Notes to Accounts of Tokyo Plast International Ltd.

Mar 31, 2024

2.18) Provisions and Contingent Liabilities:

Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but their existence will be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligation cannot be made.

Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses.

Provisions are measured at the present value of management''s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

A contingent asset is disclosed, where an inflow of economic benefits is probable. An entity shall not recognise a contingent asset unless the recovery is virtually certain.

2.19) Cash and Cash Equivalents:

For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other shortterm, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

2.20) Impairment of assets:

Intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment, or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which asset''s carrying amount exceeds its recoverable amount. The recoverable amount is higher of an asset''s fair value less cost of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or group of assets (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

2.21) Investment in subsidiaries and joint ventures:

Investment in subsidiaries and joint ventures are recognised at cost as per Ind AS 27. Provision for diminution, if any, in the value of investments is made to recognise a decline in value, other than temporary.

2.22) Earnings Per Share:

i. Basic earnings per share: Basic earnings per share is calculated by dividing :

- the profit attributable to owners of the Company

- by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements in equity shares issued during the year and excluding treasury shares.

ii. Diluted earnings per share: Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

- the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and

- the weighted average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.

2.23) Dividend:

Final dividend on shares are recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company''s Board of Directors.

2.24) New accounting pronouncements:

Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. During the year ended March 31, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the company

3 CRITICAL ESTIMATES AND JUDGEMENTS:

The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Company accounting policies. This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed information about each of these estimates and judgements is included in relevant notes together with information about the basis of calculation for each affected line item in the financial statements.

The preparation of the financial statements in conformity with GAAP requires the Management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent assets and liabilities as at the date of the financial statements and reported amounts of income and expenses during the period. These estimates and associated assumptions are based on historical experience and management''s best knowledge of current events and actions the Company may take in future.

Information about critical estimates and assumptions that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities are included in the following notes:

1) Impairment of financial assets and investment in subsidiaries (including trade receivable) (Note 46)

2) Estimation of defined benefit obligations (Note 40)

3) Estimation of current tax expenses and payable (Note 35)

4) Estimation of provisions and contingencies (Note 17, 24 and 36)

5) Recognition of deferred tax assets (Note 26)

6) Recognition of MAT credit entitlements (Note 35)

7) Lease Accounting (Note 4)

3.1) Impairment of financial assets and investment in subsidiaries (including trade receivable)

Impairment testing for financial assets including investment in subsidiaries (other than trade receivables) is done at least once annually and upon occurrence of an indication of impairment. The recoverable amount of the individual financial asset is determined based on value-in-use calculations which required use of assumptions.

Allowance for doubtful receivables represent the estimate of losses that could arise due to inability of the Customer to make payments when due. These estimates are based on the customer ageing, customer category, specific credit circumstances and the historical experience of the company as well as forward looking estimates at the end of each reporting period.

3.2) Estimation of defined benefit obligations

The liabilities of the company arising from employee benefit obligations and the related current service cost, are determined on an actuarial basis using various assumptions. Refer Note 40 for significant assumptions used.

3.3) Estimation of current and deferred tax expenses and payable

The Company''s tax charge is the sum of total current and deferred tax charges. Taxes recognized in the financial statements reflect management''s best estimate of the outcome based on the facts known at the balance sheet date. These facts include but are not limited to interpretation of tax laws of various jurisdictions where the company operates. Any difference between the estimates and final tax assessments will impact the income tax as well as the resulting assets and liabilities.

3.4) Estimation of provisions and contingencies:

Provisions are liabilities of uncertain amount or timing recognised where a legal or constructive obligation exists at the balance sheet date, as a result of a past event, where the amount of the obligation can be reliably estimated and where the outflow of economic benefit is probable. Contingent liabilities are possible obligations that may arise from past event whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events which are not fully within the control of the company. The Company exercises judgement and estimates in recognizing the provisions and assessing the exposure to contingent liabilities relating to pending litigations. Judgement is necessary in assessing the likelihood of the success of the pending claim and to quantify the possible range of financial settlement. Due to this inherent uncertainty in the evaluation process, actual losses may be different from originally estimated provision.

3.5) Recognition of deferred tax assets:

The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal of temporary differences can be deducted. Where the temporary differences are related to losses, relevant tax law is considered to determine the availability of the losses to offset against the future taxable profits. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related tax benefit will be realised.

3.6) Recognition of MAT credit entitlements:

The credit availed under MAT is recognised as an asset only when and to the extent there is convincing evidence that the company will pay normal income tax during the period for which the MAT credit can be carried forward for set off against the normal tax liability. This requires significant management judgement in determining the expected availment of the credit based on business plans and future cash flows of the Company.

3.7) Lease Accounting :

The Company evaluates if an arrangement qulifies to be a lease as per the requirements of Ind AS 116. Identification of lease requires significant judgement. The Company uses significant judgement in assessing the lease term (including anticipated renewals) and the applicable discount rate.

The Company determines the lease term as the noncancellable period of a lease, together with both periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option; and periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option. In assessing whether the Company is reasonably certain to exercise an option to extend a lease, or not to exercise an option to terminate a lease, it considers all relevant facts and circumstances that create an economic incentive for the Company to exercise the option to extend the lease, or not to exercise the option to terminate the lease.

The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or for a portfolio of leases with similar characteristics.

