ADARSH PLANT PROTECT LIMITED Date: 30th July, 2016 (NAISHADBHAI PATEL) ... offer herself for reappointment. Her brief resume is provided in the Corporate Governance Report forming

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N O T I C E

Notice is hereby given that the 24th Annual General Meeting of the Shareholders of ADARSH PLANT PROTECT LIMITED‚ will be held at Plot No. 604, G.I.D.C. Estate, Vithal Udyognagar, Anand – 388 121 on 9th day, of September, 2016 at 11.00 A. M. to transact the following business:

ORDINERY BUSINESS:• Toreceive,considerandadopttheAuditedFinancialStatementconsistingofBalanceSheet,ProfitandLossAccountandCashFlow

Statement for the year ended on 31st March, 2016 together with Board’s Report and Auditors’ Report thereon.• To appoint a Director in place of Mrs. Jyotikaben N Patel (DIN : 00084068) who retire by rotation and being eligible, offers herself

for re-appointment.• ToratifytheappointmentofStatutoryAuditorsandfixtheirremuneration.

SPECIAL BUSINESS:

• Topasswithorwithoutmodification,followingResolutionasanOrdinaryResolution.

“Resolved that pursuant to the provisions of section 149, 152 read with schedule IV and all other applicable provisions of the Companies Act, 2013 and the Companies (Appointment and Qualifications of Directors) Rules, 2014 (including any statutorymodification(s)or re-enactment thereof for the timebeing in force)andRegulation17&25of theSEBI (ListingObligationsandDisclosure Requirements) Regulations, 2015, Mr. Lalji Darji (DIN 00229677) who was appointed as an Additional Director of the Companywitheffectfrom6thNovember,2015bytheBoardofDirectorsandholdsofficeuptothedateofthisAnnualGeneralMeetingunder section 161 of the Companies Act, 2013 (“the act”), be and is hereby appointed as an Independent Director of the Company toholdofficefor5(five)consecutiveyearsforatermuptotheconclusionof29thAnnualGeneralMeetingoftheCompanyinthefianancialyearendingon31stMarch2021.”

By order of the Board of Directors ADARSH PLANT PROTECT LIMITEDDate: 30th July, 2016 (NAISHADBHAI PATEL)Place: Vithal Udyognagar Chairman DINNO.00082749NOTES:1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND

VOTE INSTEAD OF HIMSELF AND A PROXY NEED NOT BE A MEMBER OF THE COMPANY. A PROXY IN ORDER TO BE EFFECTIVE, MUST BE LOGDED AT THE REGISTERED OFFICE OF THE COMPANY NOT LESS THAN 48 HOURS BEFORE THE TIME OF THE MEETING.A PERSON CAN ACT AS PROXY FOR ONLY 50 MEMBERS AND HOLDING IN AGGREGATE NOT MORE THAN 10 PERCENT OF THE TOTAL SHARE CAPITAL OF THE COMPANY CARRYING VOTING RIGHTS. MEMBER HOLDING MORE THAN 10 PERCENT OF THE TOTAL SHARE CAPITAL OF THE COMPANY CARRYING VOTING RIGHTS MAY APPOINT A SINGLE PERSON AS PROXY AND SUCH PERSON SHALL NOT ACT AS PROXY FOR ANY OTHER MEMBER.

2. The Register of Members and the Share Transfer Books will remain closed from 3rd September, 2016 to 8th September, 2016 (both days inclusive).

3. In case of joint holders attending the meeting, only such joint holder who is higher in the order of names will be entitled to vote.4. In terms of section 152 of the Companies Act, 2013, Mrs. Jyotikaben N Patel (DIN: 00084068 ) Director of the Company retire by

rotation at the meeting and being eligible, offer herself for reappointment. Her brief resume is provided in the Corporate Governance Report forming part of the Annual Report.

5. Members are requested to:(a) Intimate to the Company change, if any, in their address immediately.(b) Quote their Registered Folio No. or Demat Account No. in all correspondence with the Company.(c) MemberswhoareholdingphysicalSharesinmorethanoneFolioarerequestedtointimatetotheCompany/Registrar&Share

Transfer Agents and the details of all their Folio Numbers for consolidation in to a single Folio.(d) MemberswhoholdSharesindematerializedformarerequestedtobringtheirClientIDandDPIDnumbersforeasyidentification

of attendance at the Meeting.(e) Bring the attendance slip along with the copy of Annual Report at the meeting.(f) In view of the high cost of the paper and printing, the practice of handing out copies of Annual Report has been discontinued.

Shareholders are therefore requested to bring their copies of the Report to the Meeting.(g) Those members who have not registered their e-mail address so far, are requested to register their e-mail address for receiving all

communication including Annual Report, Notices ,Circulars etc. from the Company electronically.6. VOTING THROUGH ELECTRONIC MEANS: In compliance with provisions of section 108 of the Companies Act,2013 and Rule 20 of the Companies (Management and

Administration) Rules, 2014 as amended by the Companes (Management and Admiministration) Amendment Rules, 2015 and Regulation 44 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company is pleased to providemembersfacilitytoexercisetheirrighttovoteonresolutionsproposedtobeconsideredatthe24th Annual General Meeting (AGM) by electronic means and the business may be transacted through e-Voting (Remote E-Voting) Service. The facilitiy of casting the votes by the members using and electronic voting system from a place other than venue of the AGM (“remote e-voting”) will be provided by National Securities Depository Limite (NSDL)

The facility for voting through ballot paper shall be made available at the AGM and the members attending the meeting who have notcasttheirvotebyremotee-votingshallbeabletoexcercisetheirrightatthemeetingthroughballotpaper.

The members who have cast their vote by remote e-voting prior to the AGM may also attend the AGM but shall not be entitled to cast their vote again.

The remote e-voting commences on 6th Septemebr, 2016 (10:00 am) and ends on 8th September, 2016 (5:00 pm). During this period members’ of the Company, holding shares either in physical from or in dematerialized from as on the cut-off date of 2nd Septemebr, 2016, may cast their vote by remote e-voting. The remote e-voting module shall be disabled by NSDL For voting thereafter. Once the vote on a resoulution is cast by the member, the member shall not be allowed to change it subsequently.

The instruction for e-voting is as under: A. In case a Member receives an email from NSDL [for members whose email ID are registered with the Company/Depository

Participants]:(i) OpenemailandopenPDFfileviz,“adarshplant.pdf”withyourClientIDorFolioNo.asPassword.ThesaidPDFfilecontainsyour

User ID and Password for e-voting. Please note that the password is initial password.

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(ii) Launch internet browser by typing the following URL : https://www.evoting.nsdl.com(iii) Click on Shareholder – Login.(iv) Put User ID and Password as initial Password noted in step (i) above. Click Login.(v) Password change menu appears. Change the Password with new Password of your choice with minimum 8 digits/characters or

combination thereof. Note new Password. It is strongly recommended not to share your Password with any other person and take utmostcaretokeepyourpasswordconfidential.

(vi) Home page of e-voting opens. Click on e-voting: Active Voting Cycles.(vii) Select “EVEN” OF ADARSH PLANT PROTECT LIMITED.(viii) Now you are ready for e-voting as Cast Vote page opens.(ix) Cast your vote by selecting appropriate option and click on “SUBMIT” and also “CONFIRM” when prompted.(x) Uponconfirmationthemessage“Votecastsuccessfully”willbedisplayed.(xi) Once you have voted on the resolution, you will not be allowed to modify your vote.(xii) Institutional shareholders (i.e. other than individuals, HUF, NRI etc.) are required to send scanned copy (PDF/JPG Format) of the

relevant Board Resolution / Authority letter etc. together with attested specimen signature of the duly authorized signatory(ies) who are authorized to vote, to the Scrutinizer through e-mail to [email protected] with a copy marked to [email protected]

B. In case a Member receives physical copy of the Notice of AGM [for members whose email IDs are not registered with the Company / Depository Participants or requesting physical copy]:

(i) Initial Password is provided at the attachment with Annual Report of the Company.(ii) PleasefollowallstepsfromSINo.(ii)toSINO.(xii)above,tocastvote.(iii) In case of any queries, you may refer the Frequently Asked Questions (FAQs) for Shareholders and e –voting user manual for

Shareholders available at the Downloads section of www.evoting.nsdl.com or call on toll free no.: 1800-222-990.(iv) IfyouarealreadyregisteredwithNSDLfore-votingthenyoucanuseyourexitinguserIDandPasswordfor castingyourvote.(v) Youcanalsoupdateyourmobilenumberande-mailidintheuserprofiledetailsofthefoliowhichmaybeusedforsendingfuture

communication(s). (vi) The voting rights of Members shall be in proportion to their shares of the paid up equity share capital of the Company as on the

cut-off date of 2nd September, 2016.(vii) Any person, who acquires shares of the Company and become Member of the Company after dispatch of the notice and holding

shares as of the cut-off date i.e. 2nd September, 2016 may obtain the login ID and password by sending a request at [email protected] or RTA.

However,ifyouarealreadyregisteredwithNSDLforremotee-votingthenyoucanuseyourexistinguserIDandPasswordforcasting your vote. If you forgot your Password, you can reset your Password by using “Forgot User Details/Password” option available on www.evoting.nsdl.com or contact NSDL at the following toll free no.:1800-222-990.

(viii) AmembermayparticipateintheAGMevenafterexercisinghisrighttovotethroughremotee-votingbutshallnot be allowed tovote again at the AGM.

(ix) Aperson,whosenameisrecordedintheregisterofmemebersorintheregisterofbeneficialownersmaintainedbythedepositoriesas on the cut-off date only shall be entitled to avail the facility of remote e-voting as well as voting at the AGM through ballot paper.

(x) D.G.BHIMANI &ASSOCIATES, Practicing Company Secretaries has been appointed as Scrutinizer to scrutinize the e-votingprocess in a fair and transparent manner.

(xi) The chairman shall, at the AGM, at the end of discussion on the resolutions on which casting is to be held allow voting with the assistance of scrutinizer, by use of Ballot Paper for all those members who are present at the AGM but have not cast thier votes by availing the remote e-voting facility.

(xii) TheScruitinizershallaftertheconclusionofvotingatthegeneralmeeting,willfirstcountthevotescastatthemeetingandthereafterunblock the votes cast through remote e-voting in the presence of at least two witnesses not in the employment of the Company and shall make, not later than two days of the couclusion of the AGM a consilidated scruitinizer’s report of the total votes cast in favour or against, if any, to the Chairman or a person authorized by him in writing, who shall countersign the same and declare the result of the voting forthwith.

(xiii) The Results declared alongwith the report of the Scruitnizer shall be placed on the website of the Company www.adarshplant.com and on the website of NSDL immediately after the delclaration of result by the Chairman or a person authorized by him in writing. The resuilts shall also be immediately forwarded to the BSE Limited, Mumbai.

EXPLANATORY STATEMENT PURSUANT TO SECTION 102(1) OF THE COMPANIES ACT, 2013. ITEM NO. 4Mr.LaljiDarjiwasappointedasanAdditionalDirectorwitheffectfromNovember06,2015.AsAdditionalDirectorheholdsofficeasaDirector up to this annual general meeting of the shareholders of the Company.ItisproposedtoappointMr.LaljiDarjiasIndependentProfessionalDirectorundersection149/152oftheActtoholdofficefor5(Five)consecutiveyearsforatermuptotheconclusionof29thAnnualGeneralMeetingoftheCompanyinthefinancialyearendingon31stMarch 2021.As per the current provisions of section 149(10) of the Companies Act, 2013 and Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, independent directors are permitted to be appointed for a consecutive period of up to 5 years without being liable to retire by rotation.Mr.LaljiDarjiisnotdisqualifiedfrombeingappointedasDirectorintermsofsection164oftheActandhasgivenhisconsenttoactasDirector and all necessary disclosures are been received by the Company.The Company has received notice in writing from a member along with deposit of requisite amount under section 160 of the Act proposing thecandidatureofMr.LaljiDarjifortheofficeofDirectoroftheCompany.In theopinionof theBoard,Mr. LaljiDarji fulfills the conditions for appointment as IndependentDirector as specified in theAct, theregulation 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Mr. Lalji Darji is independent of the management.BriefprofileofMr.LaljiDarji,natureofhisexpertiseinspecificfunctionalareasandnamesofCompaniesinwhichheholdsdirectorshipsand memberships / chairmanships of Board committees, shareholding and relationships between directors interse as stipulated under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is provided in report of corporate governance which forms part of this report.NoneoftheDirectors/KeyManagerialPersonneloftheCompany/theirrelativesare,inanyway,concernedorinterested,financiallyorotherwise, in these resolutions. The Board recommends to pass this resolution in the interest of the Company.

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BOARD’S REPORTDear Members,Your Directors have pleasure in presenting 24th Annual Report together with the Audited Accounts of the Company for the year ended on 31st March 2016.

