EXCEL CASTRONICS LIMITED - Bombay Stock Exchange · 1 EXCEL CASTRONICS LIMITED ANNUAL REPORT FOR...

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EXCEL CASTRONICS LIMITED

ANNUAL REPORT

FOR THE YEAR

2015-16

REGISTERED OFFICE:

Imperial Heights, B-301/302, 3rd Floor,

Opp. Big Bazar, 150 Feet Ring Road, Rajkot, Gujarat – 360005.

(o) 0281 258 16 11/13 Email id: [email protected] Website: www.excelcastronics.com

http://www.excelcastronics.com/

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AUDITORS:

ASHA D VYAS & CO. CHARTERED ACCOUNTANTS RAJKOT. BANKERS:

HDFC BANK

REGISTRAR AND SHARE TRANSFER AGENT:

PURVA SHAREGISTRY (INDIA) PVT. LTD. 9 - SHIV SHAKTI INDL. ESTATE, J. R. BORICHA MARG, OPP. KASTURBA HOSPITAL, LOWER PAREL (E), MUMBAI – 400 011. BOARD OF DIRECTORS:

JAYESH VALLABHAJI MADIYAR CHAIRMAN AND MANAGING DIRECTOR

PAYAL MADIYAR NON EXECUTIVE DIRECTOR

VALLABHJI SURJI THACKER NON EXECUTIVE DIRECTOR

MANALI DOSHI INDEPENDENT DIRECTOR

DHAVAL DANGER INDEPENDENT DIRECTOR

COMPANY SECETRAY:

JAYKUMAR NARESH BELANI

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CHAIRMAN’S MESSAGE

Dear Members,

Your company has performed well in the financial year 2015-16 in comparison with the previous financial year. The performance of the company has been robust due to high volumes in trading in agriculture commodities. The turnover of the company has been increased and now the management will focus to increase Net profit margin for performing better in the future.

Moreover, the company is entering into new venture for processing of cashew nuts and green cardamom. The Company is aggressively moving ahead for the new venture and expecting to have a rapid growth the in the NPM.

We are very positive for the upcoming business span and appreciates our stakeholders for to have faith in the organization.

Yours faithfully,

For, Excel Castronics Limited (Jayesh Vallabhaji Madiyar) Chairman and Managing Director DIN: 03045045

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DIRECTORS’ REPORT

Dear Members,

Your Directors feel pleasure in presenting their 24th Annual Report together with the Audited Statements of accounts for the Financial Year ended on 31st March, 2016.

1. FINANCIAL RESULTS:

During the year under review, the Company has shown notable performance. The extracts of financial results 2015-16 are as under:

(Rs. In Lacs)

Particulars Current Year 2015 - 16 Rs.

Previous Year 2014 - 15 Rs.

Sales & Other Income 7646.86 305.93

Financial Expenses 31.13 0.17

Depreciation 17.73 0.70

Profit / (Loss) Before Taxation 112.84 71.26

Provision for Income Tax 26.28 13.86

Provision for Deferred Tax 8.83 0.15

Profit after Taxation 77.73 57.56

Appropriation for Interim/Final Dividend and Tax thereon

61.07 24.43

Transfer to General Reserve NIL NIL

Surplus brought forward 77.73 55.82

Balance Carried to Balance Sheet 167.74 88.95

2. STATE OF COMPANY’S AFFAIRS AND FUTURE OUTLOOK:

During the year, the company has shown a rapid growth in its business operations. Total Sales & other income of the Company has been increased from Rs. 305.93 lacs of previous year to Rs. 7646.86 lacs during the year under Report. Further, the Net profit of the Company has been increased from Rs. 57.56 lacs of fiscal 2014-15 to Rs. 77.73 lacs during the year under Report. The Board of your Company anticipates more development in the business in the year to come.

3. DIVIDEND:

The Board of Directors of the Company in the Board Meeting held on 27th June, 2016 recommended final dividend of Re. 0.15/- or 7.5 % per equity share of face value of Rs. 2/-. The payment of dividend is subject to approval of Members in the ensuing Annual General Meeting.

DEPOSITS AND LONG TERM BORROWINGS:

During the year, Company has not accepted any Deposits falling within purview of Section 73 of the Companies Act, 2013 read with Rules made thereunder.

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The long term borrowings of the Company are within limits of Section 186(1) of the Act, and hence, no special resolution was required to be passed.

A. RELATED PARTIES TRANSACTIONS

During the year, Company has entered in related party transactions as defined under section 188 of Companies Act 2013 which are under the prescribed limits as per the rules framed there under therefore; the company is not required to take approval of members.

4. SUBSIDIARIES AND JOINT VENTURE

Company does not have any subsidiary companies. Company has not made any investment in Joint Venture.

5. DIRECTORS’ RESPONSIBILITY STATEMENT

In terms of Section 134(3) of the Companies Act, 2013, in relation to the Financial Statements for FY 2015-16, the Board of Directors states that:

a) in preparation of the annual accounts, the applicable accounting standards have been followed and there are no material departures;

b) the Directors have 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 as on 31st March, 2016 and of the profits for the year ended 31st March, 2016;

c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d) the annual accounts have been prepared on a going concern basis;

e) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and

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

6. INTERNAL FINANCIAL CONTROLS

The Company has in place adequate internal financial controls with reference to Financial Statements. During the year, such controls were tested and no reportable material weakness was observed.

7. AUDITORS:

STATUTORY AUDITORS:

Members are aware that Mr Vipul Shah, Statutory Auditors of the Company have resigned w.e.f. 04th May, 2016 and the Board recommended appointment of M/s A D Vyas & Co., Chartered Accountants, Rajkot for statutory audit of Financial year 2015-16. The appointment was duly approved by shareholders of the Company by passing the Resolution through postal ballot on 16th June, 2016.

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Further, in terms of the provisions of Section 139 of the Act, M/s. A D Vyas & Company, Chartered Accountants (FRN: 113588W) are retiring at the ensuing AGM hold office till the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment. They have confirmed their eligibility to the effect that their re-appointment, if made, would be within the prescribed limits under the Act and that they are not disqualified for re-appointment.

The Auditors’ report for financial year 2015-16 is self explanatory and forms part of this Annual Report and does not contain any qualification, reservation or adverse remark.

SECRETARIAL AUDITORS:

Pursuant to Section 204 of the Companies Act, 2013 read with Rules thereof, the Board of Directors has appointed CS Nayana Chopra Parasmalji, Practicing company secretary bearing Membership no.ACS 32833 & CP No. 12187 as Secretarial Auditors of the Company for FY 2015-16. A Secretarial Audit Report for FY 2015-16 is annexed herewith as Annexure A.

8. DIRECTORS AND KEY MANAGARIAL PERSONNEL:

During the year the Board has re-designated Mr. Jayesh Madiyar as Chairman and Managing Director w.e.f. 11th January, 2016, subject to approval of Members at the ensuing Annual General Meeting.

The Company has appointed Mr. Jaykumar Belani as the Company secretary and Compliance officer of the company w.e.f. 11th January, 2016.

The term of office of the following directors is expired under section 161 of the Companies Act, 2013.

1. Mrs. Payal Jayeshbhai Madiyar.

2. Mr. Vallabhaji Surji Thacker.

Mrs. Payal Jayeshbhai Madiyar and Mr. Vallabhaji Surji Thacker are proposed to be appointed as Non Executive Directors of the Company under section 152, 161 and all other applicable provisions of the Companies Act, 2013

DECLARATION BY INDEPENDENT DIRECTORS

Pursuant to provisions of section 149(7) of Companies Act 2013, the Company has received declaration from Independent Directors for FY 2015-16 confirming that they meet the criteria of independence as prescribed under the Companies Act, 2013 and SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

NUMBER OF MEETINGS OF THE BOARD

The Board meets at regular interval with gap between two meetings not exceeding 120 days. Additional meetings are held as and when necessary. During the year under review, the Board met 08 (eight) times on 30.05.2015, 14.08.2015, 09.11.2015, 29.12.2015, 11.01.2016, 02.02.2016, 24.02.2016 and 03.03.2016 respectively.

POLICY ON DIRECTORS’ APPOINTMENT

Pursuant to provisions of section 178 read with 134(3) (e) of Companies Act 2013, The Nomination and Remuneration Committee (NRC) has approved the criteria and process for identification / appointment of Directors which are as under:

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Criteria for Appointment:

a) The proposed Director shall meet all statutory requirements and should:

- Possess highest values, ethics and integrity.

- Not have any direct or indirect conflict with business operations.

- Be willing to devote time and efforts.

- Have relevant experience.

- Have understanding about corporate functionality.

- Understand real value of stakeholders.

Process for identification of Directors / Appointment of Directors:

Board Members may suggest any potential person to the Chairman of the Company meeting the above criteria. If the chairman deems fit, recommendation will be made by him to NRC.

- Chairman himself can also recommend a person to NRC.

- NRC shall process and evaluate the proposal and shall submit their recommendation to Board.

- Board shall consider such proposal on merit and decide suitably.

Criteria for Performance Evaluation

The Board considered and approved criteria for performance evaluation of itself , that of its committees and individual directors as follow:

Criteria for Board Evaluation:

- Focus on strategic decisions.

- Qualitative discussion and processes.

Criteria for Committee Evaluation:

- Fulfillment of allotted responsibilities.

- Effectiveness of recommendation, meetings.

Criteria for Independent and Non Independent Directors’ evaluation:

- Contribution through their experience and expertise.

- Focus on Stakeholders’ interest.

MANNER OF EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS

The Evaluation of Board, its Committees and Individual Directors was carried out as per process and criteria laid down by the Board of Directors based on the recommendation of the Nomination and Remuneration Committee.

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The obtaining and consolidation of feedback from all Directors in this regards, was coordinated by the Chairman of Independent Directors’ meeting for Board and Non-Independent Directors while the process of evaluation of the Independent Directors was coordinated by the Chairman of the Company. Based on this, Chairman of the Company briefed the Board and each of the Individual Directors, as applicable.

9. REMUNERATION

REMUNERATION POLICY

The Company has formulated the policy relating to the remuneration of the Directors, Key Managerial Personnel and other employees of the Company which is as under:

a) Components of Remuneration:

The Remuneration of the Directors, key managerial Personnel includes only gross salary and as of now the company does not provide any perquisites or other facility.

b) Annual Appraisal process:

Annual Appraisals are conducted, following which annual increments and promotions in deserving cases are decided once in a year based on:

- Employees self-assessment

- Assessment by Immediate Superior and

- Assessment by Head of Department

- Annual Increment leading to an increase in Fixed Pay consists of

- Economic Rise based on All India Consumer Price Index published by the Government of India or Internal Survey wherein inflation on commonly used items is calculated.

Remuneration of Independent Directors:

The Independent directors have not been paid any remuneration during the year under review.

PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES:

- The remuneration ration of managing director to the median remuneration of the employees is 1.67:1.

- There was no increment in the remuneration of Key Managerial Personnel or any director of the company during in financial year.

- There was no increase in the median of remuneration of employees in the financial year.

- The total employee strength of the company as on 31.03.2016 was 16 and it does not include labor and workman.

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10. Audit and risk management:

During the year, the Board decided that the Audit Committee shall also carry out the role of Risk Management and so Audit Committee has been re named as Audit and Risk Management Committee and also changed its terms of reference in this context.

Composition and Attendance of Audit Committee:

Name of Members of Audit Committee

Designation 30.05.2015 14.08.2015 09.11.2015 11.01.16

Mr. Vallabhaji Surji Thacker

Chairman √ √ √ √

Mrs. Manali Doshi Kalendu

Member √ √ √ √

Mr. Dhaval Dangar Member √ √ √ √

VIGIL MECHANISM

The Company has adopted a Whistle Blower Policy in compliance with Listing Regulations and Companies Act 2013. The Policy empowers all the Stakeholders to raise concerns by making Protected Disclosures as defined in the Policy. The Policy also provides for adequate safeguards against victimization of Whistle Blower who avail of such mechanism and also provides for direct access to the Chairman of the Audit Committee, in exceptional cases. The functioning of the Whistle Blower mechanism is reviewed by the Audit Committee on a quarterly basis.

RISK MANAGEMENT POLICY

The Board of Directors has developed and implemented Risk Management Policy for the Company. It has identified and assessed various risks factors, with potential impact on the Company in achieving its strategic objectives or may threaten its existence. The Policy lays down procedures for risk identification, assessment, monitoring, review and reporting. The Policy also lists the roles and responsibilities of Board and Risk Management Committee.

11. ENVIRONMENT, HEALTH AND SAFETY

The Company accords the highest priority to health, environment and safety. The Company does not carry on manufacturing operations. The Company takes at most care for the employees and ensures compliance with the applicable rules and regulation applicable to the Company.

12. CORPORATE GOVERNANCE

As per the new SEBI (Listing Obligation & Disclosure Requirements), Regulations 2015 the corporate governance regulation under same are not applicable to the Company therefore the company is not require to furnish corporate governance report or certificate of auditor for corporate governance.

14. MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENT

We are engaged in the business of trading in agriculture commodities majorly supplying of castor seeds as raw material to one of the big organization of Gujarat. Moreover, the company was incorporated in the

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year 1992 with the name Ahmedabad Gases Private Limited then it got converted into public company and was engaged in the business of industrial and medical gases.

Further, the company was amalgamated with Excel Castronics Limited and Indus Coils and Plates Limited by arranging a composite scheme of arrangement for revival of Ahmedabad Gases Limited. Then Excel Castronics Limited engaged in the business of trading in castor seeds, castor oil and other agriculture commodities.

Recently, the company is planning to enter into processing business of cashew nuts and cardamom. The Company is also planning to arrange contract farming with the help of farmers and few schedule banks.

OPPPORTUNITIES AND THREATS

The company is majorly in the business of trading of castor seeds and castor oil, it is a regular supplier of castor seeds to a giant organization in Gujarat and in the near future we will try to become one of the daily quantitative supplier to the said giant organization.

