Notes to Accounts of Rama Steel Tubes Ltd.

Mar 31, 2023

Provisions & CONTIGENT LIABILTY

a) Provisions Provisions (excluding employee benefits) are
recognised when the Company has a present obligation
(legal or constructive) as a result of a past event, it
is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation
and a reliable estimate can be made of the amount of
the obligation. If the effect of the time value of money
is material, provisions are discounted using equivalent
period government securities interest rate. Unwinding
of the discount is recognised in the Statement of Profit
and Loss as a finance cost. Provisions are reviewed at
each balance sheet date and are adjusted to reflect the
current best estimate.

b) Contingencies Contingent liabilities are disclosed when
there is a possible obligation arising from past events,
the existence of which will be confirmed only by the

occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the
Company or a present obligation that arises from past
events where it is either not probable that an outflow
of resources will be required to settle or a reliable
estimate of the amount cannot be made. Information
on contingent liability is disclosed in the Notes to
the Financial Statements. Contingent assets are not
recognised. However, when the realisation of income
is virtually certain, then the related asset is no longer a
contingent asset, but it is recognised as an asset.

3.23 Research and development costs

Research costs are expensed as incurred. Development
expenditures on an individual project are recognised as an
intangible asset when the Company can demonstrate:

a) The technical feasibility of completing the intangible
asset so that the asset will be available for use or sale

b) Its intention to complete and its ability and intention to
use or sell the asset

c) How the asset will generate future economic benefits

d) The availability of resources to complete the asset

e) The ability to measure reliably the expenditure during
development

Following initial recognition of the development
expenditure as an asset, the asset is carried at cost
less any accumulated amortisation and accumulated
impairment losses. Amortisation of the asset begins
when development is complete and the asset is available
for use. It is amortised over the period of expected future
benefit. Amortisation expense is recognised in the
statement of profit and loss unless such expenditure
forms part of carrying value of another asset.

4. Recent Accounting development

The Ministry of Corporate Affairs ("MCA") notified new
standard or amendments to the existing standards under
Companies (Indian Accounting Standard) Rules as issued
from time to time. On March 23, 2022, MCA notified the
Companies (Indian Accounting Standards) Amendment
Rules, 2022, applicable from April 1, 2022 to the Company as
below:

Ind AS 16 Property Plant and equipment - The amendment
clarifies that excess of net sale proceeds of items produced
over the cost of testing, if any, shall not be recognised in the
profit or loss but deducted from the directly attributable

costs considered as part of cost of an item of property
plant, and equipment. The effective date for adoption of this
amendment is annual periods beginning on or after April 1,
2022. The Company has evaluated the amendment and there
is no impact on its financial statements.

Ind AS 37 Provisions, Contingent Liabilities and Contingent
Assets - The amendment specifies that the ''cost of fulfilling''
a contract comprises the ''costs that relate directly to the
contract''. Costs that relate directly to a contract can either
be incremental costs of fulfilling that contract (examples
would be direct labour, materials) or an allocation of other
costs that relate directly to fulfilling contracts (an example
would be the allocation of the depreciation charge for an
item of property plant and equipment used in fulfilling the
contract). The effective date for adoption of this amendment
is annual periods beginning on or after April 1, 2022, although
early adoption is permitted. The Company has evaluated the
amendment and the impact is not expected to be material.

Ind As 103 The amendments specify that to qualify for
recognition as part of applying the acquisition method, the
identifiable assets acquired and liabilities assumed must
meet the definitions of assets and liabilities in the Conceptual
Framework for Financial Reporting under Indian Accounting
Standards (Conceptual Framework) issued by the Institute
of Chartered Accountants of India at the acquisition date.
These changes do not significantly change the requirements
of Ind AS 103. The Company does not expect the amendment
to have any significant impact in its financial statements

Ind As 109 The amendment clarifies which fees an entity
includes when it applies the ''10 percent'' test of Ind AS 109
in assessing whether to derecognise a financial liability.
The Company does not expect the amendment to have any
significant impact in its financial statements.

Ind As 116 The amendments remove the illustration of the
reimbursement of leasehold improvements by the lessor
in order to resolve any potential confusion regarding the
treatment of lease incentives that might arise because of
how lease incentives were described in that illustration.
The Company does not expect the amendment to have any
significant impact in its financial statements.

5. critical accounting estimates, assumptions and judgements

The preparation of the Company''s financial statements
requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities, and the accompanying
disclosures, and the disclosure of contingent liabilities at the
date of the financial statements. Estimates and assumptions

are continuously evaluated and are based on management''s
experience and other factors, including expectations of
future events that are believed to be reasonable under the
circumstances.

Uncertainty about these assumptions and estimates could
result in outcomes that require a material adjustment to the
carrying amount of assets or liabilities affected in future
periods.

In particular, the Company has identified the following areas
where significant judgements, estimates and assumptions
are required. Further information on each of these areas
and how they impact the various accounting policies are
described below and also in the relevant notes to the
financial statements. Changes in estimates are accounted
for prospectively.

a) Judgements

In the process of applying the company''s accounting
policies, management has made the following
judgements, which have the most significant effect on
the amounts recognized in the financial statements:

i) Contingencies:

Contingent liabilities may arise from the ordinary
course of business in relation to claims against the
company, including legal, contractor, land access
and other claims. By their nature, contingencies will
be resolved only when one or more uncertain future
events occur or fail to occur. The assessment of the
existence, and potential quantum , of contingencies
inherently involves the exercise of significant
judgments and the use of estimates regarding the
outcome of future events.

ii) Recognition of Deferred tax Assets

The extent to which deferred tax assets can be
recognized is based on an assessment of the
probability that future taxable income will be
available against which the deductible temporary
differences and tax loss carry-forward can be
utilized. In addition, significant judgement is
required in assessing the impact of any legal or
economic limits or uncertainties in various tax
jurisdictions.

b) Estimates and Assumptions

The key assumptions concerning the future and other
key sources of estimation uncertainty at the reporting
date that have a significant risk of causing a material
adjustment to the carrying amounts of assets and
liabilities within the next financial year, are described
below.

