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Notes to Accounts of Valiant Communications Ltd.

Mar 31, 2015

1. Commitments

In view of loss suffered by the Company in the financial year under reporting, the Board of Directors finds it prudent not to propose any dividend for the year under reporting.

Note:

The Company is a 100% Export Oriented Unit with its sole manufacturing unit being located at New Delhi. The above segment revenue and results are being identified on the basis of geographical markets. The fixed assets used in the Company's business cannot be specifically identified with any geographical segment. The management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a segregation of capital employed on segment basis, is not possible.

2. Employees benefits

The Company has a defined benefit gratuity plan with the Life Insurance Corporation of India (LIC) in the form of a qualifying insurance policy Eligible employees are entitled for gratuity in accordance with the provisions of the Payment of Gratuity Act, 1972, including any statutory modifications or re-enactment thereof.

The following tables are the components of net benefit expenses in the profit &- loss account, funded status and amounts recognized in the balance sheet:

3. Foreign currency exposures

During the financial year under reporting and preceding financial year, the Company did not enter in any transaction of foreign currency derivatives to hedge its exposure in foreign currencies.

Apart from given disclosures, no transaction was recorded between the Company and any related party mentioned in Accounting Standard 18 issued by the Institute of Chartered Accountants of India.

4. Lease

The Company has executed a cancelable operating lease agreement with rent payable on a monthly basis, for industrial purpose as defined under the provisions of Accounting Standard 19, issued by the Institute of Chartered Accountants of India. The Company has recognized all operating lease payments as an expense on a straight line basis over the term of lease. The Company has no obligation to pay any contingent rent. The lease is renewable at the sole option of the Company.

The rental expenses of Rs. 720,000/- (previous year: Rs. 720,000/-) in respect of obligation under operating lease(s), have been recognized in the profit &- loss account.

5. Other disclosures:

a) During the last five years immediately preceding the date as at the balance sheet is prepared, the Company had bought- back 297,140 equity shares pursuant to the approval of Board of Directors of the Company.

b) The unquoted non-trade investments are listed at overseas stock exchange(s) and based on the closing prices as at the reportingdate,theirmarketvalueisn,679,916/-(previous year:Rs.6,466,219/-).

c) The export sales figures includes the export sale of products of Rs. 111,833,636/- (previous year: Rs. 109,928,827/-) and the incidental export sale of services of Nil (previous year: Rs. 2,430,000/-).

d) During the financial year under reporting, no interest was paid by the Company in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006. Further, all the payments were made to the suppliers on or before appointed day.

e) During the financial year under reporting, no interest was paid by the Company in accordance with the provisions of the payable during the reporting year and preceding years in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006.

f) During the financial year, there is no reportable amount of interest due and payable, accrued and remaining unpaid, small enterprises supplier, to whom the Company owes dues, which are outstanding beyond prescribed period as at the balance sheet date.

g) As at the balance sheet date, in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006. the Company has the following unpaid amount, categorized as current liability in balance sheet, to:

6. The comparative figures for the previous year have been rearranged, wherever required, to conform to the revised presentation of accounts.

7. Notes to financial statements form an integral part of financial statements.


Mar 31, 2014

1. Contingent liabilities and commitments

(In Rs.) Particulars 31-03-2014 31-03-2013

1.1 Contingent liabilities (not provided for)

Income-tax matter in dispute 63,404,490 63,099,630

Any other contingent liability 359,598 359,598

Total 63,764,088 63,459,228

The Income Tax Department, in all its notices of demand, has challenged the validity of the approval and registration granted by Software Technology Parkof India (STPI), Ministryof Communications,tothe Company asa 100% Export Oriented Unit (EOU) under the Electronic Hardware Technology Park (EHTP) Scheme for the purpose of grant of any relief under the Income Tax Act, 1961.

On appeals filed by the Income Tax Department, the Hon''ble Delhi High Court has reversed the while orders of Income Tax Appellate Tribunal (ITAT), Delhi, and referred back the matters to the ITAT to examine alternate claims of Company.

The Company has also filed special leave petitions before the Hon''ble Supreme Court against the order of Hon''ble Delhi High Court, which is sub-judice as at reporting date.