The Company is planning to set of processing of cashew nuts and cardamom and will create a brand for trading the same in near future, in the same business few small and medium organization are working so the company will have a competitive market for the new business activity.

RISKS AND CONCERNS

The Management of the company time to time reviews the prospective risks i.e. whether it is regulatory, political, environmental, and financial. The Company has its adequate system to ensure compliance with regulatory, statutory and financial matters.

INTERNAL CONTROL SYSTEM AND ADEQUCY

The Company's internal control systems are commensurate with the nature of its business and the size and complexities of its operations. These systems are designed to ensure that all assets of the Company are safeguarded and protected against any loss and that all transactions are properly authorized, recorded and reported.

FINANCIAL PERFORMANCE

The turnover of the company for the year ended 31st March, 2016 was Rs. 76.46 Crore as against the previous year’s sales of Rs. 3.05 Crore. The profit after taxation for the year under review was Rs. 77.73 Lacs as compared to Rs. 57.56 Lacs for the preceding year.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FRONT

The total employee strength of the company as on 31.03.2016 was 16 and it does not include labor and workman.

CAUTIONARY STATEMENT

Statement in this Management Discussion and analysis describing the Company's objective, projects, estimates and expectations may be forward looking statement' within the meaning of applicable laws and regulations. Actual results may vary significantly from the forward-looking statements contained in this document due to various risks and uncertainties. Several factors could make a significant difference to the Company's operations. These include economic conditions, Government regulations and Tax

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Laws, Political situation, natural calamities etc. over which the Company does not have any direct control.

15. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNIGS AND OUTGO:

During the financial year 2015-16, Company has not undertaken any manufacturing operations. Hence, no disclosure is required for conservation of energy and technology absorption.

During the financial year 2015-16 foreign exchange earnings and outgo are as under:

Foreign exchange earnings: Rs.5, 87,895.55.

Foreign exchange out go: Rs. 78, 62,070.48.

16. THE EXTRACTS OF ANNUAL RETURN

The extract of the Annual Return in Form MGT-9 is annexed to this Directors’ Report.

17. APPRECIATION AND ACKNOWLEDGMENT

Your Directors sincerely express their deep appreciation to employees at all levels, bankers, customers and shareholders for their sustained support and co-operation and hope that the same will continue in future.

Place: Rajkot Date: 01st September, 2016

By Order of The Board For, Excel Castronics Limited Jayesh Madiyar Chairman & Managing Director DIN:03045045

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SECRETARIAL AUDIT REPORT

FOR THE FINANCIAL YEAR ENDED 31 MARCH, 2016 [Pursuant to Section 204(1) of the Companies Act, 2013and Rule No. 9 of The Companies (Appointment

and Remuneration of Managerial Personnel) Rules, 2014] To, The Members,

EXCEL CASTRONICS LIMITED RAJKOT

I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by EXCEL CASTRONICS LIMITED (CIN:

L24111GJ1992PLC018192) (hereinafter called the Company). Secretarial Audit was conducted in a manner that provided me a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing my opinion thereon. Based on my verification of EXCEL CASTRONICS

LIMITED 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 March 31, 2016, 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 March 31, 2016 according to the provisions of :

I. The Companies Act, 2013 (the Act) and the rules made there under, except company couldn’t explain compliance of Section 185 in connection with financial transactions entered with related parties.

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

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

IV. Foreign Exchange Management Act, 1999 and the rules and regulations made there under;

V. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):-

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

b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;

c) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

d) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999; (Not applicable to the Company during the Audit Period);

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e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008; (Not applicable to the Company during the Audit Period);

f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993; regarding the Companies Act and dealing with client; Not applicable as the Company is not registered as Registrar to an Issue and Share Transfer Agent;

g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; (Not applicable to the Company during the Audit Period); and

h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; (Not applicable to the Company during the Audit Period);

VI. Indian Contract Act, 1872; VII. Income Tax Act, 1961;

VIII. The Central Excise Act, 1944; IX. The Customs Act, 1962; X. The Finance Act, 1996;

XI. The Gujarat Value Added Tax, 2003; XII. The Central Sales Tax Act, 1956;

XIII. Indian Stamp Act, 1999; XIV. Negotiable Instruments Act, 1881;

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

i. Secretarial Standards with respect to Meetings of Board of Directors and Committees (SS-1) and General Meetings (SS-2) issued by The Institute of Company Secretaries of India and made effective - 01st July, 2015).

ii. The Listing Agreement entered into by the Company with BSE Limited as per SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015.

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 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, in general, to all the 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 informations 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 there are adequate systems andprocesses 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 during the audit period, there were no instances of:

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(i) Public / Rights / Preferential issue of shares /debentures / sweat equity. (ii) Redemption / buy-back of securities. (iii) Major decisions taken by the Members in pursuance to Section 180 of the Companies Act, 2013. (iv) Merger/amalgamation/reconstruction etc. (v) Foreign technical collaborations. Place : Ahmedabad Chopra Nayna Parasmalji Date : 08.06.2016 Practising Company Secretary ACS: 32833 CP No. 12187 Please note that the Secretarial Audit report is to be read with my letter of even date attached as Annexure A to the report and letter also forms the integral part of report.

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ANNEXURE A

To, The Members,

EXCEL CASTRONICS LIMITED RAJKOT.

Dear Sir,

My Secretarial Audit Report of even date for the Financial Year ended on 31st March, 2016 is to be read along with this letter.

1. Maintenance of secretarial record is the responsibility of the management of the company. My responsibility is to express an opinion on these secretarial records based on my audit.

2. I have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that correct facts are reflected in secretarial records. I believe that the processes and practices, I followed provide a reasonable basis for my opinion.

3. I have relied on the representations made by the Company and its officers for systems and mechanisms formed by the Company for compliances under other laws and regulations applicable to the Company and verification of documents and records procedures on test check basis.

4. Wherever required, I have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc.

5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management.

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

Place : Ahmedabad Chopra Nayna Parasmalji Date : 08.06.2016 Practising Company Secretary ACS: 32833 CP No. 12187

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Independent Auditor’s Report

To the Members of Excel Castronics Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Excel Castronics Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2016,the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the 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(5) of the Companies Act, 2013 (“the Act”) 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 Act, read

with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of 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.

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

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statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the

Company’s Directors, as well as evaluating the overall presentation of the financial statements. 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 financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India;

a) In the case of the Balance Sheet, of the state of affair of the Company as at 31st March,2016;

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.

Report on Other Legal and Regulatory Requirements

As required by Section 143 (3) of the Act, we report that: a) We have sought and obtained all the information and explanations which to the

best of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

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

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

f) 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 does not have any pending litigations which would impact its financial position.

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ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

Place:-Rajkot For A. D. Vyas & Co. Date: 27/06/2016 Chartered Accountants FRN: 113588W

Asha D Vyas Partner Membership No. 047250

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The Annexure referred to in paragraph 1 of Our Report on “Other Legal and Regulatory Requirements”.

We report that:

i. a. The company has maintained proper records showing full particulars,

including quantitative details and situation of its fixed assets. b. As explained to us, fixed assets have been physically verified by the

management at reasonable intervals; no material discrepancies were noticed on such verification.

c. The title deeds of immovable properties are held in the name of the company.

ii. As explained to us, inventories have been physically verified during the year by the management at reasonable intervals. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

iii. The company has granted loans to parties covered in the register maintained under

section 189 of the Companies Act, 2013 wherein the balance receivable as at the year-

end is Rs.52439975. The maximum amount outstanding during the year was Rs.

81216155.

a) The terms and conditions of the grant of such loans are not prejudicial to

the company’s interest;

b) The terms of arrangement do not stipulate any repayment schedule and

the loans are repayable on demand with interest.

c) Since the term of arrangement do not stipulate any repayment schedule and the loans are repayable on demand, no question of overdue amounts will arise in respect of the loans granted to the parties listed in the register maintained under section 189 of the Act.

iv. In respect of loans, investments, guarantees, and security, provisions of section 185

and 186 of the Companies Act, 2013 have been with. v. The company has not accepted any deposits from the public covered under sections

73 to 76 of the Companies Act, 2013. vi. As per information & explanation given by the management, maintenance of cost

records has not been specified by the Central Government under sub-section (1) of section 148of the Companies Act, 2013.

vii. a. According to the records of the company, undisputed statutory dues including

Provident Fund, Investor Education and Protection Fund, Employees’ State Insurance, Income-tax, Sales-tax, Service Tax, Custom Duty, Excise Duty, value added tax, cess and any other statutory dues to the extent applicable, have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding

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statutory dues as on 31st of March, 2016 for a period of more than six months from the date they became payable.

b. According to the information and explanations given to us, there is no amount payable in respect of income tax, service tax, sales tax, customs duty, excise

duty, value added tax and cess whichever applicable, which have not been deposited on account of any disputes.

viii. In our opinion and according to the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank, Government or debenture holders, as applicable to the company.

ix. Based on our audit procedures and according to the information given by the management, the money raised by way of initial public offer or further public offer (including debt instruments) and term loans have been applied for the purpose for which they were obtained.

x. According to the information and explanations given to us, we report that no fraud by the company or any fraud on the Company by its officers or employees has been noticed or reported during the year.

xi According to the information and explanations given to us, we report that managerial remuneration has been paid in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act.

xi. The company is not a Nidhi Company. Therefore clause xii) of the order is not applicable to the company.

xii. According to the information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc. as required by the applicable accounting standards.

xiii. The company has not made any preferential allotment or private placement of shares

or fully or partly convertible debentures during the year under review.

xiv. Provisions of section 192 of Companies Act, 2013 have been complied with in case of non-cash transactions entered by the company with directors or persons connected with him.

The company is not required to be registered under section 45-IA of the Reserve Bank of

India Act, 1934.

Place:-Rajkot For A. D. Vyas & Co. Date: 27/06/2016 Chartered Accountants FRN: 113588W Asha D Vyas Partner Membership No. 047250

21

Annexure ‘B’

Report on Internal Financial Controls Over Financial Reporting

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 Excel Castronics Limited as of March 31, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors’ Responsibility 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 GuidanceNote require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. We believe that the audit evidence we have obtained is sufficient and appropriate to provide

22

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 authorisation 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 March 31, 2016, 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.

Place:-Rajkot For A. D. Vyas & Co. Date: 27/06/2016 Chartered Accountants FRN: 113588W

Asha D Vyas Partner Membership No. 047250

23

Balance Sheet as at 31st March 2016 in rupees

Note No.

As at 31st March 2016 As at 31st March 2015

EQUITY AND LIABILITIES

Shareholder's funds

Share capital 01 8,14,27,000.00 8,14,27,000.00

Reserves and surplus 02 1,67,73,705.10 88,95,345.00

Money received against share warrants

9,82,00,705.10 9,03,22,345.00

Share application money pending allotment

Non-current liabilities

Long-term borrowings 03 2,90,29,792.20 5,58,049.00

Deferred tax liabilities (Net) 04

Other long term liabilities

Long-term provisions 05

2,90,29,792.20 5,58,049.00

Current liabilities

Short-term borrowings 06 25,22,922.92

Trade payables 07 47,70,68,020.05 1,01,93,560.00

Other current liabilities 08 4,30,27,571.38 20,35,675.00

Short-term provisions 05 27,13,000.00 21,91,460.00

52,53,31,514.35 1,44,20,695.00

TOTAL 65,25,62,011.65 10,53,01,089.00

ASSETS

Non-current assets

Fixed assets

Tangible assets 09 1,99,09,210.46 56,07,266.00

Intangible assets 5,486.00

Capital work-in-Progress

Intangible assets under development

Non-current investments

Deferred tax assets (net) 04 31,90,163.00 40,72,750.00

Long-term loans and advances

Other non-current assets 10 53,48,966.00 2,31,04,859.46 1,50,28,982.00

Current assets

Current investments 11 10,75,948.02

Inventories 12 5,33,80,640.00 1,66,27,169.00

Trade receivables 13 48,59,18,157.49 1,29,86,161.00

Cash and cash equivalents 14 44,20,367.58 44,67,198.00

Short-term loans and advances 15 8,46,62,039.10 5,61,91,579.00

Other current assets

62,94,57,152.19 9,02,72,107.00

TOTAL 65,25,62,011.65 10,53,01,089.00

The accompanying notes are an integral part of the financial statements. As per our report of even date For A. D. Vyas & Co. Chartered Accountants (FRN: 113588W)

For and on behalf of the Board of Directors

Asha D Vyas Partner Membership No.: 047250 Place: Rajkot Date: 27.06.2016

(Jayesh V. Madiyar) Managing Director DIN:03045045

(Jaykumar N. Belani) Company Secretary

ACS42409

24

Statement of Profit and loss for the year ended 31st March 2016 in rupees

Note No.

