castex technologies limitedcastex technologies limited (formerly known as amtek india limited)...

CASTEX TECHNOLOGIES LIMITED(Formerly Known As AMTEK INDIA LIMITED)

Corporate Office: 3 LSC Pamposh Enclave, Greater KaiIaSh-I, New Delhi—110048

Tel : +91—11-42344444 Fax : +91-11»42344400

E-mail : [email protected] Web : wwwamtekcom

CIN : L65921HR1983PLC033789

Ref No. : CTL/BSE/NSE/2018-19 Date: 09'h 0ct0ber,2018

The Secretary,

The National Stock Exchange of India

Limited.

“Exchange Plaza”, 5th Floor,

Plot No. C/1, G-Block, Bandra — Kurla

Complex, Bandra (E), Mumbai-4-00051

The Manager

Listing DepartmentThe Bombay Stock Exchange Limited,

Phiroze lee lee Bhoy Towers,

Dalal Street, Mumbai — 400001

5m" ““19: 532282Scrip code: CASTEXTECH

SUBJECT: SUBMISSION OF ANNUAL REPORT FOR THE FINANCIAL YEAR 2017-18 UNDER

REGULATION 34- OF THE SEBI (LISTING OBLIGATIONS 8: DISCLOSURE

REQUIREMENTS] REGULATIONS. 2015

Dear Sir,

Pursuant to Regulation 34- of the SEBI (Listing Obligations and Disclosure Requirements)

Regulations. 2015, please find enclosed here with the Annual Report of the Company for the

Financial Year 2017-18, duly approved and adopted by the members of the Company in the 35'!I

Annual General Meeting of the Company held on Friday, the 28"I Day of September, 2018 at 03:00

PM. at Village Narsinghpur, Mohammadpur, Old Manesar Road, Gurugram. Haryana-123106.

Kindly take the same on your record.

Thanking you.

Yours faithfully,

For Castex Technologies Limited

(A Company under Corporate Insolvency Resolution Process)

(WW/c5.

RuchikaIII

(Company Secretary) /

Enclosed:

1. Annual Report 2017-18

Regd. Office :

Village N arsinghpur Mohammndpur,()Id Manesar Road Gurgaon,Haryana -I 23106

Tel. : “II-1244373406

Fax : + 91-124-2373028

E-mall: [email protected] : wwwamtekxom

35th ANNUAL REPORT2017 - 2018

CASTEXTECHNOLOGIES LIMITED

(A COMPANY UNDER CORPORATE INSOLVENCY RESOLUTION PROCESS)

CASTEX TECHNOLOGIES LIMITED

CIN: L65921HR1983PLC03378935th ANNUAL REPORT

2017 – 2018

BOARD OF DIRECTORS & KMP’sMr. Sanjay Chhabra Chairman & Director

Mr. Arvind Dham Director

Mr. Yogesh Kapur Director

Mr. Brajindar Mohan Singh Director

Mr. Sanjiv Bhasin Director

Mr. Sanjay Arora Whole-time Director

Ms. Anuradha Kapur Director

Mr. Ajay Kumar Chief Financial Officer

Ms. Ruchika Company Secretary

*The above list of Directors and Key managerial Personnel are as on date.

RESOLUTION PROFESSIONALMr. Dinkar T. Venkatasubramanian

IP Registration no. IBBI/IPA-001/IP-P00003/2016-17/10011

REGISTERED OFFICEVillage Narsinghpur, Mohammadpur,Old Manesar Road, Gurgaon, Haryana-122004Ph. : (0124)26373406Fax : (0124)26373028Email : [email protected]: www.amtek.com

CORPORATE OFFICE3, Local Shopping Centre,Pamposh Enclave, G.K. - I,New Delhi-110 048Ph. : (011)42344444Fax : (011)42344000E-mail : [email protected] : http//:www.amtek.com


ANNUAL REPORT 2017-18 | 3

CONTENTSNotice ............................................................................................................................................................................... 4

Directors' Report ............................................................................................................................................................ 14

Corporate Governance Report ....................................................................................................................................39

Management Discussion & Analysis Report ............................................................................................................ 61

Auditors’ Report .............................................................................................................................................................72

Balance Sheet ................................................................................................................................................................79

Statement of Profit & Loss ...........................................................................................................................................80

Cash Flow Statement .................................................................................................................................................... 81

Notes ...............................................................................................................................................................................82

Consolidated Financial Statement ............................................................................................................................. 111

SECRETARIAL AUDITOR

SN Jain & Co.Company Secretaries

SATUTORY AUDITOR

M/s Raj Gupta & Co.Chartered Accountants

REGISTRAR AND SHARE TRANSFER AGENTS

M/s Beetal Financial &Computer Services (P) Ltd.Beetal House, 3rd Floor, 99,Madangir, Behind L.S.C.,Near Dada Harsukh Dass Mandir,New Delhi-110062Ph. : 011-29961281-83,Fax : 011-29961284Email : [email protected]

BANKERS

UCO BankState Bank of PatialaUnited Bank of IndiaState Bank of Bikaner & JaipurIDBI BankOriental Bank of CommerceState Bank of MysoreState Bank of HyderabadSouth Indian BankVijaya Bank

4 | CASTEX TECHNOLOGIES LIMITED


NOTICE

NOTICE IS HEREBY GIVEN THAT THE 35th ANNUAL GENERAL MEETING OF THE MEMBERS OF CASTEX TECHNOLOGIESLIMITED WILL BE HELD ON FRIDAY, 28TH DAY, SEPTEMBER, 2018 AT 03:00 P.M. AT THE REGISTERED OFFICE OF THECOMPANY SITUATED AT VILLAGE NARSINGHPUR, MOHAMMADPUR OLD MANESAR ROAD, GURGAON, HARYANA –123106 TO TRANSACT THE FOLLOWING BUSINESSES:

ORDINARY BUSINESS:-

1. To receive, consider and adopt:-

(a) TO RECEIVE, CONSIDER AND ADOPT THE AUDITED STANDALONE FINANCIAL STATEMENT OF THE COMPANYFOR THE FINANCIAL YEAR ENDED MARCH 31, 2018 TOGETHER WITH THE REPORTS OF THE BOARD OFDIRECTORS AND THE AUDITORS THEREON.

(b) TO RECEIVE, CONSIDER AND ADOPT THE AUDITED CONSOLIDATED FINANCIAL STATEMENT OF THECOMPANY FOR THE FINANCIAL YEAR ENDED MARCH 31, 2018 TOGETHER WITH THE REPORT OF THEAUDITORS THEREON:

SPECIAL BUSINESS:-

2. RATIFICATION OF REMUNERATION TO BE PAID TO MR. YASH PAL SARDANA, COST ACCOUNTANTS, COSTAUDITORS OF THE COMPANY FOR THE FINANCIAL YEAR 2018-2019.

To consider and if thought fit, to pass with or without modification(s) the following resolution as an OrdinaryResolution:-

“RESOLVED THAT pursuant to the provisions of Section 148 and all other applicable provisions of the CompaniesAct, 2013 and the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactmentthereof, for the time being in force),the remuneration not exceeding Rs. 5 Lakhs per annum, as approved by the Boardon the recommendations of the Audit Committee, to be paid to Mr. Yash Pal Sardana, Cost Accountants (MembershipNo. - 17996),Cost Auditors of the Company for Cost Audit w.r.t the financial year 2018-19, be and is hereby ratified,confirmed and approved.

RESOLVED FURTHER THAT the Board of Directors/Resolution Professional of the Company be and is hereby authorizedto do all such acts and take all such steps as may be necessary, proper or expedient to give effect to this resolutionsubject to approval of the Committee of Creditors of the Company, if required.”

3. RELATED PARTY TRANSACTIONS

To consider and if thought fit, to pass with or without modification(s), the following resolution as a OrdinaryResolution:-

RESOLVED THAT pursuant to the provisions of Section 188 and other applicable provisions of the Companies Act,2013, if any, read with Companies (Meetings of Board and its Powers) Rules, 2014 consent of the members of theCompany be and is hereby accorded for entering into related party transactions by the Company for the financialyear 2018-19 up to the maximum per annum amounts as appended below: -



MAXIMUM VALUE OF CONTRACT/TRANSACTION FOR THE FINANCIAL YEAR 2018-19(in crores)

Transactions defined u/s 188(1) of Companies Act, 2013

Name of Interested Sale, Selling Giving Availling LeasingDirectors(s)/KMP(s) Purchase or buying any or of

of any property Loan/ rendering Property goods of any Guaran- of any of any

or kind tee service kindmaterials or provide

Securities

NAME OF RELATED PARTY

Subsidiary

Amtek Kupper GmbH – 100 – 50 – –

Joint Venture

Amtek Riken Casting Private Ltd. – 200 200 50 – –

Associate

Amtek Auto Ltd. The Company is under 500 300 – – –Corporate InsolvencyResolution Process

Subsidiary of Associate Company

Amtek Transportation Systems Ltd. – 200 200 – – –

JMT Auto Limited Mr. Sanjay Chabbra 200 200 50 – –Ms. Anuradha Kapur

Associate of Associate Company

Metalyst Forgings Ltd. The Company is under 300 300 50 – –Corporate InsolvencyResolution Process

ARGL Ltd. – 300 300 50 – –

ACIL Ltd. The Company is under 300 300 50 – –Corporate InsolvencyResolution Process

RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorized to do all acts, deedsand things as may be necessary to settle any question, difficulty or doubt that may arise with regard to giving effectto above Resolution.”However, any related party transaction to be entered in the financial year 2018-19 during the CorporateInsolvency Resolution Process or thereafter will be subject to the approval of the Committee of Creditors/Monitoring Committee as applicable.

For CASTEX TECHNOLOGIESLIMITED(A Company under Corporate Insolvency Resolution Process)

Ruchika(Company Secretary)

Place: New DelhiDate: 14th August, 2018



NOTES:

1. An Explanatory Statement pursuant to the provisions of Section 102(1) of the Companies Act, 2013 in relation to theSpecial Business of the Meeting is annexed hereto and forms part of the Notice.

2. A MEMBER ENTITLED TO ATTEND AND VOTE IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEADOF HIMSELF/HERSELF AND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY.

3. The instrument appointing the Proxy, in order to be effective, must be deposited at the Company’s Registered Officenot less than 48 hours before the meeting. Proxies submitted on behalf of limited companies, societies, etc., mustbe supported by appropriate resolutions/authority, as applicable. Members are requested to note that a person canact as a proxy on behalf of members not exceeding 50 and holding in the aggregate not more than 10% of the totalshare capital of the Company carrying voting rights. In case a proxy is proposed to be appointed by a memberholding more than 10% of the total share capital of the Company carrying voting rights, then such proxy shall notact as a proxy for any other person or shareholder.

4. Corporate members intending to send their authorized representatives to attend the meeting are requested to senda certified copy of the Board resolution to the Company or upload it on the e-voting portal, authorizing theirrepresentative to attend and vote on their behalf at the meeting.

5. Pursuant to Section 125 of the Companies Act, 2013, unclaimed final dividend for the financial year 2010-11 is duefor transfer to Investors’ Education and Protection Fund (IEPF) established by Govt. of India. All Shareholders, whosedividend is unpaid for the year 2010-2011, are requested to lodge their claim by submitting an application at theearliest date, with either of the following:

a. M/s Beetal Financial & Computer Services Private Limited (RTA)Beetal House, 3rd Floor, 99, Madangir, Behind, LSC, New Delhi-110062

b. The Company Secretary,CASTEX TECHNOLOGIES LIMITED,3, Local Shopping Complex, Pamposh Enclave, Greater Kailash- 1, New Delhi-110048

Kindly note that no claims will lay against the Company or the IEPF once the dividend amount is deposited in IEPF.

6. The Notice of the Annual General Meeting is also uploaded on the website of the Company (www.amtek.com). TheAnnual General Meeting Notice is being sent to all the members, whose names appear in the Register of Membersas on 17th August, 2018.

7. Members holding shares in dematerialized form are requested to intimate all changes pertaining to their bankdetails, National Electronic Clearing Service (NECS), Electronic Clearing Service (ECS), mandates, nominations, powerof attorney, change of address, change of name and e-mail address, etc., to their Depository Participant (‘DP’) onlyand not to the Company’s Registrars and Share Transfer Agents, M/s. Beetal Financial & Computer Services PrivateLimited. Changes intimated to the Depository Participant will then be automatically reflected in the Company’srecords which will help the Company and M/s. Beetal Financial & Computer Services Private Limited to provideefficient and better services. Members holding shares in physical form are requested to intimate such changes toM/s. Beetal Financial & Computer Services Private Limited

8. The Register of Members and Share Transfer Books of the Company shall remain closed from 22nd September, 2018to 28th September, 2018 (both days inclusive) for the purpose of compliance per Section 91 of the Companies Act,2013.

9. As per the provisions of the Companies Act, 2013, facility for making nominations is available to the members inrespect of the shares held by them. Nomination forms can be obtained from the Company’s Registrars and shareTransfer Agents by Members holding shares in physical form. Members holding shares in electronic form may obtainNomination forms from their respective Depository Participant.

10. In accordance with the Companies Act, 2013 read with the Rules and in support of the ‘Green Initiative in CorporateGovernance’ the Annual Reports are sent by electronic mode to those members whose shareholding is indematerialized format and whose email ids are registered with the Depository for communication purposes. Themembers holding shares in physical form and who have not registered their Email ID are requested to register their



Email ID addresses with M/s Beetal Financial & Computer Services Private Limited, the Company’s Registrars andShare Transfer Agents.

11. Members who hold shares in physical form in multiple folios in identical names or joint holding in the same orderof names are requested to send the share certificates to M/s. Beetal Financial & Computer Services Private Limitedfor consolidation into a single folio.

12. Members are requested to:-

a) Bring the enclosed attendance slip and deliver the same after filling in their folio number/Client ID and DPID at the entrance of the meeting hall. Admission at the Annual General Meeting venue will be allowed onlyafter verification of the signature in the attendance slip, Duplicate Attendance Slip will be issued at theRegistered Office of the Company up to a day proceeding the day of Annual General Meeting.

b) Bring their copies of Annual Report to the Meeting as the same will not be re-distributed at the venue ofAnnual General Meeting.

c) Quote their Folios/Client ID & DP Id Numbers in all correspondence.

d) Send a duly certified copy of the Board Resolution/Power of Attorney authorizing their representative to attendand vote on their behalf at the Annual General Meeting, if the members Corporate Member.

13. Relevant documents referred to in the accompanying Notice and the Statements are open for inspection by themembers at the Registered Office of the Company on all working days, except Saturdays, during business hoursup to the date of the Meeting.

14. Members desirous of asking any questions at the General Meeting are requested to send in their questions so asto reach the Company’s registered office at least 7 days before the General Meeting, so that the same can be suitablyreplied to.

15. Pursuant to Section 108 of the Companies Act, 2013 and the Rules framed there under, as amended from time totime, and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, yourCompany is offering e-Voting Facility for all shareholders of the Company, as an alternate, to enable them to casttheir votes electronically instead of casting their votes at the meeting. Please note that the voting through electronicmeans is optional. The members who wish to vote through physically in Meeting (instead of e-voting) can do thesame.

16. The Voting through an electronic means will commence on 25.09.2018 from 09:00 A.M and will end on27.09.2018 at 05:00 P.M. The members will not be able to cast their vote electronically beyond the date and timeas mentioned.

17. The Company has appointed M/s. K. Rahul & Associates, Practicing Company Secretary (Membership Number-13975) to act as the Scrutinizer for conducting the electronic voting processing affair and transparent manner.

18. The facility for voting through Polling Paper shall be made available at the AGM and the members attending themeeting, who have not cast their vote by remote e-voting, shall be able to exercise their right at the meeting throughpolling papers.

19. With the aim of curbing fraud and manipulation risk in physical transfer of securities, SEBI has notified the SEBI (ListingObligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2018 on June 8, 2018 to permit transferof listed securities only in the dematerialized form with a depository. In view of the above and the inherentbenefits of holding shares in electronic form, we urge the shareholders holding shares in physical form toopt for dematerialization on or before December 05, 2018.

20. SEBI vide its circular no. SEBI/HO/MIRSD/DOP1/ CIR/P/2018/73 dated April 20, 2018, with a view to protectthe interest of the shareholders, has mandated to all the members who hold securities of the company inphysical form, to furnish to the company / its registrar and transfer agent, the details of their valid PermanentAccount Number (PAN) and bank account. To support the SEBI’s initiative, the Members are requested tofurnish the details of PAN and bank account to the Company or RTA. Members are requested to send copyof PAN card of all the holders; and (b) original cancelled cheque leaf with names of shareholders or bankpassbook showing names of Members, duly attested by an authorised bank official.



Process for Members opting for e-Voting is as under:

In compliance with the provisions of Section 108 of the Companies Act, 2013 and the Rules framed there under, theMembers are provided with the facility to cast their vote electronically, through the e-voting services provided by CDSL, onall the resolutions set forth in this Notice. The e-voting period commences on Tuesday, 25.09.2018 (from 09:00 A.M IST)and will end on Thursday, 27.09.2018 at (5:00 P.M. IST). During this period, Members of the Company, holding shareseither in physical form or in dematerialized form may cast their vote electronically. The e-voting module shall be disabledby CDSL for voting thereafter. Once the vote on are solution is cast by a Member, he shall not be allowed to change itsubsequently.

The instructions for shareholders voting electronically are as under:

(a) The voting period begins on Tuesday, 25.09.2018 (from 09:00 A.M IST) and will end on Thursday, 27.09.2018at (5:00 P.M. IST).

During this period shareholders’ of the Company, holding shares either in physical form or in dematerialized form,as on the cut-off date 21.09.2018 may cast their vote electronically. The e-voting module shall be disabled by CDSLfor voting thereafter.

(b) Shareholders who have already voted prior to the meeting date would not be entitled to vote at the meeting venue.

(c) The shareholders should log on to the e-voting website www.evotingindia.com .

(d) Click on Shareholders/Members.

(e) Now Enter your User ID

i) For CDSL:16 digits beneficiary ID,

ii) For NSDL:8 Character DP ID followed by 8 Digits Client ID,

iii) Members holding shares in Physical Form should enter Folio Number registered with the Company.

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

(g) If you are holding shares in De-mat form and had logged on to www.evotingindia.com and voted on an earlier votingof any company, the any our existing password is to be used.

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

For Members holding shares in Demat Form and Physical Form

PAN Enter your 10 digit alpha-numeric PAN issued by Income Tax Department, (Applicable for both dematshareholders as well as physical shareholders)● Members who have not updated their PAN with the Company/Depository Participant are requested

to use the first two letters of their name and the 8 digits of the sequence number in the PAN Field.Sequence no is enclosed along with the notice.

● In case the sequence number is less than 8 digits enter the applicable number of 0’s before thenumber after the first two characters of the name in CAPITAL letters. Eg. If your name is RameshKumar with sequence number 1 the enter RA00000001 in the PAN field.

Dividend Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as recorded in your Demataccount or in the company records in order to login.

DetailsOR Date of If both the details are not recorded with the depository or company please enter the member id/ folio

number in the Dividend Bank details field as mentioned in instruction (e).

(i) After entering the details appropriately, click on “SUBMIT” tab.

(j) Members holding shares in physical form will then directly reach the Company selection screen. However, membersholding shares in demat form will now reach ‘Password Creation’ menu wherein they are required to mandatorily



enter their login password in the new password field. Kindly note that this password is to be also used by the dematholders for voting for resolutions of any other company on which they are eligible to vote, provided that companyopts for e-voting through CDSL platform. It is strongly recommended not to share your password with any otherperson and take utmost care to keep your password confidential.

(k) For Members holding shares in physical form, the details can be used only for e-voting on the resolutions containedin this Notice.

(l) Click on the EVSN for the relevant<CASTEX TECHNOLOGIES LIMITED> on which you choose to vote.

(m) On the voting page, you will see “RESOLUTION DESCRIPTION” and against the same the option “YES/NO” for voting.Select the option YES or NO as desired. The option YES implies that you assent to the Resolution and option NOimplies that you dissent to the Resolution.

(n) Click on the “RESOLUTIONS FILE LINK” if you wish to view the entire Resolution details.

(o) After selecting the resolution you have decided to vote on, click on “SUBMIT”. A confirmation box will be displayed.If you wish to confirm your vote, click on “OK”, else to change your vote, click on “CANCEL” and accordingly modifyyour vote.

(p) Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.

(q) You can also take a print of the votes cast by clicking on ”Click here to print” option on the Voting page.

(r) If a De-mat account holder has forgotten the changed login password then Enter the User ID and the imageverification code and click on Forgot Password & enter the details as prompted by the system.

(s) Shareholders can also cast their vote using CDSL’s mobile app m-Voting available for android based mobiles. Them-Voting app can be downloaded from Google Play Store. Please follow the instructions as prompted by the mobileapp while voting on your mobile.

(t) Note for Non–Individual Shareholders and Custodians

� Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodian are required to log onto www.evotingindia.com and register themselves as Corporate.

� A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed [email protected].

� After receiving the login details a Compliance User should be create during the admin login and password.The Compliance User would be able to link the account(s) for which they wish to vote on.

� The list of accounts linked in the login should be mailed to [email protected] on approvalof the accounts they would be able to cast their vote.

� A scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in favour ofthe Custodian, if any, should be uploaded in PDF format in the system for the scrutinizer to verify the same.

(u) 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 [email protected] or call 1800225533.

(v) All grievances connected with the facility for voting by electronic means may be addressed to Mr. Rakesh Dalvi,Deputy Manager, (CDSL, ) Central Depository Services (India) Limited, A Wing, 25th Floor, Marathon Future, MafatlalMill Compounds, N M Joshi Marg, Lower Parel (E), Mumbai – 400013., or send an email [email protected] or call 1800225533.



(w) The Results of e-voting shall be declared on the date of the AGM of the Company by the Chairman or by any otherperson duly authorized in this regard. The Results declared along with the Scrutinizer’s Report shall be placed onthe Company’s website www.amtek.com and on the website of CDSL e-voting within two (2) days of passing of theirsolutions at the AGM of the Company and communicated to the Stock Exchanges where the shares of the Companyare listed.






AANNEXURE TO NOTICE

EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013The following statements set out all material facts relating to the special businesses mentioned in the accompanying notice:

ITEM NO. 2

Pursuant to Section 148 of the Act read with the Companies (Audit and Auditors) Rules, 2014, as amended from time totime, the Company is required to have the audit of its cost records for specified products conducted by a Cost Accountant,Mr. Yash Pal Sardana, Cost Accountants (Membership No.- 17996) as Cost Auditors to appoint to conduct the audit of thecost records of the Company for the financial year 2018-19 at the remuneration not exceeding Rs.5 Lakhs per annum.

In accordance with the provisions of Section 148 of the Act read with the Companies (Audit and Auditors) Rules, 2014, theremuneration payable to the Cost Auditors has to be ratified by the members of the Company.

Accordingly, consent of the members is sought for passing an Ordinary Resolution as set out at Item No. 2 of the Notice.

None of the Directors / Key Managerial Personnel of the Company / their relatives is, in any way, concerned or interested,financially or otherwise, in the resolution set out at Item No.2 of the Notice.

ITEM NO. 3

Pursuant to provisions of Section 188(1) of the Companies Act, 2013, the Companies (Meeting of Board and its Powers) Rules,2014, the Related Party Transactions as mentioned in clause (a) to (g) of the said Section, require a Company to obtain priorapproval of the Board of Directors/Resolution Professional subject to approval of the Committee of Creditors of the Company,if required and subsequently the members of the Company by way of Ordinary Resolution in case the value of the RelatedParty Transactions exceeds the stipulated thresholds prescribed in Rule 15(3) of the said Rules.

Further as required under Regulation 23(4) of SEBI (Listing obligations and disclosure requirements) Regulations 2015, allmaterial related party transactions (other than as specified under regulation 23(4) of the SEBI (Listing Obligations andDisclosures Requirements) Regulations, 2015 shall require approval of the shareholders through Ordinary resolution.

Accordingly, the approval of the members by way of Ordinary Resolution is sought under Section 188 of the CompaniesAct, 2013, the Companies (Meeting of Board and its Powers) Rules, 2014 and Regulation 23(4) of the SEBI (Listing Obligationsand Disclosures Requirements) Regulations, 2015 to enable the Company to enter into related Party Transactions in oneor more tranches.

MAXIMUM VALUE OF CONTRACT/TRANSACTION FOR THE FINANCIAL YEAR 2018-19(in crores)

Transactions defined u/s 188(1) of Companies Act, 2013

Name of Interested Sale, Selling Giving Availling LeasingDirectors(s)/KMP(s) Purchase or buying any or of

of any property Loan/ rendering Property goods of any Guaran- of any of any

or kind tee service kindmaterials or provide

Securities

NAME OF RELATED PARTY

Subsidiary

Amtek Kupper GmbH – 100 – 50 – –

Joint Venture

Amtek Riken Casting Private Ltd. – 200 200 50 – –



Associate

Amtek Auto Ltd. The Company is under 500 300 – – –Corporate InsolvencyResolution Process

Subsidiary of Associate Company

Amtek Transportation Systems Ltd. – 200 200 – – –

JMT Auto Limited Mr. Sanjay Chabbra 200 200 50 – –Ms. Anuradha Kapur

Associate of Associate Company

Metalyst Forgings Ltd. The Company is under 300 300 50 – –Corporate InsolvencyResolution Process

ARGL Ltd. – 300 300 50 – –

ACIL Ltd. The Company is under 300 300 50 – –Corporate InsolvencyResolution Process

Terms and conditions:

1. At market value for each such transaction in compliance with applicable laws including Domestic Transfer PricingGuidelines.

2. Loans with a rate of interest not lower than the prevailing yield of one year, three year, five year or ten yearGovernment Security closest to the tenure of the Loan. Members are informed that pursuant to second proviso ofSection 188(1) of the Companies Act 2013, no member of the Company shall vote on such special resolution toapprove any contract or arrangement which may be entered into by the Company, if such member is a related party.Further, by its recent General Circular No. 30/2014 dated 17.07.2014, the Ministry of Corporate Affairs has clarifiedthat the term ‘Related Party’ in the second proviso to Section 188(1) refers only to such Related Party as may be aRelated Party in the context of the contractor arrangement for which the ordinary resolution is being passed.

None of the Directors and key managerial personnel (other than mentioned above) and their relatives are deemedto be concerned or interested, financial or otherwise in the proposed ordinary resolution.

However, any related party transaction to be entered in the financial year 2018-19 during the CorporateInsolvency Resolution Process or thereafter will be subject to the approval of the Committee of Creditors/Monitoring Committee as applicable.

These directorship exclude Private Companies, Foreign Companies and Companies Registered under Section 8 ofCompanies Act, 2013 Includes only Chairmanship/Membership in Audit Committee & Stakeholder’s RelationshipCommittee.






ROUTE MAP TO THE VENUE OF 35th AGM OFCASTEX TECHNOLOGIES LIMITED

VILLAGE NARSINGHPUR,MOHAMMADPUR,

OLD MANESAR ROAD,GURUGRAM, HARYANA-123106



BOARDS’ REPORT

Dear Members,

It gives me great pleasure to present the 35th Board’s Report of Your Company, along with the Balance Sheet, Statementof Profit and Loss and Statement of Cash Flow for the financial year ended March 31, 2018.

This is to apprise the members of Castex Technologies Limited that Hon’ble National Company Law Tribunal, ChandigarhBench, vide its order dated 20thDecember 2017 (“Order”), admitted the application for initiation of corporate insolvencyresolution process (“CIRP”) filed by State Bank of India in respect of Castex Technologies Limited (“Corporate Debtor”) inaccordance with Section 7 of The Insolvency and Bankruptcy Code, 2016 (‘the Code’). Pursuant to the order Mr. Dinkar T.Venkatasubramanian was appointed as the Interim Resolution Professional and thereafter was appointed as the ResolutionProfessional for the Corporate Debtor by the Committee of Creditors.

In terms of Section 17 of the Code, on commencement of the Corporate Insolvency Resolution Process (CIRP), the powersof the Board of Directors of CTL stands suspended and the same are being exercised by the Resolution Professional. Themanagement of the affairs of CTL has also been vested with Resolution Professional till the time the resolution plan isapproved by the CoC and further, approved by the NCLT under the Code.

This report is containing the Business and operations of Castex Technologies Limited (‘the Company’ or ‘CTL’), along withthe audited financial statements and consolidated performance of the Company and its subsidiaries for the financial yearended March 31, 2018.

FINANCIAL RESULTS

The standalone and consolidated financial statements for the financial year ended March 31, 2018, forming part of thisAnnual Report, have been prepared in accordance with the Indian Accounting Standards (Ind AS) as notified by the Ministryof Corporate Affairs

The Company’s, financial performance, for the year ended 31st March, 2018 and period ended 31st March, 2017 issummarized below:-

in‘ lakhs except per equity share data

Particulars Standalone Consolidated

31st March, 31st March, 31st March, 31st March,2018 2017 2018 2017

(Year Ended) (Year Ended) (Year Ended) (Year Ended)

Revenue 53,689 146,864 53,689 146,864

Less : Expenditures (Excluding Depreciation) 1,19,798 204,787 1,19,798 204,005

Gross Profit Before Depreciation (66109) (57,923) (66,109) (57,141)

Less : Depreciation 47,483 52,651 47,483 52,651

Profit Before Tax & Exceptional Items (1,13,591) (110,574) (1,13,591) (109,792)

Share of Profit/(loss) of associates andJoint Ventures – – (1) 3

Profit/(Loss) before exceptional itemsand taxes (1,13,591) (110,574) (113,592) (109,789)

Less : Exceptional Item 67,020 40,035 67,020 40,035

Profit Before tax (180,611) (150,609) (1,80,612) (149,824)

Less : Tax Expenses(Deferred Tax) (2) (46,216) (2) (45,975)

Profit / (Loss) for the year (180,609) (104,393) (180,610) (103,849)



Earnings Per Share for continuingoperations

1. Basic (47.77) (27.61) (47.77) (27.61)

2. Diluted (47.77) (27.61) (47.77) (27.61)

Earnings Per Share for discontinuingoperations

1. Basic - - (2.31) (1.31)

2. Diluted - - (2.31) (1.31)

Earnings Per Share for continuing anddiscontinued operations

1. Basic (47.77) (27.61) (50.08) (28.59)

2. Diluted (47.77) (27.61) (50.08) (28.59)

STATUS OF COMPANY AFFAIRS

As the Company is under CIRP under the Code, the Company is being run as a going concern. You will be happy to knowthe performance of the Company is satisfactory.

FINANCIAL PERFORMANCE

This Year under review has been quite challenging. During the period under review, based upon the Standalone Financialstatements, the revenue of the Company is Rs. 53,689 Lakhs. The Net Loss stood at Rs. 1,80,609 Lakhs. The Reserve &Surplus position (Other Equity as per IND-AS) as on 31stMarch, 2018 at Rs 11015.67 Lakhs.

DIVIDEND

In view of losses incurred during the period under review, the Board of Directors does not recommend any dividend onthe equity shares for the financial year ended March 31, 2018

FIXED DEPOSITS

During the period under review, your Company has not accepted any Deposits within the meaning of Section 73 of theCompanies Act, 2013 from the Shareholders/Public.

SUBSIDIARY AND ASSOCIATES

During the period under review, the Board of Directors (‘the Board’) reviewed the affairs of the subsidiaries. In accordancewith Section 129(3) of the Companies Act, 2013, we have prepared consolidated financial statements of the Company, whichforms part of this Annual Report. Further a statement containing the salient features of the financial statement of oursubsidiaries, associates, joint ventures in the prescribed Form AOC-1 which is annexed to the consolidated financialstatement and which forms part of this annual report. The statement also provides the details of performance and financialpositions of each of the subsidiaries.

In accordance with Section 136 of the Companies Act, 2013, the audited financial statements, including the consolidatedfinancial statements and related information of the Company and audited accounts of each of its subsidiaries, are availableon our website, www.amtek.com.These documents will also be available for inspection during business hours at ourregistered office in Haryana, India.

DETAILS OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

The Board of Directors of the Company possess highest personal and professional ethics, integrity, values and provideleadership, strategic guidance and objective judgment on the affairs of the Company.

The Board consists of Eight Directors on end date of financial year under review, comprising of Non- Executive Directorsand Executive Directors. The name of the Companies in which they hold the memberships/chairmanships of BoardCommittees, as stipulated under SEBI(LODR) Regulations, 2015 is provided in the Corporate Governance Section of thisAnnual Report.



During the period under the review that Mr. John Ernest Flintham resigned on 31st March, 2018.

Mr. Gautam Malhotra has resigned from Directorship with the effect from 23rd May, 2018

Pursuant to the provisions of Section 203 of the Act, which came into effect from April 1, 2014, the appointment of Mr. SanjayArora (Whole-time Director), Mr. Ajay Kumar (Chief Financial Officer) and Ms. Ruchika (Company Secretary) as key managerialpersonnel of the Company was formalized.

Mr. Ajay Kumar was appointed as Chief Financial Officer of the Company in place of Mr. Darshan Prasad Yadav w.e.f. 27th

November, 2017.

Ms. Ruchika was appointed as Company secretary of the Company in place of Ms. Bhavya Sehra w.e.f. 12th February, 2018

SHARE CAPITAL

During the period under review, there is a no change in an Authorized Share Capital of the Company. The Authorized ShareCapital of the Company is Rs. 97 Crores of face Value of Rs.2/- each as on 31st March, 2018.

NUMBER OF BOARD MEETING

The Board met four times before commencement of corporate Insolvency Resolution Process (CIRP).The maximum intervalbetween any two meetings did not exceed 120 days, as prescribed in the Companies Act, 2013.

No meeting of Board of Directors or Committee was held after the Commencement of Corporate InsolvencyResolution Process (CIRP) w.e.f 20th December 2018.

POLICY ON DIRECTORS’ APPOINTMENT AND REMUNERATION

The company’s current policy is to have an appropriate mix of executive and independent directors to maintain theindependence of the Board and separate its functions of governance and management. On March 31, 2018, the Boardconsists of Eight members, One of whom is executive, three are non executive and Four were independent directors.

The policy of the Company on directors’ appointment and remuneration, including criteria for determining qualifications,positive attributes, independence of a director and other matters, as required under sub-section (3) of Section 178 of theCompanies Act, 2013, is available on our website and also in the Corporate Governance Report. There has been no changein the policy since the last fiscal year. We affirm that the remuneration paid to the directors is as per the terms laid outin the nomination and remuneration policy of the Company.

DECLARATION BY INDEPENDENT DIRECTORS

The Company has received necessary declaration from each independent director under Section 149(7) of the CompaniesAct, 2013, that he / she meets the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 andRegulation 25 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

BOARD EVALUATION

BOARDEVALUATIONT R A C K I N G

BOARD ANDCOMMITTEES’

EFFECTIVENESS

COMPANYPERFORMANCE AND

STRATEGY

B O A R DDYNAMICS ANDRELATIONSHIPS

INFORMATIONFLOWS

PEEREVALUATION

DECISION-M A K I N G

RELATIONSHIPW I T H

STAKEHOLDERS



SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, mandates that before the commencement ofInsolvency Process Board shall monitor and review the Board evaluation framework. The framework includes the evaluationof directors on various parameters such as:

The Companies Act, 2013 states that a formal annual evaluation needs to be made by the Board of its own performanceand that of its committees and individual directors. Schedule IV of the Companies Act, 2013 states that the performanceevaluation of independent directors shall be done by the entire Board of Directors, excluding the director being evaluated.

The evaluation of all the directors and the Board as a whole was conducted based on the criteria and framework adoptedby the Board. The evaluation process has been explained in the Corporate Governance Report. The Board approved theevaluation results as collated by the nomination and remuneration committee.

FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS

All independent directors inducted into the Board attend an orientation program. The details of training and familiarizationprogram are provided in the Corporate Governance Report and is also available on our website (www.amtek.com).

Further, at the time of the appointment of an independent director, the Company issues a formal letter of appointmentoutlining his / her role, function, duties and responsibilities. The format of the letter of appointment is available on ourwebsite (www.amtek.com)

COMMITTEES OF THE BOARD

The Committees of the Board focus on certain specific areas and make informed decisions in line with the delegatedauthority.

The Board has laid down the Code of Conduct for Non-Executive Directors and Senior Management Personnel of theCompany and the same are posted on the Company’s website. All Board Members and Senior Management personnelhave affirmed compliance with the Code of Conduct. The Managing Director has also confirmed and certified the same.The certification is enclosed at the end of the Report on Corporate Governance (Annexure-VII).

DIRECTORS’ RESPONSIBILTY STATEMENT

Before the commencement of Insolvency Process Pursuant to the provisions of Section 134(5) of the Companies Act, 2013the Directors hereby confirm that:i. in the preparation of Annual Accounts, the applicable Accounting Standards have been followed and there has been

no material departure.ii. they have selected accounting policies were applied consistently and the directors made judgments and estimates

that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st

March, 2018 and of the profit/loss for the year ended on that date.iii. they have made proper and sufficient care for the maintenance of adequate accounting records in accordance with

the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing anddetecting fraud and other irregularities.

iv. They have prepared the annual accounts on a going concern basis.v. they have laid down internal financial controls to be followed by the Company and such internal financial controls

are adequate and operating effectively.vi. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such

systems were adequate and operating effectively.

AUDITORS

Pursuant to provisions of Section 139 of the Companies Act, 2013 and rules framed there under, the member had appointedM/s Raj Gupta & Co. Chartered Accountants as Statutory Auditors of the Company at last (34th) Annual General Meetingfor a period of Five years to hold the office till the conclusion of 39th Annual General Meeting subject to ratification byshareholders every year.

The requirement to place the matter relating to appointment of Auditors' for ratification by members at every AGM is doneaway with vide notification dated 7th May, 2018 issued by Ministry of Corporate Affairs, New Delhi. Accordingly, noresolution is being proposed for ratification of appointment of the Auditors, who were appointed in the AGM of the Companyheld on 29th September, 2017.



AUDITORS’ REPORT

The auditors’ report doesn’t contain any qualifications, reservations or adverse remarks. The Report of the statutory auditoris given as an annexure which forms part of this annual report.

COST AUDITORS

Mr. Yash Pal Sardana (Membership No. 17996) practicing Cost Accountant have been re-appointed to audit the cost recordsof the Company for the F.Y. 2018-2019 for conducting the audit of the cost records of the Company.

SECRETARIAL AUDIT REPORT

The Board with the approval of resolution professional appointed M/s SN Jain & Co., Company Secretaries, to conductSecretarial Audit for the financial year 2017-18. The Secretarial Audit Report for the financial year ended March 31, 2018is annexed herewith marked as Annexure – I to this Report. The Secretarial Audit Report has not contained any qualification,reservation or adverse remark

GOODS AND SERVICE TAX (GST)

GST is an Indirect Tax which has replaced many Indirect Taxes in India. The Goods and Service Tax Act was passed inthe Parliament on 29th March 2017. Goods and Service Tax (GST) came into effect from July 01, 2017 through theimplementation of one Hundred and first amendment of the Constitution of India. The tax replaced existing multiplecascading taxes levied by the Central and State Government. As GST is one indirect tax for the entire country.

Your company has successfully implemented and migrated to GST followed by the changes across various departments/operation of the Company.

RECONCILIATION SHARE CAPITAL AUDIT REPORT

As per the directive of Securities and Exchange Board of India, M/s S. Khurana & Associates, Company Secretaries, NewDelhi, undertook the Reconciliation of Share Capital Audit on a quarterly basis. The purpose of the audit is to reconcile thetotal number of shares held in National Securities Depository Limited (NSDL), Central Depository Services (India) Limited(CDSL) and in physical form with the respect to admitted, issued and paid up capital of the Company.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

Before the commencement of Insolvency Process Board has adopted policies and procedures for ensuring the orderly andefficient conduct of its business, including adherence to the Company’s policies, the safeguarding of its assets, theprevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timelypreparation of reliable financial disclosure.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

None of the transactions with related parties falls under the scope of section 188(1) of the Act. Information on transactionswith related parties pursuant to section 134(3)(h) of the Act read with rule 8(2) of the Companies (Accounts) Rules, 2014are given in the Form AOC-2 is annexed a Annexure-II which forms part of this report.

ANNUAL RETURN EXTRACT

As provided under Section 92(3) of the Act, the extract of annual return is given as Annexure-III in the prescribed FormMGT-9, which 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 theCompany on CSR activities during the year are set out in the Annexure-IV which forms part of this report, as prescribedin the Companies (Corporate Social Responsibility Policy) Rules,2014. For other details regarding The CSR Committee, pleaserefer to the corporate governance report, which forms part of this report. The policy is available on the website of theCompany www.amtek.com.

RISK MANAGEMENT

The board of directors of the Company has formed a risk management committee to frame, implement and monitor therisk management plan for the Company. The committee is responsible for reviewing the risk management plan and



ensuring its effectiveness. The audit committee has additional oversight in the area of financial risks and controls. Majorrisks indentured by the businesses and functions are systematically addressed through mitigating actions on a continuingbasis.

The development and implementation of risk management policy has been covered in the management discussion andanalysis, which forms part of this report.

PARTICULARS OF EMPLOYEES AND REMUNERATION

(a) The ratio of remuneration of each director to the median of employees’ remuneration as per Section 197(12) of theCompanies Act, 2013, read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel)Rules, 2014 are Annexure–V forms part of this report.

(b) The statement containing particulars of employees as required under section 197(12) of the Act read with Rule 5(2)of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is forms part of this report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS & OUTGO

The Energy conservation continues to be an area of focus for Company. Initiatives to integrate energy efficiency into overalloperations are undertaken through design considerations and operational practices. The key initiatives towards conservationof energy were:

� improved monitoring of energy consumption through smart metering and integration with building managementsystems;

� setting internal targets for energy performance improvement and institution of rigorous operational controlstoward achieving these targets;

� creating awareness amongst associates on energy conservation through campaigns and events;

� focusing on enhancing the component of renewable power in our power sourcing strategy (through on-sitesolar power generation and third party purchase as feasible);

� Increased focus on procurement of energy efficient equipment.

The relevant data regarding the above is given in the Annexure-VI hereto and forms part of this report.

MANAGEMENT DISCUSSION & ANALYSIS REPORT

A detailed review of operations, performance and future outlook of the Company is given as an annexure, under the head“Management Discussion and Analysis Report” and forms a part of this report.

