Notes to Accounts of Tijaria Polypipes Ltd.

Mar 31, 2025

1.3.13 - Provisions, Contingencies and commitments: -

Provisions are recognised when the Company has a present obligation (legal or
constructive) as a result of a past event, and it is probable that the Company will be
required to settle the obligation, and a reliable estimate can be made of the amount of the
obligation.

The amount recognised as a provision is the best estimate of the consideration required to
settle the present obligation at the end of the reporting period, taking into account the
risks and uncertainties surrounding the obligation. When a provision is measured using
the cash flows estimated to settle the present obligation, its carrying amount is the present
value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to
be recovered from a third party, a receivable is recognised as asset if it is virtually certain
that reimbursement will be received and the amount of the receivable can be measured
reliably.

A disclosure for contingent liabilities is made when there is

(a) a possible obligation that arises from past events and whose existence will be
confirmed only by the occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the entity; or

(b) a present obligation that arises from past events but is not recognized because:

(i) it is not probable that an outflow of resources embodying economic benefits
will be required to settle the obligation; or

(ii) the amount of the obligation cannot be measured with sufficient reliability.

A contingent asset is a possible asset that arises from past events and whose existence will
be confirmed only by the occurrence or non-occurrence of one or more uncertain future
events not wholly within the control of the entity.

Commitments include the amount of purchase order (net of advances) issued to parties for
completion of assets.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each
reporting period.

Provisions for onerous contracts are recognized when the expected benefits to be derived
by the Company from a contract are lower than the unavoidable costs of meeting the
future obligations under the contract.

1.3.14 - Financial instruments: -

Financial assets and financial liabilities are recognised when a Company entity becomes a
party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction
costs that are directly attributable to the acquisition or issue of financial assets and
financial liabilities (other than financial assets and financial liabilities at fair value through
profit or loss) are added to or deducted from the fair value of the financial assets or
financial liabilities, as appropriate, on initial recognition. Transaction costs directly
attributable to the acquisition of financial assets or financial liabilities at fair value through
profit or loss are recognised immediately in profit or loss.

Financial Assets

Financial assets are recognised when the Company becomes a party to the contractual
provisions of the instruments. Financial assets other than trade receivables are initially
recognised at fair value plus transaction costs for all financial assets not carried at fair
value through profit or loss. Financial assets carried at fair value through profit or loss are
initially recognised at fair value, and transaction costs are expensed in the Statement of
Profit and Loss.

Financial assets, other than equity instruments, are subsequently measured at amortised
cost, fair value through other comprehensive income or fair value through profit or loss on
the basis of both:

(a) the entity''s business model for managing the financial assets and

(b) the contractual cash flow characteristics of the financial asset.

Classification of financial assets

Debt instruments that meet the following conditions are subsequently measured at
amortised cost (except for debt instruments that are designated as at fair value through
profit or loss on initial recognition):

• the asset is held within a business model whose objective is to hold assets in order to
collect contractual cash flows; and

• the contractual terms of the instrument give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding.

Debt instruments that meet the following conditions are subsequently measured at fair
value through other comprehensive income (except for debt instruments that are
designated as at fair value through profit or loss on initial recognition):

• the asset is held within a business model whose objective is achieved both by collecting
contractual cash flows and selling financial assets; and

• the contractual terms of the instrument give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding.

All other financial assets are subsequently measured at fair value.

Effective interest method

The effective interest method is a method of calculating the amortised cost of a debt
instrument and of allocating interest income over the relevant period. The effective
interest rate is the rate that exactly discounts estimated future cash receipts (including all
fees and points paid or received that form an integral part of the effective interest rate,
transaction costs and other premiums or discounts) through the expected life of the debt
instrument, or, where appropriate, a shorter period, to the net carrying amount on initial
recognition.

Income is recognised on an effective interest basis for debt instruments other than those
financial assets classified as at FVTPL. Interest income is recognised in profit or loss and is
included in the “Other income” line item.

Impairment of financial assets

The Company recognises a loss allowance for Expected Credit Losses (ECL) on financial
assets that are measured at amortised cost and at FVOCI. The credit loss is difference
between all contractual cash flows that are due to an entity in accordance with the
contract and all the cash flows that the entity expects to receive (i.e. all cash shortfalls),
discounted at the original effective interest rate. This is assessed on an individual or
collective basis after considering all reasonable and supportable including that which is
forward-looking.

The Company trade receivables or contract revenue receivables do not contain significant
financing component and loss allowance on trade receivables is measured at an amount
equal to life time expected losses i.e. expected cash shortfall, being simplified approach for
recognition of impairment loss allowance.

Under simplified approach, the Company does not track changes in credit risk. Rather it
recognizes impairment loss allowance based on the lifetime ECL at each reporting date
right from its initial recognition. The Company uses a provision matrix to determine
impairment loss allowance on the portfolio of trade receivables.

The provision matrix is based on its historically observed default rates over the expected
life of the trade receivable and is adjusted for forward looking estimates. At every
reporting date, the historical observed default rates are updated and changes in the
forward-looking estimates are analysed.

The impairment losses and reversals are recognised in Statement of Profit and Loss. For
equity instruments and financial assets measured at FVTPL, there is no requirement for
impairment testing.

Derecognition of financial assets

The Company derecognises a financial asset when the contractual rights to the cash flows
from the asset expire, or when it transfers the financial asset and substantially all the risks
and rewards of ownership of the asset to another party. If the Company neither transfers
nor retains substantially all the risks and rewards of ownership and continues to control
the transferred asset, the Company recognises its retained interest in the asset and an
associated liability for amounts it may have to pay. If the Company retains substantially all
the risks and rewards of ownership of a transferred financial asset, the Company
continues to recognise the financial asset and also recognises a collateralised borrowing
for the proceeds received.

On derecognition of a financial asset in its entirety, the difference between the asset''s
carrying amount and the sum of the consideration received and receivable and the
cumulative gain or loss that had been recognised in other comprehensive income and
accumulated in equity is recognised in profit or loss if such gain or loss would have
otherwise been recognised in profit or loss on disposal of that financial asset.

For financial assets other than trade receivables, the Company recognises 12-month
expected credit losses for all originated or acquired financial assets if at the reporting date
the credit risk of the financial asset has not increased significantly since its initial
recognition. The expected credit losses are measured as lifetime expected credit losses if
the credit risk on financial asset increases significantly since its initial recognition. If, in a
subsequent period, credit quality of the instrument improves such that there is no longer
significant increase in credit risks since initial recognition, then the Company reverts to
recognizing impairment loss allowance based on 12 months ECL.

On derecognition of a financial asset other than in its entirety (e.g. when the Company
retains an option to repurchase part of a transferred asset), the Company allocates the
previous carrying amount of the financial asset between the part it continues to recognise
under continuing involvement, and the part it no longer recognises on the basis of the
relative fair values of those parts on the date of the transfer. The difference between the
carrying amount allocated to the part that is no longer recognised and the sum of the
consideration received for the part no longer recognised and any cumulative gain or loss
allocated to it that had been recognised in other comprehensive income is recognised in
profit or loss if such gain or loss would have otherwise been recognised in profit or loss on
disposal of that financial asset. A cumulative gain or loss that had been recognised in other
comprehensive income is allocated between the part that continues to be recognised and
the part that is no longer recognised on the basis of the relative fair values of those parts.

Non Current Assets Held for Sale

The Company recognized some Non Current Assets held for sale, As per the Indian
Accounting Standards 105 the company has present a non current assets classified as held
for sale separately from other assets in the balance sheet. That asset has not been offset.
The company has classified noncurrent assets as held for sale Rs. 32,35,778.00 on that
cumulative depreciation amount Rs 2,53,152.87 Company has disclosed these non current
assets classified as held for sale is at book value.

As per Ind AS 105, assets being carried forward as assets held for sale from 2018-19
onwards have to complete the sale transaction in one year. The delay may have been
caused by events or circumstances that are beyond the control of the entity. The
management of the company was not in a position to sell the transaction in the last

financial year due to market conditions and COVID-19 pandemic, now the sale transaction
may be completed within the next one year considering the improvement in the market.

1.3.15 - Financial liabilities and equity instruments: -

Classification as debt or equity

Debt and equity instruments issued by the Company are classified as either financial
liabilities or as equity in accordance with the substance of the contractual arrangements
and the definitions of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an
entity after deducting all of its liabilities. Equity instruments issued by the company are
recognised at the proceeds received, net of direct issue costs.

Financial liabilities

However, financial liabilities that arise when a transfer of a financial asset does not qualify
for derecognition or when the continuing involvement approach applies, financial
guarantee contracts issued by the Company, and commitments issued by the Company to
provide a loan at below-market interest rate are measured in accordance with the specific
accounting policies set out below.

Financial liabilities at FVTPL

Financial liabilities are classified as at FVTPL when the financial liability is either
contingent consideration recognised by the Company as an acquirer in a business
combination to which Ind AS 103 applies or is held for trading or it is designated as at
FVTPL.

A financial liability is classified as held for trading if:

• it has been incurred principally for the purpose of repurchasing it in the near term; or

• on initial recognition it is part of a portfolio of identified financial instruments that the
Company manages together and has a recent actual pattern of short-term profit-taking; or

• it is a derivative that is not designated and effective as a hedging instrument.

A financial liability other than a financial liability held for trading or contingent
consideration recognised by the Company as an acquirer in a business combination to
which Ind AS 103 applies, may be designated as at FVTPL upon initial recognition if:

• Such designation eliminates or significantly reduces a measurement or recognition
inconsistency that would otherwise arise;

• the financial liability forms part of a company of financial assets or financial liabilities or
both, which is managed and its performance is evaluated on a fair value basis, in
accordance with the company documented risk management or investment strategy, and
information about the Companying is provided internally on that basis; or

• it forms part of a contract containing one or more embedded derivatives, and Ind AS 109
permits the entire combined contract to be designated as at FVTPL in accordance with Ind
AS 109.

Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on
measurement recognised in profit or loss. The net gain or loss recognised in profit or loss
incorporates any interest paid on the financial liability and is included in the ''Other
income'' line item.

