Notes to Accounts of Parekh Aluminex Ltd.

Mar 31, 2012

1. Terms / right attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10 per share.Each Shareholder is eligible for one vote per share.The dividend proposed by the Board of Directors are subject to the approval of shareholders, except in case of interim dividend.

In the event of Liquidatin of the Company, the holders of equity shares will be entitled to receive remaning assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.

2. Rs. 1,250 million are secured by way of first pari passu charge on the Fixed Assets of the Company. Rate of interest 9.75 % p.a.

3. Rs. 720 million are secured by way of first pari passu charge on the Fixed Assets of the Company.

Rate of interest 10.20 % p.a._

4. Rs. 500 million are secured by way of first pari passu charge on the Fixed Assets of the Company. Rate of interest 11.00 % p.a.

5. (a) Disclosure of Sundry Creditors under Current Liabilities is based upon the information available with the Company regarding the status of the suppliers as defined under the Micro, Small and Medium Expenses as per Micro, Small and Medium Enterprise Development (MSMED) Act, 2006.

(b) Details of dues to Micro, Small and Medium Enterprises as per Micro, Small and Medium Enterprise Development (MSMED) Act, 2006

6. The Company has classified the various benefits provided to the employees as under:

i) Defined Contribution Plan

a) Provident Fund

b) Superannuation Fund and Pension Scheme - 1995

The Company has recognized the following amounts in the Statement of Profit and Loss which are included under contribution to Provident Fund and other Funds for their permanent employees.

Note 7 : Segment Reporting Primary Segment

Based on the guiding principle given in the Accounting Standard - 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the Company's primary segment are Aluminium Foil Containers, Lids & Rolls. Company's operation during the year predominately consists of Aluminium Foil Containers, Trays, Lids & Rolls. Hence, there is no separately reportable segment.

Note 8 : Contingent Liabilites

a) Disputed demand of Central Excise of Rs. 0.23 Million and the matter is taken up before Central Excise & Service Tax Appellate Tribunal. The Company has made deposit of Rs. 0.23 Million with Central Excise & Service Tax Appellate Tribunal (Previous YearRs. 0.23 Million).

b) Outstanding L.C. & Bank Guarantee issued to clients / suppliers by Bankers secured by counter guarantee of the Company is Rs. 1176.34 Million. (Previous Year Rs. 1269.16 Million).

c) Guarantee given by the Company on behalf of others Rs.125.00 Million.(PreviousyearRs. 125.00 Million)

Note 9 : The Company has transferred a sum of Rs. 0.14 Million for the financial year ended March 31, 2004 to the Investor Education and Protection Fund.

Note 10 : Previous years figures have been regrouped and rearranged wherever necessary.

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Mar 31, 2011

1) Related Party Disclosures

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

a. List of related party

Associated Companies

1. Deepen Holding Limited

2. AAP Securities Limited

3. AAP Racing and Stud Farms Limited

4. AAP Entertainment Limited

5. AAP Realtors Limited

6. AAP Hotel and Hospitality Limited

7. Arms Retails (India) Limited

8. AAP Equity Capital Limited

9. AAP Minerva Builtcon Limited

Key Management Personnel Mr. Amitabh Parekh – Chairman & Managing Director

2) Segment Reporting Primary Segment

Based on the guiding principle given in the Accounting Standard – 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the Company's primary segment are Aluminium Foil Containers, Lids & Rolls. Company's operation during the year predominately consists of Aluminium Foil Containers, Trays, Lids & Rolls. Hence, there is no separately reportable segment

3) Contingent Liabilities

(a) Disputed demand of Central Excise of Rs. 0.23 Million. And the matter is taken up before Central Excise & Service Tax Appellate Tribunal. The Company has made deposit of Rs. 0.23 Million with Central Excise & Service Tax Appellate Tribunal (Previous Year Rs. 0.23 Million).

(b) According to the records of the Company and information and explanations given to us, disputed Income tax demands aggregating to Rs. 9.20 Million and the matter is pending in Appeal with Commissioner of Income Tax (Appeal) (Previous Year Rs. 7.31Million).

(c) Outstanding L.C. & Bank Guarantee issued to clients / suppliers by Bankers secured by counter guarantee of the Company is Rs. 1,269.16 Million. (Previous Year Rs. 937.55Million).

