Financial Statements For the year ended 31st March, 2019 BILTECH BUILDING ELEMENTS LIMITED || DBMS & ASSOCIATESDBMS & ASSOCIATES b Chartered Accountants | INDEPENDENT AUDITORS’ REPORT ‘TO THE MEMBERS OF BILTECH BUILDING ELEMENTS LIMITED Report on the audit of the Financial Statements Opinion We have audited the accompanying financial statements of M/s Biltech Building Elements Limited (“the Company", which comprise the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss {including other comprehensive income), Statement of changes in Equity and Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information (herein after referred to as“ financial statements"). In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Campanies Act, 2013("the Act”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in india, of the state of affairs of the Company as at March 31, 2019, of its loss, total comprehensive income, changes in equity and its cash flows for the year then ended on that date Basis for opinion We conducted our audit in accordance with the Standards on Auditing (SAs} specified under Section 143(10) of the Act, Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India {ICAl) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics, We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Information Other than the financial Statements and Auditor’s Report thereon ‘The Company's Board of Director is responsible for the other information. The other information comprises the Directors’ Report, but does not include the financial statements and our auditor's report thereon. The other information is expected to be made available to us after the date of this auditor's report. ‘Our opinion on the financial statements does not cover the other information and we will not express any form of ‘assurance conclusion thereon, {In connection with our audit of the financial statements, our responsibility Is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have Performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. Responsibilities of management and those charged with governance for the financial statements The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under Section 133 of the Act. This responsibilty 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 implementation and maintenance of accounting policies; making judgments | Mead Office : 121, Pockt 1, Jasoa, New Delhi - 11002517 -+01-11-48548472 E-mall@dbmsconsutingin! | Branch ofee: 28182, 2n4 For Laxmi Niwas Bing, 28 VF, Roe, Girgaon, Mumba! -#0006 1 -r.22307989|€-mmgdbmeconeuinginand estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. {in preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so, The Board of Directors are also responsible for overseeing the company’s financial reporting process. Auditor's responsibilities for the audit of the financial statements (Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from ‘material misstatement, whether due to fraud or error, and to issue an auditor's report that Includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements, As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: * Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material _misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the averride of internal control. '* Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing ‘our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls. + Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. ‘Conclude on the appropriateness of use of the going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. if we conclude that a material Uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based ‘on the audit evidence obtained up to the date of our auditor's report, However, future events or conditions ‘may cause the Company to cease to continue as a going concern, ‘+ Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, ‘and whether the financial statements represent the underlying transactions and events In a manner that achieves fair presentation. ‘We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our aus fkWe also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. Other Matter We have not received direct confirmation from certain parties and lender for the balance outstanding, consequently the impact of the same is not ascertainable. Our report is not modified in respect of the above matters. Report on Other Legal and Regulatory Requirements L ‘As required by the Companies (Auditor’s Report) Order, 2016 ("the Order”) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure A, a statement on the ‘matters specified in paragraphs 3 and 4 of the Order. As required by section 143(3) of the Act, we report, to the extent applicable, that: @. 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 appears from our examination of those books; ©The Balance Sheet, the Statement of Profit and Loss (including other comprehensive income}, Statement of changes in Equity and Statement of Cash Flows dealt with by this Report are in agreement with the books of account; 4d. In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act. @. On the basis of the written representations received from the directors as on 31st March, 2019, and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2019 from being appointed as a director in terms of Section 164 (2) of the Act; f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure 6"; and & According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid/provide for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act. hh. With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us: The Company has disclosed the impact of pending litigations on its financial position in its financial Statements- refer Note -31 to the financial statements. |i) The Company did not have any long-term contracts including derivatives contracts for which there were any material foreseeable losses;——~ill) There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company. \ shoved Garg, ‘Membership no. 524347 Partner For and on Behalf of DBMS & Associates Chartered Accountants RN —026573N DOEN SISS24349 AANAODLESL Gurugram, 27° September, 2019‘Annexure: “A to the Independent Auditors’ Report, ‘The Annexure referred to in paragraph 1 under “Report on Other Legal and Regulatory Requirements" section of our report of even date (i) a}. The company has maintained proper records showing full particulars, including quantitative details and situation of fied assets. b} The Company has a regular program of physical verification of its fixed assets under which fixed assets are verified in a phased manner over a period of three years, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification. €} According to the information and explanation given to us, the original title deeds of {reehold land and building have been pledged as security with a bank for loan taken that could not be verified and arc hold in the name of the company, hence we are unable to comment as to whether the original title deeds of freehold land and building name of the Company, (ii) The inventory (except good-in-transit) has been physically verified by the management during the year. The discrepancies noticed on the physical verification between