83rd - Annual - Report - Kores 17-18

KORES (INDIA) LIMITED
83rd Annual Report 2017-2018

(U21198MH1936PLC002494)
BOARD OF DIRECTORS AUDITORS ZONAL & BRANCH OFFICES
Shri. S. K. THIRANI R. SONI & CO. Ahmedabad

Chairman Chartered Accountants Bangalore
Surat
Shri. A. K. THIRANI REGISTERED OFFICE
Managing Director Bhopal
301/302, Ashford Chambers, Bhubaneshwar
Shri. R. K. SABOO Lady Jamshedji Road,
Mahim (W), Mumbai-400 016. Chandigarh
Executive Director
(U21198MH1936PLC002494) Coimbatore
Smt. REKHA THIRANI Chennai (Zonal Office)
Executive Director FACTORIES / WORKPLACE
Cuttack *
Shri. SAMEER MEHTA Indore: Ernakulam
Joint Managing Director Goa
Plot No.6, Industrial Area No.1,
Shri. VIVEK BAGRI Pithampur, M. P. Guwahati *
Joint Managing Director Hyderabad
Wankaner :
Indore
Smt. NANDINI S. MEHTA
Shri Amarsinhji Mills Jaipur
Executive Director
Post Bag No.3, Kolkata (Zonal Office)
Shri. J. P. GUPTA Wankaner, Gujarat.
Lucknow
Independent Director
Pune : Mumbai (Zonal Office)
Shri. K. G. MENON Delhi (Zonal Office)
Plant No.I:
Independent Director Nagpur *
E-14, 15 & 16, Bhosari Industrial Area,
Shri. ASHOKE BANERJEE Pune - 411 026. Patna *
Independent Director Plant No.II: Pune *
Gat No.149, Chakan Raipur *
CHIEF FINANCIAL OFFICER Talegaon Road, Chakan,
Shri. RAJESH SHARMA Ranchi *
Dist. Pune - 410 501.
Vijaywada *
COMPANY SECRETARY Roha : Zirakpur
Shri. CHINTAMANI THATTE
(* C & F Offices)
Plot No. 59A, 65B, 65C & 66A
BANKERS MIDC, Industrial Area, CONTENTS
CENTRAL BANK OF INDIA Dhatav, Roha, Dist. Raigad.
Notice ................................. 2
STATE BANK OF INDIA Directors’ Report ................ 15
BANK OF BARODA REGISTRAR AND SHARE TRANSFER
Standalone:
DENA BANK AGENT (RTA)
Auditors’ Report ................. 36
UNIVERSAL CAPITAL SECURITIES Balance Sheet .................... 42
PRIVATE LIMITED Profit & Loss Account ......... 43
21, Shakil Niwas, Opp. Satya Sai Baba Cash Flow Statement ......... 44
Temple, Mahakali Caves Road, Andheri Notes to Accounts .............. 58
(East), Mumbai - 400 093. Consolidated:
Tel. No.: +91-22-28207203 / 04 / 05 Auditors’ Report ................. 70
Fax No.: +91-22-28207207 Balance Sheet .................... 76
Email : [email protected] Profit & Loss Account ......... 77
Website : www.unisec.in Cash Flow Statement ......... 78
Notes to Accounts .............. 91
Proxy Form ......................... 105
ECS Mandate Form ............107
Map of Route to Kores ......... 108
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NOTICE
NOTICE is hereby given that the 83 rd Annual General M eeting of KORES (INDIA) LIMITED
(CIN:U21198MH1936PLC002494) will be held on Wednesday,12th September, 2018 at 5.00 P.M. at 4th Floor, Ashford
Chambers (City Light Cinema Building), Lady Jamshedji Road, Mahim (West), Mumbai 400 016 to transact the
following business:
ORDINARY BUSINESS:
1. ADOPTION OF AUDITED FINANCIAL STATEMENTS:
To receive, consider and adopt the Audited Financial Statements (Standalone and Consolidated) of the Company
for the financial year ended March 31, 2018 and the Reports of the Board of Directors and the Auditors’ thereon.
2. DECLARATION OF DIVIDEND ON PREFERENCE SHARES:
To confirm and declare dividend on Cumulative Redeemable Preference Shares for the year ended March 31,
2018.
3. DECLARATION OF DIVIDEND ON EQUITY SHARES:
To declare dividend on equity shares for the financial year ended on March 31, 2018
4. APPOINTMENT OF DIRECTOR LIABLE TO RETIRE BY ROTATION:
To appoint a Director in the place of Mr. Raj Kumar Saboo (DIN:00053600), who retires by rotation and being
eligible offers himself for re-appointment.
5. APPOINTMENT OF STATUTORY AUDITORS:
To pass the following resolution as an Ordinary Resolution:
“RESOLVED THAT pursuant to the provisions of Sections 139, 142 and other applicable provisions, if any, of the
Companies Act, 2013 (Act), read with the Companies (Audit and Auditors) Rules, 2014 (Rules), as amended from
time to time, M/s. R. Soni & Co, Chartered Accountants (Firm Registration No.130349W) be and are hereby
appointed as the Statutory Auditors of the Company to hold office from the conclusion of this Annual General
Meeting till the conclusion of 88th Annual General Meeting of the Company on such remuneration as may be
mutually agreed upon by the Board of Directors and the Statutory Auditors;
RESOLVED FURTHER THAT the Board of Directors (including its Audit Committee) of the Company be and is
hereby authorised to do all acts and take such steps as may be considered necessary or expedient to give effect
to the aforesaid resolution.”
SPECIAL BUSINESS:
6. REVISION IN REMUNERATION PAYABLE TO MR. ANAND KUMAR THIRANI (DIN: 00082344) – MANAGING
DIRECTOR OF THE COMPANY:
To consider and, if thought fit, to pass with or without modification(s) the following resolution as Special Resolution:
“RESOLVED THAT pursuant to the provisions of Sections 196, 197 and Schedule V to the Companies Act, 2013
(“the Act”) and Rules made thereunder to the extent applicable if any, approval and consent of the Company be
and is hereby accorded to the revision in terms of remuneration payable, as set out in explanatory statement
annexed to this notice, to Mr. Anand Kumar Thirani (DIN: 00082344) – Managing Director of the Company with
effect from April 1, 2018 with liberty to the Board of Directors (which shall be deemed to include Nomination and
Remuneration Committee of the Board of Directors) to fix, alter, and vary the terms and conditions of appointment
and / or remuneration as it may deem fit subject to the same not exceeding the limits specified in Section 197
read with Schedule V of the Companies Act, 2013 or any statutory modification(s) or re-enactment thereof;
RESOLVED FURTHER THAT in the event of absence or inadequacy of profits in any financial year during his
tenure as an Managing Director, Mr. Anand Kumar Thirani be paid the remuneration as set out in the statement
annexed to the notice as per Schedule V of the Companies Act, 2013;
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RESOLVED FURTHER THAT for the purpose of giving effect to this resolution, any one Director of the Company
or Company Secretary be and is hereby authorized, on behalf of the Company, to do all acts, deeds, matters and
things as deem necessary, proper or desirable and to sign and execute all necessary documents, applications
and return for the purpose of giving effect to this resolution along with filing of necessary e-form(s) with concerned
Registrar of Companies.”
7. APPOINTMENT OF MR. SAMEER MEHTA (DIN: 02945481) AS JOINT MANAGING DIRECTOR OF THE
COMPANY AND REVISION IN REMUNERATION PAYABLE TO HIM:
RESOLVED THAT pursuant to the provisions of Section 196, 197, 203 and Schedule V to the Companies Act,
2013 (“the Act”) and Rules made thereunder to the extent applicable if any, approval and consent of the Company
be and is hereby accorded to the appointment of Mr. Sameer Mehta (DIN: 02945481) as Joint Managing Director
of the Company, by change in his designation from Executive Director to Joint Managing Director, w.e.f. 10th August,
2018, liable to retire by rotation and to the revision in terms of remuneration, as set out in explanatory statement
annexed to this notice, payable to him with effect from October 1, 2017 with liberty to the Board of Directors (which
shall be deemed to include Nomination and Remuneration Committee of the Board of Directors) to fix, alter and
vary the terms and conditions of appointment and / or remuneration as it may deem fit subject to the same not
exceeding the limits specified in Section 197 read with Schedule V of the Companies Act, 2013 or any statutory
modification(s) or re-enactment thereof;
tenure as an Joint Managing Director, Mr. Sameer Mehta be paid the remuneration as set out in the statement
annexed to the notice as per Schedule V of the Companies Act, 2013;
8. APPOINTMENT OF MR. VIVEK BAGRI (DIN: 03527490) AS JOINT MANAGING DIRECTOR OF THE COMPANY
AND REVISION IN REMUNERATION PAYABLE TO HIM:
“RESOLVED THAT pursuant to the provisions of Section 196, 197, 203 and Schedule V to the Companies Act,
2013 (“the Act”) and Rules made thereunder to the extent applicable if any, approval and consent of the Company
be and is hereby accorded to the appointment of Mr. Vivek Bagri, (DIN: 03527490) as Joint Managing Director
of the Company, by change in his designation from Executive Director to Joint Managing Director, w.e.f. 10th August,
2018, liable to retire by rotation and to the revision in terms of remuneration, as set out in explanatory statement
annexed to this notice, payable to him with effect from October 1, 2017 with liberty to the Board of Directors (which
shall be deemed to include Nomination and Remuneration Committee of the Board of Directors) to fix, alter and
vary the terms and conditions of appointment and / or remuneration as it may deem fit subject to the same not
exceeding the limits specified in Section 197 read with Schedule V of the Companies Act, 2013 or any statutory
modification(s) or re-enactment thereof;
tenure as Joint Managing Director, Mr. Vivek Bagri be paid the remuneration as set out in the statement annexed
to the notice as per Schedule V of the Companies Act, 2013;
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9. APPOINTMENT OF BRANCH AUDITORS:
To consider and, if thought fit, to pass with or without modification(s) the following resolutions as Ordinary
Resolutions:
(a) M/S. V.B.S. & CO, FOR PEFCO AND CHAKAN FOUNDRY DIVISION:
“RESOLVED THAT pursuant to provisions of Section 139, 142 and other applicable provisions of the Companies
Act, 2013, if any, read with the Companies (Audit & Auditors) Rules, 2014, including any statutory enactment or
modification thereof, M/s. V.B.S. & Co, Chartered Accountants, Pune be and are hereby appointed as the Branch
Auditors to audit the accounts of the Pefco and Chakan Foundry Division of the Company, situated at Pune to
hold office from the conclusion of this Annual General Meeting till the conclusion of 88th Annual General Meeting
of the Company on such remuneration including out of pocket expenses and other expenses as may be mutually
agreed by and between the Board of Directors and the Auditors;
RESOLVED FURTHER THAT the any one of the Directors or the Company Secretary of the Company be and is
hereby authorised to do all such acts and take all such steps as may be necessary, proper and expedient to give
effect to this resolution.”
(b) M/S. NPM & ASSOCIATES, FOR ENGINEERING DIVISION:
“RESOLVED THAT pursuant to provisions of Section 139, 142 and other applicable provisions of the Companies
Act, 2013, if any, read with the Companies (Audit & Auditors) Rules, 2014, including any statutory enactment or
modification thereof, M/s. NPM & Associates, Chartered Accountants, Indore be and are hereby appointed as
the Branch Auditors and to audit the accounts of the Engineering Division of the Company, situated at Pithampur,
M.P. to hold office from the conclusion of this Annual General Meeting till the conclusion of 88th Annual General
Meeting of the Company on such remuneration including out of pocket expenses and other expenses as may be
mutually agreed by and between the Board of Directors and the Auditors;
RESOLVED FURTHER THAT any one of the Directors or the Company Secretary of the Company be and is hereby
authorised to do all such acts and take all such steps as may be necessary, proper and expedient to give effect
to this resolution.”
10. RATIFICATION OF REMUNERATION PAYABLE TO COST AUDITORS:
To consider and, if thought fit, to pass with or without modification(s) the following resolution as an Ordinary
Resolution:
“RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, if any, of the
Companies Act, 2013 (Act) read with the Companies (Audit and Auditors) Rules, 2014, as amended from time to
time, the Company does hereby ratify the remuneration of Rs. 2,25,000/- plus applicable taxes and out of pocket
expenses payable to M/s. A.G. Anikhindi & Co, Cost Accountants (Firm Registration Number 100049), who have
been appointed by the Board of Directors as the Cost Auditors of the Company, to conduct audit of the cost records
of the Company as prescribed under the Companies (Cost Records and Audit) Rules, 2014 for the financial year
2018-19;
RESOLVED FURTHER THAT any one of the Directors or the Company Secretary of the Company be and is
hereby authorised to do all such acts and take all such steps as may be necessary, proper and expedient to give
effect to this resolution.”
11. ACCEPTANCE OF DEPOSITS:
To consider and, if thought fit, to pass with or without modification(s) the following resolution as a Special
Resolution:
“RESOLVED THAT pursuant to the provisions of Section 73 and 76 of the Companies Act, 2013 (“Act”) read with
the Companies (Acceptance of Deposits) Rule 2014 and other applicable provisions, if any, and subject to such
conditions, approvals, permissions, as may be necessary, consent of the members be and is hereby accorded
to the Board of Directors to invite/accept fixed deposits from members and public within the limits prescribed
under the Act;
RESOLVED FURTHER THAT any one Director of Company or Company Secretary, be and is hereby authorised
to issue the circular in the form of advertisement, which has been approved by the Board of Directors of the
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Company at their meeting held on August 10, 2018, and which delineates the salient features of the Fixed Deposit
Scheme of the Company and other relevant particulars as prescribed by the Act and the Rules;
RESOLVED FURTHER THAT for the purpose of giving effect to this Resolution, the Board of Directors be and
is hereby authorized to do such acts, deeds, matters and thing as they may in their absolute discretion consider
necessary, proper, expedient, desirable or appropriate and take all necessary and desirable steps for the aforesaid
purpose and matters incidental thereto.”
12. ALTERATION OF ARTICLES OF ASSOCIATION :
To consider and, if thought fit, to pass with or without modification(s) the following resolution as a Special
Resolution:
“RESOLVED THAT pursuant to the provisions of sections 14 and other applicable provisions of the Companies
Act, 2013, read with rules thereunder including any amendment, re-enactment or modification thereof, approval
of the Shareholders be and is hereby granted for alteration in the Articles of Association as under:
After Article 99 (c) of the Articles of Association of the Company, the following Heading and the paragraph
thereunder be and is hereby added
Heading: The same individual may be the Chairperson cum Managing Director and/or Chief Executive Officer.
The same individual may, at the same time, be appointed as the Chairperson of the Company as well as the
Managing Director and/or Chief Executive Officer of the Company.
RESOLVED FURTHER THAT for the purpose of giving effect to this Resolution, the Board of Directors be and is
hereby authorized to do such acts, deeds, matters and thing as they may in their absolute discretion consider
necessary, proper, expedient, desirable or appropriate and take all necessary and desirable steps for the aforesaid
purpose and matters incidental thereto.”
By Order of the Board

FOR KORES (INDIA) LIMITED
Place : Mumbai CS Chintamani Thatte

Date : August 10, 2018 Company Secretary & Head - Legal
Membership No.: F3858
Registered Office: 301/302, Ashford Chambers,

Lady Jamshedji Road, Mahim (West),
Mumbai MH- 400016
CIN: U21198MH1936PLC002494
Phone: 022 24476800 FAX: 022 24476999
Email: [email protected] [email protected]
Website: http://kores.in
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Notes:
1. The relative explanatory statement, pursuant to Section 102 of the Companies Act, 2013, in respect of the special
business under item Nos. 6 to 12 of the accompanying Notice is annexed hereto.
2. Pursuant to Section 105 of the Act, read with Rule 19 of the Companies (Management and Administration) Rules,
2014, a Member entitled to attend and vote at the Annual General Meeting (AGM) is also entitled to appoint a
Proxy to attend and vote at the AGM instead of himself/ herself and the Proxy need not be a Member of the Company.
As per the said Section of the Act and Secretarial Standard-2 (SS-2) issued by The Institute of Company Secretaries
of India, a Proxy can act on behalf of Members not exceeding 50 and holding in aggregate not more than 10%
of the total issued share capital of the Company carrying voting rights. However, a Member holding more than
10% of the total issued share capital of the Company carrying Voting Rights may appoint a single person as Proxy
and such person shall not act as a Proxy for another person or Shareholder. The instrument of Proxy, in order to
be effective, should be deposited at the Registered Office of the Company at least 48 hours prior to the
commencement of AGM. Proxy form is annexed to this report.
3. Members / Proxies are requested to hand over the attached ‘Attendance Slip’ duly filled in, at the entrance of the
venue of the Meeting for attending the Meeting.
4. As informed to all members vide letter dated August 3, 2018, the Company has appointed Universal Capital
Securities Private Limited a SEBI registered share transfer agent, as Registrar & Share Transfer Agent (RTA)
for your Company.
The Members are requested to address all queries / correspondence relating to Company’s shares to Company’s
Registrars & Share Transfer Agents having address at :Universal Capital Securities Private Limited, Unit:
Kores (India) Limited, 21, Shakil Niwas, Opp. Satya Sai Baba Temple, Mahakali Caves Road, Andheri (East),
Mumbai – 400093, Tel No.: +91-22-28207203/04/05 Fax No.: +91-22-28207207, Email: [email protected] , Web
site: www.unisec.in
Your Company has entered into an agreement with Central Depository Services (India) Limited (CDSL) and National
Securities Depository Limited (NSDL) for dematerialisation of shares of the company and both depositories have
issued and activated the ISIN NO :INE00KO01019.
Therefore, the members now have an option to demat equity shares of the Company held by them. The request
for demat of shares has to be sent to your bank/depository participant (DP) with whom you are holding your
demat account.
The shareholders are requested to take note of the above.
The members holding shares in physical form are requested to notify change of address or bank mandates, under
their signatures to Universal Capital Securities Private Limited, Unit : Kores (India) Limited, 21, Shakil Niwas,
Opp. Satya Sai Baba Temple, Mahakali Caves Road, Andheri (East), Mumbai – 400093 the RTA of the Company
quoting Folio Numbers. Members holding shares in electronics i.e. demat form may update such details with
their respective Depository Participants (DPs).
5. The Register of Members and Share Transfer Books of the Company will remain closed from the September 6,
2018 to September 12, 2018 (both days inclusive) for the purpose of payment of dividend.
6. A Dividend recommended by the Board, if approved at the Annual General Meeting shall be payable to members
whose names appear on the register of members on September 5, 2018.
7. The Register of Directors, and Key Managerial Personnel and their shareholding maintained under Section 170
of the Companies Act, 2013, the Register of contracts or arrangements in which the Directors are interested
under Section 189 of the Companies Act, 2013 will be available for inspection at the Annual General Meeting.
8. In terms of applicable provisions of the Companies Act, 2013, the amount of dividend remaining unclaimed or
unpaid for a period of seven years from the date of transfer to the unpaid dividend account is required to be
transferred to the Investor Education and Protection Fund. Those members who have so far not en-cashed their
dividend warrants for the below mentioned financial years, may claim or approach the Company for the payment
thereof as the same will be transferred to the Investors Education and Protection Fund of the Central Government
the respective dates mentioned below. Intimation in this regard is being sent to the concerned shareholders
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periodically. Kindly note that after such date, the members will have to claim such dividend from such Investor
Education and Protection Fund in accordance with the Rules prescribed by the Central Government under the
Companies Act, 2013.
Sr. No. Financial Year(s) To be Transferred to IEPF
1. 2010-2011 27.10.2018
2. 2015-2016 04.10.2023
3. 2016-2017 11.10.2024
9. Pursuant to section 125 of the Companies Act, 2013 all unclaimed dividends for the financial years ended prior
to March 31, 2010 have been transferred to the Investors Education and Protection Fund. Members may claim
such dividend from such fund in accordance with the Rules prescribed by the Central Government under the
10. Over the years, as a result of allotment of shares arising out of earlier mergers, there is possibility of a member
having multiple folios. We request the member to consolidate multiple folios existing in the same name and in
identical order. Many of the members have already done so. In case you decide to consolidate your folio, you are
requested to forward your share certificates to the RTA’s Address or Company‘s registered address.
11. Members are requested to note that in case of transfer, deletion of name of deceased member, transmission and
transposition of names in respect of shares, submission of photocopy of PAN Card of the transferee(s), surviving
holder(s), legal heir(s) and joint holders(s) respectively, along with other necessary documents at the time of
lodgment of request for these transactions, is mandatory.
12. Members desiring any information relating to this Annual Report are requested to write to the Company well in
advance so as to enable the management to keep the information ready.
13. Members are requested to bring their copies of Annual Report at the meeting.
14. In order to promote “Green Initiative” taken by Ministry of Corporate Affairs permitting paperless compliance and
faster communications, Members who have not registered their e-mail address so far are requested to register
their e-mail address with the Company.
15. Voting Through Electronic Means:
Pursuant to the provisions of Section 108 of the Companies Act, 2013 (Act), read with Rule 20 of Companies
(Management and Administration) Rules, 2014, as amended from time to time, the Company is providing remote
e-Voting facility and ballot forms to all the shareholders. A member can opt only one mode to vote either through
ballot form or remote e-Voting. If member casts vote through both modes then only vote cast through remote
e-Voting will prevail. Members who have not cast their vote through remote e-Voting shall be allowed to vote at
the ensuing Annual General Meeting (AGM) through Ballot Paper.
The members who have cast their vote by remote e-Voting shall not be entitled to cast their vote again at the AGM,
however, such members will be entitled to attend the AGM.
Mr. Roy Jacob (Membership No.: 9017 and COP No.: 8220) has been appointed as the Scrutinizer for 83 rd Annual
General Meeting. Scrutinizer will also scrutinize the ballot forms and ensure that the remote e-Voting process is
conducted in a fair and transparent manner.
16. The instructions for shareholders for voting electronically are as under:
(i) The voting period begins on September 9, 2018 at 9.00 a.m. and ends on September 11, 2018 at 5.00 p.m. During
this period shareholders’ of the Company, holding shares either in physical form or in dematerialized form, as on
the cut-off date (record date) of September 5, 2018 may cast their vote electronically. The e-voting module shall
be disabled by CDSL for voting thereafter.
(ii) The shareholders should log on to the e-voting website of CDSL i.e. www.evotingindia.com.
(iii) Click on Shareholders / Members
(iv) Now Enter your User ID
a. For CDSL: 16 digits beneficiary ID,
b. For NSDL: 8 Character DP ID followed by 8 Digits Client ID,
c. Members holding shares in Physical Form should enter Folio Number registered with the Company.
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(v) Next enter the Image Verification as displayed and Click on Login.
(vi) If you are holding shares in demat form and had logged on to www.evotingindia.com and voted on an earlier
voting of any company, then your existing password is to be used.
(vii) If you are a first time user follow the steps given below:
For Members holding shares in Demat Form and Physical Form
PAN Enter your 10 digit alpha-numeric PAN issued by Income Tax Department
(Applicable for both demat shareholders as well as physical shareholders)
Members who have not updated their PAN with the Company/Depository
Participant are requested to use the first two letters of their name and the 8
digits of the sequence number which is mentioned in address label as sr no
affixed on Annual Report, in the PAN field.
In case the sequence number is less than 8 digits enter the applicable
number of 0’s before the number after the first two characters of the name
in CAPITAL letters. Eg. If your name is Ramesh Kumar with sequence
number 1 then enter RA00000001 in the PAN Field.
Dividend Bank Details Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as
OR Date of Birth (DOB) recorded in your demat account or in the company records in order to login.
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 (iv).
(viii) After entering these details appropriately, click on “SUBMIT” tab.

(ix) Members holding shares in physical form will then directly reach the Company selection screen. However,
members holding shares in 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 demat holders for voting for resolutions of any other company on which they are eligible to vote, provided
that company opts for e-voting through CDSL platform. It is strongly recommended not to share your password
with any other person and take utmost care to keep your password confidential.
(x) For Members holding shares in physical form, the details can be used only for e-voting on the resolutions
contained in this Notice.
(xi) Click on the EVSN for the relevant Kores (India) Limited on which you choose to vote.
(xii) On the voting page, you will see “RESOLUTION DESCRIPTION” and against the same the option “YES/NO”
for voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolution
and option NO implies that you dissent to the Resolution.
(xiii) Click on the “RESOLUTIONS FILE LINK” if you wish to view the entire Resolution details.
(xiv) After selecting the resolution you have decided to vote on, click on “SUBMIT”. A confirmation box will be displayed.
If you wish to confirm your vote, click on “OK”, else to change your vote, click on “CANCEL” and accordingly
modify your vote.
(xv) Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.
(xvi) You can also take a print of the votes cast by clicking on “Click here to print” option on the Voting page.
(xvii) If a demat account holder has forgotten the changed password then Enter the User ID and the image verification
code and click on Forgot Password & enter the details as prompted by the system.
(xviii) Shareholders can also cast their vote using CDSL’s mobile app m-Voting available for android based mobiles.
The m-Voting app can be downloaded from Google Play Store. Apple and Windows phone users can download
the app from the App Store and the Windows Phone Store respectively. Please follow the instructions as prompted
by the mobile app while voting on your mobile.
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(xix) Note for Non – Individual Shareholders and Custodians
Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodian are required to log on to
www.evotingindia.com and register themselves as Corporates.
A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed to
[email protected].
After receiving the login details a Compliance User should be created using the admin login and password. The
Compliance User would be able to link the account(s) for which they wish to vote on.
The list of accounts linked in the login should be mailed to [email protected] and on approval of
the accounts they would be able to cast their vote.
A scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in favour of the
Custodian, if any, should be uploaded in PDF format in the system for the scrutinizer to verify the same.
(xx) In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions (“FAQs”)
and e-voting manual available at www.evotingindia.com, under help section or write an email to
[email protected].
(xxi) The date of commencement of e-voting is September 9, 2018 at 9.00 a.m and ends on September 11, 2018 at
5.00 p.m. The e-voting module will be disabled for voting thereafter by CDSL.
(xxii) Shareholders can opt for only one mode of voting i.e. either by physical ballot or by electronic mode. If the shareholder
opts for voting by electronic mode, then he/she should not vote by physical ballot also and vice-versa. However,
in case Shareholders (s) cast their vote both by physical ballot and by electronic mode, then voting done by electronic
shall prevail and voting done by physical will be treated as invalid.
(xxiii) In case of any queries, you may refer the Frequently Asked Questions (FAQs) for shareholders and e-voting
user manual for Shareholders available at the “downloads” section of www.evotingindia.com .
(xxiv) if you are already registered with CDSL for e-voting then you can use your exiting user ID and password for
casting your vote.
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EXPLANATORY STATEMENTS
The following Explanatory Statements, as required under Section 102 of the Companies Act, 2013, set out all material
facts relating to Items Nos.6 to 12 of the accompanying Notice dated August 10, 2018.
Item No.6:
On the recommendation of Nomination & Remuneration Committee at its meeting held on March 12, 2018, subject to
the approval of the Shareholders, remuneration payable to Mr. A. K. Thirani has been revised w.e.f April 1, 2018.
The details required under Schedule V Section II in respect of remuneration are given at the end of the Explanatory
Statement.
Except Mr. R.K.Saboo, Independent Directors and Key Managerial Personnel (KMP) of the Company or their relatives,
other Executive Directors are concerned or interested, financial or otherwise, in the resolution set out at Item No.6.
Item No.7:
The Board of Directors of the Company at its meeting held on August 10, 2018, on the recommendation of Nomination
& Remuneration Committee, subject to approval of Shareholders, appointed Mr. Sameer Mehta as Joint Managing
Director of the Company with effect from August 10, 2018, by change in his designation from Executive Director to
Joint Managing Director.
On the recommendation of Nomination & Remuneration Committee at its meeting held on November 16, 2017, subject
to the approval of the Shareholders, remuneration payable to Mr. Sameer Mehta has been revised w.e.f October 1, 2017.
Statement.
Except Mr. R.K. Saboo, Mr. Vivek Bagri, Independent Directors and Key Managerial Personnel (KMP) of the Company
or their relatives, other Executive Directors are concerned or interested, financial or otherwise, in the resolution set
out at Item No.7
Item No.8:
The Board of Directors of the Company at its meeting held on August 10, 2018, on the recommendation of Nomination
& Remuneration Committee, subject to approval of Shareholders appointed Mr. Vivek Bagri as Joint Managing Director
of the Company with effect from August 10, 2018, by change in his designation from Executive Director to Joint
Managing Director.
On the recommendation of Nomination & Remuneration Committee at its meeting held on November 16, 2017,
subject to the approval of the Shareholders, remuneration payable to Mr. Vivek Bagri has been revised w.e.f October
1, 2017.
Statement.
Except Mr. R.K. Saboo, Mr. Sameer Mehta, Mrs. Nandini Mehta, Independent Directors and Key Managerial Personnel
(KMP) of the Company or their relatives, other Executive Directors are concerned or interested, financial or otherwise,
in the resolution set out at Item No.8.
Item No.9:
It is proposed to appoint M/s. M/s. V.B.S. & Co, Chartered Accountants, to audit the accounts of Pefco and Chakan
Foundry Divisions at Pune and M/s. NPM & Associates, Chartered Accountants to audit the accounts of Engineering
Division located at Pithampur, M.P. from the conclusion of this Annual General Meeting till the conclusion of 88 th
Annual General Meeting of the Company
None of the Directors and Key Managerial Personnel of the Company or their relatives are concerned or interested,
financially or otherwise, in the resolution set out at Item No.9.
Item No.10:
The Company is required under Section 148 of the Companies Act, 2013 to have the audit of its cost records conducted
by a Cost Accountant in Practice. The Board of Directors of the Company has on the recommendation of the Audit
Committee, approved the appointment and remuneration of M/s. A. G. Anikhindi and Co., the Cost Auditors of the
Company to conduct audit of cost records of the Company for products covered under the Companies (Cost Records
10
and Audit) Rules, 2014 for the financial year 2018-19, at a remuneration of Rs. 2,25,000/- plus reimbursement and
out-of-pocket expenses.
In accordance with the provisions of the Section 148 of the Act read with Companies (Cost Records and Audit) Rules,
2014, the remuneration payable to the Cost Auditors as recommended by the Audit Committee and approved by the
Board of Directors in its meeting held on August 10, 2018, has to ratified by the members of the company.
None of the Directors and Key Managerial Personnel of the Company or their relatives are concerned or interested,
Item No.11:
The Company has a Fixed Deposit Scheme, pursuant to the provisions of the Companies Act. 2013 read with the
Companies (Acceptance of Deposits) Rules 2014, wherein, it accepts unsecured deposits from members and public.
Sections 73, 74(1) and 76 of the Companies Act, 2013 (“Act”), relating to the acceptance of deposits by Companies from its
members and from public and Companies (Acceptance of Deposits) Rules,2014, apply to public companies having net
worth of not less than Rs. 100 Crores (Rupees One Hundred Crore) or turnover of not less than Rs. 500 Crore (Rupees
Five Hundred Crore). Since, the Act and the Rules would be applicable to the Company’s existing Fixed Deposit Scheme;
it would necessitate the Company to comply with the requirements of the Act and also to ensure compliance with the Rules,
before commencing acceptance/renewal of unsecured deposits from its members and public.
Attention of the members is drawn to the provisions of the Act, which requires any Company inviting/accepting deposits
to obtain credit rating from a recognized credit rating agency. The Company has obtained credit rating for its Fixed
Deposit Scheme from CRISIL which has granted a rating of “FA-Stable”.
The Board of Directors of the Company at its meeting held on August 10, 2018 have subject to approval of the
members, approved the acceptance/renewal of unsecured deposits by the Company from its members and public.
The Board has also approved the circular of acceptance of unsecured deposits from members and public.
None of the Directors and Key Managerial Personnel of the Company and their relatives are concerned or interested,
Item No.12:
Pursuant to provisions of section 14 of the Companies Act, 2013, Articles of Association of the Company may be
altered with the approval of the members by passing a special resolution.
Accordingly, approval of shareholders is sought to make change in the Articles of the Company as mentioned in the
resolution to enable the same individual to be appointed as Chairperson cum Managing Director and/or Chief Executive
Officer of the Company.
None of the Directors and Key Managerial Personnel of the Company and their relatives are concerned or interested,
Disclosure as per Part II Section II (B) para (iv) of second proviso of Schedule V of the Companies Act,
2013 are as under:
I. GENERAL INFORMATION:
Given hereinabove.
Specific Information:
Nature of Industry Manufacturing
Date or expected date of Commercial Production N.A. since the Company has already commenced its
business activities
In case of new Companies, expected date of N.A.