46 FINA NCIAL RISK MANAGEMENT Financial risk factors

The Company activities exposes it to a variety of financial risk namely market risk, credit risk and liquidity risk. The Company''s focus is to foresee the unpredictability of financial markets and seek to minimise potential adverse effect on its financial perfomance.

(a) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instruments will fluctuate because of changes in market factors. Market risk in case of the Company comprises of I nterest rate risk and Currency risk.

i) Interest rate risk

I nterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the its long-term debt obligations with floating interest rates.

(b) Credit Risk

Credit risk is the risk that counterparty willnot meet its obligations under a financial instrument or customer contract, leading to a financial loss. Credit risk primarily arises from Trade receivables and Loans, Cash and cash equivalents and Deposit with banks.

The Company exposure to the credit risk is limited as follows:

Trade Receivables

i) The Company''s customer base consists of a large corporate customers. For majority of its customers, the payment terms is partly in advance and balance at the time of shipment reaches at customers location. Company is dealing with many customers regularly last many years and they are regular in paying debts. Hence credit risk is low.

ii) Customer credit risk is managed by the company''s established policies, procedures and control relating to customer credit risk management. Before accepting any new customer, the Company has appropriate level of control procedures to assess the potential customer’s credit quality. The creditworthiness of its customers are reviewed based on their financial position, past experience and other factors. The credit period provided by the Company to its customers generally ranges from 0-90 days. Outstanding customer receivables are regularly monitored.The credit risk related to the trade receivables is mitigated by taking letter of credit as and where considered necessary, setting appropriate payment terms and credit period, and by setting and monitoring internal limits on exposure to individual customers.

iii) On the basis of the the historical experience, the risk of default in case of trade receivable is low. Provision is made for doubtful receivables on individual basis depending on the customer ageing, customer category, specific credit circumstances & the historical experience of the Company.

iv) The gross carrying amount of Trade Receivables is Rs. 1613 as on 31 -Mar-24 and Rs. 1317 as on 31 -Mar-23.

The following additional information (other than what is already disclosed elsewhere) is disclosed in terms of amendments dated March 24, 2021 in Schedule III to the Companies Act 2013 with effect from 1st day of April, 2021 :-

a. The company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017.

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

c. Disclosure in Relation to Undisclosed Income: During the year, the Company has not surrendered or disclosed any income in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961). Accordingly, there are no transaction which are not recorded in the books of accounts.

d. The company was not having net worth of rupees five hundred crore or more, turnover of rupees one thousand crore or more, net profit of rupees five crore or more during the immediately preceding financial year and hence, provisions of section 1 35 of the Act not applicable to the company during the year.

e. There are no loans or advances outstanding as on 31-Mar-24 and 31-Mar-23, in the natures of loans, are granted to promoters, directors, KMPs and the related parties (as defined under the Companies Act 2013), either severally or jointly with any other person.

f. The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall :

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

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

g. The Company has not received any funds from any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Company shall:

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

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

h. There is no proceeding initiated or pending against the company during the year for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

i. The company is not declared wilful defaulter by any bank or financial Institution or any other lenders.

j. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

k. There are no creation or satisfaction of charges as at 31st March, 2024 pending with ROC beyond the statutory period other than following:

(i) Charge creaated of 09/10/2002 on Motor Vehicle of Rs. 5 lakhs of Citicorp India Ltd Finance Corp. Company has cleared the loan and Asset is also sold. Management is in process of completing the process of staisfaction of charge.

l. The Company has no transactions with Struck Off Companies.

m. The quarterly returns or statements of current assets filed by the Company with banks or financial institutions are in agreement with the books of accounts.

50 AUDIT TRAIL NOTE: The Company has used accounting software for maintaining Its books of account which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded In the software, except for the period from 01st April 2023 to 18th May, 2023 as the Company was in the process of evaluating options for implementing and migrating to accounting software with audit trail feature for maintaining its books of account to comply with the prescribed requirements. Further no instance of audit trail feature being tampered with was noted in respect of the accounting software.

51 PREVIOUS YEAR FIGURES:

Previous year figures have been regrouped/reclassified whenever necessary, to make them comparable with the current year figures.

The accompanying notes (1-51) form an integral part of the financial statements As per our report of even date

For U B G & Company For and Behalf of Board

Chartered Accountants

Firm Registration No.141076W

Velji L. Shah (Chairman and M.D., DIN: 7239)

Gaurav Parekh Haresh V. Shah (Director and C.F.O., DIN: 8339)

Partner

Membership No. 140694 Swagata Indulkar (Membership No. 61103)

Place: Mumbai Date: 28 May, 2024

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Mar 31, 2023

2.18) Provisions and Contingent Liabilities:

Contingent Liabilities are disclosed in respect ofpossible obligations that arisefrompast events but their existence will be confiimed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or where any present obligation cannot be measured in terms of future outflow of resources or where a reliable estimate of the obligatioimdinot be

Provisions are recognised when the Company has a present legal or constructive obligation as aresult of past events,it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses.

Provisions are meas ured at the pres ent value of managements best estimate oftheexpenditure required to settle the present obligation a the end of the reportingperiod. The dis count rate usedto determinethe pres ent value is apre-taxratethatreflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.

Where thereareanumber ofsimilar obligations,the likelihoodthat an outflow will be required in settlement is determined by cons idering the class of obligations as a whole.A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

A contingent asset is disclosed, where an inflow of economic benefits is probable. An entity shallnot recognis e a contingent assetunless the recovery is virtually certain.