31st March 2016 31st March 2015

Revenue

Revenue from operations 16 76,38,41,563.37 30,47,54,044.00

Less: Excise duty

Net Sales 76,38,41,563.37 30,47,54,044.00

Other income 17 8,44,748.00 11,72,516.00

Total revenue 76,46,86,311.37 30,59,26,560.00 Expenses

Cost of material Consumed

Purchase of stock-in-trade 18 77,69,85,281.75 30,63,97,390.00

Changes in inventories 19 (3,67,53,471.00) (1,16,27,869.00)

Employee benefit expenses 20 15,65,558.00 4,65,000.00

Finance costs 21 31,12,668.13 16,804.00

Depreciation and amortization expenses 22 17,73,130.54 70,361.00

Other expenses 23 67,19,251.85 34,78,416.00

Total expenses 75,34,02,419.27 29,88,00,102.00

Profit before exceptional, extraordinary and prior period items and tax

1,12,83,892.10 71,26,458.00

Exceptional items Profit before extraordinary and prior period items and tax 1,12,83,892.10 71,26,458.00

Extraordinary items

Prior period item

Profit before tax 1,12,83,892.10 71,26,458.00

Tax expenses

Current tax 26,28,000.00 13,85,567.00

Deferred tax 8,82,587.00 (15,023.00)

Excess/short provision relating earlier year tax

Profit(Loss) for the period 77,73,305.10 57,55,914.00 Earning per share Basic

Before extraordinary Items 0.19 0.14

After extraordinary Adjustment 0.19 0.14 Diluted

Before extraordinary Items 0.19 0.14

After extraordinary Adjustment 0.19 0.14

The accompanying notes are an integral part of the financial statements. As per our report of even date For A. D. Vyas & Co. Chartered Accountants (FRN: 113588W)


Asha D Vyas Partner Membership No.: 47250 Place: Rajkot Date: 27.06.2016



ACS42409

25

CASH FLOW STATEMENT FOR THE YEAR ENDED 31st March 2016 in rupees

PARTICULARS 31st March 2016 31st March 2015

A. Cash Flow From Operating Activities

Net Profit before tax and extraordinary items(as per Statement of Profit and Loss)

1,12,83,892.10 71,26,458.00

Adjustments for non Cash/ Non trade items:

Depreciation & Amortization Expenses 17,73,130.54 70,361.00

Finance Cost 31,12,668.13 16,804.00

Interest received (4,81,528.00) (5,52,082.00)

Operating profits before Working Capital Changes 1,56,88,162.77 66,61,541.00 Adjusted For:

(Increase) / Decrease in trade receivables (47,29,31,996.49) (27,84,013.00)

Increase / (Decrease) in trade payables 46,68,74,460.05 1,01,93,560.00

(Increase) / Decrease in inventories (3,67,53,471.00) (1,16,27,869.00)

Increase / (Decrease) in other current liabilities 4,23,96,023.38 7,02,346.00

(Increase) / Decrease in Short Term Loans & Advances (2,84,70,460.10) (11,32,253.00)

Cash generated from Operations (1,31,97,281.39) 20,13,312.00 Net Cash flow from Operating Activities(A) (1,31,97,281.39) 20,13,312.00

B. Cash Flow From Investing Activities

Purchase of tangible assets (1,60,66,061.00) (55,44,300.00)

Non Current Investments / (Purchased) sold 2,42,473.00

Current Investments / (Purchased) sold (10,75,948.02)

Interest Received 4,81,528.00 5,52,082.00

Purchase of intangible assets (14,500.00)

Other Inflow / (Outflows) of cash 53,48,966.00

Net Cash used in Investing Activities(B) (1,13,26,015.02) (47,49,745.00)

C. Cash Flow From Financing Activities

Interim Dividend and Dividend Distribution Tax paid (4,07,013.00)

Finance Cost (31,12,668.13) (16,804.00)

Increase in / (Repayment) of Short term Borrowings 25,22,922.92

Increase in / (Repayment) of Long term borrowings 2,84,71,743.20

Other Inflows / (Outflows) of cash (34,05,532.00)

Net Cash used in Financing Activities(C) 2,44,76,465.99 (4,23,817.00)

D. Net Increase / (Decrease) in Cash & Cash Equivalents(A+B+C)

(46,830.42) (31,60,250.00)

E. Cash & Cash Equivalents at Beginning of period 44,67,198.00 76,27,448.00

F. Cash & Cash Equivalents at End of period 44,20,367.58 44,67,198.00

G. Net Increase / (Decrease) in Cash & Cash Equivalents(F-E) (46,830.42) (31,60,250.00)

For A. D. Vyas & Co. Chartered Accountants (FRN: 113588W)


ASHA VYAS Partner Membership No.: 047250 Place: RAJKOT Date:27.06.2016



ACS42409

Note:

1. The Cash Flow Statement has been prepared by Indirect Method as per AS-3 issued by ICAI.

26

2. Figures of previous year have been rearranged/regrouped wherever necessary 3. Figures in brackets are outflow/deductions

Notes to Financial statements for the year ended 31st March 2016 The previous year figures have been regrouped / reclassified, wherever necessary to conform to the current year presentation.

Note No 1 Share Capital in rupees

Particulars As at 31st March

2016 As at 31st March

2015

Authorised :

93750000 (31/03/2015:93750000) Equity shares of Rs. 2.00/- par value

18,75,00,000.00 18,75,00,000.00

Issued :


8,14,27,000.00 8,14,27,000.00

Subscribed and paid-up :


8,14,27,000.00 8,14,27,000.00

Total 8,14,27,000.00 8,14,27,000.00

Reconciliation of the Shares outstanding at the beginning and at the end of the reporting period

Equity shares in rupees


No. of Shares Amount No. of Shares Amount

At the beginning of the period 4,07,13,500 8,14,27,000.00 4,07,13,500 8,14,27,000.00

Issued during the Period

Redeemed or bought back during the period

Outstanding at end of the period 4,07,13,500 8,14,27,000.00 4,07,13,500 8,14,27,000.00

Right, Preferences and Restriction attached to shares Equity shares The company has only one class of Equity having a par value Rs. 2.00 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the board of directors is subject to the approval of the shareholders in ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the Equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding. Details of shareholders holding more than 5% shares in the company

Type of Share Name of Shareholders As at 31st March 2016 As at 31st March 2015

No. of Shares

% of Holding

No. of Shares

% of Holding

Equity [NV: 2.00 ]

Anax Realty Pvt. Ltd. 10222500 25.11 1,02,22,500 25.11

Equity [NV: 2.00 ]

Madiyar Payal - - 34,45,802 8.46

Equity [NV: 2.00 ]

Sampati Financial Service Limited - - 21,26,034 5.22

Total : 1,57,94,336 38.79

27

Note No 2 Reserves and surplus in rupees

Particulars As at 31st March 2016 As at 31st March 2015

Surplus

Opening Balance 88,95,345.00 55,82,119.00

Add: Profit for the year 77,73,305.10 57,55,914.00

Add: Other additions to reserve 14,56,348.00

Less:Appropriations interim equity dividend (20,35,675.00)

Less:Appropriations equity dividend distribution tax (4,07,013.00)

Less:Other deductions to reserve (13,51,293.00)

Closing Balance 1,67,73,705.10 88,95,345.00 Balance carried to balance sheet 1,67,73,705.10 88,95,345.00

Note No. 3 Long-term borrowings in rupees


Particulars Non-

Current Current

Maturities Total

Non-Current

Current Maturities

Total

Term Loan - From banks

HDFC- PCFC secured 4,21,94,938.7

5 4,21,94,938.75

Loan- Indusind BAnk secured

1,28,52,147.20

1,28,52,147.20

Loan - Star Agri Finanace Ltd secured

1,24,03,596.00

1,24,03,596.00

2,52,55,743.2

0 4,21,94,938.7

5 6,74,50,681.95

Other Loans and advances

Loans repayable On demand from others unsecured

37,74,049.00 37,74,049.00 5,58,049.00 5,58,049.00

37,74,049.00 37,74,049.00 5,58,049.00 5,58,049.00

The Above Amount Includes

Secured Borrowings 2,52,55,743.2

0 4,21,94,938.7

5 6,74,50,681.95

UnSecured Borrowings 37,74,049.00 37,74,049.00 5,58,049.00 5,58,049.00

Amount Disclosed Under the Head "Other Current Liabilities"(Note No. )

(4,21,94,938.

75) (4,21,94,938.7

5) () ()

Net Amount 2,90,29,792.2

0 0 2,90,29,792.20 5,58,049.00 0 5,58,049.00

Note No. 4 Deferred Tax in rupees


Deferred tax liability

Deferred tax liability other 8,82,587.00

Gross deferred tax liability 8,82,587.00

Deferred tax assets

Deferred tax asset other 40,72,750.00 40,72,750.00

Gross deferred tax asset 40,72,750.00 40,72,750.00 Net deferred tax assets 31,90,163.00 40,72,750.00

28

Note No. 5 Provisions in rupees


Long-term Short-term Total Long-term Short-term Total

Other provisions

Current tax provision 26,28,000.00 26,28,000.00 13,85,567.00 13,85,567.00

Provision for Audit Fees 65,000.00 65,000.00 25,000.00 25,000.00

Provision for Unpaid Expense 70,781.00 70,781.00

Other tax Provision 20,000.00 20,000.00 7,10,112.00 7,10,112.00

27,13,000.00 27,13,000.00 21,91,460.00 21,91,460.00

Total 27,13,000.00 27,13,000.00 21,91,460.00 21,91,460.00

Note No. 6 Short-term borrowings in rupees


Loans Repayable on Demands - From banks

Cash credit from HDFC secured 25,22,922.92

25,22,922.92

The Above Amount Includes

Secured Borrowings 25,22,922.92

Total 25,22,922.92

Note No 7 Trade payables in rupees


Acceptances 47,70,68,020.05 1,01,93,560.00 Total 47,70,68,020.05 1,01,93,560.00

Note No. 8 Other current liabilities in rupees


Current maturities of long-term debt(Note No. ) 4,21,94,938.75

Unpaid Dividend

Unpaid Dividend 3,71,275.97 20,35,675.00

3,71,275.97 20,35,675.00

Others payables

Shree Sonal Gas - Deposit 30,000.00

Service tax payable 37,059.00

VAT payable 3,84,797.66

TDS Payable 9,500.00

4,61,356.66

Total 4,30,27,571.38 20,35,675.00

29

Note No 9 Fixed Assets Chart as at 31st March 2016

in rupees

Assets Gross Block Accumulated Depreciation/ Amortisation Net Block

Useful

Life (In

Years)

Balance as at 1st April

2015

Additions during the

year

Deletion during the

year

Balance as at 31st March

2016

Balance as at 1st April

2015

Provided during the

year

Deletion / adjustments during the

year


2016


2016


2015

A Tangible assets

Own Assets

Land 51,09,800.00 51,09,800.00 51,09,800.00 51,09,800.00

Building 10.00 4,34,500.00 4,34,500.00 2,111.00 14,125.00 16,236.00 4,18,264.00 4,32,389.00

Gas Sylinders 10.00 27,99,000.00 27,99,000.00 27,99,000.00 27,99,000.00

Computer 10.00 1,96,750.00 98,000.00 2,94,750.00 1,96,750.00 7,917.00 2,04,667.00 90,083.00

Furniture and Fixture

10.00 1,43,671.00 9,95,630.00 11,39,301.00 1,36,487.00 75,821.00 2,12,308.00 9,26,993.00 7,184.00

Vehice 10.00 9,73,734.00 9,73,734.00 9,25,047.00 5,721.00 9,30,768.00 42,966.00 48,687.00

Truck 8.00 1,49,72,431.00 1,49,72,431.00 16,58,728.54 16,58,728.54 1,33,13,702.46

Office Equipment 10.00 1,84,126.00 1,84,126.00 1,74,920.00 1,804.00 1,76,724.00 7,402.00 9,206.00

Total (A) 98,41,581.00 1,60,66,061.00 2,59,07,642.00 42,34,315.00 17,64,116.54 59,98,431.54 1,99,09,210.46 56,07,266.00 P.Y Total 98,41,581.00 98,41,581.00 70,361.00 70,361.00 97,71,220.00 97,71,220.00

B Intangible assets

Software 1.00 9,500.00 9,500.00 6,894.00 6,894.00 2,606.00

Software 1.00 5,000.00 5,000.00 2,120.00 2,120.00 2,880.00

Total (B) 14,500.00 14,500.00 9,014.00 9,014.00 5,486.00

Current Year Total (A + B)

98,41,581.00 1,60,80,561.00 2,59,22,142.00 42,34,315.00 17,73,130.54 60,07,445.54 1,99,14,696.46 56,07,266.00

Previous Year Total

98,41,581.00 98,41,581.00 70,361.00 70,361.00 97,71,220.00 97,71,220.00

30

Statement showing assets wise calculation of depreciation as per Companies Act 2013 (S.L.M. Method)

Name of Asset Land Useful Life (In Years)

Group of asset Land Shift Type Single

Particulars Date of

purchase of asset

Original cost of asset

Residual value

WDV as on 31.3.2015

Date of sale of

assets if any

Standard life as per

Co.s act 2013 (In Days)

Life elapsed (In Days)

(difference between date of

purchase to 31.3.2015)

Remaining useful life

as on 31.3.2015 (In Days) (col7 -

col8)

Assets used during

current F.Y. (In Days)

Dep Rate*

Depreciation (Col5 -

col4 / Col9 * col10)

No useful

life charge from P&L

1 2 3 4 5 6 7 8 9 10 11 12 13

Land 51,09,800.00 2,55,490.00 366.00

Land

Total 51,09,800.00 2,55,490.00


Name of Asset Building Useful Life (In Years) 10.00 Group of asset Buildings Shift Type Single

Particulars Date of

purchase of asset


Residual value

WDV as on 31.3.2015

Date of sale of

assets if any







as on 31.3.2015 (In Days) (col7 -

col8)

Assets used during


Dep Rate*



No useful


1 2 3 4 5 6 7 8 9 10 11 12 13

Building 4,34,500.00 21,725.00 3650.00 366.00

Total 4,34,500.00 21,725.00


Name of Asset

Gas Sylinders Useful Life (In Years) 10.00

Group of asset Plant and Machinery Shift Type Single

31

Particulars Date of

purchase of asset


Residual value

WDV as on 31.3.2015

Date of sale of

assets if any







as on 31.3.2015 (In Days) (col7 -

col8)

Assets used during


Dep Rate*



No useful


1 2 3 4 5 6 7 8 9 10 11 12 13

Gas Sylinder 27,99,000.00 1,39,950.00 3650.00 366.00

Total 27,99,000.00 1,39,950.00


Name of Asset Vehice Useful Life (In Years) 10.00 Group of asset Motor Vehicles Shift Type Single

Particulars Date of

purchase of asset


Residual value

WDV as on 31.3.2015

Date of sale of

assets if any







as on 31.3.2015 (In Days) (col7 -

col8)

Assets used during


Dep Rate*



No useful


1 2 3 4 5 6 7 8 9 10 11 12 13

Vehicles 9,73,734.00 48,686.70 3650.00 366.00

Total 9,73,734.00 48,686.70


Name of Asset Office Equipment Useful Life (In Years) 10.00

Group of asset Office equipment Shift Type Single

Particulars Date of

purchase of asset


Residual value

WDV as on 31.3.2015

Date of sale of

assets if any







as on 31.3.2015 (In Days) (col7 -

col8)

Assets used during


Dep Rate*



No useful


1 2 3 4 5 6 7 8 9 10 11 12 13

32

Office Equipment 1,84,126.00 9,206.30 3650.00 366.00

Total 1,84,126.00 9,206.30

* Depreciation rate = ((Depreciation / Amount of purchase) * 100) / Shift

General Notes :

1. No depreciation if remaining useful life is negative or zero.

2. Depreciation is calculated on pro-rata basis in case assets is purchased/sold during current F.Y.

3. If above assets is used for any time during the year for double shift, the depreciation will increase by 50% for that period and in case of the triple shift the depreciation shall be calculated on the basis of 100% for that period.

