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Notes to Accounts of Flex Foods Ltd.

Mar 31, 2015

(i) Rights, Preferences and Restrictions attached to Shares Equity Shares

The Company has one class of equity shares having a par value of Rs.10/- each. 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 the ensuing Annual General Meeting. 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.

Notes:

1) Term loans from Canara Bank are secured on first charge basis (a) by way of hypothecation of movable fixed assets of the Company and (b) by mortgage of immovable properties of the Company; situated at Lal Tappar Industrial Area and Chak Jogiwala (Chidderwala), Dehradun (Uttarakhand). These loans are collaterally secured (a) by way of first charge on stocks & book debts of Company and (b) by personal guarantee of one of the Director of the Company.

2) Term loan from Allahabad Bank is secured on first Pari passu charge basis (a) by way of hypothecation of movable fixed assets of the company and (b) by mortgage of immovable properties of the Company; situated at LalTappar Industrial Area and ChakJogiwala (Chidderwala) , Dehradun (Uttarakhand), (Mortgage yet to be created). This loan is collaterally secured (a) by way of second pari passu charge on the current assets of the Company and (b) by personal guarantee of one of the Director of the Company.

3 DEFERRED TAX LIABILITIES (NET)

In accordance with Accounting Standard-22(AS-22) "Accounting for Taxes on Income" as notified by the Companies Accounting Standard (Rules) 2006, the Cumulative Tax effects of significant timing differences, that resulted in Deferred Tax Asset and Liabilities and description of item thereof that creates these differences are as follows:

Notes:

Working Capital facilities from Canara bank are secured on first charge basis (a) by way of hypothecation of stock and book debts of the company; and collaterally secured on first charge basis; (a) by way of hypothecation of fixed assets; (b) by mortgage of immovable properties of the company situated at lal Tappar Industrial Area and Chak Jogiwala (Chidderewala), Dehradun (Uttarakhand) and (c) by personal guarantee of one of the Director of the Company.

4 GRATUITY & POST EMPLOYMENT BENEFIT

The Employees' Group Gratuity Scheme is managed by Life Insurance Corporation of India. The present value of obligation for Gratuity & other Post Employment benefit (i.e. Leave encashment) are determined based on actuarial valuation using the Projected Unit Credit Method. The additional disclosure in terms of Accounting Standards- 15(AS-15) "Employees Benefits" issued by The Institute of Chartered Accountants of India and as notified by Companies (Accounting Standards) Rules, 2006 is as under:

(Rs. in Lacs) Particulars As at 31.03.2015 As at 31.03.2014

5 CONTINGENT LIABILITIES AND COMMITMENTS

a) contingent Liabilities

i) Claims against the company not acknowledged as debt:

- Legal case pending with Doon Ghati Special Area - 2.86 Development Authority.

- Demands raised by the Income Tax department, 21.57 21.57 which are under appeal

- Show Cause notice received for the differential excise 81.46 379.19

duty & service tax from Customs & Central Excise Department not accepted by the company and are contested /replied (If liability arises it would be paid along with Interest & penalty.)

- Demand raised by Customs & Central Excise Department which are contested by the company. 595.58 698.61 - 421.62

ii) Guarantees Issued by the Bank ( Net of Margin) 11.48 11.79

iii) Import Duty Obligations on Outstanding Export 323.45 311.86

Commitments under EPCG

Total (a) 1033.54 745.27

b) commitments Estimated amount of contracts remaining to be executed on capital account (Net of Advances) and not provided for 784.39 25.37

Total (b) 784.39 25.37

6 RELATED PARTY TRANSACTION

Following disclosures are made, as per Accounting Standard-18 (As-18), regarding, "Related Party Disclosures" as notified by the Companies Accounting Standard (Rules) 2006:

(A) List of Related Parties

i) Enterprise for which Reporting Enterprise is an Associate:

Uflex Limited

ii) Individual owning indirect interest in voting power of the company:

Shri. Ashok Chaturvedi, Chairman (and his relatives)

iii) Key management Personnel:

1) Shri Bhagwati Prashad Sharma, Manager (and his relatives)

2) Shri Rajesh Dheer, Company Secretary (and his relatives)

3) Shri Naval Duseja,Chief Financial Officer (and his relatives)

iv) Enterprises in which person referred in clause A(ii) along with their relatives exercise significant influence:

