Notes to Accounts of Ascent Exim (India) Ltd.

Oct 31, 2012

(a) Terms/ rights attached to equity shares.

The company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. ''

In the event of liquidation of the company, the holders of equity shares will be entitled to receive 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 shareholder.

(b) The Company does not have a Holding company.

1 Contingent Liabilities Rs. Nil (2011: Rs. Nil)

2 Capital Commitments net of advances: Rs. Nil (2011: Rs. Nil)

3 Related Party

Related Party Disclosure required by the "Accounting Standard -18 Related P3rty Disclosure" is given below:

a) Key Management Personnel

Mr. Ishwar Chand Jain - Director Mr. Purshottam Banspal - Director Mr. B. P. Sharma - Director

b) Transaction with Related Parties - Nil (2011: Rs. Nil)

4 The Company is a Smalt and Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company.

5 The Company has not received any intimation from Suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence the disclosure, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

6 These financial statements have been prepared in the format prescribed by the Revised Schedule Vi to the Companies Act, 1956. Previous year figures nave been recast/ restated.

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Oct 31, 2011

(a) Contingent Liabilities Rs. Nil

(b) Claims against the company not acknowledged as debts Rs. Nil

(c) Auditor's Fees:

2010-11 2009-10

Statutory Audit 16,554 16,554

(d) Deferred Tax

In accordance with the "Accounting Standard - 22 issued by the Institute of Chartered Accountants of India", the Company has reversed deferred tax liability of Rs.45,499/- as per the details provided below, as on March 31, 2011

(e) Earnings Per Share

The calculation of Earning per Share (EPS) has been made in accordance with Accounting standard (AS -20)/ Notified by the Companies Accounting Standard Rules, 2006 on Earning per Share issued by the Institute of Chartered Accountants of India.

(f) In case of shares wherein year end trading data is not available, the last available trading rate is considered for the purpose of valuation.

(g) Related Party

Related Party Disclosure required by the "Accounting Standard -18 Related Party Disclosure" is given below:

a) Key Management Personnel

Mr. Ishwar Chand Jain - Director

Mr. Purshottam Banspal - Director

Mr. B. P. Sharma - Director

b) Transaction with Related Parties - Nil

(h) In the opinion of the Board the value of realization of current assets, loans & advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and not in excess of what is required.

(i) The Company is a Small and Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, 1956. Accordingly, the Company has complied with the Accounting Standards as applicable to a Small and Medium Sized Company.

(j) The Company has not received any intimation from Suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence the disclosure, if any, relating to amounts unpaid as at the year end together with interest paid/payable as required under the said Act have not been given.

(k) Additional information pursuant to the provisions of paragraphs 3, 4C and 4D of Part II of Schedule VI to the Companies Act, 1956 to the extent nil or not applicable to the Company during the year are not furnished

(l) Previous Year Comparatives

Previous year's figures have been regrouped where necessary to conform to this year's classification.