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Notes to Accounts of Asahi Songwon Colors Ltd.

Mar 31, 2016

I.a Indian Rupee Term loan from Banks(Other than Vehicle Loans) are secured by:

i Primery Security:

State Bank of India Term Loan: First charge in favour of State Bank of India By way of Hypothecation of Fixed Assets acquired for the up gradation of Plants at Plot No. 429-432, ECP Channel Road, Padra, Vadodara ( admeasuring 9751 Sq Mtrs each except Block No. 432 admeasuring 9632 Sq Mtrs, aggregating to 38885 Sq Mtrs.)

State Bank of India Corporate Term Loan: First charge in favour of State Bank of India By way of Hypothecation and Equitable Mortgage of Plant and Machinery / Fixed Assets created out of Corporate Loan.

ii Collateral Security:

State Bank of India Term Loan and Corporate Term Loan: Second charge in favour of State Bank of India, on all chargeable current assets of the Company, both present and future.

I. b Vehicle loans are secured by hypothecation of concerned vehicles.

I.c Term of Repayment.

i Rupee Term loan from State Bank of India amounting to Rs.7,506,029/- (Previous Year Rs. 63,164,430/-) Repayable in one quarterly Installment only.

ii Corporate Term loan from State Bank of India amounting to Rs.58,077,415/- (Previous Year Rs.28,990,229/-) Repayable in 7 quarterly Installments of Rs. 2,500,000/- and 7 quarterly installments of Rs. 5,000,000/- and balance installment for Rs. 5,577,415/- ( Previous year Corporate Term loan sanctioned for Rs. 60,000,000/- was not fully disbursed as on March 31, 2015 )

iii Vehicle loans are repayable in equal monthly installment over the terms of 16 installments

iv There was no default in repayment of loan or interest.

The working capital limits from bank are secured by:

i Primary Security:

First charge in favour of State Bank of India by way of hypothecation over entire present and future current assets of Company.

ii Collateral Security:

First charge in favour of State Bank of India on the entire Fixed Assets of the Company ( Excluding Vehicles Purchased) of which included:

- Equitable mortgage and / or hypothecation charge on entire Fixed Assets ( Land, Building, Plant and Machinery) both present and future of the Company situated at Block No. 429 to 432 ECP Channel Road, Village Dudhwada, Taluka Padra, District Vadodara, Gujarat.

- Hypothecation of Wind Mill with all its accessories purchased out of Bank Finance located at 308 / P Moti Sindholi, Kutch, Gujarat.

- Lien of TDR worth of Rs. 0.25 Crore.

1. ACCOUNTING FOR TAX ON INCOME

Provision for current tax is made under normal computation. Provision of Income Tax has been made in the accounts taking into consideration various concessions available and depreciation under the Income Tax Act 1961. MAT Credit entitlement has been treated as advance payment of Tax.

2. DISCLOSURE ON CORPORATE SOCIAL RESPONSIBILITY ( CSR ) ACTIVITIES U/S 135 OF THE COMPANIES ACT, 2013 IS AS UNDER:

a. Gross amount required to be spent by the Company during the year: Rs. 91.92 Lacs (Previous year Rs. 31.64 Lacs)

b. Amount spent and utilized during the year on:

3. IMPAIRMENT OF ASSETS

No material impairment of Assets has been identified by the Company and as such no provision is required as per Accounting Standard 28 issued by The Institute of Chartered Accountants of India.

4. SCHEME OF ARRANGEMENT

Pursuant to the Scheme of Arrangement ("the Scheme") under Section 391 to 394 and other applicable provisions of the Companies Act, 1956 between AksharChem (India) Limited ("ACIL"), Asahi Songwon Colors Limited ("the Company") and their respective shareholders and creditors as approved by the Hon''ble High Court of Gujarat vide its certified order dated November 29, 2014, which became effective from December 2, 2014 on filing with Registrar of Companies, Gujarat and accordingly all assets and liabilities of the CPC Green Division (i.e. business and interests in manufacture of CPC Green Division) of the Company has been transferred to and vested in AksharChem (India) Limited at their respective book values on a going concern basis with effect from the appointed date (i.e. April 1, 2014). Accordingly the same has been reflected in the previous year''s figures.

5. The figures of the previous period have been regrouped / reclassified, wherever necessary, so as to be in conformity with the figures of the current period''s classification / disclosure.