33

Note No. 10 Other non-current assets in rupees


Miscellaneous expenditure not written off

Other unamortised expenses 5,92,416.00

Other Assets

Advance given for property purchase 47,56,550.00

Total 53,48,966.00

Note No 11 Current investments in rupees


Other current investments (Quoted)

In Others

Fixed Deposit - Indusind Bank (Lower of cost and Market value)

10,75,948.02

Gross Investment 10,75,948.02

Net Investment 10,75,948.02

Aggregate amount of quoted investments (Market Value:0) (2015:0)

10,75,948.02

Aggregate amount of unquoted investments

Note No 12 Inventories in rupees


(Valued at cost or NRV unless otherwise stated)

Finished Goods(Basis of valuation:Lower of Cost or NRV)

5,33,80,640.00 1,66,27,169.00

Total 5,33,80,640.00 1,66,27,169.00

Note No. 13 Trade receivables in rupees


Exceeding six months

Unsecured, Considered Good 48,59,18,157.49 1,29,86,161.00

Total 48,59,18,157.49 1,29,86,161.00

Total 48,59,18,157.49 1,29,86,161.00

Note No. 14 Cash and cash equivalents in rupees


Balance with banks

Other balances with banks 28,36,980.39 30,77,931.00

Total 28,36,980.39 30,77,931.00

Cash in hand

Cash in hand 15,83,387.19 13,89,267.00

Total 15,83,387.19 13,89,267.00

Total 44,20,367.58 44,67,198.00

Loans and advances : Security Deposit: Secured, considered good in rupees

Particulars As at 31st March 2016

Long-term Short-term

Deposit - Mumbai Office rent 2,50,000.00

Total 2,50,000.00

Loans and advances : Other loans and advances: Zen Tradelink in rupees

34


Long-term Short-term Long-term Short-term

Zen Tradelink 3,57,426.10 49,94,802.00

Avirat infrastructure pvt. ltd. 52,85,000.00

S.J infratech pvt. ltd 1,49,66,813.00

Total 3,57,426.10 2,52,46,615.00

Trade receivables : Exceeding six months: Unsecured, Considered Good in rupees


Other Receivable 48,59,18,157.49 1,29,86,161.00

Total 48,59,18,157.49 1,29,86,161.00

Cash and cash equivalents: Balance with banks: Other balances with banks in rupees


ICICI Bank Ltd 2,51,880.00

Kotak Bank(Amdebad Gases Ltd) 1,563.00 1,563.00

Kotak Bank 1,03,093.85 3,30,724.00

Kotak Bank (Indus Co Ltd) 29,161.00 29,161.00

Saraspur Nagrik Bank 3,401.00 3,401.00

HDFC Bank(Unpaid Mature Deposit) 848.26 24,939.00

HDFC Bank (Unp[aid Dividend Account) 23,26,637.31 4,00,588.00

HDFC Bank(Unpaid Mature Deposit) 3,71,275.97 20,35,675.00

HDFC Malad 1,000.00 Total 28,36,980.39 30,77,931.00

Note No. 15 Loans and advances in rupees


Long-term Short-term Long-term Short-term

Security Deposit

Secured, considered good 2,50,000.00

2,50,000.00

Loans and advances

Unsecured, considered good 8,12,16,155.00 3,07,38,494.00

8,12,16,155.00 3,07,38,494.00 Other loans and advances

TDS Receivable (2012-13) 97,345.00

TDS Receivable (2014-15) 54,978.00

VAT credit receivable 31,347.00

Tax deducted at source (On Salary) 22,800.00

Loans and advances 3,57,426.10 2,52,46,615.00

CENVAT Credit 1,47,805.00

TDS Receivable (2015-16) 48,153.00

Akhani Estate 26,42,500.00 31,95,884.10 2,54,53,085.00

Total 8,46,62,039.10 5,61,91,579.00

Note No.16 Revenue from operations in rupees

Particulars 31st March 2016 31st March 2015

Sale of Product

Sale of castor seeds 15,01,44,318.12 29,16,24,596.00

Sale of Jeera 29,00,000.00 1,30,28,415.00

Sale of Castor Oil 2,91,20,377.00

35

Sale of Fuel oil 24,57,803.02

Sale of Furnace oil 58,81,582.33

Sale of Guarseeds 31,00,000.00

Sale of Maize 9,75,87,432.00

Sale of rice 16,18,32,897.00

Sale of soyabean 15,33,52,914.05

Sale of Sugar 15,68,76,344.00

76,32,53,667.52 30,46,53,011.00

Other operating revenues

Exchange rate difference 5,87,895.85

Trade Discount 1,01,033.00

5,87,895.85 1,01,033.00

Net revenue from operations 76,38,41,563.37 30,47,54,044.00

Note No.17 Other income

in rupees


Interest Income 4,81,528.00 5,52,082.00

Rent Income 60,000.00

Export Incentive 3,03,220.00 6,20,434.00

Total 8,44,748.00 11,72,516.00

Note No.18 Purchase of stock-in-trade in rupees


Castor seed 16,21,99,794.00 28,76,25,653.00

Jeera 1,57,55,352.00

Guvar 30,16,385.00

Castor Oil 3,11,79,513.50

Fual Oil 20,20,223.72

Furnace Oil 48,33,869.53

Maize 9,69,44,567.00

Rice 17,06,33,515.00

Soyabean Meal 15,29,51,652.00

Sugar 15,62,22,147.00

Total 77,69,85,281.75 30,63,97,390.00

Note No.19 Changes in inventories in rupees


Inventory at the end of the year

Finished Goods 5,33,80,640.00 1,66,27,169.00

5,33,80,640.00 1,66,27,169.00 Inventory at the beginning of the year

Finished Goods 1,66,27,169.00 49,99,300.00 1,66,27,169.00 49,99,300.00

(Increase)/decrease in inventories

Finished Goods (3,67,53,471.00) (1,16,27,869.00)

(3,67,53,471.00) (1,16,27,869.00)

Note No.20 Employee benefit expenses in rupees


Salaries and Wages 15,65,558.00 4,65,000.00

Total 15,65,558.00 4,65,000.00

36

Note No.21 Finance costs in rupees


Bank charges 94,659.13 16,804.00

Interest Expense 30,18,009.00

Total 31,12,668.13 16,804.00

Note No.22 Depreciation and amortization expenses in rupees


Depreciation on tangible assets 17,64,116.54

Amortisation on intangible assets 9,014.00

Adjustment Depreciation on tangible assets 70,361.00

Total 17,73,130.54 70,361.00

Note No.23 Other expenses in rupees


Advertising expenses 13,573.00 23,600.00

Advisory expense 3,93,260.00

Demate Fees 61,690.00

E Voting Facility Fees 15,256.00

Office Expense 41,498.00 87,600.00

Registration and Transfer fees 94,014.00 1,10,439.00

Trade doscount 7,13,802.00 2,98,605.00

Scrap Loss 18,28,255.22 9,03,931.00

Interest on VAT 2,44,339.23 2,422.00

Postage expenses 1,40,814.00

Printing and stationery 4,463.00 49,285.00

Fees ASE and BSE 2,00,720.00 1,62,304.00

Rate difference for order Cancellation 15,600.00 4,200.00

Trade doscount 2,81,930.47 8,77,591.00

Brokrage and Other Expense 1,000.00 9,361.00

Business Expense 66,940.00 50,000.00

Audit fees 65,000.00 25,000.00

Professional expenses 1,06,230.00 62,989.00

Preliminary expenses written off 1,97,472.00

Telephone and postage expenses 2,195.00 2,603.00

Round Off (6.00)

Flexi Tank Charges 2,84,450.00

Ocean Freight Charges 1,13,361.00

Rent Expense for storage Tank 1,85,355.00

Transportation distribution expenses 4,36,528.00

Custom duty 3,83,011.55

CDSL and NSDL Fees 52,121.00

Certification fees for Export 2,000.00

Documentation Charges 35,450.00

Donations 1,01,000.00

Insuranse expense 87,581.00

Loan processing fees 5,40,994.38

Office Rent expense 6,04,591.00

Rate difference for order Cancelation 1,19,471.00

Shipping Charges 88,278.00

Small Exporter Policy Premium Exp 5,500.00

Total 67,19,251.85 34,78,416.00

37

Current tax in rupees


Current tax pertaining to current year 26,28,000.00 13,85,567.00 Total 26,28,000.00 13,85,567.00

Deferred tax in rupees


Deferred Tax 8,82,587.00 (15,023.00)

Total 8,82,587.00 (15,023.00)

Excel Castronics Limited

Significant Accounting Policies & notes on financial statements

Note No. :1 to 12

A. Significant Accounting Policies

1. Basis of accounting:-

These financial statements have been prepared in accordance with the Generally

Accepted Accounting Principles in India (Indian GAAP) including the Accounting

Standards notified under Section 133 of the Companies Act, 2013, read with Rule 7 of

the Companies (Accounts) Rules, 2014 and the relevant provisions of the Companies

Act, 2013.

The financial statements have been prepared under the historical cost convention on

accrual basis, as adopted consistently by the company.

2. Revenue Recognition :-

Expenses and Income considered payable and receivable respectively are accounted for

on accrual basis except discount claims and rebates which cannot be determined with

certainty during the year.

3. Fixed Assets :-

Fixed assets are stated at their original cost of acquisition including taxes, freight and

other incidental expenses related to acquisition and installation of the concerned assets

less depreciation till date.

4. Depreciation :-

Depreciation on Fixed Assets is provided to the extent of depreciable amount on the

SLM method. Depreciation is provided based on useful life of the assets as prescribed in

Schedule II to the Companies Act, 2013.

38

Depreciation on assets and their respective additions/deduction have been provided on

pro – rata basis according to the period for which each such assets have been put to use.

5. Investments :-

Investments are stated at cost.

6. Inventories :-

Inventories are valued as under:-

1. Inventories : Lower of cost or net realizable value

2. Scrap : At net realizable value.

7. Foreign Currency Transactions :-

Transactions in foreign currency are recorded at the rate of exchange prevailing on the

date of transaction. Year-end balance of foreign currency monetary item is translated at

the year-end rates. Exchange differences arising on settlement of monetary items or on

reporting of monetary items at rates different from those at which they were initially

recorded during the period or reported in previous financial statements are recognised

as income or expense in the period in which they arise.

8. Retirement Benefits:-

The retirement benefits are accounted for as and when liability becomes due for

payment.

9. Earning per share :-

In considering the EPS the company considers the Net profit after tax and includes the

post tax effect of any extraordinary items. The number of shares used in computing

basic and diluted EPS is the weighted average number of share outstanding during the

period.

10. Taxes on Income:-

Provision for current tax is made on the basis of estimated taxable income for the

current accounting year in accordance with the Income Tax Act, 1961. The deferred tax

for timing differences between the book and tax profits for the year is accounted for,

using the tax rates and laws that have been substantively enacted by the balance sheet

date. Deferred tax assets arising from timing differences are recognized to the extent

there is virtual certainty with convincing evidence that these would be realized in

39

future. At each Balance Sheet date, the carrying amount of deferred tax is reviewed to

reassure realization.

11. Impairment of assets – (AS-28)

During the year company carried out an exercise to assess the impairment loss of assets.

Based on such exercise, there is no impairment of assets. Accordingly no adjustment in

respect of loss/profit on impairment of assets is required to be made in the accounts.

12 Provisions, Contingent Liabilities and Contingent Assets:- (AS-29)

Provisions are recognized only when there is a present obligation as a result of past

events and when a reliable estimate of the amount of the obligation can be made.

Contingent Liabilities is disclosed in Notes to the account for:-

(i) Possible obligations which will be confirmed only by future events not wholly

within the control of the company or

(ii) Present Obligations arising from past events where it is not probable that an

outflow of resources will be required to settle the obligation or a reliable estimate

of the amount of the obligation cannot be made.

Contingent assets are not recognized in the financial statement since this may result in

the recognition of the income that may never be realized.

General:

Except wherever stated, accounting policies are consistent with the generally accepted

accounting principles and have been consistently applied.

(B) Notes on Financial Statements

1. The SSI status of the creditors is not known to the Company; hence the

information required under the Micro, Small & Medium Development Act,

2006 is not given.

2. Salaries includes directors remuneration paid to managing directors on

account of salary Rs. 100000/-

3. Trade receivables, Trade payables, Loans & Advances and Unsecured Loans

have been taken at their book value subject to confirmation and

reconciliation.

40

4. Payments to Auditors:

Auditors Remuneration 2015-2016 2014-2015

Audit Fees 50000/- 25000/-

Tax Audit Fees 15000/- 0

Company Law Matters 0 0

Service Tax 0 0

Total 65000/- 25000/-

5. Loans and Advances are considered good in respect of which company does

not hold any security other than the personal guarantee of persons.

6. No provision for retirement benefits has been made, in view of accounting

policy No. 8. The impact of the same on Profit & Loss is not determined.

