2UGLQDU\%XVLQHVV

 7RUHFHLYHFRQVLGHUDSSURYHDQGDGRSWWKH$XGLWHG)LQDQFLDO6WDWHPHQWVRIWKH&RPSDQ\IRUWKH)LQDQFLDO<HDUHQGHGVW0DUFK
WRJHWKHUZLWKWKH5HSRUWVRIWKH%RDUGRI'LUHFWRUVDQGWKH$XGLWRUVWKHUHRQ

 7RDSSRLQW'LUHFWRULQSODFHRI'U-LPP\0LUFKDQGDQL',1ZKRUHWLUHVE\URWDWLRQDQGEHLQJHOLJLEOHRIIHUVKLPVHOIIRUUH

appointment.

 $SSRLQWPHQWRI$XGLWRUV

 7RFRQVLGHUDQGLIWKRXJKW¿WWRSDVVZLWKRUZLWKRXWPRGL¿FDWLRQVWKHIROORZLQJUHVROXWLRQDVDQ2UGLQDU\5HVROXWLRQ

 ³5(62/9('7+$7SXUVXDQWWRWKHSURYLVLRQVRI6HFWLRQDQGRWKHUDSSOLFDEOHSURYLVLRQVLIDQ\RIWKH&RPSDQLHV$FWDQGWKH
5XOHVIUDPHGWKHUHXQGHUDVDPHQGHGIURPWLPHWRWLPHWKH&RPSDQ\KHUHE\UDWL¿HVWKHDSSRLQWPHQWRI0V.LUWL'6KDK $VVRFLDWHV
&KDUWHUHG$FFRXQWDQWV0XPEDL0HPEHUVKLS1RDV$XGLWRUVRIWKH&RPSDQ\WRKROGRI¿FHIURPWKHFRQFOXVLRQRIWKLV$QQXDO
*HQHUDO0HHWLQJ$*0WLOOWKHFRQFOXVLRQRIWKH7ZHOIWK$QQXDO*HQHUDO0HHWLQJ$*0RIWKH&RPSDQ\WREHKHOGLQWKH\HDU
DWVXFK5HPXQHUDWLRQSOXV6HUYLFH7D[2XWRI3RFNHW7UDYHOOLQJ([SHQVHVHWFDVPD\EHPXWXDOO\DJUHHGEHWZHHQWKH%RDUGRI
'LUHFWRUVRIWKH&RPSDQ\DQGWKH$XGLWRUV´

By Order of the Board

For Aries Agro Equipments Private Limited

Dr. Rahul Mirchandani

Place: Mumbai Director
Date: 25th May, 2017 DIN: 00239057

127(6

 $0(0%(5(17,7/('72$77(1'$1'927($77+(0((7,1*,6(17,7/('72$332,17$352;<72$77(1'$1'927(
,167($'2)+,06(/)$1'7+(352;<1(('127%($0(0%(52)7+(&203$1<

 7+(352;<,125'(572%(())(&7,9(6+28/'%(/2'*(':,7+7+(&203$1<$7/($67+2856%()25(7+(&20-
0(1&(0(172)7+(0((7,1*

192 11th Annual Report 2016-17

 Aries Agro Equipments Private Limited

BOARD’S REPORT
To, 8. RISK MANAGEMENT POLICY AND ITS IMPLEMENTATION
The Members of
$ULHV$JUR(TXLSPHQWV3ULYDWH/LPLWHG  6LQFHWKHUHLVQREXVLQHVVDFWLYLW\LQWKH&RPSDQ\DQGWKHUHLV
QRULVNZKLFKPD\DIIHFWWKH&RPSDQ\DQGDVWKH&RPSDQ\LV
<RXU 'LUHFWRUV SUHVHQW WKHLU (OHYHQWK$QQXDO 5HSRUW WRJHWKHU ZLWK DQ8QOLVWHG&RPSDQ\QR5LVN0DQDJHPHQW3ROLF\KDVEHHQ
$XGLWHG)LQDQFLDO6WDWHPHQWVRIWKH&RPSDQ\IRUWKH)LQDQFLDO<HDU framed.
HQGHGst March, 2017.
9. CORPORATE SOCIAL RESPONSIBILITY
1. FINANCIAL RESULTS :
 7KH&RPSDQ\LVQRWFRYHUHGZLWKLQSURYLVLRQVRI6HFWLRQ
 3XUVXDQWWRWKHQRWL¿FDWLRQGDWHGth February, 2015 issued by RIWKH&RPSDQLHV$FWDQGUXOHVIUDPHGWKHUHXQGHU
WKH0LQLVWU\RI&RUSRUDWH$IIDLUVWKH&RPSDQ\KDVYROXQWDULO\
DGRSWHG WKH ,QGLDQ $FFRXQWLQJ 6WDQGDUGV,QG $6 QRWL¿HG 10. MATERIAL ORDERS PASSED
XQGHU WKH &RPSDQLHV,QGLDQ $FFRXQWLQJ 6WDQGDUGV 5XOHV
2015 with effect from 1st$SULO)LQDQFLDO6WDWHPHQWVIRU
WKH\HDUHQGHGDQGDVDWst0DUFKKDYHEHHQUHVWDWHG
WR FRQIRUP WR ,QG$6 1RWH 1R  WR WKH )LQDQFLDO 6WDWHPHQW
SURYLGHVIXUWKHUH[SODQDWLRQRQWKHWUDQVLWLRQWR,QG$6
 7KH &RPSDQ\ GLG QRW KDYH DQ\ ,QFRPH GXULQJ WKH \HDU DV
DJDLQVWWKHH[SHQVHVRI5V7KH&RPSDQ\LQFXUUHG
DORVVRI5VDVFRPSDUHGWR/RVVRI5VLQ
the previous year.
2. CURRENT STATUS :
 'XHWRLQDGHTXDF\RI'LVWULEXWLRQ1HWZRUNVSHFL¿FDOO\IRU)DUP
(TXLSPHQWV WKH EXVLQHVV RI WKH &RPSDQ\ VWRRG VXVSHQGHG
during the year.
3. DIVIDEND AND TRANSFER TO RESERVE :
 1R PDWHULDO 2UGHUV KDYH EHHQ SDVVHG E\ DQ\ $XWKRULWLHV LQ
respect of any matters with regards to the business of the
&RPSDQ\
11. INTERNAL FINANCIAL CONTROL
 7KH&RPSDQ\KDVLQSODFHDGHTXDWH,QWHUQDO)LQDQFLDO&RQWUROV
FRPPHQVXUDWHZLWKWKHVL]HRIWKH&RPSDQ\ZLWKUHIHUHQFHWR
Financial Statements.
12. CONSERVATION OF ENERGY AND TECHNOLOGY
ABSORPTION AND FOREGIN EXCHANGE EARNINGS AND
OUTGO :
 6LQFH WKH &RPSDQ\ GRHV QRW KDYH DQ\ EXVLQHVV DFWLYLW\ DQG
there were no Foreign Exchange earning, expenditure or
RXWÀRZ WKH 3DUWLFXODUV LQ UHVSHFW RI &RQVHUYDWLRQ RI (QHUJ\
Technology Absorption and Foreign Exchange Earnings and
 6LQFH WKH &RPSDQ\ KDV LQFXUUHG ORVVHV WKH TXHVWLRQ RI 2XWJRDVUHTXLUHGWREHGLVFORVHGE\WKH&RPSDQLHV$FFRXQWV
'LYLGHQGDQG7UDQVIHUWR5HVHUYHGRHVQRWDULVH 5XOHVDUHQRWDSSOLFDEOH

4. DEPOSITS : 13. DIRECTORS & KEY MANAGERIAL PERSONNEL:

7KH&RPSDQ\KDVQRWDFFHSWHGDQ\)L[HG'HSRVLWVIURPWKH  ,QDFFRUGDQFHZLWKWKH&RPSDQLHV$FWDQGWKH$UWLFOHVRI
3XEOLF $VVRFLDWLRQRIWKH&RPSDQ\'U-LPP\0LUFKDQGDQL
retires by rotation at the ensuing Annual General Meeting and
5. PARTICULARS OF EMPLOYEES & RELATED being eligible, offers himself for re-appointment. Accordingly
DISCLOSURES his re-appointment forms part of the notice of ensuing AGM.
 7KH &RPSDQ\ GRHV QRW KDYH DQ\ 0DQDJLQJ 'LUHFWRUV RU  7KH &RPSDQ\ GRHV QRW KDYH DQ\ 0DQDJLQJ 'LUHFWRUV RU
([HFXWLYH:KROH7LPH'LUHFWRUVRUDQ\(PSOR\HHVZKRZHUH ([HFXWLYH:KROH 7LPH 'LUHFWRUV RU DQ\ (PSOR\HHV KHQFH
in receipt of remuneration in excess of the provisions under TXHVWLRQRIDQ\.H\0DQDJHULDO3HUVRQQHOGRHVQRWDULVH
6HFWLRQRIWKH&RPSDQLHV$FWUHDGZLWK5XOHRI
WKH&RPSDQLHV$SSRLQWPHQWDQG5HPXQHUDWLRQRI0DQDJHULDO 14. MEETINGS OF BOARD
3HUVRQQHO5XOHV  )RXU0HHWLQJVRIWKH%RDUGRI'LUHFWRUVZHUHKHOGGXULQJWKH
6. PARTICULARS OF LOANS, GUARANTEES OR \HDURQDQG
INVESTMENT UNDER SECTION 186 15. AUDITORS & AUDITORS REPORTS
 7KH&RPSDQ\KDVQRWJLYHQDQ\/RDQVRUJLYHQ*XDUDQWHHVRU  0V .LUWL ' 6KDK  $VVRFLDWHV &KDUWHUHG $FFRXQWDQWV
PDGH,QYHVWPHQWVLQWHUPVRISURYLVLRQVRI6HFWLRQRIWKH 0XPEDL0HPEHUVKLS 1R  ZHUH DSSRLQWHG DV WKH
&RPSDQLHV$FW 6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\IRUDSHULRGRI¿YH\HDUV
7. PARTICULARS OF CONTRACTS OR ARRANGEMENTS DWWKHth$QQXDO*HQHUDO0HHWLQJRIWKH&RPSDQ\KHOGRQnd
WITH RELATED PARTIES 6HSWHPEHU

 $V WKHUH ZDV QR EXVLQHVV DFWLYLW\ LQ WKH &RPSDQ\ GXULQJ
WKH )LQDQFLDO <HDU  WKHUH ZHUH QR &RQWUDFWV RU
$UUDQJHPHQWVZLWK5HODWHG3DUWLHV
 $VSHUWKHSURYLVLRQRI6HFWLRQRIWKH&RPSDQLHV$FW
 WKHLU DSSRLQWPHQW IRU WKH DERYH WHQXUH LV VXEMHFW WR
UDWL¿FDWLRQE\0HPEHUVDWHYHU\$*0$FFRUGLQJO\UDWL¿FDWLRQ
of the Members is being sought for proposal contained in the
5HVROXWLRQVHWRXWDWLWHP1RRIWKH1RWLFH
11th Annual Report 2016-17 
Aries Agro Equipments Private Limited

The Statutory Auditors’ Report does not contain any 17. EXTRACTS OF ANNUAL RETURN
TXDOL¿FDWLRQUHVHUYDWLRQRUDGYHUVHUHPDUN
 $VSURYLGHGXQGHU6HFWLRQRIWKH&RPSDQLHV$FW
16. DIRECTORS’ RESPONSIBILITY STATEMENTS the Extract of the Annual Return is given in Annexure-I in
prescribed Format MGT-9, which forms part of this Report.
 3XUVXDQW WR WKH UHTXLUHPHQWV RI 6HFWLRQ  RI WKH
&RPSDQLHV$FWWKH%RDUGRI'LUHFWRUVWRWKHEHVWRIWKHLU 18. MATERIAL CHANGES AND COMMITMENTS, IF ANY
NQRZOHGJHDQGDELOLW\FRQ¿UPWKDW AFFECTING THE FINANCIAL POSITION OF THE COMPANY
WHICH HAVE OCCURRED BETWEEN THE FINANCIAL
1. in preparation of the Annual Accounts, applicable Accounting YEAR END OF THE COMPANY TO WHICH FINANCIAL
Standards have been followed and that there are no material RESULTS RELATE
departures
No material changes and commitments which could affect the
 WKH\KDYHVHOHFWHGVXFK$FFRXQWLQJ3ROLFLHVDQGDSSOLHGWKHP &RPSDQ\¶V¿QDQFLDOSRVLWLRQKDYHRFFXUUHGEHWZHHQWKHHQG
FRQVLVWHQWO\ DQG PDGH MXGJHPHQWV DQG HVWLPDWHV WKDW DUH RIWKH¿QDQFLDO\HDURIWKH&RPSDQ\DQGGDWHRIWKLV5HSRUW
reasonable and prudent so as to give a true and fair view of the
6WDWHRIWKH$IIDLUVRIWKH&RPSDQ\DWWKHHQGRIWKH¿QDQFLDO 19. ACKNOWLEDGEMENT :
\HDUDQGRIWKH/RVVRIWKH&RPSDQ\IRUWKDW\HDU
 <RXU'LUHFWRUVZRXOGOLNHWRH[SUHVVWKHLUJUDWHIXODSSUHFLDWLRQ
 WKH\KDYHWDNHQSURSHUDQGVXI¿FLHQWFDUHIRUWKHPDLQWHQDQFH for the co-operation and assistance received from the the
of adequate accounting records in accordance with the +ROGLQJ&RPSDQ\LH06$ULHV$JUR/LPLWHGDQGRWKHUUHODWHG
SURYLVLRQV RI WKH &RPSDQLHV $FW  IRU VDIHJXDUGLQJ WKH agencies.
DVVHWVRIWKH&RPSDQ\DQGIRUSUHYHQWLQJDQGGHWHFWLQJIUDXG
DQGRWKHULUUHJXODULWLHV %\2UGHURIWKH%RDUG
For Aries Agro Equipments Pvt. Ltd.
 WKH\KDYHSUHSDUHGWKH$QQXDO$FFRXQWVRQDµJRLQJFRQFHUQ¶
basis. Dr. Jimmy Mirchandani Dr. Rahul Mirchandani
'LUHFWRU 'LUHFWRU
 WKH\KDYHODLGGRZQ,QWHUQDO)LQDQFLDO&RQWUROVWREHIROORZHG DIN: 00239021 DIN: 00239057
E\ WKH &RPSDQ\ DQG VXFK ,QWHUQDO )LQDQFLDO &RQWUROV DUH
DGHTXDWHDQGRSHUDWLQJHIIHFWLYHO\ Place : Mumbai
Date: 25th May, 2017
 WKH\KDYHGHYLVHGSURSHUV\VWHPVWRHQVXUHFRPSOLDQFHZLWK
the provisions of all applicable laws and that such systems
were adequate and operating effectively.

 11th Annual Report 2016-17

 Aries Agro Equipments Private Limited

Annexure-I
FORM NO. MGT – 9
EXTRACT OF ANNUAL RETURN
$VRQWKH¿QDQFLDO\HDUHQGHG
>3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWDQG5XOHRIWKH&RPSDQLHV0DQDJHPHQWDQG$GPLQLVWUDWLRQ5XOHV@
I. REGISTRATION AND OTHER DETAILS

&,1 80+37&
5HJLVWUDWLRQ'DWH 12th-DQXDU\
1DPHRIWKH&RPSDQ\ $5,(6$*52(48,30(17635,9$7(/,0,7('
&DWHJRU\6XE&DWHJRU\RIWKH&RPSDQ\ &203$1</,0,7('%<6+$5(6,1',$1121*29(510(17&203$1<
$GGUHVVRIWKH5HJLVWHUHG2I¿FHDQG $ULHV+RXVH3ORW1R'HRQDU*RYDQGL(0XPEDL
contact details 3KRQH1R
)D[1R
:KHWKHUOLVWHG&RPSDQ\ 12
Name, address and contact details of Not Applicable
Registrar and Transfer Agent, if any
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
$OOWKHEXVLQHVVDFWLYLWLHVFRQWULEXWLQJRUPRUHRIWKHWRWDOWXUQRYHURIWKH&RPSDQ\VKDOOEHVWDWHG

Sr. No. Name and Description of main products / Services NIC Code of the Product/ Service % to total turnover of the Company
1 Farm Equipments  0.00
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Sr. Name of the Address of the CIN/GLN Holding/ %tage of Applicable

No. Company Company Subsidiary/ Shares held Section
Associate
1. $ULHV$JUR/LPLWHG $ULHV+RXVH3ORW1R /0+3/& +ROGLQJ 100 
'HRQDU*RYDQGL(
0XPEDL
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
(i) Category wise shareholding

Category of Shareholders No. of Shares held at the beginning of No. of Shares held at the end of the % Change
the year 01.04.2016 year 31.03.2017 during the
'HPDW 3K\VLFDO Total % of 'HPDW 3K\VLFDO Total % of year
Total Total
Shares Shares
A.PROMOTERS
(1) Indian
D,QGLYLGXDO+8) 0 0 0 0 0 0 0 0 0
E&HQWUDO*RYW 0 0 0 0 0 0 0 0 0
c) State Govt (s) 0 0 0 0 0 0 0 0 0
G%RGLHV&RUS 0 10000 10000 100 0 10000 10000 100 0
H%DQNV), 0 0 0 0 0 0 0 0 0
I$Q\2WKHU« 0 0 0 0 0 0 0 0 0
Sub-total (A) (1):- 0 10000 10000 100 0 10000 10000 100 0
(2) Foreign - - - - - - - - -
D15,V,QGLYLGXDOV 0 0 0 0 0 0 0 0 0
E2WKHU±,QGLYLGXDOV 0 0 0 0 0 0 0 0 0
F%RGLHV&RUS 0 0 0 0 0 0 0 0 0
G%DQNV), 0 0 0 0 0 0 0 0 0

11th Annual Report 2016-17 195

Aries Agro Equipments Private Limited

Category of Shareholders No. of Shares held at the beginning of No. of Shares held at the end of the % Change
the year 01.04.2016 year 31.03.2017 during the
'HPDW 3K\VLFDO Total % of 'HPDW 3K\VLFDO Total % of year
Total Total
Shares Shares
H$Q\2WKHU« 0 0 0 0 0 0 0 0 0
Sub-total (A) (2):- 0 0 0 0 0 0 0 0 0
Total shareholding of Promoter 0 10000 10000 100 0 10000 10000 100 0
(A) = (A)(1)+(A)(2)
B. PUBLIC SHAREHOLDING -
1. Institutions -
a) Mutual Funds 0 0 0 0 0 0 0 0 0
E%DQNV), 0 0 0 0 0 0 0 0 0
F&HQWUDO*RYW 0 0 0 0 0 0 0 0 0
d) State Govt(s) 0 0 0 0 0 0 0 0 0
H9HQWXUH&DSLWDO)XQGV 0 0 0 0 0 0 0 0 0
I,QVXUDQFH&RPSDQLHV 0 0 0 0 0 0 0 0 0
J),,V 0 0 0 0 0 0 0 0 0
K)RUHLJQ9HQWXUH&DSLWDOIXQGV 0 0 0 0 0 0 0 0 0
L2WKHUVVSHFLI\ 0 0 0 0 0 0 0 0 0
Sub-total (B)(1):- 0 0 0 0 0 0 0 0 0
2. Non-Institutions
a) Bodies Corp.
L,QGLDQ 0 0 0 0 0 0 0 0 0
LL2YHUVHDV 0 0 0 0 0 0 0 0 0
b) Individuals
L,QGLYLGXDO6KDUHKROGHUVKROGLQJ 0 0 0 0 0 0 0 0 0
nominal share capital upto
5VODNK
LL,QGLYLGXDO6KDUHKROGHUVKROGLQJ 0 0 0 0 0 0 0 0 0
nominal share capital in excess of
5VODNK
F2WKHUV'LUHFWRUVDQG5HODWLYHV 0 0 0 0 0 0 0 0 0
L6KDUHVKHOGE\3DNLVWDQL 0 0 0 0 0 0 0 0 0
citizens vested with the
&XVWRGLDQRI(QHP\3URSHUW\
LL2WKHU)RUHLJQ1DWLRQDOV 0 0 0 0 0 0 0 0 0
LLL)RUHLJQ%RGLHV 0 0 0 0 0 0 0 0 0
LY15,2&%V 0 0 0 0 0 0 0 0 0
Y&OHDULQJ0HPEHUV&OHDULQJ 0 0 0 0 0 0 0 0 0
+RXVH
vi) Trusts 0 0 0 0 0 0 0 0 0
YLL/LPLWHG/LDELOLW\3DUWQHUVKLS 0 0 0 0 0 0 0 0 0
YLLL)RUHLJQ3RUWIROLR,QYHVWRU 0 0 0 0 0 0 0 0 0
&RUSRUDWH
L[4XDOL¿HG)RUHLJQ,QYHVWRU 0 0 0 0 0 0 0 0 0
Sub-Total (B)(2): 0 0 0 0 0 0 0 0 0
Total Public Shareholding 0 0 0 0 0 0 0 0 0
(B)=(B)(1)+(B)(2)
C. SHARES HELD BY 0 0 0 0 0 0 0 0 0
CUSTODIAN FOR GDRS & ADRS
Grand Total (A+B+C) 0 10000 10000 100.00 0 10000 10000 100.00 -

 11th Annual Report 2016-17

 Aries Agro Equipments Private Limited

(ii) Shareholding of Promoters

Shareholder’s No. of Shares held at the beginning of the year No. of Shares held at the end of the year %
Name 01.04.2016 31.03.2017 Change
No. of % of total % of Shares No. of % of total %of Shares during
Shares Shares of the Pledged / Shares Shares of the Pledged / the year
company encumbered to company encumbered to
total shares total shares
$ULHV$JUR/LPLWHG 10000 100 0 10000 100 0 0
Total 10000 100 0 10000 100 0 0
(iii) Change in Promoters’ Shareholding
7KHUHLVQRFKDQJHLQ3URPRWHU¶V6KDUHKROGLQJEHWZHHQWR
(iv) Shareholding Pattern of Top Ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):

Sr. Shareholder’s Name * Shareholding at the beginning of the Shareholding at the end of the
No. year 01.04.2016 year 31.03.2017
No. of shares % of total shares No. of shares % of total shares of
of the company the company
1 $ULHV$JUR/LPLWHG 10000 100 10000 100
(v) Shareholding of Directors and Key Managerial Personnel:

Sr. Shareholder’s Name Shareholding at the beginning of Cumulative Shareholding Date of change in Reason for
No. the year 01.04.2016 during the year shareholding change
No. of shares % of total shares No. of % of total
Directors of the company shares shares of the
company
1 NIL
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment :

Secured Loans Unsecured Deposits Total

excluding Deposits Loans Indebtedness
,QGHEWHGQHVVDWWKHEHJLQQLQJRIWKH)LQDQFLDO<HDU
 3ULQFLSDO$PRXQW 1,/  1,/ 
 ,QWHUHVW'XHEXWQRW3DLG 1,/ 1,/ 1,/ 1,/
 ,QWHUHVWDFFUXHGEXWQRWGXH 1,/ 1,/ 1,/ 1,/
Total(1+2+3) 1,/  1,/ 
&KDQJHLQ,QGHEWHGQHVVGXULQJWKH)LQDQFLDO<HDU
1. Addition 1,/  1,/ 
2. Reduction 1,/ 1,/ 1,/ 1,/
Net Change 1,/  1,/ 
,QGHEWHGQHVVDWWKHHQGRIWKH)LQDQFLDO<HDU
 3ULQFLSDO$PRXQW 1,/  1,/ 
 ,QWHUHVW'XHEXWQRW3DLG 1,/ 1,/ 1,/ 1,/
 ,QWHUHVWDFFUXHGEXWQRWGXH 1,/ 1,/ 1,/ 1,/
Total(1+2+3) 1,/  1,/ 

11th Annual Report 2016-17 197

Aries Agro Equipments Private Limited

VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director / Whole Time Director and/or Manager:
The Company does not have any Managing Director/Executive Director/Whole Time Director and hence question of payment of
Remuneration does not arise
B. Remuneration to other Directors:
No Remuneration has been paid to Non-Executive Directors.
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD
The Company does not have any Key Managerial Personnel other than Managing Director/ Executive Director/Whole Time Director
hence no Remuneration has been paid
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES (Under the Companies Act) :
There were no penalties, punishment or compounding of offences during the year ended

)RUDQGRQEHKDOIRIWKH%RDUG
For Aries Agro Equipments Pvt. Ltd.

Dr. Jimmy Mirchandani Dr. Rahul Mirchandani

'LUHFWRU 'LUHFWRU
DIN: 00239021 DIN: 00239057
Place : Mumbai
Date: 25th May, 2017

 11th Annual Report 2016-17

 Aries Agro Equipments Private Limited

INDEPENDENT AUDITORS’ REPORT OF ARIES AGRO EQUIPMENTS PVT. LTD.

TO THE MEMBERS OF E LQ WKH FDVH RI WKH 6WDWHPHQW RI 3UR¿W DQG /RVV RI WKH ¿QDQFLDO
performance including other comprehensive income of the
ARIES AGRO EQUIPMENTS PRIVATE LIMITED &RPSDQ\IRUWKH\HDUHQGHGRQWKDWGDWH
Report on the Standalone Ind AS Financial Statements F LQWKHFDVHRIWKH&DVK)ORZ6WDWHPHQWRIWKHFDVKÀRZVRIWKH
:H KDYH DXGLWHG WKH DFFRPSDQ\LQJ VWDQGDORQH ,QG $6 ¿QDQFLDO &RPSDQ\IRUWKH\HDUHQGHGRQWKDWGDWHDQG
statements of ARIES AGRO EQUIPMENTS PRIVATE LIMITED (“the (d) in the case of the statement of changes in equity, of the changes in
&RPSDQ\´ZKLFKFRPSULVHWKH%DODQFH6KHHWDVDWst March, 2017, equity for the year ended on that date.
WKH6WDWHPHQWRI3UR¿WDQG/RVVLQFOXGLQJRWKHUFRPSUHKHQVLYHLQFRPH
DQG WKH 6WDWHPHQW RI FDVK ÀRZV DQG VWDWHPHQW RI FKDQJHV LQ HTXLW\ Report on Other Legal and Regulatory Requirements
IRU WKH \HDU WKHQ HQGHG DQG D VXPPDU\ RI WKH VLJQL¿FDQW DFFRXQWLQJ  $VUHTXLUHGE\WKH&RPSDQLHV$XGLWRU¶V5HSRUW2UGHU³WKH
policies and other explanatory information (herein after referred to as 2UGHU´LVVXHGE\WKH&HQWUDO*RYHUQPHQWRI,QGLDLQWHUPVRI6XE
³VWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV´ VHFWLRQRI6HFWLRQRIWKH$FWZHJLYHLQWKH$QQH[XUH$
Management’s Responsibility for the Standalone Financial DVWDWHPHQWRQWKHPDWWHUVVSHFL¿HGLQSDUDJUDSKVDQGRIWKH
Statements 2UGHU
7KH&RPSDQ\¶V%RDUGRI'LUHFWRUVLVUHVSRQVLEOHIRUWKHPDWWHUVVWDWHG  $VUHTXLUHGE\6HFWLRQRIWKH$FWZHUHSRUWWKDW
LQ6HFWLRQRIWKH&RPSDQLHV$FW³WKH$FW´ZLWKUHVSHFWWR (a) We have sought and obtained all the information and
WKH SUHSDUDWLRQ DQG SUHVHQWDWLRQ RI WKHVH VWDQGDORQH ,QG$6 ¿QDQFLDO H[SODQDWLRQV ZKLFK WR WKH EHVW RI RXU NQRZOHGJH DQG EHOLHI
VWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZRIWKH¿QDQFLDOSRVLWLRQ¿QDQFLDO ZHUHQHFHVVDU\IRUWKHSXUSRVHVRIRXUDXGLW
SHUIRUPDQFH LQFOXGLQJ RWKHU FRPSUHKHQVLYH LQFRPH FDVK ÀRZV DQG
FKDQJHV LQ HTXLW\ RI WKH &RPSDQ\ LQ DFFRUGDQFH ZLWK WKH DFFRXQWLQJ
SULQFLSOHV JHQHUDOO\ DFFHSWHG LQ ,QGLD LQFOXGLQJ WKH ,QGLDQ$FFRXQWLQJ
6WDQGDUGV VSHFL¿HG XQGHU 6HFWLRQ  RI WKH $FW UHDG ZLWK UHOHYDQW
Rules issued there under.
 E ,Q RXU RSLQLRQ SURSHU ERRNV RI DFFRXQW DV UHTXLUHG E\ ODZ
KDYH EHHQ NHSW E\ WKH &RPSDQ\ VR IDU DV LW DSSHDUV IURP
RXUH[DPLQDWLRQRIWKRVHERRNV>DQGSURSHUUHWXUQVDGHTXDWH
for the purposes of our audit have been received from the
EUDQFKHVQRWYLVLWHGE\XV@
This responsibility also includes maintenance of adequate accounting  F 7KH %DODQFH 6KHHW WKH 6WDWHPHQW RI 3UR¿W DQG /RVV WKH
records in accordance with the provisions of the Act for safeguarding the &DVK)ORZ6WDWHPHQWDQGWKHVWDWHPHQWRIFKDQJHVLQHTXLW\
DVVHWVRIWKH&RPSDQ\DQGIRUSUHYHQWLQJDQGGHWHFWLQJIUDXGVDQGRWKHU GHDOWZLWKE\WKLV5HSRUWDUHLQDJUHHPHQWZLWKWKHERRNVRI
LUUHJXODULWLHVVHOHFWLRQDQGDSSOLFDWLRQRIDSSURSULDWHDFFRXQWLQJSROLFLHV DFFRXQW
PDNLQJMXGJHPHQWVDQGHVWLPDWHVWKDWDUHUHDVRQDEOHDQGSUXGHQWDQG
GHVLJQLPSOHPHQWDWLRQDQGPDLQWHQDQFHRIDGHTXDWHLQWHUQDO¿QDQFLDO
controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
SUHVHQWDWLRQ RI WKH VWDQGDORQH ,QG$6 ¿QDQFLDO VWDWHPHQWV WKDW JLYH D
true and fair view and are free from material misstatement, whether due
 G ,Q RXU RSLQLRQ WKH %DODQFH 6KHHW WKH 6WDWHPHQW RI 3UR¿W
DQG /RVV WKH &DVK )ORZ 6WDWHPHQW DQG WKH VWDWHPHQW RI
changes in equity comply with the Accounting Standards
VSHFL¿HGXQGHU6HFWLRQRIWKH$FWUHDGZLWKUHOHYDQW5XOH
LVVXHGWKHUHXQGHU
to fraud or error.  H 2QWKHEDVLVRIWKHZULWWHQUHSUHVHQWDWLRQVUHFHLYHGIURPWKH
GLUHFWRUVDVRQst0DUFKWDNHQRQUHFRUGE\WKH%RDUG
Auditors’ Responsibility RI'LUHFWRUVQRQHRIWKHGLUHFWRUVDUHGLVTXDOL¿HGDVRQst
2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKHVHVWDQGDORQH,QG$6 March, 2017 from being appointed as a director in terms of
¿QDQFLDOVWDWHPHQWVEDVHGRQRXUDXGLW 6HFWLRQRIWKH$FW
:H KDYH WDNHQ LQWR DFFRXQW WKH SURYLVLRQV RI WKH$FW WKH DFFRXQWLQJ
and auditing standards and matters which are required to be included
in the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
 I :LWKUHVSHFWWRWKHDGHTXDF\RIWKHLQWHUQDO¿QDQFLDOFRQWUROV
RYHU ¿QDQFLDO UHSRUWLQJ RI WKH &RPSDQ\ DQG WKH RSHUDWLQJ
effectiveness of such controls, refer to our separate report in
³$QQH[XUH%´DQG
(g) with respect to the other matters to be included in the Auditor’s
VSHFL¿HG XQGHU 6HFWLRQ  RI WKH $FW 7KRVH 6WDQGDUGV UHTXLUH 5HSRUWLQDFFRUGDQFHZLWK5XOHRIWKH&RPSDQLHV$XGLW
that we comply with ethical requirements and plan and perform the audit
WR REWDLQ UHDVRQDEOH DVVXUDQFH DERXW ZKHWKHU WKH VWDQGDORQH ,QG$6
¿QDQFLDOVWDWHPHQWVDUHIUHHIURPPDWHULDOPLVVWDWHPHQW
An audit involves performing procedures to obtain audit evidence about
WKH DPRXQWV DQG WKH GLVFORVXUHV LQ WKH VWDQGDORQH ,QG $6 ¿QDQFLDO
VWDWHPHQWV7KHSURFHGXUHVVHOHFWHGGHSHQGRQWKHDXGLWRU¶VMXGJHPHQW
LQFOXGLQJ WKH DVVHVVPHQW RI WKH ULVNV RI PDWHULDO PLVVWDWHPHQW RI WKH
VWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU,Q
PDNLQJWKRVHULVNDVVHVVPHQWVWKHDXGLWRUFRQVLGHUVLQWHUQDO¿QDQFLDO
FRQWURO UHOHYDQW WR WKH &RPSDQ\¶V SUHSDUDWLRQ RI WKH VWDQGDORQH ,QG
$6¿QDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZLQRUGHUWRGHVLJQ
audit procedures that are appropriate in the circumstances. An audit
also includes evaluating the appropriateness of the accounting policies
used and the reasonableness of the accounting estimates made by the
&RPSDQ\¶V 'LUHFWRUV DV ZHOO DV HYDOXDWLQJ WKH RYHUDOO SUHVHQWDWLRQ RI
WKHVWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV
:H EHOLHYH WKDW WKH DXGLW HYLGHQFH ZH KDYH REWDLQHG LV VXI¿FLHQW DQG
DSSURSULDWHWRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQRQWKHVWDQGDORQH,QG
$6¿QDQFLDOVWDWHPHQWV
Opinion
,Q RXU RSLQLRQ DQG WR WKH EHVW RI RXU LQIRUPDWLRQ DQG DFFRUGLQJ WR WKH
H[SODQDWLRQV JLYHQ WR XV WKH DIRUHVDLG VWDQGDORQH ,QG $6 ¿QDQFLDO
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
SULQFLSOHVJHQHUDOO\DFFHSWHGLQ,QGLDLQFOXGLQJWKH,QG$6 Kirti D. Shah
DQG$XGLWRUV5XOHVLQRXURSLQLRQDQGWRWKHEHVWRI
RXULQIRUPDWLRQDQGDFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXV
 L 7KH&RPSDQ\KDVGLVFORVHGWKHLPSDFWRISHQGLQJOLWLJDWLRQV
RQ LWV ¿QDQFLDO SRVLWLRQ LQ LWV VWDQGDORQH ,QG $6 ¿QDQFLDO
statements as referred to in the notes to accounts of these
VWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV
 LL 7KH &RPSDQ\ KDV PDGH SURYLVLRQ DV UHTXLUHG XQGHU
the applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts including
GHULYDWLYHFRQWUDFWV
iii. There has been no delay in transferring amounts, required to
EHWUDQVIHUUHGWRWKH,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQG
E\WKH&RPSDQ\DQG
 LY 7KH &RPSDQ\ KDV SURYLGHG UHTXLVLWH GLVFORVXUHV LQ LWV
VWDQGDORQH ,QG $6 ¿QDQFLDO VWDWHPHQWV DV WR KROGLQJV DV
ZHOO DV GHDOLQJV LQ 6SHFL¿HG %DQN 1RWHV GXULQJ WKH SHULRG
IURPth1RYHPEHUWRth'HFHPEHUDQGWKHVH
DUHLQDFFRUGDQFHZLWKWKHERRNVRIDFFRXQWVPDLQWDLQHGE\
WKH&RPSDQ\DVUHIHUUHGWRLQWKHQRWHVWRDFFRXQWVRIWKHVH
VWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV
For Kirti D. Shah & Associates
&KDUWHUHG$FFRXQWDQWV
)LUP5HJLVWUDWLRQ1R:
D LQ WKH FDVH RI WKH %DODQFH 6KHHW RI ¿QDQFLDO SRVLWLRQ RI WKH Place : Mumbai 3URSULHWRU
&RPSDQ\DVDWst0DUFK Date : 25th May, 2017 0HPEHUVKLS1R