Mar 31, 2015

1. SuNDRY DEBTORS, SuNDRY CREDITORS AND LOANS AND ADVANCES

The Company has received balance confirmations from major parties and for few exceptions, the management is in the opinion that the current assets, loans and advances have a value on realization in ordinary course of business at least equal to the amount at which they are stated.

2. EMPLOYEES BENEFITS

In compliance with the Accounting Standard on "Employee Benefits" (AS 15) (Revised 2005) notified by Companies (Accounting Standards) Rules, 2006, the following disclosures have been made:

3. SEGMENT REPORTING

The Company has only one identified reportable business segment namely "Pigments" and does not fall under secondary segment for the purpose of Accounting Standard on "Segment Reporting" (AS 17) notified by Companies (Accounting Standards) Rules, 2006.

4. RELATED PARTY DISCLOSuRES

Related Party Disclosures as required by Accounting Standard 18 issued by Institute of Chartered Accountants of India are given below:

1 Related Parties and Nature of Relationship

a) The Enterprises in which Key Managerial Personnel (KMP) and their relatives have significant influence: AksharChem (India) Ltd

Skyjet Aviation Pvt Ltd

Skyways

Asahi Energy Pvt Ltd

Asahi Powertech Pvt Ltd

Flyover Communication Pvt Ltd

Akshar Silica Pvt. Ltd

b) Key Management Personnel: Mrs. Paru M. Jaykrishna

Mr. Gokul M. Jaykrishna Mr. Munjal M. Jaykrishna Mr. Saji V Joseph Mr. Chandravadan R. Raval

c) Relative of Key Managerial Personnel Mr. Mrugesh Jaykrishna

5. ACCOuNTING FOR TAX ON INCOME

Provision for current tax is made under normal computation. Provision of Income Tax has been made in the accounts taking into consideration various concessions available and depreciation under the Income Tax Act 1961. MAT Credit entitlement has been treated as advance payment of Tax.

6. IMPAIRMENT OF ASSETS

No material impairment of Assets has been identified by the Company and as such no provision is required as per Accounting Standard 28 issued by The Institute of Chartered Accountants of India.

7. The figures of the previous period have been regrouped / reclassified, wherever necessary, so as to be in conformity with the figures of the current period's classification / disclosure.

8. SCHEME OF ARRANGEMENT

1 Pursuant to the Scheme of Arrangement ("the Scheme") under Section 391 to 394 and other applicable provisions of the Companies Act, 1956 between AksharChem (India) Limited ("ACIL"), Asahi Songwon Colors Limited ("the Company") and their respective shareholders and creditors as approved by the Hon'ble High Court of Gujarat vide its certified order dated November 29, 2014, which became effective from December 2, 2014 on filing with Registrar of Companies, Gujarat and accordingly all assets and liabilities of the CPC Green Division (i.e. business and interests in manufacture of CPC Green Division) of the Company has been transferred to and vested in AksharChem (India) Limited at their respective book values on a going concern basis with effect from the appointed date (i.e. April 1, 2014). Accordingly, these financial statements do not include the financial statements of the said CPC Green Division of the Company for the period from 01.04.2014 to 31.03.2015.

2 The whole of the assets and liabilities of the Green Division of the Company became the assets and liabilities of AksharChem (India) Ltd., and were transferred at their book values as appearing in the books of the Company with effect from the appointed date (i.e. 01-04- 2014) pursuant to the scheme of arrangement. The details of the assets and liabilities transferred to AksharChem (India) Ltd. are as under:

3 Upon the scheme being effective the Authorised Share Capital of the Company amounting to Rs35,000,000/- has been transferred to AksharChem (India) Limited and accordingly the Authorised Share Capital of the Company automatically stands reduced to the said extent as on the effective date without any further act or deed.

4 The transaction pertaining to the CPC Green Division of the Company from the appointed date up to the effective date of the Scheme of Arrangement has been deemed to be made by AksharChem (India) Limited.

5 The employees of the demerged undertaking have been transferred to AksharChem (India) Limited on their existing terms of employment with the Company.

6 All contingent liabilities relating to demerged undertaking has been transfer to AksharChem (India) Limited on the appointed date.

7 All loans, advances and other facilities sanctioned to the Company in relation to the CPC Green Division sanctioned by State Bank of India prior to the Appointed Date, which are partly drawn or utilized is transferred to AksharChem (India) Limited. Further, such loans, advance and other facilities utilized either partly or fully by the Company from the appointed date till the effective date of the CPC Green Division (within the overall limits sanctioned by State Bank of India) is on the effective date treated as loans, advances and other facilities made available by AksharChem (India) Limited without any further act or deed on the part of the Resulting Company.