7. Advance to others includes advances to concerns in which directors are interested:

( Amount in Rs )

Name of Concern Current Year

Closing Balance

Previous Year

Closing Balance

Sampati Currency Tradelink 5020313/- 0

Sampati Enterprises Pvt. Ltd. 1000000/- 0

Sampati Management Pvt. Ltd. . 75195842/- 28738494/-

Sampati Finance Services Ltd. 0 2000000/-

Related Party disclosure:

(A) Related Parties and their Relationship

(I) Key Management Personnel

1. Jayesh Madiyar

2. Payal Madiyar

3. Manali Doshi

4. Dhaval Dangar

5. Vallabhji Tacker

(II) Relative of Key Management Personnel

1. Sampati Financial Services Ltd. 2. Sampati Management Service Pvt. Ltd.

2. Anand Property Finance Ltd.

41

3. Sampati currency Tradelink Ltd. 4. Sampati Enterprises Pvt. Ltd.

Transactions with Related parties (Figure in Rs Lacs)

Transactions during the year

Current Year Previous year

Particulars

Key

Management

Personnel

Relative of Key

Management

Personnel

Key

Management

Personnel

Relative of Key

Management

Personnel

Advance Paid 0 812.16 0 307.38

Received Back 0 20.00 0 0

Rent Paid 1.80 0 0 0

Remuneration Paid 1.00 0 0 0

Outstanding Balances (Rs. In lacs )

Current Year Previous year

Particulars

Key

Management

Personnel

Relative of Key

Management

Personnel

Key

Management

Personnel

Relative of

Key

Management

Personnel

Loans Repaid 812.16/- 307.38/-

8. Other income include Rs. 84387.02/- on account of interest on FDR.

9. Major components of Deferred tax

Particulars As at 31.03.2016

(Rs.)

As at 31.03.2015

(Rs.)

A) Deferred Tax Liability -

Depreciation 882587.00 0.00

Others 0.00 0.00

Total 882587.00 0.00

B) Deferred Tax Assets

42

Deferred tax asset fixed assets 0.00 0.00

Others 0.00 0.00

Total 0.00 4072750.00

Net Deferred Tax liabilities/(assets)

(A-B)

882587.00 (-4072750.00)

10. % of imported & indigenous raw material & consumables

2016 2015

% Amount % Amount

Imported 0.00 0.00 0.00 0.00

Indigenous 0.00 0.00 0.00 0.00

11. Value of Imports

2016 2015

Amount Rs Amount Rs

Raw Material Nil Nil

Finished Goods 7862070.48

0.00

13. Expenditure in Foreign Currency Nil Nil

14. Earning in Foreign Exchange 587895.55 Nil

15. All assets and liabilities are presented as Current or Non-current as per

criteria set out in Revised Schedule VI to the Company's Act, 1956 Notified by

the Ministry of Corporate affairs vide Notification No. SO447(E) Dated 28th

Feburary,2011 and SO653(E) Dated 30th March,2011. Based on the nature of

operation of the company and realization from the trade receivable, the company

has ascertained its operating cycle of less than 12 months. Accordingly 12 months

43

period has been considered for the purpose of Current /Non-current

classification of assets & liabilities.

16. Previous year figures have been regrouped/rearranged wherever necessary. 17. All sundry debit and credit balances and balances standing in sister concern’s accounts are subject to confirmation. 18. Bank balances are subject to confirmation. 19. Figures in paise are rounded off to the nearest rupee.

Signature to notes 1 to 19 In terms of Our Separate Audit Report of Even Date Attached.

For ,A.D. Vyas & Co. For, Excel Castronics Limited Chartered Accountants

(Asha D Vyas) (Jayesh V. Madiyar) (Jaykumar N. Belani) Membership No. 47250 Managing Director Company Secretary Firm Registration No. DIN: 03045045 ACS42409

Place: Rajkot

Date: 27/06/2016

44

ANNEXURE B FORM NO.MGT-9

EXTRACT OF ANNUAL RETURN As on the financial year ended 31st March, 2016

[Pursuant to section 92(3) of the Companies Act, 2013 and Rule 12(1) of theCompanies (Management and Administration) Rules, 2014]

I. REGISTRATION AND OTHER DETAILS:

1) Name of Company Excel Castronics Limited

2) CIN: L24111GJ1992PLC018192

3) Date of Incorporation 25.08.1992

4) Category and Sub Category Public Non Government Company

5) Address of Registered office Excel Castronics Limited Imperial Heights, B-301/302, Opp. Big Bazar, 150 Feet Ring Road, Rajkot – 360005, Gujarat, India. (O) 0281 – 258 16 11 (E) [email protected] (W) www.excelcastronics.com

6) Whether listed or not Yes. Listed with Bombay Stock Exchange Limited

7) Name, Address and contact details of Registrar to Issue and Share Transfer Agent

Purva Share Registry India Pvt. Ltd. Unit No. 9, Shiv Shakti Industrial Estate, J. R. Boricha Marg, Opp. Kasturba Hospital, Lower Parel (E), Mumbai – 400 011 (o) 022 – 2301 6761 / 8261 (F) 022 – 2301 2517 Email id: [email protected] Website: www.purvashare.com

II. PRINCIPLE BUSINESS ACTIVITIES OF THE COMPANY:

All the business activities contributing 10% or more of the total turnover of the Company are given below:

Sr. No. Name and Description of main product or services

NIC Code of the Product / Services as per National Product Classification for Service Sectors 2010.

% of total turnover of the Company

1 Agricultural Commodities 99611117 100%

III. Particulars of Holding Subsidiary and Associate Companies:

Sr. No Name of the Company

Address of the Company

CIN / GLN Holding / Subsidiary / Associate

% of shares held

Applicable Section

- - - - - - -

mailto:[email protected]



http://www.purvashare.com/

45

IV). Shareholding Pattern

i) Category-wise Shareholding

Category of Shareholders No. of Shares held at the beginning of the year

3/31/2015

No. of Shares held at the end of the year

3/31/2016

% of

Change

Demat Physical Total % of Total

TOTSHR Demat Physical Total

% of Total

Shares

A. Promoters (1) Indian (g) Individuals/ HUF 0 0 0 0 0 0 0 0 0

(h) Central Govt 0 0 0 0 0 0 0 0 0

(i) State Govt(s) 0 0 0 0 0 0 0 0 0

(j) Bodies Corp. 10222500 0 10222500 25.11 10222500 0 10222500 25.11 0

(k) Banks / FI 0 0 0 0 0 0 0 0 0

(l) Any Other.... * DIRECTORS 0 0 0 0 0 0 0 0 0

* DIRECTORS RELATIVES 0 0 0 0 0 0 0 0 0

* PERSON ACTING IN CONCERN 0 0 0 0 0 0 0 0 0

Sub Total (A)(1):- 10222500 0 10222500 25.11 10222500 0 10222500 25.11 0 (2) Foreign (a) NRI Individuals 0 0 0 0 0 0 0 0 0

(b) Other Individuals (c) Bodies Corp. 0 0 0 0 0 0 0 0 0

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

(e) Any Other.... Sub Total (A)(2):- 0 0 0 0 0 0 0 0 0

Total shareholding of Promoter 10222500 0 10222500 25.11 10222500 0 10222500 25.11 0

B. Public Shareholding (1) Institutions (a) Mutual Funds 0 0 0 0 0 0 0 0 0

(b) Banks FI 0 0 0 0 1000000 0 1000000 2.46 2.46

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

(d) State Govet(s) 0 0 0 0 0 0 0 0 0

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

(f) Insurance Companies 0 0 0 0 0 0 0 0 0

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

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

(i) Others (specify) * U.T.I. 0 0 0 0 0 0 0 0 0

* FINANCIAL INSTITUTIONS 0 0 0 0 0 0 0 0 0

* I.D.B.I. 0 0 0 0 0 0 0 0 0

* I.C.I.C.I. 0 0 0 0 0 0 0 0 0

* GOVERMENT COMPANIES 0 0 0 0 0 0 0 0 0 * STATE FINANCIAL CORPORATION 0 0 0 0 0 0 0 0 0

* QUALIFIED FOREIGN INVESTOR 0 0 0 0 0 0 0 0 0

* ANY OTHER 0 0 0 0 0 0 0 0 0

* OTC DEALERS (BODIES 0 0 0 0 0 0 0 0 0

* PRIVATE SECTOR BANKS 0 0 0 0 0 0 0 0 0

Sub-total (B)(1):- 0 0 0 0 1000000 0 1000000 2.46 2.46

(2) Non-Institutions (a) Bodies Corp. (i) Indian 3869821 27700 3897521 9.57 3167814 27700 3195514 7.85 -1.72

(ii) Overseas 0 0 0 0 0 0 0 0 0

(b) Individuals (i) Individual shareholders holding 2819523 1301800 4121323 10.12 6639111 1237900 7877011 19.35 9.22 (ii) Individual shareholders holding nominal share capital in excess of

18388817

449700

18838517

46.27

13438951

160100

13599051

33.4

-12.87

(c) Others (specify) * N.R.I. (NON-REPAT) 700 298700 299400 0.74 37175 297700 334875 0.82 0.09

* N.R.I. (REPAT) 122840 0 122840 0.3 164889 0 164889 0.4 0.1

* FOREIGN CORPORATE BODIES 0 0 0 0 0 0 0 0 0

* TRUST 0 0 0 0 0 0 0 0 0

* HINDU UNDIVIDED FAMILY 231900 0 231900 0.57 687971 0 687971 1.69 1.12

* EMPLOYEE 0 0 0 0 0 0 0 0 0

* CLEARING MEMBERS 2979499 0 2979499 7.32 3631689 0 3631689 8.92 1.6

* DEPOSITORY RECEIPTS 0 0 0 0 0 0 0 0 0

* OTHER DIRECTORS & RELATIVES 0 0 0 0 0 0 0 0 0 Sub-total (B)(2):- 28413100 2077900 30491000 74.89 27767600 1723400 29491000 72.44 -2.46

Total Public Shareholding (B) = 28413100 2077900 30491000 74.89 28767600 1723400 30491000 74.89 0

46

C. Total Shares held by Custodian for GDRs & ADRs

0

0

0

0

0

0

0

0

0

GrandTotal(A + B + C) 38635600 2077900 40713500 100 38990100 1723400 40713500 100 0

