Notes to Accounts of TPL Plastech Ltd.

Mar 31, 2025

1.15 PROVISIONS AND CONTINGENCIES

A provision is recognized if, as a result of a past event, the group has a present legal or constructive obligation that can be estimated
reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.

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.

A disclosure for contingent liabilities is made where there is a possible obligation or a present obligation that may probably not
require an outflow of resources or an obligation for which the future outcome cannot be ascertained with reasonable certainty.
When there is a possible or a present obligation where the likelihood of outflow of resources is remote, no provision or disclosure is
made.

1.16 CASH AND CASH EQUIVALENTS

Cash and Cash equivalents include cash and Cheque in hand, bank balances, demand deposits with banks and other short-term
highly liquid investments that are readily convertible to known amounts of cash & which are subject to an insignificant risk of
changes in value. Where original maturity is three months or less.

1.17 CASH FLOW STATEMENT

Cash flows are reported using the indirect method where by the profit before tax is adjusted for the effect of the transactions of a
non-cash nature, any deferrals or accruals of past and future operating cash receipts or payments and items of income or expenses
associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the company
are segregated.

1.18 BORROWING COST

General and specific borrowing costs that are directly attributable to the acquisition, construction or production of qualifying
assets are capitalized as a part of Cost of that asset, during the period till all the activities necessary to prepare the Qualifying assets
for its intended use or sale are complete during the period of time that is required to complete and prepare the assets for its
intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended
use or sale.

Other borrowing costs are recognized as an expense in the period in which they are incurred.

1.19 EARNINGS PER SHARE

Basic EPS is arrived at based on net profit after tax available to equity shareholders to the weighted average number of equities
shares outstanding during the year.

The diluted EPS is calculated on the same basis as basic EPS, after adjusting for the effects of potential dilutive equity shares unless
impact is anti-dilutive.

The company''s pending litigation comprises mainly claims against the Company, proceedings pending with other Authorities. The
Company has reviewed all its pending litigations and proceedings and has made adequate provisions, wherever required and disclosed
the contingent liabilities, wherever applicable, in its financial statements.

(ii) Commitment:

Capital Commitment: '' 110.52 Lakhs/- (Previous Year '' Rs. 201.19 Lakhs)

(iii) The amount of exchange difference (net) of '' 22.24/- Lakhs credited (Previous year credited of '' 142.22/- Lakhs) to the statement
of Profit & Loss for the year

As per Ind AS-108 Segment Reporting

(iv) The Company''s operations fall under single segment namely Industrial Packaging in accordance with Indian Accounting Standard
IND AS 108.

Financial risk management objectives and policies

The Company Financial risk management is an integral part of how to plan and execute its business strategies. The company risk
management policy is set by the Managing Board.

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a
financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency
exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable
to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and
loans and borrowings.

(i) Market Risk- Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in
market interest rates. In order to optimize the company''s position with regards to interest income and interest expenses and to
manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the
proportion of fixed rate and floating rate financial instruments in its total portfolio.

(iii) Credit risk

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this,
the company periodically assess financial reliability of customer, taking into account the financial condition, current economic
trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.

The company considers the probability of default upon initial recognition of asset and whether there has been a significant
increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in
credit risk the company compares the risk of default occuring on asset as at the reporting date with the risk of default as at the
date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business,

ii) Actual or expected significant changes in the opertaing results of the counterparty,

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its
obligations,

iv) Significant increase in credit risk on other financial instruments of the same counterparty,

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or
credit enhancements .

(iv) Liquidity Risk

Liquidity risk is defined as the risk that the company will not be able to settle or meet its obligations on time, or at a reasonable
price. The company''s treasury deparment is responsible for liquidity, funding as well as settlement management. In addition,
processes and policies related such risk are overseen by senior management. Management monitors the company''s net liquidity
position through rolling forecasts on the basis of expected cash flows.

a) The Company has been sanctioned limit of working capital facilities Fund Based amounting to '' 5100 lakhs & Non Fund
Facility of '' 3650 lakhs which are secured to bank by 1st Charge ranking pari passu on Current Assets (Present & Future) of
the company & 2nd Charge ranking pari passu on Fixed Assets (movable & immovable) of Silvassa Unit, Pantnagar
(Gadarpur) Unit, Bhuj Unit & Fixed Assets (movable) of Ratlam Unit & Vizag Unit.

b) The Company has been also sanctioned Term Loan of '' 1400 lakhs (maturing on 31st August 2027) which is secured to
Bank by 1st Charge ranking pari passu on Fixed Assets (movable & immovable) of Silvassa Unit, Pantnagar (Gadarpur) Unit,
Bhuj Unit & Fixed Assets (movable) of Ratlam Unit & Vizag Unit, first charge (exclusive) on the fixed assets of Dahej unit in
favor of IDBI Bank. and 2nd pari passu charge on Current Assets (Present & Future) of the company.

