v) Provisions and contingent liabilities
A provision is recognized when the Company has
a present obligation as a result of past event and
it is probable that an outflow of resources will
be required to settle the obligation, in respect
of which a reliable estimate can be made.
Provisions (excluding retirement benefits and
compensated absences) are not discounted to
its present value and are determined based on
best estimate required to settle the obligation
at the balance sheet date. These are reviewed
at each balance sheet date adjusted to reflect
the current best estimates. Contingent liabilities
are not recognized in the financial statements.
A contingent asset is neither recognized nor
disclosed in the financial statements.
9.1 During the financial year, the Company increased its equity stake in Badve Auto Comps Pvt. Ltd. from 0.68%
to 13.35% through the acquisition of 48,000 equity shares, each having a face value of INR 10, at a premium
of INR 20,688 per share. Furthermore, based on the resolution passed by the Board, the Company is actively
planning to increase its stake up to 19% as part of the total proposed investment.
9.2 The Company invested in Emkay Automobiles Industries Ltd. by acquiring 5,000 equity shares at a
consideration of INR 1 per share. The investment was made in accordance with the resolution plan submitted
by BIL under the Insolvency and Bankruptcy Code, 2016, on 6th February, 2023, which was duly approved by
the Hon'ble National Company Law Tribunal (NCLT) on 28th August, 2024.
17.1 During the financial year 2023-24 the Company has made sub-division (stock split) of its equity shares
having face value of INR 10 each into equity shares having face value of INR 5 each which has been
duly approved in Extra Ordinary General Meeting of the Company held on 20th November, 2023.
During the financial year 2023-24 the Company has made bonus issue to its existing equity shareholders in
the ratio of 15:1 which was proposed by the Board of Directors in their Board Meeting held on 5th January, 2024
& which has been duly approved by the members of the Company in their Extra Ordinary General Meeting
held on 5th January, 2024.
Voting Rights
The Company has only one class of equity shares having a par value of INR5 per share. Each shareholder
of equity share is entitled for one vote per share held. In the event of liquidation, the equity shareholders
are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in
proportion to their shareholding.
Under the resolution plan formulated in accordance with the Insolvency and Bankruptcy Code, 2016, and duly
approved by the National Company Law Tribunal (NCLT) on 28th August, 2024 Corporate Debtor i.e Emkay
Automobiles Industries Ltd shall issue secured unlisted redeemable Non-Convertible Debentures (NCD's) of
I NR 429.00 million to secured creditor's for settlement of Debt.
As per the plan, Resolution Applicant i.e Belrise industries Limited has obligation to make payments against
such debenture's issued by Emkay Automobiles Industries to secured creditor at the time of redemption of
debentures in prescribed tranches as outlined in the resolution plan.
NOTE 36 SECURITIES GIVEN - SECURED LONG TERM LOANS
A) Central Bank Of India
Primary:- First pari passu charge with Cosmos Bank
- Registered mortgage of land msg. 29826 sq mt situated at plot no. B-39, Chakan Industrial Area PH-II
Village Bhambuli Taluka Khed Pune.
- Building at B-39 Chakan Industrial Area under PH-I & II, Village Bhambuli Taluka Khed Pune.
- Hypothecation of entire plant & machineries under Phase I & II (Both present and future) for unit B-39
chakan industrial area village bhambuli taluka khed Pune.
First Pari Passu Charge on Plant & Machinery (Tools & Dies / Jigs & Fixtures / Other Fixed Assets) for
expansion project at Plot No. B-39, Chakan Industrial Area, Tal Khed, Dist. Pune.
Collateral:- Nil
Interest Rate is based on prevailing based rate Fixed Spread. Loan is to be repaid in Monthly Instalments
ending upto December -2029.
Personal Guarantees :Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve
B) Union Bank of India
Primary : First Pari Pasu Charge by mortgage/hypothecation of all immovable/movable fixed assets of the
bengaluru unit financed by our bank.
Collateral: 1st Residual charge on current assets of the Company of narsapur, bengaluru unit. 1st charge on
residual value of the current assets of the Company of Narsapura Bengaluru Unit excluding bills/invoices/
book debt of Honda Motorcycles & Scooter India Pvt. Ltd.
Interest rate is based on prevailing Base rate fixed spread. Loan is to be repaid in monthly instalments
ending upto December- 2029.
Corporate Guarantees : M/s Sumedh Tools Private Limited
Personal Guarantees : Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve.
C) Bank Of Maharashtra
Primary:- First Pari Passu charge by way of Hypotehcation /mortgage of Entire fixed assets including capital
WIP of Unit 16 situated at Plot No. B-5, B-6 Waluj Industrial Area MIDC Waluj Aurangabad along with the
existing lender bank of baroda and Bank of Bahrian & Kuwait (present and future).
Collateral:- Extension of Pari- Passu charge on All current Assets(Raw Material, Stores, Spares, Packing
Materials, Work ln Progress, Finished Goods and Book Debts etc) of the Company pertaining to Unit 16 at
Waluj Aurangabad Both Present and Future along with exisling lender Bank of Baroda.
Interest Rate is based on prevailing based rate Fixed Spread. Loan is to be repaid in Monthly Instalments
ending upto September -2029.
Personal Guarantees :Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve
D) Hero Fincorp Limited
Primary : Exclusive charge on plant and machinery, located at Bawal Plant and Charge on complete cash
receivable (along with routing) of Hero Motocorp at Bhiwadi Plant (Tapukara). Approx. value of cash flows per
month.
Collateral - 2 SPDCs for the proposed exposure of INR 125.00 million each
Interest rate is based on prevailing Base rate fixed spread. Loan is to be repaid in monthly instalments
ending upto January - 2027.
Personal Guarantees: Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve
E) Bank of Baroda
Primary : Exclusive charge by way of Hypothecation/Mortgage Entire fixed asset including capital WIP unit-
16 situated at plot no.B-5, B-6, Waluj industrial area, MIDC Waluj Aurangabad.
Collateral: Extension of exclusive charge on all current assets (Raw Materials, Spares, stores,packing material,
work in progress, finished goods, book debts etc) of the Company pertaining to Unit 16 at Waluj, Aurangabad,
Present and future.
Exclusive charge over immovable properties as under -
a) 15 residential flats (leasehold basis) in the name of Mr. Shrikant Badve/ Mrs. Supriya Shrikant Badve (sub
lessee) situated at project "omaxe Riviera " in the building "Rhone Tower” village Bura Rani, Udham singh
nagar, Uttarakhand.
b) Industrial land and building (admeasuring 13200 sq mtrs) at gut no. 14(p), village naigavan Aurangabad
in the name of Mr. Shrikant Shankar Badve (promoter/director of Belrise Industries Limited)”
Interest rate is based on prevailing Base rate fixed spread. Loan is to be repaid in monthly instalments
ending upto June- 2027.