DISCLOSURE REQUIREMENTS

Details of the Familiarization Programme of the independent directors are available on the website of the Company(www.amtek.com)

Policy on dealing related party transaction is available on the website of the Company (www.amtek.com)

The Company has formulated and published a Whistle Blower Policy to provide Vigil Mechanism for employees includingdirectors of the Company to report genuine concerns. The provisions of this policy are in line with the provisions of theSection 177(9) of the Act and the Listing Agreements with stock exchanges and as per SEBI (LODR) Regulations, 2015 (URL:www.amtek.com/investors).

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

As stated herein before, the Hon’ble National Company Law Tribunal, Chandigarh Bench (NCLT, Chandigarh) vide orderdated 20th December, 2017 approved initiation of Corporate Insolvency Resolution Process of the Company pursuant to anapplication under section 7 of the Insolvency and Bankruptcy Code, 2016 filed by State Bank of India.

Pursuant to the initiation of the above proceedings, the powers of the Board have been suspended in terms of section 17of the Code and the same now vest with Mr. Dinkar T. Venkatasubramanian, the Resolution Professional.



DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION ANDREDRESSAL) ACT, 2013

The Company promotes a healthy and congenial working environment irrespective of gender, caste, creed or social classof the employees and values every individual and committed to protect the dignity and respect of every individual. TheCompany has always endeavored for providing a better and safe environment free of sexual harassment at all its workplaces. During the year under review, no cases of sexual harassment against women employees at any of its work placewere filed under Section 22 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,2013.

ACKNOWLEDGEMENTS

The Directors/Resolution Professional wish to place on record their appreciation for the sincere services rendered byemployees of the Company at all levels. Your Directors /Resolution Professional also wish to place on record theirappreciation for the valuable co-operation and support received from the Government of India, various state governments,the Banks/ financial institutions and other stakeholders such as, shareholders, customers and suppliers, among others. TheDirectors /Resolution Professional also commend the continuing commitment and dedication of the employees at all levels,which has been critical for the Company’s success. The Directors look forward to their continued support in future.


Sanjay ChhabraDIN No. 01237026(Chairman & Director)

(Castex Technologies Limited is under Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code2016. Its affairs, business and assets are being managed by the Resolution Professional, Mr. Dinkar T.Venkatasubramanian, appointed by the National Company Law Tribunal by order dated 20th December, 2017 and 22nd

December, 2017 and continued as Resolution Professional by the Committee of Creditors in its meeting held on 12th January,2018 under the provisions of the Code. )

Place : New DelhiDate : 14th August, 2018



ANNEXURE TO DIRECTORS’ REPORTForm No. MR-3 SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED 31st MARCH, 2018[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No.9 of the Companies (Appointment and

Remuneration of Managerial Personnel) Rules, 2014]

Annexure I

To,The Members,Castex Technologies Limited3, L.S.C., Pamposh Enclave, G.K.-I New Delhi-110048

I, have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to goodcorporate practices by Castex Technologies Limited (hereinafter called “the Company” or “CTL”). Secretarial Audit wasconducted in a manner that provided me a reasonable basis for evaluating the corporate conducts/statutory compliancesand expressing my opinion thereon.

It is further stated that Castex Technologies Limited is under Corporate Insolvency Resolution Process under the Insolvencyand Bankruptcy Code 2016 (Code) vide an order of the Hon’ble National Company Law Tribunal (“NCLT”), Chandigarh dated20.12.2017 and Mr. Dinkar T. Venkatasubramanian (IP Registration no. IBBI/IPA-001/IP-P00003/2016-17/10011), was appointedas the Insolvency Resolution Process (“IRP”) with effect from 22nd December 2017. Further, in terms of the provisions ofthe Code, the Committee of Creditors (CoC) in its meeting held on 12th January 2018 continued to Mr. Dinkar T.Venkatasubramanian as the Resolution Professional.

In terms of Section 17 of the Code, on commencement of the Corporate Insolvency Resolution Process (CIRP), the powersof the Board of Directors of Castex stands suspended and the same are being exercised by Mr. Dinkar. The managementof the affairs of Castex has been vested with Mr. Dinkar.

Based on my verification of Company’s books, papers, minute books, forms and returns filed and other records maintainedby the Company and also the information provided by the Company, its officers, agents and authorized representativesduring the conduct of secretarial audit . I hereby report that in my opinion, the Company has, during the audit periodcovering the financial year ended on 31st March, 2018 complied with the statutory provisions listed hereunder and alsothat the Company has compliance-mechanism in place to the extent, in the manner and subject to the reporting madehereinafter:

I have examined the books, papers, minute books, forms and returns filed and other records maintained by for the periodended 31st March, 2018 according to the provisions of:

I. The Companies Act, 2013 (the Act) and the rules made here under;

II. The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made there under;

III. The Depositories Act, 1996 and the Regulations and Bye-laws framed there under;

IV. Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of ForeignDirect 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’):-

a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeoves) Regulations, 2011;

b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992 and TheSecurities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 notified with effectfrom May 15 2015,

c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;Not Applicable as the Company has not issued any securities during the financial year.

d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations,2014 -Not Applicableas the Company has not granted any options to its employees during the financial year under review;



e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008:

f) 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;- Not Applicable as the Company is not registeredas Registrar to an Issue and Share Transfer Agent during the financial year under review;

g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009- Not Applicable asthe Company has not delisted its equity shares from any stock exchange during the financial year underreview.

h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998- Not Applicable as theCompany has not bought back any of its securities during the financial year under review.

i) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations,2015 notified with effect from December 1, 2015.

I further report that having regard to compliance system prevailing in the Company and on examination of therelevant documents and records in pursuance thereof, on test-check basis, the Company has complied with thefollowing laws applicable specifically to the Company:

The Factories Act, 1948;

i) The Petroleum Act, 1934 and the rules made there under;

ii) The Environment Protection Act, 1986 and the rules made there under;

iii) The Water (Prevention and Control of Pollution) Act, 1974 and the rules made there under; and

iv) The Air (Prevention and Control of Pollution) Act, 1981 and the rules made there under

I further report that the compliance by the Company of applicable financial laws, like direct and indirect tax laws,has not been reviewed in this Audit since the same have been subject to review by statutory financial audit andother designated laws.

I have also examined compliance with the applicable clauses of the following:

(i) Secretarial Standards issued by The Institute of Company Secretaries of India notified with effect from July 1, 2015;

(ii) The Listing Agreements entered into by the Company with The National Stock Exchange of India & The BSE Limited

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines,Standards, etc. mentioned above.

I further report that:

The IBC has been enacted with the object of inter alia, providing a time bound resolution process for corporatedebtors, maximizing the value of their assets and to promote entrepreneurship. If the resolution is not achievedwithin the time provided, the corporate debtor will go in liquidation. Section 14 has been provided as a standstillprovision to allow the stakeholders to explore resolution without having to worry about duress and other legalproceedings as such proceedings causing a set back to the enterprise, its operations or value.

I further report that there are adequate systems and processes in the Company commensurate with the size andoperations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

For SN Jain & Co.Sd/-

Shruti JainPracticing Company Secretary

COP No.: 19933

Place : New DelhiDate : 18.06.2018

This report is to be read along with our letter of even date which is annexed as Annexure B and forms an integralpart of this report.



Annexure B

To,The Members,Castex Technologies Limited3, LSC Pamposh Enclave, G.K.-I New Delhi-110 048

Our report of even date is to be read along with this letter.

1. Maintenance of secretarial records is the responsibility of the management of the Company. Our responsibility isto express an opinion on these secretarial records based on our audit.

2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance aboutthe correctness of the contents of the Secretarial records. The verification was done on test basis to ensure thatcorrect facts are reflected in Secretarial records. We believe that the processes and practices, we followed providea reasonable basis for our opinion.

3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of theCompany.

4. Wherever required, we have obtained the management representation about the compliance of laws, rules andregulations and happening of events etc.

5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is theresponsibility of management. Our examination was limited to the verification of procedures on test basis.

6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the efficacy oreffectiveness with which the management has conducted the affairs of the Company.

For SN Jain & Co.

Sd/-Shruti Jain

Practicing Company SecretaryCOP No.: 19933

Place : New DelhiDate : 18.06.2018



ANNEXURE-II

Form No. AOC-2(Pursuant to clause (h) of sub-section (3) of section 134 of the Companies Act, 2013 and Rule 8(2) of the Companies(Accounts) Rules, 2014)

Form for disclosure of particulars of contracts / arrangements entered into by the company with related parties referredto in sub-section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transactions under third provisothereto:

1. Details of contracts or arrangements or transactions not at arm’s length basis:

Castex Technologies Limited (the Company) has not entered in to any contract / arrangement / transaction with its relatedparties which is not in ordinary course of business or at arm’s length during FY 2017-18. The Company has laid downpolicies and processes/procedures so as to ensure compliance to the subject section in the Companies Act, 2013 (“Act”)and the corresponding Rules. In addition, the process goes through internal and external checking, followed by quarterlyreporting to the Audit Committee.

(a) Name(s)of the related party and nature of relationship :Not Applicable

(b) Nature of contracts/arrangements/transactions :Not Applicable

(c) Duration of the contracts/arrangements/transactions: Not Applicable

(d) Salient terms of the contracts or arrangements outran sections including the value, if any: Not Applicable

(e) Justification for entering in to such contracts or arrangements or transactions: Not Applicable

(f) Date(s)of approval by the Board: Not Applicable

(g) Amount paid as advances, if any: Not Applicable

(h) Date on which the special resolution was passed in general meeting as required under first proviso to section188: Not Applicable

2. Details of material contracts or arrangement or transactions at arm’s length basis:

(a) Name(s) of the related party and nature of relationship :Not Applicable(b) Nature of contracts/arrangements/transactions: Not Applicable(c) Duration of the contracts/arrangements/transactions: Not Applicable(d) Salient terms of the contracts or arrangements outran sections including the value, if any: Not Applicable(e) Date(s)of approval by the Board, if any: Not Applicable(f) Amount paid as advances, if any: None

Note: The above disclosures on material transactions are based on the principle that transactions with wholly ownedsubsidiaries are exempt for purpose of section 188(1) of the Act.


Sanjay ChhabraDIN No.01237026(Chairman& Director)

(Castex Technologies Limited is under Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code2016. Its affairs, business and assets are being managed by the Resolution Professional, Mr. Dinkar T.Venkatasubramanian, appointed by the National Company Law Tribunal by order dated 20th December, 2017 and 22nd

December, 2017 and continued as Resolution Professional by the Committee of Creditors in its meeting held on 12th January,2018 under the provisions of the Code. )

Date : 14.08.2018Place : New Delhi



Annexure IIIFORM NO. MGT 9

EXTRACT OF ANNUAL RETURN AS ON FINANCIAL YEAR ENDED ON 31.03.2018Pursuant to Section 92(3) of the Companies Act, 2013 and Rules 12(1) of the Company

(Management & Administration) Rules, 2014REGISTRATION & OTHER DETAILS :

i CIN L65921HR1983PLC033789

Ii Registration Date 02/12/1983

iii Name of the Company Castex Technologies Limited

iv Category/Sub-category of the Company Limited by Shares, Indian Non-Government Company

v Address of the Registered office & contact Vill. Narsinghpur, Mohammadpur, Old Manesar Road,details: Gurugram, Haryana- 123106

vi Whether listed company Yes, listed on BSE Limited & National Stock Exchange ofIndia Ltd.

vii Name, Address & contact details of the Beetal Financial & Computer Services Pvt. Ltd.Registrar & Transfer Agent Beetal House, 3rd Floor, 99, Madangir Behind L.S.C.,

New Delhi-110062Tel : 011-29255230, Fax: 011-29252146E-mail : [email protected]

I. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10% or more of the total turnover of the company shall be stated

S.No Name and Description NIC Code of the Product / % to total turnover of theof main products / service services company

1. Motor Vehicle Parts & 9988813 100%accessory manufacturing service

II. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES –

S.No. NAME AND ADDRESS OF CIN/GLN HOLDING/ % of ApplicableTHE COMPANY SUBSIDIARY / shares Section

ASSOCIATE/ heldJOINT VENTURE

1. Amtek Kuepper Gmbh N.A. Subsidiary 100.00% 2(87)

2. Amtek Riken Casting Pvt. Ltd. U35990DL2014PTC272515 Joint Venture 15.02% 2(6)

3. Terrasoft Infosystems Private Limited U72200HR2013PTC049106 Associate 49.00% 2(6)

4. Aaron Steel & alloys Pvt Ltd U27100DL2010PTC201566 Associate 41.19% 2(6)

5. Asta Motorcycles & Scooters India U35911DL2001PLC111328 Associate 35.88% 2(6) Limited

6. Blaze Spare Parts Private Limited U29253DL2010PTC201510 Associate 41.10% 2(6)

7. Domain Steel & Alloys Pvt Ltd U27100DL2010PTC201248 Associate 41.34% 2(6)

8. Gagandeep Steel & Alloys Private U27100DL2010PTC201462 Associate 41.17% 2(6)Limited

9. Neelmani Engine Components U29292DL2010PTC201230 Associate 41.28% 2(6)Private Limited



IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as % of Total Equity)

i) Category-wise Share Holding

Category of No. of Shares held at the No. of Shares held at the % ChangeShareholders beginning of the year end of the year during the

year

Demat Physical Total % of Demat Physical Total % of Incre- Decre-total total ase ase

shares shares

A. Promoters

(1) Indian 0 0 0 0 0 0 0 0 0 0

a) Individual/HUF 0 0 0 0 0 0 0 0 0 0

b) Central Govt. or 0 0 0 0 0 0 0 0 0 0State Govt.

c) Bodies Corporates 177182272 0 177182272 46.858 177182272 0 177182272 46.858 0 0

d) Banks/FI 0 0 0 0 0 0 0 0 0 0

e) Any Other 0 0 0 0 0 0 0 0 0 0

Sub-Total (A) (1):-Sub-Total (A) (1):-Sub-Total (A) (1):-Sub-Total (A) (1):-Sub-Total (A) (1):- 177182272 0 177182272 46.858 177182272 0 177182272 46.858 0 0

(2) Foreign 0 0 0 0 0 0 0 0 0 0

a) NRIs – Individuals 0 0 0 0 0 0 0 0 0 0

b) Other – Individuals 0 0 0 0 0 0 0 0 0 0

c) Bodies Corp. 0 0 0 0 0 0 0 0 0 0

d) Banks/FI 0 0 0 0 0 0 0 0 0 0

e) Any Other 0 0 0 0 0 0 0 0 0 0

Sub-total (A) (2) 0 0 0 0 0 0 0 0 0 0

Total Shareholding ofPromoter (A) =(A)(1)+(A)( 2) 177182272 0 177182272 46.858 177182272 0 177182272 46.858 0 0

B. Public Shareholding

1. Institutions 0 0 0 0 0 0 0 0 0 0

a) Mutual Funds 0 0 0 0 0 0 0 0 0

b) Banks / FI 106603 0 106603 0.028 25000 0 25000 0.0066 0 0.0214

c) Central Govt 0 0 0 0 0 0 0 0 0 0

d) State Govt. 0 0 0 0 0 0 0 0 0 0

e) Venture Capital Funds 0 0 0 0 0 0 0 0 0 0

f) Insurance Companies 1518007 0 1518007 0.4015 1518007 0 1518007 0.4015 0 0

g) FIIs 0 0 0 0 0 0 0 0 0 0

h) Foreign Venture 0 0 0 0 0 0 0 0 0 0Capital Funds

i) Foreign Portfolio 4378565 0 4378565 1.158 308722 0 308722 0.0816 0 1.0764Investors

j) Others (specify) 0 0 0 0 0 0 0 0 0 0

a) Foreign Financial 4610007 0 4610007 1.219 0 0 0 0 0 1.219Institutions/Banks

Sub-total (B)(1):- 10613182 0 10613182 2.807 1851729 0 1851729 0.4897 0 2.3168



(ii) Shareholding of Promoters

S.No Shareholder’s Shareholding at the beginning Shareholding at the End ofName of the year the year

No. of % of % of No. of % of % of %shares total Shares shares total Shares change

Shares Pledged/ shares Pledged/ in shareof the encumbered of the encumbered holdingcompany to total compay to total during

shares shares the year

1 Amtek Auto 115682272 30.5938 16.880 115682272 30.5938 24.722 7.842Limited

2 Metalyst 61500000 16.2646 06.51 61500000 16.2646 06.51 –ForgingsLimited

2. Non Institutions

a) Bodies Corp. 16426620 85500 16512120 4.367 15058110 85500 15143610 4.0049 0 0.3621

b) Individuals

i) Individual shareholdersholding nominalshare capital uptoRs. 2 lakh 89710523 1350948 91061471 24.083 107592310 1328698 108921008 28.8057 4.7227 0

ii) Individual shareholdersholding nominal sharecapital in excessRs. 2 Lakh 26196445 0 26196445 6.928 40781693 0 40781693 10.7853 3.8573 0

c) Others (specify)

i) Trust 0 0 0 0 0 0 0 0 0 0

ii) NRI 9265797 0 9265797 2.45 10985727 0 10985727 2.9053 0.4553 0

iii) Clearing Member 868703 0 868703 0.230 1329425 0 1329425 0.3516 0.1216 0

iv) Hindu UndividedFamilies (HUF) 3202035 0 3202035 0.847 3771715 0 3771715 0.9975 0.1505 0

v) Foreign Body Corporate 43220813 0 43220813 11.430 18155559 0 18155559 4.08015 9.3074 7.34985

Sub-total (B)(2):- 188890936 1436448 190327384 50.335 197674639 141198 199088837 52.6519 18.6148 10.028

Total Public Shareholding(B)= (B)(1)+ (B)(2) 199504118 1436448 200940566 53.142 199526368 141198 200940566 53.142 18.6148 12.3448

C. Shares held byCustodian forGDRs & ADRs 0 0 0 0 0 0 0 0 0 0

Grand Total (A+B+C) 376686390 1436448 378122838 100 376708640 141198 378122838 100 18.6148 12.3448

(iii) Change in Promoters’ Shareholding (please specify, if there is no change)

S.No Shareholding at the beginning of the year Cumulative Shareholding during the year

No. of shares % of total No. of shares % of totalShares of the Shares of theCompany Company

There is no change in the promoter's shareholding between 1st April, 2017 to 31st March 2018.



(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):

S.No Shareholding at the beginning of the Cumulative Shareholding during the year 1st April, 2017 year 31st March, 2018

For Each of the Top No. of % of Total For Each of the Top No. of % of TotalTen Shareholders Shares Share of the Ten Shareholders Shares Share of the

Company Company

1 Standard Chartered Bank 1 Standard Chartered BankSingapore Branch 39112652 10.3439 Singapore Branch 15118353 3.9983

2 Deutsche Bank 2 Credit Suisse (Singapore)Ag London-cb Account 4610007 1.2192 Limited 3037206 0.8032

3 Credit Suisse (Singapore) 3. General InsuranceLimited 3037206 0.8032 Corporation Of India 1518007 0.4015

4 Merrill Lynch Markets 4 Karvy Stock Broking Ltd 1397958 0.3697Singapore Pte. Ltd. 2376627 0.6285

5 General Insurance 1518007 0.4015 5 Mr. Umesh Chandra Mishra 1379000 0.3647Corporation of India

6 Copthall Mauritius Investment 1503755 0.3977 6 Mr. Kartik Kapur 1223854 0.3237

7 Sumpoorna Portfolio Limited 1465801 0.3877 7 Mr. Jeevan Asija 1060000 0.2803

8 Globe Capital Market Ltd. 1243801 0.3289 8 Mr. Rajesh Garg 1000000 0.2645

9 Shabbir Bhai Hakimuddin 1114167 0.2947 9 Mr. Balakrishnan M G 918449 0.2429Boriawala

10 Standard Chartered Bank 1072349 0.2836 10 Mr. Alwin Ashok Alva 870568 0.2302(Mauritius) Limited

The Shares of the company are frequently traded and hence date wise increase/decrease in shareholding is not indicated.The result in changes in the top 10 shareholders is due to trading in securities by the shareholders.

(v) SHAREHOLDING OF DIRECTORS & KMPS

S.No. Shareholding at the beginning year of the Cumulative Shareholding during theyear 01.04.2017 year 31.03.2018

Directors & Key No. of shares % of total Shares No. of shares % of total SharesManagerial Persons of the company of the company

N.A.



vi) INDEBTEDNESS

Indebtedness of the Company including interest outstanding/accrued but not due for payment

(` in Rupees)

Secured Loans Unsecured Loans Deposits Totalexcluding deposits Indebtedness

i) Principal Amount 49,485,262,948.47 500,000,000.00 49,985,262,948.47

ii) Interest due but not paid 5,448,164,447.85 97,036,849.16 – 5,545,201,297.01

iii) Interest accrued but not due 49,461,668.72 - – 49,461,668.72

Total (i+ii+iii) 54,982,889,065.04 597,036,849.16 – 55,579,925,914.20

Change in Indebtedness duringthe financial year

Addition

i) Principal Amount 44,400,000.00 – – 44,400,000.00


iii) Interest accrued but not due - -

Sub Total 4,975,921,322.40 56,416,968.31 – 5,032,338,290.71

Reduction – – – –

i) Principal Amount 69,756,491.30 – – 69,756,491.30

ii) Interest due but not paid 114,131,460.18 – – 114,131,460.18

iii) Interest accrued but not due 31,007,515.21 – – 31,007,515.21

Sub Total 214,895,466.69 – – 214,895,466.69

Net Change 4,761,025,855.71 56,416,968.31 – 4,817,442,824.02

Indebtedness at the end of thefinancial year – – –

i) Principal Amount 49,459,906,457.17 500,000,000.00 – 49,959,906,457.17


iii) Interest accrued but not due 18,454,153.51 - – 18,454,153.51

Total (i+ii+iii) 59,774,922,435.96 653,453,817.47 – 60,428,376,253.43



vii) REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager (` in Lakhs)

S. No Particulars of Remuneration Name of Managing Whole Time TotalDirector Director Amount

Mr. John Malhotra Mr. SanjayFilntham* Arora

1. (a) Salary as per provisions contained in 75.00 54.2 129.28section 17(1) of the Income-tax Act, 1961

(b) Value of perquisites u/s 17(2) – 0.21 0.21Income-tax Act, 1961

(c) Profits in lieu of salary under – – –section 17(3) Income-tax Act, 1961

2. Stock Option – – –

3. Sweat Equity – – –

4. Commission as – – –

% of profit – – –

others, specify – – –

5. Others, please specify – – –

Total (A) 75.00 54.41 129.49

Ceiling as per the Act (@5% of profits calculatedunder Section 198 of the Companies Act, 2013

# Mr. John Ernest Flintham Resigned on 31.03.2018

B. Remuneration to Key Managerial Personnel other than MD/Manager/WTD

(‘ in Lakhs)



B. Remuneration to Key Managerial Personnel other than MD/Manager/WTD(` in Lakhs)

S.No. Gross Salary Mr. Mr. Mr. Ms. Ms. TotalDeepak Darshan@ Ajay Bhavya Ruchika

Wadhwa Prasad Kumar Sehra CompanyCFO* Yadav CFO*** Company Secretary##

CFO** Secretary#

1. (a) Salary as per provisions contained insection 17(1) of the Income-tax Act, 1961 1.82 10.44 7.37 5.36 0.40 25.39

(b) Value of perquisites u/s 17(2) – 0.16 – – – 0.16Income-tax Act, 1961

(c) Profits in lieu of salary under – – – – –section 17(3) Income-tax Act, 1961

2. Stock Option – – – – –

3. Sweat Equity – – – – –

4. Commission as – – – – –

% of profit – – – – –

others, specify – – – – –

5. Others, please specify – – – – –

Total (A) – – – – –

Ceiling as per the Act (@5% of profits calculatedunder Section 198 of the Companies Act, 2013

*Mr. Deepak Wadhwa resigned on 30.5.2017 # Ms. Bhavya Sehra Resigned on 25.01.2018**Mr. Darshan Prasad Yadav resigned on 01.11.2017 ## Ms. Ruchika Appointed on 12.02.2018***Mr. Ajay Kumar appointed on 27.11.2017

VII) PENALTIES / PUNISHMENT / COMPOUNDING OF OFFENCES:

There were no penalties, punishment or compounding of offences during the period ended 31st March, 2018.



(Castex Technologies Limited is under Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code2016. Its affairs, business and assets are being managed by the Resolution Professional, Mr. Dinkar T. Venkatasubramanian,appointed by the National Company Law Tribunal by order dated 20th December, 2017 and 22nd December, 2017 andcontinued as Resolution Professional by the Committee of Creditors in its meeting held on 12th January, 2018 under theprovisions of the Code.)



ANNEXURE IV

REPORT ON CORPORATE SOCIAL RESPONSIBILITIES (CSR) ACTIVITIES1. A brief outline of the Company’s CSR policy, including overview of projects or programs proposed to be undertaken

The Corporate Social Responsibility (CSR) of the Castex is aligned with its overall commitment to maintaining thehighest standards of business performance. We recognize that our business activities have direct and indirect impacton the society. The Company strives to integrate its business values and operations in an ethical and transparentmanner to demonstrate its commitment to sustainable development and to meet the interests of its stakeholders.In line with Company’s Vision, through its CSR initiatives, The Company will continue to enhance value creation inthe society and in the community in which it operates, through its services, conduct & initiatives, so as to promotesustained growth for the society and community, in fulfillment of its role as a Socially Responsible Corporate, withenvironmental concern.

Values & Commitment

� Ensure an increased commitment at all levels in the organization, to operate its business in an economically,socially & environmentally sustainable manner, while recognizing the interests of all its stakeholders.

� To directly or indirectly take up activities those benefit the communities in & around its Units and results inenhancing the quality of life & economic well being of the local populace.

� To generate ,through its CSR initiatives, community goodwill for Company and help reinforce positive &socially responsible image as a corporate entity

2. The Composition of the CSR Committee

Before the commencement of Insolvency Process Committee of the directors titled ‘Corporate Social ResponsibilityCommittee’ was re-constituted by the Board in its meeting held on 25th August, 2017 with the following members:

Name of Member Position

Mr. Sanjay Chhabra ChairmanMr. Yogesh Kapur MemberMr. Gautam Malhotra** Member

**Mr. Gautam Malhotra has resigned on 23rd May, 2018 hence he is no longer part of the CSR Committee.

After the Commencement of Corporate Insolvency Resolution Process (CIRP) Role & Responsibility of CorporateSocial Responsibility Committee stand suspended.

3. Average Net profit of the Company for last three Financial Years

Financial Years Net Profit (In Lakhs)

2014-15 -23789.02

2015-16 (83,282.64)

2016-17 -149520.44

Total -256592.10

Average Net Profit -85530.70

4. Prescribed CSR Expenditure (2% of amount as item No.3) : N.A.

5. Details of CSR spent during the Financial Year:

a) Total amount to be spent for the financial year : N.A.

b) Amount unspent : N.A.



Amount unspent is Nil which was mainly on account of losses incurred by the Company during the Financial Yearand resultant tightness of Cash flow.

Hence, the expenditure under this head has been temporarily deferred.

7. Responsibility Statement by the CSR Committee:

The CSR Committee confirms that the implementation and monitoring of CSR Policy is in compliance with CSRobjectives and Policy of the Company.

Sanjay ChhabraChairman-CSR Committee



Annexure V

DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197(12) OF THE COMPANIES ACT, 2013 READWITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

(1&2) Ratio of remuneration of each director of the median remuneration of employees of the Company and the Percentageincrease in remuneration of Directors & KMPs in the Financial Year 2017-18 :

S.No. Name of Director/KMP and Designation Ratio of remunerationDesignation of each Director/to

median remuneration ofemployees

1. Mr. Arvind Dham Non-Executive Director N.A.

2. Mr. Gautam Malhotra Non-Executive Director 1:0.038

3. Mr. Sanjay Chhabra Independent & Non –Executive Director N.A.

4. Mr. B. Lugani Independent & Non –Executive Director N.A.

5. Mr. Sanjiv Bhasin Non-Executive Director N.A.

6. Ms. Ankita Wadhawan Independent & Non –Executive Director N.A.

7. Mr. John Ernest Flintham Executive Director & Managing Director 1:0.029

8. Mr. Sanjay Arora Executive Director & Whole-time Director 1:0.045

9 Ms. Anuradha Kapur Independent & Non –Executive Director N.A.

10 Mr. B.M. Singh Independent & Non –Executive Director N.A.

11. Mr. Yogesh Kapur Independent & Non –Executive Director N.A.

● Ms. Ankita Wadhawan resigned from the Company on 25.08.2017.

● Mr. B. Lugani resigned from the Company on 22.07.2017.

● Mr. Yogesh Kapur Mr. B.M. Singh and Ms. Anuradha Kapur were appointed as Independent Director on 25.08.2017and same reappointed in last Annual General Meeting dated 29.09.2017.

● Mr. John Ernest flintham resigned on 31.03.2018.

● The Company pays only sitting fees and reimbursement of expenses to Non-Executive Independent Directors inaccordance with the provisions prescribed under the Companies Act, 2013 for each Board/ Committee meetingsattended by Non-Executive Independent Directors.



b. The percentage increase in remuneration of each director, Chief Executive Officer, Chief Financial Officer,Company Secretary in the financial year 2017-18:

Directors, Chief Executive Officer, Chief Financial Officer % increase in remunerationand Company Secretary in the financial Year (2017-2018)

Mr. Arvind Dham –

Mr. Gautam Malhotra (Resigned on 23.05.2018) –

Mr. Sanjay Chhabra –

Mr. B. Lugani (Resigned on 22.07.2017) –

Mr. Sanjiv Bhasin –

Ms. Ankita Wadhawan (Resigned on 25.08.2017) –

Mr. John Ernest Flintham, Managing Director (Resigned on 31.03.2018) –

Mr. Sanjay Arora, Whole - Time Director –

Ms. Anuradha Kapur (Appointed on 25.08.2017) –

Mr. B.M. Singh (Appointed on 25.08.2017) –

Mr. Yogesh Kapur (Appointed on 25.08.2017) –

Mr. Darshan Prasad Yadav, CFO (resigned on 01.11.2017) –

Mr. Ajay Kumar, CFO (appointed on 30.11.2017) –

Ms. Bhavya Sehra, Company Secretary (Resigned 25.01.2018) –

Ms. Ruchika, Company Secretary (Appointed on 12.02.2018) –

� No increase in the remuneration has been noted during the period under review. Also, there has been no changein the sitting fees paid to Non Executive Independent Directors during the period under review.

� Mr. John Ernest flintham resigned on 31.03.2018

3(d) Information as per Rule 5(2) of Chapter XIII, the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules, 2014 Top 10 employees in terms of remuneration drawn during the year:

Name of Employee Remuneration p.a. (In Rs.)

Mr. Ashish Pandit 5,664,252.00

Mr. Sanjay Kaul 3,620,400.00

Mr. Rajesh Soni 6,427,512.00

Mr. Rajender Kumar Arora 2,475,000.00

Mr. Darshan Parsad Yadav 2,165,136.00

Mr. Susheel Kumar Jain 1,971,384.00

Mr. Atul Tandon 5,179,404.00

Mr. Meghraj Singh Parihar 3,453,600.00

Mr. V K Singh 3,858,000.00

Ms. Saroj Kumar Singh 2,200,008.00



� Other Details of Employees:

(3) Percentage increase in the median remuneration of employees in the financial year

(4) Number of permanent employee on the roll of Company as at 31st March, 2018

(5) Average percentile increase already made in the salaries of the employee other thanthe managerial personnel in the last financial year and its comparison with thepercentile increase in the managerial remuneration and justification thereof and pointout if there are any exceptional circumstances for increase in managerial remuneration

(6) Affirmation that the remuneration is as per the remuneration policy

2.60

771

10%

(For permanent Workers)

The Company affirmsremuneration is as perthe remuneration policy.



Annexure VI

Information as per Section 134 (3) (m) of the Companies Act, 2013, read with Rule 8 of theCompanies (Accounts) Rules, 2014 and forming Part of the Directors’ Report for the year ended31st March, 2018.

CONSERVATION OF ENERGY

The Company continues to take measures towards conservation of energy through optimum utilization of energy and otherresources. Utilization of energy intensive machines, procurement of energy efficient technologies etc is done as part ofenergy conservation measures. Company has been consistent in its efforts to conserve energy and natural resources andreduce consumption of Power, Fuel, Oil, Water and other energy sources by following strict adherence to:

1. Power saving processes and methods2. Innovation and up-gradation of technology.3. Installation of Auto Power Cut-Off for electrical energy consumption.4. Energy saving in utility by proper machine planning.5. Emphasis on non-conventional energy sources.6. Proper training to the employees and workforce to ensure minimum wastage of energy and natural resources.

I. Research and Development

a) Specific area in which (R&D) 1. Product design and developmentcarried out by the Company 2. Process design & improvement for various products

b) Benefits derived as result 1. Reduction in process time2. Increase in productivity3. Cost reduction and high precision of product

c) Future Plan of action in To achieve better yield by way of cost reduction through higherManufacturing Process & level of automationoperation

d) Expenditure on R & D a. Capital

b. Recurring

c. Total

d. Total R&D Expenditure as apercentage of total turnover

II. Technology, Absorption, Adaptation and Innovation

a) Efforts in brief made towards The Company has indigenized and absorbed technological changes asTechnology Absorption, advised by collaboration in the past. Castex Technologies Limited continuouslyAdaptation and Innovation strives to meet international standards of precision through improvisation of

existing processes, innovation and adaptation of new technologies andmethods. The product quality has improved significantly due to better utilizationof machines, improvised processes and enhanced precision

b) Benefits derived as a result Cost reduction to saving in raw material, dies, moulds, power and fuel.of the above efforts Operational efficiency has increased leading to reduced time-loss and

rejections

c) In case of imported technology Nil(Import) during the last 6 yearsreckoned from the beginning ofthe financial year

The development work iscarried on by the concerneddepartment continuously. Noseparate record of theexpenditure incurred on R&D



II. FOREIGN EXCHANGE EARNINGS AND OUTGO

1. Activities relating to Exports, initiatives to increase exports, Development of new Export Markets for Productsand Services and Export plans:

The Company has strategic alliance with its group Companies in U.K, America, Europ and Asia, to increaseits share of business in the international market, which has access to all automobile majors in the U.S andEuropean market and existing supplier, business relationship

2. Total Foreign Exchange used and earned:

(` In Lakhs)

Particulars Current Period Previous Year

Foreign Exchange Used 94.65 291.23Foreign Exchange Earned – –



(Castex Technologies Limited is under Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code2016. Its affairs, business and assets are being managed by the Resolution Professional, Mr. Dinkar T. Venkatasubramanian,appointed by the National Company Law Tribunal by order dated 20th December, 2017 and 22nd December, 2017 andcontinued as Resolution Professional by the Committee of Creditors in its meeting held on 12th January, 2018 under theprovisions of the Code. )



ANNEXURE-VII

CORPORATE GOVERNANCE REPORT FOR THE YEAR 2017-2018‘Good Governance depends on ability to take responsibility by both administration as well as people.’

I) CASTEX’S GOVERNANCE POLICY

Effective corporate governance practices constitute the strong foundation on which successful commercial enterprises arebuilt to last. The Company’s philosophy on corporate governance oversees business strategies and ensures fiscalaccountability, ethical corporate behavior and fairness to all stakeholders comprising regulators, employees, customers,vendors, investors and the society at large.

Corporate Governance is mainly in the vicinity of balancing individual and societal goals, as well as, economic and socialgoals and also encourages a trustworthy, open , fair relationship as well as ethical environment. The Board acknowledgesits responsibilities towards its stakeholders for creating and safeguarding their wealth. The Company is in full Compliancewith the requirements of Corporate Governance and has adopted best Practices as mandated by Securities and ExchangeBoard of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Company has been following Highstandards of Corporate Governance Principles, Policies and Practices over the Period under Review i.e. 1st April, 2017 to31st March, 2018.

II) BOARD OF DIRECTORS

At Castex, the Board along with its Committees oversees business affairs and is overall responsible for strategic plans andperformance objectives, it also provides leadership and guidance to the Company’s management and direct, superviseand control the performance of the Company. We believe an active, well-informed board is vital to attain the higheststandards of Corporate Governance which in turn is responsible for high value creation of the Company. An independentand strong board is the utmost requirement of the Company so as to ensure that the best practices are adopted by theCompany. Our Company’s Board has an optimum combination of Executive, Non-executive and Independent Directors withone women Director, as per the requirements of Regulation 17 of SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015 The composition of the Board and the Independent Directors of the Company meet all the criteriamandated by SEBI Listing Regulations and the Companies Act, 2013.



COMPOSITION OF BOARD

As on 31st March, 2018 the Board comprises of Eight Directors, Out of Eight , 7(Seven) (i.e. 75%) are Non-Executive Directorsand 4 (Four) (i.e. 50%) are independent director which also includes 1 (One) Women Director. The Composition of the Boardis in conformity with Regulation 17 of SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015 of the readwith Section 149 of the Act.

Promoter Executive Non-Executive Independent

Mr. Arvind Dham Mr. John Ernest Flintham# Mr. Gautam Malhotra* Ms. Anuradha KapurMr. Sanjay Arora Mr. Sanjiv Bhasin Mr. Brajinder Mohan Singh

Mr. Sanjay ChhabraMr. Yogesh Kapur

There is no Nominee director in the Board of Directors of the Company.Mr. Gautam Malhotra is the nephew of Mr. Arvind Dham.*Mr. Gautam Malhotra Has resigned from Directorship on 23rd May, 2018.# Mr. John Ernest Filntham resigned from Directorship on 31.03.2018

A) INDEPENDENT DIRECTORS

All the Independent Directors have confirmed that they meet the ‘independence’ criteria as mentioned under Regulation16(1)(b) of the SEBI Listing Regulations read with Section 149(6) of the Act.

None of Directors of the Company’s Board is a member of more than 10 committees and Chairman of more than 5Committees (Committees includes Audit Committee and Stakeholder Relationship Committee) across all Indian PublicCompanies in which he is a director. All the directors have made necessary disclosures regarding Committee positionsheld by them in other companies and do not hold the office of Director in more than twenty companies, including ten publiccompanies. None of the independent directors are related to each other. All Non-Executive Directors are liable to retire byrotation.

The Familiarization Program for Independent Directors has been adopted by the Board of Directors pursuant to Clause 25(7)of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015; the detailed policy is available at thewebsite of the Company (www. amtek.com).

B) MEETINGS OF INDEPENDENT DIRECTOR

No meeting of Independent Director held during the period and held meetings without the presence of Executive Directorsor management personnel. Such meeting was conducted to enable Independent Directors to discuss matters pertainingto the Company’s affair and put for the views to the Lead Independent Director. The Lead Independent Director takesappropriate steps to present Independent Director‘s views to the Chairman and Managing Director.

C) NON–EXECUTIVE DIRECTORS COMPENSATION & DISCLOSURES

The details of the remuneration paid to the Non Executive Director provided as per accounts for the financial ended onMarch 31, 2018 are given below:

Non Executive Director Sitting Fee (‘) Commission Total (‘)

Mr. Arvind Dham - - -Mr. Gautam Malhotra - - -Mr. Sanjay Chhabra 75000 - 75000Ms. Ankita Wadhawan - -Mr. Bahushrut Lugani* - - -Mr. Sanjiv Bhasin * - - -Ms. Anuradha Kapur - - -Mr. Yogesh Kapur - - -Mr. B.M. Singh - - -



D) OTHER PROVISIONS AS TO BOARD AND COMMITTEES

During the period under review, Four (4) Board Meetings. Following are the dates of the Board Meeting held duringthe year:

S.No. Date of Board

1. 30TH May,20172. 10th June,20173. 25th August,20174. 27th November,2017

No meeting of Board of Directors or Committee was held after the commencement of Insolvency Process.

The maximum time-gap between any two consecutive meetings did not exceed the time limit prescribed under Section173(1) of the Companies Act, 2013 i.e. One hundred and twenty days.I. During the period under review Information mentioned in Schedule II Part A of SEBI (Listing Obligations and Disclosure

requirements) Regulations, 2015 has been placed before the Board for its consideration.II. The terms and conditions of appointment of Independent Directors are disclosed on the Website of the CompanyIII. The Composition of Board, attendance at Board Meetings held during the financial year under review and at the

last Annual General Meeting, number of directorships, membership/chairmanships of Board and Committees ofpublic companies and their shareholding as on 31st March,2018 in companies is as follows:-

Name of Director Category No. of Board Attendance No of No of CommitteesMeetings at the Last Directorship Positions in Audit and

attended during AGM held held in other Stakeholder Committeethe Period on 29th public held in listed entities

2017-18 September entities including this listed2017 entities

Held Attended Chairmanship Membership

Mr. Arvind Dham Promoter, Non Executive 4 4 No 3 0 1DIN: 00047217 Director

Mr. Ankita Independent, 3 2 No - - -Wadhawan Non ExecutiveDIN: 06971383 Director

Mr. John Ernest Managing & 4 3 No 3 1 0Flintham Non ExecutiveDIN: 01463500 Director

Mr. Sanjay Independent,Chhabra Non ExecutiveDIN: 01237026 Director & Chairman 4 4 No 4 8 3

Mr. B. Lugani Independent & 2 2 No - - -DIN: 00052387 Non Executive Director

Mr. Gautam Non Executive Director 4 4 No 3 1 0MalhotraDIN: 00157488

Mr. Sanjay Arora Whole-time Director 4 0 yes 1 0 0DIN: 01681951

Mr. B.M. Singh Independent & 4 0 No 4 2 0(DIN: 02143830) Non Executive Director

Ms. Anuradha Independent & 4 0 Yes 7 5 2Kapur Non Executive Director(DIN: 01646928)

Mr. Yogesh Kapur Independent & 4 0 No 2 3 3DIN: 01744465 Non Executive Director



*This excludes directorship held in Public Companies, Private Companies, Foreign Companies and Companies formedunder Section 8 of the Companies Act, 2013**In accordance with SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015, Membership/Chairmanshipof only Audit Committee & Stakeholders Relationship Committee (formerly known as Shareholders’/investors’ GrievanceCommittee) in all Public Limited Companies have been considered.� Mr. B. Lugani resigned on 22.07.2017� Mr. Yogesh Kapur, Mr. B.M. Singh and Ms. Anuradha Kapur are appointed as, Independent Director on 25.08.2017� Ms. Ankita Wadhawan resigned from the Company on 25.08.2017

E) DETAILS OF EQUITY SHARES & CONVERTIBLE INSTRUMENTS HELD BY NON EXECUTIVE DIRECTORS OF THECOMPANY AS ON MARCH 31, 2018 ARE GIVEN BELOW

During the period under review, no Non- Executive Director is holding any equity shares or any convertible instruments.