the physical stocks and the book records, to the extent carried out were not material. (ii) According to information and explanations given to us, the company has not granted loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act 2013. (iv) In our opinion and according to the information and explanation given to us, there are no loans, guarantees and securities granted in respect of which provisions of section 185 of the Companies Act 2013 are applicable to the Company and hence not commented upon. The provisions of section 186 of the Company Act, 2013 in respect of investment made have been complied with by the Company. (¥) According to information and explanations given to us the company has not accepted any deposit during the year. (ui) According to the information and explanation given to us, we are informed that the maintenance of cost records has not been prescribed by the Central Government under sub-section (1) of section 148 of the Companies Act 2013. (vil) a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, except for dues in respect of value added tax, cess, goods and service tax, professional tax, duty of excise, labour welfare fund, service tax, municipal tax, the Company Is regular in depositing undisputed statutory dues, including income tax, sales tax, duty of customs and other ‘material statutory dues, as applicable, with the appropriate authorities. The extent of the arrears of statutory dues outstanding as at 31 March 201 for a period of more than six months from the date they become payable are as follows: Name of statue ‘Amount | Period | Deposit Date Central goods & service tax act, 2017 1,850 | __Apr-18 | Not paid ‘The Gujrat Profesional Tax Act, 1976 8,200 | ___Sep-18 | Not paid Central Excise tariff act,1985 31,754 | Apri | Not paid Central Excise tariff act,1985, 16,08,513 | _apr-as | Not paid Local body tax, Maharashtra 858,404 | _Apr-18 | Not paidCentral goods & service act, 2017 19,765 Jul-8 Labour Welfare Fund _ 14080 | apr-18 | not paid Labour Welfare Fund- Employee share 28,160 | __Apr-18 | Not paid Finance act, 1994 | 038,020 | apr-8 | Not paid Maharashtra Value Added Tax Act 2002 57,003 | _Apr-18 | Not paid Total 66,65,749 b) According to the information and explanations given to us and the records of the Company, there is no due in respect of income tax, sales tax, service tax, goods and service tax, duty of customs, duty of excise and value added tax as on 31st March 2039 which have not been deposited on account of disputes except as below: Name of | Nature of dues ‘Amount | Period for which | Forum where dispute is Statute {Rsin Lacs) | the amount related | pending SaleTax | Sale tax 20.50 | 2011 to 2014 Appellate Authority Total | 20.50 (vii) According to the information and explanations give to us and based on our examination of the records of the Company, the Company does not have loan or borrowings from bank or Government or dues to debenture holders. However the Company has defaulted in repayment of loan to the following financial institution : Party Name ‘Amount Period of Default Status as on Balance Lacs Sheet Date Industrial Financial Corporation | 5,417.64 | January 2018 to March Not Paid ofindia 2019 (ix) The Company did not raise money by way of initial public offer or further public offer (including debt instruments) and term foan during the year. Accordingly, clause (ix) of the paragraph 3 of the Order is not applicable. (¥) According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit. (ii) According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act. (ii) As the Company is not a Nidhi Company, accordingly clause (xi!) of paragraph 3 of the order is not applicable to the Company. (il) According to the information and explanations given to us and based on our examination of the records of the Company, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 wherever applicable and the details have been disclosed in the financial statements etc., as required by the applicable accounting standards (xiv) According to the information and explanation given to us, the company has not made any preferential allotment or private placement of shares of fully or partly convertible debenture during the year(ev) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, clause (xu) of the paragraph 3 of the Order is not applicable. i) The Pompany i not required o be registered under section 451A of the Reserve Bank of Inca Ac 1934 BHAVNA GARG ‘Membership No. 524347 Partner For and on Beha of DBMS & AssocIATES Chartered Accountants g FRN—026573N Udi! 1452434 FARRADILOI~ Gurugram, 27 September, 2019“ANNEXURE 8” TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF BILTECH BUILDING ELEMANTS LIMITED Report on the internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act”) We have audited the internal financial controls over financial reporting of M/s Biltech Building Elements Limited ("the Company") as of March 31, 2029 in conjunction with our audit of the financial statements of the Company for the year ended on that date. ‘Management's Responsibility for Internal Financial Controls, The Company's management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013 Auditors’ Responsibility ur responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting {the “Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internat Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects. ‘Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting. Meaning of internal Financial Controls over Financial Reporting ‘A company's internal financial control over financial reporting Is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that recelpts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or tlmely detection of unauthorised acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. —-—_Inherent Limitations of internal Financial Controls over Financial Reporting Because of the inherent limitations of internal financial controls over financial reporting, including the possibilty of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future. periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. opinion | our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2019, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial tng issued by the Institute of Chartered Accountants of India, Menibership No. 524347 Partner For and on Behalf of DBMS@ associates Chartered Accountants af FRN ~ 026573N ¥ QIN: IATLUBYF-ALANDI2E i irugram, 27° September, 2019biltech Starla Blancs Shot eat 3st March 2019, amount in) 11) Honcuront ass {a) Property slant an cuorent a rmnagssaes 2469042652 12) Capt woreinroqese a 20885 980 19085398 (ch Geeramangbie sete 5 4392 wait (6) Sandal ane (iweens| « 2790000 2555000 (o}_ Defereetaranets int) ” saososra Omen 7 30635.709 asrasaon (2) corrent ast: Ia) mentor ® 128354900 sayezran [n) Fane sets (ade Reese: 2 25665300, aezoans7 (ipcasn and cash egtatens ra san apsaeane (Goan tlaces ther than i above B ‘5000 25003 (e) Ober coment Asets 2 73955255 1.7458 (a) Acts heiorsie a vanes vara Sa Sao avi AND WARES rau (a) aut sharecoota “ 35350000 50850000 (Ghote coat s705.35.756 saenan ree (G)- Non-orent abies: {eh ancl obtes aonewegs as saris saasassit (0) Protons 6 asraiasi 2sn7ssz, {e)Dotered