Notes to Accounts of Dutron Polymers Ltd.

Mar 31, 2025

• Provisions and Contingent Liabilities

A provision is recognised when the Company has a present obligation as a result of past events, 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. If the effect of the time value of money is material, provisions are discounted using an appropriate discount

rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the
provision due to the passage of time is recognised as a finance cost.

Contingent liabilities are disclosed in the Notes to the Standalone Financial Statements. Contingent liabilities are
disclosed for:

i) possible obligations which will be confirmed only by future events not wholly within the control of the Company, or

ii) present obligations arising from past events where it is not probable that an outflow of resources will be required to
settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

• Borrowing Costs

Borrowing costs are interest, and other costs that the Company incurs in connection with the borrowing of funds and
is measured concerning the effective interest rate (EIR) applicable to the respective borrowing. Borrowing costs
include interest costs measured at EIR and exchange differences arising from foreign currency borrowings to the
extent they are regarded as an adjustment to the interest cost.

Borrowing costs, allocated to qualifying assets, about the period from the commencement of activities relating to
construction/development of the qualifying asset up to the date of capitalisation of such asset are added to the cost of
the assets. Capitalisation of borrowing costs is suspended and charged to the Statement of Profit and Loss during
extended periods when active development activity on the qualifying assets is interrupted. All other borrowing costs
are recognised as an expense in the period which they are incurred.

• Earnings per Share

Basic earnings per share are computed by dividing the profit after tax by the weighted average number of equity
shares outstanding during the year. The weighted average number of equity shares outstanding during the year is
adjusted for the events for bonus issue, bonus element in a rights issue to existing shareholders, share split and
Diluted earnings per share is computed by dividing the profit/(loss) after tax as adjusted for dividend, interest and
other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by
the weighted average number of equity shares considered for deriving basic earnings per share and the weighted
average number of equity shares which could have been issued on conversion of all dilutive potential equity shares.

• Insurance Claims

Insurance claims are accounted for based on claims admitted/expected to be admitted and to the extent that the
amount recoverable can be measured reliably and it is reasonable to expect the ultimate collection.

• Goods and Services Tax Input Credit

Goods and Services tax input credit is accounted for in the books in the period in which the underlying service
received is accounted and when there is reasonable certainty in availing/utilising the credits.

• Segment Reporting

The Company operates in one reportable business segment, i.e. “Manufacturing of Plastic Pipes”. Hence as per Ind
AS 108, disclosures of the segment do not apply to it.

• Taxes on Income

Provision for current income taxes is made on taxable income at the rate applicable to the relevant assessment
year. The tax currently payable is based on taxable pro rata for the year. Current tax is measured at the amount
expected to be paid to the tax authorities, based on estimated tax liability computed after taking credit for
allowances and exemption in accordance with the local tax laws. The Company''s current tax is calculated using tax
rates that have been enacted or substantively enacted by the end of the financial year.

Deferred taxes are recognised for future tax consequences attributable to timings difference between the financial
statements, determination of income and their recognition for tax purpose. The effect on deferred tax assets and
liabilities of a change in tax rates is recognised for tax purposes. The effect on deferred tax assets and liabilities of a
change in tax rates is recognized in Profit and Loss Account using the tax rates and tax laws that have been
enacted or substantively enacted by BalanceSheet date.

Deferred tax assets are recognised and carried forward only to the extent that there is a virtual certainty of
realization of such assets. Considering this, the company has applied for provision for deferred tax.

Current and Deferred Tax for the Year: Current and deferred tax are recognized in the statement of profit and loss,
except when they relate to items that are recognized in other comprehensive income, in which case, the current and
deferred tax are also recognized in other comprehensive income.

NOTE NO. 32 SIGINIFICANT ACCOUNTING ASSUMPTIONS

The preparations of the financial statements in conformity with Ind AS requires management to make judgments,
estimates and assumptions that affect the reported amount of revenues, expenses, assets and liabilities, and
accompanying disclosures including disclosures of contingent liabilities. Uncertainty about these assumptions may
result in an outcome that requires a material adjustment to the carrying amount of assets or liabilities affected in the
future period. The estimates and associated assumptions are based on historical experiences and various other
factors that are believed to be reasonable under the circumstances existing when the financial statements were
prepared. The estimates and assumptions are reviewed on an ongoing basis. The revision to accounting estimates
is recognised in the year in which the estimates are revised and in any future affected.

• Estimates and Assumptions

The key assumptions that concerning the future and other key sources of estimation on the reporting date, which
may cause a material adjustment to the carrying amount of assets and liabilities within the next financial year, are
listed below. The company based its estimates and assumptions on parameters available when financial statements
are made. Existing circumstances and assumptions about future circumstances may change due to market change
or circumstances arising beyond the control of the company.

(i) Useful Lives of Property, Plant and Equipment

The company reviews useful life of its property, plant and equipment at the end of each reporting period.
During the current financial year, the management determined that there were no changes to the useful lives
and residual values of the property, plant and equipment.

(ii) Defined Benefit Plans

The cost of defined benefit gratuity plan and other post-employment and the present value of the gratuity
obligations are determined using actuarial valuations. An actuary makes assumptions which may differ from
the actual developments in the future. These include the determination of discount rate, future salary increase,
mortality rate. Due to the complexity of the valuations, a defined benefit obligation is highly sensitive changes
in these assumptions. All assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate, the
management considers the interest rates of government bonds.

The mortality rate is based on publicly available mortality tables of India. Future salary and gratuity increase
are based on expected future inflation rates in India.

Details of Gratuity valuations are given at the end of Note No. 33.

(i) Provision for Inventories

Provision is made in the financial statements for slow and non-moving inventories based on estimate
regarding their usability.

(ii) Impairment of Trade Receivables

To measure lifetime expected credit loss allowances of trade receivables, the company has used practical
expedient as permitted under Ind AS 109. The expected credit loss allowance is made on a provision matrix
based on experience and adjusted for forward-looking information. The identification of doubtful debts requires
use of judgement and estimates. Where the expectation is different from the original estimate, such difference
will impact the carrying value of the trade and other receivables and doubtful debts expenses in the financial
year in which such estimate has been changed.

(iii) Impairment of Other Financial Assets

The impairment of loss of other financial assets is based on an assumption about the risk of default coupled
with past experiences and information about the future.

(b) Defined Benefit Plans

Provision of a defined benefit scheme poses certain risks, some of which are detailed hereunder, as
companies take on uncertain long term obligations to make future benefit payments.

1. Liability Risks

a. Asset-Liability Mismatch Risk

Risk which arises if there is a mismatch in the duration of the assets relative to the liabilities. By matching
duration with the defined benefit liabilities, the company is successfully able to neutralize valuation swings
caused by interest rate movements.

b. Discount Rate Risk

Variations in the discount rate used to compute the present value of the liabilities may seem small, but in
practice, can have a significant impact on the defined benefit liabilities.

c. Future Salary Escalation and Inflation Risk

Since price inflation and salary growth are linked economically, they are combined for disclosure purposes.
Rising salaries will often result in higher future defined benefit payments resulting in a higher present value of
liabilities especially unexpected salary increases provided at management''s discretion may lead to
uncertainties in estimating this increasing risk.

2. Asset Risks

Plan assets are maintained in a trust fund partly managed by a public sector insurer viz; LIC of India. The
company has opted for a traditional fund wherein all assets are invested primarily in risk averse markets. The
company has no control over the management of funds but this option provides a high level of safety for the
total corpus. A single account is maintained for both the investment and claim settlement and hence 100%
liquidity is ensured. Also interest rate and inflation risk are taken care of.

(c) Gratuity (Included in Employee Benefit Expenses in Note No. 22 of financial statement)

Gratuity is payable to all eligible employees as provisions of Payment of Gratuity Act, 1972. The benefit will be
paid at the time of separation as per the tenure of employment and salary of the employee.

The most recent actuarial valuation of plan assets and the present value of the defined benefit obligation for
gratuity were carried out as of 31st March, 2025. The present value of the defined benefit obligations and the
related current service cost and past service cost wasmeasured using the Projected Unit Credit Method.

Based on the actuarial valuation obtained in this respect, the following table sets out the status of the gratuity
plan and the amounts recognised in the Company''s financial statements as at the Balance Sheet date.

NOTE NO. 35 EARNINGS PER SHARE

Basic Earnings Per Share (EPS) amounts are calculated by dividing the profits for the year attributable to equity share
holders of the Company by weighted average number of equity shares outstanding during the year. Diluted EPS amounts
are calculated by dividing the profit attributable to equity share holders of the Company by the weighted average number
of equity shares outstanding during the year plus the weighted average number of Equity shares that would be issued on
conversion of all the dilutive potential Equity Shares into equity shares. There are no potential equity shares having
dilutive effect on the EP.

NOTE NO. 37 There are no contingent liabilities outstanding on 31st March, 2025 and 31st March, 2024.

NOTE NO. 38 FINANCIAL RISK MANAGEMENT

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

• Credit risk;

• Liquidity risk;

• Market risk

The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s risk
management framework. The board of directors has established the Risk Management Committee, which is responsible
for developing and monitoring the Company''s risk management policies. The committee reports to the board of directors
on its activities.