The other contingent liability represents the demand of Central Excise Department for charges of Cost Recovery Officer. The Company has filedanappeal beforethe Tribunal,as no such officer was ever appointed by the Revenue Department.

Based on the decisions of appellate authorities given in favour of Company and legal opinion taken by the Company and discussions with the solicitors, the Company believes that there is fair chance of decisions in favor of the Company in respect of items listed above, hence, no provision is considered necessary against the same.

1.2 Commitments

In view of loss suffered by the Company in the financial year under reporting, the Board of Directors finds it prudent not to propose any dividend for the year under reporting.

Note:

a) The revenue figures include realized foreign currency exchange fluctuation gain/(loss) on export earnings.

b) The Company manufactures "Telecom Transmission Equipment", which is the only business segment of the Company. The Companyisa100% Export Oriented Unit with its sole manufacturing unit being locatedatNew Delhi. The above segment revenue and results are being identified on the basis of geographical markets. The fixed assets used in the Company''s business cannotbe specifically identified with any geographical segment. The management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a segregation of capital employed on segment basis, is not possible.

2. Employees benefits

The Company has a defined benefit gratuity plan with the Life Insurance Corporation of India (LIC) in the form of a qualifying insurance policy. Eligible employees are entitled for gratuity in accordance with the provisions of the Payment of Gratuity Act, 1972,including any statutory modification sorre-enactment there of.

The following tables are the components of net benefit expenses in the profit & loss account, funded status and amounts recognizedinthebalance sheet:

The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to besettled.

The Company expects to contribute Rs. 425,000/- approximately to gratuity in financial year 2014-2015. The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

3. Lease

The Company has executed a cancelable operating lease agreement with rent payable on a monthly basis, for industrial purpose as defined under the provisions of Accounting Standard 19, issued by the Institute of Chartered Accountants of India. The Company has recognized all operating lease paymentsas an expenseona straight line basis over the termoflease. The Company has no obligation to payany contingentrent. The lease is renewable at the sole option of the Company.

The rental expenses of Rs. 720,000/- (previous year: Rs. 720,000/-) in respect of obligation under operating lease(s), have been recognized in the profit&loss account.

4. Other disclosures:

a) During the previous year, the Company had bought back and extinguished 199,550 equity shares, having face and fully paid-up value of Rs. 10/- each. The difference between the nominal value and amount spent for buy back with other incident al expenses, total amountingtoRs.1,836,850/-,was appropriated from securities premium account.

b) In previous year, the Company had also transferred Rs. 1,995,500/- from securities premium to capital redemption reserve which represented the nominal value of shares bought back during the previous year.

c) During the last five years immediately preceding the date as at the balance sheet is prepared, the Company had bought-back1,422,140 equity shares pursuan to he approval(s) of Board of Directors of the Company.

d) The unquoted non-trade investments are listed at overseas stock exchange(s) and based on the closing prices as at the reporting date, their market valueisRs.6,466,219/-(previous year:Rs.5,027,105/-)

e) The export sales figures includes the export sale of products of Rs. 109,928,827/- (previous year: Rs. 78,577,816/-) and the incidental export sale of services of Rs.2,430,000/- (previous year: nil).

f) During the financial year under reporting, no interest was paid by the Company in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006. Further, all the payments were made to the suppliers on or before appointed day.

g) During the financial year under reporting, no interest was paid by the Company in accordance with the provisions of the payable during the reporting year and preceding years in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act,2006.

h) During the financial year, there is no reportable amount of interest due and payable, accrued and remaining unpaid, small enterprises supplier,towhom the Company owes dues, which are outstanding beyond prescribed periodasatthe balance sheet date. i) As at the balance sheet date, in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006. the Company has the following unpaid amount, categorized as current liablity in balance sheet, to :

5. The comparative figures for the previous year have been rearranged, wherever required, to conform to the revised presentation of accounts.

6. Notes to financial statements form an integral part of financial statements.


Mar 31, 2013

1. Contingent liabilities and commitments

(In Rs.)

Particulars 31-03-2013 31-03-2012

15.1 Contingent liabilities (not provided for)

Income-tax matter in dispute 63,099,630 16,537,491

Any other contingent liability 359,598

Total 63,459,228 16,537,491

The Income Tax Department, in all its notices of demand, has challenged the validity of the approval and registration granted by Software Technology Park of India (STPI), Ministry of Communications, to the Company as a 100% Export Oriented Unit (EOU) under the Electronic Hardware Technology Park (EHTP) Scheme for the purpose of grant of any relief under the Income Tax Act, 1961.

