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Novopan Industries Ltd. Notes to Accounts, Novopan Industries Ltd. Company
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Notes to Accounts of Novopan Industries Ltd.

Mar 31, 2014

1. General Information

Novopan industries Limited ("the company") is in the business of production and sale of Plain & Melamine Faced Particle Boards. The company''s production activities are located at their Plants in IDA, Phase -II, Patancheru and Balanagar, Shadnagar, Mahaboobnagar (Dist) for Particle Boards and IDA, Phase - IV, Patancheru for resins production.

2. Reconciliation of Number of Shares Outstanding:

The Opening and closing balance of the Subscribed and Paid-up equity and preference shares of the company are same. Hence, reconciliation between opening number of shares and amounts and closing number of shares and amounts does not arise.

3. Rights, preferences and restrictions attached to shares:

a. Equity shares

The company has one class of equity shares having par value of Rs.10 per share. Each shareholder is eligible for one vote per share held. The dividend proposed if any by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential creditors, in proportion to their shareholding.

b. Preference shares

10% redeemable non-cumulative preferene shares are redeemable by 09 June 2013. The Company has extended the redemption date by two years with the consent of shareholders and the revised due date for redemption is 08 June 2015.

4. Deferred Tax:

Deferred tax asset, arising on account of carry forward losses is not recognised due to lack of virtual certainty of reversal.

5. Committements and Contingent Liabilities not provided for:

SI As at 31st As at 31st No. Particulars March, 2014 March, 2013

I Towards Bank Guarantee 1,19,068 1,19,068

I The Company received a demand from Assistant PF Commissioner 7,61,604 7,61,604 (Compliance) for payment of Rs 761,604/- towards PF due from contract labour for the period March 2006 to March 2009 as principle employer.

The Company contested the same before Employees Provident Fund Appellate Tribunal, New Delhi. As per the directions Of Appellate Tribunal the Company has deposited Rs 300,000/- included under "Other Non- current assets".

III Demands of the Income-tax department, contested by the company 2,86,73,707 2,86,73,707

IV) Central Excise Department:

a) The Excise Depart-ment filed an appeal before Hon''ble CESTAT, 36,26,892 36,26,892 Bangalore against refund of Excise Duty of Rs. 36.26 lacs on account of abatement of Octroi claimed by the company which was decided in Company''s favour. Consequently, Department filed further appeal in this regard before the Hon''ble High Court of Andhra Pradesh.

b) Commissioner of Customs, Central Excise & Service tax:

i) penalty towards removal of Base paper from the Bonded -- 87,31,977 warehouse without payment of duty.

ii) Reversal of Cenvat Credit on Transpor tation of Finished Goods for the period:

* July 2004 to March 2009 18,90,488 18,90,488

April 2008 to March 2011 24,47,176 24,47,176

iii) Service tax on Corporate guarantee fee for 2006 to 2009 25,22,064 25,22,064

iv) Service tax credit on outward freight 32,38,317 32,38,317

v) Disputed Cenvat credit availment 40,54,074 40,54,074

v Differential customs duty for non compliance of conditions 66,07,799 66,07,799 laid down under Project Import Regulations, 1986

VI Claims against the Company not acknowledged as debts a) Royalty and Interest to Forest Department:

There has been a claim by Forest Department, Government 33,19,244 33,19,244 of Andhra Pradesh for '' 50.83 lacs towards Royalty on account of wood supplied from 1980 to 1984 and for '' 13.02 lacs towards interest thereon out of which the Company had accepted the claim to the extent of ''30.65 _lacs towards Royalty, which is provided.

b) Interest claimed by suppliers 1,022,195 1,283,195

VII Even though the Company has installed an ETP Plant and not releasing any hazardous pollutants outside factory, a public interest litigation petition was filed before Supreme Court against various industries including our company in Patancheru area. Company has also obtained a certificate from AP Pollution Control Board certifying that the pollution caused by our company is within the tolerable limits of pollution control norms. Therefore the management is not envisaging any liability in this regard.

6. The Company has not manufactured any goods or provided any services during the current year and there are no transactions in foreign currency. Hence, the additional information as required under Clause 5 of Part II of Schedule VI to the Companies Act, 1956 is not furnished.

7. Disclosure under "Micro, Small and Medium Enterprises Development Act, 2006":

As per the information available with the company, there are no dues to micro and small enterprises as on March 31, 2014.

