Apcotex Industries Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2017

1. The Company is engaged in the business of Synthetic Emulsion Polymers.

2. The above financial results were reviewed by the Audit Committee after audit by the statutory auditors of the Company and the Board of Directors approved the same at their meeting held on 05th May 2017.

3. As the Company has only one business segment, so disclosure under Accounting Standard 17, on Segment Reporting issued by the Institute of Chartered Accountants of India, is not applicable.

4. On 27th October 2016, The Honorable High Court of Judicature at Bombay has approved a scheme of amalgamation of Apcotex Solutions India Private Limited (ASIPL), the wholly owned subsidiary company, with the Company with effect from 31st March 2016, which had been filed with Ministry of Corporate Affairs on 1st December 2016 and same has been effective from that date. As per the scheme of Amalgamation the Company shall account for amalgamation of ASIPL in its books of accounts with effect from the appointed date (i.e. 31st March 2016) as per the "Purchase Method", as prescribed in Accounting Standard-14 "Accounting for Amalgamation" issued by the Institute Accordingly, all the assets and liabilities being the net assets excluding reserves of ASIPL have been recorded by the Company at their respective fair values, as decided by the Board of Directors of the Company as on 31st March 2016 and the Investment held by the Company in ASIPL amounting to Rs.3016.50 lakh stands cancelled and excess of net assets of ASIPL amounting to Rs.7402.48 lakh has been recorded as Capital Reserve.

5. Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year as reported in Sr. No. 18 of the financial results stands increased by Rs.7402.48 lakh post giving effect of scheme of amalgamation.

6. The Board of Directors of Apcotex Industries Limited, at their meeting held on 31st March 2017, approved the scheme of Amalgamation of Saldhar Investments and Trading Company Private Limited with Apcotex Industries Limited. The Scheme shall be subject to approval / Sanction by National Company Law Tribunal, Mumbai Bench and such other authorities as may be necessary.

7. The Board of Directors have recommended a dividend of Rs 4.5/- per share (on fully paid up share of Rs 5/- each) for financial year 2016-17.

8. The above figures have been regrouped wherever necessary.