POST MEETING FOLLOW-UP MECHANISM

All the important decision taken at the Board/Committee Meetings are promptly communicated to the concerned departments.Action Taken Report on decision/minutes of previous meeting is placed at the succeeding meeting of the Board/Committeefor noting.

CODE OF CONDUCT

The Code of Business Conduct and Ethics for Directors/Management Personnel (‘the Code’), as adopted by the Board, isa comprehensive Code applicable to Directors and Management Personnel. The Code, while laying down in detail, thestandards of business conduct, ethics and governance centers around the following theme::

The Company’s Board and Management Personnel are responsible for, and are committed to, setting the standards ofconduct contained in this Code and for updating these standards, as appropriate, to ensure their continuing relevance,effectiveness and responsiveness to the needs of local and international investors and other stakeholders as also to reflectcorporate, legal and regulatory developments. This Code should be adhered to in letter and in spirit’.

A copy of the Code has been put on the Company’s website (www.amtek.com). The Code has been circulated to Directorsand Management Personnel, and its compliance is affirmed by them annually.

III) COMMITTEES

The Board has constituted a set of Committees with specific terms of reference/scope to focus effectively on the issuesand ensure expedient resolution of diverse matters. The Committees operate as empowered agents of the Board as pertheir terms of reference. Targets set by them as agreed with the management are reviewed periodically and mid-coursecorrections are also carried out. The Board of Directors and the Committees also take decisions by circular resolutions whichare noted at the next meeting. The minutes of the meetings of all Committees of the Board are placed before the Boardfor discussions. The Committees and the Senior Management functions as on March 31, 2018 is illustrated below:-

Finance

RiskManagement

Audit

HumanResources,

Nomination &Remuneration

ShareTransfer

SexualHarrasment

CorporateSocial

Responsibility

StakeholdersRelationship

COMMITTEE



1) AUDIT COMMITTEE

(A) QUALIFIED AND INDEPENDENT AUDIT COMMITTEE

The Board of the Company has duly constituted Audit Committee, comprising of three directors, the details of which aregiven below:

Name of Committee Members Position Category

Ms. Anuradha Kapur Chairman Non Executive-Independent Director

Mr. Sanjay Chhabra Member Non Executive-Independent Director

Mr. Sanjiv Bhasin Member Non-Executive Director

The Company Secretary acts as the Secretary of the Audit Committee.

The constitution of the Audit Committee meets the requirement of Section 177 of the Companies Act, 2013 and Regulation18 of SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015. The power and role of the Audit Committeeis as per the guidelines set out in the SEBI Listing Regulations and as prescribed under Section 177 of the Companies Act,2013.

(B) MEETING OF AUDIT COMMITTEE

Before the Commencement of Insolvency Process, the committee met three (3) times and all the members were presentin all the meetings.

(C) POWERS OF AUDIT COMMITTEE

The Audit Committee shall have powers, which should include the following:

� To investigate any activity within its terms of reference.

� To seek information from any employee.

� To obtain outside legal or other professional advice.

� To secure attendance of outsiders with relevant expertise, if it considers necessary.

(D) ROLE OF AUDIT COMMITTEE

The role of Audit Committee shall include the following (including the terms of reference):

� Oversight of the Company’s financial reporting process and the disclosure of its financial information to ensure thatthe financial statement is correct, sufficient and credible;

� Reviewing with them an agreement, the quarterly financial statements before submission to the Board for approval;

� Reviewing with the management, the statement of uses/ application of funds raised through an issue (public issue,rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offerdocument/prospectus/notice, and the report submitted by the monitoring agency monitoring the utilization ofproceeds of a public or rights issue, and making appropriate recommendations to the Board to take up steps in thismatter;

� Reviewing and monitoring the auditors independence and performance and effectiveness of audit process;

(E) REVIEW OF INFORMATION BY AUDIT COMMITTEE

The Audit Committee shall mandatorily review the following information:

� Management discussion and analysis of financial condition and results of operations;

� Statement of significant related party transactions (as defined by the Audit Committee), submitted by management;

� Management letters/letters of internal control weaknesses issued by the statutory auditors;

� Internal audit reports relating to internal control weaknesses; and



� The appointment, removal and terms of remuneration of the Chief internal auditor shall be subject to review by theAudit Committee.

(F) TERMS OF REFERENCE OF THE COMMITTEE, INTER ALIA, INCLUDES THE FOLLOWING:

The terms of reference of the audit committee are broadly as under:

� Oversight of the company’s financial reporting process and the disclosure of its financial information to ensure thatthe financial statement is correct, sufficient and credible;

� Recommendation for appointment, remunerate on and terms of appointment of auditors of the company;

� Approval of payment to statutory auditors for any other services rendered by the statutory auditors;

� Reviewing, with the management, the annual financial statements and auditor’s report thereon before submissionto the board for approval, with particular reference to:

� Matters required to be included in the Director’s Responsibility Statement to be included in the Board’s report in termsof clause(c) of sub-section 3 of section 134 of the Companies Act, 2013

� Changes, if any, in accounting policies and practices and reasons for the same.

� Major accounting entries involving estimates based on the exercise of judgment by management

� Significant adjustments made in the financial statements arising out of audit findings

� Compliance with listing and other legal requirements relating to financial statements

� Disclosure of any related party transactions

� Qualifications in the draft audit report

� Reviewing, with them an agreement, the quarterly financial statements before submission to the board for approval;

� Reviewing, with the management, the statement of uses / application of funds raised through an issue (public issue,rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offerdocument / prospectus / notice and the report submitted by the monitoring agency monitoring the utilization ofproceeds of a public or rights issue, and making appropriate recommendations to the Board to take up steps in thismatter;

� Review and monitor the auditor’s independence and performance ,and effectiveness of audit process;

� Approval or any subsequent modification of transactions of the company with related parties;

� Scrutiny of inter-corporate loans and investments;

� Valuation of undertakings or assets of the company, wherever it is necessary;

� Evaluation of internal financial controls and risk management systems;

� Reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal controlsystems;

� Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department,

� Staffing and seniority of the official heading the department, reporting structure coverage and frequency of internalaudit;

� Discussion with internal auditors of any significant findings and follow up thereon;

� Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspectedfraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the board;

� Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post-audit discussion to ascertain any area of concern;

� To looking to the reasons for substantial defaults in the payment to the depositors ,debenture holders ,shareholders(in case of non-payment of declared dividends) and creditors;



� To review the functioning of the Whistle Blower mechanism;

� Approval of appointment of CFO (i.e., the whole-time Finance Director or any other person heading the financefunction or discharging that function) after assessing the qualifications, experience and background, etc. of thecandidate;

� Carrying out any other function as is mentioned in the terms of reference of the Audit Committee.

� To mandatorily review the following information:

� Management discussion and analysis of financial condition and results of operations;

� Statement of significant related party transactions (as defined by the Audit Committee), submitted bymanagement;

� Management letters/letters of internal control weaknesses issued by the statutory auditors;

� Internal audit reports relating to internal control weaknesses ;and

� The appointment, removal and terms of remuneration of the Chief internal auditor shall be subject to reviewby the Audit Committee.

� The audit committee invites executives, as it considers appropriate (particularly the head of the finance function),representatives of the statutory auditors and representatives of the internal auditors to be present at its meetings.The Company Secretary acts as the secretary to the audit committee.

2) HUMAN RESOURCES, NOMINATION AND REMUNERATION COMMITTEE

Before the commencement of Insolvency Process Committee of the directors titled ‘Nomination and Remuneration Committee’was re-constituted by the Board in its meeting held on 25th August, 2017 with the following members


Mr. Brajindar Mohan Singh Chairman Non Executive-Independent DirectorMr. Sanjay Chhabra Member Non Executive-Independent DirectorMs. Anuradha Kapur Member Non-Executive-Independent Director

The Committee has been constituted to rationalize all employees’ related issues, while adhering to the requirements ofSection 178 of the Companies Act, 2013 and Regulation 19 of SEBI Listing Regulations, Securities and exchange Board ofIndia (Share based Employee Benefits) Regulations, 2014, as amended from time to time

� Terms of Reference of the Committee, inter alia, includes the following:

i) Formulate the criteria for determining qualifications, positive attributes and independence of a director.

ii) Recommend to the Board a policy relating to the remuneration for the directors (including specific remunerationpackages for Executive Directors including pension rights and any compensation payment), Key Managerial Personneland other employees. While formulating the policy, it shall ensure that:

(a) The level and composition of remuneration is reasonable and sufficient to attract, retain and motivate directorsof the quality required to run the Company successfully;

(b) Relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and

(c) Remuneration to directors, key managerial personnel and senior management involves a balance betweenfixed and incentive pay reflecting short and long-term performance objectives appropriate to the working ofthe Company and its goals.

iii) Identify persons who are qualified to become directors (including independent directors) and who may be appointedin senior management in accordance with the criteria laid down and recommend to the Board their appointmentand removal.

iv) Whilst recommending appointment of Executive Directors, a balance between functional and business unitrepresentatives may be considered.



v) Carry out evaluation of every director’s performance including review of remuneration of CEOs of certain significantsubsidiaries.

vi) Take steps to refresh the composition of the Board from time to time.

During the period under review, only 2 (Two) meeting of the Human Resources, Nomination & Remuneration Committeewas held, in which all the members were present.

PERFORMANCE EVALUATION CRITERIA FOR INDEPENDENT DIRECTOR

The Independent Directors comply with the definition of Independent Directors as given under Section 149(6) of theCompanies Act, 2013 and Regulation 16(1)(b) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.While appointing/re-appointing any Independent Directors/Non-Executive Directors on the Board, the HRNR Committeeconsiders the criteria as laid down in the Companies Act, 2013 and Regulation 16(1)(b) of the SEBI (Listing Obligations &Disclosure Requirements) Regulations, 2015.

All the Independent Directors give a certificate confirming that they meet the “independence criteria” as mentioned in Section149(6) of the Companies Act, 2013 and SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. Thesecertificates have been placed on the website of the Company.

REMUNERATION POLICY:-

The Company’s remuneration policy is directed towards rewarding performance, based on review of achievements on aperiodical basis. The remuneration policy is in consonance with the existing industry practice. The remuneration of theManaging Director ,Key Managerial Personnel and Senior Management Personnel’s of the Company is reviewed andrecommended by Committee, based on criteria such as industry benchmarks, the Company’s performance visa-visa theindustry, responsibilities shouldered, performance/track record, macro-economic review on remuneration packages ofheads of other organizations. The Company pays remuneration by way of salary, perquisites and allowances (fixedcomponent), incentive remuneration. Annual increments are decided by the Remuneration Committee within the salaryscale approved by the Members.

A sitting fee of Rs. 25,000/- for attendance at each meeting of the Board and Committee Meetings paid to all theIndependent Directors.

The sitting fees paid/payable to the non Whole-time directors is excluded whilst calculating the limits of remuneration in

Accordance with Section 197 of the Act. The Company also reimburses out-of-pocket expenses to Directors attendingmeetings held at a city other than the one in which the Directors reside.

Remuneration of employees largely consists of basic remuneration, perquisites, allowances and performance incentives.The components of the total remuneration vary for different employee grades and are governed by industry patterns,qualifications and experience of the employee, responsibilities handled by them, their individual performances, etc. Theannual variable pay of senior managers is linked to the Company’s performance in general and their individual performancefor the relevant year is measured against specific major performance areas which are closely aligned to the Company’sobjectives.

The Company does not have any Employee Stock Option Scheme.

(A) The details of the remuneration paid to the Managing Director& Whole-time Director provided as per accountsfor the period ended March 31,2018 are given below:-

Name of Director Salary* (Rs. In lacs) Service Tenure

Mr. John Ernest Flintham 75.00 5 YearsMr. Sanjay Arora 54.28 5 Years

1. Remuneration includes salary, Bonus, Contribution to provident Fund and all other perquisites taxable or non-taxable.2. Appointment is contractual.3. Information about qualification is based on particulars furnished by the employee4. The above employee does not hold himself or along with his spouse and dependent children 2% or more of equity

shares of the Company.



The tenure of office of the Managing Director is of five years from their respective dates of appointments and can beterminated by either party by giving three months’ notice in writing. There is no separate provision for payment of severancefees.

3) STAKEHOLDERS’ RELATIONSHIP COMMITTEE

Before Commencement of CIRP, the Board has constituted the “Stakeholders’ Relationship Committee” comprising of threedirectors, the details of which are given below:

Name of Committee Members Position category

Ms. Anuradha Kapur Chairman Non Executive-Independent DirectorMr. Sanjiv Bhasin Member Non Executive DirectorMr. Sanjay Chhabra Member Non-Executive-Independent Director

The Board has constituted Stakeholders’ Relationship Committee in accordance with the provisions of Section 178 of theCompanies Act, 2013 and Regulation 20 of SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015.

The role, responsibilities and powers of the Board of Directors after the Commencement of Corporate Insolvency ResolutionProcess (CIRP) stand suspended.

The Company has also adopted code of internal procedures and conduct for prevention of insider trading in the sharesof the Company, pursuant to Securities & Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992, asamended. The Board has authorized this committee to monitor the compliances as required under the aforesaid Regulation.


� Oversee and review all matters connected with the transfer of the Company’s securities

� Approve issue of the Company’s duplicate share/debenture certificates

� Monitor redressed of investors’/shareholders’/security holders’ grievances

� Oversee the performance of the Company’s Registrars and Transfer Agents

� Recommend methods to upgrade the standard of services to investors

� Monitor implementation of the Company’s Code of Conduct for Prohibition of Insider Trading

� Carry out any other function as is referred by the Board from time to time or enforced by any statutorynotification/amendment or modification as may be applicable.

During the period, the committee met Two (2) times. All the members were present in all the meetings held during theperiod.

� The Board has designated Company Secretary as the Compliance Officer

Name, Designation and Address of Compliance officer Ms. RuchikaCompany SecretaryCastex Technologies LimitedAddress : 3, L.S.C., Pamposh Enclave, Greater Kailash -I,New Delhi-110048

� Prohibition of Insider Trading

� Details of investor complaints received and redressed during the period under review are as follows:

Opening Balance Received During Resolved during Closing Balancethe period the period

0 0 0 0



4) CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE

The Company proactively reviews its governance practices and standards inter alia considering best practices andregulatory developments. During the period under review, the following significant developments took place on thegovernance front:-

Constitution of ‘Corporate Social Responsibility Committee’: Considering the work being done by the Company on socialFront, the Company’s Board has re-constituted a ‘Corporate Social Responsibility Committee’ (CSR Committee) in accordancewith Section 135 of the Companies Act, 2013.

CSR Committee is primarily responsible for

� formulating and implementing the framework of Corporate Social Responsibility policy which shall indicate theactivities to be undertaken by the Company as specified in Schedule VII of the Companies Act, 2013 and alsoimplementing other policies under Business Responsibility Policy Manual

� To look in to sustainability matters and matters related to over all governance.

� Monitoring the CSR Policy of the Company from time to time.

Before the commencement of Insolvency Process Committee of the directors titled ‘Corporate Social ResponsibilityCommittee’ was re-constituted by the Board in its meeting held on 25th August, 2017 with the following members:


Mr. Sanjay Chhabra Chairman Non Executive-Independent DirectorMr. Yogesh Kapur Member Non Executive-Independent Director


� To formulate and recommend to the Board, a Corporate Social Responsibility (CSR) Policy indicatingactivities to be undertaken by the Company in compliance with provisions of the Companies Act, 2013and rules made there under;

� To recommend the amount of expenditure to be incurred on the CSR activities;

� To monitor the implementation of the frame work of the CSR Policy;

� To oversee the implementation of polices.

During the period under review, only One (1) meeting of Corporate Social Responsibility Committee was held, in which allmembers were present

5) FINANCE COMMITTEE

The purpose of the Finance Committee (the “Committee”) is to assist the Board of Directors in fulfilling its oversightresponsibilities with respect to the monitoring and oversight of the Corporation’s financial resources and strategies

Before the commencement of Insolvency Process Committee of the directors titled ‘Finance Committee’ was re-constitutedby the Board in its meeting held on 25th August, 2017 with the following members


Mr. Sanjay Chhabra Chairman Non Executive-Independent DirectorMr. Sanjiv Bhasin Member Non-Executive DirectorMr. Gautam Malhotra Member Non-ExecutiveDirector

*Mr. Gautam Malhotra resigned on 23.05.2018

After the Commencement of Corporate Insolvency Resolution Process (CIRP) Role & Responsibility of Finance Committeestand suspended.



Terms of Reference of the Committee, inter alia, includes the following:

■ Review the Company’s financial policies, risk assessment and minimization procedures, strategies and capitalstructure ,working capital and cash flow management, and make such reports and recommendations to the Boardwith respect thereto, as it may deem advisable

■ Review banking arrangements and cash management;

■ Exercise all powers to borrow money (otherwise than by issue of debentures) within limits approved by the Board,and take necessary actions connected there with, including refinancing for optimization of borrowing costs;

■ Give guarantees/issue letters of comfort/providing securities within the limits approved by the Board;

■ Borrow money by way of loan and/or issue and allot bonds/notes denominated in one or more foreign currenciesin international markets for the purpose of re financing the existing debt, capital expenditure,

■ general corporate purposes, including working capital requirements and possible strategic investments within limitsapproved by the Board;

■ Carry out any other function as is mandated by the Board from time to time and/or enforced by any statutorynotification ,amendment or modification as may be applicable;

■ Other transactions or financial issues that the Board may desire to have them reviewed by the Finance Committee;

■ Delegate authorities from time to time to the executives /authorized persons to implement the Committee’s decisions;

Review regularly and make recommendations about changes to the charter of the Committee

6) RISK MANAGEMENT COMMITTEE

Before the commencement of Insolvency Process Committee of the directors titled ‘Risk Management Committee’ wasre-constituted by the Board in its meeting held on 25th August, 2017 with the following members:


Mr. Arvind Dham Chairman Non-Executive DirectorMr. Brajindar Mohan Singh Member Non Executive-Independent DirectorMr. Gautam Malhotra Member Non-Executive Director

*Mr. Gautam Malhotra resigned on 23.05.2018

The purpose of the committee is to assist the Board in fulfilling its Corporate Governance duties by overseeing theresponsibilities with regard to identification, evaluation and mitigation of operational, strategic and environmental risks. Thecommittee has the overall responsibility of monitoring and approving the risk policies and associated practices of theCompany. The risk management committee is also responsible for reviewing and approving the risk disclosure statementsin any public documents or disclosure

Risk Management Framework:

IDENTIFY ASSESS MITIGATE MONITOR &REPORT

● External Events

● New Products

● Acquisitions

● Change toBusinessProcess

● Likelihood

● Impact

● Inherent

● Residual

● Avoid

● Transfer

● Mitigate byControls

● AcceptResidual work

● KRI’s

● Loss data

● IssueManagement

● Risk Appetite

� � �

� � � �



7) SHARE TRANSFER COMMITTEE

The Board has delegated the powers to approve transfer of the Shares to share Transfer Committee. During the period,committee met two times and approved transfer of the shares lodged with the Company. The Committee deals with thefollowing matters:-

● Transfer/transmission of shares;

● Issue of new share certificates/duplicate share certificates;

● Review of de - materialization of shares; and

● All other matters relating to shares.

8) SEXUAL HARASSMENT COMMITTEE

AS PER THE REQUIREMENT OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION ANDREDRESSAL) ACT, 2013 BEFORE COMMENCEMENT OF CIRP,2018 THE COMPANY HAS DULY CONSTITUTED SEXUALHARASSMENT COMMITTEE, COMPRISING OF THE FOLLOWING MEMBERS:-

Name of Committee Members Position

Ms. Sonal Choudhary Presiding Officer

Ms. Rajesh Soni HR Department

Company is totally committed in providing an environment that is free from discrimination and harassment. We recognizethe rights of our employees and provide forums, support groups and policies to hear and address their issues, concernsand resolve them in a fair and transparent manner. Our Sexual Harassment Committee member’s helps employees expresstheir grievances and address them in a fair and objective manner. We have a whistle blower policy as well that assurescomplete anonymity and confidentiality of information to there porting individual.

*Ms. Bhavya Sehra as regined 25.01.2018.

IV) SUBSIDIARY COMPANIES

All the Subsidiary Company of the Company is board managed with its Boards having the rights and obligations to managesuch company in the best interest of their stockholders. The Company does not have any material non-listed IndianSubsidiary Company and hence, it is not required to have an Independent Director of the Company on the Board of suchsubsidiary Company in terms Regulation 24 of SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015.As a majority stockholder, the Company nominates its representatives on the Boards of Subsidiary Company and monitorsthe performance of such Company interalia, by the following mean:

a) Financial Statements, in particular the investments made by the unlisted Subsidiary Companies, are reviewedquarterly by the Audit Committee of the Company.

b) All minutes of the meetings of the unlisted Subsidiary Company are placed before the Company’s Board regularly.

c) A statement containing all significant transactions and arrangements entered into by the unlisted Subsidiary Companyis placed before the Company’s Board.

Material Subsidiary Policy: The Board of Directors of Castex Technologies Limited has adopted the policy and procedureswith regard to determination of Material Subsidiaries. The Board may review and amend this policy from time to time. Thesame is available at the Company’s website (www.amtek.com)

V) RELATED PARTY TRANSACTIONS

The Company usually enters into the transactions with its related parties .The Policy for Related Party Transactions is alsoadopted by the Board and the same is available at the Company’s website (www.amtek.com)

VI) DISCLOSURES

A) RELATED PARTY TRANSACTIONS

Details of related party transactions entered into by the Company are included in the Notes to Accounts. Individual



transactions with related parties are in the normal course of business on an arm’s length basis and do not have potentialconflict with the interests of the Company at large.

Transactions with related parties entered into by the Company in the normal course of business are placed before the AuditCommittee.

B) DISCLOSURE OF ACCOUNTING TREATMENT

In the preparation of financial statements for the period ended on 31st March, 2018; there was no treatment different fromthat prescribed in an accounting standard that had been followed.

C) MANAGEMENT

As part of the Director’s Report or as an addition thereto, a Management Discussion and Analysis Report forms part of theAnnual Report to the shareholders. This Management Discussion & Analysis Report include discussion on the followingmatters within the limits set by the Company’s competitive position:

a) Industry structure and developments

b) Opportunities and Threats

c) Segment-wise or product-wise performance

d) Outlook

e) Risks and concerns

f) Internal control systems and their adequacy

g) Discussion on financial performance with respect to operational performance

h) Material developments in Human Resources/Industrial Relations front, including number of people employed.

2. The Code of Conduct for the Board of Directors and the Senior Management have been disclosed on thewebsite of the Company (www.amtek.com).

D) SHAREHOLDERS

■ Quarterly results and presentations made by the company to analysts/investors have been uploaded oncompany’s web-site.(www.amtek.com).

■ Stakeholders Relationship Committee (formerly known as Shareholders Grievances Committee) has alreadybeen constituted.

■ To expedite the process of share transfers, the Board of the company has already constituted the ShareTransfers Committee.

E) DISCLOSURE IN THE ANNUAL REPORT

■ The details of the establishment of vigil mechanism have been disclosed on its website(www.amtek.com).

■ The Company have already disclosed the remuneration policy and evaluation criteria in this annual report.

F) PROCEEDS FROM PUBLIC ISSUES, RIGHTS ISSUES, PREFERENTIAL ISSUES

During the period under review, no proceeds have been received through public issue, right issue, preferential issueetc.

(G) DETAILS OF COMPLIANCE WITH MANDATORY REQUIREMENTS AND ADOPTION OF NON MANDATORYREQUIREMENTS

The Company has complied with all mandatory requirements of the Listing Regulations. The Company has adopted thefollowing non-mandatory requirements of Regulation 27 read with Part E of Schedule II of the Listing Regulations:

(a) MODIFIED OPINION(S) IN AUDIT REPORT

The Company is in the regime of financial statements with unmodified audit opinion.



(b) SEPARATE POSTS OF CHAIR PERSON AND CHIEF EXECUTIVE OFFICER

The Chairman is not the Chief Executive Officer of the Company.

(c) REPORTING OF INTERNAL AUDITOR

The Internal Auditor reports directly to the Audit Committee.

H) DETAILS OF NON-COMPLIANCE BY THE COMPANY

There were no in stances of non-compliance by the company and no penalties or strictures were imposed on the companyby Stock Exchanges or SEBI or any statutory authority or any matter related to capital Market during the last three years

I) WHISTLE BLOWER POLICY/VIGIL MECHANISM

The Audit Committee has established a Vigil mechanism as required under Regulation 22 of SEBI (Listing Obligations andDisclosure requirements) Regulations, 2015, which provides a formal mechanism for all Directors and employees of theCompany to approach the Management of the Company (Audit Committee in case where the concern involves the SeniorManagement) and make protective disclosures to the Management about unethical behavior, actual or suspected fraudor violation of the Company’s Code of Conduct or ethics policy. The disclosures reported are addressed in the manner andwithin the time frames prescribed in the Policy. The Company affirms that no director or employee of the Company hasbeen denied access to the Audit Committee.

J) DISCLOSURE OF RESIGNATION OF DIRECTORS

The Company adopts the policy to disclose and upload the letter of resignation along with the detailed reasons providedby the director on it’s website within one working day from the date of receipt of the letter of resignation.

K) DISCLOSURE OF FORMAL LETTER OF APPOINTMENT

The Company adopts the policy to disclose and upload the letter of appointment of the independent Director along withthe detailed profile on its website within one working day from the date of such appointment.

VII) COMPLIANCE CERTIFICATE OF THE AUDITORS

Certificate from the Company’s Auditors, M/s Raj Gupta & Co, confirming compliance with conditions of CorporateGovernance as stipulated under Regulation 34 read with Schedule V of the Listing Regulations, is annexed to the CorporateGovernance Report forming part of this Annual Report.

VIII) GENERAL INFORMATION

A) GENERAL BODY MEETINGS

� ANNUAL GENERAL MEETINGS

Year Location Date Time Special Resolutions Passed

2016-2017 Village Narsinghpur, 29.09.2017 01.30 PM. No Special Resolutions PassedMohammadpur, Old ManesarRoad, Gurgoan,Haryana-123106

2015-2016 Village Narsinghpur, 30.09.2016 11.30 AM. 1. To approve Related partyMohammadpur, Old Manesar transactionsRoad, Gurgoan, 2. To adopt Memorandum ofHaryana-123106 Association as per Companies

Act, 20133. To approve the Conversion

of Loan into Equity

2014-2015 Village Narsinghpur, 31.12.2015 11.30 AM. 1. To approve Related partyMohammadpur, Old Manesar transactionsRoad, Gurgoan, 2. To adopt Memorandum ofHaryana-123106 Association as per Companies

Act, 2013



� EXTRAORDINARY GENERAL MEETINGS

No Extraordinary General Meeting of the Members was held during the financial year under review:

� POSTAL BALLOT

No Postal Ballot was conducted during the period under review. There is no immediate proposal for passing anyresolution through Postal Ballot. None of the businesses proposed to be transacted at the ensuing Annual GeneralMeeting require passing a resolution through Postal Ballot.

X) MEANS OF COMMUNICATION

� QUARTERLY RESULTS:Results for quarter ended 30th June, 2017, 30th September, 2017, 31st December 2017 and 31st March 2018,have been published in English and Hindi newspapers viz (The Statesman and Hari Bhoomi). Simultaneously,they are also put up on the Company’s website (www.amtek.com).

� NEWS RELEASES:Official news releases are sent to Stock Exchanges and are displayed on its website (www.amtek.com).

� WEBSITE:

The Company’s website (www.amtek.com) contains a separate dedicated section ‘Investor Relations’ whereshareholders’ information is available.

� NSE ELECTRONIC APPLICATION PROCESSING SYSTEM (NEAPS):

The NEAPS is a web-based application designed by NSE for Listed Companies. All periodical compliancefilings like Financial Results, Shareholding Pattern, Corporate Governance Report, Statement of InvestorComplaints and Corporate Announcement are filed electronically on NEAPS.

� BSE CORPORATE COMPLIANCE & LISTING CENTRE (THE ’LISTING CENTRE‘):

BSE’s Listing Centre is a web-based application designed for Listed Companies. All periodical compliancefilings like Financial Results, Shareholding Pattern, Corporate Governance Report, Statement of InvestorComplaints and Corporate Announcement are also filed electronically on the Listing Centre.

XI) GENERAL SHAREHOLDERS INFORMATION

� COMPANY REGISTRATION DETAILS

The Company is registered in the State of Haryana. The Corporate Identity Number (CIN) allotted to the Companyby the Ministry of Corporate Affairs (MCA) is L65921HR1983PLC033789.

� ANNUAL GENERAL MEETING

Date Day Time & Venue

Setember 28, 2018 Friday 03.00 P.M.Village Narsinghpur Old Manesar Road,Mohammadpur, Gurugram, Haryana -123106

� FINANCIAL YEAR :- 1st April, 2018-31st March, 2019

� Financial Calender (Tentative)

Particulars Date

Financial year April 1, 2018 to March 31, 2019First Quarter Results Mid August, 2018Second Quarter Results Mid November, 2018Third Quarter Results Mid February, 2019Fourth Quarter Results End of May, 2019



� DATE OF BOOK CLOSURE

22nd September, 2018 28th September, 2018(Saturday) (Both days inclusive) (Friday)

� LISTING ON STOCK EXCHANGES

a. The Shares of the Company are listed on BSE Limited and National Stock Exchange of India Limited.

b.b.b.b.b. Debt Securities

The Wholesale Debt Market (WDM) Segment of BSE, & The Debt Securities are Listed on BSE Limited.

d.d.d.d.d. Debenture TrusteeAxis Trustee Services LimitedBombay Dyeing Mills Compound,Pandurang BudhkarMarg, Worli,Mumbai - 400 025

� STOCK CODES

Particulars Codes

BSE Limited 532282National Stock Exchange of India Limited CASTEXTECHISIN NO. For dematerialized shares INE068DO1021

� STOCK MARKET DATA

Monthly high and low quotations of shares traded at BSE Limited and National Stock Exchange of India Limited.

Month Bombay Stock Exchange National Stock Exchange

High Low High Low

April, 2017 9.08 7.65 9.1 7.6

May, 2017 9.26 6.72 9.25 6.55

June, 2017 9.44 5.25 9.4 5.25

July, 2017 8.77 6.9 8.85 6.95

August, 2017 7.2 5.35 7.2 5.35

September, 2017 6.38 5.25 6.4 5.25

October, 2017 5.84 4.76 5.65 4.75

November, 2017 6.75 4.96 6.7 5.05

December, 2017 7.38 4.9 7.3 4.9

January, 2018 8.68 5.21 8.6 5.2

February, 2018 5.6 4.65 5.7 4.8

March, 2018 4.95 3.45 4.95 3.45



BSE Monthly high and low quotations

NSE Monthly high and low quotations

� SHARES TRANSFER SYSTEM

Pursuant to directions of SEBI, the facility to hold the Company’s shares in electronic form are available tothe members as the Company is registered with both the Depositories namely NSDL & CDSL. Share Transferdocuments for physical transfer and requests for dematerialisation of shares may be sent to Company’sRegistrar and Share Transfer Agents.

� REGISTRAR AND SHARE TRANSFER AGENTS

Beetal Financial & Computer Services Private LimitedBEETAL HOUSE, 3rd Floor, 99, Madangir, B/h. L.S.CNew Delhi-110062Phone No. : 011-29961281-8283Fax No. : 011-29961284



� DISTRIBUTION OF SHAREHOLDING AS ON MARCH 31, 2018

No. of Shares held Shareholders % of Total Total % of Total(Rs. 2/- paid up) Number (in Rs,) Shareholding

Up to 5000 32239 78.83 40497786 5.355001 10000 3713 9.08 28781218 3.8010001 20000 2236 5.46 34813972 4.6020001 30000 765 1.87 19313206 2.5530001 40000 511 1.24 18524294 2.4440001 50000 282 0.68 12985416 1.7150001 100000 581 1.42 41827226 5.53100001 Above 565 1.38 559502558 73.98

TOTAL 40892 100.00 756245676 100.00

� THE SHAREHOLDING PATTERN AS ON MARCH 31, 2018

S. Category of Shareholder Total Number Total Number PercentageNo. of Shareholders of Shares

(A) Shareholding of Promoter and Promoter Group

(1) Indian(a) Individual’s/Hindu Undivided Family 0 0 0(b) Central Government/State Government(s) 0 0 0(c) Bodies Corporate 2 177182272 46.8584(d) Financial Institutions /Banks 0 0 0(e) Any Other(specify) 0 0 0

(2) Sub – Total (A) (1) Foreign 2 177182272 46.8584(a) Individuals (Non-Resident Individuals/Foreign Individuals) 0 0 0(b) Bodies Corporate 0 0 0(c) Institutions 0 0 0(d) Any Other(Specify) 0 0 0Sub – Total (A) (2) 0 0 0Total Shareholding of Promoter andPromoter Group (A) = (A)(1)+(A)(2) 2 177182272 46.8584

(B) Public Shareholding(1) Institutions

(a) Mutual Funds/UTI 0 0 0.00(b) Financial Institutions /Banks 1 25000 0.0066(c) Central Government / State Government(s) 0 0 0(d) Venture Capital Funds 0 0 0(e) Insurance Companies 1 1518007 0.402(f) Foreign Institutional Investors

(Foreign Portfolio Investors) 3 308722 0.0816(g) Foreign Venture Capital Investors 0 0 0(h) Qualified Foreign Investor 0 0 0



(i) Any Other (Foreign FinancialInstitutions/Banks) 0 0 0

(ii) Foreign Corporate Bodies 0 0 0Sub Total (B) (1) 5 1851729 0.4897

(2) Non-Institutions(a) Bodies Corporate 380 15143610 4.0049(b) Individuals–

i. Individual Shareholders holdingnominal Share Capital upto Rs. 2 lakh. 38964 108921008 28.8057

ii. Individual Shareholders holding nominal 177 40781693 10.7853Share Capital in excess of Rs.2 lakh

(c) Qualified Foreign Investor 0 0 0(d) Any Other (specify)

I. NRI (Non Resident Indians) 581 10985727 2.9053II. Clearing Members 28 1329425 0.3516III. HUF 752 3771715 0.9975IV. Foreign Corporate Bodies 2 18155559 4.8015

Sub-Total (B)(2) 40885 199088837 52.6519(B) = (B)(1) + (B)(2) 40890 200940566 53.142Total Public Shareholding TOTAL (A) + (B) 40890 378122838 100

(C) Shares held by Custodians and against whichDepository Receipts have been issued 0 0 0GRAND TOTAL (A)+(B)+(C) 40890 378122838 100

XII) COMPLIANCE OF CORPORATE GOVERNANCE REQUIREMENTS SPECIFIED IN REGULATION 17 TO 27 IN REGULATION17 TO 27 AND REGULATION 46(2)(b) TO (i) of LISTING REGULATIONS

Sr. Particulars Regulation Compliance Compliance observed for the following:No. Status

Yes/No./N.A.

1 Board of Directors 17 Yes 1) Composition2) Meetings3) Review of Compliance reports4) Plans for orderly succession for

appointments5) Code of Conduct6) Fees/compensation to Non-

Executive Directors7) Minimum information to be placed

before the Board8) Compliance Certificate9) Risk Assessment & Management10) Performance Evaluation of

Independent Director

2 Audit Committee 18 Yes 1) Composition2) Meetings3) Power of the Committee



4) Role of the Committee and reviewof information by the Committee

3 Nomination and 19 Yes 1) CompositionRemuneration Committee 2) Role of the Committee

4 Stakeholders’ Relationship 20 Yes 1) CompositionCommittee 2) Role of the Committee

5 Risk Management Committee 21 Yes 1) Composition2) Role of the Committee

6 Vigil Mechanism 22 Yes 1) Formulation of Vigil Mechanism forDirectors and employees

2) Director access to Chairperson ofAudit Committee

7 Related Party Transactions 23 Yes 1) Policy on Materiality of Related PartyTransactions

2) Approval including omnibus approvalof Audit Committee

3) Approval for Material related partytransactions

8 Subsidiaries of the Company 24 N.A 1) Composition of Board of Directors ofunlisted material subsidiary

Yes 2) Review of financial statements ofunlisted subsidiary by the AuditCommittee

3) Significant transactions andarrangements of unlisted subsidiary

9 Obligations with respect to 25 Yes 1) Maximum Directorships and TenureIndependent Directors 2) Meetings of Independent Director

3) Familiarization of IndependentDirectors

10 Obligations with respect to 26 Yes 1) Memberships/Chairmanships inIn Directors and Senior CommitteeManagement 2) Affirmation on Compliance of Code

of Conduct of Directors and Seniormanagement

3) Disclosure of shareholding by non-executive directors

4) Disclosure by senior management ofabout potential conflicts of interest

11 Other Corporate 27 Yes Filing of quarterly compliance report onGovernance Requirements Corporate Governance

12 Website 46(2) Yes 1) Terms and conditions forappointment of IndependentDirectors

2) Compositions of various Committeesof the Board of Directors

3) Code of Conduct of Board ofDirectors and Senior ManagementPersonnel

4) Details of establishment of VigilMechanism/ Whistle Blower policy

5) Policy on dealing with Related PartyTransactions



6) Policy for determining materialsubsidiaries

7) Details of familiarisationprogrammesimparted to Independent Directors

XII) DEMATERIALISATION OF SHARES

The dematerialization facility exists with both the NSDL and CDSL for the convenience of shareholders. As on 31st March,2018, equity shares representing 99.62% of our Company’s Equity Shares Capital have been de-materialized.

MODE OF HOLDING NO. OF SHARES PERCENTAGE

NSDL 252469971 66.769CDSL 124238669 32.857Physical 1414198 0.374

XIII) LIQUIDITY

The Company’s Equity share are among the most liquid and actively traded shares on BSE & NSE. Castex’s sharesconsistently rank among the top few frequently traded shares, both in terms of the number of shares traded as well asvalue.

Relevant data for the average daily turnover for the period under review is given below:

BSE NSE TOTAL

Shares (nos.) 272828 1392688 1665516

Value (in Lakhs) 1841447 8995139 10836586

XIV) PLANT LOCATION

The Company’s plants are located in Haryana, Himachal Pradesh and Rajasthan.

XV) INVESTORS CORRESPONDENCE MAY BE ADDRESSED TO :-

Ms. Ruchika Beetal Financial & Computer Services Pvt. LtdCompany Secretary & Compliance Officer (Registrar & Shares Transfer Agent)3, Local Shopping Complex, Beetal House 3rd Floor, 99, Madangir,Pamposh Enclave, Greater Kailash-I, Behind L.S.C, New Delhi-110062New Delhi-110048 Tel.: (+91) 11-2996 1281-82Ph.: 011-42344444 Fax: (+91) 11-2996 1284E-mail Id: [email protected] E-mail Id: [email protected]


Sanjay ChhabraDIN No. 01237026(Chairman & Director)(Castex Technologies Limited is under Corporate Insolvency Resolution Process of the Insolvency and Bankruptcy Code2016. Its affairs, business and assets are being managed by the Resolution Professional, Mr. Dinkar T. Venkatasubramanian,appointed by the National Company Law Tribunal by order dated 20th December, 2017 and 22nd December, 2017 andcontinued as Resolution Professional by the Committee of Creditors in its meeting held on 12th January, 2018 under theprovisions of the Code. )Place : New DelhiDate : 14th August, 2018



DECLARATION BY CEO UNDER REGULATION 34(3) OF THE SEBI (LISTING OBLIGATIONSAND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015.

As required under SEBI (Listing Obligations and Disclosure requirements) Regulations, 2015, it is hereby confirmedthat for the period ended 31st March, 2018, the Director’s of Castex Technologies Limited have affirmed compliancewith the Code of Conduct for Board Members as applicable to them and members of the senior management haveaffirmed compliance with Employee Code of Conduct, as applicable to them.

Place : New Delhi (SANJAY ARORA)Date : 14.08.2018 Whole TIme Director

AUDITORS’ REPORT ON COMPLIANCE OF CONDITIONS OFCORPORATE GOVERNANCE

ToThe ShareholdersCastex Technologies Limited

We have examined the Compliance of conditions of Corporate Governance by Castex Technologies Limited for theyear ended on 31st March, 2018 as stipulated in SEBI (Listing Obligations and Disclosure requirements) Regulations,2015.

The compliance of conditions of Corporate Governance is the responsibility of the management. Our examinationwas limited to procedures and implementation thereof, adopted by the Company for ensuring the compliance of theconditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statementsof the Company.

In our opinion and to the best of our information and according to the explanations given to us, we certify that theCompany has complied in all material respects with the conditions of Corporate Governance as stipulated in theabove-mentioned Listing Agreement.

As required by the Guidance Note issued by the Institute of Chartered Accountants of India, we state that theshareholders/ Investors Grievance Committee has maintain records to show the Investors Grievance and certify thatas at 31.03.2018, there were no investors grievance remaining unattended/pending for more than 30 days.

We further state that such compliances are neither an assurance as to the future viability of the Company not to theefficiency or effectiveness with which the management has conducted the affairs of the Company.

For Raj Gupta & Co.Chartered Accountants

Firm Regn. No. 000203N

Place : New Delhi (Gunjandep Singh)Date : 14.08.2018 Partner

Membership No - 529555



MANAGEMENT DISCUSSION AND ANALYSIS REPORT1. GLOBAL ECONOMIC OVERVIEW

According to the International Monetary Fund (IMF), the global economy growth will inch up from 3.8% in CY17 to 3.9%in 2018 and 2019 this is the highest rate of global GDP growth after CY11. The growth happened owing to an increase inmanufacturing activity, private consumption, investments and global trade. The US economy remained in robust shape, withgrowth in GDP, industrial production, and investment holding up well. The US growth forecast has been raised from 2.3%to 2.7% in 2018 and from 1.9% to 2.5% in 2019. In 2017, the euro zone turned in its fastest pace of growth over the lastdecade. Emerging markets contributed to the uptick last year, and many are on track to turn in an even better growthperformance in 2018. China’s growth remained robust and well-balanced across sectors and across categories of domesticdemand.

According to the International Monetary Fund (IMF) corporate capital expenditure should become a more prominent growthdriver, inflation is unlikely to rise much, and central banks will reduce liquidity and raise interest rates in response to bettergrowth. Faster growth in the US, Japan, and China would largely drive global growth during 2019. An encouraging tradeand investment environment, along with easing financial conditions, would also impact the global economic conditions.