On appeals filed by the Income Tax Department, the Hon''ble Delhi High Court has reversed the erstwhile orders of Income Tax Appellate Tribunal (ITAT), Delhi, and referred back the matters to the ITAT to examine alternate claims of Company.

The Company has also filed special leave petitions before the Hon''ble Supreme Court against the order of Hon''ble Delhi High Court, which is sub-judice as at reporting date.

The other contingent liability represents the demand of Central Excise Department for charges of Cost Recovery Officer. The Company has filed an appeal before the Commissioner (Appeals), as no such officer was ever appointed by the Revenue Department.

Based on the decisions of appellate authorities given in favour of Company and legal opinion taken by the Company and discussions with the solicitors, the Company believes that there is fair chance of decisions in favor of the Company in respect of items listed above, hence, no provision is considered necessary against the same.

1.1 Commitments

In view of loss suffered by the Company in the financial year under reporting and the prevailingglobal recession, the Board of Directors finds it prudent to not to propose any dividend for the year under reporting.

2. Exceptional item

The exceptional item represents the loss on closure of subsidiary of Company, namely "Valiant Communications FZE, UAE" duringpreviousfinancialyear.

a) The revenue figures include realized foreign currency exchange fluctuation gain/(loss) on export earnings.

b) The Company manufactures -Telecom Transmission Equipment", which is the only business segment of the Company. The Company is a 100% Export Oriented Unit with its sole manufacturing unit beinglocated at New Delhi. The above segment revenue and results are being identified on the basis of geographical markets. The Fixed assets used in the Company''s business cannot be specifically identified with any geographical segment. The Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a segregation of capital employed on segment basis, is not possible.

3. Employees benefits

The Company has a defined benefit gratuity plan with the Life Insurance Corporation of India (LIC) in the form of a qualifying insurance policy. Eligible employees are entitled for gratuity in accordance with the provisions of the Payment of Gratuity Act, 1972, including anystatutorymodificationsorre-enactment thereof.

The following tables are the components of net benefit expenses in the profit & loss account, funded status and amounts recognized in the balance sheet:

4. Lease

The Company has executed a cancelable operating lease agreement with rent payable on a monthly basis, for industrial purpose as defined under the provisions of Accounting Standard 19, issued by the Institute of Chartered Accountants of India. The Company has recognized all operating lease payments as an expense on a straight line basis over the term of lease. The Company has no obligationtopay any contingentrent.The leaseisrene wableat the soleoption of the Company

The rental expenses of Rs. 720,000/- (previous year: Rs. 720,000/-) in respect of obligation under operating lease(s), have been recognized in the profit & loss account.

5. Other disclosures:

a) The Company had no outstanding dues to any small scale industrial undertaking as at the balance sheet date. However, there is a pending dispute between the Company and a micro unit regsitered under the provisions of the Micro, Small and Medium Enterprises Development Act, 2006, for claim of Rs. 484,987/-. Whereas the Company has disputed the delivery of services before the Delhi High Court. The Delhi High Court was pleased to grant an interim injunction in favour of Company. The matter is sub-judice before the Delhi High Court.

b) During the financial year under reporting, no interest was paid by the Company in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006. Further, all the payments were made to the suppliers on or before appointed day.

c) During the financial year under reporting, no interest was paid by the Company in accordance with the provisions of the payable during the reporting year and preceding years in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006.

d) During the financial year, there is no reportable amount of interest due and payable, accrued and remaining unpaid, small enterprises supplier, to whom the Company owes dues, which are outstanding beyond prescribed period as at the balance sheet date.

e) As at the balance sheet date, in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006. the Company has the following unpaid amount, categorized as current liablity in balance sheet, to:

6. The comparative figures for the previous year have been rearranged, wherever required, to conform to the revised presentation of accounts.

7. Notes to financial statements form an integral part of financial statements.


Mar 31, 2012

1.1 Terms/ rights attached to equity shares

The Company has issued only one class of shares/ securities, i.e., fully paid-up equity shares. Each equity share holder is entitled to vote one vote per share. The dividend proposed by Board of Directors are subject to the approval of equity shareholders in their ensuing annual general meeting.

