Notes to Accounts of Ashish Polyplast Ltd.

Mar 31, 2024

o) Provisions and contingent liabilities

Provisions are recognised when the Company has a present legal or constructive obligation as a
result of past events, it is probable that an outflow of resources will be required to settle the
obligation and the amount can be reliably estimated. Provisions are measured at the present value
of management’s best estimate of the expenditure required to settle the present obligation at the
end of the reporting period. The discount rate used to determine the present value is a pretax rate
that reflects current market assessments of the time value of money and the risks specific to the
liability. The increase in the provision due to the passage of time is recognised as interest
expenses. Contingent liabilities are disclosed in respect of possible obligations that arise from past
events but their existence will be confirmed by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of Company or where any present obligation
cannot be measured in terms of future outflow of resources or where a reliable estimate of the
obligation cannot be made.

36 Disclosures pursuant to Indian Accounting Standard -19 “ Employee Benefits”:

A Defined Contribution Plan:

The company has recognised as an expense in the profit and loss account in respect of defined contribution plan
- Provident Fund of Rs. 2,11,076/- (Previous year Rs.2,18,871/-) administered by the Government.

B Defined benefit plan and long term employment benefit
General Description:

- Gratuity (Defined Benefit Plan):

- Leave Wages:

The leave wages are payable to all eligible employees at the rate of daily salary/wages for each day of
accumulated leave and are paid during the financial year itself. Therefore no liability is accrued at the end of the
financial year for leave benefits as per practice followed by the company year to year.

“(1) Fair Value of financial Assets and Liabilities are measured at Amortized cost is not materially different from the
Amortized cost Furthers impact of time value of money is not Significant for the financial instrument classified as
current. Accordingly fair value has not been disclosed seperately. ”

Types of inputs are as under:

Input Level I : (Directly Observable) which includes quoted prices in active markets for identical assets such as quoted
price for an Equity Security on Security Exchanges

Input Level II : (Indirectly Observable) which includes prices in active markets for similar assets such as quoted price
for similar assets in active markets, valuation multiple derived from prices in observed transactions involving similar

Input Level III : (Unobservable) which includes management''s own assumptions for arriving at a fair value such as
projected cash flows used to value a business etc.

The following tables show the valuation techniques used in measuring Level 2 and Level 3 fair values, as well as the
significant unobservable inputs used.

Financial instruments measured at fair value
Type Valuation technique

Equity Valuation Based on exchange rates listed on NSE/BSE stock exchange
B Financial Risk Management:-

The Company has exposure to the following risks arising from financial instruments:

¦ Credit Risk ;

¦ Liquidity Risk ; and

¦ Market Risk

- Interest Rate Risk

- Equity Risk

Risk Management framework

The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s
risk management framework. The Company manages market risk through a treasury department, which evaluates and
exercises independent control over the entire process of market risk management. The treasury department
recommends risk management objectives and policies, which are approved by Board of Directors. The activities of this
department include management of cash resources, borrowing strategies, and ensuring compliance with market risk
limits and policies.

The Company’s Risk Management policies are established to identify and analyse the risks faced by the Company, to
set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk Management policies and
systems are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Company,
through its training and management standards and procedures, aims to maintain a disciplined and constructive control
environment in which all employees understand their roles and obligations.

The Audit Committee oversees how management monitors compliance with the Company’s Risk Management policies
and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the
Company.

i Credit Risk

Credit Risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to
meet its contractual obligations, and arises principally from the Company''s receivables from customers, investments in
debt securities and loans.

Credit Risk also arises from cash held with banks, credit exposure to clients, loans and advances given. The maximum
exposure to credit risk is equel to the carrying value of the financial assets. The company assesses the credit quality of
counter parties taking into account their financial position, past experience and other factors.

Other Financial Assets

The Company maintains its Cash and Cash equivalents and Bank deposits with banks having good reputation, good
past track record and high quality credit rating and also reviews their credit-worthiness on an on-going basis.

Trade Receivables

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The
demographics of the customer, including the default risk of the industry has an influence on credit risk assessment.
Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the credit
worthiness of customers to which the Company grants credit terms in the normal course of business.

