Notes to Accounts of Gagan Polycot India Ltd.

Mar 31, 2015

1. Segment Reporting

2. Reconciliation of basic and diluted shares used in computing earnings per share:

3. Contingent Liabilities to the extent (not provided for):

Local Body Taxes (LBT) for the current financial year are not paid. Penalty on late filing of Statutory Returns. Following statutory returns are not filed on timely basis. Late fee or penalty arising on the same:

* Tax Deducted at Source * Local Body Tax * Maharashtra Value Added Tax

4. Related Party Disclosures:

a.Key Personnel

1. Ketu Krishvrdan Parikh Managing Director 2. Prajwal Prakash Patel Whole Time Director 3. Rupam Dukulchandra Chitalia Additional Director 4. Tejal Umang Shah Additional Director 5. Manjula Harakchand Vira Additional Director

Relative to Key Management Personnel

1. Prakash Patel - Father of Director

List of companies (Promoters)

1. Lien Trading Private Limited

5. There are no Micro, Small and Medium Enterprises, as defined in the Micro, Small and Medium Enterprises Development Act, 2006 to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made. The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of the information available with the company.

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Mar 31, 2012

Cash credit from banks is secured against stock of raw material, Stock-in-process, Finished goods, stocks and spares and receivables of the company & secured by personal guarantee of the two directors. The cash credit is repayable on demand and carries interest @ 15.75% p.a.

Basis of Preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the companies Act 1956. The Financial statements have been prepared on an accrual basis. The accounting policies adopted in the preparation of financial statements are considered with those of previous year, except for the change in accounting policy explained below.

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Mar 31, 2010

31/03/2009 31/03/2010

1) CONTEINGENT LIABILITIES NOT

PROVIDED FOR

I) Cloth Division NIL NIL

ii) Construction Division NIL NIL



2) Company has granted unsecured loans out of which, loans of Rs.81.32 lacs are considered doubtful to recover. However no provision is made.

Further interest is not charged in case of some loans and the income during the year is reduced to that extent.

3) Previous year figures are regrouped and rearranged wherever necessary.

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Mar 31, 2009

1. Company has granted unsecured loans out of which, loans of Rs.90 Lacs are considered doubtful to recover. However no provision is made. No Interest is charge

Further interest is not charged in case of some loans and the income during the year is reduced to that extent.

2. Previous year figures are regrouped and rearranged wherever necessary.

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Mar 31, 2007

1. Company has granted unsecured loans out of which, loans of Rs.90 Lacs are considered doubtful to recover. However no provision is made. No Interest is charge

Further interest is not charged in case of some loans and the income during Ihe year is reduced to .that extent.

2. Previous year figures are regrouped and rearranged wherever necessary.