The Company''s risk management policies are established to identify and analyze 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 periodically to reflect changes in market conditions and the Company''s activities. The Company, through its
training, 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 about the risks faced by the Company. The
audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc
reviews of risk management controls and procedures, the results of which are reported to the audit committee.

a) 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 and investment
securities. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the
creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company
establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of
trade and other receivables and investments. 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 and country in which the customer operates, also influence credit risk assessment. Credit risk is managed
through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which
the Company grants credit terms in the normal course of business.

Expected credit loss assessment:

The Company allocates each exposure to a credit risk grade based on a variety of data that is determined to be predictive
of the risk of loss (e.g. timeliness of payments, available press information etc.) and applying experienced credit
judgement.

Exposures to customers: Nil

Outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected credit
losses. Historical trends of impairment of trade receivables do not reflect any significant credit losses. Given that the
macroeconomic indicators affecting customers of the Company have not undergone any substantial change, the
Company expects the historical trend of minimal credit losses to continue.

Cash and cash equivalents:

As at the year end, the Company held cash and cash equivalents including Current Maturity Fixed Deposit and
Unclaimed Dividend Accounts of of '' 8,06,24,173 (previous year '' 4,64,66,305). The cash equivalents are held with
banks.

Other financial assets:

Other financial assets are neither past due nor impaired.

b) 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'' san reputation. The
Company enjoys an overdraft limit from the bank.

The Company invests its surplus funds in bank fixed deposit which carry no/low mark to market risks. The Company
monitors funding options available in the debt and capital markets to maintain financial flexibility.

Exposure to liquidity risk:

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross
and undiscounted and include estimated interest payments and exclude the impact of netting agreements.

c) Market Risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices -
will affect the Company''s income or the value of its holdings of financial instruments. Market risk is attributable to all
market risk sensitive financial instruments including foreign currency receivables and payables and long-term debt. We
are exposed to market risk primarily related to interest rate change. However, it does not constitute a significant risk.
Hence, sensitive analysis is not given.

i) Currency risk

The Company is exposed to currency risk on account of its operations with other countries. The functional currency of
the Company is Indian Rupee. The exchange rate between the Indian rupee and foreign currencies has changed
substantially in recent periods and may continue to vary in the future. However, the overall impact of foreign currency
risk on the financial statement is not significant.

The risk estimates provided assume a change of 100 basis points interest rate for the interest rate benchmark as
applicable to the borrowings summarised above. This calculation also assumes that the change occurs at the balance
sheet date and has been calculated based on risk exposures outstanding as at that date. The period end balances are
not necessarily representative of the average debt outstanding during the period.

iii) Commodity rate risk

The Company''s operating activities involve the purchase and sale of PVC Plastic Pipes, whose prices are exposed to
the risk of fluctuation over short periods. Commodity price risk exposure is evaluated and managed through
procurement and other related operations, policies. As of 31st March, 2025; and 31st March, 2024, the Company had
not entered into any material derivative contracts to hedge exposure to fluctuations in commodity prices.

NOTE NO. 39 CAPITAL MANAGEMENT

For the Company''s capital management, capital includes issued capital and all other equity capital and all other equity
reserves attributable to the equity holders of the company. The primary objective of the capital policy of the company to
safeguard the Company''s ability to remain a going concern and maximise the shareholder value.

The Company manages its capital structure and makes adjustments in the light of changes in economic conditions,
annual operating plans and long term and other strategic investment plans. To maintain or adjust the capital structure, the
Company may adjust the amount of dividend paid to the shareholders, return capital to shareholders or issue new shares.
The current capital structure is through equity with no financing through borrowings. The company is not subject to any
externally imposed capital requirements.

No changes were made in the objectives, policies or processes for managing capital during the years ended on 31st
March, 2024 and 31st March, 2023.

NOTE NO. 40 There are no immovable properties whose title deeds are not held in the name of company.

NOTE NO. 41 The Company has not revalued it''s revalued its Property, Plant and Equipments during the year.

NOTE NO. 42 No Loans and Advances are granted to Directors, KMPs, Promoters and related parties as defined
under Companies Act, 2013.

NOTE NO. 43 There is no capital in progress during the year.

NOTE NO. 44 There are no intangible assets during the development.

NOTE NO. 45 There are no proceedings being initiated or pending against the Company for holding any Benami
property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

NOTE NO. 46 The Company is not required to file quarterly returns or statements of current assets with banks or
financial institutions.

NOTE NO. 47 The Company is not declared as willful defaulter by the Bank or financial institutions or any other lender.

NOTE NO. 48 The Company does not have any transactions with companies struck off under Section 248 of
Companies Act, 2013.

NOTE NO. 49 There is no registration or satisfaction of charge yet to be registered with Registrar of Companies.

NOTE NO. 50 The provisions of Section 2(87) read with Companies (Restriction on Number of Layers) Rules, 2017 is
not applicable to the company.

NOTE NO. 51 RATIO ANALYSIS

51.1 Current Ratio

The current ratio indicates a company''s overall liquidity position. It is widely used by banks in making decisions
regarding the advancing of working capital credit to their clients. Both of these numbers can be found in a Company''s
balance sheet.

Current Ratio = Total Current Assets/Total Current Liabilities

Current Ratio for FY 2024-25 is 6.09 times (PY 2023-24 - 13.51) times. The Change in this ratio is due to reduction
in the current liabilities.

51.2 Debt Equity Ratio

Debt-to-equity ratio compares a Company''s total debt to shareholders equity. Both of these numbers can be found in
a Company''s balance sheet.

Debt Equity Ratio = Total Debt*100/Share Holder''s Equity.

Debt Equity Ratio for FY 2024-25 is 16.17% (PY 2023-24 - 23.67%). The Change in this ratio is due to fall in the
borrowings.

51.3 Debt Service Coverage Ratio

Debt Service coverage ratio is used to analyses the firm''s ability to payoff current interest and instalments.

Debt Service Coverage Ratio = Earnings available for Debt Service/Debt Service

Earning for Debt Service = Net Profit after taxes Non-cash operating expenses like depreciation and other
amortizations Interest other adjustments like loss on sale of Fixed assets etc.

Debt service = Interest & Lease Payments Principal Repayments. No repayments is considered for loan repayable
on demands.

“Net Profit after tax” means reported amount of “Profit / (loss) for the period” and it does not include items of other
comprehensive income.

The Debt Service Coverage Ratio for FY 2024-25 is 6.64 times (PY 2023-24 4.20 times). There is no material change
in this ratio.

51.4 Return on Equity (ROE)

It measures the profitability of equity funds invested in the Company. The ratio reveals how profitability of the equity-
holders'' funds have been utilized by the Company. It also measures the percentage return generated to equity-
holders. The ratio is computed as:

ROE = Net Profit after Taxes-Preference Dividend (if any)*100/ Average Shareholder''s Equity
The Return on Equity for FY 2024-25 is9.80% (PY 2023-24- 9.54%). There is no significant change in the ratio.

51.5 Inventory Turnover Ratio

This ratio also known as stock turnover ratio and it establishes the relationship between the cost of goods sold during
the period or sales during the period and average inventory held during the period. It measures the efficiency with
which a Company utilizes or manages its inventory.

Inventory Turnover Ratio = Sales/Average Inventory

Average Inventory = (Opening Inventory Closing Inventory)/2

Inventory Turnover Ratio for FY 2024-25 is 9.50 times (PY 2023-24- 10.06 times). There is no material change in this
ratio.

51.6 Trade receivable Turnover Ratio

It measures the efficiency at which the firm is managing the receivables.

Trade Receivable Turnover Ratio = Net Credit Sales/Average Accounts Receivable
Net credit sales consist of gross credit sales minus sales return.

Trade receivables includes sundry debtors and bill''s receivables Average trade debtors = (Opening Closing
balance / 2

Trade Receivable Turnover Ratio is times in FY 2024-25 is 8.87 (PY 2023-24 - 10.29 times). There is no significant
change during the year.

51.7 Trade Payables Turnover Ratio

It indicates the number of times sundry creditors have been paid during a period. It is calculated to judge the
requirements of cash for paying sundry creditors. It is calculated by dividing the net credit purchases by average
creditors

Trade Payables Turnover Ratio = Net Credit Purchases/Average Trade Payables

Net credit purchases consist of gross credit purchases minus purchase return.

Average trade Payables= (Opening Closing balance / 2

Trade Payable Turnover Ratio is times in FY 2024-25 is 52.75 (PY 2023-24 - 83.68 times). The change in this ratio is
due to increase outstanding payable as compared to previous year

51.8 Net Capital Turnover Ratio

It indicates a company''s effectiveness in using its working capital. The working capital turnover ratio is calculated as
follows: Net Sales divided by the average amount of working capital during the same period.

Net Capital Turnover Ratio = Net Sales/ Working Capital

Net Sales shall be calculated as total sales minus sales returns. Working capital shall be calculated as current assets
minus current liabilities.

Net Capital Turnover Ratio is times in FY 2024-25 is 3.93 times (PY 2023-24 - 5.59 times). There is no significant
change during the year.