However, for non-held-for-trading financial liabilities that are designated as at FVTPL, the
amount of change in the fair value of the financial liability that is attributable to changes in
the credit risk of that liability is recognised in other comprehensive income, unless the
recognition of the effects of changes in the liability''s credit risk in other comprehensive
income would create or enlarge an accounting mismatch in profit or loss, in which case
these effects of changes in credit risk are recognised in profit or loss. The remaining
amount of change in the fair value of liability is always recognised in profit or loss.
Changes in fair value attributable to a financial liability''s credit risk that are recognised in
other comprehensive income are reflected immediately in retained earnings and are not
subsequently reclassified to profit or loss.

Gains or losses on financial guarantee contracts and loan commitments issued by the
Company that are designated by the Company as at fair value through profit or loss are
recognised in profit or loss.

Financial liabilities subsequently measured at amortised cost

Financial liabilities that are not held-for-trading and are not designated as at FVTPL are
measured at amortised cost at the end of subsequent accounting periods. The carrying
amounts of financial liabilities that are subsequently measured at amortised cost are
determined based on the effective interest method. Interest expense that is not capitalised
as part of costs of an asset is included in the ''Finance costs'' line item.

The effective interest method is a method of calculating the amortised cost of a financial
liability and of allocating interest expense over the relevant period. The effective interest
rate is the rate that exactly discounts estimated future cash payments (including all fees
and points paid or received that form an integral part of the effective interest rate,
transaction costs and other premiums or discounts) through the expected life of the
financial liability, or (where appropriate) a shorter period, to the net carrying amount on
initial recognition.

Derecognition of financial liabilities

The Company derecognises financial liabilities when, and only when, the Company
obligations are discharged, cancelled or have expired. An exchange between with a lender
of debt instruments with substantially different terms is accounted for as an
extinguishment of the original financial liability and the recognition of a new financial
liability. Similarly, a substantial modification of the terms of an existing financial liability
(whether or not attributable to the financial difficulty of the debtor) is accounted for as an
extinguishment of the original financial liability and the recognition of a new financial
liability. The difference between the carrying amount of the financial liability derecognised
and the consideration paid and payable is recognised in profit or loss.

Reclassification of financial assets and liabilities

The Company determines classification of financial assets and liabilities on initial
recognition. After initial recognition, no reclassification is made for financial assets which
are equity instruments and financial liabilities. For financial assets which are debt
instruments, a reclassification is made only if there is a change in the business model for
managing those assets. Changes to the business model are expected to be infrequent. The
Company''s senior management determines change in the business model as a result of
external or internal changes which are significant to the Company''s operations. Such
change are evident to external parties. A change in the business model occurs when the
Company either begins or ceases to perform an activity that is significant to its operations.
If the Company reclassifies financial assets, it applies the reclassification prospectively
from the reclassification date which is the first day of the immediately next reporting
period following the change in the business model. The Company does not restate any
previously recognised gains, losses (including impairment gains or losses) or interest.

The following table shows various reclassifications and the how they are accounted for:

For assets and liabilities that are recognised in the financial statements on a recurring
basis, the Company determines whether transfers have occurred between levels in the
hierarchy by re-assessing categorization (based on the lowest level input that is significant
to the fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets
and liabilities on the basis of the nature, characteristics and risks of the asset or liability
and the level of the fair value hierarchy as explained above.

1.3.16 Employee related Benefits

Defined Benefit Plans - General Description

Gratuity: Each employee rendering continuous service of 5 years or more is entitled to
receive gratuity amount equal to 15/26 of the monthly emoluments for every completed
year of service subject to maximum of 10 Lakhs at the time of separation from the
company.

Other long-term employee benefits - General Description

Leave Encashment: Each employee is entitled to get 15 earned leaves for each completed
year of service. Encashment of earned leaves is made at the end of the financial years.

The following tables summarise the components of net benefit expense recognised in the
statement of profit or loss and the funded status and amounts recognised in the balance
sheet for the respective plans:

Long term investments are stated at cost. In case, there is a decline other than temporary
in the value of the investment, a provision for same is made. Current investments are
valued at lower of cost or fair value.

1.4 Use of Estimates, Assumptions and Judgements

The preparation of the financial statements requires management to make judgments,
estimates and assumptions that affect the reported amounts of revenues, expenses, assets
and liabilities, and the accompanying disclosures including the disclosure of contingent
liabilities. Uncertainty about these assumptions and estimates could result in outcomes
that require an adjustment to the carrying amount of assets or liabilities in future periods.
Difference between actual results and estimates are recognised in the periods in which the
results are known / materialise. The Company has based its assumptions and estimates on
parameters available when the financial statements were prepared. Existing
circumstances and assumptions about future developments, however, may change due to
market changes or circumstances arising that are beyond the control of the Company. Such
changes are reflected in the assumptions when they occur.

The Company provides for tax considering the applicable tax regulations and based on
reasonable estimates. Management periodically evaluates positions taken in the tax
returns giving due considerations to tax laws and establishes provisions in the event if
required as a result of differing interpretation or due to retrospective amendments, if any.
The recognition of deferred tax assets is based on availability of sufficient taxable profits
in the Company against which such assets can be utilized. MAT (Minimum Alternate Tax)
is recognized as an asset only when and to the extent there is convincing evidence that the
Company will pay normal income tax and will be able to utilize such credit during the
specified period. In the year in which the MAT credit becomes eligible to be recognized as
an asset, the said asset is created by way of a credit to the Statement of Profit and loss and
is included in Deferred Tax Assets. The Company reviews the same at each balance sheet
date and if required, writes down the carrying amount of MAT credit entitlement to the
extent there is no longer convincing evidence to the effect that Company will be able to
absorb such credit during the specified period.

1.4.2 Useful life of Property, Plant and Equipment

The residual values, useful lives and methods of depreciation of property, plant and
equipment are reviewed at each financial year end and adjusted prospectively, if
appropriate.

1.4.3 Impairment of Non-financial assets

Non-financial assets are reviewed for impairment, whenever events or changes in
circumstances indicate that the carrying amount of such assets may not be recoverable. If
any such indication exists, the recoverable amount of the asset is estimated in order to
determine the extent of the impairment loss (if any).

1.4.4 Provision for decommissioning

In measuring the provision for ARO, the Company uses technical estimates to determine
the expected cost to dismantle and remove the infrastructure equipment from the site and
the expected timing of these costs. Discount rates are determined based on the risk
adjusted bank rate of a similar period as the liability.

1.4.5 Provisions and Contingent Liabilities

Provisions and contingent liabilities are reviewed at each balance sheet date and adjusted
to reflect the current best estimates.

Fair value of financial assets and financial liabilities

The management consider that the carrying amounts of non current and current financial
assets and liabilities recognised in the financial statements approximate their fair values.

Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the board of directors,
which has established an appropriate liquidity risk management framework for the
management of the Company''s short-term, medium-term and long-term funding and
liquidity management requirements. The Company manages liquidity risk by maintaining
adequate reserves, banking facilities and reserve borrowing facilities, by continuously
monitoring forecast and actual cash flows, and by matching the maturity profiles of
financial assets and liabilities.

a) Debt is defined as long-term and short-term borrowings (excluding derivative
and contingent consideration).

b) Net Equity is in Negative i.e -32,50,24,917/- Net Debt to equity ratio is not
calculated.

35. -Other Notes on Financials Statements.

All the balance shown under the heads Trade Receivables, Trade Payables, Loans and Advances,
Security Deposits, Other Current Assets, Other Current Liabilities and Unsecured Loans are subject
to confirmation and reconciliation.

a) Corporate Social Responsibility (CSR)

As the net worth of the company is below Rs. 500 Crores, Turnover is below Rs. 1000
Crores and net profit is below 5 Crores, provision of the section 135 of companies Act,
2013 are not applicable on the company.

b) Figures have been taken to nearest rupees. Previous year figures have been
regrouped / rearranged wherever considered necessary to make them
comparable with the Current Year figures.

c) Consumption of Raw Materials, Stores and Spares, Diesel, Furnace Oil,
Lubricants and Power etc. have been considered in the accounts as made
available by a Director of Company being technical in nature.

37. - Events after the reporting period:

In respect of the financial year ending March 31, 2025, no events are required to be
reported which occurred after the reporting period.

38. -Approval of financial statements:

The financial statements were approved for issue by the Board of Directors on 15^th May,
2025.

40. - Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will
fluctuate because of changes in market prices. The Company operates in a competitive
environment and is exposed in the ordinary course of its business to risk related to
changes in foreign currency exchange rates, commodity prices and interest rates. The fair
value of future cash flows of sale of products manufactured and traded will depend upon
the demand and supply as well as import of raw material mainly from China which has
major effect on prices in local markets.

41. - Credit Risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations
resulting in financial loss to the company. It encompasses of both, the direct risk of default
and the risk of deterioration of credit worthiness as well as concentration risks.
Company''s credit risk arises principally from the trade receivable and advances.

Trade Receivables:

Customer credit risk is managed by the company through established policy, procedures
and controls relating to customer credit risk management. Credit quality of a customer is
assessed based on financial position, past performance, business/economic conditions,
market reputation, expected business etc. Based on that credit limits and credit terms are
decided. Outstanding customer receivables are regularly monitored.

Trade receivables consists of large number of customers spread across diverse segments
and geographical areas with no significant concentration of credit risk. The outstanding
trade receivables are regularly monitored and appropriate action is taken for collection of
overdue receivables.

The average credit period on sales of Pipes and PVC Tubes lignite is 60-180 days. Trade
receivables are disclosed below in the aged analysis and during the reporting period, the
Company has not recognized an allowance for doubtful debts because there has not been a
significant change in credit quality and the amounts are considered recoverable.

b) Income tax:

The Company have carry forward of losses therefore there is no income tax expense for the
year is recognized.

43.- Operating segment:

The Managing Director of the Company is Chief Operating Decision Maker (CODM) as
defined by Ind AS 108, Operating Segments. The CODM evaluates the Company''s
performance and allocates resources based on an analysis of various performance
indicators, however only for Two segments viz. one is "Pipes includes DHPE/PVC Pipe,
irrigation System” and second one is Textile includes Mink Blanket. Hence the Company
considered business segment for reportable Segments as per Indian Accounting Standard
108 "Operating Segments".