tax ites oc 7 Smzasoo. (8) ome 16 76305708 7.08708 (2) carentisbities (al Fane aes (trade raabes 2 total oustanding dues mir enterprize anemones ad aaaases 23505308 total eustanang dvr of creator other han micro enerpees and 623995859 78740 wothas » sraoseane asszo707 (2) Other curent abies a oxrsast2 neousizit (2) Prowsions 2 SSSSa36 Sienlicant coating Police & Notes to Standslone Fancal ttements near ‘effect ove form an negra prof the Standalone Fai Statements m4 em era For andon Bhat ot Domseassocares Chartered Accountants curupam, 2h septenber 2039biltech” UTECH BUILDING ELEMENTS UNITED ‘Standalone Statement of Prof and Los for the year ended 250 Merch, 2029 (amountin Rs) bead 3.032038 531052018 Revenue from operations 2 1s131404 164283022 ‘ther income By 77292068 26076373 Total Revenne TOT TEBE epenses {Cost of Natril consuned a sus7963ee 755536276 Purchase of tockn Trade Bowaa ns ianana6. cee oty Chore n ern ibd nds worn grogessanstecin nde x aouynaos ‘siasean Enpoyecberahs ane a wanaine —satanane resect ® imananse —aenean Stare 2 stuns ajaneraen ‘uations Sauagana spear rt lore oanzem) ——seasen a e/a Te : Wa en erent Ton (het of tC Enema ge prover : cman bene pssarsay sabe rt aor tasnasesa) ——aaseasaag crver comprehen ceo) {ites ht ila ere prot rss noes sea. [nc aig oes a la esd o eames x (3,32,015), 14,86,073 exter Spa incon te er nsnoa ena "ot cron incomes rte er taxsriom —aaa9semer tangs Namie 19) » bene enrig pr harrin om pan hada sues foam 38) Stic coin Pos ots Sandal nl Sateen toa The mots refered te above orm a itera ofthe Standalone Financia Statements Fer and on Beal ot emse associares FAN 0265730) ‘Srugram, 27th September 2018, For itech Bilin Elements Limited rime Biretor pany Soerotary omebiltech: Standalone Statement of sh Flows forthe year ended 3st Marc, 2019 Particulars “CASHFLOW FROM OPERATING RETTES Net Profs before ox de fess). Dalustmonte or Interest on nora ta efund Depreciation and aorta expense Libities/ provisions ne longer required witten back ‘Bad ade and ater eceivables, loans and advences witen of Inventory writen of Provision for dovbel debt Pron for doubtful lane and advances Prouision for dsninaton of investment ess loft) onsale of ued asset ‘Operating Prof before Working Cptl changer Adjustments for Working Capital change Inventories Trae and other recehables Loans and Advances Trade payable and others Cash gnerated from Operations Not ncome tax round Income Tox ai) NET CASH INFLOW FROM OPERATING ACTIVITIES 8, CASH FLOW FROM INVESTING ACTIVES Purchase of Fed Assets ncludngs MP Sale of fives Acts Movement bank deposits Interest earned NET CASH USED IV NESTING ACTTES CASH FLOW FROM FINANCING ACTIVES Proceeds from cuance of Eauty Share Capital Share sve expenees nerf (oreo in ne term and thar hoes) Finance cost pa NETCASHUSEO IN FINANCING ACTIUTES [NETINCREASE IN CASH AND CASH EQUIVALENTS {CASH AND CASH EQUIVALENTS (OPENING BALANCE) {CASH AND CASH EQUIVALENTS (CLOSING BALANCE) ores 1 The above statement has been prepared following the Indirect Mthod 2. Proceeds rom ong term and ater borrowings are shown net of repayments 3. Cash and Cash Equivalents const of ash an hand and aaances with banks Forthe year ended (01376732) “(.44155) 7285652 (43,02062) 165,000 22881 ay 15930484 (7.03,78,298) 359515827) 13.2858,156) (67986) (701410) Se (60,0898) 19368 340748 Beaao79) 21,20,00000 (1,0) (ag9787,121) Seo 65.74096 125.3466, ea 4. The gues of he previous period have been regrouped and rearranged wherever necessary. er ourrepot of even date sttachos Membership to. 524347 partered Partner outa For and on Bohatfof Damseassocares (Chartered Accountants ‘curvram, 27h September 2019, For itech Buln Elements ined Rate. affine figctor ae aa 0265730 ccolypany Secretary {armountin Bs) Far the year ended 31.03.2018 (29.02.8282) 159043,637 (30,00478) (0853926) 7375,78,160 (259,109) 18391320 (495.988) TOSS (48, 79,265) 120696743, i335 5922939 se (2437566) $.49,84,257 38,7490 a (rsseaa7 (2336.72.73) pease, (37,97.092) 1,6331,708 Chief FnancatorforSTANDALONE STATEMENT OF CHANGES IN EQUITY FORTHE YEARENDED 315 MARCH, 2038 For the yer ended 3st March, 2018 roeaa eptalang toe Lr araote SESH SE Forte yar ended te March 209 aioe fe [ion roeoss Jesptatewingtne [3.032019 amie) semomm | rasan (oloriencaumy mount nis Poe Fever a Se Tent ther Gonpahenane] Toa Secartes rian] Capa sen | Remedies | Wows Ratwllaae recs prt a es Femeavorament ofthe met Teena Ape 3007 Ba Toso apes Toa] saa Profit / Yo forte vse 7229635. 7] 7129635,739] ther Comprehensive acome oo te yor omosrromen gan or) onthe et dened Beh ans oazazz0) — paaazaal ane aa ware HE aarsoiei| —Toxarese| apa] Taare] — sar 7a Profit / Yor forthe yar 115738052] 157 39.052] Shorea expense ‘aos ‘a9 ‘he Compreheave nce / os forth ear ermeazurement un fos) onthe NET dsfined Boa Pans naseou] — na60an] aaa a saon|__ seams sr Tame aaa ua ; For ach ug Snot nied ianbernone 520507 fla! charter Partner ants] Pvt . Datwsaassooares see for hated cuts yyBILTECH BUILDING ELEMENTS LIMITED 1 COMPANY OVERVIEW Biltech Building Elements Limited (“BBEL” or the company) is in the business of manufacturing and selling of AAC, Mortar & Painting and its manufacturing operations at, unit ~ Palwal, Palghar, Bhigwan, Pune, Surat, Kolkata, and Bangalore. The financial statements for the year ended March 31, 2019 were approved by the Board of Directors and authorised for issue on 27" September, 2019 2 SIGNIFICANT ACCOUNTING POLICIES 2:1 BASIS OF PREPARATION The financial statements of the Company have been prepared in accordance with Indian Accounting Standards (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 and the relevant amendment rules issued thereafter. In addition, the carrying values of recognised assets and liabilities that are designated as hedged items in fair value hedges that would otherwise be carried at amortised cost are adjusted to record changes in the fair values attributable to the risks that are being hedged in effective hedge relationships. The financial statements are presented in INR. 2.2 SIGNIFICANT ACCOUNTING JUDGEMENTS, ESTIMATES AND. ASSUMPTIONS ‘The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected In future periods 2. 3.1 CURRENT VERSUS NON-CURRENT CLASSIFICATION ‘The Company presents assets and liabilities in the balance sheet based on current/ non- current classification. An asset is classified as current when it Is: + Expected to be realised or intended to sold or consumed in normal operating cycle + Held primarily for the purpose of trading + Expected to be realised within twelve months after the reporting period, or + Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period All other assets are classified as non-current. A liability is current when + Itis expected to be settled in normal operating cycle + Itis held primarily for the purpose of trading + Itis due to be settled within twelve months after the reporting period, or + There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period The Company classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities.2. 