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Notes to Accounts of Syncom Healthcare Ltd.

Mar 31, 2015

1. Company Overview:

Syncom Healthcare Limited is a public company incorporated under provisions of the Companies Act 1956 together with its one wholly owned foreign subsidiary operates as an integrated international pharmaceutical organisation with businesses encompassing the entire value chain in the marketing, production (including job work) and distribution of pharmaceutical products. The Company's shares are listed for trading on the National Stock Exchange and the Bombay Stock Exchange in India. Its Global Depository Receipts (GDR) (Each GDR representing 5 equity shares of the Company) are listed on the Luxembourg Stock Exchange.

2. The cash subsidy received in the year 2007-08 and 2008-09 from the government for set up of the Dehradun Industrial unit of the company has been disclosed as Capital reserve in the balance sheet.

3. Foreign Exchange Translation Resserve represents the exchange Difference on amount invested as advance in Subsidiary as on 31/03/15.

4. Cash Credit Facility is secured against first charge on current assets of the company both current & future and Mortgage of Factory Building, Plant and Machinery of Manufacturing Unit of the company situated at Selaqui at Dehradun.

5. The Unsecured Loans from Promoters have been brought in to meet the fund requirements of the Company's business and Project at Selaqui, near Dehradun in pursuance to and in accordance with terms and conditions stipulated by working capital lenders to the company that is Bank of India. Hence these loans are exempt from the company deposit rules notified under section 58A of the companies Act 1956 vide sub clause l of rule 2 of the company deposit rules notified therein.in.

6. As per the records of the company only one of the parties among trade payables is covered under Micro, Small and Medium Enterprises Development Act. There was outstanding of Nil (Previous Year Rs. 361368/-) outstanding for more than 15 days as at 31st March, 2015 as payable under the act. The Interest payable on the above considering bank rate@9% is Rs. Nil (Previous Year 7391/- ) which has neither been paid nor provided in the books. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

7. Trade payables for supplies includes creditors worth Rs.21478614/- (Previous Year Rs. 23791613/-) to whom Letter of Credit has been issued, and secured against Current assets of company.

8. Long term advances to others includes the tax paid under protest of Rs. 4,36,600/- (Previous Year Rs. 4,36,600/-) for AY 2005-06 and against which income tax appeal is pending.

9. Deferred Revenue Expenditure: These involve major Expenses on Product Registration and brand development expenses incurred by the company in the 2013-14, and in the opinion of the company the benefit of above is estimated to be to be received for next five years. So this expenditure has been treated as deferred revenue expenditure to be written off equally in five years, with first year being financial year 2013-14.

10. There are Debtors to the extent of Rs.53213532/- (Previous Year 37721346/-) against whom cases u/s 138 of the Negotiable Instrument Act, have been filed by the company. In the opinion of the management, except above debtors, other current assets, Loans and Advances are realizable at the values at which they are stated in the balance sheet, if realized in the ordinary course of business. The provision for Depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary. No provision has been made for the bad and doubtful debts against debtors against whom proceeding(s) u/s 138 have been initiated by the company.

11. Debtors are subject to confirmation.

12. The amount represented by "Others" under "Other loans and advances" are short term Inter-corporate Deposits / Advances to private parties and there are no written agreements for them. However the management certifies that all such loans are good, unsecured, and are repayable on demand. No interest is charged on advances of Nil(Previous year Rs. 902970/-). Other advances carry interest at the prevailing market rates, adjusted as per the creditworthiness of the parties.

13. All the above advances are subject to confirmations.

14. Advances recoverable in cash or kind includes the advances for supply, expenses & services, advances given to employees and ex-employees.

15. Advances to relited party pertains to expenses incurred on behalf of Subsidiary Company.

16. Prateek Bankda resigned as Director w.e.f. 30th May, 2014 therefore salary mentioned here is up to that period only, however he is drawing remuneration as Manager thereafter also.

17. CLAIM, DEMANDS AND CONTINGENCIES:

Disputed and / or contingent liabilities are either provided for or disclosed depending on the management's judgment of the outcome. However for the year under report there are no disputed liabilities at all outstanding on the company.

Following Contingent Liabilities were not provided in the books.