2.19) Cash and Cash Equivalents:

For the purpose of presentation in thestatement of cash flows,cash and cash equivalents includes cash on hand, deposits held at call with financialinstitutions,other shortterm,highly liquid investments with originalmaturities ofthree months or less that are readily convertible t known amounts of cash and which are subject to an insignificant risk of changes in value.

2.20) Impairment of assets:

Intangible assets that have an indefinite useful life are not subject to amortisation and are tested annually for mpmehepently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognisedfor the amount by which ass :ts carrying amount exceeds its recoverable amount.The recoverable amount is higher ofan assets fair valueless cost of dis pos al and value in use. F or the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows fromother assets or group of assets (cash-generating units). Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at the end of each reporting period

2.21) Investment in subsidiaries and joint ventures:

Investment in subsidiaries and joint ventures are recognised at cost as per Ind AS 21. Provision for diminution, if any, in the value of investments is made to recognise a decline in value, other than temporary.

2.22) Earnings Per Share:

i. Basic earnings per share: Basic earnings per share is calculated by dividing :

- the profit attributable to owners of the Company

- by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements in equity shares issued during the year and excluding treasury shares.

ii. Diluted earnings per share:Diluted earnings per share adjjists the figures used in the determination of basic earnings pershare totake into account:

- the after income tax effect of interest and other financing costs associated with dilutive potential equity shares, and

- the weighted average number of additionalequity shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.

2.23) Dividend:

F inal dividend on shares are recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Companys Board of Directors.

2.24) New accounting pronouncements:

On March 23, 2023, the Ministry of Corporate Affairs (MCA) has notified Companies (Indian Accounting Standards) Amendriffli Rules This notification has resulted into amendments in the following existing accounting standards which are applicable to company if i 2(23.

3 CRITICAL ESTIMATES AND JUDGEMENTS:

The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management alsoneeds to exercise judgement in applying the Company accounting policies. This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed information about each of these estimates and judgements s included in relevant notes together with information about the basis of calculation for each affected line item in t Isatafii^innilas.

The preparation of the financialstatements in conformity with GAAPrequires theManagement tomake estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent assets and liabilities as at the date of the financial staanihents reported amounts of income and expenses during the period. Thes e estimates and associated assumptions arebased on historical experience and managements best knowledge of current events and actions the Company may take in future.

Information about critical estimates and assumptions that have a significant risk ofcausing materialadjus tment to the carrying amounts ofassets and liabilities are included in the following notes:

) Impairment of financial assets and investment in subsidiaries (including trade receivable) (Note 46)

2) Estimation of defined benefit obligations (Note 40)

3) Estimation of current tax expenses and payable (Note 35)

4) Estimation of provisions and contingencies (Note 7, 24 and 36)

5) Recognition of deferred tax assets (Note 25)

6) Recognition of MAT credit entitlements (Note 35)

7) Lease Accounting (Note 4)

3.1) Impairment of financial assets and investment in subsidiaries (including trade receivable)

Impairment testing for financial assets including investment in subsidiaries (other than trade receivables)is done at least once annually and upon occurrence of an indication of impairment. The recoverable amount of the individual financial asset is determined bas ed on value-in-use calculations which required use of assumptions.

Allowance for doubtfulreceivables represent the estimate of losses that could arise due to inability of the Customer to make payments when due. These estimates are based on the customer ageing, customer category,specific credit circumstances andthehistoricalexperience ofthe company as well as forward looking estimates at the end of each reporting period.

3.2) Estimation of defined benefit obligations

The liabilities of the company arising from employee benefit obligations and the related current service cost, are determined on an actuarial basis using various assumptions. Refer Note 40 for significant assumptions used.

3.3) Estimation of current and deferred tax expenses and payable

The Companys tax charge is the sum of total current and deferred tax charges. Taxes recognized in the financial statements reflect managements best estimate of the outcome based on the facts known at the balance sheet date. These facts include but are not limited to interpretation of tax laws of various jurisdictions where the company operates. Any difference between the estimates and final tax assessments will impact the income tax as well as the resulting assets and liabilities.

3.4) Estimation of provisions and contingencies:

Provisions are liabilities of uncertain amount or timing recognised where a legal or constructive obligation exists at thebalancesheet date, as aresult of a past event, where the amount ofthe obligation can be reliably estimated and where the outflow of economic benefit is probabe. Contingent liabilities are possible obligations that may arise frompast event whos e exis t ence will be confirmed only by the occurrence or non occurrence of one or more uncertain future events which are not fully within the controlof the company. The Company exercises judgement and estimates in recognizing the provisions and assessing the exposure to contingent liabilities relating to pending litigations. Judgement is necessary in assessing the likelihood of the success of the pending claimand to quantify the possible range of financialsettlement. Dueto this inherent uncertainty in the evaluation process, actual losses may be different from originally estimated provision.

3.5) Recognition of deferredtax assets:

The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal of temporary differences can be deducted. Where the temporary differences are related to losses, relevant taxlawis considered to determine the availability of the losses to offset against the future taxable profits. Deferred taxassets are reviewed at each parting date and reduced to the extent that it is ngefcprobable that the related tax benefit will be realised.

3.6) Recognition of MAT credit entitlements:

The credit availed underMAT is recognised as an asset only when and to the ex;ent there is convincing evidence that the company willpay normal income taxduring the period for which the MAT credit can be carried forward for set off against the normal taxliability. This requires significant management judgement in determining the expected availment of the credit based on business plans andfuture cash flows of the Company.