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a
current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short
term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities
of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest
rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for
expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying
amounts.

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation
technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly
or indirectly.

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market
data.

36 DISCLOSURE PURSUANT TO IND AS - 19 "EMPLOYEE BENEFITS"

i) Gratuity: In accordance with the applicable laws, the Company provides for gratuity, a defined benefit retirement plan ("The
Gratuity Plan") covering eligible employees. The Gratuity Plan provides for a lump sum payment to vested employees on
retirement (subject to completion of five years of continuous employment), death, incapacitation or termination of
employment that are based on last drawn salary and tenure of employment. Liabilities with regard to the Gratuity Plan are
determined by actuarial valuation on the reporting date and the Company makes annual contribution to the gratuity fund
administered by Life Insurance Corporation of India under Group Gratuity Scheme.

Demographic Assumptions

Mortality in Service : Indian Assured Lives Mortality 2012-14 (Urban)

As per our attached report of even date

For Raman S Shah & Associates For and on behalf of the Board of Directors

Chartered Accountants

Firm Registration No. 119891W Mahinder Kumar Wadhwa Jayesh Ashar

Chairman Chief Executive Officer

Raman S Shah DIN-00064148

Partner

Mumbership Number: 033272

Place : Mumbai Pawan Agarwal Hemant Soni

Date: 23^rd May, 2025 Chief Financial Officer Company Secretary

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Mar 31, 2024

b) Rights of Equity Shareholders

The Company has only one class of Equity Shares having par value of Rs. 2 each, holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive any of the remaining assets of the Company.

g) Dividend Paid and Proposed:

(i) The Board of Directors, in its meeting held on 26^th May, 2023, proposed a final dividend of '' 0.60/- (30%) per share of Face Value of '' 2/-each for the Financial Year ended 31^st March, 2023 and the same was approved by the shareholders at the Annual General Meeting held on 21^st September, 2023 this resulted in a cash outflow of '' 468.02 lakhs.

(ii) The Board of Directors, in its meeting held on 22^nd May, 2024, have proposed a final dividend of '' 0.80/- (40%) Per Share of Face Value of '' 2/- each for the Financial year ended 31^st March, 2024. The proposal is subject to the approval of shareholders at the ensuing Annual General Meeting and if approved would result in a cash outflow of '' 624.02 lakhs.

The company''s pending litigation comprises mainly claims against the Company, proceedings pending with other Authorities. The Company has reviewed all its pending litigations and proceedings and has made adequate provisions, wherever required and disclosed the contingent liabilities, wherever applicable, in its financial statements.

(ii) Commitment:

Capital Commitment: '' 201.19 Lakhs (Previous Year '' 356.54 Lakhs)

(iii) The amount of exchange difference (net) of '' 142.22/- Lakhs credited (Previous year debited of '' 107.45/- Lakhs) to the statement of Profit & Loss for the year

As per Ind AS-108 Segment Reporting

(iv) The Company''s operations fall under single segment namely Industrial Packaging in accordance with Indian Accounting Standard IND AS 108.

C Trade Payables include '' 1225.45/- Lakhs (Previous Year '' 593.91/- Lakhs) towards buyers credit facilities availed from Bankers out of their working capital facilities.

D i) In the Opinion of the Management, any of the assets other than fixed assets and non-current investments have value on realization in the ordinary course of business at least equal to the amount at they are stated.

ii) The accounts of certain Trade Receivables, Trade Payables, Loans and Advances are however, subject to formal confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year''s financial statements on such reconciliations/adjustments.

Financial risk management objectives and policies

The Company Financial risk management is an integral part of how to plan and execute its business strategies. The company risk management policy is set by the Managing Board.

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loans and borrowings.