The Company based its assumptions and estimates on
parameters available when the financial statements
were prepared. Existing circumstances and assumptions
about future developments, however, may change due
to market change or circumstances arising beyond the
control of the Company. Such changes are reflected in
the assumptions when they occur.

i) Useful lives of property .plant & equipment :

The Company reviews its estimate of the useful
lives of property ,plant & equipment at each
reporting date, based on the expected utility of the
assets.

ii) Defined benefit obligation :

The cost of the defined benefit plan and other
post-employment benefits and the present
value of such obligation are determined using
actuarial valuations. An actuarial valuation
involves making various assumptions that may
differ from actual developments in the future.
These include the determination of the discount
rate, future salary increases, mortality rates and
future pension increases. In view of the complexities
involved in the valuation and its long-term nature,
a defined benefit obligation is highly sensitive to
changes in these assumptions. All assumptions are
reviewed at each reporting date.

iii) Inventories :

The Company estimates the net realizable values
of inventories, taking into account the most reliable
evidence available at each reporting date. The future
realization of these inventories may be affected by
future technology or other market-driven changes
that may reduce future selling prices.

iv) Fair Value measurement of Financial Instruments:

When the fair values of financial assets and
financial liabilities recorded in the Balance Sheet
cannot be measured based on quoted prices
in active markets, their fair value is measured
using valuation techniques including the DCF
model. The inputs to these models are taken from
observable markets where possible, but where this
is not feasible, a degree of judgment is required
in establishing fair values. Judgements include
considerations of inputs such as liquidity risk,
credit risk and volatility. Changes in assumptions
about these factors could affect the reported fair
value of financial instruments.

---

Mar 31, 2018

1. Corporate Information

Rama Steel Tubes Limited (" the Company'') is limited Company domiciled in India and incorporated on Febuary 26, 1974 under the provisions of the CompanyAct, 1956 having its registered office at 7, Second Floor, Surya Niketan, New Delhi. The Company is a public company listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). The Company is engaged in the business of manufacturing of Steel Pipes and related products.

2. Basis of preparation of financial statements & Use of estimates

2.1 Basis of Preparation of financial Statements

These financial statements are prepared in accordance with Indian Accounting Standards (Ind AS) under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values, the provisions of the Companies Act, 2013 ( ''the Act'') ( to the extent notified) and guidelines issued by the Securities and Exchange Board of India ( SEBI). The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016. The Company has adopted as applicable Ind AS standards and the adoption was carried out in accordance with Ind AS 101, First-Time Adoption of Indian Accounting Standards. The transition to Ind AS is April 1, 2016 which was carried out from Indian Accounting Principles generally accepted in India as prescribed under Section 133 of the Act, read with Rule 7 of the Companies( Accounts)Rules, 2014 ( IGAAP), which was the previous GAAP. Recommendations and descriptions of the effect of the transition have been summarized in Note 45. Accounting policies have been consistently applied except where a newly-issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

2.2 Statement of compliance

The financial statements have been prepared in accordance with Indian Accounting Standard (Ind AS) notified under the Companies (Indian Accounting Standards) Rules, 2015.Upto the year ended 31st March, 2016, the Company prepared its financial statements in accordance with the requirements of previous GAAP, which includes Standards notified under the Companies (Accounting Standards) Rules, 2006. These are the Company''s first Ind AS financial statements. The date of transition to Ind AS is 1st April, 2016.

2.3 Use of estimates

The preparation of the financial statements in conformity with Ind AS requires the Management to make estimates, judgements and assumptions. These estimate, judgements and assumptions affect the application of accounting sheet date is classified as capital advances under other noncurrent assets and the cost of Property, Plant and Equipment not available for use before such date are disclosed under ''Capital work-in-progress''policies and the reported amounts of assets and liabilities,the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgements and the use of assumptions in these financial statements have been disclosed in Note 4. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as the Management becomes aware of the changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and if material, their effects are disclosed in the notes to the financial statements.

D. Right, preference and restrictions attached to shares Equity Shares

The Company has only one class of equity shares having a par value of Rs. 5/- per share. Each Shareholder is eligible for one vote per share. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amount , in proportion of their shareholding.

*Others includes Financial Institutions.

"# Secured by way of mortgage of plot No 131, sector-44, Gurgaon & hypothecation of fixed assets of the Company and extension of charge by way of hypothecation of current assets of the company.

First Term loan from banks amounting Rs.720.64 Lakhs as at 31.03.2018 are payable in 120 monthly installments commencing from August 2014 to October 2023, carrying a floating interest rate linked with MCLR of bank (1 year MCLR 8.20 % 1.60 % p.a.) with periodical interest reset).

Second topup term loan from banks amounting Rs.150.95 Lakhs as at 31.03.2018 are payable in 120 monthly installments commencing from April 2017 to March 2027, carrying a floating interest rate linked with MCLR of bank (1 year MCLR 8.20% 1.60 % p.a.) with periodical interest reset).

First vehicle loan term loan from bank amounting Rs.3.90 Lakhs are payable in 36 monthly installments commencing from May 2016 to April 2019 with rate of interest 9.75 % p.a. at year end.

Second Vehicle term loan from bank amounting Rs.59.70 Lakhs are payable in 60 monthly installments commencing from March 2017 to Feb 2022 with rate of interest 9.75% p.a. at year end. Note: Installments falling due in respect of all the above loans upto 31st March, 2018 have been grouped under ""Current Maturities of long term debt.""(Refer Note 19 (c))"

* Working Capital Facilities from Banks are secured by way of hypothecation of Company''s current assets (present and future) including interalia stock of raw materials, stores, spares, stock in process, finished goods etc. lying in the factory, shop, godowns, elsewhere and including goods in transit , book debts, bills receivable and first charge by way of collateral in respect of fixed assets of the company and further guaranteed by Sh. Naresh Kumar Bansal, Director and Sh. Richi Bansal Director of the Company.