In the event of liquidation of Company, the equity shareholders shall be entitled for remaining assets of the Company, after distribution of all preferential amount. The distribution shall be in proportion to the number of shares held by equity shareholders.

1.2 Buyback of equity shares

The Board of Directors at their meeting held on December 21st 2011, had announced the buyback of its fully paid-up equity shares from existing shareholders and beneficial owners in accordance with the relevant provisions of the Companies Act, 1956 and Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998, at a price not exceeding Rs. 18/- per share. The Company opted to buy back shares from open market through stock exchange route and the total offer size aggregates to Rs. 18,000,000/-, but subject to the maximum limit of 1,000,000 equity shares.

During the year under reporting, the Company had bought back and extinguished 97,590 (previous year: nil) equity shares, having face and fully paid-up value of Rs. 10/- each. The difference between the nominal value and amount spent for buy back with other incidental expenses, total amounting to Rs. 1,040,047/- (previous year: nil), is appropriated from securities premium account.

The Company has transferred Rs. 975,900/- (previous year: nil) from securities premium to capital redemption reserve which represented the nominal value of shares bought back during the year under reporting. During the last five years immediately preceding the date as at the balance sheet is prepared, the Company had bought-back 1,222,590 equity shares (including above mentioned 97,590 equity shares), pursuant to the approval(s) of Board of Directors of the Company.

3. Contingent liabilities and commitments

(In Rs.)

Particulars 31-03-2012 31-03-2011

3.1 Contingent liabilities

(not provided for) Income-tax matter

in dispute 16,537,491 14,915,533

Any other contingent liability - -

Total 16,537,491 14,915,533

The Income Tax Department, in all its notices of demand, has challenged the validity of the approval and registration granted by Software Technology Park of India (STPI), Ministry of Communications, to the Company as a 100% Export Oriented Unit (EOU) under the Electronic Hardware Technology Park (EHTP) Scheme for the purpose of grant of any relief under the Income Tax Act, 1961.

The Commissioner of Income Tax (Appeals) has decided the aforesaid matter in favor of the Company for the assessment years 2003-04,2004-05,2005-06,2006-07,2007-08 and 2008-09, whereas, the matter is sub-judice for the assessment year 2009-10. Further, on an appeal filed by the Income Tax Department, the Income Tax Appellate Tribunal (ITAT), Delhi, has also decided the aforesaid matter in favor of the Company for the assessment year 2003-04,2004-05,2005-06,2006-07 and 2007-08.

The Income Tax Department has further filed an appeal against the order of Income Tax Appellate Tribunal (ITAT), Delhi, for the assessment year 2005-06 in Delhi High Court, wherein the matter is sub-judice.

Based on the decisions of appellate authorities given in favor of Company and legal opinion taken by the Company and discussions with the solicitors, the Company believes that there is fair chance of decision in its favor in respect of the item listed above, hence, no provision is considered necessary against the same.

3.2 Commitments

In view of insufficient profits for the financial year under reporting and the prevailing global recession, the Board of Directors finds it prudent to not to propose any dividend for the year under reporting.

The Company had declared and paid to the equity shareholders a final dividend for the financial year ended March 31st 2011, Rs. 0.60/- (i.e. 6%) per equity share (not subject to tax deduction), total amounting to Rs. 4,512,360/- excluding dividend distribution tax.

4. Exceptional item

The exceptional item represents the loss on closure of subsidiary of Company, namely "Valiant Communications FZE, UAE".

The Company manufacturers "Telecom Transmission Equipment", which is the only business segment of the Company The Company is a 100% Export Oriented Unit with its sole manufacturing unit being located at New Delhi. The above segment revenue and results are being identified on the basis of geographical markets. The fixed assets used in the Company's business cannot be specifically identified with any geographical segment. The management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities, since a segregation of capital employed on segment basis is not possible.

5. Employees benefits

The Company has a defined benefit gratuity plan with the Life Insurance Corporation of India (LIC) in the form of a qualifying insurance policy. Eligible employees are entitled for gratuity in accordance with the provisions of Payment of Gratuity Act, 1972, including any statutory modifications or re-enactment thereof.

