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Notes to Accounts of JSL Industries Ltd.

Mar 31, 2015

1.(a)Terms / Rights attached to Equity Shares

The company has only one class of equity shares having a par value of ' 10 per share. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution/repayments of all creditors. The distribution will be in proportion to the number of equity shares held.

(b) Shares held by holding or its ultimate holding company including shares held by or by subsidiaries or associates of the holding company or the ultimate holding company in aggregate.

There is no Shares held by holding or its ultimate holding company including shares held by or by subsidiaries or associates of the holding company or the ultimate holding company in aggregate.

(c) Shares reserved for issue under option and contracts/commitments for the sales of shares/disinvestments, including the terms and amounts.

There is no such shares reserved for issue under option and contracts/commitments for the sales of shares/disinvestments, including the terms and amounts.

(d) Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

There is no such transaction occurred during the period of five years immediately preceding the reporting date:

(e) Terms of any securities convertible into equity/preference shares issued along with the earliest date of conversion in descending order starting from the farthest such date.

The Company did not issue any type of security/preference shares.

(f) Calls Unpaid (Showing aggregate value of calls unpaid by directors and officers)

There are no calls unpaid.

(g) Forfeited shares (amount originally paid up)

There are no forfeited shares.

2.(a) Term loans from Bank were taken during the financial year 2010-11 and 2013-14 which were repayable in 60 monthly installments each along with interest, from the date of loan plus moratorium period. The Term Loans are secured by pari passu first charge on the Land, Building, Plant and Machinery, Office Equipments, Furniture and Fixtures and Other Fixed Assets of the Company. Further, these loans are also guaranteed by the personal guarantee of Promoter Directors. Term loans carrying interest @ 13.75%

(b) Other Loans (Vehicle) were taken during the financial year 2013-14, 2014-15. The loan is repayable in 36 monthly installments each along with interest, from the date of loan. The loans are hire purchase against each vehicle acquired by the Company. Other Loans (Vehicle) carrying interest @ 9% to 12%

(c) Installments payable within 12 months from the reporting date is classified as current maturities and balance amount of Term Loan shown as Non-Current part.

3.(a) Cash credit from Banks is secured by paripassu first charge hypothecation of inventory and trade receivables and other current assets of the company pertaining to manufacturing division. The Cash Credit is repayable on demand and carrying interest @ 13.50% Per Annum.

** During the financial year 2013-14 M/s. Raghuvir Investment Private Limited merged with M/ s. Insutech Industries Limited. Due to merger, shares of Insutech Industries Limited are issued in the ratio of 101:1 to the investors of M/s. Raghuvir Investment Private Limited. Consequently company has been issued 348 no of shares of M/s. Insutech Industries Limited in lieu of 3515 no of shares of M/s. Raghuvir Investment Private Limited. In turn there is a permanent diminishing in the value of Investment by Rs. 3,48,020/- for which no provision is made till date in accordance with AS 13.

*** Share Application Money with Jyoti Limited amounting to Rs. 5,50,00,000/- is pending for allotment.

4. Contingent liabilities not provided : 2014-15 2013-14 in respect of (Rs. Lacs) (Rs. Lacs)

a) Income Tax 46.82 46.56

b) Guarantees 600.34 559.88

c) Excise duty matters 183.68 183.68

5. An amount of Rs. 8,53,147/- representing difference between Depreciation on Revalued Assets and Original Cost of assets is transferred from Revaluation Reserve to Profit & Loss Account.

6. The Company contributes to the Gratuity Fund which has taken a Group Gratuity Policy with Life Insurance Corporation of India for future payments of retirement gratuity to its employees. The premium thereon has been so adjusted as to cover the liability under the Scheme in respect of all employees at the end of their future anticipated services with the Company.

7. In respect of Income-Tax & Sales Tax Assessments for earlier years, the Company has preferred appeals against the relevant demands which are pending before the Appellate Authorities. The Company expects no liability on this account.

8. (a) The accounts of Debtors, Creditors and Advances are subject to confirmation / reconciliation. The management does not expect any material difference affecting the financial statements on reconciliation / adjustments.

(b) In the opinion of the Board, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

9. The Company is engaged in manufacturing of engineering goods only and therefore only one reportable segment in accordance with Accounting Standard 17 (Segment Reporting) issued by the Institute of Chartered Accountants of India.