3. Financial Risk Management Financial Risk Factors

The Company''s principal financial liabilities comprise borrowings, trade and other payables. The main purpose of these financial liabilities is to manage finances for the Company ''s operations. The Company has loan and other receivables, trade and other receivables, and cash and short terms deposits that arise directly from its operations. The Company''s activities expose it to a variety of financial risks.

i) Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risks: currency rate risk, interest rate risk and other price risks such as equity price risk and commodity risk. Financials instruments affected by market risk includes loans and borrowings, deposits, investments. Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchanges rates. Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. This is based on the financial assets and financial liabilities held as of March 31, 2018 and March 31, 2017.

ii) Credit Risk

Credit risk is the risk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.

iii) Liquidity Risk

Liquidity risk is the risk that the Company may not be able to meet its present and future cash and collateral obligations without incurring unacceptable losses.

The Company ''s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Company''s financial performance.

Market Risk

The sensitivity analysis excludes the impact of movementsin market variables on the carrying value of post employeement benefit obligations provisions and on the non-financial assets and liabilities. The sensitivity of the relevant statement of Profit and Loss item is the effect of the assumed changes in the respective market risks. The Company''s acitivies expose it to a variety of financial risks, including the effects of changes in foreign currency exchange rates and interest rates. However, such effect is not material.

(a) Foreign exchange risk and sensitivity

The company transacts business primarly in Indian Rupee. Therefore the company does not have trade receivables other than in Indian Currency on which foreign exchange currency risk and sensitivity does not arise.

(b) Interest rate risk and sensitivity

The Company does not have any borrowings on which the interest risk and Sensitivity arises.

(c) Commodity price risk and sensitivity

The company is exposed to the movement in price of key raw materials in domestic markets. The Company enters into contracts for procurement of material most of the transactions are short term fixed price conract.

Credit Risk

The Company is exposed to credit risk from its operating activities (primarily trade receivables). Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of accounts receivable. Individual risk limits are set accordingly. The Company considers the probability of default upon initial recognition of assets and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk, the company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forward-looking information.

Cash and Cash Equivalents, Deposit in Banks and other Financial instruments

The Company considers factors such as track record, size of the institution, market reputation and service standards to select the banks with which balances and deposits are maintained. Generally, the balances are maintained with the institutions with which the Company has also availed borrowings. The Company does not maintain significant cash and deposit balances other than those required for its day to day operations. For other financial assets the company monitors ratings, credit spreads and financial strengths of its counterparties. Based on its ongoing assessment of the counter party''s risk, the company adjust its exposures to various counter parties. Based on the assessment there is no impairment in other financial assets.

Liquidity Risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company''s finance department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the Company''s net liquidity position through rolling forecasts on the basis of expected cash flows.

Maturity profile of financial liabilities

The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date based on contractual undiscounted payments.

Capital Risk Management

For the purposes of the Company''s capital management, capital includes issued capital and all other equity reserves. The primary objective of the Company''s Capital Management is to maximize shareholder value. The company manages its capital structure and makes adjustments in the light of changes in economic environment and the requirements of the financial covenants. In order to achieve this overall objective, the Company''s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches of the financial covenants of any interest bearing loans and borrowing for reported periods.

4. Fair value of financial assets and liabilities

Set out below is a comparison by class of the carrying amounts and fair value of the company''s financial instruments that are recognised in the financial statements.

Fair Value Hierarchy

The company measures financial instuments at fair value in accordance with the accounting policies mentioned above. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the assets or transfer the liability takes place either:

Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valution techniques as follows:-

1. Level 1: Quoted prices/ NAV for Identical instruments in an active market.

2. Level 2: Directly or indirectly observable market inputs, other than level 1 inputs; and

3. Level 3: Inputs which are not based on observable market data.

When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

Fair Value Technique

1) The carrying amounts of trade receivables, trade payables and cash and cash equivalents are considered to be the same as their fair values due to their short term nature.

2) The fair value of security deposit given was calculated based on cash flows discounted using the current lending rate. They are classified as a level 2 fair values in the fair value hierarchy due to the inclusion of unobservable inputs inlcuding counterparty credit risk.

3) For financial assets and liabilities that are measured at fair value, the carrying amounts are equal to the fair values.

During the year ended 31st March 2018 and 31st March 2017, there were no transfers between level 1 and Level 2 fair value measurements and no transfer into and out of Level 3 vair value measurements. There is no transaction/ balance under Level 3.

5. Segment Reporting

The Company is in the business of manufacturing in a single segment of manufacturing of Steel and related products. Therefore, segment reported as per IND AS 108 is our operating segment.

The above sensitivity analysis is based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant acturial assumptions the same method (projected unit credit method) has been applied as when calculating the defined benefit obligation recognised within the Balance Sheet.

OCI presentation of defined benefit plan

a) Gratuity is in the nature of defined benefit plan, re-measurement gains / (losses) on defined benefit plans is shown under OCI as Items that will not be reclassified to profit or loss and also the income tax effect on the same.

b) Leave encashment cost is in the nature of short term employee benefits.

Presentation in Statement of Profit and Loss and Balance Sheet

Expenses for Service cost , net interest on net defined benefit liability (asset) is charged to Statement of Profit & Loss.

IND AS 19 do not require seggregation of provision in current and non-current, however net defined liability (Assets) is shown as current and non-current provision in balance sheet as per IND AS 1.

Actuarial liability for short terms benefits (leave encashment cost) is shown as current and non-current provision in balance sheet.

When there is surplus in defined plan, the company is required to measure the net defined benefit at the lower of the surplus in the defined benefit plan and the assets ceiling, determined using the discount rate specified i.e. market yield at the end of the reporting period on government bonds, this is applicable for domestic companies, foreign company can use corporate bonds rate.

b) The company has not proposed any dividend to its shareholders during the year.

c) The Company has not given any loan or given any guarantee with respect to the parties covered under section 186 (4) of the Companies Act, 2013.

d) Certain balances of trade receivables, loan and advances, trade payable and other liabilities are subject to confirmation and / or reconciliation.

6. Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) is Rs.NIL (Previous Year Rs.NIL).