commencement of activities as per project approved
by financial institutions appearing in the prospectus
11
Financial Performance based on given indicators: (Amount in Lakhs)
Particulars March 31, 2015 March 31, 2016 March 31, 2017
Total Income 75831.31 66664.52 64034.96
Profit Before Tax 963.46 1064.40 849.12
Profit After Tax 852.20 877.32 702.26
Foreign Investments or collaborations, if any - NIL
II. INFORMATION ABOUT THE APPOINTEES
Mr. A. K. Thirani Mr. Sameer Mehta Mr. Vivek Bagri
Background Given in the body of Directors Databank

details
Past 67.36 (As 24.00 not 12.00 not
Remuneration approved) exceeding exceeding
(Rs.in Lakhs) 40.00 (As 40.00 (As
p.a. approved) approved
Recognition NOT APPLICABLE
and Awards
Job profile and As given in Directors Databank attached to Directors Report
his suitability
Remuneration 107.61 35.04 35.04
proposed p.a.
(Rs.in Lakhs)
Pecuniary
relationship
directly or
indirectly with Apart from receiving managerial remuneration and Equity shares held, if any, they do not have
the Company, any other pecuniary relationship with the Company.
or relationship
with the
managerial
personnel,
if any
Additional The remuneration proposed includes basic salary, allowance and perquisites. In addition to the
Information above, director may be eligible to receive perquisites and benefits (including Provident Fund,
Gratuity and leave encashment) as approved by the Board. The Board of Directors on the
recommendation of the Nomination and Remuneration Committee are authorised to increase
the above remuneration / change composition of remuneration payable to each director subject
to provisions of Schedule V of the Companies Act, 2013 during the tenure of each director.
III. OTHER INFORMATION:

The Company is engaged in diversified business activities and certain business segments could not perform well due
to adverse conditions prevailing in the industry during the financial year ending on March 31, 2018. With positive trend
of improvement in economy in general, the Company is optimistic for better results for this year. The Company is
further exploring the new market avenues; taken various initiatives to reduce the cost, expanding the current product
segment by adding the capacity, enhance the productivity, competitiveness, developing the new market strategy to
overcome of these situations.
12
Details of Directors seeking re-appointment / appointment / revision in remuneration at the Annual General Meeting
As per Secretarial Standard - 2 (SS - 2) on General Meetings
Name of Director Mr. A. K. Thirani Mr. Sameer Mehta Mr. Vivek Bagri
DIN 00082344 02945481 03527490
Date of Birth 03.09.1956 29.11.1976 08.09.1980
Date of Appointment 01.05.2017 14.08.2016 14.08.2016
Qualification Bachelor in Commerce Bachelor in Commerce Bachelor of Computer

Engineering
Expertise in specific functional Mr. A.K. Thirani is serving on the Expertise in Product Expertise deciding and
areas Board of the Company since development & Product outlaying budgets, Managing
1981. He is having the rich identification projects and project teams,
experience in Office Products forming partnerships with
Stationery, Textiles, Pharma & domestic and international
Engineering Industry. Partner/Company
Directorships held in other 1. CAST TECH PRIVATE 1. CAST TECH PRIVATE 1. ARRAYSTORM LIGHTING
Companies LIMITED LIMITED PRIVATE LIMITED
(excluding foreign 2. ARRAYSTORM LIGHTING 2. IMAGINE MARKETING 2. LIVE DARSHAN INDIA
companies and Section 8 PRIVATD LIMITED PRIVATE LIMITED PRIVATE LIMITED
companies) 3. SHASHI TRADEWELL 3. ADAPPT INTELLIGENCE
PRIVATE LIMITED PRIVATE LIMITED
4. ADAPPT INTELLIGENCE
PRIVATE LIMITED
Memberships / Chairmanships NIL NIL NIL

of Committees of other
companies (includes only Audit
Committee and Stakeholders
Relationship Committee)
Relationship between Except Mr. Saboo and Except Mr. Saboo and Except Mr. Saboo and other
Directors, Manager and Independent Directors, Mr. A. K. Independent Directors, Mr. Independent Directors, Mr.
other Key Managerial Thirani is related to other Sameer Mehta is related to Vivek Bagri is related to other
Personnel inter-se directors other directors directors
Shareholding in the Company 5,046,299.00 20 NIL
By Order of the Board

FOR KORES (INDIA) LIMITED
Place : Mumbai CS Chintamani Thatte

Date : August 10, 2018 Company Secretary & Head - Legal
Membership No.: F3858
Registered Office: 301/302, Ashford Chambers,

Lady Jamshedji Road, Mahim (West),
Mumbai MH- 400016
CIN: U21198MH1936PLC002494
Phone: 022 24476800 FAX: 022 24476999
Email: [email protected] [email protected]
Website: http://kores.in
DIRECTORS’ REPORT FOR THE FINANCIAL YEAR 2017-2018
To,
The Members,
Your Directors have pleasure in presenting their 83rd Annual Report on the business and operations of the Company
together with Audited Statement of Accounts for the year ended 31st March 2018.
FINANCIAL RESULTS Rs. (in Lacs)
PARTICULARS 2017-18 2016-17
Gross Sales and Other Income 64684.80 64034.96
Profit before Depreciation and Taxation 3099.23 2101.06
Less: (i) Depreciation 1325.94 1251.94
(ii) Provisions for Taxation (Including Deferred tax) 316.74 146.86
Profit after Taxation 1456.55 702.26
Add: Profit brought forward from previous year 7539.28 7162.79
Profit available for appropriation 8995.83 7865.05
Appropriation
(i) Paid Dividend on Preference Shares - -
(ii) Proposed Dividend on Preference Shares 19.98 22.00
(iii) Proposed Dividend on Equity Shares 82.50 82.50
(iv) Distribution Tax on Dividend 20.86 21.27
Balance carried to Balance Sheet 8872.49 7539.28
STATE OF COMPANY’S AFFAIRS AND OPERATIONS:

During the year under review, the Company’s Gross Sales and Other Income were Rs 64684.80.Lacs (Rs 64034.96
Lacs previous year) with Profit after Tax of Rs.1456.55 Lacs (Rs. 702.26 Lacs previous year). The Company does not
propose to transfer any amount to General reserve. Implementation of GST did cause the disruption and consequently
impacted the Company especially in the first few months. Inspite of this the Company could achieve better performance
mainly on account of control on overheads and focus on high margin products. The Company has six active divisions.
The operations in respect of each division are explained below.
1. OFFICE PRODUCTS DIVISION:
Office Products Division has been the first division of the Company with its history rating back to more than 8 decades.
The division started with few products like carbon paper, stencil paper, typewriter ribbons, and varieties of inks and
has now diversified and grown into a division that aims to offer “complete stationery solutions” under one roof which
includes paper products, inks, ribbons, correction accessories, adhesives & tapes, writing instruments and automation
products like label printers, currency counters, shredders, etc. This division has also made its presence felt in schools
with products like markers, boards and scholastic products like dustless chalks, pencils, erasers, sharpeners, geometry
boxes, plastic scales, wax crayons, oil pastels, tempera colors and modeling clay etc.
The division operates on the following business models:
Kores to wholesalers to end users.
Kores to distributors to retailers to end-users
Kores to end users i.e. DTC (Direct to consumers)
Kores to ACPs (authorized channel partners) to end users.
Kores to Schools/Institutions
Kores to Modern Trade (LFRS/Malls)
2. BUSINESS & COMPUTER SYSTEMS DIVISION:
This Division mainly operates in Banking Automation addressing two specific verticals viz. Currency Management
and Cheque Processing. In Office Automation, Division operates in Postal Franking systems, Digital Duplicating
machines and Air Purifier which are supported by own after sales service.
15
In Banking Sector, Division introduced a high end new 4+1 pocket Currency Sorter from Hitachi and also a Low-end
Currency Sorter with Cheque Scanning facility. The Division has planned to introduce some new products in the
Currency Management system.
The Division is confident of showing better performance in the current Financial Year.
3. PHARMACEUTICALS & CHEMICALS DIVISION:
The division is currently exporting APIs & Pharmaceuticals Intermediate to many European, Latin American, South
Asian, Middle East countries and aim to target highly regulatory market such as US & Japan in next couple of years.
In this year Division successfully developed and awaiting for Scaled up new products like Lapatinib Intermediate,
Roflumilast, Telenigliptin, Pentoxifylline and Bromhexine HCL etc. Divisions has plans to introduce few new products
in near future like Etoricoxib, Pentoxifylline (EP).
It is expected that all the new products will add substantially to the higher levels of growth and margin.
4. FOUNDRY DIVISION:
The Division serves the automobile as well as non-automobile sector. There was a growth of about 20% in the off-take
from Automobile as well as Non-Auto Sector. The Commercial and Passenger Vehicle demand is expected to grow
aided by healthy demand from infrastructure related segments, improving macro-economic scenario and favourable
regulatory developments such as emission and fuel efficiency norms. Looking at the market scenario and increased
customer demand, the Company is in the process of putting a Greenfield Foundry project at Halol, Gujarat. The
performance of the Division is expected to be steady during the years to come.
5. ENGINEERING DIVISION:
The Division manufactures Hydrostatic core drilling rigs & other related products for mineral exploration. This Division
is Market leader for supply of hydrostatic core drilling rigs. Division also undertakes comprehensive annual maintenance
contract & provide guarantee for more than 90% uptime of the machines.
During the year, Division has developed product in new segment of solid & liquid waste management e.g. Garbage
Compactor, Vacuum Road sweeper, Sewer jetting machines, etc. Significant revenues from this segment will start
from 2019-20.
Central Government continues to take significant steps to boost mining sector & change in mining policy, etc. During
the year 2017-18, Division have doubled the CAMC revenues & very ambitious to record the growth in this segment.
Division’s order book position is reasonably good at the end of the year & expected good growth with better profitability in
2018-19.
6. INTERNATIONAL BUSINESS DIVISION;
The International Business Division began its operations from July 2010 onwards. This Division caters to the overseas
markets for our Stationery range of products. The main brands are AMBASSADOR for the Office Stationery and
KOOL TOOLZ for the School Stationery products.
The division posted a 15% growth in sales in its stationery range over the previous year on the back of strong growth
in African and Middle Eastern markets. A few key markets like Ethiopia continue to struggle with forex shortages,
however the division has been consciously working on diversifying its market base and starting business in erstwhile
unexplored territories such as Latin America and the CIS. The division is confident of being able to post growth
numbers in the period to come.
7. REAL ESTATE DIVISION:
There were no major activities and development during the year.
EXPORTS:
The Company made exports worth Rs 7309.11 Lacs during the year against to Rs. 7001.53 Lacs in the previous year.
SHARE CAPITAL:
During the year under review, there was no change in the share capital structure and the paid up capital of the
Company as on 31st March, 2018 was Rs.1300.00 lakhs, consisting of 1,10,00,000 equity shares of Rs 10/- each and
16
2,00,000 9% Redeemable Cumulative Preference Shares of Rs 100/-. The 2,00,000 11% Redeemable Cumulative
Preference Shares issued 30th November, 1997 were redeemed on 30th November, 2017 and new 2,00,000 9%
Redeemable Cumulative Preference Shares were issued and allotted on 15th December, 2017 on private placement
basis.
DIVIDEND:
Your Directors recommend for your consideration payment of dividend of Rs 0.75 per equity share on 1,10,00,000
equity shares of Rs 10/- each, Rs 11 per share on 2,00,000 11% Redeemable Cumulative Preference Shares of Rs
100/- each for the period (1st April to 30th November, 2017) and Rs 9 per share on 2,00,000 9% Redeemable Cumulative
Preference Shares of Rs 100/- each for the period (15th December, 2017 to 31st March, 2018) at the ensuing Annual
General Meeting.
Particulars Rs. In Lakhs
On 1,10,00,000 fully paid up equity share of Rs. 10/- each @ Rs 0.75 per share 82.50
On 2,00,000 Redeemable Cumulative Preference Shares of Rs. 100/- per share 19.98
Corporate Dividend Tax 20.86
FUTURE OUTLOOK:
World Bank estimates India economic growth to remain strong for the financial year 2018-2019. The Company expects
a positive change in the sectors of economy where Company’s divisions are active.
The Company expects to widen its base in respective market by introduction of new products in Office Products
Division (OPD), Business & Computer Systems Divisions (BCSD), Pharmaceuticals & Chemicals Division and
Engineering Division.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Sad demise of Mr Sushil Kumar Thirani - Chairman of the Company: It is with the profound sadness and in deep grief,
the Board of Directors inform that our beloved Chairman and Whole Time Director Mr Sushil Kumar Thirani passed
away on 28th April, 2018. He was at the helm of the Company’s affairs since 1966 and was known and respected for
his achievements and championing diversity in business of the Company. Besides being an Industrialist, he also took
keen interest in social cause. He constructed a hospital at Nohar, Rajasthan and a school in Thane, Maharashtra. He
made generous contributions to the various charitable and educational institutions throughout the country. The Board
would like to pay tribute to his remarkable contribution to the business of the Company and to the social cause.
Pursuant to the provisions of Companies Act, 2013, Mr. Raj Kumar Saboo (DIN: 00053600) Executive Director retires
by rotation at the forthcoming Annual General Meeting and being eligible, offers himself for reappointment. The Board
of Directors recommends his re-appointment.
The Board appointed Mr. Chintamani Thatte as Company Secretary and Head Legal of the Company with effect from
November 1, 2017.
None of the Directors of the Company is disqualified as per the provisions of Section 164(2) of the Companies Act,
2013.
NUMBER OF BOARD MEETINGS:

During the Financial Year 2017-18, four meetings of the Board of Directors of the Company were held, the details of
which are given as below. The intervening gap between the Meetings was within the period prescribed under the
The Directors Attendance for the Board Meetings is listed below :
17
Sr.No. Name of Directors Attendance for Board Meetings held during the year 2017-2018
June 13th August 1st November 16th March 12th
2017 2017 2017 2018
1. Mr. S. K. Thirani Yes Yes Yes No
2. Mr. A. K. Thirani Yes Yes Yes Yes
3.. Mrs. Rekha Thirani Yes Yes Yes No
4. Mr. R. K. Saboo Yes Yes Yes Yes
5. Mr. Sameer Mehta Yes Yes Yes Yes
6. Mr. Vivek Bagri No Yes Yes Yes
7. Mrs. Nandini Mehta No Yes No No
8. Mr. K.G.Menon No No Yes Yes
9. Mr. J. P. Gupta No No Yes Yes
10. Mr. Ashoke Banerjee No Yes Yes Yes
BOARD EVALUATION:
Pursuant to the provisions of the Companies Act, 2013, the Board has carried out an annual performance evaluation
of its own performance, the directors individually as well as the evaluation of the working of its Audit Committee,
Nomination & Remuneration Committee and Compliance of the Committees.
DECLARATION BY AN INDEPENDENT DIRECTOR(S) AND RE- APPOINTMENT, IF ANY :
Pursuant to sub-section (7) of Section 149 of the Companies Act, 2013, the Company has received requisites declaration
from each Independent director of the Company stating that they meet the criteria of independence as per 149(6) of
the Companies Act, 2013.
DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES:
Pursuant to sub-section (3) of section 129 of the Act, the statement containing the salient feature of the financial
statement of a company’s subsidiary or subsidiaries, associate company or companies and joint venture or ventures
is given as “Annexure-I”.
INTERNAL FINANCIAL CONTROL AND ITS ADEQUACY
The Board has adopted policies and procedures for ensuring the orderly and efficient conduct of its business, including
adherence to the Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial
disclosures.
DIRECTORS’ RESPONSIBILITY STATEMENT:
Pursuant to Section 134(1)( c) of the Companies Act, 2013, the Directors confirm to the best of their knowledge and
belief that:
(a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper
explanation relating to material departures;
(b) the directors had selected such accounting policies and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company
at the end of the financial year and of the profit and loss of the company for that period;
(c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance
with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud
and other irregularities;
(d) the directors had prepared the annual accounts on a going concern basis; and
(e) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and
that such systems were adequate and operating effectively.
18
OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013:
The Company has adopted a policy for prevention of Sexual Harassment of Women at workplace and has set up
Committee for implementation of said policy. During the year Company has not received any complaint of harassment.
A copy of the Sexual Harassment policy has been kept in the company premises and is available for viewing of the
Company’s employees and shareholders.
EXTRACT OF ANNUAL RETURN:
As required pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and
Administration) Rules, 2014, an extract of annual return in MGT-9 forms part of this Annual Report as Annexure II.
AUDITORS’ REPORT:
The observations made in the Auditors’ Report, read with the relevant notes thereon are self-explanatory and on the
same do not call for any further comments.
FIXED DEPOSITS:
The deposits totaling to 916 worth of Rs.723.30 Lacs matured and paid and during the year, 116 deposits remained
unclaimed worth Rs. 55.95 Lacs on 31.03.2018.
AUDITORS:
Statutory Auditors:
M/s R. Soni & Co, Chartered Accountants, who are the Statutory Auditors of the Company, hold office till the conclusion
of the ensuing Annual General Meeting and are eligible for re-appointment. It is proposed to re-appoint M/s R. Soni &
Co as statutory Auditors of the Company from the conclusion of this Annual General Meeting till the conclusion of 88 th
Annual General Meeting, subject to approval of members at Annual General Meeting.
It is proposed to appoint M/s. VBS & CO, Chartered Accountants, Pune as Branch Auditors for Pefco & Chakan
Foundry Divisions at Pune, and M/s. NPM & Associates, Chartered Accountants, Indore as Branch Auditors for the
Engineering Division from the conclusion of this Annual General Meeting till the conclusion of 88th Annual General
Meeting, subject to approval of members at Annual General Meeting.
Cost Auditors:
As per the Cost Audit Orders, Cost Audit is applicable to the Company’s Pharmaceutical and Chemicals, Engineering
and Foundry divisions of the Company for the FY 2018-19.
In view of the same and in terms of the provisions of Section 148 and all other applicable provisions of the Companies
Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014, M/s. A.G.Anikhindi & Co; Cost Accountants
have been appointed as Cost Auditors to conduct the audit of cost records of your company for the financial year
2018-19. The remuneration proposed to be paid to them requires ratification of the shareholders of the Company. In
view of this, your ratification for payment of remuneration to Cost Auditors is being sought at the ensuing AGM.
Secretarial Auditors :
In terms of Section 204 of the Act and Rules made there under, M/s. Roy Jacob & Co., Practicing Company Secretary
has been appointed Secretarial Auditors of the Company for the financial year 2018-19. The report of the Secretarial
Auditors is enclosed as “Annexure III” to this report.
VIGIL MECHANISM:
Pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism for directors and
employees to report genuine concerns has been established. The Vigil Mechanism Policy has been posted on the
website of the Company under Investors - Vigil Mechanism Policy.
TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND:
Pursuant to the provisions of section 125 of the Companies Act, 2013, relevant amounts which remained unpaid or
unclaimed for a period of seven years have been transferred by the Company, from time to time on due dates, to the
Investors Education and Protection Fund.
19
CORPORATE GOVERNANCE:
The Company is committed to maintain the highest standard of Corporate Governance and adhere to the Corporate
Governance requirements set out by the Regulatory/Government.
Your company has implemented several best practices though not mandatory as part of good corporate governance.
INFORMATION PURSUANT TO SECTION 134(3)(M) OF THE COMPANIES ACT, 2013 READ WITH THE
COMPANIES (ACCOUNTS) RULES, 2014 AS APPLICABLE TO THE COMPANY:
(a) CONSERVATION OF ENERGY
Your Company was conserving the energy in the past. In the year under review, further steps have been taken for
conserving the energy is provided in the Form A and Form B of the Annual Report.
(b) FOREIGN EXCHANGE EARNINGS AND OUTGO
During the year under review, the Company has earned Foreign exchange equivalent to Rs.7309.11 Lacs whereas
Foreign Exchange worth Rs. 4264.38 Lacs were spent.
RELATED PARTY TRANSACTIONS:
All related party transactions that were entered into during the financial year were on an arm’s length basis and in
ordinary course of business. There were no materially significant related party transactions entered into by the Company
with Promoters, Directors and Key Managerial Personnel which may have a potential conflict with the interest of the
Company at large. All Related Party Transactions are placed before the Audit Committee as also the Board for
approval, wherever required.
Related Party Transactions in accordance with the Section 188 of the Companies Act, 2013 form part of the Notes to
the financial statements provided in this Annual Report.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:
Particulars of Loans, Guarantees or Investments in accordance with the Section 186 of the Companies Act, 2013
form part of the Notes to the financial statements provided in this Annual Report.
COMMITTEES
Audit Committee:
The audit committee of the Company comprises following Members:
Dr. Ashoke Banerjee - Chairman (w.e.f 13th June, 2017)
Mr. J. P. Gupta - Member
Mr. R. K. Saboo - Member
All the members of the Committee are eminent professional and drawn upon their experience across a wide spectrum
of functional areas such as finance and corporate strategy. Scope of the Committee is in consonance with the provision
of Section 177 of the Company Act, 2013.
Nomination and Remuneration Committee:
The Nomination & Remuneration Committee of the Company comprises following members:
Mr. A.K. Thirani - Member
Dr. Ashoke Banerjee - Chairman (w.e.f. 13th June, 2017)
In terms of its reference of its constitution, the Committee from time to time reviews, assesses and recommends the
performance of the managerial personal on a periodical basis and also reviews their remuneration package and
recommends suitable revision to the Board.
Corporate Social Responsibility Committee:
The Company’s vision is to be a global benchmark in value creation and corporate citizenship following on from the
Company’s motto where Value is Tradition. The Company has constituted a Corporate Social Responsibility Committee
whose members are as follows:
20
Mr. Anand Kumar Thirani - Chairman
Mr. Rajkumar Saboo - Member
The Report of the Corporate Social Responsibility activities is enclosed as “Annexure IV” to this Report.
Share Transfer and Stakeholders Relationship Committee:
The Share Transfer and Stakeholders’ Relationship committee of the Company comprises following Members:
Dr. Ashoke Banerjee - Chairman (w.e.f 13th June, 2017)
Mr. Sameer Mehta - Member
Mr. R. K. Saboo - Member
RISK MANAGEMENT POLICY:
The main objective of this policy is to ensure sustainable business growth with stability and to promote a pro-active
approach in reporting, evaluating and resolving risks associated with the business. In order to achieve the key objective,
the policy establishes a structured and disciplined approach to Risk Management, in order to guide decisions on risk
related issues.
In today’s challenging and competitive environment, strategies for mitigating inherent risks in accomplishing the
growth plans of the Company are imperative. The common risks inter alia are: Regulations, competition, Business
risk, Technology obsolescence, Investments, retention of talent and expansion of facilities.
Business risk, inter-alia, further includes financial risk, political risk, fidelity risk, legal risk. As a matter of policy, these
risks are assessed and steps as appropriate are taken to mitigate the same.
MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING FINANCIAL POSITION OF THE COMPANY:
There are no material changes or commitments, affecting the financial position of the Company which have occurred
between March 31, 2018 and the date of this report.
ACKNOWLEDGEMENT
Your Directors take this opportunity to express their sincere appreciation for the timely and excellent assistance and
co-operation extended by Financial Institutions, Bankers, Customers, stakeholders and other statutory authorities.
Your Directors place on record their deep appreciation for the exemplary contribution made by the employees at all
levels.
On Behalf of the Board
Place: Mumbai A. K. Thirani

Date : August 10, 2018 Managing Director
21
FORM A
FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY
Particulars Pharmaceuticals & Foundry
Chemicals Division Division
Current Previous Current Previous
Year Year Year Year
A) Power & Fuel Consumption
1. Electricity :
a) Purchased
Unit (in '000 KWH) 6158.82 6032.56 50437 47324
Total Amount (Rs.) 47603750 44616393 374237930 344414533
Rate / Unit (Rs.) 7.73 7.40 7.42 7.28
b) Own Generation
i) Through Diesel Generator
Unit ('000 KWH) 92.76 19.63 140332 100556
Units per Ltr. of Diesel Oil 3.08 3.57 3.05 2.91
Cost / Unit 19 19 19.34 20.26
(Rs.) 2713427 2037270
2. Coal / Pet Coke :

Qty. (M. Tonnes) 3336.01 2932.37 - -
Total Cost (Rs.) 20,299,063 16,121,987 - -
Average Rate (Per M. T. in Rs.) 6085 5498 - -
FURNACE OIL
Qty. (K. Ltr.) - - - -
Total Amount (Rs. in Lacs) - - - -
Average Rate (Rs. in K/Ltr.) - - - -
3. Others / Internal Generation Water
Qty. (M.T.) 128146 136653 13871 10439
Total Cost (Rs. in Lacs) 34.40 39.44 2.98 2.24
Rate / Unit (per M.T. in Rs.) 27 29 21.5 21.5
B) Consumption per unit of Production :

Particulars Pharmaceuticals & Foundry
Chemicals Division Division
Products Units Current Previous Current Previous
Year Year Year Year
Drugs & chemicals :

Electricity Kwh 11 8 - -
Coal Kgs. 6 4 - -
Furnace Oil K.Ltr. - - - -
Others M.T. 0.23 0.18 - -
Foundry
Producation (molten metal)
Kgs. - - 60,544,392 55,598,765
22
FORM B
FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT OF TECHNOLOGY ABSORPTION,
RESEARCH AND DEVELOPMENT (R & D), ETC.
1. Specific areas in which R & D carried out by the Company

NIL
2. Benefits derived as a result of above R & D:
NIL
3. Future Plan of Action
The Company shall continue to concentrate to upgrade and strengthen the R & D facilities and enhancement of
quality as per the market reorganization.
4. Expenditure on R & D Rs. In Lacs
a) Capital 4.16
b) Recurring 110.39
c) Total 114.55
d) Total R & D Expenditure as a percentage of total Turnovers: 0.17%
Technology Absorption, Adaptation and Innovation:
5. In case of imported technology (imported during the last 5 years Not applicable
reckoned from the beginning of the financial year) following
information may be furnished.
(a) Technology imported. Not applicable
(b) Year of Import Not applicable
(c) Has technology been fully absorbed Not applicable
(d) If not fully absorbed, areas where this has not taken place, Not applicable
reasons therefore and future plan of action.
23
Annexure I
Form AOC-1
(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 subsidiaries or associate companies or
joint ventures
Part A Subsidiaries
(Information in respect of each subsidiary to be presented with amounts in Rs.)
1. Sl.No. 1
2. Name of the subsidiary – JK Gypsum Pvt Ltd.
3. The date since when subsidiary was acquired - 24/08/2017
4. Reporting period for the subsidiary concerned, if different from the holding company’s reporting
period - 2017-18
5. Reporting currency and Exchange rate as on the last date of the relevant Financial year in the case of foreign
subsidiaries – Not Applicable
6. Share capital – Rs. 3,50,00,000
7. Reserves and surplus – (1,05,41,527)
8. Total assets – 13,07,04,116
9. Total Liabilities – 13,07,04,116
10. Investments – Nil
11. Turnover - Nil
12. Profit before taxation – (12,50,697)
13. Provision for taxation – 45,28,739
14. Profit after taxation – 32,78,042
15. Proposed Dividend – Not Applicable
16. Extent of shareholding (in percentage) – 99.99%
Notes: The following information shall be furnished at the end of the statement:
1. Names of subsidiaries which are yet to commence operations - JK Gypsum Pvt Ltd.
2. Names of subsidiaries which have been liquidated or sold during the year - Nil
24
Part B
Associates and Joint Ventures
Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Associate Companies and
Joint Ventures
Name of Associates or Joint Ventures Arraystorm Cast Tech Quality Inks

Lighting Pvt. Ltd. Pvt. Ltd. Pvt. Ltd.
1. Latest audited Balance Sheet Date 31.03.2018 31.03.2018 31.03.2018
2. Date on which the Associate was associated or

acquired 02.05.2014 29.09.2016 13.10.1961
3. Shares of Associate or Joint Ventures held by the

company on the year end
No. 1,50,000 3,00,000 9280
Amount of Investment in Associates
Extent of Holding (in percentage) 30 30 49.89
4. Description of how there is significant influence Shareholding Shareholding Shareholding
5. Reason why the associate/joint venture is not

consolidated Not Applicable Not Applicable Not Applicable
6. Net worth attributable to shareholding as per latest 33.32 30.43 (17.81)

audited Balance Sheet
7. Profit or Loss for the year 28.61 (0.58) (0.12)

i. Considered in Consolidation 8.58 (0.17) (0.06)
ii. Not Considered in Consolidation 20.03 (0.41) (0.06)
1. Names of associates or joint ventures which are yet to commence operations - Nil
2. Names of associates or joint ventures which have been liquidated or sold during the year - Nil
25
Annexure II
FORM NO. MGT 9