44.- Earnings per share:

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity
holders of the parent by the weighted average number of Equity shares outstanding
during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of
the parent (after adjusting for interest on the convertible preference shares) 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.

The following reflects the income and share data used in the basic and diluted EPS
computations:

As per our report of even date attached

For Amit Ramakant & Co. For and on behalf of the Board

Chartered Accountants
FRNo.009184C

CA. Amit Agrawal
Partner

M.No. 77407 Alok Jain Tijaria Vineet Jain Tijaria

Managing Director Whole-time Director & CFO
(DIN No.00114937) (DIN No.00115029)

---

Mar 31, 2024

1.3.13 - Provisions, Contingencies and commitments: -

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, and it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

A disclosure for contingent liabilities is made when there is

(a) a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or

(b) a present obligation that arises from past events but is not recognized because:

(i) it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation; or

(ii) the amount of the obligation cannot be measured with sufficient reliability.

A contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.

Commitments include the amount of purchase order (net of advances) issued to parties for completion of assets.

Provisions, contingent liabilities, contingent assets and commitments are reviewed at each reporting period.

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract.

1.3.14 - Financial instruments: -

Financial assets and financial liabilities are recognised when a Company entity becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.

Financial Assets

Financial assets are recognised when the Company becomes a party to the contractual provisions of the instruments. Financial assets other than trade receivables are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value, and transaction costs are expensed in the Statement of Profit and Loss.

Financial assets, other than equity instruments, are subsequently measured at amortised cost, fair value through other comprehensive income or fair value through profit or loss on the basis of both:

(a) the entity''s business model for managing the financial assets and

(b) the contractual cash flow characteristics of the financial asset.

Classification of financial assets

Debt instruments that meet the following conditions are subsequently measured at amortised cost (except for debt instruments that are designated as at fair value through profit or loss on initial recognition):

• the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and

• the contractual terms of the instrument give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Debt instruments that meet the following conditions are subsequently measured at fair value through other comprehensive income (except for debt instruments that are designated as at fair value through profit or loss on initial recognition):

• the asset is held within a business model whose objective is achieved both by collecting contractual cash flows and selling financial assets; and

• the contractual terms of the instrument give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

All other financial assets are subsequently measured at fair value.

Effective interest method

The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Income is recognised on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL. Interest income is recognised in profit or loss and is included in the “Other income” line item.

Impairment of financial assets

The Company recognises a loss allowance for Expected Credit Losses (ECL) on financial assets that are measured at amortised cost and at FVOCI. The credit loss is difference between all contractual cash flows that are due to an entity in accordance with the contract and all the cash flows that the entity expects to receive (i.e. all cash shortfalls), discounted at the original effective interest rate. This is assessed on an individual or collective basis after considering all reasonable and supportable including that which is forward-looking.

The Company trade receivables or contract revenue receivables do not contain significant financing component and loss allowance on trade receivables is measured at an amount equal to life time expected losses i.e. expected cash shortfall, being simplified approach for recognition of impairment loss allowance.

Under simplified approach, the Company does not track changes in credit risk. Rather it recognizes impairment loss allowance based on the lifetime ECL at each reporting date right from its initial recognition. The Company uses a provision matrix to determine impairment loss allowance on the portfolio of trade receivables.

The provision matrix is based on its historically observed default rates over the expected life of the trade receivable and is adjusted for forward looking estimates. At every reporting

date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed.

The impairment losses and reversals are recognised in Statement of Profit and Loss. For equity instruments and financial assets measured at FVTPL, there is no requirement for impairment testing.

Derecognition of financial assets

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

On derecognition of a financial asset in its entirety, the difference between the asset''s carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in profit or loss if such gain or loss would have otherwise been recognised in profit or loss on disposal of that financial asset.

For financial assets other than trade receivables, the Company recognises 12-month expected credit losses for all originated or acquired financial assets if at the reporting date the credit risk of the financial asset has not increased significantly since its initial recognition. The expected credit losses are measured as lifetime expected credit losses if the credit risk on financial asset increases significantly since its initial recognition. If, in a subsequent period, credit quality of the instrument improves such that there is no longer significant increase in credit risks since initial recognition, then the Company reverts to recognizing impairment loss allowance based on 12 months ECL.

On derecognition of a financial asset other than in its entirety (e.g. when the Company retains an option to repurchase part of a transferred asset), the Company allocates the previous carrying amount of the financial asset between the part it continues to recognise under continuing involvement, and the part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognised and the sum of the consideration received for the part no longer recognised and any cumulative gain or loss allocated to it that had been recognised in other comprehensive income is recognised in profit or loss if such gain or loss would have otherwise been recognised in profit or loss on disposal of that financial asset. A cumulative gain or loss that had been recognised in other comprehensive income is allocated between the part that continues to be recognised and the part that is no longer recognised on the basis of the relative fair values of those parts.

Non Current Assets Held for Sale

The Company recognized some Non Current Assets held for sale, As per the Indian Accounting Standards 105 the company has present a non current assets classified as held for sale separately from other assets in the balance sheet. That asset has not been offset. The company has classified noncurrent assets as held for sale Rs. 32,35,778.00 on that cumulative depreciation amount Rs 2,53,152.87 Company has disclosed these non current assets classified as held for sale is at book value.

As per Ind AS 105, assets being carried forward as assets held for sale from 2018-19 onwards have to complete the sale transaction in one year. The delay may have been caused by events or circumstances that are beyond the control of the entity. The management of the company was not in a position to sell the transaction in the last financial year due to market conditions and COVID-19 pandemic, now the sale transaction may be completed within the next one year considering the improvement in the market.

1.3.15 - Financial liabilities and equity instruments: -Classification as debt or equity

Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the company are recognised at the proceeds received, net of direct issue costs.

Financial liabilities

However, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies, financial guarantee contracts issued by the Company, and commitments issued by the Company to provide a loan at below-market interest rate are measured in accordance with the specific accounting policies set out below.

Financial liabilities at FVTPL

Financial liabilities are classified as at FVTPL when the financial liability is either contingent consideration recognised by the Company as an acquirer in a business combination to which Ind AS 103 applies or is held for trading or it is designated as at FVTPL.

A financial liability is classified as held for trading if:

• it has been incurred principally for the purpose of repurchasing it in the near term; or

• on initial recognition it is part of a portfolio of identified financial instruments that the Company manages together and has a recent actual pattern of short-term profit-taking; or

• it is a derivative that is not designated and effective as a hedging instrument.

A financial liability other than a financial liability held for trading or contingent consideration recognised by the Company as an acquirer in a business combination to which Ind AS 103 applies, may be designated as at FVTPL upon initial recognition if:

• Such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise;

• the financial liability forms part of a company of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the company documented risk management or investment strategy, and information about the Companying is provided internally on that basis; or

• it forms part of a contract containing one or more embedded derivatives, and Ind AS 109 permits the entire combined contract to be designated as at FVTPL in accordance with Ind AS 109.

Financial liabilities at FVTPL are stated at fair value, with any gains or losses arising on measurement recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any interest paid on the financial liability and is included in the ‘Other income'' line item.

However, for non-held-for-trading financial liabilities that are designated as at FVTPL, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognised in other comprehensive income, unless the recognition of the effects of changes in the liability''s credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss, in which case these effects of changes in credit risk are recognised in profit or loss. The remaining amount of change in the fair value of liability is always recognised in profit or loss. Changes in fair value attributable to a financial liability''s credit risk that are recognised in other comprehensive income are reflected immediately in retained earnings and are not subsequently reclassified to profit or loss.

Gains or losses on financial guarantee contracts and loan commitments issued by the Company that are designated by the Company as at fair value through profit or loss are recognised in profit or loss.

Financial liabilities subsequently measured at amortised cost

Financial liabilities that are not held-for-trading and are not designated as at FVTPL are measured at amortised cost at the end of subsequent accounting periods. The carrying amounts of financial liabilities that are subsequently measured at amortised cost are determined based on the effective interest method. Interest expense that is not capitalised as part of costs of an asset is included in the ''Finance costs'' line item.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.

Derecognition of financial liabilities

The Company derecognises financial liabilities when, and only when, the Company obligations are discharged, cancelled or have expired. An exchange between with a lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability (whether or not attributable to the financial difficulty of the debtor) is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.

Reclassification of financial assets and liabilities

The Company determines classification of financial assets and liabilities on initial recognition. After initial recognition, no reclassification is made for financial assets which are equity instruments and financial liabilities. For financial assets which are debt instruments, a reclassification is made only if there is a change in the business model for managing those assets. Changes to the business model are expected to be infrequent. The Company''s senior management determines change in the business model as a result of external or internal changes which are significant to the Company''s operations. Such change are evident to external parties. A change in the business model occurs when the Company either begins or ceases to perform an activity that is significant to its operations. If the Company reclassifies financial assets, it applies the reclassification prospectively from the reclassification date which is the first day of the immediately next reporting period following the change in the business model. The Company does not restate any previously recognised gains, losses (including impairment gains or losses) or interest.

For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained above.

Defined Benefit Plans - General Description

Gratuity: Each employee rendering continuous service of 5 years or more is entitled to receive gratuity amount equal to 15/26 of the monthly emoluments for every completed year of service subject to maximum of 10 Lakhs at the time of separation from the company.

Other long-term employee benefits - General Description

Leave Encashment: Each employee is entitled to get 15 earned leaves for each completed year of service. Encashment of earned leaves is made at the end of the financial years.

The following tables summarise the components of net benefit expense recognised in the statement of profit or loss and the funded status and amounts recognised in the balance sheet for the respective plans:

Changes in the present value of the defined benefit obligation are, as follows:

Long term investments are stated at cost. In case, there is a decline other than temporary in the value of the investment, a provision for same is made. Current investments are valued at lower of cost or fair value.

1.4 Use of Estimates, Assumptions and Judgements

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures including the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require an adjustment to the carrying amount of assets or liabilities in future periods. Difference between actual results and estimates are recognised in the periods in which the results are known / materialise. The Company has based its assumptions and estimates on parameters available when the financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Company. Such changes are reflected in the assumptions when they occur.