Other 0 0 0 0 0 0 0 0 0

ii). Shareholding of Promoters SI No. ShareHolder's Name

ShareHolding at the beginning of the

3/31/2015

Shareholding at the end of the year

3/31/2016

No. of Shares

% of Total

Shares of

the

company

% of Shares

Pledged /

Encumbered

to total

shares

No. of

Shares

% of Total

Shares of

the company

% of

Shares

Pledged /

Encumber

ed to total

shares

% change in

share

holding

during the

year

1 ANAX REALTY PRIVATE 10222500 25.11 0 10222500 25.11 0 0

iii). Change in Promoter's Shareholding: SI No. ShareHolding at the

3/31/2015 Cumulative 3/31/2016

No. of Shares

% of Total

Shares of

the

company

No. of Shares

% change in share

holding

during the

year

Type

1 ANAX REALTY PRIVATE 10222500 25.11 31/03/2016 10222500 25.11 iv). Sharedholding Pattern of top ten Shareholders:

SI No. ShareHolding at the

3/31/2015

Cumulative

3/31/2016

No. of Shares

% of Total

Shares of

the

company

No. of Shares

% change

in share

holding

during the

year

Type

1 MADIYAR PAYAL 3445805 8.46 3/4/2015 -35000 -0.09 3410805 8.38 Sell

10/4/2015 5300 0.01 3416105 8.39 Buy

17/04/2015 -500 0 3415605 8.39 Sell

24/04/2015 412800 1.01 3828405 9.4 Buy

1/5/2015 -99750 -0.25 3728655 9.16 Sell

8/5/2015 -227450 -0.56 3501205 8.6 Sell

15/05/2015 -17850 -0.04 3483355 8.56 Sell

22/05/2015 -70450 -0.17 3412905 8.38 Sell

29/05/2015 32005 0.08 3444910 8.46 Buy

5/6/2015 38650 0.09 3483560 8.56 Buy

12/6/2015 -895168 -2.2 2588392 6.36 Sell

19/06/2015 -7450 -0.02 2580942 6.34 Sell

26/06/2015 -30800 -0.08 2550142 6.26 Sell

30/06/2015 -13898 -0.03 2536244 6.23 Sell

3/7/2015 -800000 -1.96 1736244 4.26 Sell

10/7/2015 -7361 -0.02 1728883 4.25 Sell

17/07/2015 28400 0.07 1757283 4.32 Buy

31/07/2015 200000 0.49 1957283 4.81 Buy

7/8/2015 -286322 -0.7 1670961 4.1 Sell

14/08/2015 70 0 1671031 4.1 Buy

4/9/2015 -371820 -0.91 1299211 3.19 Sell

25/09/2015 -448354 -1.1 850857 2.09 Sell

30/09/2015 36693 0.09 887550 2.18 Buy

9/10/2015 -8081 -0.02 879469 2.16 Sell

16/10/2015 194228 0.48 1073697 2.64 Buy

23/10/2015 -43056 -0.11 1030641 2.53 Sell

22/01/2016 89334 0.22 1119975 2.75 Buy

5/2/2016 -21580 -0.05 1098395 2.7 Sell

4/3/2016 685584 1.68 1783979 4.38 Buy

18/03/2016 -296979 -0.73 1487000 3.65 Sell

31/03/2016 3810 0.01 1490810 3.66 Buy

31/03/2016 1490810 3.66 2 SAMPATI FINANCIAL 2126034 5.22

10/4/2015 -200000 -0.49 1926034 4.73 Sell

8/5/2015 -307897 -0.76 1618137 3.97 Sell

47

12/6/2015 -700000 -1.72 918137 2.26 Sell

3/7/2015 -576358 -1.42 341779 0.84 Sell

10/7/2015 -155 0 341624 0.84 Sell

31/07/2015 4094 0.01 345718 0.85 Buy

4/9/2015 -1617 0 344101 0.85 Sell

16/10/2015 1481850 3.64 1825951 4.48 Buy

23/10/2015 134320 0.33 1960271 4.81 Buy

13/11/2015 5400 0.01 1965671 4.83 Buy

20/11/2015 -37240 -0.09 1928431 4.74 Sell

5/2/2016 -49050 -0.12 1879381 4.62 Sell

12/2/2016 -130948 -0.32 1748433 4.29 Sell

26/02/2016 -82882 -0.2 1665551 4.09 Sell

4/3/2016 -305464 -0.75 1360087 3.34 Sell

25/03/2016 -1000000 -2.46 360087 0.88 Sell

31/03/2016 360087 0.88 3 SURESHBHAI KANTILAL 1584620 3.89

24/04/2015 -200000 -0.49 1384620 3.4 Sell

8/5/2015 -50000 -0.12 1334620 3.28 Sell

12/6/2015 -38029 -0.09 1296591 3.18 Sell

26/06/2015 -83795 -0.21 1212796 2.98 Sell

30/06/2015 -26000 -0.06 1186796 2.91 Sell

10/7/2015 -148900 -0.37 1037896 2.55 Sell

17/07/2015 -134500 -0.33 903396 2.22 Sell

4/9/2015 -55000 -0.14 848396 2.08 Sell

11/9/2015 -155002 -0.38 693394 1.7 Sell

18/09/2015 -165000 -0.41 528394 1.3 Sell

25/09/2015 -250000 -0.61 278394 0.68 Sell

6/11/2015 -148000 -0.36 130394 0.32 Sell

13/11/2015 -127009 -0.31 3385 0.01 Sell

4/12/2015 -3385 -0.01 0 0 Sell

31/03/2016 0 0 4 SUNFLOWER BROKING 1310947 3.22

10/4/2015 -165392 -0.41 1145555 2.81 Sell

17/04/2015 -943745 -2.32 201810 0.5 Sell

24/04/2015 -77653 -0.19 124157 0.3 Sell

1/5/2015 -379 0 123778 0.3 Sell

8/5/2015 412780 1.01 536558 1.32 Buy

15/05/2015 -134693 -0.33 401865 0.99 Sell

22/05/2015 -110536 -0.27 291329 0.72 Sell

29/05/2015 -14230 -0.03 277099 0.68 Sell

5/6/2015 15782 0.04 292881 0.72 Buy

12/6/2015 -42779 -0.11 250102 0.61 Sell

19/06/2015 -13018 -0.03 237084 0.58 Sell

26/06/2015 86350 0.21 323434 0.79 Buy

30/06/2015 -125799 -0.31 197635 0.49 Sell

3/7/2015 -149642 -0.37 47993 0.12 Sell

10/7/2015 95500 0.23 143493 0.35 Buy

17/07/2015 -90306 -0.22 53187 0.13 Sell

31/07/2015 219506 0.54 272693 0.67 Buy

7/8/2015 -500 0 272193 0.67 Sell

14/08/2015 20 0 272213 0.67 Buy

4/9/2015 31015 0.08 303228 0.74 Buy

11/9/2015 -99996 -0.25 203232 0.5 Sell

18/09/2015 -70004 -0.17 133228 0.33 Sell

25/09/2015 75973 0.19 209201 0.51 Buy

9/10/2015 509988 1.25 719189 1.77 Buy

16/10/2015 -12126 -0.03 707063 1.74 Sell

23/10/2015 -31813 -0.08 675250 1.66 Sell

30/10/2015 -500 0 674750 1.66 Sell

6/11/2015 98150 0.24 772900 1.9 Buy

13/11/2015 -70335 -0.17 702565 1.73 Sell

20/11/2015 10231 0.03 712796 1.75 Buy

27/11/2015 -1479 0 711317 1.75 Sell

4/12/2015 3385 0.01 714702 1.76 Buy

11/12/2015 -54700 -0.13 660002 1.62 Sell

18/12/2015 -60359 -0.15 599643 1.47 Sell

25/12/2015 -17605 -0.04 582038 1.43 Sell

31/12/2015 -89540 -0.22 492498 1.21 Sell

1/1/2016 3008 0.01 495506 1.22 Buy

48

8/1/2016 -50706 -0.12 444800 1.09 Sell

15/01/2016 -267567 -0.66 177233 0.44 Sell

22/01/2016 -139860 -0.34 37373 0.09 Sell

29/01/2016 99275 0.24 136648 0.34 Buy

5/2/2016 -112818 -0.28 23830 0.06 Sell

12/2/2016 34796 0.09 58626 0.14 Buy

19/02/2016 50030 0.12 108656 0.27 Buy

26/02/2016 5979 0.01 114635 0.28 Buy

4/3/2016 94657 0.23 209292 0.51 Buy

11/3/2016 -182382 -0.45 26910 0.07 Sell

18/03/2016 26657 0.07 53567 0.13 Buy

25/03/2016 -11760 -0.03 41807 0.1 Sell

31/03/2016 49962 0.12 91769 0.23 Buy

31/03/2016 91769 0.23 5 MANUBHA 1149936 2.82

24/04/2015 -200000 -0.49 949936 2.33 Sell

8/5/2015 -100000 -0.25 849936 2.09 Sell

12/6/2015 -32011 -0.08 817925 2.01 Sell

26/06/2015 -85000 -0.21 732925 1.8 Sell

10/7/2015 -105500 -0.26 627425 1.54 Sell

17/07/2015 -134500 -0.33 492925 1.21 Sell

4/9/2015 -21000 -0.05 471925 1.16 Sell

11/9/2015 -155002 -0.38 316923 0.78 Sell

18/09/2015 -165000 -0.41 151923 0.37 Sell

25/09/2015 -151923 -0.37 0 0 Sell

16/10/2015 1923 0 1923 0 Buy

31/03/2016 1923 0 6 AMIT PALA 959043 2.36

3/4/2015 -35000 -0.09 924043 2.27 Sell

10/4/2015 74830 0.18 998873 2.45 Buy

17/04/2015 769275 1.89 1768148 4.34 Buy

24/04/2015 -55651 -0.14 1712497 4.21 Sell

1/5/2015 2061 0.01 1714558 4.21 Buy

8/5/2015 -101526 -0.25 1613032 3.96 Sell

15/05/2015 -163670 -0.4 1449362 3.56 Sell

22/05/2015 -12836 -0.03 1436526 3.53 Sell

29/05/2015 -25425 -0.06 1411101 3.47 Sell

5/6/2015 3599 0.01 1414700 3.47 Buy

12/6/2015 140423 0.34 1555123 3.82 Buy

19/06/2015 -40097 -0.1 1515026 3.72 Sell

26/06/2015 35955 0.09 1550981 3.81 Buy

30/06/2015 -56326 -0.14 1494655 3.67 Sell

3/7/2015 528250 1.3 2022905 4.97 Buy

10/7/2015 -175060 -0.43 1847845 4.54 Sell

17/07/2015 16716 0.04 1864561 4.58 Buy

7/8/2015 -132812 -0.33 1731749 4.25 Sell

14/08/2015 5401 0.01 1737150 4.27 Buy

21/08/2015 -66355 -0.16 1670795 4.1 Sell

28/08/2015 -107890 -0.26 1562905 3.84 Sell

4/9/2015 -370574 -0.91 1192331 2.93 Sell

18/09/2015 -1116810 -2.74 75521 0.19 Sell

25/09/2015 -69376 -0.17 6145 0.02 Sell

2/10/2015 14206 0.03 20351 0.05 Buy

9/10/2015 -14201 -0.03 6150 0.02 Sell

16/10/2015 -6150 -0.02 0 0 Sell

31/03/2016 0 0 7 VIRBHADRASINH 706984 1.74

3/4/2015 -15000 -0.04 691984 1.7 Sell

10/4/2015 -15500 -0.04 676484 1.66 Sell

17/04/2015 109800 0.27 786284 1.93 Buy

24/04/2015 179450 0.44 965734 2.37 Buy

1/5/2015 18050 0.04 983784 2.42 Buy

8/5/2015 39150 0.1 1022934 2.51 Buy

15/05/2015 -18500 -0.05 1004434 2.47 Sell

22/05/2015 27670 0.07 1032104 2.54 Buy

29/05/2015 -44702 -0.11 987402 2.43 Sell

5/6/2015 68750 0.17 1056152 2.59 Buy

12/6/2015 -6700 -0.02 1049452 2.58 Sell

19/06/2015 -8680 -0.02 1040772 2.56 Sell

49

26/06/2015 -8787 -0.02 1031985 2.53 Sell

30/06/2015 65650 0.16 1097635 2.7 Buy

3/7/2015 500000 1.23 1597635 3.92 Buy

10/7/2015 -39399 -0.1 1558236 3.83 Sell

17/07/2015 22850 0.06 1581086 3.88 Buy

24/07/2015 -32498 -0.08 1548588 3.8 Sell

31/07/2015 -200000 -0.49 1348588 3.31 Sell

7/8/2015 -489100 -1.2 859488 2.11 Sell

14/08/2015 1831 0 861319 2.12 Buy

21/08/2015 -17249 -0.04 844070 2.07 Sell

28/08/2015 -16 0 844054 2.07 Sell

4/9/2015 -56655 -0.14 787399 1.93 Sell

18/09/2015 1104208 2.71 1891607 4.65 Buy

25/09/2015 74844 0.18 1966451 4.83 Buy

30/09/2015 13575 0.03 1980026 4.86 Buy

2/10/2015 -2930 -0.01 1977096 4.86 Sell

9/10/2015 23196 0.06 2000292 4.91 Buy

16/10/2015 270141 0.66 2270433 5.58 Buy

23/10/2015 -281159 -0.69 1989274 4.89 Sell

30/10/2015 -96281 -0.24 1892993 4.65 Sell

13/11/2015 -110000 -0.27 1782993 4.38 Sell

20/11/2015 -22687 -0.06 1760306 4.32 Sell

25/12/2015 -85000 -0.21 1675306 4.11 Sell

31/12/2015 116285 0.29 1791591 4.4 Buy

18/03/2016 -833670 -2.05 957921 2.35 Sell

31/03/2016 -5105 -0.01 952816 2.34 Sell

31/03/2016 952816 2.34 8 RAMANBHAI 629325 1.55

24/04/2015 -179325 -0.44 450000 1.11 Sell

1/5/2015 -187445 -0.46 262555 0.64 Sell

8/5/2015 -125000 -0.31 137555 0.34 Sell

5/6/2015 -137555 -0.34 0 0 Sell

31/03/2016 0 0 9 SUNIL JAYANTILAL 598680 1.47

3/4/2015 -35000 -0.09 563680 1.38 Sell

10/4/2015 68220 0.17 631900 1.55 Buy

17/04/2015 94130 0.23 726030 1.78 Buy

24/04/2015 167500 0.41 893530 2.19 Buy

1/5/2015 17900 0.04 911430 2.24 Buy

8/5/2015 17485 0.04 928915 2.28 Buy

15/05/2015 11550 0.03 940465 2.31 Buy

22/05/2015 -24550 -0.06 915915 2.25 Sell

29/05/2015 -10591 -0.03 905324 2.22 Sell

5/6/2015 54150 0.13 959474 2.36 Buy

12/6/2015 406463 1 1365937 3.35 Buy

19/06/2015 968 0 1366905 3.36 Buy

26/06/2015 -19955 -0.05 1346950 3.31 Sell

30/06/2015 40370 0.1 1387320 3.41 Buy

10/7/2015 -86460 -0.21 1300860 3.2 Sell

17/07/2015 33545 0.08 1334405 3.28 Buy

24/07/2015 -34348 -0.08 1300057 3.19 Sell

14/08/2015 1268 0 1301325 3.2 Buy

21/08/2015 5251 0.01 1306576 3.21 Buy

28/08/2015 -16395 -0.04 1290181 3.17 Sell

4/9/2015 -129575 -0.32 1160606 2.85 Sell

11/9/2015 -5000 -0.01 1155606 2.84 Sell

18/09/2015 36500 0.09 1192106 2.93 Buy

2/10/2015 -2930 -0.01 1189176 2.92 Sell

9/10/2015 -264495 -0.65 924681 2.27 Sell

23/10/2015 -17287 -0.04 907394 2.23 Sell

30/10/2015 -5 0 907389 2.23 Sell

15/01/2016 -402680 -0.99 504709 1.24 Sell

22/01/2016 -119429 -0.29 385280 0.95 Sell

29/01/2016 -136951 -0.34 248329 0.61 Sell

5/2/2016 -187995 -0.46 60334 0.15 Sell

12/2/2016 -33025 -0.08 27309 0.07 Sell

31/03/2016 27309 0.07 10 KAMINI BAKSHI 525000 1.29

20/11/2015 -400000 -0.98 125000 0.31 Sell

50

27/11/2015 -125000 -0.31 0 0 Sell

31/03/2016 0 0 v). Sharedholding of Directors and Key Managerial Personnel:

SI No. ShareHolding at the

3/31/2015

Cumulative

3/31/2016

No. of Shares

% of Total

Shares of

the

company

No. of Shares

% change in share

holding

during the

year

Type

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

51

V. Indebtedness

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

Particulars Secured Loans

excluding deposits

Unsecured Loans

Deposits Total Indebtness

Indebtness at the beginning of the financial year:

i) Principal Amount

ii) Interest due but not paid

iii) Interest accrued but not due

-

-

-

-

-

-

-

-

-

-

-

-

Total(i+ii+iii) - - - -

Change in indebtedness during the financial year:

Addition

Reduction

6,74,50,681.98

-

-

-

-

-

6,74,50,681.98

-

Net Change 6,74,50,681.98 - - 6,74,50,681.98

Indebtedness at the end of the financial year:

i) Principal Amount

ii) Interest due but not paid

iii) Interest accrued but not due

6,74,50,681.98

-

-

-

-

-

-

-

-

6,74,50,681.98

-

-

Total(i+ii+iii) 6,74,50,681.98 - - 6,74,50,681.98

52

VI. Remuneration To Directors and Key Managerial Personnel :

A. Remuneration to Managing Director, Whole-time Directors and/or Manager :

Sr. No. Particulars of Remuneration Name of MD/ WTD

Mr. Jayesh V Madiyar

[CMD]

Total Amount

1. Gross salary 100000 100000

(a) Salary as per provisions contained in section 17(1)of

the Income-tax Act,1961

- -

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

- -

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

- -

2. Stock Option - -

3. Sweat Equity - -

4. Commission - -

- as % of profit - -

- others, specify - -

5. Others, please specify - -

Total (A) 100000 -

Ceiling as per the Act 11% of Net profit

53

B. Remuneration to other directors:

Sr No.