EXTRACT OF ANNUAL RETURN
As on financial year ended on 31.03.2018
Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management &
Administration) Rules, 2014.
I. REGISTRATION & OTHER DETAILS:

1. CIN U21198MH1936PLC002494
2. Registration Date 26TH MAY, 1936
3. Name of the Company KORES (INDIA) LIMITED
4. Category/Sub-category of the Company Unlisted Public Company
Company Limited by Shares
5. Address of the Registered office & 301/302, Ashford Chambers, Lady Jamshedji
contact details Road, Mahim (West),
Mumbai 400 016.
Phone : 24476800, Fax : 24476999,
E-mail: [email protected]
[email protected]
6. Whether listed company No
7. Name, Address & contact details of the Not applicable
Registrar & Transfer Agent, if any.
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY (All the business activities contributing 10 % or more of
the total turnover of the company shall be stated)
S. No. Name and Description of NIC Code of the % to total turnover of the
main products / services Product/service company
1 Manufacture & Trading of Office 21098 28.27
Stationery, Accessories &
Allied products
2 Manufacturing of Special 27320 38.28

Castings, etc.
3. Manufacturing Specialty Chemicals, 24117 17.53

Bulk Drugs & Pharmaceutical
intermediates.
26
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES-
S. No. Name and Address of CIN / GLN Holding % of Application
Company Subsidiary/ share Section
Associate hold
1 Arraystorm Lighting Pvt. Ltd. U31503KA2013PTC071934 Associate 30 2(6)
2 Quality Ink Pvt. Ltd. U36991MH1961PTC012155 Associate 49.89 2(6)
3 Cast Tech Pvt. Ltd. U29300MH2016PTC286112 Associate 30 2(6)
4 J. K. Gypsum Pvt. Ltd. U74110JK2010PTC003231 Subsidiary 99 2(87)
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
A] Category-wise Share Holding
Category of No. of Shares held at the beginning No. of Shares held at the end of % Change
Shareholders of the year [As on 1st April-2017] the year [As on 31-March-2018] during the
Year
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
A. Promoters
(1) Indian
a) Individual/ HUF NIL 5685691 5685691 51.69 NIL 5687905 5687905 51.71 0.02
b) Central Govt NIL NIL NIL NIL NIL NIL NIL NIL NIL
c) State Govt(s) NIL NIL NIL NIL NIL NIL NIL NIL NIL
d) Bodies Corp. NIL 1492738 1492738 13.57 NIL 1492738 1492738 13.57 NIL
e) Banks / FI NIL NIL NIL NIL NIL NIL NIL NIL NIL
f) Any other NIL NIL NIL NIL NIL NIL NIL NIL NIL
Total shareholding NIL 7178429 7178429 65.26 NIL 7180643 7180643 65.28 0.02
of Promoter (A)
B. Public
Shareholding
1. Institutions
a) Mutual Funds NIL NIL NIL NIL NIL NIL NIL NIL NIL
b) Banks / FI NIL 184 184 NIL NIL 184 184 NIL NIL
c) Central Govt NIL NIL NIL NIL NIL NIL NIL NIL NIL
d) State Govt(s) NIL NIL NIL NIL NIL NIL NIL NIL NIL
e) Venture Capital NIL NIL NIL NIL NIL NIL NIL NIL NIL
Funds
f) Insurance NIL NIL NIL NIL NIL NIL NIL NIL NIL
Companies
g) FIIs NIL NIL NIL NIL NIL NIL NIL NIL NIL
h) Foreign Venture NIL NIL NIL NIL NIL NIL NIL NIL NIL
Capital Funds
i) Others (specify) NIL NIL NIL NIL NIL NIL NIL NIL NIL
Sub-total (B)(1):- NIL 184 184 NIL NIL 184 184 NIL NIL
2. Non-Institutions
a) Bodies Corp.
i) Indian NIL 2856559 2856559 25.97 NIL 2856706 2856706 25.98 0.01
27
Category of No. of Shares held at the beginning No. of Shares held at the end of % Change
Shareholders of the year [As on 1st April-2017] the year [As on 31-March-2018] during the
Year
Demat Physical Total % of Total Demat Physical Total % of Total
Shares Shares
ii) Overseas NIL NIL NIL NIL NIL NIL NIL NIL NIL
b) Individuals
i) Individual
shareholders holding NIL 964828 964828 8.77 NIL 961959 961959 8.74 (0.03)
nominal share capital
up to Rs. 1 lakh
ii) Individual
shareholders holding
nominal share capital NIL NIL NIL NIL NIL NIL NIL NIL NIL
in excess of
Rs 1 lakh
c) Others -specify NIL NIL NIL NIL NIL NIL NIL NIL NIL
Non Resident Indians NIL NIL NIL NIL NIL NIL NIL NIL NIL
Overseas Corporate
Bodies NIL NIL NIL NIL NIL NIL NIL NIL NIL
Foreign Nationals NIL NIL NIL NIL NIL NIL NIL NIL NIL
Clearing Members NIL NIL NIL NIL NIL NIL NIL NIL NIL
Trusts NIL NIL NIL NIL NIL NIL NIL NIL NIL
Foreign Bodies -D R NIL NIL NIL NIL NIL NIL NIL NIL NIL
Sub-total (B)(2):- NIL 3821387 3821387 34.74 NIL 3818665 3818665 34.72 (0.02)
Total Public
Shareholding NIL 3821571 3821571 34.74 NIL 3818665 3818665 34.72 (0.02)
(B)=(B)(1)+ (B)(2)
C. Shares held by
Custodian for NIL NIL NIL NIL NIL NIL NIL NIL NIL
GDRs & ADRs
Grand Total (A+B+C) NIL 11000000 11000000 100 NIL 11000000 11000000 100 NIL
B) Shareholding of Promoter-
SN Shareholder’s Name Shareholding at the Shareholding at the % change in
beginning of the year end of the year shareholding
during the year
No. of % of total %of Shares No. of % of total %of Shares
Shares Shares of Pledged / Shares Shares of Pledged /
company encumbered company encumbered
to total to total
shares shares
1 MR. S.K. THIRANI 277978 2.52 NIL 277978 2.52 NIL NIL
2 MR.A.K. THIRANI 5044085 45.86 NIL 5046299 45.88 NIL 0.02
3 MRS. REKHA THIRANI 35764 0.33 NIL 35764 0.33 NIL NIL
4 MRS.NEHA THIRANI BAGRI 225589 2.05 NIL 225589 2.05 NIL NIL
5 MR. A. K. THIRANI & MR. SAMEER
MEHTA 20 0.00 NIL 20 0.00 NIL NIL
6 MRS. NANDINI MEHTA 100469 0.92 NIL 100469 0.92 NIL NIL
28
C) Change in Promoters’ Shareholding (please specify, if there is no change)
SN. Particulars Shareholding at the Cumulative Shareholding
beginning of the year during the year
No. of % of total No. of % of total
shares shares of the shares shares of the
company company
At the beginning of the year (01-04-2017) 7178429 65.26 - -
1. Transfer 2214 0.002 - -
At the end of the year (31-03-2018) 7180643 65.28 7180643 65.28
D) Shareholding Pattern of top ten Shareholders:

(Other than Directors, Promoters and Holders of GDRs and ADRs):
SN. For each of the top 10 shareholders Shareholding at the Cumulative Shareholding
beginning of the year during the year
company company
At the beginning of the year 3690444 33.54 3690444 33.54
Date wise Increase / Decrease in Promoters
Shareholding during the year specifying
the reasons for increase / decrease (e.g.
allotment /transfer / bonus/ sweat equity etc.): No Change during the year
At the end of the year 3690444 33.54 3690444 33.54
E) Shareholding of Directors and Key Managerial Personnel:

SN. Shareholding of each Directors and each Shareholding at the Cumulative Shareholding
Key Managerial Personnel beginning of the year during the year
company company
At the beginning of the year 5685691 51.69 - -
Date wise Increase / Decrease in Promoters
Shareholding during the year specifying Transfer of 2214 Shares to Mr. A. K. Thirani from
the reasons for increase / decrease (e.g. Public
allotment /transfer / bonus/ sweat equity etc.):
At the end of the year 5687905 51.71 5687905 51.71
29
F) INDEBTEDNESS -Indebtedness of the Company including interest outstanding/accrued but not due for payment.
Secured Loans Unsecured Deposits Total
excluding Loans Indebtedness
deposits
Indebtedness at the beginning of the
financial year
i) Principal Amount 7845.55 4008.97 1735.59 13590.11
ii) Interest due but not paid - - 2.26 2.26
iii) Interest accrued but not due - 158.04 85.83 243.87
Total (i+ii+iii) 4167.01 1823.68 13836.24
Change in Indebtedness during the
financial year
* Addition 1517.47 3462.39 1028.22 6008.08
* Reduction 1507.12 3665.84 723.05 5896.01
Net Change 10.35 (203.45) 305.17 112.07
Indebtedness at the end of the financial
year
i) Principal Amount 7855.90 3805.52 2040.76 13702.18
ii) Interest due but not paid - - 6.39 6.39
iii) Interest accrued but not due - 179.05 100.34 279.39
Total (i+ii+iii) 7855.90 3984.57 2147.49 13987.96
V. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL-

A. Remuneration to Managing Director, Whole-time Director and/or Manager:
During the year under review, Mr Sushil Kumar Thirani, Chairman and Whole Time Director, Mr Anand Kumar Thirani,
Managing Director were paid remuneration of Rupees 178.88 Lacs and Executive Directors Mr. Raj Kumar Saboo,
Mr Sameer Mehta, Mr Vivek Bagri, Mrs Rekha Thirani, Mrs Nandini Mehta were paid remuneration of Rupees 170.82
Lacs only. (TDS as applicable was deducted).
The said remuneration was paid in compliance of provisions as prescribed under Companies Act, 2013 and Schedule
V thereunder and for which approval was obtained from the members of the Company by way of Special Resolutions
in 82nd Annual General Meeting of the Company held on 12th September, 2017.
B. Remuneration to other directors:

During the year under review, the Non-Executive Independent Directors were paid Sitting Fees of Rs 40,000/- for
attending the meetings of the Board of Directors.
C. Remuneration to Key Managerial Personnel other than MD /Manager /WTD:

During the year under review, Remuneration paid to Chief Financial Officer and Company Secretary aggregated to
approximately Rupees 59.63 Lacs.
30
VI. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES :
Type Section of the Brief Details of Authority Appeal made,
Companies Description Penalty / [RD / NCLT if any
Act Punishment / / COURT] (give Details)
compounding
fees imposed
A. COMPANY
Penalty NA NA NA NA NA
Punishment NA NA NA NA NA
Compounding NA NA NA NA NA
B. DIRECTORS
C. OTHER OFFICERS
IN DEFAULT
31
Annexure - III
Form 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 (Appointmentand Remuneration Personnel) Rules, 2014]
To,
The Members,
KORES (INDIA) LIMITED,
I have conducted the secretarial audit of the Company for checking the compliance of applicable statutory provisions
and the adherence to good corporate practices as defined in the current scenario / industry by KORES
(INDIA)LIMITEDhaving the CIN No.U21198MH1936PLC002494(hereinafter called ‘the Company’). Secretarial Audit
was conducted in a manner that provided me a reasonable basis for evaluating the corporate statutory compliances
and expressing my opinion thereon.
Based on my verification of the books, papers, minute books, forms and returns filed and other records maintained by
the company and also the information provided by the Company, its officers, agents and authorized representatives
during the conduct of secretarial audit, I hereby report that in my opinion, the company has, during the audit period
covering the financial year ended on 31st March, 2018 complied with the statutory provisions listed hereunder and also
that the Company has proper Board processes and compliance mechanism in place to the extent, in the manner and
subject to the reporting made hereinafter:
I have examined the books, papers, minute books, forms and returns filed and other records maintained by the
Company for the financial year ended on 31st March, 2018according to the provisions of:
(i) The Companies Act, 2013 (the Act) and the rules made thereunder:
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder:
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder:
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of
Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings: Not applicable
to the Company
(v) 1. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act,
1992 (‘SEBI Act’) and which are applicable to the company:Not applicable to the Company
(a) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
(b) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation,
2015.
2. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act,
1992 (‘SEBI Act’) and which are not applicable to the company : Not applicable to the Company.
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,
2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2009:
(d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase
Scheme) Guidelines, 1999:
(e) 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.
(f) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009: :
(g) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998:
(vi) There are no other laws as may be specifically applicable to the Company on the basis of documents/ information
produced to us.
32
Other Regulatory provisions/laws applicable to the company are:-
(a) The Employees Provident Fund & Miscellaneous Provisions Act, 1952
(b) The payment of Bonus Act, 1965
(c) ESI Act, 1948
(d) The payment of Gratuity Act, 1972.
I have also examined compliance with the applicable clauses of the following:-
(i) Secretarial Standards 1 & 2 issued by The Institute of Company Secretaries of India.
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 Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive
Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during
the period under review were carried out in compliance with the provisions of the Act.
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were
sent at least seven days in advance, and a system exists for seeking and obtaining further information and clarifications
on the agenda items before the meeting and for meaningful participation at the meeting.
Majority decision is carried through while the dissenting members’ views are captured and recorded as part of the
minutes.
I further report that as per the information & explanation given to us the company is generally regular in depositing
with the appropriate authorities undisputed statutory dues including Provident Fund, ESI, Income Tax, Wealth Tax,
Service Tax, Value Added Tax and other statutory dues applicable to it.
I further report that I rely on statutory auditors reports in relation to the financial statements and accuracy of financial
figures for sales Tax, Wealth Tax, Value Added Tax, Related Party Tax, Provident Fund etc. as disclosed under the
financial statements of the Company.
I further report that there are adequate systems and processes in the company commensurate with the size and
operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
I further report that:
1. Maintenance of Secretarial record is the responsibility of the management of the Company. Our responsibility
is to express an opinion on these Secretarial Records based on our Audit.
2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
the correctness of the contents of the Secretarial records. The verification was done on the test basis to ensure
that correct facts are reflected in the Secretarial records. I believe that the processes and practices, I followed
provide a reasonable basis for of opinion.
3. Wherever required, I have obtained the Management Representation about the compliance of Laws, Rules
and Regulations and happening of events, etc.
4. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the
responsibility of the management. My examination was limited to the verification of documents/procedures on
the test basis.
5. The secretarial audit report is neither an assurance as to the future viability of the company nor the efficacy or
effectiveness with which the management has conducted the affairs of the company.
For Roy Jacob & Co.,
Company Secretaries
Roy Jacob
Proprietor
Place:Mumbai FCS No. 9017
Date : 28/07/2018 COP No.: 8220
33
Annexure - IV
REPORT ON CSR ACTIVITIES DURING FY 2017-18
[Pursuant to Section 135 of the Companies Act, 2013 read with the Companies
(Corporate Social Responsibility) Rules, 2014]
CORPORATE SOCIAL RESPONSIBILITY
1. Brief Outline of CSR Policy:

The Company’s vision is to be a global benchmark in value creation and corporate citizenship following on from the
Company’s motto “Where Value is Tradition”. Kores CSR policy’s focus areas are eradication of hunger, poverty,
malnutrition and health, area of education, promotion of environment sustainability.
2. Composition of CSR Committee:
The Company has constituted a Corporate Social Responsibility Committee whose members are as follows:
Mr. Anand Kumar Thirani
Mr. Rajkumar Saboo
Mr. J P Gupta
3. Average net profit of the Company for the last three financial years: Rs. 1037.26 Lacs.
4. Prescribed CSR Expenditure (two per cent of the amount as in item 3 above): Rs. 22.34 Lacs ((Rs 20.75 lacs
being 2% of average net profits of Rs 1037.26 lacs plus Rs 1.59 lacs of short fall of last year )
5. Details of CSR spent during the financial year:
(a) Total amount to be spent for the financial year: Rs. 21.51 Lacs
(b) Amount unspent, if any: Rs.0.83 Lacs
6. In case the Company has failed to spend the two per cent of the average net profit of the last three financial years
or any part thereof, the company shall provide the reasons for not spending the amount in its Board Report.
The Company could locate activity as per its CSR objectives for spending CSR expenditure very late during the
year and therefore could not spend the shortfall of Rs.0.83 Lacs during the current financial year.
7. A responsibility statement of the CSR Committee that the implementation and monitoring of CSR Policy, is in
compliance with CSR objectives and Policy of the company.
The CSR Committee of the Company hereby confirms that the implementation and monitoring of CSR Policy is in
compliance with CSR objectives and Policy of the Company.
c) Manner in which the amount spent during the financial year is detailed below:
Sr. CSR Project Sector in Projects or programs (1) local Amount Amount Cumulative Amount spent
No. which area or others Outlay Spent expenditure up direct or
project is (2) Specify the state and (in Rs.) (in Rs.) to the reporting through
covered* district where projects or period implementing
programs was undertaken (in Rs.) agency
1 Promoting (ii) New-Delhi; 21,00,000 20,07,000 20,07,000 Direct - by

education Shahpur, Pangari (MH); funding to
Thane; corpus Trust(s)
& Implementing -
Thirani Chari-
table Trust
2 Contribution (iii) Andheri,Goregaon, Bandra. 70,000 60,001 60,001 Direct
towards helpage
homes for senior
citizens and
orphans
34
3. Contribution and (iv) Mumbai 60,000 50,000 50,000 Direct
maintenance of
Natural resources
4. Promoting health (i) Kolkata, Mumbai 50,000 34,000 34,000 Direct

care including
preventive health
care
Note:
The above activities, as mentioned in above table, are undertaken by the Company through Registered Trusts.
Affirmation: We, the undersigned, hereby affirm that the implementation and monitoring of various CSR projects and
activities are in compliance with the CSR Policy and objectives of the Company, as approved by the Board of Directors
of the Company.
Place: Mumbai A. K. Thirani R. K. Saboo J. P. Gupta

Date : August 10, 2018 Chairman Member Member
35
R. SONI & COMPANY
CHARTERED ACCOUNTANTS
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF KORES (INDIA) LIMITED
Report on the Financial Statement

We have audited the accompanying standalone financial statements of KORES (INDIA) LIMITED, which comprise the Balance
Sheet as at March 31, 2018, the Statement of Profit and Loss, and the Cash Flow Statement for the year then ended, and a
summary of significant accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
The company’s Board of Directors is responsible for the matters stated in section 134 of sub section 5 of the companies Act,
2013 with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the accounting principles generally accepted in India ,including
the Accounting Standards specified under section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Account)
Rules,2014.
This responsibility also includes maintenance of adequate accounting records in accordance with provisions of the Act for
safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application
of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation
and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness
of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
In preparing the financial statement, management is responsible for assessing the company ability to continue as a going
concern, disclosing as applicable, matter related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the company or to cease operation, or has no realistic alternative but to do so.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to
be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards
require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements.
The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of
the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial
control relevant to the Company’s preparation of financial statements that give a true and fair view in order to design audit
procedures that are appropriate in circumstances. An audit also includes evaluating the appropriateness of the accounting
policies used and the reasonableness of accounting estimates made by the company’s Directors, as well as evaluating the
overall presentation of the financial statements.
We are responsible to conclude on the appropriateness of management’s use of the going concern basis of accounting and ,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in the auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify the opinion. Our conclusions are based on the audit evidence obtained up to the date of the auditor’s
report. However, future events or conditions may cause an entity to cease to continue as a going concern.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial
statements subject to note no. Q-1, Q-2 and read with other notes as appearing in note no. “AB” give the information required by the
Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India,
36 Standalone Financial Statement

a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2018;
b) in the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date also read with note no AB-12 in
respect of Textile Division for Discontinued Operations.
Emphasis of Matters
We draw attention to the following matters in the notes to the financial statements:
a) Remuneration to Director and Key Managerial Person as per the provision of section 197 of Companies Act 2013 is subject
to approval of shareholders in the ensuing Annual General Meeting by special resolution under section 197 of Companies
Act, 2013 refer note no AB-11(C) to financial statement.
b) In the matter of Income Tax Appellate Tribunal Order refer note no. AB-5.
c) We did not audit the financial statements of Three branches i.e. Engineering division (Pithampur), Taxtile Division (Wankaner),
Foundry Division included in the standalone financial statements of the Company whose financial statements total assets of
Rs.11,454.24 lacs (P.Y. Rs.13,686.78 lacs) as at 31st March, 2018 and total revenues of Rs.29442.83 (P.Y. Rs.28072.63 lacs) for
the year ended on that date, as considered in the standalone financial statements. The financial statements / information of
these branches have been audited by the branch auditors whose reports have been furnished to us, and our opinion in so
far as it relates to the amounts and disclosures included in respect of these branches, is based solely on the report of such
branch auditors. However auditors names are not appointed as per last appointed on previous year AGM.
d) Without qualifying our opinion attention is invited to “provision for sales” included under head “sales of products” for the year
amounting to Rs.62.45 lacs (P.Y. Rs.9.20 lacs) (net Credit) in case of Pefco and Rs.61.01 lacs (P.Y. Rs.89.73 lacs ) (net Debit)
for Chakan of Foundry Division, towards debit/credit note to be issued to the customers for the rate difference in respect
of goods dispatched during the financial year ending March 31, 2018. However final Debit /Credit note would be raised in
subsequent accounting period. Pending raising such final debit/credit note the above net amount has been included in sales
for the year.
e) The balance of Trade Payable & Trade Receivables are subject to confirmation.
f) Sundry debtors considered doubtful Rs.506.53 lacs (P.Y. Rs.437.28 lacs) out of which Rs.437.19 lacs (P.Y Rs.347.32 lacs)
are under litigation. A provision of Rs.172.45 lacs (P.Y. Rs.150.37) has been made in books of accounts.
g) Advances considered doubtful Rs.111.51 lacs (P.Y. Rs.127.02 lacs) out of which Rs. 10.74 lacs (P.Y.10.74 lacs) are under
litigation. A provision of Rs Nil lacs has been made in the books of accounts.
h) Company has given unsecured loan to associate/subsidiary company (including interest) of Rs.971.37 (P.Y. Rs.110.43 Lacs)
at rates decided by the management and made, total Investment is Rs.310 Lacs (P.Y. Rs.150 Lacs).
i) Non provision in respect to fall in value of Investment Rs 27.79 lacs (P.Y. Rs.14.78 lacs).
j) We draw attention to Note AB-12 of the Financial Statements which describes the effects of a discontinuing operation and
closure of Textile Division located at Wankaner w.e.f.17 th September 2016 as referred therein.
Corresponding figure for the year ended 31 March 2017 have been audited by another auditor who expressed an unmodified
opinion dated August 1, 2017 on the standalone financial statement of the company for the year ended 31.03.2017.
Our opinion on the standalone financial statement is not modified in respect of this matter.
Report on other Legal and Regulatory Requirements
1. As required by the companies (Auditor’s Report), 2016 (“the Order”) issued by the central government in terms of section
143(11) of the Act, We give in the “Annexure A” a statement on the matters specified in the paragraphs 3 and 4 of the order
2. As required by section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purpose of our audit.
b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books.
c. The reports on the accounts of the branch offices of the Company audited under section 143(8) of the Act by branch auditors
have been sent to us and have been properly dealt with by us in preparing this report.
d. The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement from continue and discontinue operation
dealt with by this Report are in agreement with the books of account.
e. In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the
Act, read with Rule 7 of Companies (Accounts) Rules, 2014.

f. On the basis of written representations received from the directors as on March 31, 2018, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2018, from being appointed as a director in terms of sub-section
(2) of section164 of the Companies Act, 2013.
g. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating
effectiveness of such controls, referred to our separate Report in “Annexure B” and.
h. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the companies (Audit
and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The company has disclosed the impact of pending litigations on its financial position in its financial statements- Refer
Note AB (1) contingent liability;
ii. The company did not have any long-term contracts including derivative contract for which there were any material foreseeable
losses;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection
Fund by the Company.
1509, GHANSHYAM ENCLAVE, NEW LINK ROAD For R. SONI & COMPANY
Nr. LALJI PADA POLICE CHOWKI, Chartered Accountants
KANDIVALI (WEST) FRN -130349W
MUMBAI-400067
Dated - 10 th day of August, 2018 RAJESH SONI
Partner
Membership No - 133240
ANNEXURE “A” REFERRED TO IN OUR INDEPENDENT AUDITOR’S REPORT OF EVEN DATE TO THE MEMBERS OF
KORES (INDIA) LIMITED (‘THE COMPANY’) ON THE ACCOUNTS FOR THE YEAR ENDED 31 ST MARCH, 2018
On the basis of the information and explanation furnished to us and the books and record examined by us in the normal course
of audit and to the best of our knowledge and belief we report that,
1. a) The Company has maintained proper records showing full particulars including quantitative details and situation of its
fixed assets.
b) According to the information and explanation given to us and report received from other divisional auditors the fixed
assets have been physically verified except Foundry division during the year by the management and other division any
discrepancies noticed at the end of the year, the discrepancies are under reconciliation with the Fixed Assets register.
Necessary adjustments are carried out in current year.
c) According to information and explanation given to us and on the basis of our examination of records of the company the
title deed of immovable properties are held in name of the company
2. a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.
b) According to the information and explanation given to us the procedures of physical verification of Inventories followed
by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanation given to us the Company is maintaining proper records
of Inventory. The discrepancies noticed on verification between the physical stocks and the book records were stands
adjusted in the books of accounts.
3. The company has granted loans (including interest) of Rs.971.37 (P.Y. Rs.110.43 lacs) to subsidiary company, parties covered
in register maintained under section 189 of the Companies Act, 2013.
4. In our opinion and according to the information and explanations given to us, the company has complied with wherever applicable,
the provisions of section 185 and I86 of the Companies Act, 2013 In respect of loans, investments, guarantees, and securities
made.
5. In our opinion and according to the information and explanation given to us, the Company has complied with the provisions
of section 73 to 76 or any provisions of Companies Act 2013 and the companies (Acceptance of Deposits) Rules,1975 with
regard to the deposits accepted from the public. No order has been passed by the company Law Board.
6. As per information and explanation given by the management, maintenance of cost records have been prescribed by the
Central Government sub section 1 of section 148 of the Companies Act, 2013 and we are of the opinion that prima-facie the
prescribed accounts and records are being maintained.
7. a) According to the information and explanations given to us and on the basis of our examination of the books of accounts,
the company is generally regular in depositing with the appropriate authorities undisputed statutory dues including Provident

Fund, Investor Education & Protection Fund, Employee’s State Insurance, Income Tax, Wealth Tax, Custom Duty, Excise
Duty, Service tax, Goods and Service Tax, Sales Tax, Value added tax, Local body tax, Cess and other statutory dues
applicable to it. According to the information & explanations given to us no undisputed Statutory as above were outstanding
as on last day of financial year concerned for a period of more than six months from the date they become payable.
b) According to the information & explanations given to us, the amount dues payable in respect of Income Tax, Wealth
Tax, Service tax, VAT, Customs Duty, Sales tax, Goods and Service Tax, Excise Duty that have not been deposited with
the appropriate authorities on account of dispute and the form where the dispute are pending are as given below -
Particulars Financial Year to which the matter pertains Forum where Amount
matter is pending (Rs. In Lacs)
(Current Year)
Sales Tax 1983-92, 2000-01, 03-04, 14-15 High Court Rs.36.81
(Paid under protest
Rs. 9.67 Lacs)
1983-92, 92-93, 93-94, 97-98, 2000-01 to Tribunal Rs.41.76
02-03, 06-07 (Paid under protest
Rs. 26.37 Lacs)
2003-04, 05-06, 06-07, 07-08, 08-09, 09-10, JC Commissioner Rs. 443.33
11-12, 12-13, 13-14 (Paid under protest
Rs. 20.67 Lacs)
1986-87, 91-92, 93-94, 97-98, 1998 to 2007, Assistant/ Rs. 187.08
08-09, 12-13, 14-15,15-16 Dy. Comm. Appl (Paid under protest
Rs. 15.11 Lacs)
2004-05, 94-95, 05-06, 06-07,10-11,12-13, Commercial Tax Rs.12.46
13-14 Officer (Paid under protest
Rs. 3.04 Lacs)
VAT Tax 2008-09 High Court Rs.67.86
(Paid under protest
Rs.2.37 Lacs)
2012-13 Tribunal Rs.2.60
(Paid under protest
Rs.2.60 Lacs)
03-04, 05-06, 08-09, 12-13 JC Commissioner Rs.634.12
(Paid under protest
Rs.51.65 Lacs)
2005-06, 2008-09, 2014-15 Assistant / Rs.30.22
Dy. Comm. Appl. (Paid under protest
Rs.1.54 Lacs)
Income Tax 1990-91 ITAT Rs.7.92
2011-12 A.O. Rs.43.05 Lacs
2014-15 A.O. Rs.87.96 Lacs
2015-16 CIT(A) Rs.136.91
Excise 1998-99, 1999-2000, 2000-01 CESTAT-MUMBAI Rs.192.49
Duty (Paid under protest
Rs. 9.42 Lacs)
2001-02 Supreme Court Rs.1.00
(Paid under protest
Rs. 1.00 Lacs)
Local 2012-2013 to 2015-2016 Thane Municipal Rs.6.87
Authority Corporation (Paid under protest
Rs.5.71)
E.S.I.C. Recovery of contribution u/s 45C to 45I E.S.I.C. Court Rs.15.08
1.4.1995 to 31.3.1999 Rajkot (Paid under protest
Rs. Nil)

8. In our opinion and according to the information and explanations given by management, the Company has not defaulted in
repayment of term loan to a financial institution and borrowings from banks. The company does not have any borrowings
from government and debentures holders.
9. Based upon the audit procedures performed and the information and explanations given by the management, the company
has not raised moneys by way of initial public offer or further public offer including debt instruments and but term Loans
availed during FY 2017-18 refer Note C to notes to account.
10. Based upon the audit procedures performed and the information and explanations given by the management, we report
that no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.
11. Based upon the audit procedures performed and the information and explanations given by the management, the managerial
remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section
197 read with Schedule V to the Companies Act refer note (a) of Emphasis Matter to the auditor’s report.
12. In our opinion, the Company is not a Nidhi Company. Therefore, the provisions of clause 3(xii) of the Order are not applicable
to the Company.
13. According to the information and explanations given to us and based on our examination of the records of the Company,
transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details
of such transactions have been disclosed in the financial statements as required by the applicable accounting standard.
14. According to the information and explanations give to us and based on our examination of the records of the Company, the
Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures
during the year.
15. According to the information and explanations given to us and based on our examination of the records of the Company,
the Company has not entered into non-cash transactions with directors or persons connected with him. Accordingly, paragraph
3(xv) of the Order is not applicable.
16. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.
MUMBAI-400067
Partner
Annexure - B to the Auditors’ Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
(“the Act”)
We have audited the internal financial controls over financial reporting of KORES (INDIA) LIMITED, as of 31 March 2018 in
conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal
control over financial reporting criteria established by the Company considering the essential components of internal control
stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered
Accountants of India (‘ICAI’). These responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence
to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial information, as required under the
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based on our
audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial
Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section
143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit

of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the
Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether adequate internal financial controls over financial reporting was established and maintained and if such controls
operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system
over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness
exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The
procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the
Company’s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company’s internal financial control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management and directors of the
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company’s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or
improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also,
projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that
the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting
and such internal financial controls over financial reporting were operating effectively as at 31 March 2018, but there is scope for
improvement in certain areas considering the essential components of internal control stated in the Guidance Note on Audit of
Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. However in view
of current development in respect to GST etc. IFC is being updated in present context.
MUMBAI-400067
Partner