11th Annual Report 2016-17 199

Aries Agro Equipments Private Limited

ANNEXURE “A” to the Independent Auditor’s Report

(This is the Annexure referred to in our Report of even date)

7KH$QQH[XUHUHIHUUHGWRLQRXU,QGHSHQGHQW$XGLWRUV¶5HSRUWWRWKH viii. The company has not defaulted in repayment of loans or

PHPEHUVRIWKH&RPSDQ\RQWKH¿QDQFLDOVWDWHPHQWVIRUWKH\HDU ERUURZLQJWRD¿QDQFLDOLQVWLWXWLRQEDQNVRU*RYHUQPHQW7KH
HQGHGst0DUFKZHUHSRUWWKDW &RPSDQ\KDVQRWREWDLQHGDQ\ERUURZLQJVE\ZD\RILVVXHRI
debentures.
L 7KH&RPSDQ\GRHVQRWKDYHDQ\)L[HG$VVHWVKHQFHFODXVHL
of the said order is not applicable to the company.
ii. There were no inventories during the year and hence clause (ii)
of the said order is not applicable to the company.
iii. According to the information and explanation given to us, the
&RPSDQ\ KDV QRW JUDQWHG DQ\ ORDQ VHFXUHG DQG XQVHFXUHG
WR FRPSDQLHV ¿UPV RU RWKHU SDUWLHV FRYHUHG LQ WKH UHJLVWHU
PDLQWDLQHG XQGHU VHFWLRQ  RI WKH &RPSDQLHV $FW 
Accordingly, clause (iii) of the said order is not applicable to the
company.
LY ,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQV
given to us, the company has complied with the provisions
RI VHFWLRQ  DQG  RI WKH$FW ZLWK UHVSHFW WR WKH ORDQV
investments, guarantees, and securities.
v. According to the information and explanations provided by the
FRPSDQ\ 7KH &RPSDQ\ KDV QRW DFFHSWHG GHSRVLWV IURP WKH
ix. According to the information and explanation provided to us,
the company did not raise any money by way of initial public
offering or further public offer (including debt instruments). The
FRPSDQ\KDVQRWWDNHQDQ\WHUPORDQVGXULQJWKH\HDUXQGHU
audit.
x. According to the information and explanations given to us,
QR PDWHULDO IUDXG E\ WKH &RPSDQ\ RU RQ WKH &RPSDQ\ E\ LWV
RI¿FHUVRUHPSOR\HHVKDVEHHQQRWLFHGRUUHSRUWHGGXULQJWKH
course of our audit.
xi. According to the information and explanations given to us and
based on our examination of the records of the company, the
FRPSDQ\ KDV QRW SDLGSURYLGHG IRU PDQDJHULDO UHPXQHUDWLRQ
and hence clause (xi) of the said order is not applicable to the
company.
[LL ,QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQV
given to us, the company is not a nidhi company. Accordingly,
SXEOLF +HQFH WKH TXHVWLRQ RI FRPSOLDQFH ZLWK WKH GLUHFWLYHV FODXVH[LLRIWKHVDLG2UGHULVQRWDSSOLFDEOHWRWKHFRPSDQ\
LVVXHGE\5HVHUYH%DQNRI,QGLDDQGSURYLVLRQRIVHFWLRQV
DQGRIWKH&RPSDQLHV$FWDQGWKH&RPSDQLHV xiii. According to the information and explanations given to us and
$FFHSWDQFHRI'HSRVLWV5XOHVGRHVQRWDULVH1RRUGHU
KDV EHHQ SDVVHG E\ WKH 1DWLRQDO &RPSDQ\ /DZ 7ULEXQDO RU
&RPSDQ\/DZ%RDUGRU5%,LQWKLVUHJDUG
YL 7KH&HQWUDO*RYHUQPHQWKDVQRWSUHVFULEHGWKHPDLQWHQDQFH
EDVHG RQ RXU H[DPLQDWLRQ RI WKH UHFRUGV RI WKH &RPSDQ\
transactions with the related parties are in compliance with
VHFWLRQV  DQG  RI WKH $FW ZKHUHYHU DSSOLFDEOH DQG
details of such transactions have been disclosed in the
¿QDQFLDOVWDWHPHQWVDVUHTXLUHGE\WKHDSSOLFDEOHDFFRXQWLQJ
RIFRVWUHFRUGVXQGHUVHFWLRQRIWKH$FWIRUDQ\VHUYLFHV
rendered by the company.
vii. (a) According to the information and explanations given to us
and the records of the company examined by us, in our
opinion, the company is generally regular in depositing
VWDWXWRU\ GXHV LQFOXGLQJ 3URYLGHQW )XQG (PSOR\HH
6WDWH ,QVXUDQFH ,QFRPH 7D[ 6DOHV 7D[ :HDOWK 7D[
6HUYLFH 7D[ &XVWRP 'XW\ ([FLVH 'XW\ 9DOXH $GGHG
7D[ &HVV DQG DQ\ RWKHU PDWHULDO VWDWXWRU\ GXHV H[FHSW
RFFDVLRQDO PLQRU GHOD\V $V SHU WKH LQIRUPDWLRQ JLYHQ
E\ WKH PDQDJHPHQW DQG DSSDUHQW IURP WKH UHFRUGV
standards.
xiv. According to the information and explanations give to us and
EDVHGRQRXUH[DPLQDWLRQRIWKHUHFRUGVRIWKH&RPSDQ\WKH
&RPSDQ\ KDV QRW PDGH DQ\ SUHIHUHQWLDO DOORWPHQW RU SULYDWH
placement of shares or fully or partly convertible debentures
during the year.
xv. According to the information and explanations given to us and
EDVHGRQRXUH[DPLQDWLRQRIWKHUHFRUGVRIWKH&RPSDQ\WKH
&RPSDQ\ KDV QRW HQWHUHG LQWR QRQFDVK WUDQVDFWLRQV ZLWK
directors or persons connected with him. Accordingly, clause
7KHXQGLVSXWHGOLDELOLWLHVDVRQVW0DUFKLVIRUD [YRIWKHVDLG2UGHULVQRWDSSOLFDEOHWRWKHFRPSDQ\
period exceeding six months from the date of it becoming
[YL 7KH &RPSDQ\ LV QRW UHTXLUHG WR EH UHJLVWHUHG XQGHU VHFWLRQ
SD\DEOHLV1,/
,$RIWKH5HVHUYH%DQNRI,QGLD$FW
(b) There is no disputed liability in respect of tax dues on
For Kirti D. Shah & Associates
DFFRXQWRI,QFRPH7D[6DOHV7D[6HUYLFH7D[&XVWRPV &KDUWHUHG$FFRXQWDQWV
'XW\&HVVHWF )LUP5HJLVWUDWLRQ1R:
Kirti D. Shah
Place : Mumbai 3URSULHWRU
Date : 25th May, 2017 0HPEHUVKLS1R

200 11th Annual Report 2016-17

 Aries Agro Equipments Private Limited

ANNEXURE “B” to the Independent Auditor’s Report

Report on the Internal Financial Controls under Clause (i) of :HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXI¿FLHQWDQG
Sub-section 3 of Section 143 of the Companies Act, 2013 (“the DSSURSULDWHWRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQRQWKH&RPSDQ\¶V
Act”) LQWHUQDO¿QDQFLDOFRQWUROVV\VWHPRYHU¿QDQFLDOUHSRUWLQJ
:HKDYHDXGLWHGWKHLQWHUQDO¿QDQFLDOFRQWUROVRYHU¿QDQFLDOUHSRUWLQJ Meaning of Internal Financial Controls over Financial Reporting
of Aries Agro Equipments Private Limited³WKH&RPSDQ\´DVRI
VW0DUFKLQFRQMXQFWLRQZLWKRXUDXGLWRIWKHVWDQGDORQH,QG
$6¿QDQFLDOVWDWHPHQWVRIWKH&RPSDQ\IRUWKH\HDUHQGHGRQWKDW
date.
Management’s Responsibility for Internal Financial Controls
7KH &RPSDQ\¶V PDQDJHPHQW LV UHVSRQVLEOH IRU HVWDEOLVKLQJ
DQG PDLQWDLQLQJ LQWHUQDO ¿QDQFLDO FRQWUROV EDVHG RQ WKH LQWHUQDO
FRQWURORYHU¿QDQFLDOUHSRUWLQJFULWHULDHVWDEOLVKHGE\WKH&RPSDQ\
considering the essential components of internal control stated in the
*XLGDQFH1RWHRQ$XGLWRI,QWHUQDO)LQDQFLDO&RQWUROVRYHU)LQDQFLDO
5HSRUWLQJLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD
$ FRPSDQ\¶V LQWHUQDO ¿QDQFLDO FRQWURO RYHU ¿QDQFLDO UHSRUWLQJ LV
a process designed to provide reasonable assurance regarding
WKH UHOLDELOLW\ RI ¿QDQFLDO UHSRUWLQJ DQG WKH SUHSDUDWLRQ RI ¿QDQFLDO
statements for external purposes in accordance with generally
DFFHSWHGDFFRXQWLQJSULQFLSOHV$FRPSDQ\¶VLQWHUQDO¿QDQFLDOFRQWURO
RYHU¿QDQFLDOUHSRUWLQJLQFOXGHVWKRVHSROLFLHVDQGSURFHGXUHVWKDW
(1) pertain to the maintenance of records that, in reasonable detail,
DFFXUDWHO\DQGIDLUO\UHÀHFWWKHWUDQVDFWLRQVDQGGLVSRVLWLRQVRI
WKHDVVHWVRIWKHFRPSDQ\
(2) provide reasonable assurance that transactions are recorded
µ,&$,¶ 7KHVH UHVSRQVLELOLWLHV LQFOXGH WKH GHVLJQ LPSOHPHQWDWLRQ
DQG PDLQWHQDQFH RI DGHTXDWH LQWHUQDO ¿QDQFLDO FRQWUROV WKDW ZHUH
RSHUDWLQJ HIIHFWLYHO\ IRU HQVXULQJ WKH RUGHUO\ DQG HI¿FLHQW FRQGXFW
of its business, including adherence to company’s policies, the
safeguarding of its assets, the prevention and detection of frauds
DV QHFHVVDU\ WR SHUPLW SUHSDUDWLRQ RI ¿QDQFLDO VWDWHPHQWV LQ
accordance with generally accepted accounting principles, and
that receipts and expenditures of the company are being made
only in accordance with authorisations of management and
GLUHFWRUVRIWKHFRPSDQ\DQG
and errors, the accuracy and completeness of the accounting  SURYLGH UHDVRQDEOH DVVXUDQFH UHJDUGLQJ SUHYHQWLRQ RU WLPHO\
UHFRUGVDQGWKHWLPHO\SUHSDUDWLRQRIUHOLDEOH¿QDQFLDOLQIRUPDWLRQ detection of unauthorised acquisition, use, or disposition of
DVUHTXLUHGXQGHUWKH&RPSDQLHV$FW the company’s assets that could have a material effect on the
Auditors’ Responsibility ¿QDQFLDOVWDWHPHQWV

2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKH&RPSDQ\¶VLQWHUQDO Inherent Limitations of Internal Financial Controls over

¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO UHSRUWLQJ EDVHG RQ RXU DXGLW :H Financial Reporting
conducted our audit in accordance with the Guidance Note on %HFDXVHRIWKHLQKHUHQWOLPLWDWLRQVRILQWHUQDO¿QDQFLDOFRQWUROVRYHU
$XGLW RI ,QWHUQDO )LQDQFLDO &RQWUROV RYHU )LQDQFLDO 5HSRUWLQJ WKH ¿QDQFLDOUHSRUWLQJLQFOXGLQJWKHSRVVLELOLW\RIFROOXVLRQRULPSURSHU
³*XLGDQFH1RWH´DQGWKH6WDQGDUGVRQ$XGLWLQJLVVXHGE\,&$,DQG management override of controls, material misstatements due to
GHHPHGWREHSUHVFULEHGXQGHUVHFWLRQRIWKH&RPSDQLHV
$FW  WR WKH H[WHQW DSSOLFDEOH WR DQ DXGLW RI LQWHUQDO ¿QDQFLDO
FRQWUROV ERWK DSSOLFDEOH WR DQ DXGLW RI ,QWHUQDO )LQDQFLDO &RQWUROV
DQGERWKLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD
Those Standards and the Guidance Note require that we comply
with ethical requirements and plan and perform the audit to obtain
UHDVRQDEOH DVVXUDQFH DERXW ZKHWKHU DGHTXDWH LQWHUQDO ¿QDQFLDO
FRQWUROV RYHU ¿QDQFLDO UHSRUWLQJ ZDV HVWDEOLVKHG DQG PDLQWDLQHG
and if such controls operated effectively in all material respects.
2XUDXGLWLQYROYHVSHUIRUPLQJSURFHGXUHVWRREWDLQDXGLWHYLGHQFH
DERXW WKH DGHTXDF\ RI WKH LQWHUQDO ¿QDQFLDO FRQWUROV V\VWHP RYHU
¿QDQFLDO UHSRUWLQJ DQG WKHLU RSHUDWLQJ HIIHFWLYHQHVV 2XU DXGLW RI
LQWHUQDO¿QDQFLDOFRQWUROVRYHU¿QDQFLDOUHSRUWLQJLQFOXGHGREWDLQLQJ
DQ XQGHUVWDQGLQJ RI LQWHUQDO ¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO
UHSRUWLQJ DVVHVVLQJ WKH ULVN WKDW D PDWHULDO ZHDNQHVV H[LVWV DQG
testing and evaluating the design and operating effectiveness of
LQWHUQDOFRQWUROEDVHGRQWKHDVVHVVHGULVN7KHSURFHGXUHVVHOHFWHG
GHSHQGRQWKHDXGLWRU¶VMXGJPHQWLQFOXGLQJWKHDVVHVVPHQWRIWKH
ULVNV RI PDWHULDO PLVVWDWHPHQW RI WKH VWDQGDORQH ,QG $6 ¿QDQFLDO
statements, whether due to fraud or error.
HUURU RU IUDXG PD\ RFFXU DQG QRW EH GHWHFWHG $OVR SURMHFWLRQV
RI DQ\ HYDOXDWLRQ RI WKH LQWHUQDO ¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO
UHSRUWLQJ WR IXWXUH SHULRGV DUH VXEMHFW WR WKH ULVN WKDW WKH LQWHUQDO
¿QDQFLDO FRQWURO RYHU ¿QDQFLDO UHSRUWLQJ PD\ EHFRPH LQDGHTXDWH
because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.
Opinion
,Q RXU RSLQLRQ WKH &RPSDQ\ KDV LQ DOO PDWHULDO UHVSHFWV DQ
DGHTXDWHLQWHUQDO¿QDQFLDOFRQWUROVV\VWHPRYHU¿QDQFLDOUHSRUWLQJ
DQG VXFK LQWHUQDO ¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO UHSRUWLQJ ZHUH
RSHUDWLQJHIIHFWLYHO\DVDWVW0DUFKEDVHGRQWKHLQWHUQDO
FRQWURORYHU¿QDQFLDOUHSRUWLQJFULWHULDHVWDEOLVKHGE\WKH&RPSDQ\
considering the essential components of internal control stated in the
*XLGDQFH1RWHRQ$XGLWRI,QWHUQDO)LQDQFLDO&RQWUROV2YHU)LQDQFLDO
5HSRUWLQJLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD
For Kirti D. Shah & Associates
&KDUWHUHG$FFRXQWDQWV
)LUP5HJLVWUDWLRQ1R:
Place : Mumbai Kirti D. Shah
3URSULHWRU
Date : 25th May, 2017 0HPEHUVKLS1R
11th Annual Report 2016-17 201
Aries Agro Equipments Private Limited

Balance Sheet as at 31st March, 2017

( Amounts in Rupees unless stated otherwise )
Particulars Note As at As at As at
Nos. 31st March, 2017 VW0DUFK 1st April, 2015
I. ASSETS
(1) Current Assets
(a) Financial Assets
(i) Trade Receivables  11,806,960  
(ii) &DVK &DVK(TXLYDOHQWV  4,957  
(b) 2WKHU&XUUHQW$VVHWV 5 93,505  
11,905,422  

TOTAL 11,905,422  

II. EQUITY AND LIABILITIES
(1) Equity
(a) (TXLW\6KDUH&DSLWDO  100,000 100,000 100,000
(b) 2WKHU(TXLW\ 7 7,683,973  
7,783,973  

(2) Current Liabilities

(a) )LQDQFLDO/LDELOLWLHV
(i) &XUUHQW%RUURZLQJV  3,759,225  
(ii) 7UDGH3D\DEOHV 9 362,224  

4,121,449  

TOTAL 11,905,422  

6XPPDU\RI6LJQL¿FDQW$FFRXQWLQJ3ROLFLHV 2.1

As per our report of even date For and on behalf of the Board of Directors of
Aries Agro Equipments Private Limited

For Kirti D. Shah & Associates Dr. Jimmy Mirchandani

&KDUWHUHG$FFRXQWDQWV 'LUHFWRU
)LUP5HJLVWUDWLRQ1R: ',1

Kirti D. Shah Dr. Rahul Mirchandani

3URSULHWRU 'LUHFWRU
0HPEHUVKLS1R ',1

Place 0XPEDL
Date WK0D\

202 11th Annual Report 2016-17

 Aries Agro Equipments Private Limited

6WDWHPHQWRI3UR¿WDQG/RVVIRUWKH\HDUHQGHGVW0DUFK
( Amounts in Rupees unless stated otherwise )
Particulars Note Year Ended <HDU(QGHG
Nos. 31st March, 2017 VW0DUFK
I. ([SHQVHV
(a) )LQDQFH&RVWV 10 345 115
(b) 2WKHU([SHQVHV 11 29,353 
Total Expenses 29,698 
II. 3UR¿W%HIRUH7D[3%7 (29,698) 
III. Tax Expense
(a) &XUUHQW7D[ - -
(b) $GMXVWPHQWRI7D[UHODWLQJWRHDUOLHUSHULRGV - -
(c) 'HIHUUHG7D[ - -
Income Tax Expense - -
IV. 3UR¿WDIWHU7D[3$7,,,,, (29,698) 
/HVV6KRUW3URYLVLRQIRU7D[LQ(DUOLHU<HDUV - -
V. 3UR¿W/RVVIRUWKHSHULRG (29,698) 
VI. Other Comprehensive Income
(A) ,WHPVWKDWZLOOQRWEHUHFODVVL¿HGWR3UR¿WRU/RVV
(i) &KDQJHVLQ5HYDOXDWLRQ6XUSOXV - -
(ii) 5HPHDVXUHPHQWVRI'H¿QHG%HQH¿W3ODQV - -
(iii) (TXLW\,QVWUXPHQWVWKURXJK2&, -
- -
(iv) /HVV,QFRPH7D[UHODWLQJWR,WHPVWKDWZLOOQRWEHUHFODVVL¿HGWR3UR¿W
RU/RVV
,WHPVWKDWZLOOEHUHFODVVL¿HGWR3UR¿WRU/RVV
(B)
(i) ([FKDQJH'LIIHUHQFHVLQWUDQVODWLQJWKH)LQDQFLDO6WDWHPHQWVRI
)RUHLJQ2SHUDWLRQ
(ii) 'HEW,QVWUXPHQWVWKURXJK2&,
The effective portion of gains and loss on hedging instruments in a
(iii) FDVKÀRZKHGJH
- -
(ii) /HVV,QFRPH7D[UHODWLQJWR,WHPVWKDWZLOOEHUHFODVVL¿HGWR3UR¿WRU
/RVV
- -
VII. Total Comprehensive Income for the period (V+VI) (29,698) 
VIII. Earnings per Equity Share 12
(1) %DVLF 'LOXWHG (2.97) 
6XPPDU\RI6LJQL¿FDQW$FFRXQWLQJ3ROLFLHV 2.1
The Notes referred to above form an integral part of these Standalone Financial Statements
As per our report of even date For and on behalf of the Board of Directors of
Aries Agro Equipments Private Limited

For Kirti D. Shah & Associates Dr. Jimmy Mirchandani

&KDUWHUHG$FFRXQWDQWV 'LUHFWRU
)LUP5HJLVWUDWLRQ1R: ',1

Kirti D. Shah Dr. Rahul Mirchandani

3URSULHWRU 'LUHFWRU
0HPEHUVKLS1R ',1

Place 0XPEDL
Date WK0D\

11th Annual Report 2016-17 

Aries Agro Equipments Private Limited

Statement of Cash Flows for the year ended 31st March, 2017
( Amounts in Rupees unless stated otherwise )
Sr. No. Particulars Year Ended <HDU(QGHG
31st March, 2017 VW0DUFK
A) CASH FLOW FROM OPERATING ACTIVITIES
1HW3UR¿WEHIRUHWD[DVSHU6WDWHPHQWRI3UR¿WDQG/RVV (29,698) (28,915)
2SHUDWLQJ3UR¿WEHIRUH:RUNLQJ&DSLWDO&KDQJHV (29,698) 
Adjusted for :
,QFUHDVH'HFUHDVHLQ7UDGH3D\DEOHV (193,907) 
&DVK*HQHUDWHGIURP2SHUDWLRQV (223,605) 
Net Cash Flow from Operating Activities (A) (223,605) 

B) CASH FLOW FROM INVESTING ACTIVITIES :

0RYHPHQWLQ6KRUW7HUP/RDQVDQG$GYDQFHV - 
Net Cash Flow from / ( used in) Investing Activities (B) - 

C) CASH FLOW FROM FINANCIAL ACTIVITIES:

6KRUW7HUP%RUURZLQJV1HW 184,053 
1HW&DVKXVHGLQIURP¿QDQFLQJDFWLYLWLHV& 184,053 

1HW,QFUHDVHLQ&DVKDQG&DVK(TXLYDOHQWV (39,552) 

2SHQLQJ%DODQFHRI&DVKDQG&DVK(TXLYDOHQWV 44,509 

&ORVLQJ%DODQFHRI&DVKDQG&DVK(TXLYDOHQWV 4,957 

1RWH7KHDERYHVWDWHPHQWKDVEHHQSUHSDUHGXQGHUWKHLQGLUHFWPHWKRGVHWRXWLQ,QG$6³6WDWHPHQWRI&DVK)ORZ´

7KLV&DVK)ORZ6WDWHPHQWIRUPVDQLQWHJUDOSDUWRIWKHVH6WDQGDORQH)LQDQFLDO6WDWHPHQWV
As per our report of even date For and on behalf of the Board of Directors of
Aries Agro Equipments Private Limited

For Kirti D. Shah & Associates Dr. Jimmy Mirchandani

&KDUWHUHG$FFRXQWDQWV 'LUHFWRU
)LUP5HJLVWUDWLRQ1R: ',1

Kirti D. Shah Dr. Rahul Mirchandani

3URSULHWRU 'LUHFWRU
0HPEHUVKLS1R ',1

Place 0XPEDL
Date WK0D\

 11th Annual Report 2016-17

 Aries Agro Equipments Private Limited

NOTES to the Financial Statements for the year ended 31st March, 2017
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES:
1. Company Overview
$ULHV$JUR (TXLSPHQWV 3ULYDWH /LPLWHG ZDV LQFRUSRUDWHG LQ -DQXDU\  DV D :KROO\ 2ZQHG 6XEVLGLDU\ RI$ULHV$JUR /LPLWHG IRU
carrying business in all type of farm equipments, machinery.
2. Basis of Preparation of Financial Statements
0LQLVWU\RI&RUSRUDWH$IIDLUVQRWL¿HGURDGPDSWRLPSOHPHQW,QGLDQ$FFRXQWLQJ6WDQGDUGVµ,QG$6¶QRWL¿HGXQGHUWKH&RPSDQLHV,QGLDQ
$FFRXQWLQJ6WDQGDUGV5XOHVDVDPHQGHGE\WKHFRPSDQLHV,QGLDQ$FFRXQWLQJ6WDQGDUGVDPHQGPHQW5XOHV$VSHU
WKHVDLGURDGPDSWKH&RPSDQ\LVUHTXLUHGWRDSSO\,QG$6IRUWKH\HDUHQGHGst0DUFK+RZHYHUWKHFRPSDQ\KDVYROXQWDULO\
DGRSWHG,QG$6DVIURPWKH\HDUst$SULOZLWKst$SULOEHLQJWKHGDWHRIWUDQVLWLRQ7KHFRPSDUDWLYH¿JXUHVLQWKH%DODQFH
6KHHWDVDWVW0DUFKDQGst$SULODQGWKH6WDWHPHQWRI3UR¿WDQG/RVVDQGWKH&DVK)ORZ6WDWHPHQWIRUWKH\HDUHQGHG
st March, 2017 has to be restated accordingly.
 7KH&RPSDQ\KDVDGRSWHGDOOWKH,QG$6VWDQGDUGVDQGWKHDGRSWLRQZDVFDUULHGRXWLQDFFRUGDQFHZLWK,QG$6)LUVWWLPHDGRSWLRQ
RI,QGLDQ$FFRXQWLQJ6WDQGDUGV
a. Statement of Compliance
 7KH&RPSDUDWLYH)LQDQFLDO6WDWHPHQWVFRPSULVLQJ%DODQFH6KHHW6WDWHPHQWRI3UR¿WDQG/RVV6WDWHPHQWRI&KDQJHVLQ(TXLW\&DVK
)ORZ6WDWHPHQWWRJHWKHUZLWKWKH1RWHVWRDFFRXQWVDORQJZLWKDVXPPDU\RIWKHVLJQL¿FDQWDFFRXQWLQJSROLFLHVDQGRWKHUH[SODQDWRU\
LQIRUPDWLRQIRUWKH\HDUHQGHGst0DUFKKDYHEHHQSUHSDUHGLQDFFRUGDQFHZLWKWKH,QG$6DVQRWL¿HGDERYH
 )RU DOO SHULRGV XS WR DQG LQFOXGLQJ WKH \HDU HQGHG st 0DUFK  WKH &RPSDQ\ SUHSDUHG LWV ¿QDQFLDO VWDWHPHQWV LQ DFFRUGDQFH
DFFRXQWLQJ VWDQGDUGV QRWL¿HG XQGHU WKH VHFWLRQ  RI WKH &RPSDQLHV$FW  UHDG WRJHWKHU ZLWK SDUDJUDSK  RI WKH &RPSDQLHV
$FFRXQWV5XOHV,QGLDQ*$$3
b. Basis of Measurement - Historic Cost Convention
 7KHVH)LQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGRQDKLVWRULFDOFRVWEDVLVH[FHSWIRUWKHIROORZLQJ
 FHUWDLQ¿QDQFLDODVVHWVDQGOLDELOLWLHVWKDWLVPHDVXUHGDWIDLUYDOXHUHIHUDFFRXQWLQJSROLF\UHJDUGLQJ¿QDQFLDOLQVWUXPHQWV
 $VVHWVKHOGIRUVDOH±PHDVXUHGDWIDLUYDOXHOHVVFRVWWRVDOH
 'H¿QHGEHQH¿WSODQV±SODQDVVHWVPHDVXUHGDWIDLUYDOXH
 $OODVVHWVDQGOLDELOLWLHVKDVEHHQFODVVL¿HGDVFXUUHQWRUQRQFXUUHQWDVSHUWKH&RPSDQ\¶VQRUPDORSHUDWLQJF\FOHDQGRWKHUFULWHULDVHW
RXWLQWKH6FKHGXOH,,,WRWKH&RPSDQLHV$FW
c. Functional and Presentation Currency
 ,WHPVLQFOXGHGLQWKH)LQDQFLDO6WDWHPHQWVRIWKHHQWLW\DUHPHDVXUHGXVLQJWKHFXUUHQF\RIWKHSULPDU\HFRQRPLFHQYLURQPHQWLQZKLFK
WKHHQWLW\RSHUDWHV³WKHIXQFWLRQDOFXUUHQF\´,QGLDQ5XSHHLVWKH)XQFWLRQDOFXUUHQF\RIWKH&RPSDQ\
 7KH)LQDQFLDOVWDWHPHQWVDUHSUHVHQWHGLQ,QGLDQ5XSHHVZKLFKLVWKH&RPSDQ\¶VSUHVHQWDWLRQFXUUHQF\
d. Use of Estimates:
 7KHSUHSDUDWLRQRI)LQDQFLDO6WDWHPHQWVLQDFFRUGDQFHZLWK,QG$6UHTXLUHVXVHRIHVWLPDWHVDQGDVVXPSWLRQVIRUVRPHLWHPVZKLFK
PLJKWKDYHDQHIIHFWRQWKHLUUHFRJQLWLRQDQGPHDVXUHPHQWLQWKH%DODQFH6KHHWDQG6WDWHPHQWRI3UR¿WDQG/RVV7KHDFWXDODPRXQWV
realized may differ from these estimates. Accounting estimates could change from period to period. Actual results could differ from those
estimates. Appropriate changes in estimates are made as the management becomes aware of changes in circumstances surrounding
WKH HVWLPDWHV 'LIIHUHQFHV EHWZHHQ WKH DFWXDO UHVXOWV DQG HVWLPDWHV DUH UHFRJQL]HG LQ WKH SHULRG LQ ZKLFK WKH UHVXOWV DUH NQRZQ 
materialized and, if material, their effects are disclosed in the notes to the Financial Statements.
Estimates and assumptions are required in particular for:
L 'HWHUPLQDWLRQRIWKHHVWLPDWHGXVHIXOOLIHRIWDQJLEOHDVVHWVDQGWKHDVVHVVPHQWDVWRZKLFKFRPSRQHQWVRIWKHFRVWPD\EHFDSLWDOL]HG
8VHIXOOLIHRIWDQJLEOHDVVHWVLVEDVHGRQWKHOLIHSUHVFULEHGLQ6FKHGXOH,,RIWKH&RPSDQLHV$FW,QFDVHVZKHUHWKHXVHIXOOLIHLV
GLIIHUHQWIURPWKDWSUHVFULEHGLQ6FKHGXOH,,LWLVEDVHGRQWHFKQLFDODGYLFHWDNLQJLQWRDFFRXQWWKHQDWXUHRIWKHDVVHWHVWLPDWHGXVDJH
and operating conditions of the asset, past history of replacement and maintenance support. An assumption also needs to be made,
ZKHQWKH&RPSDQ\DVVHVVHVZKHWKHUDQDVVHWPD\EHFDSLWDOL]HGDQGZKLFKFRPSRQHQWVRIWKHFRVWRIWKHDVVHWPD\EHFDSLWDOL]HG
(ii) 5HFRJQLWLRQDQGPHDVXUHPHQWRIGH¿QHGEHQH¿WREOLJDWLRQV
 7KH REOLJDWLRQ DULVLQJ IURP WKH GH¿QHG EHQH¿W SODQ LV GHWHUPLQHG RQ WKH EDVLV RI DFWXDULDO DVVXPSWLRQV .H\ DFWXDULDO DVVXPSWLRQV
LQFOXGHGLVFRXQWUDWHWUHQGVLQVDODU\HVFDODWLRQDQGYHVWHGIXWXUHEHQH¿WVDQGOLIHH[SHFWDQF\7KHGLVFRXQWUDWHLVGHWHUPLQHGZLWK
UHIHUHQFHWRPDUNHW\LHOGVDWWKHHQGRIWKHUHSRUWLQJSHULRGRQWKHJRYHUQPHQWERQGV7KHSHULRGWRPDWXULW\RIWKHXQGHUO\LQJERQGV
FRUUHVSRQGWRWKHSUREDEOHPDWXULW\RIWKHSRVWHPSOR\PHQWEHQH¿WREOLJDWLRQV
(iii) Recognition of deferred tax assets:
 $'HIHUUHGWD[DVVHWLVUHFRJQL]HGIRUDOOWKHGHGXFWLEOHWHPSRUDU\GLIIHUHQFHVWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWD[DEOHSUR¿WZLOO
EHDYDLODEOHDJDLQVWZKLFKWKHGHGXFWLEOHWHPSRUDU\GLIIHUHQFHFDQEHXWLOL]HG7KHPDQDJHPHQWDVVXPHVWKDWWD[DEOHSUR¿WVZLOOEH
available while recognizing deferred tax assets.