10. Capital work in progress relates to Building and Machinery under Installation, Which are not completed and hence shown under the head of Capital Work-In- Progress.

11. The Company has Investments in shares of Insutech Industries Limited of 348 Shares of Rs.10 each. There is a permanent diminishing in the value of Investment by Rs. 3,48,020/- for which no provision is made as per AS 13.

12. Inter-company group accounts are subject to reconciliation.

13. Discloser as per amendment to clause 32 of the Listing Agreement. Loans and advances in the nature of Loans given to Associates and Others.

14. As required by Accounting Standard (AS) - 18 "Related parties Disclosures" issued by the Institute of Chartered Accountants of India are as follows.

List of Related parties with whom transactions have been taken place during the year.

(a) Associate Company : Jyoti Ltd. Insutech Industries Ltd Navrachana Educational Resources Ltd.

(b) Key Management Personnel :

Chairman : Mr. R. N. Amin

Wholetime Director : Mrs. T. R. Amin

Non-Executive Director : Dr. K. K. Thakkar

Chief Executive Officer : Mr. K. J. Gupta

Chief Financial Officer : Mr. A. L. Parikh

Company Secretary : Mr. B. P. Patel

15. Value of all imported and indigenous raw materials, spare parts and components consumed during the financial year along with percentage of each to the total consumption.

16. Previous Year's figures are regrouped / rearranged wherever necessary.

17. Figures in brackets indicate previous year's figures.


Mar 31, 2014

(a) Shares reserved for issue under option and contracts/commitments for the sales of shares/disinvestments, including the terms and amounts.

There is no such shares reserved for issue under option and contracts/commitments for the sales of shares/disinvestments, including the terms and amounts.

(b) Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

There is no such transaction occurred during the period of five years immediately preceding the reporting date:

(c) Terms of any securities convertible into equity/preference shares issued along with the earliest date of conversion in descending order starting from the farthest such date.

The Company did not issue any type of security/preference shares.

(d) Calls Unpaid (Showing aggregate value of calls unpaid by directors and officers)

There is no calls unpaid.

(e) Forfeited shares (amount originally paid up)

There is no forfeited shares.

(a) Term loans from Bank were taken during the financial year 2009-10,2010-11 and 2011-12 which were repayable in 60 monthly installments each along with interest, from the date of loan plus moratorium period. The Term Loans are secured by paripassu first charge on the Land, Building, Plant and Machinery, Office Equipments, Furniture and Fixtures and Other Fixed Assets of the Company. Further, these loans are also guaranteed by the personal guarantee of Promoter Directors. Term loans carrying interest @ 13.50%

(b) Other Loans (Vehicle) were taken during the financial year 2009-10, 2010-11, 2011-12 and 2013-14. The loan is repayable in 36 monthly installments each along with interest, from the date of loan. The loans are hire purchase against each vehicle acquired by the Company.Other Loans (Vehicle) carrying interest @ 9% to 12%

(c) Installments payable within 12 months from the reporting date is classified as current maturities and balance amount of Term Loan shown as Non-Current part.

2013-14 2012-13 (Rs. Lacs) (Rs. Lacs)

2. Contingent liabilities not provided in respect of:

a) Income Tax 46.56 50.52

b) Guarantees 559.88 596.55

c) Letter of Credit - 30.90

d) Excise duty matters 183.68 183.68

3. An amount of Rs. 12,59,220/- representing difference between Depreciation on Revalued Assets and Original Cost of assets is transferred from Revaluation Reserve to Profit & Loss Account.

4. The Company contributes to the Gratuity Fund which has taken a Group Gratuity Policy with Life Insurance Corporation of India for future payments of retirement gratuity to its employees. The premium thereon has been so adjusted as to cover the liability under the Scheme in respect of all employees at the end of their future anticipated services with the Company.

5. In respect of Income-Tax & Sales Tax Assessments for earlier years, the Company has preferred appeals against the relevant demands which are pending before the Appellate Authorities. The Company expects no liability on this account.

6. (a) The accounts of Debtors, Creditors and Advances are subject to confirmation / reconciliation. The management does not expect any material difference affecting the financial statements on reconciliation/ adjustments.

(b) In the opinion of the Board, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

7. The Company is engaged in manufacturing of engineering goods only and therefore only one reportable segment in accordance with Accounting Standard 17 (Segment Reporting) issued by the Institute of Chartered Accountants of India.