Personal Guarantees : Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve
F) State Bank of India
Primary : Hypothecation of entire movable fixed assets, present & future at chakan (unit XIII) Pantnagar
plant(unit IX & XIV)
Equitable/registered mortgage Mega Plant Chakan Unit XIII Plot No :- A-23/1, Chakan Industrial Area, Phase
II, Village kalumbre, Tq- Khed, Pune, area 78174 sq mtr, Pantnagar unit IX & XIV, Plot.No.15, Sector 10, IIE,
Pantnagar, Uttarakhand, area - 472755 sq mtr.
Hypothecation of entire movable fixed assets of proposed chennai plant at Plot.No. H-12,13 SIPCOTs, Survey
no. 43&44, SIPCOT Industrial park, vallam vadakkal nagar, Chennai, Tamilnadu.
Exclusive first charge by way of Equitable/registered mortgage of factory, Land & proposed building P.No. H-12
&13 SIPCOTs, Industrial Plant,Vallam Vadakal Nagar, Chennai area 7.128 acre. first pari passu charge along with
other lender on the assets created out of the bank finance kept at chakan unit xiii and assets of the Belrise
Industries Limited kept at Optima Auto Products Private Limited unit at Ranjangaon.
First pari passu charge along with other lender on the entire fixed assets, present and future and land and
building of the chakan unit XIII.
Exclusive hypothecation charge on entire fixed assets (P&M) of chennai unit (VIII) of the Company.
Collateral: Equitable/Registered mortgage of unit IX & XIV, Plot.No.15, Sector 10, IIE, Pantnagar, Uttarakhand
Area 472755 sq feet. Extension of exclusive charge on the entire immovable fixed assets of the following units
of the Company -
i) pantnagar plant (unit IX & XIV) at plot no. 15, sector 10, IIE Pantnagar (U.S Nagar , Uttarakhand area 472755
sq feet.
a) Extension of hypothecation charge on entire fixed assets including P&M of pantnagar unit (IX and XIV) of
the Company. &
b) Extension of mortgagae charge on land and building of pantnagar unit (IX and XIV) of the Company.
c) Extension of Hypothecation Pari passu exclusive charge on residual value of current assets of chennai
unit of the Company.
Interest rate is based on prevailing Base rate fixed spread. Loan is to be repaid in monthly instalments
ending upto March- 2033.
Personal Guarantees: Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve
G) Punjab And Sindh
Primary:- Exclusive 1st Charge on all the fixed assets (both movable & immovable) of Indore unit, present and
future. Subservient charge on all the current assets of the Company including inventory and Book Debts.
Collateral:- Exclusive 2nd charge on all the entire current assets of Indore unit, present & future. Minimum
FACR of 1.25 considering fair market value of the immovable fixed assets (land and Building) and WDV of all
movable fixed assets
Registered Mortgage of plot of land admeasuring 04H 04 Gunthas located at Gat No. 36 to 45 Village Gangapur
Nehri Tq and Dist. Aurangabad owned by Shrikant Badve HUF vide title deed no. 5195 dt 14th August, 2002
registered with registrar, Aurangabad city III and Lien mark of INR 60.00 million in the name of company.
(already mortgaged in STL as collateral security).
1. Pledge of FDR of INR 60 millions in the name of M/s. Belrise Industries Limited.
2. The 1st charge by way of registered mortgage of plot of land admeasuring 04 H 04 Gunthas located at Gat
No. 36 To 45 Village Gangapur Nehari Tq and Dist. Aurangabad owned by Shrikant Badve HUF vide title
deed no. 5195 dated 14th August, 2002 registered with sub registrar Aurangabad city III valuing INR 260.00
millions for existing facilities and STL.
Interest Rate is based on prevailing based rate Fixed Spread. Loan is to be repaid in Monthly Instalments
ending upto May-2029.
Personal Guarantees : Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve.
H) Karnataka Bank Ltd
Primary:- First charge on Hypothecation of plant & machineries/Equipments/Tools & Dies to be acquired
out of Term Loan proceeds of INR 410.00 million along with other TL lenders (State Bank of India & Punjab
National Bank) of Chakan Unit under consortium Banking Arrangement. Exclusive charge on Hypothecation
of plant & machineries/Equipments/Tools & Dies to be acquired out of proceeds of line of credit facility of INR
200.00 million which are to be installed at various units.
Exclusive Hypothecation charge over the fixed assests of the Company (excluding land and building)at plot
no. C-11, in the Ranjangaon Industrial Area, situated at Village Karegaon, Taluka Shirur Dist. Pune & Exclusive
hypothecation charge over the fixed assets of the Company to be purchased out of the fresh proceeds of the
fresh term loan.
Hypothecation (Exclusive charge) of cost of machineries/equipment/tools & on Dies /Jigs & Fixtures/Guages/
other allied related equipment and for routine CAPEX to be incurred at various factory units(owned or
leased units), such as similar additions, replacement of parts/machineries, up gradation, renovation etc to be
procurred from proceeds of the line of credit.
First charge on Hypothecation of plant & machineries/Equipments/Tools & Dies to be acquired out of Term
Loan proceeds of INR 410.00 millions along with other TL lenders (State Bank of India & Punjab National
Bank) of Chakan Unit under consortium Banking Arrangement.
Exclusive charge on Hypothecation of plant & machineries/Equipments/Tools & Dies to be acquired out of
proceeds of line of credit facility of INR 200 million which are to be installed at various units.
Collateral:- Pari passu first charge on Industrial land admeasuring 78174 sq meters and building constructed
there on with the built up area of 13949.48 sq meters bearing Plot no. A 23/1, in the MIDC Chakan Industrial
area phase II Situated at village khalumbre, khed taluka pune district owned by the Company. Pari passu
first charge on fixed assets (other than land & building) located at plot no. A-23/1 in the MIDC chakan
industrial area phase II situated at village khalumbre khed taluka pune district owned by the Company.
Fresh simple mortgage of lease hold rights of the industrial plot C-11, in the Ranjangaon Industrial Area,
situated at village Karegaon, Taluka Shirur, Dist. Pune, standing in the name of the Company admeasuring
8000 sq. mtr. And building contructed thereon with approx area of 4485 sq.mtr, Land INR 96.00 million,
Building INR 114.20 million, Market value; INR 210.20 million.
Extension of 2nd charge/residual charge on fixed assets of the Company Machineries & other Equipments
tools, casting etc situated at plot no. C-11 & C-11 A (proposed rented premises) in the Ranjangaon Industrial
Area, situated at village Karegaon Taluka Shirur District Pune.
Exclusive hypothection charge over the fixed assets of the Company at plot no. B-32/1/5, MIDC industrial area,
waluj Aurangabad MH 431133, plot no. SPL-6, Industrial area tapukara Bhiwadi Alwar, Rajasthan 301019, plot
no. A6/6, Ranjangaon MIDC industrial area, shirur pune Maharashtra 412220 Valued at INR 1302.30 million as
per certificate submitted by panel valuer M G Bhat dated 19.04.2024.
Exclusive hypothecation charge over the fixed assets acquired out of term loan proceeds of INR 42.10 million.
