Notes to Accounts of Integrated Thermoplastic Ltd.

Mar 31, 2014

NOTE NO: 1 - LONG TERM BORROWINGS

For purchase of Vehicles under Hypothecation Hire Purchase Finance: Secured by hypothecation of vehicles purchased and personal guarantee of Directors of Company.

NOTE NO: 2 - SHORT TERM BORROWINGS

There was no default as on 31.03.2014 and 31.03.2013 in repayment of bans and interest payments on working capital cash credit bans.

Cash Credits working capital ban from Andhra Bank, Nandyal Secured by hypothication of inventory of raw materials finished goods, stocks in-process, book debts first charge on the fixed assets of the company and personal guarantee of the Directors.

A. ADDITIONAL NOTES

1. Provision for Income Tax has been made for the current year as per the I.T. Act.

2. Additional Information pursuant to paragraph 3, 4C and 4D of Part II of Schedule VI of the Companies Act, 1956;

3. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance) is Rs. Nil (Rs. Nil previous year)

4. Contingent Liabilities;

2013-14 2012-13

a) Letter of Credit opened by the Bankers Rs.650.00 Lacs Rs.650.00 Lacs

5. No amounts are due to any Small Scale or Ancillary Industrial Undertaking qualifying under the definition set down by "The Interest on delayed Payments to Small Scale and Ancillary Industrial Undertaking Ordinance, 1992".

6. Sundry Debtors, Loans & Advances and Creditors are subject to confirmation and reconciliation.

7. Investments representing NSC Certificates, which are matured amounting to Rs. 10,025/purchased for the purpose of SSI Registration in the year 1996.

8. Segment Reporting : The Company is engaged in the business of PVC pipes and fittings. Since both these activities are governed by the same set of risks and returns and operating in the same economic environment, these have been grouped as a single segment in the financial statements. The said treatment is in accordance with the Accounting Standard - 17 on "Segment Reporting".

9. Previous year have been regrouped/reclassified wherever necessary to correspond with the current year''s classification and disclosure.

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Mar 31, 2013

1. Provision for Income Tax has been made for the current year as per the I.T. Act. Income Tax Liability for the Financial Year 2009-10 Rs.211193/- deducted from Reserves & Surplus and shown as Curent Liabilities.

2. Additional Information pursuant to paragraph 3,4C and 4D of Part II of Schedule VI of the Companies Act, 1956;

3. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance) is Rs.Nil (Rs. Nil previous year)

4. Contingent Liabilities not provided for

2012-13 2011-12

a) Letter of Credit opened by the Bankers Rs.650.00 Lacs Rs.650.00 Lacs

5. No amounts are due to any Small Scale or Ancillary Industrial Undertaking qualifying under the definition set down by "The Interest on delayed Payments to Small Scale and Ancillary Industrial Undertaking Ordinance, 1992"

6. Sundry Debtors, Loans & Advances and Creditors are subject to confirmation and reconciliation.

7. Investments representing NSC Certificates, which are matured amounting to Rs.10,025/ purchased for the purpose of SSI Registration in the year 1996.

8. Segment Reporting : The Company is engaged in the business of PVC pipes and fittings. Since both these activities are governed by the same set of risks and returns and operating in the same economic environment, these have been grouped as a single segment in the financial statements. The said treatment is in accordance with the Accounting Standard - 17 on "Segment Reporting"

9. Previous year have been regrouped/reclassified wherever necessary to correspond with the current year''s classification and disclosure.

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Mar 31, 2012

1. Provision for Income Tax has been made for the current year as per the I.T. Act.

2. The Company accounts for leave encashment on cash basis. This is not in accordance with Accounting Standard 15, Accounting for retirement Benefits in the Financial Statement of employers, issued by the Institute of Charted Accountants of India. The Provision required at 31st March, 2012 is not ascertained by the Company.

3. Additional Information pursuant to paragraph 3, 4C and 4D of Part II of Schedule VI of the Companies Act, 1956;

4. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advance) is Rs.Nil (Rs. Nil previous year)

5. Contingent Liabilities not provided for

2011-12 2010-11

a) Letter of Credit opened by the Bankers Rs.650.00 Lacs Rs.650.00 Lacs

b) Bank Guarantees Nil Nil

6. No amounts are due to any Small Scale or Ancillary Industrial Undertaking qualifying under the definition set down by "The Interest on delayed Payments to Small Scale and Ancillary Industrial Undertaking Ordinance, 1992"

7. Sundry Debtors, Loans & Advances and Creditors are subject to confirmation and reconciliation.

8. Non current Investments representing NSC Certificates, which are matured amounting to Rs.10,025/ purchased for the purpose of SSI Registration in the year 1996.

9. Segment Reporting : The Company is engaged in the business of PVC pipes and fittings. Since both these activities are governed by the same set of risks and returns and operating in the same economic environment, these have been grouped as a single segment in the financial statements. The said treatment is in accordance with the Accounting Standard - 17 on "Segment Reporting"

10. The revised schedule VI has become effective from 1.4.2011 for the prepration of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Figures of Previous year have been regrouped/ reclassified wherever necessary to correspond with the current years classification/disclosure.

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Mar 31, 2010

1. As at 31st March 2010 the company had an accumulated loss of Rs. 30141207.98 against its net worth of Rs. 63315668.84

2. Provision for Income Tax has been made for the current year as per the IT.Act

3. The Company accounts for leave encashment on cash basis. This is not in accordance with Accounting Standard 15, Accounting for retirement Benefits in the Financial Statement of employers, issued by the Institute of Charted Accountants of India. The Provision required at 31st March, 2010 is not ascertained by the Company.

4. Additional Information pursuant to paragraph 3, 4C and 4D of Part II of Schedule VI of the Companies Act, 1956;

5. Contingent Liabilities not provided for

2009-10 2008-09

a) Letter of Credit opened by the Bankers Rs.650.00 Lacs Rs.470.00 Lacs

b) Bank Guarantees Nil Nil

6. Remuneration to Managing Director during the year amounted to Rs. 1,20,000/- (previous year Rs. 1,20,000/-)

7. Sales includes excise duty and VAT.

8. No amounts are due to any Small Scale or Ancillary Industrial Undertaking qualifying under the definition set down by "The Interest on delayed Payments to Small Scale and Ancillary Industrial Undertaking Ordinance, 1992"

9. Sundry Debtors, Loans & Advances and Creditors are subject to confirmation.

10. Unsecured loans consists of the amount of sales tax deferment availed. Rs. 38560072.20/- and Rs. 20540716/- due to M/s. Sujala Pipes Pvt. Ltd.

11. Investments representing NSC Certificates, which are matured amounting to Rs.10,025/ purchased for the purpose of SSI Registration in the year 1996.

12. Segment Reporting : The Company is engaged in the business of PVC pipes and fittings. Since both these activities are governed by the same set of risks and returns and operating in the same economic environment, these have been grouped as a single segment in the financial statements. The said treatment is in accordance with the Accounting Standard - 17 on "Segment Reporting"

13. Figures for the previous year have been regrouped/reclassified wherever necessary.

We have examined the attached cash flow statement of M/s. Integrated Thermoplastics Ltd. for the year ended 31-03- 2010 the statement has been perpared by the company in accordance with the requirements of clasuse 32 of the Listing Agreement of the Hyderabad Stock Exchange Ltd and is based on and in agreement with the correspondihg Profit and Loss Account and Balance Sheet of the Company covered by our report of 30-6-2010 to the members of the company.