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Notes to Accounts of Dunlop India Ltd.

Mar 31, 2014

As at As at 31.03.2014 31.03.2013 (Rs. in Lakhs) (Rs. in Lakhs)

1.1 Contingent liabilities and commitments

Contingent Liabilities

Sales Tax Demands under appeal or otherwise disputed. 14,904.06 14,904.06

Income tax matters in appeal. 400.00 400.00

In respect of Trade Finance facilities availed and assignment of factored debtors. 3361.36 3,361.36

Commitments

In respect of gurantee issued in favour of WBSEDCL. 145.20 145.20

In respect of corporate gurantee issued on behalf of Group Companies. 1783.25 1,783.25

1.2 In respect of the sale proceeds of Rs.70 lacs realized from a certain party in earlier years, the Company deposited the amount with the Chennai High Court, and out of the same, a sum of Rs.35 lacs has been utilized for payment of outstanding dues of employees. The balance lying with the court is pending adjudication.

1.3 Other Long term liabilities( Rs.1765.99 lacs appearing in Note 2.4) and Long term Advances (Rs.208.13 lacs appearing in Note 2.12) represent liabilities/assets for pre takeover period, which in the opinion of the Management is not payable/realisable within one year of Balance Sheet date.

1.4 Confirmation of balances has been sought from sundry creditors, sundry debtors and loans & advances given to parties. Confirmations are awaited.

1.5 Present Directors are not disqualified in terms of Section 274(1)(g) of the Companies Act, 1956, as legally advised.

1.6 a) Particulars in terms of the regulation/ directions issued by SEBI:

I) Holding Company: Wealth Sea Pte. Ltd. (Singapore) through DIL Rim and Wheel Corporation Limited, Mauritius

II) Subsidiaries: Ebony Commercial Pvt Ltd, Dunlop East Ltd., Dunlop South Ltd

III) Associate Companies

As per Separate Annexure

1.7 Segment Reporting

The Company operates in single segment, i.e. manufacturing/trading of Rubber products, such as Automotive Tyres, Tubes, Industrial Hoses, Transmission and Conveyor Belting, etc., hence the Accounting Standard 17 regarding Segment Reporting is not applicable.

1.8 Disclosure as per AS-15 "Employees Benefits"

In view of continuing Suspension of Operation at both the Factories, Acturial valuation of Gratuity has not been done during the year. Management has paid Rs.58.79 lakhs towards Gratuity payment during 2013-14.

1.9 Previous year figures have been regrouped wherever necessary.


Mar 31, 2013

1.1 In respect of the sale proceeds of Rs.70 lacs realized from a certain party in earlier years, the Company deposited the amount with the Chennai High Court, and out of the same, a sum of Rs.35 lacs has been utilized for payment of outstanding dues of employees. The balance lying with the court is pending adjudication

1.2 Other Long term liabilities( Rs.1765.99 lacs appearing in Note 4) and Long term Advances (Rs.279.29 lacs appearing in Note 12) represent liabilities/assets for pre takeover period, which in the opinion of the Management is not payable/realisable within one year of Balance Sheet date.

1.3 Confirmation of balances has been sought from sundry creditors, sundry debtors and loans & advances given to parties. Confirmations are awaited.

1.4 Present Directors are not disqualified in terms of Section 274(1)(g) of the Companies Act, 1956, as legally advised

1.5 Particulars in terms of the regulation/ directions issued by SEBI:

I) Holding Company: Wealth Sea Pte. Ltd. (Singapore) through DIL Rim and Wheel Corporation Limited, Mauritius

II) Subsidiaries: Ebony Commercial Pvt Ltd, Dunlop East Ltd., Dunlop South Ltd

III) Associate / Group Co.

As per Separate Annexure

1.6 Segment Reporting

The Company operates in single segment, i.e. manufacturing/trading of Rubber products, such as Automotive Tyres, Tubes, Industrial Hoses, Transmission and Conveyor Belting, etc., hence the Accounting Standard 17 regarding Segment Reporting is not applicable.


Mar 31, 2012

Term Loan from Banks represent Vehicle loans secured by way of hypothecation of vehicles.

Term Loan from others are secured by way of creation of charge on fixed assets of an Associated Company.

Loan from related parties are secured by Second charge of Company's Fixed Assets.

Note:

Cash credit / Overdraft are secured by hypothecation of inventories, book debts and all other current assets related to Company's manufacturing unit at Sahaganj, both present and future and are further secured by hypothecation of moveable fixed assets ant} equitable mortgage of land at Sahaganj.

Term Loan from Banks represent Vehicle loans secured by way of hypothecation of vehicles.

Note:

None of the suppliers have reported Micro, Small and Medium Enterprises status as defined in the Micro, Small and Medium Enterprises Development Act, 2006 to whom the company owes dues.

Note:

Other Liabilities includes old secured loans from KSIIDC- Rs.333.05 lacs, and Catholic Syrian Bank - Rs.750 lacs, Company has not repaid these loans and these loans are now under active consideration of one time settlement with the Lenders. Pending settlement, no interest has been provided on these loans.

Fixed Deposits were accepted till 1997 and have fallen due for repayment with earlier management. In terms of the order received from the Company Law Board, this will lie dealt with as per the directions received from the appropriate Authority.