The following tables are the components of net benefit expenses in the profit & loss account, funded status and amounts recognized in the balance sheet:

The overall expected rate of return on assets is determined based on the market prices prevailing on that date, applicable to the period over which the obligation is to be settled.

The Company expects to contribute Rs. 395,000/- to gratuity in financial year 2012-2013. The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

Current and previous years figures as required to be disclosed under Para 120(n) of Accounting Standard 15, are as follows:

6. Foreign currency exposures

During the financial year under reporting and preceding financial year, the Company did not enter in any transaction of foreign currency derivatives to hedge its exposure in foreign currencies.

7. Lease

The Company has executed a cancelable operating lease agreement with rent payable on a monthly basis, for industrial purpose as defined under the provisions of Accounting Standard 19, issued by the Institute of Chartered Accountants of India. The Company has recognized all operating lease payments as an expense on a straight line basis over the term of lease. The Company has no obligation to pay any contingent rent. The lease is renewable at the sole option of the Company.

The rental expenses of Rs. 720,000/- (previous year: Rs. 720,000/-) in respect of obligation under operating lease(s), have been recognized in the profit & loss account.

8. Other disclosures:

a) The export earnings include realized foreign currency exchange fluctuation gain of Rs. 496,677/- (previous year: loss of Rs. 80,038/-).

b) The Company had no outstanding dues to any small scale industrial undertaking as on the balance sheet date.

c) During the financial year under reporting, no interest was paid by the Company in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006. Further, all the payments were made to the suppliers on or before appointed day.

d) During the financial year under reporting, no interest was paid by the Company in accordance with the provisions of the payable during the reporting year and preceding years in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006.

e) During the financial year, there is no reportable amount of interest due and payable, accrued and remaining unpaid, small enterprises supplier, to whom the Company owes dues, which are outstanding beyond prescribed period as at the balance sheet date.

f) As on the balance sheet date, in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006. the Company has the following unpaid amount, categorized as current liability in balance sheet, to:

9. The comparative figures for the previous year have been rearranged, wherever required, to conform to the revised presentation of accounts.

10. Notes to financial statements form an integral part of financial statements.


Mar 31, 2010

1. Dividend:

For the financial year ended March 31" 2010, the Company has proposed to pay to the equity shareholders a final dividend of Rs. 1.20/- (i.e 12%) per equity share (not subject to tax deduction), total amounting to Rs. 9,024,720/- excluding dividend distribution tax.

During the financial year ended March 31" 2010, the Company had declared and paid to the equity shareholders a final dividend for the financial year ended March 31" 2009, of Rs. 1.20/- (i.e 12%) per equity share (not subject to tax deduction), total amounting to Rs. 9,024,720/- excluding dividend distribution tax.

2. Buy-back of equity shares:

The Board of Directors at their meeting held on September 8th 2008, had announced buy-back of its fully paid equity shares from existing shareholders and beneficial owners in accordance with the relevant provisions of the Companies Act, 1956 and Securities and Exchange Board of India (Buy-back of Securities) Regulations, 1998, at a price not exceeding Rs. 32/- per share. The Company opted to buy-back shares from open market through stock exchange route and the total offer size aggregates to Rs. 31,419,700/-, but subject to the maximum limit of 1,125,000 equity shares.

During the year under reporting, the Company had bought back and extinguished 173,369 (previous year: 951,631) equity shares having face and fully paid-up value of Rs. 10/- each. The difference between the nominal value and amount spent for buy-back, amounting to Rs. 2,479,704/- (previous year: Rs. 12,845,352/-) has been appropriated from the securities premium account. The Company has transferred Rs. 1,733,690/- (previous year: Rs. 9,516,310/-) from general reserve to capital redemption reserve which represented the nominal value of shares bought back during the year under reporting.

The Company has bought back the maximum limit of 1,125,000 equity shares up to May 8,h 2009 for an aggregate purchase consideration of Rs. 26,575,056/-. The Board of Directors at their meeting held on May 14th 2009, had decided to close the buy- back offer.

3. The Company had filed a suit against M/s. Seh Investments for recovery of Rs. 737,574/-, which has been decided in favour of Company by the Civil Court during the current year.