The Company measures the expected credit loss of trade receivables and loan from individual customers based on
historical trend, industry practices and the business environment in which the entity operates. Loss rates are based on
actual credit loss experience and past trends. Based on the historical data, as per management perceptions, there is no
loss on collection of receivable on reporting date and hence Provision for 10% of Trade Receivable due more than 180
Days and 20% of more than 365 days has been made as Expected Credit loss.

ii Liquidity Risk

Liquidity Risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its
Financial Liabilities that are settled by delivering cash or another financial asset. The Company’s approach to
managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they
are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the
Company’s reputation.

iii Market Risk

Market Risk is the risk that changes in market prices - such as interest rates and equity prices - will affect the
Company’s income or the value of its holdings of financial instruments. We are exposed to market risk primarily
related to interest rate risk. Thus, our exposure to market risk is a function of borrowing activities. The objective of
market risk management is to avoid excessive exposure in our borrowing and costs.

a) Interest Rate Risk

Interest Rate Risk is the risk that the fair value or future Cash Flows of a financial instrument will fluctuate because of
changes in market interest rates.

Exposure to Interest Rate Risk

The Company’s Interest Rate Risk arises from borrowings obligations. Borrowings exposes to fair value interest rate
risk. The interest rate profile of the Company’s interest-bearing financial instruments as reported to the management of
the Company is as follows:-

b) Equity Risk

Company does not have any investments in equity. Hence Company is not exposed to such risk.

38 Capital Management

The Company’s 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. Management monitors the return on capital as well as the level of
dividends to ordinary shareholders.

The Company monitors capital using a ratio of ‘adjusted net debt’ to ‘adjusted equity’. For this purpose, adjusted net
debt is defined as total liabilities, comprising interest-bearing loans and borrowings, less cash and cash equivalents.
Adjusted equity comprises all components of equity.

39 Details of Loan given, Investment made and Guarantee given covered u/s 186(4) of the Companies Act.

The Company has not given any loan, has not made any investment or not given any guarantee which covered under
section 186(4) of the Companies Act.

40 Other Amendments with respect to Schedule III

1. The company does not have any Benami property, where any proceeding has been initiated or pending against the
company for holding any Benami property.

2. The company is not declared as wilful defaulter by any bank or financial Institution or other lender.

3. There is no Scheme of Arrangements approved by the Competent Authority in terms of sections 230 to 237of the
Companies Act, 2013.

4. The company has no such transaction which is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey
or any other relevant provisions of the Income Tax Act, 1961.

5. The company have not traded or invested in Crypto currency or Virtual Currency during the year.

6. The company does not have any transactions with companies struck off.

7. The company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
period.

8. The company have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

9. The company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding
Party) with the understanding (whether recorded in writing or otherwise) that the company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

41 According to the management’s evaluation of events subsequent to the balance sheet date, there were no significant
adjusting events that occurred other than those disclosed / given effect to, in these financial statements as of April 25,
2024.

42 Approval of the Financial Statements

The Financial Statements of the Company has been approved in the board meeting held on 25th April, 2024.

1) Net Debt represents Current Borrowings Non Current Borrowings -Cash and Cash Equivalents

2) Earnings available for debt service represents Profit Before Tax Interest on Debt Depreciation unrealised
Debt Service represents Interest on Debt Scheduled principal repayment of non-current borrowings Current

3) maturity of debt, if any.

4) Capital Employed represents Total Equity Borrowings Deferred Tax liabilities.

5) Income generated from invested funds represents Fair value gain / (loss) on investments in MF.

6) Average Invested funds represents Average Investments in MF.

FOR, M. R. PANDHI & ASSOCIATES For and on behalf of the Board of Directors

Chartered Accountants

Firm Registration No.112360W

A.R.Devani Ashish D. Panchal Kantaben D. Panchal

Partner Managing Director Director

Membership No.170644 Din : 00598209 Din : 00598256

UDIN : 24170644BKFENF9088

Kalpesh N. Kansara Aayushi P. Shah
CFO Company Secretary

Ahmedabad, 25th April, 2024 Ahmedabad, 25th April, 2024

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Mar 31, 2015

1. Confirmations of certain parties for amounts due to them/amounts due from them as per accounts of the Company are not received. Provision for doubtful debts, if any, in respect of above and the consequential adjustments, if any, arising out of reconciliation is unascertainable at this stage.

2. Previous year's figures have been regrouped, reclassified and rearranged wherever necessary to confirm this year's classification.