Note:

The Company had recognized deferred tax asset as on 31.03.2007 on account of carried forward business losses and unabsorbed depreciation under Income Tax Act, 1961. This was adjusted against General Reserve. The Company has filed a petition on 11th March, 2010 before Hon'ble Calcutta High Court seeking extension of carry forward losses period beyond 8 years because the Compare was under BIFR. Pending decision, Rs 3358 lakhs, which was adjusted against General Reserve in 2007-08 & 2008-09 was brought back to General Reserve in 2009-10.

Inventories are stated at the lower of cost and estimated net realisable value. Cost is determined on the basis of first in first out, except engineering stores, cost for which is computed on the basis of weighted average. Work- in-progress represents materials cost, direct labour and appropriate portion of factory overheads. Finished Goods are valued at lower of Cost or net realizable value.

As per the opinion obtained by the company no depreciation has been charged on the Assets amounting to Rs. 29384.14 lakhs (P.Y.Rs.29384.14 lakhs) capitalized till 31.3.11 and not put to use.

1.1 Contingent Liabilities and commitments

Contingent Liabilities

Sales Tax Demands under appeal or otherwise disputed 14,904.06 14,904.06

Income tax matters in appeal 400,00 400.00

In respect of Trade Finance facilities availed and assignment of factored debtors 3361.36 3,362.71

Commitments

In respect of gurantee issued in favour of WBSEDCL 145.20 145.20

In respect of corporate gurantee issued on behalf of Group Companies 6063.05 6,063.05

1.2 In respect of the sale proceeds of Rs.70 lacs realized from a certain party in earlier years, the Company deposited the amount with the Chennai High Court, and out of the same, a sum of Rs.35 lacs has been utilized for payment of outstanding dues of employees. The balance lying with the court is pending adjudication.

1.3 Other Long term liabilities( Rs.2755.54 lacs appearing in Note 2.4) and Long term Advances (Rs.279.29 lacs appearing in Note 2.12) represent liabilities/assets for pre takeover period, which in the opinion of the Management is not payable/realisable within one year of Balance Sheet date.

1.4 Refurbishment work for reaching of optimum production capacities is in progress at both the plants of the Company at Sahaganj and Ambattur. Expenses on such Refurbishment work including interest and overheads as are allocable to reach optimum production capacities amounting to Rs.1453.92 lakhs ( p.y. fts.3810.48Lakhs) have been capitalized during 1.4.2011 to 30.9.2011.

1.5 Confirmation of balances has been sought from sundry creditors, sundry debtors and loans & advances given to parties. Confirmations are awaited.

1.6 Present Directors are not disqualified in terms of Section 274(1)(g) of the Companies Act, 1956, as legally advised.

1.7 Particulars in terms of the regulation/ directions issued by SEBI:

i) Holding Company: Wealth Sea Pte. Ltd. (Singapore) through DIL Rim and Wheel Corporation Limited, Mauritius.

ii) Subsidiaries: Ebony Commercial Pvt Ltd, Dunlop East Ltd., Dunldp South Ltd.