(i) Market Risk- Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the company''s position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

(iii) Credit risk

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the company periodically assess financial reliability of customer, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.

The company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of default occuring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business,

ii) Actual or expected significant changes in the opertaing results of the counterparty,

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations,

iv) Significant increase in credit risk on other financial instruments of the same counterparty,

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements .

(iv) Liquidity Risk

Liquidity risk is defined as the risk that the company will not be able to settle or meet its obligations on time, or at a reasonable price. The company''s treasury deparment is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related such risk are overseen by senior management. Management monitors the company''s net liquidity position through rolling forecasts on the basis of expected cash flows.

a) The Company has been sanctioned limit of working capital facilities Fund Based amounting to '' 5,100 lakhs & Non Fund Facility of '' 3,650 lakhs which are secured to bank by 1^st Charge ranking pari passu on Current Assets (Present & Future) of the company & 2^nd Charge ranking pari passu on Fixed Assets (movable & immovable) of Silvassa Unit, Pantnagar (Gadarpur) Unit, Bhuj Unit & Fixed Assets (movable) of Ratlam Unit & Vizag Unit.

b) The Company has been also sanctioned Term Loan of '' 1,400 lakhs (maturing on 31^st August 2027) which is secured to Bank by 1^st Charge ranking pari passu on Fixed Assets (movable & immovable) of Silvassa Unit, Pantnagar (Gadarpur) Unit, Bhuj Unit & Fixed Assets (movable) of Ratlam Unit & Vizag Unit, first charge on the fixed assets of Dahej unit and 2nd pari passu charge on Current Assets (Present & Future) of the company. IDBI Bank and HDFC Bank have sanctioned GECL 1.0 of '' 671 lakhs & '' 440 lakhs respectively which is secured to Bank by way of extension of 2^nd Charges ranking pari passu on fixed assets offered for Term Loan and extension of 2^nd pari passu charge over Current Assets (present & future) with 100% cover of NCGTC.

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

36 DISCLOSURE PURSUANT TO IND AS - 19 "EMPLOYEE BENEFITS"

i) Gratuity: In accordance with the applicable laws, the Company provides for gratuity, a defined benefit retirement plan ("The Gratuity Plan") covering eligible employees. The Gratuity Plan provides for a lump sum payment to vested employees on retirement (subject to completion of five years of continuous employment), death, incapacitation or termination of employment that are based on last drawn salary and tenure of employment. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation on the reporting date and the Company makes annual contribution to the gratuity fund administered by Life Insurance Corporation of India under Group Gratuity Scheme.

The disclosure in respect of the defined Gratuity Plan are given below:

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Mar 31, 2018

1.1 company overview

The TPL PLASTECH LIMITED is public limited company incorporated and domiciled in India and has registered office at 102, 1^stFloor, Centre Point, Somnath Daman Road, Somnath, Dabhel, Nani Daman, Daman (U.T.) - 396210. It is incorporated under the Companies Act, 1956 and its shares are listed on the Bombay Stock Exchange and National Stock Exchange in India. The Company has Six plants situated across India. The Company is a subsidiary of Time Technoplast Limited.

b) Rights of Equity Shareholders

The Company has only one class of Equity Shares having par value of Rs. 10.each, holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holder of equity shares will be entitled to receive any of the remaining assets of the Company.

f) Dividend paid and proposed:

(i) The Board of Directors, in its meeting held on 25^th May, 2017, proposed a final dividend of Rs.3 per share and the same was approved by the shareholders at the Annual General Meeting held on 29^th September, 2017, this resulted in a cash outflow of Rs.281.65 lacs, including corporate dividend tax of Rs. 47.64 Lacs.

(ii) The Board of Directors, in its meeting held on 22^nd May, 2018, have proposed a final dividend of Rs.3.5 Per Share for the year ended 31^st March, 2018. The proposal is subject to the approval of shareholders at the ensuing Annual General Meeting and if approved would result in a cash outflow of Rs.328.59 lacs including corporate dividend tax of Rs.55.58 Lacs.

The company''s pending litigation comprises mainly claims against the Company, proceedings pending with tax & other Authorities. The Company has reviewed all its pending litigations and proceedings and has made adequate provisions, wherever required and disclosed the contingent liabilities, wherever applicable, in its financial statements. The Company does not reasonable expect the outcome of these proceedings to have a material impact on its financial statements. Future cash outflow in respect of the above are determinable only on receipts of judgements/decisions pending with various forums/authorities.