3. Consequent to the applicability of the Companies Act, 2013 (the Act) with effect from 1st April 2014, the comapny has realigned the remaining useful life of its Fixed Assets in accordance with the provsions prescribed under schedule-ll to the Act. Consequently the carrying value of the fixed assets having nil useful life as on 01st April 2014 amounting to Rs. 491,683/- (Net of Deffered Tax of Rs. 219,870/-) has been adjusted to the opening balance of profit and loss account and carrying value of assets having balanced useful life (net of residual value) is being depreciated over the residual remaining useful life. Accordingly the depreciation expense charged for the year ended 31st March 2015 is lower Rs.1.33 lacs.

4. Figures have been rounded off to nearest of rupee. Figures in brackets indicate negative values.

5. In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value, if realized, during the ordinary course of business.

6. Contingent Liability and Capital Commitments:

Rs. in Lakhs

Particulars 2014-2015 2013-2014

Guarantee given to bank 56,000 56,000

Contracts remaining to NIL NIL be executed on capital account

Excise demands against the company not acknowledged as debts and not provided for as the same are 8,79,562 8,79,562 disputed by the company in appeal.

7. The balances of sundry debtors and sundry creditors are subject to confirmation from respective parties. Necessary adjustments, if any, will be made when accounts are reconciled / settled.

8. Expenditure incurred by the Company on Employees :

a. If employed for a part of the financial year and where in receipt of remuneration for the year which in aggregate was not less than Rs.60 Lacs : Rs. Nil.

b. If employed for a part of the financial year and where in receipt of remuneration for any part of the year at the rate which in aggregate was not less than Rs.5 lacs per month : Rs. Nil

9. Value of Imports on C. I. F Basis is Rs. NIL (Previous Year Rs. Nil)

10. Remittance in Foreign Exchange on account of Travelling etc. Rs. Nil/- (Previous Year Rs.NIL)

11. Earnings in Foreign currency is Rs. NIL (Previous Year Rs. Nil)

12. Expenditure in Foreign currency is NIL (Previous Year Rs.NIL)

13. Suppliers/Service providers covered under Micro, Small, Medium Enterprises Development Act, 2006 have not furnished the information regarding filing of necessary memorandum with the appropriate authority. In view of this information required to be disclosed u/s. 22 of the said Act is not given.

14. Disclosure for leases under Accounting Standard 19 :

a Financial Lease :

The net carrying amount of assets acquired under financial lease : Nil

b Operational Lease :

The amount of payments for operational lease on assets : Nil

15. Segment Reporting:

The company manufactures only one product. The sale of the product is in Indian markets only. Hence there are no reportable business segments/geographical segments.

16. In accordance with Accounting Standard (AS-28) on "Impairment of Assets" issued by the Institute of Chartered Accountants of India the company during the year carried out an exercise to assess the impairment loss of assets. Based on such exercise, there is no impairment of assets. Accordingly no adjustment in respect of loss on impairment of assets is required to be made in the accounts.

17. Related party Disclosure.

Disclosures as required by Accounting Standard 18 "Related Party Disclosures" are given below.

A Related Party

Ashish D. Panchal - Managing Director

Kantaben D. Panchal - Director

B Key Management Personnel

Ashish D. Panchal - Managing Director

Rasik B. Panchal - CFO

18. Disclosures pursuant to Accounting Standard -15 ( Revised) " Employee Benefits" :

A. Defined Contribution Plan:

The company has recognised as an expense in the profit and loss account in respect of defined contribution plan - Provident Fund of Rs. 1,77,447/- (Previous year Rs. 1,77,426/-) administered by the Government.

B. Defined benefit plan and long term employment benefit General Description:

* Gratuity (Defined Benefit Plan):

The company has obtained report from Actuary for Gratuity liability.

* Leave Wages:

The leave wages are payable to all eligible employees at the rate of daily salary/wages for each day of accumulated leave and are paid during the financial year itself. Therefore no liability is accrued at the end of the financial year for leave benefits as per practice followed by the company year to year.

---

Mar 31, 2014

1 Confirmations of certain parties for amounts due to them/amounts due from them as per accounts of the Company are not received. Provision for doubtful debts, if any, in respect of above and the consequential adjustments, if any, arising out of reconciliation is unascertainable at this stage.

2 Previous year''s figures have been regrouped, reclassified and rearranged wherever necessary to confirm this year''s classification.