1) Ultimate Flexipack Ltd., 2) Club One Airways Pvt. Ltd., 3) Flex Industries Pvt. Ltd., 4) AC Infratech Pvt. Ltd., 5) RC Properties Pvt. Ltd., 6) A to Z Infratech Pvt. Ltd., 7) AKC Investments Pvt. Ltd., 8) Ganadhipati Investments Pvt. Ltd., 9) Ultimate Prepress LLP., 10) Utech Developers Ltd., 11) AKC Retailers Ltd., 12) Ultimate Enterprises Pvt. Ltd., 13) Flex International Pvt. Ltd., 14) Anshika Investments Private Ltd., 15) Anant Overseas Pvt. Ltd., 16) Apoorva Extrusion Pvt. Ltd., 17) Anshika Consultants Pvt. Ltd., 18) A.R.Leasing Private Ltd., 19) Cinflex Infotech Pvt. Ltd., 20) Bundelkhand Projects Pvt.Ltd., 21) AR Infrastructure & Projects P Ltd., 22) AC Infrastructures Pvt. Ltd., 23) Ultimate Infratech Pvt. Ltd., 24) Flex Middle East FZE , 25) Uflex Europe Ltd., 26) Flex Americas S.A de C.V.Mexico , 27) Flex P. Films Egypt S.A.E, 28) Flex Films Europa Sp. Z.o.o.,Poland, 29) Flex Films (USA) Inc.,30) Flex P. Films (Brasil) Commercio De Films Plasticos LTDA ,31) First Flexipack Corporation , 32) Uflex Packaging Inc. (USA) , 33) UPET Holding Ltd.,Mauritius, 34) UPET (singapore) pte.Ltd.,35) SD Buildwell Pvt Ltd., 36) USC Holograms Pvt.Ltd. , 37) Kaya Kalpa Medical Services Pvt. Ltd.38) Niksar Finvest Pvt. Ltd., 39) Refex Energy ( Rajasthan) Pvt. Ltd., 40) Aone Infratech Pvt.Ltd.,41) Ganadhipati Infrapoject Pvt. Ltd., 42) Nirman Overseas Pvt. Ltd., 43) Holofix Urban Infrastructures Pvt. Ltd., 44) Laurel Real Estates Pvt. Ltd., 45) Sungrace Products (India) Pvt. Ltd., 46) AR Airways Pvt.Ltd., 47) Virgin Infrastructures Pvt. Ltd., 48) Vendee Builders Pvt. Ltd., 49)

7 Necessary disclosures under Micro, Small and Medium Enterprises Development Act 2006, can only be considered once the relevant information to identify the suppliers who are covered under the said Act are received from such parties.

8 Figures have been rounded off to the nearest thousand.

9 These financial statements have been prepared in the format prescribed by the Schedule III to the Companies Act 2013. Previous Year figures have been recasted/ restated to confirm to the classification of the Current Period.

10 Normal depreciation on all Fixed Assets except Land & Intangible Assets is charged on SLM Basis as per the Lifes specified in Schedule II of the Companies Act, 2013 after retaining 5% of the original cost as residual value. Further the carrying amount of the Assets whose remaining useful life is Nil as on 1st April,2014 ,amounting to Rs. 49.33 lacs has been adjusted from the Opening Reserves & Surplus after retaining 5% of the Original Cost as Residual Value. As a result of these changes, the depreciation charged for the year ended 31st March,2015 of Rs. 438.48 Lakhs is higher by Rs. 56.74 Lakhs and the effects relating to period prior to 1st April,2014 is Rs. 33.51 Lakhs has been adjusted from opening Reserves & Surplus. Accordingly Depreciation and Amortisation Expense for the Year ended 31st March, 2015 aggregates to 389.15 Lakhs.

11 During the year the Company has surrendered it's 100% Export Oriented Unit status and applied for Export Promotion Capital Goods Scheme under Para 6.18(d) of Foreign Trade Policy 2009-14 and subsequently has to complete exit formalities till 30th June, 2015.

