Notes to Accounts of Tulasee Bio-Ethanol Ltd.

Mar 31, 2015

1. Additional Information pursuant to the provisions of the paragraphs 3,4,4C and 4D of Part II of Schedule VI to the Companies Act, 1956. (As certified by the management)

2. Reserves and surplus includes capital subsidy received from Development Corporation of Konkan Ltd.

3. The company has not received any information from any of the supplier of their being a small scale industrial unit, hence the amount due to such unit outstanding as at year end is not applicable.

4. The previous year's figure are regrouped or rearranged wherever necessary.

5. The company suspended its manufacturing activities during the year ended 31st March, 2007. The company has not provided for depreciation on the fixed assets since F.Y.2006- 07 as, in the opinion of the management, the same is not warranted. However, this is not in conformity with the mandatory Accounting Standard AS-6 "Depreciation Accounting" issued by the Institute of Chartered Accountants of India. Due to this, the loss before tax for the year is understated by Rs. 28,68,623/-. The total depreciation not provided in the books of account as on 31st March, 2015 is Rs.2,65,39,973/- .

6. No provision has been made for accruing liability in respect of gratuity and leave encashment payable to the Employees and director in the absence of quantification of the same. As per the practice followed by the company, the same shall be accounted for on payment basis. However this is not in conformity with the mandatory Accounting Standard (AS-15) on "Accounting for Retirement Benefits" issued by the Institute of Chartered Accountants of India.

7. Segment Reporting

The company is engaged in manufacturing of Liquid Chemicals, which as per AS-17 is considered the only reportable business segment.

8, Related Parties Disclosures

a) Information about related parties

Sr. Particulars Name of the Related Parties No

1. Key Management Personnel Mr. Ashwin Pandya (Director Finance) Mr. Kapil Nagpal (Director) Mr. Kisore Ramji Tank (Director)

2. Relatives of Key Management Mr. Lalitkumar Nagpal Personnel

9. Balance of sundry debtors, sundry creditors, loans and advances, receivables and payables are subject to confirmation and adjustment if necessary.

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Mar 31, 2014

1. Reserves and surplus includes capital subsidy received from Development Corporation of Konkan Ltd.

2. The company has not received any information from any of the supplier of their being a small scale industrial unit, hence the amount due to such unit outstanding as at year end is not applicable.

3. The previous year''s figure are regrouped or rearranged wherever necessary.

4. The company suspended its manufacturing activities during the year ended 31st March, 2007. The company has not provided for depreciation on the fixed assets since F.Y.2006-07 as, in the opinion of the management, the same is not warranted. However, this is not in conformity with the mandatory Accounting Standard AS-6 "Depreciation Accounting" issued by the Institute of Chartered Accountants of India. Due to this, the loss before tax for the year is understated by Rs. 28,68,623/-. The total depreciation not provided in the books of account as on 31st March, 2014 is Rs. 2,36,71,350/-.

5. No provision has been made for accruing liability in respect of gratuity and leave encashment payable to the Employees and director in the absence of quantification of the same. As per the practice followed by the company, the same shall be accounted for on payment basis. However this is not in conformity with the mandatory Accounting Standard (AS-15) on "Accounting for Retirement Benefits" issued by the Institute of Chartered Accountants of India.

6. Segment Reporting

The company is engaged in manufacturing of Liquid Chemicals, which as per AS-17 is considered the only reportable business segment.

2) Related Parties Disclosures

Information about related parties

Sr. Particulars Name of the Related Parties No.

1. Key Management Personnel Mr. Ashwin Pandya (Director Finance)

Mr. Kapil Nagpal (Director)

Mr. Kisore Ramji Tank (Director)

2. Relatives of Key Management Personnel Mr. Lalitkumar Nagpal

3) Balance of sundry debtors, sundry creditors, loans and advances, receivables and payables are subject to confirmation and adjustment if necessary.

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Mar 31, 2013

1 Additional Information pursuant to the provisions of the paragraphs 3,4,4C and 4D of Part ir of Schedule VI to the Companies Act, 1956. (As certified by the management)

2. Reserves and surplus includes capital subsidy received from Development Corporation of Konkan Ltd.

3. The company has not received any information from any of the supplier of their being a small scale industrial unit, hence the amount due to such unit outstanding as at year end is not applicable.

4. The previous year''s figure are regrouped or rearranged wherever necessary.

5. The company suspended its manufacturing activities during the year ended 31 st March, 2007. The company has not provided for depreciation on the fixed assets since F.Y.2006-07 as, in the opinion of the management, the same is not warranted. However, this is not in conformity with the mandatory Accounting Standard AS-6 "Depreciation Accounting" issued by the Institute of Chartered Accountants of India. Due to this, the loss before tax for the year is understated by Rs. 28,68,623/-. The total depreciation not provided in the books of account as on 31st March, 2013 is Rs.2,08,02,727/-.

6. No provision has been made for accruing liability in respect of gratuity and leave encashment payable to the Employees and director in the absence of quantification of the same. As per the practice followed by the company, the same shall be accounted for on payment basis. However this is not in conformity with the mandatory Accounting Standard (AS-15) on "Accounting for Retirement Benefits" issued by the Institute of Chartered Accountants of India.