(iii) Capital Commitment: Rs.67,20,793 (Previous Year'' Rs.3,07,646 )

2.2 The amount of exchange difference (net) of Rs.1,61,54,685 credited (Previous year Credited of Rs.29,386,171) to the statement of Profit & Loss for the year.

3.3 As per Ind As-108 segment Reporting

The Company''s operations fall under a single segment i.e. Polymer Products and all its business operations are in India.

3.4 Trade Payables include Rs.147,422,561 (as at 31^st March 2017 Rs.173,799,283) towards buyers credit facilities availed from Bankers out of their working capital facilities.

3.5 Sales of Products Includes Rs.74,76,640 (Previous year Rs.18,046,347) towards Advance Licence Duty benefits.

3.6 i) In the Opinion of the Management, any of the assets other than fixed assets and non-current investments have value on realization in the ordinary course of business at least equal to the amount at they are stated.

ii) The accounts of certain Trade Receivables, Trade Payables, Loans and Advances are however, subject to formal confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year''s financial statements on such reconciliations/adjustments.

Notes :

No amounts in respect of related parties have been written off/written back/provided for during the year.

Related party relationships have been identified by the management and relied upon by the auditors.

Note 4 - Financial Risk Management

Financial risk management objectives and policies

The Company Financial risk management is an integral part of how to plan and execute its business strategies. The company risk management policy is set by the Managing Board.

Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loans and borrowings.

(i) Market Risk- Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of the financial instruments will fluctuate because of changes in market interest rates. In order to optimize the company''s position with regards to interest income and interest expenses and to manage the interest rate risk, treasury performs a comprehensive corporate interest rate risk management by balancing the proportion of fixed rate and floating rate financial instruments in its total portfolio.

(ii) Market Risk- Foreign currency risk.

The Volatility of the rupee against the dollar which severely affects the import dependent industries such as ours. We are importing the raw material (Polymers) which constitutes almost 70% of sale price. There have been large capacities added in GCC and Iran for production of polymers through gas cracking which are immune to future increase in prices of crude. We have seen substantial decline in raw material prices and this trend would continue at least for next 4/5 years until all these new capacities gets absorbed.

(iii) Credit risk

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the company periodically assess financial reliability of customer, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly.

The company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the company compares the risk of default occuring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business,

ii) Actual or expected significant changes in the opertaing results of the counterparty,

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations,

iv) Significant increase in credit risk on other financial instruments of the same counterparty,

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party guarantees or credit enhancements.

(iv) Liquidity Risk

Liquidity risk is defined as the risk that the company will not be able to settle or meet its obligations on time, or at a reasonable price. The company''s treasury deparment is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related such risk are overseen by senior management. Management monitors the company''s net liquidity position through rolling forecasts on the basis of expected cash flows.

a) The company has been sanctioned limit of working capital facilities Fund Based amounting to Rs. 4600 Lacs (as on 31^st March, 2017 Rs.3850 Lacs) & Non Fund Facility of Rs.3650 Lacs (as on 31^st March, 2017 Rs.3650 Lacs) which are secured to bank by 1^st charge ranking pari passu on Current Assets (Present & Future) of the company & 1^st Charge ranking pari passu on Fixed Assets (moveable & Immovable) of Silvassa Unit & 2^nd pari passu charge on fixed assets (moveable & immovable) of pantnagar & moveable assets of Bhuj, Ratlam & Vizag Unit.

b) The company has been also sanctioned Term Loan of Rs.2245 Lacs (as on 31^st March 2017 Rs.845 Lacs) which is secured to Bank by 1^st Charge ranking pari passu on Fixed Assets (moveable) of Silvassa Unit, Pantnagar (Gadapur), Bhuj, Ratlam & Vizag Unit and 2^ndpari passu charge on Current assets (present & future) of the company.

(vii) Capital risk management

The Company''s objectives when managing capital are to

* Safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders

* Maintain an optimal capital structure to reduce the cost of capital.

5 Financial instruments

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

1. Fair value of cash and short-term deposits, trade and other short term receivables, trade payables, other current liabilities, short term loans from banks and other financial institutions approximate their carrying amounts largely due to short term maturities of these instruments.