iii) Associate Companies

1) Aakashdeep Properties Pvt Ltd. 2) Acurate Traders Pvt Ltd. 3) Adhishwar Nivesh Pvt. Ltd. 4) Alpha Airways Pvt Ltd. 5) Alwaye Properties & Finance Pvt Ltd. 6) American Merchandising Ltd. 7) Anchita Commercials Pvt Ltd. 8) Angan Properties Private Limited, 9) Anish Traders Pvt Ltd. 10) Anoush Traders Pvt Ltd. 11) Aparupa Properties Pvt. Ltd. 12) Ayodhya Properties & Finance Pvt Ltd. 13) Ballard Commercials Pvt Ltd. 14) Bandana Commercials Pvt Ltd. 15) Beadon Traders Pvt Ltd. 16) Bharatiya Hotels Pvt. Ltd. 17) Bipul Commercials Pvt Ltd. 18) Blackstone Holdings Private Ltd. 19) Bloom Billions Sdn Bhd- Malaysia 20) Borneo Traders Pvt Ltd. 21) Brawany Nivesh Pvt Ltd. 22) BTR Sealing System UK Ltd. - UK. 23) Chaity Commercials Pvt Ltd. 24) Chaman Trade Links Pvt Ltd. 25) Chambal Marketing Pvt Ltd. 26) Chemical Corporation of India Ltd. 27) Chinsurah Chemicals Pvt. Ltd. 28) Chorus Trade Links Pvt Ltd. 29) Climber Properties Pvt. Ltd. 30) D K Properties Pvt Ltd. 31) Dadar Properties & Finance Pvt Ltd. 32) Deblok Traders Pvt Ltd. 33) Deoghar Properties & Finance Pvt Ltd. 34) Ruia Corporate Services Pvt Ltd. 35) Dil Rim and Wheel Corporation Ltd.-Mauritius 36) Divya Mercantile Ltd. 37) Dunlop Estates Pvt. Ltd. 38) Dunlop Infrastructure Pvt. Ltd. 39) Dunlop Investments Ltd. 40) Dunlop Latex Foam Europe Ltd. 41) Dunlop Polymers Pvt Ltd. 42) Dunlop Properties Pvt. Ltd. 43) Dunlop Rubbers Limited 44) Dunlop Tyres Limted, 45) Dunlop Auto Tyres Limted, 46) Dunlop UK Limited, UK, 47) Durg Properties & Finance Pvt Ltd. 48) Eco Traders Pte Ltd. 49) Edina Marketing pvt Ltd. 50) eMotions Media Pvt Ltd. 51) Empire Minerals Pvt Ltd. 52) Enormous Nivesh Pvt Ltd. 53) Eyelid Mercantile Pvt Ltd. 54) Fabulous Nivesh Pvt Ltd. 55) Falcon Tyres & Rubber PVT. Ltd. 56) Falcon Tyres Impex Pvt. Ltd. 57) Falcon Tyres Ltd. 58) FAIRVALUE IMPEX LTD. Maurititius, 59) Mahan Tyres & Tubes Pvt.Ltd.(Formerly Falken Tyres Ltd.) 60) Fiber Foam (Bombay) Pvt Ltd. 61) Fragment Nivesh Pvt Ltd. 62) Gain E-Commerce Pvt Ltd. 63) Global Fin Pro Ltd. 64) Global finvest Ltd. UK, 65) Globe Sugar Refinery Ltd. 66) GLORIOUS INVESTMENTS LTD - Maurititius, 67) Goldman Securities Ltd. 68) Goldman Stock & Share Brokers Ltd. 69) Gumasol Rubber Tec GMBH. 70) Hardcore Viniyog Pvt Ltd. 71) Herald Investments Pvt Ltd. 72) Hiker Properties Pvt. Ltd. 73) Hiland Traders Pvt Ltd. 74) Hindustan Texknit Pvt. Ltd. 75) Hirakud Industrial Works Ltd. 76) Hirakud Rolling Mill Ltd. 77) Hriday Commercials Pvt Ltd. 78) Ibcon(Calcutta) Pvt Ltd 79) India Finance Ltd 80) India Tyre & Rubber Co (India) Ltd. 81) Indo-Wagon Engineering Ltd. 82) Jai Badrinath Niketan Pvt. Ltd. 83) Jai Brijmohan Niketan Pvt. Ltd. 84) Jai Ganga Nirman Pvt. Ltd. 85) Jai Gokul Towers Pvt. Ltd. 86) Jai Harihor Tower Pvt. Ltd. 87) Jai Raghuvir Enclave Pvt. Ltd. 88) Jai Tridev Vihar Pvt. Ltd. 89) Jai Vaibhav Niketan Pvt. Ltd. 90) Janaki Marketing Pvt Ltd. 91) Jessop & Co. Ltd. 92) Jessop Estate Pvt Ltd. 93) Jessop Infotech Pvt Ltd 94) Jessop Infrastructure Pvt Ltd. 95) Jessop Properties Pvt Ltd. 96) Jessop Shipyard Limited, 97) Jessop Wagons & Coaches Ltd. 98) Kailash Enterprises (New Delhi) Pvt Ltd. 99) Kanti Commercials Pvt Ltd. 100) Kothi Lefin Pvt Ltd. 101) Kulu Properties & Finance Pvt Ltd. 102) Liluah Ceramics Pvt. Ltd. 103) Mahant Merchandise Pvt Ltd. 104) Malini Properties Pvt Ltd. 105) Manali Properties & Finance Pvt. Ltd. 106) Manidipa Properties Pvt. Ltd. 107) Manjari Properties Pvt. Ltd. 108) Mayank Services Ltd. 109) Metro Developers Ltd. 110) Metropole Hills Hotel Pvt. Ltd. 111) Monarch Exim Pvt Ltd. 112) Monotona Tyres Limited, 113) Moulishree Electricals & Electronics Ltd. 114) Mridula Marketing Pvt Ltd. 115) Mudrika Commercials Pvt. Ltd. 116i Mugdha Properties Pvt Ltd. 117) Nandini Properties Pvt Ltd. 118) Nevadita Properties Pvt Ltd. 119) Ocean Constructions Pte Ltd. 120) OM Cotex Ltd (Formerly Ruia Cotex Ltd), 121) Onix Business Services Ltd. 122) Orion Otomotiv ve Yedek Par$a Sanayi veTic. -Turkey, 123) Orion Medencilik Metal Enerji Ticaret A .S -Turkey, 124) P.K. Constructions Pvt Ltd. 125) Pacific Apparels Ltd., 126) Pallavi Manufacturers Pvt. Ltd. 127) Parnika Marketing Private Ltd. 128) Pawan Herbals Pvt. Ltd. 129) Payneganga Sugars & Chemicals Ltd. 130) Radient Investment Ltd- Maurititius, 131) Rapid Investment Ltd - Maurititius, 132) Renuka Resorts Pvt Ltd., 133) REALWORTH TRADING LTD- Maurititius, 134) Rose Investment Ltd-Mauritius, 135) Ruia & Sons Pvt Ltd. 136) Ruia Agro Products Pvt. Ltd. 137) Ruia Electronics Pvt Ltd.138) Ruia Holding - GMBH, 139) RUIA HOLDING FRANCE SAS, 140) RUIA INTERNATIONAL FRANCE SAS, 141) RUIA AUTOMOTIVE SRO-Chek, 142) Ruia Hospital & Educational Research Institution, 143) Ruia Hotels Pvt Ltd. 144) RUIA INDUSTRIES LTD - Maurititius, 145) Ruia Marketing Ltd. 146) Ruia Properties GMBH, 147) Ruia Technologies Ltd. 148) Ryham Pte Limited- Singapore, 149) Sagarika Properties Pvt Ltd. 150) Sanjose Polymers Pvt Ltd. 151) Sarvan Commercials Pvt Ltd. 152) Satarupa Properties Pvt. Ltd. 153) Schlegel Automotive Europe Ltd. UK 154) Schlegel Automotive India Pvt.Ltd. 155) Securities Brokers India Limited, 156) Shakambari Communications Pvt Ltd. 157) Shalimar Towers Pvt Ltd. 158) Shalini Properties & Developers Pvt. Ltd. 159) Shankar Traders & Dealers Ltd. 160) Sheetal Exports Ltd. 161) Shresth (India) Pvt Ltd. 162) Skypak Properties & Finance Pvt Ltd. 163) Spices Valley Estates Ltd. 164) SPR Resorts Ltd. 165) Ruia Global Nivesh Pvt Ltd (Formerly SPR Textiles Pvt. Ltd.), 166) Stephen Financial Services Pvt Ltd. 167) Sterling Share Brokers (P) Ltd. 168) Subhlaxmi Compusis Pvt Ltd. 169) Subhra Marketing Ltd. 170) Sugandha Industries Pvt Ltd. 171) Sukaram Marketing Ltd. 172) Suryamani Financing Company Ltd. 173) Tribhuban Marketing (P) Ltd. 174) Tulip Machineries Pvt Ltd. 175) Udbav Commercials Pvt Ltd. 176) Vidyut Petrochem Pvt Ltd. 177) Vilas Marketing Private Limited 178) Wealth Field Pte Ltd. 179) Walker Properties Pvt Ltd. 180) Wealth Ocean Pte Ltd- Sinagpore, 181) Wealth Overseas Pte Ltd- Sinagpore, 182) WEALTH VALLEY PTE LTD. 183) Wealthsea Ltd - Maurititius, 184) WEALTH TREASURY Ltd-Maurititius, 185) WEALTH PACIFIC HOLDING LTD-Maurititius 186) WEALTHSEA HOLDINGS A.S -Turkey 187) Zeal Infotech Pvt Ltd. 188) Zipco Industrial Finance Pvt. Ltd.