7. Exceptional item consists of Loss (Net) of Rs.NIL (Previous year Loss (Net) of Rs..90 Lakhs on the provision of employees benefits pertaining to previous years.

*A. Short-term benefits comprises the expenses recorded under the head employee benefit expenses (eg. Salary and wages, contribution to provident and other funds and staff welfare expenses).

B. The liability for gratuity and compensated absences are provided on actuarial basis for the Company as a whole, amounts accrued pertaining to key managerial personnel are not included above.

C. The remuneration of directors and key executives is determined by the remuneration committee having regard to the performance of individuals and market trends.

The transactions with the related parties are made on terms equivalent to those that prevail in arm''s length transactions. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates. Outstanding balances at the year-end are unsecured and settlement occurs in cash.

The Company does not have any potential equity shares and thus, weighted average number of equity shares for the computation of Basis EPS and Diluted EPS remains same.

8. Disclosures Required as per Indian Accounting Standard (IND AS) 101-First Time Adoption of Indian Accounting Standard Transition to IND AS 1. Basis of Preparation

The Company prepared financial statements for all periods up to 31st March,2016 in accordance with the Accounting Standards notified u/s 133 of the Companies Act, 2013 (as amended) read with Companies (Accounts) Rules 2015 ("Indian GAAP"). These are the Company''s first annual financials statements prepared complying in all material respects with the Indian Accounting Standards notified under Section 133 of Companies Act,2013, read together with paragraph 3 of the Companies (Indian Accounting Standards) Rules 20115. Accordingly the Company prepared its opening IND AS Balance sheet at April 1, 2016 and comparative period presented for the financial year ended 31st March, 2017.

i. Exemptions availed

As permited by IND AS 101, the company has not availed any exemotions from the retrospective application of certain requirements under IND AS.

The Company has choosen to measure all items of PPE on transition date i.e. 1st April, 2016 at carrying value under previous IGAAP at their deemed cost.

ii. Exceptions applied

Estimates : Estimates at 1st April, 2016 and 31st March, 2017 are consistent with estimates made for the same date in accordance with IGAAP.

Classification and measurement of financial assets: The Company has classified the financial assets in accordance with IND AS 109 on the basis of facts and condition existed on IND AS transition date.

iii. Measurement and recognition difference for the year ended 31st March, 2017.

1. Property ,Plant and Equipment Assets carried at Deemed cost in IND AS

The Company has carried out the previous IGAAP Figures of Property, Plant and Equipment appearing as on the date of transition i.e. 1st April, 2016, as deemed cost of the Property, Plant and Equipment.

2. Financial Instruments

i. Fair valuation of financial assets and liabilities

Under Indian GAAP, receivables and payables were measured at transaction cost less allowances for impairment , if any. Under IND AS, these financial assets and liabilitiies are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less allowancec for Impairment, if any. The resulting finance charge or income is included in finance expenses or finance income in the Statement of Profit and Loss for financial liabilities and financial assets respectively.

ii. Investment in fellow subsidiary / associates

The Company has carried out the previous IGAAP Figures of investment in Fellow Subsidiary/ Associates appearing as on the date of transition i.e.1st April, 2016 as deemed cost of the Investment.

iii. Cost of borrowing

Borrowings designated and carried at amortised cost are accounted on effective interest rate method. The upfront fee or cost of borrowing incurred is deferred and accounted on effective interest rate. Borrowings are shown as net of unamortised amount of ufront fee incurred.

iv. Security Deposit

Under Previous GAAP, the security deposit for leases are accounted at an undiscounted value. Under Ind AS, the security deposits for leases have been recognised at discounted value and the difference undiscounted and discounted value has been recognised as Deferred lease rent which has been amortised over the respective lease term as rent expenses under ''other expenses''. The discounted value of the secuirty deposits is increased over the period of lease term by recognising the notional interest income under ''other income''.

3. Deferred Tax

The Company has accounted for deferred tax on the various adjustments between Indian GAAP and IND AS at the tax rate at which they are expected to be reversed.

4. Statement of Cash Flows

The impact of transition from Indian GAAP to IND AS on the Statement of Cash Flows is due to various reclassification adjustments recorded under IND AS in Balance sheet, Statement of Profit & Loss and difference in the definition of cash and cash equivalents and these two GAAPs''.

5. The impact of change in acturial assumption and experience adjustments for defined benefit obligation towards gratuity liability is accounted in the Statement of Other Comprehensive income and corresponding tax impact on the same.

9. The Company changed its method of charging depreciation from written down value method (WDV) to the straight-line method (SLM) for the Company''s Long Term assets. The retrospective effect of change upto 31st March, 2017 has increased the net book value of long term assets by ''666.76 Lakhs and corospondingly increased the other equity (retained earnings) by the same amount during the FY 2017-18. The company brought about the change because the straight-line method will more accurately reflect the pattern of usage and the expected benefits of such assets and provide greater consistency with the depreciation method used by other companies in the Company''s industry. The net book value of assets with useful lives remaining will be depreciated using the straight-line method prospectively. As a result of the change to the straight-line method of depreciating Long term assets, depreciation expenses decreased by Rs.130.17 Lakhs and increased the Net Profit before Tax by Rs.130.17 Lakhs for the year ended March 31, 2018.

10. Previous year figures have been regrouped/ rearranged, wherever considered necessary to conform to current year''s classification.