Other Global Developments

i. Oil witnessed a sharp increase from the levels of $41 per barrel in 2016 to a four-year high at $54 per barrel in 2017,driven by production cuts administered by OPEC.

ii. US monetary measures – US Dollar appreciated on the back of rising Federal Reserve rates from 0.75-1% in March2017 to 1.50-1.75% in March 2018.

iii. Landmark tax reforms in the US, reducing tax rates from 35% to 21% to bolster investment and employment.

Figure 1 – Global Growth

Figure 2 – Global Trade and Investment Growth

Sources: Bank for International Settlements, World Bank



2. INDIAN ECONOMIC OVERVIEW

India has emerged as the fastest growing major economy in the world as per the Central Statistics Organization (CSO) andInternational Monetary Fund (IMF) and it is expected to be one of the top three economic powers of the world over thenext 10-15 years, backed by its strong democracy and partnerships. India’s GDP is estimated to have increased 6.6 percent in 2017-18 and is expected to grow 7.3 per cent in 2018-19.

(AVERAGE GROWTH OF GDP DURING 2014-2017)

The investment cycle exhibited a growth of 7.6% in FY18 and 14.4% in the Q-4’18. The FY18 is likely to see an improvedgrowth of 7.5% due to transformative reforms undertaken by the Government.

India’s economic fundamentals continued to improve during the year. The Index of Industrial Production (IIP) touched 4.3%during the FY18 after a robust growth of 6.2% in the Q-4’18, which was 1.9% in Q-1’18. Inflation figures are also largelyin control, with the Consumer Price Inflation reducing to 3.6% in FY18 from a level of 4.5% in FY17, keeping the food pricesunder control. Through the year, India’s foreign exchange reserves have also increased to more than US$422 billion.

The Goods and Services Tax (GST) - constitution amendment bill, passed by the government, to be implemented from July1st, 2017 will have a significant impact on the taxation structure in the country. The GST will create a common Indian market,improve tax compliance and governance, and boost investment and growth; it is also a bold new experiment in thegovernance of India’s cooperative federalism. The Goods and Services Tax (GST), reformed the system of indirect taxes bystreamlining payments and credit and improving the efficiency of movement of goods across the country. During the year,the Government of India took various initiatives to improve the confidence in the Indian economy and boost its growth.

The 2018-19 Union Budget has emphasized on India’s infrastructural requirements and the allocation on roads railwaysand rural infrastructure has been significant. The Budget also focused considerably on health and education sectors, whichare instrumental in developing a sustainable economy and society.

Make in India and Digital India. Mr. Narendra Modi, Prime Minister of India, has launched the Make in India initiativewith an aim to boost the manufacturing sector of Indian economy, to increase the purchasing power of an average Indianconsumer, which would further boost demand, and hence spur development, in addition to benefiting investors. TheGovernment of India, under the Make in India initiative, is trying to give boost to the contribution made by the manufacturingsector and aims to take it up to 25 per cent of the GDP from the current 17 per cent. Besides, the Government has alsocome up with Digital India initiative, which focuses on three core components: creation of digital infrastructure, deliveringservices digitally and to increase the digital literacy.

3. GLOBAL AUTOMOBILE INDUSTRY

Based on strong growth in production and sales of automobiles in the first quarter of 2017 in most of the key regions aroundworld, there is optimism that this year will see continued gains for the global automotive industry.



According to the Euler Hermes Report, The Automotive market is on course to cross the 100 million units’ threshold in 2019.In 2018, global sales in new vehicles should exceed 98 million, posting a +2.5% increase. Positive forecasts in privateconsumption and corporate investment, fueled by rising incomes and still low interest rates, will support new registrationsin passengers’ cars (74% of the total) and commercial vehicles (26%) in the majority of countries. Yet, the automotiveindustries face challenging times. One issue is their ability to cope with the uneven tempo of markets. We expect acontinued growth in China (+3% to almost 30mn units) and most of the European Union (+2%), a recovery in Russia (+5%)and Brazil (+3.5%), a stabilization in Japan and South Korea, but also two major exceptions: the U.S (-2% to 17mn units)and the UK (-6%). The second challenge is to manage market’s transition, notably to EV and connected cars, while keepingon meeting each market demand and the diversity of regulatory frameworks. New models are crucial to stay competitive,from low costs to premium cars and all kinds of EV; the latter will keep on a double digit trajectory with 1.7mn registrationsin 2018 and a fleet of 5mn cars (compare to a total of 1.4bn vehicles in use worldwide). At the same time, emissionrequirements are intensifying, increasing the costs of cars and the pressure on manufacturers, notably in China where thedraconian new rule coming into force in 2019 is undoubtedly already a game changer for car makers.

India became the 4th largest auto market in 2017 with sales (excluding two-wheelers) increasing 9.5 per cent year-on-year to 4.02 million units in 2017. Overall domestic automobiles sales increased at 7.01 per cent CAGR between FY13-18with 24.97 million vehicles getting sold in FY18.

4. INDIAN AUTOMOBILE INDUSTRY

The Indian auto industry became the 4th largest in the world with sales increasing 9.5 per cent year-on-year to 4.02 millionunits (excluding two wheelers) in 2017. It was the 7th largest manufacturer of commercial vehicles in 2017.

The Two Wheelers segment dominates the market in terms of volume owing to a growing middle class and a youngpopulation. Moreover, the growing interest of the companies in exploring the rural markets further aided the growth of thesector.

India is also a prominent auto exporter and has strong export growth expectations for the near future. Overall automobileexports from India grew at 6.86 per cent CAGR between FY13-18. In addition, several initiatives by the Government of Indiaand the major automobile players in the Indian market are expected to make India a leader in the two wheeler and fourwheeler market in the world by 2020.

Domestic Sales

The sale of Passenger Vehicles grew by 7.89 percent in April-March 2018 over the same period last year. Within thePassenger Vehicles, Passenger Cars, Utility Vehicle and Vans grew by 3.33 percent, 20.97 percent and 5.78 percentrespectively in April-March 2018 over the same period last year.

The overall Commercial Vehicles segment grew by 19.94 percent in April-March 2018 as compared to the same periodlast year. Medium & Heavy Commercial Vehicles (M&HCVs) grew by 12.48 percent and Light Commercial Vehicles grewby 25.42 percent in April-March 2018 over the same period last year.

Three Wheelers sales grew by 24.19 percent in April- March 2018 over the same period last year. Within the ThreeWheelers, Passenger Carrier & Goods Carrier sales registered a growth of 28.65 percent and 7.83 percent respectivelyin April-March 2018 over April-March 2017.

Two Wheelers sales registered a growth at 14.80 percent in April-March 2018 over April-March 2017. Within the TwoWheelers segment, Scooters and Motorcycles grew by 19.90 percent and 13.69 percent respectively, while Mopeds declinedby (-) 3.48 percent in April-March 2018 over April-March 2017.

Exports

India is also a prominent auto exporter and has strong export growth expectations for the near future In April-March 2018,overall automobile exports increased by 16.12 percent. Two and Three Wheelers Segments registered a growth of 20.29percent and 40.13 percent respectively, while Passenger Vehicles and Commercial Vehicles declined by (-)1.51 percent and(-) 10.53 percent respectively in April-March 2018 over the same period last year.. In addition, several initiatives by theGovernment of India and the major automobile players in the Indian market are expected to make India a leader in theTwo Wheeler and Four Wheeler market in the world by 2020.



Automotive Production Trends

Category 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

Passenger Vehicles 32,31,058 30,87,973 32,21,419 34,65,045 38,01,670 4010373

Commercial Vehicles 8,32,649 6,99,035 6,98,298 7,86,692 8,10,253 894551

Three Wheelers 8,39,748 8,30,108 9,49,019 9,34,104 7,83,721 1021911

Two Wheelers 1,57,44,156 1,68,83,049 1,84,89,311 1,88,30,227 1,99,33,739 23147057

Grand Total 2,06,47,611 2,15,00,165 2,33,58,047 2,40,16,068 2,53,29,383 2,90,73,892

Sources: SIAM

Automobile Domestic Sales Trends

Category 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

Passenger Vehicles 26,65,015 25,03,509 26,01,236 27,89,208 30,47,582 32,87,965

Commercial Vehicles 7,93,211 6,32,851 6,14,948 6,85,704 7,14,082 8,56,453

Three Wheelers 5,38,290 4,80,085 5,32,626 5,38,208 5,11,879 6,35,698

Two Wheelers 1,37,97,185 1,48,06,778 1,59,75,561 1,64,55,851 1,75,89,738 2,01,92,672

Grand Total 1,77,93,701 1,84,23,223 1,97,24,371 2,04,68,971 2,18,62,128 2,49,72,788

Sources: SIAM



Domestic Market Share for 2017-18

Domestic Market Share for 2017-18Passenger Vehicles 13Commercial Vehicles 3Three Wheelers 3Two Wheelers 81Grand Total 100

Sources: SIAM

Exports Trends

Category 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18

Passenger Vehicles 5,59,414 5,96,142 6,21,341 6,53,053 7,58,727 7,47,287

Commercial Vehicles 80,027 77,050 86,939 1,03,124 1,08,271 96,867

Three Wheelers 3,03,088 3,53,392 4,07,600 4,04,441 2,71,894 3,81,002

Two Wheelers 19,56,378 20,84,000 24,57,466 24,82,876 23,40,277 28,15,016

Grand Total 28,98,907 31,10,584 35,73,346 36,43,494 34,79,169 40,40,172

Sources: SIAM



SOME OF THE RECENT INITIATIVES TAKEN BY THE GOVERNMENT OF INDIA ARE -

The government aims to develop India as a global manufacturing as well as a research and development (R&D) hub. Ithas set up National Automotive Testing and R&D Infrastructure Project (NATRIP) centers as well as a National AutomotiveBoard to act as facilitator between the government and the industry. Alternative fuel has the potential to provide for thecountry’s energy demand in the auto sector as the CNG distribution network in India is expected to rise to 250 cities in2018 from 125 cities in 2014. Also, the luxury car market could register high growth and is expected to reach 150,000 unitsby 2020.

The Ministry of Heavy Industries, Government of India has shortlisted 11 cities in the country for introduction of electricvehicles (EVs) in their public transport systems under the FAME (Faster Adoption and Manufacturing of (Hybrid) and ElectricVehicles in India) scheme. The government will also set up incubation centre for startups working in electric vehicles space.

Energy Efficiency Services Limited (EESL), under Ministry for Power and New and Renewable Energy, Government of India,is planning to procure 10,000 e-vehicles via demand aggregation, and has already awarded contracts to Tata Motors Ltdfor 250 e-cars and to Mahindra and Mahindra for 150 e-cars.

The government is planning to set up a committee to develop an institutional framework on large-scale adoption of electricvehicles in India as a viable clean energy mode, especially for shared mass transport, to help bring down pollution levelin major cities.

5. AUTOMOBILE COMPONENTS INDUSTRY

The Indian auto-components industry has experienced healthy growth over the last few years. Some of the factorsattributable to this include: a buoyant end-user market, improved consumer sentiment and return of adequate liquidity inthe financial system. The auto-component industry of India has expanded by 14.3 per cent because of strong growth inthe after-market sales to reach at a level of Rs 2.92 lakh crore (US$ 43.55 billion) in FY 2016-17. The industry is furtherexpected to grow to US$ 47-49 billion in FY18.

The auto-components industry accounts for 2.3 per cent of India’s Gross Domestic Product (GDP) and employs as manyas 1.5 million people directly and indirectly each. A stable government framework, increased purchasing power, largedomestic market, and an ever increasing development in infrastructure have made India a favorable destination forinvestment

Market Size

The Indian auto-components industry can be broadly classified into the organized and unorganized sectors. The organizedsector caters to the Original Equipment Manufacturers (OEMs) and consists of high-value precision instruments while theunorganized sector comprises low-valued products and caters mostly to the aftermarket category.

The total value of India’s automotive exports stood at Rs 73,128 crore (US$ 10.9 billion) in 2016-17 as compared Rs 70,916crore ($10.8 billion) in the year 2015-16. This has been driven by strong growth in the domestic market and increasingglobalization (including exports) of several Indian suppliers. Auto-component exports from India are expected to grow 7-9 per cent in FY18, backed by stronger global growth and higher exports to emerging nations. Growth is further expectedto accelerate to 8-10 per cent in FY19 due to pick up in global scenario.&

The Indian automotive aftermarket is expected to reach Rs 75,705 crore (US$ 13 billion) by the year 2019-20, accordingto the Automotive Component Manufacturers Association of India (ACMA). These estimates are in sync with the targets ofthe Automotive Mission Plan (AMP) 2016-26.

According to the Automotive Component Manufacturers Association of India (ACMA), the Indian auto-components industryis expected to register a turnover of US$ 100 billion by 2020 backed by strong exports ranging between US$ 80- US$ 100billion by 2026, from the current US$ 11.2 billion.

The Government of India’s Automotive Mission Plan (AMP) 2016–2026 envisages creation of an additional 50 million jobsalong with an ambitious target of increasing the value of the output of the sector to upto US$282.65 billion.

The Indian auto-components industry is set to become the third largest in the world by 2025. Indian auto-componentmakers are well positioned to benefit from the globalization of the sector as exports potential could be increased by upto four times to US$ 40 billion by 2020 accounting for as much as 26 percent of the market.



A. Strengths

Geographical spread of operations in India allowsproximity to a large and diversified customer base.

Largest Iron casting player in the country with capabilityto produce five grades of iron castings

One of the best metallurgical laboratory in India with keymachines such as spectrometer, microscope with imageanalyser, storohlinappartus/ ferro excel lab & precisionsand testing equipment.

Proximity to all major OEM’s coupled with consistenttrack record of deliveries manifested by their increasedlevels of localisation in India.

State of art, in-house tool design and 3D modelling/simulation software with key machines such as CNC,VMC etc.

One of the few Indian companies in India having highpressure automatic moulding lines in both horizontaland vertical technologies.

Trusted partner and strategic Tier I supplier to leadingOEMs. It has well establishedstrategic relationships mostOEMs across the country and abroad.

Well positioned to cater to growing demand of automobileindustry in India coupled with a large Scale of operationsallowingeconomies of scale.

Dedicated R&D team focused on development &acquisition of new technologies relevant for future productportfolio.

Skilled, experienced and diversified workforce with provencredentials.

C. Threats

Political instability, wars, terrorism, multinational conflicts,natural disasters, fuel shortages and their prices allpresent business risk.

Due to global integration of automobile supply chains theindustry has become highly competitive with OEM’scontinously scanning the market for lower prices andbetter terms.

Iron Scrap being one of the main Raw Material is sourcedfrom scrap dealers which operate in an unorganisedsector giving rise to uncertainties.

Changing technologies have led to shortening of lifecycles of new vehicles.

B. Weaknesses

Automotive operations are directly dependent on generaleconomic conditions across key global markets.

Signs of melting demand for Automotives in America,South Africa, Eastern Europe etc.

Prices and availability of raw materials like steel, non-ferrous alloys, precious metals, petroleum products aredependent on various environmental factors and anyunforseen or sudden spike in the cost of these itemscould impact profitability.

The liquidity continues to remain under stress coupledwith availability of fresh working capital funds being amajor challenge has led to low capacity utilisationsthereby impacting profitability.

High cost of production.

D. Opportunities

Strong economic growth in India and other growthmarkets like China, Southeast Asia and North Africa -resultant demand for Automobiles.

Indian Government’s focus on improving ease of doingbusiness with its “Make in India” initiative to transformIndia into a global manufacturing hub.

GOI’s emphasis on substitution of imported goods sectorssuch as railways and defence are expected to turntowards Indian Conpanies for procurement.

Diversification towards forward integration.

SWOT ANALYSIS



6. STRATEGY ANDOUTLOOK

The Indian automotive sector has the potential to generate up to US$300 billion in annual revenue by 2026, create 65 millionadditional jobs and contribute over 13% to India’s GDP. Increased urbanization is firmly placed in the centre of this progress.As per World Bank study, by 2031, some 600 million people are expected to live in India’s cities. Therefore, automakersare slated to be one of the greatest contributors to this futuristic plan of 100 smart cities by 2020. The Company has recentlysupplied Hybrid electric buses, which runs both on diesel and electric, and is economically viable, safe and environment-friendly.

A revival of the economy post-demonetization and implementation of GST are putting the country back on track. TheCompany is looking to be the major beneficiary for the increased infrastructure spending on roads, airports and expectedhigh GDP. In Passenger vehicle, there has been a shift in the trend of buying from small passenger vehicles towards UtilityVehicles (UV). This shift will eat more profitable growth for the Automobile sector. The passenger vehicle sector is expectedto grow at 8%-10% in Fiscal 2019.

To achieve this potential, the automotive components industry will need to attract $80-100 billion worth of investments andensure skill development of the existing talent pool. By 2026, the Indian auto components industry could mature into beingthe ‘frugal innovator’ for the world and propel the ‘Make in India’ movement into ‘Quality in India’, and witness many globalMNC component suppliers ‘manufacturing in India for the world’ .The Indian automotive industry is showing positive signswith moderate growth in the passenger vehicle and two wheeler segments. During the year, OEMs launched new modelswith additional functionalities and features to attract customers.

� Government Initiatives:-

Favorable government policies such as Auto Policy 2002, Automotive Mission Plan 2006-2016, NationalAutomotive Testing and R&D Infrastructure Projects (NATRiPs), have helped the Indian auto componentsindustry achieve considerable growth. India is emerging as global hub for auto component sourcing. A cost-effective manufacturing base keeps costs lower by 10-25 per cent relative to operations in Europe and LatinAmerica. Relative to competitors, India is geographically closer to key automotive markets like the MiddleEast and Europe. Global auto component players are increasingly adopting a dual-shore manufacturingmodel, using overseas facilities to manufacture few types of components and Indian facilities to manufacturethe others.

� Road Ahead:-

The rapidly globalizing world is opening up newer avenues for the transportation industry, especially whileit makes a shift towards electric, electronic and hybrid cars, which are deemed more efficient, safe andreliable modes of transportation. Over the next decade, this will lead to newer verticals and opportunities forauto-component manufacturers, who would need to adapt to the change via system at bioresearch anddevelopment.

� CTL – Way Forward:-

As you aware the Company has carrying huge Banking dues as on March,2018 The Accounts of Companywere downgraded as NPA by all bankers Concerned due to non payment of interest and repayment ofInstallments by company over a year also continuing with various litigation and proceeding in different Courtswas hampering the normal functioning of the Company for over a year.

Imposition of additional taxes and levies designed tolimit use of automobiles could adversly affect demand.

Presence of large number of players in the automobileindustry has resulted in extensive competition thusenhancing scope for eating into share of business ofother players.

General law and order problems.

The 7th Pay Commission may act as a multiplier ofdemand for the Automotive sector.

Strategicalliances and partnering could be asmartstrategyresulting in specialised capabilities differentialofferings.



The Company views of uploading the interest of its Shareholders and stakeholders as its foremost obligation.

At the Direction of the Hon’ble Tribunal, the Company is run as a going concern. You will be happy to knowthe performance of the Company is satisfactory. All efforts are being made to come out with a resolution planacceptable to all concerned.

7. CASTEX CAPABILITIES AND ACHIEVEMENTS

India’s largest Iron Casting player, CTL has witnessed the steady change in technology especially in the ferrous castingprocess and kept pace with ever increasing demand for better quality iron castings by OEMs with latest equipment andtechnology. CTL’s key technological capabilities are:

� Highly automated casting operations with automatic pouring system and semi-automatic core shooter.

� Capability to produce 5 grades of iron castings.

� State of art, in-house tool design and 3D modeling/ simulation software with key machines such as CNC,VMC etc.

� High pressure automatic moulding lines in both horizontal and vertical technologies. It is one of the few Indiancompanies to have these latest machines

� Semi-automated core shop and fettling shop

� Medium frequency Induction furnaces from leading equipment manufacturers such as Induct other demandABB

� One of the best metallurgical laboratory in India with key machines such as spectrometer, microscope withimage analyser, storohlin appartus/ ferro excellab & precisions and testing equipment

� One of the best design and dieshop along with automated moulding and casing lines.

� Thin walled capability for cylinder blocks and heads.

� One of the largest and best flywheel casting facilities in India.

� Turbo Charger Housing. Capability to mould on high speed vertical casting lines yielding better yield andweight reduction benefits.

� Transmission and differential housings are ductile iron parts which need special casting facilities present withus.

8. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an adequate system of internal controls in place. It has documented policies and procedures coveringall financial and operating functions. These controls have been designed to provide a reasonable assurance with regardto maintaining of proper accounting controls for ensuring reliability of financial reporting, monitoring of operations, protectingassets from unauthorized use or losses, compliances with regulations. The Company has continued its efforts to alignallitsprocesses and controls with global best practices.

Some significant features of the internal control of systems are:

� The Audit Committee of the Board of Directors, regularly reviews the audit plans, significant audit findings,adequacy of internal controls, compliance with accounting standards as well as reasons for changes inaccounting policies and practices, if any;

� Documentation of major business processes and testing thereof including financial closing, computer controlsand entity level controls, as part of compliance program;

� State-of-the-art Enterprise Resource Planning, supplier relations management and customer relationsmanagement connect the Company’s different locations, dealers and vendors for efficient and seamlessinformation exchange. The Company also maintains a comprehensive information security policy andundertakes continuous upgrades to its IT systems;



� Detailed business plans for each segment, investment strategies, year-on-year reviews, annual financial andoperatingplansandmonthlymonitoringarepartoftheestablishedpracticesforalloperatingandservicefunctions;

� A well-established, independent, multi-disciplinary Internal Audit team operates in line with governance bestpractices. It reviews and reports to management and the Audit Committee about compliance with internalcontrols and the efficiency and effectiveness of operations as well as the key process risks. The scope andauthority of the Internal Audit division is derived from the Audit Charter, duly approved by the Audit Committee;and Anti-fraud programmes including whistleblower mechanisms are operative across the Company.

9. The Board takes responsibility for the overall process of risk management throughout the organization. Through anEnterprise Risk Management programme, the Company’s business units and corporate functions address opportunitiesand the attendant risks through an institutionalized approach aligned to the Company’s objectives. This is alsofacilitated by internal audit. The Business risk is managed through cross functional involvement and communicationacross businesses. The results of the risk assessment and residual risks are presented to the senior management.The Audit Committee reviews business risk are as covering operational, financial, Strategic and regulatory risks.

10. DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

CTL’s performance in the last fiscal year is a reflection of the challenges faced by the automotive industry in Indiaand certain other regions internationally. In the financial year ending 31st March, 2018, the consolidated revenuesof the Group were at Rs. 5368.934 million.

The Consolidated EBITDA, before exceptional items, for the financial year ended 31st March, 2018 stood at Rs.(1874.14) million at a margin of (3.49%) percent. The management, during this period, remained focused on costoptimization and value enhancement.

The consolidated loss after tax for the FY’18 before minority interest and associate income was Rs. (18046.291) million.

11. FINANCIAL CONDITION

CTL monitors its financial position regularly and optimizes its cash resources through a robust cash management system.However, despite this the Company is experiencing a stress on the cash flows with the result that during the financial year2017-18, your Company has been unable to meet all its debt obligations. The Company has had various rounds ofdiscussions with the lenders and is currently engaged in formulating a scheme for debt restructuring which will besubmitted to the lenders forum In this regard the Company is co-coordinating with the lead lenders for successfulimplementation of the proposed debt restructuring scheme.

It is envisaged, that your Company, post successful implementation of the proposed debt restructuring scheme, will emergeas a much stronger Company with an improved capital structure and poised for growth. The Company would like to thankits lenders for their continuous support.

12. DEBT POSITION

As of March 31,2018 the Group had consolidated debt of Rs. 51450.463 million comprising Rs. 127.123 million of long termdebt and Rs. 51450.463 of short term borrowings. Cash and equivalents stood at Rs. 174.041 million, translating into netdebt of Rs. 51276.422 million.

13. HUMAN RESOURCES

Human Resource is the most vital factor to achieve the goals of any organization. Your company’s human resource policyprovides an environment that motivates its employees to realize their full potential. Your Company respects each employee,motivates them and try to offer opportunities based on the skill sets and in this process builds mutually benefiting relationsbetween the Company and its employees.

Your company has put in place a policy that not only increases productivity but also increases job satisfaction of itsemployees. Your company has placed a recruitment system in the organization wherein a right candidate with right skillsis recruited for a position. Your company has established systems, which aims to provide training to employees at everylevel of the organization that leads to quality work output in their assigned work in turn helping in improving the bottom-line of your company.



14. STATUTORY COMPLIANCE

Before the Commencement of Corporate Insolvency Resolution Process (CIRP) the Whole Time Director of the makes adeclaration to the Board of Directors every quarter regarding compliance with provisions of various statutes as applicable.The Company Secretary ensures compliance with the Companies Act, 2013, SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015 and compliance with the guidelines on insider trading for prevention of the same.

After the Commencement of Corporate Insolvency Resolution Process (CIRP), the Role and Responsibilities of Board shallbe fulfilled by Resolution Professional and powers of the Board of Directors stand suspended .

15. CAUTION STATEMENT

The statements in this Management Discussion and Analysis Report describing the Company’s objectives, projections,estimates and expectations, may be forward looking statements within the meaning of applicable laws and regulationsand the actual results, performance might differ materially from those expressed or implied herein. The Company is notunder any obligation to publicly amend, modify or revise any such forward looking statements on the basis of anysubsequent developments, information or events.



Independent Auditor’s ReportTo the Members ofCastex Technologies Limited,

Report on the Standalone IND AS Financial Statements

We have audited the accompanying standalone IND AS financial statements of Castex Technologies Limited (‘theCompany’), which comprise the balance sheet as at 31st March 2018,the statement of profit and loss[including othercomprehensive income], the statement of cash flows and the statement of changes in equity for the year then ended,and a summary of the significant accounting policies and other explanatory information(hereinafter referred to as“standalone Ind AS financial statements”)

Management’s Responsibility for the standalone IND AS Financial Statements

The management and company’s board of directors is responsible for the matters specified in section 134(5) of theCompanies Act, 2013 (“the Act”) with respect to the preparation of these standalone IND AS financial statements thatgive a true and fair view of the financial position, financial performance [including other comprehensive income], cashflows and changes in equity of the company in accordance with the accounting principles generally accepted in India,including the Indian accounting standards [Ind AS] prescribed under section 133 of the Act, read with companies (Indian Accounting Standards ) rules 2015.

This responsibility also includes the maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding of the assets of the company and for preventing and detecting the frauds and otherirregularities; selection and application of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design, implementation and maintenance of adequate internal financial control, that wereoperating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparationand presentation of the standalone Ind AS financial statements that give a true and fair view and are free from materialmisstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone IND AS financial statements based on our audit.

In conducting our audit, we have taken into account the provisions of the Act, the accounting and auditing standardsand matters which are required to be included in the audit report under the provisions of the Act and the Rules madethereunderand the Order issued under section 143(11) of the Act.

We conducted our audit of the standalone IND AS financial statements in accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether the standalone Ins AS financial statements arefree from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in thestandalone IND AS financial statements. The procedures selected depend on the auditor’s judgment, including theassessment of the risks of material misstatement of the standalone IND AS financial statements, whether due to fraudor error. In making those risk assessments, the auditor considers internal financial control relevant to the company’spreparation of the standalone IND AS financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of theaccounting policies used and the reasonableness of the accounting estimates made by the company’s managementand directors, as well as evaluating the overall presentation of the standalone IND AS financial statements.

We believe that the audit evidence, we have obtained, is sufficient and appropriate to provide a basis for our auditopinion on the standalone IND AS financial statements.

Our Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaidstandalone IND AS financial statements, give the information required by the Act in the manner so required and givea true and fair view in conformity with the accounting principles generally accepted in India including the IND AS, of



the state of affairs of the company as at March 31, 2018 and itsProfit and loss account for the year ended March 31,2018 ,total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Emphasis of Matter

Notwithstanding anything contained in the standalone Ind AS financial statements of Castex Technologies Limitedason 31.03.2018, affects the true & fair opinion over the same, but following is a list of matters, considered significantfor the users of the standalone Ind AS financial statements, adequately disclosed by the management:

A corporate insolvency resolution process (“CIRP”) has been initiated against Castex Technologies Limited (‘the Company’)vide an order of Chandigarh bench of the National Company Law Tribunal (NCLT) dated December 20, 2017 under theprovisions of the insolvency and bankruptcy code 2016 (Code). Pursuant to the order, the power of the Board of directorsstands suspended and are exercisable by MrDinkar T. Venkatasubramanian, who was appointed as interim resolutionprofessional (IRP) by the NCLT vide order dated December 20, 2017 and was consequently confirmed as ResolutionProfessional (RP) by the Committee of Creditors (CoC) in its meeting held on January 12, 2018. Accordingly Mr. DinkarT. Venkatasubramanian took control of management and operations of the company. As the powers of the Board ofDirectors had been suspended, the above results have not been adopted by Board of Directors.However, TheseStandalone Ind AS financial statements have been signed by Sanjay Arora ( Whole Time Director) and taken on recordby the RP..

1. The company has been continuously making losses, consequently its net worth is negative and thecompany’stotal liabilities exceeded its total assets. This indicates the existence of materialuncertainty that may castsignificant doubt on the company’s ability to continue as a going concern. However, in view of the CorporateInsolvency Resolution Process in respect of the company, which is in progress, the accounts have been preparedon a going concern basis (Refer Note [2.1 ] to Financial Statements).

2. Considering the current operating level of the company , and the ongoing CIRP it is not possible to determine:

a. Impairment if any , in the economic value of fixed assets, capital work in progress and tools & die;

b. Diminution, if any, in the value of investment.(Refer Note [2.8,2.13,2.14 ] to Financial Statements)

3. In respect of various claims submitted by the financial, operational & other creditors of the Company to the RPpursuant to Insolvency and Bankruptcy Code, 2016, that are currently under consideration / verification/ reconciliation.Pending finalization of resolution plan, we are unable to comment on the consequential impact, if any, on theaccompanying statement [Refer Note [2.1 ] to financial Statements]

4. Trade receivables, loans & advances and other recoverable at March 31, 2018, which also includes balancesfrom the group entities, are subject to confirmation/reconciliation and recoverability assessment thereof is underprocess. (Refer Note [2.11 ] to Financial Statements)

5. In terms of sections 25(2)(c) and 28(1)(a) of IBC 2016, the CoC has approved the raising of interim finance in itsmeeting held on 12th March, 2018, Accordingly, the Company has entered into an agreement with ECL FinanceLimited, a Mumbai based subsidiary Company of Edelweiss Financial Services Limited and availed interimfinance facility up to INR 30,00,00,000 (Rupees Thirty Crores) under the Facility Agreement dated 11, April, 2018,(Refer Note 2.12 in significant accounting policies)

6. The financial statements for the year ended 31 March 2017 was carried out and reported by Manoj Mohan &Associates. whose report has been furnished to us by the management and which has been relied upon byus for the purpose of our audit.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government ofIndia in exercise of powers conferred by sub section (11) of section 143 of the act, we give in annexure A, astatement on the matters specified in paragraph 3 & 4 of the Order, to the extent applicable.



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

(a) We have sought and obtained all the information andexplanations which to the best of our knowledgeand belief were necessary for the purposes of our audit;

(b) In our opinion,proper books of account as required by lawhave been kept by the company so far as itappears from our examination of those books;

(c) The balance sheet, the statement of profit and loss [including other comprehensive income],the cash flowstatement and the statement of changes in equity dealt with by this report are inagreement with therelevant books of account;

(d) In our opinion, the aforesaid standalone IND ASfinancial statementscomply with the Indian AccountingStandards specified under section 133 of the Act, read with the relevant rules there under;

(e) On the basisof the written representations received fromthe directors as on 31stMarch 2018 and taken onrecord by theboard of directors, none of the directors is disqualified as onMarch 31, 2018, from beingappointed as a director in termsof Section 164 (2) of the Act; and

(f) With respect to the adequacy of the internal financial controls over financial reporting of the company andthe operating effectiveness of such controls, refer to our separate report in “Annexure B”. Our reportexpresses an unmodified opinion on the adequacy and the operating effectiveness of the company’sinternal financial controls over financial reporting; and

(g) With respect to the other matters to be included in the Auditor’s Report in accordance withRule 11 of theCompanies (Audit and Auditors) Rules, 2014 as amended, according to the explanations and informationgiven to us:

i. The company has disclosed the impact of pending litigations on its financial position in itsstandalone IND AS financial statements [Refer Note no. 3.27.5].

ii. The company did not have any long-term contracts including derivative contracts for which therewere any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education andProtectionFund by the company.

For Raj Gupta & CoChartered AccountantsFirm’s registration number: 000203N

Gunjandeep Singh[Partner]Membership Number: 529555

Place : New DelhiDated : JUNE 5, 2018



Annexure - A to the Independent Auditors’ ReportThe Annexure referred to in Independent Auditors’ Report to the members of the Company on the standalone IND ASfinancial statements for the year ended 31st March 2018.

I. In respect of fixed assets:

a. The company has maintained proper records showing full particulars including quantitative details andsituation of fixed assets.

b. As explained to us, fixed assets, according to the practice of the company, have been physically verifiedby the management at reasonable intervals. , the frequency of physical verification of fixed assets isreasonable having regard to the size of the Company and nature of its assets. According to the informationand explanation given to us , no material discrepancies were noticed on such physical verification.

c. According to the information and explanations given to us and on the basis of our examination of therecords of the company, the title deeds of immovable properties are held in the name of the company.However,none is made available tous as they are pledged with the financial institutions.

II. In respect of inventories: We have been informed that the inventories are physically verified during the periodby the Company at reasonable intervals. The frequency of physical verification, in our opinion, is reasonablehaving regard to the size of the company and nature of its business. The discrepancies noticed on verificationbetween the physical inventories and the book records were not material in relation to the operation of thecompany and the same have been properly dealt with in the books of account.

III. The company, during the year,has not granted any loans, secured or unsecured, to companies, firms, LimitedLiability Partnerships or other parties covered in the register maintained under section 189 of the CompaniesAct, 2013 (‘the Act’).Accordingly, paragraph 3(iii) of the 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 duringthe year with the provisions of section 185 and 186 of the Act, with respect to the loans, investments, guaranteesand security.

V. Since the company has not accepted any deposit from public, the directives issued by the Reserve Bank of Indiaand the provisions of section 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rulesframed there under with regard to the deposits accepted from the public are not applicable.

VI. The Central Government has prescribed the maintenance of cost records under section (1) of section 148 of theCompanies Act, and on the basis of recordsproduced before us for our verification; we are of the opinion that,prima facie, the prescribed accounts and cost records have been maintained. However, we are neither requiredto carry out nor have carried out any detailed examination of such accounts & records.

VII. (a) According to the information and explanations given to us and on the basis of our examination of therecords of the company, the company has not beenregularin depositing undisputed statutory duesincluding provident fund, employees state insurance, income-tax, sales tax, service tax, duty of customs,duty of excise, value added tax, cess, Goods and Services Tax and other statutory dues with appropriateauthorities during the year ended 31st March 2018. The outstanding dues as on the date of the balancesheet i.e. March31, 2018 were Rs.2931.14 Lakhs. According to information and explanation given to us,arrears of undisputed statutory dues outstanding for a period of more than 6 months as on March 31,2018were Rs. 1512.19 Lakhs.

(b) According to the information and explanation given to us, and as per our verification of records of thecompany, the company has not paid/deposited following statutory dues on account of disputes:

S.No. Name of Statute Period to which Forum where dispute is pending Amountit pertains (Rs. In Lakh)

1 Excise/Service Tax 2008 to 2014 Commissioner Central Excise (Appeals) 98.212 Income Tax 2006 to 2016 Income Tax Appellate Tribunals 1688.533 Sale Tax 2015-16 Appeals under process 2.55

Total 1789.29



VIII. Based on our audit procedures performed for the purpose of reporting the true and fair view of the financialstatements and according to information and explanations given by the management, A corporate insolvencyresolution process (“CIRP”) has been initiated against the company vide an order of Chandigarh bench of theNational Company Law Tribunal (NCLT) dated December20, 2017 under the provisions of the insolvency andbankruptcy code 2016 (Code). Pursuant to the order, the power of the Board of directors stands suspended andare exercisable by Mr Dinkar T. Venkatasubramanian, who was appointed as interim resolution professional (IRP)by the NCLT vide order dated December22, 2017 and was consequently confirmed as Resolution Professional(RP) by the Committee of Creditors (CoC) in its meeting held on January12, 2018.

IX. According to the information and explanations given to us, and as per our verification of the records of thecompany, the company, during the year, has not raised moneys by way of initial public offer or further publicoffer(Including debt instruments). The term loans availed by the company have been applied for the purposefor which the loans were obtained.

X. According to the information and explanations given to us, no fraud by the company or on the company by itsofficers or employees has been noticed or reported during the Year ended 31st March 2018.

XI. According to the information and explanations give to us and based on our examination of the records of thecompany, the company has paid/provided for managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

XII. In our opinion, and according to the information and explanations given to us, the company is not a Nidhicompany. Therefore, the provisions of Clause 3 (xii) of the Order are not applicable to the company.

XIII. According to the information and explanations given to us and as per our verification of the records of thecompany all transactions with the related parties are in compliance with the Sections 177 and 188 of theCompanies Act, 2013 where applicable and the details have been disclosed in theIND ASfinancial statementsas required by the applicable accounting standards.

XIV. According to the information and explanations given to us and as per our verification of the records of thecompany, the company has not made any preferential allotment of shares.

XV. According to the information and explanations given to us, and as per our verification of the records of thecompany, the company has not entered into any non-cash transactions with directors or persons connected withhim. Accordingly, the provisions of Clause 3 (xv) of the order are not applicable to the company.

XVI. In our opinion, the company is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct, 1934. Accordingly, the provisions of Clause 3 (xvi) of the order are not applicable to the company.






Annexure – B to the Independent Auditors’ ReportReport on the Internal Financial Controls over financial reporting under Clause (i) of Sub-section 3 of Section 143 of theCompanies Act, 2013 (“the Act”) of Castex Technologies Limited

We have audited the internal financial controls over financial reporting of Castex Technologies Limited (“the Company”)as of 31st March 2018 in conjunction with our audit of the standalone IND AS financial statements of the company forthe year ended on that date.

Management’s Responsibility for Internal Financial Controls

The management and company’s board of directorsare responsible for establishing and maintaining internal financialcontrols based on the internal control over financial reporting criteria established by the company considering theessential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India (“the Guidance Note”). These responsibilitiesinclude the design, implementation and maintenance of adequate internal financial controls that were operatingeffectively 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 ofthe accounting records, and the timely preparation of reliable financial information, as required under the CompaniesAct, 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the company’s internal financial controls over financial reporting basedon our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controlsover Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financialcontrols, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls overfinancial 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 controlssystem over financial reporting and their operating effectiveness. Our audit of internal financial controls over financialreporting included obtaining an understanding of internal financial controls over financial reporting, assessing the riskthat a material weakness exists, and testing and evaluating the design and operating effectiveness of internal controlbased on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment ofthe risks of material misstatement of the standalone IND AS financial statements, whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinionon 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 assuranceregarding the reliability of financial reporting and the preparation of financial statements for external purposes inaccordance with generally accepted accounting principles. A company’s internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonabledetail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financial statements in accordance withgenerally accepted accounting principles, and that receipts and expenditures of the company are being made onlyin accordance with authorisations of management and directors of the company; and (3) provide reasonable assuranceregarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets thatcould have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility ofcollusion or improper management override of controls, material misstatements due to error or fraud may occur andnot 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 inadequatebecause of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

A corporate insolvency resolution process (“CIRP”) has been initiated against Castex Technologies Limited (‘the Company’)vide an order of Chandigarh bench of the National Company Law Tribunal (NCLT) dated December 20, 2017 under theprovisions of the insolvency and bankruptcy code 2016 (Code). Pursuant to the order, the power of the Board of directorsstands suspended and are exercisable by Mr Dinkar T. Venkatasubramanian, who was appointed as interim resolutionprofessional (IRP) by the NCLT vide order dated December 20, 2017 and was consequently confirmed as ResolutionProfessional (RP) by the Committee of Creditors (CoC) in its meeting held on January 12, 2018. The power of the Boardof Directors have been suspended and assigned to Resolution Professional.

In our opinion to the best of our information and according to the explanations given to us, the company has, in allmaterial respects, an adequate internal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31stMarch 2018, based on the internal control overfinancial reporting criteria established by the company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.