Pari passu first charge on Industrial land admeasuring 78174 sq meters and building constructed there on
with the built up area of 13949.48 sq meters bearing Plot no. A 23/1, in the MIDC Chakan Industrial area phase
11 Situated at village khalumbre, khed taluka pune district owned by the Company. Pari passu first charge on
fixed assets (other than land & building) located at plot no. A-23/1 in the MIDC chakan industrial area phase 11
situated at village khalumbre khed taluka pune district owned by the Company.
Exclusive hypothection charge over the fixed assets of the Company at plot no. B-32/1/5, MIDC industrial area,
waluj Aurangabad MH 431133, plot no. SPL-6, Industrial area tapukara Bhiwadi Alwar, Rajasthan 301019, plot
no. A6/6, Ranjangaon MIDC industrial area, shirur pune Maharashtra 412220 Valued at INR 1302.30 million as
per certificate submitted by panel valuer M G Bhat dated 19th April, 2024. Exclusive hypothecation charge over
the fixed assets acquired out of term loan proceeds of INR 42.10 million.
Interest Rate is based on prevailing based rate Fixed Spread. Loan is to be repaid in Monthly Instalments
ending upto February-2030.
Personal Guarantees: Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve.
I) Punjab National Bank
Primary:- a. First pari passu charge with SBI on the assets proposed to be created of Bank finance to the
tune of INR 1260.00 million to be erected /installed/acquired/purchased and entire immovable fixed assets
kept at Mega Plant Chakan - Unit XIII situated at plot no. A23/1, Chakan MIDC, Phase II Village khalumbre, tq
khed Pune - 410501 for JLR project & assets of Belrise Industries Limited kept at optima Auto Products private
Limited unit at Ranjangaon.
b. Hypothecation on pari passu basis with SBI on entire fixed assets, present and future at chakan Unit XIII
Plot No. A23/1. Chakan Phase II Village khalumbre, tq khed Pune - 410501 having WDV of INR 2884.80
million as per 31st March, 2019 (excluding land and building which is taken sepretly as security and vehicle
to the tune of INR 0.20 million)
c. First Pari passsu charge with SBI on the entire immovable fixed assets Present and future of chakan unit
XIII at plot no. A-23/1 , chakan industrial area Phase II Village khalumbre, tq khed Pune by way of equitable
mortgage having WDV of INR 939.50 million as at 31st March, 2019 and RV of INR 1198.30 million as per
bank's approved valuer.
Collateral:- 2nd Pari passu charge with SBI on entire existing & proposed current assets of mega plant chakan
- unit XIII situated at plot no. A-23/1, chakan MIDC phase II Village khalumbre, tq khed Pune - 410501.
Interest Rate is based on prevailing based rate Fixed Spread. Loan is to be repaid in Monthly Instalments
ending upto December-2029.
Personal Guarantees :Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve.
J) Indian Bank (Formerly known as Allahabad Bank Ltd.)
Primary:- 1) For Term Loan I and II - Primary -
i) first and exclusive charge on all the fixed assets (acquired or to be acquired) for the unit situated at
SPL-06, Industrial area, Tapukara Bhiwadi, Dist. Alwar, Rajasthan present and future in the name of
company.
ii) First charge by way of hypothecation on all plant and machinery located at SPL-06, industrial area
Tapukara Dist. Alwar Rajasthan.
iii) Second charge on all the current assets of the unit situated at SPL-06 industrial area Tapukara Dist.
Alwar Rajasthan.
Collateral:- Nil
Interest Rate is based on prevailing based rate Fixed Spread. Loan is to be repaid in Monthly Instalments
ending upto August-2028.
Personal Guarantees :Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve
K) Bank of India
Primary:- Exclusive charge hypoth ecation of Movable fixed assets/ p&M at Plot No.509 (P), Mouje Vithlapur,
Taluka, Mandal, Dist Ahmedabad.
Collateral:- Extension of charge /mortgage on below properties -
i) Situated at Revenue New Block No. 1372 (Old Block/ S No.418/p), Mauje Vithalapur Tal: Mandal, Dist.
-Ahmedabad in the name of Belrise Industries Limited.
ii) Situated at Revenue New Block No. 1552, 1553 Blocks in the name of Belrise Industries Limited and
Block No 1554 in the name of Badve Autotech Pvt Ltd (all the three blocks in Old S No. 509/p), Mauje
Vithalapur Tal: Mandal, Dist. - Ahmedabad.
iii) Situated at Revenue New Block No. 1542 (Old Block/ S No. 499), Mauje Vithalapur Tal: Mandal, Dist. -
Ahmedabad in the name of Badve Autotech Pvt. Ltd.
iv) Situated at Revenue New Block No. 1543 (Old Block/ S No. 500), MaujeVithalapur Tal: Mandal, Dist. -
Ahmedabad in the name of Badve Autotech Pvt. Ltd.
v) Situated at Revenue New Block No. 1544 (Otd Block/ S No. 501), MaujeVithalapur Tal: Mandal, Dist. -
Ahmedabad in the name of Badve Autotech Pvt. Ltd.
Extension of Hypothecation of all the current asset of Ahmedabad unit
Extension of charge hypothecation of Movable fixed assets/ p&M at Plot No. 509(P), Mouje Vithlapur, Taluka,
Mandal, Dist. Ahmedabad
Interest Rate is based on prevailing based rate Fixed Spread. Loan is to be repaid in Monthly Instalments
ending upto October-2028.
Personal Guarantees :Mr. Shrikant Shankar Badve, Mrs. Supriya Shrikant Badve
Corporate Guarantee: M/s Badve Autotech Pvt. Ltd
L) CSB Bank Ltd.
Primary:- Hypothecation of entire fixed assets of Unit-12 (Unit 12 & 12A) including capital WIP and the leased
land (present and future) and second charge over the entire current assets of Unit- L2 and L2 A (present and
future)
Land and building at Plot No 52, Sector-11, Tata Vendor Park, llE SIDCUL, Pantnagar (The State lndustrial
Development Corporation of Uttarakhand Limited). The property is leased to Tata Motors Ltd for 90 years. The
above property is sub-let to the applicant company through a tripartite agreement.
Extension of Exclusive charge by way of EM/RM on the factory land&building situated at Plot no. 52, Sector 11,
Tata Vendor Park, IIE SIDCUL, Pantnagar Dist. U.S Nagar 263153 Uttarakhand.
Exclusive charge by way of Hypothecation over all the moveable fixed assets including plant & machinery
of the Company at Plot No.52, Sector 11, Tata Vendor Park, IIE, SIDCUL, Pantnagar, Dist. U. S. Nagar 263153
Uttarakhand,
Exclusive charge by way of Hypothecation over all the moveable fixed assets including plant &
machinery of the Company worth INR 587.60 million at proposed leased factory premises located at Plot
no.53 & 54, Sector 11, Tata Vendor Park IIE SIDCUL in Pantnagar, Dist. U. S. Nagar 263153 Uttarakhand.
Hypothecation of the assets acquired out of the Bank Finance.