3.2 FAIR VALUE MEASUREMENT Fair value is the price that would be received to sell an asset or settle a liability in an ordinary transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumption that market participants would use when pricing an asset or liability acting in their best economic interest. The fair value of plants and equipment’s as at transition date have been taken based on valuation performed by an independent technical expert, The Company used valuation techniques, which were appropriate in circumstances and for which sufficient data were available considering the expected loss/ profit in case of financial assets or liabilities. 2.3.3 PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are stated at original cost net of tax / duty credit availed, less accumulated depreciation and accumulated impairment losses, if any. When significant parts of property, plant and equipment are required to be replaced at intervals, the Company derecognises the replaced part, and recognises the new part with its own associated useful life and it is depreciated accordingly. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in the statement of profit and loss as incurred. The present value 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 are met. Capital work-in-progress includes cost of property, plant and equipment under installation / under development as at the balance sheet date. Capital expenditure on tangible assets for research and development is classified under property, plant and equipment and is depreciated on the same basis as other property, plant and equipment. Property, plant and equipment are eliminated from financial statement, either on disposal or when retired from active use. Losses arising in the case of retirement of property, plant and equipment and gains or losses arising from disposal of property, plant and equipment are recognised in the statement of profit and loss in the year of occurrence, The assets’ residual values, useful lives and methods of depreciation are reviewed at each financial year end and adjusted prospectively, if appropriate, Depreciation Depreciation on furniture & fixture, computers, vehicles, and office equipments is provided on straight line method over useful life of the assets as prescribed in Schedule IT to the Companies Act, 2013 and on other fixed assets plant & machinery and building depreciation is provided on straight line method over the useful life of the assets based on internal assessment and independent technical evaluation carried out by external valuers. The management believes that the life ascertained by the valuers best represents the period over which management expects to use these assets. Hence Useful lives for these assets are as follows: No. Fixed Assets Useful Life 1 = Building 19 40 Years z Plant & Machinary a= 40 Years Ss2.3.4 INTANGIBLE ASSETS Intangible assets that are acquired by the Company, which have finite useful lives, are measured at cost less accumulated amortization and accumulated impairment losses (if any). Costs include expenditure that is directly attributable to the acquisition of the intangible assets. (i) Subsequent Expenditure Subsequent expenditure is capitalized only when it increases the future economic benefits embodied in the specific asset to which It relates. All other expenditure, including expenditure on internally generated goodwill and brands, are recognized in profit or loss as incurred, (ii) Amortization of intangible assets with finite useful lives Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of intangible assets from the date that they are available for use. Expenditure on specialised software are amortised over three years. Intangible Asset under development includes cost of development of new intangible assets to complete the assets as at the balance sheet date. 2.3.5 RESEARCH & DEVELOPMENT COST Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset when the Company can demonstrate: + The technical feasibility of completing the intangible asset so that the asset will be available for use or sale; + Its intention to complete and its ability and intention to use or sell the asset; + there is an ability to use or sell the asset; + How the asset will generate future economic benefits; + adequate technical, financial and other resources to complete the asset + The ability to measure reliably the expenditure during development; Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses (if any). Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit. Amortisation expense is recognised in the statement of profit and loss. During the year of development, the asset is tested for impairment annually, 2.3.6 IMPAIRMENT OF NON-FINANCIAL ASSETS Assets that have an indefinite useful life, for example goodwill, are not subject to amortisation and are tested annually for impairment and additionally whenever there is a triggering event for impairment. Assets that are subject to amortisation and depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount of cash generating units exceeds its recoverable amount, The recoverable amount of a cash generating unit is the higher of cash generating unit's fair value less cost of disposal and its value in use. 2.3.7 INVENTORIESCosts incurred in bringing each product to its present location and condition is accounted for as follows: + Raw materials, Stores, Spare Parts, and Chemical computed on weighted average basis. + Finished goods and work in progress: are valued at cost or net realisable value, whichever is lower. In the case of finished goods and work in process cost comprises of material, direct labour and applicable overhead expenses. are valued at cost, Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. Obsolete, slow moving and defective inventories are identified at the time of physical verification of inventories and, where necessary adjustment is made for such inventories. 2.3.8 FOREIGN CURRENCIES Transactions in foreign currencies are initially recorded by the Company's entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Differences arising on settlement or translation of monetary items are recognised in profit or loss, 2.3.9 FINANCIAL INSTRUMENTS - INITIAL RECOGNITION, SUBSEQUENT MEASUREMENT AND IMPAIRMENT A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. FINANCIAL ASSETS (i) Initial recognition and measurement: All financial assets are recognised initially at fair value and, in the case of financial assets not recorded at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Subsequent measurement For purposes of subsequent measurement financial assets are classified in two broad categories: Financial assets at fair value Financial assets at amortised cost Classification: ‘The Company classifies financial assets as subsequently measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss on the basis of its business model for managing the financial assets and the contractual cash flows characteristics of the financial asset. (iv) _ Financial Assets measured at amortised cost: Financial assets are measured at amortised cost when asset is held within a business model, whose objective is to hold assets for collecting contractual ca:ww) (wi) (ox) (x) flows that are solely for payments of principal and interest, Such financial assets are subsequently measured at amortised cost using the effective interest rate (EIR) method. The losses arising from impairment are recognised in the Statement of profit and loss. This category generally applies to trade and other receivables. 