Note : Signatories to Notes 1 to 44


Mar 31, 2014

COMPANY PROFILE

Flex Foods Ltd. was incorporated on 5th February, 1990 with the Registrar of Companies under the provisions of Companies Act 1956, having Corporate Identification Number (CIN) L15133UR1990PLC023970. The Registered office of Company is situated at Lal Tappar Industrial Area, P. O. Resham Majri, Haridwar Road, Dehradun (Uttarakhand).

Flex Foods Ltd., a 100% Export Oriented Unit, is engaged mainly in the business of cultivation and processing of Mushrooms, Herbs, Fruits & Vegetables in Freeze Dried, Air Dried and Individually Quick Frozen form.The world class state-of-the art facilities are located at Dehradun in the state of Uttarakhand. Flex Foods Ltd. has been selling its products mainly to the European and US markets, and has gained respectable status in the international market.

1. SHARE CAPITAL

Rights, Preferences and Restrictions attached to Shares

Equity Shares

The Company has one class of equity shares having a par value of Rs.10/- each. 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 the ensuing Annual General Meeting. 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.

2. Long Term Borrowings Secured

Notes:

Term loans from Canara Bank are secured on first charge basis (a) by way of hypothecation of movable fixed assets of the company and (b) by mortgage of immovable properties of the Company; situated at Lal Tappar Industrial Area and Chak Jogiwala (Chidderwala), Dehradun (Uttarakhand). These loans are collaterally secured (a) by way of first charge on stocks & book debts of company and (b) by personal guarantee of one of the Director of the company.

3. Short Term Borrowings

Working Capital facilities from Canara Bank are secured on first charge basis (a) by way of hypothecation of stock and book debts of the company; and collaterally secured on first charge basis; (a) by way of hypothecation of fixed assets; (b) by mortgage of immovable properties of the company situated at Lal Tappar Industrial Area and Chak Jogiwala (Chidderwala), Dehradun (Uttarakhand) and (c) by personal guarantee of one of the Director of the Company.

4. Fixed Assets

Notes

* Other Adjustments includes Interest of Rs.0.99 Lacs Capitalized as per Accounting Standard-16 (Borrowing Cost)

** Other Adjustments includes Interest of Rs.34.46 Lacs Capitalized as per Accounting Standard -16 ( Borrowing Cost) and Rs.(34.13 Lacs) towards Foreign Exchange Fluctuations Gain as per Accounting Standard-11 on Capital Transactions.

*** Other Adjustments includes Interest of Rs.1.79 Lacs Capitalized as per Accounting Standard-16 (Borrowing Cost)

5. GRATUITY

The Employees'' Group Gratuity Scheme is managed by Life Insurance Corporation of India. The present value of obligation for Gratuity & other Post Employment benefit (i.e. Leave encashment) are determined based on actuarial valuation using the Projected Unit Credit Method. The additional disclosure in terms of Accounting Standards-15 (AS- 15) "Employees Benefits" issued by The Institute of Chartered Accountants of India and as notified by Companies (Accounting Standards) Rules, 2006 is as under:

6. CONTINGENT LIABILITIES AND COMMITMENTS

As at 31.03.2014 As at 31.03.2014

a) Contingent Liabilities

i) Claims against the company not acknowledged as debt :-

* Legal case pending with Doon Ghati Special Area Development Authority. 20.86 20.86

* Demands raised by the Income Tax department, which are under appeal 21.57 187.75

* Show Cause notice received for the differential excise duty & service tax from Customs & Central Excise Department not accepted by the company and are contested/replied (If liability arises it would be paid along with Interest & penalty.) 379.19 -

* Demand raised by Customs & Central Excise Department which are contested by the company. - 421.62 23.91 232.52

ii) Bank Guarantee Outstanding (Net of Margin) 11.79 12.00 iii) Amount of Custom Duty (including CVD) payable in respect of import of capital goods by the company against bond in case of non- fulfillment of conditions imposed on 100% Export Oriented Unit 311.86 121.81

Total (a) 745.27 366.33

b) Commitments Estimated amount of contracts remaining to be executed on capital account (Net of Advances) and not provide for 25.37 563.96

Total (b) 25.37 563.96

7. RELATED PARTY TRANSACTION

Following disclosures are made, as per Accounting Standard-18 (As-18), regarding, "Related Party Disclosures" as notified by the Companies Accounting Standard (Rules) 2006:

(A) List of Related Parties

i) Enterprise for which Reporting Enterprise is an Associate:

Uflex Limited

ii) Individual owning indirect interest in voting power of the company:

Shri.Ashok Chaturvedi,Chairman (and his relatives)

iii) Key Management Personnel:

1. Shri Madan Mohan Varshney (and his relative ) - "Manager" under The Companies Act 1956 - Upto 05.07.2013

2. Shri Bhagwati Prashad Sharma (and his relative) ("Manager" under The Companies Act 1956) - From 05.07.2013

iv) Enterprises in which person referred in clause A(ii) along with their relatives exercise significant influence:

1) Ultimate Flexipack Ltd., 2) Club One Airways Pvt. Ltd., 3) Flex Industries Pvt. Ltd., 4) AC Infratech Pvt. Ltd., 5) RC Properties Pvt. Ltd., 6) A to Z Infratech Pvt. Ltd., 7) AKC Investments Pvt. Ltd., 8) Ganadhipati Investments Pvt. Ltd., 9) Ultimate Prepress LLP., 10) Utech Developers Ltd., 11) AKC Retailers Ltd., 12) Ultimate Enterprises Pvt. Ltd., 13) Flex International Pvt. Ltd., 14) Anshika Investments Private Ltd., 15) Anant Overseas Pvt. Ltd., 16) Apoorva Extrusion Pvt. Ltd., 17) Anshika Consultants Pvt. Ltd., 18) A.R.Leasing Private Ltd., 19) Cinflex Infotech Pvt. Ltd., 20) AR Aerotech Pvt. Ltd., 21) AR Infrastructure & Projects P Ltd., 22) AC Infrastructures Pvt. Ltd., 23) Ultimate Infratech Pvt. Ltd.,24) Flex Middle East FZE, 25) Uflex Europe Ltd., 26) Flex Americas S.A de C.V.Mexico, 27) Flex P. Films Egypt S.A.E, 28) Flex Films Europa Sp. Z.o.o., 29) Flex Films (USA) Inc.,30) Flex P. Films (Brasil) Comercio De Films Plasticos LTDA,31) Flex America Inc. (USA), 32) Uflex Packaging Inc. (USA), 33) UPET Holding Ltd.,Mauritius, 34) UPET (singapore) pte.Ltd.,35) SD Buildwell Pvt Ltd., 36) USC Holograms Pvt.Ltd., 37) Kaya Kalpa Medical Services Pvt. Ltd.38) Niksar Finvest Pvt. Ltd., 39) Refex Energy (Rajasthan) Pvt. Ltd., 40) A-One Infratech Pvt.Ltd.,41) Ganadhipati Infraproject Pvt. Ltd., 42) Nirman Overseas Pvt. Ltd., 43) Holofix Urban Infrastructures Pvt. Ltd., 44) Laurel Real Estates Pvt. Ltd., 45) Sungrace Products (India) Pvt. Ltd., 46) AR Airways Pvt.Ltd., 47) Virgin Infrastructures Pvt. Ltd., 48) Vendee Builders Pvt. Ltd., 49) Ultimate Energy Ltd., 50) Modern Info Technology Pvt.Ltd., 51) Liberal Advisory Pvt.Ltd., 52) Saga Realtors Pvt.Ltd., 53) Genius Infratech Pvt Ltd., 54) Naveli Collections Pvt.Ltd.

8. In the opinion of the board and to the best of their knowledge, value of realisation of assets, other than fixed assets in the ordinary course of the business, would not be less than the amount at which they are stated in the balance sheet.

9. Necessary disclosures under Micro, Small and Medium Enterprises Development Act 2006, can only be considered once the relevant information to identify the suppliers who are covered under the said Act are received from such parties.

10. Figures have been rounded off to the nearest thousand.

11. These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act 1956. Previous Year figures have been recasted/ restated to confirm to the classification of the Current Period.o


Mar 31, 2013

1 COMPANY PROFILE

Flex Foods Ltd. was incorporated on 5th February, 1990 with the Registrar of Companies under the Indian Companies Act. The Registered Office of Company is situated at Lal Tappar Industrial Area, P. O. Resham Majri, Haridwar Road, Dehradun (Uttarakhand).

