Notes to Accounts of Madhur Industries Ltd.

Mar 31, 2013

(a) As per the information and explanation given to us the Company does not have the policy of encashment of leave and hence no provision is made for liabilities for retirement benefits. The effect of the same can not be quantified, to that extent loss for the year and balance of Profit & Loss account is understated and balance of current liabilities is understated.

(b) The Company has invested an amount of Rs. 32,64,092 in the Shares of associates and no provision is made for diminution in the value of investment.

(c)No provision has been made in respect of doubtful debtors amounting to Rs.96,58,988 as the Company is in the process of initiating available recourse against the said debtors and the Company is hopeful of the recovery of the same.

(d) In view of non-availability of bank statements for bank account balance with banks are subject to confirmation and reconciliation will be made on receipt of the same.

(e) Related Party Disclosure :

1. Key Managerial Personnel

i) Vinit R. Parikh

ii) Shalin V. Parikh

2. Relative of Key Management personnel

Pushpaben Parikh

3. Transactions with related parties

Remuneration to:

Vinit parikh: Rs. 9,00,000

Shalin parikh Rs. 3,60,000 Rent to:

Pushpaben Rs. 54,000

Vinit parikh Rs. 18,000

a. Additional information pursuant to the provision of para 4C & 4D of part II of Schedule-VI of the Companies Act, 1956.

iii. The details regarding the stock are not made available by the company.

iv. The amount remitted during the year in foreign currencies on account of dividend Rs. NIL

v. C.I.F. Value of Imports is Rs. NIL.

vi. Expenditure in foreign currency is Rs. Nil.

b. Earnings in Foreign Exchange is (FOB) Rs. 6,56,38,895

b. The balances shown in the Balance sheet under the head of unsecured loans, Creditors, Debtors and Loans and Advances are each subject to confirmation from respective parties and are subject to adjustment if any, on receipt of confirmation.

c. The Company has not received any intimation from Suppliers regarding their status under Micro and Medium Enterprises Development Act, 2006 and hence disclosure , if any, relating to amounts unpaid as at year end together with interest paid/payable as required under the said Act have not been given.

d. The Figures for the previous year have been rearranged and regrouped wherever considered necessary so as to confirm to the current year classification.

---

Mar 31, 2012

(a) As per the information and explanation given to us the Company does not have the policy of encashment of leave and hence no provision is made for liabilities for retirement benefits. The effect of the same can not be quantified, to that extent loss for the year and balance of Profit & Loss account is understated and balance of current liabilities is understated.

(b)No provision has been made in respect of doubtful debtors amounting to Rs.62,92,998 as the Company is in the process of initiating available recourse against the said debtors and the Company is hopeful of the recovery of the same.

(c) In view of non-availability of bank statements for bank account balance with banks are subject to confirmation and reconciliation will be made on receipt of the same.

(d)Related Party Disclosure : 1. Key Managerial Personnel

i) VinitR.Parikh ii) Shalin V. Parikh

2. Relative of Key Management personnel

Pushpaben Paiikh

3. Transactions with related parties

Remuneration to:

Vinitparikh:Rs. 9,00,00

Shalin Parikh Rs. 3, 60,000

Rent to:

Pushpaben Rs. 54,000

Vinit parikh Rs. 18,000

iii. The amount remitted during the year in foreign currencies on account of dividend Rs. NIL

iv. CLF, Value of Imports is Rs. NIL.

b. The balances shown in the Balance sheet under the head of unsecured loans, Creditors, Debtors and Loans and Advances are each subject to confirmation from respective parties and are subject to adjustment if any, on receipt of confirmation.

c. The Company has not received any intimation from Suppliers regarding their status under Micro and Medium Enterprises Development Act, 2006 and hence disclosure/if any, relating to amounts unpaid as at year end ."'together with interest paid/payable as required under the said Act have not been given.

d. The Figures for the previous year have been rearranged and regrouped wherever considered necessary so as to confirm to the current year classification.

---

Mar 31, 2010

(a) As per the information and explanation given to us the Company does not have the policy of encashment of leave and hence no provision is made for liabilities for retirement benefits. The effect of i the same can not be quantified, to that extent loss for the year and | balance of Profit & Loss account is understated and balance of current liabilities is understated.

(b) The Company has invested an amount of Rs. 63,90,965 in the shares of associates and no provision is made for diminution in the value of investment.

(c)No provision has been made in respect of doubtful debtors amounting to Rs.45,81,302 as the Company is in the process of initiating available recourse against the said debtors and the Company is hopeful of the recovery of the same.

(d)In view of non-availability of bank statements for bank account balance with banks are subject to confirmation and reconciliation will be made on receipt of the same.

(e) Related Party Disclosure :-

1. Key Managerial Personnel

i) Vinit R. Parikh ii) Shalin V. Parikh

2. Relative of Key Management personnel

Pushpaben Parikh

1 3. Transactions with related parties

Remuneration to

Vinit parikh : Rs. 7,50,000 Shalin parikh-Rs. 3,00,000

Rent to Pushpaben Rs. 54,000 Vinit parikh Rs. 18,000

a. Additional information pursuant to the provision of para 4C & 4D of part II of Schedule-VI of the Companies Act, 1956.

e. The balances shown in the Balance sheet under the head of unsecured loans, Creditors, Debtors and Loans and Advances are each subject to confirmation from respective parties and are subject to adjustment if any, on receipt of confirmation.

f. The Company has not received any intimation from Suppliers regarding their status under Micro and Medium Enterprises Development Act, 2006 and hence disclosure , if any, relating to amounts unpaid as at year end together with interest paid/payable as required under the said Act have not been given.

g. The Figures for the previous year have been rearranged and regrouped wherever considered necessary so as to confirm to. the current year classification.

---

Mar 31, 2009

1. Contingent Liability:

Provision for contingent liability provided: Nil

2. Taxation.

Income taxes are accounted for in accordance with Accounting Standards - 22 on Accounting for taxes on income. Taxes comprise both current and deferred tax. Current tax is measured at the amount expected to be paid to (recovered from) the taxation authorities, using the applicable tax rates to laws.

The tax effect of the timing differences that result between taxable income and accounting income and are capable of reversal in one or more subsequent period are recorded as a deferred tax asset or deferred tax liability. They are measured using the substantively enacted tax rates and tax regulations.

3. Final Accounts has been prepared on Going Concern assumption.

4. The figures for the previous year have been rearranged and regrouped wherever considered necessary

5. Balances of Banks (inoperative as per books) is subject to reconciliation.