1.4.1Taxes

The Company provides for tax considering the applicable tax regulations and based on reasonable estimates. Management periodically evaluates positions taken in the tax

returns giving due considerations to tax laws and establishes provisions in the event if required as a result of differing interpretation or due to retrospective amendments, if any. The recognition of deferred tax assets is based on availability of sufficient taxable profits in the Company against which such assets can be utilized. MAT (Minimum Alternate Tax) is recognized as an asset only when and to the extent there is convincing evidence that the Company will pay normal income tax and will be able to utilize such credit during the specified period. In the year in which the MAT credit becomes eligible to be recognized as an asset, the said asset is created by way of a credit to the Statement of Profit and loss and is included in Deferred Tax Assets. The Company reviews the same at each balance sheet date and if required, writes down the carrying amount of MAT credit entitlement to the extent there is no longer convincing evidence to the effect that Company will be able to absorb such credit during the specified period.

1.4.2 Useful life of Property, Plant and Equipment

The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.

1.4.3 Impairment of Non-financial assets

Non-financial assets are reviewed for impairment, whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.4.4 Provision for decommissioning

In measuring the provision for ARO, the Company uses technical estimates to determine the expected cost to dismantle and remove the infrastructure equipment from the site and the expected timing of these costs. Discount rates are determined based on the risk adjusted bank rate of a similar period as the liability.

1.4.5 Provisions and Contingent Liabilities

Provisions and contingent liabilities are reviewed at each balance sheet date and adjusted to reflect the current best estimates.

Fair value of financial assets and financial liabilities

The management consider that the carrying amounts of non current and current financial assets and liabilities recognised in the financial statements approximate their fair values.

Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the Company''s short-term, medium-term and long-term funding and

a) Debt is denned as long-term and short-term borrowings (excluding derivative and contingent consideration).

b) Net Equity is in Negative i.e -24,15,59,279/- Net Debt to equity ratio is not calculated.

28.-Other Notes on Financials Statements.

a) All the balance shown under the heads Trade Receivables, Trade Payables, Loans and Advances, Security Deposits, Other Current Assets, Other Current Liabilities and Unsecured Loans are subject to confirmation and reconciliation.

b) Corporate Social Responsibility (CSR)

As the net worth of the company is below Rs. 500 Crores, Turnover is below Rs. 1000 Crores and net profit is below 5 Crores, provision of the section 135 of companies Act, 2013 are not applicable on the company.

c) Figures have been taken to nearest rupees. Previous year figures have been regrouped / rearranged wherever considered necessary to make them comparable with the Current Year figures.

d) Consumption of Raw Materials, Stores and Spares, Diesel, Furnace Oil, Lubricants and Power etc. have been considered in the accounts as made available by a Director of Company being technical in nature.

34. - Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The Company operates in a competitive environment and is exposed in the ordinary course of its business to risk related to changes in foreign currency exchange rates, commodity prices and interest rates. The fair value of future cash flows of sale of products manufactured and traded will depend upon the demand and supply as well as import of raw material mainly from China which has major effect on prices in local markets.

35. - Credit Risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the company. It encompasses of both, the direct risk of default and the risk of deterioration of credit worthiness as well as concentration risks. Company''s credit risk arises principally from the trade receivable and advances.

Trade Receivables:

Customer credit risk is managed by the company through established policy, procedures and controls relating to customer credit risk management. Credit quality of a customer is assessed based on financial position, past performance, business/economic conditions, market reputation, expected business etc. Based on that credit limits and credit terms are decided. Outstanding customer receivables are regularly monitored.

Trade receivables consists of large number of customers spread across diverse segments and geographical areas with no significant concentration of credit risk. The outstanding trade receivables are regularly monitored and appropriate action is taken for collection of overdue receivables.

The average credit period on sales of Pipes and PVC Tubes lignite is 60-180 days. Trade receivables are disclosed below in the aged analysis and during the reporting period, the Company has not recognized an allowance for doubtful debts because there has not been a significant change in credit quality and the amounts are considered recoverable.

38.- Earnings per share:

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the parent by the weighted average number of Equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the parent (after adjusting for interest on the convertible preference shares) 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.

As per our report of even date attached

For Amit Ramakant & Co. For and on behalf of the Board

Chartered Accountants FRNo. 009184C

CA. Amit Agrawal Partner

M.No. 77407 Alok Jain Tijaria Vineet Jain Tijaria

Managing Director Whole-time Director & CFO

(DIN No.00114937) (DIN No.00115029)

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Mar 31, 2018

1.1General information:

The financial statements comprise of Balance Sheet, Statement of Profit and Loss, Statement of Change in Equity and Statement of Cash Flows together with the notes thereon of Tijaria Polypipes Limited for the year ended March 31, 2018.

The Company is a public limited company incorporated and domiciled in India under the provisions of the Companies Act applicable in India. It is a company listed at Bombay Stock Exchange (BSE). The Corporate office of the Company is located at SP-1-2316 RIICO Industrial Area, Ramchandrapura Sitapura Exten. Jaipur 302022 .

The Company is primarily engaged in the business of Manufacturing of PVC Pipes and Mink Blankets.

1.2 Basis of Preparation and Statement of compliance

The financial statements have been prepared in accordance with Ind ASs notified under the Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies (Indian Accounting Standards) (Amendment) Rules, 2016.

For all periods upto and including the year ended March 31, 2017, the Company prepared Its financial statements in accordance with the requirements of previous GAAP prescribed under section 133 of the Companies Act, 2013 (''the Act'') read with Rule 7 of the Companies (Accounts) Rules, 2014. The financial statements for the financial year ended March 31, 2018 are the Company''s first Ind AS compliant annual financial statements with comparative figures for the year ended March 31, 2017 also under Ind AS. The date of transition is April 1, 2016. Please refer to note 5 for detailed disclosure on the first time adoption of Ind AS. for the details of significant first-time adoption exemptions availed by the Company and an explanation of how the transition from previous GAAP to Ind AS has affected the Company''s financial position, it''s performance and cash flows.

The financial statements are prepared under the historical cost convention, on the accounting principles of a going concern. All assets and liabilities have been classified as current or non-current in accordance with the operating cycle criteria set out in Ind AS 1 and Schedule III to the Companies Act, 2013.

Accounting Policies not specifically referred to otherwise are consistent and in consonance with the applicable accounting standards specified under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules,2014.

All expenses and incomes to the extent ascertainable with reasonable certainty are accounted for on accrual basis. All taxes, duties and cess etc paid on purchases have been charged to the Statement of Profit and Loss except such taxes, duties and cess, which are subsequently recoverable with reasonable certainty from the taxing authorities.

The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) in India sometimes requires the management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent liabilities on the date of financial statements and reported amounts of revenue and expenses for that year. Actual result could differ from these estimates. Any revision to such estimate is recognised in the period in which same is determined.

The financial statements are presented in Indian Rupees (''INR'') and all values are rounded to the nearest rupee, except otherwise indicated.

Explanatory notes to Reconciliation

1) Property, plant and equipment

The Company has elected to continue with the carrying value of all of its property plant and equipment recognised as of April 1, 2016 (transition date) measured as per the previous GAAP and use that carrying value as its deemed cost as of the transition date.

2) Intangible Assets

The Company has elected to continue with the carrying value of all of its intangible assets recognised as of April 1, 2016 (transition date) measured as per the previous GAAP and use that carrying value as its deemed cost as of the transition date.

3) Borrowings

Under Previous GAAP, transaction costs incurred in connection with borrowings are amortized upfront and charged to profit or loss for the period. Under Ind AS, transaction costs are included in the initial recognition amount of financial liability and charged to profit or loss using the effective interest method.

4) Deferred tax

Previous GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which was not required under Previous GAAP.

In addition, the various transitional adjustments lead to temporary differences. According to the accounting policies, the Company has to account for such differences. Deferred tax adjustments are recognised in correlation to the underlying transaction either in retained earnings or a separate component of equity. On the date of transition, the net impact on deferred tax liabilities is of Nil. (31 March 2015: Nil).

5) Other comprehensive income

Under Previous GAAP, the Company has not presented other comprehensive income (OCI) separately. Hence, it has reconciled Previous GAAP profit or loss to profit or loss as per Ind AS. Further, Previous GAAP profit or loss is reconciled to total comprehensive income as per Ind AS.

6) Statement of cash flows

The transition from Previous GAAP to Ind AS has not had a material impact on the statement of cash flows.

7) Financial Instruments: Classifications and Fair Value Measurement

This note provides information about how the Company determines fair values of various financial assets and financial liabilities (which are measured at fair value through profit or loss).

Fair value of financial assets and financial liabilities

The management consider that the carrying amounts of non-current and current financial assets and liabilities recognised in the financial statements approximate their fair values.

Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the Company''s short-term, medium-term and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

(i) Debt is defined as long-term and short-term borrowings (excluding derivative and contingent consideration).

2.-Other Notes on Financials Statements.

(a) All the balance shown under the heads Trade Receivables, Trade Payables, Loans and Advances, Security Deposits, Other Current Assets, Other Current Liabilities and Unsecured Loans are subject to confirmation and reconciliation.

(b) Corporate Social Responsibility (CSR)

As the net worth of the company is below Rs. 500 crores, Turnover is below Rs. 1000 crores and Net Profit is below Rs. 5 crores, provision of Section 135 of Companies Act, 2013 are not applicable on the company.

(c) The Company has provided the provision for liability of works carried/supplies received pertaining to financial year 2017-18 till such invoices are received by the Company upto 15.05.2018.

(d) Figures have been taken to nearest rupees. Previous year figures have been regrouped / rearranged wherever considered necessary to make them comparable with the Current Year figures.

(f) Consumption of Raw Materials, Stores and Spares, Diesel, Furnace Oil, Lubricants and Power etc. have been considered in the accounts as made available by a Director of Company being technical in nature.

(j) Stores & Spares Consumed is all Indigenous. (k) CIF Value of Imports

3.- Related party disclosure

The related parties where control and significant influence exists are Parents and associates respectively. Key Management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any Director whether executive or otherwise.

4.- Events after the reporting period:

In respect of the financial year ending March 31, 2018, no events are required to be reported which occurred after the reporting period.