FINANCIAL RESULTSTheSummeryofthefinancialperformanceoftheCompanyfortheyearended31st March, 2016 compared to the previous year is as below: (Rs. in Lacs)

Sr. No Particulars 2015-16 2014-15

1 Turnover 983.24 885.99

2 Other Income 2.45 5.86

3 Total Income 985.69 891.85

4 Profit/(Loss)BeforeDepreciation,InterestandTax 56.45 (13.9)

Less/Add : Interest 46.50 53.12

Depreciation 6.50 5.65

5 Profit/(Loss)BeforeTaxation 3.45 (72.67)6 IncomeTax --- ---

7 Profit/(Loss)AfterTaxation 3.45 (72.67)8 Prioryear’sExpenses --- ---

9 Profit/(Loss)fortheyear 3.45 (72.67)

CURRENT YEAR PERFORMANCETheBoardfeelspleasuretotellthemembersthatdespiteofadversemarketconditionyourCompanyhasmanagedtomakeprofitthisyear.TheturnoveroftheCompanyhasincreasedfromRs.885.99Lakhsto983.24Lakhsincurrentfinancialyeari.e.increaseof97.25lakhsinturnoverwhichhelpedyourCompanytomakeprofitthisyearalsothefinancialandothercostswentdown.This year sales of all the products has increased as a result of your Company continues efforts to grow the company and sell the product atgoodmargineandtheresultsareshowingintermsofprofitdespiteoflossof72.67lakhslastyear.Asaresultofthegrowthandforfurther betterment of your Company, this year your company is in process to open a new unit for Barrel Division.DIVIDENDIn view of further growth and fund requirement in your Company your Directors do not recommend dividend on Equity Shares for the year ended on 31st March, 2016.SHARE CAPITALThe paid up Equity Share Capital as on March 31, 2016 was Rs. 99,115,000. During the year under review, the Company has not issued shares with differential voting rights nor granted stock options nor Sweat Equity.BOARD OF DIRECTORS & KMPMrs. Jyotikaben N. Patel will retire by rotation at the ensuring Annual General Meeting and being eligible, offer herself for reappointment.During the year Mr. Kiranbhai Patel, Independent Director resigned on 10th October, 2015 due to his preoccupation and Mr. Laljibhai Darji was appointed as additional Director in his place on 6thNovember,2015toholdofficetillthisAGM.Approvalofmembersisbeingsoughtto appoint him as Independent Director of the Company. Also Mr. Shantidutt J Parmar was discontinued working as CFO from 12th August, 2015 and in his place appointment of Mr. Amit R Suthar was made on same date.All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013.During the year Four Board Meetings and four Audit Committee meetings were convened and held. The details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.The annual evaluation of all Directors, Board as whole and committees was conducted based on the criteria and framework set by the Board.DIRECTORS RESPONSIBILITY STATEMENTPursuanttoSection134(3)(c)readwithSection134(5)oftheCompaniesAct,2013,DirectorsofyourCompanyherebystateandconfirmthat: (a) in the preparation of the annual accounts for the year ended on 31st March, 2016, the applicable accounting standards had been

followedalongwithproperexplanationrelatingtomaterialdepartures;(b) the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are

reasonableandprudentsoastogiveatrueandfairviewofthestateofaffairsoftheCompanyattheendofthefinancialyearandoftheprofitandlossoftheCompanyforthatperiod;

(c) theDirectorshad takenproperandsufficientcare for themaintenanceofadequateaccounting records inaccordancewith theprovisionsofthisActforsafeguardingtheassetsoftheCompanyandforpreventinganddetectingfraudandotherirregularities;

(d) theDirectorshadpreparedtheAnnualAccountsonagoingconcernbasis;(e) theDirectors,asinthecaseofaListedCompany,hadlaiddowninternalfinancialcontrolstobefollowedbytheCompanyandthat

suchinternalfinancialcontrolsareadequateandwereoperatingeffectively.(f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems

were adequate and operating effectively.CORPORATE GOVERNANCETheReportonCorporateGovernancealongwithaCertificateofcompliancefromthePracticingCompanySecretariesandManagementDiscussion and Analysis Report forms part of this Report.

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CODE OF CONDUCTYour Company has formulated Code of Conduct for it’s Directors, Senior Management and the Employees of the Company. All the Directors, Senior Management and the Employees have complied with this Code for the Financial Year 2015-16.A declaration for compliance with this Code of Conduct has been given by Chairman of the Company and such declaration forms part of this report.AUDITORS AND AUDITOR’S REPORTa. Statutory Auditor:TheCompany’sAuditorM/SMukund&Rohit,CharteredAccountants,Vadodarahavingregistrationno.113375WwereappointedastheAuditortoholdofficeuptotwoyearsat23rdAGM.AsrequiredundertheCompaniesAct,2013,yourDirectorsrecommendtoratifytheirappointmentasStatutoryAuditorsoftheCompanyforF.Y.2016-17.TheAuditorsReportfortheyearunderreviewhasoneremarkwhichsays,Inouropininon,theaforsaidfinancialstatementcomplywiththeAccountingStandardsexceptGratuityasperAccountingStandard-15“EmployeeBenefits”,whereinvaluationofgratuityisnotdoneasperactuarialvaluation,specifiedunderSection133oftheAct,readwithRule7oftheCompanies(Account)Rules,2014.ExplanationofBoardforthesameis:TheCompanyhasprovidedprovisionsforgratuityonestimatedbasiswhichwasRs.98,429/-andafterManagementestimationtheprovisionwhichhadtobemadewasRs.91,224/-.Companywillgiveeffectofthisinnextyear.AlsotheCompany is in process of getting actuarial valuation. b. Secretarial Auditor: According to the provision of Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personal) Rules, 2014, the Board has appointed Mr. D. G. Bhimani, Practicing Company Secretary for Secretarial Audit for theFinancialYear2015-16.TheSecretarialAuditReportisannexedherewithasAnnexure- 1.The remarksor commnet referred inSecretarialAudit report forFY2015-16 isselfexplanatoryand there isnoneed forany furthercomments.INSURANCEThe whole properties of the Company have been insured properly and the Company has taken necessary general insurance. EXTRACT OF THE ANNUAL RETURNTheDetailsformingpartoftheextractofAnnualReturninFormMGT-9isannexedherewithasAnnexure-2.DEPOSITSCompanyhasnotacceptedanydepositsunderthemeaningofSection73oftheCompaniesAct,2013andrulesmadethereunder.LOANS, GUARANTEES OR INVESTMENTSYour Company has not directly or indirectly a) given any loan to any person or other body corporate other than usual advances envisaged in a contract of supply of materials if any,b) given any guarantee or provide security in connection with a loan to any other body corporate or person andc) acquiredbywayofsubscriptionpurchaseorotherwise,thesecuritiesofanyotherbodycorporateexceedingsixtypercent,ofitspaid-

up share capital, free reserve and securities premium account or one hundred percent of its free reserves and securities premium account whichever is more.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGOThe particulars as prescribed in section 134(3)(m) of the Companies Act 2013 read with the Companies (Accounts) Rules 2014, are enclosed herewith as Annexure - 3 .POLICY ON DIRECTORS, KMP’S APPOINTMENT AND REMUNERATIONThe policy of theCompany onDirector’s andKMP’s appointment and remuneration, including criteria for determining qualifications,independence of Director and other mattersprovidedunderSection178sub-section3oftheCompaniesAct-2013andthesamecanbefound on website of the Company www.adarshplant.com.VIGIL MECHANISMThe Company has established a vigil mechanism to be known as the‘WhistleBlowerPolicy’foritsDirectorsandemployees,toreportinstances of unethical behavior, actual or suspected, fraud or violation of the Company’s Code of Conduct. The aim of the policy is to provide adequate safeguards against victimization of whistle blower who avails of the mechanism and also provide direct access to the ChairmanoftheAuditCommittee,inappropriateorexceptionalcases. The Vigil Mechanism Policy has been uploaded on the website of the Company www.adarshplant.com.RISK MANAGEMENTThe Company has been addressing various risks impacting the Company like Competition, Government Policies,Price Fluctuation Risk etc and management of your company has planned to manage them by best management practices.PREVENTION OF INSIDER TRADINGThe Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires pre clearance for dealing in the Company’s shares and prohibits the purchase or sale of Company’s shares by the Directors and the designated employees while in possession of unpublished price sensitive informationinrelationtotheCompanyandduringtheperiodwhentheTradingWindowisclosed.AllBoardDirectorsandthedesignatedemployees have complied with the Code. CONTRACTS AND ARRANGEMENT WITH RELATED PARTYThe particulars of every contract or arrangements entered into by the Company with related parties referred to in sub-section (1) of Section 188 of the Companies Act, 2013 including certain arms length transactions under third proviso thereto has been disclosed in Form No. AOC-2andisannexedherewithasAnnexure - 4.PARTICULARS OF EMPLOYEESTheinformationrequiredasperSection197readwithRule5oftheCompanies(AppointmentandRemuneration)Rules,2014,shallbeprovided to the requesting member on request by member of the Company as prescribed in second proviso of Rule 5 of Companies (Appointment and Remuneration) Rules, 2014.INTERNAL CONTROL SYSTEM AND IT’S ADEQUACYThe Company has an Internal Control System, commensurate with the size, scale and nature of its operations. Your Company has adopted policyforthesame.ItisaimedatgivingtheAuditCommitteeareasonableassuranceonthereliabilityoffinancialreportingandstatutory&regulatorycompliance,effectivenessandefficiencyofyourCompany’soperationsandtoensureitsobjective,theInternalAuditReportisstudiedbytheAuditCommitteeoftheBoard&totheExecutiveChairmanonregularintervalsalsocertificatefromCFOisprovidedquarterly to Board for compliance of Internal control.DETAILS OF ORDER PASSED BY THE REGULATORSTherewerenosignificantandmaterialorderspassedbytheRegulatorsorCourtsorTribunalsimpactingtheGoingConcernStatusandCompany’s Operation in the future.YourDirectorsfurtherstatethatduringtheyearunderreview,therewerenocasesfiledpursuanttoSexualHarassmentofWomenatWorkplace(Prevention,ProhibitionandRedressal)Act,2013.

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ACKNOWLEDGEMENTYourDirectorswouldliketoexpresstheirsincereappreciationfortheassistanceandco-operationreceivedfromtheFinancialInstitutions,Banks, Government Authorities, Customers, Vendors, Advisers, Auditors and Members during the year under review.YourDirectorsalsowishtoplaceonrecordtheirdeepsenseofappreciationforthecommittedservicesbytheCompany’sexecutives,staff and workers. For and on behalf of the Board of DirectorsPlace: Vithal Udyognagar Naishadbhai PatelDate: 30th July, 2016 Chairman

DIN No. 00082749

To be read together with Annexure 1 to 4 attachedANNEXURES TO THE REPORT OF BOARD OF DIRECTORS

ANNEXURE – 1 SECRETARIAL AUDIT REPORT (MR-3)FOR THR FINANCIAL YEAR ENDED 31/03/2016

[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration Personnel) Rules, 2014.]

To,The Members,Adarsh Plant Protect Ltd.VithalUdyognagar.Wehave conducted theSecretarial audit of the compliance of applicable statutory provisions and the adherence to good corporatepractices by Adarsh Plant Protect Ltd. (hereinafter called the Company). Secretarial Audit was conducted in accordance with the Guidance Notes issued by the Institute of Company Secretaries of India and in a manner that provided us a reasonable basis for evaluating the corporateconducts/statutorycompliancesandexpressingouropinionthereon.Basedonourverificationofthecompany’sbooks,papers,minutes,formsandreturnsfiledandotherrecordsmaintainedbythecompanyandalsotheinformationprovidedbytheCompany,itsofficers,agentsandauthorizedrepresentativesduringtheconductofSecretarialaudit,Weherebyreportthatinouropinion,thecompanyhas,duringtheauditperiodcoveringthefinancialyearendedon31stMarch,2016 Complied with the statutory provisions listed hereunder and also that the Company has proper Board- processes and compliance-mechanisminplacetotheextent,inthemannerandsubjecttothereportingmadehereinafter:Wehaveexaminedthebooks,papers,minutebooks,formsandreturnsfiledandtheotherrecordsmaintainedbyAdarshPlantProtectLtd.forthefinancialyearendedon31stMarch,2016accordingtotheprovisionsof:(i) TheCompaniesAct,2013(theAct)andtherulesmadethereunder;(ii) TheSecuritiesContracts(Regulation)Act,1956(‘SCRA’)andtherulesmadethereunder;(iii) TheDepositoriesAct,1996andtheRegulationsandBye-lawsframedthereunder;(iv) ForeignExchangeManagementAct,1999andtherulesandregulationsmadethereundertotheextentofForeignDirectInvestment,

OverseasDirectInvestmentandExternalCommercialBorrowings–Asinformedtous,therewerenoFDItransactionintheCompanyduring the year under review.

(v) ThefollowingRegulationsandGuidelinesprescribedundertheSecuritiesandExchangeBoardofIndiaAct,1992(‘SEBIAct’):-(a) TheSecuritiesandExchangeBoardofIndia(SubstantialAcquisitionofSharesandTakeovers)Regulations,2011;(b) TheSecuritiesandExchangeBoardofIndia(ProhibitionofInsiderTrading)Regulations,1992;(c) TheSecuritiesandExchangeBoardofIndia(RegistrarstoanIssueandShareTransferAgents)Regulations,1993regardingthe

Companies Act and dealing with client – Company has appointed SEBI registered Category-I Registrar and Share Transfer Agent.We further report that there were no actions/events in pursuance of the following regulations requiring compliance thereof by the Company during the period of this report:(a) TheSecuritiesandExchangeBoardofIndia(IssueofCapitalandDisclosureRequirements)Regulations,2009;(b) TheSecuritiesandExchangeBoardofIndia(EmployeeStockOptionSchemeandEmployeeStockPurchaseScheme)Guidelines,

1999;(c) TheSecuritiesandExchangeBoardofIndia(IssueandListingofDebtSecurities)Regulations,2008;(d) TheSecuritiesandExchangeBoardofIndia(DelistingofEquityShares)Regulations,2009;(e) TheSecuritiesandExchangeBoardofIndia(BuybackofSecurities)Regulations,1998;(vi) Other Applicable ActsAs informed tous, thereareno lawswhichhavespecificapplicability to theCompanyother thangeneral lawsapplicable to industrygenerally.Wehavealsoexaminedcompliancewiththeapplicableclausesofthefollowing:(i) Secretarial Standards issued by The Institute of Company Secretaries of India.(ii) TheListingAgreementsenteredintobytheCompanywithBSELimitedandNationalStockExchangeofIndiaLimited.(iii) TheSecuritiesandExchangeBoardofIndia(ListingObligationsandDisclosureRequirements)Regulation2015.During the Period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, standards, etc. mentioned above.We further report thatTheBoardofDirectorsof theCompany is duly constitutedwithproperbalanceofExecutiveDirectors,Non-ExecutiveDirectorsandIndependent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.Adequate notice is given to all the directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least sevendaysinadvance,andasystemexistsforseekingandobtainingfurtherinformationandclarificationsontheagendaitemsbeforethe 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. However, there was no any dissenting views,We further report that there are adequate systems and processes on the company commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

Place :Anand ForD.G.BHIMANI&ASSOCIATESDate :12th July, 2016 DINESH G. BHIMANI Company Secretary C P No.: 6628Note:Thisreportistobereadwithourletterofevendatewhichisannexedas‘ANNEXUREA’andformsanintegralpartofthisreport.

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ANNEXURE ATo,The Members,Adarsh Plant Protect Ltd.VithalUdyognagar.Our report of even date is to be read along with this letter.1. Maintenanceofsecretarialrecordistheresponsibilityofthemanagementofthecompany.Ourresponsibilityistoexpressanopinion

on these secretarial records based on our audit.2.Wehavefollowedtheauditpracticesandprocessesaswereappropriate toobtainreasonableassuranceaboutthecorrectnessof

thecontentsoftheSecretarialrecords.Theverificationwasdoneontestbasistoensurethatcorrectfactsarereflectedinsecretarialrecords.Webelievethattheprocessesandpractices,wefollowedprovideareasonablebasisforouropinion.