Particulars of Remuneration

Name of Directors

Mr. Vallabhaji Surji Thacker

Mrs. Payal Madiyar

Mrs. Manali Doshi

Mr. Dhaval Danger

1. Independent Directors

Fee for attending Board and Committee Meetings

- - - -

Commission - - - -

Others, specify - - - -

Total(1) - - - -

4. Other Non-Executive Directors

- - - -

Fee for attending board / Committee meetings

- - - -

Commission - - - -

Others, please specify - - - -

Total (2) - - - -

Total (B)=(1+2) - - - -

Total Managerial Remuneration

- - - -

Overall Ceiling as per the Act

- - - -

C. Remuneration to key managerial personnel other than MD/ Manager/ WTD:

Sr. No. Particulars of Remuneration Name of MD/ WTD

Company Secretary

Total Amount

1. Gross salary 60000 60000

(a) Salary as per provisions - -

54

contained in section 17(1)of

the Income-tax Act,1961

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

- -

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

- -

2. Stock Option - -

3. Sweat Equity - -

4. Commission - -

- as % of profit - -

- others, specify - -

5. Others, please specify - -

Total (A) 60000 60000

VII. Penalties / Punishment/ Compounding of Offences:

Type Section of the Companies Act

Brief Description

Details of Penalty/Punishment/

Compounding fees imposed

Authority[RD/

NCLT/COURT]

Appeal made, if any

A. COMPANY

Penalty - - - - -

Punishment - - - - -

Compounding - - - - -

B. DIRECTORS

Penalty - - - - -



55

C. OTHER OFFICERS IN DEFAULT

Penalty - - - - -



By Order of the Board For, Excel Castronics Limited (Jayesh Vallabhaji Madiyar) Chairman & Managing Director DIN: 03045045 Date: 01st September, 2016 Place: Rajkot

56

N O T I C E

Notice is hereby given that 24th Annual General Meeting of members of Excel Castronics Limited will be held on Friday, 30th September 2016 at 11:00 a.m. at the Registered Office of the Company situated at Imperial Heights, B-301/302, 3rd Floor, Opp. Big Bazar, 150 Feet Ring Road, Rajkot, Gujarat - 360005 to transact the following businesses: ORDINARY BUSINESS:

01. Adoption of Audited Financial Statements :

To receive, consider and adopt the Financial Statements of the Company for the financial year ended on 31st March 2016, including Audited Balance Sheet as at 31st March 2016 and the statement of Profit and Loss Account for the year ended on that date along with the reports of Auditors and Directors thereon. 02. Declaration and payment of final dividend for Financial Year 2015-16 :

The Board of Directors of the company in the Board Meeting held on 27th June, 2016 recommended final dividend for the financial year 2015-16, subject to the approval of shareholders, final dividend of Rs.0.15/- on per equity share of Rs. 2/- each. 03. Appointment of Statutory Auditors :

To consider and, if thought fit, to pass the following resolution as an Ordinary Resolution :

“RESOLVED THAT pursuant to the provisions of Section 139 and other applicable provisions, if any, of the Companies Act, 2013 along with applicable rules framed there under (including any statutory modifications, re-enactments or amendments thereof), M/s. A D Vyas & Company, Chartered Accountants (FRN: 113588W) be and are hereby appointed as Statutory Auditors of the Company.” “RESOLVED FURTHER THAT M/s. A D Vyas & Company, Chartered Accountants, (FRN: 113588W) hereby appointed as Statutory Auditors of the Company and shall be entitled to hold the office of the Statutory Auditors of the Company until the conclusion of the ensuing Annual General Meeting and that they shall conduct the Statutory Audit for the period ended 31st March, 2017 on such remuneration as may be fixed by the Board of Directors in consultation with them.” “RESOLVED FURTHER THAT the Board of Directors be and are hereby severally authorised to do all acts, deeds and things necessary in order to give effect to the above resolution.” SPECIAL BUSINESS: 04. To approve appointment of Mr. Jayesh Vallabhaji Madiyar (DIN: 03045045) as a Managing

Director of the Company.

To consider and, if thought fit, to pass the following resolution as an Ordinary Resolution:

57

“RESOLVED THAT pursuant to the provisions of Section 196,197 and Schedule V, other applicable provisions, if any, of the Companies Act, 2013 along with applicable rules framed thereunder (including any statutory modifications, re-enactments or amendments thereof) and resolution passed at the Board Meeting of the Company held on 11th January, 2016 Mr. Jayesh Vallabhaji Madiyar has been re-designated and appointed as Chairman and Managing Director of the Company.” “RESOLVED FURTHER THAT designation of Mr. Jayesh Vallabhaji Madiyar is changed from Whole Time

Director to Chairman and Managing Director with effect from 11th January, 2016.”

“RESOLVED FURTHER THAT pursuant to section 197, schedule V and other applicable provisions of the Companies Act, 2013, Rs.3.00 Lacs p.a. will be payable as managerial remuneration to Mr. Jayesh Vallabhaji

Madiyar subject to the approval of members in the upcoming general meeting of the Company.” “RESOLVED FUTRTHER THAT in terms of definition of ‘Key Managerial Personnel’ provided under Section 2(51) of the Companies Act, 2013, Mr. Jayesh Vallabhaji Madiyar, be and is hereby identified and termed as ‘Key Managerial Personnel’ in relation to the Company.”

05. To Consider appointment of Mrs. Payal Jayeshbhai Madiyar (DIN: 06881586) as a Non-executive Director of the company:

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 152, 161 and all other applicable provisions, if any, of the Companies Act, 2013 and rules framed thereunder (including any statutory modification(s) or re-enactment thereof) Mrs. Payal Jayeshbhai Madiyar(DIN:06881586), who was appointed as an Additional Director of the Company with effect from 01.10.2015 and holds office only up to the date of this Annual General Meeting and in respect of whom the Company has received a notice in writing under section 160 of the Act proposing her candidature for the office of Director of the company, be and is hereby appointed as a Director of the Company, liable to retire by rotation.” 06. To Consider appointment of Mr. Vallabhaji Surji Thacker (DIN: 07071004) as a Non Executive

Director of the company:

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 152, 161 and all other applicable

provisions, if any, of the Companies Act, 2013 and rules framed thereunder (including any statutory modification(s) or re-enactment thereof) Mr. Vallabhaji Surji Thacker (DIN:07071004), who was appointed as an Additional Director of the Company with effect from 01.10.2015 and holds office only up to the date of this Annual General Meeting and in respect of whom the Company has received a notice in writing under section 160 of the Act proposing his candidature for the office of Non-executive Director of the company, be and is hereby appointed as a Non- executive Director of the Company, liable to retire by rotation.”

58

07. To Consider appointment of Mrs. Manali Doshi Kalendu (DIN: 07274207) as a Non-executive

Independent Director of the company:

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 152, 161, 149 and all other applicable provisions, if any, of the Companies Act, 2013 and rules framed thereunder (including any statutory modification(s) or re-enactment thereof) Mrs. Manali Doshi Kalendu (DIN:07274207), who was appointed as an Additional Director of the Company with effect from 01.10.2015 and

holds office only up to the date of this Annual General Meeting and in respect of whom the Company has received a notice in writing under section 160 of the Act proposing her candidature for the office of Independent Director of the company, be and is hereby appointed as an Independent Director of the Company upto the Annual General Meeting of Financial year 2020- 21.” 08. To Consider appointment of Mr. Dhaval Pravinbhai Dangar (DIN: 07274213) as a Non-executive

Independent Director of the company:

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 152, 161, 149 and all other applicable provisions, if any, of the Companies Act, 2013 and rules framed thereunder (including any statutory modification(s) or re-enactment thereof) Mr. Dhaval Pravinbhai Dangar (DIN:07274213), who was appointed as an Additional Director of the Company with effect from 01.10.2015 and holds office only up to the date of this Annual General Meeting and in respect of whom the Company has received a notice in writing under section 160 of the Act proposing his candidature for the office of Independent Director of the company, be and is hereby appointed as an Independent Director of the Company upto the Annual General Meeting of Financial year 2020- 21.”

Place: Rajkot Date: 01st September 2016 Reg. office: Imperial Heights, B-301/302, 3rd Floor, Opp. Big Bazar, 150 Feet Ring Road, Rajkot - 360005

CIN: L24111GJ1992PLC018192 (E) [email protected] (W) www.excelcastronics.com

By order of the Board For, EXCEL CASTRONICS LIMITED JAYESH V.I MADIYAR Chairman and Managing Director DIN: 03045045

NOTES:


59

1. A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote instead of him/her self and the proxy need not be the member of the company. A person can act as proxy on behalf members not exceeding 50 (fifty) and holding in aggregate not more than 10% (ten per cent) of share capital of the Company. However a member holding more than 10% (ten per cent) of share capital in company may appoint a single person as proxy and in such case proxy shall not act as proxy for any other member.

2. A form of proxy is herewith attached. The proxies in order to be effective must be submitted at the

registered office of the company not less than 48 hours before the commencement of the meeting duly signed by the member. Proxies submitted on behalf of the Companies, Societies etc. must be supported by an appropriate resolution/ authority, as applicable. Members/ proxies/ authorized representative are requested to bring the attendance slip sent herewith, duly filled in for attending the meeting.

3. In case of joint holders, only a 1st Joint holder will be permitted to vote.

4. The Register of Members and share transfer books of the company will remain closed on

September 24, 2016 in connection with ensuing Annual General Meeting, entitlement of dividend and entitlement of voting rights for Annual General Meeting of Financial Year 2015-16.

5. The Statement pursuant to section 102 of Companies Act 2013.

6. Members are requested to inform the company of any change in their addresses immediately so as

to enable the Company for any further communication at their correct addresses.

7. The Companies Act provides nomination facility to the members. As a member of the Company you have an option to nominate any person as your nominee to whom you shares shall vest in case of unfortunate event of death. It is advisable to avail this facility especially by the members holding shares on single name. This nomination would avoid process of acquiring rights in shares through transmission. In case of joint holders, nomination shall be effective only on deal of the all the joint holders.

8. Members seeking any information or clarification on the accounts are requested to send written

quarries to the Company; at least 10 days before the meeting to unable the management keep the required information available at meeting.

9. Annual Report for the Financial year 2015-16 of the company has been uploaded on website of the

Company www.excelcastronics.com

10. All documents referred to in the accompanying notice and the explanatory statement shall be open for inspection at the registered office of the Company during normal business hours up to the date of and during the Annual general Meeting.

11. Electronic copy of the Notice along with Annual Report including remote E Voting instructions,

Attendance Slips, Proxy Form is being sent to all the members whose emails id are registered with


60

the Company / Depository Participants for communication purpose. For members who have not registered their email ids, physical copy of notice along with Annual Report including remote E Voting instructions, Attendance Slips, Proxy Form is sent by permitted mode of dispatch.

12. For protection of environment and to conserve natural resources, members are requested to

register their emails, with Company / RTA or Depository Participant to enable company to send communication including Annual Report, notices, circulars etc. electronically.

13. Members holding shares in physical form in multiple folios on the same name and in the same

order are requested to consolidate all their folios. For this purpose, application may be submitted to M/s Purva Sharegistry India Pvt. Ltd.

14. In terms of section 108 of Companies Act 2013 read with Companies (Management and

Administration) Rules 2014, as amended from time and time and as per Clause 44 of SEBI (Listing Obligation and Disclosure Requirements), Regulations 2015, the Company is pleased to provide the e voting facility through Central Depository Services Limited (CDSL) to its members holding shares in physical or dematerialized form, as on cutoff date to exercise their right to vote by electronic means on any or all of the business specified in the accompanying notice.

This is to clarify that it is not mandatory for a member to vote using the E voting facility and a member may avail the facility at his / her discretion, subject to compliance with the instruction for Remote E Voting. Further in case of Members who are entitled to vote, amongst members present in person at the meeting, but have not exercised right to vote by electronics means, the Chairman of the Company shall allow voting by way of poll in terms of Rule 20(4)(xi) of the said rules for the business specified in the accompanying notice. It is specifically clarified that members who have exercised their right to vote by remote electronics means shall not be eligible to vote by way of poll at the meeting as per proviso to Rule 20(4)(vii). The Information with respect to voting process and other instructions regarding remote e-voting are detailed in note no. 20.

15. CS (Ms.) Nayna Parasmalji, Practising Company Secretary, (ACS: 32833) has been appointed as Scrutinizer to scrutinize voting and remote e voting process in fair and transparent manner.

16. The Scrutinizer shall within a period not exceeding 3 (three) working days from the conclusion of

the AGM make a Consolidated Scrutinizer’s Report of the votes cast in favour or against, if any, and submit the same to the Chairman of the meeting or a person so authorized by him in writing, who shall countersign the same.

17. The results shall be declared forthwith by the Chairman or a person so authorized by him in

writing on receipt of report from the Scrutinizer. The Results declared along with Scrutinizer’s Report shall be placed on the Company’s website www.excelcastronics.com and on the website of CDSL and shall also be communicated to the BSE Limited.


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18. The resolutions shall be deemed to be passed on the date of the Annual General Meeting, subject

to the same being passed with requisite majority.