5.- Approval of financial statements:

The financial statements were approved for issue by the Board of Directors on 30 th May, 2018.

6.- Disclosure under Micro, Small and Medium Enterprises Development Act:

The details of amounts outstanding to Micro, Small and Medium Enterprises under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act), based on the available information with the Company are as under:

7.- Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. The Company operates in a competitive environment and is exposed in the ordinary course of its business to risk related to changes in foreign currency exchange rates, commodity prices and interest rates. The fair value of future cash flows of sale of products manufactured and traded will depend upon the demand and supply as well as import of raw material mainly from China which has major effect on prices in local markets.

8.- Credit Risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the company. It encompasses of both, the direct risk of default and the risk of deterioration of credit worthiness as well as concentration risks. Company''s credit risk arises principally from the trade receivable and advances.

Trade Receivables:

Customer credit risk is managed by the company through established policy, procedures and controls relating to customer credit risk management. Credit quality of a customer is assessed based on financial position, past performance, business/economic conditions, market reputation, expected business etc. Based on that credit limits and credit terms are decided. Outstanding customer receivables are regularly monitored.

Trade receivables consists of large number of customers spread across diverse segments and geographical areas with no significant concentration of credit risk. The outstanding trade receivables are regularly monitored and appropriate action is taken for collection of overdue receivables.

The average credit period on sales of Pipes and PVC Tubes lignite is 60-180days.

Trade receivables are disclosed below in the aged analysis and during the reporting period, the Company has not recognised an allowance for doubtful debts because there has not been a significant change in credit quality and the amounts are considered recoverable.

9.- Operating segment:

The Managing Director of the Company is Chief Operating Decision Maker (CODM) as defined by Ind AS 108, Operating Segments. The CODM evaluates the Company''s performance and allocates resources based on an analysis of various performance indicators, however only for two segments viz. one is "Pipes includes DHPE/PVC Pipe, irrigation System" and second one is Textile includes Mink Blanket. Hence the Company considered business segment for reportable Segments as per Indian Accounting Standard 108 "Operating Segments".

10.- Earnings per share:

Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the parent by the weighted average number of Equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the parent (after adjusting for interest on the convertible preference shares) 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.

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Mar 31, 2015

1. Background and Nature of Operations

The Tijaria Polypipes Ltd (the ''Company''), was originally incorporated in India on July 17, 2006 as Tijaria Polypipes Private Ltd. After having duly passed the necessary resolution on July 18, 2006, the name of the said company changed to Tijaria Polypipes Ltd on conversion to Public Ltd Company. The Company is engaged primarily in the business of manufacturing of pipes, yarn and mink blankets located at Jaipur.

2. SHARE CAPITAL

Rights, preferences and restrictions attached to Equity Shares :

The Company has one class of equity shares of Rs. 10 each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

3. a. Secured loans are covered by :

Term loans from Bank of India including current maturities are secured by way of first charge as under:

First charge on all movable and immovable properties of the company and secured by deposit of title deeds by way of creation of equitable mortgage in respect of land situated at various locations in the name of the company.

Hypothecation of all fixed assets namely land, building, plant & machineries, miscellaneous fixed assets furniture & fixtures and entire current assets of the company. First charge on residential property of promoter directors of the company and secured by deposit of title deeds by way of creation of equitable mortgage on the said property.

Corporate guarantee, jointly & severally, of two group companies, namely Tijaria Vinyl Pvt. Ltd. and Tijaria Industries Ltd. Further, loan is secured by deposit of title deeds by way of creation of equitable mortgage in respect of land in the name of the said companies.

Personal guarantee, jointly and severally, of all the four promoter directors of the company and their relatives.

b. Repayment terms of outstanding long term borrowings as on March 31, 2015 are as follows:

Repayment terms for secured rupee term loans:

Facility 1 corporate loan (Rs. 9,28,36,352.00) balance amount is repayable on bullet payment basis within next 12 months with interest @13.70%.

Facility 2 funded interest term loan (Rs. 74,04,344.00) balance amount is repayable in 36 equal monthly installments with interest @13.45%, starting from November, 2015. Facility 3 funded interest term loan (Rs. 1,67,45,527.00) balance amount is repayable in 36 equal monthly installments with interest @13.45%, starting from November, 2015.

Facility 4 term loan (Rs. 27,08,353.00) balance amount is repayable in 13 equal monthly installments with interest @13.70%, starting from November, 2015. Facility 5 term loan (Rs. 19,91,91,002.78) balance amount is repayable in 60 equal monthly installments with interest @13.70%, starting from November, 2015.

Facility 6 working capital term loan (Rs. 8,92,75,168.84) balance amount is repayable in 36 equal monthly installments with interest @13.70%, starting from November, 2015. Facility 7 vehicle loan (Rs. 8,53,457.53) balance amount is repayable in 56 equal monthly installments with interest @10.45%, starting from April, 2015.

Facility 8 vehicle loan (Rs. 11,49,316.00) balance amount is repayable in 29 equal monthly installments with interest @10.38%, starting from April, 2015.

4. Contingent Liabilities:

The following contingent liabilities have not been provided for in respect of:

a. Letter of Credit is Rs. 1,64,95,080/- (Previous Year Nil).

b. Bank Guarantees for Rs. 4,63,71,654/- (Previous Year Rs. 2,85,27,000/-).

c. The following litigations against the company are pending as on date:

Sl. Name of Party/ Nature No. Department

1. M/s Gateway Carrying Petition pending for hearing before the C0rp0rati0n Delhi Hon''ble High Court,Jaipur under Section 433(e), 434 & 439(1) of the Companies Act, 1956.

2. Commercial Taxes Appeal pending before the Tribunal, Mumbai Department, Nashik against the demand order passed by Sales Tax Authority, Nashik under section 26 of MVAT'' 2002.

3. Income Tax Appeal pending for hearing before the Commissioner, Jaipur Tribunal Jaipur against the order passed by CIT(A), Jaipur for refund of advance tax already deposited for Rs.2,61,25,750/-

Sl. Name of Party/ Amount Pending No. Department Involved before

1. M/s Gateway Carrying 37,14,200/- Hon''ble High C0rp0rati0n Delhi Court, Jaipur

2. Commercial Taxes 3,90,26,553/ Sales Tax Department, Nashik Appellate Tribunal, Mumbai

3. Income Tax 2,63,31,545/ Income-tax Commissioner, Jaipur Appellate Tribunal, Jaipur

5. The Securities & Exchange Board of India, Mumbai vide their Order dated June 20, 2014 pursuant to section 19 read with section 11(4) and 11(B) of Securities and Exchange Board of India Act, 1992 and Regulation 11(1) of the PFUTP Regulations and ICDR Regulations, 2009 has advised for call back of project advances of Rs. 20.40 crores from the vendors and keep in separate account till further direction. Aggrieved with the order, Company has replied to the SEBI and filed an appeal in this regard before the SAT, Mumbai.

6. The company has not received any intimation from its suppliers being registered under Micro, Small and Medium Enterprises Development Act, 2006. Hence, the disclosure relating to amount unpaid as at the end of the year together with interest paid/payable under this Act have not been given separately.

7. The company has sold two industrial vacant plots of land to repay the demand loan taken from Bank of India. This will not have any effect on the going concern of the company as the plots were vacant.

8. In the opinion of the Board, Loans & Advances, Sundry Debtors and other Current Assets, if realised in the ordinary course of business, have the value at which they are stated in the Balance Sheet.

9. The Company is having balance of Rs. 8940/- in its IPO - Refund Account which is pending for refund due to non-presentation of refund order by the investor. The Registrar & Share Transfer Agent M/s Sharex Dynamic (India) Pvt. Ltd., Mumbai has sent letters to the respective investors for refund of the application money.

10. The Company has been awarded a work order under Narmada Canal Project. Sales/Revenue under this project have been recorded on the basis of running bills and credited in Profit and Loan Account.

11. The company has recognised and written off Rs.1,21,63,717/- on account of Bad Debt, as the same seems unrecoverable.

12. The Company has a defined benefit gratuity plan.Every employee who has completed five years or more of service gets a gratuity on departure at 15 days last drawn salary for each completed year of service. The scheme is funded with LIC in the form of a qualifying insurance policy. Gratuity expense has been provided as per actuarial valuation made by the LIC under projected unit credit method.

13. Related Party Transactions :

As per Accounting Standard-18 on "Related Party Disclosures", the transactions entered into with the related parties are disclosed below which were entered in the ordinary course of business:

1. Key Management Personnel

a. Mr. Alok Jain Tijaria - Managing Director

b. Mr. Vikas Jain Tijaria - Whole Time Director

c. Mr. Praveen Jain Tijaria - Whole Time Director

d. Mr. Vineet Jain Tijaria - Whole Time Director

e. Mr. Vinod Sharma - Chief Financial Officer

f. Mr. Satish Sharma - Company Secretary & Compliance Officer

2. Companies under the same Management

a. Tijaria Industries Limited

b. Tijaria International Limited

c. Tijaria Vinyl Private Limited

14. All the figures are rounded off to the nearest rupee and the previous year figures have been reclassified in accordance with current year requirements.

---

Mar 31, 2014

Rights, preferences and restrictions attached to Equity Shares :

The Company has one class of equity shares of Rs. 10 each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

a. Secured Loans are covered by :

Term Loans from Bank of India including current maturities are secured by way of first charge as under:

First charge on all movable and immovable properties of the Company and secured by deposit of title deeds by way of creation of equitable mortgage in respect of land situated at various locations in the name of the Company.

Hypothecation of all fixed assets namely land, building, plant & machineries, miscellaneous fixed assets, furniture & fixtures and entire current assets of the Company.

First charge on residential property of promoter directors of the Company and secured by deposit of title deeds by way of creation of equitable mortgage on the said property. Corporate Guarantee, jointly & severally, of two group companies, namely Tijaria Vinyl Pvt. Ltd. and Tijaria Industries Ltd. Further, loan is secured by deposit of title deeds by way of creation of equitable mortgage in respect of land in the name of the said companies.

Personal guarantee, jointly and severally, of all the four promoter directors of the Company and their relatives.