3.WehavenotverifiedthecorrectnessandappropriatenessoffinancialrecordsandBooksofAccountsoftheCompany.4.Whereever required,wehaveobtained theManagement representationabout thecomplianceof laws, rulesandregulationsand

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

management.Ourexaminationwaslimitedtotheverificationofproceduresontestbasis.6. TheSecretarialAuditreportisneitheranassuranceastothefutureviabilityofthecompanynoroftheefficacyoreffectivenesswith

which the management has conducted the affairs of the company.

Place :Anand ForD.G.BHIMANI&ASSOCIATESDate :12th July, 2016 DINESH G. BHIMANI Company Secretary C P No.: 6628

ANNEXURE - 2 EXTRACT OF ANNUAL RETURNMGT- 9

As on financial year ended on 31.03.2016Pursuant to Section 92 (3) of the Companies Act, 2013 and rule 12(1) of the Company (Management & Administration) Rules,

2014.I. REGISTRATION & OTHER DETAILS:

1 CIN L29210GJ1992PLC0178452 Registration Date 18/06/1992

3 Name of the Company Adarsh Plant Protect Limited

4 Category/Sub-category of the Company Public Company

5 AddressoftheRegisteredoffice&contactdetails 604, G.I.D.C. Estate, Phase IVVithal Udyognagar – 388 121Dist. Anand, Gujarat+912692236705

6 Whetherlistedcompany Yes

7 Name,Address&contactdetailsoftheRegistrar&Transfer Agent, if any.

Link Intime India Private LimitedUnit No 303, 3rdfloorShoppersPlazaVOpp. Municipal MarketBehind Shoppers Plaza II, Off C. G. RoadNavrangpura, Ahmedabad – 380 009

II.PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY (All the business activities contributing 10 % or more of the total turnover of the company shall be stated)

S. No. Name and Description of main products / services

NIC Code of the Product/service % to total turnover of the company

1 M. S. / G. I. Drums 2812 92.16%

2 Others* - 7.84%*NoanyotherbusinessofyourCompanyexceeds10%oftotalturnover

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES - (N.A.)

Sr. No. Name And AddressOf The Company

CIN/GLN Holding/ Subsidiary/Associate

%of shares held ApplicableSection

- - - - - -

7

IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity) Category-wise Share Holding

Category of Shareholders No. of Shares held at the beginning of the year[As on 31-March-2015]

No. of Shares held at the end of the year[As on 31-March-2016]

% Change during

the year Demat Physical Total %of

Total Shares

Demat Physical Total % of Total

Shares

A. Promoters

1. Indian

a)Individual/ HUF 4394464 0 4394464 44.34 4408964 0 4408964 44.48 0.14b)Central Govt 0 0 0 0 0 0 0 0 0c)State Govt(s) 0 0 0 0 0 0 0 0 0d)Bodies Corp. 0 0 0 0 0 0 0 0 0e)Banks / FI 0 0 0 0 0 0 0 0 0f) Any other 0 0 0 0 0 0 0 0 0Sub-Total (A)(1) 4394464 0 4394464 44.34 4408964 0 4408964 44.48 02. Foreign

a) NRIs- Individuals 0 0 0 0 0 0 0 0 0b) Other- Individuals 0 0 0 0 0 0 0 0 0c) Bodies Corp. 0 0 0 0 0 0 0 0 0d) Banks/FI 0 0 0 0 0 0 0 0 0e) Any Other 0 0 0 0 0 0 0 0 0Sub Total (A)(2) 0 0 0 0 0 0 0 0 0Total Shareholding of Promoter (A)=(A)(1)+ (A)(2)

4394464 0 4394464 44.34 4408964 0 4408964 44.48 0.14

B. Public Shareholding

1.Institutions 0 0 0 0 0 0 0 0 0a) Mutual Funds 0 0 0 0 0 0 0 0 0b) Banks / FI 0 0 0 0 0 0 0 0 0c) Central Govt 0 0 0 0 0 0 0 0 0d) State Govt(s) 0 0 0 0 0 0 0 0 0e)Venture Capital Funds 0 0 0 0 0 0 0 0 0f)Insurance Companies 0 0 0 0 0 0 0 0 0g) 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) 0 0 0 0 0 0 0 0 0Sub-total (B)(1):- 0 0 0 0 0 0 0 0 02. Non-Institutions

a) Bodies Corp.

i) Indian 87744 700 88444 0.89 49961 700 50661 0.51 (0.38)ii)Overseas 0 0 0 0 0 0 0 0 0b)Individuals

i)Individual shareholders holding nominal share capital upto Rs. 1 lakh

1023880 410840 1434720 14.48 980827 409155 1389982 14.02 (0.46)

ii)Individual shareholders holding nominal share capital in excessofRs1lakh

2424163 36100 2460263 24.82 2256699 36100 2292799 23.13 (1.69)

c) Others (specify)

Non Resident Indians 1533609 0 1533609 15.47 1533809 0 1533809 15.46 (0.01)Overseas Corporate Bodies 0 0 0 0 0 0 0 0 0Foreign Nationals 0 0 0 0 0 0 0 0 0Clearing Members 0 0 0 0 35322 0 35322 0.36 0.36Trusts 0 0 0 0 0 0 0 0 0

8

Foreign Bodies - D R

0 0 0 0 0 0 0 0 0

HUF 0 0 0 0 199963 0 199963 2.02 2.02Sub-total (B)(2):- 5069396 447640 5517036 55.66 5056581 445955 5502536 55.52 (0.14)Total Public Shareholding (B)=(B)(1)+ (B)(2)

5069396 447640 5517036 55.66 5056581 445955 5502536 55.52 (0.14)

C. Shares held by Custodian forGDRs &ADRs

0 0 0 0 0 0 0 0 0

Grand Total (A+B+C)

9463860 447640 9911500 100.00 9465545 445955 9911500 100 0

B) Shareholding of Promoter-

Sr. No.

Shareholder’s Name

Shareholding at the beginning of the year

Shareholding at the end of the year % change in share-holding

during the year

No. of Shares

% of total Shares of the

company

% of Shares Pledged /

encumberedto total shares

No. of Shares

% of total Sharesof the com-

pany

% of Shares Pledged / en-

cumbered to total shares

1 Naishadbhai Patel 2517464 25.40 0 2517464 25.40 0 02 Atish Patel 1864000 18.81 0 1882500 18.99 0 0.193 Kiritbhai Patel 13000 00.13 0 9000 0.09 0 0

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

Sr No.

Particulars Shareholding at the beginning of the year

Cumulative Shareholding dur-ing the year

No. of shares

% of totalshares of the

company

No. of shares

% of totalshares of the

company1 Naishadbhai Patel

At the beginning of the year 2517464 25.40 2517464 25.40Date wise Increase / Decrease in Promoters Shareholding during the year specifying the reasons for increase / de-crease:

0 0 0 0

At the end of the year 2517464 25.40 2517464 25.42 Atish Patel

At the beginning of the year 1864000 18.81 1864000 18.81Date wise Increase/Decrease in Promoters Shareholding during the year specifying the reasons for increase/decrease

Purchase10.11.1524.11.1530.12.1505.01.1606.01.1612.01.1618.01.1619.01.1620.01.1621.01.1627.01.1628.01.1624.02.1601.03.1610.03.1615.03.16

397017001000 4804620 230100010002300 200 300 400 600 100 500 100

0.040.020.01

0.0050.05

0.0020.010.010.02

0.002 0.003 0.004 0.006 0.001 0.005 0.001

1867970186967018706701871150187577018760001877000187800018803001880500188080018812001881800188190018824001882500

18.8618.8718.88

18.885 18.93518.93718.94718.95718.97718.979 18.982 18.986 18.992 18.993 18.998 18.999

At the end of the year 1882500 18.99 1882500 18.993 Kirit Patel

At the beginning of the year 13000 00.13 13000 00.13Date wise Increase / Decrease in Promoters Shareholding during the year specifying the reasons for increase/de-crease:

Sale10.11.15 4000 0.04 9000 0.09

At the end of the year 9000 0.09 9000 0.09

D) Shareholding Pattern of top ten Shareholders:

9

(Other than Directors, Promoters and Holders of GDRs and ADRs):

Sl. No

Particuler Shareholding at the beginning of the year


No. of shares % of total shares of the

company


company

1 Harihar Purshottam Patel

At the beginning of the year 1475020 14.88 1475020 14.88

Date wise Increase / Decrease in Share holding during the year specifying the reasons for increase/decrease:

0 0 0 0


2 Nikeshbhai Raghubhai Patel



0 0 0 0


3 Jayshree S. Patni



0 0 0 0


4 Prabha Patni



0 0 0 0


5 Shilpa Vishal Kedia



0 0 0 0


6 V K Kedia (HUF)



0 0 0 0


7 Jigishkumar Ashwinbhai Patel



0 0 0 0


8 Zaver Dalpatrai Jain



0 0 0 0


9 Nemchand Lakhotia



0 0 0 0


10 Dalpatraj Pukhraj Jain

At the beginning of the year 56170 00.57 56170 00.57Date wise Increase / Decrease in Share holding during the year specifying the reasons for increase/decrease:

0 0 0 0


10

E) Shareholding of Directors and Key Managerial Personnel:

Sr.No.

Shareholding at the beginning of the year



company


company

1 Naishadbhai Patel (Chairman)


Date wise Increase / Decrease in Share holding during the year specifying the reasons for increase /decrease:

0 0 0 0


2 Atish Patel(Managing Director)


Date wise Increase/Decrease in Share holding dur-ing the year specifying the reasons for increase/decrease:(please refer point no VI(C)(2) of MGT-9)

18500 0.19 1882500 18.99


3 Jagdishbhai Patel(Director)



0 0 0 0


4 Lalji B Darji (Appointed on 6.11.15)

At the beginning of the year 0 0 0 0


0 0 0 0

At the end of the year 0 0 0 0

5 Arvindbhai Shah(Director)



0 0 0 0


6 Mrs. Jyotikaben Patel(Director)



0 0 0 0


7 Miss Devangi R. Zinzuvadiya (Company Secretary)



0 0 0 0


8 Amit Suthar (C.F.O.)



0 0 0 0


11

V) INDEBTEDNESS -Indebtedness of the Company including interest outstanding/accrued but not due for payment.

ParticularsSecured Loans ex-cluding deposits

Unsecured Loans

Deposits Total Indebtedness

Indebtedness at the beginning of the fi-nancial year

i) Principal Amount 1,44,53,274 1,93,66,140 0 3,38,19,414

ii) Interest due but not paid 0 0 0 0

iii) Interest accrued but not due 0 0 0 0

Total (i+ii+iii) 1,44,53,274 1,93,66,140 0 3,38,19,414

Change in Indebtedness during the finan-cial year

* Addition 7,39,726 40,29,604 0 47,69,330* Reduction - 39,11,962 0 39,11,962

Net Change 7,39,726 1,17,642 0 8,57,368Indebtedness at the end of the financial year

i) Principal Amount 1,51,93,002 1,94,83,782 0 3,46,76,784ii) Interest due but not paid 0 0 0 0

iii) Interest accrued but not due 0 0 0 0

Total (i+ii+iii) 1,51,93,002 1,94,83,782 0 3,46,76,784VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL- A. RemunerationtoManagingDirector,Whole-timeDirectorsand/orManager:

SN. Particulars of Remuneration Name of MD/WTD/ Manager Total Amount

Naishadbhai N Patel (Chairman)

Atish N Patel(MD)

1 Gross salary 0 0 0

(a)Salaryasperprovisionscontainedinsection17(1)oftheIncome-taxAct,1961

0 0 0

(b)Valueofperquisitesu/s17(2)Income-taxAct,1961 0 0 0

(c)Profitsinlieuofsalaryundersection17(3)Income-taxAct,19610 0 0

2 Stock Option 0 0 0

3 Sweat Equity 0 0 0

4 Commission -as%ofprofit- others, specify…

0 0 0

5 Others, please specify 0 0 0

Total (A) 0 0 0

Ceiling as per the Act

B. Remuneration to other directors

SN. Particulars of Remuneration Name of Directors Total Amount1 Independent Directors Arvindbhai

ShahJagdishbhai

PatelLalji Darji Kiranbhai

PatelFee for attending board committee meet-ings

20000 15000 5000 5000 45000

Commission - - - - -Others, please specify - - - - -Total (1) 20000 15000 5000 5000 45000

2 OtherNon-ExecutiveDirectors Jyotikaben Patel

Fee for attending board committee meet-ings

20000 20000

Commission - -Others, please specify - -Total (2) 20000 20000Total (B)=(1+2) 65000Total Managerial RemunerationOverall Ceiling as per the Act

12

C.REMUNERATIONTOKEYMANAGERIALPERSONNELOTHERTHANMD/MANAGER/WTDSN Particulars of Remuneration Key Managerial Personnel

CSCFO

TotalMr. Shantidutt* Mr. Amit**1 Gross salary 2,40,000 1,68,543 1,37,400 5,45,943

(a) Salary as per provisions contained in section17(1)oftheIncome-taxAct,1961

0 0 0 0

(b)Valueofperquisitesu/s17(2)Income-taxAct, 1961

0 0 0 0

(c)Profitsinlieuofsalaryundersection17(3)Income-taxAct,1961

0 0 0 0

2 Stock Option 0 0 0 03 Sweat Equity 0 0 0 04 Commission

-as%ofprofit 0 0 0 0

others, specify… 0 0 0 0

5 Bonus 6,135 34,475 0 40,610Total 2,46,135 2,03,018 1,37,400 5,86,553

*Salary up to 12/08/2015** Salay from 12/08/2015VII. 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 (give Details)

A. COMPANY

Penalty

NONEPunishment

Compounding

B. DIRECTORS

Penalty

NONEPunishment

Compounding

C. OTHER OFFICERS IN DEFAULT

Penalty

NONEPunishment

Compounding

For and on behalf of the Board of DirectorsPlace: Vithal Udyognagar Naishadbhai PatelDate: 30th July, 2016 Chairman

DIN No. 00082749ANNEXURE – 3 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND

OUTGOInformationonconservationofEnergy,Technologyabsorption,ForeignExchangeearningsandoutgorequired tobedisclosedunderSection 134 of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014 are provided hereunder: CONSERVATION OF ENERGY i) The steps taken or impact on conservation of energy : Energy conservation continues to receive priority ii) The steps taken by the Company for utilizing alternate attention at all levels. All efforts are made to conserve sources of energy : and optimize use of energy with continuous monitoring,iii) The capital investment on energy conservation improvement in maintenance and distribution systems equipment : and through improved operation techniques.