51.9 Net Profit Ratio

It measures relationship between Net profit and Sales of the business.

Net profit Ratio = Net profit/Sales
Net profit shall be after tax.

Net sales shall be calculated as total sales minus sales returns.

Net profit for FY 2024-25 is 2.62% (PY 2023-24 2.05%). There is no significant change in the ratio during the year.

51.10 Return on Capital Employed

Return on capital employed indicates the ability of a company''s management to generate returns for both the debt
holders and the equity holders. Higher the ratio, more efficiently is the capital being employed by the company to
generate returns.

Return on Capital Employed = Earning Before Interest and Taxes * 100/Capital Employed
Capital Employed = Tangible Net worth Total Debt Differed Tax Liability

The return on Capital Employed for FY 2024-25 is12.06% (PY 2023-24 - 13.33%). There is no significant change in
the ratio during the year.

51.11 Return on Investments

Return on investment (ROI) is a financial ratio used to calculate the benefit an investor will receive in relation to their
investment cost. The higher the ratio, the greater the benefit earned. The one of widely used method is Time
Weighted Rate of Return (TWRR) and the same should be followed to calculate ROI. It adjusts the return for the
timing of investment cash flows and its formula / method of calculation is commonly available. However, the same is
given below for quick reference:

ROI = {MV(T 1) - MV(T0) - Sum [C(t)]}

{MV(T0) Sum [W(t) * C(t)]

where,

T1 = End of time period

T0 = Beginning of time period

t = Specific date falling between T1 and T0

MV(T 1) = Market Value at T1

MV(T0) = Market Value at T0

C(t) = Cash inflow, cash outflow on specific date

W(t) = Weight of the net cash flow (i.e. either net inflow or net

outflow) on day ‘t'', calculated as [T1 - t] / T1

Investors may calculate ROI applying the above formula for their investments.

NOTE NO. 52 EVENTS OCCURING AFTER THE BALANCE SHEET DATE

The Company evaluates events and transactions that occur subsequent to the balance sheet date but prior to approval of
the financial statements to determine the necessity for recognition and/or reporting of any of these events and
transactions in the financial statements. As of 13th May, 2025, there are no subsequent events to be recognized or
reported

NOTE NO. 53 There is no scheme approved under section 230 to 237 of Companies Act, 2013 during the year.

NOTE NO. 54 The company has not advanced or loaned or invested funds (either borrowed funds or share premium or
any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the
understanding (whether recorded in writing or otherwise) that the Intermediary shall 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
(ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

NOTE NO. 55 The company has 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 (i) 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 (ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

NOTE NO. 58 There is no income which has not been recorded in the books of accounts has been surrendered or
disclosed as income during the year under the tax assessments under Income tax Act, 1961.

NOTE NO. 59 PROPOSED DIVIDEND

The Board of Directors, in its meeting held on May 13, 2025, has recommended a final dividend of '' 1.50 per equity share
of 10 each for the financial year ended March 31,2025, aggregating to '' 90 Lakh. The proposed dividend is subject to
the approval of shareholders at the ensuing Annual General Meeting and has not been recognized as a liability in the
financial statements as at March 31, 2025, in accordance with Ind AS 10, "Events After the Reporting Period." The
company use to create provisions for unpaid dividends in books of accounts till March 31,2025. The practise has been
discontinued to comply with provisions of Ind AS 10.

NOTE NO. 60 During the year, the Company was levied penalties of 5,36,900 and 2,14,760 for non-compliance with
the provisions of Regulations 17(1) and 17(1A) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015. These regulatory provisions became applicable to the Company for the first time during the current
financial year. The non-compliance occurred due to an inadvertent oversight. The Company has submitted a request to
BSE seeking a waiver of the said penalties, and the matter is currently under consideration.

NOTE NO. 61 43^rd ANNUAL GENERAL MEETING OUTCOME HELD IN ABEYANCE

The Company convened its 43^rd Annual General Meeting (AGM) through Video Conferencing (VC)/Other Audio-Visual
Means (OAVM) on 12th July 2024. However, pursuant to the Order of the Hon''ble National Company Law Tribunal
(NCLT), Ahmedabad dated 12th July 2024, the resolutions passed at the said AGM have been kept in abeyance until
further directions from the Tribunal. Consequently, the dividend declared for the financial year 2023-24 remains unpaid
and will be disbursed upon receipt of the necessary approvals from the Court.

Further, since the resolution for adoption of the financial statements and the annual report has also been kept in
abeyance as per the NCLT Order, the Company is yet to undertake the requisite annual filings with the Registrar of
Companies in respect of the financial statements and annual return. These filings will be completed in accordance with
the directions of the Hon''ble Tribunal.

NOTE NO. 62 PETITION UNDER SECTIONS 241 AND 242 OF COMPANIES ACT, 2013

On 8th July 2024, a petition was led against the Company and some of its promoters, before the National Company Law
Tribunal, Ahmedabad ("NCLT"), under Sections 241 and 242 of the Companies Act, 2013, pertaining to the prevention of
oppression and mismanagement of the Company by (a) Mr. Sudip Patel, director and promoter, (b) Mrs. Rachana Patel,
Promoter and (c) Mr. Nilay Patel, promoter. The matter is still pending before the tribunal. The Company has denied all
allegations of the petitioner and decided to defend its stand legally.

NOTE NO. 63 ALLEGATIONS OF FRAUDS AND IRREGULARITIES

In his petition filed under Sections 241 and 242 of the Companies Act, 2013, the petitioner has alleged fraud and
irregularities in relation to the purchase of waste materials from the group company, Dutron Plastics Private Limited. It is
pertinent to note that the petitioner is himself a promoter and director of Dutron Plastics Private Limited. The Company
has categorically denied all such allegations.

All purchases of waste materials have been made in accordance with established past practices and at prevailing market
rates, following due process and appropriate internal controls. During the financial year 2023-24, the value of such
purchases amounted to 2,71,200, and 3,59,432 during the financial year 2024-25. These amounts are insignificant
when compared to the Company''s total procurement value.

Furthermore, Mr. Sudip Patel, one of the petitioners, also holds the position of Vigilance Officer in the Company.
However, he has neither initiated any investigation into this matter under the Company''s Vigil Mechanism nor submitted
any report to the Audit Committee, as mandated under the policy. Additionally, Mr. Patel has failed to respond to inquiries
made by the Statutory Auditor, despite repeated reminders.

The Company maintains that it has always adhered to best practices in internal control and financial governance. The
allegations made in the petition appear to be motivated by personal vendetta against other promoters and are vague,
unsubstantiated, and without merit.

Mr. Sudip Patel has claimed before hon''ble National Company Law Tribunal that for year ended on March 31,2024 his
fake signature was made for the purpose of approving accounts. The Company denies his allegations. The financial
statement uploaded on BSE website immediately after board meeting dated 8th May, 2024 contains signature of Mr.
Sudip Patel. On Page No 10 which bears signature of Mr. Sudip Patel, in Point Number 5, Mr. Sudip Patel has asserted
that “The above financial results have been approved by the Board of Directors and Audit Committee in their meeting held
on 8th May, 2024.” Accordingly, the company denies his allegations as baseless and devoid of any merit. Additionally, Mr.
Sudip Patel has failed to respond to inquiries made by the Statutory Auditor, despite repeated reminders.

NOTE NO. 64 Pursuant to a complaint filed by Mr. Sudip Patel and Mr. Nilay Patel, the Registrar of Companies, Gujarat
and Dadra & Nagar Haveli initiated an inquiry via its letter dated 21st October 2024. The Company duly responded to the
inquiry, following the due process of law. After considering the Company''s submissions, the complaint was dismissed by
the Registrar of Companies on 26th December 2024.

NOTE NO. 65 Following a similar complaint by Mr. Sudip Patel and Mr. Nilay Patel, the Securities and Exchange Board of
India (SEBI) initiated an inquiry via email. The Company has duly responded to the inquiry, adhering to the applicable
legal procedures. The Company remains fully committed to cooperating with SEBI in all respects in connection with this
matter. It reiterates its adherence to the rule of law and firmly denies all allegations made by the complainants, which
appear to be motivated by personal vendetta and are devoid of any merit.

NOTE NO. 66 The Company has not traded or invested in virtual currency or crypto currencies during the year.

As per our Report of even date attached.

Signatures to Note Nos. 1 to 66

FOR KRUTESH PATEL & ASSOCIATES FOR DUTRON POLYMERS LIMITED

Chartered Accountants

KRUTESH PATEL R. H. PATEL A. B. PATEL

Partner Managing Director Director

Membership No. 140047 DIN: 00226388 DIN: 00226723

Firm Reg. No. 100865W

B. R. BAROT

CFO

Place: Ahmedabad

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Mar 31, 2024

• Provisions and Contingent Liabilities

A provision is recognised when the Company has a present obligation as a result of past events, 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. If the effect of the time value of money is material, provisions are discounted using an appropriate discount rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

Contingent liabilities are disclosed in the Notes to the Standalone Financial Statements. Contingent liabilities are disclosed for:

i) possible obligations which will be confirmed only by future events not wholly within the control of the Company, or

ii) present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

• Borrowing Costs

Borrowing costs are interest, and other costs that the Company incurs in connection with the borrowing of funds and is measured concerning the effective interest rate (EIR) applicable to the respective borrowing. Borrowing costs include interest costs measured at EIR and exchange differences arising from foreign currency borrowings to the extent they are regarded as an adjustment to the interest cost.