8. Capital work in progress relates to Building and Machinery under Installation, Which are not completed and hence shown under the head of Capital Work-In-Progress.

9. The Company has Investments in shares of Insutech Industries Limited of 348 Shares of Rs. 10 each. There is a permanent diminishing in the value of Investment by Rs. 3,48,020/- for which no provision is made as per AS 13.

10. Inter-company group accounts are subject to reconciliation.

11. Disclosures for defined benefit plans based on actuarial reports as on 31st March, 2014.

12. As required by Accounting Standard (AS) - 18 "Related parties Disclosures" issued by the Institute of Chartered Accountants of India are as follows.

List of Related parties with whom transactions have been taken place during the year.

(a) Associate Company : Jyoti Ltd.

Insutech Industries Ltd.

(b) Key Management Personnel :

Chairman : Mr. R. N. Amin

Wholetime Director : Mrs. T. R. Amin

Non-Executive Director : Dr. K. K. Thakkar

13. Previous Year''s figures are regrouped / rearranged wherever necessary.

14. Figures in brackets indicate previous year''s figures.


Mar 31, 2013

2012-13 2011-12 (Rs. Lacs) (Rs. Lacs)

1. Estimated values of Capital Contracts yet to be executed and not provided for 8.93 21.70

2. Contingent liabilities not provided in respect of:

a) Income Tax 50.52 51.95

b) Guarantees 596.55 549.49

c) Letter of Credit 30.90 25.63

d) Excise duty matters 183.68 183.68

3. An amount of Rs. 13,51,039/- representing difference between Depreciation on Revalued Assets and Original Cost of assets is transferred from Revaluation Reserve to Profit & Loss Account.

4. The Company contributes to the Gratuity Fund which has taken a Group Gratuity Policy with Life Insurance Corporation of India for future payments of retirement gratuity to its employees. The premium thereon has been so adjusted as to cover the liability under the Scheme in respect of all employees at the end of their future anticipated services with the Company.

5. In respect of Income-Tax & Sales Tax Assessments for earlier years, the Company has preferred appeals against the relevant demands which are pending before the Appellate Authorities. The Company expects no liability on this account.

6. (a) The accounts of Debtors, Creditors and Advances are subject to confirmation / reconciliation. The management does not expect any material difference affecting the financial statements on reconciliation/ adjustments. (b) In the opinion of the Board, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

7. The Company is engaged in manufacturing of engineering goods only and therefore only one reportable segment in accordance with Accounting Standard 17 (Segment Reporting) issued by the Institute of Chartered Accountants of India.

8. Capital work in progress relates to Building and Machinery under Installation, Which are not completed and hence shown under the head of Capital Work-in-Progress.

9. Inter-company group accounts are subject to reconciliation.

10. Value of all imported and indigenous raw materials, spare parts and components consumed during the financial year along with percentage of each to the total consumption.


Mar 31, 2012

(a) Terms / Rights attached to Equity Shares

The company has only one class of equity shares having a par value of Rs 10 per share. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution/repayments of all creditors. The distribution will be in proportion to the number of equity shares held.

(b) Shares held by holding or its ultimate holding company including shares held by or by subsidiaries or associates of the holding company or the ultimate holding company in aggregate.

There is no Shares held by holding or its ultimate holding company including shares held by or by subsidiaries or associates of the holding company or the ultimate holding company in aggregate.

(c) Shares reserved for issue under option and contracts/commitments for the sales of shares/disinvestments, including the terms and amounts.

There is no such shares reserved for issue under option and contracts/commitments for the sales of shares/disinvestments, including the terms and amounts.

(d) Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

There is no such transaction occurred during the period of five years immediately preceding the reporting date:

(f) Terms of any securities convertible into equity/preference shares issued along with the earliest date of conversion in descending order starting from the farthest such date.

The Company did not issued any type of security/preference shares.

(g) Calls Unpaid (Showing aggregate value of calls unpaid by directors and officers) There is no calls unpaid.

(h) Forfeited shares (amount originally paid up)

There is no forfeited shares.

(a) Term loans from Bank was taken during the financial year 2009-10, 2010-11 and 2011-12. The loan is repayable in 60 monthly installments each along with interest, from the date of loan plus moratorium period. The Term Loans are secured by paripassu first charge on the Land, Building, Plant and Machinery, Office Equipments, Furniture and Fixtures and Other Fixed Assets of the Company. Further, these loans are also guaranteed by the personal guarantee of Promoter Directors. Term loans carrying interest @ 12% to 17%.