BALANCE SHEET AS ON 31ST MARCH 2018 `.in Lacs
As at As at
Note 31-3-2018 31-3-2017
EQUITY AND LIABILITIES
Shareholder’s Funds
a. Share Capital A 1,300.00 1,300.00
b. Reserves & Surplus B 10,887.28 9,554.07
12,187.28 10,854.07
Non-Current Liabilities
a. Long Term Borrowings C 6,316.46 5,770.08
b. Deferred Tax Liability (Net) D 264.45 (52.29)
c. Other Long Term Liabilities E 888.46 888.30
d. Long Term Provisions F 1,199.42 1,411.10
8,668.79 8,017.19
Current Liabilities
a. Short Term Borrowings G 6,241.32 6,906.40
b. Trade Payables H 12,583.39 10,095.52
c. Other Current Liabilities I 2,646.57 2,583.33
d. Short Term Provisions J 537.02 349.38
22,008.30 19,934.63
Total 42,864.37 38,805.89
ASSETS
Non-Current Assets
a. Fixed Assets K
i Tangible Assets 16,222.13 14,717.28
ii Intangible Assets 202.63 20.06
iii Capital Work in Progress 351.21 717.44
16,775.97 15,454.78
b. Non-Current Investment L 427.21 269.23
c. Long Term loans and Advances M 564.19 152.76
17,767.37 15,876.77
Current Assets
a Inventories N 7,230.16 7,498.11
b Trade Receivables O 12,519.40 10,923.16
c Cash and Cash Equivalents P 920.80 612.04
d Short Term loans and Advances Q 4,397.48 3,868.02
e Other Current Assets R 29.16 27.79
25,097.00 22,929.12
Total 42,864.37 38,805.89
OTHER NOTES FORMING PART OF THE ACCOUNTS AB
SIGNIFICANT ACCOUNTING POLICIES AC
As per our report annexed For & on behalf of the Board
For R. SONI & COMPANY
Chartered Accountants A. K. Thirani
(FRN No.130349W) Managing Director
Rajesh Soni (DIN : 00082344)
Partner - (M.No.133240) R. K. Saboo
1509, Ghanshyam Enclave, New Link Road, Executive Director
Nr. Lalji Pada Police Chowki, Kandivali (West) (DIN : 00053600)
Mumbai, the 10th day of August, 2018 Chintamani Thatte Rajesh Sharma
Company Secretary CFO

STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED 31ST MARCH 2018 `.in Lacs
For the year ended
Note 31-3-2018 31-3-2017
REVENUE
Revenue from Operations S 63,568.15 63,184.90
Other Income T 1,116.65 850.06
Total Revenue (I) 64,684.80 64,034.96
EXPENSES
Cost of materials consumed U 18,889.52 19,006.80
Purchase of stock in trade V 13,478.81 12,906.45
Changes in inventories of finished goods, WIP and stock in trade W 325.05 1,684.59
Cost of Construction Project X - -
Employee benefit Expenses Y 9,337.19 9,361.05
Finance costs Z 1,529.36 1,591.49
Depreciation and Amortization expenses K 1,325.94 1,251.94
Other Expenses AA 18,025.64 17,383.52
Total Expenses (II) 62,911.51 63,185.84
Profit / (Loss) before Extraordinary items and Tax (I-II) 1,773.29 849.12
Add: Extraordinary items - -
Profit / (Loss) before Tax 1,773.29 849.12
Tax expenses
For Current Tax 398.00 173.00
For Deferred Tax D 316.74 163.24
For Earlier Year Tax - (16.38)
Less : MAT Credit Entitlement (398.00) (173.00)
Profit / (Loss) for the year 1,456.55 702.26
Earning Per Share (Rs.) AB-8

Basic 13.02 6.14
Diluted 13.02 6.14
OTHER NOTES FORMING PART OF THE ACCOUNTS AB

SIGNIFICANT ACCOUNTING POLICIES AC


CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2018.
(`. in Lacs)
For the year ended For the year ended
March 31, 2018 March 31, 2017
CASH FROM OPERATION
a) Profit before Taxation 1,773.29 849.12
Add :
i) Depreciation 1,325.94 1,251.94
ii) Interest & Finance Charges 1,529.36 1,591.49
iii) Loss / (Profit) on Sale of Investment 2.02 (1.74)
iv) Loss / (Profit) on Sale of Assets (583.73) 2,273.59 (467.02) 2,374.67
Less :
i) Income Tax & Wealth Tax (Net) 17.24 (60.23)
ii) Interest & Dividend Income 128.48 (145.72) 77.87 (17.64)
b) (Increase) / Decrease in Current Assets
i) Inventories 267.95 1,723.38
ii) Sundry Debtors (1,596.23) (202.48)
iii) Loans & Advances (62.71) 939.57
iv) Loans to Subsidiary Companies (860.94) (2,251.93) (110.43) 2,350.04
c) Increase / (Decrease) in Current Liabilities 2,259.54 (3,911.15)
NET CASH FROM OPERATION 3,908.76 1,645.04
INVESTMENT ACTIVITIES
i) Purchase of Fixed Assets/Capital Work in Progress (3,565.70) (1,998.46)
ii) Sale Proceeds of Fixed Assets 1,502.29 965.28
iii) (Increase) / Decrease in Investment (Net) (157.98) (179.88)
iv) Diminution / (Profit) Loss on Sale of Investment (2.02) 1.74
iv) Interest & Dividend Income 127.10 81.84
NET CASH (USED IN) FROM INVESTING ACTIVITIES (2,096.31) (1,129.48)
FINANCING ACTIVITIES
i) Increase / (Decrease) in Cash Credit (Net) (502.64) (1,309.56)
ii) Increase / (Decrease) in Term Loans (Net) 512.98 1,679.33
iii) Increase / (Decrease) in Unsecured Loan (Net) 101.44 625.70
iv) Interest Paid (1,489.70) (1,542.27)
v) Dividend Paid (104.50) (77.00)
vi) Tax on Distributed Profit (21.27) (33.59)
NET CASH (USED IN) FROM FINANCING ACTIVITIES (1,503.69) (657.39)
NET CHANGE IN CASH AND CASH EQUIVALENTS 308.76 (141.84)
CASH & CASH EQUIVALENT AS AT BEGINNING OF THE YEAR 612.04 753.88
CASH & CASH EQUIVALENT AS AT THE END OF THE YEAR 920.80 612.04
Refer Note AB 12 in respect of Textile Division for Discontinued Operations.
NOTE A : SHARE CAPITAL `. in Lacs
No. of As at As at
Share 31-03-2018 31-03-2017
Authorised :
Equity Shares of Rs.10/- each 1,50,00,000 1,500.00 1,500.00
9% Redeemable Cumulative Preference Shares of Rs.100/- each 2,50,000 250.00 250.00
1,750.00 1,750.00
Issued, Subscribed & Paid up :

Equity Shares of Rs.10/- each fully paid up 1,10,00,000 1,100.00 1,100.00
11% Redeemable Cumulative Preference Shares of Rs.100/- each
fully paid up. (Redeemed on 30th Nov.2017) 2,00,000 - 200.00
fully paid up. 2,00,000 200.00 -
(Preference Shares are redeemable at par not later than 14-12-2027)
1,300.00 1,300.00
A-1 Out of Above

55,00,000 Equity shares are alloted as fully paid-up Bonus shares by capitalisation of share premium on
01-10-2010.
A-2 List of Shareholders holding more than 5% shares in the Company :
31-3-2018 31-3-2017
Equity Shares Equity Shares
Name of the Shareholder No. of Shares held % No. of Shares held %
1. Mr. A. K. Thirani 5046299 45.87 5045871 45.87
2. M/s. Shashi Finance Ltd. 1152696 10.48 1152696 10.48
3. M/s. Videocon Industries Ltd. 1780000 16.18 1780000 16.18
4. M/s. Value Industries Ltd. 610000 5.55 610000 5.55
Preference Shares Preference Shares
No. of Shares held % No. of Shares held %
1. M/s. Kores International (Pvt.) Ltd 153000 76.50 153000 76.50
2. Mrs. Nandini Mehta 18000 9.00 18000 9.00
3. M/s. Solar Packaging Pvt. Ltd. 10000 5.00 10000 5.00
A-3 The Reconciliation of No. of Shares outstanding is given below :

Equity Shares Preference Shares
Particulars Number Amount Number Amount
Shares outstanding at the beginning of the year 1,10,00,000 11,00,00,000 2,00,000 2,00,00,000
Shares issued during the year -- -- 2,00,000 2,00,00,000
Shares bought back / redeembed during the year -- -- 2,00,000 2,00,00,000
Shares outstanding at the end of the year 1,10,00,000 11,00,00,000 2,00,000 2,00,00,000

`. in Lacs
As at As at
31-03-2018 31-03-2017
NOTE - B : RESERVES & SURPLUS
Capital Reserve
As per last Balance Sheet 90.00 90.00
Share Premium Account
General Reserve
As per last Balance Sheet 1,370.00 1,370.00
Capital Redemption Reserve
Profit & Loss Account
Add : Transferred from P&L A/c of Current Year 1,456.55 702.26
Appropriations
Transferred to Capital Redemption Reserve - 200.00
Proposed Dividend on Equity Shares 82.50 82.50
Proposed Dividend on Preference Shares 19.98 22.00
Distribution Tax on Proposed/Paid Dividend 20.86 21.27
8,872.49 7,539.28
10,887.28 9,554.07
NOTE - C : LONG TERM BORROWINGS

Secured
Term Loans from Banks
- Projects (Refer Note C-1) 2,419.13 2,601.55
Term Loans from Others (Refer Note C-2) 600.30 148.60
Unsecured
Fixed Deposits (Maturing after one year) 1,318.09 997.63
Inter Corporate Deposits (Maturing after one year) 1,408.00 1,355.50
Loans and Advances from Directors : 552.35 613.00
Deferred Payment Liabilities 18.59 53.80
6,316.46 5,770.08
C-1 : Term Loan from Banks
Against Project `. in Lacs
Security 31-3-2018 31-3-2017 Terms of Repayment Bank Loan Amt/
Charged Amt.
Secured by 1st Charge on movable and immovable Fixed 1,435.45 1,347.20 Repayable in 33 monthly State 2200.00
Assets at Wankaner Gujarat, Bhosari & Chakan, Pune installment ending on Bank of
(Maharashtra) & Roha, Raigad, Maharashtra. December-2020 India
Commercial Units Nos 301, 302 & 202 at Ashford 459.01 511.37 Repayable in 82 monthly Deutsche 600.00
Chambers, Mahim, Mumbai -400016 installment ending on January Bank
2025.
Chambers, Mahim, Mumbai -400016 installment ending on February, Bank
2025.

C-1 : Term Loan from Banks (Contd.) `. in Lacs
Security 31-3-2018 31-3-2017 Terms of Repayment Bank Loan Amt./
Charged Amt.
Chambers, Mahim, Mumbai -400016 installment ending on April, 2026. Bank
Chambers, Mahim, Mumbai -400016 installment ending on October, Bank
2021.
Chambers, Mahim, Mumbai -400016 installment ending on Bank
September, 2021.
Plot situated at Pawne, Navi Mumbai - 400705 267.55 305.36 Repayable in 80 monthly ICICI 385.00
installment ending on Bank
November-2024
Total 3,182.15 3,336.25 Total 4,485.00
Less Current portion of long term borrowing 763.02 734.70

(Refer Note - I)
Long Term Borrowing as disclosed in Note - C 2,419.13 2,601.55
1) The above term loan from banks for projects are further secured by personal guarantee of Shri A. K. Thirani,
(Managing Director) of the Company.
C-2 : Term Loan from Others `. in Lacs
Security 31-3-2018 31-3-2017 Terms of Repayment

Acquired under equipment Finance Scheme secured by The assets acquired under
respective Machinery & Equipment & personal guarantee Equipment Finance for fixed
of Shri A. K. Thirani, Managing Director of the Company. period of time mainly comprise of
Tata Capital Limited 695.21 149.72 equipment & machinery.
Vehicle Finance is secured by the respective Vehicles. 251.30 129.70 The assets acquired under
Vehicle Finance for fixed period
of time.
Total 946.51 279.42
(Refer Note - I)
Long Term Borrowing as disclosed in Note - C 600.30 148.60
1) Term Loan sanctioned under Equipment Finance by Tata Capital Financial Services Ltd. for Rs.500 Lacs during
F.Y. 2017-18 and started availing from April-2018.

`. in Lacs
As at As at
31-03-2018 31-03-2017
NOTE D : DEFERRED TAX LIABILITIES (ASSETS)
Tax effect of items constituting Deferred Tax Assets
Provision for Retirement Benefits 533.34 536.26
Expenses allowable on payment basis 266.57 255.90
Deferred Tax Assets provided for business losses 710.75 802.40
Provision for Tax, Duty and Doubtful Debts 47.35 53.94
1,558.01 1,648.50
Tax effect of items constituting Deferred Tax Liability
Depreciation 1,822.46 1,596.21
1,822.46 1,596.21
264.45 (52.29)
D-1 Deferred Tax Liabilities resulting from the unabsorbed depreciation and carry forward business losses as per
Income Tax are recognised in the books of accounts.
NOTE E : OTHER LONG TERM LIABILITIES
Others :
- Security Deposits from Dealers & Others 877.08 873.42
- Vehicle & Other Deposits 11.38 14.88
888.46 888.30
NOTE F : LONG TERM PROVISIONS
Provisions for Employee Benefits :
For Gratuity 825.95 1,034.60
For Compensated Absences 373.47 376.50
1,199.42 1,411.10
NOTE G : SHORT TERM BORROWINGS
SECURED
Loans Repayable on Demand
From Banks (Refer to Note G-1 & G-3) 3,449.24 4,229.88
From Deutsche Bank (Refer Note G-2) 278.01 -
UNSECURED
Aum High Power Plating & Equipments LLP - 110.00
DEPOSITS
Fixed Deposits (maturing within one year) 722.69 738.28
Intercorporate Deposits 1,791.38 1,828.24
6,241.32 6,906.40
G-1 Loan repayable on Demand from Banks are fund based working capital facilities viz. cash credit and demand
loans. The secured portion of working capital facilities and other non-fund based facilities viz. bank guarantees
and letter of credit are secured by hypothecation of inventories, book debts and receivables. Further collaterally
secured by immovable properties of the company situated at Wankaner (Gujarat), Pithampur (M.P.) and Chakan and
Bhosari, Pune, M.I.D.C. Roha, Dist. Raigad.
(The above facilities are guaranteed by Shri. A. K. Thirani, Managing Director of the Company).
G-2 Secured by mortgage of immovable property of the company situated at 301, 302 & 202 Ashford Chamber, Mahim,
Mumbai.
(The above facilities are guaranteed by Shri. A. K. Thirani, Managing Director of the Company).
G-3 Cash Credit Facility (utilised) Rs.3,449.24 Lacs (P.Y. Rs.4,229.88 Lacs), out of which sum of Rs.Nil Lacs
(P.Y.Rs.910.00) has been converted into FCNR-B equivalent to US$ Nil Lacs (Previous Year US$13.77 Lacs) for the
period of Three Months at a time and further Rollover is subject to approval from the Bankers, Exchange Risk is
covered by way of forward booking contract to the extent of US$ Nil Lacs (P.Y.US$13.77).
`. in Lacs
As at As at
31-03-2018 31-03-2017
NOTE H : TRADE PAYABLE
For Goods (Refer Note H-1) 8,078.05 6,520.61
For Expenses 4,505.34 3,574.91
12,583.39 10,095.52
H-1 Under the Micro, Small and Medium Enterprises Development Act, 2006, certain disclosures are required to be
made relating to Micro, Small and Medium Enterprises. The Company is in the process of compiling relevant
information from its suppliers about their coverage under the said Act. Since the relevant information is not readily
available, no disclosure have been made in the Accounts.
NOTE I : OTHER CURRENT LIABILITIES
Secured
Current Maturities of Long Term Debts
Term Loans from Banks
- Projects (Refer Note C-1) 763.02 734.70
From Others (Refer Note C-2) 346.21 130.82
Unsecured
Interest Accrued and due 285.78 246.13
Unpaid Dividends 1.14 1.14
Unclaimed Fractional Warrant 1.29 1.29
Creditor for Capital Expenditure 255.28 155.14
Payable for statutory Dues 249.12 350.95
Advances from Customers (Refer Note I-1) 549.06 751.08
Other Advances 108.78 111.82
Due to Managing Director 8.64 9.92
Other Payables 43.05 41.92
2,646.57 2,583.33
I-1 Advance from Customers includes Rs.10.00 Lacs from Managing Director for booking of flat.
NOTE J : SHORT TERM PROVISIONS
Provision for Employee Benefits
For Gratuity 301.85 119.10
For Compensated absences 111.83 91.74
Others
Excise Duty - 12.77
Proposed Dividend for
- Equity Shares 82.50 82.50
- Preference Shares 19.98 22.00
Distribution Tax on Dividend 20.86 21.27
537.02 349.38

Note K : FIXED ASSETS :
(`. in lacs)
Gross Block Depreciation Net Block
Description Total Upto Additions Sales / Total Upto Total Upto For the Adjusted Total Upto As At As At
31-3-2017 during Adjustments 31-3-2018 31-3-2017 year on Sales / 31-3-2018 31-3-2018 31-3-2017
the year during the 2017-18 Adjust-
year ments
I. Tangible Assets
Land - (Leasehold) 68.74 - - 68.74 10.63 0.61 - 11.24 57.50 58.11
Land - (Freehold) 423.60 - 10.54 413.06 - - - - 413.06 423.60
Building (on freehold & 8502.12 326.36 - 8828.48 1986.66 229.14 0.01 2215.79 6612.70 6515.46
Leasehold Lands)
Plant & Machinery 18830.25 3000.69 4470.67 17360.27 11946.33 871.22 3673.72 9143.83 8216.44 6883.92
Furniture & Fixture 648.60 39.56 25.85 662.31 466.77 36.29 22.73 480.33 181.96 181.83
Motor Cars & Vehicles 615.68 249.56 214.90 650.34 226.83 68.10 112.05 182.88 467.47 388.85
Office Equipments 1239.22 110.18 95.22 1254.18 977.19 96.69 90.11 983.77 270.41 262.03
Bore-wells & Water Connections 10.25 - - 10.25 6.77 0.89 - 7.66 2.59 3.48
Total 30338.46 3726.35 4817.18 29247.63 15621.18 1302.94 3898.62 13025.50 16222.13 14717.28
II. Intangible Assets
Computer Software (ERP) 392.21 205.58 0.16 597.63 372.15 23.00 0.15 395.00 202.63 20.06
Total 392.21 205.58 0.16 597.63 372.15 23.00 0.15 395.00 202.63 20.06
III. Capital Work in Progress - - - - - - - - 351.21 717.44
Total (I+II+III) 30730.67 3931.93 4817.34 29845.26 15993.33 1325.94 3898.77 13420.50 16775.97 15454.78
Previous Year 31435.73 1517.90 2222.96 30730.67 16466.08 1251.94 1724.69 15993.33 15454.78
Note : K-1
- Building Rs.144.27 lacs for ownership flats in a co-operative housing society. The Society is registered and the share certificate will be
received in due course.
- Depreciation for the year includes Rs.0.61 lacs (Previous year Rs.0.61 Lacs) being Lease Hold Premium Written off.
- Building includes Rs.3491.04 lacs for office premises 3 units at ‘Ashford Chambers’. The formation of ‘Condominium’ has completed and
share certificate is yet to be received.
- As per AS-16 the Interest cost on Borrowing for acquiring Fixed Assets & Capital Work in Progress amounting of Rs.64.65 lacs (Previous
Year Rs.84.78 lacs) has been capitalised in the respective Assets.
NOTE L : NON-CURRENT INVESTMENTS - LONG TERM :
`. in Lacs
Particulars Face Value No. of As on As on
Rs. Securities 31-03-2018 31-03-2017
Unquoted :
7 Years National Saving Certificates
(Deposited with Govt. Dept.) - 2.00
Other Investments
Quoted Equity Shares (Fully Paid up):

Premier Ltd. 10 100 0.02 0.02
Ricoh (India) Ltd. 10 900 0.02 0.02
ACC Ltd. 10 283 0.04 0.04
Central Bank of India 10 256 0.26 0.26
Dena Bank 10 4300 1.29 1.29
Reliance Ind. Ltd. (including Bonus Shares 347) 10 1388 8.60 8.60
Century Textiles & Industries Ltd. 10 1000 6.85 6.85
ICICI Bank Ltd. (including Bonus Shares 250) 2 2750 5.79 5.79
IDBI Bank Ltd. 10 10000 11.46 11.46
IDFC Ltd. 10 10000 9.51 9.51
IDFC Bank Ltd. 10 10000 9.50 9.50
Reliance Communication Ltd. 5 2000 12.61 12.61
Reliance Power Ltd. (including Bonus Shares 21) 10 56 0.16 0.16
Compuage Infocom Ltd. (including Bonus Shares 300) 2 800 0.03 0.03
Unquoted Equity Shares (Fully Paid up):
Kores Printer Technology Pvt. Ltd.** 10 3 - -
(3 shares of Rs.10/- each. Rs.30/- Prv. year Rs.30/-)
Shri Amarsinhji Stationery Ind. Ltd.* 10 64000 4.04 4.04
Super Bazar the Co-op. Store Ltd. 10 2500 0.25 0.25
Evershine Consultancy Services Private Ltd. 10 1000 0.10 0.10
Associate & Subsidary Companies :
Quality Inks Private Ltd. 10 9280 0.93 0.93
Arraystorm Lighting Private Ltd. 10 150000 15.00 15.00
Cast Tech Private Ltd. 10 300000 30.00 30.00
JK Gypsum Private Ltd. 10 3499990 310.00 150.00
Unquoted Equity Shares (Partly Paid up) :
Kores Printer Technology Ltd. 10 9997 0.75 0.75
Bonds :
8 1/2% Rural Development Bonds (Through M.S.E.B.) 100 17 - 0.02
427.21 269.23
* As per SEBI Circular dated October 10, 2016 the Share are delisted.
** Figures below Rs.500 are taken as Rs. Nil.
As at 31-03-2018 As at 31-03-2017
Book Value Market Value Book Value Market Value
`. in Lacs `. in Lacs `. in Lacs `. in Lacs
Aggregate Value of :
Quoted Investments 66.15 60.17 70.19 55.91
Unquoted Investments 361.06 199.04
427.21 60.17 269.23 55.91

`. in Lacs
As at As at
31-03-2018 31-03-2017
NOTE M : LONG TERM LOANS AND ADVANCES :
(Unsecured considered good except otherwise stated)
Loan to Subsidiary Company 500 110.43
Security Deposits with Govt. Dept. 28.56 37.34
Loans to Employees 35.63 4.99
564.19 152.76
M-1 : Company has given the guarantee to SBI Bank Jammu on behalf of Subsidiary company of JK Gypsum pvt ltd
as per sanction letter of the bank that we will maintain to the extent unsecured loan of Rs. 500 lacs.
NOTE N : INVENTORIES
Inventories (including goods in transit)
Raw materials & Components (At cost) 1,179.72 1,068.28
Stock in Process
- At Cost 369.62 447.85
- At lower of works cost or net realisable value 1,571.13 1,928.62
Finished & Semi Finished Goods

- At works cost 358.47 543.62
- At lower of cost or net realisable value 0.82 7.36
Stock in Trade / Purchased goods (At lower of cost or Market value) 2,188.86 1,886.50
(Net of provision Rs.115.77 Lacs, Pervious year Rs. 215.43 Lacs)
Stores & Spare Parts (At Cost) 499.75 564.50
Stock - Construction Project

- Building under Construction (Refer Note X-1) 1,061.79 1,051.38
7,230.16 7,498.11
NOTE O : TRADE RECEIVABLES

(Unsecured considered good except otherwise stated.
Refer Note O-1 & AB-16)
Debts outstanding more than 6 months 965.79 1,003.58
Less : Provision for Doubtful Debts 172.45 150.37
793.34 853.21
Other Debts 11,726.06 10,069.95
12,519.40 10,923.16
O-1 Sundry Debtors considered doubtful Rs.506.53 lacs (previous year Rs.437.28 lacs) out of which Rs.437.19 lacs
(previous year Rs.347.32 lacs) are under litigation. A provision of Rs.172.45 lacs (previous year Rs.150.37 lacs)
has been made in the books of accounts. The balances of Sundry Debtors are subject to confirmation.

`. in Lacs
As at As at
NOTE P : CASH & CASH EQUIVALENTS 31-03-2018 31-03-2017
Balance with Banks 136.64 55.40
Remittances in Transit 233.05 105.70
Cash in hand 18.58 21.69
Fixed Deposit with Banks (Refer Note P-1) 529.90 426.62
Other Bank Balances
Post Office Saving Bank Accounts 0.20 0.20
Earmarked balances with banks (unpaid dividend / Warrants) 2.43 2.43
920.80 612.04
P-1 Earmarked against margin of FD’s scheme for Rs.222.28 Lacs included in FD with banks.
NOTE Q : SHORT TERM LOANS & ADVANCES

Loan to Subsidiary Companies (Including interest Rs.45.85 Lacs) 471.37 -
Advances
Goods (Refer Note Q-1) 578.27 571.17
Capital Expenditure 476.19 559.19
Expenses (Refer Note Q-1) 142.15 127.17
Employees (Refer Note Q-2) 58.21 43.60
Tender & Other Deposits with Government Department
(Paid under protest Rs.149.56 Lacs P.Y Rs.115.19 Lacs) 363.13 382.30
Balances with Excise & Custom Authorities 17.68 132.90
Claims recoverable (Under Appeal Rs.13.68 lacs, P. Y. Rs.13.68 lacs) 367.20 376.73
Commission Receivable 8.88 3.99
Income Tax Refund Receivable (net of provision) 127.47 110.22
MAT Credit Entitlement (Refer Note AB-14) 991.00 593.00
Refund Receivable from Income Tax Dept. (Refer Note AB-5) 392.55 392.55
Refund Receivable from Sales Tax / VAT 235.09 415.75
Rent Receivable 7.87 2.94
Prepaid Expenses 160.42 156.50
4,397.48 3,868.02
Q-1 Advances for Goods & Expenses includes doubtful Rs.111.51 lacs (P.Y. Rs.127.02 lacs) out of which Rs.9.98 lacs
(P.Y. Rs.9.98 lacs) under litigation. A Provision of Rs.Nil (Previous Year Rs.Nil) has been made in the books of
accounts.
Q-2 Advances for Employee includes Rs.0.76 lacs under litigation (Previous year Rs.0.76 lacs).
NOTE R : OTHER CURRENT ASSETS

Interest Accrued 29.16 27.79
29.16 27.79

NOTE S : REVENUE FROM OPERATIONS `. in Lacs
For the year ended
31-03-2018 31-03-2017
Sale of Products * 60,704.75 63,765.75
Revenue From Services 3,334.33 2,527.23
Other Operating Revenues 396.11 360.12
64,435.19 66,653.10
Less : Excise Duty * 867.04 3,468.20
63,568.15 63,184.90
NOTE S 1 :
Consequent to the introduction of Goods and Service Tax (GST) with effect from July 1, 2017, Central Excise, Value
Added Tax (VAT), etc. have been replaced by GST. In accordance with AS 9 on Revenue Recognition and Schedule III
of the Companies Act, 2013, GST, GST Compensation Cess, etc. are not included in sale of products for applicable
periods. In view of the aforesaid restructuring of indirect taxes, gross revenue for the year ended March 31, 2018 are
not comparable with the previous periods.
* For the period before GST implementation upto 30th June, 2017, gross revenue has been shown as gross of excise
duty and thereafter as net of GST.
NOTE S 2 : PARTICULARS OF SALE OF PRODUCTS
Office Stationery Products 20,320.33 18,028.37
Yarn and Cotton - 3,259.98
Casting 27,382.13 24,412.02
Banking Equipments 972.33 3,747.17
Office Automation & Security Product 74.40 70.75
Bulk Drugs & Chemicals 9,089.97 11,176.32
Drilling Equipments 2,685.98 2,725.89
Other Products 179.61 345.25
60,704.75 63,765.75
NOTE T : OTHER INCOME & RECEIPTS
Interest Income 82.28 76.02
Interest from subsidiary companies 45.85 1.59
Dividend Received 0.35 0.26
Profit on Sale of Investment (Net) - 1.74
Rent 62.83 4.42
Profit on Sale of Asset (Net) 583.73 467.02
Cash Discount Received - 0.02
Royalty Received 3.00 3.00
Gain on foreign Currency, Translation & Transactions 183.46 95.29
Excess Provisions / balances written back 99.20 122.89
Misc. Receipt and Income (Refer Note AB-9) 55.95 77.81
1,116.65 850.06
NOTE U : COST OF MATERIALS CONSUMED

Opening Stock 1,068.28 1,159.20
Add : Purchases 19,085.39 18,948.53
20,153.67 20,107.73
Less : Closing Stock 1,179.72 1,068.28
18,973.95 19,039.45
Less : Sales 84.43 32.65
Raw Material Consumed 18,889.52 19,006.80
NOTE V : PURCHASE OF STOCK-IN-TRADE

Purchase of Stock in Trade 13,478.81 12,906.45

`. in Lacs
For the year ended
31-03-2018 31-03-2017
NOTE W :CHANGES IN INVENTORIES OF FINISHED GOODS, W.I.P.
& STOCK IN TRADE
Opening Inventories
Finished Goods 550.98 663.99
Stock in Trade 1,886.50 3,078.58
Stock in Process 2,376.46 2,755.96
4,813.94 6,498.53
Closing Inventories
Stock in Trade 2,188.86 1,886.50
Stock in Process 1,940.74 2,376.46
(Increase) / Decrease in Inventories 325.05 1,684.59
NOTE X : COST OF CONSTRUCTION PROJECT

Payments to & Provisions for Employees 0.37 0.36
Civil Work - 76.51
Site Development - 0.07
Rates & Taxes 3.00 -
Conveyance & Vehicle Maintenance 1.14 0.98
Legal, Professional & Service Charges - 36.04
Printing & Stationery & Postage 0.13 0.48
Electricity Charges 1.36 2.10
Repairs & Maintenance 0.52 1.20
Miscellaneous Expenses 3.89 3.86
10.41 121.60
Add : Opening Balance of Cost of Building under Construction 1,051.38 929.78
1,061.79 1,051.38
Less : Cost of Building under Construction* 1,061.79 1,051.38
COST OF CONSTRUCTION FOR FLATS / LAND SOLD (Excluding Depreciation) - -
X-1 * Cost of building under construction Rs.1061.79 Lacs includes Rs.450.14 Lacs towards development rights and
balance towards Construction of 16th Building, completed upto 5th Slab “Vishakha” in the project “Nakshtra” is
sub-judice because one of the residents of the Nakshtra has challenged the construction. Appeals filed by him on
two occasions were rejected by the Trial and District Court, Thane. The matter is now pending before the Hon’ble
High Court, Bombay. The Arguments completed on 05.07.2018 and reserved for order.
The Company is registered in the RERA vide Certificate No.P51700010524.

