Notes to Accounts of UTL Industries Ltd.

Mar 31, 2024

i) PROVISIONS, CONTINGENT LIABILITIES AND CONTINGENT ASSETS:

Provisions are recognized when the Company has a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow of resources embodying economic benefits will
be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation. Provisions are measured at the best estimate of the expenditure required to settle the
present obligation at the Balance Sheet date.

If the effect of the time value of money is material, provisions are discounted to reflect its present
value using a current pre-tax rate that reflects the current market assessments of the time value of
money and the risks specific to the obligation. When discounting is used, the increase in the
provision due to the passage of time is recognized as a finance cost.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the
existence of which will be confirmed only by the occurrence or non-occurrence of one or more
uncertain future events not wholly within the control of the Company or a present obligation that
arises from past events where it is either not probable that an outflow of resources will be required
to settle the obligation or a reliable estimate of the amount cannot be made.

j) BORROWING COSTS:

Borrowing costs include interest expense calculated using the effective interest method as described
in "Ind AS 39 Financial Instruments: Recognition and Measurement"; finance charges in respect of
finance leases recognized in accordance with Leases, and exchange differences arising from foreign
currency borrowings to the extent that they are regarded as an adjustment to interest costs.
Borrowing costs that are attributable to the acquisition or construction of qualifying assets are

capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes a
substantial period of time to get ready for the intended use. All other borrowing costs are charged to
revenue.

k) ACCOUNTING FOR EMPLOYEE BENEFITS:

Gratuity and Earned Privilege Leaves are the retirement benefits available to the employees and the
same have been determined on the accrual basis. There are no eligible employees entitled to such
benefits and therefore no provision has been made in respect of such benefits.

l) Foreign Currency Transactions:

i) Foreign Currency Transactions on initial recognition in the reporting currency are
accounted for at the exchange rates prevailing on the date of transaction.

ii) At each Balance Sheet date, foreign currency monetary items are translated using
the average of exchange rates prevailing on the Balance Sheet date and non¬
monetary items are translated using the exchange rate prevailing on the date of
transaction or on the date when the fair value of such items are determined.

Losses or gains relating to the loans/ deferred credits utilized for acquisition of fixed assets
are adjusted to the carrying cost of the relevant assets. All the other exchange differences
arising on the settlement of the monetary items or on reporting of monetary items at the
rates different from those at which they were initially recorded during the period, or
reported in previous financial statements are recognized as income or expenses in the
period in which they arise

m) Events Occurring after Balance Sheet Date:

Effect of the events occurring after the Balance Sheet date that provide additional information
materially affecting the determination of the amounts relating to condition existing on Balance
Sheet date, are adjusted to the assets and liabilities.

n) Extra Ordinary and Prior Period Items:

Extra Ordinary items and Prior Period Items are separately disclosed in financial items.

Additional Regulatory Information

(1) Details of Benami Property held

The Company does not hold any Benami Property and hence there were no proceedings initiated or
pending against the Company for holding any benami property under the Benami Transactions
(Prohibitions) Act, 1988 and the Rules made there under, hence no disclosure is required to be given as such

(2) borrowings from banks or financial institutions on the basis of security of current assets

The Company does not have any borrowings from banks or financial institutions on the basis of security of
current assets the financial statements; hence no disclosure is required as such.

(3) Wilful Defaulter

The Company has not been declared as wilful defaulter as at the date of the balance sheet or on the date of
approval of the financial statements, hence no disclosure is required as such.

(4) Relationship with Struck off Companies

The Company does not have any transactions with Companies which are struck off under Section 248 of the
Companies Act, 2013 or Section 560 of the Companies Act, 1956, hence no disclosure is required as such.

(5) Registration of charges or satisfaction with Registrar of Companies

There are no charges against the companies which are yet to be registered or satisfaction yet to be registered
with ROC beyond the statutory period, hence no disclosures are required as such.