1. Bank guarantees issues by the Lenders to the company , against which counter guarantee of the Company is outstanding , and which are in force as on 31/3/2015 are of total value Rs. 31,34,000/- (Previous year Rs. 7,77,100/-)

2. Demand of Income tax and Sales tax as under against which the company has filed appeal (Figures in Bracket represent previous Year)

There were no significant events and contingencies which have occurred after 31/03/2015 up to the date of signing of these final accounts which result in the impairment of any asset of the company outstanding and owned by the company as on 31/03/2015 and which results in any contingent loss for which provision has to be done in the profit and loss account for the year.

18. Statutory Liabilities not provided for in the Books and overdue for more than six months

(a) The company has made certain labour payments for its Dehradun plant through unregistered labour contractors and therefore liability of provident fund on the same has not been determined.

(b) Interest on late payment of TDS is Nil (Previous Year Rs.41510/-).

19. Statutory Liabilities provided in books but overdue for more than six months

(a) Professional tax paid of employees to the extent of Nil (Previous Year Rs. 22958/-)

(b) Service Tax Liability under Revers Charge Mechanism which has not been paid and is overdue for more than six months is Rs. 3274845/- (Previous Year Rs. 1483563/-)

20. Related party Disclosure under Accounting Standard (AS-18). The List of the related parties as identified and certified by the management is as under:-

1. Enterprises that directly or indirectly control (through subsidiaries) or are controlled by or are under common control with the reporting enterprise

a. Syncom Healthcare International FZE - Subsidiary

2. Individuals owning voting power giving control or significant influence; Nil

3. Key management personnel and their relatives;

a. Key Managerial Personnel

i. Shri Ajay Bankda ii. Jagdish Chandra Paliwal

b. Relatives of Key Managerial Persons

i. Ajay Bankda

1. Shri Prateek Bankda-Son 2. Shri Pranav Bankda - Son 3. Ajay Bankda HUF - HUF of Director

4. Smt. Jyoti Bankda - Wife

4. Enterprises over which any of the persons in 2 or 3 are able to exercise significant influence over the Company

i. Sinorita Biotech Private Limited ii. Warner Life Sciences (India) Ltd. iii. Giriraj Buildcon


Mar 31, 2014

1. Company Overview:

Syncom Healthcare Limited ('the Parent company') is a public company incorporated under provisions of the Companies Act 1956 together with its one wholly owned foreign subsidiary operates as an integrated international pharmaceutical organisation with businesses encompassing the entire value chain in the marketing, production and distribution of pharmaceutical products along with job work for the other companies. The Company's shares are listed for trading on the National Stock Exchange and the Bombay Stock Exchange in India. Its Global Depository Receipts (GDR) (Each GDR representing 5 equity shares of the Company) are listed on the Luxembourg Stock Exchange.

2. The cash subsidy received in the year 2007-08 and 2008-09 from the government for set up of the Dehradun Industrial unit of the company has been disclosed as Capital reserve in the balance sheet.

3. The Company had advanced a sum of USD 20118899 to its subsidiary Syncom Healthcare International, FZE in United Arab Emirates in the financial year 2011-12 as an advance towards share application money in pursuance of an agreement for allotment of equity shares against this advance. 735 equity shares were allotted to the Company for an amount of USD 20000000 on 26/03/2013 i.e. in the financial year 2012-13. Since financial year 2012-13, this investment has been classified as Non Monetary item as per AS-11 and the resultant asset that is the equity investment has been stated in the books of the company at the exchange rate price on the date of payment of such sum to the subsidiary company. The Consequent exchange difference , on the reporting date, since the date of payment (net of refund/realisation of excess application money from the Subsidiary) of the amount advanced to Subsidiary company ,has been recorded as Foreign exchange translation reserve.

In the Financial Year 2013-14 an amount of USD 82511 has been refunded out of outstanding share application money from the subsidiary company. The exchange difference pertaining to this portion of advance towards share application money refunded in the year 2013-14 has been credited to profit and loss account. Further the impact on balance amount of share application money USD 36388 still outstanding with the subsidiary ,due to difference of exchange rates as on 31.03.14 and 31.03.13 is adjusted in Foreign Currency translation reserve.

4. Cash Credit Facility is secured against first charge on current assets of the company both current & future and Mortgage of Factory Building, Plant and Machinery of Manufacturing Unit of the company situated at Selaqui at Dehradun.

5. The Unsecured Loans from Promoters have been brought in to meet the fund requirements of the Company's business and Project at Selaqui, near Dehradun in pursuance to and in accordance with terms and conditions stipulated by working capital lenders to the company that is Bank of India. Hence these loans are exempt from the company deposit rules notified under section 58A of the companies Act 1956 vide sub clause l of rule 2 of the company deposit rules notified therein. in.

