Notes to Accounts of Pet Plastics Ltd.

Mar 31, 2014

1. CONTINGENT LIABILITIES:

2013-2014 2012-2013

i. Claims against the Company not acknowledge the debts : Nil Nil

ii.Estimated amount of contracts remaining: Nil Nil to be executed on capital account and provided for

iii. Other many due which the Company is : Nil Nil contingently liable.

2. The sundry debtors of Rs.5,899,986.00/- of M/s. Vandana Enterprises are outstanding for more than six months. The said amounts are transferred in account of factoring coupon division account.

3. Advance of Rs.2,346,221/- against purchase of machinery includes the amount paid to M/s. FAIR HEAVEN PLASTICS & CHEMICAL PVT LTD. The said amounts are transferred in account of factoring coupon division account.''

4. The Loans and Advances of M/s. Fair Heaven Plastics & Chemical Pvt. Limited Rs.2,346,221/- & Jain Irrigation Rs.20,000/- & M/s. Vikram Projects Limited Rs.5,922,144/- is outstanding for more than six months for the advances given for purchase of machinery and raw material respectively. The said amounts are transferred in account of factoring coupon division account.

5. The recovery from sundry Debtors and Loans & Advances are in contingency reserves. After recovery of the said amount it will be transferred to Reserves & Surplus Account of the Company. The said amounts are transferred in account of factoring coupon division account. The company has not accounted for accretions as the same are disputed by both parties. The said amount shall be accounted for only on settlement of the case.

6. Sundry Debtors, Sundry.-Creditors. Loans and Advances are as per books and are subject to reconciliation and confirmation if any.

7. In the opinion of the Board of Directors, the Current Assets, Loans & Advances have a value on realization in the ordinary course business at least equal to the amount at which they are stated in the Balance Sheet after the provisions.

8. TAXATION AND DEFERRED TAX:

Your company is located in kandla in the special economic zone. However, the period of taxation is now completed. Hence, the company does not enjoy any tax free benefit. All the income earned is offered for taxation.

The liability of company on account of income tax is estimated considering the provisions of he Income Tax Act, 1961.

Deferred tax is recognized, subject to the consideration of prudence, on timing difference being he difference between taxable inhume and aceountim^jaeSIftgAhat originate in one year and capable of reversal in one or more subsequent year,

9. SECURED LOANS:

No loans have been taken by the company.

D) Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. It does not include interest, provision for contingencies and income tax.

10. REPORTING ON RELATED PARTIES:

There are no related parties.

11. MANAGERIAL REMUNERATION:

The company does not provide any remuneration.

12. No dues to SSI units are outstanding as per the information available with the company.

13. Figures of the previous year have been regrouped / rearranged whenever necessary and rounded off to the nearest rupee.

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Mar 31, 2013

1. CONTIGENT LIABILITIES:

2012-2013 2011-2012

i. Claims against the Company not acknowledge the : Nil Nil debts.

ii. Estimated amount of contracts remaining to be : Nil Nil executed on capital account and provided for

iii. Other many due which the Company is : Nil Nil contingently liable.

2. The sundry debtors of Rs.5,899.986.00/- of M/s. Vandana Enterprises are outstanding for mo re than six months. The said amounts are transferred in account of factoring coupon division account.

3. Advance of Rs.2,346,221/- against purchase of machinery includes the amount paid to M/s. FAIR HEAVEN PLASTICS & CHEMICAL PVT LTD. The said amounts are transferred in account of factoring coupon division account.

4. The Loans and Advances of M/s. Fair Heaven Plastics & Chemical Pvt. Limited Rs.2,346,221/- & Jain Irrigation Rs.20,000/- & M/s. Vikram Projects Limited Rs.5,922,144/- is outstanding for more than six months for the advances given for purchase of machinery and raw material respectively. The said amounts are transferred in account of factoring coupon division account.

5. The recovery from sundry Debtors and Loans & Advances are in contingency reserves. After recovery of the said amount it will be transferred to Reserves & Surplus Account of the Company. The said amounts are transferred in account of factoring coupon division account. The company has not accounted for accretions as the same are disputed by both parties. The said amount shall be accounted for only on settlement of the case.