3.7) Lease Accounting :

The Company evaluates if an arrangement qulifies to be a lease as per the requirements of Ind AS I Identification of lease requires significant judgement. The Company uses significant judgement in assessing the lease term (including anticipated renewals) and the applicable discount rate.

The Company determines the lease termas the noncancellable period of a lease, together with both periods covered by an option toex;end the lease if the Company is reasonably certain to exercise that option; and periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option. In assessing whether the Company is reasonably certain to exercise an option to ex;enda lease, or not to exercise an option to terminate a lease, it considers all relevant facts and circumstances that create an economic incentive for the Company to exercise the option to extend the lease, or not to exercise the option to terminate the lease.

The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or for a portfolio of leases with similar characteristics.

The Company has considered leases with term up to E(Twelve) months as short term leases. Such short term leases are accordingly excluded from the seme for thernrpose of Ind As B reporting.

f \

46 FINANCIAL RISK MANAGEMENT Financial risk factors

The Company activities exposes it to a variety of financial risk namely market risk,credit risk and liquidity risk. The Company''s focus is to foresee the unpredictability of financial markets and seek to minimise potential adverse effect on its financial perfomance.

(a) Market Risk

M arket risk is the risk that the fair value of future cash flows of a financial instruments will fluctuate because of changes in market factors. M arket risk in case of the Company comprises of Interest rate risk and Currency risk.

i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market in erest rates. The Companys exposure tothe risk of changes in market interest rates relates primarily to the its long-termdebt obligations withfloating interest rates.

(b) Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract,leading toa financial oss Credit risk primarily arises from Trade receivables and Loans, Cash and cash equivalents and Deposit with banks.

The Company exposure to the credit risk is limited as follows:

Trade Receivables

i) The Company''s customer base consists of alarge corporate customers.For majority ofits customers,the payment terms is partlyin advance and balance at the time of shipment reaches at customers location. Company is dealing with many customers regularly last many years andthey a e regular in paying debts. Hence credit risk is low.

ii) Customer credit riskis managed by the company''s established policies, procedures and control relating to customer credit riskmanagement. Before accepting any new customer, the Company has appropriate level of control procedures to assess the potential customers credit quality. The credit-worthiness of its customers are reviewed based on their financial position, past experience and other factedfe .pThodcprovided

by the Company to its customers generally ranges from 090days. Outstanding customer receivables are regularly monitored.The credit ri k related to the trade receivables is mitigated by taking letter of credit as and where considered necessary, setting appropriate payment terms and credit period, and by setting and monitoring internal limits on exposure to individual customers.

iii) On the basis of the the historical experience, the risk of default in case of trclsviable is low. Provision is made for doubtful receivables on individual basis depending on the customer ageing, customer category, specific credit circumstances & the historical exnfrtdncCompany.

iv) The gross carrying amount of Trade Receivables is K5B. lakhs as on 31M ar-2023 and Rs. 886.32 lakhs as on 3-M ar-222

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

c. Disclosure in Relation to Undisclosed Income: During the year, the Company has not surrendered or disclosed any income in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961). Accordingly, there are no transaction which are not recorded in the books of accounts.

d. The company was not having net worth of rupees five hundred crore or more, turnover of rupees one thousand crore or more, net profit of rupees five crore or more during the immediately preceding financial year and hence, provisions of section 1 35 of the Act not applicable to the company during the year.

e. There are no loans or advances outstanding as on 31-Mar-23 and 31-Mar-22, in the natures of loans, are granted to promoters, directors, KMPs and the related parties (as defined under the Companies Act 2013), either severally or jointly with any other person.

f. The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Intermediary shall :

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

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

g. The Company has not received any funds from any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding (whether recorded in writing or otherwise) that the Company shall:

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

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

h. There is no proceeding initiated or pending against the company during the year for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 and rules made thereunder.

i. The company is not declared wilful defaulter by any bank or financial Institution or any other lenders.

j. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

k. There are no creation or satisfaction of charges as at 31st March, 2023 pending with ROC beyond the statutory period other than following:

(i) Charge creaated of 09/10/2002 on Motor Vehicle of Rs. 5 lakhs of Citicorp India Ltd Finance Corp. Company has cleared the loan and Asset is also sold. Management is in process of completing the process of staisfaction of charge.

l. The Company has no transactions with Struck Off Companies.

m. The quarterly returns or statements ofcurrent assets filed by the Company with banks or financialinstitutions are in agreement with the books of accounts.

50 PREVIOUS YEAR FIGURES:

Previous year figures have been regrouped/reclassified whenever necessary, to make them comparable with the current year figures.

The accompanying notes (1-50) form an integral part of the financial statements As per our report ofeven date

For U B G & Company For and Behalf of Board

Chartered Accountants

Firm Registration No.141076W

Velji L. Shah (Chairman and M.D., DIN: 7239)

Gaurav Parekh Haresh V. Shah (Director and C.F.O., DIN: 8339)

Partner

Membership No. 140694 Rekha B (C.S. and Compliance Officer)

Place: Mumbai Date: 12 May, 2023

---

Mar 31, 2018

1 CORPORATE INFORMATION:

The Tokyo Plast International Limited (''The Company'') was incorporated on 11th November, 1992under the provisions of the Companies Act 1956.The Company is having registered office at 363/1(1,2,3), Shree Gamesh Industrial Estate, Kachigam Road, Daman- 396 210 (U.T.) and engaged in the business of Manufactuers of Plastic Thermoware Products

2 CRITICAL ESTIMATES AND JUDGEMENTS:

The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the group’s accounting policies. This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed information about each of these estimates and judgements is included in relevant notes together with information about the basis of calculation for each affected line item in the financial statements.