TECHNOLOGY ABSORPTIONThe Company continues to lay emphasis on development and innovation of in-house technology and technical skill to meet customer requirements. Efforts are also continuing for improving productivity and quality of products and continue to keep pace with the advances in technological innovations and up-gradation.FOREIGN EXCHANGE EARNINGS AND OUTGOExpenditureinForeigncurrency : NIL NIL Earnings in Foreign currency : NIL NIL For and on behalf of the Board of DirectorsPlace: Vithal Udyognagar Naishadbhai PatelDate: 30th July, 2016 Chairman

DIN No. 00082749

13

ANNEXURE - 4 AOC-2 [Pursuant to clause (h) of sub-section (3) of section 134 of

the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014.]

Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in sub-section (1) of section 188 of the Companies Act, 2013 including certain arm’s length transactions under third proviso thereto.Details of contracts or arrangements or transactions at arm’s length basis

Name of the party Mini Sarvodyog Sira NAS Packaging Pvt. Ltd. Adarsh Renewable Energytech Pvt. Ltd.

Nippon Appliances Pvt. Ltd.

Nature of Relationship 3 of the Directors are interested as Partners

2 of the Directors are interested as Directors and Shareholders



Nature of Contract/arrangement/ transaction

i) Sale of raw material/finishedgoodsii) Purchase of bought out items iii) Supply of any goods or materials iv) rendering services of labour job work v)Availing services of processing raw material

i) Sale of raw material/finishedgoodsii) Purchase of bought out items iii) Supply of any goods or materials iv) rendering services of labour job work v) Availing services of processing raw material vi) Leasing of land and building


i) Sale of raw material/finishedgoodsii) Purchase of bought out items iii) Supply of any goods or materials iv) rendering services of labour job/job work v) Availing services of processing raw material

Value of Contract during approved period (F.Y. 2015-16)

1,16,715 93,38,93313,71,000

NIL 17,13,240

Duration of Contract / arrangement/transaction

3 Years 3 Years 3 Years 2 Years

Salient terms of contracts or arrangement or transaction

i) Sale of raw material/finishedgoodsii) Purchase of bought out items iii) Supply of any goods or materials iv) rendering services of labor job work v)Availing services of processing raw material

i) Sale of raw material/finishgoodsii) Purchase of bought out items iii) Supply of any goods or materials iv) rendering services of labour job work v) Availing services of processing raw material vi) Leasing of land and building


i) Sale of raw material/finishedgoodsii) Purchase of bought out items iii) Supply of any goods or materials iv) rendering services of labour job/job work v) Availing services of processing raw material

Justificationforenteringinto such contracts or arrangements or transactions

Mini Sarvodyog Sira wasthefirmwhichwas equipped with proper manufacturing equipment which matched with specificationofproductof the Company.

Company was looking for locally situated company which can produce Companies product on regular basis and is well equipped too and your company found NAS Packaging Pvt Ltd a company that meets all this requirements.

Company selected Adarsh Renewable Energytech Pvt. Ltd. because by dealing with this company your Company could save the transportation cost.

Nippon Appliances Pvt Ltd gave the best price for producing our Product and also company could save transportation cost.

Date of approval of the Board

05.08.2014&onquarterly basis

05.08.2014&onquarterlybasis

05.08.2014&onquarterlybasis

12.08.2015

Date on which the special resolution was passed in general meeting as required underfirstprovisotosection 188

08.09.2014 08.09.2014 08.09.2014 26.09.2015

Amount paid as advances, if any:

Nil Nil Nil Nil

For and on behalf of the Board of DirectorsPlace: Vithal Udyognagar Naishadbhai PatelDate: 30th July, 2016 Chairman

DIN No. 00082749

CORPORATE GOVERNANCE REPORTA Company’s Philosophy on Code of Governance ThefundamentalphilosophyofCorporateGovernanceintheCompanyistoachievebusinessexcellenceanddedicateitselfformeetingitsobligations to the shareholders. The Company believes that good Corporate Governance is a continuous process and strive to improve the sametomeetShareholder’sexpectations.CompanyhasadoptedCodeofConductforemployees,managementandfordirectorsaswell.

14

B Board of DirectorsThe Board has optimum combination of Executive and Non-Executive Directors and Independent Directors who have an in-depthknowledgeofbusiness,expertsintheirfield.TheBoardoftheCompanycomprisessixDirectorsthatincludesoneWomanDirector.Composition:

Name Category Designation No. of BM

attended

Attendance at AGM

No. of Directorship in Board

(Excluding Adarsh Plant Protect

Limited)

No of Chairmanship /Membership in other board committee (Excluding

Adarsh Plant Protect Limited)

Public Private Chairmanship MembershipMr. Naishadbhai N patel Promoter&Executive Chairman 4 Yes - 3 - -Mr. Atish N Patel Promoter&Executive Managing Director 4 Yes - 3 - -Mr. Arvindbhai A Shah Independent&Non

Executive Director 4 Yes 1 - - -

Mr. Lalji B Darji Independent&NonExecutive Director 1 NA - - - -

Mr. Jagdishbhai I Patel Independent&NonExecutive Director 3 No - - - -

Mrs. Jyotikaben N Patel NonExecutive Director 4 Yes - 1 - -

Board Meetings:TheBoardmeetingduring theyearunder reviewwereheld four timeson25.5.15,12.8.15,6.11.15&13.2.16.Sufficientnotice isgivento all the Directors before the Board Meeting and an Agenda of the subject matter is being circulated to all the Directors with the notice convening the Meeting.NoneofthepresentDirectorsarerelativeofeachotherexceptMr.AtishNPatel&Mrs.JyotikabenNPatelwhoisson&WifeofMr.Naishad N Patel respectively.Brief Profile of Director being Appointed / Re-appointed:Mrs. Jyotikaben N Patel is Director of this Company since 2004. Her DIN No is 00084068.Assheisworkinginthisfieldsinceverylongshehasvastexperienceofthisindustryanditisneededforfurtherbettermentofyourcompany.SheisalsoDirectorinAdarshRenewableEnergytech Pvt Ltd and she does not hold any shares in your Company.Mr. Lalji B Darji was appointed as an Additional Director of your Company on 6th November, 2015. His DIN No. is 00229677. He is PracticingCharteredAccountanthavingindepthknowledgeofhisfield.HehasexclusiveknowledgeofAccountingandFinance.HisAgeis 63 Years. He is not holding position of Director in any other Company and he does not hold any shares in your Company. Separate Meeting of the Independent DirectorsThe Independent Directors held a Meeting on 13th February, 2016 without attendance of Non-Independent Directors and Members of Management. All the Independent Directors were present at the Meeting. The Following issues were discussed in detail:1. Review of the performance of Non- Independent Directors and the Board as a whole.2. Review of the performance of the Chairperson of the Company.3.Assessmentofthequality,quantityandtimelinessoftheflowofinformationbetweentheCompany’smanagementandtheBoard.AUDIT COMMITTEETheAudit Committee consists of 3 Independent Non Executive Professional Directors. The scope of activities and powers ofAuditCommittee includes the areas prescribed under the Regulation 18 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015,andsection177oftheCompaniesAct,2013.During the year 4 Meetings of the Audit Committee were held on 28th May, 2015 , 12th August, 2015, 6th November, 2015 and 13th February, 2016 and the attendance of the Members at the meetings was as under:

Name of Member Position Category No. of Meetings AttendedKiranbhai Patel* - Independent Director 1Arvindbhai Shah Chairman Independent Director 4Jagdishbhai Patel Member Independent Director 3Laljibhai Darji** Member Independent Director 1

* Resigned on 10th October, 2015** Appointed on 6th November, 2015Nomination and Remuneration CommitteeThe Nomination and Remuneration Committee of the Company comprises of 3 Independent Non Executive Professional Directors.The terms of reference of the Nomination and Remuneration Committee cover all the areas mentioned under Part D Schedule II read withregulation19ofSEBI(ListingObligationsandDisclosureRequirements)Regulation,2015andsection178oftheCompaniesAct,2013. The broad terms of reference of the Nomination and Remuneration. At present, Directors are not paid any fees for attending any Committee Meetings.ForappointmentofNonExecutivedirectorthefieldofhis/herexpertise,experienceinrelevantfieldistakenintoconsiderationmainlyandfor appointment of Independent Director together with above mentioned criteria members also ensure that the person is independent from thecompanyandcangivevaluableadvisewithneutralattribute.TheCommitteeensuresthatthecandidateidentifiedforappointmentasaDirectorisnotdisqualifiedforappointmentunderSection164oftheCompaniesAct,2013.During the Year 2 Meetings of the Nomination and Remuneration Committee were held on 12th August, 2015 and 6th November, 2015 and the attendance of the meetings was as under:

Name of Member Position Category No. of Meetings AttendedKiranbhai Patel* - Independent Director 0Arvindbhai Shah Chairman Independent Director 2Jagdishbhai Patel Member Independent Director 2Laljibhai Darji** Member Independent Director NA

*Resigned on 10th October, 2015**Appointed on 6th November, 2015

15

Share Transfer CommitteeTheShare transferCommitteeComprisesofOneNonExecutive independentDirectorandTwoExecutiveDirectors.ThisCommitteeis formed to look out the matters relating to transfer / transmission of shares , issue ofduplicatesharecertificate,dematerialization/dematerialization of share etc. During the year 1 Meeting of Share Transfer Committee was held on 20th May, 2015 and the attendance of the meetings was as under:

Name of Member Position Category No. of Meetings Attended

Naishadbhai Patel Chairman Promoter&Chairman 1

Atish Patel Member Promoter&ManagingDirector 1

Jagdishbhai Patel Member Independent Director 1Remuneration to Directors.ANon-executiveDirectorshallbeentitledtoreceivesittingfeesforeachmeetingoftheBoardattendedbyhim/her,ofsuchsumasmay be approved by the Board of Directors within the overall limits prescribed under the Companies Act, 2013 and The Companies (AppointmentandRemunerationofManagerialPersonnel)Rules,2014andreimbursementofexpensesforparticipation intheBoardmeetings.Nosittingfeesaregiventodirectorsforattendinganycommitteemeetings.TheremunerationtoExecutiveDirectorsshallbedecided at the time of his / her appointment as mutually agreed between person getting appointed and the Company. Appointment of ExecutiveDirectorshallbesubjecttoapprovalofmembersoftheCompany.Stakeholder Relationship CommitteeTheStakeholderRelationshipCommitteecomprisesof3DirectorsMr.ArvindVShah,ChairmanoftheCommittee,Mr.AtishPatel&Mr.Jagdishbhai Patel as a Member of the Committee. This Committee is formed for overseeing the investors’ grievances and strengthening of investor relations. Shareholders’ Investors’ Grievance Committee was formed to review the status of investors’ grievances and redressle mechanism and to suggest measures to improve the level of investor services.Name and Designation of Compliance OfficerMs.DevangiRajanikantZinzuvadiyaisappointedasCompanySecretaryandComplianceOfficeroftheCompany.Company has not received any complaints from Members of the Company during the year under review.GENERAL BODY MEETINGSThe previous 3 General Body Meetings were held as under:Annual General Meeting Day,Date&Time Venue21stAnnualGeneralMeeting Saturday,28.09.2013 RegisteredOffice at 11.00 A. M.22ndAnnualGeneralMeeting Monday,08.09.2014 RegisteredOffice at 11.00 A. M.23rdAnnualGeneralMeeting Saturday,26.09.2015 RegisteredOffice at 11.00 A. M.Special Resolution passed in previous three AGM:21st AGM : No Special resolution was passed22nd AGM: Approval of Related Party Contract23rd AGM : No Special resolution was passed

MEANS OF COMMUNICATIONTheQuarterlyResultsandHalfYearlyResultsoftheCompanyaresenttotheStockExchangesimmediatelyaftertheapprovaloftheBoardofDirectorsandQuarterlyResultsarepublishedinWesternTimesNewsPaperwithin48hoursofitsapproval.Thesameisputonwebsite of your Company on www.adarshplant.com. TheCompanyalso informsbywayof intimationtotheStockExchangesallpricesensitivemattersorsuchothermatterswhich in itsopinion are material and are of relevance to the Shareholders. No presentation during the year was made to institutional investors or to the analysts.DECLARATIONDeclaration regarding Compliance by Board Members and Senior Management Personnel with the Company’s Code of Conduct:I, Naishadbhai Patel, Chairman of Adarsh Plant Protect Limited declare that all the Members of the Board of Directors and Senior Management Personnel have exercised their authority and power and discharged their duties and functions in accordancewith therequirementsoftheCodeofConductprescribedbytheCompanyandhaveadheredtotheprovisionsofthesameforthefinancialyearended on 31st March, 2016. For and on behalf of the Board of DirectorsPlace: Vithal Udyognagar Naishadbhai PatelDate: 30th July, 2016 Chairman DIN No. 00082749GENERAL SHAREHOLDERS INFORMATIONFinancial year of the company is from 1st April, 2015 to 31st March, 2016.Date of Book Closure: 3rd September, 2016 to 8th Septemeber , 2016 (both days inclusive).Listing of Equity Shares : BombayStockExchangeAddress Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai, Maharashtra 400001 ISIN No. INE627D01016 Scrip Code 526711TheCompanyhaspaidListingFeesfortheyear2016–2017totheBombayStockExchangewheretheCompany’sSharesarelisted.