Flex Foods Ltd. a 100% export oriented unit, is engaged mainly in the business of cultivation and processing of Mushrooms, Herbs, Fruits & Vegetables in Freeze Dried, Air Dried and Individually Quick Frozen form. The world class state-of-the art facilities are located at Dehradun in the state of Uttarakhand. Flex Foods Ltd. has been selling its products mainly to the European and US markets, and has gained respectable status in the international market.

(i) Rights, preferences and restrictions attached to shares Equity Shares

The Company has one class of equity share having a par value of Rs.10/- each. 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 the ensuing Annual General Meeting. 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.

Notes:

1 Term Loan from Canara Bank is secured on first charge basis (a) by way of hypothecation of movable fixed assets of the company and (b) by mortgage of immovable properties of the Company; situated at Lal Tappar Industrial Area and Chak Jogiwala (Chidderwala), Dehradun (Uttarakhand). This loan is collaterally secured (a) by way of first charge on stocks & book debts of Company and (b) by personal guarantee of one of the Director of the Company.

2 Term Loan is bearing Interest at Base Rate 3.25%; and repayable in twenty eight equal quarterly installments commenced from 15th July 2012.

2 RELATED PARTY TRANSACTION

Following disclosures are made, as per Accounting Standard-18 (As-18), regarding, "Related Party Disclosures" as notified by the Companies Accounting Standard (Rules) 2006:

(A) List of Related Parties

i) Enterprise for which Reporting Enterprise is an Associate:

UFlex Limited

ii) Individual owning indirect interest in voting power of the Company:

Shri.Ashok Chaturvedi (Chairman)

iii) Key Management Personnel:

Shri Madan Mohan Varshney ("Manager" under The Companies Act 1956)

iv) Enterprises in which person referred in clause A(ii) along with their relatives exercise significant influence:

1) Ultimate Flexipack Ltd., 2) Club One Airways Pvt. Ltd., 3) Flex Industries Pvt. Ltd., 4) AC Infratech Pvt. Ltd., 5) RC Properties Pvt. Ltd., 6) A to Z Infratech Pvt. Ltd., 7) AKC Investments Pvt. Ltd., 8) Ganadhipati Investments Pvt. Ltd., 9) Ultimate Prepress LLP., 10) Utech Developers Ltd., 11) AKC Retailers Ltd., 12) Ultimate Enterprises Pvt. Ltd., 13) Flex International Pvt. Ltd., 14) Anshika Investments Private Ltd., 15) Anant Overseas Pvt. Ltd., 16) Apoorva Extrusion Pvt. Ltd., 17) Anshika Consultants Pvt. Ltd., 18) A.R.Leasing Private Ltd., 19) Cinflex Infotech Pvt. Ltd., 20) AR Aerotech Pvt. Ltd., 21) AR Infrastructure & Projects Pvt.Ltd., 22) AC Infrastructures Pvt. Ltd., 23) Ultimate Infratech Pvt. Ltd., 24) Flex Middle East FZE , 25) Uflex Europe Ltd., 26) Flex Americas S.A de C.V.Mexico , 27) Flex P. Films Egypt S.A.E, 28) Flex Films Europa Sp. Z.o.o., 29) Flex Films (USA) Inc.,30) Flex P. Films (Brasil) LTDA ,31) Flex America Inc.(USA) , 32) Uflex Packaging Inc. (USA) , 33) UPET Holding Ltd.,Mauritius, 34) UPET (Singapore) Pte.Ltd.,35) SD Buildwell Pvt Ltd., 36) Tflex Americas LLC , 37) Kaya Kalpa Medical Services Pvt. Ltd.38) Niksar Finvest Pvt. Ltd., 39) Refex Energy ( Rajasthan) Pvt. Ltd., 40) A-One Infratech Pvt.Ltd.,41) Ganadhipati Infraproject Pvt. Ltd., 42) Nirman Overseas Pvt. Ltd., 43) Holofix Urban Infrastructures Pvt. Ltd., 44) Laurel Real Estates Pvt. Ltd., 45) Sungrace Products (India) Pvt. Ltd., 46) AR Airways Pvt.Ltd., 47) Virgin Infrastructures Pvt. Ltd., 48) Vendee Builders Pvt. Ltd., 49) Ultimate Energy Ltd., 50) Modern Info Technology Pvt.Ltd., 51) Liberal Advisory Pvt.Ltd., 52) Saga Realotors Pvt.Ltd.