The preparation of the financial statements in conformity with GAAP requires the Management to make estimates and assumptions that affect the reported balances of assets and liabilities and disclosures relating to contingent assets and liabilities as at the date of the financial statements and reported amounts ofincome and expenses during the period. These estimates and associated assumptions are based on historical experience and management’s best knowledge of current events and actions the Company may take in future.

Information about criticalestimates and assumptions that havea significant riskofcausing materialadjustment to the carrying amounts ofassets and liabilities are included in the following notes:

2.1 Impairment of financial assets and investment in subsidiaries (including trade receivable) (Note42)

2.2 Estimation of defined benefit obligations (Note 38)

2.3 Estimation of current taxexpenses and payable (Note 34)

2.4 Estimation of provisions and contingencies (Note 23 and 35)

2.5 Recognition of deferred taxassets (Note 25)

2.6 Recognition of MAT credit entitlements (Note 34)

3.1 Impairment of financial assets andinvestment in subsidiaries (including trade receivable)

Impairment testing for financial assets including investment in subsidiaries (other than trade receivables) is done at least once annually and upon occurrence of an indication of impairment. The recoverable amount of the individual financial asset is determined based on value-in-use calculations which required use of assumptions.

Allowance for doubtful receivables represent the estimate oflosses that could arise due to inability of the Customer to make payments when due. These estimates are based on the customer ageing, customer category, specific credit circumstances and the historical experience of the company as well as forward looking estimates at the end of each reporting period.

3.2 Estimation of defined benefit obligations

The liabilities of the company arising from employee benefit obligations and the related current service cost, are determined on an actuarial basis using various assumptions. Refer note 38 for significant assumptions used.

3.3 Estimation of current and deferred tax expenses and payable

The Company’s tax charge is the sum of total current and deferred tax charges. Taxes recognized in the financial statements reflect management’s best estimate of the outcome based on the facts known at the balance sheet date. These facts include but are not limited to interpretation of tax laws of various jurisdictions where the company operates. Any difference between the estimates and final tax assessments will impact the income tax as well as the resulting assets and liabilities.

3.4 Estimation of provisions and contingencies:

Provisions are liabilities ofuncertain amount or timing recognised where a legal or constructive obligation exists at the balance sheet date, as a result of a past event, where the amount of the obligation can be reliably estimated and where the outflow of economic benefit is probable. Contingent liabilities are possible obligations that may arise from past event whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events which are not fully within the control of the company. The Company exercises judgement and estimates in recognizing the provisions and assessing the exposure to contingent liabilities relating to pending litigations. Judgement is necessary in assessing the likelihood of the success of the pending claim and to quantify the possible range of financial settlement. Due to this inherent uncertainty in the evaluation process, actual losses may be different fromoriginally estimated provision.

3.5 Recognition of deferred tax assets:

The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable taxable profits will be available in the future against which the reversal oftemporary differences can be deducted. Where the temporary differences are related to losses, relevant taxlaw is considered to determine the availability of the losses to offset against the future taxable profits. Deferred taxassets are reviewed at each reporting date and reduced to the extent that it is no longer probable that the related taxbenefit will be realised.

3.6 Recognition of MAT credit entitlements:

The credit availed under MAT is recognised as an assetonly when and to the extent there is convincing evidence that the company willpay normal income taxduring the period for which the MAT credit can be carried forward for set off against the normal taxliability. This requires significant management judgement in determining the expected availment of the credit based on business plans and future cash flows of the Company.

i) Rights, preferences and restrictions attaching to each class of shares:

The company has only one class of equity shares having a parvalue ofRs. 10per share. Each holderof equity shares is entitled to one vote per share. The dividend has not been proposed by the Board of Directors.In the event ofliquidation ofthe Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amount, in proportion to their shareholding.

4 SEGMENT INFORMATION

A. Operating Segments:

An operating segment is a component of an entity:

(a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity),

(b) whose operating results are regularly reviewed by the entity’s chief operating decision maker (CODM)to make decisions about resources to be allocated to the segment and assess its performance, and

(c) for which discrete financial information is available.

The Company is undertaking export of plastic thermoware products and the risks and rewards are predominantly affected to some extent of the customers proffle. The Finance director of the Company has been identified as the Chief Operating Decision Maker (CODM). The CODM evaluates the segments based on their revenue growth, earnings before interest, tax and depreciation and return on capital employed.

The company reviews its fnancials only based on it products sales and profit. Thus, based on such the Company’s assessment, the Company has identified Plastic Thermoware Products as its only primary reportable segment.

5 RELATED PARTY TRANSACTIONS

(i) Name of related parties and nature of relationship:

a. Subsidiary Company Tokyo Plast Global FZE Vimalnath Impex FZE

b. Key management personnel (KMP):

Haresh V. Shah Velji L. Shah

Meghana Mistiy (from 31-Aug-2017)

Parul Gupta (upto 28-Feb-2017)

c. Others - Entities in which above (c) has significant influence :

Tokyo Finance Limited Tokyo Constructions Limited Siddh International Trishla distributors Inc.