BALANCE SHEET AS AT 31ST MARCH, 2018(Rupees In Lakhs)

Particulars Note No. As at As at31.03.2018 31.03.2017

A ASSETS1 Non-Current Assets

(a) Property, Plant and Equipment 3.1 552,332.92 519,925.26(b) Capital work-in-progress 3.1 1,055.93 71,317.46(c ) Financial Assets

Investments 3.2 56,435.16 56,835.16Other Financial Assets 3.3 526.74 499.57

(d) Deferred Tax Assets (net) 3.4 42,524.78 42,524.78(e ) Other Non-current Assets 3.5 55,025.87 54,562.07

––––––––––––––––––– –––––––––––––––––––Sub Total-Non-Current Assets 707,901.40 7,45,664.30

––––––––––––––––––– –––––––––––––––––––2 Current Assets

(a) Inventories 3.6 26,695.67 52,906.75(b) Financial Assets

Investments 3.7 49.91 45.09Trade Receivables 3.8 36,536.55 33,837.62Cash and Cash Equivalents 3.9 1,740.42 1,093.80

(c ) Other Current Financial Assets 3.10 130.95 268.64(d) Current Tax Assets (Net) 3.11 4,319.14 4,212.63(e ) Other Current Assets 3.12 1,638.75 54,216.76

––––––––––––––––– –––––––––––––––––Sub Total-Current Assets 71,111.39 1,46,581.29

––––––––––––––––– –––––––––––––––––TOTAL-ASSETS 779,012.79 8,92,245.59

––––––––––––––––– –––––––––––––––––(B) EQUITY AND LIABILITIES1 Equity

(a) Equity Share Capital 3.13 7,562.46 7,562.46(b) Other Equity 3.14 (11,015.67) 1,69,447.28

––––––––––––––––– –––––––––––––––––Sub Total-Equity (3,453.21) 1,77,009.74

––––––––––––––––– –––––––––––––––––2 Liabilities

Non-Current Liabilities(a) Financial Liabilities

Borrowings 3.15 1,271.23 1,130.84(b) Deferred Tax Liabilities (Net) 3.4 – –(c ) Provisions 3.16 2,702.45 2,649.08(d) Other Non-Current Liabilities 3.17 12,178.32 12,178.32

––––––––––––––––– –––––––––––––––––Sub Total-Non-Current Liabilities 16,152.00 15,958.24

––––––––––––––––– –––––––––––––––––Current Liabilities(a) Financial Liabilities

Borrowings 3.18 141,812.42 1,29,157.27Trade Payables 3.19(i) Total outstanding dues of Micro enterprises & small enterprises 178.25 190.41(ii) Total outstanding dues other than Micro enterprises &

small enterprises 10,306.79 11,010.18(b) Other Financial Liabilities 3.20 604,018.31 5,54,244.64(c ) Other Current Liabilities 3.21 9,976.34 4,651.17(d) Provisions 3.22 21.89 23.94

––––––––––––––––– –––––––––––––––––Sub Total-Current Liabilities 766,314.00 6,99,277.61

––––––––––––––––– –––––––––––––––––TOTAL EQUITY AND LIABILITIES 779,012.79 8,92,245.59

––––––––––––––––– –––––––––––––––––Significant Accounting Policies & Notes on Financial Statements 1 to 3.35

For and on behalf of the BoardAs per our report of even date attachedFor Raj Gupta & CompanyChartered AccountantsICAI Firm Regd. No. 000203N

Sd/- Sd/- Sd/-(Gunjandeep Singh) Sanjiv Bhasin Sanjay AroraPartner Director Wholetime DirectorMembership No. - 529555

Sd/- Sd/-Place : New Delhi Ajay Kumar RuchikaDated : 5th June, 2018 Chief Financial Officer Company Secretary



STATEMENT OF PROFIT & LOSS PERIOD ENDED 31ST MARCH, 2018(Rupees in Lakhs)

Particulars Note No. For the Year Ended For the Year Ended31.03.2018 31.03.2017

I. RevenueRevenue from operations 3.23 52,522.32 1,46,720.09Other Income 3.24 1,167.02 143.54

––––––––––––––––––– –––––––––––––––––––I I . Total Revenue 53,689.34 1,46,863.63

––––––––––––––––––– –––––––––––––––––––I I I . Expenses :Cost of Materials Consumed 3.25 58,363.25 99,820.78Changes in inventories of finished goods, work-in-progressand Stock-in-Trade 3.26 (26,210.81) (2,744.58)Employee benefit expenses 3.27 6,375.02 8,424.00Finance costs 3.27 64,234.76 80,505.61Depreciation and amortization expenses 3.27 47,483.44 52,651.14Other Expenses 3.27 17,035.05 18,781.15

––––––––––––––––––– –––––––––––––––––––IV. Total Expenses 167,280.71 2,57,438.10

––––––––––––––––––– –––––––––––––––––––V. Profit/(loss) before exceptional items and tax (II-IV) (113,591.37) (1,10,574.47)

––––––––––––––––––– –––––––––––––––––––VI. Exceptional Items [(Income)/Expense] 3.28 67,019.63 40,034.60VII. Profit/(loss) before tax (V - VI) (180,611.00) (1,50,609.07)VIII. Tax expense:

(1) Current tax – –(2) Deferred tax (2.11) (46,216.46)(2) MAT – –

––––––––––––––––––– –––––––––––––––––––Total Tax Expenses (2.11) (46,216.46)

––––––––––––––––––– –––––––––––––––––––IX . Profit/(Loss) for the period from continuing operations (VII-VII) (180,608.89) (1,04,392.61)

––––––––––––––––––– –––––––––––––––––––X. Profit/(loss) from Discontinued operations (after tax) – –

––––––––––––––––––– –––––––––––––––––––XI . Profit/(loss) for the period (IX+X) (180,608.89) (1,04,392.61)

––––––––––––––––––– –––––––––––––––––––XI I . Other Comprehensive Income 3.29

A) (i) Items that will not be reclassified to profit or loss 145.94 (2.22)(ii) Income tax relating to items that will not be reclasified to profit or loss – 5.78

––––––––––––––––––– –––––––––––––––––––Total Other comprehensive Income 145.94 3.56

––––––––––––––––––– –––––––––––––––––––XII I . Total Comprehensive Income/(Loss) for the period (X+XI) (180,462.95 (1,04,389.05)

––––––––––––––––––– –––––––––––––––––––XIV. Earnings per equity share (for continuing operation):

(1) Basic 3.30 (47.76) (27.61)(2) Diluted 3.30 (47.76) (27.61)

XV. Earning per equity share (for continuing & discontinued operation) :(1) Basic 3.30 (47.76) (27.61)(2) Diluted 3.30 (47.76) (27.61)

Significant Accounting Policies & Notes on Financial Statements 1 to 3.35






CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2018(Rupees in Lakhs)

Particulars For the Year Ended For the Year Ended31.03.2018 31.03.2017

A CASH FLOW FROM OPERATING ACTIVITIES:Profit as per Profit & Loss Account (PBT) (180.611.00) (150,609.07)OCI – –Add: Depreciation & Amortisation 47,483.44 52,651.14Add: Balance W/off of Creditors Debit Balance 867.30 –Add: Additional Depreciation – 16,927.55Add: Debtors w/o 4,236.48 –Add: Investment disposed off 924.89 –Add: Inventory written off 60,990.96 –Add: Financial Expenses 64,234.76 80,505.61Less: Dividend Income (25.51) –Less: (profit)/Loss on sales of Property Plant & Equipments – (1.16)Less: Interest Received & Other Income (1,141.52) (142.38)

(3,040.19 (668.31)Change in Current / Non Current Liabilities:(Increase)/Decrease in Inventories 3,770.80 61,095.07(Increase)/Decrease in Trade Receivables (382.52) 23,297.37(Increase)/Decrease in Other Non- Current Assets (490.97) (3,895.99)(Increase)/Decrease in Other Current Assets 6,224.83 (34,789.63)(Increase)/Decrease in Trade Payable (715.55) 3,414.85Increase/(Decrease) in Current Liabilities 5,325.17 2,141.72Increase/(Decrease) in Non Current Liabilities – –Increase/(Decrease) in Provisions 50.89 (19.84)Cash generation from operations activities 10,742.47 50,575.24Direct Tax Paid (106.51) (30.45)Net cash from operating activities 10,635.96 50,544.79

B CASH FLOW FROM INVESTING ACTIVITIESAddition to Fixed Assets (79,891.09) (20,263.26)Adjustment in Capital work in progress 70,261.53 (24,296.15)Interest Received & Other income 1,141.52 142.38Dividend Received 25.51 –Purchase of Investments (Net) – –Proceed from sale of fixed assets – 15.41(Purchase) / Sales of investments (Net) (4.84) 749.23Net Cash from Investing activities (8,467.38) (43,652.39)

C CASH FLOW FROM FINANCING ACTIVITIESRepayment /Disbursement of Long Term borrowings – 17,410.05Disbursement / Repayment of Short Term borrowings – 5,609.37Proceeds from promoter contribution – 4,719.48Finance Charges Paid (1,521.97) (36,993.03)Payment of Preference Dividend & tax thereon – –Net Cash from financing activities (1,521.97) (9,254.13)Net cash flows during the year (A+B+C) 646.62 (2,361.73)Cash & cash equivalents (opening balance) 1,093.80 3,455.53

––––––––––––––––– –––––––––––––––––Cash & cash equivalents (closing balance) 1,740.42 1,093.80

––––––––––––––––– –––––––––––––––––NOTES TO CASH FLOW STATEMENT1 The above statement has been prepared under indirect method except in case of dividend which has been considered on the

basis of actual movement of cash with corresponding adjustments of assets and liabilities.2 Cash & Cash Equivalents include cash & bank balances only.3 Previous period figures have been regrouped/ recast wherever considered necessary.

We have examined the above cash flow statement of Castex Technologies Limited for the year ended 31st March, 2018 and verifythat it has been derived from the audited accounts (and underlying records) of the company reported on by us as per our report.






Overview and Notes to the Financial Statements1. Company Overview

M/S Castex Technologies Limited (hereinafter referred to as CTL) was previously known as Amtek India Limited. TheCompany has changed its name from Amtek India Ltd to Castex Technologies Limited w.e.f. from 26.05.2015. Since,the word “Castex” reflects the expertise of the Company in manufacturing of Casting components, the Board decidedto change the name.

Castex Technologies Limited (hereinafter referred to as “CTL” or “the Company”) established in 1983, is engaged in themanufacturing of machined and casting components. The company has Iron casting facilities at Bhiwadi (Rajasthan)and machining facilities at Gurugram (Haryana),Palwal (Haryana) and Solan (Himachal Pradesh).

The Product portfolio includes highly engineered components including cylinder head, cylinder blocks and turbocharger housing.

CTL is a major supplier to OEMs for passenger cars, light and heavy commercial vehicles and tractors, in the castingsegment; and passenger cars, light and heavy commercial vehicles, 2/3 wheelers and tractors in the machiningsegment.

Major customers of the company include Maruti Udyog Ltd., TATA Motors, New Holland Tractors, Hyundai Motors, ITL,Eicher Motor, Bajaj, TVS etc. and also refrigeration industries like LG Electronics.

Company has its Registered Office at Village –Narsinghpur, Mohammadpur, Old Manesar Road, Gurugram, Haryanaand Corporate Office at 3, Local Shopping Centre, Pamposh Enclave, G.K.-1, New Delhi.

2. Significant Accounting Policies

2.1 Basis of preparation of financial statements

These financial statements are prepared in accordance with Indian Accounting Standards (Ind AS), under the historicalcost convention on the accrual basis except for certain financial instruments which are measured at fair values, theprovisions of the Companies Act , 2013 (‘the Act’) (to the extent notified) and guidelines issued by the Securities andExchange Board of India (SEBI). The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of theCompanies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) AmendmentRules, 2016.

Accounting policies have been consistently applied except where a newly issued Indian accounting standard is initiallyadopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

A corporate insolvency resolution process (“CIRP”) has been initiated against Castex Technologies Limited (‘the Company’)vide an order of Chandigarh bench of the National Company Law Tribunal (NCLT) dated December 20, 2017 under theprovisions of the insolvency and bankruptcy code 2016 (Code). Pursuant to the order, the power of the Board of directorsstands suspended and are exercisable by Mr Dinkar T. Venkatasubramanian, who was appointed as interim resolutionprofessional (IRP) by the NCLT vide order dated December 20, 2017 and was consequently confirmed as ResolutionProfessional (RP) by the Committee of Creditors (CoC) in its meeting held on January 12, 2018.

As the power of the Board of Directors have been suspended the above result have not been adopted by the Boardof Director.

As the Company is under CIRP, the financial statements have been presented on a ‘going concern’ basis. Under CIRP,Resolution Plan submitted by the prospective Resolution Applicants needs to be presented to and approved by the CoC.Thereafter, the Resolution Plan approved by the CoC will need to be approved by NCLT to keep the company as a goingconcern. Currently, the RP/CoC is in the process of considering the Resolution Plan (s) received from the Resolutionapplicant (s) for potential revival of the company and carrying out various compliances as required under the Code.

As per the code the RP has to receive and collate all the claims submitted by the creditors of the company. Such claimscan be admitted to the RP during the CIRP, till the approval of a resolution plan by the CoC. The RP is still in the processof collating and verifying such claims as and when they are received and shall subsequently admit such verified claimsagainst the company as per Code. Pending finalization of resolution plan, the impact of such claims if any, has notbeen considered in the preparation of the financial statements.

Financials for the year ended March 31st, 2017 and as at quarter ended June 30th, 2017 were audited by previousauditors – Manoj Mohan & Associates.



The Standalone Financials Statement are presented in Indian Rupees and all values are rounded to the nearest lacs,except when otherwise indicated.

2.2 Use of estimates

The preparation of the financial statements in conformity with IND AS requires management to make estimates,judgments and assumptions. These estimates, judgments and assumptions affect the application of accountingpolicies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at thedate of the financial statements and reported amounts of revenues and expenses during the period. Appropriatechanges in estimates are made as management becomes aware of changes in circumstances surrounding theestimates. Changes in estimates are reflected in the financial statements in the period in which changes are madeand, if material, their effects are disclosed in the notes to the financial statements.

2.2.1 Useful lives of property, plant and equipment& Capital Work in progress.

Considering the current operating levels of the Company, and the ongoing CIRP it is not possible to determineImpairment, if any, in the economic value of the fixed assets & capital work in progress.

2.2.2 Valuation of deferred tax assets / liabilities/MAT Credit

Considering the ongoing corporate insolvency resolution process, the certainty as to the realization of unused taxlosses and MAT credit available cannot be ascertained at this stage. Consequently, adjustments to deferred tax (net)& MAT credit available have not been given effect to, during the period.

2.2.3 Provisions and contingent liabilities

A provision is recognized when the company has a present obligation as a result of past event and it is probablethan an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can bemade. Provisions (excluding retirement benefits and compensated absences) are discounted to its present value andare determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewedat each balance sheet date adjusted to reflect the current best estimates. Contingent liabilities are not recognized ordisclosed in the financial statements. A contingent asset is neither recognized nor disclosed in the financial statements,however when the realization is virtually certain then the related asset cease to be a contingent asset and thereforerecognized. However, the detail of existing contingencies as on 31st March, 2018 is provided in Note no. 3.27.5.

2.3 Revenue Recognition

Revenue is measured at the fair value of the consideration received or receivables. Amounts disclosed as revenueare exclusive of excise duty/GST and net of returns, trade allowances, rebates, discounts, value added taxes.

The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that futureeconomic benefits will flow to the Company and specific criteria have been met for each of the Company’s activitiesas described below.

Sale of goods

Sales are recognised when substantial risk and rewards of ownership are transferred to customer as per the termsof the contract, there is no continuing managerial involvement with the goods. The Company retains no effective controlof the goods transferred to a degree usually associated with ownership and no significant uncertainty exists regardingthe amount of the consideration that will be derived from the sale of goods, in case of domestic customer, sales takeplace when goods are dispatched or delivery is handed over to transporter, in case of export customers, sales takesplace when goods are shipped on board based on bill of lading.

Revenue from Services

Revenue from services is recognised in the accounting period in which the services are rendered.

Other operating revenue - Export incentives

Revenue in respect of export incentives is recognised when such incentives accrue upon export of goods.

2.4 Recent Accounting Pronouncements

Appendix B to Ind AS 21, Foreign currency transactions and advance consideration : On March 28, 2018, the Ministryof Corporate Affairs (‘the MCA’) notified the Companies (Indian Accounting Standards) Amendment Rules, 2018 containingAppendix B to Ind AS 21, Foreign currency transactions and advance consideration which clarifies the date of thetransaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense



or income, when an entity has received or paid advance consideration in a foreign currency. The amendment will comeinto force from April 1, 2018. The Company has evaluated the effect of this on the financial statements and the impactis not material.

Ind AS 115, Revenue from Contract with Customers: On March 28, 2018, the MCA notified the Ind AS 115. The coreprinciple of the new standard is that an entity should recognize revenue to depict the transfer of promised goods orservices to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchangefor those goods or services. Further, the new standard requires enhanced disclosures about the nature, amount, timingand uncertainty of revenue and cash flows arising from the entity’s contracts with customers.

The standard permits two possible methods of transition:

� Retrospective approach - Under this approach the standard will be applied retrospectively to each prior reportingperiod presented in accordance with Ind AS 8, Accounting Policies, Changes in Accounting Estimates and Errors.

� Retrospectively with cumulative effect of initially applying the standard recognized at the date of initial application(Cumulative catch - up approach)

The effective date for adoption of Ind AS 115 is financial period beginning on or after April 1, 2018.

The Company will adopt the standard on April 1, 2018 by using the cumulative catch-up transition method andaccordingly, comparatives for the year ending or ended March 31, 2018 will not be retrospectively adjusted. The effecton adoption of Ind AS 115 is expected to be insignificant.

2.5 Employee benefits

� Long - Term Employee Benefits

The liability for gratuity & leave encashment is determined using Projected Unit Credit [PUC] Method and isaccounted for on the basis of actuarial valuation in Accordance with IND AS - 19. The company recognizes thenet obligation of a defined benefit plan in its balance sheet as an asset or liability. Actuarial Gains and lossesthrough re-measurements of the net defined benefit liability/(asset) are recognized in other comprehensiveincome. The current service cost is included in the employee benefit expense in the statement of profit & lossaccount. The interest cost calculated by applying the discount rate to the net balance of defined benefitobligation, is included in the finance cost in the statement of profit & loss account.

� Short-Term Employee Benefits

Short - term employee benefits include performance incentive, salaries & wages, bonus and leave travelallowance. The undiscounted amount of short-term employee benefits expected to be paid in exchange for theservices rendered by employees are recognized during the year when the employees render the services.

2.6 Borrowing costs

Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the interest costs.Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes asubstantial period of time to get ready for its intended use are capitalized as part of the cost of the asset.

Processing fee paid for borrowings is amortized over the term of long term loan through statement of profit & loss.All other borrowing costs are expensed in the period in which they occur.

Preference Shares are separated into equity and liability components based on the terms of the issue / contract. Intereston liability component of preference shares is determined using amortized cost method and is charged to thestatement of profit & loss.

Considering the ongoing corporate insolvency resolution process, Company has not provided for interest of term loansand cash credits after the initiation of CIRP process i.e. 20th Dec 2017.

2.7 Depreciation & Amortization

The company depreciates property, plant and equipment over their estimated useful lives using the straight-linemethod. Depreciation on additions/deductions to property, plant and equipment is provided on pro-rata basis from thedate of actual installation or up to the date of such sale or disposal, as the case may be. Leasehold assets areamortized equally over the period of their lease.



Considering the current operating levels of the company, and the ongoing CIRP it is not possible to determineimpairment, if any, in the economic value of the fixed assets & capital work in progress.

2.8.1 Impairment of Assets

i) Financial assets (other than at fair value)

The company assesses at each balance sheet date whether a financial asset or a group of financial assets is impaired.Ind AS 109 requires expected credit losses to be measured through a loss allowance. The company recognizes lifetimeexpected losses for all contract assets and/or all trade receivables that do not constitute a financing transaction.

Considering the current operating levels of the Company, and the ongoing CIRP it is not possible to determineDiminution, if any, in the value of investments.

(i) Non-financial assets

Property, Plant & equipment and Intangible Assets

Property, plant and equipment and intangible assets with finite life are evaluated for recoverability whenever there isan indication that their carrying amounts may not be recoverable. If any such indication exists, the recoverable amount(i.e. higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unlessthe asset does not generate cash flows that are largely independent of those from other assets. In such cases, therecoverable amount is determined for the cash generating unit (CGU) to which the asset belongs. If the recoverableamount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (orCGU) is reduced to its recoverable amount. An impairment loss is recognized in the statement of profit or loss. Apreviously recognized impairment loss is reversed only if there has been a change in the assumptions used todetermine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited sothat the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount thatwould have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years.Such reversal is recognized in the statement of profit or loss.

Considering the current operating levels of the Company, and the ongoing CIRP it is not possible to determineImpairment, if any, in the economic value of the fixed assets, capital work in progress.

2.9 Income taxes

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit inthe statement of profit and loss except to the extent that it relates to items recognized directly in equity, in which caseit is recognized in other comprehensive income.

Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax basesof assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets are reviewed ateach reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will berealized.

The company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set offthe recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liabilitysimultaneously.

Minimum Alternative Tax [MAT] paid in accordance with the tax laws, which gives rise to future economic benefits inthe form of adjustment of future income tax liability, is considered as an asset if there is convincing evidence that thecompany will pay normal income tax in future periods. Accordingly, MAT is recognized as an asset in the balance sheetwhen it is probable that future economic benefits associated with it flow to the company and the asset can bemeasured reliably.

Considering the ongoing corporate insolvency resolution process, the certainty as to the realization of unused taxlosses and MAT credit available cannot be ascertained at this stage. Consequently, adjustments to deferred tax (net)& MAT credit available have not been given effect to, during the period ended 31stMarch, 2018.

2.10 Property, plant and equipment

Property, plant and equipment are stated at cost, less accumulated depreciation /amortization and impairment, if any.Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, asintended by management. The cost of property, plant & equipment also includes initial estimates of dismantling costand restoring the site to its original position, on which the site is located.



2.11 Financial instruments

The company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisionsof the instrument. All financial assets (Except Net Investments) and financial liabilities (Except Borrowings) are recognizedat fair value on initial recognition, except for trade receivables and security deposits, which are initially measured attransaction price.Transaction costs that are directly attributable to the acquisition or issue of financial assets andfinancial liabilities that are not at fair value through profit or loss are added to the fair value on initial recognition.

Trade receivables as on March 31st, 2018, which also includes balances from group entities, are subject to confirmation/reconciliation.

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingentconsideration recognized in a business combination, which is subsequently measured at fair value through profit andloss.

For trade and other payables maturing within one year from the balance sheet date, the carrying amounts areapproximately at fair value due to the short maturity of these instruments.

De-recognition of financial instruments

The company de-recognizes a financial asset when the contractual rights to the cash flows from the financial assetexpire or it transfers the financial asset and the transfer qualifies for de-recognition under IND AS 109. A financialliability (or a part of a financial liability) is de-recognized from the company’s balance sheet when the obligationspecified in the contract is discharged or cancelled or expires.

2.12 Borrowings

Borrowings are initially measured at fair value, net of transaction costs incurred. Borrowings are subsequentlymeasured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemptionamount is recognized in profit or loss over the period of the borrowings using the effective interest method.

Preference shares are separated into liability and equity components based on the terms of the issue / contract. Onissuance of the preference shares, the fair value of the liability component is determined using a market rate for anequivalent instrument. This amount is classified as financial liability and is measured at amortized cost (net oftransaction costs) until it is extinguished on conversion or redemption. The remainder of the proceeds is recognizedand included in equity. Transaction costs are deducted from equity, net of associated income tax. The carrying amountof the equity component is not re-measured in subsequent years. In view of default in payment of interest/repaymentof installments, all term loans/NCD’s and ECB’S have become payable on demand and therefore, have been takento the head “Other Current Financial Liability”

In terms of sections 25(2)(c) and 28(1)(a) of IBC 2016, the CoC has approved the raising of interim finance in its meetingheld on 12th March, 2018, Accordingly, the Company has entered into an agreement with ECL Finance Limited, aMumbai based subsidiary Company of Edelweiss Financial Services Limited and availed interim finance facility up toINR 30,00,00,000 (Rupees Thirty Crores) under the Facility Agreement dated 11, April, 2018.

2.13 Investments

a) Investment in subsidiaries

Investments in subsidiaries are valued at Cost less impairment (In conformity with IND AS 110).

b) Investment in associates / Joint Ventures

Investment held by the company in associates/joint ventures have been valued at Cost less impairment (Inconformity with IND AS 110).

c) Investment - Others

Current Investments

Quoted financial assets have been classified as FVTOCI and unquoted financial assets have been classified asFair Value through Profit & Loss [FVTPL].

Non-Current Investments

Quoted long term investments have been classified as FVTOCI and unquoted long term investments are havebeen classified as FVTPL.



2.14 Inventories

� Raw Material, Goods under process and Finished Goods are valued at cost (Net of provision for diminution)or *Net Realizable value, whichever is lower.

� Waste and Scrap is valued at Net Realizable Value.

� Cost of inventories also included all other costs incurred in bringing the inventories to their presentlocation and condition.

� Cost of goods under process comprise of cost of materials andproportionate production overhead. Costof material for this purpose is ascertained on FIFO basis.

� Provision for obsolescence in inventories is made, whenever required.

� Considering the current operating levels of the Company, and the ongoing CIRP it is not possible todetermine, Impairment, if any, in the economic value of the tools, dies and mounds.

*Net Realizable Value is the estimated selling price in the ordinary course of business less any applicableselling expenses.

2.15 Earnings per equity share

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the companyby the weighted average number of equity shares outstanding during the period. Diluted earnings per equity shareis computed by dividing the net profit attributable to the equity holders of the company by the weighted average numberof equity shares considered for deriving basic earnings per equity share and also the weighted average number ofequity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potentialequity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e.the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted asof the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independentlyfor each period presented. The number of equity shares and potentially dilutive equity shares are adjusted retrospectivelyfor all periods presented for any share splits and bonus shares issues including for changes effected prior to theapproval of the financial statements by the Board of Directors.

2.16 Dividends

Final dividends on shares are recorded as a liability on the date of approval by the shareholders and interim dividendsare recorded as a liability on the date of declaration by the Company’s Board of Directors.

Furthermore, unpaid/ unclaimed dividend are transferred to unpaid dividend account and on expiration of 7 yearsperiod, same are deposited in Investor Education and Protection Fund.

2.17 Leases

Leases under which the company assumes substantially all the risks and rewards of ownership are classified asfinance leases. When acquired, such assets are capitalized at fair value or present value of the minimum leasepayments at the inception of the lease, whichever is lower.

Lease payments under operating leases are recognized as an expense on a straight line basis in net profit in theStatement of Profit and Loss over the lease term.

2.18 Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legallyenforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the assetand settle the liability simultaneously.

2.19 Foreign currency translation

Foreign currency translations are translated into the functional currency using the exchange rates at the dates of thetransitions. Foreign exchange gains and losses resulting from the settlement of such transactions and from thetranslation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates aregenerally recognized in profit or loss.



2.20 Fair Value Measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transactionbetween market participants at the measurement date. The fair value measurement is based on the presumption thatthe transaction to sell the asset or transfer the liability takes place either:

In the principal market for the asset or liability, or in the absence of a principal market, in the most advantageous marketfor the asset or liability.

The principal or the most advantageous market must be accessible by the Group.

The fair value of an asset or a liability is measured using the assumptions that market participants would use whenpricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generateeconomic benefits by using the asset in its highest and best use or by selling it to another market participant that woulduse the asset in its highest and best use.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data areavailable to measure fair value, maximizing the use of relevant observable inputs and minimizing the use ofunobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the Consolidated financial statements arecategorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant tothe fair value measurement as a whole:

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement isdirectly or indirectly observable

Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement isUnobservable

For assets and liabilities that are recognized in the Consolidated financial statements on a recurring basis, the Groupdetermines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (basedon the lowest level input that is significant to the fair value measurement as a whole) at the end of each reportingperiod or each case.

For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis ofthe nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

This note summarizes accounting policy for fair value. Other fair value related disclosures are given in the relevantnotes.

* Disclosures for valuation methods, significant estimates and assumptions

* Quantitative disclosures of fair value measurement hierarchy

* Investment in unquoted equity shares

* Financial instruments

2.21 Current versus non-current classification

All assets and liabilities have been classified as current or non-current as per company’s normal operating cycle andother criteria set out in the Schedule III to the Act.

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Statement of Changes in Equity for the period ended 31st March, 2018OTHER EQUITYA. Equity Share Capital (Rupees in Lakhs)

Balance as at 01.04.2016 Changes during the Period Balance as at 31.03.2017

7562.46 – 7562.46


7562.46 – 7562.46

B. Other Equity (Rupees in Lakhs)

Particulars Reserves and Surplus Other Comprehensive Income (OCI) Total

Capital Securities Debenture General Retained Equity Component of Remeasurement of InvestmentsReserve Premium Redemption Reserve Earnings of Compound Financial Net Defined Employee through

Reserve Reserve Reserve Instruments Benefit Obligation OCI(Preference Shares)

As at 01.04.2017 337.71 199,885.23 24270 111257.92 (172,984.13) 6,551.22 117.03 12.30 169,447.28

Total Comperhensive

Income for the year – – – – (180,608.88) – 143.21 2.73 (180,462.95)

Transfer to retained earning – – – – – – – – –

As at 31.03.2018 337.71 199,885.23 24,270.00 111,257.92 (353,593.01) 6,551.22 260.24 15.03 (11,015.67)


Capital Securities Debenture General Retained Equity Component of Remeasurement of InvestmentsReserve Premium Redemption Reserve Earnings of Compound Financial Net Defined Employee through

Reserve Reserve Reserve Instruments Benefit Obligation OCI(Preference Shares)

As at 01.04.2016 337.71 199,885.23 24,270.00 111,257.92 (68.591.69) 6,551.22 129.94 (4.00) 273,836.33

Total Comperhensive Income

for the year – – – – (104,392.61) – (12.91) 16.47 (104,389.05)

Transfer to Retained earning – – – – 0.17 – – (0.17) –

As at 31.03.2017 337.71 199,885.23 24,270.00 111,257.92 (172,984.13) 6,551.22 117.03 12.30 169,447.28




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Note No: 3.1 Property, Plant and Equipment – CASTEX TECHNOLOGIES LIMITED (Rupees in Lakhs)

Particulars Land- Land- Bui lding Plant and Furnitures & Vehicles Office Computer Total Capital WorkFreehold Leasehold Equipment Fixtures Equipment in Progress

Gross Block

As at 01.04.2017 2,541.22 920.43 23,894.54 621,386.51 370.99 733.75 637.24 175.20 650,659.87 71,317.46

Additions – – 8,649.54 71,224.50 – – 15.58 1.48 79,891.09 –

Dismentling Cost – – – – – – – – – –

Disposals/Adj – – – – – – – – – 70,261.53

As at 31.03.2018 2,541.22 920.43 32,544.08 692,611.00 370.99 733.75 652.82 176.68 730,550.96 1,055.93

Depreciation

As at 1.04.2017 – 15.86 1,355.15 128,676.58 84.53 203.10 274.55 124.84 130,734.61 –

Additions – 10.08 1,078.57 46,097.96 46.30 147.26 73.87 29.39 47,483.44 –

Deductions – – – – – – – – – –

Adjustments – – – – – – – – – –

Acclerated Depreciation – – – – – – – – – –

As at 31.03.2018 – 25.93 2,433.72 174,774.55 130.83 350.36 348.42 154.23 178,218.05 –

Net Block

As at 31.03.2018 2,541.22 894.49 30,110.36 517,836.46 240.15 383.39 304.40 22.45 552,332.92 1,055.93

As at 31.03.2017 2,541.22 904.57 22,539.39 492,709.92 286.46 530.65 362.69 50.36 519,925.26 71,317.46



Note No: 3.2 INVESTMENTS (Rupees in Lakhs)

Particulars As at As at31.03.2018 31.03.2017

(i) Investment in Equity InstrumentUnquoted-Long Term Trade at cost in Overseas Subsidiaries1 (1 in FY 17) Equity shares of Amtek Kuepper GmbH of Euro 25,000 each 20.12 20.12

Unquoted-Long Term Trade at cost in Associates4,900 (4,900 in FY 17) Equity Shares of Terrasoft Infosystems Pvt. Limited of Rs.10/- each 0.49 0.4993,96,554 (93,96,554 in FY 17) Equity Shares of Blaze Spare Parts (P) Ltd. of Rs.10/- each 9,396.55 9,396.5593,96,554 (93,96,554 in FY 17) Equity Shares of Gagandeep Steel & Alloys (P) ltd. of Rs.10/- each 9,396.55 9,396.5593,96,554 (93,96,554 in FY 17) Equity Shares of Aaron Steel & Alloys (P) Ltd. of Rs.10/- each 9,396.55 9,396.5593,16,554 (93,16,554 in FY 17) Equity Shares of Neelmani Engine Components (P) Ltd. of Rs. 10/-each 9,316.55 9,316.551,11,17,588 (1,11,17,588 in FY 17) Equity Shares of Asta Motorcycles & Scooter India Ltd. of Rs. 10/-each 9,316.55 9,316.5592,85,554 (92,85,554 in FY 17) Equity Shares of Domain Steel & Alloys (P) Ltd. of Rs. 10/- each 9,285.55 9,285.55

Unquoted-Long Term Trade at cost in Joint Ventures30,05,000 (30,05,000 in FY 17) Equity Shares of Amtek Riken Casting Pvt. Ltd. of Rs.10/- each 300.50 300.50Unquoted Investment Long term Trade at cost in Domestic Company10,50,000 (10,50,000 in FY 17) Equity Shares of WHF Precision Forgings Ltd. of Rs.10/- each 5.25 5.255,000 ( 5,000 in FY 17) Equity Shares of Alliance Hydro Power Limited of Rs.10/- each 0.50 0.50

(II) Investment in Preference InstrumentUnquoted Investment Long term Trade at cost in Domestic Company4,00,000 (4,00,000 in FY 17) Preference Shares of Jyoti Structures Ltd. of Rs.100/- each* 400Less: Provision for Diminution in value of Investment has been provided for, in view of Insolvencyproceedings Initiated against Jyoti Structures Ltd. –400 – 400.00

Total 56,435.16 56,835.16

(Rupees in Lakhs)


Aggregate Value of Unquoted Investment (Including Preference Shares) 56,435.16 56,835.16

Note No: 3.3 OTHER FINANCIAL ASSETS (Rupees inLakhs)


Security Deposits 526.74 499.57

Total 526.74 499.57

Note No: 3.4 DEFERRED TAX ASSETS (NET) (Rupees inLakhs)


Deferred Tax LiabilitiesOn account of depreciation of Property, Plant and Equipment (40,893.68) (40,893.68)

(40,893.68) (40,893.68)Deferred Tax AssetsOn account of carry forward losses/amortisation of expenses 83,418.46 83,418.46

83,418.46 83,418.46

Total Deferred Tax Assets/(Liabilities) 42,524.78 42,524.78



Considering the ongoing corporate insolvency resolution process, the uncertainity as to the realisation of unused taxlosses cannot be ascertained at this stage. Consequently, adjustments to defered tax (net) have not been given effect to,during the period. Further, deferred tax asset (net) for the year ended 31 March 2018 has not been recognised in the booksof accounts.Deferred Tax Assets and Deferred Tax Liabilities have been offset wherever the company has legally enforceable rightto set of current tax assets against current tax liabilities and wherever the deferred tax assets and deferred tax liabilitiesrelate to income taxes levied by the same taxation authority.

Note No: 3.5 OTHER NON-CURRENT ASSETS (Rupees in Lakhs)


Long term Loans & Advances*Unsecured, Considered Good 55,025.87 54,562.07

Total 55,025.87 54,562.07

Note:No loan is given to any director or other officer of the company*Includes Advances to related parties, capital advances and other long term advances.

Note No: 3.6 INVENTORIES (AS CERTIFIED BY THE MANAGEMENT) (Rupees in Lakhs)


Inventories*Raw Materials 516.94 30,840.77Work in Progress** 1,336.68 10,748.49Finished Goods 47.66 53.91Stores, Spares & Dies 24,783.39 11,137.11Scrap 11.00 85.51Goods-in-Transit – 40.96

Total 26,695.67 52,906.75

*Refer Point No. 2.15 of Significant Accounting Policies for Mode of valuation of inventories.



(i) Investment in Equity InstrumentQuoted30 (30 in FY 17) Equity Shares of Rs.10/- each of Alliance Integrated Metallics Ltd. 0.04 0.04Investments in Mutual Funds/ Bonds/Others 49.87 45.05

Total 49.91 45.09


Market Value Of Quoted Investment 49.91 45.09Aggregate Value of Quoted Investment 49.91 45.09



Note No: 3.8 TRADE RECEIVABLES (Rupees in Lakhs)


– Unsecured, considered goodOutstanding for more than six months 29,250.45 133.84Outstanding for less than six months 7,286.10 33,703.78

Total 36,536.55 33,837.62

Note No: 3.9 CASH AND CASH EQUIVALENTS* (Rupees in Lakhs)


Cash On Hand 3.89 3.89

Balance with Schedule Banks:– Current Accounts 1,726.98 1,018.58

– Fixed Deposits (Maturing within 12 Months) – 7.56– Fixed Deposits (held as margin money against Letter of Credits/Bank Guarantees) – 52.71

Earmarked Balances– Balance in unpaid dividend Account 9.55 11.06

Total 1,740.42 1,093.80

Note No: 3.10 OTHER CURRENT FINANCIAL ASSETS (Rupees in Lakhs)


Staff Advances 91.66 219.47Interest accrued on deposits 39.29 49.17

Total 130.95 268.64

Note No: 3.11 CURRENT TAX ASSETS (NET) (Rupees in Lakhs)


Advance Tax & TDS (Net) 198.08 91.57MAT Credit Entitlement 4,121.06 4,121.06

Total 4,319.14 4,212.63

Note No: 3.12 OTHER CURRENT ASSETS (Rupees in Lakhs)


Loans & Advances recoverable in cash or in kind or for value to be received*Unsecured, Considered Good : 1,638.75 15,666.08Inventories not moved for over one year** – 38,550.68

Total 1,638.75 54,216.76

*Including advances to supplier, prepaid expenses, and balances with Revenue Authorities. Staturoty receivable aresubject to confirmation.**Represents Items of Inventory items for which the management is in process of getting Technical/Commercial/Marketevaluation.



Note No: 3.13 SHARE CAPITAL

AUTHORISED SHARE CAPITAL (Rupees in Lakhs)


46,00,00,000 (46,00,00,000 in FY 17) Equity Shares, Rs. 2/- Par Value 9,200.00 9,200.005,00,000 (5,00,000 in FY 17) Preference Shares, Rs. 100/- Par Value 500.00 500.00

Total 9,700.00 9,700.00

ISSUED, SUBSCRIBED AND PAID-UP EQUITY SHARE CAPITAL (Rupees in Lakhs)


37,81,22,838 (37,81,22,838 in FY 17) Equity Shares, fully paid-up of Rs. 2/- Par Value 7,562.46 7,562.46

Total 7,562.46 7,562.46

Note No: 3.13.1 The reconciliation of the number of shares outstanding and the amount of share capital as at31.03.2018, 31.03.2017 is set out below:

EQUITY SHARES (Rupees in Lakhs)

Particulars As at 31.03.2018 As at 31.03.2017

Number of Amount Number of AmountShares Shares

Number of shares at the beginning 378,122,838 7,562.46 378,122,838 7,562.46Add: Shares Issued during the period – – – –

Number of Shares at the end 378,122,838 7,562.46 378,122,838 7,562.46

PREFERENCE SHARES* (Rupees in Lakhs)


Number of Amount Number of AmountShares Shares

Number of shares at the beginning 500,000 50.00 500,000 50.00Add: Shares Issued during the period – – –– –

Number of Shares at the end 500,000 50.00 500,000 50.00

*Shown under the head Borrowings in note no 3.15 in terms of Ind AS

Note No: 3.13.2 Rights, preferences and restrictions attached to SharesEquity Shares: The Company has Issued equity shares having a par value of Rs 2/- per share. Each shareholder iseligible to one vote per share held.The Company declares and pays dividends in Indian rupees.The dividend, if proposed by the Board of Directors, issubjected to the approval of the shareholders in the Annual General Meeting, except in case of interim dividend. In theevent of liquidation of the Company, the equity shareholders are eligible to receive the remaining assets of the Company,after distribution of all preferential amounts. The distribution will be in proportion to the number of equity share held bythe shareholders.



Preference Shares: The Company currently has Issued 0.1% non cumulative redeemable preference shares of Rs 100/-each. Preference shares will be redeemed after 15 years from the date of allotment at such premium as may be decidedby the board of directors, subject to minimum equivalent to issue price.

Note No: 3.13.3 Shares held by holding/ultimate holding company and or their subsidiaries/ associates


Equity SharesAmtek Auto Ltd. 115,682,272 115,682,272Metalyst Forgings Limited 61,500,000 61,500,000Preference SharesAmtek Laboratories Ltd. 166,667 166,667Asia International Pvt. Limited 333,333 333,333

Note : 3.13.4 Details of Shareholders Holding more than 5% Share Capital


Number of % of Number of % ofShares Holding Shares Holding

Equity SharesAmtek Auto Ltd. 115,682,272 30.59% 115,682,272 30.59%Metalyst Forgings Limited 61,500,000 16.26% 61,500,000 16.26%Standard Chartered Bank Singapore – 0.00% – 0.00%

Preference SharesAmtek Laboratories Ltd. 166,667 33.33% 166,667 33.33%Asia International Pvt. Limited 333,333 66.67% 333,333 66.67%

Note No : 3.13.5 Details of bonus shares issued during the last five years (In Numbers)

Nature 31.03.2018 31.03.2017 31.03.2016 30.09.2015 30.09.2014

Equity Shares Nil Nil Nil Nil Nil

Note No: 3.14 OTHER EQUITY (Rupees in Lakhs)


(A) Capital ReserveOpening Balance as on 01.04.2017 337.71 337.71Addition/(deduction) during the period (net) – –

Closing Balance as on 31.03.2018 337.71 337.71

(B) Securities Premium ReserveOpening Balance as on 01.04.2017 199,885.23 199,885.23Addition/(deduction) during the period (net) – –

Closing Balance as on 31.03.2018 199,885.23 199,885.23



(C) Debenture Redemption ReserveOpening Balance as on 01.04.2017 24,270.00 24,270.00Addition/(deduction) during the period (net) –


(D) General ReserveOpening Balance as on 01.04.2017 111,257.92 111,257.92Addition/(deduction) during the period (net) – –Closing Balance as on 31.03.2018 111,257.92 111,257.92

(E) Retained EarningsOpening Balance as on 01.04.2017 (172,984.13) (68,591.69)(i) Restated balance at the beginning of the reporting period – –(ii) Profit/ (Loss) for the period (180,608.88) (104,392.61)(iii) realised (losses)/gain on equity shares carried at fair value through OCI – 0.17

Closing Balance as on 31.03.2018 (353,593.01 (172,984.13)

(F) Other Comprehensive Income (OCI)

(i) Remeasurement of Net Defined Employee Benefits Obligation 117.03 117.03(ii) Investments through OCI 158.23 12.30(iii) Equity Component of Compound Financial Instruments (Prefrence Shares) 6,551.22 6,551.22


Closing Balance as on 31.03.2018 Grand Total (A+B+C+D+E+F) (11,015.67) 169,447.28

Note No: 3.15 BORROWINGS (Rupees in Lakhs)


SECURED LOANSNon-Convertible Debentures– from financial institutions* – –

Term Loans– from banks & financial institutions* – –

UNSECURED LOANSLiability component of Preference Share Capital0.1% Non Cumulative Redeemable Preference Shares, Rs. 10/- Par Value9,66,178 ( 9,66,178 in FY 17) Preference Shares,Fully paid up 1,271.23 1,130.84

Total 1,271.23 1,130.84

* In view of default in payment of interest/repayment of instalments, all term loans/NCD’s and ECB’s have become payableon demand and therefore, have been taken to the head “Other Current Financial Liabilities”



Note No: 3.16 PROVISIONS (Rupees in Lakhs)


(i) Provision for Employee BenefitsGratuity 591.99 627.01Leave Encashment 463.47 518.70

(ii) OthersDismentling 1,646.99 1,503.37

Total 2,702.45 2,649.08

Note No: 3.17 OTHER NON CURRENT LIABILITIES (Rupees in Lakhs)


Promotor contribution* 12,178.32 12,178.32[In Terms of Corrective Action Plan approved by joint lenders’ forum (JLF)]

Total 12,178.32 12,178.32



(i) Bank Borrowings for Working Capital– From Banks* 141,812.42 129,157.27

(ii) Corporate Loan– From Banks & Financial Institutions – –

Total 141,812.42 129,157.27

*Working Capital facilities are secured by hypothecation of raw material, semi-finished goods/stock-in-process, consumablestores and book debt of the company.