Borrowing costs, allocated to qualifying assets, about the period from the commencement of activities relating to construction/development of the qualifying asset up to the date of capitalisation of such asset are added to the cost of the assets. Capitalisation of borrowing costs is suspended and charged to the Statement of Profit and Loss during extended periods when active development activity on the qualifying assets is interrupted. All other borrowing costs are recognised as an expense in the period which they are incurred.

• Earnings per Share

Basic earnings per share are computed by dividing the profit after tax by the weighted average number of equity shares outstanding during the year. The weighted average number of equity shares outstanding during the year is adjusted for the events for bonus issue, bonus element in a rights issue to existing shareholders, share split and Diluted earnings per share is computed by dividing the profit/(loss) after tax as adjusted for dividend, interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on conversion of all dilutive potential equity shares.

• Insurance Claims

Insurance claims are accounted for based on claims admitted/expected to be admitted and to the extent that the amount recoverable can be measured reliably and it is reasonable to expect the ultimate collection.

• Goods and Services Tax Input Credit

Goods and Services tax input credit is accounted for in the books in the period in which the underlying service received is accounted and when there is reasonable certainty in availing/utilising the credits.

• Segment Reporting

The Company operates in one reportable business segment, i.e. “Manufacturing of Plastic Pipes”. Hence as per Ind AS 108, disclosures of the segment does not apply to it.

• Taxes on Income

Provision for current income taxes is made on taxable income at the rate applicable to the relevant assessment year. Deferred taxes are recognised for future tax consequences attributable to timings difference between the financial statements, determination of income and their recognition for tax purpose. The effect on deferred tax assets and liabilities of a change in tax rates is recognised for tax purposes. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in Profit and Loss Account using the tax rates and tax laws that have been enacted or substantively enacted by Balance Sheet date.

Deferred tax assets are recognised and carried forward only to the extent that there is a virtual certainty of realization of such assets. Considering this, the company has applied for provision for deferred tax.

NOTE NO. 32 SIGINIFICANT ACCOUNTING ASSUMPTIONS

The preparations of the financial statements in conformity with Ind AS requires management to make judgments, estimates and assumptions that affect the reported amount of revenues, expenses, assets and liabilities, and accompanying disclosures including disclosures of contingent liabilities. Uncertainty about these assumptions may result in an outcome that requires a material adjustment to the carrying amount of assets or liabilities affected in the future period. The estimates and associated assumptions are based on historical experiences and various other factors that are believed to be reasonable under the circumstances existing when the financial statements were prepared. The estimates and assumptions are reviewed on an ongoing basis. The revision to accounting estimates is recognised in the year in which the estimates are revised and in any future affected.

• Estimates and Assumptions

The key assumptions that concerning the future and other key sources of estimation on the reporting date, which may cause a material adjustment to the carrying amount of assets and liabilities within the next financial year, are listed below. The company based its estimates and assumptions on parameters available when financial statements are made. Existing circumstances and assumptions about future circumstances may change due to market change or circumstances arising beyond the control of the company.

(i) Useful Lives of Property, Plant and Equipment

The company reviews useful life of its property, plant and equipment at the end of each reporting period.

(ii) Defined Benefit Plans

The cost of defined benefit gratuity plan and other post-employment and the present value of the gratuity obligations are determined using actuarial valuations. An actuary makes assumptions which may differ from the actual developments in the future. These include the determination of discount rate, future salary increase, mortality rate. Due to the complexity of the valuations, a defined benefit obligation is highly sensitive changes in these assumptions. All assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate, the management considers the interest rates of government bonds.

The mortality rate is based on publicly available mortality tables of India. Future salary and gratuity increase are based on expected future inflation rates in India.

Details of Gratuity valuations are given at the end of this Note No. 32.

(iii) Provision for Inventories

Provision is made in the financial statements for slow and non-moving inventories based on estimate regarding their usability.

(iv) Impairment of Trade Receivables

To measure lifetime expected credit loss allowances of trade receivables, the company has used practical expedient as permitted under Ind AS 109. The expected credit loss allowance is made on a provision matrix based on experience and adjusted for forward-looking information.

(v) Impairment of Other Financial Assets

The impairment of loss of other financial assets is based on an assumption about the risk of default coupled with past experiences and information about the future.

(vi) Employee Benefit

(a) Defined Contribution Plans

1. Provident Fund/Employee''s Pension Fund

2. Employee''s State Insurance

The company has recognised the following expense has been recognised in Profit and Loss account.

(b) Defined Benefit Plans

Gratuity (Included in Employee Benefit Expenses in Note No. 22 of financial statement):

Gratuity is payable to all eligible employees as provisions of Payment of Gratuity Act, 1972. The benefit will be paid at the time of separation as per the tenure of employment and salary of the employee.

The most recent actuarial valuation of plan assets and the present value of the defined benefit obligation for gratuity were carried out as of 31st March, 2024. The present value of the defined benefit obligations and the related current service cost and past service cost were measured using the Projected Unit Credit Method.

Based on the actuarial valuation obtained in this respect, the following table sets out the status of the gratuity plan and the amounts recognised in the Company’s financial statements as at the Balance Sheet date.

The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. The board of directors has established the Risk Management Committee, which is responsible for developing and monitoring the Company’s risk management policies. The committee reports to the board of directors on its activities.

The Company’s risk management policies are established to identify and analyze 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 periodically to reflect changes in market conditions and the Company’s activities. The Company, through its training, 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 about the risks faced by the Company. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.

a) 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 and investment securities. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables and investments. 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 and country in which the customer operates, also influence credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

Expected credit loss assessment:

The Company allocates each exposure to a credit risk grade based on a variety of data that is determined to be predictive of the risk of loss (e.g. timeliness of payments, available press information etc.) and applying experienced credit judgement.

Exposures to customers:

Outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected credit losses. Historical trends of impairment of trade receivables do not reflect any significant credit losses. Given that the macroeconomic indicators affecting customers of the Company have not undergone any substantial change, the Company expects the historical trend of minimal credit losses to continue.

Cash and cash equivalents:

As at the year end, the Company held cash and cash equivalents of '' 66,45,765 (previous year '' 1,70,55,173).

The cash equivalents are held with banks.

Other financial assets:

Other financial assets are neither past due nor impaired.

b) 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’ san reputation. The Company enjoys an overdraft limit from the bank.

The Company invests its surplus funds in bank fixed deposit which carry no/low mark to market risks. The Company monitors funding options available in the debt and capital markets to maintain financial flexibility.

Exposure to liquidity risk:

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include estimated interest payments and exclude the impact of netting agreements.

c) Market Risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Company’s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables and long-term debt. We are exposed to market risk primarily related to interest rate change. However, it does not constitute a significant risk. Hence, sensitive analysis is not given.

i) Currency risk

The Company is exposed to currency risk on account of its operations with other countries. The functional currency of the Company is Indian Rupee. The exchange rate between the Indian rupee and foreign currencies has changed substantially in recent periods and may continue to vary in the future. However, the overall impact of foreign currency risk on the financial statement is not significant.

ii) Interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest-bearing financial assets or borrowings because of fluctuations in the interest rates if such assets/borrowings are measured at fair value through profit or loss. Cash flow interest rate risk is the risk that the future cash flows of floating interest-bearing borrowings will fluctuate because of fluctuations in the interest rates. Exposure to interest rate risk Company’s interest rate risk arises from borrowings and finance lease obligations. The interest rate profile of the Company’s interest-bearing borrowings is as follows:

The risk estimates provided assume a change of 100 basis points interest rate for the interest rate benchmark as applicable to the borrowings summarised above. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The period end balances are not necessarily representative of the average debt outstanding during the period.

iii) Commodity rate risk

The Company''s operating activities involve the purchase and sale of PVC Plastic Pipes, whose prices are exposed to the risk of fluctuation over short periods. Commodity price risk exposure is evaluated and managed through procurement and other related operations, policies. As of 31st March, 2024; and 31st March, 2020, the Company had not entered into any material derivative contracts to hedge exposure to fluctuations in commodity prices.

NOTE NO. 38 CAPITAL MANAGEMENT

For the Company’s capital management, capital includes issued capital and all other equity capital and all other equity reserves attributable to the equity holders of the company. The primary objective of the capital policy of the company to safeguard the Company’s ability to remain a going concern and maximise the shareholder value.

The Company manages its capital structure and makes adjustments in the light of changes in economic conditions, annual operating plans and long term and other strategic investment plans. To maintain or adjust the capital structure, the Company may adjust the amount of dividend paid to the shareholders, return capital to shareholders or issue new shares. The current capital structure is through equity with no financing through borrowings. The company is not subject to any externally imposed capital requirements.

No changes were made in the objectives, policies or processes for managing capital during the years ended on 31st March, 2024 and 31st March, 2023.