16

MARKET PRICE DATATheHigh&LowmarketpricesofthesharesatTheStockExchange,MumbaiareasunderMonth BSE SENSEX Share Price Corresponding to Share Price

High Low High LowApril,2015 29094.61 26897.54 06.46 06.40May,2015 28071.16 26423.99 06.40 06.40June,2015 27968.75 26307.07 06.40 06.40July,2015 28578.33 27416.39 06.40 06.40 August,2015 28417.59 25298.42 06.08 05.78September,2015 26471.82 24833.54 07.25 06.06October,2015 27618.14 26168.71 06.24 04.60November, 2015 26824.30 25451.42 05.24 04.28 December,2015 26256.42 24867.73 04.81 03.99January,2016 26197.27 23839.76 06.25 04.80February, 2016 25002.32 22494.61 06.64 05.50 March,2016 25479.62 23133.18 05.50 04.75DISTRIBUTION OF SHARE HOLDING AS ON 31ST MARCH, 2016-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------No. of Shares held No. of Percentage of No. of Percentage of Shareholder Shareholders Shares Total Shareholding-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------1 -- 500 3556 87.72 599351 06.04501 -- 1000 208 05.13 175346 01.77 1001 -- 2000 118 02.91 180089 01.82 2001 -- 3000 35 00.86 84635 00.85 3001 -- 4000 25 00.62 91290 00.924001-- 5000 24 00.59 115855 01.17 5001 -- 10000 33 00.81 246313 02.4910001&above 55 01.36 8418621 84.94=======================================================================================================Total: 4054 100.00 9911500 100.00=======================================================================================================Registrar to an issue and Share Transfer Agent Link Intime India Private LimitedUnit No 303, 3rdfloorShoppersPlazaV,Opp. Municipal Market, Behind Shoppers Plaza II,Off C G Road,Ahmadabad 380009PhoneNo:(079)26465179E-mail: [email protected] Address for correspondence with the Company is same as mentioned on cover page of this report. SHARE TRANSFER SYSTEMTheSharetransfersinphysicalformareprocessedandthedulytransferredShareCertificatesarereturnedwithintheprescribedtimelimit, provided all documents are valid and complete in all respects. All requests for dematerialization of Shares are processed and the confirmationisgiventotheDepositorieswithin15daysofthelodgement.Ason31st March, 2016, 94,65,545 (95.50 %) of total Equity Shares of the Company is held in dematerialized form. CEO/CFO CertificationAsrequiredbyRegulation17(8)oftheListingRegulation,2015,theCEO/CFOCertificationformspartofthisAnnualReport.OTHER DISCLOSURESTherelatedpartydetailaredisclosedinthenotestofinancialstatements.TheRegisterofContractscontainingthetransactionsinwhichDirectors are interested is regularly placed before the Board for its approval. Totheextentpossible,theCompanyhascompliedwiththemandatoryrequirementofthisclause.NopersonnelhavebeendeniedaccesstotheChairmanormembersoftheAuditCommittee.ThemechanismofWhistleBlowerPolicyis in place.MemberscanfindcopyofPolicyonRelatedPartyTransactiononCompany’swebsitewww.adarshplant.com.NopenaltiesorstrictureshavebeenimposedontheCompanybyStockExchangesorSEBIoranyotherstatutoryauthorityonanymatterrelatedtoCapitalMarketsduringthelast3yearsexceptpenaltyfromBSEfornotfilingForm-AwithAnnualReturnofthe22nd Annual General Meeting of the Company.Your Company does not have any outstanding GDR or ADR or warrants or any convertible instruments.Green Initiative in the Corporate GovernanceAs in the previous year, this year too we are publishing Annual Report for FY 2015-16 and notice of 24th AGM by Email. Physical copies are sent only to those whose email address are not registered with the Company. Shareholders are requested to register their email id with the Registrar and Share transfer Agent / concerned Depository to enable the Company to send the documents in electronic form or inform the Company in case they wish to receive the above documents in paper mode. For and on behalf of the Board of DirectorsPlace: Vithal Udyognagar NAISHADBHAI PATELDate : 30th July, 2016 CHAIRMAN DIN No. 00082749

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AUDITORS’ CERTIFICATE ON COMPLIANCE OF CONDITIONSOF CORPORATE GOVERNANCE

ToThe members of Adarsh Plant Protect Ltd.VithalUdyognagar.WehaveexaminedthecomplianceoftheconditionsofCorporateGovernancebyAdarshPlantProtectLtd.fortheyearendedonMarch31,2016asstipulated inClause49 (excludingclause49of theListingAgreementof theCompanywithstockexchanges) for theperiod1st April, 2015 to 30th November, 2015 and as per the relevant provisions SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations) for the period 1st December, 2015 to 31stMarch, 2016.TheComplianceofconditionsofCorporateGovernanceistheresponsibilityofthemanagement.Ourexaminationwaslimitedtothereviewof the procedures and implementation thereof adopted by the Company for ensuring compliance with the conditions of theCorporate GovernanceasstipulatedinthesaidClause.ItisneitheranauditnoranexpressionofopiniononthefinancialstatementsoftheCompany.Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventousandbasedontherepresentationsmadebythe Directors and the Management, we certify that the Company has complied with the conditions of Corporate Governanceas stipulated in clause49oftheListingAgreementandListingregulationsfortherespectiveperiodsofapplicabilityasspecifiedunderparagraph1above,during the year ended 31stMarch, 2016.WefurtherstatethatsuchcomplianceisneitheranassuranceastothefutureviabilityoftheCompanynortheefficiencyoreffectivenesswith which the management has conducted the affairs of the Company.

Place: Anand For D. G. BHIMANI & ASSOCIATESDate: 12th July, 2016 DINESH G. BHIMANI Company Secretary C P No.: 6628 MANAGEMENT DISCUSSION AND ANALYSIS REPORTIndustry structure and development.This year has been very developing year for our country. Every sector is growing rapidly and so is your Company. India has shown its potential to be fastest growing economy. Your Company is mainly working on Agricultural equipments it is also in Packing material segment and in Cooking Stove segment too.All the three sector this year have shown reasonable growth. Agricultural Equipment segment depends upon agriculture growth, weather ofthecountry&governmentpolicies.Thebarrelsaremainlyusedforstorageofproductsandcompaniesuseitaspackingmaterial,thegrowth of it depends upon the growth of industries and Cook Stoves are used by rural population and as this is our new venture it is in its developing stage.Opportunities and ThreatsIn Agricultural Equipment sector , as it has to rely on change in weather, weather is the biggest threat for development of this sector. This year your Company has done well in this sector and looking forward for further growth. In barrel segment development in chemical and Food&BeverageindustriesarecoreareaoffocuswhereyourCompanycanhavemostopportunities.YourCompanyhasseenlotofpotential in cook stove segment as there is large amount of people who still use traditional Cooking Stove and harming their lives, your Company has taken an oath to make their life free from hazardous effects of traditional Cooking Stoves and to let them enjoy healthy life.Segment wise performanceYour Company mainly works in three segments. One is Agricultural Equipment other one is Barrel and third one is Cook Stove segment. This year in spite of depending upon government policy and tenders your Company focused upon retail and spreading everywhere through dealers and work directly with the end users of this products and this new idea worked well and sales of it has shown reasonable increase. This year barrel segment too showed rise and sales of barrels has increased this year as compared to last year. There is also demand of micron coated barrels and to sale this type of barrels your Company has started Unit-2 of Adarsh Plant Protect Limited where such coating process shall take place.Your Company is also growing in Cook Stove segment slowly and sales of it also shown hike as compared to last year. Outlook, risks and concernsThe segments in which your Company is operating are very competitive segments and margin of it is always under pressure, however themanagementhasputitsbesteffortsforgainingmaximumpossiblemargininthisscenario.YourCompanycouldmanagetosurvivein barrel segment because of quality of our product and we are in continous process to improve quality of it further to be leader in barrel segment.Internal control systems and their adequacyThe Company has adequate internal control systems commensurate with its size. Internal Auditors of the Company is entrusted the work ofreviewingadequacyofinternalcontrolsystemandfrequencyofAuditcompliancewiththeexistingAccountingStandards.Thedutyofthe Internal Auditors is to report to the Board of Directors and Audit Committee and place its report at every Audit Committee Meeting and also remain present to interact with Board and Audit Committee for any suggestion of improvement in the Internal Control / Audit Systems andstepstobetakenthereontoimprovetheinternalcontrolsystem.AlsofromthisyearourStatutoryAuditorsscopealsohaveexpandedto Internal Financial Control and report on it forms part of this report. Financial Performance with respect to Operational PerformanceShare CapitalShare Capital of the Company is Rs. 9,91,15,000 divided in 9911500 shares of Rs. 10/- each.NetWorthNetWorthoftheCompanyis262.32LakhsthisyearascomparedtoRs.258.17Lakhslastyear.Secured LoanSecured loan this year is Rs. 151.93 Lakhs which was Rs. 144.53 Lakhs last year.Total Income Total income this year is Rs. 985.69 Lakhs as compared to Rs. 891.85 Lakhs Last year.Other IncomeOther income this year is Rs. 2.45 Lakhs as compared to Rs. 5.86 Lakhs Last year.InterestonfinancialchargesInterestonfinancialchargesisRs.41.55LakhsthisyearandinlastyearitwasRs.46.90Lakhs.

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TaxliabilityAsyourCompanywasinlosssincelastmanyyears,yourCompanywasnotfallingintoliabilitytopaytaxesandthisyeartooasthereislargeamountofcarriedforwardedlossesyourCompanyhadnottopayanytax.Material development in Human ResourcesTherehasnotbeenanymajormaterialdevelopmentintheyearunderreviewthanthosereportedlastyearexceptthattheCompanyhasappointedqualifiedEngineerstoimproveuponthequalityoftheProductsandfollowupAfterSalesServicetotheCustomers.

Cautionary StatementThereportoftheBoardofDirectors,ManagementDiscussionsandAnalysisReportareforwardlookingandaffirmativestatementswithinthemeaningoftheapplicablesecuritiesandregulations.Theactualperformanceinthecomingyearscoulddifferfromwhatisexpressedor implied. The factors that could affect the Company’s performance are the economic and other factors that affect the demand–supply balanceinthedomesticmarket,changesingovernmentalregulations,policies,andtaxlawsandotherstatuesandhostofotherincidentalfactors. For and on behalf of the Board of DirectorsPlace: Vithal Udyognagar Naishadbhai PatelDate: 30th July, 2016 Chairman

DIN No. 00082749 CEO/CFO CERTIFICATEWe,Mr.AtishPatel,ManagingDirectorandMr.AmitSuthar,ChiefFinancialOfficerCertifythat--a. WehavereviewedthefinancialstatementsandthecashflowstatementfortheYearendedon31st March 2016 and that to the best of

our knowledge and belief:• These statements do not contain any materially untrue statement or omit any material fact or contain statements that might be

misleading;• Thesestatements togetherpresenta trueand fair viewof theCompany’saffairsandare in compliancewithexistingaccounting

standards,applicablelawsandregulations;b. There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year ended on 31st March

2016whicharefraudulent,illegalorviolationoftheCompany’scodeofconduct;c. Weacceptresponsibilityforestablishingandmaintaininginternalcontrolsandthatwehaveevaluatedtheeffectivenessoftheinternal

controlsystemsoftheCompanyandwehavedisclosedtotheAuditorsandtheAuditCommittee,deficienciesinthedesignoroperationoftheinternalcontrol,ifany,ofwhichweareawareofandthestepshavetakenorproposetotaketorectifythesedeficiencies.

d. Therehasnotbeenanysignificantchangeininternalcontroloverfinancialreportingduringtheyearunderreference• Therehasnotbeenanysignificantchangeinaccountingpoliciesduringtheyearrequiringdisclosureinthenotestothefinancial

statements;and• Wearenotawareofanyinstanceduringtheyearofsignificantfraudwithinvolvementthereinofthemanagementoranyemployee

havingasignificantroleintheCompany’sinternalcontrolsystemoverfinancialreporting.

Place: V. U. Nagar ATISH PATEL AMIT SUTHARDate : 14/05/2016 MANAGING DIRECTOR CHIEF FINANCIAL OFFICER

INDEPENDENT AUDITOR’S REPORTTo the Members of Adarsh Plant Protect LimitedReport on the Financial StatementsWehaveauditedtheaccompanyingfinancialstatementsofAdarshPlantProtectLimited(‘theCompany’),whichcomprisetheBalanceSheetasat31March2016,theStatementofProfitandLossandtheCashFlowStatementfortheyearthenended,andasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.Management’s Responsibility for the Financial StatementsThe Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respecttothepreparationandpresentationofthesefinancialstatementsthatgiveatrueandfairviewofthefinancialposition,financialperformance and cash flows of the Company in accordance with the accounting principles generally accepted in India, includingtheAccountingStandards specifiedunderSection133of theAct, readwithRule7of theCompanies (Accounts)Rules, 2014.Thisresponsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assetsoftheCompanyandforpreventinganddetectingfraudsandotherirregularities;selectionandapplicationofappropriateaccountingpolicies;makingjudgmentsandestimatesthatarereasonableandprudent;anddesign,implementationandmaintenanceofadequateinternalfinancialcontrols,thatwereoperatingeffectivelyforensuringtheaccuracyandcompletenessoftheaccountingrecords,relevanttothepreparationandpresentationofthefinancialstatementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whether due to fraud or error.Auditor’s ResponsibilityOurresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudit.WehavetakenintoaccounttheprovisionsoftheAct,theaccountingandauditingstandardsandmatterswhicharerequiredtobeincludedin the audit report under the provisions of the Act and the Rules made thereunder.WeconductedourauditinaccordancewiththeStandardsonAuditingspecifiedunderSection143(10)oftheAct.ThoseStandardsrequirethatwecomplywithethical requirementsandplanandperformtheaudit toobtainreasonableassuranceaboutwhether thefinancialstatements are free from material misstatement.Anauditinvolvesperformingprocedurestoobtainauditevidenceabouttheamountsandthedisclosuresinthefinancialstatements.Theproceduresselecteddependontheauditor’sjudgment,includingtheassessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.Inmakingthoseriskassessments,theauditorconsidersinternalfinancialcontrolrelevanttotheCompany’spreparationofthefinancialstatementsthatgiveatrueandfairviewinordertodesignauditproceduresthatareappropriatein the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of theaccountingestimatesmadebytheCompany’sDirectors,aswellasevaluatingtheoverallpresentationofthefinancialstatements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopiniononthefinancialstatements.

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Emphasis of Matter ParagraphWithoutqualifyingouropinion,wedrawtheattentiontoNoteno.36oftheFinancialStatementsregardingPreparationofAccountsongoingconcernbasisthoughaccumulatedlosseshaveexceeded50%ofitsnetworth.OpinionInouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,theaforesaidfinancialstatementsgivethe information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generallyacceptedinIndia,ofthestateofaffairsoftheCompanyasat31March2016anditsprofitanditscashflowsfortheyearendedon that date.Report on Other Legal and Regulatory Requirements1. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government of India in terms of

sub-section (11) of section 143 of the Act, we give in the AnnexureA,astatementonthemattersspecifiedintheparagraph3and4oftheorder,totheextentapplicable.