Note No: 3.19 TRADE PAYABLES* (Rupees in Lakhs)


(A) Total outstanding dues of micro and small enterprises (As per intimation received from vendors)(a) the principal amount and the interest due thereon (to be shown separately)

remaining unpaid to any supplier at the end of each accounting year; 178.25 190.41

(b) the amount of interest paid by the buyer in terms of section 16 of the Micro,Small and Medium Enterprises Development Act, 2006, along with the amountof the payment made to the supplier beyond the appointed day during eachaccounting year; – –

(c) the amount of interest due and payable for the period of delay in making payment(which have been paid but beyond the appointed day during the year) but withoutadding the interest specified under the Micro, Small and Medium EnterprisesDevelopment Act, 2006; – –

(d) the amount of interest accrued and remaining unpaid at the end of eachaccounting year; and – –



(e) the amount of further interest remaining due and payable even in the succeedingyears, until such date when the interest dues above are actually paid to the smallenterprise, for the purpose of disallowance of a deductible expenditure undersection 23 of the Micro, Small and Medium Enterprises Development Act, 2006. – –

(B) Total outstanding dues of creditor other than micro and small enterprises 10,306.79 11,010.18

Total 10,485.04 11,200.59

Note No: 3.20 OTHER FINANCIAL LIABILITIES (Rupees in Lakhs)


Term Debt From Banks & Financial Institutions* 499,050.98 498,205.35Interest Accrued but not due on borrowings 184.54 494.62Interest Accrued and due on borrowings** 104,500.16 55,452.01Unpaid Dividends 6.69 8.19Retention Money/Security 275.94 84.47

Total 604,018.31 554,244.64

i) Since all term loans have become payable on demand in view of defaults in repayment of instalments/part ofinterest, entire term loan has been shown as current liablities.

ii) Interest on borrowing upto the date of 20th December 2017, the date on which IRP was appointed.iii) Terms debts are secured by mortgage/hypothication of movable and immovable assets of the company.

Note No: 3.21 OTHER CURRENT LIABILITIES (Rupees in Lakhs)


Expenses Payable 1,746.70 1,631.61Statutory Dues 2,931.14 1,581.03Capex Trade Payable 1,091.37 890.22Other Liabilities 4,207.13 548.31

Total 9,976.34 4,651.17

Note No: 3.22 PROVISIONS (Rupees in Lakhs)


Provision for Employee Benefits– Gratuity 12.90 13.88– Leave Encashment 8.99 10.06

Total 21.89 23.94

Note No: 3.23 REVENUE FROM OPERATIONS (Rupees in Lakhs)


Sales of Products 52,090.11 143,402.23Other Sales and Services 338.17 3,107.23Other Operating Revenues 94.04 210.63

Total 52,522.32 146,720.09

Note:- Sales include component bought & sold, direct export and indirect export.



Note No: 3.24 OTHER INCOME (Rupees in Lakhs)


Interest 30.83 51.36Dividend 25.51 0.88Profit on sale of fixed assets (Net) – 1.16Rent 9.46 7.71Others 1,101.22 82.43

Total 1,167.02 143.54

Note No: 3.25 COST OF MATERIALS CONSUMED (Rupees in Lakhs)


Opening Stock of Raw Material 30,840.77 37,858.57Add : Purchase of Raw Material 28,039.42 92,802.98

58,880.19 130,661.55

Less : Closing Stock of Raw Material 516.94 30,840.77

Total 58,363.25 99,820.78

Note:- Raw material mainly include steel bars/billets, forgings, alloys casting, alluminium casting.

Note No: 3.25.1 IMPORTED AND INDIGENOUS RAW MATERIAL (Rupees in Lakhs)


Rupees (% of Rupees (% ofTotal Consumption of Total Consumption of

Raw Material) Raw Material)

Raw materialConsumption of imported Raw material – –(Percentage of Consumption of Raw Material) 0.00% 0.00%Consumption of similar domestic Raw material 58,363.25 99,820.78(Percentage of Consumption of Raw Material) 100% 100%Total Consumption of Raw material 58,363.25 99,820.78

Note No: 3.26 CHANGE IN INVENTORIES OF FINISHED GOODS, WORK IN PROGRESS & STOCK IN TRADE (Rupees in Lakhs)


Opening Stock as on 01-04-2017– Work in Progress 49,299.17 69,704.37– Finished Goods 53.91 96.69– Scrap 85.51 –

Total Opening stock 49,438.59 69,801.06



Less : Closing Stock as on 31-03-2018– Work in Progress 14,599.78 49,299.17– Finished Goods 47.66 53.91– Scrap 11.00 85.51

Total Closing stock 14,658.44 49,438.59

Less: Dimunition in value of inventory disposed off 60,990.96 23,107.05

Net (Increase)/ Decrease in Inventories (26,210.81) (2,744.58)

* Considering the current operating levels of the Company, and the ongoing CIRP it is not possible to determine,Impairment, if any, in the economic value of the tools, dies and moulds.

Note No: 3.27 EXPENSESEmployee Benefits Expenses (Rupees in Lakhs)


Salaries & Wages 5,898.58 8,062.08Other Contribution & Staff Welfare Expenses 476.44 361.92

Total 6,375.02 8,424.00

Finance Costs (Rupees in Lakhs)


Interest Expense 63,862.15 80,169.68Interest on Redeemable Preference Shares 140.40 124.89Interest cost on Employee Benefits 88.59 93.66Interest cost on Dismentling 143.62 109.38Other Borrowing Costs – 8.00

Total 64,234.76 80,505.61

* Interest expense include interest on bank borrowing upto 20th December, 2017.Depreciation and Amortisation Expenses (Rupees in Lakhs)


Depreciation & Amortisation 47,483.44 52,651.14

Total 47,483.44 52,651.14

Other Expenses (Rupees in Lakhs)


A) Manufacturing ExpensesConsumption of Stores & Spare Parts 3,919.13 4,304.37Power & Fuel 9,949.31 10,334.73Testing Fees & Inspection Charges 2.09 8.52Freight Inwards 186.06 357.04Repairs to Plant & Machinery 393.51 454.80

Total Manufacturing Expenses (A) 14,450.11 15,459.46



B) Administrative & Selling ExpensesAdvertisement & Publicity 15.06 0.55Auditor’s Remuneration 17.70 15.00Balances written off – –Bank Charges 16.62 167.52Books & Periodicals 0.50 0.33Customer Relation Expenses 84.10 26.18Charity & Donation 0.16 0.04Directors Remuneration & Perquisites 75.00 29.68Exchange fluctuation – 782.20Insurance Charges 133.25 140.70Legal & Professional 501.22 138.74ISO/QS Expenses 0.92 –Office and Factory 214.60 154.27Printing & Stationery 31.28 42.29Bad Debts – –Rate, Fee & Taxes 81.26 67.98Rent 124.94 81.43Repairs & Maintenance 109.16 133.73Running & Maintenance of Vehicle 116.27 106.45Subscription & Membership Fees 9.11 4.08Telephone, Communication and Postage 50.02 47.09Travelling & Conveyance 127.11 199.03Watch & ward 104.56 115.91Recruitment & Training 2.40 –

Selling & Distribution ExpensesPacking, Forwarding, discounts, Warranty Claims ,freight outwards& Other selling expenses 769.69 1,068.49

Total Administrative & Selling Expenses (B) 2,584.93 3,321.69

*Rates fees and Taxes includes interest on late payments of statutory Dues

Total (A + B) 17,035.05 18,781.15

Note No: 3.27.1 OTHER EXPENSES (Rupees in Lakhs)


Auditors PaymentsAs Auditor 11.00 10.00For taxation matters 1.50 1.80For reimbursement expenses 2.50 3.20

Total 15.00 15.00

Note No: 3.27.2 EXPENDITURE IN FOREIGN CURRENCY (Rupees in Lakhs)


Warehousing Charges – 3.47

Legal Expenses 73.68 –

Total 73.68 3.47



Note No: 3.27.3 IMPORTED AND INDIGENOUS SPARE PARTS & COMPONENTS (Rupees in Lakhs)


Amount (% of Total Amount (% of TotalConsumption of Spare Consumption of Spare

parts & components) parts & components)

Consumption of imported spares parts and components 20.97 34.05(%age of consumption) 0.54% 0.79%Consumption of similar domestic spares parts and components 3,898.16 4,270.32(%age of consumption) 99.46% 99.21%

Total 3,919.13 4,304.37

Note No: 3.27.4 VALUE OF IMPORTS CALCULATED ON C.I.F. BASIS (Rupees in Lakhs)


Raw material – –Components and spare parts 20.97 34.05Capital goods – 253.71

Total 20.97 287.76

Note No: 3.27.5 CONTINGENT LIABILITIES AND COMMITMENTS (To The Extent Not Provided For)(Rupees in Lakhs)


Bank Guarantees Issued by bank on company’s behalf 52.00 52.00Corporate Guarantees Issued by company 32,300.00 32,300.00Disputed Sales tax/Vat/entry Tax/Excise Duty/Service Tax/Income Tax& Others (Including Interest and penalty) 1,789.31 3,237.28Any amount that the Company may be liable to pay on finalisation of Amount not Amount notlegal cases pending against the company including the recall on notice ascertainable ascertainableissued by various banks/Fll’s

Total 34,141.31 35,589.28

Note No: 3.27.6 CAPITAL COMMITMENT (Rupees in Lakhs)


Estimated amount of contracts remaining to be executedon capital account and not provided for (Net) 180.60 180.60

Total 180.60 180.60



Note No: 3.28 Exceptional Items [(Income)/Expense] (Rupees in Lakhs)


i) Additional Depreciation – 16,927.55ii) Provision for bad debts 3,841.07 –iii) Balance W/Off* 867.30 –iv) Quality claim by customer 395.41 –v) Dimunition in value of inventory disposed off 60,990.96 23,107.05vi) Dimunition in value of investment 924.89 –

Total 67,019.63 40,034.60

*Balance W/Off include Debit Balances of Creditors.

Note No: 3.29 OTHER COMPREHENSIVE INCOME (OCI) (Rupees in Lakhs)


A (i) Items that will not be reclassified to Profit or lossi) Profit on revaluation on Short term Investment 2,73 16.47ii) Reclassification of actual gains/(losses), arising in respect of Earned Leave 59.83 62.28iii) Deferred Tax effect – (19.24)iv) Reclassification of actual gains/(losses), arising in respect of Grauity 83.38 (80.97)v) Deferred Tax effect – 25.02

Total 145.94 3.56

Note No : 3.30 EARNINGS PER EQUITY SHARE

Calculation of EPS ( Basic and Diluted) For the Year Ended For the Six Months31.03.2018 Ended 31.03.2017

BasicOpening number of Shares 378,122,838 378,122,838Share issued during the year – –Shares bought back during the year – –Total Shares outstanding 378,122,838 378,122,838Weighted Average No of Shares 378,122,838 378,122,838Profit/(Loss) after tax for the period from continuing operations (Rs. In Lakhs) (180,608.89) (104,392.61)EPS for continuing operations (Rs.Per Share) (47.76) (27.61)Profit/(Loss) after tax for the period from continuing & discontinuedoperations (Rs. In Lakhs) (180,608.89) (104,392.61)EPS for continuing & discontinued operations (Rs.Per Share) (47.76) (27.61)

DilutedNumber of shares considered as basic weighted average shares outstanding 378,122,838 37,81,22,838Add: Weighted Average of Dilutive Equity – –Number of shares considered as diluted for calculating of Earning per shareWeighted Average 378,122,838 37,81,22,838Profit/(Loss) after Tax for the period from continuing operations (Rs. In Lakhs) (180,608.89) (1,04,392.61)Add: Effective Cost of Dilutive Equity – –Profit/(Loss) after tax for the period from continuing operations(Rs. In Lakhs) for Dilution (180,608.89) (1,04,392.61)EPS for continuing operations (Rs.Per Share) for Dilution (47.76) (27.61)Profit/(Loss) after tax for the period from continuing & discontinuedoperations (Rs. In Lakhs) for Dilution (180,608.89) (104,392.61)EPS for continuing & discontinued operations (Rs.Per Share) for Dilution (47.76) (27.61)



Note No : 3.31 EMPLOYEE BENEFITS (Ind AS-19)The following data are based on the report of the actuaryThe principal assumptions used in the actuarial valuations are as below:-


Discount rate 0.075 0.075Future Salary Escalation Rate 0.10 0.10Average Remaining working life (Years) 20.48 20.75Retirement Age 58 58

GRATUITY (UNFUNDED)

i. Change in Net Defined Benefit obligations: (Rupees in Lakhs)


Net Defined Benefit liablity as at the start of the period 652.46 641.47Service Cost 76.28 85.06Net Interest Cost (Income) 48.93 51.32Actuarial ( Gain) /Loss on obligation (83.35) 80.97Benefits Paid directly by the enterprise (89.44) (206.36)

Present Value of Obligations as at the end of the period 604.89 652.46

ii. The Amount Recognised in the Income Statement (Rupees in Lakhs)


Service Cost 76.28 85.06Net Interest Cost 48.93 51.32

Expenses recognised in the Income Statement 125.21 136.38

iii. Other Comprehensive Income (OCI) (Rupees in Lakhs)


Net cumulative unrecognized actuarial gain/(loss) opening 83.35 (80.97)Actuarial gain / (loss) for the year on PBO – –Actuarial gain /(loss) for the year on Asset – –Net Actuarial (Gain)/ Loss recognized in the year – –

Unrecognized actuarial gain/(loss) at the end of the year 83.35 (80.97)

iv. Balance Sheet and related analysis (Rupees in Lakhs)


Present Value of Obligation at the end of the year 604.89 652.46Fair Value of Plan AssetsUnfunded Liability/Provision in Balance Sheet (604.89) (652.46)

Unfunded Liability Recognised in the Balance Sheet (604.89) (652.46)



v. Bifurcation of PBO at the end of year in current and non current. (Rupees in Lakhs)


Current Liability (Amount due within one year) 12.90 13.88Non Current Liability (Amount due over one year) 591.99 638.57

Total PBO at the end of year 604.88 652.45

LEAVE ENCASHMENT (UNFUNDED)i. Table Showing Change in Benefit obligations: (Rupees in Lakhs)


Present value of obligation as at the start of the period 528.76 529.34Current Service Cost 39.02 56.79Interest Cost 39.66 42.35Actuarial (Gain) /Loss on obligation (59.83) (62.28)Benefits Paid (75.16) (37.43)


ii. The Amount Recognised in the Income Statement. (Rupees in Lakhs)


Service Cost 39.02 56.79Net Interest Cost 39.66 42.35

Expenses (Income) recognised in the Income Statement 78.68 99.14



Net cumulative unrecognized actuarial gain/(loss) opening 59.83 –Actuarial gain / (loss) for the year on PBO - -Actuarial gain /(loss) for the year on Asset - -Net Actuarial (Gain)/ Loss recognized in the year – 33.18

Unrecognized actuarial gain/(loss) at the end of the year 59.83 33.18

iv. Balance Sheet and related analyses (Rupees in Lakhs)


Present Value of Obligation at the end of the year 472.46 528.77Fair Value of Plan Assets – –Unfunded Liability/Provision in Balance Sheet (472.46) (528.77)








Note No : 3.32The significant accounting policies, including the criteria for recognition, the basis of measurement and the basis onwhich income and expenses are recognised, in respect of each class of financial asset, financial liability and equityinstrument are disclosed in the financial statements.

Note No : 3.33 Financial assets and liabilities :

The carrying value of financial instruments by categories as of March 31, 2018 is as follows:

Fair Value Fair value Amortised TotalThrough Profit through other cost carrying

& Loss A/C comprehensive valueincome

Financial AssetsCash and cash equivalents – – 1,740.42 1,740.42Investments (Other than in subsidiary) – 49.91 – 49.91Trade receivables – – 36,536.55 36,536.55Other financial assets – – 130.95 130.95

Total – 49.91 38,407.92 38,457.83

Financial LiabilitiesTrade payables – – 10485.04 10485.04

Borrowings – – 141,812.42 141,812.42Other financial liabilities – – 604,018.31 604,018.31

Total – – 756,315.77 756,315.77




Financial AssetsCash and cash equivalents – – 1,093.80 1,093.80Investments (Other than in subsidiary – 45.08 – 45.08Trade receivables – – 33,837.62 33,837.62Other financial assets – – 268.64 268.64

Total – 45.08 35,200.06 35,245.14

Financial LiabilitiesTrade payables – – 11,200.59 11,200.59Borrowings – – 129,157.27 129,157.27Other financial liabilities – – 554,244.64 554,244.64

Total – – 694,602.50 694,602.50



Fair value hierarchy

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are eitherobservable or unobservable and consists of the following three levels:

Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 — Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, eitherdirectly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 — Inputs are not based on observable market data (unobservable inputs). Fair values are determined in wholeor in part using a valuation model based on assumptions that are neither supported by prices from observable currentmarket transactions in the same instrument nor are they based on available market data.

The financial instruments included in Level 2 of fair value hierarchy have been valued using quotes available for similarassets and liabilities in the active market. The investments included in Level 3 of fair value hierarchy have been valuedusing the cost approach to arrive at their fair value. The cost of unquoted investments approximate the fair valuebecause there is a range of possible fair value measurements and the cost represents estimate of fair value withinthat range.

The following table summarises financial assets and liabilities measured at fair value on a recurring basis and financialassets that are not measured at fair value on a recurring basis (but fair value disclosure are required):

As at March 31, 2018

Financial assets Level 1 Level 2 Level 3 Total

Cash and cash equivalents – – 1,740.42 1,740.42Trade receivables – – 36,536.55 36,536.55Other financial assets – – 130.95 130.95Mutual fund units 49.91 – – 49.91

Financial LiabilitiesTrade payables – – 10,485.04 10,485.04Borrowings – – 141,812.42 141,812.42Other financial liabilties – – 604,018.31 604,018.31



Cash and cash equivalents – – 1,093.80 1,093.80Trade receivables – – 33,837.62 33,837.62Other financial assets – – 268.64 268.64Mutual fund units 45.08 – – 45.08

Financial LiabilitiesTrade payables – – 11,200.59 11,200.59Borrowings – – 129,157.27 129,157.27Other financial liabilties – – 554,244.64 554,244.64

Note No. 3.33 Financial risk Mangaement objectives and policies

The Company’s principal financial liablities comprise loans and borrowings, trade and other payables. The mainpurpose of these financial liabilities is to finance the Company’s operations and to support its operations. TheCompany’s financial assets include investment, loans, trade and other receivables, and cash & cash equivalents thatderive directly from its operations. The Company is exposed to market risk, credit risk and liquidity risk, Consideringon-going CIRP process, quantum of these risks are not ascertainable.



Note No. 3.34Related Party Disclosures & TransactionsIn accordance with the requirements of Indian Accounting Standard (Ind As-24) the names of the related parties wherecontrol exists and/or with whom transactions have taken place during the poeriod and description of relationships asidentified and certified by the management are as hereunder:

A) Names of related parties & description of relationship

1 Associate 1) Aaron Steel & Alloys (P) Ltd.2) Amtek Auto Ltd.3) Asta Motercycles & Scooter India Ltd.4) Blaze Spare Parts (P) Limited5) Domain Steel & Alloys (P) Ltd.6) Gagandeep Steel & Alloys (P) Ltd.7) Neelmani Engine Components (P) Ltd.8) Terrasoft Infosystems (P) Ltd.

2 Subsidiary 1) Amtek Kuepper GmbH

3) Subsidiaries of the Associate Company 1) Amtek Deutshland GmbH2) Amtek Investment UK Ltd.3) Amtek Germany Holding GP GmBH4) Amtek Germany Holding GmBH & Co. KG5) Amtek Holding BV6) Amtek Global Technologies Pte. Ltd.7) Amtek Transportation Systems Ltd.8) Alliance Hydro Power Ltd.9) JMT Auto Limited10) Amtek Precision Engineering Pte. Ltd.11) Amtek Integrated Solutions Pte. Ltd.12) Amtek Engineering Solutions Pte Ltd

4) Subsidiaries of Subsidiaries of the 1) Amtek Tekfor Holding GmbHAssociate Company 2) Neumayer Tekfor GmbH

3) Tekfor Services GmbH4) Neumayer Tekfor Rotenburg GmbH5) Neumayer Tekfor Schmolln GmbH6) Neumayer Tekfor Engineering GmbH7) GfsV8) Neumayer Tekfor Japan Co. Ltd.9) Tekfor Inc.10) Tekfor Maxico SA de CV11) Neumayer Tekfor Automotive Brasil Ltda.12) Neumayer Tekfor SpA13) Tekfor Maxico Services14) Tekfor Services Inc.15) August Kupper GmbH16) H.J Kupper System- Und Modultechnik GmbH17) H.J Kupper Metallbearbeitung GmbH18) SKD- GieBerei GMBH19) Kupper Hungaria Kft20) Asahitec Metals (Thailand) Co., Ltd21) Asahi Tec Metals Co. Ltd.22) Techno-Metal Co., Ltd.



23) Techno Metal Amtek Japan Investments Ltd.24) Techno Metal Amtek U.K. Investments25) Techno Metal Amtek Thai Hold Co.26) Amtek Universal Technologies Pte Ltd27) AIMD GmbH; Hamburg28) M. Droste Stahlhandel GmbH, Bochum29) HAPU Industrie Vertretungen GmbH, Witten30) OWZ Ostalb-Warmbehandlungszentrum GmbH,

Essingen31) SRT GmbH, Essingen32) WTL Werkstofftechnik-Labor GmbH, Aalen33) AIFT GmbH, Hamburg34) BEW-Umformtechnik GmbH, Rosengarten35) GHV Schmiedetechnik GmbH, Ennepetal36) Amtek Machining System Pte Ltd.37) Rege Motorenteile GmbH (upto Jan., 2017)38) Rege Motorenteile Verwaltungs GmbH (upto Jan., 2017)39) Rege Holding GmbH (upto Jan., 2017)40) Rege Automotive Brasov SRL (upto Jan., 2017)41) Rege Solutions (upto Jan., 2017)42) Amtek Component Sweden

5) Joint Venture of Associate Company 1) Amtek Powertrain Limited2) SMI Amtek Crankshafts Pvt. Ltd.

6) Associates of the Associate Company 1) ARGL LIMITED2) ACIL LIMITED3) METALYST FORGINGS LIMITED

7) Joint Venture of Subsidiary of the 1) SFE GmbHAssociate company

8) Associates of Subsidiaries of the 1) Amtek Railcar Pvt. Ltd.Associate company

9) Joint Venture 1) Amtek Riken Casting Pvt. Ltd.

10) Key Management Personnel 1) Mr. Sanjay Arora as an Additional Director and Whole-time director of the Company w.e.f 27th March, 2017.

2) Mr. John Ernest Flintham as a Managing Director of theCompany w.e.f February 14, 2017.

3) Mr. Darshan Prasad Yadav, CFO upto 01st November,2017.

4) Mr. Ajay Kumar, CFO w.e.f 27th November, 2017.5) Ms. Bhavya Sehra, Company Secretary6) Ms. Ruchika, Company Secretary w.e.f. 12th February,

2018



B. Transactions (Rupees in Lakhs)

Particulars Associate/Holding/ Key Management For the Six Months For the Year EndedSubsidiaries or Personnel Ended 31.03.2018 31.03.2017

Associate Joint venturesof Holding Company

Purchase of Goods 9,911.20 – – 27,100.96

Sale of Goods 16,907.56 – 16,907.56 24,902.61

Advance Given (Net) Nil Nil Nil

Promoter Contribution Received – – – 4,719.49Purchase of Property, Plant and Equipment – – – 3,274.12

Sale of Property, Plant and Equipment – – – 14.42

Services Received – – – 23.98

Service Rendered 9.46 – 9.46 8.86Remuneration of Key Management personnel – 140.52 140.52 52.41

Balance Receivable at the year end – – – 30,069.92

Balance Payable at the year end 16,212.19 – 16,212.19 14,110.25

Note No: 3.35The Previous period figures have been regrouped / reclassified, wherever considered necessary to conform to thecurrent year presentation.





CASTEX TECHNOLOGIES LIMITED & SUBSIDIARIESCONSOLIDATED FINANCIAL STATEMENT

CONSOLIDATED FINANCIAL STATEMENTof

CASTEX TECHNOLOGIES LIMITEDand

ITS SUBSIDIARIES&

JOINT VENTURES

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Part “B”: Associates & Joint Ventures

Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures

S.No Name of Associates/Joint Ventures Latest AuditedBalance Sheet

Date

Joint Venture

1 Amtek Riken Casting Pvt Ltd 31st March INR 3,005,000 303.45 15.02% – 282.97 (0.76) (4.29)

Associate

1 Terrasoft Infosystems Private Limited 31st March INR 4,900 – 49.00% Note-1 – – – –

2 Aaron Steel & alloys Pvt Ltd 31st March INR 9,396,554 9,396.48 41.19% Note-1 – 9,386.92 (0.01) (0.01)

3 Asta Motorcycles & Scooter India Ltd 31st March INR 11,117,588 9,316.46 35.88% Note-1 – 9,335.40 (0.04) (0.07)

4 Blaze Spare Parts Pvt Ltd 31st March INR 9,396,554 9,395.89 41.10% Note-1 – 9,365.47 (0.05) (0.07)

5 Domain Steel & Alloys Pvt Ltd 31st March INR 9,285,554 9,285.44 41.34% Note-1 – 9,276.11 (0.05) (0.07)

6 GaganDeep Steel & Alloys Pvt Ltd 31st March INR 9,396,554 9,396.44 41.17% Note-1 – 9,490.86 (0.05) (0.07)

7 NeelMani Engine Components Pvt Ltd 31st March INR 9,316,554 9,316.43 41.28% Note-1 – 9,307.04 (0.05) (0.07)

Note-1 There is significant influence due to percentage (%) of Share Capital.Note-2 Name of subsidiaries which are yet to commence operations - NILNote-3 Name of subsidiaries which have been liquidated during the year- NIL


Sd/- Sd/- Sd/-(GUNJANDEEP SINGH) Sanjiv Bhasin Sanjay AroraPartner Director Wholetime DirectorMembership No. - 529555


ReportingCurrency

Shares of Associate/Joint Ventures held by theCompany on year end Profit/Loss for the year

Considered inConsolidation

No. Amount ofInvestment in

Associate/JointVenture

Extent ofHolding %

Description ofhow there issignificantinfluence

Reason why theassociate/Jointventure is notconsolidated

Net Worthattributable toShareholding as

per latestAuditedBalance

Sheet

Not Consideredin Consolidation

Form AOC - I(Pursuant to first proviso to sub-section(3) of section 129 read with rule 5 of Companies(Accounts) Rules,2014)

Statement containing salient features of the financial statement of Subsidiary/Associate Company/Joint VenturePart “A”: Subsidiaries

(Rupees In Lacs)

S.No Name of Subsidiary Reporting Reporting Exchange Share Reserves & Total Total Investments Revenue Profit Provision Profit Proposed % ofPeriod Currency Rate Capital Surplus Assets Liabilities before Tax for Tax after Tax Dividend Holding

Subsidiary CompanyOverseas

1 Amtek Kuepper Gmbh(Consolidated) 30th June Euro 80.446 21.21 52,970.44 70,516.23 70,516.23 69,704.00 – (10,044.90) (1,311.27) (8,733.63) Nil 100%

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TAdditional Information, as required under Schedule III to the Companies Act, 2013, of enterprises consolidated

as Subsidiary / Associate /Joint Venture(Rupees In Lacs)

Name of the entity in the Group Net Assets, i.e., total assets minus Share in profit or loss Share in Other Comprehensive Share in Totaltotal liabilities Income Comprehensive Income

Reporting As % of Amount As % of Amount As % of Other Amount As % of Total AmountCurrency consolidated consolidated Comprehensive Comprehensive

net assets profit or loss Income Income

Parent

Castex Technologies Limited INR -6.97% (3,453.21) 95.39% (180,608.85) 1.75% 145.94 99.71% (180,462.91)

Subsidiary

Overseas

Amtek Kuepper Gmbh Euro 107.01% 52,991.18 4.61% (8,733.63) 98.25% 8,213.55 0.29% (520.09)

Joint Venture

Amtek Riken Casting Pvt Ltd INR 0.00% (0.75) 0.00% (0.75) – – 0.00% (0.75)

Associate

Terrasoft Infosystems Private Limited INR 0.00% – – – – – – –

Aaron Steel & alloys Pvt Ltd INR 0.00% (0.01) 0.00% (0.01) – – 0.00% (0.01)

Asta Motorcycles & Scooter India Ltd INR 0.00% (0.04) 0.00% (0.04) – – 0.00% (0.04)

Blaze Spare Parts Pvt Ltd INR 0.00% (0.05) 0.00% (0.05) – – 0.00% (0.05)

Domain Steel & Alloys Pvt Ltd INR 0.00% (0.05) 0.00% (0.05) – – 0.00% (0.05)

GaganDeep Steel & Alloys Pvt Ltd INR 0.00% (0.05) 0.00% (0.05) – – 0.00% (0.05)

NeelMani Engine Components Pvt Ltd INR 0.00% (0.05) 0.00% (0.05) – – 0.00% (0.05)

Adjustment due to consolidation (0.04%) (17.59) – – – – – –

TOTAL 100% 49,519.38 100% (189,343.48) 100% 8,359.49 100% (180,984.00)

As per our report of even date attachedFor Raj Gupta & CompanyChartered AccountantsICAI Firm Regd. No. 000203N

(GUNJANDEEP SINGH) Sanjiv Bhasin Sanjay AroraPartner Director Wholetime DirectorMembership No. - 529555

Place : New Delhi Ajay Kumar RuchikaDated : 05th June, 2018 Chief Financial Officer Company Secretary



Independent Auditor’s ReportTo

The Members ofCastex Technologies Limited,New Delhi

Report on the Consolidated Ind AS financial statements

We have audited the accompanying Consolidated IND AS financial statements of Castex Technologies Limited (‘theholding Group’) and its subsidiary and associates (collectively referred to as “the Group”) which comprise the consolidatedbalance sheet as at 31st March 2018, the consolidated statement of profit and loss [including other comprehensiveincome], the consolidated statement of cash flows and the consolidated statement of changes in equity for the yearthen ended, and a summary of the significant accounting policies and other explanatory information (herein afterreferred to as Consolidated Ind AS financial statements”)

Management’s Responsibility for the Consolidated Ind AS financial statements

The holding company’s management and board of directors are responsible for the matters specified in section 134(5)of the Companies Act, 2013 (“the Act”) with respect to the preparation of these Consolidated IND AS financial statementsthat give a true and fair view of the consolidated financial position, consolidated financial performance [including othercomprehensive income], consolidated cash flows and consolidated changes in equity of the Group in accordance withthe accounting principles generally accepted in India, including the Indian accounting standards [Ind AS] prescribedunder section 133 of the Act, read with companies ( Indian Accounting Standards ) rules 2015.

The holding company’s management and board of directors and the respective Board of directors/management of thesubsidiary and associates included in the Group are responsible for design, implementation and maintenance ofadequate internal financial control relevant to the preparation and presentation of the Consolidated Ind AS financialstatements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Further,in terms of the provisions of the Act the respective Board of directors/management of the subsidiary and associatesincluded in the Group are responsible for the maintenance of adequate accounting records in accordance with theprovisions of the Act for safeguarding of the assets and for preventing and detecting the frauds and other irregularities;selection and application of appropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design, implementation and maintenance of adequate internal financial control, that were operatingeffectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparationand presentation of the Consolidated Ind AS financial statements that give a true and fair view and are free frommaterial misstatement, whether due to fraud or error. These financial statements have been used for the purpose ofpreparation of consolidated financial statements of the holding company as aforesaid.

Auditor’s Responsibility

Our responsibility is to express an opinion on these Consolidated IND AS financial statements based on our audit.

In conducting our audit, we have taken into account the provisions of the Act, the accounting and auditing standardsand matters which are required to be included in the audit report under the provisions of the Act and the Rules madethere under and the Order issued under section 143(11) of the Act.

We conducted our audit of the Consolidated IND AS financial statements in accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether the Consolidated IND AS financial statementsare free from material misstatements.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in theConsolidated IND AS financial statements. The procedures selected depend on the auditor’s judgment, including theassessment of the risks of material misstatement of the Consolidated IND AS financial statements, whether due to fraudor error. In making those risk assessments, the auditor considers internal financial control relevant to the Holdingcompany’s preparation of the Consolidated IND AS financial statements that give a true and fair view in order to design



audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made by the Holding company’smanagement and directors, as well as evaluating the overall presentation of the Consolidated IND AS financialstatements.

We believe that the audit evidence, we have obtained, is sufficient and appropriate to provide a basis for our qualifiedaudit opinion on the Consolidated IND AS financial statements.

Basis For Qualified Opinion:

The financial statements and other financial information of the overseas subsidiary included in the consolidatedIND AS financial statements, as at and for the year ended March 31, 2018 are based on its unaudited financialstatements, as certified by the management. Consequently, we are unable to comment and determine aboutany adjustment that have been made to these consolidated Financial Statements. Moreover, as per IND AS 105,assets/liabilities held for sale are to be sold out within a year but still appearing in the Consolidated financialstatements for the reasons beyond the control of the management.

Our Opinion

In our opinion and to the best of our information and according to the explanations given to us and based on theconsideration of the reports of the other auditors on separate financial statements/consolidated financial statement andon other financial information of subsidiary and associate, except for the possible effects of the matter described inthe basis of qualified opinion as given here in above, the effect of which is not ascertainable, the aforesaid ConsolidatedIND AS financial statements, give the information required by the Act in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India including the IND AS, of theconsolidated state of affairs of the company as at March 31, 2018 and its consolidated Profit and loss account for theyear ended March 31, 2018 , total comprehensive income, its consolidated cash flows and consolidated the changesin equity for the year ended on that date.

Emphasis of Matter

Notwithstanding anything contained in the Consolidated Ind AS financial statements of Castex Technologies Limitedas on 31.03.2018, affects the true & fair opinion over the same, but following is a list of matters, considered significantfor the users of the standalone Ind AS financial statements, adequately disclosed by the management:

1. A corporate insolvency resolution process (“CIRP”) has been initiated against Castex Technologies Limited (‘theholding Company’) vide an order of Chandigarh bench of the National Company Law Tribunal (NCLT) datedDecember 20, 2017 under the provisions of the insolvency and bankruptcy code 2016 (Code). Pursuant to theorder, the power of the Board of directors stands suspended and are exercisable by Mr Dinkar T. Venkatasubramanian,who was appointed as interim resolution professional (IRP) by the NCLT vide order dated December 22, 2017and was consequently confirmed as Resolution Professional (RP) by the Committee of Creditors (CoC) in itsmeeting held on January 12, 2018.

Accordingly Mr. Dinkar T. Venkatasubramanian took control of management and operations of the company. Asthe powers of the Board of Directors had been suspended, the above results have not been adopted by Boardof Directors However, These Consolidated Ind AS financial statements have been signed by Sanjay Arora ( WholeTime Director) and taken on record by the RP .

2. The Holding companies’ ability to continue as a going concern for a foreseeable future, is in a process ofapproval, by the committee of creditors (CoC). Accordingly, the standalone Ind AS financial statements have beenprepared on a going concern assumption. (Refer Note [2.1 ] to Financial Statements)

3. Considering the current operating level of the Holding company , and the ongoing CIRP it is not possible todetermine:

a. Impairment if any , in the economic value of fixed assets, capital work in progress and tools & die;



b. Diminution, if any, in the value of investment.

(Refer Note [2.9,2.13,2.17] to Financial Statements)

4. In respect of various claims submitted by the financial, operational & other creditors of the Company to the RPpursuant to Insolvency and Bankruptcy Code, 2016, that are currently under consideration / verification/ reconciliation.Pending finalization of resolution plan, we are unable to comment on the consequential impact, if any, on theaccompanying statement [Refer Note [2.1 ] to financial Statements]

5. Trade receivables, loans & advances and other recoverable at March 31, 2018, which also includes balancesfrom the group entities, are subject to confirmation/reconciliation and recoverability assessment thereof is underprocess. (Refer Note [2.11 ] to Financial Statements)

6. We have not audited the IND AS financial statements/financial information of the overseas subsidiary includedIn the consolidated IND AS financial statements. The consolidated IND AS financial statement also includeGroups share of associate company whose financial statements have not been audited by us.

7. The Consolidated financial statements for the year ended 31 March 2017 was carried out and reported by ManojMohan & Associates. whose report has been furnished to us by the management and which has been reliedupon by us for the purpose of our audit.

8. Our opinion on the consolidated IND AS financial statements and our report on Other Legal and RegulatoryRequirements below, is not modified in respect of the above matters with respect to our reliance on themanagement accounts furnished by management.

Report on other Legal and Regulatory Requirements

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

(a) Except for the matters described in the Basis for qualified opinion, We have sought and obtained all theinformation and explanations which to the best of our knowledge and belief were necessary for thepurposes of our audit;

(b) In our opinion, Except for the matters described in the Basis for qualified opinion, proper books of accountas required by law relating to preparation of aforesaid consolidated financial statements have been keptso far as it appears from our examination of those books and the report of other auditors;

(c) The consolidated balance sheet, the consolidated statement of profit and loss [including other comprehensiveincome], the consolidated cash flow statement and the consolidated statement of changes in equity dealtwith by this report are in agreement with the relevant books of account;

(d) In our opinion, Except for the matters described in the Basis for qualified opinion ,the aforesaid ConsolidatedIND AS financial statements comply with the Indian Accounting Standards specified under section 133 ofthe Act, read with the relevant rules there under;

(e) In our opinion the matters described in the basis for qualified opinion above may have adverse effectin the functioning of the group.

(f) On the basis of the written representations received from the director of Holding company and taken onrecord by the board of directors of the Holding company and the report of other statutory auditors of itssubsidiary and associate companies incorporated in India , none of the directors are disqualified as onMarch 31, 2018, from being appointed as a director in terms of Section 164 (2) of the Act; and



(g) With respect to the adequacy of the internal financial controls over financial reporting of the Holdingcompany and its associate companies covered under the Act and the operating effectiveness of suchcontrols, refer to our separate report in “Annexure A”.

(h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules, 2014 as amended, in our opinion and to the best of our informationand according to the explanations given to us and based on the consideration of the report of otherauditors on separate financial statements/consolidated financial statements as also the other financialinformation of the associates and subsidiary:

i. The Consolidated IND AS financial statements disclose the impact of pending litigations on consolidatedfinancial position of the Group, its associates [Refer Note no. 3.28.5].

ii. The Group did not have any long-term contracts including derivative contracts for which there wereany material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education andProtection Fund by the Group.

For RAJ GUPTA & Co.Chartered AccountantsFirm’s registration number: 000203N

C A Gunjandeep Singh[Partner]Membership number: 529555

New DelhiJUNE 5, 2018



Annexure – A to the Independent Auditors’ ReportReport on the Internal Financial Controls over financial reporting under Clause (i) of Sub-section 3 of Section 143 of theCompanies Act, 2013 (“the Act”) of ARGL Limited

We have audited the internal financial controls over financial reporting of Holding company as of 31st March 2018 inconjunction with our audit of the Consolidated IND AS financial statements of the Holding company for the year endedon that date.

Management’s Responsibility for Internal Financial Controls

The Group’s management is responsible for establishing and maintaining internal financial controls based on theinternal control over financial reporting criteria established by the Group considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India (“the Guidance Note”). These responsibilities include the design,implementation and maintenance of adequate internal financial controls that were operating effectively for ensuringthe orderly and efficient conduct of its business, including adherence to Group’s policies, the safeguarding of its assets,the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and thetimely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting basedon our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controlsover Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financialcontrols, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls overfinancial 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 controlssystem over financial reporting and their operating effectiveness. Our audit of internal financial controls over financialreporting included obtaining an understanding of internal financial controls over financial reporting, assessing the riskthat a material weakness exists, and testing and evaluating the design and operating effectiveness of internal controlbased on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment ofthe risks of material misstatement of the Consolidated IND AS financial statements, whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinionon the Group’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 assuranceregarding the reliability of financial reporting and the preparation of Consolidated financial statements for externalpurposes in accordance with generally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, inreasonable 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 Consolidatedfinancial statements in accordance with generally accepted accounting principles, and that receipts and expendituresof 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 timely detection of unauthorised acquisition, use, ordisposition of the company’s assets that could have a material effect on the Consolidated financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility ofcollusion or improper management override of controls, material misstatements due to error or fraud may occur andnot be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to futureperiods are subject to the risk that the internal financial control over financial reporting may become inadequatebecause of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.



Opinion

A corporate insolvency resolution process (“CIRP”) has been initiated against Castex Technologies Limited (‘the Company’)vide an order of Chandigarh bench of the National Company Law Tribunal (NCLT) dated December 20, 2017 under theprovisions of the insolvency and bankruptcy code 2016 (Code). Pursuant to the order, the power of the Board of directorsstands suspended and are exercisable by Mr Dinkar T. Venkatasubramanian, who was appointed as interim resolutionprofessional (IRP) by the NCLT vide order dated December 20, 2017 and was consequently confirmed as ResolutionProfessional (RP) by the Committee of Creditors (CoC) in its meeting held on January 12, 2018. The power of the Boardof Directors have been suspended and assigned to Resolution Professional.

In our opinion to the best of our information and according to the explanations given to us and based on theconsideration of reports of the other auditors of its subsidiary and associates Except for the matters described in theBasis for qualified opinion have, in all material respects, an adequate internal financial controls system over financialreporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2018,based on the internal control over financial reporting criteria established by the holding company considering theessential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India.