NOTE NO. 39 There are no immovable properties whose title deeds are not held in the name of company.

NOTE NO. 40 The Company has not revalued it’s revalued its Property, Plant and Equipments during the year.

NOTE NO. 41 No Loans and Advances are granted to Directors, KMPs, Promoters and related parties as defined under

Companies Act, 2013.

NOTE NO. 42 There is no capital in progress during the year.

NOTE NO. 43 There is no intangible assets during the development.

NOTE NO. 44 There are no proceedings being initiated or pending against the Company for holding any Benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

NOTE NO. 45 The Company is not required to file quarterly returns or statements of current assets with banks or financial institutions.

NOTE NO. 46 The Company is not declared as willful defaulter by the Bank or financial institutions or any other lender.

NOTE NO. 47 The Company does not have any transactions with companies struck off under Section 248 of Companies

Act, 2013.

NOTE NO. 48 There is no registration or satisfaction of charge yet to be registered with Registrar of Companies.

NOTE NO. 49 The provisions of Section 2(87) read with Companies (Restriction on Number of Layers) Rules, 2017 is not

applicable to the company.

NOTE NO. 50 EVENTS OCCURING AFTER THE BALANCE SHEET DATE

The Company evaluates events and transactions that occur subsequent to the balance sheet date but prior to approval of the financial statements to determine the necessity for recognition and/or reporting of any of these events and transactions in the financial statements. As of 1st May, 2024, there are no subsequent events to be recognized or reported

NOTE NO. 51 RATIO ANALYSIS

51.1 Current Ratio

The current ratio indicates a company’s overall liquidity position. It is widely used by banks in making decisions regarding the advancing of working capital credit to their clients. Both of these numbers can be found in a Company’s balance sheet.

Current Ratio = Total Current Assets/Total Current Liabilities

Current Ratio for FY 2023-24 is 12.01 times (PY - 7.42) times. The Change in this ratio is due to reduction in the current liabilities.

51.2 Debt Equity Ratio

Debt-to-equity ratio compares a Company’s total debt to shareholders equity. Both of these numbers can be found in a Company’s balance sheet.

Debt Equity Ratio = Total Debt*100/Share Holder’s Equity.

Debt Equity Ratio for FY 2023-24 23.67 is (PY - 38.66%). The Change in this ratio is due to fall in the borrowings.

51.3 Debt Service Coverage Ratio

Debt Service coverage ratio is used to analyses the firm’s ability to payoff current interest and instalments.

Debt Service Coverage Ratio = Earnings available for Debt Service/Debt Service

Earning for Debt Service = Net Profit after taxes Non-cash operating expenses like depreciation and other amortizations Interest other adjustments like loss on sale of Fixed assets etc.

Debt service = Interest & Lease Payments Principal Repayments. No repayments is considered for loan repayable on demands.

“Net Profit after tax” means reported amount of “Profit / (loss) for the period” and it does not include items of other comprehensive income.

The Debt Service Coverage Ratio for FY 2023-24 is 4.20 times (PY- 2022-23 3.11times). There is no material change in this ratio.

51.4 Return on Equity (ROE)

It measures the profitability of equity funds invested in the Company. The ratio reveals how profitability of the equity-holders’ funds have been utilized by the Company. It also measures the percentage return generated to equity-holders. The ratio is computed as:

ROE = Net Profit after Taxes-Preference Dividend (if any)*100/ Average Shareholder’s Equity The Return on Equity for FY 2023-24 is 9.54% (PY 2022-23- 10.77%). There is no significant change in the ratio.

51.5 Inventory Turnover Ratio

This ratio also known as stock turnover ratio and it establishes the relationship between the cost of goods sold during the period or sales during the period and average inventory held during the period. It measures the efficiency with which a Company utilizes or manages its inventory.

Inventory Turnover Ratio = Sales/Average Inventory Average Inventory = (Opening Inventory Closing Inventory)/2

Inventory Turnover Ratio for FY 2023-24 is10.06 times (PY 2022-23- 10.79times). There is no material change in this ratio.

51.6 Trade receivable Turnover Ratio

It measures the efficiency at which the firm is managing the receivables.

Trade Receivable Turnover Ratio = Net Credit Sales/Average Accounts Receivable Net credit sales consist of gross credit sales minus sales return.

Trade receivables include sundry debtors and bill’s receivables Average trade debtors = (Opening Closing balance / 2

Trade Receivable Turnover Ratio is times in FY 2023-24 (PY - 8.97 times). There is no significant change during the year.

51.7 Trade Payables Turnover Ratio

It indicates the number of times sundry creditors have been paid during a period. It is calculated to judge the requirements of cash for paying sundry creditors. It is calculated by dividing the net credit purchases by average creditors

Trade Payables Turnover Ratio = Net Credit Purchases/Average Trade Payables

Net credit purchases consist of gross credit purchases minus purchase return.

Average trade Payables= (Opening Closing balance / 2

Trade Payable Turnover Ratio is times in FY 2023-24 83.68 (PY - 42.96 times). The change in this ratio is due to

51.8 Net Capital Turnover Ratio

It indicates a company''s effectiveness in using its working capital. The working capital turnover ratio is calculated as

follows: Net Sales divided by the average amount of working capital during the same period.

Net Capital Turnover Ratio = Net Sales/ Working Capital

Net Sales shall be calculated as total sales minus sales returns. Working capital shall be calculated as current assets minus current liabilities.

Net Capital Turnover Ratio is times in FY 2023-24 5.59 times (PY 2022-23 - 5.71 times). There is no significant change during the year.

51.9 Net Profit Ratio

It measures relationship between Net profit and Sales of the business.

Net profit Ratio = Net profit/Sales Net profit shall be after tax.

Net sales shall be calculated as total sales minus sales returns.

Net profit for FY 2023-24 is 2.05% (PY -2022-23 1.96%). There is no significant change in the ratio during the year.

51.10 Return on Capital Employed

Return on capital employed indicates the ability of a company’s management to generate returns for both the debt holders and the equity holders. Higher the ratio, more efficiently is the capital being employed by the company to generate returns.

Return on Capital Employed = Earnings Before Interest and Taxes * 100/Capital Employed Capital Employed = Tangible Net worth Total Debt Differed Tax Liability

The return on Capital Employed for FY 2023-24 is 13.33% (PY 2022-23 - 13.87%). There is no significant change in the ratio during the year.

51.11 Return on Investments

Return on investment (ROI) is a financial ratio used to calculate the benefit an investor will receive in relation to their investment cost. The higher the ratio, the greater the benefit earned. The one of widely used method is Time Weighted Rate of Return (TWRR) and the same should be followed to calculate ROI. It adjusts the return for the timing of investment cash flows and its formula / method of calculation is commonly available. However, the same is given below for quick reference:

ROI = {MV(T1) - MV(T0) - Sum [C(t)l)

{MV(T0) Sum [W(t) * C(t)]

where,

T1 = End of time period

T0 = Beginning of time period

t = Specific date falling between T1 and T0

MV(T1) = Market Value at T1

MV(T0) = Market Value at T0

C(t) = Cash inflow, cash outflow on specific date

W(t) = Weight of the net cash flow (i.e. either net inflow or net

outflow) on day ‘t’, calculated as [T1 - t] / T1

Investors may calculate ROI applying the above formula for their investments.

NOTE NO. 52 There is no scheme has been approved under section 230 to 237 of Companies Act, 2013 during the year.

NOTE NO. 53 The company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall 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 (ii) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries;

NOTE NO. 54 The company has 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 (i) 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 (ii) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

NOTE NO. 57 There is no income which has not been recorded in the books of accounts has been surrendered or disclosed as income during the year under the tax assessments under Income tax Act, 1961.

NOTE NO. 58 The Company has not traded or invested in virtual currency or crypto currencies during the year.

As per our Report of even date attached.

Signatures to Note Nos. 1 to 58

FOR KRUTESH PATEL & ASSOCIATES FOR DUTRON POLYMERS LIMITED

Chartered Accountants

KRUTESH PATEL S. B. PATEL R. H. PATEL

Partner Director Managing Director

Membership No. 140047 DIN: 00226676 DIN: 00226388

Firm Reg. No. 100865W

A. B. PATEL M. C. SHAH

Director Director

R. R. SHAH B. R. BAROT DIN: 00226723 DIN: 06641167

Company Secretary CFO

K. H. PATEL R. D. DESAI

Director Director

DIN:07150359 DIN:08197675

Place: Ahmedabad Date: 8th May, 2024

---

Mar 31, 2018

(a) Rights Attached with Equity Shares :

The Company has only one class of equity shares with voting rights having a par value of Rs. 10 per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the ensuing Annual General Meeting.During the year ended at 31st March, 2018, the amount of dividend per equity share distributed to equity shareholders is Rs. 1.4 (previous year ended 31st March, 2017, Rs. 1.4).In the event of liquidation of the Company, the shareholders 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 the shareholders.

Nature of Reserves :

(a) Security Premium

Securities premium account comprises of premium on issue of shares. The reserve is utilised in accordance with the specific provision of the Companies Act, 2013.