11th Annual Report 2016-17 205

Aries Agro Equipments Private Limited

NOTES to the Financial Statements for the year ended 31st March, 2017
(iv) Recognition and measurement of other provisions:
 7KHUHFRJQLWLRQDQGPHDVXUHPHQWRIRWKHUSURYLVLRQVDUHEDVHGRQWKHDVVHVVPHQWRIWKHSUREDELOLW\RIDQRXWÀRZRIUHVRXUFHVDQGRQ
SDVWH[SHULHQFHDQGFLUFXPVWDQFHVNQRZQDWWKHEDODQFHVKHHWGDWH7KHDFWXDORXWÀRZRIUHVRXUFHVDWDIXWXUHGDWHPD\WKHUHIRUHYDU\
IURPWKH¿JXUHLQFOXGHGLQRWKHUSURYLVLRQV
(v) 'LVFRXQWLQJRIORQJWHUP¿QDQFLDOOLDELOLWLHV
 $OO¿QDQFLDOOLDELOLWLHVDUHUHTXLUHGWREHPHDVXUHGDWIDLUYDOXHRQLQLWLDOUHFRJQLWLRQ,QFDVHRI¿QDQFLDOOLDELOLWLHVZKLFKDUHUHTXLUHGWR
be subsequently measured at amortized cost, interest is accrued using the effective interest method.
(vi) Determining whether an arrangement contains a lease:
 $WWKHLQFHSWLRQRIDQDUUDQJHPHQWWKH&RPSDQ\GHWHUPLQHVZKHWKHUWKHDUUDQJHPHQWLVRUFRQWDLQVDOHDVH$WWKHLQFHSWLRQRURQ
UHDVVHVVPHQW RI DQ DUUDQJHPHQW WKDW FRQWDLQV D OHDVH WKH &RPSDQ\ VHSDUDWHV SD\PHQWV DQG RWKHU FRQVLGHUDWLRQ UHTXLUHG E\ WKH
DUUDQJHPHQWLQWRWKRVHIRUWKHOHDVHDQGWKRVHIRUWKHRWKHUHOHPHQWVEDVHGRQWKHLUUHODWLYHIDLUYDOXHV,IWKH&RPSDQ\FRQFOXGHVIRUD
¿QDQFHOHDVHWKDWLWLVLPSUDFWLFDEOHWRVHSDUDWHWKHSD\PHQWVUHOLDEO\WKHQDQDVVHWDQGDOLDELOLW\DUHUHFRJQL]HGDWDQDPRXQWHTXDO
WRWKHIDLUYDOXHRIWKHXQGHUO\LQJDVVHWVXEVHTXHQWO\WKHOLDELOLW\LVUHGXFHGDVSD\PHQWVDUHPDGHDQGDQLPSXWHG¿QDQFHFRVWRQ
WKHOLDELOLW\LVUHFRJQL]HGXVLQJWKH&RPSDQ\¶VLQFUHPHQWDOERUURZLQJUDWH,QFDVHRIRSHUDWLQJOHDVHWKH&RPSDQ\WUHDWVDOOSD\PHQWV
under the arrangement as lease payments.
e. Standards Issued but not yet effective
Ind - AS 115 “Revenue from Contract with Customers7KH0&$KDGQRWL¿HG,QG$6³5HYHQXHIURP&RQWUDFWZLWK&XVWRPHUV´
in February, 2015. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised
JRRGVRUVHUYLFHVWRWKHFXVWRPHUVLQDQDPRXQWWKDWUHÀHFWVWKHFRQVLGHUDWLRQWRZKLFKWKHHQWLW\H[SHFWVWREHHQWLWOHGLQH[FKDQJHIRU
those goods or services. Further, the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of
UHYHQXHDQGFDVKÀRZVDULVLQJIURPWKHHQWLW\¶VFRQWUDFWVZLWKFXVWRPHUV
I &XUUHQW9HUVXV1RQ&XUUHQW&ODVVL¿FDWLRQ
 L 7KHDVVHWVDQGOLDELOLWLHVLQWKH%DODQFH6KHHWDUHEDVHGRQFXUUHQWQRQ±FXUUHQWFODVVL¿FDWLRQ$QDVVHWDVFXUUHQWZKHQLWLV
1. Expected to be realized or intended to be sold or consumed in normal operating cycle.
  +HOGSULPDULO\IRUWKHSXUSRVHRIWUDGLQJ
  ([SHFWHGWREHUHDOL]HGZLWKLQWZHOYHPRQWKVDIWHUWKHUHSRUWLQJSHULRGRU
  &DVKRUFDVKHTXLYDOHQWVXQOHVVUHVWULFWHGIURPEHLQJH[FKDQJHGRUXVHGWRVHWWOHDOLDELOLW\IRUDWOHDVWWZHOYHPRQWKVDIWHUWKH
reporting period
 $OORWKHUDVVHWVDUHFODVVL¿HGDVQRQFXUUHQW
 LL $OLDELOLW\LVFXUUHQWZKHQLWLV
1. Expected to be settled in normal operating cycle
  +HOGSULPDULO\IRUWKHSXUSRVHRIWUDGLQJ
  'XHWREHVHWWOHGZLWKLQWZHOYHPRQWKVDIWHUWKHUHSRUWLQJSHULRGRU
  7KHUHLVQRXQFRQGLWLRQDOULJKWWRGHIHUWKHVHWWOHPHQWRIWKHOLDELOLW\IRUDWOHDVWWZHOYHPRQWKVDIWHUWKHUHSRUWLQJSHULRG
All other liabilities are treated as non - current.
 'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHFODVVL¿HGDVQRQFXUUHQWDVVHWVDQGOLDELOLWLHV
The operating cycle is the time between the acquisition of assets for processing and their realization in cash and cash equivalents.
 6LJQL¿FDQW$FFRXQWLQJ3ROLFLHV
A. Plant, Property & Equipment:
$OOWKHSURSHUW\SODQWDQGHTXLSPHQWVKDYHEHHQFDUULHGDWYDOXHLQDFFRUGDQFHZLWKWKHSUHYLRXV*$$37KH&RPSDQ\KDVHOHFWHG
WKHVHYDOXHDVGHHPHGFRVWDWWKHGDWHRIWUDQVLWLRQWR,QG$6
 3URSHUW\3ODQW (TXLSPHQWDUHVWDWHGDWRULJLQDOFRVWQHWRIWD[GXW\FUHGLWDYDLOHGOHVVDFFXPXODWHGGHSUHFLDWLRQDQGDFFXPXODWHG
LPSDLUPHQWORVVHVLIDQ\$OOFRVWVLQFOXGLQJ¿QDQFHFRVWVLQFXUUHGXSWRWKHGDWHWKHDVVHWLVUHDG\IRULWVLQWHQGHGXVH
 :KHQVLJQL¿FDQWSDUWVRISURSHUW\SODQWDQGHTXLSPHQWDUHUHTXLUHGWREHUHSODFHGDWLQWHUYDOVWKHFRPSDQ\GHUHFRJQL]HVWKHUHSODFHG
part, and recognizes the new part with its own associated useful life and it is depreciated accordingly.
 $OO WKH RWKHU UHSDLU DQG PDLQWHQDQFH FRVWV DUH UHFRJQLVHG LQ WKH VWDWHPHQW RI SUR¿W DQG ORVV DV LQFXUUHG7KH SUHVHQW YDOXH RI WKH
expected cost for the decommissioning of the asset after its use is included in the cost of the respective asset if the recognition criteria
for a provision is met.
 3URSHUW\3ODQW (TXLSPHQWDUHHOLPLQDWHGIURPWKH¿QDQFLDOVWDWHPHQWVHLWKHURQGLVSRVDORUZKHQUHWLUHGIURPDFWLYHXVH/RVVHV
arising in the case of retirement of property, plant and equipment and gains and losses arising from disposal of property, plant and
HTXLSPHQWDUHUHFRJQLVHGLQWKHVWDWHPHQWRISUR¿WDQGORVVLQWKH\HDURIRFFXUUHQFH
 6XEVHTXHQW H[SHQGLWXUH UHODWHG WR DQ LWHP RI 3URSHUW\ 3ODQW  (TXLSPHQW LV DGGHG WR LWV ERRN YDOXH RQO\ LI LW LQFUHDVHV WKH IXWXUH
EHQH¿WVIURPWKHH[LVWLQJDVVHWEH\RQGLWVSUHYLRXVO\DVVHVVHGVWDQGDUGRISHUIRUPDQFH$OORWKHUH[SHQVHVRQH[LVWLQJ3URSHUW\3ODQW
(TXLSPHQWLQFOXGLQJURXWLQHUHSDLUDQGPDLQWHQDQFHH[SHQGLWXUHDQGFRVWRIUHSODFLQJSDUWVDUHFKDQJHGWRWKHVWDWHPHQWRISUR¿W
and loss for the period during which such expenses are incurred.

 11th Annual Report 2016-17

 Aries Agro Equipments Private Limited

NOTES to the Financial Statements for the year ended 31st March, 2017
 7KH&RPSDQ\DGMXVWVH[FKDQJHGLIIHUHQFHVDULVLQJRQWUDQVODWLRQVHWWOHPHQWRIORQJWHUPIRUHLJQFXUUHQF\PRQHWDU\LWHPVSHUWDLQLQJWR
the acquisition of a depreciable asset to the cost of the asset and depreciates the same over the remaining life of the asset.
 *DLQV RU ORVVHV DULVLQJ IURP GLVSRVDO RI 3ODQW 3URSHUW\ DQG (TXLSPHQW DUH PHDVXUHG DV WKH GLIIHUHQFH EHWZHHQ WKH QHW GLVSRVDO
SURFHHGVDQGWKHFDUU\LQJDPRXQWRIWKHDVVHWDQGDUHUHFRJQL]HGLQWKHVWDWHPHQWRISUR¿WDQGORVVZKHQWKHDVVHWLVGLVSRVHG
B. Depreciation & Amortization:
a. 'HSUHFLDWLRQRQSURSHUW\SODQW HTXLSPHQWLVSURYLGHGRYHUWKHXVHIXOOLIHRIDVVHWVDVVSHFL¿HGLQVFKHGXOH,,WRWKHFRPSDQLHV$FW
,QFDVHRI3URSHUW\SODQW (TXLSPHQWWKDWDUHDGGHGGLVSRVHGRIIGXULQJWKH\HDUGHSUHFLDWLRQLVSURYLGHGRQSURUDWDEDVLVZLWK
UHIHUHQFHWRWKHPRQWKRIDGGLWLRQGHOHWLRQ
 /HDVHKROGLPSURYHPHQWVDUHEHLQJGHSUHFLDWHGRYHUWKHOHDVHWHUPRUHVWLPDWHGXVHIXOOLIHZKLFKHYHULVORZHU8VHGDVVHWVDFTXLUHG
from third parties are depreciated on a straight line basis over their remaining useful life of such assets.
b. 'HSUHFLDWLRQPHWKRGVXVHIXOOLIHDQGUHVLGXDOYDOXHVDUHUHYLHZHGDWHDFKUHSRUWLQJGDWHDQGDGMXVWHGLIDSSURSULDWH
C. Intangible Assets :
,QWDQJLEOHDVVHWVDUHVWDWHGDWFRVWOHVVDFFXPXODWHGDPRUWL]DWLRQDQGLPSDLUPHQW,QWDQJLEOHDVVHWVDUHDPRUWLVHGRYHUWKHLUUHVSHFWLYH
individual estimated useful lives on a straight-line basis, from the date that they are available for use. The estimated useful life of an
LGHQWL¿DEOH LQWDQJLEOH DVVHW LV EDVHG RQ D QXPEHU RI IDFWRUV LQFOXGLQJ WKH HIIHFWV RI REVROHVFHQFH GHPDQG FRPSHWLWLRQ DQG RWKHU
HFRQRPLFIDFWRUVVXFKDVWKHVWDELOLW\RIWKHLQGXVWU\DQGNQRZQWHFKQRORJLFDODGYDQFHVDQGWKHOHYHORIPDLQWHQDQFHH[SHQGLWXUHV
UHTXLUHGWRREWDLQWKHH[SHFWHGIXWXUHFDVKÀRZVIURPWKHDVVHW
 7KHXVHIXOOLYHVRILQWDQJLEOHDVVHWVDUHDVVHVVHGDVHLWKHU¿QLWHRULQ¿QLWH
 7KHDPRUWL]DWLRQSHULRGDQGWKHDPRUWL]DWLRQPHWKRGIRUDQLQWDQJLEOHDVVHWZLWKD¿QLWHXVHIXOOLIHDUHUHYLHZHGDWOHDVWDWWKHHQGRI
HDFKUHSRUWLQJSHULRG&KDQJHVLQWKHH[SHFWHGXVHIXOOLIHRUWKHH[SHFWHGSDWWHUQRIFRQVXPSWLRQRIIXWXUHHFRQRPLFEHQH¿WVHPERGLHG
in the asset is considered to modify the amortized period or method, as appropriate, and are treated as changes in accounting estimates.
 ,QWDQJLEOHDVVHWVZLWK¿QLWHXVHIXOOLIHDUHDPRUWL]HGRQVWUDLJKWOLQHEDVLVRYHUWKHXVHIXOHFRQRPLFOLIHDQGDVVHVVHGIRULPSDLUPHQW
whenever there is any indication that the intangible asset may be impaired.
 ,QWDQJLEOHVZLWKLQGH¿QLWHXVHIXOOLIHLIDQ\DUHQRWDPRUWL]HGEXWDUHWHVWHGIRULPSDLUPHQWDQQXDOO\HLWKHULQGLYLGXDOO\RUDWWKHFDVK
generating unit level.
D. Borrowing Costs :
 %RUURZLQJFRVWVWKDWDUHGLUHFWO\DWWULEXWDEOHWRDFTXLVLWLRQFRQVWUXFWLRQRUSURGXFWLRQRIDTXDOLI\LQJDVVHWQHWRILQFRPHHDUQHGRQ
WHPSRUDU\ GHSOR\PHQW RI IXQGV DUH FDSLWDOLVHG DV D SDUW RI WKH FRVW RI VXFK DVVHWV %RUURZLQJ FRVW FRQVLVWV RI LQWHUHVW RWKHU FRVW
LQFXUUHGLQFRQQHFWLRQZLWKERUURZLQJVRIIXQGDQGH[FKDQJHGLIIHUHQFHVWRWKHH[WHQWUHJDUGHGDVDQDGMXVWPHQWWRWKHERUURZLQJFRVW
$TXDOLI\LQJDVVHWLVRQHWKDWQHFHVVDULO\WDNHVVXEVWDQWLDOSHULRGRIWLPHWRJHWUHDG\IRULQWHQGHGXVH%RUURZLQJFRVWDOVRLQFOXGHV
H[FKDQJHGLIIHUHQFHVWRWKHH[WHQWUHJDUGHGDVDQDGMXVWPHQWWRWKHERUURZLQJFRVWV
 $OORWKHUERUURZLQJFRVWVDUHFKDUJHGWRWKH6WDWHPHQWRI3UR¿WDQG/RVV
E. Leases
The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement at the inception date,
ZKHWKHUIXO¿OOPHQWRIWKHDUUDQJHPHQWLVGHSHQGHQWRQWKHXVHRIDVSHFL¿FDVVHWRUDVVHWVRUDUUDQJHPHQWFRQYH\VDULJKWWRXVHWKH
DVVHWHYHQLIWKDWULJKWLVQRWH[SOLFLWO\VSHFL¿HGLQDQDUUDQJHPHQW
Company as a lessor
 /HDVHVLQZKLFKWKH&RPSDQ\GRHVQRWWUDQVIHUVXEVWDQWLDOO\DOOWKHULVNVDQGUHZDUGVRIRZQHUVKLSRIDQDVVHWDUHFODVVL¿HGDVRSHUDWLQJ
OHDVHV5HQWDOLQFRPHIURPRSHUDWLQJOHDVHLVUHFRJQLVHGRQDVWUDLJKWOLQHEDVLVRYHUWKHWHUPRIWKHUHOHYDQWOHDVH,QLWLDOGLUHFWFRVWV
incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the
lease term on the same basis as rental income.
 &RQWLQJHQWUHQWVDUHUHFRJQLVHGDVUHYHQXHLQWKHSHULRGLQZKLFKWKH\DUHHDUQHG
 /HDVHVDUHFODVVL¿HGDV¿QDQFHOHDVHVZKHQVXEVWDQWLDOO\DOORIWKHULVNVDQGUHZDUGVRIRZQHUVKLSWUDQVIHUIURPWKH&RPSDQ\WRWKH
OHVVHH$PRXQWVGXHIURPOHVVHHVXQGHU¿QDQFHOHDVHVDUHUHFRUGHGDVUHFHLYDEOHVDWWKH&RPSDQ\¶VQHWLQYHVWPHQWLQWKHOHDVHV
)LQDQFHOHDVHLQFRPHLVDOORFDWHGWRDFFRXQWLQJSHULRGVVRDVWRUHÀHFWDFRQVWDQWSHULRGLFUDWHRIUHWXUQRQWKHQHWLQYHVWPHQWRXWVWDQGLQJ
in respect of the lease.
F. Inventories and WIP:
 ,QYHQWRULHVDUHYDOXHGDWWKHORZHURIFRVWDQGQHWUHDOL]DEOHYDOXH
 &RVWVLQFXUUHGLQEULQJLQJHDFKSURGXFWWRLWVSUHVHQWORFDWLRQDQGFRQGLWLRQDUHDFFRXQWHGIRUDVIROORZV
a. Raw materials and packing materials :
  /RZHURIFRVWDQGQHWUHDOL]DEOHYDOXH+RZHYHUPDWHULDOVDQGRWKHULWHPVKHOGIRUXVHLQWKHSURGXFWLRQRILQYHQWRULHVDUHQRW
ZULWWHQGRZQEHORZFRVWLIWKH¿QLVKHGSURGXFWVLQZKLFKWKH\ZLOOEHLQFRUSRUDWHGDUHH[SHFWHGWREHVROGDWRUDERYHFRVW&RVW
LVGHWHUPLQHGRQD¿UVWLQ¿UVWRXWEDVLV&XVWRPVGXW\RQLPSRUWHGUDZPDWHULDOVH[FOXGLQJVWRFNVLQWKHERQGHGZDUHKRXVHLV
WUHDWHGDVSDUWRIWKHFRVWRIWKHLQYHQWRULHV5DZPDWHULDOVWRUHDQGVSDUHV&RVWRQ),)2EDVLVRUQHWUHDOL]DEOHYDOXHZKLFKHYHU
is lower.

11th Annual Report 2016-17 207

Aries Agro Equipments Private Limited

NOTES to the Financial Statements for the year ended 31st March, 2017
 E :RUNLQSURJUHVVDQG¿QLVKHGJRRGV
  /RZHURIFRVWDQGQHWUHDOL]DEOHYDOXH&RVWLQFOXGHVGLUHFWPDWHULDOVDQGODERXUDQGDSURSRUWLRQRIPDQXIDFWXULQJRYHUKHDGVEDVHG
RQQRUPDORSHUDWLQJFDSDFLW\&RVWRI¿QLVKHGJRRGVLQFOXGHVH[FLVHGXW\
c. Traded goods :
/RZHURIFRVWDQGQHWUHDOL]DEOHYDOXH&RVWLQFOXGHVWKHSXUFKDVHSULFHDQGRWKHUDVVRFLDWHGFRVWVGLUHFWO\LQFXUUHGLQEULQJLQJWKH
inventory to its present location.
Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and
HVWLPDWHGFRVWVQHFHVVDU\WRPDNHWKHVDOH
d. :DVWHDQGVFUDSDUHQRWVHSDUDWHO\YDOXHGEHLQJLQVLJQL¿FDQWLQYDOXH
e. Net realizable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and
HVWLPDWHGFRVWVQHFHVVDU\WRPDNHWKHVDOH
G. Foreign Currency Transactions and Balances::
The transactions in foreign currency are accounted at the exchange rate i.e. custom rate prevailing on the date of transaction. Exchange
ÀXFWXDWLRQ EHWZHHQ WKH WUDQVDFWLRQ GDWH DQG VHWWOHPHQW GDWH LQ UHVSHFW RI WUDQVDFWLRQV DUH WUDQVIHUUHG WR H[FKDQJH UDWH GLIIHUHQFH
DFFRXQWDQGZULWWHQRIIWRWKHVWDWHPHQWRISUR¿W ORVV([FKDQJHGLIIHUHQFHWKDWDULVHRQVHWWOHPHQWRIPRQHWDU\LWHPVRURQUHSRUWLQJ
DWHDFKEDODQFHVKHHWGDWHRIWKH&RPSDQ\¶VPRQHWDU\LWHPVDWWKHFORVLQJUDWHDUHUHFRJQL]HGDVLQFRPHRUH[SHQVHVLQWKH6WDWHPHQW
RI3UR¿WDQG/RVVLQWKHSHULRGLQZKLFKWKH\DULVH
 &XUUHQWDVVHWVDQGFXUUHQWOLDELOLWLHVLQYROYLQJWUDQVDFWLRQVLQIRUHLJQFXUUHQF\DUHFRQYHUWHGDWWKHH[FKDQJHUDWHVSUHYDLOLQJRQWKHGDWH
RI%DODQFH6KHHW$Q\SUR¿WDQGORVVDULVLQJRXWRIVXFKFRQYHUVLRQLVFKDUJHGWRSUR¿WDQGORVVDFFRXQW
Non-monetary items i.e. investments are converted at the rate prevalent on the date of transaction.
H. Revenue Recognition:
 5HYHQXHLVUHFRJQL]HGWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWKHHFRQRPLFEHQH¿WVZLOOÀRZWRWKH&RPSDQ\DQGWKHUHYHQXHFDQEH
reliably measured, regardless of when the payment is being made.
 7KHVSHFL¿FUHFRJQLWLRQFULWHULDGHVFULEHGEHORZPXVWDOVREHPHWEHIRUHUHYHQXHLVUHFRJQL]HG
a. Sale of products:
 $VVWDWHGLQ,QG$65HYHQXHIURPVDOHRISURGXFWVLVUHFRJQL]HGZKHQWKHVLJQL¿FDQWULVNVDQGUHZDUGVRIRZQHUVKLSRIWKH
JRRGVKDYHSDVVHGWRWKHEX\HU7KH&RPSDQ\FROOHFWVVDOHVWD[DQGYDOXHDGGHGWD[9$7RQEHKDOIRIWKHJRYHUQPHQWDQG
WKHUHIRUHWKHVHDUHQRWHFRQRPLFEHQH¿WVÀRZLQJWRWKH&RPSDQ\+HQFHWKH\DUHH[FOXGHGIURPUHYHQXH([FLVHGXW\GHGXFWHG
from revenue (gross) is the amount that is included in the revenue (gross) and not the entire amount of liability arising during the
year.
b. Interest Income
 ,QWHUHVWLQFRPHLVUHFRJQL]HGRQDFFUXDOEDVLVDWDSSOLFDEOHLQWHUHVWUDWHV)RUDOO¿QDQFLDOLQVWUXPHQWVPHDVXUHGDWDPRUWL]HGFRVW
LQWHUHVWLQFRPHLVUHFRUGHGXVLQJWKHHIIHFWLYHLQWHUHVWUDWH(,5ZKLFKLVWKHUDWHWKDWH[DFWO\GLVFRXQWVWKHHVWLPDWHGIXWXUHFDVK
SD\PHQWRUUHFHLSWVWKURXJKWKHH[SHFWHGOLIHRIWKH¿QDQFLDOLQVWUXPHQWRUDVKRUWHUSHULRGZKHUHDSSURSULDWHWRWKHQHWFDUU\LQJ
DPRXQWRIWKH¿QDQFLDODVVHWVLQWHUHVWLQFRPHLVLQFOXGHGLQRWKHULQFRPHLQWKHVWDWHPHQWRISUR¿W ORVV
c. Dividend income:
'LYLGHQGLQFRPHLVDFFRXQWHGIRUZKHQWKHULJKWWRUHFHLYHWKHVDPHLVHVWDEOLVKHGZKLFKLVJHQHUDOO\ZKHQVKDUHKROGHUVDSSURYH
the dividend.
I. Expenditure on new projects and substantial expansion:
([SHQGLWXUH GLUHFWO\ UHODWLQJ WR FRQVWUXFWLRQ DFWLYLW\ LV FDSLWDOL]HG ,QGLUHFW H[SHQGLWXUH LQFXUUHG GXULQJ FRQVWUXFWLRQ SHULRG LV
capitalized as part of the indirect construction cost to the extent to which the expenditure is directly related to construction or is
LQFLGHQWDOWKHUHWR2WKHULQGLUHFWH[SHQGLWXUHLQFOXGLQJERUURZLQJFRVWVLQFXUUHGGXULQJWKHFRQVWUXFWLRQSHULRGZKLFKLVQRWUHODWHG
WRWKHFRQVWUXFWLRQDFWLYLW\QRULVLQFLGHQWDOWKHUHWRLVFKDUJHGWRWKHVWDWHPHQWRISUR¿WDQGORVV,QFRPHHDUQHGGXULQJFRQVWUXFWLRQ
period is deducted from the total of the indirect expenditure. All direct capital expenditure on expansion is capitalized. As regards
indirect expenditure on expansion, only that portion is capitalized which represents the marginal increase in such expenditure
LQYROYHGDVDUHVXOWRIFDSLWDOH[SDQVLRQ%RWKGLUHFWDQGLQGLUHFWH[SHQGLWXUHDUHFDSLWDOL]HGRQO\LIWKH\LQFUHDVHWKHYDOXHRIWKH
asset beyond its original standard of performance.

 11th Annual Report 2016-17

 Aries Agro Equipments Private Limited

NOTES to the Financial Statements for the year ended 31st March, 2017
- (PSOR\HHEHQH¿WV
a. 6KRUW7HUP(PSOR\HH%HQH¿WV
$FFXPXODWHG OHDYH ZKLFK LV H[SHFWHG WR EH XWLOLVHG ZLWKLQ WKH QH[W  PRQWKV LV WUHDWHG DV VKRUWWHUP HPSOR\HH EHQH¿W7KH
&RPSDQ\PHDVXUHVWKHH[SHFWHGFRVWRIVXFKDEVHQFHVDVWKHDGGLWLRQDODPRXQWWKDWLWH[SHFWVWRSD\DVDUHVXOWRIWKHXQXVHG
entitlement that has accumulated at the reporting date.
  6KRUWWHUPHPSOR\HHEHQH¿WVDUHH[SHQVHGDVWKHUHODWHGVHUYLFHLVSURYLGHG$OLDELOLW\LVUHFRJQLVHGIRUWKHDPRXQWH[SHFWHGWR
EHSDLGLIWKH&RPSDQ\KDVDSUHVHQWOHJDORUFRQVWUXFWLYHREOLJDWLRQWRSD\WKLVDPRXQWDVDUHVXOWRISDVWVHUYLFHSURYLGHGE\WKH
employee and the obligation can be estimated reliably.
b. 3RVW(PSOR\PHQW%HQH¿WV
 L 'H¿QHG&RQWULEXWLRQ3ODQV
5HWLUHPHQWEHQH¿WLQWKHIRUPRI3URYLGHQW)XQGLVDGH¿QHGFRQWULEXWLRQVFKHPHDQGWKHFRQWULEXWLRQVDUHFKDUJHGWRWKHVWDWHPHQW
RISUR¿WDQGORVVIRUWKH\HDUZKHQWKHFRQWULEXWLRQVWRWKHJRYHUQPHQWIXQGVDUHGXH7KH&RPSDQ\KDVQRREOLJDWLRQRWKHUWKDQ
the contribution payable to provident fund authorities.
LL 'H¿QHG%HQH¿W3ODQV
7KHHPSOR\HHV¶JUDWXLW\IXQGVFKHPHLVWKH&RPSDQ\¶VGH¿QHGEHQH¿WSODQ7KHSUHVHQWYDOXHRIWKHREOLJDWLRQXQGHUWKHVDLG
GH¿QHGEHQH¿WSODQLVGHWHUPLQHGRQWKHEDVLVRIDFWXDULDOYDOXDWLRQIURPDQLQGHSHQGHQWDFWXDU\XVLQJWKH3URMHFWHG8QLW&UHGLW
Method.
  7KHJUDWXLW\EHQH¿WRIWKH&RPSDQ\LVDGPLQLVWHUHGE\DWUXVWIRUPHGIRUWKLVSXUSRVHWKURXJKWKHJURXSJUDWXLW\VFKHPH
Remeasurements comprising of actuarial gain and losses, the effect of the asset ceiling and the return on plan assets (excluding
DPRXQW LQFOXGHG LQ QHW LQWHUHVW RQ WKH QHW GH¿QHG EHQH¿W OLDELOLW\ DUH UHFRJQLVHG LPPHGLDWHO\ LQ WKH EDODQFH VKHHW ZLWK D
corresponding debit or credit to retained earnings through other comprehensive income in the period in which they occur.
  5HPHDVXUHPHQWVDUHQRWUHFODVVL¿HGWRWKHVWDWHPHQWRISUR¿WDQGORVVLQVXEVHTXHQWSHULRGV
  3DVWVHUYLFHFRVWLVUHFRJQLVHGLQWKHVWDWHPHQWRISUR¿W ORVVLQWKHSHULRGRISODQDPHQGPHQW
  1HWLQWHUHVWLVFDOFXODWHGE\DSSO\LQJWKHGLVFRXQWHGUDWHWRWKHQHWGH¿QHGEHQH¿WOLDELOLW\RUDVVHW
F 2WKHU/RQJ7HUP(PSOR\HH%HQH¿WV
7KH&RPSDQ\WUHDWVDFFXPXODWHGOHDYHH[SHFWHGWREHFDUULHGIRUZDUGEH\RQGPRQWKVDVORQJ±WHUPHPSOR\HHEHQH¿WIRU
measurement purposes. Such long-term compensated absences are provided for based on the actuarial valuation using the
SURMHFWHGXQLWFUHGLWPHWKRGDWWKH\HDUHQG$FWXDULDOJDLQVORVVHVDUHLPPHGLDWHO\WDNHQWRWKHVWDWHPHQWRISUR¿WDQGORVVDQG
are not deferred.
  7KH&RPSDQ\SUHVHQWVWKHHQWLUHOHDYHDVDFXUUHQWOLDELOLW\LQWKHEDODQFHVKHHWVLQFHLWGRHVQRWKDYHDQXQFRQGLWLRQDOULJKWWR
defer its settlement for 12 months after the reporting date.
K. Taxes :
a. Current Income Tax:
(i) Tax on income for the current period is determined on the basis on estimated taxable income and tax credits computed in accordance
ZLWKWKHSURYLVLRQVRIWKHUHOHYDQWWD[ODZVDQGEDVHGRQWKHH[SHFWHGRXWFRPHRIDVVHVVPHQWVDSSHDOV
  &XUUHQWWD[FRPSULVHVRIWKHH[SHFWHGWD[SD\DEOHRUUHFHLYDEOHRQWKHWD[DEOHLQFRPHRUORVVIRUWKH\HDUDQGDQ\DGMXVWPHQWWR
WKHWD[SD\DEOHRUUHFHLYDEOHLQUHVSHFWRIWKHSUHYLRXV\HDUV,WLVPHDVXUHGXVLQJWD[UDWHVHQDFWHGRUVXEVWDQWLYHO\HQDFWHGDWWKH
reporting date.
 &XUUHQWWD[DVVHWVDQGOLDELOLWLHVDUHRIIVHWRQO\LIWKH&RPSDQ\
¾ KDVDOHJDOO\HQIRUFHDEOHULJKWWRVHWRIIWKHUHFRJQLVHGDPRXQWVDQG
¾ intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
(ii) &XUUHQWLQFRPHWD[UHODWLQJWRLWHPVUHFRJQLVHGGLUHFWO\LQHTXLW\LVUHFRJQLVHGLQHTXLW\DQGQRWLQWKHVWDWHPHQWRISUR¿W ORVV
0DQDJHPHQWSHULRGLFDOO\HYDOXDWHVSRVLWLRQVWDNHQLQWKHWD[UHWXUQVZLWKUHVSHFWWRVLWXDWLRQVLQZKLFKDSSOLFDEOHWD[UHJXODWLRQV
DUHVXEMHFWWRLQWHUSUHWDWLRQDQGHVWDEOLVKHVSURYLVLRQVZKHUHDSSURSULDWH
b. Deferred taxes:
 L 'HIHUUHGWD[LVSURYLGHGXVLQJWKHEDODQFHVKHHWDSSURDFKRQWHPSRUDU\GLIIHUHQFHVDWWKHUHSRUWLQJGDWHEHWZHHQWKHWD[EDVHVRI
DVVHWVDQGOLDELOLWLHVDQGWKHLUFDUU\LQJDPRXQWVIRU¿QDQFLDOUHSRUWLQJSXUSRVHDWWKHUHSRUWLQJGDWH
(ii) The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable
WKDWVXI¿FLHQWWD[DEOHSUR¿WZLOOEHDYDLODEOHWRDOORZDOORUSDUWRIWKHGHIHUUHGWD[DVVHWWREHXWLOLVHG8QUHFRJQLVHGGHIHUUHGWD[
DVVHWVDUHUHDVVHVVHGDWHDFKUHSRUWLQJGDWHDQGDUHUHFRJQLVHGWRWKHH[WHQWWKDWLWKDVEHFRPHSUREDEOHWKDWIXWXUHWD[DEOHSUR¿WV
will allow the deferred tax asset to be recovered.
 'HIHUUHGWD[OLDELOLWLHVDUHDOZD\VSURYLGHGIRULQIXOO'HIHUUHGWD[DVVHWVDUHUHFRJQL]HGWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWKH\ZLOOEH
DEOHWREHRIIVHWDJDLQVWIXWXUHWD[DEOHLQFRPH'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHFDOFXODWHGZLWKRXWGLVFRXQWLQJDWWD[UDWHVWKDWDUH
expected to apply to their respective period of realization, provided they are enacted or substantively enacted at the balance sheet date.