Collateral:- Land & Building at Plot no. 52, Sector-11, Tata Vendor Park, IIE SIDCUL, Pantnagar Uttarakhand
Khasra No. 392, within the village limits of kalyan pur, tehsil kiccha and within/outside the limits of muncipal
council of udham singh nagar, state of uttarakhand.
Interest Rate is based on prevailing based rate Fixed Spread. Loan is to be repaid in Monthly Instalments
ending upto March-2033.
Personal Guarantees :Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve.
M) Bandhan Bank
Primary : i) Exclusive Hypothecation charge on P&M, Equipment at Dharwad Plant Plot No. 163/A Belur
Industrial Area, Dharwad 580011, Karnataka
ii) Exclusive Hypothecation charge on P&M, Equipment Procured out of TL I & II Dharwad Plant Plot No. 161
sector 3, MIDC area, Pithampur II, Madhya Pradesh
iii) Exclusive Hypothecation charge on P&M, Equipment, at any other location/unit of the borrower company
which is offered to BBL as security cover to maintain 1:1 security cover.
iv) Pledge FD worth INR 212.30 million by way of release of security deposits/FDs from M&M Finance and/or
Fresh FDs to be offered to BBL.
v) Mortgage of Non Agricultural Land in the name of Belrise Industries Limited located at Industrial Plot No.
177 Halol Gujarat.
vi) Mortgage of Non Agricultural Land (and building to be constructed out of proposed BBL term loan)
in the name of Badve Engineering Limited located at Industrial Plot No. 177, Halol, Gujarat. Exclusive
hypothecation charge on plant and machinery, equipment (to be purchased out of fresh BBL term loan)
located at Halol Plant, Plot No. 177, GIDC Halol, Maswad Industrial Estate, Halol-2, District Panchmahal
Gujarat- 389530. Pledge of FDs worth INR 226.00 million.
Collateral:- Nil
Interest rate is based on prevailing Base rate fixed spread. Loan is to be repaid in monthly instalments
ending upto July - 2030.
Personal Guarantees : Mr.Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve.
N) Bank Of Bahrain And Kuwait
Primary : First Pari Passu charge on Land and Building, Plant and Machinery and other fixed assets (Present
and Future) located at Unit 16, Plot No. B5-B6,Waluj Industrial Area, MIDC Waluj, Aurangabad along with Bank
of Baroda and Bank of Maharashtra.
Collateral:- Nil
Interest rate is based on prevailing Base rate fixed spread. Loan is to be repaid in monthly instalments
ending upto September - 2026.
Personal Guarantees : Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve.
O) Indian Overseas Bank
Primary : First Pari Passu Charge on Land admeasuring 29,826sq.mt. (3,21,047sq.ft.) situated at Plot No. B-39,
Chakan Industrial Area, Taluka khed. District Pune.
1) First Pari Passu Charge on Building situated at Plot No. B-39,Chakan Industrial Area, Taluka Khed, District
Pune
2) First Pari Passu charge on hypothecation of entire Plant & Machineries, under Phase I and II (both present
& future) for Unit B-39,Chakan Industrial Area, Taluka Khed, District Pune
Note: Prime securities for TL to be charged on 1st, pari passu with Central Bank of India”
Collateral:- 2nd Charge on the current assetsof the Company for Unit-28.
Interest rate is based on prevailing Base rate fixed spread. Loan is to be repaid in monthly instalments
ending upto November- 2032.
Personal Guarantees : Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve.
P) The Saraswat Co-operative Bank Ltd
Primary : Charge on Plant and Machinery, Jigs and Fixtures, Tools and Dies and other fixed assets to be
purchased and installed at Gut No. 15&16, Naigavan (Khandewadi) Paithan Road, Aurangabad and mortgage
charge on Gut No. 15 & 16, Naigavan (Khandewadi) Paithan road, Aurangabad
Exclusive Equitable/Registered mortgage charge on land at Plot no. SP6-311 A, karoli Industrial area, Bhiwadi,
Alwar, Rajasthan 301019 and proposed construction thereon, both present and future.
Additional/further mortgage charge on land at Plot no. SP6-311 A, karoli Industrial area, Bhiwadi, Alwar,
Rajasthan 301019 and proposed construction thereon, both present and future.
Exclusive Hypothecation charge on entire plant and machinery along with utilities both present and future,
purchased/to be purchased for karoli project-1.Exclusive Hypothecation charge on entire tools/dies/jigs/
fixtures/gauges, both present and future, purchased/to be purchased for karoli project-1.
Collateral:- Land & Building at Gut No. 16/2, Village Sate, Taluka Maval, Dist. Pune - 422106.
Interest rate is based on prevailing Base rate fixed spread. Loan is to be repaid in monthly instalments
ending upto May - 2034.
Personal Guarantees : Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve
Corporate Guarantees : Sharp Pressings Private Limited.
Q) Indusind Bank
Primary: First and Exclusive charge on all fixed assets (including land, building and Plant & Machineries)
at below mentioned unit of Belrise Industries Limited - C11/A MIDC Ranjangaon Industrial Area Village
Ranjangaon, Taluka Shirur, District Pune
Minimum security cover of 1.25x to be maintained till the currency of IBL facility.
In case oF any shortfall, alternate security for the short fall amount to be placed With IBL
Additional conditions related to Eximius Infra Tech Solutions LLP:
Undertaking from Eximius to be sought stating that Bajaj Auto Receivables shall be discounted through IBL
throughout the tenor of IBL loan in BEL. Further, Eximius shall undertake that discounting proceeds of Bajaj
Auto bill discounting program shall be routed through IBL accounts and first utilized towards DSRA creation
/ shortfall in DSRA, prior to releasing the funds to Eximius.
Collateral:- Nil
Interest rate is based on prevailing Base rate fixed spread. Loan is to be repaid in monthly instalments
ending upto July-2026.
Personal Guarantees :Mr. Shrikant Shankar Badve, Mrs. Supriya Shrikant Badve.
R) The Shamrao Vithal Co-operative Bank Limited
Primary: All that piece and parcel of the property being open plot of land at SP6-311, RICCO Industrial Area,
Khushkhera, Karoli, Bhiwadi - II, District Alwar, Rajasthan, alongwith the present and future construction
standing thereon and plant and machineries : Owner Eximius Autocompes Pvt Ltd.
Collateral:- Nill
Interest rate is based on prevailing Base rate fixed spread. Loan is to be repaid in monthly instalments
ending upto July-2034.
Personal Guarantees :Mr. Shrikant Shankar Badve.
Corporate Guarantees : Eximiius Autocomps Pvt. Ltd.
S) The Cosmos Co-operative Bank Limited
Primary: First pari passu charge on all land adm 171793.44 Sq Ft & building alongwith present & future
construction thereon & existing & future addition in plant & machinery located at plot no. SPL-6, RIICO
Industrial area Tapukara , Bhiwadi Rajasthan.
Collateral:- 1) N.A. at Gat No. 299, (S. No. 177/2) situated at Mauje Waluj (BK) Tal. Gangapur, Dist. Chhatrapati
Sambhajinagar - 431136 beside national highway 7531 admeasuring 355089 Sq ft owned by the Company.