(b) General Reserve

The General reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the General reserve will not be reclassified subsequently to the statement of profit and loss.

(c) Revaluation Reserve

Revaluation reserve is towards revaluation of the factory land. It will not be classified to Profit and loss account subsequently.

NOTE NO. 1 Dutron Polymers Limited, (‘the Company’) incorporated in 1981, is the company engaged in manufacturing of Plastic pipes of different varieties. It has considerable presence in market across the India. It has manufacturing facility located at Dist. Kheda, Gujarat.

NOTE NO. 2 Figures of previous year have been regrouped / rearranged wherever necessary.

NOTE NO. 3 The information regarding suppliers holding permanent registration certificate as a small scale industrial undertaking or as an ancillary industrial undertaking issued by the Directorate of Industries of state is not available. In absence of such information, the amount and interest due as per the Interest on delayed payments to Small and Ancillary Industries Act, 1993 is not ascertainable. There is no claim for payment of interest under the aforesaid law.

NOTE NO. 4 Disclosures under Section 22 of Micro, Small and Ancillary Industries Act, 2006 can be considered on receiving relevant information from suppliers who are covered under the act.

NOTE NO. 5 Foreign Exchange Earnings and Outgo

NOTE NO. 6 SIGNIFICANT ACCOUNTING ASSUMPTIONS

The preparations of the financial statements in conformity with Ind AS requires management to make judgments, estimates and assumptions that affect the reported amount of revenues, expenses, assets and liabilities, and accompanying disclosures including disclosures of contingent liabilities. Uncertainty about these assumptions may result into an outcome that requires a material adjustment to the carrying amount of assets or liabilities affected in future period. The estimates and associated assumptions are based on historical experiences and various other factors that are believed to be reasonable under the circumstances existing when the financial statements were prepared. The estimates and assumptions are reviewed on the ongoing basis. The revision to accounting estimates are recognized in the year in which the estimates are revised and in any future affected.

- Estimates and Assumptions

The key assumptions that concerning the future and other key sources of estimation on reporting date, which may cause a material adjustment to the carrying amount of assets and liabilities within the next financial year, are listed below. The Company based its estimates and assumptions on parameters available when financial statements are made. Existing circumstances and assumptions about future circumstances may change due to market change or circumstances arising beyond the control of the company.

(i) Useful Lives of Property, Plant and Equipment

The company reviews useful life of its property, plant and equipment at end of each reporting period.

(ii) Defined Benefit Plans

The cost of defined benefit gratuity plan and other post employment and the present value of the gratuity obligations are determined using actuarial valuations. An actuary makes assumptions which may differ from the actual developments in the future. These include determination of discount rate, future salary increase, mortality rate. Due to complexity of the valuations, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

The parameter most subject to change is the discount rate. In determining the appropriate discount rate, the management considers the interest rates of government bonds.

The mortality rate is based on publicly available mortality tables of India. Future salary and gratuity increase are based on expected future inflation rates in India.

Details of Gratuity valuations are given in section (vi) (b) below.

(iii) Provision for Inventories

Provision is made in the financial statements for slow and non moving inventories based on estimate regarding their usability.

(iv) Impairment of Trade Receivables

For the purpose of measuring lifetime expected credit loss allowances of trade receivables, the Company has used practical expedient as permitted under Ind AS 109. The expected credit loss allowance is made on a provision matrix based on past experience and adjusted for forward looking information.

(v) Impairment of Other Financial Assets

The impairment of loss of other financial assets are based on assumption about risk of default coupled with past experiences and information about future.

(vi) Employee Benefit

(a) Defined Contribution Plans

1. Provident Fund / Employee’s Pension Fund

2. Employee’s State Insurance

The company has recognized following expense in profit and loss account :

(b) Defined Benefit Plans

Gratuity (Included in Employee Benefit Expenses in Note 20 of financial statements) is payable to all eligible employees as provisions of Payment of Gratuity Act,1972..Benefit will be paid at the time of separation as per the tenure of employment and salary of employee.

The most recent actuarial valuation of plan assets and the present value of the defined benefit obligation for gratuity were carried out as at 31st March, 2018. The present value of the defined benefit obligations and the related current service cost and past service cost, were measured using the Projected Unit Credit Method.

Based on the actuarial valuation obtained in this respect, the following table sets out the status of the gratuity plan and the amount recognized in the Company’s financial statements as at the Balance Sheet date.

NOTE NO. 7 RELATED PARTY DISCLOSURE

A. List of Related Parties and Relations

1. Group Companies

(1) Cosmofil Plastisack Pvt. Ltd. (2) Dutron Plastics Ltd.

(3) Dutron Plastics (Bharuch) (4) Dutron Polymers

(5) Dura Vinyle Industries (6) Nippon Polymers Pvt. Ltd.

(7) Technoplast Engg. Co.

2. Key Management Personnel

(a) Sudip B. Patel

(b) Rasesh H. Patel

(c) Alpesh B. Patel

3. List of Relatives of Key Managerial Personnel and Enterprise over which Key Management Personnel and their relatives significantly influence, with whom transaction have taken place during the year

(1) Cosmofil Plastisack Pvt. Ltd. (2) Dutron Plastics Ltd.

(3) Dutron Plastics (Bharuch) (4) Dutron Polymers

(5) Dura Vinyle Industries (6) Nippon Polymers Pvt. Ltd.

(7) Technoplast Engg. Co.

NOTE NO. 8 EARNING PER SHARE

Basic Earning per Share (EPS) are disclosed in the profit and loss account. There is no Diluted Earnings per Share as there are no dilative potential equity shares.

NOTE NO. 9 There is no contingent liability outstanding on 31st March, 2018 and 31st March, 2017.

NOTE NO. 10 FINANCIAL RISK MANAGEMENT

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

- Credit risk;

- Liquidity risk;

- Market risk

The Company’s board of directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. The board of directors has established the Risk Management Committee, which is responsible for developing and monitoring the Company’s risk management policies. The committee reports to the Board of Directors on its activities.

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 periodically to reflect changes in market conditions and the Company’s activities. The Company, through its training, 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. The audit committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the audit committee.

a) 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 and investment securities. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables and investments. 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 and country, in which the customer operates, also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

Summary of Company’s exposure to the credit risk is as follows:

Expected credit loss assessment - The Company allocates each exposure to a credit risk grade based on a variety of data that is determined to be predictive of the risk of loss (e.g. timeliness of payments, available press information etc.) and applying experienced credit judgment.

Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected credit losses. Historical trends of impairment of trade receivables do not reflect any significant credit losses. Given that the macroeconomic indicators affecting customers of the Company have not undergone any substantial change, the Company expects the historical trend of minimal credit losses to continue

Cash and cash equivalents - As at the year end, the Company held cash and cash equivalents of Rs. 6,47,787 (previous year Rs. 47,34,937). The cash equivalents are held with banks.

Other financial assets - Other financial assets are neither past due nor impaired.

b) 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. The Company enjoys overdraft limit from the bank.

The Company invests its surplus funds in bank fixed deposit which carry no/low mark to market risks. The Company monitors funding options available in the debt and capital markets with a view to maintaining financial flexibility.

Exposure to liquidity risk - Remaining contractual maturities of financial liabilities at the reporting date has been defined. The amounts are gross and undiscounted, and include estimated interest payments and exclude the impact of netting agreements.

The details of contractual maturities of significant liabilities as on 31st March, 2018 are follows.

c) Market Risk

Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will affect the Company’s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables and long term debt. We are exposed to market risk primarily related to interest rate change. However, it does not constitute a significant risk. Hence, sensitive analysis is not given.

i) Currency risk

The Company is exposed to currency risk on account of its operations with other countries. The functional currency of the Company is Indian Rupee. The exchange rate between the Indian Rupee and foreign currencies has changed substantially in recent periods and may continue to fluctuate in the future. However, overall impact of foreign currency risk on the financial statement is not significant.

Following is the currency profile of non-derivative financial assets and financial liabilities :

Sensitivity analysis:

A reasonably possible strengthening (weakening) of the Indian Rupee against US dollars at 31st March would have affected the measurement of financial instruments denominated in US dollars and affected equity and profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.

ii) Interest rate risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing financial assets or borrowings because of fluctuations in the interest rates, if such assets/borrowings are measured at fair value through profit or loss. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing borrowings will fluctuate because of fluctuations in the interest rates. Exposure to interest rate risk Company’s interest rate risk arises from borrowings and finance lease obligations. The interest rate profile of the Company’s interest-bearing borrowings is as follows:

Fair value sensitivity analysis for fixed-rate instruments:

The Company does not account for any fixed-rate borrowings at fair value through profit or loss. Therefore, a change in interest rates at the reporting date would not affect profit or loss.

Cash flow sensitivity analysis for variable-rate instruments:

A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased (decreased) profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant.

The risk estimates provided assume a change of 100 basis points interest rate for the interest rate benchmark as applicable to the borrowings summarized above. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The period end balances are not necessarily representative of the average debt outstanding during the period.

iii) Commodity rate risk

The Company’s operating activities involve purchase of plastic raw materials and sale of HDPE, PVC and CPVC Pipes, whose prices are exposed to the risk of fluctuation over short periods of time. Commodity price risk exposure is evaluated and managed through procurement and other related operating policies. As of 31st March, 2018 and 31st March, 2017 the Company had not entered into any material derivative contracts to hedge exposure to fluctuations in commodity prices.