11. Notes 1 to 47 are annexed to and form an integral part of financial statements.

---

Mar 31, 2016

Details

(i) 29,86,800 Equity Shares of Rs.5/- each were allotted on March, 16,2016to the existing shareholders in the ratio of1 :2 in lieu of 14,93,400 Equity Shares of Rs.10/- each consequent to sub-division of Equity Share from Rs.10/- each to Rs.5/- each (In lieu of every one equity share of Rs.10/- each held, two equity shares of Rs.5/- each alloted)

(ii) 1,19,47,200 Equity Shares of Rs.5/- each were allotted as Bonus Shares on March, 16,2016to the existing shareholders in the ratio of1:4 (For every one equity share of Rs.5/- each, four equity shares of Rs.5/- each alloted)

(iii) 12,44,500 .Equity Shares of Rs. 10 each were allotted on Sept., 12,2014to existing shareholders as bonus shares in the ratio of 1:5 .(For every one Equity Share of Rs.10/- each five bonus equity shares of Rs.10/- each alloted)

Notes to Accounts as referred in Standalone Financial Statements for the Year ended 31st March 2016

Note No.1 Contingent Liabilities

Contingent liability not provided for in respect of:

a) Bank Guarantees of Rs. 2,106.52 Lacs (Previous year Rs. 1,751.10 Lacs)

b) Bills Discounted of Rs. NIL (Previous Year Rs. 111.63)

c) Accrued Liability for Leave Encashment of Rs. 3.32 Lacs (Previous Year Rs. 3.94/- Lacs)

d) Accrued Liability for Gratuity Outstanding of Rs. 37.12 Lacs (Previous Year Rs. 44.78/- Lacs)

e) Outstanding letters of credit amounting to Rs. 1,382.46 Lacs (Previous year Rs. 125.00 Lacs)

f) Entry Tax Payable Rs. 111.42 Lacs (Previous Year Rs. 111.42 Lacs)

g) Corporate Guarantees of Rs. NIL (Previous Year Rs. 3,000.00 Lacs, given to Union Bank of India on account of Bank Guarantees furnished by Union Bank of India to the Jammu & Kashmir Govt, towards contracts awarded to M/s Pir Panchal Construction Pvt. Ltd., Joint Venture, an association of person, in which our company is one of the participant)

Note No.2

During the Year 2011-12, the Petition filed by the company, challenging the Entry Tax (on Purchases) imposed by U.P VAT Authorities, was rejected by the Hon’ble High Court of Allahabad, holding the imposition of Entry Tax as lawful. The verdict of the hon’ble Court accrued Entry Tax Liability amounting to Rs.2,21,36,566/- upon the Company towards the UP Commercial Taxes Department. But the Company filed a petition in the hon’ble Supreme Court challenging the verdict of Allahabad High Court. Further in accordance with the directions of the hon’ble Supreme Court, the Company has paid a sum of Rs. 1,24,79,805/-to the Department and gave the Bank Guarantee for an amount of Rs. 96,56,761/-. The Case is still pending in the Court of Law. As the Company was of the opinion that eventually no liability shall accrue to the company on this issue, it did not provide for this Entry Tax Liability on Purchases intheYear2011-12.

Note No.3

None of the employees was in receipt of remuneration in excess of Rs.60,00,000 p.a. or Rs.5,00,000 p.m. if employed for part of the year as prescribed under section 197(12) of the Companies Act, 2013 red with Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Note No.4 Disclosure regarding computation of EPS in accordance with AS-20

* The EPS for current Year is calculated upon 1,49,34,000 Equity Shares of Rs.5/- each while for previous Year it is calculated upon 14,93,400 Equity Shares of Rs.10/- each

Note No.5 Segment Reporting (AS-17)

The Company is primarily engaged in the business of manufacture and sale of steel Tube/Pipes and its revenue from tradir segment is not significant. As such the accounting standard on segment reporting is not applicable.

Note No.6

On the basis of information available with the company, it does not owe any outstanding dues towards Small Scale Industrial Undertaking amended Schedule VI of the companies Act, 1956 vide Notification NO. GSR 129 (E) dated 22.02.99, in case the sum owned is Rs. 1.00 Lac or more which is outstanding for more than 30 days as at 31st March, 2016.

Note No.7

On the basis of information available with the company, the Company does not have any amounts due to suppliers under the Micro, Small and Medium Enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) as at 31st March 2016.

Note No.8

Amounts except number of shares and earnings per share are rounded off to the nearest rupees.

Note No.9

The figures of previous year have been regrouped / rearranged wherever considered necessary.

Note No.10

Significant accounting policies and practices adopted by the company are disclosed in the Note No.1 annexed to these financial statements.

---

Mar 31, 2015

Note No.1 Contingent Liabilities

Contingent inability not provided for in respect of:

a) Bank Guarantees of Rs.1751.10l_acs{PrevtousyearRs.1812.01 Lacs).

b) Bills Discounted ofRs.111.63 Lacs (Previous YearRs.Nil)

c) Accrued Liability for Leave Encashment of Rs.3.94 Lacs (Previous Year Rs.3.39 Lacs)

d) Accrued Liability for Gratuity Outstanding of Rs.44.78 Lacs (Previous Year Rs.39.14 Lacs)

e) Outstanding letters of credit amounting to Rs. 125.00 Lacs. (Previous year Rs. 125.00 Lacs)

f) Entry Tax Payable Rs.111.42 Lacs (Previous Year Rs.111.42 Lacs)

g) Corporate Guarantees of Rs.3000.00 Lacs (previous Year Rs.3000) given to Union Bank of India on account of Bank Guarantees furnished by Union Bank of India to the Jammu & Kashmir Govt towards contracts awarded to M/s Pir Panchal Construction Pvt.Ltd., Joint Venture, an association of person, in which our company is one of the participant.

Note No. 2: Depreciation

During the year, pursuant to the notification of Schedule II to the Companies Act, 2013 with effect from April 1,2014, the Company revised the estimated useful life of some of its assets to align the useful life with those specified in Schedule II. Further, assets individually costing Rs. 5,000/- or less that were depreciated fully in the year of purchase are now depreciated based on the useful life considered by the Company for the respective category of assets. The details of previously applied depreciation method, rates/ useful life are as follows:

Note No.3

a) During the Year 2011-12, the Petition filed by the company, challenging the Entry Tax (on Purchases) imposed by U.P VAT Authorities, was rejected by the Hon'ble High Court of Allahabad, holding the imposition of Entry Tax as lawful. The verdict of the hon'ble Court accrued Entry Tax Liability amounting to Rs.2,21,36,566/- upon the Company towards the UP Commercial Taxes Department. But the Company filed a petition in the hon'ble Supreme Court challenging the verdict of Allahabad High Court. Further in accordance with the directions of the hon'ble Supreme Court, the Company has paid a sum of Rs. 1,11,41,669/-to the Department and gave the Bank Guarantee for the balance amount of Rs. 1.09,94,897/-. The Case is still pending in the Court of Law. As the Company was of the opinion that eventually no liability shall accrue to the company on this issue, it did not provide for this Entry Tax Liability on Purchases intheYear2011-12.

b) The Company has filed civil suit for Rs. 45,35,667/-, against one of its debtor for recovery of dues in respect of goods supplied to them against LCs. The matter is pending in Delhi High Court

Note No.4

None of the employees was in receipt of remuneration in excess of Rs.60,00,000 p.a. or Rs,5,00,000 p.m. if employed for part of the year as prescribed under section 217 (2) (A) of the Companies Act, 1956.