6. All the facilities above are short term borrowings repayable on demand

7. In respect of the unsecured loans there are no written agreement entered into with the lenders for the terms of repayment and interest hence they are considered as repayable on demand and hence clasified under.

8. As per the records of the company only one of the parties among trade payables is covered under Micro, Small and Medium Enterprises Development Act. There was outstanding of Rs. 361368/- Previous Year Nil, outstanding for more than 15 days as at 31st March, 2014 as payable under the act. The Interest payable on the above considering bank rate@9% is Rs. 7391/- (Previous Year Nil) which has neither been paid nor provided in the books. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

9. Trade payables for supplies includes creditors worth Rs.23791613/- (Previous Year Rs. 35119854/-) to whom Letter of Credit has been issued, and secured against Current assets of company along with the FDR Margin

10. Product Registration advance is advance towards expenses for registration of products to be exported in various countries and application for which were under consideration as at 31/03/13 and the registration process against which have been completed in the year 2013-14.

11. Deferred Revenue Expenditure: These involve major Expenses on Product Registration and brand development expenses incurred by the company in the current Year, and in the opinion of the company the benefit of above is estimated to be to be received for next five years. So this expenditure has been treated as deferred revenue expenditure to be written off equally in five years, with first year being financial year 2013-14.

12. There are Debtors to the extent of Rs.37721346.34/- (Previous Year Rs.84089026/-) against whom cases u/s 138 of the Negotiable Instrument Act, are filed by the company. In the opinion of the management, except above debtors, other current assets, Loans and Advances are realizable at the values at which they are stated in the balance sheet, if realized in the ordinary course of business. The provision for Depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary. No provision has been made for the bad and doubtful debts against debtors against whom proceeding u/s 138 have been initiated by the company.

13. Debtors are subject to confirmation.

14. The amount represented by "Others" under "Other loans and advances" are short term Inter-corporate Deposits / Advances to private parties and there are no written agreements for them. However the management certifies that all such loans are good, unsecured and are repayable on demand. No interest is charged on advances of Rs.902970/ - (Previous year Rs. 82602970) other advances carry interest at the at prevailing market rates adjusted as per the creditworthiness of the parties.

15. Advances recoverable in cash or kind includes the advances for supply, expenses & services, advances given to employees and ex-employees.

16. 1) Statutory Liabilities not provided for in the Books and overdue for more than six months

(a) The company has made certain labour payments for its Dehradoon plant through unregistered labour contractors and therefore liability of provident fund on the same has not been determined.

(b) Service tax liability under reverse charge mechanism as on 31/03/2014 amounts to Rs.1483563/- (Previous Year Rs.703896/-)

(c) Interest on late payment of TDS which is estimated at an amount of Rs.41510/- (Previous Year (Rs. 8238/-).

2) Statutory Liabilities provided in books but overdue for more than six months

(a) Professional tax paid of employees to the extent of 22958/- (Previous Year Rs. 17138/-)

17. Related party Disclosure under Accounting Standard (AS-18). The List of the related parties as identified and certified by the management is as under:-

1. Enterprises that directly or indirectly control (through subsidiaries) or are controlled by or are under common control with the reporting enterprise

a. Syncom Healthcare International FZE - Subsidiary

2. Individuals owning voting power giving control or significant influence; Nil

3. Key management personnel and their relatives;

a. Key Managerial Personnel

i. Shri Ajay Bankda

ii. Shri Prateek Bankda

b. Relatives of Key Managerial Persons

1. Ajay Bankda

2. Shri Pranav Bankda - Son

3. Ajay Bankda HUF - HUF of Director

4. Smt. Jyoti Bankda - Wife

4. Enterprises over which any of the persons in 2 or 3 are able to exercise significant influence over the Company

i. Sinorita Biotech Private Limited

ii. Warner Life Sciences (India) Ltd.

iii. Giriraj Buildcon


Mar 31, 2013

(A) Company Overview:

Syncom Healthcare Limited (''the Parent company'') is a public company incorporated under provisions of the Companies Act 1956 together with its one wholly owned foreign subsidiary operates as an integrated international pharmaceutical organisation with businesses encompassing the entire value chain in the marketing, production and distribution of pharmaceutical products along with job work for the other companies. The Company''s shares are listed for trading on the National Stock Exchange and the Bombay Stock Exchange in India. Its Global Depository Receipts (GDR) (Each GDR representing 5 equity shares of the Company) are listed on the Luxembourg Stock Exchange.