2. Financial instruments with fixed and variable interest rates are evaluated by the Company based on parameters such as interest rates and individual credit worthiness of the counterparty. Based on this evaluation, allowances are taken to account for expected losses of these receivables. Accordingly, fair value of such instruments is not materially different from their carrying amounts.

The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

6 DISCLOSURE PURSUANT TO IND AS - 19 “EMPLOYEE BENEFITS”

i) Gratuity: In accordance with the applicable laws, the Company provides for gratuity, a defined benefit retirement plan ("The Gratuity Plan") covering eligible employees. The Gratuity Plan provides for a lump sum payment to vested employees on retirement (subject to completion of five years of continuous employment), death, incapacitation or termination of employment that are based on last drawn salary and tenure of employment. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation on the reporting date and the Company makes annual contribution to the gratuity fund administered by Life Insurance Corporation of India under Group Gratuity Scheme.

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Mar 31, 2016

Sr No Name of the Related Party Relationship

a Where control exits:

1 Time Technoplast Limited Holding Company

2 Elan Incorporated FZE, Sharjah Fellow Subsidiary

3 NED Energy Ltd., India Fellow Subsidiary

4 GNXT Investments Holdings PTE.Ltd., Singapore Fellow Subsidiary

5 Ikon Investments Holdings Ltd.'' Mauritius Fellow Subsidiary b Key Managerial Personnel

1 Kamlesh Joisher Whole Time Director

2 Manoj Kumar Mewara Company Secretary

3 Murarilal Jangid Chief Financial Officer

Note: i) Figures in brackets pertains to previous year.

ii) No amounts in respect of related parties have been written off/written back/provided for during the year.

iii) Related party relationships have been identified by the management and relied upon by the auditors.

iv) *Sale includes Sale of Fixed Assets Rs, Nil (Previous year Rs, 3,385,783).

v) **Purchase includes Purchase of fixed Assets Rs, 43,174,074 (Previous year Rs, 2,178,392)

g. Trade Payables include Rs, 182,381,648 (Previous Year Rs, 85,686,764) towards BuyerRs,s Credit.

i) Sales of Products includes Rs, 27,411,971 (Previous Rs, 21,696,848) towards Advance License Duty benefits.

h. i) In the opinion of the management, any of the assets other than fixed assets and non- current investments have value on realization in the ordinary course of business at least equal to the amount at they are stated.

ii) The accounts of certain Trade Receivables, Trade Payables, Loans and Advances are however, subject to formal confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year''s financial statements on such reconciliation/adjustments.

j. The Company has not received any intimation from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the yearend together with interest paid / payable as required under the said Act have not been given.

k. Operating Lease:

The Company has acquired Certain Land & Building under Lease arrangement for a period of fifty nine months Starting from July 2015. The future lease payment committed is as under:

m. Necessary applications in respect of capital subsidy receivable of Rs, 3,000,000 has been made in the earlier years for Jammu Unit and will be accounted in due course on getting necessary sanction.

n. In NovemberRs,15, the Company has commenced commercial production at its Ratlam (M.P.) unit having Annual Installed Capacity 1500 MT p.a.

o. Previous year''s figure have been regrouped / rearranged / recast / wherever necessary to conform to Current year''s presentation.

Share Transfer Agents : The Company has appointed Link In time India Pvt. Ltd. (Formerly In time Spectrum Registry Limited) having their office at C-13, Pannalal Silk Mills Compound, L B S Road, Bhandup (West), Mumbai- 400 078 as the Registrar & Transfer Agents. All Shareholder related services including transfer, demat of shares is carried out by the Registrar & Share Transfer Agents.

j) Share Transfer System : The share transfer requests are processed by the Company''s Registrar and Share Transfer Agents as mentioned above.