8 Pursuant to the sanctioned scheme of arrangement, AksharChem (India) Limited (the resulting Company) without any further application or deed, issued and allotted 23,60,050 equity shares of Rs10/- each at par to the equity shareholders of the Company in the ratio of 5 (five) fully paid up Equity Shares of Rs10/- each of AksharChem (India) Limited (Resulting Company) has been issued and allotted for every 26 (twenty six) fully paid up Equity Shares of Rs10/- each held in the Company (Demerged Company) on the record date February 3, 2015.

9. DEPRECIATION

In accordance with the provisions of the Companies Act, 2013 effective from April 1, 2014. The Company has revised depreciation rate on fixed assets as per the useful life specified in part "C" of schedule II of the Act. As a result of this change, the depreciation charged during the year ended March, 2015 is higher by Rs31.23 Lacs.

10. Extra Ordinary Items shown in Profit and Loss Rs Nil (Previous year Rs13,521,305/- represents unrealised export licenses written off, Rs10,077,181/- unrealised claims written off and Rs855,676/- excess depreciation written back).

11. The Prior Period Adjustments for Rs3,855,000/- pertains to the recovery of excess payment made as remuneration to Managing Directors of the Company during the Financial Year 2013-2014. (Previous year Rs Nil).

12. The figures stated in the previous year are inclusive of figures of CPC Green Division of the Company which have been demerged with effect from the appointed date of the scheme (i.e. April 01, 2014) the accounting effect of which has been given and as such current year figures are not comparable with those of previous year figures.


Mar 31, 2014

NOTE 1 CONTINGENT LIABILITIES AND COMMITMENTS

(Amount in H) March 31, 2014 March 31, 2013

1 Letter of Credit and Bank Guarantees issued by bankers and outstanding at the end 115,963,265 54,544,162 of the year

2 Estimated amount of Contracts / purchase orders remaining to be executed and not 50,205,798 60,751,814 provided for Capital goods / Capital work in progress

3 Bills discounted against Letter of Credit but not realized and credited to the parties 3,360,140 - accounts

4 In respect of Income Tax 8,715,081 8,715,081

Name of Statute : Income Tax Act, 1961 Nature of the dues : Income tax (A.Y. 2001-02 to 2011-12)

Forum where dispute is pending : Commissioner of Income Tax (Appeal) /ITAT

NOTE 2 SEGMENT REPORTING

The Company has only one identified reportable business segment namely "Pigments" and does not fall under secondary segment for the purpose of Accounting Standard on "Segment Reporting" (AS 17) notifed by Companies (Accounting Standards) Rules, 2006.

NOTE 3

The extraordinary item shown in Statement of profit and loss represents unrealized export incentives written off for H13,521,305 (Previous year Nil), Unrealised claims written off for H10,077,181 (Previous year Nil) and excess depreciation written back for H855,676 (Previous year Nil).

NOTE 4 RELATED PARTY DISCLOSURES

Pursuant to the Accounting Standard on "Related Party Disclosure" (AS 18) notifed by Companies (Accounting Standards) Rules, 2006, the following persons are considered as related persons for the year ended on March 31, 2014.

1 Related Parties and Nature of Relationship

a) The Parties over which significant infuence is exercised :

Names Relationship

Aksharchem (India) Ltd One or more directors are director

Skyjet Aviation Pvt Ltd One or more directors are director

Skyways One or more directors are trustee

Asahi Energy Pvt Ltd One or more directors are director

Asahi Powertech Pvt Ltd One or more directors are director

Flyover Communication Pvt Ltd One or more directors are director

Akshar Silica Pvt. Ltd One or more directors are director

b) Key Management Personnel and their Relatives:

Names Relationship

Mrs. Paru M. Jaykrishna Chairperson and Managing Director

Mr. Gokul M. Jaykrishna Joint Managing Director

Mr. Munjal M. Jaykrishna Joint Managing Director

Mr. Mrugesh Jaykrishna Spouse of the Chairperson and Managing Director

and Father of Joint Managing Directors

NOTE 5 ACCOUNTING FOR TAX ON INCOME

Provision for current tax is made under normal computation. Provision of Income Tax has been made in the accounts taking into consideration various concessions available and depreciation under the Income Tax Act 1961. MAT Credit entitlement has been treated as advance payment of Tax.