3 Necessary disclosures under Micro, Small and Medium Enterprises Development Act 2006, can only be considered once the relevant information to identify the suppliers who are covered under the said Act are received from such parties.

4 Figures have been rounded off to the nearest thousand.

5 These Financial Statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act 1956. Previous Year figures have been recasted/ restated to confirm to the classification of the Current Period. Note : Signatories to Notes 1 to 40


Mar 31, 2012

1. COMPANY PROFILE

Flex Foods Ltd. was incorporated on 5th February, 1990 with the Registrar of Companies under the Indian Companies Act. The Registered Office of Company is situated at Lal Tappar Industrial Area, P. O. Resham Majri, Haridwar Road, Dehradun (Uttarakhand).

Flex Foods Ltd., a 100% Export Oriented Unit, is engaged mainly in the business of cultivation and processing of Mushrooms, Herbs, Fruits & Vegetables in Freeze Dried, Air Dried and Individually Quick Frozen form. The world class state-of-the art facilities are located at Dehradun in the state of Uttarakhand. Flex Foods Ltd. has been selling its products mainly to the European and US markets, and has gained respectable status in the international market.

(i) Rights, preferences and restrictions attached to shares Equity Shares

The Company has one class of equity share having a par value of Rs.10/- each. 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 the ensuing Annual General Meeting. 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.

Notes:

1 Term loan from Canara Bank is secured on first charge basis (a) by way of hypothecation of movable fixed assets of the company and (b) by mortgage of immovable properties of the Company situated at Lal Tappar Industrial Area and Chak Jogiwala (Chidderwala), Dehradun (Uttarakhand). This loan is collaterally secured (a) by way of first charge on stocks & book debts of company and (b) by personal guarantee of one of the Director of the company.

2 Term Loan is bearing Interest at Base Rate 3.25%; and repayable in twenty eight equal quarterly installments commencing from 15th July 2012.

Working Capital facilities from Canara Bank are secured on first charge basis (a) by way of hypothecation of stock and book debts of company; and collaterally secured on first charge basis; (a) by way of hypothecation of fixed assets; (b) by mortgage of immovable properties of the Company situated at Lal Tappar Industrial Area and Chak Jogiwala (Chidderwala), Dehradun (Uttarakhand). and (c) by personal guarantee of one of the Director of the company.

2. GRATUITY

The Employees' Group Gratuity Scheme is managed by Life Insurance Corporation of India. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

3. CONTINGENT LIABILITIES AND COMMITMENTS

(Amount in Rupees)

Particulars As at As at 31.03.2012 31.03.2011

Percentage Amount Percentage Amount a) Contingent Liabilities

i) Claims against the company not acknowledged as debt :-

Legal case pending with Doon Ghati Special Area 2,086,422 2,086,422 Development Authority.

Outstanding demand under appeal before Income Tax 6,578,241 8,664,663 4,321,341 6,407,763

Authorities

ii) Bank Guarantee Outstanding ( Net of Margin) 1,244,804 1,161,466

iii) Amount of Custom Duty (including CVD) payable in 13,737,499 16,958,943 (Amount in Rupees)

Particulars As at As at 31.03.2012 31.03.2011

Percentage Amount Percentage Amount

respect of import of capital goods by the company against bond in case of non-ful fillment of conditions imposed on 100% Export Oriented Unit

Total (a) 23,646,966 24,528,172

b) Commitments

Estimated amount of contracts remaining to be executed on 2,437,670 31,953,568 capital account (Net of Advances) and not provided for

Total (b) 2,437,670 31,953,568

4. RELATED PARTY TRANSACTION

Following disclosures are made, as per Accounting Standard-18 (As-18), regarding, "Related Party Disclosures" as notified by the Companies Accounting Standard (Rules) 2006:

(A) List of Related Parties

i) Enterprise for which Reporting Enterprise is an Associate:

UFlex Limited

ii) Individual owning indirect interest in voting power of the company:

Shri.Ashok Chaturvedi (Chairman)

iii) Key Management Personnel:

Shri Madan Mohan Varshney ("Manager" under The Companies Act 1956)

Shri Prabir Ghatak (Chief Executive Officer) till 31.01.2012

5. Necessary disclosures under Micro, Small and Medium Enterprises Development Act 2006, can only be considered once the relevant information to identify the suppliers who are covered under the said Act are received from such parties.