iv. Key Management Personnel:

Mr. S. N. Maheshwari, Executive Director (till 16th June, 2011)

1.8 Previous year figures have been regrouped wherever necessary.


Mar 31, 2011

31.03.2011 31.03.2010 (Rs. in lacs) (Rs. In lacs)

1. Contingent Liabilities (to the extent ascertainable)

Claims against the Company not acknowledged as debts

a) Sales Tax Demands under appeal or otherwise disputed 14904.06 17902.82

b) Income tax matters in appeal 400.00 400.00

c) In respect of guarantee issued in favour of WBSEDCL 145.20 145.20

d) In respect of corporate guarantee issued on behalf of group companies 6063.05 5783.40

e) In respect of Trade Finance facilities availed and assignment of factored debtors 3362.71 3422.94

2. In respect of the sale proceeds of Rs.70 lacs realized from a certain party in earlier years, the Company deposited the amount with the Chennai High Court, and out of the same, a sum of Rs.35 lacs has been utilized for payment of outstanding dues of employees. The balance lying with the court is pending adjudication.

3. Loan Fund Include :

a. Cash credit/Overdraft are secured by hypothecation of inventories, book debts and all other current assets related to company's manufacturing unit at Sahaganj, both present and future liability of Rs 3545.42 lakhs from Central Bank of India are further secured by hypothecation of moveable fixed assets and equitable mortgage on land situated at Sahaganj.

b. Term loans from KSIIDC of Rs.333.05 lacs are secured by an equitable mortgage of land at Mysore and immovable property of the company situated at Kolkata.

c. Vehicle loans from Banks/ NBFC are secured by way of hypothecation of vehicles.

d. No provision has been made for Interest on loans from Catholic Syrian Bank and KSIIDC in the books of accounts. The company is in the process of making one time settlement with respective parties.

4. Fixed Deposits were accepted till 1997 and have fallen due for repayment with earlier management. In terms of the order received from the Company Law Board, this will be dealt with as per the directions received from the appropriate Authority. However the present management has paid Rs.342.88 lakhs (P.Y. Rs.253.19 lakhs) after takeover to the FD holders.

5 Present Directors are not disqualified in terms of Section 274(1)(g) of the Companies Act. 1956, as legally advised.

6. As per the opinion obtained by the company no depreciation has been charged on the Assets amounting to Rs. 29384.14 lakhs (P.Y.Rs.17443.07 lakhs) capitalized till 31.3.11 and not put to use.

7. Particulars in terms of the regulation/ directions issued by SEBI:

a The companies in the group as disclosed below are directly/indirectly controlled by the Ruia Group of Companies under the chairmanship of Sri Pawan Kumar Ruia and its various subsidiary/associate companies which held the controlling stake in the Company during the year ended 31- March 2011 :

i Holding Company : Wealth Sea Pte. Ltd. (Singa- pore) through DIL Rim and Wheel Corporation Limited, Mauritius.

ii. subsidiaries: Ebony Commercial Pvt Ltd.