7. Segment Reporting

The company is engaged in manufacturing of Liquid Chemicals, which as per AS-17 is considered the only reportable business segment.

8) Balance of sundry debtors, sundry creditors, loans and advances, receivables and payables are subject to confirmation and adjustment if necessary.

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Mar 31, 2012

1. Reserves and surplus includes capital subsidy received from Development Corporation of Konkan Ltd.

2. The company has not received any information from any of the supplier of their being a small scale industrial unit, hence the amount due to such unit outstanding as at year end is not applicable.

3. The previous year's figure are regrouped or rearranged wherever necessary.

4. The company suspended its manufacturing activities during the year ended 31st March, 2007. The company has not provided for depreciation on the fixed assets since F.Y.2006-07 as, in the opinion of the management, the same is not warranted. However, this is not in conformity with the mandatory Accounting Standard AS-6 "Depreciation Accounting" issued by the Institute of Chartered Accountants of India. Due to this, the loss before tax for the year is understated by Rs. 28,68,623/-. The total depreciation not provided in the books of account as on 31st March, 2012 is Rs. 1,79,34,104/-.

5. No provision has been made for accruing liability in respect of gratuity and leave encashment payable to the Employees and director in the absence of quantification of the same. As per the practice followed by the company, the same shall be accounted for on payment basis. However this is not in conformity with the mandatory Accounting Standard (AS-15) on "Accounting for Retirement Benefits" issued by the Institute of Chartered Accountants of India.

6. Segment Reporting

The company is engaged in manufacturing of Liquid Chemicals, which as per AS-17 is considered the only reportable business segment

7. Related Parties Disclosures

a) Information about related parties

Sr. Particulars Name of the Related Parties No.

1. Key Management Personnel Mr. Ashwin Pandya (Director Finance)

Mr. Kapil Nagpal (Director)

Mr. Kisore Ramji Tank (Director)

2. Relatives of Key Management Personnel Mr. Lalitkumar Nagpal

8. Balance of sundry debtors, sundry creditors, loans and advances, receivables and payables are subject to confirmation and adjustment if necessary.

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Mar 31, 2011

1.Additional Information pursuant to the provisions of the paragraphs 3,4,4C and 4D of Part II of Schedule VI to the Companies Act, 1956. (As certified by the management)

2. Reserves and surplus includes capital subsidy received from Development Corporation of Konkan Ltd.

3. The company has not received any information from any of the supplier of then: being a small scale industrial unit, hence the amount due to such unit outstanding as at year end is not applicable.

4. The previous year's figure are regrouped or rearranged wherever necessary.

5. The company suspended its manufacturing activities during the year ended 31st March, 2007. The company has not provided for depreciation on the fixed assets since F.Y.2006-07 as, in the opinion of die management, the same is not warranted. However, this is not in conformity with the mandatory Accounting Standard AS-6 "Depreciation Accounting" issued by the Institute of Chartered Accountants of India. Due to this, the loss before tax for the year is understated by Rs.28,68,623/-. The total depreciation not provided in the books of account as on 31st March, 2011 is Rs.l,50,65,481/-.

6. No provision has been made for accruing liability in respect of gratuity' and leave encashment payable to the Employees and director in the absence of quantification of the same. As per the practice followed by the company, die same shall be accounted for on payment basis. However this is not in conformity with the mandatory Accounting Standard (AS-15) on "Accounting for Retirement Benefits" issued by the Institute of Chartered Accountants of India.

7. Segment Reporting

The company is engaged in manufacturing of Liquid Chemicals, which as per AS-17 is considered the only reportable business segment.

8. Balance of sundry debtors, sundry creditors, loans and advances, receivables and payables are subject to confirmation and adjustment if necessary.

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Mar 31, 2010

Additional Information pursuant to the provisions of the paragraphs 3,4,4C and 4D of Part II of Schedule VI to the Companies Act, 1956. {As certified by the management)

1. Reserves and surplus includes capital subsidy received from Development Corporation of Korean Ltd.

2. The company has not received any information from any of the supplier of their being a small scale industrial unit, hence the amount due to such unit outstanding as at year end is not applicable.

3. The previous year's figure are regrouped or rearranged wherever necessary.

4. The company suspended its manufacturing activities during the year ended 31st March, 2007. The company has not provided for depreciation on the fixed assets since F.Y.2006-07 as, in the opinion of the management, the same is not warranted. However, this is not in conformity with the mandatory Accounting Standard AS-6 "Depreciation Accounting" issued by the Institute of Chartered Accountants of India. Due to this, the loss before tax for the year is understated by Rs.30,49,214/-. The total depreciation not provided in the books of account as on 31st March, 2010 is Rs.1,21,96,858/-.

5. No provision has been made for accruing liability in respect of gratuity and leave encashment payable to the Employees and director in the absence of quantification of the same. As per the practice followed by the company, the same shall be accounted for on payment basis. However this is not in conformity with the mandatory Accounting Standard (AS-15) on "Accounting for Retirement Benefits" issued by the Institute of Chartered Accountants of India.

6. Balance of sundry debtors, sundry creditors, loans and advances, receivables and payables are subject to confirmation and adjustment if necessary.