NOTE 6 IMPAIRMENT OF ASSETS

No material impairment of Assets has been identified by the Company and as such no provision is required as per Accounting Standard 28 issued by The Institute of Chartered Accountants of India.

NOTE 7

Previous year''s figures have been regrouped / reclassified, wherever necessary to make them comparable with the figures of the current year financial statements.


Mar 31, 2013

NOTE 1 SUNDRY DEBTORS, SUNDRY CREDITORS AND LOANS AND ADVANCES

The Company has received balance confirmations from major parties and for few exceptions, the management is in the opinion that the current assets, loans and advances have a value on realization in ordinary course of business at least equal to the amount at which they are stated.

NOTE 2 SEGMENT REPORTING

The Company has only one identified reportable business segment namely "Pigments" and does not fall under secondary segment for the purpose of Accounting Standard on "Segment Reporting" (AS 17) notified by Companies (Accounting Standards) Rules, 2006.

NOTE 3 ACCOUNTING FOR TAX ON INCOME

Provision for current tax is made under normal computation. Provision of Income Tax has been made in the accounts taking into consideration various concessions available and depreciation under the Income Tax Act 1961. MAT Credit entitlement has been treated as advance payment of Tax.

NOTE 4 IMPAIRMENT OF ASSETS

No material impairment of Assets has been identified by the Company and as such no provision is required as per Accounting Standard 28 issued by The Institute of Chartered Accountants of India.

NOTE 5

Previous year''s figures have been regrouped / reclassified, wherever necessary to make them comparable with the figures of the current year financial statements.


Mar 31, 2012

A. Terms / rights attached to Equity Shares

The Company has issued only one class of equity shares having a par value of Rs. 10 per share. Each holder of Equity Shares are entitled to one vote per share. The Company declares dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the Annual General Meeting, except in case of interim dividend. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the realised value of the assets of the Company, remaining after the payment of all preferential dues. The distribution will be in proportion to the number of equity shares held by the shareholders.

b. 1. Aggregate number and class of shares allotted as fully paid up pursuant to contracts without payment being received in cash: NIL

2. Aggregate number and class of shares allotted as fully paid by way of Bonus Shares : In the Financial year 2006-07 38,42,420 Equity Shares of Rs. 10/- each were allotted as fully paid up Equity Shares by way of Bonus Shares at the ratio of 1:1 by capitalization of General Reserve.

3. Aggregate number and class of shares bought back: NIL

a. Secured loans are covered by:

1. Term Loans from State Bank of India are secured by Equitable Mortgage of Land and Buildings and a first charge by way of hypothecation of the whole of the movable properties of the company including its movable plant & machinery, stores, tools & accessories, present & future and other movables save & except book debts & current assets and further secured by personal guarantee of Joint Managing Directors of the Company.

Rupee Term loan of Rs. 74,754,584/- outstanding in the previous year was repaid for Rs. 15,000,000/- and balance amount was converted into Foreign Currency Term Loan for US$ 1,160,000/- and repaid US$ 334,000/- balance for US$ 826,000/- shown as foreign currency loan see - 2 below:

2. Foreign Currency Term Loan US$ 826,000 @ exchange rate of Rs.50.87 Per. US$ = Rs.42,018,620 (Previous year Nil)

3. Vehicle loans are secured by hypothecation of vehicles purchased.

b. Repayment terms of outstanding long term borrrowings as on March 31, 2012

1. There was no default in repayment of loan or interest.

2. Repayment terms of secured term loan in Indian Rupee Borrowings

Amount payable within 12 Months Rs. 30,000,000/- (Previous year Rs. 30,000,000/-). Current year term loan outstanding is repayable by balance 11 quarterly installments of Rs. 7,500,000/- and last 12th installment for balance amount. Previous year Term loan is converted into Foreign Currency Term loan. See - 3. below.

3. Repayment terms of secured term loan in Foreign Currency (US$) Borrowings

Amount payable within 12 Months US$ 668,000/- = Rs. 33,981,160/- (Previous year US$ Nil = Rs. Nil). This term loan is repayable by 4 quarterly installments of US$ 167,000/- and last 5th quarterly Installment of US$ 158,000/-.

4. Repayment terms of Vehicle Loan

Vehicle loans are repayable in equal monthly instatement over the terms of loan ranging from 3 to 5 years.

* Secured loans are secured by hypothecation of raw materials, finished goods, stock in process and book debts, other current assets of the Company and personal guarantee of Joint Managing Directors of the Company.