iii Associate/Group Companies : 1) Aakashdeep Properties Pvt Ltd 2) Acurate Traders Pvt Ltd 3) Adhishwar Nivesh Pvt Ltd 4) Ajit Commercials Pvt Ltd 5) Alpha Airways Pvt Ltd 6.) Alwaye Properties & Finance Pvt Ltd 7) American Merchandising Ltd 8) Anchita Commercials Pvt Ltd 9) Angan Properties Pvt Ltd 10) Aniket Traders Pvt Ltd 11) Anish Traders Pvt Ltd 12) Anoush Traders Pvt Ltd 13) Anumala Traders Pvt Ltd 14) Aparupa Properties Pvt. Ltd. 15) Ayodhya Properties & Finance Pvt Ltd 16) Ballard Commercials Pvt Ltd 17) Banalata Traders Pvt Ltd 18) Bandana Commercials Pvt Ltd 19) Beadon Traders Pvt Ltd 20) Bengal Institute of Neurosciences Ltd 21) Bharat Vidyut Co Ltd 22) Bharatiya Hotels Pvt Ltd 23) Bipul Commercials Pvt Ltd 24) Blackstone Holdings Pvt Ltd 25) Blessings Commercials Pvt Ltd 26) Bloom Billions Sdn Bhd- Malaysia 27) Borneo Traders Pvt Ltd 28) Brawany Nivesh Pvt Ltd 29) BTR Sealing System UK Ltd - UK 30) Camac Traders Pvt Ltd 31) Chaity Commercials Pvt Ltd

8) Chaman Trade Links Pvt Ltd 33) Chambal Marketing Pvt Ltd 34) Chemical Corporation of India Ltd 35) Chinsurah Chemicals Pvt Ltd 36) Chorus Trade Links Pvt Ltd 37) Climber Properties Pvt. Ltd. 38) California Auto Tyres Pvt Ltd 39) D K Properties Pvt Ltd 40) Dadar Properties & Finance Pvt Ltd 41) Deblok Traders Pvt Ltd 42) Deoghar Properties & Finance Pvt 'Ltd 43) Dhan E Commerce Pvt Ltd 44) Durg Properties & Finance Pvt Ltd 45) Dipti Commercials Pvt Ltd 46) Divya Mercantile Ltd 47) Double Plus Software Pvt Ltd 48) Draftex Automotive,GMBH 49) Dunlop Estates Pvt Ltd 50) Dunlop Infrastructure Pvt Ltd 51) Dunlop Investments Ltd. 52) Dunlop Latex Foam Europe Ltd 53) Dunlop Polymers Pvt Ltd (Formerly Jacob & Jacob Polymer Pvt Ltd) 54) Dunlop Properties Pvt Ltd 55) Dunlop Rubber Ltd 56) Dunlop Tyres Ltd 57) Dunlop UK - Ltd UK 58) Eco Traders Pte Ltd 59) Edina Marketing Pvt Ltd 60) Electric Corporation of India Ltd 61) Elloit Mercantile Pvt Ltd 62) eMotions Media Pvt Ltd 63) Empire Minerals Pvt Ltd 64) Enormous Nivesh Pvt Ltd 65) Eyelid Mercantile Pvt Ltd 66) Fragment Nivesh Pvt Ltd 67) Fabulous Nivesh Pvt Ltd 68) Falcon Tyres Ltd. 69) Falcon Tyres & Rubber Pvt Ltd 70) Falcon Tyres Impex Pvt Ltd 71) Fiber Foam (Bombay) Pvt Ltd 72) Cyan Website Pvt Ltd 73) Gam E- Commerce Pvt Ltd 74) Gain Dot Com Pvt Ltd 75) Global Finvest Ltd - UK 76) Globe Sugar Refinery Ltd 77) Goldman Stock & Share Brokers Ltd 78) Global Fin Pro Ltd 79) Goldman Securities Ltd 80) Gumasol Rubber Tec GMBH 81) Hriday Commercials Pvt Ltd 82) Hardcore Viniyog Pvt Ltd 83) Herald Investments Pvt Ltd 84) Himadri Properties Pvt Ltd 85) Hindustan Bauxite Ltd 86) Hindustan Texknit Pvt Ltd 87) Hirakud Industrial Works Ltd. 88) Hirakud Rolling Mill Ltd 89) Hiland Traders Pvt Ltd 90) Hiker Properties Pvt. Ltd. 91) Indo-Wagon Engineering Ltd 92) Ibcon(Calcutta) Pvt Ltd 93) India Finance Ltd 94) India Tyre & Rubber Co (India) Ltd 95) Janaki Marketing Pvt Ltd 96) Jessop& Co Ltd 97) Jessop lnfotech Pvt Ltd 98).Jessop