2) Polyhouse situated at Plot No. 9, Floricultural Park, Talegaon, Taluka Maval, District Pune admeasuring
147391 Sq.ft owned by Company.
3) Residential Bunglow situated on Plot No. B-22 (36/13/3), ground basement & 1st floor, Clover Pinnacle
Ridge, Sr. No. 33/1 to 33/19, S. No. 36/5,8,9,10,11 and 13, near clover hills road, Kondhwa Khurd owned by
Supriya Badve and Swastid Badve adm 6810 Sq ft.
Interest rate is based on prevailing Base rate fixed spread. Loan is to be repaid in monthly instalments
ending upto June-2034.
Personal Guarantees :Mr. Shrikant Shankar Badve.
T) Federal Bank
Vehicle Loans : Secured by way of Hypothecation of Vehicles, which are purchased out of such loans.
fl
U) HDFC Bank Limited
<
Vehicle Loans : Secured by way of Hypothecation of Vehicles, which are purchased out of such loans. \
*
V) The Shamrao Vithal Co-operative Bank Limited
i
Vehicle Loans : Secured by way of Hypothecation of Vehicles, which are purchased out of such loans.
t
W) Central Bank of India \
Vehicle Loans : Secured by way of Hypothecation of Vehicles, which are purchased out of such loans.
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NOTE 37 SECURITIES GIVEN - SECURED SHORT TERM BORROWING
A) The Saraswat Co-Op. Bank Ltd.
Cash Credit Facility & Bill Discounting
Primary:- Hypothecation of stocks less sundry creditors and debtors upto 90 days at Unit I (D-39, waluj MIDC
Aurangabad) & Unit II (Gut No. 15, Khandewadi Paithan Road, Aurangabad).
Collateral:- Equitable/registered mortgage of Gut No. 16 village sate taluka maval dist. Pune 412106 owned by
Sharp Pressings Private Limited.”
Personal Guarantees : Mr. Shrikant Shankar Badve And Mrs. Supriya Shrikant Badve.
Corporate Guarantees : Sharp Pressing Pvt Ltd
B) Union Bank of India
Cash Credit Facility
Primary : Hypothecation over bills/Invoices (raised on Company) discounted for Honda Motorcycle & Sccoter
India Pvt Ltd.
WCDL: Hypothecation of RM, purchased under LC& lien over of FDR/DRIC.
First charge by way of hypothecation of all current assets of Bengaluru unit except bills/invoices except HMSI.
Invoiced (raised on company) discounted.”
Bill Discounting Facility
Primary : Hypothecation over bills/Invoices (raised on Company) discounted for Honda Motorcycle & Sccoter
India Pvt Ltd.
Hypothecation of RM, purchased under LC& lien over of FDR/DRIC.
First charge by way of hypothecation of all current assets of Bengaluru unit except bills/invoices except HMSI.
Invoiced (raised on company) discounted.
Collateral :- Second charge (exclusive) on fixed assets (movables and immovables) of the Company at
Narsapura.
Personal Guarantees : Mr. Shrikant Shankar Badve And Mrs. Supriya Shrikant Badve.
Corporate Guarantee: Sumedh Tools Pvt Ltd.
C) State Bank of India
Cash Credit Facility - Exclusive first charge through hypothecation of entire current assets of Pantnagar
plant (unit IX & XIV) of the Company including stocks and receivables, both present & future.
Exclusive First Charge through hypothecation of entire Current Assets of Chennai Plant (Unit No. Vlll) of the
Company including Stocks and Receivables, both Present & Future.
Hypothecation of entire Current Assets of Chakan Plant (Unit No. Xlll) the Company including Stocks and
Receivables, both Present & Future on First Pari Passu basis with PNB.
Collateral :- 1) Exclusive second charge through Hypothecation of entire Fixed Assets (Plant & machinery) of
pantnagar Plant (Unit No. IX and XIV) of the Company.
2) Mortgage on below mentioned properties registered in the name of the Company on first charge basis.
Land and Building of Pant nagar Plant (Unit No. IX and XIV) located at Plot No. 15, Sector 10, pant nagar
(US Nagar) uttarakhand admeasuring 43920 sq mts registered in the name of the Company.
3) Exclusive first charge Hypothecation of entire fixed assets including P&M of chennai unit (VIII) of the
Company but excluding mortgage charge on land and building of chennai Unit (VIII) of the Company in
line with the NOC from SIPCOT (lessor) dated 16th August, 2021 the charge on leasehold land and building
is only restricted to the credit facilities availed by the Belrise Industries Limited Chennai unit which was
INR 715.50 million at the time of mortgage documentation dated 7th October, 2021.
4) Extension of First charge through Hypothecation on entire Fixed Assets including (Plant & Machinery) of
Chennai Plant (Unit No. Vlll) of the Company.
5) Extension of First charge through Mortgage on below mentioned properties registered in the name of
the Company on Exclusive First Charge basis. Land and Building of Chennai Plant (Unit no. VIII) located
at H-12 & 13 Survey no. 43 &44 SIPCOT Industrial Park, Vallam Vadakkal Nagar, Chennai Tamilnadu
admeasuring 7.128 acre registered in the name Company.
6) Extension of First Charge through Hypothecation on entire Fixed assets including P&M of pantnagar unit
(IX and XIV) of the Company & Extension of First charge through Extension of Mortgage charge on Land
and Building of Pantnagar Unit (IX and XIV) of the Company.
7) Hypothecation of entire Fixed Assets (Plant & machinery) of Chakan Plant (Unit No. Xlll) of the Company
on Second Pari Passu basis along with PNB and pari passu second charge on all the project assets of the
borrower kept at unit of Optima Auto Private Limited at Ranjangaon both present and future.
8) Mortgage on below mentioned properties registered in the name of the Company on Second Pari Passu
basis along with PNB.
9) Land and Building of Chakan Plant (Unit No. Xlll) located at Plot No. A-23/1 , Chakan lndustrial Area,
Phase - ll, Village Khalumbre, Khed Taluka, Pune admeasuring 78174 sq mts. registered in the name of
the Company.
Personal Guarantees: Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve.
D) Bank of Baroda
Cash Credit Facility Exclusive charge on all current assets (raw material, stores, spares, packing material, work
in progress, finished goods and book debts etc. ) of the Company pertaining to unit -16 at waluj Aurangabad
both present and future.
Collateral :- Extension of exclusive charge by way of hypothecation/mortgage of entire fixed assets including
capital WIP of unit -16 situated at B-5, B-6 at waluj industrial area, MIDC waluj Aurangabad.
PO Finance
Primary Security - Extension of charge on all the primary & Collateral securities Personal & Corporate
Guarantee, Non Disposal Agreement etc as available for other credit facilities(WC&TL) in the account.
Personal Guarantees : Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve.
E) Karnataka Bank Ltd
Cash Credit Facility :-
Primary:- Exclusive Hypothecation charge over stock and books debts and other current assets of the unit
situated at Plot No. C-11 , in the Ranjangaon Industrial Area, Situated at village Ranjangaon, Taluka Shirur Dist.