For RAJ GUPTA & Co.Chartered AccountantsFirm’s registration number: 000203N

C A Gunjandeep Singh[Partner]Membership number: 529555

New DelhiJUNE 5, 2018



Consolidated Balance Sheet as at 31st March, 2018(Rupees in Lakhs)

Particulars Note No. As at As at31.03.2018 31.03.2017

A ASSETS1 Non-Current Assets

(a) Property, Plant and Equipment 3.1 552.332.92 519,925.26(b) Capital work-in-progress 3.1 1,055.93 71,317.46(c) Financial Assets

Investment 3.2 56,416.10 56,817.11Other financial assets 3.3 526.74 499.57

(d) Deferred Tax Assets (net) 3.4 42,524.78 42,524.78(e) Other Non-current Assets 3.5 44,911.50 32,910.13

––––––––––––––––– –––––––––––––––––Sub Total-Non-Current Assets 697,767.97 723,994.31

––––––––––––––––– –––––––––––––––––2 Current Assets

(a) Inventories 3.6 26,695.67 52,906.75(b) Financial Assets

Investments 3.7 49.91 45.09Trade Receivables 3.8 36,536.55 33,837.62Cash and Cash Equivalents 3.9 1,740.41 1,093.80Other Current Financial Assets 3.10 130.95 268.64

(c) Current Tax Assets (Net) 3.11 4,319.14 4,212.63(d) Other Current Assets 3.12 1,638.75 54,216.76

––––––––––––––––– –––––––––––––––––Sub Total-Current Assets 71,111.38 146,581.29

––––––––––––––––– –––––––––––––––––3 Assets held for Sale 3.13 70,516.23 80,373.68

––––––––––––––––– –––––––––––––––––TOTAL-ASSETS 839,395.58 950,949.28

––––––––––––––––– –––––––––––––––––(B) EQUITY AND LIABILITIES

1 Equity(a) Equity Share Capital 3.14 7,562.46 7,562.46(b) Other Equity 3.15 41,956.92 222,935.02

––––––––––––––––– –––––––––––––––––Sub Total-Equity 49,519.38 230,497.48

––––––––––––––––– –––––––––––––––––2 Liabilities

Non-Current Liabilities(a) Financial Liabilities

Borrowings 3.16 1,271.23 1,130.84(b) Deferred Tax Liabilities (Net) 3.4 – –(c) Provisions 3.17 2,702.45 2,649.08(d) Other Non-Current Liabilities 3.18 12,178.32 12,178.32

––––––––––––––––– –––––––––––––––––Sub Total-Non-Current Liabilities 16,152.00 15,958.24

––––––––––––––––– –––––––––––––––––Current Liabilities

(a) Financial LiabilitiesBorrowings 3.19 141,812.42 129,157.28Trade Payables 3.20(i) Total outstanding dues of Micro enterprises &

small enterprises 178.25 190.41(ii) Total outstanding dues other than

Micro enterprises & small enterprises 10,306.79 11,010.18(b) Other Financial Liabilities 3.21 604,018.31 554,244.64(c) Other Current Liabilities 3.22 9,976.34 4,651.17(d) Provisions 3.23 21.89 23.94

––––––––––––––––– –––––––––––––––––Sub Total-Current Liabilities 766,314.00 699,277.62

––––––––––––––––– –––––––––––––––––3 Liabilities held for sale 3.13 7,410.21 5,215.94

––––––––––––––––– –––––––––––––––––TOTAL EQUITY AND LIABILITIES 839,395.58 950,949.28

––––––––––––––––– –––––––––––––––––Significant Accounting Policies & Notes on Financial Statements 1 to 3.37






Statement of Consolidated Profit and Loss for the period ended 31st March, 2018(Rupees in Lakhs)

Particulars Note No. For the Year Ended For the Year Ended 31.03.2018 31.03.2017

I. RevenueRevenue from operations 3.24 52,522.32 146,720.09Other Income 3.25 1,167.02 143.54

––––––––––––––––– –––––––––––––––––II. Total Revenue 53,689.34 146,863.63

––––––––––––––––– –––––––––––––––––III. Expenses:

Cost of Materials Consumed 3.26 58,363.25 99,820.78Changes in inventories of finished goods,work-in-progress and Stock-in-Trade 3.27 ( 26,210.81) (2,744.58)Employee benefit expense 3.28 6,375.02 8,424.00Finance costs 3.28 64,234.76 80,505.61Depreciation and amortization Expenses 3.28 47,483.44 52,651.14Other Expenses 3.28 17,035.01 17,998.95

––––––––––––––––– –––––––––––––––––IV. Total Expenses 167,280.67 256,655.90

––––––––––––––––– –––––––––––––––––V. Profit/(loss) before share of profit/(loss) from investment

in associate and joint ventures, exceptional items and tax (II-IV) (113,591.33) (109,792.27)––––––––––––––––– –––––––––––––––––

VI . Share of profit /(loss) of associate and joint venture (1.01) 2.78––––––––––––––––– –––––––––––––––––

VII. Profit/(Loss) before exceptional items and tax (V+VI) (113,592.34) (109,789.49)––––––––––––––––– –––––––––––––––––

VIII. Exceptional Items [(Income)/Expense] 3.29 67,019.63 40,034.60––––––––––––––––– –––––––––––––––––

IX. Profit/(Loss) before tax (VII-VIII) (180,611.97) (149,824.09)––––––––––––––––– –––––––––––––––––

X. Tax expense:(1) Current tax – –(2) Deferred tax (2.11) (45,974.77)

––––––––––––––––– –––––––––––––––––Total Tax Expenses (2.11) (45,974.77)

––––––––––––––––– –––––––––––––––––XI. Profit/(Loss) for the period from continuing operations (IX-X) (180,609.86) (103,849.32)

––––––––––––––––– –––––––––––––––––XII. Other Comprehensive Income 3.30

A) (i) Item that will not be reclassified to profit or loss 145.94 (2.22)ii) Income tax relating to items that will not be

reclasified to profit or loss – 5.78B) (i) Item that will be reclassified to profit or loss – 133.15

ii) Income tax relating to items that will be reclasifiedto profit or loss – 241.70

––––––––––––––––– –––––––––––––––––Total Other Comprehensive Income 145.94 378.41

––––––––––––––––– –––––––––––––––––XIII. Total Comprehensive Income from continuing operations(XI+XII) (180,463.92) (103,470.91)

––––––––––––––––– –––––––––––––––––XIV. Profit/(loss) from Discontinued operations 3.31 (10,044.90) –XV. Tax expense of discontinued operations 3.31 1,311.27 –XVi. Profit/(Loss) from Discontinued operations (after tax) (8,733.63) (4,269.95)XV. Other Comprehensive Income from Discontinued Operations (net of tax) 3.31 8,213.55 (11,102.65)

––––––––––––––––– –––––––––––––––––XVI. Total Comprehensive Income from Discontinued Operations (XIV+XV) (520.09) (15,372.60)

––––––––––––––––– –––––––––––––––––XVII. Total Comprehensive Income (Comprising Profit/(Loss) and

Other Comprehensive Income for the period)(XIII+XVI) (180,984.01) (118,843.51)––––––––––––––––– –––––––––––––––––

XVIII. Earnings per equity share (for continuing operation): 3.32(1) Basic (47.76) (27.46)(2) Diluted (47.76) (27.46)

XIX. Earning per equity share (for discontinued operation): 3.32(1) Basic (2.31) (1.13)(2) Diluted (2.31) (1.13)

XX. Earning per equity share (for continuing & discontinued operation): 3.32(1) Basic (50.07) (28.59)(2) Diluted (50.07) (28.59)

Significant Accounting Policies & Notes on Financial Statements 1 to 3.37




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TConsolidated Statement of Changes in Equity for the period ended 31st March, 2018

OTHER EQUITYA. Equity Share Capital (Rupees in Lakhs)


7562.46 – 7562.46


7562.46 – 7562.46

B. Other Equity (Rupees in Lakhs)


Capital Securities Debenture General Retained Equity Component Foreign Remeasurement Investments ExchangeReserve Premium Redemption Reserve Earnings of Compound Currency of Net Define through Diffrence on

Reserve Reserve Financial Instruments Translation Employee OCI foreign(Preference Reserve Benefit currency

Shares) Obligation translation

As at 01.04.2017 338.80 199,885.23 24,270.00 111,257.92 (108,952.84) 6,551.22 – 117.03 12.30 (10,544.64) 222,935.02Total ComperhensiveIncome for the year – – – – (181,129.94) – – 143.15 3.64 5.06 (180,978.10)Transfer to Retained Earning – – – – – – – – – – –

As at 31.03.2018 338.80 199,885.23 24,270.00 111,257.92 (290,082.78) 6,551.22 - 260.18 15.94 (10,539.58) 41,956.92


Capital Securities Debenture General Retained Equity Component Foreign Remeasurement Investments ExchangeReserve Premium Redemption Reserve Earnings of Compound Currency of Net Define through Diffrence on

Reserve Reserve Financial Instruments Translation Employee OCI foreign(Preference Reserve Benefit currency

Shares) Obligation translation

As at 01.04.2016 338.80 199,885.23 24,270.00 111,257.92 (833.74) 6,551.22 – 129.94 (4.00) 183.16 341,778.53Total ComperhensiveIncome for the year – – – – (108,119.27) – – (12.91) 16.47 (10,727.80) (118,843.51)Transfer to Retained Earning – – – – 0.17 – – – (0.17) – –

As at 31.03.2017 338.80 199,885.23 24,270.00 111,257.92 (108,952.84) 6,551.22 – 117.03 12.30 (10,544.64) 222,935.02






CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2018(Rupees in Lakhs)

Particulars For the Year For the Year EndedEnded 31.03.2018 31.03.2017

A CASH FLOW FROM OPERATING ACTIVITIES:Profit before Tax from Continuing Operations (180,611.00) (149,824.09)Profit before Tax from Dis-continued Operations (10,044.90) (5,906.03)Add: Depreciation & Amortisation 47,483.44 52,651.14Add: Provision for Bad Debts 4,236.48 –Add: Balance W/Off 867.30 –Add: Provision for Diminution in value of investment 924.89 –Add: Diminution in value of inventory 60,990.96 –Add: Additional Depreciation (Exceptional Items) – 16,927.55Add: Financial Expenses 64,234.76 80,505.61Less: Dividend Income (25.51) (0.88)Less: Interest Received & Other Income (1,141.52) (141.50)Less: Gain on Disposal of Property, Plant and Equipment – (1.16)Less : Share of Profit of Associates/Joint Venture 1.01 (5,500.91)Adjustment of Discontinued operations 19,300.94 9,638.90

6,216.86 (1,651.37)Change in Current / Non Current Liabilities:(Increase)/Decrease in Inventories 3,770.80 61,095.07(Increase)/Decrease in Trade Receivables (382.52) 23,297.37(Increase)/Decrease in other Current Assets 6,224.83 (34,789.63)(Increase)/Decrease in other Non-current assets (490.97) (4,678.19)Increase/(Decrease) in Trade Payable (715.55) 5,536.73Increase/(Decrease) in Current Liabilities 5,325.17 –Increase/(Decrease) in Non Current Liabilities – –Increase/Decrease) in Provisions 50.89 –Cash generation from Assets Held For Sales/Discontinued operations (9,310.03) 1,762.33Cash generation from operations activities 10,689.48 50,572.31Direct Tax Paid (106.51) (30.45)Net cash from operating activities 10,582.97 50,541.86

B CASH FLOW FROM INVESTING ACTIVITIESAddition to Property, Plant and Equipment (79,891.09) (20,263.26)Adjustment in Capital work in progress 70.261.53 (24,296.15)Interest Received & Other income 1,141.52 141.50Proceeds from sale of Property, Plant and Equipment – 15.41Purchase of investments (Net) (5.85) 749.23Dividend Income 25.51 0.88Net Cash from Investing activities (8,468.39) (43,652.39)

C CASH FLOW FROM FINANCING ACTIVITIESProceeds from Promoter’s Contribution 0.00 4,719.48Proceeds/ (Repayment) of borrowings – 23,019.42Finance Charges Paid (1,521.96) (36,993.03)Cash generation from Assets Held For Sales /Discontinued operations – 78.03Net Cash from financing activities (1,521.95) (9,176.10)Net cash flows during the year (A+B+C) 592.63 (2,286.63)Cash & cash equivalents (opening balance) 1,388.97 3,699.28Cash & cash equivalents held for sale (241.18) (295.17)Exchange fluctuation on Cash – (23.68)Cash & cash equivalents (Closing Balance) 1,740.42 1,093.80NOTES TO CASH FLOW STATEMENT

1. The above statement has been prepared under indirect method except in case of dividend which has been considered on the basisof actual movement of cash with corresponding adjustments of assets and liabilities.

2. Cash & Cash Equivalents include cash & bank balances only.3. Previous period figures have been regrouped/ recast wherever considered necessary.We have examined the above cash flow statement of Catex Technologies Limited & its subsidiaries for the year ended 31st March, 2018and verify that it has been derived from the audited accounts (and underlying records) of the company reported on by us as per our report.






Notes to the Financial Statements1. Corporate Information and Significant Accounting Policies

M/S Castex Technologies Limited (hereinafter referred to as CTL) was previously known as Amtek India Limited. TheCompany has changed its name from Amtek India Ltd to Castex Technologies Limited w.e.f. from 26.05.2015. Since,the word “Castex” reflects the expertise of the Company in manufacturing of Casting components, the Board decidedto change the name.

Castex Technologies Limited (hereinafter referred to as “CTL” or “the Company”) established in 1983, is engaged in themanufacturing of machined and casting components. The company has Iron casting facilities at Bhiwadi (Rajasthan)and machining facilities at Gurugram (Haryana) and Solan (Himachal Pradesh).

The Product portfolio includes highly engineered components including cylinder head, cylinder blocks and turbocharger housing.

CTL is a major supplier to OEMs for passenger cars, light and heavy commercial vehicles and tractors, in the castingsegment; and passenger cars, light and heavy commercial vehicles, 2/3 wheelers and tractors in the machiningsegment.

Major customers of the company include Maruti Udyog Ltd., TATA Motors, New Holland Tractors, Hyundai Motors, ITL,Eicher Motor, Bajaj, TVS etc. and also refrigeration industries like LG Electronics.

Company has its Registered Office at Village –Narsinghpur, Mohammadpur, Old Manesar Road, Gurugram , Haryanaand Corporate Office at 3, Local Shopping Centre, Pamposh Enclave, G.K.-1, New Delhi.

2. Significant Accounting Policies

2.1 Statement of Compliance Basis of preparation of consolidated financial statements

The consolidated financial statements are prepared in accordance with Indian Accounting Standards (“Ind AS”), theprovisions of the Companies Act, 2013 (“the Companies Act”), as applicable and guidelines issued by the Securitiesand Exchange Board of India (“SEBI”). The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of theCompanies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) AmendmentRules, 2016..

Accounting policies have been applied consistently to all periods presented in these financial statements.

The Consolidated financial statements comprises of Castex Technologies Limited and its subsidiary and associatesbeing the entities that it controls. Controls are assessed in accordance with the requirement of Ind AS 110 - ConsolidatedFinancial Statements.

A corporate insolvency resolution process (“CIRP”) has been initiated against Castex Technologies Limited (‘the Company’)vide an order of Chandigarh bench of the National Company Law Tribunal (NCLT) dated December 20, 2017 under theprovisions of the insolvency and bankruptcy code 2016 (Code). Pursuant to the order, the power of the Board of directorsstands suspended and are exercisable by Mr Dinkar T. Venkatasubramanian, who was appointed as interim resolutionprofessional (IRP) by the NCLT vide order dated December 20, 2017 and was consequently confirmed as ResolutionProfessional (RP) by the Committee of Creditors (CoC) in its meeting held on January 12, 2018.

As the power of the Board of Directors have been suspended the above result have not been adopted by the Boardof Director.

As the Company is under CIRP, the financial statements have been presented on a ‘going concern’ basis. Under CIRP,Resolution Plan submitted by the prospective Resolution Applicants needs to be presented to and approved by the CoC.Thereafter, the Resolution Plan approved by the CoC will need to be approved by NCLT to keep the company as a goingconcern. Currently, the RP/CoC is in the process of considering the Resolution Plan(s) received from the Resolutionapplicant(s) for potential revival of the company and carrying out various compliances as required under the Code.

As per the code the RP has to receive and collate all the claims submitted by the creditors of the company. Such claimscan be admitted to the RP during the CIRP, till the approval of a resolution plan by the CoC. The RP is still in the processof collating and verifying such claims as and when they are received and shall subsequently admit such verified claimsagainst the company as per Code. Pending finalization of resolution plan, the impact of such claims if any that mayalso has not been considered in the preparation of the financial statements.



Financials for the year ended March 31st, 2017 and as at quarter ended June 30th, 2017 were audited by previousauditors – Manoj Mohan & Associates.

The Consolidated Financials Statement are presented in Indian Rupees and all values are rounded to the nearestRupees lacs, except when otherwise indicated.

2.2 Use of estimates

The preparation of the consolidated financial statements in conformity with the recognition and measurement principlesof IND AS requires management to make estimates, judgments and assumptions. These estimates, judgments andassumptions affect the application of accounting policies and the reported amounts of assets and liabilities, thedisclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenuesand expenses during the period. Appropriate changes in estimates are made as management becomes aware ofchanges in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statementsin the period in which changes are made and, if material, their effects are disclosed in the notes to the financialstatements.

2.2.1 Useful lives of property, plant and equipment & Capital Work in progress.

Considering the current operating levels of the Company, and the ongoing CIRP it is not possible to determineImpairment, if any, in the economic value of the fixed assets & capital work in progress.

2.2.2 Valuation of deferred tax assets / liabilities

Considering the ongoing corporate insolvency resolution process, the certainty as to the realization of unused taxlosses and MAT credit available cannot be ascertained at this stage. Consequently, adjustments to deferred tax (net)& MAT credit available have not been given effect to, during the period.

2.2.3 Provisions and contingent liabilities

A provision is recognized when the company has a present obligation as a result of past event and it is probable thanan outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made.Provisions (excluding retirement benefits and compensated absences) are not discounted to its present value and aredetermined based on best estimate required to settle the obligation at the balance sheet date. These are reviewedat each balance sheet date adjusted to reflect the current best estimates. Contingent liabilities are not recognized inthe financial statements. A contingent asset is neither recognized nor disclosed in the financial statements. However,the detail of existing contingencies as on 31st March, 2018 is provided Note no. 3.28.5.

2.3 Principles of Consolidation and Equity Accounting

Consolidated financial statements are the financial statements of the group in which assets, liabilities, equity, income,expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic entity.

(i) Subsidiaries

Subsidiaries are all entities (including structured entities) over which the group has control. The group controls the entitywhen the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the abilityto affect those returns through its power to direct the relevant activities of the entity. Subsidiaries are fully consolidatedfrom the date on which control is transferred to the group. They are deconsolidated from the date, the control seizes.

The group combines the financial statements of the parent and its subsidiaries line by line, adding together like itemsof assets, liabilities, equity, income and expenses. Inter-company transactions, balances and unrealized gains alltransactions between group companies are eliminated. Unrealized losses are also eliminated unless the transactionprovides evidence of impairment of the transferred assets. Accounting policies of subsidiaries have been changedwherever considered necessary to ensure consistency with the policies adopted by the group.

Non-controlling interest in the results and equity of subsidiaries are shown separately in the consolidated statementof the profit and loss, consolidated statement of changes in equity and balance sheet respectively.

● Amtek Kuepper Gmbh is having discontinuing operations and is held for sale only. Thus, the same hasnot been consolidated.



Amtek Global Technologles Pte Limited (‘AGT’), in which the overseas subsidiary of the Company (i.e. Amtek KuepperGmbH) holds stake, is under receivership in Singapore and receiver has been appointed Since the latest financialresults for 31 March 2018 were not available / accessible to the overseas subsidiary, the investment in AGT held byAmtelt Kuepper GmbH, has been valued based on the financial statements for 31 March 2017 for AGT.

(ii) Associates

Associates are all entities over which the group has significant influence but does not have control or joint control.This is generally a case where the group holds between 20%-50% of the voting rights. Investments in associates areaccounted for using the equity method of accounting after initially being recognized at cost. However, out of sevenassociates namely:

● Terrasoft Infosystems Private Limited

● Aaron Steel & Alloys Pvt. Ltd.

● Asta Motorcycles and Scooter India Ltd.

● Blaze Spare Parts Pvt. Ltd.

● Domain Steel & Alloys Pvt. Ltd.

● Gagan Deep Steel & Alloys Pvt. Ltd.

● Neelmani Engine Components Pvt. Ltd.

Terrasoft Infosystems Private Limited has not been consolidated since in it has accumulated losses in excess ofinvestment made by the company.

(iii) Joint Ventures

Interest in Joint ventures are accounted for using the equity method, after initially being recognized at cost in theconsolidated balance sheet. Joint venture for the purpose of consolidation is

● Amtek Riken Casting Pvt. Ltd.

The consolidated financials of the company include financials pertaining to its overseas subsidiary (held for sale), sevenassociate companies and a joint venture company. It may be noted that the RP of the Company has no control / accessover / to the entities, which have been, consolidated. The accounts of the overseas subsidiary and Joint VentureCompany are unaudited and have been considered on the basis of certification by the management of the entitiesbeing consolidated.

2.4 Foreign currency translations

(i) Functional and Presentation Currency

The Group’s consolidated financial statements are presented in INR, which is also the parent company’s functionalcurrency. For each entity, the Group determines the functional currency and items included in the financial statementsof each entity are measured using that functional currency.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of thetransactions. Foreign exchange gains and losses resulting from settlement of such transactions and from the translationof monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generallyrecognized in profit or loss. A monetary item for which settlement is neither planned nor likely to occur in theforeseeable future is considered as part of the entity’s net investment in that foreign operation.

Foreign exchange differences regarded as adjustment to borrowing cost are presented within finance cost. All otherforeign exchange gains and losses are presented in the statement of profit and loss on a net basis within other gains/losses.

Non-monetary assets and liabilities denominated in foreign currency and measured at historical cost are translatedat the exchange rate prevalent at the date of transaction.



(iii) Group Companies

For the purpose of presenting consolidated financial statements, the assets and liabilities of the Company’s foreignoperations that have a functional currency other than Indian rupees are translated into Indian rupees using exchangerates prevailing at the reporting date. Income and expense items are translated at the average exchange rates for theperiod. Exchange differences arising, if any, are recognized in other comprehensive income and held in foreigncurrency translation reserve (FCTR), a component of equity, except to the extent that the translation difference isallocated to non-controlling interest.

2.5 Revenue Recognition

Revenue is measured at the fair value of the consideration received or receivables. Amounts disclosed as revenueare exclusive of excise duty/GST and net of returns, trade allowances, rebates, discounts, value added taxes.

The Company recognises revenue when the amount of revenue can be reliably measured, it is probable that futureeconomic benefits will flow to the Company and specific criteria have been met for each of the Company’s activitiesas described below.

Sale of goods

Sales are recognised when substantial risk and rewards of ownership are transferred to customer as per the termsof the contract, there is no continuing managerial involvement with the goods. The Group retains no effective controlof the goods transferred to a degree usually associated with ownership and no significant uncertainty exists regardingthe amount of the consideration that will be derived from the sale of goods., in case of domestic customer, sales takeplace when goods are dispatched or delivery is handed over to transporter, in case of export customers, sales takesplace when goods are shipped on board based on bill of lading.

Revenue from Services

Revenue from services is recognised in the accounting period in which the services are rendered.

Other operating revenue - Export incentives

● Revenue in respect of export incentives is recognised when such incentives accrue upon export of goods.

2.6 Employee benefits

● Long - Term Employee Benefits

The liability for gratuity, leave encashment, pension, superannuation and other benefits is determinedusing Projected Unit Credit [PUC] Method and is accounted for on the basis of actuarial valuation inAccordance with IND AS - 19. The Group recognizes the net obligation of a defined benefit plan in itsbalance sheet as an asset or liability. Actuarial Gains and losses through re-measurements of the netdefined benefit liability/ (asset) are recognized in other comprehensive income. The current service costis included in the employee benefit expense in the statement of profit & loss account. The interest costcalculated by applying the discount rate to the net balance of defined benefit obligation, is included inthe finance cost in the statement of profit & loss account.

● Short-Term Employee Benefits

Short - term employee benefits include performance incentive, salaries & wages, bonus and leave travelallowance. The undiscounted amount of short-term employee benefits expected to be paid in exchangefor the services rendered by employees are recognized during the year when the employees render theservices.

2.7 Borrowing costs

Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds.Borrowing cost also includes exchange differences to the extent regarded as an adjustment to the interest costs.Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes asubstantial period of time to get ready for its intended use are capitalized as part of the cost of the asset.



Processing fee paid for borrowings is amortized over the term of long term loan through statement of profit & loss.All other borrowing costs are expensed in the period in which they occur.

Preference Shares are separated into equity and liability components based on the terms of the issue / contract. Intereston liability component of preference shares is determined using amortized cost method and is charged to thestatement of profit & loss.

Considering the ongoing corporate insolvency resolution process, Company has not provided for interest of term loansand cash credits after the initiation of CIRP process i.e. 20th Dec 2017.

In terms of sections 25(2)(c) and 28(1)(a) of IBC 2016, the CoC has approved the raising of interim finance in its meetingheld on 12th March, 2018, Accordingly, the Company has entered into an agreement with ECL Finance Limited, aMumbai based subsidiary Company of Edelweiss Financial Services Limited and availed interim finance facility up toINR 30,00,00,000 (Rupees Thirty Crores) under the Facility Agreement dated 11, April, 2018,

2.8 Depreciation & Amortization

The group depreciates property, plant and equipment over their estimated useful lives using the straight-line method.Depreciation methods, useful lives and residual values are reviewed at each reporting period. Depreciation onadditions/deductions to property, plant and equipment is provided on pro-rata basis from the date of actual installationor up to the date of such sale or disposal, as the case may be.

Leasehold assets are amortized equally over the period of their lease.

2.9 Impairment of Assets

i) Financial assets (other than at fair value)

The group assesses at each balance sheet date whether a financial asset or a group of financial assetsis impaired. Ind AS 109 requires expected credit losses to be measured through a loss allowance. Thegroup recognizes lifetime expected losses for all contract assets and/or all trade receivables that do notconstitute a financing transaction.

Considering the current operating levels of the Company, and the ongoing CIRP it is not possible todetermine Diminution, if any, in the value of investments.

(i) Non-financial assets

a) Property, Plant & equipment and Intangible Assets

Property, plant and equipment and intangible assets with finite life are evaluated for recoverabilitywhenever there is an indication that their carrying amounts may not be recoverable. If any suchindication exists, the recoverable amount (i.e. higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flowsthat are largely independent of those from other assets. In such cases, the recoverable amountis determined for the cash generating unit (CGU) to which the asset belongs. If the recoverableamount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amountof the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized inthe statement of profit or loss.

Considering the current operating levels of the Company, and the ongoing CIRP it is not possibleto determine Impairment, if any, in the economic value of the fixed assets, capital work in progress.

b) Investment in subsidiaries

Investments in subsidiaries are valued at Cost less impairment (In conformity with IND AS 110).

c) Investment in associates / Joint Ventures

d) Investment held by the company in associates / joint ventures have been valued at Fair ValueThrough Other Comprehensive Income [FVTOCI] (In conformity with IND AS 110).

e) Investment - Others



Current Investments

Quoted financial assets have been classified as FVTOCI and unquoted financial assets have beenclassified as Fair Value through Profit & Loss [FVTPL].


Quoted long term investments have been classified as FVTOCI and unquoted long term investmentsare have been classified as FVTPL.

2.10 Non-Current Assets held for sale/ Discontinued Operations

The Group classifies non-current assets and disposal groups as held for sale, if their carrying amounts is likely to berecovered principally through a sale rather than through continuing use and there is a commitment from the managementto sale the above assets within one year from the date of classification. The asset is regarded as held for sale onlywhen the assets or disposal group is available for immediate sale in its present condition, subject only to the termsthat are usual and customary for sales and its sale is highly probable and also it will genuinely be sold, not abandoned.

Non-current assets held for sale to owners and disposal groups are measured at lower of their carrying amount andthe fair value less cost to sell. Assets and liabilities classified as held for sale are presented separately in the balancesheet. Property, plant and equipment and intangible assets held for sale, once classified as held for sale are not furtherdepreciated or amortized. Discontinued operations are excluded from the results of continuing operations and arepresented as a single amount as profit or loss after tax from discontinued operations in the statement of profit andloss.

2.11 Income taxes

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit inthe statement of profit and loss except to the extent that it relates to items recognized directly in equity, in which caseit is recognized in other comprehensive income.

Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax basesof assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets are reviewed ateach reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will berealized.

The group offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off therecognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liabilitysimultaneously.

Minimum Alternative Tax [MAT] paid in accordance with the tax laws, which gives rise to future economic benefits inthe form of adjustment of future income tax liability, is considered as an asset if there is convincing evidence that theGroup will pay normal income tax in future periods. Accordingly, MAT is recognized as an asset in the balance sheetwhen it is probable that future economic benefits associated with it flow to the Group and the asset can be measuredreliably.

Considering the ongoing corporate insolvency resolution process, the certainty as to the realization of unused taxlosses and MAT credit available cannot be ascertained at this stage. Consequently, adjustments to deferred tax (net)& MAT credit available have not been given effect to during the period ended 31st March, 2018.

2.12 Property, plant and equipment

Property, plant and equipment are stated at cost, less accumulated depreciation /amortization and impairment, if any.Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, asintended by management. The cost of property, plant & equipment also includes initial estimates of dismantling costand restoring the site to its original position, on which the site is located.

2.13 Financial instruments

The group recognizes financial assets and financial liabilities when it becomes a party to the contractual provisionsof the instrument. All financial assets (Except Net Investments) and financial liabilities (Except Borrowings) are recognizedat fair value on initial recognition, except for trade receivables and security deposits, which are initially measured at



transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets andfinancial liabilities that are not at fair value through profit or loss are added to the fair value on initial recognition.

Trade receivables as on March 31st, 2018, which also includes balances from group entities, are subject to confirmation/reconciliation.

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingentconsideration recognized in a business combination, which is subsequently measured at fair value through profit andloss.

For trade and other payables maturing within one year from the balance sheet date, the carrying amounts areapproximately at fair value due to the short maturity of these instruments.

De-recognition of financial instruments

The group de-recognizes a financial asset when the contractual rights to the cash flows from the financial asset expireor it transfers the financial asset and the transfer qualifies for de-recognition under IND AS 109. A financial liability (ora part of a financial liability) is de-recognized from the group’s balance sheet when the obligation specified in thecontract is discharged or cancelled or expires.

2.14 Borrowings

Borrowings are initially measured at fair value, net of transaction costs incurred. Borrowings are subsequentlymeasured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemptionamount is recognized in profit or loss over the period of the borrowings using the effective interest method.

Preference shares are separated into liability and equity components based on the terms of the issue / contract. Onissuance of the preference shares, the fair value of the liability component is determined using a market rate for anequivalent instrument. This amount is classified as financial liability and is measured at amortized cost (net oftransaction costs) until it is extinguished on conversion or redemption. The remainder of the proceeds is recognizedand included in equity. Transaction costs are deducted from equity, net of associated income tax. The carrying amountof the equity component is not re-measured in subsequent years.

2.15 Investments

a) Investment in subsidiaries

Investment Investments in subsidiaries are valued at Cost less impairment (In conformity with IND AS 110).

b) Investment in associates / Joint Ventures

Investment held by the group in associates / joint ventures have been valued at Fair Value through OtherComprehensive Income [FVTOCI].

c) Investment - Others

Current Investments

Quoted financial assets have been classified as FVTOCI and unquoted financial assets have beenclassified as Fair Value through Profit & Loss [FVTPL].


Quoted long term investments have been classified as FVTOCI and unquoted long term investments arehave been classified as FVTPL.

2.16 Provisions

A provision is recognized if, as a result of a past event, the group has a present legal or constructive obligation thatis reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation.Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current marketassessments of the time value of money and the risks specific to the liability.

Trade receivables, loans & advances at March 31, 2018, which also includes balances from the group entities, aresubject to confirmation/reconciliation.



2.17 Inventories

● Raw Materials, Goods under process and Finished goods are valued at cost (Net of provision fordiminution) or *Net Realizable value, whichever is lower.

● Waste and Scrap is valued at Net Realizable Value.

● Cost of inventories of Raw Materials and stores and Spares is ascertained on FIFO basis.

● Cost of goods under process comprise of cost of materials and proportionate production overhead. Costof material for this purpose is ascertained on FIFO basis.

● Provision for obsolescence in inventories is made, whenever required.

● Considering the current operating levels of the Company, and the on-going CIRP process, it is not possibleto determine, Impairment, if any, in the economic value of the tools, dies and moulds.

*Net Realizable Value is the estimated selling price in the ordinary course of business less any applicableselling expenses.

2.18 Earnings per equity share

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Groupby the weighted average number of equity shares outstanding during the period. Diluted earnings per equity shareis computed by dividing the net profit attributable to the equity holders of the Group by the weighted average numberof equity shares considered for deriving basic earnings per equity share and also the weighted average number ofequity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potentialequity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e.the average market value of the outstanding equity shares). The number of equity shares and potentially dilutive equityshares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues includingfor changes effected prior to the approval of the financial statements by the Board of Directors.

2.19 Dividends

Final dividends on shares are recorded as a liability on the date of approval by the shareholders and interim dividendsare recorded as a liability on the date of declaration by the company’s board of directors.

2.20 Leases

Leases under which the Group assumes substantially all the risks and rewards of ownership are classified as financeleases. When acquired, such assets are capitalized at fair value or present value of the minimum lease payments atthe inception of the lease, whichever is lower.

Lease payments under operating leases are recognized as an expense on a straight line basis in net profit in theStatement of Profit and Loss over the lease term.

2.21 Recent Accounting Pronouncements

Appendix B to Ind AS 21, Foreign currency transactions and advance consideration : On March 28, 2018, the Ministryof Corporate Affairs (‘the MCA’) notified the Companies (Indian Accounting Standards) Amendment Rules, 2018 containingAppendix B to Ind AS 21, Foreign currency transactions and advance consideration which clarifies the date of thetransaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expenseor income, when an entity has received or paid advance consideration in a foreign currency. The amendment will comeinto force from April 1, 2018. The Group has evaluated the effect of this on the financial statements and the impactis not material.

Ind AS 115, Revenue from Contract with Customers: On March 28, 2018, the MCA notified the Ind AS 115. The coreprinciple of the new standard is that an entity should recognize revenue to depict the transfer of promised goods orservices to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchangefor those goods or services. Further, the new standard requires enhanced disclosures about the nature, amount, timingand uncertainty of revenue and cash flows arising from the entity’s contracts with customers.



The standard permits two possible methods of transition:

● Retrospective approach - Under this approach the standard will be applied retrospectively to each priorreporting period presented in accordance with Ind AS 8, Accounting Policies, Changes in AccountingEstimates and Errors.

● Retrospectively with cumulative effect of initially applying the standard recognized at the date of initialapplication (Cumulative catch - up approach)

The effective date for adoption of Ind AS 115 is financial period beginning on or after April 1, 2018.

The Group will adopt the standard on April 1, 2018 by using the cumulative catch-up transition method and accordingly,comparatives for the year ending or ended March 31, 2018 will not be retrospectively adjusted. The effect on adoptionof Ind AS 115 is expected to be insignificant

2.22 Offsetting financial instruments

Financial assets and liabilities are offset and the net amount is reported in the balance sheet where there is a legallyenforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the assetand settle the liability simultaneously.

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TNote No: 3.1 Property, Plant and Equipment (Rupees in Lakhs)


Gross BlockAs at 01.04.2017 2,541.22 920.43 23,894.54 621,386.51 370.99 733.75 637.24 175.20 650,659.87 71,317.46Additions – – 8,649.54 71,224.50 – – 15.58 1.48 79,891.09 –Disposals/Adj – – – – – – – – – 70,261.53

As at 31.03.2018 (A) 2,541.22 920.43 32,544.08 692,611.00 370.99 733.75 652.82 176.68 730,550.96 1,055.93

Depreciation

As at 1.04.2017 – 15.86 1,355.15 128,676.58 84.53 203.10 274.55 124.84 130,734.61 –Additions – 10.08 1,078.57 46,097.96 46.30 147.26 73.87 29.39 47,483.44 –Deductions – – – – – – – – – –

As at 31.03.2018 (B) – 25.93 2,433.72 174,774.55 130.83 350.36 348.42 154.23 178,218.05 –

Net BlockAs at 31.03.2018 2,541.22 894.49 30,110.36 517,836.46 240.15 383.39 304.40 22.45 552,332.92 1,055.93As at 31.03.2017 2,541.22 904.57 22,539.39 492,709.92 286.46 530.65 362.69 50.36 519,925.26 71,317.46

(Rupees in Lakhs)


Gross BlockAs at 01.04.2016 2,541.22 495.70 23,894.54 601,557.59 369.47 736.28 631.66 154.82 630,381.29 47,021.31Additions – 424.73 – 19,842.23 1.57 – 5.59 20.37 20,294.49 33,881.14Disposals/Adj – – – 13.31 0.06 2.54 – – 15.92 9,584.99

As at 31.03.2017 (C) 2,541.22 920.43 23,894.55 621,386.50 370.98 733.74 637.26 175.20 650,659.87 71,317.46

Depreciation

As at 1.04.2016 – 6.05 446.83 60,449.59 26.13 73.67 103.95 51.37 61,157.59 –Additions – 9.81 908.32 51,300.61 58.40 129.93 170.60 73.47 52,651.14 –Deductions – – – 1.17 – 0.50 – – 1.67 –Additional Depreciation – – – 16,927.55 – – – – 16,927.55 –

As at 31.03.2017 (F) – 15.86 1,355.15 128,676.58 84.53 203.10 274.55 124.84 130,734.61 –

Net BlockAs at 31.03.2017 (C-F) 2,541.22 904.57 22,539.40 492,709.92 286.45 530.64 362.71 50.36 519,925.26 71,317.46As at 31.03.2016 (B-E) 2,541.22 489.65 23,447.72 541.108.00 343.34 662.61 527.72 103.45 569,223.71 47,021.31





(i) Investment in Equity InstrumentUnquoted-Long Term Trade at cost in Associates

93,96,554 (93,96,554 in FY 17)Equity Shares of Blaze Spare Parts (P) Ltd. of Rs.10/- each 9,395.89 9,395.94

93,96,554 (93,96,554 in FY 17)Equity Shares Gagandeep Steel & Alloys (P) ltd. of Rs.10/- each 9,396.44 9,396.49

93,96,554 (93,96,554 in FY 17)Equity Shares Aaron Steel & Alloys (P) Ltd. of Rs.10/- each 9,396.48 9,396.49

93,16,554 (93,16,554 in FY 17)Equity Shares Neelmani Engine Components (P) Ltd. of Rs. 10/-each 9,316.43 9,316.48

1,11,17,588 (1,11,17,588 in FY 17)Equity Shares Asta Motorcycles & Scooter India Ltd. of Rs. 10/-each 9,316.46 9,316.50

92,85,554 (92,85,554 in FY 17)Equity Shares Domain Steel & Alloys (P) Ltd. of Rs. 10/- each 9,285.44 9,285.49

Unquoted-Long Term Trade at cost in Joint Ventures30,05,000 (30,05,000 in FY 17)Equity Shares of Rs.10/- each of Amtek Riken Casting Pvt. Ltd. 303.21 300.97

Unquoted investment Long term Trade at cost in Domestic Company10,50,000 (10,50,000 in FY 17) Equity Shares ofRs.10/- each of WHF Precision Forgings Ltd. 5.25 5.255,000 ( 5,000 in FY 17) Equity Shares ofRs.10/- each of Alliance Hydro Power Limited 0.50 0.50

(II) Investment in Preference Instrument

Unquoted-Long Term Trade at cost in Domestic Company4,00,000 (4,00,000 in FY 17)Preference Shares of Jyoti Structures Ltd. of Rs.100/- each 400 – 400.00Less: Provision for Diminution in value of investment has been provided for,in view of insolvency proceedings initiated against Jyoti Structure Ltd. (400.00)

––––––––––––– ––––––––––––– –––––––––––––Total 56,416.10 56.817.11

––––––––––––– –––––––––––––

(Rupees in Lakhs)


Aggregate Value of Unquoted Investment (Including Preference Shares) 56,416.10 56,817.11

* The loss of associate has exceeded the carried value of the equity investment.



Note No: 3.3 OTHER FINANCIAL ASSETS (Rupees in Lakhs)


Security Deposits 526.74 499.57––––––––––––– –––––––––––––

Total 526.74 499.57––––––––––––– –––––––––––––

Note No: 3.4 DEFERRED TAX ASSETS (NET) (Rupees in Lakhs)


Deferred Tax LiabilitiesOn account of depreciation of Property, Plant and Equipment (40,893.58) (40,893.68)

––––––––––––– –––––––––––––(40,893.68) (40,893.68)––––––––––––– –––––––––––––

Deferred Tax AssetsOn account of carry forward losses/amortisation of expenses 83,418,46 83,418.46

––––––––––––– –––––––––––––83,418.46 83,418.46

––––––––––––– –––––––––––––Total Deferred Tax Assets/(Liabilities) 42,524.78 42,524.78

––––––––––––– –––––––––––––Considering the ongoing corporate insolvency resolution process, the uncertainity as to the realisation of unused taxlosses cannot be ascertained at this stage. Consequently, adjustments to defered tax (net) have not been given effectto, during the period. Further, deferred tax asset (net) for the year ended 31 March 2018 has not been recognised inthe books of accounts. Deferred Tax Assets and Deferred Tax Liabilities have been offset wherever the companyhas legally enforceable right to set of current tax assets against current tax liabilities and wherever the deferredtax assets and deferred tax liabilities relate to income taxes levied by the same taxation authority.

Note No: 3.5 OTHER NON-CURRENT ASSETS (Rupees in Lakhs)


Loans & Advances 44,911.50 32,910.13––––––––––––– –––––––––––––

Total 44,911.50 32,910.13––––––––––––– –––––––––––––

Note: No loan is given to any director or other officer of the company.*Includes Advances to related parties, capital advances and other long term advances.

Note No: 3.6 INVENTORIES (AS CERTIFIED BY THE MANAGEMENT) (Rupees in Lakhs)


Inventories*Raw Materials 516.94 30,840.77Work in Progress 1,336.68 10,748.49Finished Goods 47.66 53.91Stores, Spares & Dies 24,783.39 11,137.11Scrap 11.00 85.51Goods-in-Transit – 40.96

––––––––––––– –––––––––––––Total 26,695.67 52,906.75

––––––––––––– –––––––––––––*Refer Point No. 2.17 of Significant Accounting Policies for Mode of valuation of inventories.