Note No.5 Segment Reporting (AS-17)

The Company is primarily engaged in the business of manufacture and sate of steel Tube/Pipes and its revenue from trading segment is not significant. As such the accounting standard on segment reporting is not applicable

Note No.6 Related Party Disclosures (AS 18)

Related Parties with whom transaction have taken place during the year and balances outstanding as on the last day of the year; A. List of Related Parties

Enterprises over which Key Management Personnel (KMP) and Relatives of such personnel exercise significant control

1. M/s Advance Hightech Agro Products Pvt. Ltd

2. M/s Ravi Developers Pvt. Ltd.

3. M/s Gujarat Hi-Tech Steel Pvt. Ltd.

4. M/sHarbansLal(HUF)

5. M/sNareshKumar&Sons(HUF)

6. M/s Rich! Bansal (HUF)

7. M/sSwastika Industries

Key Management Personnel

1. Mr. Naresh Kumar Bansal

2. Mr. Richi Bansal

3. Mr.Surender Kumar Sharma

Relatives of Key Manangement Personnel

1. Ms. Kumud Bansal

2. Ms. Krati Bansal

3. Mr. Nikhil Bansal

4. Master Ishaan Bansal

5. Ms.ReetaRani

6. Ms.Parveen Bansal

7. Ms.Kanika Bansal

Note No.7

The outstanding balances of Sundry Debtors/Creditors in the books of the company are subject to confirmation.

Note No.8

Long Term Loans & Advances vide Note No. 12 include Advances against Capital Account of Rs, 17,92,025/- given as Advance against Mumbai Land Development. The aforesaid Land is in the name of the company.

Note No.9

On the basis of information available with the company, it does not owe any outstanding dues towards Small Scale Industrial Undertaking amended Schedule VI of the companies Act, 1956 vide Notification NO. GSR 129 (E) dated 22.02.99, in case the sum owned is Rs. 1.00 Lac or more which is outstanding for more than 30 days as at 31st March, 2015.

Note No.10

On the basis of information available with the company, the Company does not have any amounts due to suppliers under the Micro, Small and Medium Enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) as at 31st March 2015.

NoteNo.11

Amounts except number of shares and earnings per share are rounded Of to the nearest rupees.

Note No.12

The figures of previous year have been regrouped / rearranged wherever considered necessary.

Note No.13

Significant accounting policies and practices adopted by the company are disclosed in the Note No.1 annexed to these financial statements,

---

Mar 31, 2014

1. Contingent liability not provided for in respect of :

a) Bank Guarantees of Rs.1812.01 Lacs (Previous year Rs.1272.45 Lacs).

b) Bills Discounted of Rs.Nil (Previous Year Rs. 62.09 Lacs)

c) Accrued Liability for Leave Encashment of Rs. 3.39 Lacs (Previous Year Rs. 4.38 Lacs)

d) Accrued Liability for Gratuity Outstanding of Rs. 39.14 Lacs (Previous Year Rs. 33.36 Lacs)

e) Outstanding letters of credit amounting to Rs. 125.00 Lacs. (Previous year Rs. 125.00 Lacs)

f) Entry Tax Payable Rs.111.42 Lacs (Previous Year Rs.111.42 Lacs

g) Corporate Guarantees of Rs. 3000.00 Lacs (previous Year Rs. 3000) given to Union Bank of India on account of Bank Guarantees furnished by Union Bank of India to the Jammu & Kashmir Govt towards contracts awarded to M/s Pir Panchal Construction Pvt.Ltd., Joint Venture, an association of person, in which our company is one of the participant.

2.a) During the Year 2011-12, the Petition filed by the company, challenging the Entry Tax (on Purchases) imposed by U.P VAT Authorities, was rejected by the Hon'ble High Court of Allahabad, holding the imposition of Entry Tax as lawful. The verdict of the hon'ble Court accrued Entry Tax Liability amounting to Rs. 2,21,36,566/- upon the Company towards the UP Commercial Taxes Department. But the Company filed a petition in the hon'ble Supreme Court challenging the verdict of Allahabad High Court. Further in accordance with the directions of the hon'ble Supreme Court, the Company has paid a sum of Rs. 1,11,41,669/- to the Department and gave the Bank Guarantee for the balance amount of Rs. 1,09,94,897/-. The Case is still pending in the Court of Law. As the Company was of the opinion that eventually no liability shall accrue to the company on this issue, it did not provide for this Entry Tax Liability on Purchases in the Year 2011-12..

b) The Company has filed civil suit for Rs. 45,35,667/- , against one of its debtor for recovery of dues in respect of goods supplied to them against LCs. The matter is pending in Delhi High Court

3. None of the employees was in receipt of remuneration in excess of Rs. 60,00,000 p.a. or Rs. 5,00,000 p.m. if employed for part of the year as prescribed under section 217 (2) (A) of the Companies Act, 1956.

4. Segment Reporting (AS-17)

The Company is primarily engaged in the business of manufacture and sale of steel Tube/Pipes and its revenue from trading segment is not significant. As such the accounting standard on segment reporting is not applicable.