8. Company passed an ordinary resolution during the earlier year to sell/lease/otherwise dispose off/ transfer the part or substantially the whole of one or more undertaking(s) of the Company located at Patancheru and Shadnagar. Accordingly the Company obtained quotations for Plant and Machinery, and assessed the realisable value of office equipment, Computers, Vehicles and Furniture. Based on the above the ultimate, realisable value of these assets less sold during the year were shown under "Other Current Assets" as "Assets held for disposal".

9. The company closed manufacturing activity during 2011-12 financial year and is in the process of disposing the plant and machinery. In view of closure of the manufacturing activity, declaring voluntary retirement to its employees and inviting tenders for disposal of plant and machinery, the company lost its status of going concern.

10. Employee Benefits:

Since the company has no employees, provision for Gratuity or Leave encashment as required under As - 15 does not arise.

11. Segment Reporting:

In view of the closure of manufacturing activity by the Company disclosure of segment information as prescribed in the Accounting Standard 17 "Segment Reporting" is not applicable.

12. Related Party Disclosure:

Disclosures as required by the accounting standard - 18 of the Institute of Chartered Accountants of India are given below:

# Companies with which transactions are there during the year / balances at end of the year.

Directors:

(i) Mr G V Krishna Reddy -

(ii) Mrs G Indira Krishna Reddy

Key Management Personnel: Mr.S.A.Naqui, Executive Director

13. In the opinion of the Board of Directors of the company, the current assets, loans and advances are expected to realize in the ordinary course of business approximately the value at which they are stated in accounts.

14. The balances in personal accounts are subject to confirmations and reconciliations.

15. Figures of the previous year have been regrouped / rearranged to conform to those of the current year.


Mar 31, 2013

1. General Information

Novopan Industries Limited ("the company") is engaged in the business of production and sale of Plain & Melamine Faced Particle Boards. The company''s production activities are located at their Plants in IDA, Phase –II, Patancheru and Balanagar, Shadnagar, Mahaboobnagar (Dist) for Particle Boards and IDA, Phase – IV, Patancheru for resins production.

2. Deferred Tax:

Deferred tax asset, arising on account of carry forward losses is not recognised due to lack of virtual certainty of set off in future.

3. The Company has not manufactured any goods or provided any services during the current year and there are no transaction in foreign currency. Hence, the additional information as required under Clause 5 of Part II of Schedule VI to the Companies Act, 1956 could not be furnished.

4. Disclosure under "Micro, Small and Medium Enterprises Development Act, 2006":

As per the information available with the company, there are no dues to micro and small enterprises as on March 31, 2013.

5. The Company passed an ordinary resolution to sell/lease/otherwise dispose off/transfer the part or substantially the whole of one or more undertakings of the Company located at Patancheru and Shadnagar. Accordingly the Company obtained quotations for Plant and Machinery, and assessed the realisable value of office equipment, Computers, Vehicles and Furniture. Based on the above the ultimate realisable value of these assets were shown under "Other Current Assets" as "Assets held for disposal". The difference between the net written down value as at 31.03.2012 and the net realisable value as per quotations received is charged off to Statement of Profit and Loss as "Loss on assets held for disposal".

6. During the previous period the company stopped manufacturing activity and is in the process of disposing off the plant and machinery. In view of stopping the manufacturing activity, declaring voluntary retirement to its employees and inviting tenders for disposal of plant and machinery, the company lost its status as going concern.

7. Employee Benefits:

During the previous year the company declared a "Voluntary Retirement Scheme" to reduce its pay bill and most of the employees have opted for voluntary retirement. Hence Gratuity Liability as per the Payment of Gratuity Act and Leave encashment as per the company''s policy upto 31st March, 2013 (31st March, 2012) are fully provided. Therefore particulars required under AS-15 are not furnished.

8. Segment Reporting:

Novopan Industries Limited ("the Company") is engaged in the business of production and sale of Plain & Melamine Faced Particle Boards. Management is of the opinion that production and sale of Plain & Melamine Faced Particle Boards is a single business segment and the Company operates in a single geography i.e., India. Accordingly, disclosure of segment information as prescribed in the Accounting Standard 17 "Segment Reporting" is not applicable.