11th Annual Report 2016-17 209

Aries Agro Equipments Private Limited

NOTES to the Financial Statements for the year ended 31st March, 2017
 0RVWFKDQJHVLQGHIHUUHGWD[DVVHWVRUOLDELOLWLHVDUHUHFRJQL]HGDVDFRPSRQHQWRIWD[H[SHQVHLQWKHLQFRPHVWDWHPHQW2QO\FKDQJHV
in deferred tax assets or liabilities that relate to a change in value of assets or liabilities that is charged directly to equity are charged or
credited directly to equity.
c. Sales/ value added taxes
([SHQVHVDQGDVVHWVDUHUHFRJQLVHGQHWRIWKHDPRXQWRIVDOHVYDOXHDGGHGWD[HVSDLGH[FHSW
 ¾ When the tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case, the tax paid
is recognised as part of the cost of acquisition of the asset or as part of the expense item, as applicable
 ¾ When receivables and payables are stated with the amount of tax included The net amount of tax recoverable from, or payable to,
the taxation authority is included as part of receivables or payables in the balance sheet.
d. Minimum Alternate Tax
0LQLPXP$OWHUQDWH7D[0$7SDLGLQD\HDULVFKDUJHGWRWKHVWDWHPHQWRISUR¿WDQGORVVDVFXUUHQWWD[7KH&RPSDQ\UHFRJQL]HV0$7
FUHGLWDYDLODEOHDVDQDVVHWRQO\WRWKHH[WHQWWKDWWKHUHLVFRQYLQFLQJHYLGHQFHWKDWWKH&RPSDQ\ZLOOSD\QRUPDOLQFRPHWD[GXULQJ
WKHVSHFL¿HGSHULRGLHWKHSHULRGIRUZKLFK0$7FUHGLWLVDOORZHGWREHFDUULHGIRUZDUG,QWKH\HDULQZKLFKWKH&RPSDQ\UHFRJQL]HV
0$7FUHGLWDVDQDVVHWLQDFFRUGDQFHZLWKWKH*XLGDQFH1RWHRQ³$FFRXQWLQJIRU&UHGLW$YDLODEOHLQUHVSHFWRI0LQLPXP$OWHUQDWLYH7D[
XQGHUWKH,QFRPHWD[$FW´WKHVDLGDVVHWLVFUHDWHGE\ZD\RIFUHGLWWRWKHVWDWHPHQWRISUR¿WDQGORVVDQGVKRZQDV³0$7&UHGLW
(QWLWOHPHQW´7KH&RPSDQ\UHYLHZVWKH³0$7FUHGLWHQWLWOHPHQW´DVVHWDWHDFKUHSRUWLQJGDWHDQGZULWHVGRZQWKHDVVHWWRWKHH[WHQWWKH
&RPSDQ\GRHVQRWKDYHFRQYLQFLQJHYLGHQFHWKDWLWZLOOSD\QRUPDOWD[GXULQJWKHVSHFL¿HGSHULRG
L. Segment reporting
 ,GHQWL¿FDWLRQRIVHJPHQWV
7KH&RPSDQ\¶VRSHUDWLQJEXVLQHVVHVDUHRUJDQLVHGDQGPDQDJHGVHSDUDWHO\DFFRUGLQJWRWKHQDWXUHRISURGXFWVDQGVHUYLFHVSURYLGHG
ZLWKHDFKVHJPHQWUHSUHVHQWLQJDVWUDWHJLFEXVLQHVVXQLWWKDWRIIHUVGLIIHUHQWSURGXFWVDQGVHUYLFHVWRGLIIHUHQWPDUNHWV7KHDQDO\VLVRI
JHRJUDSKLFDOVHJPHQWVLVEDVHGRQWKHDUHDVLQZKLFKPDMRURSHUDWLQJGLYLVLRQVRIWKH&RPSDQ\RSHUDWHV
M. Cash and Cash Equivalents
 &DVKDQGFDVKHTXLYDOHQWVFRPSULVHFDVKRQKDQGDQGGHPDQGGHSRVLWVZLWKEDQNVZKLFKDUHVKRUWWHUPKLJKO\OLTXLGLQYHVWPHQWVWKDW
DUHUHDGLO\FRQYHUWLEOHLQWRNQRZQDPRXQWVRIFDVKDQGZKLFKDUHVXEMHFWWRLQVLJQL¿FDQWULVNRIFKDQJHVLQYDOXH
 &DVKDQGFDVKHTXLYDOHQWVIRUWKHSXUSRVHRIFDVKÀRZVWDWHPHQWFRPSULVHFDVKDWEDQNDQGLQKDQGDQGVKRUWWHUPLQYHVWPHQWVZLWK
an original maturity of three months or less.
N. Impairment of Non Financial Assets
$VDWHDFKEDODQFHVKHHWGDWHWKH&RPSDQ\DVVHVVHVZKHWKHUWKHUHLVDQLQGLFDWLRQWKDWDQDVVHWPD\EHLPSDLUHGDQGDOVRZKHWKHU
WKHUHLVDQLQGLFDWLRQRIUHYHUVDORILPSDLUPHQWORVVUHFRJQL]HGLQWKHSUHYLRXVSHULRGV,IDQ\LQGLFDWLRQH[LVWVRUZKHQDQQXDOLPSDLUPHQW
WHVWLQJIRUDQDVVHWLVUHTXLUHGLIDQ\WKH&RPSDQ\GHWHUPLQHVWKHUHFRYHUDEOHDPRXQWDQGLPSDLUPHQWORVVLVUHFRJQL]HGZKHQWKH
carrying amount of an asset exceeds its recoverable amount.
 5HFRYHUDEOHDPRXQWLVGHWHUPLQHG
¾ ,QWKHFDVHRIDQLQGLYLGXDODVVHWDWWKHKLJKHURIWKHIDLUYDOXHOHVVFRVWWRVHOODQGWKHYDOXHLQXVHDQG
¾ ,Q WKH FDVH RI FDVK JHQHUDWLQJ XQLW D JURXS RI DVVHWV WKDW JHQHUDWH LGHQWL¿HG LQGHSHQGHQW FDVK ÀRZV DW WKH KLJKHU RI FDVK
generating unit’s fair value less cost to sell and the value in use.
 ,QDVVHVVLQJYDOXHLQXVHWKHHVWLPDWHGIXWXUHFDVKÀRZVDUHGLVFRXQWHGWRWKHLUSUHVHQWYDOXHXVLQJDSUHWD[GLVFRXQWUDWHWKDWUHÀHFWV
FXUUHQWPDUNHWDVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGWKHULVNVSHFL¿FWRWKHDVVHW
 ,QGHWHUPLQLQJIDLUYDOXHOHVVFRVWGLVSRVDOUHFHQWPDUNHWWUDQVDFWLRQDUHWDNHQLQWRDFFRXQW
 ,PSDLUPHQWORVVHVRIFRQWLQXLQJRSHUDWLRQVLQFOXGLQJLPSDLUPHQWRQLQYHQWRULHVDUHUHFRJQL]HGLQWKHVWDWHPHQWRISUR¿WDQGORVV
 ,QWDQJLEOHDVVHWVZLWKLQGH¿QLWHXVHIXOOLYHVDUHWHVWHGIRULPSDLUPHQWDQQXDOO\DVDSSURSULDWHDQGZKHQFLUFXPVWDQFHVLQGLFDWHWKDWWKH
carrying value may be impaired.
O. Provisions, Contingent Liabilities and Contingent Assets:
$SURYLVLRQLVUHFRJQL]HGLIDVDUHVXOWRIDSDVWHYHQWWKH&RPSDQ\KDVDSUHVHQWOHJDORUFRQVWUXFWLYHREOLJDWLRQWKDWFDQEHHVWLPDWHG
UHOLDEO\DQGLWLVSUREDEOHWKDWDQRXWÀRZRIHFRQRPLFEHQH¿WVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQ3URYLVLRQVDUHGHWHUPLQHGE\
GLVFRXQWLQJWKHH[SHFWHGIXWXUHFDVKÀRZVDWDSUHWD[UDWHWKDWUHÀHFWVFXUUHQWPDUNHWDVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGWKH
ULVNVVSHFL¿FWRWKHOLDELOLW\&RQWLQJHQW/LDELOLWLHVDUHQRWUHFRJQL]HGEXWDUHGLVFORVHGLQWKHQRWHV&RQWLQJHQW$VVHWVDUHQRWUHFRJQL]HG
EXWGLVFORVHGLQWKH)LQDQFLDO6WDWHPHQWVZKHQHFRQRPLFLQÀRZLVSUREDEOH
a. 3URYLVLRQVDUHUHFRJQL]HGIRUOLDELOLWLHVWKDWFDQEHPHDVXUHGRQO\E\XVLQJDVXEVWDQWLDOGHJUHHRIHVWLPDWLRQLI
 L WKH&RPSDQ\KDVDSUHVHQWREOLJDWLRQDVDUHVXOWRISDVWHYHQW
 LL DSUREDEOHRXWÀRZRIUHVRXUFHVLVH[SHFWHGWRVHWWOHWKHREOLJDWLRQDQG
iii. the amount of obligation can be reliably estimated.
 ,IWKHHIIHFWRIWLPHYDOXHRIPRQH\LVPDWHULDOSURYLVLRQVDUHGLVFRXQWHGXVLQJFXUUHQWSUHWD[UDWHWKDWUHÀHFWVZKHQDSSURSULDWHWKH
ULVNVSHFL¿FWRWKHOLDELOLW\:KHQGLVFRXQWLQJLVXVHGWKHLQFUHDVHLQWKHSURYLVLRQGXHWRWKHSDVVDJHRIWLPHLVUHFRJQL]HGDVD¿QDQFH
cost.

210 11th Annual Report 2016-17

 Aries Agro Equipments Private Limited

NOTES to the Financial Statements for the year ended 31st March, 2017
 :KHUHWKH&RPSDQ\H[SHFWVVRPHRUDOORIDSURYLVLRQWREHUHLPEXUVHGIRUH[DPSOHXQGHUDQLQVXUDQFHFRQWUDFWWKHUHLPEXUVHPHQWLV
recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented
LQWKHVWDWHPHQWRISUR¿WDQGORVVQHWRIDQ\UHLPEXUVHPHQW
b. &RQWLQJHQWOLDELOLWLHVDUHGLVFORVHGLQFDVHRI
 L D SUHVHQW REOLJDWLRQ DULVLQJ IURP SDVW HYHQWV ZKHQ LW LV QRW SUREDEOH WKDW DQ RXWÀRZ RI UHVRXUFHV ZLOO EH UHTXLUHG WR VHWWOH WKH
obligation,
ii. a present obligation arising from past events, when no reliable estimate is possible,
 LLL DSRVVLEOHREOLJDWLRQDULVLQJIURPSDVWHYHQWVZKHUHWKHSUREDELOLW\RIRXWÀRZRIUHVRXUFHVLVQRWUHPRWH
c. &RQWLQJHQWDVVHWVDUHQHLWKHUUHFRJQL]HGQRUGLVFORVHG
 &RPPLWPHQWVLQFOXGHWKHDPRXQWRISXUFKDVHRUGHUQHWRIDGYDQFHVLVVXHGWRSDUWLHVIRUFRPSOHWLRQRIDVVHWV
 3URYLVLRQVDQG&RQWLQJHQW/LDELOLWLHVDUHUHFRJQL]HGGLVFORVHGDIWHUDQHYDOXDWLRQRIWKHIDFWVDQGOHJDODVSHFWVDQGWKHDPRXQWVDUH
UHYLHZHGRQWKH%DODQFH6KHHWGDWH
P. Non-current assets held for sale :
1RQ&XUUHQWDVVHWVDUHFODVVL¿HGDVKHOGIRUVDOHLIWKHLUFDUU\LQJDPRXQWVZLOOEHUHFRYHUHGSULQFLSDOO\WKURXJKDVDOHWUDQVDFWLRQUDWKHU
than through continuing use.
 1RQ&XUUHQWDVVHWVFODVVL¿HGDVKHOGIRUVDOHDUHPHDVXUHGDWWKHORZHURIWKHLUFDUU\LQJDPRXQWDQGIDLUYDOXHOHVVFRVWVWRVHOO7KLV
condition is regarded as met only when the sale is highly probable and the asset is available for immediate sale in its present condition.
Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year
IURPWKHGDWHRIFODVVL¿FDWLRQ
 7KHFULWHULDIRUKHOGIRUVDOHGLVWULEXWLRQFODVVL¿FDWLRQLVUHJDUGHGPHWRQO\ZKHQWKHDVVHWVDUHDYDLODEOHIRULPPHGLDWHVDOHGLVWULEXWLRQ
LQLWVSUHVHQWFRQGLWLRQVXEMHFWRQO\WRWHUPVWKDWDUHXVXDODQGFXVWRPDU\IRUVDOHVRIVXFKDVVHWVLWVVDOHLVKLJKO\SUREDEOHDQGLWZLOO
JHQXLQHO\EHVROGQRWDEDQGRQHG7KH&RPSDQ\WUHDWVVDOHRIWKHDVVHWWREHKLJKO\SUREDEOHZKHQ
 ¾ The appropriate level of management is committed to a plan to sell the asset,
 ¾ An active programmer to locate a buyer and complete the plan has been initiated,
 ¾ 7KHDVVHWLVEHLQJDFWLYHO\PDUNHWHGIRUVDOHDWDSULFHWKDWLVUHDVRQDEOHLQUHODWLRQWRLWVFXUUHQWIDLUYDOXH
 ¾ 7KHVDOHLVH[SHFWHGWRTXDOLI\IRUUHFRJQLWLRQDVDFRPSOHWHGVDOHZLWKLQRQH\HDUIURPWKHGDWHRIFODVVL¿FDWLRQDQG
 ¾ $FWLRQVUHTXLUHGWRFRPSOHWHWKHSODQLQGLFDWHWKDWLWLVXQOLNHO\WKDWVLJQL¿FDQWFKDQJHVWRWKHSODQZLOOEHPDGHRUWKDWWKHSODQZLOO
be withdrawn.
 $VVHWVDQGOLDELOLWLHVFODVVL¿HGDVKHOGIRUVDOHDUHSUHVHQWHGVHSDUDWHO\LQWKHEDODQFHVKHHW
 3URSHUW\SODQWDQGHTXLSPHQWDQGLQWDQJLEOHDVVHWVRQFHFODVVL¿HGDVKHOGIRUVDOHWRRZQHUVDUHQRWGHSUHFLDWHGRUDPRUWL]HG
Q. Financial Instruments:
 $¿QDQFLDOLQVWUXPHQWLVDQ\FRQWUDFWWKDWJLYHVULVHWRD¿QDQFLDODVVHWRIRQHHQWLW\DQGD¿QDQFLDOOLDELOLW\RUHTXLW\LQVWUXPHQWRIDQRWKHU
entity.
a. Financial Assets:
 L &ODVVL¿FDWLRQ
)LQDQFLDO $VVHWV FRPSULVHV RI ,QYHVWPHQWV LQ (TXLW\ DQG 'HEW VHFXULWLHV 7UDGH 5HFHLYDEOHV &DVK DQG &DVK HTXLYDOHQWV
%RUURZLQJVDQGRWKHU)LQDQFLDO$VVHWV
(ii) Initial recognition and measurement
$OO¿QDQFLDODVVHWVLVUHFRJQL]HGLQLWLDOO\DWIDLUYDOXHSOXVLQWKHFDVHRI¿QDQFLDODVVHWVQRWUHFRUGHGDWIDLUYDOXHWKURXJKSUR¿WRU
ORVVWUDQVDFWLRQFRVWVWKDWDUHDWWULEXWDEOHWRWKHDFTXLVLWLRQRIWKH¿QDQFLDODVVHW
  )LQDQFLDO$VVHWVDUHFODVVL¿HGDWLQLWLDOUHFRJQLWLRQDV¿QDQFLDODVVHWVPHDVXUHGDWIDLUYDOXHRUDV¿QDQFLDODVVHWVPHDVXUHGDW
amortized cost.
(iii) Subsequent Recognition
a. Financial Assets measured at amortized cost
)LQDQFLDODVVHWVDUHPHDVXUHGDWDPRUWL]HGFRVWZKHQDVVHWLVKHOGZLWKLQDEXVLQHVVPRGHOZKRVHREMHFWLYHLVWRKROGDVVHWV
IRUFROOHFWLQJFRQWUDFWXDOFDVKÀRZVDQGFRQWUDFWXDOWHUPVRIWKHDVVHWJLYHULVHRQVSHFL¿HGGDWHVWRFDVKÀRZVWKDWDUHVROHO\
SD\PHQWVRISULQFLSDODQGLQWHUHVW6XFK¿QDQFLDODVVHWVDUHPHDVXUHGDWDPRUWL]HGFRVWXVLQJWKHHIIHFWLYHLQWHUHVWUDWH(,5
method.
  7KH(,5DPRUWL]DWLRQLVUHFRJQL]HGDV¿QDQFHLQFRPHLQWKH6WDWHPHQWRI3UR¿WDQG/RVV
  7KH&RPSDQ\ZKLOHDSSO\LQJWKHDERYHFULWHULDKDVFODVVL¿HGWKHIROORZLQJDW$PRUWL]HG&RVW
a) ,QYHVWPHQWLQ'HEW,QVWUXPHQWV
b. Financial Assets measured at fair value through other comprehensive income (FVTOCI)
Financial assets under this category are measured initially as well as at each reporting date at fair value. Fair value movements are
recognized in the other comprehensive income.

11th Annual Report 2016-17 211

Aries Agro Equipments Private Limited

NOTES to the Financial Statements for the year ended 31st March, 2017

c. FinanFLDO$VVHWVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿WRUORVV)973/
Financial assets under this category are measured initially as well as at each reporting date at fair value with all changes recognized
LQSUR¿WRUORVV
d. Investment in Subsidiary and Associates
,QYHVWPHQW LQ HTXLW\ LQVWUXPHQWV RI 6XEVLGLDULHV DQG$VVRFLDWHV DUH PHDVXUHG DW FRVW 3URYLVLRQ IRU ,PSDLUPHQW ORVV RQ VXFK
investment is made only when there is a diminution in value of the investment, which is other than temporary.
e. Investment in Debt Instruments
$GHEWLQVWUXPHQWLVPHDVXUHGDWDPRUWL]HGFRVWRUDW)973/$Q\GHEWLQVWUXPHQWZKLFKGRHVQRWPHHWWKHFULWHULDIRUFDWHJRUL]DWLRQ
DVDWDPRUWL]HGFRVWRUDV)92&,LVFODVVL¿HGDVDW)973/'HEWLQVWUXPHQWVLQFOXGHGZLWKLQWKH)973/FDWHJRU\DUHPHDVXUHGDW
IDLUYDOXHZLWKDOOFKDQJHVUHFRJQL]HGLQWKH6WDWHPHQWRISUR¿WDQGORVV
(vi) De-recognition of Financial Assets:
$¿QDQFLDODVVHWLVSULPDULO\GHUHFRJQL]HGZKHQWKHULJKWVWRUHFHLYHFDVKÀRZVIURPWKHDVVHWKDYHH[SLUHGRUWKH&RPSDQ\KDV
WUDQVIHUUHGLWVULJKWVWRUHFHLYHFDVKÀRZVIURPWKHDVVHW
b. Financial Liabilities:
(i) Initial recognition and measurement
$OO ¿QDQFLDO OLDELOLWLHV DUH UHFRJQL]HG LQLWLDOO\ DW IDLU YDOXH DQG LQ WKH FDVH RI ORDQV ERUURZLQJV DQG SD\DEOHV QHW RI GLUHFWO\
attributable transaction costs.
  7KH &RPSDQ\¶V ¿QDQFLDO OLDELOLWLHV LQFOXGH WUDGH DQG RWKHU SD\DEOHV ORDQV DQG ERUURZLQJV LQFOXGLQJ EDQN RYHUGUDIWV VHFXULW\
deposits and other deposits.
(ii) Subsequent measurement:
)LQDQFLDOOLDELOLWLHVDWIDLUYDOXHWKURXJKSUR¿WRUORVVLQFOXGH¿QDQFLDOOLDELOLWLHVKHOGIRUWUDGLQJDQG¿QDQFLDOOLDELOLWLHVGHVLJQDWHG
XSRQLQLWLDOUHFRJQLWLRQDVDWIDLUYDOXHWKURXJKSUR¿WRUORVV
  )LQDQFLDOOLDELOLWLHVGHVLJQDWHGXSRQLQLWLDOUHFRJQLWLRQDWIDLUYDOXHWKURXJKSUR¿WRUORVVDUHGHVLJQDWHGDVVXFKDWWKHLQLWLDOGDWHRI
UHFRJQLWLRQDQGRQO\LIWKHFULWHULDLQ,QG$6DUHVDWLV¿HG
  )RUOLDELOLWLHVGHVLJQDWHGDV)973/IDLUYDOXHJDLQVORVVHVDWWULEXWDEOHWRFKDQJHVLQRZQFUHGLWULVNLVUHFRJQL]HGLQ2&,7KHVH
JDLQVORVVDUHQRWVXEVHTXHQWO\WUDQVIHUUHGWR3 /+RZHYHUWKH&RPSDQ\PD\WUDQVIHUWKHFXPXODWLYHJDLQRUORVVZLWKLQHTXLW\
  $OORWKHUFKDQJHVLQIDLUYDOXHRIVXFKOLDELOLW\DUHUHFRJQLVHGLQWKHVWDWHPHQWRISUR¿WRUORVV
(iii) Loans and Borrowings:
,QWHUHVWEHDULQJORDQVDQGERUURZLQJVDUHVXEVHTXHQWO\PHDVXUHGDWDPRUWLVHGFRVWXVLQJWKH(IIHFWLYH,QWHUHVW5DWH(,5PHWKRG
*DLQVDQGORVVHVDUHUHFRJQLVHGLQSUR¿WRUORVVZKHQWKHOLDELOLWLHVDUHGHUHFRJQLVHGDVZHOODVWKURXJK(,5DPRUWLVDWLRQSURFHVV
$PRUWLVHGFRVWLVFDOFXODWHGE\WDNLQJLQWRDFFRXQWDQ\GLVFRXQWRUSUHPLXPRQDFTXLVLWLRQDQGIHHVRUFRVWVWKDWDUHDQLQWHJUDO
SDUWRIWKH(,57KH(,5DPRUWLVDWLRQLVLQFOXGHGDV¿QDQFHFRVWVLQWKHVWDWHPHQWRISUR¿WDQGORVV7KLVFDWHJRU\JHQHUDOO\DSSOLHV
to borrowings
(iv) Derecognition of Financial Liabilities:
$¿QDQFLDOOLDELOLW\LVGHUHFRJQL]HGZKHQWKHREOLJDWLRQXQGHUWKHOLDELOLW\LVGLVFKDUJHGRUFDQFHOOHGRUH[SLUHV:KHQDQH[LVWLQJ
¿QDQFLDOOLDELOLW\LVUHSODFHGE\DQRWKHUIURPWKHVDPHOHQGHURQVXEVWDQWLDOO\GLIIHUHQWWHUPVRUWKHWHUPVRIDQH[LVWLQJOLDELOLW\DUH
VXEVWDQWLDOO\PRGL¿HGVXFKDQH[FKDQJHRUPRGL¿FDWLRQLVWUHDWHGDVWKHGHUHFRJQLWLRQRIWKHRULJLQDOOLDELOLW\DQGWKHUHFRJQLWLRQ
RIDQHZOLDELOLW\7KHGLIIHUHQFHLQWKHUHVSHFWLYHFDUU\LQJDPRXQWVLVUHFRJQL]HGLQWKH6WDWHPHQWRI3UR¿WDQG/RVV
R. Earnings Per Share:
%DVLFHDUQLQJVSHUVKDUHDUHFDOFXODWHGE\GLYLGLQJWKHQHWSUR¿WRUORVVIRUWKH\HDUDWWULEXWDEOHWRHTXLW\VKDUHKROGHUVE\WKHZHLJKWHG
DYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDU3DUWO\SDLGHTXLW\VKDUHVDUHWUHDWHGDVDIUDFWLRQRIDQHTXLW\VKDUHWR
the extent that they are entitled to participate in dividends relative to a fully paid equity share during the reporting period. The weighted
DYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDULVDGMXVWHGIRUHYHQWVVXFKDVERQXVLVVXHERQXVHOHPHQWLQDULJKWVLVVXH
WRH[LVWLQJVKDUHKROGHUVVKDUHVSOLWDQGUHYHUVHVKDUHVSOLWFRQVROLGDWLRQRIVKDUHVWKDWKDYHFKDQJHGWKHQXPEHURIHTXLW\VKDUHV
outstanding, without a corresponding change in resources.
 'LOXWHG(36DPRXQWVDUHFDOFXODWHGE\GLYLGLQJWKHSUR¿WDWWULEXWDEOHWRHTXLW\KROGHUVRIWKH&RPSDQ\DIWHUDGMXVWLQJIRULQWHUHVWRQWKH
convertible preference shares) by the weighted average number of Equity shares outstanding during the year plus the weighted average
number of Equity shares, that would be issued on conversion of all the dilutive potential Equity shares into Equity shares.
S. Investments:
,QYHVWPHQWVWKDWDUHUHDGLO\UHDOL]DEOHDQGLQWHQGHGWREHKHOGIRUQRWPRUHWKDQWZHOYHPRQWKVIURPWKHGDWHRQZKLFKVXFKLQYHVWPHQWV
DUHPDGHDUHFODVVL¿HGDVFXUUHQWLQYHVWPHQWV$OORWKHULQYHVWPHQWVDUHFODVVL¿HGDVORQJWHUPLQYHVWPHQWV
2Q LQLWLDO UHFRJQLWLRQ DOO LQYHVWPHQWV DUH PHDVXUHG DW FRVW 7KH FRVW FRPSULVHV SXUFKDVH SULFH DQG GLUHFWO\ DWWULEXWDEOH DFTXLVLWLRQ
FKDUJHVVXFKDVEURNHUDJHIHHVDQGGXWLHV,IDQLQYHVWPHQWLVDFTXLUHGRUSDUWO\DFTXLUHGE\WKHLVVXHRIVKDUHVRURWKHUVHFXULWLHV
the acquisition cost is the fair value of the securities issued.
 ,IDQLQYHVWPHQWLVDFTXLUHGLQH[FKDQJHIRUDQRWKHUDVVHWWKHDFTXLVLWLRQLVGHWHUPLQHGE\UHIHUHQFHWRWKHIDLUYDOXHRIWKHDVVHWJLYHQ
up or by reference to the fair value of the investment acquired, whichever is more clearly evident.
 &XUUHQWLQYHVWPHQWVDUHFDUULHGLQWKH¿QDQFLDOVWDWHPHQWVDWORZHURIFRVWDQGIDLUYDOXHGHWHUPLQHGRQDQLQGLYLGXDOLQYHVWPHQWEDVLV
/RQJWHUPLQYHVWPHQWVDUHFDUULHGDWFRVW+RZHYHUSURYLVLRQIRUGLPLQXWLRQLQYDOXHLVPDGHWRUHFRJQL]HDGHFOLQHRWKHUWKDQWHPSRUDU\
in the value of the investments.
 2Q GLVSRVDO RI DQ LQYHVWPHQW WKH GLIIHUHQFH EHWZHHQ LWV FDUU\LQJ DPRXQW DQG QHW GLVSRVDO SURFHHGV LV FKDUJHG RU FUHGLWHG WR WKH
VWDWHPHQWRISUR¿WDQGORVV

212 11th Annual Report 2016-17

 Aries Agro Equipments Private Limited

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

3 TRADE RECEIVABLES (Unsecured) As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015
&RQVLGHUHG*RRG 11,806,960  
Total 11,806,960  

3.1 Trade Receivables includes Amount due from Related Parties

Particulars As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
$ULHV$JUR/LPLWHG   
Total 11,806,960  

3.2 Trade Receivables are non-interest bearing and receivable in normal operating cycle

4 CASH AND CASH EQUIVALENTS As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015
%DODQFHZLWK%DQNVLQ&XUUHQW$FFRXQWV 4,957  
Total 4,957  

5 OTHER CURRENT ASSETS As at As at As at

31st March, 2017 VW0DUFK 1st April, 2015
(Unsecured and Considered Good)
Advances other than Capital Advances
6HFXULW\'HSRVLWV 88,000  
2WKHU$GYDQFHV 5,505 5,505 
Total 93,505  

6 SHARE CAPITAL As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
Authorised Share Capital
(TXLW\6KDUHVRI5VHDFK 100,000 100,000 100,000
Total 100,000 100,000 100,000
Issued, Subscribed and Fully Paid up
(TXLW\6KDUHVRI5VHDFK 100,000 100,000 100,000
Total 100,000 100,000 100,000

6.1 5HFRQFROLDWLRQRI(TXLW\6KDUHVRXWVWDQGLQJDWWKHEHJLQQLQJDQGDWWKHHQGRIWKH\HDU

Particulars As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
Equity Shares at the beginning of the year 10,000 10,000 10,000
$GG,VVXHGGXULQJWKH\HDU - - -
/HVV6KDUHVFDQFHOOHGGXULQJWKH\HDU - - -
Equity Shares at the end of the year 10,000 10,000 10,000

11th Annual Report 2016-17 

Aries Agro Equipments Private Limited

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
6.2 /LVWRI6KDUHKROGHU¶VKROGLQJPRUHWKDQSHUFHQWRI6KDUHVLQWKH&RPSDQ\

Name of the Share Holder No of As at No of As at No of As at

Shares 31st March, 2017 Shares VW0DUFK Shares 1st April, 2015
% Held +HOG +HOG

L$ULHV$JUR/LPLWHG 10,000 100.00% 10,000 100.00% 10,000 100.00%

7 OTHER EQUITY Reserves & Surplus Total

Securities General Retained
Premium Reserve Earnings
Reserve
Balance as at 1st April, 2015 - - 7,742,586 7,742,586
$GG 'LYLGHQGDQG'LYLGHQG'LVWULEXWLRQ7D[SDLGDIWHUUHSRUWLQJ - - - -
SHULRG,QG$6
/HVV ,PSDLUPHQW/RVVRQ1RQ&XUUHQW$VVHWV - - - -
Restated Balance at the beginning of the reporting period - - 7,742,586 7,742,586
$GG 3UR¿W/RVVIRUWKH\HDU - - (28,915) (28,915)
Transfer from Retained Earnings - - - -
2WKHU&RPSUHKHQVLYH,QFRPH - - - -
Total Comprehensive Income for the year - - (28,915) (28,915)
/HVV 'LYLGHQGV - - - -
'LYLGHQG'LVWULEXWLRQ7D[ - - - -
Transfer to General Reserve - - - -
Balance as at 1st April, 2016 - - 7,713,671 7,713,671
/HVV 'LYLGHQGDQG'LYLGHQG'LVWULEXWLRQ7D[SDLGIRU)< - - - -
$GG 'LYLGHQGDQG'LYLGHQG'LVWULEXWLRQ7D[SDLGDIWHUUHSRUWLQJ - - - -
SHULRG,QG$6
Restated Balance at the beginning of the reporting period - - 7,713,671 7,713,671
$GG 3UR¿W/RVVIRUWKH\HDU - - (29,698) (29,698)
Transfer from Retained Earnings - - - -
2WKHU&RPSUHKHQVLYH,QFRPH - - - -
Total Comprehensive Income for the year - - (29,698) (29,698)
/HVV 'LYLGHQGV - - - -
'LYLGHQG'LVWULEXWLRQ7D[ - - - -
Transfer to General Reserve - - - -
Balance as at 31st March, 2017 - - 7,683,973 7,683,973

8 CURRENT BORROWINGS As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
Un-Secured Borrowings
/RDQIURP+ROGLQJ&RPSDQ\ 3,736,812  
)URP5HODWHG3DUWLHV 2,413  
6HFXULW\'HSRVLWV 20,000 20,000 20,000
Total 3,759,225  

9 TRADE PAYABLES As at As at As at
31st March, 2017 VW0DUFK 1st April, 2015
'XHWR2WKHUV 362,224  
Total 362,224  

 11th Annual Report 2016-17

 Aries Agro Equipments Private Limited

Notes to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
9.1 7KHUHDUHQR0LFURDQG6PDOO(QWHUSULVHVWRZKRP&RPSDQ\RZHVGXHVZKLFKDUHRXWVWDQGLQJIRUPRUHWKDQGD\VDVDWVW0DUFK
7KLVLQIRUPDWLRQDVUHTXLUHGWREHGLVFORVHGXQGHUWKH0LFUR6PDOODQG0HGLXP(QWHUSULVHV'HYHORSPHQW$FWKDVEHHQ
GHWHUPLQHGWRWKHH[WHQWVXFKSDUWLHVKDYHEHHQLGHQWL¿HGRQWKHEDVLVRILQIRUPDWLRQDYDLODEOHZLWKWKH&RPSDQ\
10 FINANCE COSTS Year Ended <HDU(QGHG
31st March, 2017 VW0DUFK
2WKHU%RUURZLQJ&RVWV 345 115
Total 345 115

11 OTHER EXPENSES Year Ended <HDU(QGHG

31st March, 2017 VW0DUFK
Other Administration Expenses
Audit Fees 17,325 17,175
/HJDO 3URIHVVLRQDO)HHV 7,975 7,925
5HQW5DWHV 7D[HV 4,053 
Total 29,353 

11.1 Payment to Auditors as :

Sr. Particulars Year Ended <HDU(QGHG
No. 31st March, 2017 VW0DUFK
(a) Statutory Audit Fees 17,325 17,175
(b) Tax Audit Fees 5,750 5,725
Total 23,075 22,900

12 EARNINGS PER SHARE (EPS) Year Ended <HDU(QGHG

31st March, 2017 VW0DUFK
(i) 1HW3UR¿W$IWHU7D[3$7DVSHU6WDWHPHQWRI3UR¿WDQG/RVVDWWULEXWDEOHWR(TXLW\
Shareholders (29,698) 
(ii) :HLJKWHG$YHUDJHQXPEHURI(TXLW\6KDUHVXVHGDVGHQRPLQDWRUIRUFDOFXODWLQJ(36 10,000 10,000
(iii) %DVLF 'LOXWHG(DUQLQJVSHU6KDUH5V (2.97) 
(iv) )DFH9DOXHSHU(TXLW\6KDUH5V 10 10

11th Annual Report 2016-17 215

Aries Agro Equipments Private Limited

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

13 RELATED PARTY DISCLOSURES

5HODWHG3DUW\'LVFORVXUHVDVSHU$FFRXQWLQJ6WDQGDUGLVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD

Part
-A
Details of Related Parties
Sr. Nature of Relationship Name of the Related Party Remarks
No.
1 +ROGLQJ&RPSDQ\ a) $ULHV$JUR/LPLWHG a) 'DWHRIEHFRPLQJ6XEVLGLDU\RI$ULHV$JUR
/LPLWHGLVWK-DQXDU\,QFRUSRUDWLRQ
'DWH
2 .H\0DQDJHPHQW3HUVRQQHO a) 'U-LPP\0LUFKDQGDQL a) 'LUHFWRU
b) 'U5DKXO0LUFKDQGDQL b) 'LUHFWRU
c) 3URI5660DQL c) 'LUHFWRU
 5HODWLYHVRI.H\ Name of the Key Management Name of the Relative Relationship
0DQDJHPHQW3HUVRQQHO Personnel
a) 'U-LPP\0LUFKDQGDQL a) 0UV9LYLDQ3URNRS0LUFKDQGDQL Spouse
b) 0U$NVKD\0LUFKDQGDQL Son
c) Mr. Amol Mirchandani Son
d) 'U5DKXO0LUFKDQGDQL %URWKHU
b) 'U5DKXO0LUFKDQGDQL a) Mrs. Nitya Mirchandani Spouse
b) Master Armaan Mirchandani Son
c) 'U-LPP\0LUFKDQGDQL %URWKHU
 Fellow Subsidiaries a) $ULHV$JUR&DUH3YW/WG a) $ZKROO\RZQHG6XEVLGLDU\RI$ULHV$JUR/LPLWHG
b) $ULHV$JUR3URGXFH3YW/WG b) $6XEVLGLDU\RI$ULHV$JUR/LPLWHG
c) *ROGHQ+DUYHVW0LGGOH(DVW)=& c) $6XEVLGLDU\RI$ULHV$JUR/LPLWHG
d) $PDUDN&KHPLFDOV)=& d) $6WHS'RZQ6XEVLGLDU\RI$ULHV$JUR/LPLWHG
5 Enterprises over which the a) $ULHV(DVW:HVW1XWULHQWV3YW/WG
.H\0DQDJHPHQW3HUVRQQHO b) $ULHV0DUNHWLQJ/WG
KDYHVLJQL¿FDQWLQÀXHQFHRU
c) %ORVVRPV,QWHUQDWLRQDO/WG
control
d) 6UHHQL$JUR&KHPLFDOV/WG

Part - B
Details of Transactions with Related Parties
Sr. Category Nature of Service Year Ended <HDU(QGHG
No. 31 March 2017 0DUFK
1 +ROGLQJ&RPSDQ\ /RDQWDNHQ 184,053 2,500
2. .H\0DQDJHPHQW3HUVRQQHO /RDQWDNHQ - 1,200

Part - C
Balance Outstanding with Related Parties
Category Nature of Outstanding Name of the Related Party As at As at
31 March 2017 0DUFK
+ROGLQJ&RPSDQ\ 8QVHFXUHG/RDQV $ULHV$JUR/LPLWHG 3,736,812 
Trade Receivables $ULHV$JUR/LPLWHG 11,806,960 
.H\0DQDJHPHQW3HUVRQQHO 8QVHFXUHG/RDQV 'U-LPP\0LUFKDQGDQL 2,413 