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. lancial Assets measured at fair value through profit or loss (FVTPL): Financial assets under this category are measured initially as well as at each reporting date at fair value with all changes recognised in profit or loss. Investment in Subsidiary: Investment in equity instruments of Subsidiaries 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. Investment in Debt Instrument ‘A debt instrument is measured at amortised cost or at FVTPL. Any debt instrument, which does not meet the criteria for categorization as at amortised cost or as FVOCI, is classified as at FVTPL. Debt instruments included within the FVTPL category are measured at fair value with all changes recognised in the Statement of profit and loss. Derecognition of Financial Assets: A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or the Company has transferred its rights to receive cash flows from the asset, if an entity transfers a financial asset in a transfer that qualifies for derecognition in its entirety and retains the right to service the financial asset for a fee, it shall recognise either a servicing asset or a servicing liability for that servicing contract. If the fee to be received is not expected to compensate the entity adequately for performing the servicing, @ servicing liability for the servicing obligation shall be recognised at its fair value. If the fee to be received is expected to be more than adequate compensation for the servicing, a servicing asset shall be recognised for the servicing right at an amount determined on the basis of an allocation of the carrying amount of the larger financial asset Impairment of Financial Assets: In accordance with Ind AS 109, the Company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on the financial assets that are debt instruments and trade receivables. For recognition of impairment loss on other financial assets and risk exposure, the Company determines that whether there has been a significant increase in the credit risk since initial recognition.FINANCIAL LIABILITIES @ (ii) ) mo sn and measurement: All financial liabilities are recognised initially at fair value and, in the case of loans, borrowings and payables, net of directly attributable transaction costs. Financial liabilities include trade and other payables, loans and borrowings including bank overdrafts and derivative financial instruments. Classification & Subsequent measurement: If a financial instrument that was previously recognised as a financial asset is measured at fair value through profit or loss and its fair value decreases below zero, it is a financial liability measured in accordance with IND AS. Financial liabilities are classified as held for trading, if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial Instruments that are not designated as hedging instruments in hedge relationships as defined by Ind AS 109. Separated embedded derivatives are also Classified as held for trading unless they are designated as effective hedging instruments. The Company classifies all financial liabilities as subsequently measured at amortised cost, except for financial liabilities at fair value through profit or loss. Such liabilities, including derivatives that are liabilities, shall be subsequently measured at fair value, 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 profit or loss when the liabilities are derecognised as well 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 the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss. After initial recognition Gain and Liabilities held for Trading are recognised in statement of profit and Loss Account, ‘A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms ofF an existing liability are substantially modified, such an exchange or modification is, treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the Statement of Profit and Loss. Derivative Financial Instrument ‘The Company uses derivative financial instruments, such as interest rate swaps, to hedge its interest rate risks. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Offsetting financial instruments: Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts andthere is an intention to settle on a net basis to realise the asset and settle the liability simultaneously. ‘Subsequent recoveries of amounts previously written off are credited to Other Income. 2.3.10 COMPOUND FINANCIAL INSTRUMENTS The liability component of a compound financial instrument is recognised initially at fair value of @ similar liability that does not have an equity component. The equity component is recognised initially at the difference between the fair value of the compound financial instrument as a whole and the fair value of the liability component. Any directly attributable transaction costs are allocated to the liability and the equity components, if material, in proportion to their initial carrying amounts. Subsequent to the initial recognition, the liability component of a compound financial instrument is measured at amortised cost using the effective interest method. The equity component of a compound financial instrument Is not re-measured subsequent to initial recognition except on conversion or expiry. 2.3.11 CASH AND CASH EQUIVALENTS: Cash and cash equivalents in the Balance Sheet comprise cash on hand and at bank, deposits held at call with banks, other short-term highly liquid investments with original ‘maturities of three months or less that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value and are held for the purpose of meeting short-term cash commitments. For the purpose of the statement of cash flows, cash and cash equivalents consist of cash and short-term deposits, as defined above, net of outstanding bank overdrafts as they are considered an integral part of the Company's cash management. 2.3.12 PROVISIONS, CONTINGENT LIABILITIES, CONTINGENT ASSETS AND COMMITMENTS: @) General Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material, the amount of a provision shall be the present value of expense expected to be required to settle the obligation Provisions are therefore discounted, when effect is material, The discount rate shall be pre-tax rate that reflects current market assessment of time value of money and risk specific to the liability. Unwinding of the discount is recognised in the Statement of Profit and Loss as a finance cost. Provisions are reviewed at each balance sheet date and are adjusted to reflect the current best estimate. (ii) Contingencies Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made, Information on contingent liability is disclosed in the Notes to the Financial Statements.‘A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of ane ar more uncertain future events not wholly within the control of the entity, Contingent assets are not recognised, but are disclosed in the notes. However, when the realisation of income is virtually certain, then the related asset is no longer a contingent asset, but it is recognised as an asset. 