Pune
Collateral:- Fresh simple mortgage of Leaseholds rights of industrial plot bearing plot no. C-11 in the
Ranjangaon Industrial Area situated at Village - Koregaon Taluka Shirur District Pune standing in the name of
the Company with land admeasuring 8000 sq mtrs and Building constructed standing thereon with approx
area of 4485 sq mtrs.
Personal Guarantees: Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve.
F) Punjab National Bank
Cash Credit Facility :-
Primary:- 1st pari passu charge with SBI an entire existing & proposed current assets of Mega Plant Chakan
- Unit XIII situated at Plot No.A 23/1, Chakan MIDC, Phase II, Village Khalumbre, Tq. Khed, Pune 410501.
Collateral:- 2nd pari passu charge with SBI on entire fixed assets and land and Building present & future of Mega
Plant Chakan - Unit XIII at plot no. A 23/1 , Chakan MIDC, Phase II, Village Khalumbre, Tq. Khed, Pune 410501&
Assest of Belrise Industries Limited kept at Optima Auto Products Private Limited unit at Ranjangaon.”
Personal Guarantees :Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve.
G) Indian Bank (Formerly known as Allahabad Bank Ltd.)
Cash Credit Facility i) first charge on all the current assets of the unit located at SPL-06, in industrial area
Tapukara Dist. Alwar Rajasthan.
ii) cash flow routing of Bhiwadi plant(SPL-06, in industrial area Tapukara Dist. Alwar Rajasthan)
iii) Second charge on all the fixed assets (acquired/to be acquired) for the unit located at SPL-06, in
industrial area Tapukara Dist. Alwar Rajasthan.
iv) Second charge by way of hypothecation on all the plants and machinery located at SPL-06, in industrial
area Tapukara Dist. Alwar Rajasthan.”
Personal Guarantees :Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve.
H) CSB Bank Ltd.
Cash Credit Facility - Exclusive charge over the entire current assets of Unit- 12 and 12 A (present and future)
and second charge over entire fixed assets of Unit-12 (Unit 12 & 12A) including capital WIP and the leased land
(present and future).
Exclusive charge over the entire current assets at leased factory premises located at plot no. 53&54 sector 11,
Tata Vendor park IIE SIDCUL in Pantnagar Dist. U.S Nagar 263153 Uttarakhand
Collateral:- Land and building at Plot No 52, Sector-11, Tata Motors Vendor Park, llE SIDCUL, Pantnagar (The
State lndustrial Development Corporation of Uttarakhand Limited). The property is leased to Tata Motors
Ltd for 90 years. Sub-lease deed executed by Tata Motors Ltd and Badve Engineering Ltd along with the
allotment letter from SIDCUL.
Personal Guarantees : Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve.
I) Bank of India
Cash Credit Facility -
Primary: Hypothecation of all the current assets of Ahmedabad unit
Collateral:- Exclusive charge by way of Registered mortgage of below properties -
i) Situated at Revenue New Block No. 1372 (Old Block/ S No.418/p), Mauje Vithalapur Tal: Mandal, Dist.
-Ahmedabad in the name of Belrise Industries Limited.
ii) Situated at Revenue New Block No. 1552, 1553 Blocks in the name of Badve Engineering Ltd and Block No
1554 in the name of Badve Autotech Pvt Ltd (all the three blocks in Old S No. 509/p), Mauje Vithalapur Tal:
Mandal, Dist. - Ahmedabad.
iii) Situated at Revenue New Block No. 1542 (Old Block/ S No. 499), Mauje Vithalapur Tal: Mandal, Dist. -
Ahmedabad in the name of Badve Autotech Pvt. Ltd.
iv) Situated at Revenue New Block No. 1543 (Old Block/ S No. 500), MaujeVithalapur Tal: Mandal, Dist. -
Ahmedabad in the name of Badve Autotech Pvt. Ltd.
v) Situated at Revenue New Block No. 1544 (Old Block/ S No. 501), MaujeVithalapur Tal: Mandal, Dist. -
Ahmedabad in the name of Badve Autotech Pvt. Ltd.
Extension of charge hypothecation of Movable fixed assets/ p&M at Plot No. 509(P), Mouje Vithtapur, Taluka,
Mandal, Dist. Ahmedabad.
Personal Guarantees : Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve.
Corporate Guarantee: M/s Badve Autotech Pvt. Ltd
J) Punjab Sindh Bank
Cash Credit Facility -
Primary: Exclusive 1st Charge on the entire current assets of Indore unit, present and future.
Collateral:- Pledge of FDR of INR 60.00 million (present value of INR 66.90 million) in the name of M/s. Belrise
Industries Limited for existing credit facilities and STL.
1st charge by way of Registered Mortgage of land admeasuring 04H 04 Gunthas located at Gut No. 36 to
45 Village Gangapur Nehri Tq and Dist. Aurangabad owned by Shrikant Badve HUF, Aurangabad city VIII
valuing INR 260.00 million for existing and STL. Exclusive 2nd charge on all the fixed assets (both moveable &
immovable) of indore unit present & future.
Personal Guarantees :Mr. Shrikant Shankar Badve and Mrs. Supriya Shrikant Badve
K) Central Bank Of India
Cash Credit Facility -
Primary: Hypothecation of present and future current assets of unit situated at B-39, Chakan Industrial area
PH-I & II, Village Bhamboli, Taluka Khed dist. Pune
2nd Charge on Land and Building and present and future fixed assets of unit situated at B-39, Chakan industrial
area, PH-I & II, Village Bhamboli, Takuka khed dist. Pune”
Personal Guarantees :Mr. Shrikant Shankar Badve, Mrs. Supriya Shrikant Badve.
L) Bank Of Maharashtra
Cash Credit Facility -
Primary: First Pari-Passu charge on All current Assets(Raw Material, Stores, Spares, Packing Materials, Work
ln Progress, Finished Goods and Book Debts etc) of the Company pertaining to Unit 16 at Waluj Aurangabad
Both Present and Future along with existing lender Bank of Baroda.”
Collateral:- Extension of Pari-passu Charge by way of Hypothecation/Mortgage of Entire Fixed Assets
including Capital WIP of Unit-16 situated at Plot No B5-B6, Waluj lndustrial Area, MIDC Waluj, Auragabad
along with the existing Lender Bank of Baroda.
Personal Guarantees :Mr. Shrikant Shankar Badve, Mrs. Supriya Shrikant Badve.