3 Figures have been rounded off to nearest of rupee. Figures in brackets indicate negative values.

4 In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value, if realized, during the ordinary course of business.

5 Contingent Liability and Capital Commitments:

Amount in Rs. Particulars 2013-14 2012-13

Guarantee given to bank 56,000 56,000

Contracts remaining to be executed on capital account. NIL NIL

Excise demands against the company not acknowledged as debts and not 8,79,562 879562 provided for as the same are disputed by the company in appeal.

6 The balances of sundry debtors and sundry creditors are subject to confirmation from respective parties. Necessary adjustments, if any, will be made when accounts are reconciled / settled.

7 Expenditure incurred by the Company on Employees:

a. If employed for a part of the financial year and where in receipt of remuneration for the year which in aggregate was not less than Rs.60 Lacs: Rs. Nil.

b. If employed for a part of the financial year and where in receipt of remuneration for any part of the year at the rate which in aggregate was not less than Rs.5 lacs per month: Rs. Nil

8 Value of Imports on C. I. F Basis is Rs. NIL (Previous Year Rs. Nil)

9 Remittance in Foreign Exchange on account of Travelling etc. Rs. Nil/- (Previous Year Rs.NIL)

10 Earnings in Foreign currency is Rs. NIL (Previous Year Rs. Nil)

11 Expenditure in Foreign currency is NIL (Previous Year Rs.NIL)

12 Suppliers/Service providers covered under Micro, Small, Medium Enterprises Development Act, 2006 have not furnished the information regarding filing of necessary memorandum with the appropriate authority. In view of this information required to be disclosed u/s. 22 of the said Act is not given.

13 Disclosure for leases under Accounting Standard 19: a Financial Lease:

The net carrying amount of assets acquired under financial lease: Nil b Operational Lease:

The amount of payments for operational lease on assets: Nil

14 Segment Reporting:

The company manufactures only one product. The sale of the product is in Indian markets only. Hence there are no reportable business segments/geographical segments.

15 In accordance with Accounting Standard (AS-28) on "Impairment of Assets" issued by the Institute of Chartered Accountants of India the company during the year carried out an exercise to assess the impairment loss of assets. Based on such exercise, there is no impairment of assets. Accordingly no adjustment if respect of loss on impairment of assets is required to be made in the accounts.

16 Related party Disclosure. :- Disclosures as required by Accounting Standard 18 "Related Party Disclosures" are given below. A Related Party

Ashish D. Panchal - Managing Director

Kantaben D. Panchal - Director B Key Management Personnel

Ashish D. Panchal - Managing Director

17 Disclosures pursuant to Accounting Standard -15 ( Revised) " Employee Benefits":

A Defined Contribution Plan:

The company has recognised as an expense in the profit and loss account in respect of defined contribution plan – Provident Fund of Rs.1,77,426/- (Previous year Rs.1,37,438/-) administered by the Government.

B Defined benefit plan and long term employment benefit General Description:

- Gratuity (Defined Benefit Plan):

The company has obtained report from Actuary for Gratuity liability.

- Leave Wages:

The leave wages are payable to all eligible employees at the rate of daily salary/wages for each day of accumulated leave and are paid during the financial year itself. Therefore no liability is accrued at the end of the financial year for leave benefits as per practice followed by the company year to year.

---

Mar 31, 2013

1 Confirmations of certain parties for amounts due to them/amounts due from them as per accounts of the Company are not received. Provision for doubtful debts, if any, in respect of above and the consequential adjustments, if any, arising out of reconciliation is unascertainable at this stage.

2 Previous year''s figures have been regrouped, reclassified and rearranged wherever necessary to confirm this year''s classification.

3 Figures have been rounded off to nearest of rupee. Figures in brackets indicate negative values.

4 In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value, if realized, during the ordinary course of business.

5 Contingent Liability and Capital Commitments :

Rs. in Lakhs

Particulars 2012-2013 2011-2012

Guarantee given to bank 56,000 56,000

Contracts remaining to be executed on capital account NIL NIL

Excise demands against the company not acknowledged as debts and not provided for as the same are disputed by the company in appeal. 8,79,562 11,79,562



6 The balances of sundry debtors and sundry creditors are subject to confirmation from respective parties. Necessary adjustments, if any, will be made when accounts are reconciled / settled.