(6) Compliance with number of layers of companies

The Company does not have investment in any downstream companies for which it has to comply with the
number of layers prescribed under Clause (87) of Section 2 of the Companies Act, 2013 read with
Companies (Restriction on number of layers) Rules, 2017, hence no disclosure is required as such.

(7) Undisclosed Income

The Company does not have any undisclosed Income which was not recorded in the books of accounts and
which has been surrendered or disclosed as income during the year in the tax assessments under the Income
Tax Act, 1961 such as, search or survey or any other relevant provisions. Also, the Company does not have
previously unrecorded income and related assets which were required to be properly recorded in the books
of accounts during the year.

(8) Corporate Social Responsibility (CSR)

The Company is not required to comply with the provisions of Section 135 of the Companies Act, 2013.

(9) Details of Crypto Currency or Virtual Currency

The Company has not traded or invested in Crypto Currency or Virtual Currency during the financial year,
hence disclosure requirements for the same is not applicable.

Right, Preferences and Restriction attached to shares
Equity shares

The company has only one class of Equity having a par value Rs. 1.00 per share. Each shareholder is eligible for one vote per share held. The
dividend proposed by the board of directors is subject to the approval of the shareholders in ensuing Annual General Meeting, except in case
of interim dividend. In the event of liquidation, the Equity shareholders are eligible to receive the remaining assets of the company after
distribution of all preferential amounts, in proportion to their shareholding.

NOTE 24

Figures of the previous year have been regrouped/ rearranged/ reclassified wherever necessary to correspond with the
classification of the current period.

As Per Our Report of Even Date

For S D T & Co. For and On Behalf Of the Board of Directors

Chartered Accountants

(Firm Registration No: 112226W)

Mr. Paras Jain Mr. Hitesh Shah

(Managing Director) (Director and CFO)

Dilip K. Thakkar (DIN: 10293593) (DIN: 01768877)

(Partner)

Membership No: 031269
UDIN: 24031269BKDOWX4881

Place : Vadodara Ms. Manshi Gandhi

Date : 24/05/2024 Company Secretary

_ACS No: 60088_

---

Mar 31, 2018

NOTE 3: Property. Plant and Equipment

	Gross Block				Depreciation/Amortisation				Net Block
PARTICULARS	As at	Additions	Deductions /	As at	As at	FOR THE YEAR	Deductions /	As at	As at	As at
	l-Apr-17		Adjustments	31-Mar-18	l-Apr-17		Adjustments	31-Mar-18	31-Mar-18	31-Mar-17
Tangible Assets
Computers	53,000	-	-	53,000	52,735	264	-	52,999	1	265
Printer	10,900	24,119	-	35,019	10,513	3,065	-	13,578	21,441	387
Air Cooler	-	8,790	-	8,790	-	1,434	-	1,434	7,356	-
Office Equipment	-	2,09,607	-	2,09,607	-	11,839	-	11,839	1,97,768	-
Total	63,900	2,42,516.00	-	3,06,416	63,248	16,602	-	79,850	2,26,566	652

Previous Year (2016-17)

PARTICULARS	Gross Block				Depreciation/Amortisation				Net Block
	As at l-Apr-16	Additions	Deductions / Adjustments	As at 31-Mar-17	As at l-Apr-16	FOR THE YEAR	Deductions / Adjustments	As at 31-Mar-17	As at 31-Mar-17	As at 31-Mar-16
Tangible Assets
Computers	53,000		-	53,000	35,951	16,784		52,735	265	17,049
Printer	10,900	-		10,900	7,061	3,452	-	10,513	387	3,839
Total	63,900	-	-	63,900	43,012	20,236	-	63,248	652	20,888

*Note:

The Company is not having any Intangible Assets.

The Depreciation has been provided on the fixed assets as per The Companies Act 2013 on Straight Line Basis.

NOTE 4: LONG TERM LOANS & ADVANCES

NOTE 7: TRADE RECEIVABLES

(AMOUNT IN Rs.)