Shipyard Limited 99) Jessop Estate Pvt Ltd 100) Jessop Properties Pvt Ltd 101) Jessop infrastructure Pvt Ltd 102) Jessop Wagons & Coaches Ltd 103) Jai Vaibhav Niketan Pvt. Ltd: 104) Jai Brijmohan Niketan Pvt. Ltd 105) Jai Harihor Tower Pvt. Ltd. 106) Jai Raghuvir Enclave Pvt. Ltd. 107) Jai Ganga Nirman Pvt. Ltd. 108) Jai Badrinath Niketan Pvt. Ltd. 109) Jai Tridev Vihar Pvt. Ltd. 110) Jai Gokul Towers Pvt. Ltd. 111) Kulu Properties & Finance Pvt Ltd 112) Kailash Enterprises ( New Delhi) Pvt Ltd 113) Kamlapur Alcohol Ltd 114) Kamlapur Sugar & Industries Ltd 115) Kanti Commercials Pvt Ltd 116) Kothi Lefin Pvt Ltd 117) Lona Commercials Pvt Ltd 118) Liluah Ceramics Pvt. Ltd. 119) Manjari Properties Pvt. Ltd. 120) Mahant Merchandise Pvt Ltd 121) Manali Properties & Finance Pvt. Ltd. 122) Malini Properties Pvt. Ltd. 123) Manavendra Commercials Pvt Ltd 124) Mandhatri Traders Pvt Ltd 125) Manidipa Properties Pvt. Ltd. 126) Mayank Services Ltd 127) Metro Developers Ltd. 128) Metropole Hills Hotel Pvt. Ltd. 129) Monarch Exim Pvt Ltd 130) Monotona Tyres Ltd. 131) Mouiishree Electricals & Electronics Ltd 132) Mridula Marketing Pvt Ltd 133) Mudrika Commercials Pvt. Ltd. 134) Mugdha Properties Pvt Ltd 135) Nevadita Properties Pvt Ltd 136) Nandan Suppliers & Contractors Pvt Ltd 137) Nandini Properties Pvt Ltd 138) Our Films Productions Pvt Ltd 139) Ocean Cement Ltd 140) Ocean Constructions Pte Ltd 141) Olivia Tours & Travels Pvt Ltd 142) OM Cotex Ltd (Formerly Ruia Cotex Ltd) 143) Onix Business Services Ltd 144) Payneganga Sugars & Chemicals Ltd 145) P.K. Constructions Pvt Ltd 146) Pacific Apparels Ltd. 147) Pacific Website Pvt Ltd 148) Pallavi Manufacturers Pvt Ltd 149) Parnika Marketing Pvt Ltd 150) Pawan Herbals Pvt. Ltd. 151) Power Corporation of India Ltd 152) Rose Investment Ltd-Mauritius 153) Radient Investment Ltd-Mauritius 154) Raghav Industries Ltd. 155) Rapid Investment Ltd -Mauritius 156) Renuka Resorts Pvt Ltd 157) Resource Cement Ltd 158) Rose E-Commerce Pvt Ltd 159) Ruia & Sons Pvt Ltd 160) Ruia Global Nivesh Pvt Ltd (Formerly SPR Textiles Pvt.

Ltd.) 161) Ruia Agro Products Pvt. Ltd. 162) Ruia Hospital & Educational Research Institution 163) Ruia Corporate Services Pvt Ltd 164) Ruia Electronics Pvt Ltd 165) Ruia Global Fasteners AG 166) Ruia Holding-GMBH 167) Ruia Hotels Pvt Ltd 168) Ruia Iron & Steel Co. Pvt Ltd 169) Ruia Marketing Ltd 170) Ruia Overseas Pvt. Ltd 171) Ruia Properties GMBH 172) Ruia Technologies Ltd 173) Ryham Pte Ltd - Singapore 174) Sanjose Polymers Pvt Ltd. 175) Sarvan Commercials Pvt Ltd 176) Sayaji Marketing Pvt Ltd 177) Shakambari Communications Pvt Ltd 178) Shalimar Towers Pvt Ltd 179) Shankar Traders & Dealers Ltd 180) Sheetal Exports Ltd 181) Shresth (India) Pvt Ltd 182) Skypak Properties & Finance Pvt Ltd 183) SPR Sugar & Chemicals Ltd 184) Stephen Financial Services Pvt Ltd 185) Sterling Share Brokers (P) Ltd 186) Subhlaxmi Compusis Pvt Ltd 187) Sugandha Industries Pvt Ltd 188) Sukaram Marketing Ltd. 189) Schlegel Automotive Europe Ltd - UK 190) Schlegel Automotive India Pvt.Ltd 191) Securities Brokers India Ltd. 192) Shalini Properties & Developers Pvt. Ltd. 193) Spices Valley Estates Ltd. 194) SPR Resorts Ltd. 195) Sagarika Properties Pvt Ltd 196) Subhra Marketing Ltd. 197) Surag Commercials Pvt Ltd 198) Suryamani Financing Company Ltd. 199) Satarupa Properties Pvt. Ltd. 200) Tribhuban Marketing Pvt Ltd 201) Tulip Machineries Pvt Ltd 202) U.P Bio Chem Ltd 203) U.P.Hydro Projects Ltd 204) Udbav Commercials Pvt Ltd 205) Ventura Project Pvt Ltd 206) Vidyut Petrochem Pvt Ltd 207) Vilas Marketing Pvt Ltd 208) Wealth Filed Pte Ltd. 209) Walker Properties Pvt Ltd 210) Wealth Valley Pte. Ltd 211) Wealthsea Ltd - Maurititius 212) Wizer Advertising Pvt Ltd 213) Wealth overseas Pte Ltd-Singapore 214) Wealth ocean Pte Ltd- Singapore 215) Yamuna Website Pvt Ltd 216) Zeal Infotech Pvt Ltd 217) Zipco Industrial Finance Pvt. Ltd.

iv . Key Management Personnel:

Mr. R K Budhiraja, Executive Director (till May 10, 2010)

Mr. S N Maheswari, Executive Director

9 The Company had recognized deferred tax asset as on 31.03.2007 on account of carried forward business losses and unabsorbed depreciation under Income Tax Act, 1961. This was adjusted against General Reserve. The Company has filed a petition on 11th March, 2010 before Hon'ble Calcutta High Court seeking extension of carry forward losses period beyond 8 years because the Company was under BIFR. Pending decision, Rs 3358 lakhs, which was adjusted against General Reserve in 2007-08 & 2008-09 was brought back to General Reserve in 2009-10.