7 Expenditure incurred by the Company on Employees:

a. If employed for a part of the financial year and where in receipt of remuneration for the year which in aggregate was not less than Rs.60 Lacs: Rs. Nil.

b. If employed for a part of the financial year and where in receipt of remuneration for any part of the year at the rate which in aggregate was not less than Rs.5 lacs per month: Rs. Nil

9 Value of Imports on C. I. F Basis is Rs. NIL (Previous Year Rs. Nil)

10 Remittance in Foreign Exchange on account of Travelling etc. Rs. Nil/- (Previous Year Rs.89,700/-)

11 Earnings in Foreign currency is Rs. NIL (Previous Year Rs. Nil)

12 Expenditure in Foreign currency is NIL (Previous Year Rs.NIL)

13 Suppliers/Service providers covered under Micro, Small, Medium Enterprises Development Act, 2006 have not furnished the information regarding filing of necessary memorandum with the appropriate authority. In view of this information required to be disclosed u/s. 22 of the said Act is not given.

14 Particulars of Earnings Per Share :

Earning per share computed in accordance with Accounting Standard 20 issued by The Institute of Chartered Accountants of India.

15 Disclosure for leases under Accounting Standard 19:

a Financial Lease :

The net carrying amount of assets acquired under financial lease : Nil

b Operational Lease :

The amount of payments for operational lease on assets : Nil

16 Segment Reporting:

The company manufactures only one product. The sale of the product is in Indian markets only. Hence there are no reportable business segments/geographical segments.

17 In accordance with Accounting Standard (AS-28) on "Impairment of Assets" issued by the Institute of Chartered Accountants of India the company during the year carried out an exercise to assess the impairment loss of assets. Based on such exercise, there is no impairment of assets. Accordingly no adjustment if respect of loss on impairment of assets is required to be made in the accounts.

18 Disclosures pursuant to Accounting Standard -15 ( Revised) " Employee Benefits":

A Defined Contribution Plan:

The company has recognised as an expense in the profit and loss account in respect of defined contribution plan - Provident Fund of Rs. 1,37,438/- (Previous year Rs. 1,42,634/-) administered by the Government.

B Defined benefit plan and long term employment benefit

General Description:

Gratuity (Defined Benefit Plan):

The company has obtained report from Actuary for Gratuity liability.

Leave Wages:

The leave wages are payable to all eligible employees at the rate of daily salary/wages for each day of accumulated leave and are paid during the financial year itself. Therefore no liability is accrued at the end of the financial year for leave benefits as per practice followed by the company year to year.

---

Mar 31, 2012

1 Confirmations of certain parties for amounts due to them/amounts due from them as per accounts of the Company are not received. Provision for doubtful debts, if any, in respect of above and the consequential adjustments, if any, arising out of reconciliation is unascertainable at this stage.

2 Previous year's figures have been regrouped, reclassified and rearranged wherever necessary to confirm this year's classification.

3 Figures have been rounded off to nearest of rupee. Figures in brackets indicate negative values.

4 In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value, if realized, during the ordinary course of business.

5 Contingent Liability and Capital Commitments :

Rs. in Lakhs

Particulars 2011-2012 2010-2011

Guarantee given to bank 56,000 56,000

Contracts remaining to be executed on capital account NIL NIL

Excise demands against the company not acknowledged as debts and not provided for as the same are disputed by the company in appeal. 11,79,562 11,79,562

6 The balances of sundry debtors and sundry creditors are subject to confirmation from respective parties. Necessary adjustments, if any, will be made when accounts are reconciled / settled.

7 Expenditure incurred by the Company on Employees :

a. If employed for a part of the financial year and where in receipt of remuneration for the year which in aggregate was not less than Rs.60 Lacs: Rs. Nil.

b. If employed for a part of the financial year and where in receipt of remuneration for any part of the year at the rate which in aggregate was not less than Rs.5 lacs per month: Rs. Nil

8 Value of Imports on C. I. F Basis is Rs. NIL (Previous Year Rs. Nil)

9 Remittance in Foreign Exchange on account of dividend, royalty etc. Rs. 89,700/-(Previous Year Rs. 89,700/-)

10 Earnings in Foreign currency is Rs. NIL (Previous Year Rs. Nil)

11 Expenditure in Foreign currency is NIL (Previous Year Rs.NIL)

12 Suppliers/Service providers covered under Micro, Small, Medium Enterprises Development Act, 2006 have not furnished the information regarding filing of necessary memorandum with the appropriate authority. In view of this information required to be disclosed u/s. 22 of the said Act is not given.