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Mar 31, 2015

A. Contingent Liabilities and Commitments:

i. Contingent liabilities not provided for in respect of :

The Company's pending litigations comprises mainly claims against the Company, in favour of proceedings pending with Tax and other Authorities. The Company has reviewed all its pending litigations and proceedings and has made adequate provisions, wherever required and disclosed the contingent liabilities, wherever applicable, in its financial statements. The Company does not reasonably expect the outcome of these proceedings to have a material impact on its financial statements. Future cash outflow in respect of the above are determinable only on receipt of judgments/decisions pending with various forums/authorities.

b. The amount of exchange difference (net) credited to the Statement of Profit and Loss for the year Rs 15,471,909 (Previous year debited Rs 7,32,991)

c. The Company's operations fall under a single segment i.e. Polymer Products and all its business operations are in India..

d. Trade Payables include Rs 8,56,86,764 (Previous Year Rs 15,52,38,687) towards Buyer's Credit and Rs Nil (Previous Year 1,30,85,286) towards Bills accepted by the Company.

e. Sales of products includes Rs 2,16,96,848 (Previous year Rs Nil) towards Advance License Duty Benefits.

f. i) In the opinion of the management, any of the assets other than fixed assets and non- current investments have value on realization in the ordinary course of business at least equal to the amount at they are stated.

ii) The accounts of certain Trade Receivables, Trade Payables, Loans and Advances are however, subject to formal confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year's financial statements on such reconciliation/adjustments.

g. The Company has not received any intimation from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

h. Necessary in respect of capital subsidy receivable of Rs 30,00,000 each has been made in the year for Jammu Unit this will be credited in due course on getting necessary sanction & receipts thereof.

i. Previous year's fgure have been regrouped / rearranged / recast / wherever necessary to conform to current year's presentation.

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Mar 31, 2014

A. Contingent Liabilities and Commitments:

i. Contingent liabilities not provided for in respect of :

Particulars 2013-14 (Rs.) 2012-13 (Rs.)

Guarantees given by the bank on behalf of the Company 5,014,729 5,052,229

Disputed indirect taxes (Excluding interest, if any) 7,037,748 4,568,698

Disputed Electricity Duty (Excluding Interest) 3,275,619 -

Liability is respect of Bill discounted by the company * 6,954,074 -

* Since realized.

ii. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances of Rs. Nil Previous year Rs. 123,763) Rs. Nil (Previous Year 288,161).

iii. Foreign Currency Exposure only relates to import of raw materials as on 31st March 2014 are as follows :-

Particulars 2013-14 2012-13

USD Rs. USD Rs.

Hedged 1,124,207 67,747,178 762,345 41,371,193

Unhedged 4,179,280 250,464,250 4,485,410 243,468,055

b. The amount of exchange difference (net) debited to the Statement of Profit and Loss for the year Rs. 7,32,991 (Previous year credited Rs. 92,70,981)

c. The Company''s operations fall under a single segment i.e. Polymer Products and all its business operations are in India.

Note:

i) Figures in brackets pertains to previous year.

ii) No amounts in respect of related parties have been written off/written back/provided for during the year.

iii) Related party relationships have been identified by the management and relied upon by the auditors.

iv) *Sale includes Sale of Fixed Assets Rs. 636,346 (Previous year Rs. 3,406,638).

v) **Purchase includes Purchase of fixed Assets Rs. 4,343,613 (Previous year Rs. 14,251,661).

h. Trade Payables include Rs. 15,52,38,687 (Previous Year Rs. 11,25,20,912) towards Buyer''s Credit and Rs. 1,30,85,286 (Previous Year Nil) towards Bills accepted by the Company.

i. i) In the opinion of the management, any of the assets other than fixed assets and non- current investments have value on realization in the ordinary course of business at least equal to the amount at they are stated.

ii) The accounts of certain Trade Receivables, Trade Payables, Loans and Advances are however, subject to formal confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year''s financial statements on such reconciliation/adjustments.

j. The Company has not received any intimation from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

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Mar 31, 2013

A. Contingent Liabilities and Commitments:

i. Contingent liabilities not provided for in respect of :

Particulars 2012-13 (Rs.) 2011-12 (Rs.)

Guarantees given by the bank on behalf of 50,52,229 37,37,500 the company

Disputed indirect taxes (Excluding interest, if 45,68,698 28,67,132 any)

ii. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances of Rs. 1,23,763; Previous year Rs. 9,83,503 ) Rs. 2,88,161 (Previous yearRs. 21,43,600).

b. The amount of exchange difference (net) debited to the Profi t and Loss Account for the year Rs. 92,70,981 (Previous year credited Rs. 4,41,518)

c. The Company''s operations fall under a single segment i.e. Polymer Products and all its business operations are in India.

d. Trade Payables include Rs. 11,25,20,912 (Previous Year Rs. 14,95,52,092) towards Buyer''s Credit.