Tokyo Exim Limited Mahavir Houseware Distributors Inc (ii) Transactions with related parties:

a. Management Compebnsation :

6 FINANCIAL RISK MANAGEMENT

Financial risk factors

The Company activities exposes it to a variety of financial risk namely market risk, credit risk and liquidity risk. The Company''s focus is to foresee the unpredictability of financial markets and seek to minimise potential adverse effect on its financial perfomance.

(a) Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instruments will fluctuate because of changes in market factors. Market risk in case of the Company comprises of Interest rate risk and Currency risk.

i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the its long-term debt obligations with floating interest rates.

The exposure of the company''s borrowings to interest rate changes as at 31 March, 2018, 31 March, 2017 and 01 April 2016 are as follows:

Interest rate sensitivity

The following table demonstrates the sensitivity to a reasonably possible change in interest rates on that portion of loans and borrowings affected. With all other variables held constant, the Company''s profit before tax is affected through the impact on variable rate borrowings, as follows:

ii) Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates.

(b) Credit Risk

CTedit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Credit risk primarily arises from Trade receivables and Loans, Cash and cash equivalents and Deposit with banks.

The Company exposure to the credit risk is limited as follows:

Trade Receivables

i)The Company''s customerbase consists ofa large corporate customers. Formajority ofits customers,the paymentterms is partly in advance and balance at the time of shipment reaches at customers location. Company is dealing with many customers regularly last many years and they are regular in paying debts. Hence credit risk is low.

ii) Customer credit riskis managed by the company''s established policies, procedures and control relating to customer credit riskmanagement. Before accepting any new customer, the Company has appropriate level of control procedures to assess the potential customer’s credit quality. The credit-worthiness of its customers are reviewed based on their financial position, past experience and other factors. The credit period provided by the Company to its customers generally ranges from 0-90 days. Outstanding customer receivables are regularly monitored.The credit risk related to the trade receivables is mitigated by taking letter of credit as and where considered necessary, setting appropriate payment terms and credit period, and by setting and monitoring internal limits on exposure to individual customers.

iii) On the basis ofthe the historical experience, the riskof default in case of trade receivable is low. Provision is made for doubtfulreceivables on individual basis depending on the customer ageing, customer category, specific credit circumstances & the historical experience of the

iv) The gross carrying amount of Trade Receivables is Rs. 231940055 as at 31st March, 2018, Rs. 220161764 as at 31st March, 2017 and Rs. 130699926 as at 1st April, 2016

Financial Assets other than Trade Receivables

i) The Company places its cash and cash equivalents and deposits with banks with high investment grade ratings which limits the amount of credit exposure with bank and conducts ongoing evaluation of the credit worthiness of the bank with which it does business. Given the high credit ratings of these financial institutions, the Company does not e^ect these financial institutions to fail in meeting their obligations.

ii) In case of Investments, security deposits, advances and receivables given by the company provision is taken on a case to case basis depending on circumstances with respect to non recoverability of the amount.

iii) The gross carrying amount of Financial Assets other than Trade Receivables is Rs. 245512376 as at 31st March, 2018, Rs. 234344787 as at 31st March, 2017 and Rs. 265388990 as at 1st April, 2016

7 CAPITAL MANAGEMENT

The capital structure of the Company consists of net debt and total equity of the Company. The Company manages its capitalto ensure that the Company will be able to continue as going concern while maximis ing the return to stakeholders through an optimum mix of debt and equity within the overall capital structure. The Company’s riskmanagement committee reviews the capital structure of the Company considering the cost of capital and the risks associated with each class of capital.

8 First-time adoption of Ind-AS

These are the Company’s first financial statements prepared in accordance with Ind AS.

The accounting policies set out in note 2 have been applied in preparing the financial statements for the year ended 31st March, 2018, the comparative information presented in these financial statements for the year ended 31st March, 2017 and in the preparation of an opening Ind AS Balance Sheet at 1st April, 2016 (the Company’s date of transition). In preparing its opening Ind AS Balance Sheet, the Company has adjusted the amounts reported previously in financial statements prepared in accordance with the accounting standards notified under Companies (Accounting Standards) Rules, 2006 (as amended) and other relevant provisions of the Act (previous GAAP or Indian GAAP).

An explanation of how the transition from previous GAAP to Ind AS has affected the company’s financial position, financial performance and cash flows is set out in the following tables and notes.

A. Exemptions and exceptions availed:

a) Ind AS optional exemptions :

i. Deemed cost :

Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition after making necessary adjustments for de-commissioning liabilities.

Accordingly, the Company has elected to measure all of its property, plant and equipment at their previous GAAP carrying value.

ii. Investments in subsidiaries :

When an entity prepares separate financial statements, Ind AS 27 requires it to account for its investments in subsidiaries, joint ventures and associates either at cost; or in accordance with Ind AS 109.

Ifafirst-time adoptermeasures such an investment at cost in accordance with Ind AS 27, it shallmeasure that investment at one ofthe following amounts in its separate opening Ind AS Balance Sheet:

a) cost determined in accordance with Ind AS 27; or

b) deemed cost

The deemed cost of such an investment shall be its:

(i) fair value at the entity’s date of transition to Ind ASs in its separate financial statements;

(ii) previous GAAP carrying amount at that date.

A first-time adopter may choose either (i) or (ii) above to measure its investment in each subsidiary, joint venture or associate that it elects to measure using a deemed cost.