PARTICULARS	As At 31-Mar-18	As At 31-Mar-17	As At 01 -Apr-2016
Security Deposits Other Loans & advances	-	-	1,06,842 18,33,620
			19,40,462
NOTE 5: OTHER NON-CURRENT ASSETS (AMOUNT IN Rs.)
PARTICULARS	As At 31-Mar-18	As At 31-Mar-17	As At 01-Apr-2016
Over Six Months Less: Provision for Doubtful Debts	-	-	1,48,71,002 -92,01,114
			56,69,888
NOTE 6: INVENTORIES			(AMOUNT IN Rs.)
PARTICULARS	As At 31-Mar-18	As At 31-Mar-17	As At 01-Apr-2016
Closing Work in Progress	-	1,76,40,385	-
	-	1,76,40,385	-

(AMOUNT IN Rs.)

PARTICULARS	As At 31-Mar-18	As At 31-Mar-17	As At Ol-Apr-2016
Other Debts Unsecured Considered Good (Less than six months)	3,62,61,480	1,13,00,800	-
	3,62,61,480	1,13,00,800	-

NOTE 8: CASH AND CASH EQUIVALENTS

(AMOUNT IN Rs.)

PARTICULARS	As At 31-Mar-18	As At 31-Mar-17	As At 01 Apr-2016
Cash on hand	1,04,287	4,02,811	2,09,743
Balances with banks
- in current accounts	8,46,350	-32,04,292	29,758
in FD Sweep accounts	18,50,000	45,80,000
Interest accrued on MOD	5,269
	28,05,906	17,78,519	2,39,501

NOTE 9: SHORT TERM LOANS & ADVANCES

(AMOUNT IN Rs.)

PARTICULARS	As At 31-Mar-18	As At 31-Mar-17	As At 01-Apr-2016
To Relatives	4,48,120	5,68,120	-
To Other	66,20,216	66,20,217	24,01,822
Advance Tax FY 2016-17	4,52,918	6,66,272	-
	75,21,254	78,54,609	24,01,822

a. In the opinion of management, the current assets including loans, advances, deposits etc, is fully realizable in the normal course of business.

b. The balances of loan & advances as appearing above are fully confirmed.

NOTE 10: OTHER CURRENT ASSETS

(AMOUNT IN Rs.)

PARTICULARS	As At 31-Mar-18	As At 31-Mar-17	As At Ol-Apr-2016
Security Deposit VAT Deposit	22,820	22,820	22,820
Interest accrued on MOD	_	3,705	_
TDS on VAT Receivables Other advances	95,15,822	93,000	-
	95,38,642	1,19,525	22,820

NOTE 11: NOTES FORMING PART OF FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2018

a) EQUITY SHARE CAPITAL

(AMOUNT IN Rs.)

PARTICULARS	As At 31-Mar-18	As At 31-Mar-17	As At Ol-Apr-16
Authorized: 35,000,000 (Previous year 35,000,000) Equity Shares of Rs.l Each Issued, subscribed and fully paid up:	3,50,00,000	3,50,00,000	3,50,00,000
32,955,000 ( Previous year 3,255,000) Equity Shares of Rs.l Each	3,29,55,000	3,29,55,000	32,55,000
Total	3,29,55,000	3,29,55,000	32,55,000

(AMOUNT IN Rs.)

Balance as on 1st April, 2016	Changes in equity share capital during the Reporting Period	Balance as on 31st March, 2017
3255000	29700000	32955000
Balance as on 1st April, 2017	Changes in equity share capital during the Reporting Period	Balance as on 31st March, 2018
32955000	Nil	32955000

Other Information:

Terms/Rights attached to the Equity Shares

The Company has only one class of equity shares having a par value of Rs. I/- per share, each holder of equity shares is entitled to one vote oer share.