e. i) In the opinion of the management, any of the assets other than fi xed assets and non- current investments have value on realization in the ordinary course of business at least equal to the amount at they are stated.

ii) The accounts of certain Trade Receivables, Trade Payables, Loans and Advances are however, subject to formal confi rmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year''s fi nancial statements on such reconciliation/adjustments.

f. The Company has not received any intimation from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

g. Capital Work-in-progress comprise of Plant & Equipment under installation Rs. 1,63,99,306 (P.Y Rs. 1,83,76,540), Building under construction Rs. Nil ( P.Y. Rs. 1,62,165) , Others Rs. 18,20,800 (P.Y. Rs. 16,41,577); Project development expenditure Rs. 1,14,886 (P.Y. Rs. Nil).

h. Previous year''s fi gure have been regrouped / rearranged / recast / wherever necessary to conform to current year''s presentation.

i. Necessary applications in respect of capital subsidy receivable of Rs. 30,00,000 each has been made in the year for Jammu and Pant nagar Unit. The management expects to receive the same in due course on necessary sanction and will be accounted thereafter as and when received.

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Mar 31, 2012

A. Contingent Liabilities and Commitments:

i. Contingent liabilities not provided for in respect of:

Particulars 2011-12 (Rs.) 2010-11 (Rs.)

Guarantees given by the bank on behalf of 3,737,500 5,475,000 the company

Disputed indirect taxes (Excluding interest, if 2,867,132 2,867,132 any)

ii. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances of Rs. 983,503; Previous year Rs. 1,670,038) Rs. 2,143,600 (Previous yearRs. 2,782,518).

b. The amount of exchange difference (net) credited to the Profit and Loss Account for the year Rs. 441,518 (Previous year credited Rs. 161,620)

c. The Company's operations fall under a single segment i.e. Polymer Products and all its business operations are in India.

d. Trade Payables include Rs. 149,552,092 (Previous Year Rs. 86,645,354) towards Buyer's Credit.

e. i) In the opinion of the management, any of the assets other than fixed assets and non- current investments have value on realization in the ordinary course of business at least equal to the amount at they are stated.

ii) The accounts of certain Trade Receivables, Trade Payables, Loans and Advances are however, subject to formal confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year's financial statements on such reconciliation/adjustments.

f. The Company has not received any intimation from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

g. Capital Work-in-progress comprise of towards Plant & Equipment under installation Rs.18,376,540 (P.YRs. 43,256), Building under construction Rs. 162,165 (PY. Rs. 13,578,284), Others Rs.1,641,577 (P.Y Rs. 145,316); Project development expenditure Rs. Nil (PY Rs. 634,227).

h. Previous year's figure have been regrouped / rearranged / recast / wherever necessary to conform to current year's presentation.

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Mar 31, 2011

A. i. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances of Rs. 1,670,038; Previous year 23,616,787) Rs. 2,782,518 (Previous year Rs. 27,535,484).

ii. Contingent liabilities in respect of:

Particulars 2010-11 (Rs.) 2009-10 (Rs.)

Guarantees given by the 5,475,000 3,875,000 bank on behalf of the company

Disputed indirect taxes 2,867,132 2,979,637

b. i. The amount of exchange difference (net) credited to the Profit and Loss Account for the

year Rs. 161,620 (Previous year credited Rs. 4,930,355)

c. The Company's operations fall under a single segment i.e. Polymer Products and all its business operations are in India.

e. (i) Managerial Remuneration*:

Excluding contribution to the gratuity fund, since determined for the Company as a whole.

(ii) No Commission is payable to Directors/Managing Director and hence computation of Net Profit in accordance with Section 198,309 and 349 of the Companies Act, 1956 has not been given.

f. Related Party Disclosures as per Accounting Standard (AS) 18:

A) List of Related party and their relationships:

Sr. Name of the Related Party Relationship No.