10 Refurbishment work for reaching of optimum production capacities is in progress at both the plants of the Company at Sahaganj and Ambattur. Expenses on such Refurbishment work including interest and overheads as are allocable to reach optimum production capacities amounting to Rs.3810.48 lakhs (P.Y. Rs. 4553.30 Lakhs) have been capitalized during the year.

11 Company revalued its Fixed assets last on 31.3.2007 by approved valuers on 'Open Market Value Method/Net Replacement Value Method' and consequential increase in value of fixed assets amounting to Rs. 107207 lakhs has been added to Revaluation Reserve. Differential depreciation on asset is being adjusted against Revaluation Reserve amounting to Rs. 3806.95 lakhs (P.Y. 3806.95 lakhs).

12. Based on the legal opinion obtained by the Company that the provisions of the Section 115JB of the Income Tax Act., 1961 are not applicable to the Company, no provision has been made for taxation in these accounts in view of huge carried forward business losses as per the Income Tax Act., 1961.

13. a) None of the supplier have reported Micro, Small and Medium Enterprises status as defined in the Micro, Small and Medium Enterprises Development Act, 2006 to whom the company owes dues.

b) Confirmation of balances has been sought from sundry creditors, sundry debtors and loans & advances given to parties. Confirmations are awaited.

14. Company recognized all the known liabilities related to pre take over period but there may be still some liabilities which are not known to Company. As and when they will arise company will contest and provide the same on determination.

15. The Company operates in the single segment, i.e. manufacturing/trading of Rubber products, such as Automotive Tyres, Tubes, Industrial Hoses, Transmission and Conveyor Belting, etc.. hence the Accounting Standard 17 regarding Segment Reporting is not applicable.

16. Previous year's figures have been regrouped / re-arranged wherever necessary.


Mar 31, 2010

31.03.2010 31,03.2009 (Rs .in lacs) (Rs. In lacs)

1. Contingent Liabilities (to the extent ascertainable)

Claims against the Company not acknowledged as debts

a) Sales Tax Demands under appeal or otherwise disputed 17902.82 21853.00

b) Income tax matters in appeal 400.00 -

c) In respect of guarantee issued in favour of WBSEDCL. 145.20 -

2. In respect of the sale proceeds of Rs.70 lacs realized from a certain party in earlier years, the Company deposited the amount with the Chennai High Court, and out of the same, a sum of Rs.35 lacs has been utilized for payment of outstanding dues of employees. The balance lying with the court is pending adjudication.

3. Loan Fund Include :

a. Cash credit / Overdraft are secured by hypothecation of inventories, book debts and all other current assets, both present and future liability of Rs 3446.45 lakhs from Central Bank of India are further secured by first charge on the property at Sahaganj.

b. Term loans from KSIIDC of Rs.360.05 lacs are secured by an equitable mortgage of land at Mysore.

c. Vehicle loans from Banks/ NBFC are secured by way of hypothecation of vehicles.

d. No provision has been made for Interest on loans from Catholic Syrian Bank and KSIIDC in the books of accounts. The company is in the process of making one time settlement with respective parties.

4. Fixed Deposits were accepted till 1997 and have fallen due for repayment with earlier management. In terms of the order received form the Company Law Board, this will be dealt with as per the directions received from the appropriate Authority. However the present management has paid Rs.253.19 Lakhs after takeover to the FD holders.

5. Present Directors are not disqualified in terms of Section 274(1 )(g) of the Companies Act, 1956, as legally advised.

6. As per the opinion obtained by the company no depreciation has been charged-on the Assets amounting to Rs. 17443.07 lakhs capitalized on 31.3.08 and not put to use.

7. Particulars in terms of the regulation/ directions issued by SEBI :

a. The companies in the group as disclosed below are directly / indirectly controlled by the Ruia Group of Companies under the chairmanship of Sri Pawan Kumar Ruia and its various subsidiary / associate companies which held the controlling stake in the Company during the year ended 31s1 March 2010:

i. Holding Company : Wealth Sea Pte. Ltd. (Singapore) through DIL Rim and Wheel Corporation Limited, Mauritius.

ii. Subsidiaries: (1) Ebony Commercial Pvt Ltd. (2) Wizer Advertising Pvt Ltd.