9. Related Party Disclosure:

Disclosures as required by the accounting standard – 18 of the Institute of Chartered Accountants of India are given below:

Companies / Firms / Trust in which key management and their relatives are interested. Accura Constructions (P) Ltd GVK City (P) Ltd

Accura Estates (P) Ltd GVK Coal (Tokisud) Co.(P) Ltd

Alakananda Hydro Power Company Ltd GVK Davix Research (P) Ltd

Allied Estates (P) Ltd GVK Davix Technologies (P) Ltd

Altitude Design & Development (P) Ltd GVK Developmental Projects (P) Ltd

Amtran Constructions (P) Ltd GVK Energy Holdings (P) Ltd

Anchor Estates (P) Ltd GVK Energy Ltd

Appease Estates Private Ltd GVK Estates Private Limited

Blue Streak Consultants (P) Ltd GVK Foundation

Blue Streak Land Holdings (P) Ltd GVK Hydel (P) Ltd

Bonanza Real Estates (P) Ltd GVK Industries Ltd

Caspian Capital & Finance Private Ltd GVK Jaipur Expressway (P) Ltd #

Casuarina Capital & Finance (P) Ltd GVK Oil & Gas Ltd

Classic Land Holdings (P) Ltd GVK Perambalur SEZ (P) Ltd

Consolidated Real Estates (P) Ltd GVK Power & Infrastructure Ltd.

Cygnus Real Estates (P) Ltd GVK Technical & Consultancy Services (P)

Limited

Delta Land Holdings (P) Ltd GVK Power (Goindwal Sahib) Ltd

Dhaulasidh Power (P) Ltd GVK Transportation P Ltd

Eagle Land Holdings (P) Ltd GVK Power (Ratlam) Pvt. Ltd.

Fair Value Land Holdings (P) Ltd GVK Projects & Technical services Ltd #

Fortune Real Estates (P) Ltd GVK Properties & Management.Co., (P) Ltd

Fresenius Intraven (P) Ltd Plateau Land Holdings.(P) Ltd

GVK Gautami Power Ltd GVK Virudhnagar SEZ (P) Ltd

Genesis Realtors (P) Ltd IKR Land Holdings (P) Ltd

GIKR Land Holdings (P) Ltd Indigo Enterprises

Gold Green Land Holdings (P) Ltd Indigo Estates

Goriganga Hydro Power (P) Ltd Indira Constructions

Bengaluru International Airport Ltd Indira Enterprises

GSR Land Holdings (P)Ltd Inc GVK bio (P)Ltd

Greenridge Hotels &Resorts(P)Ltd Innovative Land Holdings (P) Ltd

GVK Airport Developers (P) Ltd Inogent Laboratories (P) Ltd

GVK Airport Holdings (P) Ltd ISR Infrastructure

Greenwoods Golf & Resorts (P) ltd. JK Operation & Maintainance (P) Ltd

GVK Biosciences (P) Ltd Raghavendra Finance (P) Ltd Mumbai Aviation Fuel Farm Facility (P) Ltd Raghavendra Land Holdings (P) Ltd