5. Related Party Disclosures (AS 18)

Related Parties with whom transaction have taken place during the year and balances outstanding as on the last day of the year;

A. List of Related Parties

Enterprises over which Key Management Personnel (KMP) and Relatives of such personnel exercise significant control

1. M/s Advance Hightech Agro Proucts Pvt. Ltd

2. M/s Ravi Developers Pvt. Ltd.

3. M/s Gujarat Hi-Tech Steel Pvt. Ltd.

4. M/s Harbans Lal (HUF)

5. M/s Naresh Kumar & Sons (HUF)

6. M/s Richi Bansal

7. M/s Swastika Industries

Key Management Personnel

1. Mr. Naresh Bansal

2. Mr. Richi Bansal

3. Mr.Surender Kumar Sharma

Relatives of Key Manangement Personnel

1. Ms. Kumud Bansal

2. Ms. Krati Bansal

3. Mr. Nikhil Bansal

4. Master Ishaan Bansal

5. Ms. Reeta Rani

6. Ms.ParveenBansal

7. Ms.Kanika Bansal

The outstanding balances of Sundry Debtors/Creditors in the books of the company are subject to confirmation.

6. Long Term Loans & Advances vide Note No.11 include Advances against Capital Account of Rs.12,92,025/- given as Advance against Mumbai Land Development. The aforesaid Land is in the name of the company.

7. On the basis of information available with the company, it does not owe any outstanding dues towards Small Scale Industrial Undertaking amended Schedule VI of the companies Act, 1956 vide Notification NO. GSR 129 (E) dated 22.02.99, in case the sum owned is Rs. 1.00 Lac or more which is outstanding for more than 30 days as at 31st March, 2014.

On the basis of information available with the company, the Company does not have any amounts due to suppliers under the Micro, Small and Medium Enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) as at 31st March 2014.

8. Amounts except number of shares and earnings per share are rounded off to the nearest rupees.

9. The figures of previous year have been regrouped / rearranged wherever considered necessary.

10. Significant accounting policies and practices adopted by the company are disclosed in the statement annexed to these financial statements as Annexure 1.

---

Mar 31, 2013

Contingent liability not provided for in respect of :

a) Bank Guarantees of Rs.1272.45 Lacs (Previous year Rs.767.46 Lacs).

b) Bills Discounted of Rs.61.09 Lacs (Previous Year Rs.54.86 Lacs)

c) Accrued Liability for Leave Encashment of Rs.4.38 Lacs (Previous Year Rs.2.58 Lacs)

d) Accrued Liability for Gratuity Outstanding of Rs.33.36 Lacs (Previous Year Rs.28.90 Lacs)

e) Outstanding letters of credit amounting to Rs.125.00 Lacs. (Previous year Rs.125.00 Lacs)

f) Entry Tax Payable Rs.111.42 Lacs (Previous Year Rs.111.42 Lacs)

g) Corporate Guarantees of Rs.3000.00 Lacs (previous Year NIL) given to Union Bank of India on account of Bank Guarantees furnished by Union Bank of India to the Jammu & Kashmir Govt towards contracts awarded to M/s Pir Panchal Construction Pvt.Ltd., Joint Venture, an association of person, in which our company is one of the participant.

Note No.2

a) During the Year 2011-12, the Petition filed by the company, challenging the Entry Tax (on Purchases) imposed by U.P VAT Authorities, was rejected by the Hon''ble High Court of Allahabad, holding the imposition of Entry Tax as lawful. The verdict of the hon''ble Court accrued Entry Tax Liability amounting to Rs.2,21,36,566/- upon the Company towards the UP Commercial Taxes Department. But the Company filed a petition in the hon''ble Supreme Court challenging the verdict of Allahabad High Court. Further in accordance with the directions of the hon''ble Supreme Court, the Company has paid a sum of Rs.1,11,41,669/- to the Department and gave the Bank Guarantee for the balance amount of Rs.1,09,94,897/-. The Case is still pending in the Court of Law. As the Company was of the opinion that eventually no liability shall accrue to the company on this issue, it did not provide for this Entry Tax Liability on Purchases in the Year 2011-12.

b) The company filed one civil suit against MPSEB, JABLAPUR for cancellation of Bank Guarantee invoked by MPSEB, JABLAPUR amounting to Rs. 9,41,700/- in the civil court Jabalpur. The Suit has been decided in favour of the Company against which MPSEB has preferred Appeal. As such the Case is still subjudice. The company is of the view that it would get favourable verdict and no demand would be eventually sustained in any of the pending matters. Accordingly, no provision is made in the books in respect of these contingent liabilities.

c) The Company has filed civil suit for Rs. 45,35,667/- , against one of its debtor for recovery of dues in respect of goods supplied to them against LCs. The matter is pending in Delhi High Court

Note No.3

None of the employees was in receipt of remuneration in excess of Rs.24,00,000 p.a. or Rs.2,00,000 p.m. if employed for part of the year as prescribed under section 217 (2) (A) of the Companies Act, 1956.

Note No.4 Disclosure regarding computation of EPS in accordance with AS-20

Note No.5 Segment Reporting (AS-17)

The Company is primarily engaged in the business of manufacture and sale of steel Tube/Pipes and its revenue from trading segment is not significant. As such the accounting standard on segment reporting is not applicable.

Related Parties with whom transaction have taken place during the year and balances outstanding as on the last day of the year;

A. List of Related Parties

Enterprises over which Key Management Personnel (KMP) and Relatives of such personnel exercise significant control

1. M/s Advance Hightech Agro Products Pvt. Ltd

2. M/s Ravi Developers Pvt. Ltd.

3. M/s Gujarat Hi-Tech Steel Pvt. Ltd.

4. M/s Harbans Lal (HUF)

5. M/s Naresh Kumar & Sons (HUF)

Key Management Personnel

1. Mr. Naresh Bansal

2. Mr. Richi Bansal

3. Mr.Surender Kumar Sharma

Relatives of Key Manangement Personnel

1. Ms. Kumud Bansal

2. Ms. Krati Bansal

3. Mr. Nikhil Bansal

4. Master Ishaan Bansal

5. Ms. Reeta Rani

6. Ms. Parveen Bansal

Long Term Loans & Advances vide Note No.11 include Advances against Capital Account of Rs.21,61,225/- given as Advance against Mumbai Land Development. The aforesaid Land is in the name of the company.