 11th Annual Report 2016-17

 Aries Agro Equipments Private Limited

Notes to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

14. Current Assets, Loan & Advances and Provisions

a) The current assets and loans and advances are approximately of the value stated, if realized in the ordinary course of business.
b) 7KHSURYLVLRQIRUDOONQRZQOLDELOLWLHVLVQRWLQH[FHVVRIWKHDPRXQWVFRQVLGHUHGUHDVRQDEO\QHFHVVDU\
F 7KHEDODQFHVRI6XQGU\&UHGLWRUV6XQGU\'HEWRUVDQG/RDQVDQG$GYDQFHVDUHVXEMHFWWRFRQ¿UPDWLRQ
15 *RRGVKDVEHHQUHWXUQHGWRYDULRXVEUDQFKHVRIWKHFRPSDQ\DQGZHUHEH\RQGUHSDLUV&RVWRIEULQJLQJWKHJRRGVWRWKHKHDGRI¿FH
ZDVKLJKHUWKDQQHWUHDOL]DWLRQYDOXH+HQFHWKHGHIHFWLYHJRRGVKDVEHHQWUHDWHGDVVFUDS
16. )RUHLJQ([FKDQJH(DUQLQJV 2XWÀRZ
 'XULQJWKH\HDUWKHUHZDVQRIRUHLJQH[FKDQJHHDUQLQJH[SHQGLWXUHRURXWÀRZ
17. Micro And Small Scale Business Entities
 7KHUHDUHQRPLFURDQGVPDOO(QWHUSULVHVWRZKRPFRPSDQ\RZHVGXHVZKLFKDUHRXWVWDQGLQJIRUPRUHWKDQGD\VDVDWst March,
7KLV,QIRUPDWLRQDVUHTXLUHGWREHGLVFORVHGXQGHUWKH0LFUR6PDOODQG0HGLXP(QWHUSULVHV'HYHORSPHQW$FWKDVEHHQ
GHWHUPLQHGWRWKHH[WHQWVXFKSDUWLHVKDYHEHHQLGHQWL¿HGRQWKHEDVLVRILQIRUPDWLRQDYDLODEOHZLWKWKHFRPSDQ\
18. Segment Reporting
 7KH&RPSDQ\KDVRQO\RQHEXVLQHVVVHJPHQW³$JULFXOWXUDO(TXLSPHQWV´DVLWVSULPDU\VHJPHQWDQGKHQFHGLVFORVXUHRIVHJPHQWZLVH
LQIRUPDWLRQLVQRWUHTXLUHGXQGHU,QGLDQ$FFRXQWLQJ6WDQGDUG,QG$6±2SHUDWLQJ6HJPHQWV¶QRWL¿HGSXUVXDQWWRWKH&RPSDQLHV
,QGLDQ$FFRXQWLQJ6WDQGDUG5XOHVDVDPHQGHG
19. ,QDEVHQFHRIYLUWXDOFHUWDLQW\WKDWVXI¿FLHQWIXWXUHWD[DEOHLQFRPHZLOOEHDYDLODEOHIRUVHWRIIRIORVVHVLQFXUUHGE\WKH&RPSDQ\WKH
&RPSDQ\KDVQRWWDNHQFUHGLWIRU'HIHUUHG7D[$VVHWV
20 7KH3UHYLRXV\HDUV¿JXUHVDUHUHDUUDQJHGRUUHJURXSHGZKHUHYHULVQHFHVVDU\

As per our report of even date For and on behalf of the Board of Directors of
Aries Agro Equipments Private Limited

For Kirti D. Shah & Associates Dr. Jimmy Mirchandani

&KDUWHUHG$FFRXQWDQWV 'LUHFWRU
)LUP5HJLVWUDWLRQ1R: ',1

Kirti D. Shah Dr. Rahul Mirchandani

3URSULHWRU 'LUHFWRU
0HPEHUVKLS1R ',1

Place 0XPEDL
Date WK0D\

11th Annual Report 2016-17 217

Aries Agro Produce Private Limited

NOTICE OF 9TH ANNUAL GENERAL MEETING

Notice is hereby given that the Ninth Annual General Meeting of the Members of ARIES AGRO PRODUCE PRIVATE LIMITED
will be held on the Wednesday, 27th6HSWHPEHUDWDPDWWKH5HJLVWHUHGRI¿FHRIWKH&RPSDQ\DW$ULHV+RXVH
Plot No. 24, Deonar, Govandi (East), Mumbai-400 043 to transact the following business:-
ORDINARY BUSINESS
1. 7RUHFHLYHFRQVLGHUDSSURYHDQGDGRSWWKH$XGLWHG)LQDQFLDO6WDWHPHQWVRIWKH&RPSDQ\IRUWKH)LQDQFLDO<HDUHQGHG
31st March, 2017, together with the Reports of the Board of Directors and the Auditors thereon.
2. Appointment of Auditors
 7RFRQVLGHUDQGLIWKRXJKW¿WWRSDVVZLWKRUZLWKRXWPRGL¿FDWLRQVWKHIROORZLQJUHVROXWLRQDVDQOrdinary Resolution:
 ³5(62/9('7+$7SXUVXDQWWRWKHSURYLVLRQVRI6HFWLRQDQGRWKHUDSSOLFDEOHSURYLVLRQVLIDQ\RIWKH
&RPSDQLHV$FW  UHDG ZLWK WKH &RPSDQLHV $XGLW DQG$XGLWRUV 5XOHV  DV DPHQGHG IURP WLPH WR WLPH WKH
&RPSDQ\KHUHE\DSSRLQWVRI0V.1DUD\DQDQ $VVRFLDWHV&KDUWHUHG$FFRXQWDQWV0XPEDL0HPEHUVKLS1R
DV$XGLWRUVRIWKH&RPSDQ\LQSODFHRI0V.LUWL'6KDK $VVRFLDWHV&KDUWHUHG$FFRXQWDQWVZKRKDVVKRZQWKHLU
XQZLOOLQJQHVVWRFRQWLQXHLQWKHRI¿FHRI$XGLWRUDQGWKDW0V.1DUD\DQDQ $VVRFLDWHV&KDUWHUHG$FFRXQWDQWVVKDOO
KROGRI¿FHIURPWKHFRQFOXVLRQRIWKLV$QQXDO*HQHUDO0HHWLQJ$*0WLOOWKHFRQFOXVLRQRIWKH)RXUWHHQWK$QQXDO*HQHUDO
0HHWLQJ$*0RIWKH&RPSDQ\WREHKHOGLQWKH\HDUVXEMHFWWRUDWL¿FDWLRQDWHYHU\$QQXDO*HQHUDO0HHWLQJDWVXFK
Remuneration plus Service Tax, Out-of-Pocket, Travelling Expenses, etc., as may be mutually agreed between the Board
RI'LUHFWRUVRIWKH&RPSDQ\DQGWKH$XGLWRUV´
SPECIAL BUSINESS
3. Appointment of Mr. Amol Mirchandani as a Director of the Company
 7RFRQVLGHUDQGLIWKRXJKW¿WWRSDVVZLWKRUZLWKRXWPRGL¿FDWLRQVWKHIROORZLQJUHVROXWLRQVDVDQOrdinary Resolution:-
“RESOLVED THAT Mr. Amol Mirchandani(DIN: 06747762), who was appointed by the Board of Directors as an Additional
Director with effect from 4th$SULODQGZKRKROGV2I¿FHXSWRWKHGDWHRIWKLV$QQXDO*HQHUDO0HHWLQJEXWZKRLV
HOLJLEOHIRUDSSRLQWPHQWDQGLQUHVSHFWRIZKRPWKH&RPSDQ\KDVUHFHLYHGDQRWLFHLQZULWLQJIURPD0HPEHUXQGHUWKH
SURYLVLRQVRI6HFWLRQRIWKH&RPSDQLHV$FWSURSRVLQJKLVFDQGLGDWXUHIRUWKHRI¿FHRID'LUHFWRUEHDQGLV
KHUHE\DSSRLQWHGDVD'LUHFWRURIWKH&RPSDQ\ZKRVHRI¿FHVKDOOEHOLDEOHWRUHWLUHPHQWE\URWDWLRQ´
4. Appointment of Mrs. Karishma Mirchandani as a Director of the Company
7RFRQVLGHUDQGLIWKRXJKW¿WWRSDVVZLWKRUZLWKRXWPRGL¿FDWLRQVWKHIROORZLQJUHVROXWLRQVDVDQOrdinary Resolution:-
“RESOLVED THAT0UV.DULVKPD0LUFKDQGDQL',1ZKRZDVDSSRLQWHGE\WKH%RDUGRI'LUHFWRUVDVDQ$GGLWLRQDO
Director with effect from 4th$SULODQGZKRKROGV2I¿FHXSWRWKHGDWHRIWKLV$QQXDO*HQHUDO0HHWLQJEXWZKRLV
HOLJLEOHIRUDSSRLQWPHQWDQGLQUHVSHFWRIZKRPWKH&RPSDQ\KDVUHFHLYHGDQRWLFHLQZULWLQJIURPD0HPEHUXQGHUWKH
SURYLVLRQVRI6HFWLRQRIWKH&RPSDQLHV$FWSURSRVLQJKLVFDQGLGDWXUHIRUWKHRI¿FHRID'LUHFWRUEHDQGLV
KHUHE\DSSRLQWHGDVD'LUHFWRURIWKH&RPSDQ\ZKRVHRI¿FHVKDOOEHOLDEOHWRUHWLUHPHQWE\URWDWLRQ´
By Order of the Board
For Aries Agro Produce Private Limited
Place: Mumbai
Date: 27th June, 2017 Mr. Amol Mirchandani
Director
DIN: 06747762
NOTES:
1. $0(0%(5(17,7/('72$77(1'$1'927($77+(0((7,1*,6(17,7/('72$332,17$352;<72$77(1'
$1'927(,167($'2)+,06(/)$1'7+(352;<1(('127%($0(0%(52)7+(&203$1<
2. 7+( 352;< ,1 25'(5 72 %( ())(&7,9( 6+28/' %( /2'*(' :,7+ 7+( &203$1<$7 /($67  +2856
%()25(7+(&200(1&(0(172)7+(0((7,1*

218 8th Annual Report 2015-16

 Aries Agro Produce Private Limited

EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013.

Item No. 2
0V .LUWL ' 6KDK  $VVRFLDWHV &KDUWHUHG $FFRXQWDQWV 0XPEDL0HPEHUVKLS 1R  ZKR ZHUH DSSRLQWHG DV WKH
6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\IRUDSHULRGRI¿YH\HDUVDWWKHth$QQXDO*HQHUDO0HHWLQJRIWKH&RPSDQ\KHOGRQnd
September, 2014 resigned from their position and requested to be relieved from the conclusion of this Annual General Meeting.
The Board of Directors in their Meeting held on 27th-XQHKDYHSURSRVHG0V.1DUD\DQDQ $VVRFLDWHV&KDUWHUHG
$FFRXQWDQWV0XPEDL0HPEHUVKLS1RIRUDSSRLQWPHQWDVWKH6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\IRUDWHUPRI¿YH
<HDUVSXUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWVXEMHFWWRUDWL¿FDWLRQE\0HPEHUVDWHYHU\$*0
$VSHUWKHSURYLVLRQRI6HFWLRQRIWKH$FWWKHLUDSSRLQWPHQWIRUWKHDERYHWHQXUHLVVXEMHFWWRUDWL¿FDWLRQE\0HPEHUV
at every AGM.
$FFRUGLQJO\DSSRLQWPHQW0V.1DUD\DQDQ $VVRFLDWHV&KDUWHUHG$FFRXQWDQWV0XPEDLLVEHLQJ
being sought for proposal contained in the Resolution set out at item No. 4 of the Notice.
The Board commends the resolution at Item No. 4 for approval by the Members.
1RQHRIWKH'LUHFWRUV.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\WKHLUUHODWLYHVDUHLQDQ\ZD\FRQFHUQHGRULQWHUHVWHG
¿QDQFLDOO\RURWKHUZLVHLQWKHUHVROXWLRQVHWRXWDW,WHP1RRIWKH1RWLFH
Item No. 3 & 4
At the meeting of the Board of Directors held on 4th$SULO0U$PRO0LUFKDQGDQL',1DQG0UV.DULVKPD
0LUFKDQGDQL',1ZHUHDSSRLQWHGDV$GGLWLRQDO'LUHFWRUVZLWKHIIHFWIURPth$SULOWRKROGRI¿FHWLOOWKHGDWH
RIWKHQH[W$QQXDO*HQHUDO0HHWLQJRIWKH&RPSDQ\7KH&RPSDQ\KDVUHFHLYHGDQRWLFHLQZULWLQJIURPD0HPEHUXQGHUWKH
SURYLVLRQVRI6HFWLRQRIWKH&RPSDQLHV$FWWRJHWKHUZLWKWKHUHTXLVLWHGHSRVLWSURSRVLQJWKHLUFDQGLGDWXUHIRUWKH
RI¿FHRI'LUHFWRUV
7KH%RDUGRI'LUHFWRUVDUHFRQ¿GHQWWKDWWKH\ZLOOEHRIJUHDWYDOXHWRWKH&RPSDQ\DQGKHQFHUHFRPPHQGWKHUHVROXWLRQIRU
\RXUDSSURYDODVVHWRXWXQGHULWHP1R RIWKH1RWLFH
%RWK0U$PRO0LUFKDQGDQLDQG0UV.DULVKPD0LUFKDQGDQLDUHFRQFHUQHGRULQWHUHVWHGLQWKHVDLGUHVROXWLRQ
By Order of the Board
For Aries Agro Produce Private Limited
Place: Mumbai
Date: 27th June, 2017 Mr. Amol Mirchandani
Director
DIN: 06747762

8th Annual Report 2015-16 

Aries Agro Produce Private Limited

BOARD’S REPORT
To, 7. RISK MANAGEMENT POLICY AND ITS
The Members of IMPLEMENTATION
Aries Agro Produce Private Limited.
 6LQFH WKHUH LV QR EXVLQHVV DFWLYLW\ LQ WKH &RPSDQ\
<RXU'LUHFWRUVSUHVHQWWKHWKHLU1LQWK$QQXDO5HSRUWWRJHWKHU DQG WKHUH LV QR ULVN ZKLFK PD\ DIIHFW WKH &RPSDQ\
ZLWK$XGLWHG )LQDQFLDO 6WDWHPHQWV RI WKH &RPSDQ\ IRU WKH DQGDVWKH&RPSDQ\LVDQ8QOLVWHG&RPSDQ\QR5LVN
)LQDQFLDO<HDUHQGHGst March, 2017. Management Policy has been framed.
1. FINANCIAL RESULTS : 8. CORPORATE SOCIAL RESPONSIBILITY
 3XUVXDQW WR WKH QRWL¿FDWLRQ GDWHG  February,
th
 7KH &RPSDQ\ LV QRW FRYHUHG ZLWKLQ SURYLVLRQV RI
 LVVXHG E\ WKH 0LQLVWU\ RI &RUSRUDWH $IIDLUV WKH 6HFWLRQ  RI WKH &RPSDQLHV $FW  DQG UXOHV
&RPSDQ\KDVYROXQWDULO\DGRSWHGWKH,QGLDQ$FFRXQWLQJ framed thereunder.
6WDQGDUGV,QG$6QRWL¿HGXQGHUWKH&RPSDQLHV,QGLDQ
9. MATERIAL ORDERS PASSED
$FFRXQWLQJ6WDQGDUGV5XOHVZLWKHIIHFWIURPst
April, 2016. Financial Statements for the year ended and
as at 31st March, 2016 have been restated to conform to
Ind AS. Note No. 2 to the Financial Statement provides
further explanation on the transition to Ind AS.
 'XULQJ\HDUXQGHUUHYLHZWKH&RPSDQ\GLGQRWGRDQ\
EXVLQHVVDQGGLGQRWKDYHDQ\,QFRPH7KH&RPSDQ\
KDVLQFXUUHGDORVVRI5VDVFRPSDUHGWRWKH
/RVVRI5VLQWKH3UHYLRXV<HDU
2. DIVIDEND AND TRANSFER TO RESERVE :
 6LQFHWKH&RPSDQ\KDVLQFXUUHGORVVHVWKHTXHVWLRQRI
Dividend and Transfer to Reserve does not arise.
3. DEPOSITS :
 7KH&RPSDQ\KDVQRWDFFHSWHGDQ\'HSRVLWVIURPWKH
Public or its members except from Directors.
No material Orders have been passed by any Authorities
in respect of any matters with regards to the business of
WKH&RPSDQ\
10. INTERNAL FINANCIAL CONTROL
 7KH&RPSDQ\KDVLQSODFHDGHTXDWH,QWHUQDO)LQDQFLDO
&RQWUROV FRPPHQVXUDWH ZLWK WKH VL]H RI WKH &RPSDQ\
with reference to Financial Statements.
11. CONSERVATION OF ENERGY AND TECHNOLOGY
ABSORPTION AND FOREGIN EXCHANGE
EARNINGS AND OUTGO :
 6LQFH WKH &RPSDQ\ GLG QRW KDYH DQ\ EXVLQHVV
activity and there were no Foreign Exchange earning,
H[SHQGLWXUH RU RXWÀRZ WKH 3DUWLFXODUV LQ UHVSHFW RI
&RQVHUYDWLRQ RI (QHUJ\ 7HFKQRORJ\ $EVRUSWLRQ DQG
Foreign Exchange Earnings and Outgo, as required to
4. PARTICULARS OF EMPLOYEES & RELATED EHGLVFORVHGE\WKH&RPSDQLHV$FFRXQWV5XOHV
DISCLOSURES are not applicable.
 7KH &RPSDQ\ GLG QRW KDYH DQ\ 0DQDJLQJ 'LUHFWRUV 12. DIRECTORS & KEY MANAGERIAL PERSONNEL:
RU ([HFXWLYH:KROH 7LPH 'LUHFWRUV RU DQ\ (PSOR\HHV
Mr. Amol Mirchandani (DIN: 06747762) and Mrs.
who were in receipt of remuneration in excess of the
.DULVKPD0LUFKDQGDQL',1ZHUHDSSRLQWHG
SURYLVLRQVXQGHU6HFWLRQRIWKH&RPSDQLHV$FW
as Additional Directors at the meeting of the Board of
UHDGZLWK5XOHRIWKH&RPSDQLHV$SSRLQWPHQWDQG
Remuneration of Managerial Personnel) Rules, 2014.
5. PARTICULARS OF LOANS, GUARANTEES OR
INVESTMENT UNDER SECTION 186
 7KH &RPSDQ\ KDV QRW JLYHQ DQ\ /RDQV RU JLYHQ
Guarantees or made Investments in terms of provisions
RI6HFWLRQRIWKH&RPSDQLHV$FW
6. PARTICULARS OF CONTRACTS
ARRANGEMENTS WITH RELATED PARTIES
 $VWKHUHZDVQREXVLQHVVDFWLYLW\LQWKH&RPSDQ\GXULQJ
WKH)LQDQFLDO<HDUWKHUHZHUHQR&RQWUDFWVRU
Arrangements with Related Parties except the advance
given by holding company to meet operational expenses.
220 8th Annual Report 2015-16
Directors held on 4th April, 2017, with effect from 4th
$SULOWRKROGRI¿FHWLOOWKHGDWHRIWKHQH[W$QQXDO
*HQHUDO 0HHWLQJ RI WKH &RPSDQ\ 7KH &RPSDQ\ KDV
received a notice in writing from a Member under the
SURYLVLRQVRI6HFWLRQRIWKH&RPSDQLHV$FW
together with the requisite deposit, proposing their
FDQGLGDWXUHIRUWKHRI¿FHRI'LUHFWRUV$FFRUGLQJO\WKHLU
DSSRLQWPHQWVDUHSURSRVHGIRUWKHRI¿FHRI'LUHFWRUVDW
OR the forthcoming Annual General Meeting.
Dr. Jimmy Mirchandani and Dr. Rahul Mirchandani
UHVLJQHG IURP WKH 'LUHFWRUVKLS RI WKH &RPSDQ\ DQG
their resignation have been accepted by the Board at
LWVPHHWLQJKHOGRQth May, 2017. The Board places on
record its appreciation to the contribution made by Dr.
Jimmy Mirchandani and Dr. Rahul Mirchandani during
WKHLUWHQXUHZLWKWKH&RPSDQ\
 Aries Agro Produce Private Limited

Since both Dr. Jimmy Mirchandani and Dr. Rahul \HDUDQGRIWKH/RVVRIWKH&RPSDQ\IRUWKDW\HDU

Mirchandani have resigned from the Directorship of
3. WKH\KDYH WDNHQ SURSHU DQGVXI¿FLHQW FDUH IRUWKH
WKH &RPSDQ\ ZLWK HIIHFW IURP th May, 2017 and
maintenance of adequate accounting records in
the remaining Directors i.e. Mr. Amol Mirchandani
DFFRUGDQFH ZLWK WKH SURYLVLRQV RI WKH &RPSDQLHV
DQG 0UV .DULVKPD 0LUFKDQGDQL ZHUH DSSRLQWHG DV
Act, 2013 for safeguarding the assets of the
Additional Directors with effect from 4th April, 2017
&RPSDQ\ DQG IRU SUHYHQWLQJ DQG GHWHFWLQJ IUDXG
ZKRVHDSSRLQWPHQWKDVWREHFRQ¿UPHGLQWKHHQVXLQJ
DQGRWKHULUUHJXODULWLHV
Annual General Meeting, hence no Director is to retire
by rotation at the ensuing Annual General Meeting. 4. they have prepared the Annual Accounts on a
‘going concern’ basis.
 7KH&RPSDQ\GLGQRWKDYHDQ\0DQDJLQJ'LUHFWRUVRU
([HFXWLYH:KROH7LPH'LUHFWRUVRUDQ\.H\0DQDJHULDO 5. WKH\ KDYH ODLG GRZQ ,QWHUQDO )LQDQFLDO &RQWUROV
Personnel during the year under review. WR EH IROORZHG E\ WKH &RPSDQ\ DQG VXFK ,QWHUQDO
)LQDQFLDO &RQWUROV DUH DGHTXDWH DQG RSHUDWLQJ
13. MEETINGS OF BOARD
HIIHFWLYHO\
Four Meetings of the Board of Directors were held
6. they have devised proper systems to ensure
GXULQJWKH\HDURQ
compliance with the provisions of all applicable
and 30.03.2017.
laws and that such systems were adequate and
14. AUDITORS : operating effectively.
 0V.LUWL'6KDK $VVRFLDWHV&KDUWHUHG$FFRXQWDQWV 17. EXTRACTS OF ANNUAL RETURN
Mumbai,(Membership No. 32371), who were appointed
 $V SURYLGHG XQGHU 6HFWLRQ  RI WKH &RPSDQLHV
DV WKH 6WDWXWRU\$XGLWRUV RI WKH &RPSDQ\ IRU D SHULRG
Act, 2013 the Extract of the Annual Return is given in
RI ¿YH \HDUV DW WKH th Annual General Meeting of
$QQH[XUH, LQ SUHVFULEHG )RUPDW 0*7 ZKLFK IRUPV
WKH &RPSDQ\ KHOG RQ nd September, 2014 resigned
part of this Report.
from their position and requested to be relieved from the
conclusion of this Annual General Meeting. 18. MATERIAL CHANGES AND COMMITMENTS, IF ANY
th
AFFECTING THE FINANCIAL POSITION OF THE
The Board of Directors at their Meeting held on 27 June,
COMPANY WHICH HAVE OCCURRED BETWEEN
 KDYH SURSRVHG 0V . 1DUD\DQDQ $VVRFLDWHV
THE FINANCIAL YEAR END OF THE COMPANY TO
&KDUWHUHG$FFRXQWDQWV0XPEDLIRUDSSRLQWPHQWDVWKH
WHICH FINANCIAL RESULTS RELATE
6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\IRUDWHUPRI¿YH
<HDUV SXUVXDQW WR 6HFWLRQ  RI WKH &RPSDQLHV$FW
VXEMHFWWRUDWL¿FDWLRQE\0HPEHUVDWHYHU\$*0
 $FFRUGLQJO\ DSSRLQWPHQW 0V . 1DUD\DQDQ 
$VVRFLDWHV &KDUWHUHG $FFRXQWDQWV 0XPEDL LV EHLQJ
proposed in the Resolution set out at item No. 2 of the
Notice.
15. AUDITORS’ REPORT:
The Statutory Auditors’ Report does not contain any
TXDOL¿FDWLRQUHVHUYDWLRQRUDGYHUVHUHPDUN
16. DIRECTORS’ RESPONSIBILITY STATEMENTS
 0U$PRO0LUFKDQGDQLKDVDFTXLUHG6KDUHVRIWKH
&RPSDQ\RQth$SULODQGDVDUHVXOWWKH&RPSDQ\
ceased to be a Subsidiary of Aries Agro Limited from
4th$SULO 7KH &RPSDQ\ ZLOO QRW EH DQ DVVRFLDWH
company of Aries Agro Limited.
No other material changes and commitments which
FRXOG DIIHFW WKH &RPSDQ\¶V ¿QDQFLDO SRVLWLRQ KDYH
RFFXUUHG EHWZHHQ WKH HQG RI WKH ¿QDQFLDO \HDU RI WKH
&RPSDQ\DQGGDWHRIWKLV5HSRUW
19. ACKNOWLEDGEMENT :
 <RXU 'LUHFWRUV ZRXOG OLNH WR H[SUHVV WKHLU JUDWHIXO
 3XUVXDQW WR WKH UHTXLUHPHQWV RI 6HFWLRQ  RI WKH appreciation for the co-operation and assistance
&RPSDQLHV$FWWKH%RDUGRI'LUHFWRUVWRWKHEHVW UHFHLYHGIURPIURPWKH+ROGLQJ&RPSDQ\LH06$ULHV
RIWKHLUNQRZOHGJHDQGDELOLW\FRQ¿UPWKDW Agro Limited and other related agencies..
1. in preparation of the Annual Accounts, applicable By Order of the Board
Accounting Standards have been followed and that For Aries Agro Produce Pvt. Ltd.,
there are no material departures
2. they have selected such Accounting Policies and
Amol Mirchandani Karishma Mirchandani
DSSOLHG WKHP FRQVLVWHQWO\ DQG PDGH MXGJHPHQWV
Additional Director Additional Director
and estimates that are reasonable and prudent so
DIN: 06747762 DIN: 
as to give a true and fair view of the State of the
Place : Mumbai
$IIDLUV RI WKH &RPSDQ\ DW WKH HQG RI WKH ¿QDQFLDO
Date : 27th June, 2017

8th Annual Report 2015-16 221

Aries Agro Produce Private Limited

Annexure-I
FORM NO. MGT – 9
EXTRACT OF ANNUAL RETURN
$VRQWKH¿QDQFLDO\HDUHQGHG
>3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWDQG5XOHRIWKH&RPSDQLHV0DQDJHPHQWDQG$GPLQLVWUDWLRQ5XOHV@

I. REGISTRATION AND OTHER DETAILS

&,1 80+37&
Registration Date 20th June, 2008
1DPHRIWKH&RPSDQ\ $5,(6$*52352'8&(35,9$7(/,0,7('
&DWHJRU\6XE&DWHJRU\RIWKH&RPSDQ\ &203$1</,0,7('%<6+$5(6,1',$1121*29(510(17&203$1<
$GGUHVVRIWKH5HJLVWHUHG2I¿FHDQG $ULHV+RXVH3ORW1R'HRQDU*RYDQGL(0XPEDL
contact details 3KRQH1R
)D[1R
:KHWKHUOLVWHG&RPSDQ\ NO
Name, address and contact details of Not Applicable
Registrar and Transfer Agent, if any
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
$OOWKHEXVLQHVVDFWLYLWLHVFRQWULEXWLQJRUPRUHRIWKHWRWDOWXUQRYHURIWKH&RPSDQ\VKDOOEHVWDWHG

Sr. Name and Description of main products / NIC Code of the Product/ Service % to total turnover of the Company
No. Services
1 Farming 0710 0.00
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES

Sr. Name of the Address of the CIN/GLN Holding/ %tage of Applicable

No. Company Company Subsidiary/ Shares Section
Associate held
1. $ULHV+RXVH3ORW
Aries Agro Limited /0+3/& +ROGLQJ  2(46)
No. 24, Deonar,
Govandi(E),
Mumbai-400 043
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
(i) Category wise shareholding

Category of No. of Shares held at the beginning of the No. of Shares held at the end of the year %
Shareholders year 01.04.2016 31.03.2017 Change
during
the year
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
A.PROMOTERS
(1) Indian
D,QGLYLGXDO+8) 0    0    0
E&HQWUDO*RYW 0 0 0 0 0 0 0 0 0
c) State Govt (s) 0 0 0 0 0 0 0 0 0
G%RGLHV&RUS 0    0    0
H%DQNV), 0 0 0 0 0 0 0 0 0
f) Any Other…. 0 0 0 0 0 0 0 0 0
Sub-total (A) (1):- 0 10000 10000 100 0 10000 10000 100 0
(2) Foreign - - - - - - - - -
a) NRIs - Individuals 0 0 0 0 0 0 0 0 0
b) Other – Individuals 0 0 0 0 0 0 0 0 0
F%RGLHV&RUS 0 0 0 0 0 0 0 0 0

222 8th Annual Report 2015-16

 Aries Agro Produce Private Limited

Category of No. of Shares held at the beginning of the No. of Shares held at the end of the year %
Shareholders year 01.04.2016 31.03.2017 Change
during
the year
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
G%DQNV), 0 0 0 0 0 0 0 0 0
e) Any Other…. 0 0 0 0 0 0 0 0 0
Sub-total (A) (2):- 0 0 0 0 0 0 0 0 0
Total shareholding 0 10000 10000 100 0 10000 10000 100 0
of Promoter (A) =
(A)(1)+(A)(2)
B. PUBLIC -
SHAREHOLDING
1. Institutions -
a) Mutual Funds 0 0 0 0 0 0 0 0 0
E%DQNV), 0 0 0 0 0 0 0 0 0
F&HQWUDO*RYW 0 0 0 0 0 0 0 0 0
d) State Govt(s) 0 0 0 0 0 0 0 0 0
H9HQWXUH&DSLWDO 0 0 0 0 0 0 0 0 0
Funds
f) Insurance 0 0 0 0 0 0 0 0 0
&RPSDQLHV
g) FIIs 0 0 0 0 0 0 0 0 0
h) Foreign Venture 0 0 0 0 0 0 0 0 0
&DSLWDOIXQGV
i) Others (specify) 0 0 0 0 0 0 0 0 0
Sub-total (B)(1):- 0 0 0 0 0 0 0 0 0
2. Non-Institutions
a) Bodies Corp.
i) Indian 0 0 0 0 0 0 0 0 0
ii) Overseas 0 0 0 0 0 0 0 0 0
b) Individuals
i) Individual 0 0 0 0 0 0 0 0 0
Shareholders
holding nominal
share capital upto
` 1 lakh
ii) Individual 0 0 0 0 0 0 0 0 0
Shareholders
holding nominal
share capital in
excess of `1 lakh
c) Others 0 0 0 0 0 0 0 0 0
Directors and
Relatives
i) Shares held by 0 0 0 0 0 0 0 0 0
3DNLVWDQLFLWL]HQV
vested with the
&XVWRGLDQRI
Enemy Property
ii) Other Foreign 0 0 0 0 0 0 0 0 0
Nationals
iii) Foreign Bodies 0 0 0 0 0 0 0 0 0
LY15,2&%V 0 0 0 0 0 0 0 0 0

8th Annual Report 2015-16 223

Aries Agro Produce Private Limited

Category of No. of Shares held at the beginning of the No. of Shares held at the end of the year %
Shareholders year 01.04.2016 31.03.2017 Change
during
the year
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
Y&OHDULQJ0HPEHUV 0 0 0 0 0 0 0 0 0

&OHDULQJ+RXVH
vi) Trusts 0 0 0 0 0 0 0 0 0
vii) Limited Liability 0 0 0 0 0 0 0 0 0
Partnership
viii) Foreign Portfolio 0 0 0 0 0 0 0 0 0
,QYHVWRU&RUSRUDWH
ix) QualL¿HG)RUHLJQ 0 0 0 0 0 0 0 0 0
Investor
Sub-Total (B)(2): 0 0 0 0 0 0 0 0 0
Total Public 0 0 0 0 0 0 0 0 0
Shareholding
(B)=(B)(1)+(B)(2)
C. SHARES HELD 0 0 0 0 0 0 0 0 0
BY CUSTODIAN
FOR GDRS & ADRS
Grand Total 0 10000 10000 100.00 0 10000 10000 100.00 -
(A+B+C)
(ii) Shareholding of Promoters

Shareholder’s Name No. of Shares held at the beginning of No. of Shares held at the end of the year % Change
the year 01.04.2016 31.03.2017 during the
year
No. of % of total %of Shares No. of % of total %of Shares
Shares Shares Pledged / Shares Shares Pledged /
of the encumbered of the encumbered
company to total shares company to total shares

Aries Agro Limited   0   0 0

Dr. Jimmy Mirchandani 1200 12 0 1200 12 0 0
Dr. Rahul Mirchandani 1200 12 0 1200 12 0 0
Mr. Amol Mirchandani 100 1 0 100 1 0 0
Total 10000 100 0 10000 100 0 0
(iii) Change in Promoters’ Shareholding
There is no change in Promoter’s Shareholding between 01.04.2016 to 31.03.2017.
(iv) Shareholding Pattern of Top Ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):

Sr. Shareholder’s Name * Shareholding at the beginning of the Shareholding at the end of the
No. year 01.04.2016 year 31.03.2017
No. of shares % of total shares No. of shares % of total shares
of the company of the company
1 Aries Agro Limited    
2 Dr. Jimmy Mirchandani 1200 12 1200 12
3 Dr. Rahul Mirchandani 1200 12 1200 12
4 Mr. Amol Mirchandani 100 1 100 1
Total 10000 100 10000 100

224 8th Annual Report 2015-16

 Aries Agro Produce Private Limited

(v) Shareholding of Directors and Key Managerial Personnel:

Sr. Shareholder’s Name Shareholding at the Cumulative Shareholding Date of Reason for
No beginning of the year during the year change in change
01.04.2016 shareholding
No. of % of total No. of % of total
Directors shares shares of the shares shares of the
company company
1. Dr. Jimmy Mirchandani 1200 12 1200 12 0 N.A.
2. Dr. Rahul Mirchandani 1200 12 1200 12 0 N.A.
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment :
Secured Loans Unsecured Deposits Total
excluding Loans Indebtedness
Deposits
Indebtedness at the beginning of the Financial
<HDU
1. Principal Amount NIL  NIL 
2. Interest Due but not Paid NIL NIL NIL NIL
3. Interest accrued but not due NIL NIL NIL NIL

Total(1+2+3) NIL  NIL 

&KDQJHLQ,QGHEWHGQHVVGXULQJWKH)LQDQFLDO<HDU
1. Addition
2. Reduction NIL  NIL 
NIL NIL NIL NIL
Net Change NIL  NIL 
,QGHEWHGQHVVDWWKHHQGRIWKH)LQDQFLDO<HDU
1. Principal Amount
2. Interest Due but not Paid NIL  NIL 
3. Interest accrued but not due NIL NIL NIL NIL
NIL NIL NIL NIL
Total(1+2+3) NIL  NIL 
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
A. Remuneration to Managing Director / Whole Time Director and/or Manager:
The Company does not have any Managing Director/Executive Director/Whole Time Director and hence question of payment of
Remuneration does not arise.
B. Remuneration to other Directors:
No Remuneration has been paid to Non-Executive Directors.
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD
The Company does not have any Key Managerial Personnel other than Managing Director/ Executive Director/Whole Time Director
hence no Remuneration has been paid.
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES (Under the Companies Act) :
There were no penalties, punishment or compounding of offences during the year ended 31st March, 2017.
For and on behalf of the Board,
Amol Mirchandani Karishma Mirchandani
Additional Director Additional Director
DIN: 06747762 DIN: 
Place: Mumbai
Date: 27th June, 2017