`. in Lacs
For the year ended
31-03-2018 31-03-2017
NOTE Y : EMPLOYEE BENEFIT EXPENSES
Salaries, Wages and Bonus 8,075.48 7,727.25
Contribution to Provident and Other Fund 374.90 346.63
Gratuity (Refer Note AB-6b) 198.21 291.16
Workmen and Staff Welfare Expenses 673.56 686.08
Retrenchment Compensation 15.04 309.93
9,337.19 9,361.05
NOTE Z : FINANCE COST

Interest Cost :
On Term Loan 319.87 280.32
On Working Capital 439.64 558.99
On Director Loan 57.27 61.66
On Deposit & Others 707.53 655.70
Foreign Exchange Risk Premium 5.05 34.82
1,529.36 1,591.49

`. in Lacs
For the year ended
31-03-2018 31-03-2017
NOTE AA : OTHER EXPENSES
Stores, Spare Parts & Packing Materials consumed 2,532.96 2,407.28
Job Work Charges 2,175.44 1,923.07
Power & Fuel 4,639.58 4,657.77
Printing & Processing Charges 1,717.83 1,435.92
Initialization & AMC Inspection Charges 18.07 28.53
Research & Development Expenses 110.39 129.11
Repairs, Renewals & Replacements :
- Machinery 642.53 627.98
- Building 113.83 184.26
- Other Assets 113.66 99.84
Rent (Including Lease Rent) 441.27 319.86
Electricity & Water Charges 130.02 152.76
Insurance 121.72 113.64
Printing & Stationery, Postage, Telephone Expenses 255.02 280.27
Travelling, Conveyance & Motor Car Expenses 1,179.01 1,039.93
Director's Fees 0.45 0.10
Legal & Professional Expenses 399.13 309.86
Rates & Taxes 102.29 110.32
E.D.P. Machine Service & Maintenance Expenses 170.59 157.67
Auditor's Remuneration :
Payment to Auditors
- For Statutory Audit Fees 8.00 8.04
- For Tax Audit 2.00 2.01
- For Other Matters 0.27 0.55
- Out of Pocket Expenses - 2.79
Payment to Branch Auditors
- For Audit Fees 3.10 3.19
- For Tax Audit 0.80 0.83
- For Other Matters - 0.24
- Out of Pocket Expenses 0.52 0.78
Payment to Cost Auditors 2.30 2.30
CSR Expenses 21.51 9.40
Charity & Donation (Refer Note AA-1) 0.08 -
Bank Charges 198.44 225.53
Bad Debts & Irrecoverable Claims Written off (Refer Note No.AA-2) 54.03 178.82
Obsolete Inventory written off 18.98 189.44
Provision for Doubtful Debts & Advances 32.15 37.27
Provision for Obsolance Inventory 88.00 -
Investment written off 2.02 -
Prior Period Expenses 4.06 13.26
Commission & Discount on Sales 620.43 754.80
Forwarding & Other Selling Expenses 1,725.23 1,466.57
Sales Tax & Additional Sales Tax 12.03 51.94
18,025.64 17,383.52
AA-1 Subject to Approval of Share holders.

AA-2 Bad debts & irrecoverable claims written off are net of the Provision of Rs.7.17 lacs.

NOTE AB : OTHER NOTES FORMING PART OF THE ACCOUNTS
1. Contingent Liabilities not provided for in respect of :
`. in Lacs
31-03-2018 31-03-2017
(i) Letter of Credit outstanding 497.53 430.52
L. C. Margin Money with Bank 66.38 56.93
(ii) Bank Guarantee outstanding 3,258.66 3,226.36
(iii) Claims against the Company not acknowledged as debt 8.20 38.62
(iv) Corporate Guarantees given 460.00 427.00
(v) Liability contested and not provided for :
- Excise / Custom demands under Appeal 193.49 194.11
Amount paid under Protest Rs.10.41 lacs (P. Y. Rs.10.48 lacs)
- Income Tax Demand under Appeal 275.85 95.89
Amount paid under Protest Rs.Nil (P. Y. Rs.Nil lacs)
- Sales-tax / Purchase tax / Entry tax demand 1,456.55 1,394.50
Amount paid under Protest Rs.133.42 lacs (P.Y. Rs.104.33 lacs)
- Providend Fund / E.S.I.C. demand 15.08 15.08
- Local Authorities demand 6.87 -
Amount paid under Protest Rs.5.71 Lacs (P. Y. Rs.Nil lacs)
(vi) Uncalled liability on partly Paid-up Shares 0.25 0.25
(vii) Warranty Claims and Performance Guarantees, wherever given, for the products of the Company, amount is not
ascertainable.
(viii) Export Obligation of Rs. Nil (Previous year Rs.Nil lacs) against the import licences taken for import of various capital
goods under export promotion scheme and import of raw materials under duty exemption entitlement scheme.
These obligations are fully fulfilled.
(ix) Liability is not ascertainable that may arise consequent to outcome of labour cases pending before courts and
other competent authorities.
2. Estimated amount of Contracts remaining to be executed on Capital Account and not provided for Rs.712.04 lacs
(Previous Year Rs.717.20 lacs) Net of advances.
3. There are some Excise Refund Claims filed by the Company but not accepted by the Central Excise Authorities.
The Company has preferred appeals with the Central Excise Appellate Authorities & Hon'ble Mumbai CESTAT. In
view of uncertainty of the claims, refunds will be accounted for on final decision by the Authorities / Courts.
4. Custom Duty on Raw Materials and Finished Goods in Bonded Warehouse amounting to Rs.64.25 lacs (Previous year
Rs. 62.65 lacs) along with interest if any, has not been provided in the books of Accounts as the same is payable only at
the time of clearance of the Goods. The liability of the said amount shall not affect the profitability as well as the net
Current Assets of the Company.
5. The company has received favourable order from Income Tax Appellate Tribunal (ITAT Mumbai). Order pronounced in
the open court on 16.02.2016 and received in March 2016 by the company against the demand raised by AO & upheld
by CIT (A) for the A.Y. 2001-02 to A.Y. 2009-10. The company expected refund of Rs.1171.21 lacs inclusive of interest
of Rs. 303.48 lacs accrued upto 31st March, 2016 which has been accounted for in the year 2015-16. However company
has received Rs.838.66 Lacs during F.Y. 2016-17 and balance yet to be received.
6. a) Defined Contribution Plans : `. in Lacs
The Company has recognized following amounts in the Profit & Loss Account 31-03-2018 31-03-2017
for the year
1) Contribution to Employees Provident Fund and Pension Fund 258.95 259.55
2) Contribution to Labour Welfare Fund 0.57 0.67

b. Defined Benefit plans as per Acturial Valuation on March 31, 2018 : `. in Lacs
Gratuity Leave Pay
Sr. Particulars Fund with Non Non
No. L.I.C. of Funded Funded
India
(1) Opening Balance of Present Value of Defined Benefit Obligation 289.85 1,153.69 468.23
Adjustment of :
Current Service Cost 17.86 81.09 39.22
Interest Cost 23.18 84.25 32.22
Actuarial Losses / (Gain) 52.98 (32.74) 22.77
Settlement Cost - 27.32 9.45
Benefits Paid 33.37 128.80 86.59
Closing Balance of Present Value of Defined Benefit Obligation 350.50 1,184.81 485.30
(2) Net Liability recognised in the Balance Sheet
Present value of Defined Benefit Obligation 350.50 1,184.81 485.30
Fair Value of Plan Asset 350.54 57.01 NA
Short / (Excess) Provision of Liabilities as on 31-03-2018 (0.04) - -
Net Liability recognised in the Balance Sheet - 1,127.80 485.30
(Previous Year as on 31-03-2017) - 1,153.69 468.23
(3) Expenses recognised in the Profit & Loss Account
Interest Cost 23.18 84.25 32.22
Expected return on Plan Assets (24.28) (2.05)
Acuarial (Gain) / Losses 52.97 (30.97) 22.79
Past Service Cost (26.59) 22.74 9.61
Total Expenses 43.14 155.07 103.83
Short / (Excess) Provision in Current Year 2017-18 - - -
Expenses recognised in the Profit & Loss Account 2017-18 43.14 155.07 103.83
Expenses recognised in the Profit & Loss Account 2016-17 15.70 275.46 113.48
(4) Acturial Assumptions :
Discount Rate 7.50% 8.00% 7.75%
Turnover Rate 1% to 3% 1% 1%
Mortality L.I.C. Indian Indian
(1994-96) Assured Lives Assured Lives
Ultimate Mortality Mortality
(2006-08) (2006-08)
Ultimate Ultimate
Salary Escalation Rate 5% 5% 5%
Super Annuation Age 60 Years 60 Years 60 Years
7. Managerial Remuneration to Directors * : `. in Lacs

For the year ended
31-03-2018 31-03-2017
a) Salaries 160.20 133.70
b) Allowance & Bonus 98.72 70.63
c) Contribution to Provident Fund 12.74 10.94
d) Other Perquisites 120.73 93.78
* Excluding provision of future liability in respect of Retirement Benefits.
- The calculation of commission payable to the Managing Director under section 197 of the Companies Act, 2013 has
not been given, as no commission was paid / payable for the year and this being minimum remuneration. The
above remuneration subject to the shareholders approval in the ensuing AGM.
8. Earning per Share : `. in Lacs
For the year ended
31-03-2018 31-03-2017
Profit after Taxation 1,456.55 702.26
Less : Dividend on Preference Shares & Tax 24.05 26.48
Profit after Preference Share Dividend 1,432.50 675.78
No. of Equity Shares (Face Value Rs.10/-) 110 lacs 110 lacs
Basic Earning Per Share (Rs.) 13.02 6.14
Diluted Earning Per Share (Rs.) 13.02 6.14
9. Additional information pursuant to the provisions of Point 5(VIII) of Part II of Schedule III to the Companies Act,
2013. `. in Lacs
(i) Value of imports on C.I.F. Basis : For the year ended
31-03-2018 31-03-2017
a) Raw Materials 1,725.29 2,173.87
b) Stores & Spare Parts 211.77 89.70
c) Capital Goods 373.60 67.35
d) Finished Goods 1,736.81 1,519.52
e) Trading on Highseas **
(i) Highseas Sales 32.98 139.53
** Surplus on Highseas Transactions Rs.1.98 lacs (Previous year Rs.4.94 lacs) have been included in the
Miscellaneous Receipt and Income under Note ‘T’.
`. in Lacs
(ii) Expenditure in Foreign Currency on account of : For the year ended
31-03-2018 31-03-2017
a) Travelling 78.79 48.26
b) Commission 52.73 62.38
c) Magazine, Membership Fees etc. - 0.03
d) Training Expenses 16.18 16.83
e) Legal & Professional Fees 6.38 0.96
f) Others 31.83 27.58
(iii) Consumption of Raw Materials and Stores & Spares Parts :
Consumption Percentage
31-03-2018 31-03-2017 31-03-2018 31-03-2017
`. in Lacs `. in Lacs % %
a) Raw Materials :
Imported 1,958.57 2,349.57 10.37 12.36
Indigenous 16,930.95 16,657.23 89.63 87.64
18,889.52 19,006.80 100.00 100.00
b) Stores & Spare Parts :
Imported 183.00 63.29 7.82 2.95
Indigenous 2,157.92 2,082.34 92.18 97.05
2,340.92 2,145.63 100.00 100.00
(iv) Earnings in Foreign Exchange : `. in Lacs

For the year ended
31-03-2018 31-03-2017
a) F.O.B. Value of Exports (Net of Claims) 7,309.11 7,001.53

10. Segment Report :
a) Primary Segment Information - Business Segments (`. in Lacs)
Particulars Office Business & Pharmace- Real Estate ENGG Others Elimination Total
Stationery, Foundry Computer uticals & Division
Accessories Division System Chemical
& Allied Division Division
Products
REVENUE
External Sales & Other Income 20544.02 26882.29 3766.57 9212.72 - 3426.55 724.14 64556.29
18174.25 22106.80 6484.26 10636.14 - 2805.78 3749.82 63957.05
Add: Inter Segment Sales & Income - - - - - - 2958.58 (2958.58) -

- - - - - - 2949.02 (2949.02) -
Total Segment Revenue 20544.02 26882.29 3766.57 9212.72 - 3426.55 3682.72 (2958.58) 64556.29
18174.25 22106.80 6484.26 10636.14 - 2805.78 6698.84 (2949.02) 63957.05
Segment Result (Before Interest, 371.49 1734.91 (182.84) (27.91) (41.49) 1058.70 261.30 3174.16
Extra Ordinary Item) 463.67 1296.09 34.41 512.70 (0.06) 728.35 (674.19) 2360.97
Interest & Finance Charges (1529.36)

(1591.49)
Interest & Dividend Income 128.48
77.87
Income Tax, Wealth Tax (316.74)
(146.86)
Profit from Ordinary Activities 1456.55
702.26
Prior Period & Extraordinary Item -
-
NET PROFIT 1456.55
702.26
OTHER INFORMATION
Segmental Assets 9500.34 11679.59 1642.22 10533.22 1153.03 1542.35 5267.93 41318.69
7195.20 10708.78 2381.69 8863.76 1128.97 876.40 6678.62 37833.42
Current Liabilities & Provisions 4286.16 4991.43 1321.41 3491.13 126.85 462.04 2031.42 16710.44
3437.47 4396.19 1235.87 2719.69 134.53 227.91 2262.04 14413.70
Capital Expenditure 610.52 950.68 189.66 1524.19 - 53.99 236.66 3565.70
448.30 250.65 42.98 1174.81 - 16.20 65.52 1998.46
Depreciation 146.74 581.68 84.22 356.63 0.03 9.45 147.18 1325.93
97.04 548.36 40.68 278.23 0.06 17.92 269.65 1251.94
Non Cash Exp. Other than Depreciation 55.34 - 134.26 - 3.62 - 1.95 195.17
132.35 - 273.63 - - 2.21 33.34 405.53
Segment Assets exclude :
Investments 427.21
269.23
Advance Income Tax & T.D.S. (Net) 127.47
110.22
Mat Credit Entitlement 991.00
593.00
Segment Liabilities exclude :
Secured Loans 7855.90
7845.55
Unsecured Loans 5846.30
5744.87
Deferred Tax Liability (Assets) 264.45
(52.29)
Provision for Wealth Tax & 20.86
Dividend Distribution Tax 21.27

(b) SECONDARY SEGMENT INFORMATION - GEOGRAPHICAL SEGMENT (`. in Lacs)
Particulars India Outside India Total
Segment Revenue :
External Sales to Customer & Other Income 57,247.18 7,309.11 64,556.29
56,955.52 7,001.53 63,957.05
Segment Assets 41,318.69 - 41,318.69
37,833.42 - 37,833.42
Capital Expenditure during the period 3,565.70 - 3,565.70
1,998.46 - 1,998.46
(c) The Company has disclosed business segment as the primary segment and mainly to the need of the domestic
market. The export turnover is not significant in the context of total turnover. Segments have been identified and
reported taking into account the nature of the products and services, the organisational structure and the internal
financial reporting system of the Company.
Operations of the Company predominately relates to Manufacture & Trading of Office Stationery, Accessories & Allied
Products. Other business segment reported are as below :
1. Foundry Division - Manufacturing of Special Castings, etc.
2. Business & Computer System Division - Marketing of equipment relating to Banking, Postal, Offices, etc.
and After Sales Service including software support.
3. Pharmaceutical & Chemical Division - Manufacturing Speciality Chemicals, Bulk Drugs & Pharmaceutical
Intermediates.
4. Real Estate Division - Building Construction & Development.
5. Engg. Division - Manufacturing of drilling rigs and after sales service.
The revenue in each of the above business segments primarily includes sales, service charges, rental income and
other income except income from dividend and interest.
Segment revenue, results, assets and liabilities include the respective amount identifiable to each of the segments.
Inter Segment transfer policy - At Cost Price.
11. As required by Accounting Standard - AS 18 “Related Party Disclosure” issued by The Institute of Chartered
Accountants of India are as follows : (As certified by the Management)
(A) List of the Related Parties :
(a) Related Companies :
1. Kores Services Limited
2. Solar Packaging Private Limited
3. Pepega (Insulation & Packaging) Limited
4. Shri Amarsinhji Stationery Industries Limited
5. Art Enterprises
6. New Novelty Toys
7. Live Darshan India Pvt. Ltd.
8. Aum High Power Plating & Equipments LLP
9. Matrix Business Machines Private Limited
10. Nandini Chemicals Ltd.
11. Magna Inks Ltd.
12. Imagine Marketing Private Limited
13. Kores International Private Limited
14. Vishvakirti Consultancy LLP
15. Redwood Interative
(b) Associates Companies :
1. Arraystorm Lighting Private Limited
2. Quality Inks Private Limited
3. Cast Tech Pvt. Ltd.
(c) Subsidiary Companies :
1. J. K. Gypsum Pvt. Ltd.
(d) Key Management Personnel :

1. Shri. S. K. Thirani Chairman
2. Shri. A. K. Thirani Managing Director
3. Shri. R. K. Saboo Executive Director
4. Shri. Sameer Ashok Mehta Executive Director
5. Shri. Vivek Bagri Executive Director
6. Smt. Nandini Mehta Executive Director
7. Smt. Rekha Thirani Executive Director
8. Shri. Rajesh Sharma C.F.O.
9. Shri. Chintamani Thatte Company Secretary
(B) Summary of the Transactions with Associate & Related Companies : `. in Lacs
31-03-2018 31-03-2017
1. Sale of Products 11.24 18.50
2. Purchase of Stock in Trade 542.92 412.49
3. High Seas Sales 32.98 139.53
4. Job Work Charges 156.33 167.64
5. Rent Received 0.18 0.18
6. Rent Paid 8.95 8.95
7. Commision Paid 1.14 3.29
8. Interest Paid 11.80 16.76
9. Interest Received 45.85 1.59
10. Purchase of Fixed Assets 32.43 11.66
11. Deposit Repaid 110.00 115.00
12. Loan Taken - 110.00
13. Loan given 860.94 109.00
14. Fixed Deposit Taken 125.00 -
15. Trade Payable 132.73 148.01
16. Trade Receivable 113.97 186.53
17. Loan & Fixed Deposit Payable 128.78 119.20
18. Loan Receivable 971.37 110.43
19. Investments 359.97 199.97
20. Gratuity & Leave Pay - 16.58
(C) Summary of the transactions with Key Management Personnel & their Relatives : `. in Lacs
31-03-2018 31-03-2017
1. Remuneration & Sitting Fees 442.85 349.72
2. Rent paid during the year 18.00 18.00
4. Sale of Assets - 0.03
5. Training Expenses 17.68 53.84
6. Professional fees to Independent director 2.50 -
7. Outstanding Balance 560.38 623.98
8. Loan repaid during the year 85.65 89.00
9. Loan taken during the year 25.00 91.00
10. Advances Received from Customers 10.00 10.00
All the above transactions were carried in the normal course of business and no amount have been written off or
written back during the year in respect of the debts due from or to the related parties.

(D) Transaction with Related Parties : `. in Lacs
(a) Associates : Subsidiary & Related Companies : 31-03-2018 31-03-2017
Sale of Products
Art Enterprises 1.85 16.70
Arraystorm Lighting Pvt Ltd. 2.17 1.80
J. K. Gypsum Pvt. Ltd. 3.83 -
Redwood Interative 3.38 -
Purchases of Stock in Trade
Redwood Interative - 0.77
Matrix Business Machines Pvt Ltd. 0.32 1.30
Imagine Marketing Pvt Ltd. - 71.92
J. K. Gypsum Pvt. Ltd. - 9.51
High Seas Sales
Job Work Charges
Aum High Power Plating & Equipments LLP 152.27 163.46
Kores Services Limited 0.20 0.30
Rent Received
Kores International Pvt Ltd. 0.18 0.18
Rent Paid
Shri Amarsinhji Stationary Industries Limited. 1.75 1.75
Vishvakirti Consultancy LLP 7.20 7.20
Commission Paid
Live Darshan India Pvt Ltd. 1.14 3.29
Interest Paid
Kores International Pvt Ltd. - 5.50
Interest Received
J. K. Gypsum Pvt. Ltd. 45.85 1.59
Purchases of Fixed Assets
Arraystorm Lighting Pvt Ltd. 31.62 -
Deposit Repaid
Loan Taken
Loan Given
J. K. Gypsum Pvt. Ltd. 860.94 109.00
Fixed Deposit Taken
Aum High Power Plating & Equipments LLP 125.00 -
Trade Payable
Pepega (Insulation & Packaging) Limited 33.12 33.12
Arraystorm Lighting Pvt Ltd. 6.97 -
Shri Amarsinhji Stationary Industries Limited. 0.20 -
Trade Receivable
Solar Packaging Private Limited 59.25 59.25
Quality Inks Private Limited 38.66 38.66
Shri Amarsinhji Stationary Industries Limited. - 0.80
J. K. Gypsum Pvt. Ltd. 3.83 0.88
Kores International Pvt. Ltd. 10.89 23.11
Arraystorm Lighting Pvt Ltd. - 62.52
Loan / Fixed Deposit Payable
Loan Receivable
J. K. Gypsum Pvt. Ltd. 971.37 110.43
Investments
Quality Inks Private Limited 0.93 0.93
Cast Tech Pvt. Ltd. 30.00 30.00
J. K. Gypsum Pvt. Ltd. 310.00 150.00
Gratuity & Leave Pay
(b) Key Management Personnel :
Remuneration to Key Management Personnel 442.85 349.72
Rent paid to Key Management Personnel 18.00 18.00
Interest paid to Key Management Personnel 57.27 61.66
Training Expenses 17.68 53.84
Loan taken from Key Management Personnel 25.00 91.00
Loan repayment from Key Management Personnel 85.65 89.00
Sale of Assets to Key Management Personnel - 0.03
Outstanding balance of Key Management Personnel 560.38 623.98
Advance received from Customers 10.00 10.00
12. Discontinue Operation of Textile Division :

The Board of Directors of the Company has decided to discontinue its operation relating to Textile Division, Wankaner
with effect from September 17, 2016 and to realise the Assets and pay off its Liabilities in due course.
The Carrying Amount as at 31st March, 2018, of the Total Assets Relating to the Discontinuing Operations aggregate to
Rs.510.00 lacs (Previous Year Rs.1469.44 lacs) and the Total Liabilities aggregate to Rs.510.00 lacs (Previous Year
Rs.1469.44 lacs). In the opinion of the company the assets and liabilities will have a value of realisation in the ordinary
course of business that are at least equal to the amount at which they are stated in the Balance Sheet.
During the Financial Year 2017-18, Company has sold its Fixed Assets including Plant & Machinery and realised the
amount of Rs.1386.48 lacs and recognised a Profit aggregating to Rs.645.10 lacs in the books of accounting in
the financial year 2017-18.
The Company is in process to winding up of the factory.
Particulars Discontinuing Operation Continuing Operation Discontinuing Operation
from 1/4/17 to 31/3/18 from 1/4/16 to 17/9/16 from 18/9/16 to 31/3/17
Revenue & Other Income 114.72 3001.45 315.07
Profit on Sale of Assets 645.09 - 478.09
Total Revenue 759.81 3001.45 793.16
Less : Operating Expenses 189.04 3933.32 477.94
Contribution 570.77 (931.87) 315.22
Less : Depreciation 30.27 66.41 74.64
Profit Before Interest & Tax 540.50 (998.28) 240.58
Less : Interest Expenses 7.54 65.75 75.42
Profit Before Tax 532.96 (1064.03) 165.15

13. Accounting Standard 19 - Disclosure : `. in Lacs
Operating Lease 31-03-2018 31-03-2017
Lease Rentals charged to revenue for right to use following assets are:
Office Premises, Residential Flats etc. 438.67 289.86
Computer, Desktop, Printer & Hardware - -
Vehicles & Machinery 2.60 30.00
The agreements are executed for a period of 11 to 60 months with a renewable clause and also provide for termination
at will by either party giving a prior notice period of 1 to 3 months.
Minimum Lease Payments under non-cancellable operating lease fall due as follows:
`. in Lacs
Minimum Lease Payments 31.03.2018 31.03.2017
At Balance Sheet Date 9.24 2.78
Not Later than 1 year 9.24 2.78
Later than 1 year and not later than 5 years - -
Finance Lease:
The Company has acquired vehicles for Rs.246.46 lacs through finance lease. The finance leases are for various
durations with last lease maturing in Mar. 2021. The amount of depreciation charged to Profit and loss account till
31st March 2018 was Rs.7.28 Lacs and the book value is Rs.239.18 lacs.
The Minimum Lease payments as at 31st March 2018 and the present value as at 31st March 2018 of Minimum
lease payments in respects of assets acquired under the finance leases are as follows:
Particulars `. in Lacs
Not later than 1 year 112.27 82.18
Later than 1 year and not later than 5 years 164.72 64.16
Later than 5 years - -
Present Value of Minimum Lease Payments
14. The Current Tax of Rs.398 lacs has been computed and provided in the Accounts as per Section 115 JB of Income Tax
Act, 1961.
a. Minimum Alternative Tax (MAT) under the provisions of the Income Tax Act 1961 is recognised as current tax in
the Statement of Profit and Loss. The credit available under the Act during the A.Y. 2015-16, A.Y. 2016-17, A.Y
2017-18 & A.Y.2018-19 of MAT paid of Rs. 193.00 lacs, Rs. 227.00 lacs, Rs.173.00 & Rs.398.00 lacs respectively
is recognised as an asset to the extent there is convincing evidence that the company will pay normal income tax
during the period for which the MAT credit can be carried forward for set-off against the normal tax liability.
b. However MAT credit entitlement not recognised in the books of account of Rs.142.07 lacs for A.Y. 2008-09 and
of Rs.134.84 lacs for A.Y. 2009-10 will be allowed for MAT Credit within allowed specified period as per the
Income Tax Act if normal tax liability will arise as the same has been claimed in the respective Income tax returns.
MAT credit recognised as an asset is reviewed at each balance sheet date and written down to the extent the
aforesaid convincing evidence no longer exists.
15. The company has filed suits against the Ex-employees for recovery of Rs. 6.96 lacs (Previous Year Rs. 6.96 lacs) for
malpractices and misappropriating the funds of Company, out of which Rs.2.08 lacs (Previous year Rs.2.08 lacs) has
been shown in the accounts under the Head “Claims Recoverable” and balance amount of Rs.4.88 lacs (Previous
year Rs. 4.88 lacs) will be accounted for as and when recovered.
16. Company has issued final demand notice dated 5th June 2017 to Flat owners in respect of Real Estate Division for
Rs.72.68 Lacs comprising VAT recovery Rs.53.38 Lacs and interest on there Rs.19.30 Lacs. It will be accounted on the
cash basis whenever we received the amount from Flat owners. The Company has proceded for filing recovery suits
for recovery of MVAT & Interest thereon before Civil court, Thane.
17. Pursuant to section 198 of the Company Act, 2013, Average net profit (Loss) of the Company for last three financial
years for the purpose of computation of CSR, Rs.1037.26 Lacs.
Gross Amount required to be spend by the company during the year is Rs.20.75 lacs and earlier year shortfall of
Rs.1.58 lacs, amount spent during the year Rs.21.51 lacs for the purpose of other than construction and acquisition
of the Assets.
18. Total R&D expenses incurred during the year Rs.114.55 lacs (Pr.Yr. Rs.140.70 lacs) break-up as follows :
`. in lacs
31-03-2018 31-03-2017
Revenue Expenditure 110.39 129.11
19. In the opinion of the board, unless otherwise stated in the Balance Sheet and the Note attached thereto, the Current
Assets, and Loans and Advances as stated in the Balance Sheet are approximately of the value realisable in the
ordinary course of business.
20. Figures for previous year have been regrouped / reclassified wherever necessary to conform to the current year’s
classification.
21. Figures are rounded in Rupees in lacs and figures below & up to Rs. 500/- are considered as Rs. Nil.
AC. SIGNIFICANT ACCOUNTING POLICIES :