KR Bhupal Land Holdings (P)Ltd Regulus Estates (P) Ltd

KRAMB Land Holdings (P) Ltd RK Estates

KRBSB Estates (P)Ltd S.Bhupal & Others

KRGV Land Holdings (P)Ltd SBSR Land Holdings (P)Ltd

Krishna enterprises Siregarha Mines Ltd

Lakshmi Enterprises Sheraton Estates (P) Ltd

Lepus Land Holdings (P) Ltd SHSB Land Holdings (P)Ltd

Mallikarjuna Finance (P) Ltd SOMKRB Land Holdings (P)Ltd

Mallikarjuna Estates (P) Ltd SR Finance & Others

Marine Developers SR Finance (P) Ltd

Marine Enterprises Sri Hari Developers

Marine Estates Sri Hari Enterprises

Marriot Land Holdings (P) Ltd Sri Hari Estates

Marwell Architects & Contractors (P) Ltd Sri Lakshmi Enterprises

Metro Architects & Contractors (P) Ltd Sri Shiva Enterprises

Midas Estates (P) Ltd Sri Venkateswara Enterprises

MMR Constructions Sri Vishnu Enterprises

MR Constructions Starlet Land Holdings (P) Ltd

MRK Constructions Sunshine Properties (P)Ltd

Mumbai Airport Developers (P) Ltd Suphala Real Estates (P) Ltd

Mumbai International Airport Ltd Taj GVK Hotels & Resorts Ltd #

Orbit Travel & Tours (P) Ltd TRG Constructions

Oxford Land Holdings (P) Ltd Trinity Advisors (P) Ltd

Pace Constructions (P) Ltd Verdura

Pace Estates (P) Ltd Vertex Infratech (P) Ltd

Paigah House Hotel (P) Ltd Vertex Projects Ltd

Parthasarathy Airconditioned Tourists (P) Ltd Volantis Land Holdings (P) Ltd

Patikari Power (P) Ltd Vulcon Constructions (P) Ltd

Pinakini Share & Stock Brokers Ltd Zinger Investments (P) Ltd

Pinnacle Land Holdings (P) Ltd GVK Enterprises

Plateau Constructions & Engg. (P) Ltd Bengaluru Airport & Infrastructure

Developers (P) Ltd

Sri Parvathi Enterprises Ubiquitous Infra tech Private Limited

# Companies with which transactions are there during the year / balances were there at the end of the year.

Directors:

i) Mr G V Krishna Reddy

ii) Mrs G Indira Krishna Reddy

Key Management Personnel:

i) Mr.S.A.Naqui, Executive Director

10. In the opinion of the Board of Directors of the company, the current assets, loans and advances are expected to realize in the ordinary course of business approximately the value at which they are stated in accounts.

11. The balances in personal accounts are subject to confirmations and reconciliations.

12. Figures of the previous period have been regrouped / rearranged to conform to those of the current year.


Mar 31, 2012

1. General Information

Novopan Industries Limited ("the company") is engaged in the business of production and sale of Plain & Melamine Faced Particle Boards. The company's production activities are located at their Plants in IDA, Phase -II, Patancheru and Balanagar, Shadnagar, Mahaboobnagar (Dist) for Particle Boards and IDA, Phase - IV, Patancheru for resins production.

2. Capital Commitment:

Estimated amount of contracts remaining to be executed on capital account and not provided for- Nil (2011: Rs. Nil).

I) Even though the Company has installed an ETP Plant and not releasing any hazardous pollutants outside factory, a public interest litigation petition was filed before Supreme Court against various industries including our company in Patancheru area. Company has also obtained a certificate from AP Pollution Control Board certifying that the pollution caused by our company is within the tolerable limits of pollution control norms. Therefore the management is not envisaging any liability in this regard.

3. Disclosure under "Micro, Small and Medium Enterprises Development Act, 2006":

As per the information available with the company, there are no dues to micro and small enterprises as on March 31, 2012.

4. Impairment of fixed assets:

During the year the company has stopped its manufacturing activity in all 3 plants. The company has invited tenders to dispose off its plant and machinery. Based on the tenders received the company has recognised impairment loss - 20,937,935/-

5. During the period the company stopped manufacturing activity and is in the process of disposing off plant and machinery. In view of stopping the manufacturing activity, declaring voluntary retirement to its employees and inviting tenders for disposal of plant and machinery, the company's status is considered as not a going concern.

6. Employee Benefits:

During the previous period ended 30lh June,2011 the company declared a "Voluntary Retirement Scheme" and most of the employees have opted for voluntary retirement. Hence Gratuity Liability as per the Payment of Gratuity Act and Leave encashment as per the company's policy up to 31 March, 2012 (30 June, 2011) are fully provided/ paid. Therefore particulars required under AS - 15 are not furnished for this period.

7. Segment Reporting:Novopan Industries Limited ("the company") is engaged in the business of production and sale of Plain & Melamine Faced Particle Boards. Management is of the opinion that production and sale of Plain & Melamine Faced Particle Boards is a single business segment and the Company operates in a single geography i.e. India. Accordingly, disclosure of segment information as prescribed in the Accounting Standard 17 "Segment Reporting" is not applicable.

8. Related Party Disclosure:

Disclosures as required by the accounting standard - 18 of the Institute of Chartered Accountants of India are given below:

9. Deferred Tax:

Deferred tax asset, arising on account of carry forward losses is not recognised due to lack of virtual certainty of reversal.

10. Due to market recession, shortage of raw material and irregular power supply, the management decided to stop the production in all the 3 plants w.e.f. 7th January, 2011 and declared voluntary retirement scheme to its employees. Hence provision was made for such liability in the accounts and shown under the head "Voluntary Retirement Compensation" as an extraordinary item.