The Company has availed the exemption and has measured its investment in subsidiaries at deemed cost being the previous GAAP carrying amount at that date.

b) Ind AS mandatory exemptions : i. Estimates:

An entity’s estimates in accordance with Ind ASs at the date of transition to Ind AS shall be consistent with estimates made for the same date in accordance with previous GAAP (after adjustments to reflect any difference in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates as at April 1, 2016 are consistent with the estimates as at the same date made in conformity with previous GAAP.

Company continiues to impair its financial assets based on its estimates done in accordance with previous GAAP

ii. Classification and measurement of financial assets:

Ind AS 101 requires an entity to assess classification and measurement of financialassets (debt instruments) on the basis of the facts and circumstances that exist at the date of transition to Ind AS.

The Company has applied the above assessment based on facts and circumstances exist at the transition date.

iii. Derecognition of Financial Assets andFinancial Liabilities :

Ind AS 101 requires a first-time adopter to apply the de-recognition provisions ofInd AS 109 prospectively for transactions occurring on or after the date of transition to Ind AS. However, Ind AS 101 allows a first-time adopter to apply the de-recognition requirement provided that the information needed to apply Ind AS 109 to financial assets and financial liabilities derecognised as a result of past transactions was obtained at the time of initially accounting for those transactions.

The Company has elected to apply the derecognition provisions of Ind AS 109 prospectively from the date of transition to Ind AS.

iv. Hedge accounting :

Hedge accounting can only be applied prospectively fromthe transition date to transactions that satisfy the hedge accounting criteria in Ind AS 109, at that date. Hedging relationships cannot be designated retrospectively, and the supporting documentation can not be created retrospectively. As a result, only hedging relationships that satisfied the hedge accounting criteria as of 1st April, 2015 are reflected as hedges in the company’s result under Ind AS.

The Company has applied the above assessment based on facts and circumstances exist at the transition date.

Reconciliations

The following reconciliations provide the effect of transition to Ind AS from Previous GAAP in accordance with Ind AS 101

a. Reconciliation of Equity as at 1 April 2016 and 31 March 2017

b. Reconciliation of Total Equity as at 1 April 2016 and 31 March 2017

c. Reconciliation of Total Comprehensive Income for the year ended 31 March 2017

d. Impact of Ind AS on the Statement of Cash Flows for the year ended 31 March 2017

* The previous GAAP figures have been reclassified to conform to Ind AS presentation requirements for the purposes of this note.

Explanations for reconciliation of Total Comprehensive Income as previously reported under Previous GAAP to IND AS

(a) As per Ind AS 19 - "EMPLOYEE BENEFITS", actuarial gains and losses are recognised in Other Comprehensive Income and not reclassified to Profit and Loss in a subsequent period.

(b) Adjustment reflects tax effect of items classifed under Other Comprehensive Income.

(c) Under Ind AS, all items of income and expense recognised in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income and expense that are not recognised in profit or loss but are shown in the statement of profit and loss includes remeasurements of defined benefit plans, effective portion of gains and losses on cash flow hedging instruments. The concept of other comprehensive income did not exist under previous GAAP.

Explanations for reconciliation of Total Equity as previously reported under Previous GAAP to IND AS

(a) Adjument is for provision of dividend proposed after reporting period created as per Previous GAAP can not be recognised as a liability in the financial statements as it dose not meet the criteria of a present obligation as per Ind AS 37.

* The previous GAAP figures have been reclas s ified to conform to Ind AS pres entation requirements for the purpos es of this note.

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Mar 31, 2015

1. Related Party Disclosures

(i) List of related parties and relationships:

Name of the Related Party Relationship

1. Tokyo Finance Limited Enterprise where Key Managerial persons have significant influence

2. Tokyo Constructions Limited "

3. Siddh International "

4. Trishla distributors Inc. "

5. Tokyo Exim Limited "

6. Mahavir Houseware Distributors Inc "

7. Tokyo Plast Global FZE Subsidiary

8. Haresh V. Shah Key Managerial Personnel

2. Segment Information:

The Company is operating in a single segment. Hence, no separate segment wise information is given.

3. Company has intented to liquidate its Subsidiary . Hence the Consolidated figures are not presented as per Accounting standard (AS) 21.

4. Previous year's figures

Comparable figures have been regrouped/reclassified wherever necessary.

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Mar 31, 2014

Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. No dividend has been proposed by the Board of Directors for the Financial year 2013-14. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amount, in proportion to their shareholding.

Nature of Security and Terms of repayment

i. Term Loan of Rs.3456688/- is secured by Machineries at Daman and Kandla Factory and also guaranteed by Shri.Velji L.Shah and Shri. Haresh V.Shah Directors in their Personal Capacity, Repayable in monthly installment before 16.04.2015 with rate of interest @ 13.50%.

ii. Term Loan of Rs.11329577/- is secured by Machineries at Daman and Kandla Factory and also guaranteed by Shri. Velji L. Shah and Shri. Haresh V. Shah Directors in their Personal Capacity, Repayable in monthly installment before 13.04.2017 with rate of interest @ 13.50%.

iii. Term Loan of Rs.12499557/- is secured by hypothecation of Construction of Office Premises Known as Tokyo Tower also guaranteed by Shri. Velji L. Shah and Shri. Haresh V. Shah Directors in their Personal Capacity, Repayable in monthly installment before 28.02.2018 with rate of interest @ 13.50%.