6. Sundry Debtors, Sundry Creditors, Loans and Advances are as per books and are subject to reconciliation and confirmation if any.

7. In the opinion of the Board of Directors, the Current Assets, Loans & Advances have a value on realization in the ordinary course business at least equal to the amount at which they are stated in the Balance Sheet after the provisions.

8. TAXATION AND DEFERRED TAX:

Your company is located in kandla in the special economic zone. However, the period of taxation is now completed. Hence, the company does not enjoy any tax free benefit. All the income earned is offered for taxation.

The liability of company on account of income tax is estimated considering the provisions of the Income Tax Act. 1961.

Deferred tax is recognized, subject to the consideration of prudence, on timing difference being the difference between taxable income and accounting income that originate in one year and capable of reversal in one or more subsequent year.

C) Other Disclosures:

Types of products and services in each : i. Manufacturing. Trading and business segment Re-labeling of Plastics Goods and Articles.

ii. Trading, Re-labeling, Repacking and Export Service Provider Activity of all items as mentioned in the Exim Policy.

D) Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of tne segments as also amounts allocated on a reasonable basis. It.does not include interest, provision for contingencies and income tax.

9. No dues to SSI units are outstanding as per the information available with the company.

10. Figures of the previous year have been regrouped / rearranged whenever necessary and rounded off to the nearest rupee,

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Mar 31, 2011

1. CONTIGENT LIABILITIES: 2010-2011 2009-2010

i. Claims against the Company not acknowledge the debts. Nil Nil

ii. Estimated amount of contracts remaining to be executed on capital account and provided for Nil Nil

iii. Other many due which the Company is contingently liable. Nil Nil

2. The sundry debtors of Rs.5,899,986.00/- of M/s. Vandana Enterprises are outstanding to more than six months. The said amounts are transferred in account of factoring coupon division account. The company has not accounted for accretions as the same are disputed by both parties. The said amount shall be accounted for only on settlement of the case.

3. Advance of Rs.2, 346,221/- against purchase of machinery includes the amount paid to M/s. FAIR HEAVEN PLASTICS & CHEMICAL PVT LTD.

4. The Loans and Advances of M/s. Fair Heaven Plastics & Chemical Pvt. Limited Rs.2,346,221/- & Jain Irrigation Rs.20,000/- & M/s. Vikram Projects Limited Rs.5,922,144/- is outstanding for more than six months for the advances given for purchase of machinery and raw material respectively. The company has not accounted for accretions as the same are disputed by both parties. The said amount shall be accounted for only on settlement of the case.

5. The recovery from sundry Debtors and Loans & Advances are in contingency reserves. After recovery of the said amount it will be transferred to Reserves & Surplus Account of the Company. The said amounts are transferred in account of factoring coupon division account. The company has not accounted for accretions as the same are disputed by both parties. The said amount shall be accounted for only on settlement of the case.

6. Sundry Debtors, Sundry Creditors, Loans and Advances are as per books and are subject to reconciliation and confirmation if any.

7. In the opinion of the Board of Directors, the Current Assets, Loans & Advances have a value on realization in the ordinary course business at least equal to the amount at which they are stated in the Balance Sheet after the provisions.

8. The 'Netting off' of Sundry Debtors & Sundry Creditors is to be treated as Netting off Debtors & Netting off Creditors. The balance is made as per Reserve Bank of India (RBI) circular. The 'Netting off' is allowed to units in Special Economic Zones (SEZ). The netting may be shown as on date of Balance Sheet.

9. TAXATION:

The Company has been advised that it is not liable to pay Income – Tax Act, 1961 as the activity carried out in the Unit is located in Special Economic Zone at Kandla, Gujarat and income Profit derived from the said unit is exempt u/s 10A. The company is under dispute with IT has agitated before the ITAT and its outcome is awaited.

10. SECURED LOANS:

No loans have been taken by the company.