2. As required by Section 143 (3) of the Act, we report that: (a) Wehavesoughtandobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwerenecessaryfor

the purposes of our audit. (b) Inouropinion,properbooksofaccountasrequiredbylawhavebeenkeptbytheCompanysofarasitappearsfromourexamination

ofthosebooks;(c) TheBalanceSheet,theStatementofProfitandLossandtheCashFlowStatementdealtwithbythisReportareinagreementwith

thebooksofaccount;(d) Inouropinion,theaforesaidfinancialstatementscomplywiththeAccountingStandardsexcept Gratuity as per Accounting Standards

– 15 “ Employee Benefits”, wherein valuation of gratuity is not done as per actuarial valuation ,specifiedunderSection133oftheAct,readwithRule7oftheCompanies(Accounts)Rules,2014;

(e) Thoughaccumulatedlosshasexceeded50%ofnetworthoftheCompany,theaccountsoftheCompanyarepreparedongoingconcern basis and in our opinion the same may not have an adverse effect on the functioning of the Company. (Refer Note. 36 of Financial Statements)

(f) On the basis of the written representations received from the Directors as on 31 March 2016 taken on record by the Board of Directors,noneoftheDirectorsisdisqualifiedason31March2016frombeingappointedasaDirectorintermsofSection164(2)oftheAct;

(g) WithrespecttotheadequacyoftheinternalfinancialcontrolsoverfinancialreportingoftheCompanyandtheoperatingeffectivenessof such controls, refer to our separate report in “AnnexureB”;

WithrespecttotheothermatterstobeincludedintheAuditor’sReportinaccordancewithRule11oftheCompanies(AuditandAuditors)Rules,2014,inouropinionandtothebestofourinformationandaccordingtotheexplanations

given to us: (i) theCompanyhastheimpactofpendinglitigationsonitsfinancialpositioninitsfinancialstatements;(ii) The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable

losses.(iii) There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the

Company. For Mukund & Rohit

Chartered Accountants Registration No. 113375W Place: Vadodara Mukund Bakshi Date: 14th May, 2016 Partner

Membership No. 041392 Annexure A to the Auditors’ ReportTheAnnexurereferredtoinourreporttothemembersofAdarsh Plant Protect Limited for the year ended March 31, 2016, we report that:1.(a) TheCompanyhasmaintainedrecordsshowingfullparticulars,includingquantitativedetailsandsituationoffixedassets.(b) According to the information and explanation given to us, the fixed assets have been physically verified by themanagement at

reasonable intervals. Discrepancies noticed were not material and the same have been properly dealt with in the books of account.(c) Accordingtotheinformationandexplanationgiventous,thetitledeedsofimmovablepropertiesareheldinthenameoftheCompany.2 TheInventoryhavebeenphysicallyverifiedbythemanagementatreasonableintervals.Discrepanciesnoticedwerenotmaterialand

the same have been properly dealt with in the books of accounts.3 Asinformedtous, theCompanyhasnotgranted loans,securedorunsecuredtoCompanies,firms,LLPorotherpartiescovered

in register maintained under section 189 of the Companies Act 2013. Hence, the questions of reporting whether the receipt of the principalamountandinterestareregular;and,whetherreasonablestepsfortherecoveryofoverduesofsuchloanaretakendoesnot arise.

4 In our opinion andaccording to the information andexplanations given to us, in respect of loans, investments, guarantees, andsecurity, provisions of section 185 and 186 of the Companies Act, 2013 have been complied with.

5 BasedontheourscrutinyofCompany’srecordandaccordingtotheinformationandexplanationprovidedbythemanagement,inouropinion, the Company has not accepted any loans or deposits, which are “Deposits” within the meaning of Rule 2(b) of the Companies (Acceptance of Deposit’s) Rules, 2014.

6 Accordingtotheinformationandexplanationgiventous,theCentralGovernmenthasnotprescribedthemaintenanceofcostrecordsunder sub-section (1) of section 148 of the Companies Act, 2013.

7(a) The Company is regular in depositing undisputed statutory dues including Provident Fund, Employees’ State Insurance, Income

–Tax,Sales–Tax,Servicetax,dutyofexcise,valueaddedtax,cessandanyotherstatutoryduestotheappropriateauthoritiesandnostatutorydueswereoutstanding,asat31stMarch,2016foraperiodofmorethansixmonthsfromthedatetheybecamepayable.

(b) Accordingtotheinformationandexplanationgiventous,therearenoduesofIncomeTaxorSalesTaxororServiceTaxordutyofexciseorvalueaddedtaxorcess,whichhavenotbeendepositedonaccountofanydisputeexceptmentionedasunder:

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NatureofTax(IncomeTax,ServiceTax,etc)

Period to which amount relates

Amount(`)

Forum where the dispute is pending

IncomeTax A.Y. 2002-03 99,780/- ITAT8 Basedonourauditproceduresandaspertheinformationandexplanationsgivenbythemanagement,theCompanyhasnotdefaulted

inrepaymentofduestofinancialinstitutionsorbankordebentureholders.9 Basedonourauditproceduresandasper the informationandexplanationsgivenby themanagement,Companyhasnot raised

money by initial public offer or further public offer (including debt instruments) and there are no term loans during the period covered by our audit report.

10 Basedontheauditprocedureperformedforthepurposeofreportingthetrueandfairviewofthefinancialstatementsandaspertheinformationandexplanationsgivenbythemanagement,wereportthatnofraudonorbytheCompanyhasbeennoticedorreportedduring the year.

11 BasedontheourscrutinyofCompany’srecordandaccordingtotheinformationandexplanationprovidedbythemanagement,inour opinion, the managerial remuneration has not been paid or provided and therefore reporting on compliance with the provisions of section197readwithScheduleVtotheCompaniesActdoesnotarise.

12 Inouropinion,theCompanyisnotaNidhiCompany.Therefore,theprovisionsofclause3(xii)ofCompanies(Auditor’sReport)Order,2016 are not applicable.

13 Alltransactionswiththerelatedpartiesareincompliancewithsections177and188ofCompaniesAct,2013andthedetailshavebeendisclosedintheFinancialStatements,asrequiredbytheapplicableaccountingstandardsatNote32offinancialstatements.

14 Basedonourexaminationofrecordsandinformationprovidedtousbymanagement,wereportthattheCompanyhasnotmadeanypreferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.

15 Basedonourexaminationofrecordsandinformationprovidedtousbymanagement,theCompanyhasnotenteredintoanynon-cashtransactions with Directors or persons connected with him / her.

16 The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Therefore, the provisions of clause3(xvi)ofCompanies(Auditor’sReport)Order,2016arenotapplicable.

For Mukund & RohitChartered AccountantsRegistration No. 113375W

Mukund BakshiPlace : Vadodara PartnerDate : 14th May, 2016 Membership No. 041392

Annexure - B to the Auditors’ ReportReport on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)WehaveauditedtheinternalfinancialcontrolsoverfinancialreportingofAdarshPlantProtectLimited(“theCompany”)asof31March2016inconjunctionwithourauditofthefinancialstatementsoftheCompanyfortheyearendedonthatdate.Management’s Responsibility for Internal Financial ControlsTheCompany’smanagementisresponsibleforestablishingandmaintaininginternalfinancialcontrolsbasedontheinternalcontroloverfinancialreportingcriteriaestablishedbytheCompanyconsideringtheessentialcomponentsofinternalcontrolstatedintheGuidanceNote on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities includethedesign, implementationandmaintenanceofadequate internalfinancialcontrolsthatwereoperatingeffectivelyforensuringtheorderlyandefficientconductofitsbusiness,includingadherencetocompany’spolicies,thesafeguardingofits assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparationofreliablefinancialinformation,asrequiredundertheCompaniesAct,2013.Auditors’ ResponsibilityOurresponsibilityistoexpressanopinionontheCompany’sinternalfinancialcontrolsoverfinancialreportingbasedonouraudit.Weconducted 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 theextentapplicabletoanauditofinternalfinancialcontrols,bothapplicabletoanauditofInternalFinancialControlsand,bothissuedbythe Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements andplanandperformtheaudittoobtainreasonableassuranceaboutwhetheradequateinternalfinancialcontrolsoverfinancialreportingwas established and maintained and if such controls operated effectively in all material respects.Ouraudit involvesperformingprocedures toobtainaudit evidenceabout theadequacyof the internal financial controls systemoverfinancialreportingandtheiroperatingeffectiveness.Ourauditofinternalfinancialcontrolsoverfinancialreportingincludedobtaininganunderstandingofinternalfinancialcontrolsoverfinancialreporting,assessingtheriskthatamaterialweaknessexists,andtestingandevaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on theauditor’sjudgment,includingtheassessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudor error.WebelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinionontheCompany’sinternalfinancialcontrolssystemoverfinancialreporting.Meaning of Internal Financial Controls over Financial ReportingACompany’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding thereliabilityoffinancialreportingandthepreparationoffinancialstatementsforexternalpurposesinaccordancewithgenerallyacceptedaccountingprinciples.Acompany’sinternalfinancialcontroloverfinancialreportingincludesthosepoliciesandproceduresthat(1) Pertaintothemaintenanceofrecordsthat,inreasonabledetail,accuratelyandfairlyreflectthetransactionsanddispositionsofthe

assetsofthecompany;(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in

accordancewithgenerallyacceptedaccountingprinciples,andthatreceiptsandexpendituresoftheCompanyarebeingmadeonlyinaccordancewithauthorizationsofmanagementanddirectorsoftheCompany;and

21

(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assetsthatcouldhaveamaterialeffectonthefinancialstatements.

Inherent Limitations of Internal Financial Controls Over Financial ReportingBecauseoftheinherentlimitationsofinternalfinancialcontrolsoverfinancialreporting,includingthepossibilityofcollusionorimpropermanagement override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluationoftheinternalfinancialcontrolsoverfinancialreportingtofutureperiodsaresubjecttotheriskthattheinternalfinancialcontroloverfinancialreportingmaybecomeinadequatebecauseofchangesinconditions,orthatthedegreeofcompliancewiththepoliciesorprocedures may deteriorate.OpinionInouropinion, theCompanyhas, inallmaterial respects,anadequate internalfinancialcontrolssystemoverfinancial reportingandsuchinternalfinancialcontrolsoverfinancialreportingwereoperatingeffectivelyasat31March2016,basedontheinternalcontroloverfinancialreportingcriteriaestablishedbytheCompanyconsideringtheessentialcomponentsofinternalcontrolstatedintheGuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For Mukund & Rohit Chartered Accountants

Registration No. 113375W

Place: Vadodara Mukund Bakshi Date: 14th May, 2016 Partner

Membership No. 041392

22

ADARSH PLANT PROTECT LIMITEDBalance Sheet as at 31st March, 2016

ParticularsNote No.

As at As at

31.03.2016 31.03.2015

` `

I. EQUITY AND LIABILITIES

(1) Shareholder’s Funds

(a) Share Capital 3 99,115,000 99,044,750

(b)Reserves&Surplus 4 (72,882,858) (73,227,897)

(2) Non-Current liabilities

(a) Long Term Borrowings 5 19,483,782 19,366,140

(b) Long Term Provisions 6 98,429 308,880

(c) Other Long Term Liabilities 7 10,000 -

(3) Current Liabilities

(a) Short-Term Borrowings 8 15,193,002 14,453,274 (b) Trade Payables 9 9,675,003 10,571,160 (c) Other Current Liabilities 10 2,985,294 8,379,170 (d) Short-Term Provisions 11 5,423 7,940 Total 73,683,075 78,903,417

II. ASSETS

(1) Non-current Assets

(a)FixedAssets 12

(i)Tangible Assets 2,470,455 2,735,158 (ii)CapitalWork-in-progress 323,207 288,132

(b) Non-current Investments 13 542,010 542,010

(c) Long Term Loans and Advances 14 4,803,846 7,303,931 (d) Other Non-current Assets 15 21,927,677 24,078,791 (2) Current Assets

(a) Inventories 16 25,295,632 21,852,404

(b) Trade Receivables 17 14,634,049 17,564,722 (c) Cash and Cash Equivalents 18 2,234,443 1,081,477 (d) Short-Term Loans and Advances 19 1,401,700 1,766,430 (e) Other Current Assets 20 50,056 1,690,362

Total 73,683,075 78,903,417

Significant Accounting Policies 2

The accompanying notes 1 to 40 are an integral part of our financial statements

As per our Report of even date attachedFor Mukund & RohitChartered AccountantsRegistration No. 113375W

For & on behalf of the BoardAdarsh Plant Protect Limited

Mr. Atish N. Patel Mr. Naishadbhai Patel

Managing Director Director & Chairman

Mukund Bakshi DIN - 00084015 DIN - 00082749

Partner

M. No: 041392

Mr. Amit Suthar Ms. Devangi Zinzuvadiya

Chief Financial Officer Company Secretary

Place: Vadodara Place: Anand

Date: 14th May, 2016 Date: 14th May, 2016

23

ADARSH PLANT PROTECT LIMITEDStatement of Profit & Loss for the year ended 31st March, 2016

Particulars Note No.

As at As at

31.03.2016 `

31.03.2015 `

I Revenue from Operations 21 108,940,247 99,046,840

Less:ExciseDuty 10,616,641 10,447,726 98,323,606 88,599,114

II Other Income 22 503,303 586,745III Total Revenue (I + II) 98,826,909 89,185,859

IV Expenses: Cost of Materials Consumed 23 56,289,583 58,738,211 Purchases of Stock-in-Trade 24 2,479,219 592,700

(Increase)/Decreaseininventoriesoffinishedgoodswork-in-progressandStock-in-Trade

25 (3,479,294) (522,751)

EmployeeBenefitsExpense 26 4,997,125 6,006,362 Finance Costs 27 4,650,968 5,311,987 DepreciationandAmortizationExpense 28 2,212,883 2,193,320 OtherExpenses 29 31,331,385 24,133,277 TotalExpenses 98,481,870 96,453,105

V. Profitbeforeexceptionalandextraordinaryitemsandtax(III-IV) 345,039 (7,267,246)

VI. ExceptionalItems - -

VII. Profitbeforeextraordinaryitemsandtax(V-VI) 345,039 (7,267,246)

VIII. ExtraordinaryItems - -

IX. Profitbeforetax(VII-VIII) 345,039 (7,267,246)

X Taxexpense:

(1)Currenttax - -

(2)Deferredtax - - XI Profit(Loss)fortheperiodfromcontinuingoperations(IX-X) 345,039 (7,267,246)

XII Profit/(loss)fromdiscontinuingoperations - -

XIII Taxexpenseofdiscontinuingoperations - -

XIV Profit/(loss)fromDiscontinuingoperations(aftertax)(XII-XIII) - -

XV Profit(Loss)fortheperiod(XI+XIV) 345,039 (7,267,246)

XVI Earnings per equity share: 31 (1) Basic 0.03481 N.A

(2) Diluted - - SignificantAccountingPolicies 2

The accompanying notes 1 to 40 are an integral part of our financial statements As per our Report of even date attachedFor Mukund & RohitChartered AccountantsRegistration No. 113375W

For & on behalf of the BoardAdarsh Plant Protect Limited

Mr. Atish N. Patel Mr. Naishadbhai PatelManaging Director Director & Chairman


Partner

M. No: 041392Mr. Amit Suthar Ms. Devangi Zinzuvadiya Chief Financial Officer Company Secretary

Place: Vadodara Place: AnandDate: 14th May, 2016 Date: 14th May, 2016

24

ADARSH PLANT PROTECT LIMITEDCash Flow Statement for the year ended on 31st March, 2016