<
NOTE 38 ISSUED & ALLOTED RATED, LISTED, SECURED, REDEEMABLE NON-CONVERTIBLE DEBENTURES:
TheCompanyhadissuedfollowingfourtranchesofrated,listed,secured,redeemablenon-convertibledebentures:
A. On 29th May, 2020 the Company had issued and allotted Tranche 1 - 600 (Six Hundred) rated, listed,
secured, redeemable non-convertible debentures having face value of INR 10,00,000/- (Rupees One
million only) each, of the aggregate nominal value of up to INR 60,00,00,000/- (Rupees Six Hundred million
only) to Bank of India, on private placement basis vide Information Memorandum dated 26th May, 2020;
B. On 3rd June, 2020 the Company had issued and allotted Tranche 2 - series of rated, listed, secured, 1
redeemable non-convertible debentures vide Information Memorandum dated 29th May, 2020 to:
i. 250 (Two Hundred and Fifty) rated, listed, secured, redeemable non-convertible debentures under Series
A having face value of INR 10,00,000/- (Rupees One million only) each, of the aggregate nominal value
of up to INR 25,00,00,000/- (Rupees Two Hundred Fifty million only) with a green shoe option of up to
250 (Two Hundred and Fifty) rated, listed, secured, redeemable non-convertible debentures under Series
A having face value of INR 10,00,000/- (Rupees One million only) each, of the aggregate nominal value
of up to INR 25,00,00,000/- (Rupees Two Hundred Fifty million only), amounting to overall issue of INR
50.00. 00.000/- (Rupees Five hundred million Only) (the "Series A Debentures”), which were subscribed
and allotted together with green shoe option over and above base issue size, to Canara Bank and Indian
Bank, on private placement basis on equal proportion; and
ii. up to 250 (Two Hundred and Fifty) rated, listed, secured, redeemable non-convertible debentures under
Series B having face value of INR 10,00,000/- (Rupees One million only) each, of the aggregate nominal
value of up to INR 25,00,00,000/- (Rupees Two Hundred Fifty million only) with a green shoe option of up to
250 (Two Hundred and Fifty) rated, listed, secured, redeemable non-convertible debentures under Series
B having face value of INR 10,00,000/- (Rupees One million only) each, of the aggregate nominal value
of up to INR 25,00,00,000/-(Rupees Two Hundred Fifty million only), amounting to overall issue of INR
50.00. 00.000/- (Rupees Five Hundred million Only) (the "Series B Debentures”), which were subscribed for
base issue size of INR 25,00,00,000/-(Rupees Two Hundred Fifty million only) and allotted to Union Bank
of India, on a private placement basis, subscribed and allotted at base issue size of INR 250 million only.
The NCDs issued and allotted above were listed on the wholesale debt index of BSE Ltd. on 9th June, 2020
for trading effective from 10th June, 2020.
C. On 30th August, 2021 the Company had issued and allotted Tranche 3 of 500 (Five Hundred) Rated, Listed
Secured,RedeemableNon-convertibleDebentureshavingafacevalueofINR10,00,000/-(IndianRupeesOne
million only) each, of the aggregate nominal value of INR 50,00,00,000/- (Rupees Five Hundred million only)
to the IDBI Bank Limited on private placement basis vide information memorandum dated21st August, 2021.
This Tranche 3 was listed on BSE Ltd on 2nd September, 2021.
D. On 24th December, 2021 the Company had issued and allotted Tranche 4 of 500 (Five Hundred) Rated,
Listed Secured, Redeemable Non-convertible Debentures having a face value of INR 10,00,000/- (Indian
Rupees One million only) each, of the aggregate nominal value of INR 50,00,00,000/- (Rupees Five
Hundred million only) to the Bank of India on private placement basis vide information memorandum
dated 17th December, 2021. This Tranche 4 was listed on BSE Ltd on 27th December, 2021.
E. The Company has issued and allotted 22,000 unlisted, unrated, secured, non-convertible debenture
having a face value of INR 1,00,000/- (Rupees One Hundred Thousands only) each of the aggregate value
up to INR 220,00,00,000/- (Rupees Two Thousand Two Hundred million only) on dated 24th March, 2025 to
The Hong Kong and Shanghai Banking Corporation Limited, Gift City Branch, on private placement basis
in accordance with the terms and conditions as set out in the private placement offer cum application
letter in form PAS 4 dated 24th March, 2025 ("PPOAL”).
The management assessed that the fair values of short term financial assets and liabilities significantly
approximate their carrying amounts largely due to the short - term maturities of these instruments. The fair value
of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a
current transaction among willing parties, other than in a forced or liquidation sale.
The Company determines fair values of financial assets and financial liabilities by discounting the contractual
cash inflows/outflows using prevailing interest rates of financial instruments with similar terms. The initial
measurement of financial assets and financial liabilities is at fair value except trade receivables. The fair value
of investment is determined using quoted net assets value from the fund/share market prices. Further, the
subsequent measurement of all financial assets and liabilities (other than investment in mutual funds, equity
shares) is at amortized cost, using the effective interest method.
Ind AS 109 requires all investment in equity instruments to be measured at FVTPL. However, the standard also
recognizes that, cost may be an appropriate estimate of fair value for an unquoted equity investment. That may
be the case if insufficient more recent information is available to measure fair value, or if there is a wide range of
possible fair value measurements and cost represents the best estimate of fair value within that range. Accordingly,
fair value measurement of unquoted investment in equity has been reported in note no. 09. Unquoted equity
investment are valued at cost.
Discount rates used in determining fair value
The interest rate used to discount estimated future cash flows, where applicable, are based on the incremental
borrowing rate of the borrower which in case of financial liabilities is the weighted average cost of borrowing
of the Company and in case of financial assets is the average market rate of similar credit rated instrument.
The Company maintains policies and procedures to value financial assets or financial liabilities using the best and
most relevant data available. In addition, the Company internally reviews valuation, including independent price
validation for certain instruments.
Fair value of financial assets and liabilities is the amount that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date, regardless of whether
that price is directly observable or estimated using another valuation technique.
The following methods and assumptions were used to estimate fair value:
(a) Fair value of short term financial assets and liabilities significantly approximate their carrying amounts largely
due to the short term maturities of these instruments.
(b) Fair value of quoted mutual funds is based on the net assets value at the reporting date. The fair value of
other financial liabilities as well as other non current financial liabilities is estimated by discounting future
cash flow using rate currently applicable for debt on similar terms, credit risk and remaining maturities.
(c) The fair value of the Company's interest bearing borrowing received are determined using discount rate that
reflects the entity's borrowing rate as at the end of the reporting period. The own non performance risk as at
the end of reporting period was assessed to be insignificant.
Fair value Hierarchy
All financial instruments for which fair value is recognized or disclosed are categorized within the fair value
hierarchy described as follows, based on the lowest level input that is significant to the fair value measurement
as a whole:
Level 1: Quoted (unadjusted) price is active market for identical assets or liabilities
Level 2: Valuation technique for which the lowest level input that has a significant effect on the fair value
measurement are observed, either directly or indirectly
Level 3: Valuation technique for which the lowest level input has a significant effect on the fair value measurement
is not based on observable market data
(i) Capital Management
The Company's capital management objectives are:
The Board policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence
and to sustain future development of the business. The Board of Directors monitors the return on capital
employed.
The Company manages capital risk by maintaining sound/optimal capital structure through monitoring
of financial ratios, such as debt-to-equity ratio and net borrowings-to-equity ratio on a monthly basis and
implements capital structure improvement plan when necessary.