(b) Other Loans (Vehicle) was taken during the financial year 2009-10, 2010-11 and 2011-12. The loan is repayable in 36 monthly installments each alongwith interest, from the date of loan. The loans are hire purchase against each vehicle acquired by the Company. Other loans (Vehicle) carrying interest @ 9% to 12%.

(c) Installments payable within 12 months from the reporting date is classified as current maturities and balance amount of Term Loan shown as Non-Current part.

2011-12 2010-11 (Rs Lacs) (Rs Lacs)

1.Estimated values of Capital Contracts yet to be executed and not provided for 21.70 307.15

2.Contingent liabilities not provided in respect of:

a) Income Tax 51.95 51.95

b) Guarantees 549.49 406.45

c) Letter of Credit 25.63 12.90

d) Excise duty demand in case of classification of products-matter under appeal Nil Nil

e) Excise duty matters Amount unascertainable.

3. An amount of Rs 19,34,518/- representing difference between Depreciation on Revalued Assets and Original Cost of assets is transferred from Revaluation Reserve to Profit & Loss Account.

4. The Company contributes to the Gratuity Fund which has taken a Group Gratuity Policy with Life Insurance Corporation of India for future payments of retirement gratuity to its employees. The premium thereon has been so adjusted as to cover the liability under the Scheme in respect of all employees at the end of their future anticipated services with the Company.

5. In respect of Income-Tax & Sales Tax Assessments for earlier years, the Company has preferred appeals against the relevant demands which are pending before the Appellate Authorities. The Company expects no liability on this account.

6. (a) The accounts of Debtors, Creditors and Advances are subject to confirmation /reconciliation. The management does not expect any material difference affecting the financial statements on reconciliation/ adjustments.

(b) In the opinion of the Board, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

7. The Company is engaged in manufacturing of engineering goods only and therefore only one reportable segment in accordance with Accounting Standard 17 (Segment Reporting) issued by the Institute of Chartered Accountants of India.

8. Capital work in progress relates to Building and Machinery under Installation, Which are not completed and hence shown under the head of Capital Work-in-Progress.

9. Inter-company group accounts are subject to reconciliation.

10. During the year ended 31st March, 2012 the revised schedule VI under the Companies Act, 1956 has become applicable to the company for preparation and presentation of its financial statements. The adoption of revised schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on presentation and disclosure made in the financial statements. The Company has also reclassified the previous year's figures in accordance with the requirements applicable in the current year. In view of this reclassification certain figures of current year are not strictly comparable with those of previous year.

11. Figures in brackets indicate previous year's figures.


Mar 31, 2011

1. Estimated values of Capital Contracts yet to be executed and not provided for Rs.3,07,15,360/- (Previous Year Rs. 17,50,953)

2. Contingent liabilities not provided in respect of:

(a) Excise duty demand in case of classification of products-matter under appeal Rs. Nil (Previous Year Rs. Nil)

(b) Excise duty matters - amount unascertainable.

3. An amount of Rs.20,53,167/- representing difference between depreciation on Revalued Assets and Original Cost of assets is transferred from Revaluation Reserve to Profit & Loss Account.

4. The Company contributes to the Gratuity Fund which has taken a Group Gratuity Policy with Life Insurance Corporation of India for future payments of retirement gratuity to its employees. The premium thereon have been so adjusted as to cover the liability under the Scheme in respect of all employees at the end of their future anticipated services with the Company.

5. In respect of Income-Tax & Sales Tax Assessments for earlier years, the Company has preferred appeals against the relevant demands which are pending before the Appellate Authorities. The Company expects no liability on this account. During the year the Company has adjusted Sales Tax liability amounting to Rs. 12,38,900/- of Previous Years charged to Profit and Loss Account.

6. The Company is engaged in manufacturing of engineering goods only and therefore is only one reportable segment in accordance with Accounting Standard 17 (Segment Reporting ) issued by the Institute of Chartered Accountants of India.

7. Inter-company group Accounts are subject to reconciliation.

8. Excise Duty on Finished Goods Stock has been accounted/included in the Profit and loss account.

9. (a) The accounts of Debtors, Creditors and Advances are subject to confirmation / reconciliation.

The management does not expect any material difference affecting the financial statements on reconciliation/adjustments.

(b) In the opinion of the Board, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.