Details of Shareholders holding more than 5% shares in the Company

Equity shares of Rs.l each fully paid up:

There are no equity shareholders holding more than 5% of euity shares in the company during the year.

NOTE 12:

b) OTHER EQUITY

Money

Share

Equity

Reserves and Surplus

Effective

Exchange

Other Items

Received

Application

component of

Debt

Equity

portion of

Differences

of OCI

against

Money pending

Financial

Securities

Instruments

Instruments

Cash flow

Revaluation

on

(specify

share

Particulars

allotment

Instruments

Capital Reserve

Premium Reserve

Other Reserves

Retained Earnings

Through OCI

through OCI

hedge

Reserve

translation

nature)

warrants

Total

Balance at the

beginning of the

reporting period

Nil

Nil

Nil

Nil

12,58,469

(98,38,640)

Nil

Nil

Nil

Nil

Nil

Nil

Nil

(85,80,171)

Changes in

accounting

policy or prior

period errors

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Restated

balance at the

beginning of the

period

Nil

Nil

Nil

Nil

-1258469

1258469

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Total

Comprehensive

income for the

year

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Dividends

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Transfer to

Retained

earnings

Nil

Nil

Nil

Nil

Nil

1,06,88,575

Nil

Nil

Nil

Nil

Nil

Nil

Nil

1,06,88,575

Any other

change (Specify)

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Nil

Balance at the

end of the

reporting period

Nil

Nil

Nil

Nil

Nil

21,08,404

Nil

Nil

Nil

Nil

Nil

Nil

Nil

21,08,404

NOTE 13: NON-CURRENT BORROWINGS

(AMOUNT IN Rs.)

	Non Current Portion			Current Portion
PARTICULARS	As At	As At	As At	As At	As At	As At
	31-Mar-18	31-Mar-17	Ol-Aor-16	31-Mar-18	31-Mar-17	Ol-Aor-16
Secured:
National Small Industries Corporation	-	-	-	-	-	1,46,57,713
Unsecured:
From Related Parties	-	-	-	6,05,759	3,29,759	52,757
From Others	-	-	-	-	-	3,00,000
From Companies	-	-	-	-	-	63,00,000
	-	-	-	6,05,759	3,29,759	2,13,10,470

NOTE 14: TRADE PAYABLES

(AMOUNT IN Rs.)

PARTICULARS	As At 31-Mar-18	AsAt31-Mar-17	As At Ol-Apr-16
Trade payables for material, supplies & services	1,63,28,008	1,31,79,431	5,65,092
Statutory liabilities	8,80,141	4,78,867	-
	1,72,08,149	1,36,58,298	5,65,092

a) Trade payables include Nil (Previous Year Nil) due to Micro, Small and Medium Enterprises to the extent such parties have been identified by the management from available information.

b) 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 March 31, 2018 (Previous year as at March 31,2017) together with interest paid / payable as required under the said Act, have not been given.

c) Statutory liabilities includes TDS payable and output GST payable as on March 31, 2018.

NOTE 15: SHORT-TERM PROVISIONS

PARTICULARS		1		A^^l-Mar-18	As At 31-Mar-17	As ^l-Apr-16
Provision for Construction Expenses				25,50,000	_	_
Provision for Audit Fees				60,000	54,000	20,000
Provision for Professional Fees				_	81,000	_
Provision for Salary Expenses				1,18,700	1,80,700	-
Provision for Electricity Expenses				31,302	15,904	-
Provision for Income Tax				7,15,404	-	-
				34,75,406	3,31,604	20,000

(AMOUNT IN Rs)

PARTICULARS	AsAt31-Mar-18	AsAt31-Mar-17
Construction Receipt Interest Income	13,14,58,000	5,87,00,000
	13,14,58,000	5,87,00,000
NOTE 17: OTHER INCOME (AMOUNT IN Rs)
PARTICULARS	AsAt31-Mar-18	AsAt31-Mar-17
Interest Income Dr/ Cr. Balance Written Off	5,25,257	3,92,711 22,78,340
	5,25,257	26,71,051