Deferred development charges from RIICO Ltd. Including current maturities is secured by hypothecation of land against which the deferred development charges is due for payment.

b. Repayment Terms of outstanding long term borrowings (excluding current maturities) as on March 31, 2014 after Restructuring is as follows:

Repayment Terms for Secured Rupee Term Loans:

TL-IV (Rs.27,08,353) Balance amount is repayable in 13 equal monthly installments with interest @13.70%, starting from November, 2015.

TL-V (Rs. 20,71,23,017) Balance amount is repayable in 60 equal monthly installments with interest @13.70%, starting from November, 2015.

FITL-I (Rs. 1,30,000) Balance amount is repayable in 10 equal monthly installments with interest @13.45%, starting from November, 2015.

FITL-II (Rs. 74,04,344) Balance amount is repayable in 36 equal monthly installments with interest @13.45%, starting from November, 2015.

FITL-III (Rs. 1,67,45,527) Balance amount is repayable in 36 equal monthly installments with interest @13.45%, starting from November, 2015.

WCTL (Rs. 8,92,00,000) Balance amount is repayable in 36 equal monthly installments with interest @13.45%, starting from November, 2015.

Repayment Terms for Secured Buyer Credit Loan in Foreign Currency :

Buyer Credit Loan in Foreign Currency has been granted for a period of six months subject to roll over maximum up to three years. Upon expiry of three years or not opting to roll over after expiry of six months, whichever is earlier, the said loan will be converted into rupee term loan at the exchange rate prevailing at that point of time and shall be merged into TL-V . Repayment shall be made as per terms stated in TL-V above. The interest rate is varying between 1.9514% to 2.3514%.

c. Deferred Development Charges (excluding current maturities) are repayable in 6 equal quarterly installments with interest @12%, the first being due on June 30, 2013

Notes attached to and forming part of the Financial Statement as on and for the year ending March 31, 2014:

1. Background and nature of operations

The Tijaria Polypipes Ltd (the ''Company''), was originally incorporated in India on July 17, 2006 as Tijaria Polypipes Private Ltd. After having duly passed the necessary resolution on July 18, 2006, the name of the said company changed to Tijaria Polypipes Ltd on conversion to Public Ltd Company. The Company is engaged primarily in the business of manufacturing of pipes, yarn and mink blankets located at Jaipur.

1. Contingent Liabilities:

The following contingent Liabilities have not been provided for in respect of:

a. Letter of Credit is NIL (Previous Year Rs 7,74,66,966/-).

b. Bank Guarantees for Rs. 2,85,27,000/- (Previous Year Rs. 3,79, 88,475/-).

c. The Company has imported various machineries under EPCG concessional duty scheme and the duty saved amount is Rs.3,50,79,107/- (previous year Rs.3,50,79,107/-). The Company is to fulfil export obligations within the stipulated time; otherwise there will be imposition of interest and penalty under the Scheme.

d. The following litigations against the company are pending as on date:

2. The company has not received any intimation from its suppliers being registered under Micro, Small and Medium Enterprises Development Act, 2006. Hence, the disclosure relating to amount unpaid as at the end of the year together with interest paid/payable under this Act have not been disclosed separately.

3. The company has been sanctioned its restructuring proposal tabled with Bank of India and the repayment of Term Loans has been deferred and all the overdue amounts in company''s Cash Credit Account has been converted in to Working Capital Term Loan.

4. Previous year figures have been reclassified in accordance with current year requirements.

5. In the opinion of the Board, Loans & Advances, Sundry Debtors and other Current Assets, if realised in the ordinary course of business, have the value at which they are stated in the Balance Sheet.

6. The Company is having balance of Rs. 8940/- in its IPO - Refund Account which is pending for refund due to non-presentation of refund order by the investor. The Registrar & Share Transfer Agent M/s Sharex Dynamic (India) Pvt. Ltd., Mumbai has sent letters to the respective investors for refund of the application money.

7. The Company has been awarded a work order under Narmada Canal Project. Previously, The Sales / Revenue under this project have been recorded on the basis of running bills and credited in Profit and Loas Account. Expenses have been recorded on the basis of expenses incurred and charged to Profit & Loss Account.

8. The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days last drawn salary for each completed year of service. The scheme is funded with LIC in the form of a qualifying insurance policy. Gratuity expense has been provided as per actuarial valuation made by the LIC under projected unit credit method.

9. The information in respect of employee benefits for gratuity as per AS 15 managed by LIC is as under:

Deffered tax Asset are recognised and carried forward only to the extent that there is virtual certainty of realisation. In view of heavy current year and unabsorbed losses, the deferred tax realised in earlier years have been written off.

19. Related Party Transactions :

As per Accounting Standard-18 on "Related Party Disclosures", the transactions entered into with the related parties are disclosed below which were entered in the ordinary course of business:

1. Companies under the same Management:

a) Tijaria Industries Limited

b) Tijaria International Limited

c) Tijaria Vinyl Private Limited

2. Key Management Personnel:

a) Mr. Alok Jain Tijaria - Managing Director

b) Mr. Vikas Jain Tijaria - Whole Time Director

c) Mr. Praveen Jain Tijaria - Whole Time Director

d) Mr. Vineet Jain Tijaria - Whole Time Director

3. Relatives to Key Management Personnel:

a) Mrs. Anu Jain Tijaria b) Mrs. Purnima Jain Tijaria

c) Mrs. Reema Jain Tijaria d) Mrs. Sonal Jain Tijaria

e) Mr. Ramesh Jain Tijaria f) Mrs. Maya Jain

g) Mrs. Kunti Jain

---

Mar 31, 2013

1. Background and nature of operations

The Tijaria Polypipes Ltd (the ''Company''), was originally incorporated in India on July 17, 2006 as Tijaria Polypipes Private Ltd. After having duly passed the necessary resolution on July 18, 2006, the name of the said company changed to Tijaria Polypipes Ltd on conversion to Public Ltd Company. The Company is engaged primarily in the business of manufacturing of pipes, yarn and mink blankets located at Jaipur.

2. Contingent Liabilities:

The following contingent Liabilities have not been provided for in respect of:

a. Letter of Credit forRs. 7,74,66,966/- (Previous Year Rs. 2,97,05,559/-).

b. Bank Guarantees for Rs. 3,79,88,475/- (Previous Year Rs. 2,31,82,821/-).

c. The Company has imported various machineries under EPCG concessional duty scheme and the duty saved amount is Rs. 3,50,79,107/- (previous year Rs. 2,55,62,950/-). The Company is to fulfill export obligations within the stipulated time; otherwise there will be imposition of interest and penalty under the Scheme.

d. The following litigations against the company are pending as on date:

3. The company has not received any intimation from its suppliers being registered under Micro, Small and Medium Enterprises Development Act, 2006. Hence, the disclosure relating to amount unpaid as at the end of the year together with interest paid/payable under this Act have not been disclosed separately.

4. Previous year figures have been reclassified in accordance with current year requirements.

5. In the opinion of the Board, Loans & Advances, Sundry Debtors and other Current Assets, if realised in the ordinary course of business, have the value at which they are stated in the Balance Sheet.

6. The Company is having balance of Rs. 8940/- in its IPO – Refund Account which is pending for refund due to non-presentation of refund order by the investor. The Registrar & Share Transfer Agent M/s Sharex Dynamic (India) Pvt. Ltd. Mumbai has sent letters to the respective investors for refund of the application money.

7. The Company has been awarded a work order under Narmada Canal Project. Previously, The Sales under this project have been recorded on the basis of invoice issued from time to time instead of running bills made by concerned authorities. The expenses incurred on this work side at sanchor and the payments received in accordance with running bills is directly accounted for in the project account which is not forming part of Revenue Accounts.

Now, The Company has changed its policy. The Sales / Revenue under this project have been recorded on the basis of running bills and credited in P&L account. Expenses have been recorded on the basis of expenses incurred and charged to P&L Account. The Net Effect of this change of policy in the previous years of Rs. 2,63,249/- has been credited in P&L account as a prior period Income.

8. The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of service gets a gratuity on departure at 15 days last drawn salary for each completed year of service. The scheme is funded with LIC in the form of a qualifying insurance policy. Gratuity expense has been provided as per actuarial valuation made by the LIC under projected unit credit method.

9. Related Party Transactions :

As per Accounting Standard-18 on "Related Party Disclosures", the transactions entered into with the related parties are disclosed below which were entered in the ordinary course of business:

1. Companies under the same Management:

a) Tijaria Industries Limited

b) Tijaria International Limited

c) Tijaria Vinyl Private Limited

2. Key Management Personnel:

a) Mr. Alok Jain Tijaria - Managing Director

b) Mr. Vikas Jain Tijaria - Whole Time Director

c) Mr. Praveen Jain Tijaria - Whole Time Director

d) Mr. Vineet Jain Tijaria - Whole Time Director

3. Relatives to Key Management Personnel:

a) Mrs. Anu Jain Tijaria b) Mrs. Purnima Jain Tijaria

c) Mrs. Reema Jain Tijaria d) Mrs. Sonal Jain Tijaria

e) Mr. Ramesh Jain Tijaria f) Mrs. Maya Jain

g) Mrs. Kunti Jain

10. All the figures are rounded off to the nearest rupee.

Signature to Note 1 to 27 annexed to and forming part of the Balance Sheet as at 31st March, 2013 and the Statement of Profit and Loss for the year ended on that date.

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Mar 31, 2012

Rights, preferences and restrictions attached to Equity Shares:

The Company has one class of equity shares of Rs. 10 each. Each shareholder is eligible for one vote per share held* The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except In case of Interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

a. Secured Loans are covered by :

Term Loans from bank of India including current maturities are secured by way of first charge as under:

First charge on all movable and immovable properties of the Company and secured by deposit of title deeds hy way of creation of equitable mortgage in respect of land situated at various loactlons in the name of the Company.

Hypothecation of all fixed assets namely land, building, plant & machineries, miscellaneous fixed assets, furnitures & fixtures and entire current assets of the Company.

First charge on residential property of promoter directors of the Company and secured by deposit of title deeds by way of creation of equitable mortgage on the said property.

Corporate Guarantee, jointly & severally, of two group companies, namely Tijaria Vinyl Pvt. Ltd. and Tijaria Industries Ltd. Further, loan is secured by deposit of title deeds by way of creation of equitable mortgage in respect of land in the name of the said companies,

Personal guarantee, j''ointly and severally, of all the four promoter directors of the Company and their relatives.