2.3.13 SHARE CAPITAL AND SHARE PREMIUM, Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds. Par value of the equity share is recorded as share capital and the amount received in excess of the par value is classified as share premium. 2.3.14 BORROWING COSTS Borrowing costs specifically relating to the acquisition, construction or production of qualifying assets that necessarily takes a substantial period of time to get ready for its intended use are capitalized (net of income on temporarily deployment of funds) as part of the cost of such assets. Borrowing costs consist of interest and other costs that the ‘Company incurs in connection with the borrowing of funds. For general borrowing used for the purpose of obtaining a qualifying asset, the amount of borrowing costs eligible for capitalization is determined by applying a capitalization rate to the expenditures on that asset. The capitalization rate is the weighted average of the borrowing costs applicable to the borrowings of the Company that are outstanding during the period, other than borrowings made specifically for the purpose of obtaining a qualifying asset. The amount of borrowing costs capitalized during a period does not exceed the amount of borrowing cost incurred during that period. All other borrowing costs are expensed in the period in which they are incurred. 2.3.15 REVENUE RECOGNITION (Sale of goods Revenue from the sale of goods is recognised, when the significant risks and rewards of ownership of the goods have passed to the buyer, as per the terms of Company and no significant uncertainty exists regarding the amount of consideration that will be derived from the sale of goods, usually on delivery of the goods. Revenue is recognized at the fair value of consideration received or receivable, net of returns and allowances trade discounts, volume rebates and outgoing sales tax and are recognized either on delivery or on transfer of significant risk and rewards of ownership of the goods. Revenue is inclusive of excise duty. Interest income Interest income is recognised on a time proportion basis using the effective interest method. When a receivable is impaired, the Company reduces the carrying amount to its recoverable amount, being the estimated future cash flows discounted at the original effective interest rate of the instrument and continues unwinding the discount as interest income. Interest income on impaired loans is recognised using the original effective interest rat:i) Other Income Other income is recognised to the extent that it is probable that the economic benefits will flow to the company and the income can be reliably measured. 2.3.16 EMPLOYEE BENEFITS (i) (iv) () Short term employee benefits: Short - term employee benefits are expensed as the related service is provided. A liability is recognized for the amount expected to 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 employee and the obligation can be estimated reliably Defined benefit plans The Company's net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods, discounting that amount and deducting the fair value of any plan assets. The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. When the calculation results in a potential asset for the Company and its subsidiaries, the recognized asset is limited to the present value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions to the plan. To calculate the present value of economic benefits, consideration is given to any applicable minimum funding requirements. Remeasurement of the net defined benefit liability, which comprises actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in Other comprehensive income, Net interest expense/(income) on the net defined llability/(assets) is computed by applying the discount rate, used to measure the net defined liability/(asset), the start of the financial year after taking into account any changes as a result of contribution and benefit payments during the year. Net interest expense and other expenses related to defined benefit plans are recognised in Statement of Profit and Loss. Long-term employee benefits: The Company's net obligation in respect of long - term employee benefits is the amount of future benefit that employees have earned in return for their service in the current and prior periods. That benefit is discounted to determine its present value. Remeasurement is recognised in Statement of Profit and Loss in the period in which they arise. Post - employment benefits - Defined contribution plans: ‘The Company's contributions to defined contribution plans are charged to the income statement in the period to which they relate. Once the contributions have been paid, the Company has no further payment obligations. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available. Termination benefits Termination benefits are employee benefits provided in exchange for the termination of an employee's employment as a result of either: (a) an entity's decision to terminate an employee's employment before the normal retirement date; 01{b) an employee’s decision to accept an offer of benefits in exchange for the termination of employment. 2.3.17 LEASES @ (ii) Lease payments: Payments made under operating leases are recognized in Statement of Profit and Loss. Lease incentives received are recognized as an integral part of the total lease expense, over the term of the lease. Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the outstanding liability. The finance expense Is allocated to each period during the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability. Lease assets: A lease is an agreement whereby the lessor conveys to the lessee in return for a Payment or series of payments the right to use an asset for an agreed period of time. A finance lease is a lease that transfers substantially all the risks and rewards incidental to ownership of an asset. Title may or may not eventually be transferred. The leased assets are measured initially at an amount equal to the lower of their fair value and the present value of the minimum lease payments. ‘Subsequent to initial recognition, the assets are accounted for in accordance with the accounting policy applicable to that asset. 2.3.18 TAXES: @ Income Tax Income tax expense comprises current and deferred tax. Tt is recognised in statement of profit and loss except to the extent that it relates to a business Combination, or items recognised directly in equity or in other comprehensive income. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Current tax assets and tlabllities are offset only if, the Company: + has a legally enforceable right to set off the recognised amounts; and + Intends elther to settle on a net basis, or to realise the asset and settle the liability simultaneously. Deferred tax Deferred tax is recognized for the future tax consequences of deductible temporary differences between the carrying values of assets and liabilities and their respective tax bases at the reporting date, using the tax rates and laws that are enacted or substantively enacted as on reporting date. Deferred tax assets are recognized to the extent that it is probable that future taxable income will be available against which the deductible temporary differences, unused tax losses and credits can be utilised. Deferred tax relating to items recognised in other comprehensive income and directly in equity is recognised in correlation to the underlying transaction. Deferred tax assets and liabilities are offset only if: + entity has a legally enforceable right to set off current tax assets against current tax liabilities; and + deferred tax assets and the deferred tax liabilities relate to the income taxes levied by the same taxation authority br, [Si fa ct ia\ es2.3.19 EARNING PER SHARE ‘As per Ind AS 33, Earning Per Share, Basic earnings per share are computed by dividing the net profit for the year attributable to the shareholders’ and weighted average number of shares outstanding during the year. The weighted average numbers of shares also includes fixed number of equity shares that are issuable on conversion of compulsorily convertible preference shares, debentures or any other instrument, from the date consideration is receivable (generally the date of their issue) of such instruments. Diluted earnings per share is computed using the net profit for the year attributable to the shareholder’ and weighted average number of equity and potential equity shares outstanding during the year including share options, convertible preference shares and debentures, except where the result would be anti-dilutive. 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S366 cumbiltech BIUTECH BUILDING ELEMENTS UnniTED Notas ta Financia statements forthe year ended 31st March, 2019, (Amount inf) Panieoare Torthe yar ended For theyear ended 3,03,2019 3.032038 3 Revenue from Operations Autoclave Aerated Concrete 1.8210.90,640 1.32,1096778 ‘Non Standard Prods 32739875, 320.2989 Morar 119137,202 4100004352 sib 10.25,73,477 1,18,35069, 5,77,85,61295| T54,48,76070 ‘other operating income Contract Reanim 1253,63,160 8.18.66361 Other 9257/029 45147591 756 20,89, '3.80,06 852 Tota Tai aaee ieazamiaee 28 other Income Interest income 348,159 000428 Profitansle of fed setts net) a 495,984 Lait / provisions no longer required written back 430200 62389,109 Interest on income tax elund si 1853826 ‘Miscelianecusincome 083.048 148/55826 Toth IE 2076 a5 25 Cost of Material Consumed FiyAsh 2897,64730 17,03,18038, Cement 2932,30,650 24.40.35, ime arsrages a5757,76 CGyprum Powder 299,26912 1\69.07951, ‘uminivn Power 390029, Pointe 3.797605, 29942102 there 33238790 30,7866537 ‘oa Ba 57.94388 as, 26 changes in inventories of finshed goods, work-in-progress and stockintrade Inventories tthe beginning ofthe yea: Finished goods 1.03.02, 65,283 Non Standard Product 518.51292 606203880 Workin progress ag20n4 2118199 Stockinstrade sau7 1507 EEOC CBSE Inventories tthe end of the yeareriod: Finished goods 10392876 2103,02625, Non Standard Prodvet 196.6756 5851292 ‘Werkein progress 1135,40,002 aigaaie Stockinrade 20620 15.817 33631088 TASES Net increase) decrease Daa (sy 27 Employee benefits expenses salaries and wages 2005,24507 23,5499,722 Cootnioutions te provident and other fans 1,38,38,797 185.498 Stat wetere expenses an.7612 0708592 Tau a0 we 28 Finance costs Interest expenses 193290788 19,1,74476 Interest on statutory payment ‘sso1g77 4,38.68.161, ‘other borrowing costs sp aio7a1biltech: ‘ILTECH BUILDING ELEMENTS UnTED "Notes to Finacial Statements fr the year ene Sst March, 2019, (Amount in) Partulare Fo the yaar ended For the year ended 31.02.2019, [31032018 725 cher Expenses Manofactoring expenses ‘Block cutting Expenses s.on6a7 Consumption f stores and spare parts 27708385, 2,9250,126 Repalrs and maintenance- Machinery ‘a.28461 139.1381 Repairs and malaenance-Bulaings sae ‘$6304 Contract Labour 34,1038351, 17503358, Forklift and other hiring Chae 111031500, ‘7686 Fower and ful 1839,50,080 15,35.74008, Vehicle Hiring and Runring/Nainerance Expenses 185,310 253278 Packing meters 0.251 11,69,569 thers siaas2 2013038 Establishment Bxpenses Hetrety and water exoenses 06.058 6.55559 ent 1.7789.691 1199.36 038, Repair and maintenance Buldings 1038.68 733610 Repair ad maintenance Othere 15,22,066 1684337 Insurance 49.5482 6097996 Rates and taxes 1608446 23,7845 Telephone & Communiction Expenses 1818.90 2579996 Traveling and conveyance 2.00,55883, 1185/6250, Commission ane count onsale 2504955 20.32938 Business promotion 5.25007 675,641 selng Expenses 35508 1299538 Donations and contbutons 5,000 14001 egal and profesional * 1.204082 1.2208,700, ROC Filing & subseristion foes 2A 208 ‘ojo Bad rae and other recevales, loans and advances writen off E 3855320 Lesson sale of fied assets solinclucing CWP net) nas Royalty 19003497 115839403 \Vehice Ruoring/iring and Msintenance 35,79.678 ‘128739 Dirsctor siting oer 3465,000, 130385,000 Prior geri expenses nc) 495208 Inventory writen off 353188 Provision fr doubtful debt aareens Provision fr doubt loans and advances 203,17635, Provision fr siminutin of investment 165,000 Miscellaneous expenses 197,79286 30239818, Snes Sao Toul ‘Lega 8 Professional Charges inclu autor omuneration as under: Statutory audit fees 5.000 ssn 000 Tax aut fees 95,000 in other capaci 6085 20,000 Toul 523,006 70.000 30 The Earnings per Share (EPS) hasbeen calculated ae specifi in dln Accounting Standard Cin AS) 33 and other disclosure in his regard ae 1 Profit Computation fr Base EPS Per Share of, 10/- each ‘Not oft ater Tx available to shareholders (157,38 052) (1236,38,798) es: Preference idend and dgend ae Net Profit after Tax avaiable to Equlty shareholders for basic earnings pe share (157,39052) (1296 35,798) Adjusted prof fr alte earings per hare (45735052) (0296,35,796) ‘Share computation Weighted averege no of shares for Basic Esmings er Share 55202808, 55085,000, [Ade Potential eitve no of shares 7 Weighted average no of shares for Dike Earnings Per Share 5522808, 550,8,000, Esmings per share Basen Rs) (029) Dilated tn) (029)biltech BIETECH BURLING ELEMENTS LnaTED ‘Notes to Financial Statement forthe yoat ended 316 arch, 2019 (Amount 3) Pareto Forthe year ended For he year ended 31.03.2019, 31.03.2018 3 Coniingant Tables and tommtments (tothe extent not provided fr) {6} Contingent abies ‘Claims agaist he company not senowledged a debt 209,701 2049,701 Liabieytowards area's of reference dividend (b) Commitments Estimated amount of contacts remalning tobe executed an capital acount and not provid for 2 "The Board ofthe Directors ofthe company had decide to discontinue the Unit: Palual was permanent closed wie 28th November 201, During the year the Company hes incurred fos inluding other comprehensive income) of Rs. 13,71, 010/, Further the companys current habilties exceeded its current assets by Rs. 63,27/03.55/~ nthe opinion ofthe management, the Companys able to continue as going concern despite tse current lables postin 527.1 Employee Benefits ‘As pr nd A539 "Employee Benois", the closure of employee beneits as defined inthe accountng stand are ven below: Defined Contibution Plan* ‘Contribution to defined contribution Plan is ecognited and charge off forthe yer, are as unde othe year ended | For the year ended [Defined Contribution Plan Particulars 2019 2018 players contribaion vo provident & penion fund 13838797 Sea Defined Benefit Pan 2) Gratuity In accordance wth applable naan ows the Company pxovides for eratuty, a defines benef lan, covering lle employees. This