1. METHOD OF ACCOUNTING :
The accounts of the Company are prepared under the historical cost convention and on the accounting principle of
going concern and in accordance with applicable accounting standards except where otherwise stated. For
recognition of income and expenses, mercantile system of accounting is followed except where otherwise stated.
2. REVENUE FROM OPERATIONS :
(a) Sales :
Sale of the products are net of trade discount and sales return. The sales is recognised as soon as the goods
are dispatched from the Company's premises and invoice is raised except in case of overseas sales, same is
recognized on shipping document date. In case of Real Estate activities, the sales are recognised in the accounts on
completion of building or on date of execution of Agreement to Sale, whichever is later. Architects certificate date is
taken as the date of completion (based on the architect certificate).
(b) Services :
Revenue from Service are shown net of reversal to the extent of services shown as entered but not accepted.
3. FIXED ASSETS :
a) Tangible
Tangible Fixed Assets are stated at cost of acquisition or construction less Depreciation & CENVAT credit (if
availed). All costs relating to the acquisition and installation of Tangible Fixed Assets are capitalised. In case of
new projects, total expenditure upto commercial date of production are capitalised.
b) Intangible
Cost incurred on computer software purchased / developed / used resulting in future economic benefits are
capitalised as Intangible Assets.
4. ASSETS TAKEN ON LEASE :
i) In respect of Finance Lease arrangement, the respective assets are capitalised and depreciated. Finance
charges are debited to the of Profit & Loss Account for the year, in which they are incurred.
ii) In respect of Operating Lease arrangement, lease payments are charged to the of Profit & Loss Account.
5. DEPRECIATION & AMORTISATION :
i) Depreciation has been provided on the assets of the Textile division acquired after 30th June 1987 on written
down value method and on other assets (except the assets of Foundry Division) on straight line method basis
over the useful life of the assets as prescribed under Part “C” of Schedule II of the Companies Act, 2013 (as
amended from time to time).
ii) Depreciation on assets of Foundry Division acquired upto 1st April 1987 has been provided on straight line
method at the rates corresponding to the rates prescribed by the Income Tax Act,1961 on assets acquired after
1st April, 1987 has been provided straight line method basis over the useful life of the assets as prescribed
under Part “C” of Schedule II of the Companies Act, 2013 (as amended from time to time).
iii) Cost of leaseholds is amortised over the period of the lease.
iv) On increase in value of fixed assets due to exchange rate fluctuation, de-bonding of the unit or for some other
reason, the depreciation is calculated from the date of capitalisation of the respective assets.
v) Intangible Assets are amortised over the period of the benefits out of them is expected to accrue, as
considered appropriate by the management.
6. RESEARCH & DEVELOPMENT EXPENSES :
Research & Development Expenses which are revenue in nature are charged off in the year of incurrence. Capital
Expenditure is included in Fixed Assets and Capital Work in Progress and depreciation is provided at the respective
applicable rates.
7. INVENTORIES :
Items of Inventory are valued on the basis given below :
i) Raw Materials : Moving Average cost basis except Textile & Engineering Division where
First in First Out method is followed.
ii) Finished / : i) Purchased Goods: At Moving Average landed cost except some of divisions
Semi Finished Goods where it has valued at landed cost or net realisable value whichever is lower.
ii) Own Manufactured Goods : At cost except Foundry, Textile, Pharmaceutical
Chemical Divisions where it is valued at lower of cost or net realisable
value. (Cost excludes retirement benefits.)
iii) Goods in Transit : At cost.
iv) Stock in Process : At works cost except Textile Division where it is at lower of works cost or net
realisable value.
v) Stores & Spares : Moving Average cost basis except Textile and Engineering Division where
First In First Out method is followed..
vi) Waste / Scrap : At net realisable value.
vii) Buy Back Items : At Nil Value.
8. INVESTMENTS :
Investments are classified as investment in Share & Government Securities (Valued at Cost). All Investment
(both quoted and unquoted) are recorded as Long Term Investment and are stated at cost and a provision for
diminution is made if the decline is other than temporary in nature.
9. EMPLOYEES BENEFIT SCHEME :
a) Defined Contribution Plan:
Contribution to defined contribution plan are recognized as expenses in the Profit & loss Account as they are incurred.
b) Defined Benefit Plan
The Liability for Gratuity to employees , as at Balance Sheet date is determined on the Basis of actuarial
valuation using Projected Unit Credit Method.
Liability in respect of Long Term portion of compensated absences is determined on acturial basis and is
provided for.
c) Long Term Compensated Absences :
In respect of long Term portion of compensated absences (Leave benefits ) , the liability is determined on the
basis of actuarial valuation and is provided for.
d) Short Term Employees Benefits :
Short Term employee benefits determined as per company’s policy / scheme are recognized as expenses based
on expected obligation on undiscounted basis.
10. CENVAT & VAT CREDIT :
The CENVAT, VAT & GST Credit is accounted for by crediting the amount to the cost of purchase on receipt of goods.
11. PRODUCTS WARRANTY EXPENSES :
Equipments manufactured and sold by the Company require proprietory maintenance for which charges are
levied based on contracts incidental to the sales and connected with the warranty obligation. Liability to the
extent of unexpired warranty period & annual maintenance contracts cannot be recognised and are not provided
in the accounts.
12. FOREIGN CURRENCY TRANSACTIONS :
Transactions arising in foreign currencies during the year are converted at rates prevailing on the transaction
date. Receivables and payables in foreign currency are restated at the year end exchange rate except wherever
the closing rate does not reflect with reasonable accuracy that is likely to realise from or disburse to at the Balance
Sheet Date. All exchange differences arising from conversion are included in the Profit & Loss Account.
Exchange differences arising on booking of forward contracts is recognised as income or expense over the life
of contract.
13. EXPENDITURE DURING CONSTRUCTION PERIOD :
Expenditure inclusive of freight, duties, taxes, interest & other pre-operative expenses incurred on projects
under implementation are capitalised and apportioned amongst the various assets on commencement of production.
14. DEFERRED REVENUE EXPENDITURE :
Deferred Revenue Expenditure are amortised over there useful life as ascertained by due diligence however
Deferred Revenue Expenditure incurred upto 31st March, 2003 is amortised over a period of five years except where
the product for which brand image was created discontinued before five year then the balance amount remaining
for write off are written off in the year in which product discontinued.
15. BORROWING COST :
Borrowing costs are recognised as an expense in the period in which they are incurred except to the extent where
borrowing cost that are directly attributable to the acquisition or construction of an asset which is ready for its
intended use, are capitalised as part of that asset. The amount of non specific borrowing cost eligible for capitalisation
is determined in accordance with Accounting Standard AS-16 "Borrowing Cost".
16. TAXES ON INCOME :
Provision for Income Tax is estimated on the basis of the taxable income for the current accounting period and in
accordance with the provisions of the Income Tax Act, 1961. Deferred tax resulting from “Timing Difference” between
book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantially
enacted as on the Balance sheet date. Deferred tax liability and assets are recognised at substantively enacted tax
rates, subject to the consideration of prudence, on timing difference that originate in one period and are
capable of reversal in one or more subsequent periods.
17. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS :
Provisions are recognised only when there is a present obligation as a result of past events and when the amount
of the obligation can be estimated with reasonable prudence. Contingent liabiliies are disclosed by way of notes to
accounts for possible obligations which will be crystallised depending upon the future events not in the control of
the Company and also present obligations arising from the past events where it is not probable that an outflow of
resources will be required to settle the obligation or a realiable estimate of the obligation cannot be made.
Contingent assets are also not recognised in the financial statements as the crystallisation of the resultant assets
depend upon the future event, which with reasonable prudence cannot be estimated with certainty.
18. IMPAIRMENT OF ASSETS :
Specified assets are reviewed for impairment wherever events or changes in circumstances indicate that the
carrying amount may not be recoverable. An impairment loss is recognised for the amount for which the assets
carrying amount exceeds its recoverable amount being the higher of the assets net selling price and value in use.


Independent Auditor’s Reports on Consolidated Financial Statements
TO THE MEMBERS OF KORES (INDIA) LIMITED
Report on the Financial Statement
We have audited the accompanying consolidated financial statements of KORES (INDIA) LIMITED, hereinafter referred
to as ‘the company’) and its subsidiaries (the company and its subsidiaries together referred to as “the Group”)
comprise the Consolidated Balance Sheet as at March 31, 2018, the Consolidated Statement of Profit and Loss, and
the Consolidated Cash Flow Statement for the year then ended, and a summary of significant accounting policies and
other explanatory information.
Management’s Responsibility for the Financial Statements
The company’s Board of Directors is responsible for the preparation of these consolidated financial statements in
terms of the requirement of the company act, 2013 (hereinafter referred to as ‘the Act’) that give a true and fair view
of the consolidated financial position, consolidated financial performance and consolidated cash flows of the Group
in accordance with the accounting principles generally accepted in India ,including the Accounting Standards specified
under section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Account) Rules, 2014.
The respective board of director of companies included in the Group are responsible maintenance of adequate
accounting records in accordance with provisions of the Act for safeguarding the assets of the Group and detecting
frauds and other irregularities; the selection and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal
financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair
view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of
preparation of the consolidated financial statements by the directors of the company, as aforesaid.
In preparing the consolidated financial statement , management is responsible for assessing the company ability to
continue as a going concern, disclosing as applicable, matter related to going concern and using the going concern
basis of accounting unless management either intends to liquidate the company or to cease operation, or has no
realistic alternative but to do so.
Auditor’s Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit.
We have considered the provisions of the Act, the accounting and auditing standards and matters which are required
to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act.
Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the
consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment
of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of
consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate
in circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the
reasonableness of accounting estimates made by the company’s Directors, as well as evaluating the overall presentation
of the financial statements.
70 Consolidated Financial Statement

We are responsible to conclude on the appropriateness of management’s use of the going concern basis of accounting
and , based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that
may cast significant doubt on the entity’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in the auditor’s report to the related disclosures in the financial statements or,
if such disclosures are inadequate, to modify the opinion. Our conclusions are based on the audit evidence obtained
up to the date of the auditor’s report. However, future events or conditions may cause an entity to cease to continue as
a going concern.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated
financial statements are subject to note no. S-1, S-2 and read with other notes as appearing in note no. “AD” give the
information required by the Act in the manner so required and give a true and fair view in conformity with the accounting
principles generally accepted in India,
a) in the case of the Consolidated Balance Sheet, of the state of affairs of the Group as at 31st March, 2018;
b) in the case of the Consolidated Statement of Profit and Loss, of the Profit for the year ended on that date; and
c) in the case of the Consolidated Cash Flow Statement, of the cash flows for the year ended on that date also read
with note no AD-12 in respect of Textile Division for Discontinued Operations.
Other Matter
a) Consolidated financial statement include the accounts of J.K. Gypsum Pvt. Ltd. as subsidiary and previous year
as associate.
b) The consolidated financial statements include the Group’s share of net profit/loss of Rs. 60.69 Lacs for the year
ended 31st March, 2018, as considered in the consolidated financial statements, in respect of J.K. Gypsum Pvt
Ltd subsidiary and Arraystorm Lighting Pvt Ltd, Cast Tech Pvt. Ltd, Quality Ink Pvt. Ltd. associates companies,
whose financial statements have not been audited by us. This financial statements have been audited by other
auditor whose reports have been furnished to us by the Management and our opinion on the consolidated financial
statements, in so far as it relates to the amounts and disclosures included in respect of subsidiary and associates,
and our report in terms of sub-sections (3) and (11) of Section 143 of the Act, insofar as it relates to the aforesaid
subsidiary and associates, is based solely on the reports of the other auditor.
c) We did not audit the financial statements/consolidated financial statements of one subsidiary and 3 associate
companies whose financial statements reflect Total Assets of Rs. 2490.68 Lacs as at 31st March, 2018, Total
Revenue of Rs. 2280.19 Lacs and Net Cash Flow of Rs.83.19 Lacs for the year ended on that date, as considered
in the consolidated statements. The Financial Statements/Consolidated Financial Statements have been audited
by the other auditors whose report have been furnished to us by the management and our opinion is based on
solely on the report of other auditors.
Emphasis of Matters
We draw attention to the following matters in the notes to the financial statements:
a) Remuneration to Directors and Key Managerial Personal as per the provision of section 197 of Companies Act
2013 is subject to approval of shareholders in the ensuing Annual General Meeting by special resolution under
section 197 of Companies Act, 2013 refer note no AB-11(C) to financial statement.
b) In the matter of Income Tax Appellate Tribunal Order refer note no. AD-5.

c) We did not audit the financial statements of Three branches i.e. Engineering division (Pithampur), Taxtile Division
(Wankaner), Foundry Division included in the standalone financial statements of the Company whose financial
statements total assets of 11,454.24 lacs (P.Y. Rs. 13,686.78 lacs) as at 31st March, 2018 and total revenues of
29442.83 (P.Y. Rs. 28072.63 lacs) for the year ended on that date, as considered in the standalone financial
statements. The financial statements/information of these branches have been audited by the branch auditors
whose reports have been furnished to us, and our opinion in so far as it relates to the amounts and disclosures
included in respect of these branches, is based solely on the report of such branch auditors. However auditors
names are not appointed as per last appointed on previous year AGM.
d) Without qualifying our opinion attention is invited to “provision for sales” included under head “sales of products”
for the year amounting to Rs. 62.45 lacs (P.Y. Rs. 9.20 lacs) (net Credit) in case of Pefco and Rs. 61.01 lacs (P.Y.
Rs. 89.73 lacs ) (net Debit) for Chakan of Foundry Division, towards debit/credit note to be issued to the customers
for the rate difference in respect of goods dispatched during the financial year ending March 31, 2018. However
final Debit /Credit note would be raised in subsequent accounting period. Pending raising such final debit/credit
note the above net amount has been included in sales for the year.
e) The balance of Trade Payable & Trade Receivables are subject to confirmation.
f) Sundry debtors considered doubtful Rs. 506.53 lacs (P.Y. Rs. 437.28 lacs) out of which Rs 457.42 lacs (P.Y Rs.
347.32 lacs) are under litigation. A provision of Rs.172.45 lacs (P.Y. Rs. 150.37) has been made in books of accounts.
g) Advances considered doubtful Rs. 111.51 lacs (P.Y. Rs. 127.02 lacs) out of which Rs. 10.74 lacs (P.Y. 10.74 lacs)
are under litigation.
h) Non provision in respect to fall in value of Investment Rs 27.79 lacs (P.Y. Rs.14.78 lacs).
i) We draw attention to Note AD- 12 of the Financial Statements which describes the effects of a discontinuing
operation and closure of Textile Division located at Wankaner w.e.f. 17th September 2016 as referred therein.
j) Company has filed appeal to CESTAT in excise matter of Rs.10,00,000 against the order received form Commissioner
of central Excise Mumbai dated 29.10.2014 and order no.16/COMMR/M-III/KCG/2014-15 refer note no. 10 [B](2)
contingent liability of financial statements.
k) The company has closed the operation since 2004-05. It includes management Intention to liquidate the operation
or to cease the operation. It affects the going concern concept of accounting in absence of sufficient of fund
difficulty to pay the Liabilities.
l) Physical verification of Investment subject to shares of Topline Writing Instrument and Magna Inks Limited not
physically verified refer note no. 4 to Notes to Accounts
Corresponding figure for the year ended 31 March 2017 have been audited by another auditor who expressed an
unmodified opinion dated August 1, 2017 on the consolidated financial statement of the company for the year ended
31.03.2017.
Our opinion on the consolidated financial statement is not modified in respect of this matter.
Report on other Legal and Regulatory Requirements
1. As required by section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purpose of our audit of the aforesaid consolidated financial statements.

b. In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated
financial statements have been kept so far as it appears from our examination of those books and reports of the
other auditors.
c. The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss, and the Consolidated Cash
Flow Statement from continue and discontinue operation dealt with by this Report are in agreement with the books
of account maintained for the purpose of preparation of the consolidated financial statements.
d. In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards specified
under Section 133 of the Act, read with Rule 7 of Companies (Accounts) Rules, 2014.
e. On the basis of written representations received from the directors of the investor as on March 31, 2018, taken
on record by the Board of Directors of the company and its subsidiaries incorporated in india and the report of the
statutory auditors of its subsidiary and associate companies incorporated in India, none of the directors of Group
companies incorporated in india is disqualified as on March 31, 2018, from being appointed as a director in terms
of sub-section (2) of section164 of the Companies Act, 2013.
f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the
operating effectiveness of such controls, referred to our separate Report in “Annexure B” which is based on the
auditor’s report of the company and its subsidiaries companies incorporated India. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the internal financial control over financial
reporting of those companies, for the reason stated therein.
g. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations
given to us:
i. The consolidated financial statement disclose the impact of pending litigations on its consolidated financial
position of the Group in its financial statements- Refer Note AD (1) contingent liability;
ii. The company did not have any long-term contracts including derivative contract for which there were any material
foreseeable losses;
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection
Fund by the Company and its subsidiary companies incorporated in India.
MUMBAI-400067
Dated - 10th day of August, 2018 RAJESH SONI
Partner

Annexure - B to the Auditors’ Report
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies
Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of KORES (INDIA) LIMITED, as of 31 March
2018 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that
date.
Management’s Responsibility for Internal Financial Controls
The Company’s management is responsible for establishing and maintaining internal financial controls based on the
internal control over financial reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by
the Institute of Chartered Accountants of India (‘ICAI’). These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation
of reliable financial information, as required under the Companies Act, 2013.
Auditors’ Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls over financial reporting based
on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls
over Financial Reporting (the “Guidance Note”) and the Standards on Auditing, issued by ICAI and deemed to be
prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial
controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered
Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over
financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls
system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial
reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk
that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control
based on the assessed risk. The procedures selected depend on the auditor’s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion on the Company’s internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company’s internal financial control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with generally accepted accounting principles. A company’s internal financial control over financial reporting
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company are being made
only in accordance with authorizations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s
assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of
collusion or improper management override of controls, material misstatements due to error or fraud may occur and
not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future
periods are subject to the risk that the internal financial control over financial reporting may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial
reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2018,
but there is scope for improvement in certain areas considering the essential components of internal control stated in
the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India. However in view of current development in respect to GST etc. IFC is being updated in present
context.
Other Matters
Our aforesaid reports under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal
financial control over financial reporting in so far as relates to subsidiary and associates, which are companies
incorporated in India, is based corresponding reports of the auditors of such companies.
MUMBAI-400067
Dated - 10th day of August, 2018 RAJESH SONI
Partner

M/S. KORES (INDIA) LIMITED & ASSOCIATES COMPANIES
CONSOLIATED BALANCE SHEET AS ON 31ST MARCH, 2018 `.in Lacs
As at As at
Note 31-3-2018 31-3-2017
EQUITY AND LIABILITIES
Shareholders’ Funds
a. Share Capital A 1,300.00 1,300.00
b. Reserves & Surplus B 10,850.86 9,436.53
12,150.86 10,736.53
Non-Current Liabilities
a. Long-Term Borrowings C 6,340.02 5,881.94
b. Non Controling Interest ( Minority) D 101.82 282.26
c. Deferred Tax Liability (Net) E 158.73 (116.43)
d. Other Long Term liabilities F 888.46 888.30
e. Long-Term Provisions G 1,212.31 1,418.50
8,701.34 8,354.57
Current Liabilities
a. Short-Term Borrowings H 8,399.32 7,871.82
b. Trade Payables I 13,096.86 10,429.56
c. Other Current Liabilities J 2,834.91 2,685.53
d. Short-Term Provisions K 538.45 350.20
24,869.54 21,337.11
Total 45,721.74 40,428.21
ASSETS
Non-Current Assets
a. Fixed Assets L
i Tangible Assets 17,072.12 15,110.54
ii Intangible Assets 222.33 26.47
iii Capital Work in Progress 1,053.32 717.44
18,347.77 15,854.45
b. Non-Current Investment M 153.43 129.55
c. Long-Term loans and Advances N 64.19 42.39
d. Other non-current assets O 82.53 2.97
18,647.92 16,029.36
Current Assets
a Inventories P 7,726.07 7,910.85
b Trade Receivables Q 13,339.54 11,556.00
c Cash and Cash Equivalents R 1,059.90 667.95
d Short-Term loans and Advances S 4,918.85 4,235.86
e Other Current Assets T 29.46 28.19
27,073.82 24,398.85
Total 45,721.74 40,428.21
OTHER NOTES FORMING PART OF THE ACCOUNTS AD 0.00 (0.00)
SIGNIFICANT ACCOUNTING POLICIES AE
CONSOLIDATED STATEMENT OF PROFIT & LOSS FOR THE YEAR ENDED 31ST MARCH 2018 `.in Lacs
For the year ended
Note 31-3-2018 31-3-2017
REVENUE
Revenue from Operations U 65,815.41 64754.99
Other Income V 1,149.58 857.41
Total Revenue (I) 66,964.99 65612.40
EXPENSES
Cost of materials consumed W 20,063.46 19988.61
Purchase of stock in trade X 13,478.81 12906.45
Changes in inventories of finished goods WIP and stock in trade Y 321.35 1645.28
Cost of Construction Project Z - -
Employee benefit Expenses AA 9,775.10 9642.52
Finance costs AB 1,658.85 1681.72
Depreciation and Amortization expenses L 1,375.92 1293.31
Other Expenses AC 18,499.11 17822.20
Total Expenses (II) 65,172.60 64980.09
Profit (Loss) before Extraordinary items and Tax (I-II) 1,792.39 632.31
Add: Extraordinary items - -
Profit (Loss) before Tax 1,792.39 632.31
Tax expenses
For Current Tax 400.48 173.68
For Deferred Tax E 275.16 104.77
For Earlier year tax - (16.38)
Less : MAT Credit Entitlement (400.48) (173.00)
Profit (Loss) for the year 1,517.23 543.24

Less : Minority Interests 19.56 (107.42)
Net Profit for the year 1,497.67 650.66
Earning Per Share (Rs.) AD-8

Basic 13.40 5.67
Diluted 13.40 5.67
OTHER NOTES FORMING PART OF THE ACCOUNTS AD

SIGNIFICANT ACCOUNTING POLICIES AE


CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH, 2018. (`. in Lacs)
31-3-2018 31-3-2017
CASH FROM OPERATION
a) Profit Before Taxation 1,792.39 632.31
Add :
i) Depreciation 1,375.92 1,293.30
ii) Interest & Finance Charges 1,658.85 1,681.72
iii) Loss/(Profit) on Sale of Investment 2.02 (1.74)
iv) Loss/(Profit) on Sale of Assets (583.73) 2,453.06 (467.02) 2,506.26
Less :
i) Income-tax & Wealth-tax (Net) 23.15 (54.49)
ii) Interest & Dividend Income 128.88 (152.03) 80.82 (26.33)
(b) (Increase) / Decrease in Current assets
i) Inventories 184.78 1,685.29
ii) Sundry Debtors (1,783.54) (363.36)
iii) Loans & Advances (760.40) (2,359.16) 717.93 2,039.86
(c) Increase/(Decrease) in Current Liabilities 2,556.57 (4,073.69)
NET CASH FROM OPERATIONS 4,290.83 1,078.41
INVESTMENT ACTIVITIES
i) Purchase of Fixed Assets/Capital work in Progress (4,787.79) (2,067.43)
ii) Sale Proceeds of Fixed Assets 1502.29 965.28
iii) (Increase) / Decrease in Investment (Net) (183.87) (53.77)
iv) Diminution/(Profit) Loss on sale of investment (2.02) 1.74
v) Interest & Dividend Income 127.59 84.47
NET CASH(USED IN) FROM INVESTING ACTIVITIES (3,343.80) (1,069.71)
FINANCING ACTIVITIES
i) Increase / (Decrease) in Cash Credit (Net) 349.95 (1,287.16)
ii) Increase / (Decrease) in Term Loans (Net) 484.42 1,760.01
iii) Increase / (Decrease) in Unsecured Loan (Net) 380.88 901.52
iv) Increase in Share capital - 230.00
v) Interest Paid (1,644.56) (1,607.12)
vi) Dividend Paid (104.50) (77.00)
vii) Tax on Distributed Profit (21.27) (33.59)
NET CASH (USED IN) FROM FINANCING ACTIVITIES (555.08) (113.34)
NET CHANGE IN CASH AND CASH EQUIVALENTS 391.95 (104.64)
CASH & CASH EQUIVALENT AS AT BEGINNING OF THE YEAR 667.95 772.59
CASH & CASH EQUIVALENT AS AT END OF THE YEAR 1,059.90 667.95
Refer Note AD 12 in respect of Textile Division for Discontinued Operations.
NOTE A : SHARE CAPITAL `. in Lacs
No. of As at As at
Share 31-03-2018 31-03-2017
Authorised :
Equity Shares of Rs.10/- each 1,50,00,000 1,500.00 1,500.00
9% Redeemable Cumulative Preference Shares of Rs.100/- each 2,50,000 250.00 250.00
1,750.00 1,750.00
Issued, Subscribed & Paid up :

Equity Shares of Rs.10/- each fully paid up 1,10,00,000 1,100.00 1,100.00
fully paid up. (Redeemed on 30th Nov.2017) 2,00,000 - 200.00
fully paid up. 2,00,000 200.00 -
(Preference Shares are redeemable at par not later than 14-12-2027 1,300.00 1,300.00
A-1 Out of Above

55,00,000 Equity shares are alloted as fully paid-up Bonus shares by capitalisation.
A-2 List of Shareholders holding more than 5% shares in the Company :

31-3-2018 31-3-2017
Equity Shares Equity Shares
Name of the Shareholder No. of Shares held % No. of Shares held %
1. Mr. A. K. Thirani 5046299 45.87 5045871 45.87
2. M/s. Shashi Finance Ltd. 1152696 10.48 1152696 10.48
3. M/s. Videocon Industries Ltd. 1780000 16.18 1780000 16.18
4. M/s. Value Industries Ltd. 610000 5.55 610000 5.55
Preference Shares Preference Shares
No. of Shares held % No. of Shares held %
1. M/s. Kores International (Pvt.) Ltd 153000 76.50 153000 76.50
2. Mrs. Nandini Mehta 18000 9.00 18000 9.00
3. M/s. Solar Packaging Pvt. Ltd. 10000 5.00 10000 5.00
A-3 The Reconciliation of No. of Shares outstanding is given below :

Equity Shares Preference Shares
Particulars Number Amount Number Amount
Shares outstanding at the beginning of the year 1,10,00,000 11,00,00,000 2,00,000 2,00,00,000
Shares issued during the year -- -- 2,00,000 2,00,00,000
Shares bought back / redeemed during the year -- -- 2,00,000 2,00,00,000
Shares outstanding at the end of the year 1,10,00,000 11,00,00,000 2,00,000 2,00,00,000

`. in Lacs
As at As at
NOTE - B : RESERVES & SURPLUS 31-03-2018 31-03-2017
Capital Reserve
Capital Reserve No.2 (Refer Note B-1) 40.00 -
Share Premium Account
General Reserve
Capital Redemption Reserve
Profit & Loss Account
Add:Transfered from P&L A/c of Current year 1,497.67 650.66
Appropriations
Less : Transferred to Capital Redemption Reserve - 200.00
Less : Proposed Dividend on Equity Shares 82.50 82.50
Less : Proposed Dividend on Preference Shares 19.98 22.00
Less : Distribution Tax on Proposed/Paid Dividend 20.86 21.27
8,790.93 7,416.60
10,850.86 9,436.53
B-1 : Represent difference between face value and cost or purchases of subsidiary shares
NOTE - C : LONG TERM BORROWINGS
SECURED
Term loans from Banks
-Projects (Refer note C-1) 2,442.68 2,653.67
Term loans from others (Refer note C-2) 600.31 148.60
UNSECURED
Fixed Deposits (maturing after one year) 1,318.09 997.63
Inter Corporate Deposits(maturing after one year) 1,408.00 1,355.50
Loans & Advances from Directors : 552.35 672.74
6,340.02 5,881.94
C-1 : Term Loan from Banks
Against Project `. in Lacs
Security 31-3-2018 31-3-2017 Terms of Repayment Bank Loan Amt/
Charged Amt.
Secured by 1st Charge on movable and immovable Fixed 1,435.45 1,347.20 Repayable in 33 monthly State 2200.00
Assets at Wankaner Gujarat, Bhosari & Chakan, Pune installment ending on Bank of
(Maharashtra) & Roha, Raigad, Maharashtra. December-2020 India
Chambers, Mahim, Mumbai -400016 installment ending on January Bank
2025.
Chambers, Mahim, Mumbai -400016 installment ending on February, Bank
2025.

C-1 : Term Loan from Banks (Contd.) `. in Lacs
Security 31-3-2018 31-3-2017 Terms of Repayment Bank Loan Amt./
Charged Amt.
Chambers, Mahim, Mumbai -400016 installment ending on April, 2026. Bank
Chambers, Mahim, Mumbai -400016 installment ending on October, Bank
2021.
Chambers, Mahim, Mumbai -400016 installment ending on Bank
September, 2021.
Plot situated at Pawne, Navi Mumbai - 400705 267.55 305.36 Repayable in 80 monthly ICICI 385.00
installment ending on Bank
November-2024
Secured by 1st Charge on Plant & Mach. And 52.12 80.69 Repayable at 22 monthly IDBI 100.00
residential flat of Kores located at 1903, C-Wing, installment ending on January- Bank
Gundecha Garden, Lalbaug, Mumbai - 400012 2020
Total 3,234.26 3,416.93 Total 4,585.00
(Refer Note - J)
Long Term Borrowing as disclosed in Note - C 2,442.68 2,653.67
1) The above term loan from banks for projects are further secured by personal guarantee of Shri A. K. Thirani, (Managing
Director) of the Company.
C-2 : Term Loan from Others `. in Lacs

Security 31-3-2018 31-3-2017 Terms of Repayment
Acquired under equipment Finance Scheme secured by The assets acquired under
respective Machinery & Equipment & personal guarantee Equipment Finance for fixed
of Shri A. K. Thirani, Managing Director of the Company. period of time mainly comprise of
Tata Capital Limited 695.20 149.72 equipment & machinery.
Vehicle Finance is secured by the respective Vehicles. 251.32 129.70 The assets acquired under
Vehicle Finance for fixed period
of time.
Total 946.52 279.42
(Refer Note - J)
Long Term Borrowing as disclosed in Note - C 600.31 148.60
1) Term Loan sanctioned under Equipment Finance by Tata Capital Financial Services Ltd. for Rs.500 Lacs during
F.Y. 2017-18 and started availing from April-2018.