8th Annual Report 2015-16 

Aries Agro Produce Private Limited

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF
ARIES AGRO PRODUCE PRIVATE LIMITED
Report on the Standalone Ind AS Financial Statements
:H KDYH DXGLWHG WKH DFFRPSDQ\LQJ VWDQGDORQH ,QG $6 ¿QDQFLDO
statements of ARIES AGRO PRODUCE PRIVATE LIMITED (“the
(b) LQ WKH FDVH RI WKH 6WDWHPHQW RI 3UR¿W DQG /RVV RI WKH ¿QDQFLDO
SHUIRUPDQFHLQFOXGLQJRWKHUFRPSUHKHQVLYHLQFRPHRIWKH&RPSDQ\
IRUWKH\HDUHQGHGRQWKDWGDWH
(c) LQ WKH FDVH RI WKH &DVK )ORZ 6WDWHPHQW RI WKH FDVK ÀRZV RI WKH
&RPSDQ\IRUWKH\HDUHQGHGRQWKDWGDWHDQG
&RPSDQ\´ZKLFKFRPSULVHWKH%DODQFH6KHHWDVDWst March, 2017, (d) in the case of the statement of changes in equity, of the changes in
WKH6WDWHPHQWRI3UR¿WDQG/RVVLQFOXGLQJRWKHUFRPSUHKHQVLYHLQFRPH equity for the year ended on that date.
DQG WKH 6WDWHPHQW RI FDVK ÀRZV DQG VWDWHPHQW RI FKDQJHV LQ HTXLW\ Report on Other Legal and Regulatory Requirements
IRU WKH \HDU WKHQ HQGHG DQG D VXPPDU\ RI WKH VLJQL¿FDQW DFFRXQWLQJ 1. $VUHTXLUHGE\WKH&RPSDQLHV$XGLWRU¶V5HSRUW2UGHU³WKH
policies and other explanatory information (herein after referred to as 2UGHU´LVVXHGE\WKH&HQWUDO*RYHUQPHQWRI,QGLDLQWHUPVRI6XE
³VWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV´ section (11) of Section 143 of the Act, we give in the Annexure A,
Management’s Responsibility for the Standalone Financial DVWDWHPHQWRQWKHPDWWHUVVSHFL¿HGLQSDUDJUDSKVDQGRIWKH
Statements Order.
7KH&RPSDQ\¶V%RDUGRI'LUHFWRUVLVUHVSRQVLEOHIRUWKHPDWWHUVVWDWHG 2. As required by Section 143(3) of the Act, we report that:
LQ6HFWLRQRIWKH&RPSDQLHV$FW³WKH$FW´ZLWKUHVSHFWWR
WKH SUHSDUDWLRQ DQG SUHVHQWDWLRQ RI WKHVH VWDQGDORQH ,QG$6 ¿QDQFLDO
VWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZRIWKH¿QDQFLDOSRVLWLRQ¿QDQFLDO
SHUIRUPDQFH LQFOXGLQJ RWKHU FRPSUHKHQVLYH LQFRPH FDVK ÀRZV DQG
FKDQJHV LQ HTXLW\ RI WKH &RPSDQ\ LQ DFFRUGDQFH ZLWK WKH DFFRXQWLQJ
principles generally accepted in India, including the Indian Accounting
6WDQGDUGV VSHFL¿HG XQGHU 6HFWLRQ  RI WKH $FW UHDG ZLWK UHOHYDQW
Rules issued there under.
This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the
DVVHWVRIWKH&RPSDQ\DQGIRUSUHYHQWLQJDQGGHWHFWLQJIUDXGVDQGRWKHU
LUUHJXODULWLHVVHOHFWLRQDQGDSSOLFDWLRQRIDSSURSULDWHDFFRXQWLQJSROLFLHV
PDNLQJMXGJHPHQWVDQGHVWLPDWHVWKDWDUHUHDVRQDEOHDQGSUXGHQWDQG
GHVLJQLPSOHPHQWDWLRQDQGPDLQWHQDQFHRIDGHTXDWHLQWHUQDO¿QDQFLDO
controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
SUHVHQWDWLRQ RI WKH VWDQGDORQH ,QG$6 ¿QDQFLDO VWDWHPHQWV WKDW JLYH D
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these standalone Ind AS
(a) We have sought and obtained all the information and
explanations which to the best of our knowledge and belief were
QHFHVVDU\IRUWKHSXUSRVHVRIRXUDXGLW
(b) In our opinion, proper books of account as required by law
KDYHEHHQNHSWE\WKH&RPSDQ\VRIDUDVLWDSSHDUVIURPRXU
examination of those books [and proper returns adequate for
the purposes of our audit have been received from the branches
QRWYLVLWHGE\XV@
(c) 7KH%DODQFH6KHHWWKH6WDWHPHQWRI3UR¿WDQG/RVVWKH&DVK
Flow Statement, and the statement of changes in equity dealt
ZLWKE\WKLV5HSRUWDUHLQDJUHHPHQWZLWKWKHERRNVRIDFFRXQW
(d) ,QRXURSLQLRQWKH%DODQFH6KHHWWKH6WDWHPHQWRI3UR¿WDQG
/RVVWKH&DVK)ORZ6WDWHPHQWDQGWKHVWDWHPHQWRIFKDQJHV
LQHTXLW\FRPSO\ZLWKWKH$FFRXQWLQJ6WDQGDUGVVSHFL¿HGXQGHU
Section 133 of the Act, read with relevant Rule issued there
XQGHU
(e) On the basis of the written representations received from the
directors as on 31st March, 2017 taken on record by the Board
RI 'LUHFWRUV QRQH RI WKH GLUHFWRUV DUH GLVTXDOL¿HG DV RQ st
March, 2017 from being appointed as a director in terms of
6HFWLRQRIWKH$FW
¿QDQFLDOVWDWHPHQWVEDVHGRQRXUDXGLW
(f) :LWKUHVSHFWWRWKHDGHTXDF\RIWKHLQWHUQDO¿QDQFLDOFRQWUROV
We have taken into account the provisions of the Act, the accounting
RYHU ¿QDQFLDO UHSRUWLQJ RI WKH &RPSDQ\ DQG WKH RSHUDWLQJ
and auditing standards and matters which are required to be included
effectiveness of such controls, refer to our separate report in
in the audit report under the provisions of the Act and the Rules made
³$QQH[XUH%´DQG
there under.
(g) with respect to the other matters to be included in the Auditor’s
We conducted our audit in accordance with the Standards on Auditing
5HSRUW LQ DFFRUGDQFH ZLWK 5XOH  RI WKH &RPSDQLHV $XGLW
VSHFL¿HG XQGHU 6HFWLRQ  RI WKH $FW 7KRVH 6WDQGDUGV UHTXLUH
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the standalone Ind AS
¿QDQFLDOVWDWHPHQWVDUHIUHHIURPPDWHULDOPLVVWDWHPHQW
An audit involves performing procedures to obtain audit evidence about
WKH DPRXQWV DQG WKH GLVFORVXUHV LQ WKH VWDQGDORQH ,QG $6 ¿QDQFLDO
VWDWHPHQWV7KHSURFHGXUHVVHOHFWHGGHSHQGRQWKHDXGLWRU¶VMXGJHPHQW
including the assessment of the risks of material misstatement of the
VWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU,Q
PDNLQJWKRVHULVNDVVHVVPHQWVWKHDXGLWRUFRQVLGHUVLQWHUQDO¿QDQFLDO
FRQWURO UHOHYDQW WR WKH &RPSDQ\¶V SUHSDUDWLRQ RI WKH VWDQGDORQH ,QG
$6¿QDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZLQRUGHUWRGHVLJQ
audit procedures that are appropriate in the circumstances. An audit
also includes evaluating the appropriateness of the accounting policies
used and the reasonableness of the accounting estimates made by the
&RPSDQ\¶V 'LUHFWRUV DV ZHOO DV HYDOXDWLQJ WKH RYHUDOO SUHVHQWDWLRQ RI
WKHVWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV
:H EHOLHYH WKDW WKH DXGLW HYLGHQFH ZH KDYH REWDLQHG LV VXI¿FLHQW DQG
appropriate to provide a basis for our audit opinion on the standalone Ind
$6¿QDQFLDOVWDWHPHQWV
Opinion
In our opinion and to the best of our information and according to the
H[SODQDWLRQV JLYHQ WR XV WKH DIRUHVDLG VWDQGDORQH ,QG $6 ¿QDQFLDO
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 including the Ind AS:
(a) LQ WKH FDVH RI WKH %DODQFH 6KHHW RI ¿QDQFLDO SRVLWLRQ RI WKH
&RPSDQ\DVDWst0DUFK
Date :25th May, 2017
226 8th Annual Report 2015-16
and Auditors) Rules, 2014, in our opinion and to the best of our
information and according to the explanations given to us:
L 7KH &RPSDQ\ KDV GLVFORVHG WKH LPSDFW RI SHQGLQJ
OLWLJDWLRQVRQLWV¿QDQFLDOSRVLWLRQLQLWVVWDQGDORQH,QG$6
¿QDQFLDOVWDWHPHQWVDVUHIHUUHGWRLQWKHQRWHVWRDFFRXQWV
RIWKHVHVWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV
LL 7KH &RPSDQ\ KDV PDGH SURYLVLRQ DV UHTXLUHG XQGHU
the applicable law or accounting standards, for material
foreseeable losses, if any, on long-term contracts including
GHULYDWLYHFRQWUDFWV
iii. There has been no delay in transferring amounts, required
to be transferred, to the Investor Education and Protection
)XQGE\WKH&RPSDQ\DQG
LY 7KH &RPSDQ\ KDV SURYLGHG UHTXLVLWH GLVFORVXUHV LQ LWV
VWDQGDORQH ,QG$6 ¿QDQFLDO VWDWHPHQWV DV WR KROGLQJV DV
ZHOODVGHDOLQJVLQ6SHFL¿HG%DQN1RWHVGXULQJWKHSHULRG
from 8th November, 2016 to 30th December, 2016 and these
are in accordance with the books of accounts maintained
E\WKH&RPSDQ\DVUHIHUUHGWRLQWKHQRWHVWRDFFRXQWVRI
WKHVHVWDQGDORQH,QG$6¿QDQFLDOVWDWHPHQWV
For Kirti D. Shah & Associates
&KDUWHUHG$FFRXQWDQWV
)LUP5HJLVWUDWLRQ1R:
Kirti D. Shah
Place : Mumbai
Proprietor
Membership No. 032371
 Aries Agro Produce Private Limited

ANNEXURE - A TO INDEPENDENT AUDITOR’S REPORT

The Annexure referred to in our Independent Auditors’ Report to the ix. According to the information and explanation provided to us, the
PHPEHUVRIWKH&RPSDQ\RQWKH¿QDQFLDOVWDWHPHQWVIRUWKH\HDUHQGHG company did not raise any money by way of initial public offering or
31st March, 2017, we report that: further public offer (including debt instruments). The company has
not taken any term loans during the year under audit.
i. 7KH&RPSDQ\GRHVQRWKDYHDQ\)L[HG$VVHWVKHQFHFODXVHLRI
the said order is not applicable to the company.
ii. There were no inventories during the year and hence clause (ii) of
the said order is not applicable to the company.
iii. According to the information and explanation given to us, the
&RPSDQ\ KDV QRW JUDQWHG DQ\ ORDQ VHFXUHG DQG XQVHFXUHG WR
FRPSDQLHV¿UPVRURWKHUSDUWLHVFRYHUHGLQWKHUHJLVWHUPDLQWDLQHG
XQGHUVHFWLRQRIWKH&RPSDQLHV$FW$FFRUGLQJO\FODXVH
(iii) of the said order is not applicable to the company.
iv. In our opinion and according to the information and explanations
given to us, the company has complied with the provisions of section
 DQG  RI WKH $FW ZLWK UHVSHFW WR WKH ORDQV LQYHVWPHQWV
guarantees, and securities.
v. According to the information and explanations provided by the
FRPSDQ\7KH&RPSDQ\KDVQRWDFFHSWHGGHSRVLWVIURPWKHSXEOLF
vi. 7KH &HQWUDO *RYHUQPHQW KDV QRW SUHVFULEHG WKH PDLQWHQDQFH
of cost records under section 148(1) of the Act, for any services
rendered by the company.
vii. (a) According to the information and explanations given to us and
the records of the company examined by us, in our opinion,
the company is generally regular in depositing statutory dues
including Provident Fund, Employee State Insurance, Income
7D[6DOHV7D[:HDOWK7D[6HUYLFH7D[&XVWRP'XW\([FLVH
'XW\9DOXH$GGHG7D[&HVVDQGDQ\RWKHUPDWHULDOVWDWXWRU\
GXHV H[FHSW RFFDVLRQDO PLQRU GHOD\V$V SHU WKH LQIRUPDWLRQ
JLYHQE\WKHPDQDJHPHQWDQGDSSDUHQWIURPWKHUHFRUGV7KH
undisputed liabilities as on 31st March, 2017 is for a period
exceeding six months from the date of it becoming payable is
NIL.
(b) There is no disputed liability in respect of tax dues on account of
,QFRPH7D[6DOHV7D[6HUYLFH7D[&XVWRPV'XW\&HVVHWF
viii. The company has not defaulted in repayment of loans or borrowing
WRD¿QDQFLDOLQVWLWXWLRQEDQNVRU*RYHUQPHQW7KH&RPSDQ\KDV
not obtained any borrowings by way of issue of debentures.
x. According to the information and explanations given to us, no
PDWHULDOIUDXGE\WKH&RPSDQ\RURQWKH&RPSDQ\E\LWVRI¿FHUVRU
employees has been noticed or reported during the course of our
audit.
xi. According to the information and explanations given to us and
based on our examination of the records of the company, the
FRPSDQ\ KDV QRW SDLGSURYLGHG IRU PDQDJHULDO UHPXQHUDWLRQ DQG
hence clause (xi) of the said order is not applicable to the company.
xii. In our opinion and according to the information and explanations
given to us, the company is not a nidhi company. Accordingly,
clause (xii) of the said Order is not applicable to the company.
xiii. According to the information and explanations given to us and based
RQ RXU H[DPLQDWLRQ RI WKH UHFRUGV RI WKH &RPSDQ\ WUDQVDFWLRQV
with the related parties are in compliance with sections 177 and
188 of the Act wherever applicable and details of such transactions
KDYHEHHQGLVFORVHGLQWKH¿QDQFLDOVWDWHPHQWVDVUHTXLUHGE\WKH
applicable accounting standards.
xiv. According to the information and explanations give to us and based
RQRXUH[DPLQDWLRQRIWKHUHFRUGVRIWKH&RPSDQ\WKH&RPSDQ\
has not made any preferential allotment or private placement of
shares or fully or partly convertible debentures during the year.
xv. According to the information and explanations given to us and
EDVHG RQ RXU H[DPLQDWLRQ RI WKH UHFRUGV RI WKH &RPSDQ\ WKH
&RPSDQ\KDVQRWHQWHUHGLQWRQRQFDVKWUDQVDFWLRQVZLWKGLUHFWRUV
or persons connected with him. Accordingly, clause (xv) of the said
Order is not applicable to the company.
xvi. 7KH&RPSDQ\LVQRWUHTXLUHGWREHUHJLVWHUHGXQGHUVHFWLRQ,$
RIWKH5HVHUYH%DQNRI,QGLD$FW
For Kirti D. Shah & Associates
&KDUWHUHG$FFRXQWDQWV
)LUP5HJLVWUDWLRQ1R:
Kirti D. Shah
Place : Mumbai
Proprietor
Date :25th May, 2017 Membership No. 032371
8th Annual Report 2015-16 227
Aries Agro Produce Private Limited

Annexure - B to the Auditors’ Report

Report on the Internal Financial Controls under Clause (i) of Sub- Meaning of Internal Financial Controls over Financial Reporting
section 3 of Section 143 of the Companies Act, 2013 (“the Act”) $FRPSDQ\¶VLQWHUQDO¿QDQFLDOFRQWURORYHU¿QDQFLDOUHSRUWLQJLVDSURFHVV
:HKDYHDXGLWHGWKHLQWHUQDO¿QDQFLDOFRQWUROVRYHU¿QDQFLDOUHSRUWLQJRI designed to provide reasonable assurance regarding the reliability of
Aries Agro Produce Private Limited³WKH&RPSDQ\´DVRIVW0DUFK
 LQ FRQMXQFWLRQ ZLWK RXU DXGLW RI WKH VWDQGDORQH ,QG $6 ¿QDQFLDO
VWDWHPHQWVRIWKH&RPSDQ\IRUWKH\HDUHQGHGRQWKDWGDWH
Management’s Responsibility for Internal Financial Controls
7KH &RPSDQ\¶V PDQDJHPHQW LV UHVSRQVLEOH IRU HVWDEOLVKLQJ DQG
PDLQWDLQLQJLQWHUQDO¿QDQFLDOFRQWUROVEDVHGRQWKHLQWHUQDOFRQWURORYHU
¿QDQFLDOUHSRUWLQJFULWHULDHVWDEOLVKHGE\WKH&RPSDQ\FRQVLGHULQJWKH
essential components of internal control stated in the Guidance Note on
$XGLWRI,QWHUQDO)LQDQFLDO&RQWUROVRYHU)LQDQFLDO5HSRUWLQJLVVXHGE\WKH
¿QDQFLDOUHSRUWLQJDQGWKHSUHSDUDWLRQRI¿QDQFLDOVWDWHPHQWVIRUH[WHUQDO
purposes in accordance with generally accepted accounting principles.
$ FRPSDQ\¶V LQWHUQDO ¿QDQFLDO FRQWURO RYHU ¿QDQFLDO UHSRUWLQJ LQFOXGHV
those policies and procedures that (1) pertain to the maintenance
RI UHFRUGV WKDW LQ UHDVRQDEOH GHWDLO DFFXUDWHO\ DQG IDLUO\ UHÀHFW WKH
WUDQVDFWLRQVDQGGLVSRVLWLRQVRIWKHDVVHWVRIWKHFRPSDQ\
(2) provide reasonable assurance that transactions are recorded as
QHFHVVDU\ WR SHUPLW SUHSDUDWLRQ RI ¿QDQFLDO VWDWHPHQWV LQ DFFRUGDQFH
with generally accepted accounting principles, and that receipts and
,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLDµ,&$,¶7KHVHUHVSRQVLELOLWLHV
include the design, implementation and maintenance of adequate internal
¿QDQFLDOFRQWUROVWKDWZHUHRSHUDWLQJHIIHFWLYHO\IRUHQVXULQJWKHRUGHUO\
DQGHI¿FLHQWFRQGXFWRILWVEXVLQHVVLQFOXGLQJDGKHUHQFHWRFRPSDQ\¶V
policies, the safeguarding of its assets, the prevention and detection of
frauds and errors, the accuracy and completeness of the accounting
UHFRUGV DQG WKH WLPHO\ SUHSDUDWLRQ RI UHOLDEOH ¿QDQFLDO LQIRUPDWLRQ DV
UHTXLUHGXQGHUWKH&RPSDQLHV$FW
Auditors’ Responsibility
2XU UHVSRQVLELOLW\ LV WR H[SUHVV DQ RSLQLRQ RQ WKH &RPSDQ\¶V LQWHUQDO
¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO UHSRUWLQJ EDVHG RQ RXU DXGLW :H
conducted our audit in accordance with the Guidance Note on Audit
RI ,QWHUQDO )LQDQFLDO &RQWUROV RYHU )LQDQFLDO 5HSRUWLQJ WKH ³*XLGDQFH
expenditures of the company are being made only in accordance with
DXWKRULVDWLRQVRIPDQDJHPHQWDQGGLUHFWRUVRIWKHFRPSDQ\DQG
(3) provide reasonable assurance regarding prevention or timely detection
of unauthorised acquisition, use, or disposition of the company’s assets
WKDWFRXOGKDYHDPDWHULDOHIIHFWRQWKH¿QDQFLDOVWDWHPHQWV
Inherent Limitations of Internal Financial Controls over Financial
Reporting
%HFDXVH RI WKH LQKHUHQW OLPLWDWLRQV RI LQWHUQDO ¿QDQFLDO FRQWUROV RYHU
¿QDQFLDO UHSRUWLQJ LQFOXGLQJ WKH SRVVLELOLW\ RI FROOXVLRQ RU LPSURSHU
management override of controls, material misstatements due to error or
IUDXGPD\RFFXUDQGQRWEHGHWHFWHG$OVRSURMHFWLRQVRIDQ\HYDOXDWLRQ
RIWKHLQWHUQDO¿QDQFLDOFRQWUROVRYHU¿QDQFLDOUHSRUWLQJWRIXWXUHSHULRGV
DUH VXEMHFW WR WKH ULVN WKDW WKH LQWHUQDO ¿QDQFLDO FRQWURO RYHU ¿QDQFLDO
1RWH´ DQG WKH 6WDQGDUGV RQ$XGLWLQJ LVVXHG E\ ,&$, DQG GHHPHG WR reporting may become inadequate because of changes in conditions,
EH SUHVFULEHG XQGHU VHFWLRQ  RI WKH &RPSDQLHV $FW  or that the degree of compliance with the policies or procedures may
WR WKH H[WHQW DSSOLFDEOH WR DQ DXGLW RI LQWHUQDO ¿QDQFLDO FRQWUROV ERWK deteriorate.
DSSOLFDEOHWRDQDXGLWRI,QWHUQDO)LQDQFLDO&RQWUROVDQGERWKLVVXHGE\ Opinion
WKH ,QVWLWXWH RI &KDUWHUHG $FFRXQWDQWV RI ,QGLD 7KRVH 6WDQGDUGV DQG
the Guidance Note require that we comply with ethical requirements ,QRXURSLQLRQWKH&RPSDQ\KDVLQDOOPDWHULDOUHVSHFWVDQDGHTXDWH
and plan and perform the audit to obtain reasonable assurance about LQWHUQDO ¿QDQFLDO FRQWUROV V\VWHP RYHU ¿QDQFLDO UHSRUWLQJ DQG VXFK
ZKHWKHUDGHTXDWHLQWHUQDO¿QDQFLDOFRQWUROVRYHU¿QDQFLDOUHSRUWLQJZDV LQWHUQDO ¿QDQFLDO FRQWUROV RYHU ¿QDQFLDO UHSRUWLQJ ZHUH RSHUDWLQJ
established and maintained and if such controls operated effectively in effectively as at 31st March, 2017, based on the internal control over
all material respects. ¿QDQFLDOUHSRUWLQJFULWHULDHVWDEOLVKHGE\WKH&RPSDQ\FRQVLGHULQJWKH
essential components of internal control stated in the Guidance Note on
Our audit involves performing procedures to obtain audit evidence about $XGLWRI,QWHUQDO)LQDQFLDO&RQWUROV2YHU)LQDQFLDO5HSRUWLQJLVVXHGE\
WKH DGHTXDF\ RI WKH LQWHUQDO ¿QDQFLDO FRQWUROV V\VWHP RYHU ¿QDQFLDO WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD
UHSRUWLQJDQGWKHLURSHUDWLQJHIIHFWLYHQHVV2XUDXGLWRILQWHUQDO¿QDQFLDO
FRQWUROVRYHU¿QDQFLDOUHSRUWLQJLQFOXGHGREWDLQLQJDQXQGHUVWDQGLQJRI For Kirti D. Shah & Associates
LQWHUQDO¿QDQFLDOFRQWUROVRYHU¿QDQFLDOUHSRUWLQJDVVHVVLQJWKHULVNWKDW &KDUWHUHG$FFRXQWDQWV
a material weakness exists, and testing and evaluating the design and )LUP5HJLVWUDWLRQ1R:
operating effectiveness of internal control based on the assessed risk.
7KH SURFHGXUHV VHOHFWHG GHSHQG RQ WKH DXGLWRU¶V MXGJPHQW LQFOXGLQJ
the assessment of the risks of material misstatement of the standalone Kirti D. Shah
,QG$6¿QDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURU Place : Mumbai
:H EHOLHYH WKDW WKH DXGLW HYLGHQFH ZH KDYH REWDLQHG LV VXI¿FLHQW DQG Proprietor
DSSURSULDWH WR SURYLGH D EDVLV IRU RXU DXGLW RSLQLRQ RQ WKH &RPSDQ\¶V Date : 25th May, 2017 Membership No. 032371
LQWHUQDO¿QDQFLDOFRQWUROVV\VWHPRYHU¿QDQFLDOUHSRUWLQJ

228 8th Annual Report 2015-16

 Aries Agro Produce Private Limited

Balance Sheet as on 31st March, 2017

(Amounts in Rupees unless stated otherwise)
Particulars Note As at As at As at
Nos. 31st March, 2017 31st March, 2016 VW$SULO

I. ASSETS
(1) Current Assets
(a) Financial Assets
(i) &DVK &DVK(TXLYDOHQWV - - -

TOTAL - - -

II. EQUITY AND LIABILITIES

(1) Equity
(a) (TXLW\6KDUH&DSLWDO 3 100,000 100,000 100,000
(b) Other Equity 4 (327,178)  (272,778)
(227,178)  (172,778)

(2) Current Liabilities

(a) Financial Liabilities
(i) &XUUHQW%RUURZLQJV  196,920 71,514 69,514
(ii) Trade Payables 6 30,258 128,364 103,264
227,178  172,778
TOTAL - - -

6XPPDU\RI6LJQL¿FDQW$FFRXQWLQJ3ROLFLHV 2.1

7KH1RWHVUHIHUUHGWRDERYHIRUPDQLQWHJUDOSDUWRIWKHVH)LQDQFLDO6WDWHPHQWV

As per our report of even date For and on behalf of the Board of Directors of
Aries Agro Produce Private Limited

For Kirti D. Shah & Associates Dr. Jimmy Mirchandani

&KDUWHUHG$FFRXQWDQWV Director
)LUP5HJLVWUDWLRQ1R: ',1

Kirti D. Shah Dr. Rahul Mirchandani

Proprietor Director
Membership No 32371 ',1

Place : Mumbai
Date:- th May, 2017

8th Annual Report 2015-16 

Aries Agro Produce Private Limited

6WDWHPHQWRI3UR¿WDQG/RVVIRUWKH\HDUHQGHGVW0DUFK
(Amounts in Rupees unless stated otherwise)
Particulars Note Year Ended <HDU(QGHG
Nos. 31st March, 2017 31st March, 2016
I. Expenses :
(i) Other Expenses 7 27,300 27,100
Total Expenses 27,300 27,100
II. 3UR¿W%HIRUH7D[3%7 (27,300) (27,100)
III. Tax Expense
(a) &XUUHQW7D[ - -
(b) $GMXVWPHQWRI7D[UHODWLQJWRHDUOLHUSHULRGV - -
(c) Deferred Tax - -
Income Tax Expense - -
IV. 3UR¿WDIWHU7D[3$7,,,,, (27,300) (27,100)
/HVV6KRUW3URYLVLRQIRU7D[LQ(DUOLHU<HDUV - -
V. 3UR¿W/RVVIRUWKHSHULRG (27,300) (27,100)
VI. Other Comprehensive Income
A) ,WHPVWKDWZLOOQRWEHUHFODVVL¿HGWR3UR¿WRU/RVV
(i) &KDQJHVLQ5HYDOXDWLRQ6XUSOXV - -
(ii) 5HPHDVXUHPHQWVRI'H¿QHG%HQH¿W3ODQV - -
(iii) (TXLW\,QVWUXPHQWVWKURXJK2&, -
- -
(iv) /HVV,QFRPH7D[UHODWLQJWR,WHPVWKDWZLOOQRWEHUHFODVVL¿HGWR
3UR¿WRU/RVV
- -
B) ,WHPVWKDWZLOOEHUHFODVVL¿HGWR3UR¿WRU/RVV
(i) Exchange Differences in translating the Financial Statements of
Foreign Operation
(ii) 'HEW,QVWUXPHQWVWKURXJK2&,
(iii) The effective portion of gains and loss on hedging instruments in
DFDVKÀRZKHGJH
- -
(ii) /HVV,QFRPH7D[UHODWLQJWR,WHPVWKDWZLOOEHUHFODVVL¿HGWR
3UR¿WRU/RVV
- -
- -
VII. Total Comprehensive Income for the period (V + VI) (27,300) (27,100)
VIII. Earnings per Equity Share 8
(1) %DVLF 'LOXWHG (2.73) (2.71)
6XPPDU\RI6LJQL¿FDQW$FFRXQWLQJ3ROLFLHV 2.1

As per our report of even date For and on behalf of the Board of Directors of
Aries Agro Produce Private Limited

For Kirti D. Shah & Associates Dr. Jimmy Mirchandani

&KDUWHUHG$FFRXQWDQWV Director
)LUP5HJLVWUDWLRQ1R: ',1

Kirti D. Shah Dr. Rahul Mirchandani

Proprietor Director
Membership No 32371 ',1

Place : Mumbai
Date:- th May, 2017

230 8th Annual Report 2015-16

 Aries Agro Produce Private Limited

Statement of Cash Flows for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)
Sr. Particulars Year Ended <HDU(QGHG
No. 31st March, 2017 31st March, 2016

A) CASH FLOW FROM OPERATING ACTIVITIES

1HW3UR¿WEHIRUHWD[DVSHU6WDWHPHQWRI3UR¿WDQG/RVV (27,300) (27,100)
2SHUDWLQJ3UR¿WEHIRUH:RUNLQJ&DSLWDO&KDQJHV (27,300) (27,100)
Adjusted for :
,QFUHDVH'HFUHDVHLQ7UDGH3D\DEOHV (98,106) 
,QFUHDVH'HFUHDVHLQ3URYLVLRQV 2WKHU&XUUHQW/LDELOLWLHV 125,406 2,000
&DVK*HQHUDWHGIURP2SHUDWLRQV 27,300 27,100
Net Cash Flow from Operating Activities (A) - -

B) CASH FLOW FROM INVESTING ACTIVITIES :

Net Cash Flow from / ( used in) Investing Activities (B) - -

C) CASH FLOW FROM FINANCING ACTIVITIES:

Short Term Borrowings ( Net ) - -
1HW&DVKXVHGLQIURP¿QDQFLQJDFWLYLWLHV& - -

1HW,QFUHDVHLQ&DVKDQG&DVK(TXLYDOHQWV - -
2SHQLQJ%DODQFHRI&DVKDQG&DVK(TXLYDOHQWV - -

&ORVLQJ%DODQFHRI&DVKDQG&DVK(TXLYDOHQWV - -

1RWH7KHDERYHVWDWHPHQWKDVEHHQSUHSDUHGXQGHUWKHLQGLUHFWPHWKRGVHWRXWLQ,QG$6³6WDWHPHQWRI&DVK)ORZ´

As per our report of even date For and on behalf of the Board of Directors of
Aries Agro Produce Private Limited

For Kirti D. Shah & Associates Dr. Jimmy Mirchandani

&KDUWHUHG$FFRXQWDQWV Director
)LUP5HJLVWUDWLRQ1R: ',1

Kirti D. Shah Dr. Rahul Mirchandani

Proprietor Director
Membership No 32371 ',1

Place : Mumbai
Date:- th May, 2017

8th Annual Report 2015-16 231

Aries Agro Produce Private Limited

NOTES to the Financial Statements for the year ended 31st March 2017
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES: d. Use of Estimates:
1. Company Overview The preparation of Financial Statements in accordance with
Aries Agro Produce Private Limited was incorporated in June, Ind - AS requires use of estimates and assumptions for some
2008 as a Subsidiary of Aries Agro Limited for carrying business items, which might have an effect on their recognition and
in all kinds of farming. PHDVXUHPHQW LQ WKH %DODQFH 6KHHW DQG 6WDWHPHQW RI 3UR¿W
DQG /RVV 7KH DFWXDO DPRXQWV UHDOL]HG PD\ GLIIHU IURP WKHVH
2. Basis of Preparation of Financial Statements estimates. Accounting estimates could change from period
 0LQLVWU\ RI &RUSRUDWH $IIDLUV QRWL¿HG URDGPDS WR LPSOHPHQW to period. Actual results could differ from those estimates.
,QGLDQ $FFRXQWLQJ 6WDQGDUGV µ,QG $6¶ QRWL¿HG XQGHU WKH Appropriate changes in estimates are made as the management
&RPSDQLHV ,QGLDQ $FFRXQWLQJ 6WDQGDUGV 5XOHV  DV
amended by the companies (Indian Accounting Standards)
(amendment) Rules, 2016. As per the said roadmap, the
&RPSDQ\ LV UHTXLUHG WR DSSO\ ,QG$6 IRU WKH \HDU HQGHG VW
0DUFK+RZHYHUWKHFRPSDQ\KDVYROXQWDULO\DGRSWHG,QG
$6DVIURPWKH\HDUVW$SULOZLWKVW$SULOEHLQJWKH
GDWHRIWUDQVLWLRQ7KHFRPSDUDWLYH¿JXUHVLQWKH%DODQFH6KHHW
DVDWVW0DUFKDQGVW$SULODQGWKH6WDWHPHQWRI
3UR¿WDQG/RVVDQGWKH&DVK)ORZ6WDWHPHQWIRUWKH\HDUHQGHG
31st March, 2017 has to be restated accordingly.
 7KH &RPSDQ\ KDV DGRSWHG DOO WKH ,QG$6 VWDQGDUGV DQG WKH
adoption was carried out in-accordance with IndAS 101 First
time adoption of Indian Accounting Standards.
a. Statement of Compliance
 7KH &RPSDUDWLYH )LQDQFLDO 6WDWHPHQWV FRPSULVLQJ %DODQFH
6KHHW 6WDWHPHQW RI 3UR¿W DQG /RVV 6WDWHPHQW RI &KDQJHV
LQ (TXLW\ &DVK )ORZ 6WDWHPHQW WRJHWKHU ZLWK WKH 1RWHV WR
becomes aware of changes in circumstances surrounding the
estimates. Differences between the actual results and estimates
DUH UHFRJQL]HG LQ WKH SHULRG LQ ZKLFK WKH UHVXOWV DUH NQRZQ 
PDWHULDOL]HG DQG LI PDWHULDO WKHLU HIIHFWV DUH GLVFORVHG LQ WKH
notes to the Financial Statements.
Estimates and assumptions are required in particular for:
(i) Determination of the estimated useful life of tangible assets and
the assessment as to which components of the cost may be
FDSLWDOL]HG 8VHIXO OLIH RI WDQJLEOH DVVHWV LV EDVHG RQ WKH OLIH
SUHVFULEHGLQ6FKHGXOH,,RIWKH&RPSDQLHV$FW,QFDVHV
where the useful life is different from that prescribed in Schedule
II, it is based on technical advice, taking into account the nature
of the asset, estimated usage and operating conditions of the
asset, past history of replacement and maintenance support.
$Q DVVXPSWLRQ DOVR QHHGV WR EH PDGH ZKHQ WKH &RPSDQ\
DVVHVVHV ZKHWKHU DQ DVVHW PD\ EH FDSLWDOL]HG DQG ZKLFK
FRPSRQHQWVRIWKHFRVWRIWKHDVVHWPD\EHFDSLWDOL]HG
DFFRXQWV DORQJ ZLWK D VXPPDU\ RI WKH VLJQL¿FDQW DFFRXQWLQJ
policies and other explanatory information for the year ended
31st March 2017 have been prepared in accordance with the
,QG$6DVQRWL¿HGDERYH
For all periods up to and including the year ended 31st March,
 WKH &RPSDQ\ SUHSDUHG LWV ¿QDQFLDO VWDWHPHQWV LQ
DFFRUGDQFHDFFRXQWLQJVWDQGDUGVQRWL¿HGXQGHUWKHVHFWLRQ
RIWKH&RPSDQLHV$FWUHDGWRJHWKHUZLWKSDUDJUDSKRI
LL 5HFRJQLWLRQ DQG PHDVXUHPHQW RI GH¿QHG EHQH¿W
obligations:
 7KH REOLJDWLRQ DULVLQJ IURP WKH GH¿QHG EHQH¿W SODQ LV
GHWHUPLQHGRQWKHEDVLVRIDFWXDULDODVVXPSWLRQV.H\DFWXDULDO
assumptions include discount rate, trends in salary escalation
DQG YHVWHG IXWXUH EHQH¿WV DQG OLIH H[SHFWDQF\ 7KH GLVFRXQW
rate is determined with reference to market yields at the end
of the reporting period on the government bonds. The period
WKH&RPSDQLHV$FFRXQWV5XOHV,QGLDQ*$$3
b. Basis of Measurement - Historic Cost Convention
These Financial statements have been prepared on a historical
cost basis, except for the following:
‡ FHUWDLQ ¿QDQFLDO DVVHWV DQG OLDELOLWLHV WKDW LV PHDVXUHG DW IDLU
to maturity of the underlying bonds correspond to the probable
PDWXULW\RIWKHSRVWHPSOR\PHQWEHQH¿WREOLJDWLRQV
(iii) Recognition of deferred tax assets:
 $'HIHUUHGWD[DVVHWLVUHFRJQL]HGIRUDOOWKHGHGXFWLEOHWHPSRUDU\
GLIIHUHQFHVWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWD[DEOHSUR¿WZLOO
YDOXHUHIHUDFFRXQWLQJSROLF\UHJDUGLQJ¿QDQFLDOLQVWUXPHQWV be available against which the deductible temporary difference
FDQEHXWLOL]HG7KHPDQDJHPHQWDVVXPHVWKDWWD[DEOHSUR¿WV
‡ $VVHWVKHOGIRUVDOH±PHDVXUHGDWIDLUYDOXHOHVVFRVWWRVDOH
ZLOOEHDYDLODEOHZKLOHUHFRJQL]LQJGHIHUUHGWD[DVVHWV
‡ 'H¿QHGEHQH¿WSODQV±SODQDVVHWVPHDVXUHGDWIDLUYDOXH
(iv) Recognition and measurement of other provisions:
 $OODVVHWVDQGOLDELOLWLHVKDVEHHQFODVVL¿HGDVFXUUHQWRUQRQ
The recognition and measurement of other provisions are
FXUUHQWDVSHUWKH&RPSDQ\¶VQRUPDORSHUDWLQJF\FOHDQGRWKHU
EDVHG RQ WKH DVVHVVPHQW RI WKH SUREDELOLW\ RI DQ RXWÀRZ RI
FULWHULDVHWRXWLQWKH6FKHGXOH,,,WRWKH&RPSDQLHV$FW
resources, and on past experience and circumstances known
c. Functional and Presentation Currency DWWKHEDODQFHVKHHWGDWH7KHDFWXDORXWÀRZRIUHVRXUFHVDWD
Items included in the Financial Statements of the entity IXWXUHGDWHPD\WKHUHIRUHYDU\IURPWKH¿JXUHLQFOXGHGLQRWKHU
are measured using the currency of the primary economic provisions.
environment in which the entity operates (“the functional Y 'LVFRXQWLQJRIORQJWHUP¿QDQFLDOOLDELOLWLHV
FXUUHQF\´ ,QGLDQ 5XSHH LV WKH )XQFWLRQDO FXUUHQF\ RI WKH
 $OO¿QDQFLDOOLDELOLWLHVDUHUHTXLUHGWREHPHDVXUHGDWIDLUYDOXH
&RPSDQ\
RQ LQLWLDO UHFRJQLWLRQ ,Q FDVH RI ¿QDQFLDO OLDELOLWLHV ZKLFK DUH
The Financial statements are presented in Indian Rupees, UHTXLUHG WR EH VXEVHTXHQWO\ PHDVXUHG DW DPRUWL]HG FRVW
ZKLFKLVWKH&RPSDQ\¶VSUHVHQWDWLRQFXUUHQF\ interest is accrued using the effective interest method.