11. In the opinion of the Board of Directors of the company, the current assets, loans and advances are expected to realize in the ordinary course of business approximately the value at which they are stated in accounts.

12. The balances in personal accounts are subject to confirmations and reconciliations.

13. These financial statements have been prepared under Revised Schedule VI to the Companies Act, 1956. Figures of the previous period have been regrouped / rearranged to conform to those of the current period.

14. Current period being 9 months and previous period being 15 months. Hence figures are not comparable.


Mar 31, 2010

A. Contingent Liabilities:

Sl. March,2010 March.2009 No. Particulars Rs In lacs Rs in lacs

I Towards Bank Guarantee 9.00 2.23

II On Account of Letters of Credit 268.14 604.38

III Bills Discounted 57.02 -

IV Towards Corporate Guarantees -- 7,002.00

V Claims against the Company not acknowledged as Debts i) Royalty and Interest to Forest Department: There has been a claim by Forest Department, Government of 33.20 33.20 Andhra Pradesh for Rs 50.83 lacs towards Royalty on account of wood supplied from 1980 to 1984 and for Rs 13.02 lacs towards interest thereon out of which the Company had accepted the claim to the eRs.tent of Rs. 30.65 lacs towards Royalty, which is provided, ii) Demands of the Income-taRs. department, contested by 286.73 106.50 the Company

iii) Central ERs.cise Department : The ERs.cise Department filed an appeal before Honble CESTAT, Bangalore against refund of ERs.cise Duty of Rs. 36.26 lacs on account of abatement of Octroi claimed by the company which 36.26 36.26 was decided in Companys favour. Consequently, Department filed further appeal in this regard before the Honble High Court of Andhra Pradesh. B. Even though the Company has installed an ETP Plant and not releasing any hazardous pollutants outside factory, a public interest litigation petition was filed before Supreme Court against various industries including our company in Patancheru area. Company has also obtained a certificate from AP Pollution Control Board certifying that the pollution caused by our company is within the tolerable limits of pollution control norms. Therefore the management is not envisaging any liability in this regard.

C. As per the information made available to the company by the suppliers regarding their status as per the provisions of "Micro, Small and Medium Enterprises Development Act 2006", there were no dues outstanding as on the date of Balance Sheet.

1. Employee Benefits:

Components of net benefit eRs.penses recognised in Profit and Loss Account and Movement in Balance Sheet

D. Related Party Disclosure:

Disclosures as required by the accounting standard - 18 of the Institute of Chartered Accountants of India are given below :

Companies/Firms/Trust in which key management and their relatives are interested:

Accura Constructions (P) Ltd

Accura Estates (P) Ltd

Alakananda Hydro Power Company Ltd

Allied Estates fP) Ltd

Altitude Design & Development (P) Ltd

Amtran Constructions (P) Ltd

Anchor Estates (P) Ltd

Appease Estates (P) Ltd

Blue Streak Consultants (P) Ltd

Blue Streak Land Holdings (P) Ltd

Bonanza Real Estates (P) Ltd

Caspian Capital & Finance (P) Ltd

Casuarina Capital & Finance (P) Ltd

Classic Land Holdings (P) Ltd ¦

Consolidated Real Estates (P) Ltd

Cygnus Real Estates (P) Ltd

Delta Land Holdings (P) Ltd

Dhaulasidh Power (P) Ltd

Eagle Land Holdings (P) Ltd

Fair Value Land Holdings (P) Ltd

Fortune Real Estates (P) Ltd

Fresenius Intraven (P) Ltd

Gautami Power (Samlkot) (P) Ltd

Genesis Realtors (P) Ltd

GIKR Land Holdings (P) Ltd

Gold Green Land Holdings (P) Ltd

Goriganga Hydro Power (P) Ltd

Green Woods Golf i. Resorts (P) Ltd

Greenridge Hotels & Resorts(P)Ltd

GSR Land Holdings (P)Ltd

GVK Airport Developers (P) Ltd

GVK Airport Holdings (P) Ltd

GVK Avaiation (P) Ltd

GVK Biosciences (P) Ltd

GVK Cements Ltd

GVK City (P) Ltd

GVK Coal (Tokisud) Co.(P) Ltd

GVK DaviRs. Research (P) Ltd

GVK DaviRs. Technologies (P) Ltd

GVK Developmental Projects (P) Ltd

GVK Energy Holdings (P) Ltd

GVK Energy Ltd

GVK Estates (P) Ltd

GVK Foundation

GVK Gautami Power Ltd #

GVK Hydel (P) Ltd

GVK Industries Ltd

GVK Infra tech (P) Ltd

GVK Infrastructure Holdings (P) Ltd

GVK Jaipur ERs.pressway (P) Ltd #

GVK Oil & Gas Ltd

GVK Perambalur SE2 (P) Ltd

GVK Power & Infrastructure Ltd.