`. in Lacs
As at As at
NOTE D : NON CONTROLLING INTEREST (MINORITY) 31-03-2018 31-03-2017
Equity Share capital 105.93 305.93
Preference Shares capital 175.00 175.00
280.93 480.93
Reserves & Surplus (198.67) (91.25)
Add: Current Year Profit 19.56 (107.42)
(179.11) (198.67)
101.82 282.26
NOTE E : DEFERRED TAX LIABILITIES (ASSETS)
Tax effect of items constituting Deferred Tax Assets
Provision for Retirement Benefits 534.91 538.80
Expenses allowable on payment basis 267.57 256.36
Deferred Tax Assets provided for business losses 829.28 876.52
Provision for Tax, Duty & Doubtful Debts 47.35 53.94
1,679.11 1,725.62
Tax effect of items constituting Deferred Tax Liability
Depreciation 1,837.84 1,609.19
1,837.84 1,609.19
158.73 (116.43)
E-1 Deferred Tax Liabilities resulting from the unabsorbed depreciation and carry forward business losses as per Income
tax are recognised in the books of accounts.
NOTE F : OTHER LONG TERM LIABILITIES
Others
- Security deposits from Dealers & others 877.08 873.42
- Vehicle & Other Deposits 11.38 14.88
888.46 888.30
NOTE G : LONG TERM PROVISIONS
Provisions for Employee Benefits :
For Gratuity 838.84 1,042.00
For Compensated Absences 373.47 376.50
1,212.31 1,418.50
NOTE H : SHORT TERM BORROWINGS
SECURED
Loans Repayable on Demand
From Banks (Refer to Note H-1& H-3) 4,352.25 4,280.30
From Deutsche Bank (Refer to Note H-2) 278.01 -
UNSECURED
DEPOSITS
Fixed Deposits (maturing within one year) 722.69 738.28
Intercorporate Deposits 3,046.37 2,743.24
8,399.32 7,871.82
H-1 Loan repayable on Demand from Banks are fund based working capital facilities viz cash credit and demand
loans. The secured portion of working capital facilities and other non-fund based facilities viz. bank guarantees
and letter of credit are secured by hypothecation of inventories, book debts and receivables. Further collaterally
secured by immovable properties of the company situated at Wankaner (Gujarat ), Pithampur (M.P.) and Chakan

& Bhosari Pune, M.I.D.C. Roha, Dist. Raigad and residential flat of Kores located at 1903, C-Wing, Gundecha
Garden, Lalbaug, Mumbai - 400012.
(The above facilities are guaranteed by Shri A K Thirani, Managing Director of the Company)
H-2 Secured by mortgage of immovable propertry of the compnay situated at 301 , 302 & 202 Ashford chamber
Mahim Mumbai.
(The above facilities are guaranteed by Shri A K Thirani, Managing Director of the Company)
H-3 Cash Credit Facility (utilised) Rs. 4352.25 Lacs (P.Y. Rs. 4280.30 Lacs), out of which sum of Rs. Nil Lacs
(P.Y Rs. 910.00 Lacs) has been converted in to FCNR-B equivalent to US$Nil Lacs (Previous Year US$13.77
Lacs) for the period of Three Months at a time and further Rollover is subject to approval from the Bankers, Exchange
Risk is Covered by way of forward booking contract to the extent of US$Nil Lacs (P.Y Rs US$13.77 Lacs).
`. in Lacs
As at As at
NOTE I : TRADE PAYABLE 31-03-2018 31-03-2017
For Goods (Refer Note I-1) 8,451.03 6,748.52
For Expenses 4,645.83 3,681.04
13,096.86 10,429.56
I-1 Under the Micro, Small and Medium Enterprises Development Act - 2006, certain disclosures are required to be
made relating to Micro, Small and Medium Enterprises. The company is in the process of compilling relevant
information from its suppliers about their coverage under the said Act. Since the relevant information is not readily
available, no disclosure have been made in the Accounts.
NOTE J : OTHER CURRENT LIABILITIES
SECURED
Current Maturities of Long Term Debts
Term loans from Banks:
-Projects (Refer note C-1) 791.58 763.26
From Others (Refer note C-2) 346.21 130.82
UNSECURED
Interest accrued and due 285.78 271.51
Unpaid Dividends 1.14 1.14
Unclaimed fractional warrant 1.29 1.29
Creditor For Capital Expenditure 380.16 160.63
Payable for statutory Dues 271.20 381.17
Advances from customers (Refer Note J-1) 553.87 755.63
Other Advances 116.79 119.82
Due to Managing Director 8.64 9.92
Other Payables 43.05 41.92
2,834.91 2,685.53
J-1 Advance from Customers includes Rs.10.00 Lacs from Managing Director for booking of flat.
NOTE K : SHORT TERM PROVISIONS
Provision for Employee Benefits
For Gratuity 303.28 119.92
For Compensated absences 111.83 91.74
Others
Excise Duty - 12.77
Proposed Dividend for
- Equity Shares 82.50 82.50
- Preference Shares 19.98 22.00
Distribution Tax on Dividend 20.86 21.27
538.45 350.20
Note L : FIXED ASSETS :
(`. in lacs)
Gross Block Depreciation Net Block
Description Total Upto Additions Sales / Total Upto Total Upto For the Adjusted Total Upto As At As At
31-3-2017 during Adjustments 31-3-2018 31-3-2017 year on Sales / 31-3-2018 31-3-2018 31-3-2017
the year during the 2017-18 Adjust-
year ments
I. Tangible Assets
Land - (Leasehold) 155.00 0.55 - 155.55 10.63 0.61 - 11.24 144.31 144.37
Land - (Freehold) 429.98 - 10.54 419.44 - - - - 419.44 429.98
Building (on freehold & 8,565.50 326.36 - 8,891.86 1,992.99 234.34 0.01 2,227.32 6,664.53 6,572.50
Leasehold Lands)
Plant & Machinery 19,018.40 3,441.53 4,470.67 17,989.26 11,964.73 890.74 3,673.72 9,181.74 8,807.51 7,053.67
Furniture & Fixture 710.94 65.38 25.85 750.47 486.34 42.50 22.73 506.11 244.36 224.60
Motor Cars & Vehicles 616.66 257.55 214.90 659.31 226.98 68.36 112.05 183.29 476.02 389.68
Office Equipments 1,284.96 126.79 95.22 1,316.53 992.83 112.32 90.11 1,015.04 301.49 292.13
Bore-wells & Water Connections 10.42 - - 10.42 6.81 0.93 - 7.74 2.68 3.61
Rental Assets - 12.30 - 12.30 - 0.52 - 0.52 11.78 -
Total 30,791.86 4,230.46 4,817.18 30,205.15 15,681.31 1,350.33 3,898.62 13,133.01 17,072.12 15,110.54
II. Intangible Assets
Computer Software (ERP) 400.99 221.46 0.16 622.29 374.52 25.59 0.15 399.96 222.33 26.47
Total 400.99 221.46 0.16 622.29 374.52 25.59 0.15 399.96 222.33 26.47
III. Capital Work in Progress - - - - - - - - 1,053.32 717.44
Total (I+II+III) 31,192.85 4,451.92 4,817.34 30,827.43 16,055.83 1,375.92 3,898.77 13,532.98 18,347.77 15,854.45
Note : L-1
- Building Rs.144.27 lacs for ownership flats in a co-operative housing society. The Society is registered.
- Depreciation for the year includes Rs.0.61 lacs (Previous year Rs.0.61 Lacs) being Lease Hold Premium Written off.
- Building includes Rs.3491.04 lacs for office premises 3 units at ‘Ashford Chambers’. The formation of ‘Condominium’ has completed and
share certificate is yet to be received.
- As per AS-16 the Interest cost on Borrowing for acquiring Fixed Assets & Capital Work in Progress amounting of Rs.64.65 lacs (Previous
Year Rs.84.78 lacs) has been capitalised in the respective Assets.
NOTE M : NON-CURRENT INVESTMENTS - LONG TERM :
`. in Lacs
Particulars Face Value No. of As on As on
Rs. Securities 31-03-2018 31-03-2017
Unquoted
7 Year National Saving Certificates - 2.00
(Deposited with Govt. Dept.)
Other Investments
Quoted Equity Shares (Fully paid up)

Premier Ltd. 10 100 0.02 0.02
Ricoh (India) Ltd. 10 900 0.02 0.02
ACC. Ltd. 10 283 0.04 0.04
Central Bank of India 10 256 0.26 0.26
Dena Bank 10 4300 1.29 1.29
Reliance Industries Ltd (Including Bonus Shares 347) 10 694 8.60 8.60
Century Textiles and Industries Ltd. 10 1000 6.85 6.85
ICICI Bank Ltd. (Including Bonus Shares 250) 2 2750 5.79 5.79
IDBI Bank Ltd. 10 10000 11.46 11.46
IDFC Ltd. 10 10000 9.51 9.51
IDFC Bank Ltd 10 10000 9.50 9.50
Reliance Comunications Ltd. 5 2000 12.61 12.61
Reliance Power Ltd. (Including Bonus Shares 21) 10 56 0.16 0.16
Compuage Infocom Ltd (Including Bonus Shares 300) 2 800 0.03 0.03
Unquoted Equity Shares (Fully paid up)
Kores Printer Technology Pvt. Ltd.** 10 3 - -
(3 Shares of Rs.10/- each. Rs.30/- Prv.year Rs. 30/-)
Shri Amarsinhji Stationery Ind. Ltd.* 10 64000 4.04 4.04
Super Bazar the Co-Op. store Ltd. 10 2500 0.25 0.25
Evershine Consultancy Services (p) Ltd 10 1000 0.10 0.10
Magna Inks Ltd. 10 15993 0.16 0.16
Topline Writing Instruments 10 120 2.00 2.00
The Thane Janta Sahakari Bank Ltd. 50 400 0.20 0.20
Adappt Intelligence Inc. 79.79 53.89
Unquoted Equity Shares (Partly paid up)
Kores Printer Technology Ltd. 10 9997 0.75 0.75
Bonds
8 1/2% Rural Development Bonds (Through M.S.E.B.) 100 17 0.00 0.02
153.43 129.55
* As per SEBI circular dated Oct.10, 2016 the shares are delisted.
** Figures below Rs.500 are taken as Rs. Nil.
As at 31-03-2018 As at 31-03-2017
Book Value Market Value Book Value Market Value
`. in Lacs `. in Lacs `. in Lacs `. in Lacs
Aggregate Value of :
Quoted Investments 66.15 60.17 70.18 55.91
Unquoted Investments 87.28 59.37
153.43 60.17 129.55 55.91

`. in Lacs
As at As at
31-03-2018 31-03-2017
NOTE N : LONG TERM LOANS AND ADVANCES
(Unsecured considered good except otherwise stated)
Security Deposits with Govt.Dept. 28.56 37.40
Loans to Employees 35.63 4.99
64.19 42.39
NOTE O : OTHER NON CURRENT ASSETS

Preliminary Expenditure 2.92 2.97
Pre Operative Expenses 79.61 -
82.53 2.97
NOTE P : INVENTORIES
Inventory (including goods in transit)
Raw materials & Components (At cost) 1,499.96 1,309.03
Stock in Process
At Cost 374.00 507.99
At lower of works cost or net realisable value 1,571.13 1,928.62
Finished & Semi finished goods
At works cost 519.84 655.47
At lower of cost or net realisable value 0.82 7.36
Stock in trade / Purchased goods (At lower of cost or market value) 2,198.78 1,886.50
(Net of Provision is Rs.115.77 Lacs, Previous year Rs.215.43 Lacs)
Stores & Spare parts (At cost) 499.75 564.50
Stock - Construction Project

Building Under Construction (Refer Note Z-1) 1,061.79 1,051.38
7,726.07 7,910.85
NOTE Q : TRADE RECEIVABLES

(Unsecured considered good except otherwise stated Refer note Q-1 & AD-16)
Debts outstanding for more than 6 months 1,232.94 1,183.04
Less: Provision for Doubtful Debts 174.53 152.45
1,058.41 1,030.59
Other Debts 12,281.13 10,525.41
13,339.54 11,556.00
Q-1 Sundry Debtors considered doubtful Rs.506.53 Lacs (Previous year Rs. 437.28 lacs) out of which Rs.457.42 lacs
(Previous year Rs 347.32 lacs) are under litigation. A provision of Rs 174.53 lacs (Previous year Rs. 152.45 lacs)
has been made in the books of accounts. The balance of Sundry Debtors are subject to confirmation.

`. in Lacs
As at As at
31-03-2018 31-03-2017
NOTE R : CASH & CASH EQUIVALENTS
Balance with Banks 264.15 82.22
Remittances in Transit 233.05 105.70
Cash in hand 25.35 25.30
Fixed Deposit with Banks (Refer Note R-1) 529.91 451.62
Other Bank Balances
Post Office Saving Bank A/c’s 0.20 0.20
Margin Money with Banks 4.81 0.48
Earmarked balances with banks (unpaid dividend/warrants) 2.43 2.43
1059.90 667.95
R-1 Earmarked against margin of FD’s scheme for Rs.222.28 Lacs included in FD with banks.
NOTE S : SHORT TERM LOANS & ADVANCES
ADVANCES
Goods (Refer note S-1) 552.38 548.51
Capital Expenditure 1,110.09 745.95
Expenses (Refer note S-1) 160.51 130.36
Employees (Refer note S-2) 58.29 43.74
Tender & other Deposits with Govt. Dept.
(Paid under protest Rs.115.19 P.Y. Rs.224.96 Lcas) 406.17 409.19
Balance with Central Excise Authorities / GST 316.47 290.30
Claims Recoverable (Under Appeal Rs.13.68 lacs P.Y. Rs. 13.68 lacs) 367.20 376.73
Commission receivable 8.88 3.99
Income Tax (net of Provision ) 137.99 114.96
MAT Credit Entitlement (Refer Note AD-14) 1,003.65 603.17
Refund Receivable from Income Tax Dept (Refer note AD-5 ) 392.55 392.55
Refund Receivable from Sales Tax / VAT 235.09 415.75
Rent Receivable 7.87 2.94
Prepaid expenses 161.71 157.72
4,918.85 4,235.86
S-1 Advances for Goods & Expenses includes doubtful Rs.111.51 lacs (P.Y. Rs.127.02 lacs) out of which Rs.9.98 lacs
(P.Y. Rs.9.98 lacs) under litigation. A Provision of Rs.Nil (Previous Year Rs.Nil) has been made in the books of
accounts.
S-2 Advances for Employee includes Rs.0.76 lacs under litigation (Previous year Rs. 0.76 lacs)
NOTE T : OTHER CURRENT ASSETS

Interest Accrued 29.46 28.19
29.46 28.19

NOTE U : REVENUE FROM OPERATIONS `. in Lacs
For the year ended
31-03-2018 31-03-2017
Sale of Products * 62,868.40 65397.74
Revenue from Services 3,436.81 2,544.33
Other Operating Revenues 396.11 360.12
66,701.32 68,302.19
Less: Excise Duty * 885.91 3,547.20
65,815.41 64,754.99
NOTE U 1 :
Consequent to the introduction of Goods and Service Tax (GST) with effect from July 1, 2017, Central Excise, Value
Added Tax (VAT), etc. have been replaced by GST. In accordance with AS 9 on Revenue Recognition and Schedule III
of the Companies Act, 2013, GST, GST Compensation Cess, etc. are not included in sale of products for applicable
periods. In view of the aforesaid restructuring of indirect taxes, gross revenue for the year ended March 31, 2018 are
not comparable with the previous periods.
For the period before GST implementation (upto 30th June, 2017), gross revenue has been shown as gross of excise
duety and thereafter as net of GST.
NOTE U 2 : PARTICULARS OF SALE OF PRODUCTS
Office Stationery Product 20,320.34 18,115.13
Yarn & Cotton - 3,259.98
Casting 27,382.13 24,412.02
Banking Equipments 972.33 3,747.17
Office Automation & Security Product 74.40 70.75
Bulk Drug & Chemicals 9,089.97 11,176.32
Drilling Equipments 2,685.98 2,725.89
Other Products 179.61 345.25
Led Lightes 2,163.64 1,545.22
62,868.40 65,397.74
NOTE V : OTHER INCOME & RECEIPTS
Interest Income 82.64 78.97
Interest from Subsidiary Companies 45.85 1.59
Dividend Received 0.38 0.29
Profit on Sale of Investment (Net) - 1.74
Rent 62.83 4.42
Profit on Sale of Assets (Net) 583.73 467.02
Cash Discount Received 0.00 0.02
Royalty received 3.00 3.00
Gain on Foreign Currency Translation&Transactions 185.35 96.30
Excess Provisions/balances written back 127.60 122.88
Misc.Recpt & Income 58.20 81.18
1,149.58 857.41
NOTE W : COST OF MATERIALS CONSUMED

Opening Stock 1,309.03 1,320.91
Add: Purchases 20,338.82 20,009.38
21,647.85 21,330.29
Less: Closing Stock 1,499.96 1,309.03
20,147.89 20,021.26
Less: Sales 84.43 32.65
Raw Material Consumed 20,063.46 19,988.61
NOTE X : PURCHASE OF STOCK- IN-TRADE

Puchase of stock in trade 13,478.81 12,906.45

`. in Lacs
For the year ended
NOTE Y : CHANGES IN INVENTORIES OF FINISHED GOODS, W.I.P. & STOCK IN TRADE 31-03-2018 31-03-2017
Opening Inventories
Stock In Trade 1886.50 3,078.58
Stock in Process 2436.60 2,813.64
4985.92 6,631.20
Closing Inventories
Stock In Trade 2198.78 1,886.50
Stock in Process 1945.13 2,436.60
(Increase) / Decrease in Inventories 321.35 1,645.28
NOTE Z : Cost of Construction Project
Payments to & Provisions for Employees 0.37 0.36
Civil Work - 76.51
Site Development - 0.07
Rates & Taxes 3.00 -
Conveyance & Vehicle Maintenance 1.14 0.98
Legal, Professional & Service charges - 36.04
Printing & Stationery & Postage 0.13 0.48
Electricity Charges 1.36 2.10
Repairs & Maintenance 0.52 1.20
10.41 121.60
Add: Opening Balance of cost of building under construction 1,051.38 929.78
1,061.79 1,051.38
Less: Cost of Building under construction * 1,061.79 1,051.38
COST OF CONSTRUCTION FOR FLATS/LAND SOLD (Excluding Depreciation) - -
Z-1 *Cost of Building under construction Rs. 1061.79 Lacs includes Rs. 450.14 Lacs towards development rights and
balance towards Construction of 16th Building, completed up to 5th Slab “Vishakha” in the project “Nakshtra” is
sub-judice because one of the resident of the Nakshtra has challenged the construction. Appeals filed by him on
two occasions were rejected by the Trial and District Court, Thane. The matter is now pending before the Hon’ble
High Court, Bombay. The Arguments completed on 05.07.2018 and reserved for order.
The Company is registered in the RERA vide Certificate No.P51700010524.
NOTE AA : EMPLOYEE BENEFIT EXPENSES
Salaries, Wages & Bonus 8,478.05 7,983.15
Contribution to Provident & other Fund 391.16 359.04
Gratuity (Refer Note AD-6b) 204.31 299.38
Workmen & Staff Welfare Expenses 686.54 691.02
Retrenchment Compensation Exp. 15.04 309.93
9,775.10 9,642.52
NOTE AB : FINANCE COST
Interest Cost :
On Term Loan 327.39 288.46
On Working Capital 443.11 565.16
On Director Loan 57.27 61.66
On Deposit & Others 826.03 731.62
Foreign Exchange Risk Premium 5.05 34.82
1,658.85 1,681.72
`. in Lacs
For the year ended
31-03-2018 31-03-2017
NOTE AC : OTHER EXPENSES
Stores, Spare Parts & Packing material consumed 2,540.66 2,433.23
Job work charges 2,263.59 1,971.84
Power & Fuel 4,639.70 4,658.07
Printing & Processing charges 1,717.83 1,435.93
Initialization & AMC Insecption Charges 18.07 28.53
Research & Development Expenses 111.32 135.77
Repairs, Renewals & Replacements
Machinery 642.53 627.98
Building 114.19 185.23
Other Assets 113.66 99.84
Rent (Including Lease rent) 474.97 347.92
Electricity & Water Charges 138.68 159.80
Insurance 124.88 115.50
Printing & Stationery,Postage, Telephone Expenses 277.89 298.28
Travelling, Conveyance & Motor Car Expenses 1,247.60 1,105.34
Directors’ fees 0.45 0.10
Legal & Professional Expenses 452.40 353.64
Rates & Taxes 106.26 116.31
E.D.P. Machine Service & Maintenance Expenses 179.85 163.59
Preliminary Expenses W/off 0.04 0.04
Auditors Remuneration
Payment to Statutory Auditors
- For Audit fees 8.94 8.93
- For Tax audit 2.00 2.01
- For other matters 0.50 0.55
- Out of pocket expenses 0.02 2.81
Payment to Branch Auditors
- For Audit fees 3.10 3.19
- For Tax audit 0.80 0.83
- For other matters - 0.24
- Out of pocket expenses 0.52 0.78
Payment to Cost Auditors 2.30 2.30
CSR Expenses 21.51 9.40
Charity & Donation (Refer Note AC-1) 0.08 -
Bank Charges 201.75 228.17
Bad debts & irrecoverable claims written off (Refer Note AC-2) 68.25 186.89
Obsolete Inventory written off 18.98 189.44
Provision for doubtful debts & Advances 32.15 37.27
Provision for Obsolance Inventory 88.00 -
Investment Written off 2.02 -
Prior Period Expenses 4.06 13.26
Commission & Discount on Sales 624.06 785.98
Forwarding & Other Selling Expenses 1,812.74 1,589.92
Sales Tax & Additional Sales Tax 12.03 51.94
18,499.11 17,822.20
AC-1 Subject to Approval of Shareholders.

AC-2 Bad debts & irrecoverable written off are net of the Provision of Rs.7.17 Lacs

NOTE AD : OTHER NOTES FORMING PART OF THE ACCOUNTS
1. Contingent Liabilities not provided for in respect of :
`. in Lacs
31-03-2018 31-03-2017
(i) Letter of Credit outstanding 497.53 430.52
L.C. Margin Money with Bank 66.38 56.93
(ii) Bank Guarantee outstanding 3,267.77 3,231.13
(iii) Claims against the Company not acknowledged as debt 8.20 38.62
(iv) Corporate Guarantees given 460.00 427.00

(v) Liability contested and not provided for :
- Excise / Custom demands under Appeal 203.49 204.11
Amount paid under protest Rs 11.16 lacs (P.Y. Rs.11.23 Lacs)
- Income Tax Demand under Appeal 275.85 95.89
Amount paid under protest Rs. Nil (P. Y.Rs. Nil Lacs)
- Sales-tax / Purchase tax / Entry tax demand 1,456.55 1,394.50
Amount paid under protest Rs.133.42 Lacs (P.Y. Rs. 104.33 Lacs)
- Provident Fund/E.S.I.C. demand 15.08 15.08
- Local Authorities demand 6.87 -
Amount paid under protest Rs. 5.71 Lacs (P.Y. Rs. Nil Lacs)
(vi) Uncalled liability on partly paid up shares 0.25 0.25
(vii) Dividend of 12% Redeemable Preference Shares 66.97 45.97

(viii) Warranty Claims & Performance Guarantees, wherever given, for the products of the Company, amount is not
ascertainable.
(ix) Export Obligation of Rs.Nil (Previous year Rs. Nil lacs )against the import licenses taken for import of various
capital goods under export promotion scheme and import of raw materials under duty exemption entitlement
scheme.These obligations are fully fulfilled.
(x) Liability is not ascertainable that may arise consequent to outcome of labour cases pending before courts and
other competent authorities.
2. Estimated amount of Contracts remaining to be executed on Capital Account and not provided for Rs. 1536.93 lacs
(Previous year Rs.1118.05 lacs) Net of advances.
3. There are some Excise Refund Claims filed by the Company but not accepted by the Central Excise Authorities. The
Company has preferred appeals with the Central Excise Appellate Authorities & Hon’ble Mumbai CESTAT. In view of
uncertainty of the claims, refunds will be accounted for on final decision by the Authorities/Courts.
4. Custom Duty on Raw Materials and Finished Goods in Bonded Warehouse amounting to Rs 64.25 lacs (Previous
year Rs. 62.65 lacs) along with interest if any, has not been provided in the books of Accounts as the same is payable
only at the time of clearance of the Goods. The liability of the said amount shall not affect the profitability as well as
the net current assets of the Company.
5. The company has received favourable order from Income Tax Appellate Tribunal (ITAT Mumbai). Order pronounced
in the open court on 16.02.2016 and received in March 2016 by the company against the demand raised by AO &
upheld by CIT (A) for the A.Y. 2001-02 to A.Y. 2009-10. The company expected refund of Rs. 1171.21 Lacs inclusive
of interest of Rs. 303.48 Lacs accrued upto 31st March, 2016 which has been accounted for in the year 2015-16.
However company has received Rs.838.66 Lacs during F.Y. 2016-17 and balance yet to be received.
6. a) Defined Contribution Plans :
The company has recognized following amounts in the Profit & Loss Account for the Year. `. in Lacs
31-03-2018 31-03-2017
1) Contribution to Employees Provident Fund and Pension Fund 273.82 270.83
2) Contribution to Labour Welfare Fund 0.57 0.67
b. Defined Benefit plans as per Acturial Valuation on March 31, 2018 : `. in Lacs
Gratuity Leave Pay
Sr Particulars Fund with Non Non
L.I.C. of Funded Funded
India
(1) Opening Balance of Present value of Defined Benefit Obligation. 289.85 1,161.91 468.23
Adjustment of:
Interest Cost 23.18 84.25 32.22
Actuarial Losses/(Gain) 52.98 (32.74) 22.77
Settlement Cost 0 27.32 9.45
Benefits Paid 33.37 128.80 86.59
Closing Balance of Present value of Defined Benefit Obligation 350.50 1,199.12 485.30
(2) Net Liability recogniged in the Balance Sheet
Present value of Defined Benefit Obligation 350.50 1,199.12 485.30
Fair Value of Plan Asset 350.54 57.01 NA
Short (Excess) Provision of Liabilities as on 31.03.18 (0.04) - -
Net Liability recogniged in the Balance Sheet - 1,142.12 485.30
(Previous Year as on 31.03.2017) - 1,161.91 468.23
(3) Expenses recognised in the Profit and Loss Account
Interest Cost 23.18 84.25 32.22
Expected return on Plan Assets (24.28) (2.05)
Acuarial (Gain)/Losses 52.97 (30.97) 22.79
Past Service Cost (26.59) 22.74 9.61
Total Expenses 43.14 161.17 103.83
Short (Excess) Provision in Current Year 2017-18 - - -
Expenses recognised in the Profit and Loss Account 2017-18 43.14 155.07 103.83
Expenses recognised in the Profit and Loss Account 2016-17 15.70 283.68 113.48
(4) Actuarial Assumptions:
Discount Rate 7.50% 8.00% 7.75%
Turnover Rate 1% to 3% 1% 1%
Mortality L.I.C. Indian Indian
(1994-96) Assured Lives Assured Lives
Ultimate Mortality Mortality
(2006-08) (2006-08)
Ultimate Ultimate
Salary Escalation Rate 5% 5% 5%
Super Annuation Age 60 Years 60 Years 60 Years
7. Managerial Remuneration to Directors * : `. in Lacs

For the year ended
31-03-2018 31-03-2017
a) Salaries 169.08 140.90
b) Allowance & Bonus 120.27 87.43
c) Contribution to Provident Fund 12.74 10.94
d) Other Perquisites 120.73 93.78
* Excluding provision of future liability in respect of Retirement Benefits.
The calculation of commission payable to the Managing Director under section 197 of the Companies Act, 2013
has not been given, as no commission was paid / payable for the year and this being minimum remuneration.
The above remuneration subject to the shareholders approval in the ensuing AGM.
8. Earning per Share : `. in Lacs
For the year ended
31-03-2018 31-03-2017
Profit after Taxation 1,497.67 650.66
Less: Dividend on Preference Shares & Tax 24.05 26.48
Profit after Preference Share Dividend 1,473.62 624.18
No. of Equity Shares (Face Value Rs.10/-) 110.00 lacs 110.00 lacs
Basic Earning Per Share (Rs.) 13.40 5.67
Diluted Earning Per Share (Rs.) 13.40 5.67
9. Additional information pursuant to the provisions of Point 5(VIII) of Part II of Schedule III to the Companies Act,
2013. `. in Lacs
(i) Value of imports on C.I.F. Basis : For the year ended
31-03-2018 31-03-2017
a) Raw Materials 1,913.04 2,307.68
b) Stores & Spare Parts 211.77 89.70
c) Capital Goods 373.60 67.35
d) Finished Goods 1,736.81 1,519.52
(ii) Expenditure in Foreign Currency on account of : For the year ended
31-03-2018 31-03-2017
a) Travelling 78.79 48.26
b) Commission 52.73 62.38
c) Magazine, Membership Fees, etc. - 0.03
d) Training Expenses 16.18 16.83
e) Legal & Professional Fees 6.38 0.96
f) Others 36.04 27.58
(iii) Consumption of Raw Materials and Stores & Spares Parts :
Consumption Percentage to Total Consumption
31-03-2018 31-03-2017 31-03-2018 31-03-2017
`. in Lacs `. in Lacs % %
a) Raw Materials :
Imported 2,294.51 2,553.73 11.44 12.82
Indigenous 17,768.95 17,358.87 88.56 87.18
20,063.46 19,912.60 100.00 100.00
b) Stores & Spare Parts :
Imported 183.00 63.29 7.82 2.94
Indigenous 2,157.92 2,086.79 92.18 97.06
2,340.92 2,150.08 100.00 100.00
(iv) Earnings in Foreign Exchange : `. in Lacs

For the year ended
31-03-2018 31-03-2017
a) F.O.B. Value of Exports 7,415.37 7,004.04

10. Segment Report :
a) Primary Segment Information - Business Segments (`. in Lacs)
Particulars KORES INDIA ARRAYSTORM J. K. GYPSUM CAST.TECH QUALITY TOTAL

LTD LIGHTING PVT PVT. LTD. PVT. LTD INKS PVT
LTD LTD
REVENUE
External Sales & Other Income 64556.29 2279.76 0.06 - - 66836.11

63957.05 1484.74 89.32 - 0.45 65531.56
Add: Inter Segment Sales & Income -

-
Total Segment Revenue 61874.46 2279.76 0.06 - - 66836.11
63957.05 1484.74 89.32 - 0.45 65531.56
Segment Result (Before Interest, 3322.67

Extra Ordinary Item) 2233.17
Interest & Finance Charges (1658.85)

(1681.72)
Interest & Dividend Income 128.47
80.85
Income Tax, Wealth Tax (275.16)
(89.08)
Minority Interests 19.56
(107.42)
Profit from Ordinary Activities 1497.67
650.66
Prior Period & Extraordinary Item -
-
NET PROFIT 1497.67
650.66
OTHER INFORMATION
Segmental Assets 40304.81 1849.65 1261.67 1009.53 1.01 44426.67
37620.99 1443.62 411.40 103.51 1.00 39580.52
Current Liabilities & Provisions 16703.45 550.59 65.86 77.53 0.56 17397.99
14413.68 385.57 28.68 1.10 0.56 14829.59
Capital Expenditure 3565.70 152.90 308.23 760.96 - 4787.79
1998.46 53.43 9.16 6.38 - 2067.43
Depreciation 1325.93 38.46 11.53 - - 1375.92
1251.94 29.00 12.37 - - 1293.31
Non Cash Exp. Other than Depreciation 195.17 14.23 - - - 209.40
405.53 7.88 - - 0.19 413.60
Segment Assets exclude :
Investments 153.43
129.55
Advance Income Tax & T.D.S. (Net) 137.99
114.96
Mat Credit Entitlement 1003.65
603.17
Segment Liabilities exclude :
Secured Loans 8811.04
7976.65
Unsecured Loans 7066.09
6671.19
Non Controlling Interest (Minority) 101.82
282.26
Deferred Tax Liability (Assets) 158.73
(116.43)
Provision for Wealth Tax & 20.86
Dividend Distribution Tax 21.27