Plan provides for lump sum payment to vested employees on retirement, death, incapacity or termination of emplayment of amounts tht are based on salary and tenure of eniloyment, ibility swith oper to ths plan are determines by actuarial aiuation, b) Leave Encashment The Company prmitsencashment of eave accumulated by tel employees on retirement, separation and during the course of serce. The labiltyforancashment of leave s determined and provided onthe bass of actuarial valustion performed by and ‘ependent actuary at each balance sheet date. This Pan complete unfunded «) Reconcltion of opening and closing balances ofthe present value ofthe defined benefit obligations [Defined Benefit Pan: ‘As on 31st March 2019 ‘a on at March 2038 Particulars Gratuity eave Grataty eave Eneashment Encashment (Wakoned (Watered atone [Watundeay Present value of obligation as atthe beginning of the pedod 2304778, 2788075, 4155501, 1209552 [current series cost, 2523558 S21 473 S06.719 179546] nxeres Expense or cost 37774640 6.76682, 303,550 882.596, [Re Measurement or Aetaval gan] los) aang om: change in demographic assumptions : change in financial assumptions Ta isos Teo asa exporince variance [., Acual xpavience ve sssumptons) fisas.s0) Tao. 1057,570 53.2076 others (4.73863 31179 [past seneice coe - Tio9.38e [etic of change foreign xchange ratte [senefts paw eT 95.388) SSa0053] ea recs of busines oininaions or depois : Exchange diferences : Peesent value of obligation as a1 the end ofthe pviod Ronse, mar 2 a0aT wRaDS <4} Reconciliation of apening and closing balances ofthe present value ofthe defined benefit obligations lan Asset ‘As on ist March 2019 ‘on Sisk Wareh 2018 Paricuare ‘Gratuity Teave ‘Gratuty ‘eave Encashment Encashment Watered Watundedh (atondedy TWatundeay [aicwale of plan assets sat the beginning of the peiad : : contibutionsEfects of business combinations or disposal : nets aia EET oa SSUES TAT Return on plan set, excluding aiGUnt recognized at TREE Pes an ase excising i (46,55,787] (1999.966)| —_(25s,90.053) (30547.210] Elect of Change in Torign exchange ates é : [Far value of plan assis a5 at the end ofthe paid a : «The Components of Amounts Recognised and Charges off forthe year ae a under Partictors ‘As.on ist arch 2019 ‘econ iat March 2008 Geauiy eave ‘Gratuity eave Encashment encashment Warundeay Watundedy (Watunded) (Unkendedd [Carentwewice cost BBE Ea S67 TS Past sevice cost : 100.184 Lass (Gan) on setlement It interest income / (cos on tha net dined banetc abiiy assets) 17774640 5.16682 2033,560Net Coat recognised i Statement of roMtfioss 25888 Teas eo Basa [Gther Comprehensive Income [Acuara (glo) oss change in demographic assompone hange in inane asmgtions opt soa TasenaA Basel ‘pe/ience variance (i, Aclual experience ve asauigtion 24.38.10) Tava) 1057.70, 37206 thers (423.863) B29 zi Return on an ates, excluding omount recognised n net eres Remoasrement or scoala] / (os) aang because of i lcnange in lect assets con ‘Component of defined enellt cass recognised h other a5,71 533 Te70 575) avai wus comprehensive incom 1) Balance Shoot Obigatlons [panicules ‘son 5st March 2019 ‘eon ist March 2078, Gratuity or Grauty eave Encashment neashment (Unfonded) (ntandedy (nkandedy (Wafunded Present value of obligation a atthe and ofthe pero FIORCATH S17 230,78 EOS Far value of plan aes ana the end of the period : [usbiie/ (Assets) recognised inthe Balance Sheet ToLTeIaT, mara 3307278 BaB.aT Economic Assumptions particulars ‘Reon dist Mar 2075 ‘eon ist March 7018 Gratuity Leave Grau eave Encashnent Encashment Watondedy Wofunded) Watunded TWafunded)| [Becuntate ms 7% 70% Te salary grownh ate 00% 5.00% 500% 5.00% Expected rate of etn 69 plan aE ‘00% 200% 0.00% ‘0.0% by Demographic assumptions paricwars ‘son Bist March 2019 ‘Avon Sisk March 28 Gratuity Leave ‘Graaty eave Encashment Eneashment Watered) (atunded) Wakanded Tafundea) Retirement ape Gear @ @ @ a ertality Rat (as of RUMO6-09 om, 300% 00% Too fasitionrate oo 2 7 ra Rote of eave svaiiont 700% ‘00% oom Boom Th Sensitivity Analysis Significant actuarilassunptions forthe determination of the defined constant. The result of seni analysis gven below benefit obigation ae Jecount rate expected slay increase 2d morta below ave determined based on reasonable possible changes ofthe assumptions occuring atthe end ofthe reporting period, while holding al other assumptions ty. The seastivty analysis (Panicuars Aeon aoa/2009 Defined bene Oblgation Gata eave Enashment Particulars ecease Taree Decrease increase Discount Rate TAR 37375158 31033206, 9631257 TT change compared to Bae due to seat 10.073 860 137% 10.02% salry Growth Rate 7+ 1), B75 25 376,440 Tez B76 change compared to base duet sensitvty 207% 10.25% 20.96%] 12850) Patton fate (7+ 1), EETEACCS Sae7a71 81339. 5.763, change compares to ase due to sensihity 23% 2164 3.46% 3054 foray Rate (-/ +23 Ee 35,025 Ha 310. waa565 change compared to base Gusto sestvity “0.4534 Bass 058%] 0364 ) Maturity Profile of defined boneft obligation [paricuars ‘son isk March 2605, ‘Be on Fst March 2018 Gratuity eave Gratuity eave Encashment Encashment Wafunded) (Watunded Tatondead (Gatondeay [Wegtcd aerage duration of cash owe [years 30 a 7 rn [expected Cash Flows Over the next (Valued on undlscounted basis) year Baa Sion oan eau sear mar 27 77.02.20 7951325 6.99828 [s=10 year 755 28.355| 35.5585 64.85,003 38.26,858 nore than year 347,31,395 ES5,00599 3.63, 10,136evel: cua red pes nie mt i sso bis Ihe otoing ae prover he sau zr Nay Compan at on able native lates ale mesentery fr Mah, 2% ae Total argv) ‘oat at are resin teole ——unabronale ‘untae dedoures ava mesentery obi oo ch 3,206: _ Petar "tl ar ved “oaiod ‘iat visa Saee sate arts ‘es Src SR TOT OTE Tl = se i ‘uurtatve dour fo value mesuemont arty a 8 tach 1, ae “tal arg aT aon Sine iio esi civeale ——_tnobrenale sete miets ino inte ‘jae esate aeroaian ‘eal Tse, 2 Suns dns fla scree er rasa st ch 3, 283 eel Tet pve) ‘aid ‘iit Sian Tan SR wea OTT =a Tat 235505 : i {4.0 Facil cent yee ‘nec dfn by tgs wore flows fr the yee nde 3 rc 20 Portals ‘erie et ier sine? rsd” Tosa Tae amas Scie ett snasasss aansoaea Fiano sis: Ile sunssara asso. eset nl lf el rms by slows forte yer ene ss ace 208, Pans ‘oreo "inca saat Fane aa See este seman : amonaee iar atti SEIT saobiltech: (Wy Ramet pote oma specie eer dann td rt ‘cri cg be 28) Danese (rat at 9.0338) {Got crn rae 08 Gt ‘haf nes 383237) tact i {etalceeturap ome neon Psa keane ae ‘eas Oa 238) aonb 038 (2) ham of terete pte wie asco etn ge {strimmer stan ned contig reno « {itnnews tents henna 1) Saas action ned pei fort peiotendesditFartheperebended at ig ompory 0 sot otra canes stro ede coat ssbiltech” “sey 1 an terse campy (0 temuonion giro ey aes Rena ‘wren mena aisese voneass omnes eaten nee. “aso, cnponp nae oman eet ohape ue 29) orssonaey ta ayn ‘ance ‘sect iar eh tes thew 2 gman eperine Semen evens estan ter tation nis et Yenfmiot le saris ret ra Stake as aati Ux 675 Bisa ismsy ue oenezse Ea S820) esac Tet oa a Seabee sors Hite Tite stor Mat fh Eten aesnaois adorei ad sera TS ET Tisrasasah — sii Tina at Dabans aenseas o Somatem Eons tia Ta Tpaloematas arg maa ar Soacie (icine psn hone 36 ana Sone Fata mgs Tisai Toone amas ssseraans eet bes) arose eeriebiltech