Deferred development charges from RIICO Ltd. Including current maturities is secured by hypothecation of land against which the deferred development charges is due for payment.

Vehicle Loans including current maturities is secured by hypothecation of Vehicles against which the loans have been taken.

b. Re payment Term 5 of outstanding long term bor rowings {excluding current maturities) as on March 31, 2012 Re payment Terms for Secured Rupee Term Loans:

Facility l (T 2132193) - Balance amount Is repayable In 9 equal monthly installments, with Interest@ 12.75%, starting from April, 2013.

Facility 2 (T4661558) - Balance amount is repayable in 22 equal monthly installments with interest @ 12.75%, starting from April, 2013.

Facility 3 (Rs. 168546548) Balance amount is repayable in 60 equal monthly installments with interest @ 12.75/tf, starting from April, 2013.

Re payment Terms for Secured Buyer Credit Loan fn Foreign Currency :

Buyer Credit Loan in Foreign Currency has been granted for a period of six months subj''ect to roll over maximum upto three years. Upon expiry of three years or not opting to roll over after expiry of six months, whichever is earlier, the said loan will be converted into rupee term loan at the exchange rate prevailing at that point of time and shall be merged into facility 3, Repayment shall be made as per terms stated in facility 3 above. The interest rate is varying between 2.60% to 4.25%.

c. Deferred Development Charges (excluding current maturities) are repayable in 10 equal quarterly installments with interest 12%, the first being due on June 30, 2013.

1. Contingent Liabilities:

The following contingent Liabilities have not been provided for in respect of:

a. Letter of Credit for Rs. 2,97,05,559/- (Previous Year Rs. 9,13,59,194/-).

b. Bank Guarantees for Rs. 2,31,82,821/- (Previous Year Rs. 5,86,87,179/-).

c. The Company has imported various machineries under EPCG concessional duty scheme and the aggregate duty saved amount is Rs. 2,55,62,950/- (previous year Rs. 2,40,66,507/-). The Company is to fulfil export obligations within the stipulated time.

2. The company has not received any intimation from its suppliers being registered under Micro, Small and Medium Enterprises Development Act, 2006. Hence, the disclosure relating to amount unpaid as at the end of the year together with interest paid/payable under this Act have not been disclosed separately.

3. Closing Stock of finished goods includes excise duty ofRs. 36,87,471/- (previous yearRs. 9,28,501/-).

4. The revised Schedule VI as notified under the Companies Act, 1956, has become applicable to the Company for presentation of Its financial statements for the year ending March 31,2012. The adoption of the revised Schedule VI requirements has significantly modified the presentation and disclosures which have been complied with in these financial statements. Accordingly, previous year figures have been reclassified in accordance with current year requirements.

5. In the opinion of the Board, Loans & Advances, Sundry Debtors and other Current Assets, if realised in the ordinary course of business, have the value at which they are stated in the Balance Sheet.

6. Balance of Sundry creditors, sundry debtors and loans and advances are subject to verification.

7. The company has charged to the P&L Account final balance lying in preliminary expenses Rs. 1,00,001/- (Previous YearRs. 1,37,352/-) during the year. The share issue expenses amounting to Rs. 4,04,20,200/- (previous year - nil) has been fully charged from the securities premium account.

8. The Company is having balance of Rs. 8,940/- in its IPO - Refund Account which is pending for refund due to non- presentation of refund order by the investor.

9. The buyer credit loan taken in foreign currency for the purchase of fixed assets has been re-stated at the exchange rate prevailing as on Balance Sheet date. In view of MCA notification dated December 29, 2011 under AS 11, the Company has capitalized the exchange loss arising due to such re-statement amounting to Rs. 92,89,559/- (previous year - nil) after the same has been put to use and will be depreciated over the balance life of the assets. This has resulted into the increase in gross block of assets. Had this not been capitalized, the loss would have been higher by Rs. 92,89,559/-.

10. The company has been awarded a work order under Narmada Canal Project. The sales under this project have been recorded on the basis of invoice issued from time to time instead of running bills made by concerned authorities. The expenses incurred on this work side at Sanchor and the payments received in accordance with running bills is directly accounted for in the project account which is not forming part of Revenue Accounts.

11. The Company has a defined benefit gratuity plan. Every employee who has completed five years of more of service gets a gratuity on departure at 15 days last drawn salary for each completed year of service. The scheme is funded with LIC in the form of a qualifying insurance policy. Gratuity expense has been provided as per actuarial valuation made by the LIC under projected unit credit method.

The previous year figures are not available as the same has not been provided by the LIC.

12. Raw Material & stores are valued at cost and finished goods are valued at lower of cost and net realizable value ascertained on first in first out basis.

Cost of Inventories comprise of all cost of purchase, cost of conversion and other cost incurred in bringing them to there present location and condition.

Net realizable value is calculated on the basis of estimated sales price in the ordinary course of business less estimated gross profit margin.

The inventories have been physically verified by the management and day to day stock register has been maintained by the company as per Central Excise Rules only. The quantity and value of the same has been certified by the management. The Closing stock of finished goods has been valued including Excise Duty.

Deferred tax assets are recognized and carried forward only to the extent that there is a virtual certainty of realization of such assets. In view of unabsorbed losses and depreciation for the year, deferred tax asset has been recognized to the extent of balance of deferred tax liability as at the year end. Accordingly, deferred tax liability existing at the beginning of the year has also been written back.

13. Prior period items:

All material items of Income / Expenditure pertaining to prior period are accounted separately. However Miscellaneous expenses includes prior period expenses of Rs. 2,95,603/-. Other operating revenue includes prior period income ofRs. 8,83,423/-.

14. Related PartyTransactions:

As per Accounting Standard-18 on "Related Party Disclosures", the transactions entered into with the related parties are disclosed below which were entered in the ordinary course of business:

(a) Names of the related parties with whom transactions were entered into during the year:

1. Companies under the same Management:

a) Tijaria Industries Limited

b) Tijaria International Limited

c) Tijaria Vinyl Private Limited

2. Key Management Personnel:

Mr. Alok Jain Tijaria - Managing Director

Mr. Vikas Jain Tijaria - Whole Time Director

Mr. Praveen Jain Tijaria - Whole Time Director

Mr. Vineet Jain Tijaria - Whole Time Director

3. Relatives to Key Management Personnel:

a) Mrs. Anu Jain Tijaria

b) Mrs. Purnima Jain Tijaria

c) Mrs. Reema Jain Tijaria

d) Mrs. Sonal Jain Tijaria

e) Mr. Ramesh Jain Tijaria

f) Mrs. Maya Jain

g) Mrs. Kunti Jain

15. The company has raised an amount of Rs. 60,00,24,420/- though IPO which was subscribed by the public between 27.09.2011 to 29.09.2011.

On receipt of such IPO proceeds company was under an obligation to utilize the proceeds as per prospectus filed before the SEBI. However, an enquiry is pending before the SEBI with regard to the utilization of funds which is still subjudice hence we have not commented upon the utilization of IPO proceeds.

Vide letter No. WTM/PS/ID2/146/Dec/2011 dated 28th December, 2011, SEBI has directed the company to (Deposit) the IPO proceeds to the tune of Rs. 45.40 Crores in a Escrow Account within a specified time limit within 7 (seven) days, which has not been done and as informed by the Management, the company is taking appropriate action on the matter.

16. The company has adopted the rate of Indian Rupees as 51.50 per Dollar as conversion rate which has been prescribed by the customs department vide Notification No. 26/2012 dated 28.03.2012 for the month of April, 2012, which in the opinion of the management was more appropriate to give a true and fair view. Further the rate prescribed by the customs department for the month of March, 2012, would have adverse effect as the 31.03.2012 is the last effective day of such rate and hence rate as on 01.04.2012 has been considered.

17. The company has received subsidy of Rs. 24,18,785/- (Previous Year Nil) from Sales Tax Department and sum of Rs. l,67,200/-(Previous Year Rs. 4,75,000/-) received from Agriculture & Processed Food Products Export Development Authority.

18. All the figures are rounded off to the nearest rupee.

Signature to Note 1 to 27 annexed to and forming part of the Balance Sheet as at 31st March, 2012 and the Statement of Profit and Loss for the year ended on that date.

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Mar 31, 2011

1. Contingent Liabilities:

The following contingent Liabilities have not provided for in respect of;

a. Letter of Credit for Rs. 9,13,59,194/- (Previous Year Rs 1,35.02,556/-).

b. Bank Guarantees for Rs. 5,86,87,179/- (Previous Year Rs. 4,67,64,725/-}.

c. Export Obligations Liability (excluding interest & penalty as may be imposed) in case of failure to meet export obligation within the specified time period under EPCG Scheme- Rs. 72,96,696 (Previous Year Rs. 29,92,476).

2. Instalments of Term Loan payable within one year are Rs.3,09,53,089/- {Previous Year Rs. 1,04,24,016/-).

3. The Company has acquired three pieces of industrial land situated at RlICO Industrial Area, Sitapura (Extn.), Ram Chandra Pura. Jaipur on Deferred Payment basis from RlICO. Out of these, Bank of India has issued Letter of Comfort to RlICO in respect of two plots (plot no. SP-1-2316 & F-2243) and created their equitable mortgage over the same In respect of the term loan sanctioned for the new project Apart from it, another plot No. SP-1-2315 is secured under lease agreement executed with RlICO. Therefore, the Deferred Payments of RlICO have been accordingly classified under Secured Loans.

4. The company has not received any intimation from its suppliers being registered under Micro, Small and Medium Enterprises Development Act, 2006. Hence, the disclosure relating to amount unpaid as at the year end together with interest paid/payable under this Act have not been disclosed separately.

5. Closing Stocks have been valued as per the Accounting Policies of the Company and includes Excise Duty, wherever applicable. There was no Process Stocks (W.I.P.) as on 31.3.2011.

6. In the opinion of the Directors, Loans & Advances, Sundry Debtors and other Current Assets, if realised in the ordinary course of business, have the value at which they are stated in the Balance Sheet.