Particulars

For the Year For the Year

ended ended 31-3-2016 31-3-2015

A) CASH FLOW FROM OPERATING ACTIVITIES NetProfit/LossbeforeTax&Extraordinaryitems: 345,039 (7,267,246)Adjustments For: Depreciation&AmortisationExpense 2,212,883 2,193,320 InterestExpenses 4,155,586 4,690,469 Dividend Income (750) (750)Interest Income (61,217) (441,426)Operating Profit Before Working Capital Changes i. 6,651,541 (825,633)Adjustments For: Trade Receivables and Short-term Loans and Advances 3,295,403 (6,081,304)

Inventories (3,443,228) (5,508,822)Other Non - Current Assets (Long term Trade Receivables) 2,146,114 6,142,171Other Current Assets 82,306 (51,052)Trade Payables, Other Current Liabilities and Short Term Provisions (6,292,549) 9,402,709Long-term Loans and Advances 2,500,084 2,336,862 Other Long-term Liabilities and Long-term Provisions (200,451) (9,935)

Long-term Borrowings 117,642 14,704,678 ii. (1,794,679) 20,935,307 Cash Generated From Operations i+ii 4,856,862 20,109,674 IncomeTaxPaid - -

Net Cash From Operating Activities (A) 4,856,862 20,109,674 B) CASH FLOW FROM INVESTING ACTIVITIES PurchaseofFixedAssets (420,255) (250,130)SaleofFixedAssets - Investments - - Dividend Received 750 750Interest Income 61,217 441,426 Net Cash From Investing Activities (B) (358,288) 192,046

C) CASH FLOW FINANCING ACTIVITIES Increase / Decrease in Short-term Borrowings 739,728 -17303986.54Calls in Arrears Received 70,250 80000Finance Cost (4,155,586) (4,690,469)

Net Cash From Financing Activities (C) (3,345,608) (21,914,456)Increase in Cash and Cash Equivalents (A)+(B)+(C) (D) 1,152,966 (1,612,735)Cash and Cash Equivalents at the Beginning of the Year (E) 1,081,477 2,694,212 Cash and Cash Equivalents at the End of the Year (D) +(E) 2,234,443 1,081,477

Components of Cash and Cash Equivalents:

Cash of Hand 1,401,549 518,488 Other Bank Balances 832,894 562,989 2,234,443 1,081,477

For Mukund & Rohit For & on behalf of the BoardChartered Accountants Adarsh Plant Protect LimitedRegistration No. 113375W

Mr. Atish N. Patel Mr. Naishadbhai PatelManaging Director Director & Chairman


PartnerM. No: 041392

Mr. Amit Suthar Ms. Devangi Zinzuvadiya

Chief Financial Officer

Company Secretary

Place: Vadodara Place: Anand

Date: 14th May, 2016 Date: 14th May, 2016

25

NOTE: 1. Corporate Information Adarsh Plant Protect Limited is a Public Company domiciled in India and incorporated under the Companies Act, 1956. Its shares are listed

inBombayStockExchangesinIndia.TheCompanyisengagedinmanufacturingandsellingofagriculturalsprayerpumps&spareparts,barrels&cookstove,seeddressingdrums&tradingofmerchandise,dripirrigationequipment&parts.TheproductsoftheCompanyaregenerally sold in domestic markets.

NOTE:- 2 Significant Accounting Policies2.1 Basis of Preparation of Financial Statements (i)TheCompanygenerallyfollowsthemercantilesystemofaccountingandrecognizessignificantitemsofincomeandexpenditureonan

accrualbasisexceptincaseofaccumulatedleaveswhichareaccountedonpaymentbasis. (ii) The Financial Statements have been prepared under the historical cost convention, in accordance with the generally accepted accounting

principles and provisions of the Companies Act, 2013 as adopted consistently by the Company. (iii) The Financial Statements comply with the Accounting Standards issued by the Institute of Chartered Accountants of India as referred to

Sec133oftheCompaniesAct,2013,ofIndiaexceptAS-15“Employee’sBenefits”. Theaccountingpoliciesadoptedinthepreparationoffinancialstatementsareconsistentwiththoseofpreviousyear.2.2 Use of Estimates: Thepreparationoffinancialstatementsrequireestimatesandassumptiontobemadethataffectthereportedamountofassetsandliabilities

onthedateoffinancialstatementsandthereportedamountofrevenuesandexpensesduringthereportedperiod.Differencebetweentheactual results and estimates are recognized in the period in which the results are known / materialized.

2.3 Inventories (i) Raw Materials, Packing Materials are valued at Landed Cost. (ii) Stores, Spares and consumable are valued at Landed Cost. (iii)FinishedProductsandWorkinprogressarevaluedontheprincipleofdirectcostorestimatednetrealizablevaluewhicheverislower. (iv) Scrap generated on manufacturing of barrel are valued at realizable value.2.4 Fixed Assets (i)TheGrossBlockofFixedAssetsisshownatthecostofacquisition,whichincludesTaxes,Dutiesandotheridentifiabledirectexpenses. (ii) Depreciation has been provided on Straight Line Method based on life assigned to each asset in accordance with Schedule II of the

Companies Act, 2013. Residual Value has been assigned to each asset in accordance with Schedule II of the Companies Act, 2013. (iii)Depreciationonadditionstofixedassetsisbeingprovidedonpro-ratabasisfromthenextmonthofacquisitionandonassetssold,

discarded, demolished or scrapped, the same is being provided up to the month in which the said asset is sold, discarded, demolished or scrapped.

2.5 Provisions AprovisionisrecognizedwhentheCompanyhasapresentobligationasaresultofpastevents,itisprobablethatanoutflowofresources

will be required to settle the obligations, in respect of which a reliable estimate can be made. Provisions are discounted to their present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheetdateandadjustedtoreflectthecurrentbestestimates.

2.7 Revenue Recognition (i) Sales are recognized when goods are supplied and are recorded net of trade discounts and rebates. (ii) Interest income on investments is booked on a time proportionate basis taking into account the amounts invested and the rate of interest. (iii) Dividend income is recognized when the right to receive dividend is established.2.8 Contingent Liability Contingent Liabilities are determined on the basis of available information and disclosed by way of Accounts. 2.9 Accounting for Taxes on Income Currenttaxisdeterminedastheamountoftaxpayableinrespectoftaxableincomefortheyear. Deferredtaxisrecognized,ontimingdifference,beingthedifferencebetweentaxableincomesandaccountingincomethatoriginateinone

period and are capable of reversal in one or more subsequent periods. Wherethereisunabsorbeddepreciationorcarryforwardlosses,deferredtaxassetsarerecognizedifthereisvirtualcertaintythatsufficient

futuretaxableincomewillbeavailableagainstwhichsuchassetscanberealized.Otherdeferredtaxassetsarerecognizedonlytotheextentthereisreasonablecertaintyofrealizationinfuture.SuchassetsarereviewedateachBalancesheetdatetoreassessrealization.

Deferredtaxassetsandliabilitiesaremeasuredusingthetaxratesandlawsthathavebeenenactedonthebalancesheetdate.2.10 Investments (i) Unquoted Investments are valued at cost of acquisition. (ii) Provision for diminution in value of long term investment is made only if such a decline is other than temporary.2.11 Retirement benefits (i)ContributionstoProvidentFund&FamilyPensionSchemeareaccountedonaccrualbasisandchargedtoProfitandLossAccountfor

the year. (ii) The Company has adopted a policy to make payment of accumulated leaves at the time of termination of its employees. Hence, no

provision on account of leave encashment is made in the books of accounts. (iii)TheCompanyaccountsforGratuityonthebasisofPaymentofGratuityAct,1972.2.12 Earning Per Share BasicEPSiscalculatedbydividingNetProfitfortheyearattributabletoEquityShareholders.

ADARSH PLANT PROTECT LIMITEDNotes to Financials Statements for the year ended on 31st March, 2016

Note 3: Share Capitala. Details of each class of Shares

Particulars As At 31.03.2016 As At 31.03.2015No. of Shares Amount (`) No. of Shares Amount (`)

Share Capital 1 Authorised Capital: Equity shares of Rs. 10 each 10,000,000 100,000,000 10,000,000 100,000,000 2 Issued Subscribed & fully paid-up Capital: Equity shares of Rs. 10 each 9,911,500 99,115,000 9,911,500 99,115,000 Less: Calls in arrears - (70,250) Total 9,911,500 99,115,000 9,911,500 99,044,750

26

b. Reconciliation of the shares outstanding at the beginning and at the end of the reporting period

Particulars As At 31.03.2016 As At 31.03.2015No. of Shares Amount (`) No. of Shares Amount (`)

Equity Shares: Shares Outstanding at the beginning of the year 9,911,500 99,044,750 9,911,500 98,964,750 Shares issued during the year - - Shares bought back during the year - - Any other movement Calls in Arrears Received - 70,250 - 80,000 Shares outstanding at the end of the year 9,911,500 99,115,000 9,911,500 99,044,750

c. Rights, prefrences and restrictions:i. The Company has only one class of shares referred to as equity shares having par value of ` 10. Each holder of equity shares is

entitled to one vote per share.ii. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of

the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

d. Details of Shareholding more than 5% in the CompanyName of Shareholder As At 31.03.2016 As At 31.03.2015

No. of Shares % of Holding No. of Shares % of Holding1 Naishadbhai Patel 2,517,464 25.40 2,517,464 25.402 Atish Patel 1,882,500 18.99 1,864,000 18.813 Harihar Purshottambhai Patel 1,475,020 14.88 1,475,020 14.884 Nikeshbhai Raghubhai Patel 628,787 6.34 628,787 6.34 Total 6,503,771 65.62 6,485,271 65.43

Note 4: Reserves & Surplus

Particulars

31.03.2016 31.03.2015 Amount (`) Amount (`)

Surplus / (deficit) in the statement of Profit and Loss BalanceasperlastfinancialStatements (73,227,897) (64,790,518) NetProfit/(Loss)fortheyear 345,039 (7,267,246) Less: Depreciation written off - 1,170,133 Closing Balance (72,882,858) (73,227,897) TOTAL (72,882,858) (73,227,897)

Note 5: Long Term BorrowingsParticulars 31.03.2016 31.03.2015

Amount (`) Amount (`) Unsecured From Directors ( Refer Note 32) 19,483,782 19,366,140

TOTAL 19,483,782 19,366,140 Note 6: Long Term Provisions

Particulars 31.03.2016 31.03.2015

Amount (`) Amount (`)

Provision for Employee Benefits Gratuity 98,429 308,880 TOTAL 98,429 308,880

Note 7: Other Long Term Liabilities

Particulars 31.03.2016 31.03.2015 Amount (`) Amount (`)

Employment Deposit, Secured

Mitul Suthar 4,000 - Shashikant 6,000 - TOTAL 10,000 - Note 8: Short Term Borrowings


1 Secured From Banks - Bank Overdraft (Secured)* 15,193,002 14,453,274 TOTAL 15,193,002 14,453,274

27

*(OverdraftfromBankofBarodaV.V.Nagarissecuredagainsthypothecationofstock,debtorsandfirstchargeoverthemortgageofimmovableproperties(plotno.604&605)ofNasPackagingPrivateLimitedasCorporateguarantee).

Note 9: Trade Payables


Trade Payables (*) Sundry Creditors for Raw Material 1,456,569 3,538,761 SundryCreditorsforExpenses 6,890,581 5,658,778 Sundry Creditors (NRED) - 323,202 Sundry Creditors (Small Scale Industries) (Refer Note No. 34) 200,721 119,874 ProvisionforExpenses 490,705 611,247 Other Provisions 636,427 319,298 TOTAL 9,675,003 10,571,160

(*) For Related Party Transactions refer Note no. 32Note 10: Other Current Liabilities


1 Income received in advance - Advances from Customers 28,962 375,1422 Other Payables, specifying nature - Bills Discounted 2,956,332 8,004,028 TOTAL 2,985,294 8,379,170

Note 11: Short Term ProvisionsParticulars 31.03.2016 31.03.2015

Amount (`) Amount (`) Provident Fund 5,423 7,940 TOTAL 5,423 7,940

28

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Note 13: Non Current InvestmentsParticulars 31.03.2016 31.03.2015

Amount (`) Amount (`) Investment in Equity Instruments (Unquoted)

i. 100 Shares of Charotar Nagrik Sahakari Bank Limited of Rs. 50/- each (In Liquidation)

5,000 5,000

ii. 53,201 Shares of Karamsad Urban Co-operative Bank Limited of Rs. 10/- each (In Liquidation)

532,010 532,010

iii. Charotar Gas Shakari Mandali Limited Shares (10 Shares of Rs. 500 each) 5,000 5,000 TOTAL 542,010 542,010

Note 14: Long Term Loans & AdvancesParticulars 31.03.2016 31.03.2015

Amount (`) Amount (`)1 Capital Advances

Unsecured, Considered Good : - Advances for Capital Goods 326,795 326,795 SUB TOTAL(A) 326,795 326,795 2 Security Deposit Unsecured, Considered Good : -DepositswithGovernment&OtherParties 1,429,702 997,171 SUB TOTAL(B) 1,429,702 997,171 3 Other Loans & Advances Secured, Considered Good : a) Unsecured, Considered Good : 2,697,314 5,638,686 b)PaymentagainstTaxes 350,035 341,279 SUB TOTAL(C) 3,047,349 5,979,965 TOTAL(A+B+C) 4,803,846 7,303,931

Note 15: Other Non-Current AssetsParticulars 31.03.2016 31.03.2015

Amount (`) Amount (`)1 Long term trade receivables from the date they become payable Unsecured, Considered Good : 21,919,762 24,065,8762 Miscelleneous Expenditure (Totheextentnotwrittenofforadjustedafter12monthsafterthereportingdate)

1.a)ShareIssueExpenses - - 2. Discount (at Rs: 3/-) on Issue of Eq. Shares - - 3.Legal&ProfessionalCharges 7,915 12,915 TOTAL 21,927,677 24,078,791

Note 16: InventoriesParticulars 31.03.2016 31.03.2015

Amount (`) Amount (`) Raw Materials 11,296,935 12,092,551 Work-in-Process 2,887,020 3,509,452 Finished Goods 7,239,804 3,038,459 Traded Goods 2,058,612 2,158,231 Other Consumables 1,813,261 1,053,711

TOTAL 25,295,632 21,852,404 Note 17: Trade Receivables


1 Outstanding for More than Six months from the date they become payable

Unsecured, Considered Good : 1,033,790 40,570 SUB TOTAL(A) 1,033,790 40,570 2 Others * Unsecured, Considered Good : 13,600,259 17,524,152 SUB TOTAL(B) 13,600,259 17,524,152 TOTAL (A+B) 14,634,049 17,564,722