iii. Associate / Group Companies : 1) Acurate Traders Pvt Ltd 2) Alpha Airways Pvt ltd 3) Anoush Traders Pvt Ltd 4) Aparupa Properties Pvt. Ltd. 5) Bharatiya Hotels Pvt Ltd 6) Bloom Billions Sdn Bhd- Malaysia 7) BTR Sealing System UK Ltd - UK 8) Chinsurah Chemicals Pvt Ltd 9) Climber Properties Pvt. Ltd. 10) Draftex Automotive , GMBH 11) Dunlop Estates Pvt Ltd 12)Dunlop Infrastructure Pvt Ltd 13) Dunlop Investments Ltd.14) Dunlop Properties Pvt Ltd 15) Dunlop Rubber limited 16) Dunlop Tyres limited 17) Dunlop UK limited UK 18) Dunlop Polymers Pvt Ltd (Formerly Jacob & Jacob Polymer Pvt Ltd) 19) Falcon Tyres Ltd. 20) Falcon Tyres & Rubber Pvt Ltd 21) Falcon Tyres Impex Pvt Ltd 22) Fiber Foam (Bombay) Pvt Ltd 23) Global Finvest Ltd UK 24) Globe Sugar Refinery Ltd 25) Goldman Stock & Brokers Ltd 26) Global Fin Pro Ltd 27) Hirakud Industrial Works Ltd. 28) Hirakud Rolling Mill Ltd. 29) Hiland Traders Pvt Ltd 30) Hiker Properties Pvt. Ltd. 31) India Tyre & Rubber Co (India) Ltd. 32) Indo-Wagon Engineering Ltd. 33) Jessop & Co. Ltd. 34) Jessop Infotech Pvt Ltd 35) Jessop Shipyard Limited 36) Jessop Estate Pvt Ltd 37) Jessop Properties Pvt Ltd 38) Jessop Infrastructure Pvt Ltd 39) Jessop Wagons & Coaches Ltd 40) Jai Vaibhav Niketan Pvt. Ltd.41) Jai Brijmohan Niketan Pvt. Ltd 42) Jai Harihor Tower Pvt. Ltd. 43) Jai Raghuvir Enclave Pvt. Ltd. 44) Jai Ganga Nirman Pvt. Ltd. 45) Jai Badrinath Niketan Pvt. Ltd. 46) Jai Tridev Vihar Pvt. Ltd. 47) Jai Gokul Towers Pvt. Ltd. 48) Kailash Enterprises ( New Delhi) Pvt Ltd 49) Kulu Properties & Finance Pvt Ltd 50) Liluah Ceramics Pvt. Ltd. 51) Manali Properties & Finance Pvt. Ltd. 52) Malini Properties Pvt Ltd 53) Metropole Hills Hotel Pvt. Ltd. 54) Monotona Tyres Limited 55) Mudrika Commercials Pvt. Ltd. 56) Mugdha Properties Pvt Ltd 57) Manjari Properties Pvt. Ltd. 58) Manidipa Properties Pvt. Ltd. 59) Nandini Properties Pvt Ltd 60) Nevadita Properties Pvt Ltd 61) Pacific Apparels Ltd. 62) Pallavi Manufacturers Pvt Ltd 63) Parnika Marketing Pvt Ltd 64) Pawan Herbals Pvt. Ltd. 65) Radient Investment Ltd-Mauritius 66) Raghav Industries Ltd. 67) Rapid Investment Ltd - Mauritius 68) Ruia & Sons Pvt Ltd 69) Ruia Agro Products Pvt. Ltd. 70)Ruia Hospital & Educational Research Institution 71) Ryham Pte limited- Singapore 72) Rose Investment Ltd-Mauritius 73) Schlegel Automotive Europe Ltd UK 74) Schlegel Automotive India Pvt.Ltd 75) Securities Brokers India limited 76) Shalini Properties & Developers Pvt. Ltd. 77) Spices Valley Estates Ltd. 78) SPR Resorts Ltd.

8. The Company had recognized deferred tax asset as on 31.03.2007 on account of carried forward business losses and unabsorbed depreciation under Income Tax Act, 1961. This was adjusted against General Reserve. The Company has filed a petition on 11,h March, 2010 before Honble Calcutta High Court seeking extension of carry forward losses period beyond 8 years because the Company was under BIFR. Pending decision, Rs 3358 lakhs, which was adjusted against General Reserve in 2007-08 & 2008- 09 has been brought back to General Reserve.

9. Refurbishment work for restoration of the Installed Capacities is still in progress at Companys both the plants at Sahaganj and Ambattur, the restoration work of all the major utility services and a small portion of production facilities has been already completed at both the plants. Companys products have been sold in the market in the normal course of business and such sales have been duly recognized in these accounts. Direct expenses including Gratuity, working capital interest as allocable to restoration of capacity amounting to Rs 4553.30 lakhs (P.Y. 3180.38 lakhs) have been capitalized during the year.

10. Company revalued its Fixed assets last on 31.3.2007 by approved valuers on Open Market Value Method/ Net Replacement value Method and consequential increase in value of fixed assets amounting to Rs 107207 lakhs has been added to Revaluation Reserve. Differential depreciation on asset is being adjusted against Revaluation Reserve amounting to Rs. 3806.49 lakhs (P.Y. 3806.49 lakhs).

11. Based on the legal opinion obtained by the Company that the provisions of the Section 115JB of the Income Tax Act., 1961 are not applicable to the Company, no provision has been made for taxation in these accounts in view of huge carried forward business losses as per the Income Tax Act., 1961.

12. a) None of the supplier have reported Micro, Small and Medium Enterprises status as defined in the Micro, Small and Medium Enterprises Development Act, 2006 to whom the company owes dues.

b) Confirmation of balances has been sought from sundry creditors, sundry debtors and loans & advances given to parties. Confirmations are awaited.

13. Company recognized all the known liabilities related to pre take over period but there may be still some liabilities which are not known to Company. As and when they will arise company will contest and provide the same on determination.

14. The Company operates in the single segment, i.e. manufacturing /trading of Rubber products, such as Automotive Tyres, Tubes, Industrial Hoses, Transmission and Conveyor Belting, etc., hence the Accounting Standard 17 regarding Segment Reporting is not applicable.

15. Previous years figures have been regrouped/re-arranged wherever necessary.