Note-1

CLAIM, DEMANDS AND CONTINGENCIES:

Disputed and / or contingent liabilities are either provided for or disclosed depending on the management''s judgment of the outcome. However for the year under report there are no disputed liabilities at all outstanding on the company.

Following Contingent Liabilities were not provided in the books.

1. Legal suits filed by past employees towards salary claims with total Financial impact Rs. 589326/-. (Previous year Rs. 589326/-)

2. A legal suit filed against the company for ownership of certain trademark where an ex-parte decree has been passed against the company for Rs. 5.00 lacs. The company has deposited the demand under protest as security money and has filed an appeal against the captioned order.(Previous year Rs. 5.00 Lacs)

3. There is an Export Obligation of Rs. 7.50 Lacs on the company towards exemption of Custom Duty availed by the company on import of machinery under the EPCG Scheme of the government. (Previous year Rs. 7.50 Lacs).

4. Bank guarantees issues by the Lenders to the company, against which counter guarantee of the Company is outstanding , and which are in force as on 31/3/2013 are of total value Rs. 6,36,600/- (Previous year Rs. 10,59,500)

5. There is demand of Rs. 854268/- raised by Income Tax Department for A.Y. 2005-06. Company has filed appeal against this demand and deposited Rs. 436600/- against it. (Previous Year Rs.4,36,600)

There were no significant events and contingencies which have occurred after 31/03/2013 up to the date of signing of these final accounts which result in the impairment of any asset of the company outstanding and owned by the company as on 31/03/2013 and which results in any contingent loss for which provision has to be done in the profit and loss account for the year.

Note-2

Related party Disclosure under Accounting Standard (AS-18). The List of the related parties as identified and certified by the management is as under:-

1. Enterprises that directly or indirectly control (through subsidiaries) or are controlled by or are under common control with the reporting enterprise

a. Syncom Healthcare International FZE - Subsidiary

2. Individuals owning voting power giving control or significant influence; Nil

3. Key management personnel and their relatives;

a. Key Managerial Personnel

i. Shri Ajay Bankda

b. Relatives of Key Managerial Persons

I. Shri Ajay Bankda

1. Shri Pratik Bankda - Son

2. Shri Pranav Bankda - Son

3. Ajay Bankda HUF - HUF of Director

4. Smt. Jyoti Bankda - Wife

4. Enterprises over which any of the persons in (2) or (3) are able to exercise significant influence over the Company

I. Sinorita Biotech Private Limited ii. Warner Life Sciences (India) Ltd. iii. Giriraj Buildcon


Mar 31, 2012

(i) End Use of Proceeds of the Public Issue :

a) The company has issued to public 75.00 Lacs equity shares ofRs. 10/- each at a premium of Rs. 65/- per share and has received total proceeds ofRs. 56.25 Crores in the financial year 2009-10. The same has been utilised as under:-

b) The company came out with its GDR issue of 45 Lac GDR underlying 2.25 Crores equity shares ofRs. 10/- each at a premium of Rs. 33/- per share in the last year and has received total proceeds of Rs. 96.75 Crores and the same were received in USD amounting to USD 20.745 million. The usage of the same as per prospectus were as under

i. Capital expenditure

ii. Long term working capital requirement

iii. Investment in proposed overseas subsidiary companies in UAE

1.1) The cash subsidy received in the year 2007-08 and 2008-09 from the government for set up of the Dehradun Industrial unit of the company has been disclosed as Capital reserve in the balance sheet.

2.1 The Unsecured Loans from Promoters have been brought in to meet the fund requirements of the Company's business and project at Selagui, near Dehradun in pursuance to and in accordance with terms and conditions stipulated by working capital lenders to the company that is Bank of India. Hence these loans are exempt from the company deposit rules notified under section58Aofthe Companies Act 1956 vide sub clause I of rule 2ofthecompany deposit rules notified therein.

2.2 In respect of the unsecured Loans from Promoters and inter- corporate there are no written agreements entered into with the Lenders for the terms of repayment and interest and therefore the Loans are considered as repayable on demand and hence classified under current liabilities.