Note: 1

The Revised Schedule VI as notified under the Companies Act, 1956 has become applicable to the Company effective from April 1, 2011 for the presentation made in the financial statements. The adoption of the revised Schedule VI requirements has significantly modified the presentation and disclosures which have been complied with in these financial statements. Previous year figures have been reclassified in accordance with current year requirements. Note: 2. CONTINGENT LIABILITIES (Amount in Rupees)

Particulars March 31, 2012 March 31, 2011

1 Letter of Credit and Bank Guarantees issued by bankers and outstanding at the end of the year 72,510,202 42,341,546

2 Estimated Value of Contracts / purchase orders pending for Capital goods /

Capital work in progress 28,886,241 86,182,503

3 In respect of Income Tax 14,379,708 9,959,364

Name of Statute: Income Tax Act, 1961

Nature of the dues: Income tax (A.Y. 2001-02 to 2011-12)

Forum where dispute is pending : Commissioner of Income Tax (Appeal) /ITAT / High-Court Note: 32. SUNDRY DEBTORS, SUNDRY CREDITORS AND LOANS AND ADVANCES

The Company has received balance confirmations from major parties and for few exceptions, the management is in the opinion that the current assets, loans and advances have a value on realization in ordinary course of business at least equal to the amount at which they are stated.

Note: 3. EMPLOYEES BENEFITS

In compliance with the Accounting Standard on "Employee Benefits" (AS 15) (Revised 2005) notified by Companies (Accounting Standards) Rules, 2006, the following disclosures have been made:

Note: 4. SEGMENT REPORTING

The Company has only one identified reportable business segment namely “Pigments" and does not fall under secondary segment for the purpose of Accounting Standard on “Segment Reporting" (AS 17) notified by Companies (Accounting Standards) Rules, 2006.

Note: 5. RELATED PARTY DISCLOSURES

Pursuant to the Accounting Standard on “Related Party Disclosure" (AS 18) notified by Companies (Accounting Standards) Rules, 2006, the following persons are considered as related persons for the year ended on March 31, 2012.

Note: 6. ACCOUNTING FOR TAX ON INCOME

Provision for current tax is made under normal computation. Provision of Income Tax has been made in the accounts taking into consideration various concessions available and depreciation under the Income Tax Act 1961. MAT Credit entitlement has been treated as advance payment of Tax.

Note: 7. IMPAIRMENT OF ASSETS

There are no indications which reflects that any of the assets of the Company has got impaired from its potential use and therefore no impairment loss was required to be accounted in the current year as per Accounting Standard on "Impairment of Assets" (AS 28) notified by the Companies (Accounting Standards) Rules, 2006.

Note: 8.

Previous year's figures have been regrouped / reclassified, wherever necessary to make them comparable with the figures of the current year financial statements.


Mar 31, 2011

1. Contingent Liabilities

As at As at

31/03/2011 31/03/2010

Rs. Rs.

1. Letter of Credit and Bank Guarantees issued by 42,341,546 — bankers and outstanding as on 31.03.2011

2. Bills discounted against LC Pending Realization — 2,593,001

3. Estimated Value of Contracts / purchase orders pending 86,182,503 18,134,719 for Capital goods / Capital work in progress

4. Contingent Liabilities not provided for :

Claims against the Company not acknowledge as debts:

Name of the Nature of Amount Forum where statute Dues in Rs. Dispute is Pending

Income Tax Act Income Tax 9,959,364/- Commissioner of Income Tax (A.Y. 2000-01 to 2008-09) (10,240,196/-) (Appeals) / ITAT / High Court

2. Sundry Debtors, Sundry Creditors and Loans and Advances

a. The Company has received balance confirmations from major parties and for few exceptions, the management is in the opinion that the current assets, loans and advances have a value on realization in ordinary course of business at least equal to the amount at which they are stated.

b. There are no Micro, Small & Medium Enterprises to whom the company over dues, which are outstanding for more than 45 days as at 31st March, 2011. This information is disclosed under the Micro, Small & Medium Enterprises Development Act, 2006 which has been determined to the extent such parties have been identified on the basis of the information available with the company.

