Notes to Accounts of Madhuveer Com 18 Network Ltd.

Mar 31, 2015

As at 31st As at 31st March,2015 March,2014 Amount (Rs.) Amount(Rs.)

1. Contingent liabilities and commitments (to the extent not provided for)

Contingent liabilities

Sales Tax Demand 0 0

(Pending before Sales tax Tribulnal for the Financial year 1993- 1994)

Income tax Demand 0 0

(Pending before Income tax Tribunal for the Financial year 2007- 2008)

Total 0 0

2. OTHER NOTES ON ACCOUNTS:

1. Previous year figures have been re-grouped and rearranged wherever necessary for proper presentation of accounts.

2. Sundry debit and credit balances of loans and advances are subject to confirmation and Bank Balances as per reconciliation, if any. As per view precaution of actual and realizable value has been taken care of.

3. As informed to us, there are no contingent liabilities as on Balance Sheet Date.

4. Auditors Remuneration relating to audit works Rs.25000/- is provided at the end of year.

5. As informed to us there are no estimated amounts of contracts remaining to be executed on Capital Amount.

6. The Company has not disposed off any Fixed Assets during the year.

7. As certified by the Directors all amounts in the Balance Sheet relating to Sundry Debtors, Sundry Creditors, Unsecured Loans, Deposits, Loans and advances are shown at net realizable or net payable as the case may be.

8. As certified by Company that it has received written representation from all the Directors, That Companies in which they are Directors had not defaulted in terms of section 164 (2) of the Companies Act, 2013, and that representation of Directors taken in Board that Director is disqualified from being appointed as Director of the Company.

9. Income in Foreign Currency is NIL.

10. Expenditure in Foreign Currency is NIL.

11. Number of employees who were:

(a) Employed throughout the year and were in receipt of remuneration of Rs. 60,00,000/- per annum or more are nil. (Previous Year Nil)

(b) Employed for part of the year and were in receipt of remuneration of Rs 5,00,000/ -per month or more are nil. (Previous Year Nil)

12. Particulars of licensed Capacity or Production Capacity is not applicable to the Company.

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Mar 31, 2014

Note As at 31st As at 31st No March, 2014 March, 2013 Amount (Rs. ) Amount (Rs. )

1. Contingent liabilities and commitments (to the extent not provided for)

Contingent liabilities

Sales Tax Demand 0 0 (Pending before Sales tax Tribulnal for the Financial year 1993-1994)

Income tax Demand 0 0 (Pending before Income tax Tribunal for the Financial year 2007-2008) 0

Total 0 0

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Mar 31, 2012

Note As at 31st As at 31st NO March, 2012 March, 2011 Amount (Rs) Amount (Rs)

1 Contingent liabilities and commitments (to the extent not provided for)

Contingent liabilities

Sales Tax Demand 0 0

(Pending before Sales tax Tribulnal for the Financial year 1993-1994)

Income tax Demand 0 0

(Pending before Income tax Tribunal for the

Financial year 2007-2008) 0

Total 0 0

(2) Contingent Liabilities:

Claims against the Company not acknowledged as debts for income tax for as at 31st March, 2012 is NIL.

(3) Retirement benefits, gratuity, leave encashment, etc. has not been provided in the accounts by the Company. They have been dealt with on cash basis. This is not in accordance with Accounting Standard 15 for Accounting for Retirement Benefits in the Financial Statements of Employers issued by the Institute of Chartered Accountants of India.

(4) In view of the accumulated losses, unabsorbed depreciation and current losses, the Company has not recognized deferred tax assets (net) in accordance with the Accounting Standard 22 issued by the Institute of Chartered Accountants of India by way of prudence.

(5) Due to continuing losses, the net worth of the Company has been eroded by more than fifty percent thereof; However, it is informed that the Company has been in dialogue with the Bankers and shall propose the restructuring of existing outstanding loans for adequate net worth and working capital funds to be made available in future for continuing the operation. Accordingly, the accounts for the year have been prepared on a going concern basis.

(6) Balance of creditors, other liabilities, debtors, loans and balances with banks, in current accounts and deposits are subject to confirmation and reconciliation as in the case of banks most of the accounts are showing negative bank balance. In respect of the old debtors, the Auditor has relied on the judgment of the management of the company as to the recoverable in absence of direct confirmation.

(7) The Company has Capital Work in progress for building for Rs. Nil In respect of which no provision of impairment is required to be made in the opinion of the management of the Company.

(8) As informed by the management, the Company has not maintained cost records under section 209(1)(d) of the Companies Act, 1956 and rules made there under by the Central Government in this regard.

(9) The details as to the names of the Small Scale Industrial undertakings to whom the Company owes a sum, and which is outstanding for more than 30 days as on 31st March 2012 have not been given in view of information in this regard not made available to us.

(10) The names of related parties with relationship and transactions with them are disclosed as under: Nil

Salary and perquisites to Mr. Atul B. Pandit Rs. Nil Salary and perquisites to Mr. Yogendra Machhar Rs. Nil

(11) In the opinion of the management of the Company, the Company has only one segment viz. pharmaceutical and drugs, hence no separate discloser of segment wise information has been made.