Mar 31, 2010

I. Significant accounting policies of the Company :

(a) Income

(i) Sales are net of discounts allowed and are accounted for on despatch of products.

(ii) Service Income is recognised as revenue after the service is rendered and invoiced to the customer.

(b) Accounting of claims

(i) Insurance claims receivable are accounted for on the basis of Surveyor's Report depending on the merits of the case. Claims payable are accounted for at the time of acceptance.

(ii) Claims raised by Government Authorities regarding taxes and duties which are disputed by the Company are accounted based on the legality of each claim. Adjustments, if any, are made in the year in which disputes are finally settled.

(c) Retirement Benefits: Retirement benefits to employees are provided as follows :

(i) Gratuity : Gratuity payable to employees is provided for by payment to Gratuity Trust Funds on the basis of amounts determined by Life Insurance Corporation of India under Group Gratuity Scheme.

(ii) Superannuation : Superannuation payable to certain employees is provided by payments to Superannuation Trust Fund as per Superannuation Scheme.

(iii) Company's Contributions Paid / Payable to Provident Fund is charged to Profit & Loss Account.

(iv) The Company extends the benefit of encashment of leave to its employees while in service as well as on retirement. However, it does not have any defined Retirement Benefit Scheme in this behalf. Though, encashment is at the discretion of the management for the leave accumulated while in services, as well as on retirement, it is provided for during the year.

(d) Fixed Assets

Fixed Assets include assets purchased on Hire Purchase basis and are stated at cost of acquisition (net of cenvat wherever applicable) except Land, Buildings & Machineries which were revalued in the year 2006 in case of JSL Industries Ltd., and Land & building & Machineries acquired on account of Amalgamation with JEM Industries Ltd. & Jyoti Pumps and Electricals Ltd. are stated at market value which were revalued in the year 2004.

An amount representing difference between depreciation on Revalued Assets and Original Cost of assets is transferred fromRevaluation Reserve to Profit & Loss Account.

(e) Payments for acquisition of technical know-how is capiatlised to the relevant assets account and depreciation is provided as and when it is put to use.

(f) Investments

Investments are stated at cost and income thereon is accounted on accrual basis.

(g) Research&Development

R&D expenditure of revenue nature is charged to Profit & Loss Account. Capital expenditure is capitalised in the year in which it is incurred and depreciation is provided on such assets as applicable.

(h) Inventories

Raw Materials and components are stated at weighted average cost, Work-in-progress is valued at cost and Finished Goods are valued at lower of cost or market value.Pattern tools are valued at cost, net of amortization.

(i) Contingent Liabilities

Contingent Liabilities are disclosed after careful evaluation of the facts and legal aspects of the matter involved.

(j) Foreign Currency Transactions

Transactions in Foreign exchange are accounted for at the exchange rate prevailing on the date of receipt. Gain/ Loss arising out of fluctuation in the exchange rate is accounted for on realisation.

II. Other Notes

1. Estimated value of Capital contracts yet to be executed and not Provided for Rs.17,50,953/- (Previous year Rs. Nil).

2. Contingent liabilities not provided in respect of :

(a) Excise duty demand in case of classification of products-matter under appeal - Rs. NIL (Previous Year Rs. NIL)

(b) Other excise duty matters - amount unascertainable.

3. An amount of Rs. 20,64,463/- representing difference between Depreciation on Revalued Assets and Original Cost of assets is transferred from Revaluation Reserve to Profit & Loss Account.

4. The Company contributes to the Gratuity Fund which has taken aGroup Gratuity Policy with Life Insurance Corporation of India for future payments of retirement gratuity to its employees. The premium thereon have been so adjusted as to cover the liability under the Scheme in respect of all employees at the end of their future anticipated services with the Company.

5. In respect of Income-Tax & Sales Tax Assessments for earlier years, the Company has preferred appeals against the relevant demands which are pending before the Appellate Authorities. The Company expects no liability on this account & therefore liability is not provided in the books.

6. A Director of the Company has given personal Guarantee aggregating to Rs. 594.95 Lacs for various facilities granted to the Company by Banks.

7. As required by the Notification No. GSR 129 (E) dated 22nd February,1999 issued by the Department of Company Affairs, Ministry of Law, Justice and Company Affairs, the following are the small scale under takings to which the Company owe Rs. 1,00,000/- and above which are outstanding for more than 30 days.