232 8th Annual Report 2015-16


NOTES to the Financial Statements for the year ended 31st March 2017
(vi) Determining whether an arrangement contains a lease:
$W WKH LQFHSWLRQ RI DQ DUUDQJHPHQW WKH &RPSDQ\ GHWHUPLQHV
whether the arrangement is or contains a lease. At the inception
or on reassessment of an arrangement that contains a lease,
WKH &RPSDQ\ VHSDUDWHV SD\PHQWV DQG RWKHU FRQVLGHUDWLRQ
required by the arrangement into those for the lease and those
for the other elements based on their relative fair values. If the
&RPSDQ\FRQFOXGHVIRUD¿QDQFHOHDVHWKDWLWLVLPSUDFWLFDEOH
to separate the payments reliably, then an asset and a liability
DUH UHFRJQL]HG DW DQ DPRXQW HTXDO WR WKH IDLU YDOXH RI WKH
XQGHUO\LQJ DVVHW VXEVHTXHQWO\ WKH OLDELOLW\ LV UHGXFHG DV
SD\PHQWVDUHPDGHDQGDQLPSXWHG¿QDQFHFRVWRQWKHOLDELOLW\
LVUHFRJQL]HGXVLQJWKH&RPSDQ\¶VLQFUHPHQWDOERUURZLQJUDWH
,Q FDVH RI RSHUDWLQJ OHDVH WKH &RPSDQ\ WUHDWV DOO SD\PHQWV
under the arrangement as lease payments.
e. Standards Issued but not yet effective
 ,QG  $6  ³5HYHQXH IURP &RQWUDFW ZLWK &XVWRPHUV 7KH
0&$ KDG QRWL¿HG ,QG  $6  ³5HYHQXH IURP &RQWUDFW ZLWK
&XVWRPHUV´ LQ )HEUXDU\  7KH FRUH SULQFLSOH RI WKH QHZ
VWDQGDUG LV WKDW DQ HQWLW\ VKRXOG UHFRJQL]H UHYHQXH WR GHSLFW
the transfer of promised goods or services to the customers in
DQ DPRXQW WKDW UHÀHFWV WKH FRQVLGHUDWLRQ WR ZKLFK WKH HQWLW\
expects to be entitled in exchange for those goods or services.
Further, the new standard requires enhanced disclosures about
the nature, amount, timing and uncertainty of revenue and cash
ÀRZVDULVLQJIURPWKHHQWLW\¶VFRQWUDFWVZLWKFXVWRPHUV
I &XUUHQW9HUVXV1RQ&XUUHQW&ODVVL¿FDWLRQ
(i) The assets and liabilities in the Balance Sheet are based on
FXUUHQWQRQ±FXUUHQWFODVVL¿FDWLRQ$QDVVHWDVFXUUHQWZKHQLW
is:
 ([SHFWHGWREHUHDOL]HGRULQWHQGHGWREHVROGRUFRQVXPHGLQ
normal operating cycle.
 +HOGSULPDULO\IRUWKHSXUSRVHRIWUDGLQJ
 ([SHFWHGWREHUHDOL]HGZLWKLQWZHOYHPRQWKVDIWHUWKHUHSRUWLQJ
period, or
 &DVK RU FDVK HTXLYDOHQWV XQOHVV UHVWULFWHG IURP EHLQJ
exchanged or used to settle a liability for at least twelve months
after the reporting period
 $OORWKHUDVVHWVDUHFODVVL¿HGDVQRQFXUUHQW
(ii) A liability is current when it is:
1. Expected to be settled in normal operating cycle
 +HOGSULPDULO\IRUWKHSXUSRVHRIWUDGLQJ
3. Due to be settled within twelve months after the reporting period,
or
4. There is no unconditional right to defer the settlement of the
liability for at least twelve months after the reporting period
All other liabilities are treated as non - current.
 'HIHUUHGWD[DVVHWVDQGOLDELOLWLHVDUHFODVVL¿HGDVQRQFXUUHQW
assets and liabilities.
The operating cycle is the time between the acquisition of
DVVHWV IRU SURFHVVLQJ DQG WKHLU UHDOL]DWLRQ LQ FDVK DQG FDVK
equivalents.
Aries Agro Produce Private Limited
 6LJQL¿FDQW$FFRXQWLQJ3ROLFLHV
A. Plant, Property & Equipment:
All the property, plant and equipments have been carried at
YDOXHLQDFFRUGDQFHZLWKWKHSUHYLRXV*$$37KH&RPSDQ\KDV
elected these value as deemed cost at the date of transition to
Ind AS.
 3URSHUW\ 3ODQW  (TXLSPHQW DUH VWDWHG DW RULJLQDO FRVW QHW RI
WD[ GXW\ FUHGLW DYDLOHG OHVV DFFXPXODWHG GHSUHFLDWLRQ DQG
accumulated impairment losses, if any. All costs, including
¿QDQFHFRVWVLQFXUUHGXSWRWKHGDWHWKHDVVHWLVUHDG\IRULWV
intended use.
 :KHQ VLJQL¿FDQW SDUWV RI SURSHUW\ SODQW DQG HTXLSPHQW DUH
UHTXLUHGWREHUHSODFHGDWLQWHUYDOVWKHFRPSDQ\GHUHFRJQL]HV
WKH UHSODFHG SDUW DQG UHFRJQL]HV WKH QHZ SDUW ZLWK LWV RZQ
associated useful life and it is depreciated accordingly.
All the other repair and maintenance costs are recognised in the
VWDWHPHQWRISUR¿WDQGORVVDVLQFXUUHG7KHSUHVHQWYDOXHRIWKH
expected cost for the decommissioning of the asset after its use
is included in the cost of the respective asset if the recognition
criteria for a provision is met.
 3URSHUW\ 3ODQW  (TXLSPHQW DUH HOLPLQDWHG IURP WKH ¿QDQFLDO
statements either on disposal or when retired from active
use. Losses arising in the case of retirement of property, plant
and equipment and gains and losses arising from disposal of
property, plant and equipment are recognised in the statement
RISUR¿WDQGORVVLQWKH\HDURIRFFXUUHQFH
Subsequent expenditure related to an item of Property, Plant
(TXLSPHQWLVDGGHGWRLWVERRNYDOXHRQO\LILWLQFUHDVHVWKH
IXWXUH EHQH¿WV IURP WKH H[LVWLQJ DVVHW EH\RQG LWV SUHYLRXVO\
assessed standard of performance. All other expenses on
H[LVWLQJ 3URSHUW\ 3ODQW  (TXLSPHQW LQFOXGLQJ URXWLQH UHSDLU
and maintenance expenditure and cost of replacing parts, are
FKDQJHGWRWKHVWDWHPHQWRISUR¿WDQGORVVIRUWKHSHULRGGXULQJ
which such expenses are incurred.
 7KH &RPSDQ\ DGMXVWV H[FKDQJH GLIIHUHQFHV DULVLQJ RQ
WUDQVODWLRQ VHWWOHPHQW RI ORQJWHUP IRUHLJQ FXUUHQF\ PRQHWDU\
items pertaining to the acquisition of a depreciable asset to the
cost of the asset and depreciates the same over the remaining
life of the asset.
Gains or losses arising from disposal of Plant, Property and
Equipment are measured as the difference between the net
disposal proceeds and the carrying amount of the asset and are
UHFRJQL]HGLQWKHVWDWHPHQWRISUR¿WDQGORVVZKHQWKHDVVHWLV
disposed.
B. Depreciation & Amortization:
D 'HSUHFLDWLRQRQSURSHUW\SODQW HTXLSPHQWLVSURYLGHGRYHUWKH
XVHIXOOLIHRIDVVHWVDVVSHFL¿HGLQVFKHGXOH,,WRWKHFRPSDQLHV
$FW  ,Q FDVH RI 3URSHUW\ SODQW  (TXLSPHQW WKDW DUH
DGGHGGLVSRVHGRIIGXULQJWKH\HDUGHSUHFLDWLRQLVSURYLGHGRQ
SURUDWDEDVLVZLWKUHIHUHQFHWRWKHPRQWKRIDGGLWLRQGHOHWLRQ
Leasehold improvements are being depreciated over the lease
WHUP RU HVWLPDWHG XVHIXO OLIH ZKLFKHYHU LV ORZHU 8VHG DVVHWV
acquired from third parties are depreciated on a straight line
basis over their remaining useful life of such assets.
b. Depreciation methods, useful life and residual values are
UHYLHZHGDWHDFKUHSRUWLQJGDWHDQGDGMXVWHGLIDSSURSULDWH
8th Annual Report 2015-16 233
Aries Agro Produce Private Limited
NOTES to the Financial Statements for the year ended 31st March 2017
C. Intangible Assets :
 ,QWDQJLEOHDVVHWVDUHVWDWHGDWFRVWOHVVDFFXPXODWHGDPRUWL]DWLRQ
and impairment. Intangible assets are amortised over the
irrespective individual estimated useful lives on a straight-
line basis, from the date that they are available for use. The
HVWLPDWHGXVHIXOOLIHRIDQLGHQWL¿DEOHLQWDQJLEOHDVVHWLVEDVHG
on a number of factors including the effects of obsolescence,
demand, competition, and other economic factors (such as the
stability of the industry, and known technological advances),
and the level of maintenance expenditures required to obtain
WKHH[SHFWHGIXWXUHFDVKÀRZVIURPWKHDVVHW
 7KHXVHIXOOLYHVRILQWDQJLEOHDVVHWVDUHDVVHVVHGDVHLWKHU¿QLWH
RULQ¿QLWH
 7KH DPRUWL]DWLRQ SHULRG DQG WKH DPRUWL]DWLRQ PHWKRG IRU DQ
LQWDQJLEOH DVVHW ZLWK D ¿QLWH XVHIXO OLIH DUH UHYLHZHG DW OHDVW
DW WKH HQG RI HDFK UHSRUWLQJ SHULRG &KDQJHV LQ WKH H[SHFWHG
useful life or the expected pattern of consumption of future
HFRQRPLF EHQH¿WV HPERGLHG LQ WKH DVVHW LV FRQVLGHUHG WR
PRGLI\WKHDPRUWL]HGSHULRGRUPHWKRGDVDSSURSULDWHDQGDUH
treated as changes in accounting estimates.
 ,QWDQJLEOHDVVHWVZLWK¿QLWHXVHIXOOLIHDUHDPRUWL]HGRQVWUDLJKW
line basis over the useful economic life and assessed for
impairment whenever there is any indication that the intangible
asset may be impaired.
 ,QWDQJLEOHV ZLWK LQGH¿QLWH XVHIXO OLIH LI DQ\ DUH QRW DPRUWL]HG
but are tested for impairment annually, either individually or at
the cash generating unit level.
D. Borrowing Costs :
Borrowing costs that are directly attributable to acquisition,
construction or production of a qualifying asset (net of income
earned on temporary deployment of funds) are capitalised as a
part of the cost of such assets. Borrowing cost consists of interest,
other cost incurred in connection with borrowings of fund and
H[FKDQJHGLIIHUHQFHVWRWKHH[WHQWUHJDUGHGDVDQDGMXVWPHQW
to the borrowing cost. A qualifying asset is one that necessarily
takes substantial period of time to get ready for intended use.
Borrowing cost also includes exchange differences to the extent
UHJDUGHGDVDQDGMXVWPHQWWRWKHERUURZLQJFRVWV
 $OORWKHUERUURZLQJFRVWVDUHFKDUJHGWRWKH6WDWHPHQWRI3UR¿W
and Loss.
E. Leases
The determination of whether an arrangement is, or contains,
a lease is based on the substance of the arrangement at
WKH LQFHSWLRQ GDWH ZKHWKHU IXO¿OOPHQW RI WKH DUUDQJHPHQW
LV GHSHQGHQW RQ WKH XVH RI D VSHFL¿F DVVHW RU DVVHWV RU
arrangement conveys a right to use the asset, even if that right
LVQRWH[SOLFLWO\VSHFL¿HGLQDQDUUDQJHPHQW
Company as a lessor
 /HDVHV LQ ZKLFK WKH &RPSDQ\ GRHV QRW WUDQVIHU VXEVWDQWLDOO\
DOOWKHULVNVDQGUHZDUGVRIRZQHUVKLSRIDQDVVHWDUHFODVVL¿HG
as operating leases. Rental income from operating lease is
recognised on a straight-line basis over the term of the relevant
lease. Initial direct costs incurred in negotiating and arranging
an operating lease are added to the carrying amount of the
leased asset and recognised over the lease term on the same
basis as rental income.
234 8th Annual Report 2015-16
 &RQWLQJHQW UHQWV DUH UHFRJQLVHG DV UHYHQXH LQ WKH SHULRG LQ
which they are earned.
 /HDVHVDUHFODVVL¿HGDV¿QDQFHOHDVHVZKHQVXEVWDQWLDOO\DOORI
WKHULVNVDQGUHZDUGVRIRZQHUVKLSWUDQVIHUIURPWKH&RPSDQ\
WRWKHOHVVHH$PRXQWVGXHIURPOHVVHHVXQGHU¿QDQFHOHDVHV
DUH UHFRUGHG DV UHFHLYDEOHV DW WKH &RPSDQ\¶V QHW LQYHVWPHQW
in the leases. Finance lease income is allocated to accounting
SHULRGVVRDVWRUHÀHFWDFRQVWDQWSHULRGLFUDWHRIUHWXUQRQWKH
net investment outstanding in respect of the lease.
F. Inventories and WIP:
 ,QYHQWRULHV DUH YDOXHG DW WKH ORZHU RI FRVW DQG QHW UHDOL]DEOH
value.
 &RVWVLQFXUUHGLQEULQJLQJHDFKSURGXFWWRLWVSUHVHQWORFDWLRQ
and condition are accounted for as follows:
a. Raw materials and packing materials :
 /RZHURIFRVWDQGQHWUHDOL]DEOHYDOXH+RZHYHUPDWHULDOVDQG
other items held for use in the production of inventories are
QRW ZULWWHQ GRZQ EHORZ FRVW LI WKH ¿QLVKHG SURGXFWV LQ ZKLFK
they will be incorporated are expected to be sold at or above
FRVW &RVW LV GHWHUPLQHG RQ D ¿UVWLQ¿UVW RXW EDVLV &XVWRPV
duty on imported raw materials (excluding stocks in the bonded
warehouse) is treated as part of the cost of the inventories. Raw
PDWHULDOVWRUHDQGVSDUHV&RVWRQ),)2EDVLVRUQHWUHDOL]DEOH
value, whichever is lower.
E :RUNLQSURJUHVVDQG¿QLVKHGJRRGV
 /RZHU RI FRVW DQG QHW UHDOL]DEOH YDOXH &RVW LQFOXGHV GLUHFW
materials and labour and aproportion of manufacturing
RYHUKHDGVEDVHGRQQRUPDORSHUDWLQJFDSDFLW\&RVWRI¿QLVKHG
goods includes excise duty.
c. Traded goods :
 /RZHU RI FRVW DQG QHW UHDOL]DEOH YDOXH &RVW LQFOXGHV WKH
purchase price and other associated costs directly incurred in
bringing the inventory to its present location.
 1HWUHDOL]DEOHYDOXHLVWKHHVWLPDWHGVHOOLQJSULFHLQWKHRUGLQDU\
course of business, less estimated costs of completion and
estimated costs necessary to make the sale.
G :DVWHDQGVFUDSDUHQRWVHSDUDWHO\YDOXHGEHLQJLQVLJQL¿FDQWLQ
value.
H 1HWUHDOL]DEOHYDOXHLVWKHHVWLPDWHGVHOOLQJSULFHLQWKHRUGLQDU\
course of business, less estimated costs of completion and
estimated costs necessary to make the sale.
G. Foreign Currency Transactions and Balances:
The transactions in foreign currency are accounted at the
exchange rate i.e. custom rate prevailing on the date of
WUDQVDFWLRQ([FKDQJHÀXFWXDWLRQEHWZHHQWKHWUDQVDFWLRQGDWH
and settlement date in respect of transactions are transferred
to exchange rate difference account and written off to the
VWDWHPHQW RI SUR¿W  ORVV ([FKDQJH GLIIHUHQFH WKDW DULVH RQ
settlement of monetary items or on reporting at each balance
VKHHWGDWHRIWKH&RPSDQ\¶VPRQHWDU\LWHPVDWWKHFORVLQJUDWH
DUHUHFRJQL]HGDVLQFRPHRUH[SHQVHVLQWKH6WDWHPHQWRI3UR¿W
and Loss in the period in which they arise.
 &XUUHQW DVVHWV DQG FXUUHQW OLDELOLWLHV LQYROYLQJ WUDQVDFWLRQV LQ
foreign currency are converted at the exchange rates prevailing
RQWKHGDWHRI%DODQFH6KHHW$Q\SUR¿WDQGORVVDULVLQJRXWRI
VXFKFRQYHUVLRQLVFKDUJHGWRSUR¿WDQGORVVDFFRXQW
 Aries Agro Produce Private Limited

NOTES to the Financial Statements for the year ended 31st March, 2017
Non-monetary items i.e. investments are converted at the rate  6KRUW  WHUP HPSOR\HH EHQH¿WV DUH H[SHQVHG DV WKH UHODWHG
prevalent on the date of transaction. service is provided. A liability is recognised for the amount
H. Revenue Recognition: H[SHFWHG WR EH SDLG LI WKH &RPSDQ\ KDV D SUHVHQW OHJDO RU
constructive obligation to pay this amount as a result of past
 5HYHQXHLVUHFRJQL]HGWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWKH service provided by the employee and the obligation can be
HFRQRPLFEHQH¿WVZLOOÀRZWRWKH&RPSDQ\DQGWKHUHYHQXHFDQ estimated reliably.
be reliably measured, regardless of when the payment is being
made. E 3RVW(PSOR\PHQW%HQH¿WV
 7KHVSHFL¿FUHFRJQLWLRQFULWHULDGHVFULEHGEHORZPXVWDOVREH
PHWEHIRUHUHYHQXHLVUHFRJQL]HG
a. Sale of products:
As stated in Ind AS 18, Revenue from sale of products is
UHFRJQL]HGZKHQWKHVLJQL¿FDQWULVNVDQGUHZDUGVRIRZQHUVKLS
RIWKHJRRGVKDYHSDVVHGWRWKHEX\HU7KH&RPSDQ\FROOHFWV
L 'H¿QHG&RQWULEXWLRQ3ODQV
 5HWLUHPHQW EHQH¿W LQ WKH IRUP RI 3URYLGHQW )XQG LV D GH¿QHG
contribution scheme and the contributions are charged to the
VWDWHPHQWRISUR¿WDQGORVVIRUWKH\HDUZKHQWKHFRQWULEXWLRQVWR
WKHJRYHUQPHQWIXQGVDUHGXH7KH&RPSDQ\KDVQRREOLJDWLRQ
other than the contribution payable to provident fund authorities.
sales tax and value added tax (VAT) on behalf of the government
DQGWKHUHIRUHWKHVHDUHQRWHFRQRPLFEHQH¿WVÀRZLQJWRWKH
&RPSDQ\+HQFHWKH\DUHH[FOXGHGIURPUHYHQXH([FLVHGXW\
deducted from revenue (gross) is the amount that is included in
the revenue (gross) and not the entire amount of liability arising
during the year.
b. Interest Income
 ,QWHUHVW LQFRPH LV UHFRJQL]HG RQ DFFUXDO EDVLV DW DSSOLFDEOH
LQWHUHVW UDWHV )RU DOO ¿QDQFLDO LQVWUXPHQWV PHDVXUHG DW
DPRUWL]HGFRVWLQWHUHVWLQFRPHLVUHFRUGHGXVLQJWKHHIIHFWLYH
interest rate (EIR), which is the rate that exactly discounts the
LL 'H¿QHG%HQH¿W3ODQV
 7KHHPSOR\HHV¶JUDWXLW\IXQGVFKHPHLVWKH&RPSDQ\¶VGH¿QHG
EHQH¿WSODQ7KHSUHVHQWYDOXHRIWKHREOLJDWLRQXQGHUWKHVDLG
GH¿QHG EHQH¿W SODQ LV GHWHUPLQHG RQ WKH EDVLV RI DFWXDULDO
YDOXDWLRQIURPDQLQGHSHQGHQWDFWXDU\XVLQJWKH3URMHFWHG8QLW
&UHGLW0HWKRG
 7KHJUDWXLW\EHQH¿WRIWKH&RPSDQ\LVDGPLQLVWHUHGE\DWUXVW
formed for this purpose through the group gratuity scheme.
Remeasurements comprising of actuarial gain and losses,
the effect of the asset ceiling and the return on plan assets
H[FOXGLQJ DPRXQW LQFOXGHG LQ QHW LQWHUHVW RQ WKH QHW GH¿QHG
estimated future cash payment or receipts through the expected
OLIH RI WKH ¿QDQFLDO LQVWUXPHQW RU D VKRUWHU SHULRG ZKHUH
DSSURSULDWHWRWKHQHWFDUU\LQJDPRXQWRIWKH¿QDQFLDODVVHWV
interest income is included in other income in the statement of
SUR¿W ORVV
c. Dividend income:
Dividend income is accounted for when the right to receive the
same is established, which is generally when shareholders
approve the dividend.
I. Expenditure on new projects and substantial expansion:
Expenditure directly relating to construction activity is
FDSLWDOL]HG ,QGLUHFW H[SHQGLWXUH LQFXUUHG GXULQJ FRQVWUXFWLRQ
SHULRG LV FDSLWDOL]HG DV SDUW RI WKH LQGLUHFW FRQVWUXFWLRQ FRVW
to the extent to which the expenditure is directly related to
construction or is incidental there to. Other indirect expenditure
(including borrowing costs) incurred during the construction
period which is not related to the construction activity nor is
LQFLGHQWDOWKHUHWRLVFKDUJHGWRWKHVWDWHPHQWRISUR¿WDQGORVV
Income earned during construction period is deducted from the
total of the indirect expenditure. All direct capital expenditure
RQ H[SDQVLRQ LV FDSLWDOL]HG $V UHJDUGV LQGLUHFW H[SHQGLWXUH
RQH[SDQVLRQRQO\WKDWSRUWLRQLVFDSLWDOL]HGZKLFKUHSUHVHQWV
the marginal increase in such expenditure involved as a result
of capital expansion. Both direct and indirect expenditure are
FDSLWDOL]HGRQO\LIWKH\LQFUHDVHWKHYDOXHRIWKHDVVHWEH\RQG
its original standard of performance.
- (PSOR\HHEHQH¿WV basis on estimated taxable income and tax credits computed
D 6KRUW7HUP(PSOR\HH%HQH¿WV in accordance with the provisions of the relevant tax laws and
Accumulated leave, which is expected to be utilised within the
QH[WPRQWKVLVWUHDWHGDVVKRUWWHUPHPSOR\HHEHQH¿W7KH
&RPSDQ\PHDVXUHVWKHH[SHFWHGFRVWRIVXFKDEVHQFHVDVWKH
additional amount that it expects to pay as a result of the unused
entitlement that has accumulated at the reporting date.
EHQH¿W OLDELOLW\ DUH UHFRJQLVHG LPPHGLDWHO\ LQ WKH EDODQFH
sheet with a corresponding debit or credit to retained earnings
through other comprehensive income in the period in which they
occur.
 5HPHDVXUHPHQWVDUHQRWUHFODVVL¿HGWRWKHVWDWHPHQWRISUR¿W
and loss in subsequent periods.
 3DVWVHUYLFHFRVWLVUHFRJQLVHGLQWKHVWDWHPHQWRISUR¿W ORVV
in the period of plan amendment.
Net interest is calculated by applying the discounted rate to the
QHWGH¿QHGEHQH¿WOLDELOLW\RUDVVHW
F 2WKHU/RQJ7HUP(PSOR\HH%HQH¿WV
 7KH&RPSDQ\WUHDWVDFFXPXODWHGOHDYHH[SHFWHGWREHFDUULHG
IRUZDUG EH\RQG  PRQWKV DV ORQJ ±WHUP HPSOR\HH EHQH¿W
for measurement purposes. Such long-term compensated
absences are provided for based on the actuarial valuation
XVLQJWKHSURMHFWHGXQLWFUHGLWPHWKRGDWWKH\HDUHQG$FWXDULDO
JDLQVORVVHV DUH LPPHGLDWHO\ WDNHQ WR WKH VWDWHPHQW RI SUR¿W
and loss and are not deferred.
 7KH &RPSDQ\ SUHVHQWV WKH HQWLUH OHDYH DV D FXUUHQW OLDELOLW\
in the balance sheet, since it does not have an unconditional
right to defer its settlement for 12 months after the reporting
date.
K. Taxes :
a. Current Income Tax:
(i) Tax on income for the current period is determined on the
EDVHGRQWKHH[SHFWHGRXWFRPHRIDVVHVVPHQWVDSSHDOV
 &XUUHQWWD[FRPSULVHVRIWKHH[SHFWHGWD[SD\DEOHRUUHFHLYDEOH
RQWKHWD[DEOHLQFRPHRUORVVIRUWKH\HDUDQGDQ\DGMXVWPHQWWR
the tax payable or receivable in respect of the previous years. It
8th Annual Report 2015-16 
Aries Agro Produce Private Limited

NOTES to the Financial Statements for the year ended 31st March, 2017
is measured using tax rates enacted or substantively enacted at for which MAT credit is allowed to be carried forward. In the
the reporting date. \HDULQZKLFKWKH&RPSDQ\UHFRJQL]HV0$7FUHGLWDVDQDVVHW
 &XUUHQWWD[DVVHWVDQGOLDELOLWLHVDUHRIIVHWRQO\LIWKH&RPSDQ\ LQDFFRUGDQFHZLWKWKH*XLGDQFH1RWHRQ³$FFRXQWLQJIRU&UHGLW
Available in respect of Minimum Alternative Tax under the
‡ KDVDOHJDOO\HQIRUFHDEOHULJKWWRVHWRIIWKHUHFRJQLVHGDPRXQWV ,QFRPHWD[$FW´WKHVDLGDVVHWLVFUHDWHGE\ZD\RIFUHGLW
and WR WKH VWDWHPHQW RI SUR¿W DQG ORVV DQG VKRZQ DV ³0$7 &UHGLW
‡ LQWHQGVHLWKHUWRVHWWOHRQDQHWEDVLVRUWRUHDOLVHWKHDVVHWDQG (QWLWOHPHQW´7KH&RPSDQ\UHYLHZVWKH³0$7FUHGLWHQWLWOHPHQW´
settle the liability simultaneously. asset at each reporting date and writes down the asset to the
LL &XUUHQW LQFRPH WD[ UHODWLQJ WR LWHPV UHFRJQLVHG GLUHFWO\ LQ
HTXLW\LVUHFRJQLVHGLQHTXLW\DQGQRWLQWKHVWDWHPHQWRISUR¿W
 ORVV 0DQDJHPHQW SHULRGLFDOO\ HYDOXDWHV SRVLWLRQV WDNHQ LQ
the tax returns with respect to situations in which applicable
WD[ UHJXODWLRQV DUH VXEMHFW WR LQWHUSUHWDWLRQ DQG HVWDEOLVKHV
provisions where appropriate.
b. Deferred taxes:
(i) Deferred tax is provided using the balance sheet approach on
temporary differences at the reporting date between the tax
bases of assets and liabilities and their carrying amounts for
¿QDQFLDOUHSRUWLQJSXUSRVHDWWKHUHSRUWLQJGDWH
(ii) The carrying amount of deferred tax assets is reviewed at each
reporting date and reduced to the extent that it is no longer
SUREDEOH WKDW VXI¿FLHQW WD[DEOH SUR¿W ZLOO EH DYDLODEOH WR DOORZ
DOORUSDUWRIWKHGHIHUUHGWD[DVVHWWREHXWLOLVHG8QUHFRJQLVHG
deferred tax assets are reassessed at each reporting date and
are recognised to the extent that it has become probable that
IXWXUH WD[DEOH SUR¿WV ZLOO DOORZ WKH GHIHUUHG WD[ DVVHW WR EH
recovered.
Deferred tax liabilities are always provided for in full. Deferred tax
DVVHWVDUHUHFRJQL]HGWRWKHH[WHQWWKDWLWLVSUREDEOHWKDWWKH\
will be able to be offset against future taxable income. Deferred
tax assets and liabilities are calculated, without discounting, at
tax rates that are expected to apply to their respective period of
UHDOL]DWLRQSURYLGHGWKH\DUHHQDFWHGRUVXEVWDQWLYHO\HQDFWHG
at the balance sheet date.
 0RVWFKDQJHVLQGHIHUUHGWD[DVVHWVRUOLDELOLWLHVDUHUHFRJQL]HG
as a component of tax expense in the income statement. Only
changes in deferred tax assets or liabilities that relate to a
change in value of assets or liabilities that is charged directly to
equity are charged or credited directly to equity.
c. Sales/ value added taxes
 ([SHQVHVDQGDVVHWVDUHUHFRJQLVHGQHWRIWKHDPRXQWRIVDOHV
value added taxes paid, except:
‡ :KHQWKHWD[LQFXUUHGRQDSXUFKDVHRIDVVHWVRUVHUYLFHVLVQRW
H[WHQWWKH&RPSDQ\GRHVQRWKDYHFRQYLQFLQJHYLGHQFHWKDWLW
ZLOOSD\QRUPDOWD[GXULQJWKHVSHFL¿HGSHULRG
L. Segment reporting
,GHQWL¿FDWLRQRIVHJPHQWV
 7KH &RPSDQ\¶V RSHUDWLQJ EXVLQHVVHV DUH RUJDQLVHG DQG
managed separately according to the nature of products and
services provided, with each segment representing a strategic
business unit that offers different products and services to
different markets. The analysis of geographical segments is
EDVHG RQ WKH DUHDV LQ ZKLFK PDMRU RSHUDWLQJ GLYLVLRQV RI WKH
&RPSDQ\RSHUDWHV
M. Cash and Cash Equivalents
 &DVK DQG FDVK HTXLYDOHQWV FRPSULVH FDVK RQ KDQG DQG
demand deposits with banks which are short-term, highly liquid
investments that are readily convertible into known amounts of
FDVK DQG ZKLFK DUH VXEMHFW WR LQVLJQL¿FDQW ULVN RI FKDQJHV LQ
value.
 &DVK DQG FDVK HTXLYDOHQWV IRU WKH SXUSRVH RI FDVK ÀRZ
statement comprise cash at bank and in hand and short-
term investments with an original maturity of three months or
less.
N. Impairment of Non Financial Assets
 $VDWHDFKEDODQFHVKHHWGDWHWKH&RPSDQ\DVVHVVHVZKHWKHU
there is an indication that an asset may be impaired and also
whether there is an indication of reversal of impairment loss
UHFRJQL]HG LQ WKH SUHYLRXV SHULRGV ,I DQ\ LQGLFDWLRQ H[LVWV
or when annual impairment testing for an asset is required,
LI DQ\ WKH &RPSDQ\ GHWHUPLQHV WKH UHFRYHUDEOH DPRXQW DQG
LPSDLUPHQWORVVLVUHFRJQL]HGZKHQWKHFDUU\LQJDPRXQWRIDQ
asset exceeds its recoverable amount.
Recoverable amount is determined:
‡ ,QWKHFDVHRIDQLQGLYLGXDODVVHWDWWKHKLJKHURIWKHIDLUYDOXH
OHVVFRVWWRVHOODQGWKHYDOXHLQXVHDQG
‡ ,Q WKH FDVH RI FDVK JHQHUDWLQJ XQLW D JURXS RI DVVHWV WKDW
recoverable from the taxation authority, in which case, the tax
paid is recognised as part of the cost of acquisition of the asset
or as part of the expense item, as applicable
‡ :KHQUHFHLYDEOHVDQGSD\DEOHVDUHVWDWHGZLWKWKHDPRXQWRI
tax included The net amount of tax recoverable from, or payable
to, the taxation authority is included as part of receivables or
payables in the balance sheet.
d. Minimum Alternate Tax
Minimum Alternate Tax (MAT) paid in a year is charged to
WKH VWDWHPHQW RI SUR¿W DQG ORVV DV FXUUHQW WD[7KH &RPSDQ\
UHFRJQL]HV0$7FUHGLWDYDLODEOHDVDQDVVHWRQO\WRWKHH[WHQW
WKDW WKHUH LV FRQYLQFLQJ HYLGHQFH WKDW WKH &RPSDQ\ ZLOO SD\
QRUPDO LQFRPH WD[ GXULQJ WKH VSHFL¿HG SHULRG LH WKH SHULRG
236 8th Annual Report 2015-16
JHQHUDWH LGHQWL¿HG LQGHSHQGHQW FDVK ÀRZV DW WKH KLJKHU RI
cash generating unit’s fair value less cost to sell and the value in
use.
 ,QDVVHVVLQJYDOXHLQXVHWKHHVWLPDWHGIXWXUHFDVKÀRZVDUH
discounted to their present value using a pre-tax discount rate
WKDW UHÀHFWV FXUUHQW PDUNHW DVVHVVPHQWV RI WKH WLPH YDOXH RI
PRQH\DQGWKHULVNVSHFL¿FWRWKHDVVHW
In determining fair value less cost disposal, recent market
transaction are taken in to account.
Impairment losses of continuing operations, including
LPSDLUPHQW RQ LQYHQWRULHV DUH UHFRJQL]HG LQ WKH VWDWHPHQW RI
SUR¿WDQGORVV