GVK Power (Goindwal Sahib) Ltd

GVK Power (Jegurupadu)(P) Ltd

GVK Power (Krishnapatnam) (P) Ltd

GVK Power (Ratlam) (P) Ltd

GVK Projects & Technical services (P) Ltd

GVK Properties & Management.Co., (P) Ltd

GVK Technical & Consultancy Services (P) Ltd #

GVK Virudhnagar SEZ (P) Ltd

IKR Land Holdings (P) Ltd

Inc GVK bio (P) Ltd

Indigo Enterprises

Indigo Estates

Indira Constructions

Indira Enterprises

Infotech Professional Pry Ltd

Inogent Laboratories (P) Ltd

Innovative Land Holdings (P) Ltd

ISR Infrastructure

Jegurupadu Power Plant Services (P) Ltd

JK Operation & Maintainance (P) Ltd

KR Bhupal Land Holdings (P) Ltd

KRAMB Land Holdings (P) Ltd

KRBSB Estates (P) Ltd

KRGV Land Holdings (P) Ltd

Krishna Enterprises

Lakshmi Enterprises

Lepus Land Holdings (P) Ltd

Mallikarjuna Estates (P) Ltd

Mallikarjuna Finance (P) Ltd

Marine Developers

Marine Enterprises

Marine Estates

Marriot Land Holdings (P) Ltd

Marwell Architects & Contractors (P) Ltd

Metro Architects & Contractors (P) Ltd

Midas Estates (P) Ltd

MMR Constructions

MR Constructions

MRK Constructions

Mumbai Airport Developers (P) Ltd

Mumbai International Airport (P) Ltd

Orbit Travel & Tours (P) Ltd

ORs.ford Land Holdings (P) Ltd

Pace Constructions (P) Ltd

Pace Estates (P) Ltd

Paigah House Hotel (P) Ltd

Parthasarathy Airconditioned Tourists (P) Ltd

Patikari Power (P) Ltd

Pinakini Share & Stock Brokers Ltd

Pinnacle Land Holdings (P) Ltd

Plateau Constructions & Engg.(P) Ltd

Plateau Land Holdings.(P) Ltd

Raghavendra Finance (P) Ltd

Raghavendra Land Holdings (P) Ltd

Regulus Estates (P) Ltd

RK Estates

S.Bhupal & Others

SBSR Land Holdings (P) Ltd

Seregarha Mines Ltd

Sheraton Estates (P) Ltd

SHSB Land Holdings (P) Ltd

SOMKRB Land Holdings (P) Ltd

SR Finance & Others

SR Finance (P) Ltd

Sri Hari Developers

Sri Hari Enterprises

Sri Hari Estates

Sri Lakshmi Enterprises

Sri Shiva Enterprises

Sri Venkateswara Enterprises

Sri Vishnu Enterprises

Starlet Land Holdings (P) Ltd

Sunshine Properties (P)Ltd

Suphala Real Estates (P) Ltd

Taj GVK Hotels & Resorts Ltd #

TRG Constructions

Trinity Advisors (P) Ltd

Ubiquitous Infra tech (P) Ltd

Verdura

VerteRs. lnfratech (P) Ltd

VerteRs. Projects Ltd #

Volantis Land Holdings (P) Ltd

Vulcon Constructions (P) Ltd

Zinger Investments (P) Ltd

# Companies with which there are transactions during the year.

Directors:

(i) Mr G V Krishna Reddy

(ii) Mrs G Indira Krishna Reddy

(iii) Mr Sanjay Reddy (upto 27-01-2010)

Key Management Personnel:

Mr T Rakesh Reddy (upto 03-06-2009)

E. The balances in personal accounts are subject to confirmations and reconciliations.

F. In the opinion of the Board the current assets and loans and advances would realize at the amounts at which they were stated.

G. Previous year figures have been re-grouped wherever necessary.

 
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