Note No.6

On the basis of information available with the company, it does not owe any outstanding dues towards Small Scale Industrial Undertaking amended Schedule VI of the companies Act, 1956 vide Notification NO. GSR 129 (E) dated 22.02.99, in case the sum owned is Rs. 1.00 Lac or more which is outstanding for more than 30 days as at 31st March, 2013.

Note No.7

On the basis of information available with the company, the Company does not have any amounts due to suppliers under the Micro, Small and Medium Enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) as at 31st March 2013.

Note No.8

Amounts except number of shares and earnings per share are rounded off to the nearest rupees.

Note No.9

The figures of previous year have been regrouped / rearranged wherever considered necessary.

Note No.10

Significant accounting policies and practices adopted by the company are disclosed in the statement annexed to these financial statements as Annexure 1.

---

Mar 31, 2012

1. Contingent liability not provided for in respect of :

a) Bank Guarantees of Rs.767.46 Lacs (Previous year Rs.862.82 Lacs).

b) Bills Discounted of Rs.54.86 Lacs (Previous Year Rs.301.05 Lacs)

c) Leave Encashment of Rs.2.58 Lacs (Previous Year Rs.1.92 Lacs)

d) Accrued Liability in respect of Gratuity Outstanding of Rs.28.90 Lacs (Previous Year Rs.25.70 Lacs)

e) Outstanding letters of credit amounting to Rs.125.00 Lacs. (Previous year Rs.125.00 Lacs)

f) Entry Tax Payable Rs.111.42 Lacs (Previous Year NIL)

g) Corporate Guarantees of Rs.3000.00 Lacs (previous Year NIL) given to Union Bank of India on account of Bank Guarantees furnished by Union Bank of India to the Jammu & Kashmir Govt on account of contracts awarded to M/s Pir Panchal Construction Pvt.Ltd., Joint Venture, an association of person, in which our company is one of the participant.

2. During the Year the Petition filed by the company, challenging the Entry Tax (on Purchases) imposed by U.P VAT Authorities, was rejected by the Hon'ble High Court of Allahabad, holding the imposition of Entry Tax as lawful. The verdict of the hon'ble Court accrued Entry Tax Liability amounting to Rs.2,21,36,566/- upon the Company towards the UP Commercial Taxes Department. The Company has filed a petition in the hon'ble Supreme Court challenging the verdict of Allahabad High Court. Further in accordance with the directions of the hon'ble Supreme Court, the Company has paid a sum of Rs.1,11,41,669/- to the Department and gave the Bank Guarantee for the balance amount of Rs.1,09,94,897/-. The Case is still pending in the Court of Law. As the Company is of the opinion that eventually no liability shall accrue to the company on this issue, it did not provide for this Entry Tax Liability on Purchases (Previous Year NIL).

(A) The company filed one civil suit against MPSEB, JABLAPUR for cancellation of Bank Guarantee invoked by MPSEB, JABLAPUR amounting to Rs. 9,41,700/- in the civil court Jabalpur. The Suit has been decided in favour of the Company against which MPSEB has preferred Appeal. As such the Case is still subjudice. The company is of the view that it would get favourable verdict and no demand would be eventually sustained in any of the pending matters. Accordingly, no provision is made in the books in respect of these contingent liabilities.

(B)The Company has filed civil suit for Rs. 45,35,667/- , against one of its debtor for recovery of dues in respect of goods supplied to them against LCs. The matter is pending in Delhi High Court.

3. None of the employees was in receipt of remuneration in excess of Rs.24,00,000 p.a. or Rs.2,00,000 p.m. if employed for part of the year as prescribed under section 217 (2) (A) of the Companies Act, 1956.

4. The Company is primarily engaged in the business of manufacture and sale of steel Tube/Pipes and its revenue from trading segment is not significant. As such the accounting standard on segment reporting is not applicable.

Related Parties with whom transaction have taken place during the year and balances outstanding as on the last day of the year;

5. List of Related Parties

Enterprises over which Key Management Personnel (KMP) and Relatives of such personnel exercise significant control

1. M/s Advance Hightech Agro Products Pvt. Ltd.

2. M/s Hi Tech Pipes Ltd.

3. M/s Harso Steels Pvt. Ltd.

4. M/s Ravi Developers Pvt. Ltd.

5. M/s Gujarat Hi-Tech Steel Pvt. Ltd.

6. M/s Harbans Lal (HUF)

7. M/s Naresh Kumar & Sons (HUF)

8. M/s Richi Bansal (HUF)

Key Management Personnel

1. Mr. Naresh Bansal

2. Mr. Richi Bansal

3. Mr.Subhash Chander Khurana

Relatives of Key Manangement Personnel

1. Ms. Kumud Bansal

2. Ms. Krati Bansal

3. Mr. Nikhil Bansal

4. Master Ishaan Bansal

5. Ms. Reeta Rani

6. Ms. Parveen Bansal

6. The outstanding balances of Sundry Debtors/Creditors in the books of the company are subject to confirmation.

7. Long Term Loans & Advances vide Note No.11 include Advances against Capital Account of Rs.21,61,225/- given as Advance against Mumbai Land Development. The aforesaid Land is in the name of the company.

8. On the basis of information available with the company, it does not owe any outstanding dues towards Small Scale Industrial Undertaking amended Schedule VI of the companies Act, 1956 vide Notification NO.GSR 129 (E) dated 22.02.99, in case the sum owned is Rs. 1.00 Lac or more which is outstanding for more than 30 days as at 31st March, 2012.

9. On the basis of information available with the company, the Company does not have any amounts due to suppliers under the Micro, Small and Medium Enterprises covered under the Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) as at 31st March 2012.

10. Amounts except number of shares and earnings per share are rounded off to the nearest rupees.

11. The figures of previous year have been regrouped / rearranged wherever considered necessary.