7. The company has charged 1/5th of total preliminary expenses Rs. 1,37,352/- (Previous Year Rs. 1,37,352/-) during the year, The amortization of the same commenced w.e.f. the Financial Year 2006-07.

8. The company incurred pre-operative expenses amounting to Rs. 2,08,98,150/- (Previous Year Rs. 38,52,522/-) till the end of the current year for its expansion cum diversification project which is proposed to come up at RlICO Industrial Area, Sitapura, Jaipur The pre-operative expenses comprises of travelling expenses, salaries & consultancy charges. A legitimate part of the Directors remuneration has also been allocated under this head since Directors have devoted much time towards planning this project. Apart from it, bank charges, interest on term loan and other expenses which are attributable directly to project have also beep booked under this head. The Company will capitalise the same upon commencement of the project.

9. The Company has given advances for purchase of goods to certain suppliers and others towards expenses etc, which are in the general course of business and not in the nature of loans or advances attracting provisions of Section 2957372A of the Companies Act, 1956.

10. At the year-end, there were unsecured Loans aggregating to Rs. 1,74(45.559/'' were left unpaid in the books of the Company. The loans appearing during ithe year in the books were borrowed from shareholders, directors arid corporate bodies. These advances tftd not fSff within the meaning of the expression "Deposit" as defined in sale 3{B) of the Companies {Acceptance of Deposits) Rotes,. 1975.

11. Sales include trading sales of HOPE Pipes Rs. NIL (Previous Year Rs. 44,90,95,164/-) and Grapss Rs. 2,00,97,052/- (Previous Year Rs. 94,56.533/-). Purchase of raw raatenal includes tfading goods ''purchases of HOPE Pipes Rs. NIL (Previous Year Rs. 37,83,46,909/-) and Grapes (Including packing material) R8.47,09,097/- (Previous Year Rs. 2,29,03285/-).

12. The Company has a defined benefit gratuity plan. Every employee who has completed five years of more of service gets a gratuity on departure at 15 days last drawn salary for each completed year of service. The scheme is funded with LIC in the form of a qualifying insurance policy. Gratuity expense Rs. t, 19.162/- has been provided as per actuarial valuation made by the LIC under projected anil credit method.

(A) The Ministry of Corporate Affairs, Government of India vide notification no SO 301 E dated 8th February. 2011 has exempted to disclose quantitative details required under paras 3(i)(a) and 3{ii)(a) of Part II, Schedule VI to the Companies Act, 1956. The Board of Directors has passed necessary resolution in this regard and accordingly, the value of those goods which form less than 10% of the total value of turnover, consumption of raw material has not been shown separately

13. Aii the figures are rounded off to the nearest rupee.

14. Previous year''s figures have been rearranged and regrouped wherever practicable and considered necessary.

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Mar 31, 2010

1. Contingent Liabilities:

Contingent Liabilities not provided for in respect of:

(a) Letter of Credit for Rs. 13502556 (Previous Year Rs 14917069). (b) Bank Guarantees for Rs. 46764725 (Previous Year Rs. 60908710)

2. Installments of Term Loan payable within one year are Rs. 10424016 (Previous Year Rs. 9847912).

3. The company has not received any intimation from its suppliers being registered under Micro, Small and Medium Enterprises Development Act, 2006. Hence, the disclosure relating to amount unpaid as at the year end together with interest paid/payable under this Act have not been disclosed separately.

4. Closing Stocks have been valued as per the Accounting Policies of the Company and includes excise duty. There was no Process Stocks (WIP) as on 31.3.2010.

5. In the opinion of the Directors, Loans & Advances, Sundry Debtors and other Current Assets, if realised in the ordinary course of business, have the value at which they are stated in the Balance Sheet.

6. The company has charged 1/5th of total preliminary expenses Rs. 137352 (Previous Year Rs. 137352) during the year. The amortization of the same commenced from the Financial Year 2006-07.

7. The company incurred pre-operative expenses amounting to Rs. 3852522 (Previous Year Rs. Nil) during the current year for its expansion cum diversification project which is proposed to come up at RIICO Industrial Area, Sitapura, Jaipur. The pre-operative expenses comprises of travelling expenses, salaries & consultancy charges. A legitimate part of the Directors remuneration has also been allocated under this head since Directors have devoted much time towards planning of this project. The Company will capitalise the same upon commencement of the project.

8. The Company has given advances for purchase of goods to certain suppliers and others towards expenses etc., which are in the general course of business and not in the nature of loans or advances attracting provisions of Section 295/372A of the Companies Act, 1956.

9. As at the year end, there were no Unsecured Loans left unpaid in the books of the Company. The loans appearing during the year in the books were received from shareholders and were interest-free in nature. These advances did not fall within the meaning of the expression "Deposit" as defined in rule 3(B) of the Companies (Acceptance of Deposits) Rules, 1975.

10. Sales includes trading sales of HDPE Pipes Rs. 449095164 (Previous Year Rs. Nil) and Grapes Rs. 9456533 (Previous Year Rs. Nil).

Purchase of raw material includes trading goods purchases of HDPE Pipes Rs. 376346909 (Previous Year Rs. Nil) and Grapes Rs. 22903285 (Previous Year Rs. Nil).

11. In the opinion of the management provisions made by the company are adequate. The Company is in the process of valuing the gratuity liability by an actuarial. Hence, the liability as at 31st March, 10 cannot be quantified. However, looking to the various factors, management is of the view that it would not be a material liability.

12. Information regarding transactions with related parties as required by Accounting Standard 18 issued by the Institute of Chartered Accountants of India is given below:

1. Names of the related parties with whom transaction were carried out during the year and description of relationship:

(a) Tijaria Industries Limited Holding Company

(b) Tijaria International Limited Group company

(c) Tijaria Vinyl Private Limited Group company

2. Key management personnel:

(a) Mr. Alok Jain Tijaria - Director (b) Mr. Vikas jain Tijaria - Director

(c) Mr. Vineet Jain Tijaria - Director (d) Mr. Praveen Jain Tijaria- Director

3. Relative to key management personnel :

a) Anu Jain Tijaria (b) Purnima Jain Tijaria

c) Reema Jain Tijaria (d) Sonal Jain Tijaria

13. All the figures are rounded off to the nearest rupee.

14. Previous year''s figures have been rearranged and regrouped wherever practicable and considered necessary. Signature to Schedule 1 to 16 annexed to and forming part of the Balance Sheet as at 31st March, 2010 and the Profit and Loss Account for the year ended on that date.

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Mar 31, 2009

1. Sundry Debtors & Creditors:

In the absence of confirmation from the parties the Debit and Credit balances in regard to recoverable and payables have been taken as reflected in the books of the company. In the opinion of the Directors, Loans & Advances and Current Assets, if realised in the ordinary course of business, have the value at which they are stated in the Balance Sheet.

2. Preliminary Expenses:

The company incurred total preliminary expenses worth Rs. 4, 36,761/- during the Financial Year 2006-07 and Rs. 2,50,000/- during the Financial Year 2008-09 which are subject to amortization equally over a period of 5 years. The amortization of the same commenced from the Financial Year 2006-07 and accordingly Rs. 1,37,352/- have been amortised during the current year as well.

3. Advances:

The Company has given Advances for purchase of goods to certain suppliers and others towards expenses etc., which are in the general course of business and not in the nature of loans or advances attracting provisions of Section 295/370 of the Companies Act, 1956.

4. Unsecured Loans:

Unsecured Loans include the loans received from shareholders which are interest-free in nature. These advances do not fall within the meaning of the expression "Deposit" as defined in rule 3(B) of the Companies (Acceptance of Deposits) Rules, 1975.

4. Proposed Dividend:

During the year ending on 31st March, 2009, the company declared year-end, the company proposes dividend @ 15% of paid-up share capital i.e. 15% of Rs. 1,23,15,402/-. The provision for same worth Rs. 1,23,15,402/-and corporate dividend tax worth Rs. 20,93,003/- has been made in the books of accounts of the company.

5. Bonus:

During the year under review bonus is not required to be provided.

6. Contingent Liabilities:

Contingent Liabilities not provided for – Towards Letter of Credit- Rs. 1,49,17,069/-.

7. Provisions:

The provisions made by the company are adequate. The Company has made provision for Income Tax and Fringe Benefit Tax in view of the provisions of the Income Tax Act, 1961.

8. All the figures are rounded off to the nearest rupee.

9. Additional information pursuant to Part II of Schedule VI of the Companies Act, 1956. (A) Particulars of Capacity:

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Mar 31, 2008

1. Sundry Debtors & Creditors:

In the absence of confirmation from the parties the Debit and Credit balances in regard to recoverable and payables have been taken as reflected in the books of the company. In the opinion of the Directors, Loans & Advances and Current Assets, if realised in the ordinary course of business, have the value at which they are stated in the Balance Sheet.

2. Preliminary Expenses:

The company incurred total preliminary expenses worth Rs. 4, 36,761/- during the Financial Year 2006-07 which are subject to amortization equally over a period of 5 years. The amortization of the same commenced from the Financial Year 2006-07 and accordingly Rs. 87,352/- have been amortised during the current year as well.

3. Advances:

The Company has given Advances for purchase of goods to certain suppliers and others towards expenses etc., which are in the general course of business and not in the nature of loans or advances attracting provisions of Section 295/370 of the Companies Act, 1956.

4. Unsecured Loans:

Unsecured Loans include the loans received from shareholders which are interest-free in nature. These advances do not fall within the meaning of the expression "Deposit" as defined in rule 3(B) of the Companies (Acceptance of Deposits) Rules, 1975.

5. Proposed Dividend:

During the year ending on 31st March, 2008, the company declared an interim dividend @ 7% of paid- up share capital aggregating to Rs. 28,73,594/-. At the year-end as well, the company proposes dividend @ 8% of paid-up share capital i.e. 8% of Rs. 4,10,51,340/-. The provision for same worth Rs. 32,84,107/-and corporate dividend tax worth Rs. 5,58,134/- has been made in the books of accounts of the company.

6. Provisions:

The provisions made by the company are adequate. The Company has made provision for Income Tax and Fringe Benefit Tax in view of the provisions of the Income Tax Act, 1961.

7. All the figures are rounded off to the nearest rupee.