iv. Term Loan of Rs.3553894/- is secured by Moulds at Daman and Kandla Factory and also guaranteed by Shri. Velji L. Shah and Shri. Haresh V. Shah Directors in their Personal Capacity, Repayable in monthly instalment before 20.05.2016 with rate of interest @ 13.50%.

v. Term Loan of Rs.3204436/- is secured by Moulds at Daman and Kandla Factory and also guaranteed by Shri. Velji L. Shah and Shri. Haresh V. Shah Directors in their Personal Capacity, Repayable in monthly installment before 17.10.2018 with rate of interest @ 13.50%.

vi. Vehicle Loan of Rs.1999895/- is secured by hypothecation Vehicle, Repayable in monthly installment before 30.1 1.2016 with Maximum rate of interest @ 12.65%

All loans from Banks are secured by Stock and Debtors and Collateral security of factory premises at Daman, Land at Marol Co. Op. Industrial Estate , Andheri, Plant & Machinery at Daman & Kandla and also guaranteed by Shri. Velji L. Shah & Shri. Haresh V.Shah, Directors, in their personal capacity. 1. Contingent liabilities 2013-14 2012-13

Claims against the Company not acknowledged as debts 2567000 2567000

2. Segment Information:

The Company is operating in a single segment. Hence, no separate segmentwise information is given.

3. Disclosure in pursuant to AS-19 Leases Operating Lease

The company has taken Office and Factory Premises on lease under cancellable/non-cancellable agreements that are renewable on a periodic basis at the option of both the lessee and the lesser. The initial tenure of the lease generally is for 12 months to 180 months.

4. Previous year''s figures

Comparable figures have been regrouped/reclassified wherever necessary.

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Mar 31, 2013

1. Contingent liabilities 2012-13 2011-12

Claims against the Company not acknowledged as debts 25670000 25670000

2. Borrowing Costs

Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalised as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to Profit and Loss account.

3. Segment Information:

The Company is operating in a single segment. Hence, no separate segmentwise information is given.

4. Disclosure in pursuant to AS-19 Leases Operating Lease

The company has taken Office and Factory Premises on lease under cancellable/non-cancellable agreements that are renewable on a periodic basis at the option of both the lessee and the lessor. The initial tenure of the lease generally is for 12 months to 180 months.

5. Change in classification :

During current year Company has change the classification of Profit/Loss on Foreign Exchange Fluctuation on transactions with trade receivables from Revenue from Operations to Other Expenses for better presentation purpose

6. Previous year''s figures

Comparable figures have been regrouped/reclassified wherever necessary.

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Mar 31, 2012

1. Contingent liabilities 2011-12 2010-11

Claims against the Company not acknowledged as debts 25670000 25670000

2. Segment Information:

The Company is operating in a single segment Hence, no separate segmentwise information is given.

3. Disclosure in pursuant to AS-19 Leases Operating Lease

The company has taken Office and Factory Premises on lease under cancellable/non-cancellable agreements that are renewable on a periodic basis at the option of both the lessee and the lessor. The initial tenure of the lease generally is for 12 months to 180 months.

4- Disclousre persuant to Accounting Standard 21

During the Financial year the Company has made investment in its Subsidiary Tokyo Global FZE Dubai. Since no operations has yet commenced there the company has not presented Consolidated Financials as required under Accounting Standard 21 in the current financial year. All the expenditure relating to incorporation of Subsidiary is shown under Investment Account for the time being till commercial operations are commenced.

5. Previous year's figures

Hitherto the applicability of revised Schedule VI from the current year, the Company has reclassified previous year figures to conform to this year's classification. The adoption of revised Schedule VI does not impact recognition and measurement principles followed for preparation of the financial statements. However, it significantly impacts presentation and disclosures made in the financial statements, particularly presentation of Balance Sheet.

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Mar 31, 2010

1 Related Party Transactions:

The company has transactions with the following related parties: Associates : Tokyo finance Limited, Tokyo Constructions Limited, Siddh International Mahavir Houseware Distributors Inc., Tokyo Exim Limited and Trishla distributors Inc. Director : Haresh V. Shah

2 Contingent liabilities not provided for :-

a. Claims made by the party not acknowledged as debts as on 31st March 2010 amounting to Rs.25.67 (Previous year Rs.25.67)

b. Guarantee given by the bank on behalf of the company to third parties aggregating to Rs. 6.50 Lacs (Previous Year 6.50 lacs)

c. Income Tax matters - Matters decided against the Company in respect of which the Company has preferred an appeal for AY 2004-05 Rs.11.81 lakhs

3 Name of the small scale industrial undertakings to whom the Company owed any sum which was outstanding for more than 30 days at the end of the financial year are as follows (to the extent such parties have been identified from the available documents/information) :- Asian Narrow fabrics Co, Deev Engineers, Deo Surgical & Scientific Co., Divine Tool Engineers, Dowell Aerosols, Expo Packaging, Fame Enterprises, Glasso Pack, Heena Appliances, M Colour Concentrates, Mahavir Chemo Plast Pigments, Makers Polyfilm Pvt. Ltd., Matchwel Colourants, Mixwel Polymers, Milak Plastic Enterprises, Procam Graphics, S.S.Mould Works, Sabari Poly Pack, Sneha Industries, Vahid Paper Convertors, Vaibhav Enterprises, V. Milak Enterprises,Yes Plastics.