1 Time Technoplast Limited Holding Company

2 Time Mauser Industries Pvt. Associate Limited

3 Elan Incorporated FZE, Fellow Subsidiary Sharjah

4 Novo Tech Sp. Z.O.O., Fellow Subsidiary Poland 5 Ned Energy Ltd., India Fellow Subsidiary

6 Kamlesh Joisher Whole Time Director

Note: i) Figures in brackets pertains to previous year.

ii) No amounts in respect of related parties have been written off/written back/provided for during the year.

iii) Related party relationships have been identified by the management and relied upon by the auditors.

iv) *Sale includes Sale of Fixed Assets Rs. 2,855,630 (Previous year Rs. 14,729,902).

v) "Purchase includes Purchase of fixed Assets Rs. 98,810,992. (Previous year Rs. 54,078,376).

j. Sundry Creditors include Rs. 86,645,354 (Previous Year Rs. 23,114,322) towards Buyer's Credit.

k. i) In the opinion of the Board, current assets, loans and advances have value on realization in the ordinary course of business at least equal to the amount at they are stated.

ii) The accounts of certain Sundry Debtors, Creditors, Loans and Advances are however, subject to confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current year's financial statements on such reconciliation/adjustments.

l. The Company has not received any intimation from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

m. Capital Work-in-progress comprise of Advances towards Plant & Machinery and others Rs. 15,436,894 (P.Y. Rs. 109,435,610); Project development expenditure Rs. 634,227 (P.Y. Rs. 23,783,651) which includes Borrowing cost Rs. Nil (P.Y. Rs. 17,525,124), Salary & wages Rs. 214,419 (P.Y. Rs. 1,901,356) & Other expenses Rs. 419,808 (P.Y. Rs. 4,357,171).

n. During the year, in order to comply with the group company policy, the Company has provided depreciation on fixed assets as per Straight Line Method instead of Written Down Value as was done hitherto. As a result, depreciation of Rs. 33,029,448 (net of deferred tax of Rs. 17,170,972) provided in earlier years have been written back and disclosed as exceptional items in profit and loss account. MAT has not been provided on the same, as it relates to earlier years.

o. Previous year's figure have been regrouped / rearranged / recast / wherever necessary to conform to current year's presentation.

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Mar 31, 2010

A. i. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances of Rs 2,36,16,787; Previous year Rs 52,61,270 ) Rs 2,75,35,484 (Previous year Rs 62,62,583).

ii. Contingent liabilities in respect of :

Particulars 2009-10 (Rs.) 2008-09 (Rs.)

Guarantees given by the bank on behalf of the 3,875,000 3,000,000 Company

Disputed Indirect Taxes 2,979,637 --

b. i. The amount of exchange difference (net) credited to the Profit and Loss Account for the year Rs. 4,930,355 (Previous year debited Rs. 8,195,485).

c. The Companys operations fall under a single segment i.e. Polymer Products and all its business operations are in India.

d. Related Party Disclosures as per Accounting Standard (AS) 18: A) List of Related party and their relationships:

Sr No Name of the Related Party Relationship

Time Technoplast Limited Holding Company

2Time Mauser Industries Pvt. Limited Associate

3Elan Incorporated FZE, Sharjah Fellow Subsidiary

4Novo Tech Sp. Z.O.O., Poland Fellow Subsidiary

5NED Energy Ltd., India Fellow Subsidiary

6Kamlesh Joisher Whole Time Director

7 Bhavin Joisher (upto 08th March, 2010) Relative of Director

e. Sundry Creditors include Rs. 23,114,322 (Previous Year Rs. 75,700,081) towards Buyers Credit.

fi) In the opinion of the Board, current assets, loans and advances have value on realization in the ordinary course of business at least equal to the amount at they are stated.

ii) The accounts of certain Sundry Debtors, Creditors, Loans and Advances are however, subject to confirmations/reconciliations and consequent adjustments, if any. The management does not expect any material difference affecting the current years financial statements on such reconciliation/adjustments.

g. The Company has not received any intimation from the suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

h. Additional information pursuant to paragraph 3 and 4 of part II of Schedule VI to the Companies Act, 1956;

i. Capital Work-in-progress comprise of Advances towards land, Plant & Machinery and others Rs. 109,435,610 (RY. Rs. 31,856,405), Project development expenditure Rs. 23,783,651 (RY. Rs. 13,189,012) which includes Borrowing cost Rs. 17,525,124 (RY. Rs. 10,126,708), Salary & wages Rs. 1,901,356 (RY. Rs. 1,512,647) & Other expenses Rs.4,357,171 (RYRs. 1,549,657).

j. Previous years figure have been regrouped / rearranged / recast / wherever necessary to conform to current years presentation.