4. The export earnings have been shown after deducting realized foreign currency exchange fluctuation loss of Rs. 1,484,753/- (previousyear: gain of Rs. 2,543,733/-).

5. Basic and diluted Earning Per Share (EPS) is Rs. 1.45/- (previous year: Rs. 2.89/-) calculated by dividing the net profit (after tax) of the year by weighted average number of equity shares i.e. 7,539,368 (previous year: 8,444,061) having nominal value of Rs. 10/-each.

6. Contingent liabilities (not provided for) in respect of:

(In Rupees)

As at March 31st

Particulars 2010 2009

a) Appeal against Companys cenvat credit refund

by Central Excise Department for the financial year 2007-08 - 239,060

b) Appeal against Company by Income Tax Department in Income Tax Appellate Tribunal, for demand of the assessment year 2005-06 - 8,277,961

c) Appeal by Company against Income Tax Department in the office of Commissioner of Income Tax (Appeal) for demand of the assessment years 2003-04, 2004-05, 2006-07

and 2007-08. 41,245,827 36,108,432



The Income Tax Department, in its notices of demand, has challenged the validity of the approval and registration granted by Software Technology Park of India (STPI), Ministry of Communications, to the Company as a 100% Export Oriented Unit (EOU) under the Electronic Hardware Technology Park (EHTP) Scheme for the purpose of grant of any relief under Income TaxAct, 1961.

The Commissioner of Income Tax (Appeal) has decided the aforesaid matter in favour of the Company for the assessment year 2005-06, whereas, the matter is subjudice for the assessment years 2003-04, 2004-05, 2006-07 and 2007-08. Further, the Delhi High Court has provided an interim relief to the Company, by providing stay of demands for the assessment years 2003- 04,2004-05 and 2006-07.

Further, the Income Tax Appellate Tribunal (ITAT), Delhi, in their order delivered after the balance sheet date, has also decided the aforesaid matter in favour of the Company for the assessment year 2005-06.

Based on the decisions of Appellate authorities given in favour of Company and legal opinion taken by the Company and discussions with the solicitors, the Company believes that there is fair chance of decision in its favour in respect of the items listed above, hence, no provision is considered necessary against the same.

7. Related parties disclosure:

Name Relationship Transaction Details

Valiant Communications (UK) Ltd., UK Subsidiary Sale of investment amounting to Rs. 8,953,895/-

(previous year: nil) Valiant Communications FZE, UAE Subsidiary Equity allotment amounting to Rs. 1,915,800/-

(previousyear: nil) Valiant Infrastructure Limited, India Subsidiary Nil

VafcommTechnologies Inc., USA Associate Nil

Mr. Inder Mohan Sood Key Managerial Personnel Directors remuneration of Rs. 4,389,480/-

Mr. Davinder Mohan Sood Key Managerial Personnel (previousyear: Rs. 3,468,277/-)

Mr.AnilTandon Key Managerial Personnel

- Apart from given disclosures, no transaction was recorded between the Company and any related party mentioned in Accounting Standard 18 issued by the Institute of Chartered Accountants of India.

8. Lease:

The Company has executed a cancelable operating lease agreement with rent payable on a monthly basis, for industrial purpose as defined under the provisions of Accounting Standard 19, issued by the Institute of Chartered Accountants of India. The Company has recognized all operating lease payments as an expense on a straight line basis over the term of lease. The Company has no obligation to pay any contingent rent. The lease is renewable at the sole option of the Company.

9. i) The Company had no outstanding dues to any small scale industrial undertaking as at the balance sheet date.

ii) During the financial year under reporting, no interest was paid by the Company in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006. Further, all the payments were made to the suppliers on or before appointed day.

iii) During the financial year, there is no reportable amount of interest due and payable, accrued and remaining unpaid, payable during the reporting year and preceding years in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006. iv) According to the provisions of the Micro, Small and Medium Enterprises Development Act, 2006, there is no micro and small enterprises supplier, to whom the Company owes dues, which are outstanding beyond prescribed period as at the balance sheet date.

10. The comparative figures for the previous year have been rearranged, wherever required, to conform to the revised presentation of accounts.

11. Schedules I to XV form an integral part of balance sheet and profit and loss account.

 
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