(d) Export obligation of Rs. Nil to be met against EPCG License availed. (Previous year Rs. Nil)

(e) Guarantee given by the Company on behalf of others Rs. 125.00 Million (Previous year Rs. Nil)

4) In the opinion of the management, the Current Assets, Loans & Advances are expected to realise at least the amount at which they are stated, if realised in the ordinary course of business and provision for all known liabilities have been made in the accounts.

5) Closing stock has been taken, valued and certified by the management.

6) Balances in respect of Sundry Debtors, Sundry Creditors, Loans & Advances and unsecured Loans are subject to confirmation.

7) As required by Accounting Standard (AS 28 ) " Impairment of Assets " the management has carried out the assessment of impairment of assets and no impairment loss has been recognised during the year.

8)There are no amounts due and outstanding to be credited to Investor Education & Protection Fund.

9)a) Disclosure of Sundry Creditors under Current Liabilities is based upon the information available with the Company regarding the status of the suppliers as defined under the Micro, Small and Medium Expenses as per Micro, Small and Medium Enterprise Development (MSMED) Act, 2006

b) Details of dues to Micro, Small and Medium Enterprises as per Micro, Small and Medium Enterprise Development (MSMED) Act, 2006

c) Total amount due to various Small Scale Industrial (SSI) Undertakings is Rs. 4.94 Million. The above information regarding Small Scale Industrial Undertaking have been determined to the extent such party has been identified on the basis of information furnished by Company.

10)The Company has classified the various benefits provided to the employees as under :

i) Defined Contribution Plan

a) Provident Fund

b) Superannuation Fund and Pension Scheme – 1995

The Company has recognized the following amounts in the Profit and Loss account which are included under Contribution to Provident Fund and Other Funds for their permanent employees.

11)The Company has not incurred any expenditure for Research & Development Expenditures during the year under review.

12)Previous Year figures have been regrouped and rearranged wherever necessary to confirm to the current year's presentation.

13)Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956.

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Mar 31, 2010

1) Related Party Disclosures

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

a. List of related party

Associated Companies

1. Deepen Holding Limited

2. AAP Securities Limited

3. AAP Racing and Stud Farms Limited

4. AAP Entertainment Limited

5. AAP Realtors Limited

6. AAP Hotel and Hospitality Limited

7. Arms Retails (India) Limited

8. AAP Equity Capital Limited

Key Management Personnel

Mr. Amitabh Parekh - Chairman & Managing Director

2) Segment Reporting

Primary Segment

Based on the guiding principle given in the Accounting Standard - 17 "Segment Reporting" issued by the Institute of Chartered Accountants of India, the Companys primary segment are Aluminium Foil Containers, Lids & Rolls. Companys operation during the year predominately consists of Aluminium Foil Containers, Trays, Lids & Rolls. Hence, there is no separately reportable segment.

3) Contingent Liabilities

a) Disputed demand of Central Excise of Rs. 0.23 Million. And the matter is taken up before Central Excise & Service Tax Appellate Tribunal. The Company has made deposit of Rs. 0.23 Million with Central Excise & Service Tax Appellate Tribunal (Previous YearRs. 0.23 Million).

b) According to the records of the Company and information and explanations given to us, disputed Income tax demands aggregating to Rs. 7.31 Million against which company has deposited Rs. 5.31 Million but the matter is pending in Appeal with Commissioner of Appeal.

c) Outstanding L.C. & Bank Guarantee issued to clients/suppliers by Bankers secured by counter guarantee of the Company is Rs. 937.55 Million. (Previous Year Rs. 729.77 Million).

d) Export obligation ofRs. Nil to be met against EPCG License availed (Previous year Rs. 111.02 Million)

4) In the opinion of the Board, Current Assets and Loans & Advances are approximately of the value stated, if realised in the ordinary course of business. Provisions for all known liabilities are made and the same are adequate and not in excess of the amount reasonably necessary.

5) Closing stock has been taken, valued and certified by the management.

6) Balances in respect of Sundry Debtors, Sundry Creditors, Loans & Advances and unsecured Loans are subject to confirmation.

7) Previous Year figures have been regrouped and rearranged wherever necessary to confirm to the current years presentation.

8)The Company has not incurred any expenditure for Research & Development Expenditures during the year under review.

9) Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956.