(i) Investment in Equity InstrumentQuoted

Nil (30 in FY 17) Equity Shares ofRs.10/- each of Alliance Integrated Metalliks Ltd. 0.04 0.04Investments in Mutual Funds/ Bonds/Others 49.87 45.05

––––––––––––– –––––––––––––Total 49.91 45.09

––––––––––––– –––––––––––––


Aggregate Value of Quoted Investment 49.91 45.09

Note No: 3.8 TRADE RECEIVABLES (Rupees in Lakhs)


– Unsecured, considered goodOutstanding for more than six months 29,250.45 133.84Outstanding for less than six months 7,286.10 33,703.78

––––––––––––– –––––––––––––Total 36,536.55 33,837.62

––––––––––––– –––––––––––––

Note No: 3.9 CASH AND CASH EQUIVALENTS* (Rupees in Lakhs)


Balance with Schedule Banks:– Current Accounts 1,726.97 1,018.58

Cash On Hand 3.89 3.89– Fixed Deposits (Maturing within 12 Months) – 7.56– Fixed Deposits (held as margin money against Letter of

Credits/Bank Guarantees) – 52.71

Earmarked Balances– Balance in unpaid dividend Account 9.55 11.06

––––––––––––– –––––––––––––Total 1,740.41 1,093.80

––––––––––––– –––––––––––––

Note No: 3.10 OTHER CURRENT FINANCIAL ASSETS (Rupees in Lakhs)


Staff Advances 91.66 219.47Interest accrued on deposits 39.29 49.17Others – –

––––––––––––– –––––––––––––Total 130.95 268.64

––––––––––––– –––––––––––––



Note No: 3.11 CURRENT TAX ASSETS (NET) (Rupees in Lakhs)


Advance Tax & TDS (Net) 198.08 91.57MAT Credit Entitlement 4,121.06 4,121.06

––––––––––––– –––––––––––––Total 4,319.14 4,212.63

––––––––––––– –––––––––––––

Note No: 3.12 OTHER CURRENT ASSETS (Rupees in Lakhs)


Loans & Advances recoverable in cash or in kind or for value to be received*Unsecured, Considered Good : 1,638.75 15,666.08Inventories not moved for over one year** – 38,550.68

––––––––––––– –––––––––––––Total 1,638.75 54,216.76

––––––––––––– –––––––––––––*Including advances to supplier, prepaid expenses, and balances with Revenue Authorities. Staturoty receivable aresubject to confirmation.**Represents Items of Inventory items for which the management is in process of getting Technical/Commercial/Marketevaluation.

Note No: 3.13 ASSETS/ LIABILITIES HELD FOR SALE (Rupees in Lakhs)


AssetsInvestment 69,704.00 59,953.77Non Current financial Assets – 10,383.52Cash and Cash Equivalents 241.18 295.17Current financial Assets 571.05 9,741.22

––––––––––––– –––––––––––––Total Assets 70,516.23 80,373.68

––––––––––––– –––––––––––––LiabilitiesCurrent Financial Liabilities 7,410.21 5,215.94

––––––––––––– –––––––––––––Total Liabilities 7,410.21 5,215.94

––––––––––––– –––––––––––––

Note No: 3.14 SHARE CAPITAL

AUTHORISED SHARE CAPITAL (Rupees in Lakhs)


46,00,00,000 (46,00,00,000 in FY 17) Equity Shares, Rs. 2/- Par Value 9,200.00 9,200.005,00,000 (5,00,000 in FY 17) Preference Shares, Rs. 100/- Par Value 500.00 500.00

––––––––––––– –––––––––––––Total 9,700.00 9,700.00

––––––––––––– –––––––––––––



ISSUED, SUBSCRIBED AND PAID-UP EQUITY SHARE CAPITAL (Rupees in Lakhs)


37,81,22,838 (37,81,22,838 in FY 17) Equity Shares, fully paid-up of Rs. 2/- Par Value 7,562.46 7,562.46––––––––––––– –––––––––––––

Total 7,562.46 7,562.46––––––––––––– –––––––––––––

Note No: 3.14.1 The reconciliation of the number of shares outstanding and the amount of share capital asat 31.03.2018,31.03.2017 is set out below:

EQUITY SHARES (Rupees in Lakhs)


Number of Amount Number of AmountShare Share

Number of shares at the beginning 378,122,838 7,562.46 378,122,838 7,562.46Add: Shares issued during the period – – – –Number of Shares at the end 378,122,838 7,562.46 378,122,838 7,562.46

PREFERENCE SHARES* (Rupees in Lakhs)


Number of Amount Number of AmountShare Share

Number of shares at the beginning 500,000 50.00 500,000 50.00

Add: Shares Issued during the period – – – –

Number of Shares at the end 500,000 50.00 500,000 50.00

*Shown under the head Borrowings in note no 3.16 in terms of Ind AS

Note No: 3.14.2 Rights, preferences and restrictions attached to Shares

Equity Shares: The Company has Issued equity shares having a par value of Rs 2/- per share. Each shareholder iseligible to one vote per share held.

The Company declares and pays dividends in Indian rupees.The dividend, if proposed by the Board of Directors, issubjected to the approval of the shareholders in the Annual General Meeting, except in case of interim dividend. Inthe event of liquidation of the Company, the equity shareholders are eligible to receive the remaining assets of theCompany, after distribution of all preferential amounts. The distribution will be in proportion to the number of equityshare held by the shareholders.

Preference Shares: The Company currently has Issued 0.1% non cumulative redeemable preference shares of Rs100/- each. Preference shares will be redeemed after 18 years from the date of allotment at such premium as maybe decided by the board of directors, subject to minimum equivalent to issue price.



Note No: 3.14.3 Shares held by holding/ultimate holding company and or their subsidiaries/associates(Rupees in Lakhs)


Equity SharesAmtek Auto Ltd. 115,682.272 115,682,272Metalyst Forgings Limited 61,500,000 61,500,000

Preference SharesAmtek Laboratories Ltd. 166,667 166,667Asia International Pvt. Limited 333,333 333,333

Note : 3.14.4 Details of Shareholders Holding more than 5% Share Capital (Rupees in Lakhs)


Number of % of Number of % ofShares Holding Share Holding

Equity SharesAmtek Auto Ltd. 115,682,272 30.59% 115,682,272 30.59%Metalyst Forgings Limited 61,500,000 16.26% 61,500,000 16.26%Standard Chartered Bank Singapore – 0.00% – 0.00%

Preference SharesAmtek Laboratories Ltd. 166,667 33.33% 166,667 33.33%Asia International Pvt. Limited 333,333 66.67% 333,333 66.67%

Note No : 3.14.5 Details of bonus shares issued during the last five years (In Numbers) (Rupees in Lakhs)

Nature 31.03.2018 31.03.2017 31.03.2016 30.09.2015 30.09.2014

Equity Shares Nil Nil Nil Nil Nil

Note No: 3.15 OTHER EQUITY (Rupees in Lakhs)


(A) Capital ReserveOpening Balance as on 01.04.2017 338.80 338.80Addition/(deduction) during the period (net) – –

––––––––––––– –––––––––––––Closing Balance as on 31.03.2018 338.80 338.80

––––––––––––– –––––––––––––(B) Securities Premium ReserveOpening Balance as on 01.04.2017 199,885.23 199,885.23Addition/(deduction) during the period (net) – –

––––––––––––– –––––––––––––Closing Balance as on 31.03.2018 199,885.23 199,885.23

––––––––––––– –––––––––––––(C) Debenture Redemption ReserveOpening Balance as on 01.04.2017 24,270.00 24,270.00Addition/(deduction) during the period (net) – -


––––––––––––– –––––––––––––



(D) General ReserveOpening Balance as on 01.04.2017 111,257.92 111,257.92Addition/(deduction) during the period (net) – –


––––––––––––– –––––––––––––(E) Foreign Currency Translation ReserveOpening Balance as on 01.04.2017 – –Addition/(deduction) during the period (net) – –

––––––––––––– –––––––––––––Closing Balance as on 31.03.2018 – –

––––––––––––– –––––––––––––(F) Retained EarningsOpening Balance as on 01.04.2017 (108,952.85) (833.75)(i) Restated balance at the beginning of the reporting period – -(ii) Profit/ (Loss) for the period (181,129.94) (108,119.27)(iii) realised (losses)/gain on equity shares carried at fair value through OCI – 0.17

(iv) Foreign currency translation Reserve – –––––––––––––– –––––––––––––

Closing Balance as on 31.03.2018 (290,082.79) (108,952.85)––––––––––––– –––––––––––––

(G) Other Comprehensive Income (OCI)(i) Remeasurement of Net Defined Employee Benefits Obligation 260.18 117.01(ii) Investments through OCI 15.93 12.31(iii) Exchange Diffrence on foreign currency translation (10,539.57) (10,544.63)(iv) Equity Component of Compound Financial Instruments

(Prefrence Shares) 6,551.22 6,551.22––––––––––––– –––––––––––––

Closing Balance as on 31.03.2018 (3,712.24) (3,864.09)––––––––––––– –––––––––––––

Closing Balance as on 31.03.2018 Grand Total (A+B+C+D+E+F+G) 41,956.92 222,935.01––––––––––––– –––––––––––––

Note No: 3.16 BORROWINGS(Rupees in Lakhs)


SECURED LOANSNon-Convertible Debentures- from financial institutions – –

Term Loans- from banks & financial institutions – –

UNSECURED LOANSLiability component of Preference Share Capital0.1% Non Cumulative Redeemable Preference Shares, Rs. 10/- Par Value9,66,178 ( 9,66,178 in FY 17) Preference Shares,Fully paid up 1,271.23 1,130.84Others – –

––––––––––––– –––––––––––––Total 1,271.23 1,130.84

––––––––––––– –––––––––––––* In view of default in payment of interest/repayment of instalments, all term loans/NCD’s and ECB’s have becomepayable on demand and therefore, have been taken to the head “Other Current Financial Liabilities”



Note No: 3.17 LONG TERM PROVISIONS (Rupees in Lakhs)


(i) Provision for Employee BenefitsGratuity 591.99 627.01Leave Encashment 463.47 518.70

(ii) OthersDismentling 1,646.99 1,503.37

––––––––––––– –––––––––––––Total 2,702.45 2,649.08

––––––––––––– –––––––––––––

Note No: 3.18 OTHER NON CURRENT LIABILITIES (Rupees in Lakhs)


Promotor contribution 12,178.32 12,178.32[In Terms of Corrective Action Plan approved by joint lenders’ forum (JLF)]

––––––––––––– –––––––––––––Total 12,178.32 12,178.32

––––––––––––– –––––––––––––



(i) Bank Borrowing for Working Capital- From Banks * 141,812.42 129,157.28

(ii) Corporate Loan- From Banks & Financial Institutions – -

––––––––––––– –––––––––––––Total 141,812.42 129,157.28

––––––––––––– –––––––––––––*Working Capital facilities are secured by hypothecation of raw material, semi-finished goods/stock-in-process,consumable stores and book debts of the company.

Note No: 3.20 TRADE PAYABLES* (Rupees in Lakhs)


(A) Total outstanding dues of micro and small enterprises

(a) the principal amount and the interest due thereon (to be shownseparately) remaining unpaid to any supplier at the end of eachaccounting year; 178.25 190.41

(b) the amount of interest paid by the buyer in terms of section 16of the Micro, Small and Medium Enterprises Development Act, 2006,along with the amount of the payment made to the supplierbeyond the appointed day during each accounting year; – –

(c) the amount of interest due and payable for the period of delay inmaking payment (which have been paid but beyond the appointed



day during the year) but without adding the interest specified under theMicro, Small and Medium Enterprises Development Act, 2006; – –

(d) the amount of interest accrued and remaining unpaid at the end ofeach accounting year; and – –

(e) the amount of further interest remaining due and payable even in thesucceeding years, until such date when the interest dues above areactually paid to the small enterprise, for the purpose of disallowanceof a deductible expenditure under section 23 of the Micro, Small andMedium Enterprises Development Act, 2006. – –

(B) Total outstanding dues of creditor other than micro and small enterprises 10,306.79 11,010.18––––––––––––– –––––––––––––

Total 10,485.04 11,200.59––––––––––––– –––––––––––––

Note No: 3.21 OTHER FINANCIAL LIABILITIES (Rupees in Lakhs)


Current Maturity of Long Term Borrowings – –Loan Instalments Due but not paid – –Term Debt From Banks & financial institutions* 499,050.98 498,205.35Interest Accrued but not due on borrowings 184.54 494.62Interest Accrued and due on borrowings** 104,500.16 55,452.01Unpaid Dividends 6.69 8.19Retention Money/Security Deposits 275.94 84.47Other Liabilities – –

––––––––––––– –––––––––––––Total 604,018.31 554,244.64

––––––––––––– –––––––––––––i) Since all term loans have become payable on demand in view of defaults in repayment of instalments/part of

interest, entire term loan has been shown as current liablities.ii) Interest on borrowings upto the date of 20th December 2017, the date on which IRP was appointed.iii) Terms debts are secured by Mortgage/hypothication of movable and immovable assets of the compnay.

Note No: 3.22 OTHER CURRENT LIABILITIES (Rupees in Lakhs)


Other Expenses Payable 1,746.70 1,631.61Statutory Dues 2,931.14 1,581.03Capex Trade Payable 1,091,37 890.22Other Liabilities 4,207.13 548.31

––––––––––––– –––––––––––––Total 9,976.34 4,651.17

––––––––––––– –––––––––––––

Note No: 3.23 SHORT TERM PROVISIONS (Rupees in Lakhs)


Provision for Employee Benefits-Gratuity 12.90 13.88-Leave Encashment 8.99 10.06

––––––––––––– –––––––––––––Total 21.89 23.94

––––––––––––– –––––––––––––



Note No: 3.24 REVENUE FROM OPERATIONS (Rupees in Lakhs)


Sales of Products 52,090.11 143,402.23Other Sales and Services 338.17 3,107.23Other Operating Revenues 94.04 210.63

––––––––––––– –––––––––––––Total 52,522,32 146,720.09

––––––––––––– –––––––––––––Note:- Sales include component bought & sold, direct export and indirect export.

Note No: 3.25 OTHER INCOME (Rupees in Lakhs)


Interest 30.83 51.36Dividend 25.51 0.88Gain on Disposal of Property, Plant and Equipment (Net) – 1.16Rental 9.46 7.71Others 1,101.22 82.43

––––––––––––– –––––––––––––Total 1,167.02 143.54

––––––––––––– –––––––––––––

Note No: 3.26 COST OF MATERIALS CONSUMED (Rupees in Lakhs)


Opening Stock of Raw Material 30,840.77 37,858.57Add : Purchase of Raw Material 28,039.42 92,802.98

––––––––––––– –––––––––––––58,880.20 130,661.55––––––––––––– –––––––––––––

Less : Closing Stock of Raw Material 516.94 30,840.77––––––––––––– –––––––––––––58,363.25 99,820.78––––––––––––– –––––––––––––

Note:- Raw material mainly include steel bars/billets, forgings, alloys casting, alluminium casting.

Note No: 3.26.1 IMPORTED AND INDIGENOUS RAW MATERIAL (Rupees in Lakhs)


Rupees (% of Rupees (% ofTotal Consumption Total Consumption

of Raw Material) of Raw Material)

Raw materialConsumption of imported Raw material – –(Percentage of Consumption of Raw Material) – –Consumption of similar domestic Raw material 58,363.25 99,820.78(Percentage of Consumption of Raw Material) 100% 100%

––––––––––––– –––––––––––––Total Consumption of Raw material 58,363.25 99,820.78

––––––––––––– –––––––––––––



Note No: 3.27 CHANGE IN INVENTORIES OF FINISHED GOODS, WORK IN PROGRESS & STOCK IN TRADE(Rupees in Lakhs)


Opening Stock as on 01-04-2017- Work in Progress 49,299.17 69,704.37- Finished Goods 53.91 96.69- Scrap 85.51 –

––––––––––––– ––––––––––––– Total Opening stock 49,438.59 69,801.06

––––––––––––– –––––––––––––Less : Closing Stock as on 31-03-2018- Work in Progress 14,599.78 49,299.17- Finished Goods 47.66 53.91- Scrap 11.00 85.51

––––––––––––– –––––––––––––Total Closing stock 14,658.44 49,438.59

––––––––––––– –––––––––––––Less: Dimunition in value of inventory disposed off 60,990.96 23,107.05

––––––––––––– –––––––––––––Net (Increase)/ Decrease in Inventories (26,210.81) (2,744.58)

––––––––––––– –––––––––––––* Considering the current operating levels of the Company, and the ongoing CIRP it is not possible to determine,Impairment, if any, in the economic value of the tools, dies and moulds.

Note No: 3.28 EXPENSES

Employee Benefits Expenses (Rupees in Lakhs)


Salaries & Wages 5,898.58 8,062.08Other Contribution & Staff Welfare Expenses 476.44 361.92

––––––––––––– –––––––––––––Total 6,375.02 8,424.00

––––––––––––– –––––––––––––Finance Costs (Rupees in Lakhs)


Interest Expenses 63,862.15 80,169.68Interest Expense on Term Loans – –Interest Expense on Working Capital – –Interest on Redeemable Preference Shares 140.40 124.89Interest cost on Employee Benefits 88.59 93.66Interest cost on Dismentling 143.62 109.38Other Borrowing Costs – 8.00

––––––––––––– –––––––––––––Total 64,234.76 80,505.61

––––––––––––– –––––––––––––* Interest expense include interest on bank borrowings upto 20th December, 2017



Depreciation and Amortisation Expenses (Rupees in Lakhs)


Depreciation & Amortisation 47,483.44 52,651.14––––––––––––– –––––––––––––

Total 47,483.44 52,651.14––––––––––––– –––––––––––––

Other Expenses (Rupees in Lakhs)


A) Manufacturing ExpensesConsumption of Stores & Spare Parts 3,919.13 4,304.37Power & Fuel 9,949.31 10,334.73Testing Fees & Inspection Charges 2.09 8.52 Freight Inwards 186.06 357.04 Repairs to Plant & Machinery 393.51 454.80

––––––––––––– –––––––––––––Total Manufacturing Expenses (A) 14,450.11 15,459.46

––––––––––––– –––––––––––––B) Administrative & Selling Expenses

Advertisement & Publicity 15.06 0.55Auditor’s Remuneration 17.70 15.00Balances written off – –Bank Charges 16.62 167.52Books & Periodicals 0.50 0.33Customer Relation Expenses 84.10 26.18Charity & Donation 0.16 0.04Directors Remuneration & Perquisites 75.00 29.68Exchange fluctuation – –Insurance Charges 133.25 140.70Legal & Professional 502.14 138.74Loss on disposal of Property, Plan and Equipment – –Office and Factory 214.60 154.27Printing & Stationery 31.28 42.29Provision for Bad Debts – –Rate, Fee & Taxes 50.27 67.98Rent 124.94 81.43Repairs & Maintenance 109.16 133.73Running & Maintenance of Vehicle 116.27 106.45Subscription & Membership Fees 9.11 4.08Telephone, Communication and Postage 50.02 47.09Travelling & Conveyance 127.07 199.03Watch & ward 104.56 115.91Interest on delayed payment of taxes 31.00 –Recrutment & Training 2.40 –

Selling & Distribution ExpensesPacking, Forwarding, discounts, Warranty Claims,freight outwards & Other selling expenses 769.69 1,068.49

––––––––––––– –––––––––––––Total Administrative & Selling Expenses (B) 2,584.90 2,539.49

––––––––––––– –––––––––––––Total (A + B) 17,035.01 17,998.95

––––––––––––– –––––––––––––



Note No: 3.28.1 OTHER EXPENSES (Rupees in Lakhs)


Auditors PaymentsAs Auditor 11.00 10.00For taxation matters 1.50 1.80For reimbursement of expenses 2.50 3.20

––––––––––––– –––––––––––––Total 15.00 15.00

––––––––––––– –––––––––––––

Note No: 3.28.2 EXPENDITURE IN FOREIGN CURRENCY (Rupees in Lakhs)


Legal and Other Expenses – 3.47

Legal Expenses 73.68 –––––––––––––– –––––––––––––

Total 73.68 3.47––––––––––––– –––––––––––––

Note No: 3.28.3 IMPORTED AND INDIGENOUS SPARE PARTS & COMPONENTS (Rupees in Lakhs)


Amount (% of Total Amount (% of TotalConsumption of Spare Consumption of Spare

parts & components) parts & components)

Consumption of imported spares parts and components 20.97 34.05(% age of consumption) 0.54% 0.79%Consumption of similar domestic spares parts and components 3,898.16 4,270.32(% age of consumption) 99.46% 99.21%

––––––––––––– –––––––––––––Total 3,919.13 4,304.37

––––––––––––– –––––––––––––

Note No: 3.28.4 VALUE OF IMPORTS CALCULATED ON C.I.F. BASIS (Rupees in Lakhs)


Raw material – –Components and spare parts 20.97 34.05Capital goods – 253.71

––––––––––––– –––––––––––––Total 20.97 287.76

––––––––––––– –––––––––––––



Note No: 3.28.5 CONTINGENT LIABILITIES AND COMMITMENTS (To The Extent Not Provided For)*(Rupees in Lakhs)


Bank Guarantees Issued by bank on company’s behalf 52.00 52.00Corporate Guarantees Issued by company 32,300.00 32,300.00Disputed Sales tax/Vat/entry Tax/Excise Duty/Service Tax/IncomeTax & Others (Including Interest and penalty) 1,789.31 3,237.28Any amount that the Company may be liable to pay onfinalisation of legal cases pending against the company Amount not Amount notincluding the recall on notice issued by various banks/Fll’s ascertainable ascertainable

––––––––––––– –––––––––––––Total 34,141.31 35,589.28

––––––––––––– –––––––––––––* Contingent Assets are neither recognised nor disclosed

Note No: 3.28.6 CAPITAL COMMITMENT (Rupees in Lakhs)


Estimated amount of contracts remaining to be executed on,capital account and not provided for (Net) 180.60 180.60

––––––––––––– –––––––––––––Total 180.60 180.60

––––––––––––– –––––––––––––

Note No: 3.29 Exceptional Items [(Income)/Expense] (Rupees in Lakhs)


i) Additional Depreciation – 16,927.55ii) Provision for doubtfull debts 3,841.07 –iii) Balance W/Off 867.30 –iv) Quality Claims 395.41 –v) Dimuntion in value of Inventory disposed off 60,990.96 23,107.05vi) Dimunition in value of investment 924.89 –

––––––––––––– –––––––––––––Total 67,019.63 40,034.60

––––––––––––– –––––––––––––

Note No: 3.30 OTHER COMPREHENSIVE INCOME (OCI) (Rupees in Lakhs)


Effects of transition of Ind AS on Defined Benefit Plans:A (i) Items that will not be reclassified to Profit or lossi) Reclassification of actual gains/(losses), arising in respect of Earned Leave 59.83 62.28ii) Deferred Tax effect – (19.24)iii) Reclassification of actual gains/(losses), arising in respect of Gratuity 83.38 (80.97)iv) Deferred Tax effect – 25.02v) Profit on revaluation on Short term Investment 2.73 16.47



B (i) Items that will be reclassified to profit or lossi) Exchange Difference on foreign currency translation – 133.15ii) Deferred Tax effect – 241.70

––––––––––––– –––––––––––––Total 145.94 378.41

––––––––––––– –––––––––––––

Note No: 3.31 PROFIT / (LOSS) FROM DISCONTINUED OPERATIONS (Rupees in Lakhs)


Revenue – 419.22Less: Expenses 10,044.9 827.12Add: Associate’s share – (5,498.13)

––––––––––––– –––––––––––––Profit /(Loss ) for the period before tax (10,044.9) (5,906.03)

––––––––––––– –––––––––––––Less: Tax Expenses 1,311.3 (1,636.08)

––––––––––––– –––––––––––––Profit/(Loss) for the period after tax (8,733.6) (4,269.95)

––––––––––––– –––––––––––––Add: Other comprehensive Income(i) Items that will be reclassified to profit or lossi) Exchange fluctuation on foreign currency translation 8,213.5 (11,252.0)iii) Deferred Tax effect – 149.3

––––––––––––– –––––––––––––Total Comprehensive Income for the period 8,213.5 (11,102.65)

––––––––––––– –––––––––––––Total (520.09) (15,372.60)

––––––––––––– –––––––––––––

Note No : 3.32 BASIC EPS & DILUTED EPS & EXCEPTIONAL ITEM (Rupees in Lakhs)


BasicOpening number of Shares 378,122,838.00 378,122,838.00Share issued during the year – –Shares bought back during the year – –Total Shares outstanding 378,122,838.00 378,122,838.00Weighted Average No of Shares 378,122,838.00 378,122,838.00Profit/(Loss) after tax for the period fromcontinuing operations (Rs. In Lakhs (180,609.86) (103,849.32)EPS for continuing operations (Rs.Per Share) (47.76) (27.46)Profit/(Loss) after tax for the period from discontinuedoperations (Rs. In Lakhs) (8,733.63) (4,269.95)EPS for discontinued operations (Rs.Per Share) (2.31) (1.13)Profit/(Loss) after tax for the period from continuing &discontinued operations (Rs. In Lakhs) (189,343.49) (108,119.27)EPS for continuing & discontinued operations (Rs.Per Share) (50.07) (28.59)



DilutedNumber of shares considered as basic weighted average shares outstanding 378,122,838.00 378,122,838.00Add: Weighted Average of Dilutive Equity – –Number of shares considered as diluted for calculating ofEarning per share Weighted Average 378,122,838.00 378,122,838.00Profit/(Loss) after Tax for the period from continuingoperations (Rs. In Lakhs) (180,609.86) (103,849.32)Add: Effective Cost of Dilutive Equity – –Profit/(Loss) after tax for the period from continuing operations(Rs. In Lakhs) for Dilution (180,609.86) (103,849.32)Diluted EPS for continuing operations (Rs.Per Share) (47.76) (27.46)Profit/(Loss) after tax for the period from discontinued operations(Rs. In Lakhs) for Dilution (8,733.63) (4,269.95)Diluted EPS for discontinued operations (Rs.Per Share) (2.31) (1.13)Profit/(Loss) after tax for the period from continuing& discontinued operations (Rs. In Lakhs) for Dilution (189,343.49) (108,119.27)Diluted EPS for continuing & discontinued operations (Rs.Per Share) (50.07) (28.59)

Note No : 3.33 EMPLOYEE BENEFITS (Ind AS-19)The following data are based on the report of the actuaryThe principal assumptions used in the actuarial valuations are as below:-


Discount rate 0.075 0.075Future Salary Escalation Rate 0.10 0.10Average Remaining working life (Years) 20.48 20.75Retirement Age 58 58

GRATUITY (UNFUNDED)i. Change in Net Defined Benefit obligations: (Rupees in Lakhs)


Net Defined Benefit liablity as at the start of the period 652.46 641.47Service Cost 76.28 85.06Net Interest Cost (Income) 48.93 51.32Actuarial ( Gain) /Loss on obligation (83.35) 80.97Benefits Paid directly by the enterprise (89.44) (206.36)


ii. The Amount Recognised in the Income Statement (Rupees in Lakhs)


Service Cost 76.28 85.06Net Interest Cost 48.93 51.32Expected Return on plan assets – –Net Actuarial (Gain)/ Loss recognized in the year – –

Expenses recognised in the Income Statement 125.21 136.38





Net cumulative unrecognized actuarial gain/(loss) opening 83.35 (80.97)Actuarial gain / (loss) for the year on PBO – –Actuarial gain /(loss) for the year on Asset – –Net Actuarial (Gain)/ Loss recognized in the year – –

Unrecognized actuarial gain/(loss) at the end of the year 83.35 (80.97)



Present Value of Obligation at the end of the year 604.89 652.46Fair Value of Plan AssetsUnunded Liability/Provision in Balance Sheet (604.89) (652.46)






LEAVE ENCASHMENT (UNFUNDED)i. Table Showing Change in Benefit obligations: (Rupees in Lakhs)


Present value of obligation as at the start of the period 528.76 529.34Current Service Cost 39.02 56.79Interest Cost 39.66 42.35Actuarial (Gain) /Loss on obligation (59.83) (62.28)Benefits Paid (75.16) (37.43)


ii. The Amount Recognised in the Income Statement. (Rupees in Lakhs)


Service Cost 39.02 56.79Net Interest Cost 39.66 42.35Expected Return on plan assets – –Net Actuarial (Gain)/ Loss recognized in the year – –

Expenses (Income) recognised in the Income Statement 78.68 99.14





Net cumulative unrecognized actuarial gain/(loss) opening – –Actuarial gain / (loss) for the year on PBO – –Actuarial gain /(loss) for the year on Asset – –Net Actuarial (Gain)/ Loss recognized in the year 59.83 33.18

Unrecognized actuarial gain/(loss) at the end of the year 59.83 33.18



Present Value of Obligation at the end of the year 472.46 528.77Fair Value of Plan Assets – –Ununded Liability/Provision in Balance Sheet (472.46) (528.77)Unrecognised Actuarial (Gain) / Losses – –






Note No : 3.34 Financial instrumentsThe significant accounting policies, including the criteria for recognition, the basis of measurement and the basis onwhich income and expenses are recognised, in respect of each class of financial asset, financial liability and equityinstrument are disclosed in the financial statements.

Financial assets and liabilities :The carrying value of financial instruments by categories as of March 31, 2018 is as follows:



Financial AssetsCash and cash equivalents – – 1,740.42 1,740.42Investments (Other than in subsidiary) – 49.91 – 49.91Trade receivables – – 36,536.55 36,536.55Other financial assets – – 130.95 130.95

Total – 49.91 38,407.92 38,457.83

Financial LiabilitiesTrade payables – – 10485.04 10485.04

Borrowings – – 141,812.42 141,812.42Other financial liabilities – – 604,018.31 604,018.31

Total – – 756,315.77 756,315.77






Financial AssetsCash and cash equivalents – – 1,093.80 1,093.80Investments (Other than in subsidiary – 45.08 – 45.08Trade receivables – – 33,837.62 33,837.62Other financial assets – – 268.64 268.64

Total – 45.08 35,200.06 35,245.14

Financial LiabilitiesTrade payables – – 11,200.59 11,200.59Borrowings – – 129,157.27 129,157.27Other financial liabilities – – 554,244.64 554,244.64

Total – – 694,602.50 694,602.50

Fair value hierarchy

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are eitherobservable or unobservable and consists of the following three levels:

Level 1 — Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 — Inputs are other than quoted prices included within Level 1 that are observable for the asset or liability, eitherdirectly (i.e. as prices) or indirectly (i.e. derived from prices).

Level 3 — Inputs are not based on observable market data (unobservable inputs). Fair values are determined in wholeor in part using a valuation model based on assumptions that are neither supported by prices from observable currentmarket transactions in the same instrument nor are they based on available market data.

The financial instruments included in Level 2 of fair value hierarchy have been valued using quotes available for similarassets and liabilities in the active market. The investments included in Level 3 of fair value hierarchy have been valuedusing the cost approach to arrive at their fair value. The cost of unquoted investments approximate the fair valuebecause there is a range of possible fair value measurements and the cost represents estimate of fair value withinthat range.

The following table summarises financial assets and liabilities measured at fair value on a recurring basis and financialassets that are not measured at fair value on a recurring basis (but fair value disclosure are required):



Cash and cash equivalents – – 1,740.42 1,740.42Trade receivables – – 36,536.55 36,536.55Other financial assets – – 130.95 130.95Mutual fund units 49.91 – – 49.91Financial LiabilitiesTrade payables – – 10485.04 10485.04Borrowings – – 141,812.42 141,812.42Other financial liabilities – – 604,018.31 604,018.31





Cash and cash equivalents – – 1,093.80 1,093.80Trade receivables – – 33,837.62 33,837.62Other financial assets – – 268.64 268.64Mutual fund units 45.08 – – 45.08Financial LiabilitiesTrade payables – – 11,200.59 11200.59Borrowings – – 129,157.27 129,157.27Other financial liabilities – – 554,244.64 554,244.64

Note No. 3.35 Financial risk Mangaement objectives and policies

The Company’s principal financial liablities comprise loans and borrowings, trade and other payables. The mainpurpose of these financial liabilities is to finance the Company’s operations and to support its operations. TheCompany’s financial assets include investment, loans, trade and other receivables, and cash & cash equivalents thatderive directly from its operations. The Company is exposed to market risk, credit risk and liquidity risk, Consideringon-going CIRP process, quantum of these risks are not ascertainable.

Note No. 3.36

Related Party Disclosures & Transactions

In accordance with the requirements of Indian Accounting Standard (Ind AS-24) the names of the related parties wherecontrol exists and /or with whom transactions have taken place during the period and description of relationships asidentified and certified by the management are as hereunder:

A) Names of related parties & description of relationship

1 Associate 1) Aaron Steel & Alloys (P) Ltd.2) Asta Motercycles & Scooter India Ltd.3) Amtek Auto Ltd.4) Blaze Spare Parts (P) Limited5) Domain Steel & Alloys (P) Ltd.6) Gagandeep Steel & Alloys (P) Ltd.7) Neelmani Engine Components (P) Ltd.8) Terrasoft Infosystems (P) Ltd.

2 Subsidiary 1) Amtek Kuepper GmbH

3) Subsidiaries of the Associate Company 1) Amtek Deutshland GmbH2) Amtek Investment UK Ltd.3) Amtek Germany Holding GP GmBH4) Amtek Germany Holding GmBH & Co. KG5) Amtek Holding BV6) Amtek Global Technologies Pte. Ltd.7) Amtek Transportation Systems Ltd.8) Alliance Hydro Power Ltd.9) JMT Auto Limited10) Amtek Precision Engineering Pte. Ltd.11) Amtek Integrated Solutions Pte. Ltd.12) Amtek Engineering Solutions Pte Ltd



4) Subsidiaries of Subsidiaries of the 1) Amtek Tekfor Holding GmbHAssociate Company 2) Neumayer Tekfor GmbH

3) Tekfor Services GmbH4) Neumayer Tekfor Rotenburg GmbH5) Neumayer Tekfor Schmolln GmbH6) Neumayer Tekfor Engineering GmbH7) GfsV8) Neumayer Tekfor Japan Co. Ltd.9) Tekfor Inc.10) Tekfor Maxico SA de CV11) Neumayer Tekfor Automotive Brasil Ltda.12) Neumayer Tekfor SpA13) Tekfor Maxico Services14) Tekfor Services Inc.15) August Kupper GmbH16) H.J Kupper System- Und Modultechnik GmbH17) H.J Kupper Metallbearbeitung GmbH18) SKD- GieBerei GMBH19) Kupper Hungaria Kft20) Asahitec Metals (Thailand) Co., Ltd21) Asahi Tec Metals Co. Ltd.22) Techno-Metal Co., Ltd.23) Techno Metal Amtek Japan Investments Ltd.24) Techno Metal Amtek U.K. Investments25) Techno Metal Amtek Thai Hold Co.26) Amtek Universal Technologies Pte Ltd27) AIMD GmbH; Hamburg28) M. Droste Stahlhandel GmbH, Bochum29) HAPU Industrie Vertretungen GmbH, Witten30) OWZ Ostalb-Warmbehandlungszentrum GmbH,

Essingen31) SRT GmbH, Essingen32) WTL Werkstofftechnik-Labor GmbH, Aalen33) AIFT GmbH, Hamburg34) BEW-Umformtechnik GmbH, Rosengarten35) GHV Schmiedetechnik GmbH, Ennepetal36) Amtek Machining System Pte Ltd.37) Rege Motorenteile GmbH38) Rege Motorenteile Verwaltungs GmbH39) Rege Holding GmbH40) Rege Automotive Brasov SRL41) Rege Solutions42) Amtek Component Sweden

5) Joint Venture of Associate Company 1) Amtek Powertrain Limited2) SMI Amtek Crankshafts Pvt. Ltd.

6) Associates of the Associate Company 1) ARGL Ltd.2) ACIL Ltd.3) METALYST FORGINGS LIMITED

7) Joint Venture of Subsidiary of the 1) SFE GmbHAssociate company



8) Associates of Subsidiaries of the 1) Amtek Railcar Pvt. Ltd.Associate company

9) Joint Venture 1) Amtek Riken Casting Pvt. Ltd.

10) Key Management Personnel 1) Mr. Sanjay Arora as an Additional Director and WholeTime Director of the Company w.ef. 27th March, 2017.

2) Mr. John Ernest Flintham as a Managing Director of theCompany w.e.f February 14, 2017.

3) Mr. Darshan Prasad Yadav, CFO upto 01st November,20174) Mr. Ajay Kumar, CFO w.e.f 27th November, 20175) Ms. Bhavya Sehra, Company Secretary6) Ms. Ruchika, Company Secretary w.e.f. 12th February,

2018.

Note No: 3.37The Previous period figures have been regrouped / reclassified, wherever considered necessary to conform to thecurrent year presentation.




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RevenueStamp of Rs.

1/-

CASTEX TECHNOLOGIES LIMITEDRegistered Office: Village Narsinghpur, Mohammadpur, Old Manesar Road, Gurugram, Haryana-122001. India

Tel.: +91-11-42344444; E-mail: [email protected];Website: www.amtek.com; CIN: L65921HR1983PLC033789

FORM MGT - 11PROXY FORM

(Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3) of the Companies (Management and Administration) Rules, 2014)

CIN: L65921HR1983PLC033789

Name of the Company CASTEX TECHNOLOGIES LIMITED

Registered Office : Village Narsinghpur, Mohammadpur, Old Manesar Road, Gurugram, Haryana-122201

Name of the member(s) : E-mail id :

Registered address : Member’ Folio No./DP-ID-Client Id :

I / We, being the member(s) of _____________ Equity Shares of Castex Technologies Limited, hereby appoint:

1. Name : ____________________________________________________________ E-mail Id ______________________________________ :

Address : ____________________________________________________________________________________________________________

Signature : ___________________________________________________________________________________________ or failing him / her

1. Name : ____________________________________________________________ E-mail Id ______________________________________ :

Address : ____________________________________________________________________________________________________________


1. Name : ____________________________________________________________ E-mail Id ______________________________________ :

Address : ____________________________________________________________________________________________________________


as my / our proxy to attend and vote (on a poll) for me / us and on my / our behalf at the Thirty Fifth Annual General Meeting (AGM)of the Company, to be held on the Friday i.e. 28th day of September, 2018 at 3.00 P.M. at Village Narsinghpur, Mohammadpur, Old ManesarRoad, Gurugram, Haryana-122001 and at any adjournment thereof, in respect of such resolutions as are indicated below:

Resolution Description VOTE

N o . FOR AGAINST

1. A. To receive, consider and adopt the Audited standalone financial statement of the company for thefinancial year ended March 31, 2018 together with the reports of the Board of Directors and theAuditors thereon.

B. To receive, consider and adopt the Audited standalone financial statement of the company for thefinancial year ended March 31, 2018 together with the reports of the Board of Directors and theAuditors thereon

Special Business

2. RATIFICATION OF REMUNERATION TO BE PAID TO MR. YASH PAL SARDANA, COST ACCOUNTANTS,COST AUDITORS OF THE COMPANY FOR THE FINANCIAL YEAR 2018-2019

3. RELATED PARTY TRANSACTIONS

Signed this ……. day of …..…………….… 2018

Signature of Proxy Holder(s) .............................................

Signature of Shareholder .............................................

Notes: (1) TThis form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company,not less than 48 hours before the commencement of the Meeting.

(2) It is optional to indicate your preference. If you leave the For or Against column blank against any or all resolutions,your proxy will be entitled to vote in the manner as he/she may deem appropriate.



ATTENDANCE SLIP(to be handed over at the Registration Counter)

Folio No. DP ID -

No. of Shares: Client ID No.:

I/We hereby record my/our presence at the Thirty Fifth Annual General Meeting of the Company being held at VillageNarsinghpur, Mohammadpur, Old Manesar Road, Gurugram, Haryana-122001 on Friday, the 28th day of September,2018 at 03.00 P.M.

1. Name(s) of the Member : 1. Mr./Ms. ___________________________________________________________

and Joint Holder(s) 2. Mr./Ms. ___________________________________________________________

(in block letters) 3. Mr./Ms. ___________________________________________________________

2. Address : _______________________________________________________________________________________

_______________________________________________________________________________________________

3. Father’s/Husband’s Name (of the Member) : Mr . ______________________________________________________

4. Name of Proxy : Mr./Ms. _______________________________________________________________

1.

2.

3.

Signature of the Proxy Signature(s) of Member and Joint Holder(s)

Note:1. Please complete the Attendance slip and hand it over at the Registration Counter at the venue.2. ****Applicable for Investors holding Shares in electronic form.



Form No. MGT - 12 Polling Paper{Pursuant to Section 109(5) of the Companies Act, 2013 and rule 21(1) (c) of the Companies

(Management and Administration) Rules, 2014}

35TH ANNUAL GENERAL MEETING, ON 28th SEPTEMBER, 2018

BALLOT PAPER

Sr. No Particulars Details

1. Name of the First Named Shareholder/Proxy holder(In block letters)

2 Postal Address

3 Registered Folio No/*Client ID No. (*Applicable to investorsholdings Shares in dematerialized form)

4 Class of Shares

I hereby exercise my vote in respect of Ordinary/Special resolution (s) enumerated below by recording assent or dissentto the said resolutions in the following manner:

Sr.No. Item No No Shares I assent to I dissent fromheld by me the resolution the resolution

1. A. To receive, consider and adopt the Auditedstandalone financial statement of thecompany for the financial year ended March31, 2018 together with the reports of theBoard of Directors and the Auditors thereon.

B. To receive, consider and adopt the Auditedstandalone financial statement of thecompany for the financial year ended March31, 2018 together with the reports of theBoard of Directors and the Auditors thereon

2. To ratification of remuneration to be paid to Mr.Yash pal Sardana, cost accountants, cost auditorsof the company for the financial year 2018-2019.

3. Related Party Transactions

Place :

Date: Signature of the Shareholder / Proxy

BOOK-POST

If undelivered please return to :

CASTEX TECHNOLOGIES LIMITED3, Local Shopping Complex, Pamposh Enclave, Greater Kailash-INew Delhi-110 048 (INDIA)

castex technologies limitedcastex technologies limited (formerly known as amtek india limited)...

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