B) Secondary Disclosures: Revenue from external customers By location of customers:

C) Other Disclosures: Types of products and serve each business segment :

D) Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. It does not include interest, provision for contingencies and income tax.

11. REPORTING ON RELATED PARTIES: There are no related parties.

12. MANAGERIAL REMUNERATION:

The company does not provide any remuneration.

13. No dues to SSI units are outstanding as per the information available with the company.

14. Figures of the previous year have been regrouped / rearranged whenever necessary and rounded off to the nearest rupee.

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Mar 31, 2010

1. CONTIGENT LIABILITIES:

2009-2010 2008-2009

i. Claims against the Company not acknowledge the : Nil Nil debts.

ii. Estimated amount of contracts remaining to be : Nil Nil executed on capital account and provided for

iii.Other many due. which the Company is : Nil Nil contingently liable.

2. The sundry debtors of Rs.5,899,986.00/ of M/s. Vandana Enterprises are outstanding for more than six months. The said amounts are transferred in account of factoring coupon division account. The company has not accounted for accretions as the same are disputed by both parties. The said amount shall be accounted for only on settlement of the case.

3. Advance of Rs.2,346,221/ against purchase of machinery includes the amount paid to M/s. FAIR HEAVEN PLASTICS & CHEMICAL PVT LTD.

4. The Loans and Advances of M/s. Fair Heaven Plastics & Chemical Pvt. Limited Rs.2,346,221/ & Jain Irrigation Rs.20,000/ & M/s. Vikram Projects Limited Rs.5,922,144/ is outstanding for more than six months for the advances given for purchase of machinery and raw material respectively. The company has not accounted for accretions as the same are disputed by both parties. The said amount shall be accounted for only on settlement of the case.

5. The recovery from sundry Debtors and Loans & Advances are in contingency reserves. After recovery of the said amount it will be transferred to Reserves & Surplus Account of the Company. The said amounts are transferred in account of factoring coupon division account. The company has not accounted for accretions as the same are disputed by both parties. The said amount shall be accounted for only on settlement of the case.

6. Sundry Debtors, Sundry Creditors, Loans and Advances are as per books and are subject to reconciliation and confirmation if any.

7. In the opinion of the Board of Directors, the Current Assets, Loans & Advances have a value on realization in the ordinary course business at least equal to the amount at which they are stated in the Balance Sheet after the provisions.

8. The Netting off of Sundry Debtors & Sundry Creditors is to be treated as Netting off Debtors & Netting off Creditors. The balance is made as per Reserve Bank of India (RBI) circular. The Netting off is allowed to units in Special Economic Zones (SEZ). The netting may be shown as on date of Balance Sheet.

9. TAXATION:

The Company has been advised that it is not liable to pay Income Tax Act, 1961 as the activity carried out in the Unit is located in Special Economic Zone at Kandla, Gujarat and income Profit derived from the said unit is exempt u/s 10A. The company is under dispute with IT has agitated before the ITAT and its outcome is awaited.

B) Secondary Disclosures:

Revenue from external customers The main base of companys By location of customers product is for exports market

Carrying amount of segment assests : All Manufacturing, Trading, Re

By location of assests packaging, Relabeling and Export

Service Provider Activity are located in KSEZ, India

C) Other Disclosures:

Types of products and services in each : i. Manufacturing, Trading and business segment Relabeling of Plastics Goods and Articles.

ii. Trading, Relabeling, Re packing and Export Service Provider Activity of all items as mentioned in the Exim Policy.

D) Segment Revenue, Segment Results, Segment Assets and Segment Liabilities include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. It does not include interest, provision for contingencies and income tax.

10. REPORTING ON RELATED PARTIES:

There are no related parties.

11. MANAGERIAL REMUNERATION:

The company does not provide any remuneration.

12. EARNING IN FOREIGN EXCHANGE:

a. Outflow of Foreign Exchange: Rs. NIL

b. Inflow of Foreign Exchange: Rs. NIL

13. No dues to SSI units are outstanding as per the information available with the company.

14. Figures of the previous year have Been regrouped / rearranged whenever necessary and rounded off to the nearest rupee.