NOTE NO. 11 CAPITAL MANAGEMENT

For the purpose of the Company’s capital management, capital includes issued capital and all other equity capital and all other equity reserves attributable to the equity holders of the company. The primary objective of the capital policy of the company is to safeguard the Company’s ability to remain as going concern and maximize the shareholder value.

The Company manages its capital structure and makes adjustments in the light of changes in economic conditions, annual operating plans and long term and other strategic investment plans. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividend paid to the shareholders, return capital to shareholders or issue new shares. The current capital structure is through equity with no financing through borrowings. The company is not subject to any externally imposed capital requirements.

No changes were made in the objectives, policies or processes for managing capital during the years ended on 31st March, 2018 and 31st March, 2017.

NOTE NO. 12 RECENT ACCOUNTING PRONOUNCEMENTS

Ind AS 115 Revenue from Contract with Customers: In March 2018, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards) Amendment Rules, 2018, notifying Ind AS 115 ‘Revenue from Contracts with Customers’ (New Revenue Standard), which replaces Ind AS 11 ‘Construction Contracts’ and Ind AS 18 ‘Revenue’. The core principle of the New Revenue Standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Some of the key changes introduced by the New Revenue Standard include additional guidance for multiple-element arrangements, measurement approaches for variable consideration, specific guidance for licensing of intellectual property. Significant additional disclosures in relation to revenue are also prescribed. The New Revenue Standard also provides two broad alternative transition options - Retrospective Method and Cumulative Effect Method - with certain practical expedients available under the Retrospective Method. The Company is in the process of evaluating the impact of the New Revenue Standard on the present and future arrangements and shall determine the appropriate transition option once the said evaluation has been completed. Also Appendix B to Ind AS 21, foreign currency transactions and advance consideration was notified along with the same notification which clarifies the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income, when an entity has received or paid advance consideration in a foreign currency. The Company has evaluated the effect of these on the financial statements and the impact is not expected to be material. The amendments will come into force from 1st April, 2018.

As per our report of even date attached.

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Mar 31, 2016

- AS - 1 - Accounting of Fixed Assets

The Company has carried out changes in Fixed Assets as per new Companies Act, 2013 and rules made there under. When there were changes in method of accounting in earlier years, figures of assets have been revised.

- AS - 2 - Accounting of Foreign Exchange Fluctuations

Transactions in foreign currency are recorded at the approximate exchange rate prevailing on the date of transactions. Foreign currency monetary assets and monetary liabilities not covered by forward exchange contracts are translated at year end exchange rates and profit and loss so determined and realized exchange gains/losses are recognized in purchase proceed of imports. The company has made loss due to Foreign Exchange Fluctuations (Purchase proceeds of imports) amounting to '' 6,91,311 during the year.

- AS - 3 - Accounting for the Government Grant

The company recognizes the Government grants only when there is reasonable assurance that:

* The enterprise will comply with the conditions attached to them and

* The grant will be received.

During the year, the company has not received any grant/subsidy.

- AS - 4 - Accounting for Investments

(a) Investments in Equity - Associates (Trade/ Quoted) : Nil

(b) Investments in Equity - Others (Trade/Quoted) : Nil

(c) Investments in Equity - Others (Trade/Unquoted): 200 Shares of The Ahmedabad Mercantile Co-Op. Bank Ltd. fully paid up equity shares of F.V. ''50 each.

(d) Current Investments: Nil

- AS - 5 - Accounting for Retirement Benefits

Contribution made to defined contribution retirement benefit plans viz Provident fund, Gratuity fund, which are recognized as expenses as they fall due and paid. All the above expenditures are debited to profit and loss account. Provision for leave salary is not made.

- AS - 6 - Accounting of Borrowing Cost

Interest on Borrowings to finance fixed assets are capitalized only if the borrowing costs are directly attributable to the acquisition of fixed assets or assets get substantial period of time to get ready for intended use. Expenditure incurred on alteration/temporary construction is charged against revenue under appropriate head in year in which it incurred.

Borrowing cost capitalized in year Rs, Nil

- AS - 7 - Segment Reporting

The Company is engaged in manufacture of HDPE/PVC/CPVC Pipes. This is the only segment of the company and there is no other reportable segment. Hence segment wise reporting is not applicable to the company.

- AS - 8 - Related Party Disclosure A. List of Related Parties and Relations

1. Group Companies

(1) Cosmofil Plastisack Pvt. Ltd. (2) Dutron Plastics Ltd.

(3) Dutron Plastics (Bharuch) (4) Dutron Polymers

(5) Dura Vinyle Industries (6) Nippon Polymers Pvt. Ltd.

(7) Technoplast Engg. Co.

2. Key Management Personnel

(a) Sudip B. Patel

(b) Rasesh H. Patel

(c) Alpesh B. Patel

3. List of Relatives of Key Managerial Personnel and Enterprise over which Key Management Personnel and their relatives significantly influence, with whom transaction have taken place during the year

(1) Cosmofil Plastisack Pvt. Ltd. (2) Dutron Plastics Ltd.

(3) Dutron Plastics (Bharuch) (4) Dutron Polymers

(5) Dura Vinyle Industries (6) Nippon Polymers Pvt. Ltd.

(7) Technoplast Engg. Co.

- AS - 9 - Earning Per Share

Basic Earnings per Share are disclosed in the profit and loss account. There is no Diluted Earnings per Share as there are no dilative potential equity shares.

- AS - 10 - Accounting for Taxes on Income

Provision for current income taxes is made on taxable income at the rate applicable to the relevant assessment year. Deferred taxes are recognized for future tax consequences attributable to timings difference between the financial statements, determination of income and their recognition for tax purpose. The effect on deferred tax assets and liabilities of a change in tax rates is recognized for tax purposes. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in Profit and Loss Account using the tax rates and tax laws that have been enacted or substantively enacted by balance sheet date.

Deferred tax assets are recognized and carried forward only to the extent that there is a virtual certainty of realization of such assets. Considering this, the company has not applied for provision for deferred tax.

- AS - 11- Impairment of Assets

The carrying value of fixed assets is evaluated whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. There is no impairment loss recognized or quantified during the reporting period.

- AS - 23- Provisions, Contingent Liabilities and Contingent Assets

Contingent liabilities are not provided for but are disclosed after a careful evaluation of facts and legal aspects of the matter involved. In general, liabilities and contingencies are provided for it if, in the opinion and at the discretion of the management, there are reasonable prospects of such liabilities crystallizing or future outcome of such contingencies is likely to be materially detrimental to business.

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Mar 31, 2015

1. Figures of previous year have been regrouped / rearranged wherever necessary.

2. The information regarding suppliers holding permanent registration certificate as a small scale industrial undertaking or as an ancillary industrial undertaking issued by the Directorate of Industries of state is not available. In absence of such information, the amount and interest due as per the Interest on delayed payments to Small and Ancillary Industries Act, 1993 is not ascertainable. There is no claim for payment of interest under the aforesaid law.

3. Disclosures under Section 22 of Micro, Small and Ancillary Industries Act, 2006 can be considered on receiving relevant information from suppliers who are covered under the act is received from such suppliers.

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Mar 31, 2014

* AS - 1 - Contingencies and Events occurring after Balance sheet date

Sr.No. Particulars Amount (Rs.)

1 Contingent Liabilities Nil

2 Liabilities Disputed under Income Tax Nil

3 Estimated Amount of Contracts remaining Nil to be executed on Capital accounts and not provided for

4 Material Events occurring after Balance sheet date are taken into cognizance. There have been no material changes or events since the date of balance sheet affecting financial statements as on the Balance sheet date. Further, on the date of Balance sheet, no events or circumstances have occurred, though properly excluded from the accounts, are of such importance that they should be disclosed through any medium.

5 Particulars of Disputed dues in respect Nil of Income tax

* AS - 2 - Segment Reporting

The Company is engaged in manufacture of HDPE/RIGID PVC/CPVC Pipes. This is the only segment of the company and there is no other reportable segment. Hence segment wise reporting is not applicable to the company.

* AS - 3 - Related Party Disclosure

A. List of Related Parties and Relations

1. Group Companies

(1) Cosmofil Plastisack Pvt. Ltd. (2) Dutron Plastics Ltd.

(3) Dutron Plastics (Bharuch) (4) Dutron Polymers

(5) Dura Vinyle Industries (6) Nippon Polymers Pvt. Ltd.

(7) Technoplast Engg. Co.

2. Key Management Personnel

(a) Shri Sudip B. Patel

(b) Shri Rasesh H. Patel

(c) Shri Alpesh B. Patel

3. List of Relatives of Key Managerial Personnel and Enterprise over which Key Management Personnel and their relatives significantly influence, with whom transaction have taken place during the year

(1) Cosmofil Plastisack P. Ltd. (2) Dutron Plastics Ltd.