NOTES to the Financial Statements for the year ended 31st March, 2017
 ,QWDQJLEOH DVVHWV ZLWK LQGH¿QLWH XVHIXO OLYHV DUH WHVWHG IRU
impairment annually, as appropriate, and when circumstances
indicate that the carrying value may be impaired.
O. Provisions, Contingent Liabilities and Contingent Assets:
 $ SURYLVLRQ LV UHFRJQL]HG LI DV D UHVXOW RI D SDVW HYHQW WKH
&RPSDQ\ KDV D SUHVHQW OHJDO RU FRQVWUXFWLYH REOLJDWLRQ WKDW
FDQ EH HVWLPDWHG UHOLDEO\ DQG LW LV SUREDEOH WKDW DQ RXWÀRZ
RI HFRQRPLF EHQH¿WV ZLOO EH UHTXLUHG WR VHWWOH WKH REOLJDWLRQ
Provisions are determined by discounting the expected
IXWXUHFDVKÀRZVDWDSUHWD[UDWHWKDWUHÀHFWVFXUUHQWPDUNHW
DVVHVVPHQWVRIWKHWLPHYDOXHRIPRQH\DQGWKHULVNVVSHFL¿F
WRWKHOLDELOLW\&RQWLQJHQW/LDELOLWLHVDUHQRWUHFRJQL]HGEXWDUH
GLVFORVHGLQWKHQRWHV&RQWLQJHQW$VVHWVDUHQRWUHFRJQL]HGEXW
GLVFORVHGLQWKH)LQDQFLDO6WDWHPHQWVZKHQHFRQRPLFLQÀRZLV
probable.
D 3URYLVLRQV DUH UHFRJQL]HG IRU OLDELOLWLHV WKDW FDQ EH PHDVXUHG
only by using a substantial degree of estimation, if
L WKH&RPSDQ\KDVDSUHVHQWREOLJDWLRQDVDUHVXOWRISDVWHYHQW
LL D SUREDEOH RXWÀRZ RI UHVRXUFHV LV H[SHFWHG WR VHWWOH WKH
REOLJDWLRQDQG
iii. the amount of obligation can be reliably estimated.
If the effect of time value of money is material, provisions
DUH GLVFRXQWHG XVLQJ FXUUHQW SUHWD[ UDWH WKDW UHÀHFWV ZKHQ
DSSURSULDWHWKHULVNVSHFL¿FWRWKHOLDELOLW\:KHQGLVFRXQWLQJLV
used, the increase in the provision due to the passage of time is
UHFRJQL]HGDVD¿QDQFHFRVW
 :KHUH WKH &RPSDQ\ H[SHFWV VRPH RU DOO RI D SURYLVLRQ WR EH
reimbursed, for example under an insurance contract, the
UHLPEXUVHPHQWLVUHFRJQL]HGDVDVHSDUDWHDVVHWEXWRQO\ZKHQ
the reimbursement is virtually certain. The expense relating to
DQ\SURYLVLRQLVSUHVHQWHGLQWKHVWDWHPHQWRISUR¿WDQGORVVQHW
of any reimbursement.
Aries Agro Produce Private Limited
its present condition. Management must be committed to the
sale, which should be expected to qualify for recognition as a
FRPSOHWHGVDOHZLWKLQRQH\HDUIURPWKHGDWHRIFODVVL¿FDWLRQ
 7KH FULWHULD IRU KHOG IRU VDOH GLVWULEXWLRQ FODVVL¿FDWLRQ LV
regarded met only when the assets are available for immediate
VDOHGLVWULEXWLRQLQLWVSUHVHQWFRQGLWLRQVXEMHFWRQO\WRWHUPV
that are usual and customary for sales of such assets, its sale
LVKLJKO\SUREDEOHDQGLWZLOOJHQXLQHO\EHVROGQRWDEDQGRQHG
7KH &RPSDQ\ WUHDWV VDOH RI WKH DVVHW WR EH KLJKO\ SUREDEOH
when:
‡ 7KHDSSURSULDWHOHYHORIPDQDJHPHQWLVFRPPLWWHGWRDSODQWR
sell the asset,
‡ $QDFWLYHSURJUDPPHUWRORFDWHDEX\HUDQGFRPSOHWHWKHSODQ
has been initiated,
‡ 7KHDVVHWLVEHLQJDFWLYHO\PDUNHWHGIRUVDOHDWDSULFHWKDWLV
reasonable in relation to its current fair value,
‡ 7KHVDOHLVH[SHFWHGWRTXDOLI\IRUUHFRJQLWLRQDVDFRPSOHWHG
VDOHZLWKLQRQH\HDUIURPWKHGDWHRIFODVVL¿FDWLRQDQG
‡ $FWLRQVUHTXLUHGWRFRPSOHWHWKHSODQLQGLFDWHWKDWLWLVXQOLNHO\
WKDWVLJQL¿FDQWFKDQJHVWRWKHSODQZLOOEHPDGHRUWKDWWKHSODQ
will be withdrawn.
 $VVHWV DQG OLDELOLWLHV FODVVL¿HG DV KHOG IRU VDOH DUH SUHVHQWHG
separately in the balance sheet.
Property, plant and equipment and intangible assets once
FODVVL¿HG DV KHOG IRU VDOH WR RZQHUV DUH QRW GHSUHFLDWHG RU
DPRUWL]HG
Q. Financial Instruments:
 $¿QDQFLDOLQVWUXPHQWLVDQ\FRQWUDFWWKDWJLYHVULVHWRD¿QDQFLDO
DVVHWRIRQHHQWLW\DQGD¿QDQFLDOOLDELOLW\RUHTXLW\LQVWUXPHQWRI
another entity.
a. Financial Assets:
b. Contingent liabilities are disclosed in case of:
i. a present obligation arising from past events, when it is not
SUREDEOHWKDWDQRXWÀRZRIUHVRXUFHVZLOOEHUHTXLUHGWRVHWWOH
the obligation,
ii. a present obligation arising from past events, when no reliable
estimate is possible,
iii. a possible obligation arising from past events where the
SUREDELOLW\RIRXWÀRZRIUHVRXUFHVLVQRWUHPRWH
c. Contingent assets are neither recognized nor disclosed.
 &RPPLWPHQWV LQFOXGH WKH DPRXQW RI SXUFKDVH RUGHU QHW RI
advances) issued to parties for completion of assets.
 3URYLVLRQVDQG&RQWLQJHQW/LDELOLWLHVDUHUHFRJQL]HGGLVFORVHG
after an evaluation of the facts and legal aspects and the
amounts are reviewed on the Balance Sheet date.
P. Non-current assets held for sale :
 1RQ&XUUHQWDVVHWVDUHFODVVL¿HGDVKHOGIRUVDOHLIWKHLUFDUU\LQJ
amounts will be recovered principally through a sale transaction
rather than through continuing use.
 1RQ &XUUHQW DVVHWV FODVVL¿HG DV KHOG IRU VDOH DUH PHDVXUHG
at the lower of their carrying amount and fair value less costs
to sell. This condition is regarded as met only when the sale is
highly probable and the asset is available for immediate sale in
L &ODVVL¿FDWLRQ
Financial Assets comprises of Investments in Equity and Debt
VHFXULWLHV 7UDGH 5HFHLYDEOHV &DVK DQG &DVK HTXLYDOHQWV
Borrowings and other Financial Assets.
(ii) Initial recognition and measurement
 $OO¿QDQFLDODVVHWVLVUHFRJQL]HGLQLWLDOO\DWIDLUYDOXHSOXVLQWKH
FDVHRI¿QDQFLDODVVHWVQRWUHFRUGHGDWIDLUYDOXHWKURXJKSUR¿W
or loss, transaction costs that are attributable to the acquisition
RIWKH¿QDQFLDODVVHW
 )LQDQFLDO$VVHWVDUHFODVVL¿HGDWLQLWLDOUHFRJQLWLRQDV¿QDQFLDO
DVVHWVPHDVXUHGDWIDLUYDOXHRUDV¿QDQFLDODVVHWVPHDVXUHG
DWDPRUWL]HGFRVW 
(iii) Subsequent Recognition
a. Financial Assets measured at amortized cost
 )LQDQFLDODVVHWVDUHPHDVXUHGDWDPRUWL]HGFRVWZKHQDVVHWLV
KHOGZLWKLQDEXVLQHVVPRGHOZKRVHREMHFWLYHLVWRKROGDVVHWV
IRU FROOHFWLQJ FRQWUDFWXDO FDVK ÀRZV DQG FRQWUDFWXDO WHUPV RI
WKH DVVHW JLYH ULVH RQ VSHFL¿HG GDWHV WR FDVK ÀRZV WKDW DUH
VROHO\SD\PHQWVRISULQFLSDODQGLQWHUHVW6XFK¿QDQFLDODVVHWV
DUHPHDVXUHGDWDPRUWL]HGFRVWXVLQJWKHHIIHFWLYHLQWHUHVWUDWH
(EIR) method.
 7KH (,5 DPRUWL]DWLRQ LV UHFRJQL]HG DV ¿QDQFH LQFRPH LQ WKH
6WDWHPHQWRI3UR¿WDQG/RVV
8th Annual Report 2015-16 237
Aries Agro Produce Private Limited
NOTES to the Financial Statements for the year ended 31st March, 2017
 7KH &RPSDQ\ ZKLOH DSSO\LQJ WKH DERYH FULWHULD KDV FODVVL¿HG
WKHIROORZLQJDW$PRUWL]HG&RVW All other changes in fair value of such liability are
a) Investment in Debt Instruments
b. Financial Assets measured at fair value through other
comprehensive income (FVTOCI)
Financial assets under this category are measured initially
as well as at each reporting date at fair value. Fair value
PRYHPHQWV DUH UHFRJQL]HG LQ WKH RWKHU FRPSUHKHQVLYH
income.
 F )LQDQFLDO$VVHWVPHDVXUHGDWIDLUYDOXHWKURXJKSUR¿W
or loss (FVTPL)
Financial assets under this category are measured initially
as well as at each reporting date at fair value with all
FKDQJHVUHFRJQL]HGLQSUR¿WRUORVV
d. Investment in Subsidiary and Associates
Investment in equity instruments of Subsidiaries and
Associates are measured at cost. Provision for Impairment
loss on such investment is made only when there is a
diminution in value of the investment, which is other than
temporary.
e. Investment in Debt Instruments
  $ GHEW LQVWUXPHQW LV PHDVXUHG DW DPRUWL]HG FRVW RU
at FVTPL. Any debt instrument, which does not meet
WKH FULWHULD IRU FDWHJRUL]DWLRQ DV DW DPRUWL]HG FRVW RU
DV )92&, LV FODVVL¿HG DV DW )973/ 'HEW LQVWUXPHQWV
included within the FVTPL category are measured at fair
YDOXH ZLWK DOO FKDQJHV UHFRJQL]HG LQ WKH 6WDWHPHQW RI
SUR¿WDQGORVV
(vi) De-recognition of Financial Assets:
  $¿QDQFLDODVVHWLVSULPDULO\GHUHFRJQL]HGZKHQWKHULJKWV
WRUHFHLYHFDVKÀRZVIURPWKHDVVHWKDYHH[SLUHGRUWKH
&RPSDQ\KDVWUDQVIHUUHGLWVULJKWVWRUHFHLYHFDVKÀRZV
from the asset.
b. Financial Liabilities:
gain or loss within equity.
UHFRJQLVHGLQWKHVWDWHPHQWRISUR¿WRUORVV
(iii) Loans and Borrowings:
Interest-bearing loans and borrowings are subsequently
measured at amortised cost using the Effective Interest
Rate (EIR) method. Gains and losses are recognised in
SUR¿WRUORVVZKHQWKHOLDELOLWLHVDUHGHUHFRJQLVHGDVZHOO
as through EIR amortisation process. Amortised cost is
calculated by taking into account any discount or premium
on acquisition and fees or costs that are an integral part of
WKH(,57KH(,5DPRUWLVDWLRQLVLQFOXGHGDV¿QDQFHFRVWV
LQWKHVWDWHPHQWRISUR¿WDQGORVV7KLVFDWHJRU\JHQHUDOO\
applies to borrowings
(iv) Derecognition of Financial Liabilities:
$ ¿QDQFLDO OLDELOLW\ LV GHUHFRJQLVHG ZKHQ WKH REOLJDWLRQ
under the liability is discharged or cancelled or expires.
:KHQDQH[LVWLQJ¿QDQFLDOOLDELOLW\LVUHSODFHGE\DQRWKHU
from the same lender on substantially different terms, or
WKHWHUPVRIDQH[LVWLQJOLDELOLW\DUHVXEVWDQWLDOO\PRGL¿HG
VXFK DQ H[FKDQJH RU PRGL¿FDWLRQ LV WUHDWHG DV WKH
derecognition of the original liability and the recognition
of a new liability. The difference in the respective carrying
DPRXQWV LV UHFRJQLVHG LQ WKH 6WDWHPHQW RI 3UR¿W DQG
Loss.
R. Earnings Per Share:
 %DVLFHDUQLQJVSHUVKDUHDUHFDOFXODWHGE\GLYLGLQJWKHQHWSUR¿W
or loss for the year attributable to equity shareholders by the
weighted average number of equity shares outstanding during
the year. Partly paid equity shares are treated as a fraction of
an equity share to the extent that they are entitled to participate
in dividends relative to a fully paid equity share during the
reporting period. The weighted average number of equity shares
RXWVWDQGLQJGXULQJWKH\HDULVDGMXVWHGIRUHYHQWVVXFKDVERQXV
LVVXHERQXVHOHPHQWLQDULJKWVLVVXHWRH[LVWLQJVKDUHKROGHUV
(i) Initial recognition and measurement
  $OO¿QDQFLDOOLDELOLWLHVDUHUHFRJQL]HGLQLWLDOO\DWIDLUYDOXH
and, in the case of loans, borrowings, and payables, net
of directly attributable transaction costs.
  7KH&RPSDQ\¶V¿QDQFLDOOLDELOLWLHVLQFOXGHWUDGHDQGRWKHU
payables, loans and borrowings including bank overdrafts,
security deposits and other deposits.
(ii) Subsequent measurement:
  )LQDQFLDO OLDELOLWLHV DW IDLU YDOXH WKURXJK SUR¿W RU ORVV
LQFOXGH ¿QDQFLDO OLDELOLWLHV KHOG IRU WUDGLQJ DQG ¿QDQFLDO
liabilities designated upon initial recognition as at fair
YDOXHWKURXJKSUR¿WRUORVV
Financial liabilities designated upon initial recognition at
IDLUYDOXHWKURXJKSUR¿WRUORVVDUHGHVLJQDWHGDVVXFKDW
the initial date of recognition, and only if the criteria in Ind
$6DUHVDWLV¿HG
   RUOLDELOLWLHVGHVLJQDWHGDV)973/IDLUYDOXHJDLQVORVVHV
)
DWWULEXWDEOHWRFKDQJHVLQRZQFUHGLWULVNLVUHFRJQL]HGLQ
2&,7KHVHJDLQVORVVDUHQRWVXEVHTXHQWO\WUDQVIHUUHGWR
3 /+RZHYHUWKH&RPSDQ\PD\WUDQVIHUWKHFXPXODWLYH
238 8th Annual Report 2015-16
VKDUHVSOLWDQGUHYHUVHVKDUHVSOLWFRQVROLGDWLRQRIVKDUHVWKDW
have changed the number of equity shares outstanding, without
a corresponding change in resources.
 'LOXWHG (36 DPRXQWV DUH FDOFXODWHG E\ GLYLGLQJ WKH SUR¿W
DWWULEXWDEOHWRHTXLW\KROGHUVRIWKH&RPSDQ\DIWHUDGMXVWLQJIRU
interest on the convertible preference shares) by the weighted
average number of Equity shares outstanding during the year
plus the weighted average number of Equity shares, that would
be issued on conversion of all the dilutive potential Equity shares
into Equity shares.
S. Investments:
 ,QYHVWPHQWVWKDWDUHUHDGLO\UHDOL]DEOHDQGLQWHQGHGWREHKHOG
for not more than twelve months from the date on which such
LQYHVWPHQWVDUHPDGHDUHFODVVL¿HGDVFXUUHQWLQYHVWPHQWV$OO
RWKHULQYHVWPHQWVDUHFODVVL¿HGDVORQJWHUPLQYHVWPHQWV
On initial recognition, all investments are measured at cost.
The cost comprises purchase price and directly attributable
acquisition charges such as brokerage, fees and duties. If an
investment is acquired, or partly acquired, by the issue of shares
or other securities, the acquisition cost is the fair value of the
securities issued.
 Aries Agro Produce Private Limited

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

If an investment is acquired in exchange for another asset, the investment basis. Long-term investments are carried at cost.
acquisition is determined by reference to the fair value of the +RZHYHUSURYLVLRQIRUGLPLQXWLRQLQYDOXHLVPDGHWRUHFRJQL]H
asset given up or by reference to the fair value of the investment a decline other than temporary in the value of the investments.
acquired, whichever is more clearly evident. On disposal of an investment, the difference between its carrying
 &XUUHQW LQYHVWPHQWV DUH FDUULHG LQ WKH ¿QDQFLDO VWDWHPHQWV amount and net disposal proceeds is charged or credited to the
at lower of cost and fair value determined on an individual VWDWHPHQWRISUR¿WDQGORVV
(Amounts in Rupees unless stated otherwise)
3 SHARE CAPITAL As at As at As at
31st March, 2017 31st March, 2016 VW$SULO
Authorised Share Capital
(TXLW\6KDUHVRI5VHDFK 5,000,000  
Total 5,000,000  
Issued, Subscribed and Fully Paidup
(TXLW\6KDUHVRI5VHDFK 100,000 100,000 100,000
Total 100,000 100,000 100,000

3.1 Reconcoliation of Equity Shares outstanding at the beginning and at the end of the year :
Particulars As at As at As at
31st March, 2017 31st March, 2016 VW$SULO
Equity Shares at the beginning of the year 10,000 10,000 10,000
Add : - Issued during the year - - -
Less :- Shares cancelled during the year - - -
Equity Shares at the end of the year 10,000 10,000 10,000

3.2 List of Shareholder’s holding more than 5 percent of Shares in the Company
Name of the Share Holder No of As at No of As at No of As at
Shares 31st March, Shares 31st March, Shares 1st April,
2017 2016 
% Held +HOG +HOG
(i) Dr. Jimmy Mirchandani 1,200 12.00% 1,200  1,200 
(ii) Dr. Rahul Mirchandai 1,200 12.00% 1,200  1,200 
(iii) Aries Agro Ltd 7,500 75.00%    

8th Annual Report 2015-16 

Aries Agro Produce Private Limited

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

4 OTHER EQUITY Reserve & Surplus Total

Securities Premium General Reserve Reatined
Reserve Earnings
Balance as at 1 April, 2015 - - (272,778) (272,778)
Add: Dividend and Dividend Distribution Tax - - - -
paid after reporting period (Ind AS 10)
Less: ,PSDLUPHQW/RVVRQ1RQ&XUUHQW$VVHWV - - - -
Restated Balance at the beginning of the - - (272,778) (272,778)
reporting period

Add : 3UR¿W/RVVIRUWKH\HDU - - (27,100) (27,100)

Transfer from Retained Earnings - - - -
2WKHU&RPSUHKHQVLYH,QFRPH - - - -
Total Comprehensive Income for the year - - (27,100) (27,100)
Less : Dividends - - - -
Dividend Distribution Tax - - - -
Transfer to General Reserve - - - -
Balance as at 1 April, 2016 - - (299,878) (299,878)
Less : Dividend and Dividend Distribution Tax - - - -
SDLGIRU)<
Add: Dividend and Dividend Distribution Tax - - - -
paid after reporting period (Ind AS 10)
Restated Balance at the beginning of the - - (299,878) (299,878)
reporting period
Add : 3UR¿W/RVVIRUWKH\HDU - - (27,300) (27,300)
Transfer from Retained Earnings - - - -
2WKHU&RPSUHKHQVLYH,QFRPH - - - -
Total Comprehensive Income for the year - - (27,300) (27,300)
Less : Dividends - - - -
Dividend Distribution Tax - - - -
Transfer to General Reserve - - - -
Balance as at 31 March, 2017 - - (327,178) (327,178)

5 CURRENT BORROWINGS As at As at As at
31st March, 2017 31st March, 2016 VW$SULO
Un-Secured Borrowings
/RDQIURP+ROGLQJ&RPSDQ\ 190,866  
From Related Parties 6,054  
Total 196,920  

6 TRADE PAYABLES As at As at As at
31st March, 2017 31st March, 2016 VW$SULO
Due to Others 30,258 128,364 103,264
Total 30,258 128,364 103,264

240 8th Annual Report 2015-16

 Aries Agro Produce Private Limited

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

6.1 7KHUHDUHQR0LFURDQG6PDOO(QWHUSULVHVWRZKRP&RPSDQ\RZHVGXHVZKLFKDUHRXWVWDQGLQJIRUPRUHWKDQGD\VDVDWVW
March, 2017. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has
EHHQGHWHUPLQHGWRWKHH[WHQWVXFKSDUWLHVKDYHEHHQLGHQWL¿HGRQWKHEDVLVRILQIRUPDWLRQDYDLODEOHZLWKWKH&RPSDQ\

7 OTHER EXPENSES Year Ended <HDU(QGHG

31st March, 2017 31st March, 2016
Other Administration Expenses
Audit Fees 17,325 
/HJDO 3URIHVVLRQDO)HHV 7,975 
5HQW5DWHV 7D[HV 2,000 2,000
Total 27,300 27,100

7.1 Payment to Auditors as :

Sr. No. Particulars Year Ended <HDU(QGHG
31st March, 2017 31st March, 2016

(a) Statutory Audit Fees 17,325 

(b) Tax Audit Fees 5,750 
Total 23,075 

8 EARNINGS PER SHARE (EPS) Year Ended <HDU(QGHG

31st March, 2017 31st March, 2016
(i) 1HW3UR¿W$IWHU7D[3$7DVSHU6WDWHPHQWRI3UR¿WDQG/RVVDWWULEXWDEOHWR (27,300) (27,100)
Equity Shareholders
(ii) Weighted Average number of Equity Shares used as denominator for calculating 10,000 10,000
EPS
(iii) %DVLF 'LOXWHG(DUQLQJVSHU6KDUH5V (2.73) (2.71)

(iv) Face Value per Equity Share (Rs.) 10 10

8th Annual Report 2015-16 241

Aries Agro Produce Private Limited

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

9 RELATED PARTY DISCLOSURES

5HODWHG3DUW\'LVFORVXUHVDVSHU,QG$6LVVXHGE\WKH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLD
Part - A
Details of Related Parties
Sr. Nature of Relationship Name of the Related Party Remarks
No.
1 +ROGLQJ&RPSDQ\ a) Aries Agro Limited a) Date of becoming Subsidiary of Aries Agro
Limited is 20th June, 2008 (Incorporation Date)
2 .H\0DQDJHPHQW3HUVRQQHO a) Dr. Jimmy Mirchandani a) Director
b) Dr. Rahul Mirchandani b) Director
3 5HODWLYHVRI.H\0DQDJHPHQW Name of the Key Management Name of the Relative Relationship
Personnel Personnel
a) Dr. Jimmy Mirchandani a) Mrs. Vivian Prokop Mirchandani Spouse
b) Mr. Akshay Mirchandani Son
c) Mr. Amol Mirchandani Son
d) Dr. Rahul Mirchandani Brother
b) Dr. Rahul Mirchandani a) Mrs. Nitya Mirchandani Spouse
b) Mastar Armaan Mirchandani Son
c) Dr. Jimmy Mirchandani Brother
4 Fellow Subsidiaries a) $ULHV$JUR&DUH3YW/WG a) A wholly owned Subsidiary of Aries Agro Limited
b) Aries Agro Equipments Pvt Ltd b) A wholly owned Subsidiary of Aries Agro Limited
c) *ROGHQ+DUYHVW0LGGOH(DVW)=& c) A Subsidiary of Aries Agro Limited
d) $PDUDN&KHPLFDOV)=& d) A Step Down Subsidiary of Aries Agro Limited
 Enterprises over which the a) Aries East West Nutrients Pvt Ltd
.H\ 0DQDJHPHQW 3HUVRQQHO b) Aries Marketing Ltd
KDYH VLJQL¿FDQW LQÀXHQFH RU
c) Blossoms International Ltd
control
d) 6UHHQL$JUR&KHPLFDOV/WG

Part - B
Details of Transactions with Related Parties
Sr. Category Nature of Service Year Ended <HDU(QGHG
No. 31 March 2017 31 March 2016
1 +ROGLQJ&RPSDQ\ Loan taken 125,406 -
2 .H\0DQDJHPHQW3HUVRQQHO Loan taken - 

Part - C
Balance Outstanding with Related Parties
Category Nature of Outstanding Name of the Party As at As at
31 March 2017 31 March 2016
+ROGLQJ&RPSDQ\ 8QVHFXUHG/RDQV Aries Agro Limited 190,866 
.H\0DQDJHPHQW3HUVRQQHO 8QVHFXUHG/RDQV Dr. Jimmy Mirchandani 6,054 
10. Current Assets, Loan & Advances and Provisions
D 7KHFXUUHQWDVVHWVDQGORDQVDQGDGYDQFHVDUHDSSUR[LPDWHO\RIWKHYDOXHVWDWHGLIUHDOL]HGLQWKHRUGLQDU\FRXUVHRIEXVLQHVV
b) The provision for all known liabilities is not in excess of the amounts considered reasonably necessary.
F 7KHEDODQFHVRI6XQGU\&UHGLWRUVDQG/RDQVDQG$GYDQFHVDUHVXEMHFWWRFRQ¿UPDWLRQ
11. Events Occurring After Balance Sheet Date

242 8th Annual Report 2015-16

 Aries Agro Produce Private Limited

NOTES to the Financial Statements for the year ended 31st March, 2017
(Amounts in Rupees unless stated otherwise)

 7KH FRPSDQ\ LV D VXEVLGLDU\ FRPSDQ\ RI$ULHV$JUR /LPLWHG7KH VDLG &RPSDQ\ KDV SOHGJHG LWV IXOO VXSSRUW IRU WKH DFWLYLWLHV RI WKH
FRPSDQ\+RZHYHUWKHVDLG&RPSDQ\KDVWUDQVIHUUHGLWVPDMRULW\KROGLQJRQ+HQFHZLWKHIIHFWIURPWKDWGDWHWKHFRPSDQ\KDV
FHDVHGWREHWKHVXEVLGLDU\RI$ULHV$JUR/LPLWHG,QYLHZWKHUHRIWKH¿QDQFLDOYLDELOLW\RIWKH&RPSDQ\ZLOOGHSHQGRQVXSSRUWIURPWKH
new promoter.
 &RQWLQJHQWOLDELOLW\LVJHQHUDOO\QRWSURYLGHGLQWKHDFFRXQWVEXWLVGLVFORVHGE\ZD\RIQRWHVWRDFFRXQWV
 )RUHLJQ([FKDQJH(DUQLQJV 2XWÀRZ
 'XULQJWKH\HDUWKHUHZHUHQR)RUHLJQ([FKDQJHHDUQLQJVH[SHQGLWXUHRURXWÀRZ
14. Micro And Small Scale Business Entities
 7KHUHDUHQRPLFURDQGVPDOO(QWHUSULVHVWRZKRPFRPSDQ\RZHVGXHVZKLFKDUHRXWVWDQGLQJIRUPRUHWKDQGD\VDVDWVW0DUFK
2017. This Information as required to be disclosed under the micro, small and medium enterprises development Act , 2006 has been
GHWHUPLQHGWRWKHH[WHQWVXFKSDUWLHVKDYHEHHQLGHQWL¿HGRQWKHEDVLVRILQIRUPDWLRQDYDLODEOHZLWKWKHFRPSDQ\
 ,Q DEVHQFH RI YLUWXDO FHUWDLQW\ WKDW VXI¿FLHQW IXWXUH WD[DEOH LQFRPH ZLOO EH DYDLODEOH IRU 6HWRII RI ORVVHV LQFXUUHG E\ WKH FRPSDQ\ WKH
company has not taken credit for Deferred tax assets.
 3UHYLRXV\HDU¶V¿JXUHVKDYHEHHQUHJURXSHGZKHUHYHUQHFHVVDU\VRDVWRPDNHWKHPFRPSDUDEOHZLWKWKHFXUUHQW\HDU
The Notes referred to above form integral part of these Standalone Financial Statements.

As per our report of even date For and on behalf of the Board of Directors of
Aries Agro Produce Private Limited

For Kirti D. Shah & Associates Dr. Jimmy Mirchandani

&KDUWHUHG$FFRXQWDQWV Director
)LUP5HJLVWUDWLRQ1R: ',1

Kirti D. Shah Dr. Rahul Mirchandani

Proprietor Director
Membership No 32371 ',1

Place : Mumbai
Date:- th May, 2017

8th Annual Report 2015-16 243

NOTES
 47th ANNUAL GENERAL MEETING
5HJLVWHUHG2I¿FH$ULHV+RXVH3ORW1R'HRQDU*RYDQGL(DVW0XPEDL

ATTENDANCE SLIP


3OHDVHFRPSOHWHWKLVDWWHQGDQFHVOLSDQGKDQGRYHUDWWKHHQWUDQFHRIWKH0HHWLQJ+DOO

/)1RV'3,' &OLHQW,'BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

1$0(2)7+(6+$5(+2/'(5BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

352;<BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

1RRI6KDUHVKHOGBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
,:HKHUHE\UHFRUGRXUSUHVHQFHDWWKHForty Seventh Annual General Meeting held on Thursday, the 28th September,
2017DW7KH&KHPEXU*\PNKDQDWK5RDG&KHPEXU0XPEDL±

6,*1$785(2)7+(6+$5(+2/'(5352;< BBBBBBBBBBBBBBBBBBBBBBBBBBB
6WULNHRXWZKLFKHYHULVQRWDSSOLFDEOH



47th ANNUAL GENERAL MEETING

5HJLVWHUHG2I¿FH$ULHV+RXVH3ORW1R'HRQDU*RYDQGL(DVW0XPEDL

PROXY FORM

,:HBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

RIBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBEHLQJWKH0HPEHU0HPEHUVRI$5,(6$*52/,0,7('080%$,
hereby appoint

0UBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

RIBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBRUIDLOLQJKLP0UBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB


RIBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBDVP\RXUSUR[\WRYRWHIRUPHXVRQP\RXUEHKDOIDWWKHForty Seventh Annual

General MeetingRIWKH&RPSDQ\WREHKHOGRQThursday, the 28th September, 2017DQGDWDQ\DGMRXUQPHQWWKHUHRI

$I¿[
5H
Revenue
Stamp

6LJQHGWKLVBBBBBBBBBBBBBBBBBBGD\RIBBBBBBBBBBBBBBBBBBBB
 ANNUAL
47 th
REPORT
2016-17

Distribution of Food grains for the students of Gurukul Vidyapeeth Felicitation of Sales Staff for their Half Yearly Achievement on 22nd Nov 2016
at Vyakti Vikas Kendra, India - Dahegaon

Customer
Convention

Puri Dealers Meet with

Chattisgarh Bihar Jharkhand
& East MP dealers

Gujarat, Madhya Pradesh & Rajasthan team alongwith Dealers at Amritsar Dealers Meet
 ANNUAL
47 th
REPORT
2016-17

Family
Grows

Aries team visited

Rashtrapati Bhavan
as part of the Half
Yearly Conference

New Pune Depot Inauguration Ceremony in the presence of Planning Meeting with Gujarat, Rajasthan, Haryana & Madhya Pradesh team at Lucknow
Dr. Rahul Mirchandani & Maharashtra Team on 16th Nov 2016

Planning Meeting with West Bengal & North Eastern Region at Kolkata Planning Meeting with Jammu & Kashmir, Himachal Pradesh,
Uttar Pradesh, Punjab & Bihar Teams at Delhi
 ANNUAL
47 th
REPORT
2016-17

Aries Flash Sale & Customer Convention for Andhra Pradesh Dealers Maharashtra & Nipani team alongwith dealers at Goa Delears Meet

Aries Team Visiting Customers in Hyderabad Region

Aries Team Meets Himachal Pradesh Distributors at Shimla, HP Customer Convention of Madhya Pradesh Team at Jabalpur, MP
 ANNUAL
47 th
REPORT
2016-17

Corporate
Social
Responsibility

Construction Of Washroom for Women in Construction Of Washroom for Women in

Andhra Pradesh Andhra Pradesh

Distribution Of Braille Slates, Ironsafe, Trunkboxes, Toiletries & Ricebags Distribution Of Hearing Aid & Ceiling Fan By Aries Team At Kurnool,
By Aries Team, Telangana Andhra Pradesh

đ BOOK POST đ

Aries House, Plot No. 24, Deonar, Govandi (East), Mumbai - 400 043.
Tel.: +9122 25564052 / 25564053. Fax No.: +91 22 25564054
agro limited Website: www.ariesagro.com | Email: investorelations@ariesagro.com