NOTE 21: FINANCE COST

NOTE 22: OTHER EXPENSES

(AMOUNT IN Rs)

PARTICULARS	AsAt31-Mar-18	As At 31-Mar-17
Interest Expenses	2,14,285
	2,14,285	-

(AMOUNT IN Rs)

PARTICULARS	AsAt31-Mar-18	As At 31-Mar-17
Advertisement Expenses	10,325	11200
Computer Expenses	36,000	29,363
Demat Account Charges		4,683
Electricity Expenses	3,83,363	1,49,340
Festival Gift Exp	3,09,338	-
Insurance Expenses		35,071
Internet Expenses	3,474	10,540
Legal & Professional Fees	1,32,000	1,00,500
Listing Expenses	3,31,081	3,63,850
Office Expenses	9,066	78,060
Other Expenses	59,348	60,217
Petrol Expenses	33,630	7,960
Postage & Courier Expenses	10,550	59,506
Printing & Stationery Expenses	92,778	92,241
Rent Expenses	60,000	60,000
ROC Filling Fees	2,400	1,200
Security Charges	72,896	-
Swachh Bharat Cess	31,672	1,02,295
Telephone Expenses	16,636	12,624
Payment to Auditor:
Audit Fees	60,000	60,000
Tax Matters	90,000	90,000
	17,44,557 13,28,650

NOTE 23: EARNING PER SHARE (EPS)

(AMOUNT IN Rs)

PARTICULARS		AsAt31-Mar-18	As At 31-Mar-17
Profit / (Loss) after tax		1,06,88,575	62,75,010
Net Profit / (Loss) for calculation of basic EPS		1,06,88,575	62,75,010
Number of equity shares		3,29,55,000	3,29,55,000
Number of equity shares for calculation of basic EPS		3,29,55,000	1,87,38,288
Earnings Per Share (EPS)		0.32	0.33

NOTE 24: RELATED PARTY DISCLOSURE

As per Indian Accounting Standard 24, the disclosures of transactions with the related parties are given below:

a. List of related parties where control exists and related parties with whom transactions have taken place and relationships:

Name of Related Party	Relationship
Pro Leasing and Finance Limited	Company in which director is director
Parimal RShah Bhavik V Patel Shailesh chandra N Naik Samir D Vora PintubhaiSShah	Directors
Parimal RShah	Managing Director

b. Transaction during the year with related parties.

(AMOUNT IN Rs)

Nature of Transaction	As At 31-Mar-18	As At 31-Mar-17
Lease rent for office premises
Pro Leasing and Finance Limited	60,000	60,000
Director Remuneration
Bhavik V Patel	4,94,000	4,18,000
Umesh Gandhi		56,000
Parimal RShah	2,76,000	2,76,000
Unsecured loan taken
Parimal R Shah	6,05,759	3,29,759
Short Term advances
Pro Leasing and Finance Limited	4,68,120	5,68,120

Mr. Umesh Gandhi left the company as a director w.e.f. 25th July 2016.

NOTE 25

The Company is engaged in construction business only and therefore there is only one reportable segment in accordance with Indian Accounting Standard 108 on "Operating Segments".

NOTE 26

Figures of the previous year have been regrouped/ rearranged/ reclassified wherever necessary to correspond with the classification of

NOTE 27

The disclosures regarding details of specified bank notes held and transacted during November 8, 2016 to December 30, 2016 has not been made since the requirement does not pertain to financial year ended March 31, 2018. Corresponding disclosure as appearing in the audited financial statements for the period ended March 31, 2017 have been disclosed below: Details of Specified Bank Notes (SBN) held and transacted during the period Novembers, 2016 to December 30, 2016:

Particulars	SBNs	Other denomination notes	Total
Closing cash in hand as on 08.11.2016	64000	246893	310893
( ) Permitted receipts	Nil	Nil	Nil
(-) Permitted payments	Nil	(85913)	(85913)
(-) Amount deposited in Banks	(64000)	Nil	(64000)
( ) Amount withdrawn from Banks	Nil	300000	300000
Closing cash in hand as on 30.12.2016	Nil	460980	460980

NOTE 28

A] Explanation of transition to Ind AS

There is no difference in total equity as on 31.03.2017 and 01.04.2016 and total comprehensive income for the year ended 31.03.2017 in comparison to previous GAAP. Resultantly effect of transition to Ind AS is considered as Nil.