(*) For Related Party Transactions refer Note no. 32

Note 18: Cash & Cash EquivalentsParticulars 31.03.2016 31.03.2015

Amount (`) Amount (`)1 BalanceWithBanks 832,894 562,989

2 Cash on hand 1,401,549 518,488

TOTAL 2,234,443 1,081,477

30

Note 19: Short Term Loans & AdvancesParticulars 31.03.2016 31.03.2015

Amount (`) Amount (`) Others Unsecured, Considered Good : 1,401,700 1,766,430

TOTAL 1,401,700 1,766,430 Note 20: Other Current Assets

Particulars 31.03.2016 31.03.2015

Amount (`) Amount (`)1 Interest Accrued but not Due -BankofBarodaFixedDeposit(AsBankGuaranteeissuedtoRajasthanState

Agro Industries, Jaipur)45,056 127,362

2 Miscellaneous Expenses (Totheextentwrittenofforadjustedwithin12monthsafterthereportingdate) 1.a)PreliminaryExpenses - - b)ShareIssueExpenses - 58,000 2 Discount (at Rs: 3/-) on Issue of Eq. Shares - 1,500,000 3Legal&ProfessionalFees 5,000 5,000 TOTAL 50,056 1,690,362

Note 21: Revenue From OperationsParticulars 31.03.2016 31.03.2015

Amount (`) Amount (`) Sale of Products (Refer Note below #) 108,837,062 98,946,456

Sale of Services

- Processing Charges * 103,185 100,384

TOTAL 108,940,247 99,046,840 Less:ExciseDuty 10,616,641 10,447,726 TOTAL 98,323,606 88,599,114

(*) For Transaction with Related Party (Refer Note 32)

#Sale of Products Particulars 31.03.2016 31.03.2015

Amount (`) Amount (`) -SalesofSprayers&Components 4,937,642 3,371,875 - Sales (Trading) 2,667,930 682,900

- Sales (Barrel) 101,231,490 94,891,681

TOTAL 108,837,062 98,946,456 Note 22: Other Income

Particulars 31.03.2016 Amount (`)

31.03.2015 Amount (`)

InterestIncome(TDSC.Y.Rs.6,116/-andP.Y.Rs.38,782/-) 61,217 434,284

Interest on IT Refund - 7,142 Dividend Received 750 750 Writtenoff 321,640 -

Kasar/ Discount 2,074 30,053

Other Non - Operating Income 117,622 114,516

TOTAL 503,303 586,745 Note: Interest Income of P.Y. includes Prior Period Income amounting to Rs. 40,562/-

Note 23: Cost of Raw Materials ConsumedParticulars 31.03.2016 31.03.2015

Amount (`) Amount (`)1 Opening Stock 12,092,551 7,281,1802 Add: Raw Material 54,887,815 63,409,393

Add:DirectExpenses

- Freight & Cartage 597,002 131,539

- Weighing Charges 9,150 8,650

67,586,518 70,830,762 3 Less: Closing Stock 11,296,935 12,092,551

TOTAL 56,289,583 58,738,211

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Note 24: Purchase of Stock in tradeParticulars 31.03.2016 31.03.2015

Amount (`) Amount (`) Purchase (Trading) * Purchase (Traded Goods) 765,979 - Purchase Soil Care - 5,250 PurchaseWoodStove 1,713,240 587,450 TOTAL 2,479,219 592,700

(*) For Transaction with Related Party (Refer Note 32)

Note 25: Change in InventoriesParticulars 31.03.2016 31.03.2015

Amount (`) Amount (`) Closing Stock Finished Goods 7,239,804 3,038,459 WorkinProcess 2,887,020 3,509,452 Traded Goods 2,058,612 2,158,231 TOTAL (A) 12,185,436 8,706,142 Opening Stock Finished Goods 3,038,459 3,011,444

WorkinProcess 3,509,452 3,244,336 Traded Goods 2,158,231 1,927,611 TOTAL (B) 8,706,142 8,183,391 TOTAL (A-B) 3,479,294 522,751 Note 26: Employee Benefit Expenses


Salaries&Wages* 4,125,558 5,329,375 Bonus 547,173 322,239 Contribution to provident and other funds 33,331 47,354 Gratuity 11,006 39,120 StaffWelfareExpense 276,257 231,674 Leave Encashment 3,800 36,600

TOTAL 4,997,125 6,006,362 (*) For Transaction with Related Party (Refer Note 32)

Note 27: Finance CostParticulars 31.03.2016 31.03.2015

Amount (`) Amount (`) InterestExpense 4,155,586 4,690,469 Bank Charges 130,060 116,451 Bills Discounting Charges 365,322 505,067

TOTAL 4,650,968 5,311,987 Note 28: Depreciation & Amortization


Depreciation 649,883 565,820 Amortization 1,563,000 1,627,500

TOTAL 2,212,883 2,193,320 Note 29: Other Expenses


1 Manufacturing Expense Power&Fuel 1,293,598 1,194,367 Consumable Stores 7,796,545 3,925,276 Processing&LabourCharges* 10,905,707 8,362,745 OtherManufacturingExpenses 1,657,787 1,701,493 TOTAL ( A ) 21,653,637 15,183,881

2 Administrative & Selling Expense Legal,Proff,&Approval 1,156,275 737,291 Rent&Taxes 1,451,107 1,437,038 Traveling - Director 562,514 571,313 PriorPeriodExpense 20,104 54,031 BalanceWrittenoff - 267,186 Freight on Sales 2,006,850 2,995,206 OtherExpenses 4,405,898 2,819,931 Payment to Statutory Auditors: (a) Auditor 75,000 67,400 (b)ForTaxationMatters - - TOTAL ( B ) 9,677,748 8,949,396

TOTAL ( A + B ) 31,331,385 24,133,277 (*) For Transaction with Related Party (Refer Note 32)

32

NOTE 30: Contingent Liabilities & Commitments

Particulars31.03.2016 31.03.2015

Amount (`) Amount (`)

Bank Guarantee issued by Bank of Baroda V V Nagar Branch as Performance Guarantee to Rajasthan State Agro Industries Development Corporation, Jaipur.

100,000 100,000

NOTE 31: Earning Per Shares (EPS)

ParticularsFor the Year

ended March 31, 2016

NetProfitaftertaxasperStatementofProfitandLossattributabletoEquityShareholders ` 3,45,039

WeightedAveragenumberofEquitySharesusedasdenominatorforcalculatingEPS No. 99,11,500

Basic Earnings Per Share ` 0.03481

Face Value per Equity Share ` 10

NOTE 32: Related Party Disclosures

AsperAccountingStandard18,disclosuresoftransactionswiththerelatedpartiesasdefinedinAccountingStandardaregivenbelow: (A) Relationships:

(a) Key Management Personnel

Mr. Naishad N. Patel (Director)

Mr. Atish N Patel (Managing Director)

Mr.ShantiduttParmar(ChiefFinancialOfficertill12.08.2015) Mr.AmitSuthar(ChiefFinancialOfficerfrom12.08.2015onwards) Ms. Devangi Zinzuvadiya (Company Secretary)

(b) Relative of Key Management Personnel and their enterprise where transaction have taken place:

Name Relationship

I. Mini Sarvodyog Sira Partners are Directors

II. Adarsh Renewable Energytech Limited Common Director

III. Nas Packaging Private Limited Common Director

IV. Nippon Appliances Private Limited Common Director

V. Universal Trading Co. Relative of Director

Note:RelatedpartyrelationshipisasidentifiedbytheCompanyandrelieduponbytheAuditors(B) Transactions carried out with related parties referred in A above, in ordinary course of business:

Nature of Transaction 31.03.2016(`)

31.03.2015(`)

1. Remuneration:To Directors Nil NilTo KMP 5,46,973/- 415,986/-2. Purchases from Related Parties 17,26,810/- 587,450/-3. Processing Charges 93,38,933/- 8,298,810/-4. Unsecured Loans :From DirectorsLoan taken 40,29,604/- 21,914,533/-Loan repaid 3,911,962/- 7,209,855/-Interest paid 21,79,604/- 10,98,533/-From Related PartiesLoan taken Nil Nil

Loan granted (received) 31,37,758/- Nil

Loan repaid Nil 18,353,190/-

Interest paid Nil 1,420,025/-

5. Rent paid to Related parties 13,71,000/- 1,348,320/-

6. Interest Income – Related Parties Nil 339,810/-7.JobWorkIncome–RelatedParties 1,03,185/- 1,00,384/-8. Outstanding as at year endNet (Receivables) / PayablesFrom Directors 19,483,782/- 19,366,140/-From KMP 34,568/- NilFrom Related Parties 51,46,109/- 10,29,823/-

33

NOTE 33

TheoutstandingbalancesofDebtors,Creditors,DepositsandLoans&Advancesaresubjecttoconfirmation.NOTE 34

Details of due to Micro, Small & Medium Enterprises as defined under MSMED Act, SundryCreditors includesRs. 2,00,721/- (previous year–17,55,364/-), being the total outstandingdues fromSmallScale IndustrialUndertakings. However, there are no dues outstanding for more than 45 days.

NOTE 35 Deferred Tax Asset

TheCompanyhasnotrecognizedtheDeferredTaxAssetsascarriedforwardlossesaresignificantandshallrecognizetheDeferredTaxAssetsinsucceedingyearswhenthereiscertaintytohavesufficienttaxableincome.NOTE 36

Though,theaccumulatedlosseshaveexceeded50%oftheNetWorthoftheCompany,theaccountsfortheperiodended31stMarch,2016 have been prepared on the basis that the Company is a going concern.

NOTE 37 Segment Reporting

ParticularsFor the Current Year ( 2015-16)

Sprayer Barrel Others (including Trading)

Total

ExternalRevenue 4,937,642 90,614,848 2,771,115 98,323,605Inter Segment Revenue - - - -Total Revenue 4,937,642 90,614,848 2,771,115 98,323,605ResultSegment Result -2,733,000 18,947,000 2,771,115 18,985,115Less : Unallocated Interest -4,651,000 -4,651,000Less:UnallocatedExpense -14,234,961 -14,234,961Add: Unallocated Income 245,885 245,885Profit/(Loss) before tax -27,33,000 18,947,000 -15,868,961 345,039Other InformationSegment Assets 26,072,623 16,164,325 1,727,006 43,963,954Inventories 9,356,501 12,003,597 3,443,518 24,803,616Unallocable AssetsTotal Assets 35,429,124 28,167,922 5,170,524 68,767,570Segment Liabilities -465,239 7,495,318 - 7,030,079Unallocated Liabilities 563,626 563,626Total Liabilities -465,239 7,495,318 563,626 7,593,705Segment CapitalUnallocableCapitalExpenditure - - - -Total CapitalSegment Depreciation 422,424 422,424Unallocable Depreciation 227,459 227,459Total Depreciation 649,883

NOTE 38

In the opinion of the board, all known liabilities are provided for and the current assets, loans and advances would realize the value stated therein if realized in the ordinary course of business.

NOTE 39

TheoutstandingbalancesofCreditors,DepositsandLoans&Advancesaresubjecttoconfirmation.NOTE 40

Previousyear’sfigureshavebeenregroupedwherevernecessarytomakethemcomparablewiththoseofthecurrentyear.Signature To Notes ‘1’ to ’40 ’

For Mukund & Rohit For and On behalf of the Board

Chartered Accountants Adarsh Plant Protect Limited

Registration No. 113375W

Mukund Bakshi Mr. Atish Patel Mr. Naishadhbhai Patel

Partner Managing Director Director & Chairman

Membership No. 041392 DIN: 00084015 DIN: 00082749

Place: Vadodara

Date : 14th May, 2016

Mr. Amit Suthar Ms.Devangi Zinzuvadiya

Chief Financial Officer Company Secretary Place: Anand

Date : 14th May, 2016

34

Please

Affix

Revenue Stamp

ADARSH PLANT PROTECT LIMITED

RegisteredOffice:604,G.I.D.C.,VithalUdyognagar–Anand–388121Email: [email protected],Tel:02692-236705,Fax:02692-236704

CINNo.L29210GJ1992PLC017845PROXY FORM

[Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3) of the Companies (Management and Administration) Rules, 2014]

Name of the Company: Adarsh Plant Protect Limited

RegisteredOffice:604,GIDCEstate,VithalUdyognagar–388121,DistrictAnand,GujaratName of the Member (s)________________________________________________________

Registered Address: ________________________________________________________

E-Mail Id: ___________________________________

Folio No. /Client ID No.: ___________________________________

DP ID No.________________________

I/We________________________________________themember(s)ofEquitySharesoftheabove named Company, hereby appoint

• Name: _____________________________________________________________

Address: ____________________________________________________________

E-Mail Id: ____________________________________________________________

Signature: _____________________________ or failing him / her

• Name : ______________________________________________________________

Address:______________________________________________________________

Email Id: _____________________________________________________________


• Name: ______________________________________________________________

Address: _____________________________________________________________

Email Id: ______________________________________________________________


Asmy/ourproxytoattendandvote(onapoll)forme/usandonmy/ourbehalfatthe24th Annual General Meeting of the Company to be held on Friday 9th September 2016 at 11.00 A. M.attheRegisteredOfficeoftheCompany604,G.I.D.C.,VithalUdyognagar–Anand–388121,District Anand, Gujarat and at any adjournment thereof, in respect of such Resolutions set out in the Notice convening the meeting, as are indicated below:

Resolution No.

Resolution No.

Signed this ____________ day of _________, 2016

Signature of Shareholder : __________________

SignatureofProxyHolder(s)__________________Note: 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.

35

ADARSH PLANT PROTECT LIMITED

RegisteredOffice:604,G.I.D.C.,VithalUdyognagar–Anand–388121

Email: [email protected],Tel:02692-236705,Fax:02692-236704

CINNo.L29210GJ1992PLC017845

ATTENDANCE SLIP

Only Shareholders or proxy will be allowed to attend the meeting

DP LD L. F. No.

Client ID No. of Shares held

I/Weherebyrecordmy/ourpresenceatthe24th Annual General Meeting of the Company held onFriday9thSeptember2016at11.00A.M.attheRegisteredOfficeoftheCompany.

Name of the Shareholder_______________________________ _______________________

(in capital letters) (in capital letters)

________________ Signature

Note:Shareholdersattendingthemeetinginpersonorbyproxyarerequestedtocompletetheattendance slip and hand it over at the entrance of the meeting venue.

36

Notes

Documents

ADARSH PLANT PROTECT LIMITED Date: 30th July, 2016 (NAISHADBHAI PATEL) ... offer herself for reappointment. Her brief resume is provided in the Corporate Governance Report forming