(3) Dutron Plastics (Bharuch) (4) Dutron Polymers

(5) Dura Vinyle Industries (6) Nippon Polymers Pvt. Ltd.

(7) Technoplast Engg. Co.

* AS - 4 - Accounting for Taxes on Income

Provision for current income taxes is made on taxable income at the rate applicable to the relevant assessment year. Deferred taxes are recognized for future tax consequences attributable to timings difference between the financial statements, determination of income and their recognition for tax purpose. The effect on deferred tax assets and liabilities of a change in tax rates is recognized for tax purposes. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in Profit and Loss Account using the tax rates and tax laws that have been enacted or substantively enacted by balance sheet date. Deferred tax assets are recognized and carried forward only to the extent that there is a virtual certainty of realization of such assets. Considering this, the company has not applied for provision for deferred tax.

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Mar 31, 2013

1. Figures of previous year have been regrouped / rearranged wherever necessary.

2. The information regarding suppliers holding permanent registration certificate as a small scale industrial undertaking or as an ancillary industrial undertaking issued by the Directorate of industries of state is not available. In absence of such information, the amount and interest due as per the Interest on delayed payments to Small and Ancillary Industries Act, 1993 is not ascertainable. There is no claim for payment of interest under the aforesaid law.

3. Disclosures under Section 22 of Micro, Small and Ancillary Industries Act, 2006 can be considered on receiving relevant information from suppliers who are covered under the act is received from such suppliers.

AS - 4 - Accounting for Taxes on Income

Provision for current income taxes is made on taxable income at the rate applicable to the relevant assessment year. Deferred taxes are recognized for future tax consequences attributable to timings difference between the financial statements, determination of income and their recognition for tax purpose. The effect on deferred tax assets and liabilities of a change in tax rates is recognized for tax purposes. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in Profit and Loss Account using the tax rates and tax laws that have been enacted or substantively enacted by balance sheet date.

Deferred tax assets are recognized and carried forward only to the extent that there is a virtual certainty of realization of such assets. Considering this, the company has not applied for provision for deferred tax.

AS - 5- Impairment of Assets

The carrying value of fixed assets is evaluated whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. There is no impairment loss recognized or quantified during the reporting period.

AS - 6- Provisions, Contingent Liabilities and Contingent Assets

Contingent liabilities are not provided for but are disclosed after a careful evaluation of facts and legal aspects of the matter involved. In general, liabilities and contingencies are provided for it if, in the opinion and at the discretion of the management, there are reasonable prospects of such liabilities crystallizing or future outcome of such contingencies is likely to be materially detrimental to business.

The notes referred to above form an integral part of Accounts.

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Mar 31, 2012

1. Figures of previous year have been regrouped / rearranged wherever necessary.

2. The information regarding suppliers holding permanent registration certificate as a small scale industrial undertaking or as an ancillary industrial undertaking issued by the Directorate of industries of state is not available. In absence of such information, the amount and interest due as per the Interest on delayed payments to Small and Ancillary Industries Act, 1993 is not ascertainable. There is no claim for payment of interest under the aforesaid law.

3. Disclosures under Section 22 of Micro, Small and Ancillary Industries Act, 2006 can be considered on receiving relevant information from suppliers who are covered under the act is received from such suppliers.

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Mar 31, 2010

AS -4 - Contingencies and Events occurring after Balance sheet date

Sr No Particulars Amount (Rs)

1 Contingent Liabilities Nil

2 Liabilities Disputed under Income Tax Nil

3 Estimated Amount of Contracts remaining to be executed on Capital accounts and not provided for Nil

4 Material Events occurring after Balance sheet date are taken into cognizance. There have been no material changes or events since the date of balance sheet affecting financial statements as on the Balance sheet date. Further, on the date of Balance sheet, no events or circumstances have occurred, though properly excluded from the accounts, are of such importance that they should be disclosed through any medium.

5 Particulars of Disputed dues in respect of Income tax; Nil

AS - 5 - Net Profit and Loss for the period, extra ordinary items and change in accounting policy

1 Net Profit for the period: All items of income and expense in the period are included for determination of net profit of the year unless specifically mentioned elsewhere in the financial statements or required by an Accounting Standard. Prior period items, extra ordinary items and changes in accounting policy are disclosed only if those have material impact on the affairs of the company.

2 Prior Period items: All material items of Income/ Expenditure pertaining to prior period and expenses to subsequent period are accounted separately. The other income includes prior period item of Rs. Nil

3 Extra ordinary Items

There are no Extra ordinary Items.

4 Accounting Policies

The company has consistently followed accounting polices and there are no material changes in accounting policy of the company from that followed in previous year.

AS - 6 - Depreciation Accounting

a) The Gross Block of fixed assets is stated at cost of acquisition or construction including any cost attributable to bringing the assets to their working condition for their intended use.

b) Depreciation on fixed assets is provided on Straight Line Basis at the rate prescribed in Schedule XIV to the Companies Act, 1956. On additions of Assets the depreciation is charged on pro rata basis.

AS -10 - Accounting of Fixed Assets

Fixed Assts are stated at cost of acquisition less accumulated depreciation except in case of Some Land, Building and Plant & Machinery where it has been adjusted by revaluation.

The Company had revalued its land, building and Plant & Machinery by Rs. 5411156 in the financial year 1992- 93. The depreciation on the same has been reversed in the current year amounting to Rs. 35531.

(Previous year Rs. 35531)

- AS -11 - Accounting of Foreign Exchange Fluctuations

Transactions in foreign currency are recorded at the approximate exchange rate prevailing on the date of transactions. Foreign currency monetary assts and monetary liabilities not covered by forward exchange contracts are translated at year end exchange rates and profit and loss so determined and realized exchange gains/losses are recognized in profit and loss account. The company has no loss/gain due to Foreign Exchange Fluctuations during the current year.

- AS -12 - Accounting for the Government Grant

The company recognizes the Government grant only when there is reasonable assurance that:-

The enterprise will comply with the conditions attached to them and * The grant will be received.

During the year, the company has not received any grant/subsidy.

- AS -15 - Accounting for retirement benefits

Contribution made to defined contribution retirement benefit plans viz Provident fund, Gratuity fund (through LIC Group Gratuity Scheme), which are recognized as expenses as they fall due and paid. All the above expenditures are debited to profit and loss account. Provision for leave salary is not made.

- AS -16 — Accounting of Borrowing Cost

Interest on Borrowings to finance fixed assets are capitalized only if the borrowing costs are directly attributable to the acquisition of fixed assets or assets get substantial period of time to get ready for intended use. Expenditure incurred on alterationAemporary construction is charged against revenue under appropriate head in year in which it incurred.

Borrowing cost capitalized in year Rs. Nil

- AS-17-Segment Reporting

The Company is engaged in manufacturing in HDPE/RIGID PVC Pipes Fittings. This is the only segment of the company and there is no other reportable segment. Hence segment wise reporting is not applicable to the company. »

- AS-18-Related Party Disclosure

A. List of Related Parties and Relations 1. Group Companies

(1) Cosmofil Plastisack Pvt. Ltd.

(2) Dutron Plastics Ltd.

(3) Dutron Telecom Pvt. Ltd.

(4) Dutron Plastics (Bharuch)

(5) Dutron Polymers

(6) Dura Vinyle Industries

(7) Nippon Polymers Pvt. Ltd.

(8) Technoplast Eng. Co.

2. Key Management Personnel

(a) Shri Sudip B. Patel

(b) Shri Rasesh H. Patel

(c) Shri Alpesh B. Pate!

3. List of Relatives of Key Managerial Personnel and Enterprise over which Key Management Personnel and their, relative excessive significant influence with whom transaction have taken place during the year

(1) Cosmofil Plastisack P. Ltd.

(2) Dutron Plastics Ltd.

(3) Dutron Telecom P. Ltd.

(4) Dutron Plastics (Bharuch)

(5) Dufrin Polymers

(6) Dura Vinyle Industries

(7) Nippon Polymers Pvt. Ltd.

(8) Technoplast Eng. Co.

AS - 22 - accounting for Taxes on Income

Provision for current income taxes is made on taxable income at the rate applicable to the relevant assessment year. Deferred taxes are recognized for future tax consequences attributable to timings difference between the financial statements determination of income and their recognition for tax purpose. The effect on deferred tax assets and liabilities of a change in tax rates is recognized for tax purposes. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in Profit and Loss Account using the tax rates and tax laws that have been enacted or substantively enacted by balance sheet date.

Deferred tax assets are recognized and carried forward only to the extent that there is a virtual certainty of realization of such assets. Considering this, the company has not applies for provision for deferred tax.

AS - 28- Impairment of Assets

The carrying value of fixed assets is evaluated whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. There is no impairment loss recognized or entif ied during the reporting period.

AS - 29- Provisions, Contingent Liabilities and Contingent Assets

Contingent liabilities are not provided for but are disclosed after a careful evaluation of facts and legal aspects of the matter involved. In general, liabilities and contingencies are provided for it. If, in the opinion and at the discretion of the management, there are reasonable prospects of such liabilities crystallizing or future outcome of such contingencies is likely to be materially detrimental to business.