6. Figures have been rounded off to the nearest rupee.

7. These financial statements have been prepared in the format prescribed by the Revised Schedule VI to the Companies Act 1956. Previous Year figures have been recasted/ restated to confirm to the classification of the Current Period.

8. There is no separate reportable segment as required under "Accounting Standard -17" as notified by the Companies Accounting Standard (Rules) 2006.


Mar 31, 2010

(1) In the opinion of the Board of Directors, the Current Assets, Loans and Advances shown in the Balance Sheet have a value on realization in the ordinary course of business, at least equal to the amount stated therein. The provisions for all known liabilities have been made and are adequate.

(2) Contingent Liabilities: -

As at As at

31-03-2010 31-03-2009 (Rupees) (Rupees)

(a) Amount of Custom Duly (including CVD) payable in respect of import of capital goods by the Company against bond in case cf non fulf illment of conditions imposed on 100% Export Oriented Unit. 5,01,76,899 5,13,40.900

(b) Bank Guarantees Outstanding (Net of Margin) 14,49,732 14,64.547

(c) Legal Case pending with Doon Gfiati Special Area Development Authority 20,86,422 20,86.422

(d) Outstanding Demand under Appeal before Income Tax Authorities. 26.00.890 33,25,732



(3) Necessary disclosures under Micro, Small and Medium Enterprises Development Act, 2006. can only be considered once the relevant information to identify the suppliers who are covered under the said Act are received from such parties.

(4) Following disclosures are made, as per Accounting Standard-18 (As-t8), regarding, "Related Party Disclosures" issued by The Institute of Chartered Accountants of India:

(A) List of Related Parties

i) Enterpnse for which Reporting Enterpnse is an Associate: UFlex Limited.

ii) Individual owning indirect interest in voting power of the Company: Shri Ashok Chaturvedi (Chairman)

iii) Key Management Personnel:

i) Shri Prabir Ghatak (Chief Executive Officer)

ii) Shri Madan Mohan Varshney ("Manager" under The Companies Act 1956).

iv) Enterprises in which person referred in clause A (ii) along with their relatives exercise significant influence:

a) Ultimate Flexipack Ltd.

b) Club One Airways Pvt, Ltd

c) Flex Industries Pvt. Ltd,

d) AC Infratech Pvt. Ltd.

e) RC Properties Pvt. Ltd.

f) AtoZ Infratech Pvt. Ltd.

g) Ultimate Infratech Pvt. Ltd.

h) Ffex International Pvt. Ltd.

i) Anshika Investments Pvt. Ltd,

j) Anant Overseas Pvt. Ltd.

k) A.R. Leasing Private Ltd.

I) Apoorva Extrusion Pvl. Ltd.

m) Anshika Consultants Pvt. Ltd.

n) Ultimate Enterprises Pvt. Ltd.

o) Kaya Kalpa Medical Services Pvt, Ltd.

p) A.R. Infrastructure & Projects Pvt. Ltd.

q) ARAerotech Pvt. Ltd.

r) AC Infrastructures Pvt. Ltd

s) AKC Developers Lid,

t) Cinftex Infotecti Pvt. Ltd.

u) UTech Developers Ltd.

v) UTech Retailers Lid.

Note: Figures in brackets represent previous years amount,

(5) Gratuity

The employees Group Gratuity Schema is managed by Life Insurance Corporation of India. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

(6) Balances of some of the parties are subject to reconciliation and /or confirmations,

(7) Additional information pursuant to the provisions of Part-ll of Schedule VI of the Companies Act, 1956 to the extent applicable -

Note: Previous yea* figures have been given in brackets.

*As certified by the Management but not verified by the Auditors being a technical matter,

(b) Information in respect of production, sales, opening & closing stocks of goods produced.

Note : Above figures are net of goods manufactured for captive use and rejections.

(8) Figures have been rounded off to the nearest rupee.

(9) Previous year figures have been regrouped / recasted wherever considered necessary.

(10) There is no separate reportable segment as required under Accounting Standard -17 issued by The Institute of Chartered Accountants of India.

Notes . Signatories to Schedule 1 to 21











 
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