The Company uses net debt to equity ratio as a capital management index and calculates the ratio as Net
debt divided by total equity. Net debt and total equity are based on the amounts stated in the standalone
financial statements.
(ii) Financial risk Management Framework
Belrise Industries Limited is exposed primarily to market risk (fluctuations in foreign currency exchange rates
and interest rate), credit, liquidity, which may adversely impact the fair value of its financial instruments. The
Company assesses the unpredictability of the financial environment and seeks to mitigate potential adverse
effects on the financial performance of the Company.
(A) Credit Risk
Credit risk is the risk of financial loss arising from counter-party failure to repay or service debt according to
the contractual terms or obligations. Credit risk encompasses both, the direct risk of default and the risk of
deterioration of creditworthiness as well as concentration of risks. Credit risk is controlled by analysing credit
limits and creditworthiness of customers on a continuous basis to whom the credit has been granted after
obtaining necessary approvals for credit.
Financial instruments that are subject to concentration of credit risk principally consists of trade receivables,
investments, derivative financial instruments and other financial assets. None of the financial instruments of
the Company results in material concentration of credit risk.
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer
contract, leading to a financial loss. We are exposed to credit risk from our operating activities, primarily from
trade receivables. We typically have credit terms of 30 to 90 days with our customers in India and of 30 to
150 days with our overseas customers. Most of our largest customers have high credit ratings, which helps to
mitigate credit risk.
Trade receivables
Ind AS requires expected credit losses to be measured through a loss allowance. The Company assesses
at each date of financial statement whether a financial asset or a group of financial assets is impaired. The
(B) Liquidity Risk
a) Liquidity risk management
Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of
liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use
as per requirements. The Company manages liquidity risk by maintaining adequate reserves, banking
facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and
by matching the maturity profiles of financial assets and liabilities.
b) Maturities of financial liabilities
The following tables detail the Company's remaining contractual maturity for its financial liabilities
with agreed repayment periods. The amount disclosed in the tables have been drawn up based on the
undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be
required to pay. The tables include both interest and principal cash flows.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Company uses derivative financial instruments, such as foreign currency forward contracts to hedge
its foreign currency risks. Such derivative financial instruments are initially recognized at fair value on
the date on which a derivative contract is entered into and are subsequently remeasured at fair value.
Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when
the fair value is negative. Any gains or losses arising from changes in the fair value of derivatives are taken
directly to profit or loss.
For the purpose of hedge accounting, hedges are classified as:
1. Fair value hedges when hedging the exposure to changes in the fair value of a recognized asset or
liability or an unrecognized firm commitment.
2. Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable
to a particular risk associated with a recognized asset or liability or a highly probable forecast
transaction or the foreign currency risk in an unrecognized firm commitment.
3. Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Company formally designates and documents the hedge
relationship to which the Company wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge. The documentation includes the Company's risk
management objective and strategy for undertaking hedge, the hedging/ economic relationship, the
hedged item or transaction, the nature of the risk being hedged and how the entity will assess the
effectiveness of changes in the hedging instrument's fair value in offsetting the exposure to changes
in the hedged item's fair value or cash flows attributable to the hedged risk. Such hedges are expected
to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on
an ongoing basis to determine that they actually have been highly effective throughout the financial
reporting periods for which they were designated.
Hedges that meet the strict criteria for hedge accounting are accounted for, as described below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognized in OCI in the cash flow
hedge reserve. The Company uses derivative contracts as hedges of its exposure to foreign currency risk
in forecast transactions and firm commitments.
NOTE 48 ADDITIONAL REGULATORY INFORMATION AS REQUIRED BY SCHEDULE III TO THE COMPANIES
ACT, 2013
a) Relationship with Struck off Companies
The Company do not have any transactions with companies struck off under section 248 of the Companies
Act, 2013 or section 560 of Companies Act, 1956.
b) Wilful Defaulter
The Company is not declared wilful defaulter by any bank or financial institution or other lenders.
c) Details of Benami Property Held:
No proceedings have been initiated during the period or are pending against the Company as at 31st March,
2025 for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in
2016) and rules made thereunder.
d) Compliance with number of layers of companies :
The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act
read with the Companies (Restriction on number of Layers) Rules, 2.
e) Revaluation of property, plant & equipments and Right of Use Assets
During the period under consideration the Company has not revalued any property, plant & equipments and
Right of Use Assets.
f) Revaluation of Intangible assets
During the period under consideration the Company has not revalued any intangible assets.
g) Registration of charges or satisfaction with Registrar of Companies (ROC):
The Company is yet to file particulars of registration of charge in respect of secured credit facilities. The details
of the same are given as under :-
j) Title Deeds of Immovable Properties
In case of leasehold land the Company is lessee and the lease agreement are duly executed in favor of the
Company. In case of free hold land the title deeds are in the name of the Company.
k) Undisclosed Income
There were no transactions relating to previously unrecorded income that have been surrendered or disclosed
as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).
l) Crypto/Virtual Currency
The Company has not traded or invested in Crypto currency or virtual currency during the financial year.
m) Compliance with scheme of arrangement approved by Competent Authority
There are no Scheme of Arrangements which has been approved by the Competent Authority in terms of
section 230 to 237 of the Companies Act, 2013.
n) Disclosure for quarterly returns or statements of current assets filed by the Company with banks or
financial institutation
NOTE 50 EVENT AFTER SUBSEQUENT TO THE REPORTING DATE
Initial Public Offering (IPO) Subsequent to the reporting date, the Company has successfully completed an
Initial Public Offering (IPO) of its equity shares. The equity shares of the Company were listed on National Stock
Exchange (NSE) and Bombay Stock Exchange (BSE) on 28th May, 2025.
The IPO comprised a fresh issue of 23,88,88,888 equity shares aggregating to INR 21,500 million . The issue price
was INR 90 per share, including a premium of INR 85 per share.
The proceeds from the fresh issue are proposed to be utilized for Repayment/pre-payment, in full or in part, of
certain outstanding borrowings availed by our Company and general corporate purposes, as disclosed in the offer
document.
This event does not require any adjustment to the financial statements for the year ended 31st March, 2025, and is
accordingly disclosed as a non-adjusting event in accordance with Ind AS 10 - Events after the Reporting Period.
The accompanying notes 1 to 50 form an integral part of the Standalone Financial Statements.
[As per our report of even date]
For GSA & Associates LLP For & on Behalf of the Board of Directors of Belrise Industries Limited
Chartered Accountants
Firm Reg. No. 000257N/N500339
Sd/- Sd/- Sd/-
[CA. Deepa Jain ] Shrikant S. Badve Supriya S. Badve
Partner [Managing Director] [Whole Time Director]
M.No. 119681 DIN : 00295505 DIN: 00366164
Sd/- Sd/-
Place : Pune Rahul S. Ganu Manish Kumar
Date : 16th June, 2025 [Chief Financial Officer] [Company Secretory ]
PAN: ABPPG6625H (& Compliance Officer)
M.No. F7990
Place : Pune
Date : 16th June, 2025
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