3.1 Payments to Micro/Small Enterprises

The only due outstanding to any Micro/Small enterprises for a period over 15 days as on 31/03/2012 is for Baddi Foils Pvt. Ltd. Amounting Rs. 4,83,103/-. Interest ofRs. 54383/- is payable upto 31/03/2012 on the overdue amount in accordance with provisions ofthe Micro, Small and Medium Enterprises Act 2006 which has not been provided accounts nor has been paid. The company has also not received any claims in respect of interest from any undertaking.

4.1 There are Debtors to the extent of Rs 42096057 againstwhomcases u/s 138 of the Negotiable Instrument Act, are filedby the company. In the opinion of the management, except above debtors, other current assets, Loans and Advances are realizable in the values at which they are stated in the balance sheet, if realized in the ordinary course of business. The provision for Depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary. No provision has been made for the bad and doubtful

debts against debtors against whom proceeding u/s 138 have been initiated by the company.

4.2 Debtors are subject to confirmation

5 CLAIM, DEMANDS AND CONTINGENCIES:

Disputed and / or contingent liabilities are either provided for or disclosed depending on the management's judgment of the outcome. Howeverfor the year under report there are no disputed liabilities at all outstanding on the company.

Following Contingent Liabilities were not provided in the books.

1. Legal suits filed by past employees towards salary claims with total Financial impact Rs. 589326/-.(previousyear Rs. 589326/-)

2. A legal suit filed against the company for ownership of certain trademark where an ex-parte decree has been passed against the company for Rs. 5.00 lacs. The company has deposited the demand under protest as security money and has filed an appeal against the captioned order.(Previous year Rs. 5.00 Lacs)

3. There is an Export Obligation of Rs. 7.50 Lacs on the company for towards exemption of Custom Duty availed by the company on import of machinery under the EPCG Scheme of the government. (Previous year Rs.7.50 Lacs).

4. There is demand outstanding of Nilraised by Assistant Commissioner of Provident Fund in previous year against which company has filed appeal but the payment regarding demand is made in current year which is recorded as Legal and Professional Expenses. (Previous Year outstanding Rs.580606/-)

5. Bank guarantees issues by the Lenders to the company , against which counter guarantee of the Company is outstanding , and which are in force as on 31/3/2012 are of total value Rs 10,59,500/- (Previous year Rs. 10,00,000)

6. There is demand of Rs. 854268/- raised by Income Tax Department for A.Y. 2005-06. Company has filed appeal against this demand and Deposited Rs. 426234/- against it. (Previous Year-Rs. 426234/-).

There were no significant events and contingencies which have occurred after 31/03/2012 up to the date of signing of these final accounts which result in the impairment of any asset of the company outstanding and owned by the company as on 31/03/2012 and which results in any contingent loss for which provision has to be done in the profit and loss account for the year.

6 Segment information

The Company operates exclusively in the Pharmaceuticals business segment and as such there is no reportable segment information as per Accounting Standard 17.

7 Related party Disclosure under Accounting Standard (AS-18). The List of the related parties as identified and cert fied by the management is as under:-

1. Enterprises that directly or indirectly control (through subsidiaries) or are controlled by or are under common control with the reporting enterprise

a. Syncom Healthcare International FZE - Subsidiary

2. Individuals owning voting power giving control significant influence; Nil

3. Key management personnel and their relatives;

a. Key Managerial Personnel

i. Shri Ajay Bankda

ii. Smt Jyoti Bankda

b. Relatives of Key Managerial Persons

i. Ajay Bankda

1. Shri Prateek Bankda - Son

2. Shri Pranav Bankda - Son

3. Ajay Bankda HUF - HUF of Director

ii. Smt Jyoti Bankda

1. Shri Prateek Bankda - Son 2.Shri Pranav Bankda - Son

3. Ajay Bankda HUF - HUF of Husband who is a Director ofthe Company.

4. Shri J.P Bagaria - Father

5. Smt. Umadevi Bagaria - Mother

4. Enterprises overwhich any ofthe persons in (iii) or (iv) are able to exercise significant influence over the Company till January 2012

i. Sinorita Biotech Private Limited

ii. Ajay Jyoti Estate Private Limited.

Hi. Bankda Estate Private Limited.

iv. Bankda Reality Private Limited.

v. Vimla Housing Private Limited.

vi. Bankda Developers Private Limited.

vii. Bankda Housing Private Limited.

viii. KedarVijay Housing Private Limited.

ix. Ajay Laxmi Housing Private Limited.

x. Styler Textiles Private Limited.