B] First time adoption of Ind AS

The accounting policies have been applied consistently in preparing the financial statements for the year ended 31.03.2017, the comparative information presented in these financial statements for the year ended 31.03.2016 and in the preparation of an opening Ind AS balance sheet as at 01.04.2016 (the company''s date of transition).

C] Ind AS optional exemptions

Deemed cost of Property, Plant and Equipment, Investment Property and Intangible Assets

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 recognized in the financila 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-comissioning liabilities. This exemption can also be used for Intangible assets covered by Ind AS 38 Intangible Assets and Investment Property covered by Ind AS 40 Investment properties. Accordingly, the company has elected to measure all of its Property, Plant and Equipment, Intangible Assets and Investment property at their previous GAAP carrying value as deemed cost.

D] Ind AS mandatory exemptions Estimates

An entity''s estimates in accordance with Ind AS 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 differences in accounting policies), unless there is objective evidence that those estimates were in error. Ind AS estimates as at 01.04.2016 are consistent with the estimates as the same date made in confirmity with previous GAAP.

Classification and Measurement of Financial assets and liabilities

The classification and measurement of financial assets will be made considering whether the conditions as per Ind AS 109 are met based on facts and circumstances existing at the date of transition.

Reconciliation between previous GAAP and Ind AS

Ind AS 101 requires an entity to reconcile total equity and total comprehensive income for prior periods. The following tables represent the reconciliation from previous GAAP to Ind AS.

1. Reconciliation of total equity as at 31 March 2017 and 1 April 2016

(AMOUNT IN RS)
Particulars	31-Mar-17	01-Apr-16
Total Equity (Shareholder''s Funds) as per previous GAAP	2,43,74,829	1,16,00,181
Adjustments
Total Equity as per Ind AS	2,43,74,829	1,16,00,181

2. Reconciliation of total comprehensive income for the year ended 31 March 2017

(AMOUNT IN RS)

Particulars	31-Mar-17
Profit after tax as per previous GAAP	62,75,010
Adjustments:	-
Total comprehensive income for the year ended 31 March 2017	62,75,010

3. Reconciliation of Statement of cash flows for the year ended 31 March 2017
Particulars	Previous GAAP	Adjustments	Ind AS
Net cash flows from Operating activities	(1,47,90,621)	0	(1,47,90,621)
Net cash flows from investment activities	0	0	0
Net cash flows from financing activities	1,63,29,639	0	1,63,29,639
Net increase/ decrease in cash and cash equivalents	15,39,018	0	15,39,018
Cash and cash equivalents at 1 April 2016	2,39,501		2,39,501
Cash and cash equivalents at 31 March 2017	17,78,519	0	17,78,519

As Per Our Report of Even Date
For Shirish Desai & Co.	For and On Behalf Of the Board of Directors
Chartered Accountants
(Firm Registration No: 112226W)

Jaydeep A. Samani	Parimal Shah	Bhavik Patel
(Partner)	(Managing Director)	(Director)
Membership No: 150207	DIN: 00569489	DIN: 07521766
Place : Vadodara
Date : 28th May 2018

---

Mar 31, 2014

For the period For the period As On 31/03/14 As On 31/03/13 Particulars

1. Contingent Liabilities:

Contingent Liabilities : 0 0

a. Claims against the company not acknowledged as debt

b. Guarantees 0 0

c. Other money for which the company is contingently liable 0 0

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

3. Letters seeking confirmation of balances outstanding from Banks, Debtors, Creditors and others are not being issued. Accordingly balances as on 31St March 2014 as appearing in books of account have been recognised and are subject to reconciliation / adjustment if any, when the accounts of the concerned parties are reconciled and settled.