D. The Ministry of Corporate Affairs, Government of India vides its General Notification No. S.O. 301(E) dated 8th February 2011 issued under section 211 (3) of the companies Act, 1956 has exempted certain classes of companies from disclosing certain information in their profit & loss account. The company being an "Export Oriented Company" is entitled to the exemption. Accordingly, disclosures mandated by paragraphs 3(i) (a),3(ii) (a), 3(ii) (b) and 3(ii) (d) of part II, Schedule VI to the Companies Act, 1956 have not been provided.

f) The company to hedge it's exports business, books forward contracts. As on 31st March, 2011, outstanding forward contracts amounts to equivalents of Rs. 3,225.76 Lacs.

7. Employees Benefits

The disclosures required under accounting standard 15 "Employees Benefits" notified in the Companies (Accounting Standards) rules, 2006 is given below:

1. Defined Contribution Plan:

The Company has recognized the following amount as an expense and included in the Schedule 16 – "Payments to and Provisions for Employee".

2. Defined Benefit Plan

The present value of gratuity and leave encashment obligations is determined based on actuarial valuation using the Projected Unit Credit Method as recommended under Accounting Standard – 15.

8. Segment Reporting

The Company has only one segment namely "Pigments" and does not fall under secondary segment. In view of this, details of segment information is not required to be given as per AS-17 Segment Reporting issued by the Institute of Chartered Accountants of India.

9. Related Party Disclosures

1. Related Parties and Nature of Relationship

a) The Parties over which significant influence is exercised :

Names Relationship

Aksharchem (India) Ltd One or more directors are director

Skyjet Aviation Pvt Ltd One or more directors are director

Skyways One or more directors are trustee

Asahi Energy Pvt Ltd One or more directors are director

Asahi Powertech Pvt Ltd One or more directors are director

Flyover Communication Pvt Ltd One or more directors are director

Akshar Silica Pvt. Ltd One or more directors are director

b) Key Management Personal and their Relatives:

Names Relationship

Mrs. Paru M. Jaykrishna Chairperson and Managing Director

Mr. Gokul M. Jaykrishna Joint Managing Director

Mr. Munjal M. Jaykrishna Joint Managing Director

Mr. Mrugesh Jaykrishna Spouse of the Chairperson and Managing

Director and Father of Joint Managing Directors.

11. Accounting for Tax on Income

i) Provision for current tax is made under normal computation. Provision of Income Tax has been made in the accounts taking into consideration various concessions available and depreciation under the Income Tax Act 1961. MAT Credit entitlement has been treated as advance payment of Tax.

12. Previous year's figures have been regrouped / reclassified, wherever necessary to make them comparable with the figures of the current year financial statements.

13. Amounts represented in lacs have been rounded off to the nearest two decimals points.


Mar 31, 2010

1. Contingent Liabilities

As at As at 31/03/2010 31/03/2009 Rs. Rs. 1. Letter of Credit and Sank Guarantees issued by NIL NIL bankers and outstanding as on 31.03.2010 2. Bills discounted against LC credited to debtors account. 2,593,001 Nil 3. Estimated Value of Contracts / purchase orders pending for 18,134,719 2,473,250 Capital goods / Capital work in progress

4. Contingent Liabilities not provided for:

Claims against the Company not acknowledge as debts:

2. Sundry Debtors, Sundry Creditors and Loans and Advances

a. The Company has received balance confirmations from major parties and for few exceptions, the management is in the opinion that the current assets, loans and advances have a value on realization in ordinary co_urse of business at least equal to the amount at which they are stated.

b. There are no Micro, Small & Medium Enterprises to whom the company over dues, which are outstanding for more than 45 days as at 31st March, 2010. This information is disclosed under the Micro, Small & Medium Enterprises Development Act, 2006 which has been determined to the extent such parties have been identified on the bases of the information available with the company.

3. Managerial Remuneration

Managerial remuneration under Section 198 of the Companies Act, 1956 paid or payable during the financial year to the Directors and Computation of Net Profit in accordance with Section 198(1) and Section 349 of the Companies Act, 1956 are as under:

4. Segment Reporting

The Company has only one segment namely "Pigments" and does not fatl under secondary segment. In view of this, details of segment information is not required to be given as per AS-17 Segment Reporting issued by the Institute of Chartered Accountants of India.

5. Accounting for Tax on Income

i) Provision for current tax is made under normal computation. Provision of Income Tax has been made in the accounts taking into consideration various concessions available and depredation under the Income Tax Act 1961.

ii) The Deferred tax liability comprises of Tax effect of Timing difference on account of :

6. Previous years figures have been regrouped / reclassified, wherever necessary to mate them comparable with the figures of the current year financial statements.

7. Amounts represented in lacs have been rounded off to the nearest two decimals points.

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