13 Disclosure for leases under Accounting Standard 19 :

a Financial Lease : The net carrying amount of assets acquired under financial lease: Nil

b Operational Lease : The amount of payments for operational issue on assets: Nil

14 Segment Reporting:

The company manufactures only one product. The sale of the product is in Indian markets only. Hence there are no reportable business segments/geographical segments.

15 In accordance with Accounting Standard (AS-28) on "Impairment of Assets" issued by the Institute of Chartered Accountants of India the company during the year carried out an exercise to assess the impairment loss of assets. Based on such exercise, there is no impairment of assets. Accordingly no adjustment if respect of loss on impairment of assets is required to be made in the accounts.

16 Related party Disclosure. :-

Disclosures as required by Accounting Standard 18 "Related Party Disclosures" are given below.

A Related Party

Ashish D. Panchal - Managing Director

Kantaben D. Panchal - Director

B Key Management Personnel Ashish D. Panchal - Managing Director

C Transactions with related parties

17 Disclosures pursuant to Accounting Standard -15 ( Revised) " Employee Benefits":

A Defined Contribution Plan:

The company has recognised as an expense in the profit and loss account in respect of defined contribution plan - Provident Fund of Rs. 1,42,634 (Previous year Rs. 1,33,642) administered by the Government.

B Defined benefit plan and long term employment benefit

General Description:

- Gratuity (Defined Benefit Plan): The company has obtained report from Actuary for Gratuity liability.

- Leave Wages

The leave wages are payable to all eligible employees at the rate of daily salary/wages for each day of accumulated leave and are paid during the financial year itself. Therefore no liability is accrued at the end of the financial year for leave benefits as per practice followed by the company year to year.

---

Mar 31, 2011

1. Confirmations of certain parties for amounts due to them/amounts due from them as per accounts of the Company are not received. Provision for doubtful debts, if any, in respect of above and the consequential adjustments, if any, arising out of reconciliation is unascertainable at this stage.

2. Previous Year's figures have been regrouped and rearranged wherever necessary to confirm this year's classification.

3. The figures in paisa have been rounded off to the nearest rupees. Figures in brackets indicate negative values.

4. CONTINGENT LIABILITY:

Particulars 2010-2011 2009-2010

On account of guarantee given Rs. 56,000 Rs. 56,000

Excise demands against the company not acknowledged Rs. 11,79,562 Rs. 11,79,562 as debts and not provided for as the same are disputed by the company in appeal.

5. Estimated amount of contract remaining to be executed on capital account and not provided for ( net of Advances) Rs.NIL /- (Previous Year Rs. 401400/-).

6. EXPENDITURE INCURRED BY THE COMPANY ON EMPLOYEES :

a. If employed for a part of the financial year and where in receipt of remuneration for the year, which in aggregate was not less than Rs.24 lacs: Rs. Nil

b. If employed for a part of the financial year and where in receipt of remuneration for any part of the year at the rate which in aggregate was not less than Rs.2 lacs per month: Rs. Nil

7. C.I.F. value of import of raw materials, components, stores, spares, capital goods Rs. NIL. (Previous Year Rs. Nil)

8. Value of imported Raw Material Consumed Rs.NIL. (Previous Year Rs. Nil)

9. Remittance in Foreign Exchange on account of dividend, royalty etc. Rs.89700. (Previous Year Rs. Nil)

10. Earnings in foreign exchange Rs.NIL. (Previous Year Rs. Nil)

11. Advances for goods includes Rs. Nil (Previous Year Rs. 15,93,448/-) given to the Company/ firms in which few directors of the Company were interested as a director.

12. Other advances include Rs. Nil (Previous Year Rs. 64,68,990/-) due from a Company in which some of the directors are interested as directors.

13. Sundry Debtors includes Rs. Nil (Previous Year Rs.7, 420/-) due from a Company in which some of the directors are interested as directors.

---

Mar 31, 2010

1. Confirmations of certain parties for amounts due to them/amounts due from them as per accounts of the Company are not received. Provision for doubtful debts, if any, in respect of above and the consequential adjustments, if any, arising out of reconciliation is unascertainable at this stage.

2. Previous Years figures have been regrouped and rearranged wherever necessary to confirm this years classification.

3. The figures in paisa have been rounded off to the nearest rupees. Figures in brackets indicate negative values.

4. CONTINGENT LIABILITY:

Particulars 2009-2010 2008-2009

On account of guarantee given Rs. 56,000 Rs.56,000/-

Excise demands against the company not acknowledged Rs. 11,79,562 Rs.11,79,562/- as debts and not provided for as the same are disputed by the company in appeal.