4. The company has availed facilities under Raw Material Assistance Schema from National small Industries Corporation (N.S.I.C.) during the year 1996. The Company has defaulted in making payment to N.S.I.C. since the year 1997-1998. No interest has been provided in the books for the year 2013-14 on outstanding amount of Rs.1,75,07,713/- as on 01.04.2013 in absence of details.

5. The Company is "SICK" within the meaning of clause (0) of sub-section (1) of section 3 of Sick industrial Companies ( Special Provision) Act 1985 (SICA), However as the company is Small Scale Industry, it is not eligible for making reference to Board for Industrial Financial Reconstruction for declaration of Company as "Sick Industrial Undertaking".

6. Figures of the previous year have been regrouped/ rearranged/ reclassified wherever necessary to correspond with the classification of the current period

---

Mar 31, 2013

NOTE ''1'' Contingent Liabilities:

Contingent Liabilities:

a. Claims against the company not acknowledged as 0 0 debt

b. Guarantees 0 0

c. Other money for which the company is contingently liable

NOTE ''2'' In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value stated if realised in the ordinary course of business. Provisions for all known liabilities are adequate and not in excess of the amount reasonably necessary.

NOTE ''3'' Letters seeking confirmation of balances outstanding from Banks, Debtors, Creditors and others are not being issued. Accordingly balances as on 31st March 2013 as appearing in books of account have been recognised and are subject to reconciliation / adjustment if any, when the accounts of the concerned parties are reconciled and settled.

NOTE "4'' The company has availed facilities under Raw Material Assistance Schema from National small Industries Corporation (N.S.I.C.) during the year 1996. The Company has defaulted in making payment to N.S.I.C. since the year 1997-1998. No interest has been provided in the books for the year 2012-13 on outstanding amount of Rs.1,75,07,713/- as on 01.04.2012 in absence of details.

NOTE "5'' Term Loan from Gujarat State Financial Corporation (G.S.F.C.) is secured by way of first charge on the fixed assets of the company, both present and future, and the personal guarantee of one of the Directors. As the Company has defaulted in repayment of dues to Gujarat state Financial Corporation, G.S.F.C. took the possession of all the fixed assets of the Company during the 1999-2000 and realised an amount of Rs.17,61,000/- from the sale of those assets.

In terms of One Time Settlement (OTS) scheme the Company has paid an amount of Rs. 871,286/- during the year 2012-13. As the Company has not received "No Due Certificate" from G.S.F.C. the balance amount including interest due thereon is still payable to G.S.F.C. However in absence of necessary details with regard to interest charged by G.S.F.C, no provision is made in respect of interest payable to G.S.F.C. for the year 2012-13.

NOTE "6'' The Company is "SICK" within the meaning of clause (0) of sub-section (1) of section 3 of Sick industrial Companies (Special Provision) Act 1985 (SICA), However as the company is Small Scale Industry, it is not eligible for making reference to Board for Industrial Financial Reconstruction for declaration of Company as "Sick Industrial Undertaking";

NOTE ''7'' Figures of the previous year have been regrouped/ rearranged/ reclassified wherever necessary to correspond with the classification of the current period.

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Mar 31, 2012

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

Letters seeking confirmation of balances outstanding from Banks, Debtors, Creditors and others are not being issued. Accordingly balances as on 31st March 2012 as appearing in books of account have been recognised and are subject to reconciled / adjustment if any , when the accounts of the concerned parties are reconciled and settled.