Automech Industries Ashmor Electricals India Pvt.Ltd. Akar Packeging Amity Brass Component Amity Thermosets Pvt.Ltd. Aim Auto Enterprises Ambica Sales Corp. Blue Pack Cartons P. Ltd. Chetan Fastner Manufacturers Deep Industries Dashrath Metal Indus Deep Metal Cast Elite Casting Gujarat Wire Metal Indu. Greapwell Products Gujarat Switchgears Mfg Co. HariOmPlaters Jalaram Steel Industries Janak Industries Jyoti Copper Craft Pvt.Ltd. Kundan Elect. Components Krishna Engineering Industries Kapson Enterprises Kakadia Metal Industries LaxmiWoodWorks Modern Engg. & Spring Co. Malwa Strips Pvt. Ltd. Nuts ScrewMFGCo. NewIndia Extrusion P. Ltd. Niksan Engi. Co. Pvt. Ltd. Omkar Industries Preeti Industries Precicast Corporation Precision Industrial Products Prashant Engg.Works Precision Foundry & Engg. Co. Pressgel Insulation Pvt. Ltd. Priyank Engineering Power Meta Techniks Rajesh Rivet Industries Rajesh Electrical Contact Rainbow Powdercoats Shreeji Enterprises Shree Gautam Packers Shree Cable Shree Ratneshwari Engg.Works Siddharath Industries Shree Laxmi Industries Shree Aurombica Graphics Shreeji Enterprises Shree Saroja Rubber Products Shivshakti Foundry Pvt. Ltd. Sunny Metal Parts Shree Ganesh saw Mill Taskant Oil P. Ltd. Techno Fab Transtamp India Pvt Ltd. Transflex Engineers vijay Auto Engg.Works Vimal & co. Vallabh Engineers Vishal Fab(India) Pvt.Ltd.

8. The Company is manufacturing engineering goods i.e. Switchgears and allied products. All other activities of the company revolve around the same business. As such, there are no separate reportable segments as defined by AS 17.

9. During the year the Company has other income of Rs.9,92,957/- (Previous Year Rs.10,12,164/-) being the freight & Insurance recovered from parties for despatches made to them during the year.

10. TAXATION:

Deferred Taxation :

Deferred Tax (Liability)/Assets on account of:

As at 31st March, 2010

Depreciation 8,63,788 Total Deferred Tax (Liability)/Assets 8,63,788

In accordance with "Accounting Standard 22" the Company has provided the Deferred Tax (Liability)/Assets of Rs.8,63,788/- for the year.

11. As required by Accounting Standard (AS) 18 "Related parties Disclosures" issued by the Institute of Chartered Accountants of India are as follows:

List of Related parties with whom transactions have been taken place during the year

(a) Associate Company : Jyoti Ltd., : Insutech Industries Pvt.Ltd.

(b) Key Management Personnel Chairman : Mr. R.N. Amin Wholetime Director : Mrs. T.R. Amin Non - Executive Directors : Dr. K.K. Thakkar : Mr. Y.N. Vinchurkar : Mr. P.V. Krishnan

(c) Transanctions with related parties during the year 2009-10

Nature of Transactions Associate Companies Key Management Personnel

Purchases Rs. 4,45,152/- -- Sales Rs. 2,61,49,373/- -- Managerial Remuneration -- Rs. 28,91,500/- / Sitting Fees / Consultancy Trade Mark Usage Rs. 17,66,196/- --

12. Intercompany group Accounts are subject to reconciliation.

13. Excise Duty on sales amounting to Rs. 2,98,80,588/- (Previous Year Rs.3,74,41,455/-) has been reduced fromSales in Profit & Loss account and Excise Duty on Increase in Inventory of Finished Goods amounting to Rs. 5,50,250/-(Previous Year Rs. 9,40,105/-) has been accounted in Profit & Loss Account.

14. (a) The accounts of Debtors, Creditors and Advances are subject to confirmation / reconciliation. The management does not expect any material difference affecting the financial statements on reconciliation / adjustments.

b) In the opinion of the Board, Current Assets, Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

15. Disclosure as per amendment to clause 32 of the Listing Agreement. Loans and Advance in the nature of Loans given to Associates and others

Name of the Relationship Amount Outstanding Investment in shares Company As on 31-03-2010 of the Company (Rs. In Lacs) No. of Shares

Jyoti Ltd. Associate -Nil- 10,74,239

 
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