8 Balances of Debtors, Creditors and Loans and advances are subject to confirmation

9 The figures in the Balance Sheet & Profit & Loss Account have been rounded-off to nearest rupee. The previous year figures verbena regrouped and reclassified and rearranged according to Revised Schedule VI of The Companies Act 1956

10 Additional information pursuant to schedule VI of the companies Act, 1956


Mar 31, 2009

(i) CLAIM, DEMANDS AND CONTINGENCIES:

Disputed and / or contingent liabilities are either provided for or disclosed depending on the managements judgment of the outcome. However for the year under report there are no disputed liabilities at all outstanding on the company.

Following Contingent Liabilities were not provided in the books.

1. Legal suits filed by past employees towards salary claim with total financial Financial impact Rs.589326/- (Previous year Rs. 106645/-)

2. There is an Export Obligation of Rs. 7.50 Lacs on the company towards exemption of Custom Duty availed by the company on import of machinery under the EPCG Scheme of the Government (Previous Year Rs. 7.50 Lacs).

There were no significant events and contingencies which have occurred after 31/03/2009 upto the date of signing of these final accounts which result in the impairment of any asset of the company outstanding and owned by the company as on 31/03/2009 and which results in any contingent loss for which provision has to be done in the profit and loss account for the year.

(ii) The Unsecured Loans from Promoters have been brought in to meet the fund requirements of the Companys business and Project at Selaqui, near Dehradun in pursuance to and in accordance with terms and conditions of sanction of Term Loan and otherfacilities from Bank of India. Hence these loans are exempt from the company deposit rules notified under section 58Aof the companies Act 1956 vide sub clause I of rule 2 of the company deposit rules notified therein.

(iii) Deferred Tax Liability

The net profit of the company is derived from the operations of the Dehradun Industrial unit of the company the taxable income derived from which is subject to a tax holiday/deduction U/s 80IAfor a continuous period of 5 years starting from year 2006-07. Consequently the timing differences existing as on the balance sheet date are expected to reverse during the stated period of tax holiday to a substantial extent, hence no provision of deferred tax liability has been done in accordance with accounting standards

(iv) Segment information

The Company operates exclusively in the Pharmaceuticals business segment and as such there is no reportable segment information as per Accounting Standard 17.

(v) Related party Disclosure under Accounting Standard (AS-18). The List of the related parties as identified and certified by the management is as under:-

1. Individuals owning voting power giving control or significant influence;

i. Shri Ajay Bankda.

ii. Smt. Jyoti Bankda.

2. Key management personnel and their relatives;

a. Key Managerial Personnel

i. Shri Ajay Bankda ii. Smt Jyoti Bankda iii. Shri J. P. Bagaria

b. Relatives of Key Managerial Persons

i. Shri Prateek Bankda

ii. Shri Pranav Bankda Iii. Smt. Umadevi Bagaria

3. Enterprises over which any of the persons in (iii) or (iv) are able to exercise significant influence over the Company.

i. Sinorita Biotech Private Limited

ii. Ajay Jyoti Estate Private Limited.

iii. Bankda Estate Private Limited.

iv. Bankda Reality Private Limited.

v. Vimal Housing Private Limited.

vi. Bankda Developers Private Limited.

vii. Bankda Housing Private Limited.

viii. Kedar Vijay Housing Private Limited.

ix. Ajay Laxmi Housing Private Limited.

x. Ultratech Energy Private Limited

xi. Textiles Private Limited

(vi) Payments to Micro/Small Enterprises

There are no dues outstanding to any Micro/Small enterprises for a period over 15 days as on 31/03/2009 nor was outstanding at any time during the year ended on 31/3/2009 hence there is no liability for interest which would be payable under the Micro, Small and Medium Enterprises Act 2006. Moreover, the company has also not received any claims in respect of interest from any undertaking.

(vii) Computation of net profit in accordance with section 349 of the Companies Act is not disclosed as commission by way of percentage of profit is not payable for the year to any of the directors of the company.

(viii) The previous year figures have been regrouped and reclassified and rearranged wherever necessary.

(ix) Balances of Debtors, Creditors and Loans and advances are subject to confirmation.

(x) In the opinion of the management, current assets, Loans and Advances are realizable at the values at which they are stated in the balance sheet, if realized in the ordinary course of business. The provision for Depreciation and for all known liabilities is adequate and not in excess of the amount reasonably necessary.

(xi) The figures in the Balance Sheet & Profit & Loss Account have been rounded-off to nearest rupee.

 
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