The company has availed facilities under Raw Material Assistance Schema from National small Industries Corporation (NSIC) during the year 1996. The Company has defaulted in making payment to NSIC since the year 1997-1998. No interest has been provided in the books for the year 2011-12 on outstanding amount of Rs. 17507713/-as on 01.04.2011 in absence of details.

Term Loan from Gujarat State Financial Corporation (GSFC) is secured by way of first charge on the fixed assets of the company, both present and future, and the personal guarantee of one of the Directors. As the Company has defaulted in repayment of dues to Gujarat state Financial Corporation, GSFC took the possession of all the fixed assets of the Company during the 1999-2000 and realized an amount of Rs.1761000/- from the sale of those assets. The balance amount including interest due thereon is still payable to GSFC. However in absence of necessary details with regard to interest charged by GSFC, no provision is made in respect of interest payable to GSFC for the year 2011-12.

The Company is "SICK" within the meaning of clause (0) of sub-section (1) of section 3 of Sick industrial Companies ( Special Provision) Act 1985 (SICA), However as the company is small Scale industry it is not eligible for making reference to Board for Industrial Financial Reconstruction for declaration of Company as "Sick Industrial Undertaking".

These Financial statement have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act, 1956 which has become effective from 01/04/2011. Figures of the previous year have been regrouped/ rearranged/ reclassified wherever necessary to correspond with the classification of the current period.

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Mar 31, 2007

1. Corresponding figures of the previous year have been regrouped and reclassified to make them comparable with current year's figures wherever necessary.

2. Letters seeking confirmation of balances outstanding from Banks, debtors, creditors and others are not being issued. Accordingly balances as on 31st March, 2007 as appearing in books of account have been recognised and are subject to reconciliation / adjustments, if any, when the accounts of the concerned parties are reconciled and settled.

3. No provision for Income tax liability is considered necessary in view of the loss during the year and brought forward losses.

4. The deferred tax assets has not been recognised as provided by Accounting Standards 22 as there is no reasonable certainty of sufficient taxable income being available against which such deferred tax assets can be realised.

5. In the opinion of Board, Current Assets and Loans and Advances are at values stated in the Balance Sheet, if realisable in the ordinary course of business.

6. Term Loan from Gujarat State Financial Corporation (GSFC) is secured by way of first charge on the fixed assets of the Company, both present and future, and the personal guarantee of one of the Directors. As the Company has defaulted in repayment of dues to Gujarat State Financial Corporation, it took the possession of all the fixed assets of the Company during the 1999-2000 and realised an amount of Rs. 17,61,000/- from the sale of those assets. The balance amount including interest due thereon is still payable to GSFC. However in absence of necessary details with regard to interest charged by GSFC, no provision is made for the year 2006-07 Working Capital borrowings from Union Bank of India, is secured by way hypothecation of stock of Raw Materials, Work in Process, Finished Goods, Book Debts and are further secured by way of the personal guarantee of one of the Directors. The bank has filed suit against the Company for recovery of its outstanding dues. No interest has been provided in the books for the year 2006-07 on outstanding amount of Rs. 25,00,150/- as on 01-04-2005. The Company in terms of settlement proposal dated paid 130.5.2002 has paid Rs 09.50 Lacs to the said Bank during the year 2006-07.

The Company has availed financial assistance from National Small Industries Corporation (NSIC) under Material Assistance Scheme. No interest has been provided in the books for the year 2006-07 on outstanding amount of Rs, 1,75,07,713/- as on 01-04-2006.

7. The Company is sick within the meaning of clause (o) of Sub-Section (1) of Section 3 of Sick Industrial Companies (Special Provision) Act 1985 (SICA), However as the company is Small Scale Industry it is not eligible for making reference to Board for Industrial and Financial Reconstruction for declaration of Sick Industrial Undertaking.

8. Additional information pursuant to the provisions of paragraphs 3 & 4 ( C) & (D) of part-II of schedule-VI to the Companies Act 1956 is not furnished as the company has neither undertaken any manufacturing or trading activity.