19. Voting process and other instructions regarding Remote E Voting: Section A: Voting Process

The members should follow the following steps to cast their votes electronically: Step 1: Open your web browser during the voting period and log on to the e-voting Website: www.evotingindia.com Step 2: Click on “Shareholders” to cast your vote(s). Step 3: Please enter User ID – a) For account holders in CDSL: Your 16 digits beneficiary ID. b) For account holders in NSDL: Your 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. Step 4: Enter the Image Verification as displayed and Click on “Login”. Step 5: If you are holding shares in demat form and had logged on to www.evotingindia.com and

voted on an earlier voting for any company, then your existing password is to be used. If you have forgotten the password, then enter the User ID and the image verification code and click on “Forgot Password” and enter the details as prompted by the system. Step 6: Follow the steps given below if you are a first time user either holding shares in Demat or Physical form: 6.1 (a) Enter your 10 digit alpha-numeric PAN issued by Income Tax Department (Applicable for both, members holding shares in physical or dematerialized form) Members holding shares in physical form and who have not updated their PAN or have incorrect PAN with the Company are requested to use the first two letters of their name and the 8 digits of the sequence number in the PAN field. If the sequence number is less than 8 digits, enter the applicable number of 0’s before the number after the first two characters of your name in CAPITAL letters. E.g. If your name is SATISH SHAH with sequence number 3 then enter SA00000003 in the PAN field. 6.1 (b) Enter the Date of Birth (DOB) as recorded in your demat account or registered with the Company for the said demat account or folio in dd/mm/yyyy format. 6.1 (c) Enter the Dividend Bank Details (account number) as recorded in your demat account or registered with the Company for the said demat account or folio. #

http://www.evotingindia.com/


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# please enter either the DOB or Dividend Bank Details in order to login. If the details are not recorded with the depository or Company, please enter the member id / folio number in the Dividend Bank details field as mentioned in Step 3. 6.2 After entering these details appropriately, click on “SUBMIT” tab. 6.3 For Demat holding:

Members holding shares in demat form will now reach “Password Creation” menu wherein they are required to create 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.

For Physical holding:

Members holding shares in physical form will then directly reach the Company selection screen. For Members holding shares in physical form, the details can be used only for e-voting on the resolutions contained in this Notice. Step 7: Click on the EVSN in the name of the Company i.e. “EXCEL CASTRONICS LIMITED” to vote. Step 8: 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 for casting your vote. Step 9: Click on Resolution File link if you wish to view the Notice. Step 10: 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. Step 11: Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote. You can also take print-out of the voting done by you by clicking on “Click here to print” option on the Voting page. Section B: Other instructions regarding Remote e-voting

i) The Remote e-voting period shall commence on Tuesday, 27th September, 2016 at 09.00 am and

shall end on Thursday 29th September 2016 at 05.00 pm. During this period, Members of the Company, holding shares either in physical form or in dematerialized form, as on the cut-off date 24th September, 2016, may cast their votes electronically. The e-voting module shall be disabled for voting thereafter.

ii) Institutional Shareholders (i.e. members other than Individuals, HUF, NRI, etc.) are additionally requested to note and follow the instructions mentioned below, if they are first time user.

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- Institutional Shareholders and Custodians are required to log on to www.evotingindia.com and register themselves as Corporate.

- A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed 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 user wishes 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.

iii. Institutional Shareholders (i.e. members other than Individuals, HUF, NRI, etc.) are required to upload the following in PDF format in the system for the scrutinizer to verify the same

- Copy of the Board Resolution (where institution itself is voting). - Power of Attorney issued in favour of the Custodian (if PoA is not uploaded earlier) as well

as Board Resolution of custodian. iv. Once the vote on a resolution is cast by a member, the member shall not be allowed to change it subsequently or cast the vote again. v. Members holding shares under multiple folios / demat accounts shall choose the voting process separately for each of the folios / demat accounts. vi. 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]





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Explanatory Statement (Pursuant to section 102 of the Companies Act, 2013) Item No. 4: To approve appointment of Mr. Jayesh Vallabhaji Madiyar (DIN: 03045045) as Chairman Managing Director of the Company.

As earlier Mr. Jayesh Vallabhaji Madiyar was appointed as Whole Time Director of the company. The Board of Directors of the company the company is required to appoint a Managing Director who does have sound knowledge and ability to deal with crucial affairs of the Company such as frequent deals of Castor oil, cashew nuts, cardamom, expansion plans and funding of expansions, etc. Moreover, Mrs. Manali Doshi Kalendu suggested that to appoint Mr. Jayesh Vallabhaji Madiyar, Whole Time Director of the Company simultaneously as Chairman and Managing Director of the Company. The Board has re-designated Mr. Jayesh Vallabhaji Madiyar as Chairman and Managing Director in the meeting of

Board of directors held on 11th January, 2016.The Board has also approved the remuneration as per following:

1. Salary: Rs.300000 (Rupees Three Lacs) Per annum.

2. Minimum Remuneration:

Notwithstanding anything to the contrary contained herein, where, in any financial year during the currency of the tenure of Mr. Jayesh Vallabhaji Madiyar, the Company has no profits or its profits are inadequate, the Company will pay remuneration to the maximum as laid down in Section II of Part II of Schedule V to the Companies Act, 2013 as minimum remuneration. As the terms of appointment and the remuneration proposed are in conformity with the relevant provisions of the Companies Act, 2013, read with Schedule V to the said Act.

No other Director other than Mr. Vallabhaji Madiyar and Mrs. Payal Madiyar, Directors, key managerial personnel or their relatives are concerned or interested in the said resolution.

The Members are requested to pass the resolution as ordinary resolution as stated in Item no.04.

Item no. 05 To Consider appointment of Mrs. Payal Jayeshbhai Madiyar (DIN: 06881586) as a Non-executive Director of the company:

It is proposed to appoint Mrs. Payal Jayeshbhai Madiyar as a non executive director under applicable section of the Companies Act, 2013.Mrs. Payal Jayeshbhai Madiyar is not disqualified to from being appointed as director in terms of Section 164 of the Companies Act, 2013 and have given her consent to act as Director. The Company has received notice in writing from members along with the deposit of requisite amount under section 160 of the Companies Act, 2013 proposing the candidatures of Mrs. Payal Jayeshbhai Madiyar fulfill the conditions for appointment as Director as specified in the Act.

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Mr. Jayesh Vallabhaji Madiyar and Mrs. Payal Jayeshbhai Madiyar are interested in the aforesaid resolution.


Item no.06 To Consider appointment of Mr. Vallabhaji Surji Thacker (DIN: 07071004) as a Non Executive Director of the company:

It is proposed to appoint Mr. Vallabhaji Surji Thacker as a non executive director under applicable section of the Companies Act, 2013. Mr. Vallabhaji Surji Thacker is not disqualified from being appointed as director in terms of Section 164 of the Companies Act, 2013 and have given his consent to act as Director. The Company has received notice in writing from members along with the deposit of requisite amount under section 160 of the Companies Act, 2013 proposing the candidatures of Mr. Vallabhaji Surji Thacker fulfill the conditions for appointment as Director as specified in the Act. Mr. Jayesh Vallabhaji Madiyar and Mr. Vallabhaji Surji Thacker are interested in the aforesaid resolution.


Item no.07 To Consider appointment of Mrs. Manali Doshi Kalendu (DIN: 07274207) as a Non-executive Independent Director of the company:

It is proposed to appoint Mrs. Manali Doshi Kalendu as a non executive independent director under applicable section of the Companies Act, 2013. Mrs. Manali Doshi Kalendu is not disqualified from being appointed as director in terms of Section 164 of the Companies Act, 2013 and have given her consent to act as Director. The Company has received notice in writing from members along with the deposit of requisite amount under section 160 of the Companies Act, 2013 proposing the candidatures of Mrs. Manali Doshi Kalendu fulfill the conditions for appointment as Director as specified in the Act. No director, Key Managerial Personnel is interested other than Mrs. Manali Doshi Kalendu to whom the resolution relates


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Item no.08 To Consider appointment of Mr. Dhaval Pravinbhai Dangar (DIN: 07274213) as a Non-executive Independent Director of the company:

It is proposed to appoint Mr. Dhaval Pravinbhai Dangar as a non executive independent director under applicable section of the Companies Act, 2013. Mr. Dhaval Pravinbhai Dangar is not disqualified from

being appointed as director in terms of Section 164 of the Companies Act, 2013 and have given his consent to act as Director. The Company has received notice in writing from members along with the deposit of requisite amount under section 160 of the Companies Act, 2013 proposing the candidatures of Mr. Dhaval Pravinbhai Dangar fulfill the conditions for appointment as Director as specified in the Act. No director, Key Managerial Personnel is interested other than Mr. Dhaval Pravinbhai Dangar to whom the resolution relates The Members are requested to pass the resolution as ordinary resolution as stated in Item no.08 Brief profiles of the directors eligible for appointment or re-appointment vide item no.5,6,7 & 8.

Name of the Director Mrs. Payal Jayeshbhai Madiyar

Date of birth 28/06/1974

Relationship with Directors Wife of Jayesh Vallabhaji Madiyar, CMD of the company

Expertise in specific Functional area Human Resource Management

Qualifation Graduate

Board Membership of Companies as on 31 March, 2016

Nil

Chairman/Member of the Committee of the Board of Directors as on 31 March, 2016

Nil

Number of shares held as on 31 March, 2016

1490764

Name of the Director Mr. Vallabhaji Surji Thacker


Relationship with Directors Father of Jayesh Vallabhaji Madiyar, CMD of the company

Expertise in specific Functional area Finance and accounts

Qualifation Under Graduate


Nil


Nil

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500514

Name of the Director Mrs. Manali Doshi Kalendu


Relationship with Directors Nil

Expertise in specific Functional area Finance and accounts

Qualifation Inter CA


Nil


Nil


Nil

Name of the Director Mr. Dhaval Pravinbhai Danger


Relationship with Directors Nil

Expertise in specific Functional area Information Technology

Qualifation Graduate


Nil


Nil


Nil

Date: 01st September, 2016

By order of the board, Place: Rajkot For, Excel Castronics Limited Jayesh Madiyar Chairman and Managing Director DIN: 03045045

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To, Excel Castronics Limited

Imperial Heights, B -301/302, Opp. Big Bazar, 150 Feet Ring Road, Rajkot – 360005, Gujarat, India. Email id: [email protected] Website: www.excelcastronics.com CIN: L24111GJ992PLC018192 24th Annual General Meeting – 30th September, 2016 ATTENDENCE SLIP This attendance slip duly filled in is to be handed over at the entrance of the meeting hall. For Demat Shares For physical Shares

DP ID: Folio No:

Client ID: Nos. of shares held:

Full Name of the Member attending:__________________________________________ Name of the proxy:__________________________________________________________ (To be filled in if proxy has been duly deposited with the Company) I, hereby record my presence at the 24th Annual General Meeting of the company to be held on Friday, 30th September, 2016 at 11.00 a.m. at Imperial Heights, B 301/302, Opp. Big Bazar, 150 Feet Ring Road, Rajkot -360005, Gujarat, India – 360005. ___________________________________ (Members’ / Proxy’s signature) (To be signed at the time of handing over this slip) *Persons attending the Annual General Meeting are required to bring their Annual Report.



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[Pursuant to section 105 (6) of the Companies Act, 2013 and rule 19 (3) of the Companies (Management and Administration) Rules, 2014] Excel Castronics Limited

Imperial Heights, B -301/302, Opp. Big Bazar, 150 Feet Ring Road, Rajkot – 360005, Gujarat, India. Email id: [email protected] Website: www.excelcastronics.com CIN: L24111GJ992PLC018192 24th Annual General Meeting – 30th September, 2016 PROXY FORM

Name of the member (s):_______________________________________________________________ Registered address: ___________________________________________________________________ E-mail Id: ___________________________________________________________________________ Folio No. / Client Id: _________________________________________________________________ DP Id: _______________________________________________________________________________ I/ We, being the member of _____________ Equity shares of Excel Castronics Limited, here by appoints:

Name: Email id:

Address:

Signature:

Or failing him / her

Name: Email id:

Address:

Signature:

Or failing him / her

Name: Email id:

Address:

Signature:

as my/ our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 24th Annual

General Meeting of the Company, to be held on the Friday, 30th September, 2016 at 11.00 a.m. at Imperial

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Heights, B 301/302, Opp. Big Bazar, 150 Feet Ring Road, Rajkot – 360005, Gujarat, India and at any adjournment thereof in respect of such resolutions as are indicated overleaf:

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Sr. No. Resolution Vote

Ordinary Business For Against Abstain

1. Adoption of the Financial Statements of the Company and reports of the Auditors and the Directors thereon for the Financial Year 2015-16.

2. To approve the final dividend for the F.Y.2015-16 as recommended by Board of Directors.

3. Appointment of Statutory Auditor

4. To approve the Appointment of Managing Director

5. To consider appointment of Mrs. Payal Jayeshbhai Madiyar as a Non executive director

6. To consider appointment of Mr. Vallabhaji Surji Thacker as a Non executive director

7. To consider the appointment of Mrs. Manali Doshi Kalendu as a Non executive director independent director

8. To consider the appointment of Mr. Dhaval Pravinbhai Dangar as a Non executive director independent director

Signed this ____________ day of ________________, 2016 Signature of Member(s) Signature of Proxy Holder Notes:

1. For the resolutions, Explanatory Statement and Notes, please refer to the Notice of the 24th Annual General Meeting.

2. This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company, not less than 48 hours before the commencement of the Meeting.

Affix Revenue Stamp

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3. A Proxy need not be a member of the Company.

4. It is optional to indicate your preference. If you leave ‘for’, ‘against’ or ‘abstain’ column blank against any or all of the resolutions, your proxy will be entitled to vote in any manner as he/she may deem appropriate. Route Map:

Direction towards “Excel Castronics Limited”-The Imperial Heights, Rajkot.

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