Notes to Accounts of Baffin Engineering Projects Ltd.

Apr 30, 2010

2009-10 2008-09 Rs./ Lacs Rs./ Lacs

1 Contingent Liabilities Nil Nil (Not provided for in the accounts)

2 Debit balances of the parties, which existed at the beginning of the financial year 2008-09 are subject to confirmation/reconciliation. The consequential impact thereof, if any, on the accounts are not ascertainable at this stage.

3 Extra Ordinary Items

Mr. Suresh Mutha acquired the management control of the company as approved by the share holders through the special resolution passed on the AGM held on 29th Dec.07 and through postal ballot process. On assuming the management control, the new promoter

Accordingly old carried forward balances of Land & Building (Rs. 9.71 lacs), Capital work in progress (Rs. 424.39 lacs) and Loans & Advances (Rs. 481.87 lacs) for which specific details could not be ascertained have been written off during the year. This

4 Details of transactions entered into with related parties during the year is as follows

a) List of Related Party

I) Associates & Joint Ventures : Nil

II) Key Management Personnel 1. Mr. Suresh Mutha 2. Mr. Ramesh Arora 3. Mr. Ashok Chordia

b) Transactions With Related Parties during the financial year and outstanding Balances as on 30.04.2010 There has been no transition taken place where the key management personels have significant influence

5 Previous year figures have been recast and/or regrouped wherever necessary to make them comparable with those of the current year.

6 As the company has not received information from suppliers or service providers, whether they are covered under micro, small and medium enterprises, ( development) Act, 2006 and hence it has not been posible to give the required informations relating to

7 The payment of Gratuity Act is not applicable to the company.

8 The accompanying schedule ( 1-7) duly authenticated form an integral part of this financial statement.