5. Estimated amount of contract remaining to be executed on capital account and not provided for ( net of Advances) Rs.401400 - (Previous Year Rs. Nil).

6. EXPENDITURE INCURRED BY THE COMPANY ON EMPLOYEES:

a. If employed for a part of the financial year and where in receipt of remuneration for the year, which in aggregate was not less than Rs.24 lacs: Rs. Nil

b. If employed for a part of the financial year and where in receipt of remuneration for any part of the year at the rate which in aggregate was not less than Rs.2 lacs per month: Rs. Nil

7. C.I.F. value of import of raw materials, components, stores, spares, capital goods Rs. NIL. (Previous Year Rs. Nil)

8. Value of imported Raw Material Consumed Rs.NIL. (Previous Year Rs. Nil)

9. Remittance in Foreign Exchange on account of dividend, royalty etc. Rs.NIL. (Previous Year Rs. Nil)

10. Earnings in foreign exchange Rs.NIL. (Previous Year Rs. Nil) «

11. Advances for goods includes Rs.15,93 448/- (Previous Year Rs. 15,93,448/-) given to the Company/ firms in which few directors of the Company were interested as a director.

12. Other advances include Rs.64,68,9907- (Previous Year Rs. 64,68,990/-) due from a Company in which some of the directors are interested as directors.

13. Sundry Debtors includes Rs. 7,420/- (Previous Year Rs.7, 420/-) due from a Company in which some of the directors are interested as directors.

14. Suppliers/Service providers covered under Micro, Small, Medium Enterprises Development Act, 2006 have not furnished the information regarding filing of necessary memorandum with the appropriate authority. In view of this information required to be disclosed u/s. 22 of the said Act is not given.

15. Disclosure for leases under Accounting Standard 19:

a) Financial Lease :

The net carrying amount of assets acquired under financial lease: Nil

b) Operational Lease :

The amount of payments for operational lease on assets: Nil 22. In accordance with "Accounting Standard - 22" deferred tax asset of Rs 90709. /-(Previous year Deferred tax asset of Rs. 179828/-) for the current year has been recognized in the Profit & Loss Account.

16. SEGMENT REPORTING:

The company manufactures only one product. The sale of the product is in Indian markets only. Hence there are no reportable business segments/geographical segments.

17. In accordance with Accounting Standard (AS-28) on "Impairment of Assets" issued by the Institute of Chartered Accountants of India the company during the year carried out an exercise to assess the impairment loss of assets. Based on such exercise, there is no impairment of assets. Accordingly no adjustment if respect of loss on impairment of assets is required to be made in the accounts.

18. The Company has made advance payments to a few suppliers for acquisition of fixed assets and for the purchase of goods and materials aggregating to Rs. 11934938 (Previous year Rs. 11934938). We are informed that the delay in receipt of the assets, goods and material is on account of project being kept on hold on account of liquidity crunch raised due to sudden death of two Managing Directors of the company in succession. The company is in the process of pursuing acquisition of assets/goods from parties.

19. RELATED PARTY DISCLOSURES

Disclosures as required by the Accounting Standard 18 "Related Party Disclosures" are given below:

A RELATED PARTIES RELATION

(1) Ashish Agroplast Pvt. Ltd. Associated Company (Ceased to be an associate W.e.f. 11/09/2009)

(2) Mr. Dinesh R. Panchal Director (Ceased to be Director W.e.f. 11/09/2009)

(3) Smt. Kantaben D. Panchal : Director

B. CONCERN CONTROLLED BY RELATIVE OF KMP

(1) Mixoplast Relative of Directors was Partner (Ceased to be a Concern controlled by relative of KMP)

(2) Mayur Plastic Industries Relative of Directors was Partner (Cease to be a Concern controlled by relative of KMP)



C. KEYMANAGEMENT PERSONNEL AND RELATIVES

Mr.Ashish D. Panchal Managing Director

20 Employee Benefits :

(A) Gratuity (Defined benefit plan): The company has obtained report from Actuary for Gratuity liability.

(B) Leave wages (Long term employment benefit) : The leave wages are payable to all eligible employees at the rate of daily salary/wages for each day of accumulated leave and are paid during the financial year itself. Therefore no liability is accrued at the end of the financial year for leave benefits as per practice followed by the company year to year.