Notes to Accounts of RFL International Ltd.

Mar 31, 2014

Pursuant to the Notification No.447 (E) dated February 28,2011 and Notification No.653 (E) dated March 30, 2011, issued by the Ministry of Corporate Affairs, the Company has prepared its financial statements for the year ended March 31, 2014 as per revised schedules VI to the Companies Act, 1956. Accordingly, the previous year''s figures have been regrouped / reclassified, wherever required to align the financial statements to the

1) There are no contingent liabilities nor provided for.

2) Depreciation has been provided on assets as per WDV method by the company.

3) The value of realization of Current Assets, Loans and Advances in the ordinary course of business will not be less than the value at which they are started in the balance sheet.

4) Auditors remuneration is as under :

a) Audit fees Rs. 5,000/- (Prv. Yr. 5000/-)

b) Income Tax matter Rs. Nil/- (Prv. Yr. Rs. NIL)

c) Other Matters Rs. Nil/- (Prv. Yr. Rs. NIL)

5) No related party transactions taken place during the year.

6) The additional Information pursuant to the provision of the paragraph 3, 4C, and 4D of Part-II of schedule Vi to the companies Act, 1956 has been furnished to the extend possible and applicable because of the nature of the business of the company.

7) The previous year figure has been regrouped and/or rearranged wherever necessary.

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Mar 31, 2013

1) There are no contingent liabilities nor provided for.

2) Depreciation has been provided on assets as per WDV method by the company.

3) The value of realization of Current Assets, Loans and Advances in the ordinary course of business will not be less than the value at which they are started in the balance sheet.

4) Auditors remuneration is as under :

a) Audit fees Rs. 5,000/-

b) Income Tax matter Rs. Nil/- (Prv. Yr. Rs. NIL)

c) Other Matters Rs. Nil/- (Prv. Yr. Rs. NIL)

5) No related party transactions taken place during the year.

6) The additional Information pursuant to the provision of the paragraph 3, 4C, and 4D of Part-II of schedule Vi to the companies Act, 1956 has been furnished to the extend possible and applicable because of the nature of the business of the company.

7) The previous year figure has been regrouped and/or rearranged wherever necessary.

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Mar 31, 2012

NOTE NO. 1 CONTINGENT LIABILITIES AND COMMITMENT

PARTICULARS Amount of Amount of current period previous period

a) Contingent Liabilities - -

i) Claim against the company not acknowledged

ii) Guarantees

iii) Other Money for which the company is contingent liable

b) Commitments - -

i) Estimated amt. of contracts remaining to be executed on capital account and not provided for

ii) Uncalled liability on share and other investments parties

iii) Other Commitments

Sale are recognized at the time of despatches and include excise duty, VAT and are net of returns. In case of export sales, revenue is recognized as on the date of bill of lading, being the effective date of despatch.

1) Pursuant to the Notification No.447 (E) dated February 28,2011 and Notification No.653 (E) dated March 30, 2011, issued by the Ministry of Corporate Affairs, the Company has prepared its financial statements for the year ended March 31, 2012 as per revised schedules VI to the Companies Act, 1956. Accordingly, the previous year's figures have been regrouped / reclassified, wherever required to align the financial statements

1) There are no contingent liabilities nor provided for.

2) Depreciation has been provided on assets as per WDV method by the company.

3) The value of realization of Current Assets, Loans and Advances in the ordinary course of business will not be less than the value at which they are started in the balance sheet.

4) Auditors remuneration is as under :

a) Audit fees Rs. 5,000/-

b) Income Tax matter Rs. Nil/- (Prv. Yr. Rs. NIL)

c) Other Matters Rs. Nil/- (Prv. Yr. Rs. NIL)

5) No related party transactions taken place during the year.

6) The additional Information pursuant to the provision of the paragraph 3, 4C, and 4D of Part-II of schedule Vi to the companies Act, 1956 has been furnished to the extend possible and applicable because of the nature of the business of the company.

7) The previous year figure has been regrouped and/or rearranged wherever necessary.

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Mar 31, 2010

1. Figures of the previous year have been regrouped and rearranged where ever necessary to make them comparable with the figures of current year.

2. Balances of Sundry Creditors and Loans and Advances are subject to confirmations.

3. No provisions for deferred tax liabilities/assets have been made.

4. No related party disclosure is required to be made as there is no transactions which can be treated as related party transactions.

5. AUDITORS REMUNERATION :

AS AUDIT FEES RS. 5000/-

AS TAX AUDIT : NIL (PRV. YR. NIL)

AS OTHER MATTER : NIL (PRV. YR. NIL)

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Mar 31, 2004

1. Figures of the previous year have been regrouped and rearranged where ever necessary to make them comparable with the figures of current year.

2. Balances of Sundry Creditors and Loans and Advances are subject to confirmations.

3. Decline in the market value of Investments is considered to be of temporary nature, hence, no provision for the same has been made.

4. Segment Reporting :

The Company is engaged primarily in the business of Finance and accordingly, there are no separate reportable segments as per accounting Standard - 17 dealing with Segment Reporting.

5. Related Party Disclosure :

In accordance with the Accounting Standard (AS - 18) on Related Party Disclosures, where control exists and where key management personnel are able to exercise significant influence and, where transactions have taken place during the year along with description of relationship as identified, are given below :

A. Relationship :

1. Promoter Group Company : Rujul Estate Developers Ltd.

2. Key Management Personnel :

Name Designation

Jigen R. Vora Managing Director

Khushboo V. Shah Director

Parimal D. Shah Director

K. N. Vora Director

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Mar 31, 2002

1. Figures of the previous year have been regrouped and rearranged where ever necessary to make them comparable with figures of current year.

2. Balances of Sundry Creditors and Loans and Advances are subject to confirmations.

3. Decline in the market value of Investments is considered to be of temporary nature, hence, no provision for the same has been made.

4. Deferred Taxation:

The Company has during the year adopted Accounting Standard 22 - "Accounting for Taxes on Income " issued by The Institute of Chartered Accountants of India. Consequently, the company has recorded the cumulative net deferred lax assets in respect of timing differences as at 31st March, 2001 of Rs. 2,05,000/= as deduction from Profit & Loss Account (Debit Balance) on 1st April, 2001 and has recognized the deferred tax asset for the Year: 2001-2002, of Rs. 51332/= in the Profit & Loss Account.

5. Segment Reporting:

The Company is engaged primarily in the business of Finance and accordingly there are no separate reportable segments as per accounting standard -17 dealing with Segment Reporting.

6. Related Party Disclosure :

In accordance with the Accounting Standard (AS - 18) on Related Party Disclosures, where control exists and where key management personnel are able to exercise significant influence and, where transactions have taken place during the year along with description of relationship as identified, are given below:

A. Relation ship:

1. Parties where control exist (Associates) Rujul Estate Developers Ltd.

2. Key Management Personnel:

Name Designation Remarks

Jigen R. Vora Managing Director

KhushbooV. Shah Director

Hemant R. Vora Director Ceased to be Director W.e.f. 30-03-02

Kaushal N. Vora Director Appointed as Additional Director w.e.f. 30-03-02

Parimal D. Shah Director Appointed as Additional Director w.e.f. 30-03-02

7. Additional information, to the extent applicable, pursuant to the provisions of para 3 and para 4 of part II of Schedule VI to the Companies Act, 1956.

2001-2002 2000-2001 Rs. Rs.

a) CIF Value of Imports NIL NIL

a) Expenditure in foreign Currency NIL NIL

b) Earnings in foreign Exchange NIL NIL

c) Remittance in foreign Currency NIL NIL