(b) SECONDARY SEGMENT INFORMATION - GEOGRAPHICAL SEGMENT (`. in Lacs)
Particulars India Outside India Total
Segment Revenue :
External Sales to Customers & Other Income 59,420.74 7,415.37 66,836.11
58,527.52 7,004.04 65,531.56
Segment Assets 44,426.67 - 44,426.67
39,386.04 - 39,580.52
Capital Expenditure during the period 4,787.79 - 4,787.79
2,067.43 - 2,067.43
(c) The Company has disclosed Business Segment as the primary segment and mainly to the need of the domestic
market. The export turnover is not significant in the context of total turnover. Segments have been identified
and reported taking into account the nature of the products and services, the organisational structure and
the internal financial reporting system of the Company.
Operations of the Company predominately relate to Manufacture and Trading of Office Stationery, Accessories
and Allied Products. Other business segments reported are as below :
1. Foundry Division - Manufacturing of Special Castings etc.
2. Business & Computer System Division - Marketing of equipment relating to Banking, Postal, Offices etc.
and after sales service including software support.
3. Pharmaceutical & Chemical Division - Manufacturing Specialty Chemicals, Bulk Drugs & Pharmaceutical
Intermediates.
4. Real Estate Division - Building Construction & Development.
5. Engg. Division - Manufacturing of drilling rigs and after sale service
6 Arraystoram Pvt Ltd : Manufacturing of LED Lights
The revenue in each of the above business segments primarily includes sales, service charges, rental income
and other income except income from dividend and interest.
Segment revenue, results, assets and liabilities include the respective amount identifiable to each of the segments.
Inter Segment transfer policy - At Cost Price.
11 As required by Accounting Standard - AS 18 “Related Party Disclosure” issued by The Institute of Chartered
Accountants of India are as follows: (As certified by the Management)
(A) List of Related Parties :
(a) Related Companies :
1. Kores Services Limited
2. Solar Packaging Private Limited
3. Pepega (Insulation & Packaging) Limited
4. Shri Amarsinhji Stationary Industries Limited.
5. Art Enterprises
6. New Novelty Toys
7. Live Darshan India Pvt Ltd.
8. Aum High Power Plating & Equip LLP.
9. Matrix Business machines Pvt. Ltd.
10. Nandini Chemicals Ltd.
11. Magna Inks Ltd.
12. Imagine Marketing Pvt Ltd.
13. Kores International Pvt. Ltd
14. Vishvakirti Consultancy LLP.
15. Redwood Interative

(b) Key Management Personnel :
1. Shri S. K. Thirani Chairman
2. Shri A. K. Thirani Managing Director
3. Shri R K. Saboo Executive Director
4. Shri Sameer Ashok Mehta Executive Director
5. Shri Vivek Bagri Executive Director
6. Smt. Nandini Mehta Executive Director
7. Smt. Rekha Thirani Executive Director
8. Shri Pradyoth Raj Verma Executive Director
9. Shri Rajesh Sharma C.F.O.
10. Shri Chintamani Thatte Company Secretary
(B) Summary of the Transactions with Associate & Related Companies : `. in Lacs
31-03-2018 31-03-2017
1. Sale of Products 5.23 16.70
2. Purchase of Stock in Trade 542.82 411.22
3. Job Work charges 156.33 167.64
4. Rent Received 0.18 0.18
5. Rent Paid 8.95 8.95
6. Commission Paid 1.14 3.29
8. Purchase of Fixed Assets 0.81 11.66
9. Deposit Repaid 110.00 115.00
10. Loan Taken 610.00 545.00
11. Fixed Deposit Taken 125.00 -
12. Trade Payable 125.76 148.01
13. Trade Receivable 71.48 85.35
14. Loan & Fixed Deposit Payable 1173.78 936.47
15. Investments 4.04 4.04
16. Gratuity & Leave Pay - 16.58
(C) Summary of the transactions with Key Management Personnel & their Relatives :
`. in Lacs
31-03-2018 31-03-2017
1. Remuneration & Sitting Fees 473.27 373.72
2. Rent paid during the year 18.00 18.00
3. Interest paid 57.27 61.66
4. Sale of Assets - 0.03
5. Training Expenses 17.68 53.84
6. Professional Fees to Independent director 2.50 -
7. Outstanding balance 560.38 623.98
8. Loan repaid during the year 85.65 89.00
9. Loan Taken During the Year 25.00 91.00
10. Advance Received from Customers 10.00 10.00
All the above transactions were carried in the normal course of business and no amount have been written off or
written back during the year in respect of the debts due from or to the related parties.
(D) Transaction with Related Parties : `. in Lacs
(a) Associates : 31-03-2017 31-03-2017
Sale of Proudcts
Redwood Interative 3.38 -
Puchases of Stock in Trade
Redwood Interative - 0.77
Matrix Business Machines Pvt Ltd 0.32 1.30
Imagine Marketing Pvt Ltd. - 71.92
Job Work Charges
Aum High Power Plating & Equipments LLP. 152.27 163.46
Rent Received
Rent Paid
Vishvakirti Consultancy LLP. 7.20 7.20
Commission Paid
Live Darshan India Pvt Ltd. 1.14 3.29
Interest Paid
Purchases of Fixed Assets
Matrix Business Machines Pv Ltd 0.81 11.66
Deposit Repaid
Loan Taken
Aum High Power Plating & Equipments LLP. - 110.00
Fixed Deposit Taken
Aum High Power Plating & Equipments LLP. 125.00 -
Trade Payable
Pepega (Insulation & Packaging) Limited 33.12 33.12
Shri Amarsinhji Stationary Industries Limited. 0.20 -
Trade Receivable
Solar Packaging Private Limited 59.25 59.25
Shri Amarsinhji Stationary Industries Limited. - 0.80
Loan / Fixed Deposit Payable
Kores International Pvt Ltd. 1,045.00 817.27
Investments
Gratuity & Leave Pay
(b) Key management Personnel:
Remuneration to Key management Personnel 473.28 373.72
Rent paid to Key management Personnel 18.00 18.00
Interest paid to Key management Personnel 57.27 61.66
Training Expenses 17.68 53.84
Loan taken from Key management Personnel 25.00 91.00
Loan repayment from Key management Personnel 85.65 89.00
Sale of Assets to Key management Personnel - 0.03
Outstanding balance of Key management Personnel 560.38 623.98
Advance Received from Customers 10.00 10.00

12. Discontinue Operation of Textile Division :
The Board of Directors of the Company has decided to discontinue its operation relating to Textile Division, Wankaner
with effect from September 17, 2016 and to realise the Assets and pay off its Liabilities in due course.
The Carrying Amount as at 31st March, 2018, of the Total Assets Relating to the Discontinuing Operations aggregate to
Rs.510.00 lacs (Previous Year Rs.1469.44 lacs) and the Total Liabilities aggregate to Rs.510.00 lacs (Previous Year
Rs.1469.44 lacs). In the opinion of the company the assets and liabilities will have a value of realisation in the ordinary
course of business that are at least equal to the amount at which they are stated in the Balance Sheet.
During the Financial Year 2017-18, Company has sold its Fixed Assets including Plant & Machinery and realised the
amount of Rs.1386.48 lacs and recognised a Profit aggregating to Rs.645.10 lacs in the books of accounting in
the financial year 2017-18.
The Company is in process to winding up of the factory.
Particulars Discontinuing Operation Continuing Operation Discontinuing Operation
from 1/4/17 to 31/3/18 from 1/4/16 to 17/9/16 from 18/9/16 to 31/3/17
Revenue & Other Income 114.72 3001.45 315.07
Profit on Sale of Assets 645.09 - 478.09
Total Revenue 759.81 3001.45 793.16
Less : Operating Expenses 189.04 3933.32 477.94
Contribution 570.77 (931.87) 315.22
Less : Depreciation 30.27 66.41 74.64
Profit Before Interest & Tax 540.50 (998.28) 240.58
Less : Interest Expenses 7.54 65.75 75.42
Profit Before Tax 532.96 (1064.03) 165.15
13. Accounting Standard 19 - Disclosure : `. in Lacs

Operating Lease 31-03-2018 31-03-2017
Lease Rentals charged to revenue for right to use following assets are:
Office Premises, Residential Flats etc. 438.67 317.92
Computer,Desktop,Printer & Hardware - -
Vehicles & Machinery 2.60 30.00
The agreements are executed for a period of 11 to 60 months with a renewable clause and also provide for termination
at will by either party giving a prior notice period of 1 to 3 months.
Minimum Lease Payments under non-cancellable operating lease fall due as follows: `. in Lacs
Not Later than 1 year 9.24 2.78
Later than 1 year and not later than 5 years - -
Finance Lease
The Company has acquired Vehicles for Rs.246.46 Lacs through finance lease. The finance leases are for various
durations with last lease maturing in Mar 2021. The amount of depreciation charged to Profit and loss account till
31st March 2018 was Rs.7.28 Lacs and the book value is Rs.239.18 Lacs.
The Minimum Lease payments as at 31st March 2018 and the present value as at 31st March 2018 of Minimum lease
payments in respects of assets acquired under the finance leases are as follows:
Particulars `. in Lacs
Present Value of Minimum Lease Payments
14. The Current Tax of Rs.400.48 lacs has been computed and provided in the Accounts as per Section 115 JB of Income
Tax Act, 1961.
a. Minimum Alternative Tax (MAT) under the provisions of the Income Tax Act 1961 is recognised as current
tax in the Statement of Profit and Loss. The credit available under the Act for the A.Y. 2015-16, A.Y. 2016-17,
A.Y.2017-18 & A.Y.2018-19 of MAT paid of Rs. 193.00 lacs, Rs. 237.17 lacs, Rs.173.00 lacs & Rs.400.48 Lacs
respectively is recognised as an asset to the extent there is convincing evidence that the company will pay normal
income tax during the period for which the MAT credit can be carried forward for set-off against the normal
tax liability.
b. However MAT credit entitlement not recognised in the books of account of Rs.142.07 lacs for A.Y. 2008-09
and of Rs.134.84 lacs for A.Y. 2009-10 will be allowed for MAT Credit within allowed specified period as per
the Income Tax Act if normal tax liability will arise as the same has been claimed in the respective Income tax
returns. MAT credit recognised as an asset is reviewed at each balance sheet date and written down to the
extent the aforesaid convincing evidence no longer exists.
15. The company has filed suits against the Ex-employees for recovery of Rs. 6.96 lacs (Previous Year Rs. 6.96 lacs)
for malpractices and misappropriating the funds of Company, out of which Rs.2.08 lacs (Previous year Rs.2.08 lacs)
has been shown in the accounts under the Head “Claims Recoverable” and balance amount of Rs.4.88 lacs
(Previous year Rs. 4.88 lacs) will be accounted for as and when recovered.
16. Company has issued final demand notice dated 5th June 2017 to Flat owners in respect of Real Estate Division
for Rs.72.68 Lacs comprising VAT recovery Rs.53.38 Lacs and interest on there Rs.19.30 Lacs. It will be accounted
on the cash basis whenever we received amount from Flat owners. The Company has proceded for filing recovery
suits for recovery of MVAT & Interest thereon before Civil Court Thane.
17. Pursuant to section 198 of the Company Act, 2013, Average net profit (Loss) of the Company for last three financial
years for the purpose of computation of CSR, Rs.1037.26 Lacs.
Gross Amount required to be spend by the company during the year Rs.20.75 lacs & earlier year shortfall of
Rs.1.58 Lacs, amount spent during the year Rs.21.51 lacs purpose of other than construction and acquisition of
the Assets.
18. Total R&D expenses incurred during the year Rs.114.55 lacs (Pr. Yr. Rs.140.70 lacs) break-up as follows.
`. In lacs
31.03.2018 31.03.2017
Revenue Expenditure 110.39 129.11
19. We have imported “Double Head Cutting off Machine” model Delta SW Mix from LGF Sysmac (India) Pvt. Ltd.
under Vice EPCG Scheme vide Licence No.0730016337/3/12/00/07.03.2017. Customs Duty of Rs.4.34 Lacs
saved on import of Capital Goods, obligation to be fulfilled on FOB basis within a period of 6 years from date of
issue of EPCG Licence.
20. In the opinion of the board, unless otherwise stated in the Balance Sheet and the Note attached thereto, the Current
Assets, and Loans and Advances as stated in the Balance Sheet are approximately of the value realisable in the
ordinary course of business.
21. Figures for previous year have been regrouped / reclassified wherever necessary to confirm to the current year’s
classification.
22. Figures are rounded in Rupees in lacs and figures below & up to Rs. 500/- are considered as Rs. Nil.
CORPORATE INFORMATION
Kores (India) Limited (“the Company”) and its subsidiaries ( collectively together with the employee welfare trusts
reffered to as “the Group”) are doing the business in office stationery, banking product with wholeseller, distributor
& channel partner schools and banks for all stationery range & banking products and delivered through a network
of delivery centres around the globe. the Company is serves the automobile as well as non-automobile sector.
There was a growth of about 20% in the off-take from Automobile as well as Non-Auto Sector. The company is

currently exporting APIs & Pharmaceuticals Intermediate to many European, Latin American, South Asian, Middle
East countries and aim to target highly regulatory market such as US & Japan in next couple of years, The company
manufactures Hydrostatic core drilling rigs & other related products for mineral exploration. This Division is Market
leader for supply of hydrostatic core drilling rigs. the company are doing the business of the Led light in varioues
segment and Company also undertakes comprehensive annual maintenance contract & provide guarantee for
more than 90% uptime of the machines.
The Company is a Private limited company incorporated and domiciled in India. The address of its corporate office
is Ashford Chambers, 3rd floor, L J Road Mahim (West), Mumbai 400016. As at March 31, 2018.
The Consolidated financial statement for the year ended March 31, 2018 were approved by the Board of Directors
and authorised for issue on August 10, 2018.
AE. SIGNIFICANT ACCOUNTING POLICIES :

1. METHOD OF ACCOUNTING :
The accounts of the Company are prepared under the historical cost convention and on the accounting
principle of going concern and in accordance with applicable accounting standards except where otherwise
stated. For recognition of income and expenses, mercantile system of accounting is followed except where
otherwise stated.
2. REVENUE FROM OPERATIONS :
(a) Sales :
Sale of the products are net of trade discount and sales return. The sales is recognised as soon as the goods
are dispatched from the Company's premises and invoice is raised except in case of overseas sales, same is
recognized on shipping document date. In case of Real Estate activities, the sales are recognised in the accounts
on completion of building or on date of execution of Agreement to Sale, whichever is later. Architects certificate
date is taken as the date of completion (based on the architect certificate).
(b) Services :
Revenue from Service are shown net of reversal to the extent of services shown as entered but not accepted.
3. FIXED ASSETS :
a) Tangible
Tangible Fixed Assets are stated at cost of acquisition or construction less Depreciation & CENVAT credit (if
availed). All costs relating to the acquisition and installation of Tangible Fixed Assets are capitalised. In case of
new projects, total expenditure upto commercial date of production are capitalised.
b) Intangible
Cost incurred on computer software purchased / developed / used resulting in future economic benefits are
capitalised as Intangible Assets.
4. ASSETS TAKEN ON LEASE :
i) In respect of Finance Lease arrangement, the respective assets are capitalised and depreciated. Finance
charges are debited to the Profit & Loss Account for the year, in which they are incurred.
ii) In respect of Operating Lease arrangement, lease payments are charged to the Profit & Loss Account.
5. DEPRECIATION & AMORTISATION :
i) Depreciation has been provided on the assets of the Textile division acquired after 30th June 1987 on
written down value method and on other divisions (except the assets of Foundry Division) on straight
line method basis over the useful life of the assets as prescribed under Part “C” of Schedule II of the
Companies Act, 2013 (as amended from time to time).
ii) Depreciation on assets of Foundry Division acquired upto 1st April 1987 has been provided on straight
line method at the rates corresponding to the rates prescribed by the Income Tax Act,1961 on assets of
the acquired after 1st April, 1987 has been provided straight line method basis over the useful life of the
assets as prescribed under Part “C” of Schedule II of the Companies Act, 2013 (as amended from time
to time).
iii) Cost of leaseholds is amortised over the period of the lease.
iv) On increase in value of fixed assets due to exchange rate fluctuation, de-bonding of the unit or for some
other reason, the depreciation is calculated from the date of capitalisation of the respective assets.

v) Intangible Assets are amortised over the period of the benefits out of them is expected to accrue, as
considered appropriate by the management.
6. RESEARCH & DEVELOPMENT EXPENSES :
Research & Development Expenses which are revenue in nature are charged off in the year of incurrence.
Capital Expenditure is included in Fixed Assets and Capital Work in Progress and depreciation is provided
at the respective applicable ratess.
7. INVENTORIES :
Items of Inventory are valued on the basis given below :
i) Raw Materials : Moving Average cost basis except Textile & Engineering Division where First in
First Out method is followed.
ii) Finished / : i) Purchased Goods: At Moving Average landed cost except some of divisions
Semi Finished where it has valued at landed cost or net realisable value whichever is
Goods lower.
ii) Own Manufactured Goods : At cost except Foundry, Textile, Pharmaceutical
Chemical Divisions where it is valued at lower of cost or net realisable value.
(Cost excludes retirement benefits.)
iii) Goods in Transit : At cost.
iv) Stock in Process : At works cost except Textile Division where it is at lower of works cost or net
realisable value.
v) Stores & Spares : Moving Average cost basis except Textile and Engineering Division where First In
First Out method is followed..
vi) Waste / Scrap : At net realisable value.
vii) Buy Back Items : At Nil Value.
8. INVESTMENTS :
Investments are classified as investment in Share & Government Securities (Valued at Cost). All Investment
(both quoted and unquoted) are recorded as Long Term Investment and are stated at cost and a provision
for diminution is made if the decline is other than temporary in nature.
9. EMPLOYEES BENEFIT SCHEME :
a) Defined Contribution Plan:
Contribution to defined contribution plan are recognized as expenses in the Profit & loss Account as they are
incurred.
b) Defined Benefit Plan
The Liability for Gratuity to employees, as at Balance Sheet date is determined on the Basis of actuarial
valuation using Projected Unit Credit Method.
Liability in respect of Long Term portion of compensated absences is determined on acturial basis and is
provided for.
c) Long Term Compensated Absences :
In respect of long Term portion of compensated absences (Leave benefits ), the liability is determined on the
basis of actuarial valuation and is provided for.
d) Short Term Employees Benefits :
Short Term employee benefits determined as per company’s policy / scheme are recognized as expenses
based on expected obligation on undiscounted basis.
10. CENVAT & VAT CREDIT :
The CENVAT, VAT & GST Credit is accounted for by crediting the amount to the cost of purchase on receipt of
goods.
11. PRODUCTS WARRANTY EXPENSES :
Equipments manufactured and sold by the Company require proprietory maintenance for which charges are
levied based on contracts incidental to the sales and connected with the warranty obligation. Liability to the
extent of unexpired warranty period & annual maintenance contracts cannot be recognised and are not
provided in the accounts.
12. FOREIGN CURRENCY TRANSACTIONS :
Transactions arising in foreign currencies during the year are converted at rates prevailing on the transaction
date. Receivables and payables in foreign currency are restated at the year end exchange rate except wherever
the closing rate does not reflect with reasonable accuracy that is likely to realise from or disburse to at the
Balance Sheet Date. All exchange differences arising from conversion are included in the Profit & Loss
Account.
Exchange differences arising on booking of forward contracts is recognised as income or expense over the
life of contract.
13. EXPENDITURE DURING CONSTRUCTION PERIOD :
Expenditure inclusive of freight, duties, taxes, interest & other pre-operative expenses incurred on projects
under implementation are capitalised and apportioned amongst the various assets on commencement of
production.
14. DEFERRED REVENUE EXPENDITURE :
Deferred Revenue Expenditure are amortised over there useful life as ascertained by due diligence however
Deferred Revenue Expenditure incurred upto 31st March, 2003 is amortised over a period of five years
except where the product for which brand image was created discontinued before five year then the balance
amount remaining for write off are written of in the year in which product discontinued.
15. BORROWING COST :
Borrowing costs are recognised as an expense in the period in which they are incurred except to the extent
where borrowing cost that are directly attributable to the acquisition or construction of an asset which is ready
for its intended use, are capitalised as part of that asset. The amount of non specific borrowing cost eligible
for capitalisation is determined in accordance with Accounting Standard AS-16 "Borrowing Cost".
16. TAXES ON INCOME :
Provision for Income Tax is estimated on the basis of the taxable income for the current accounting period and in
accordance with the provisions of the Income Tax Act, 1961. Deferred tax resulting from “Timing Difference”
between book and taxable profit is accounted for using the tax rates and laws that have been enacted or
substantially enacted as on the Balance sheet date. Deferred tax liability and assets are recognised at
substantively enacted tax rates, subject to the consideration of prudence, on timing difference that originate
in one period and are capable of reversal in one or more subsequent periods.
17. PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS :
Provisions are recognised only when there is a present obligation as a result of past events and when the amount
of the obligation can be estimated with reasonable prudence. Contingent liabiliies are disclosed by way of notes
to accounts for possible obligations which will be crystallised depending upon the future events not in the control
of the Company and also present obligations arising from the past events where it is not probable that an
outflow of resources will be required to settle the obligation or a realiable estimate of the obligation cannot be
made. Contingent assets are also not recognised in the financial statements as the crystallisation of the resultant
assets depend upon the future event, which with reasonable prudence cannot be estimated with certainty.
18. IMPAIRMENT OF ASSETS :
Specified assets are reviewed for impairment wherever events or changes in circumstances indicate that
the carrying amount may not be recoverable. An impairment loss is recognised for the amount for which the
assets carrying amount exceeds its recoverable amount being the higher of the assets net selling price and value
in use.


NOTES
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CIN: U21198MH1936PLC002494
Registered Office: 301/302, Ashford Chambers, Lady Jamshedji Road, Mahim (West), Mumbai – 400016.
Phone: 022 24476800 FAX: 022 24476999 Email: [email protected] Website: http://kores.in
83RD ANNUAL GENERAL MEETING
ATTENDANCE SLIP
(to be handed over at the Registration Counter)
Folio No._______________
DP ID / Client ID._______________
I / We hereby record my / our presence at the 83rdAnnual General Meeting of the Company held on Wednesday,
12thSeptember, 2018 at 5.00 p.m. at 4th Floor, Ashford Chambers, Lady Jamshedji Road, Mahim (West), Mumbai - 400016.
Name of the Shareholders : 1) ………………………………………………………………............................................

And Joint Holder(s) 2) …………………………………………………………………….....................................
Address: ………………………………………………………………………………………………………...........................
………………………………………………………………………………………………………............................................
Name of the Proxy : ………….……………………………………………………….............................................................
(to be filled only when a proxy attends the meeting)
________________________ ________________________________
Signature of Proxy Signature of Shareholder /Joint Holder
Note: 1) Please fill the Attendance Slip and hand it over at the Registration Counter at the venue.
2) Member/Proxyholder should bring his/her copy of the Annual Report for reference at the Meeting.

CIN: U21198MH1936PLC002494
Registered Office: 301/302, Ashford Chambers, Lady Jamshedji Road, Mahim (West), Mumbai – 400016.
Phone: 022 24476800 FAX: 022 24476999 Email: [email protected] Website: http://kores.in
PROXY FORM
(Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3) of the Companies (Management and
Administration) Rules, 2014)
Name of the Member(s) :
Registered address :
Folio No. / DP ID / Client ID
I / We, being the member(s) of ………..............…. Shares of Kores (India) Limited, hereby appoint.
1) Name: ……………………….....................................................................................................................................
E-mail id: ..................................................................................................................................................................
Address: ..................................................................................................................................................................
................................................................................................................................................................................
Signature: ……………...................................................
or failing him
(P.T.O.)
105
2) Name: ……………………….....................................................................................................................................
E-mail id: ..................................................................................................................................................................
Address: ..................................................................................................................................................................
................................................................................................................................................................................
Signature: ……………...................................................
or failing him.
3) Name: ……………………….....................................................................................................................................
E-mail id: ..................................................................................................................................................................
Address: ..................................................................................................................................................................
................................................................................................................................................................................
Signature: ……………...................................................
or failing him.
as my / our proxy to attend and vote (on a poll) for me / us on my / our behalf at the 83rd Annual General Meeting of the
Company to be held on Wednesday, 12 day of September, 2018 at 5.00 p.m. at 4th Floor, Ashford Chambers, Lady
Jamshedji Road, Mahim (West), Mumbai - 400016 and at any adjournment thereof, in respect of the resolutions set
out in the AGM Notice convening the meeting as are indicated below :
SR.NO. RESOLUTIONS FOR AGAINST
1. Receive, consider and adopt the Audited Financial Statements (Standalone and
Consolidated) of the Company for the financial year ended March 31, 2018 and the
Reports of the Board of Directors and the Auditors’ thereon.
2. Declaration of dividend on Preference shares for Financial year 2017-2018.
3. Declaration of dividend on Equity shares for Financial year 2017-2018.
4. Appointment of Director Mr. R. K. Saboo who retires by rotation and being eligible,
seeks re-appointment.
5. Appointment of statutory auditors M/s R. Soni & Co., Chartered Accountants
6. Revision in remuneration payable to Mr. A. K. Thirani - Managing Director of the
Company.
7. Appointment of Mr. Sameer Mehta as Joint Managing Director and revision in
remuneration payable to him.
8. Appointment of Mr. Vivek Bagri as Joint Managing Director and revision in
remuneration payable to him.
9. (a) Appointment of M/s. V.B.S. & Co; Chartered Accountants, Pune as Branch
auditors of Pefco and Chakan foundry division.
(b) Appointment of M/s. NPM & Associates, Chartered Accountants, Indore as Branch
auditors of Engineering division.
10. Ratification of remuneration payable to cost auditors
11. Acceptance of deposits:
12. Alteration of Articles of Association
Signed this ………...... day of …………….............., 2018 Affix

Revenue
Signature of shareholder ……………………………………. Stamp
Signature of proxy holder(s) ………………………………..
Note:
1) This form of proxy in order to be effective should be duly completed, stamped, signed and deposited at the Registered
Office of the Company, not less than 48 hours before the commencement of the meeting.
2) Those Members who have multiple folios with different joint holders may use copies of this Attendance slip/Proxy.
106
Registered Office : 301/302, Ashford Chambers, Lady Jamshedji Road, Mahim (West), Mumbai - 400 016.
ELECTRONIC CLEARING SERVICES (ECS) MANDATE FORMAT
To,
KORES (INDIA) LTD.
301/302, Ashford Chambers,
Lady Jamshedji Road,
Mahim (West),
Mumbai - 400 016.
FORM FOR ELECTRONIC CLEARING SERVICES FOR PAYMENT OF DIVIDEND
Dear Sirs,
(Please fill-in the information in CAPITAL LETTERS in ENGLISH ONLY. Please TICK ( ) wherever is applicable)
Master Folio No. / DP ID / Client ID
Name of First Holder
Bank Name
Branch Name & Address
Branch Code
(9 Digits Code Number appearing on the MICR Band of the cheque supplied
by the Bank)
Please attach a xerox copy of a cheque or a blank cheque of your bank duly
cancelled for ensuring accuracy of the bank name, branch and code number.
Account Type Savings Current Cash Credit
A/c No. (as appearing in the cheque book) : ________________________________________
Effective date of this mandate : __________________________________________________
I hereby declare that the particulars given above are correct and complete. If any transaction is delayed or not
effected at all for reasons of incompleteness or incorrectness of information supplied as above, KORES (INDIA)
LTD. will not held responsible.
I further undertake to inform the Company any change in my Bank / Branch and Account number, if any.
Place : Signature of First Holder

Date : Name of First Holder
107
108

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KORES (INDIA) LIMITED

83rd Annual Report 2017-2018

Shri. S. K. THIRANI R. SONI & CO. Ahmedabad

By Order of the Board

Place : Mumbai CS Chintamani Thatte

Registered Office: 301/302, Ashford Chambers,

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

In case of new Companies, expected date of N.A.

Background Given in the body of Directors Databank

III. OTHER INFORMATION:

DIN 00082344 02945481 03527490

Date of Birth 03.09.1956 29.11.1976 08.09.1980

Date of Appointment 01.05.2017 14.08.2016 14.08.2016

Qualification Bachelor in Commerce Bachelor in Commerce Bachelor of Computer

Memberships / Chairmanships NIL NIL NIL

Shareholding in the Company 5,046,299.00 20 NIL

By Order of the Board

Place : Mumbai CS Chintamani Thatte

Registered Office: 301/302, Ashford Chambers,

STATE OF COMPANY’S AFFAIRS AND OPERATIONS:

DIRECTORS AND KEY MANAGERIAL PERSONNEL:

NUMBER OF BOARD MEETINGS:

On Behalf of the Board

Place: Mumbai A. K. Thirani

2. Coal / Pet Coke :

B) Consumption per unit of Production :

Drugs & chemicals :

1. Specific areas in which R & D carried out by the Company

2. Name of the subsidiary – JK Gypsum Pvt Ltd.

3. The date since when subsidiary was acquired - 24/08/2017

6. Share capital – Rs. 3,50,00,000

7. Reserves and surplus – (1,05,41,527)

8. Total assets – 13,07,04,116

9. Total Liabilities – 13,07,04,116

10. Investments – Nil

11. Turnover - Nil

12. Profit before taxation – (12,50,697)

13. Provision for taxation – 45,28,739

14. Profit after taxation – 32,78,042

15. Proposed Dividend – Not Applicable

16. Extent of shareholding (in percentage) – 99.99%

Name of Associates or Joint Ventures Arraystorm Cast Tech Quality Inks

1. Latest audited Balance Sheet Date 31.03.2018 31.03.2018 31.03.2018

2. Date on which the Associate was associated or

3. Shares of Associate or Joint Ventures held by the

4. Description of how there is significant influence Shareholding Shareholding Shareholding

5. Reason why the associate/joint venture is not

6. Net worth attributable to shareholding as per latest 33.32 30.43 (17.81)

7. Profit or Loss for the year 28.61 (0.58) (0.12)

FORM NO. MGT 9

I. REGISTRATION & OTHER DETAILS:

2 Manufacturing of Special 27320 38.28

3. Manufacturing Specialty Chemicals, 24117 17.53

D) Shareholding Pattern of top ten Shareholders:

E) Shareholding of Directors and Key Managerial Personnel:

V. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL-

B. Remuneration to other directors:

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

For Roy Jacob & Co.,