Notes to Accounts of Biofil Chemicals & Pharmaceuticals Ltd.

Mar 31, 2015

1. Contingent Liabilities : NIL

2. The confirmation of balance has not been received in respect of balance outstanding of Sundry Debtors, Sundry Creditors, Deposit, Loans and Advances

3. Auditors Remuneration :

4. The company has huge unabsorbed losses and depreciation as at 31/03/2015 and they are eligible for set off against Income of future year under income tax act and uncertainty of having taxable income under normal provision of the income tax act, 1961. No deferred tax assets in recognized in the books. The position will be reviewed every financial year and deferred tax assets when considered realizable will be recognized in the books.

Provision for MAT Rs. 1401398/- Has been made in accordance with section 115 JB.

5. Previous year figures have been regrouped / rearranged wherever necessary to confirm to current year's presentation.

6. Figures have been rounded off nearest to the Rupees.

7. A Writ petition filled in year 2012 before Hon'ble High Court M.P. Bench at Indore against Madhya Pradesh Adyogik Kendra Vikas Nigam (Indore) Limited, (MPAKVN Ltd) Indore and other parties with respect to vacant land admeasuring 94462 Sq Mts, situated at Kheda Industrial Area, Pithampur (M.P.)

8. There are no Micro, small and Medium enterprises , as defined in the Micro , small and Medium Enterprises Development Act, 2006 to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made

The above information regarding micro, small and medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

---

Mar 31, 2014

1. Contingent Liabilities : NIL

2. The confirmation of balance has not been received in respect of balance outstanding of Sundry Debtors, Sundry Creditors, Deposit, Loans and Advances

3. Auditors Remuneration :

(Amount in Rs.)

Current Year Previous Year

Audit Fees Rs. 15000/- Rs. 15000/-

4. The company has huge unabsorbed losses and depreciation as at 31/03/2014 and they are eligible for set off against Income of future year under income tax act and uncertainty of having taxable income under normal provision of the income tax act, 1961. No deferred tax assets in recognized in the books. The position will be reviewed every financial year and deferred tax assets when considered realizable will be recognized in the books.

Provision for MAT Rs. 1239689/- Has been made in accordance with section 115 JB.

5. Previous year figures have been regrouped/rearranged wherever necessary to confirm to current year''s presentation.

6. Figures have been rounded off nearest to the Rupees.

7. There are no Micro, small and Medium enterprises , as defined in the Micro , small and Medium Enterprises Development Act, 2006 to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made The above information regarding micro, small and medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

---

Mar 31, 2013

1. Contingent Liabilities : NIL

2. The confirmation of balance has not been received in respect of balance outstanding of Sundry Debtors, Sundry Creditors, Deposit, Loans and Advances

3. Auditors Remuneration :

(Amount in Rs.)

Current Year Previous Year

Audit Fees Rs. 15000/- Rs. 10000/-

4. The company has huge unabsorbed losses and depreciation as at 31/03/2013 and they are eligible for set off against Income of future year under income tax act and uncertainty of having taxable income under normal provision of the income tax act, 1961. No deferred tax assets in recognized in the books. The position will be reviewed every financial year and deferred tax assets when considered realizable will be recognized in the books.

Provision for MAT Rs. 1276863/- Has been made in accordance with section 115 JB.

5. Previous year figures have been regrouped / rearranged wherever necessary to confirm to current year''s presentation.

6. Figures have been rounded off nearest to the Rupees.

7. There are no Micro, small and Medium enterprises , as defined in the Micro , small and Medium Enterprises Development Act, 2006 to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made

The above information regarding micro, small and medium enterprises have been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors.

8. Related Party Disclosures

Relatives of Key Management Personnel

Ketan Shah -

Associate Company

Cyano Finance & Sales Pvt Ltd. Sedate Mercantile Pvt Ltd.

---

Mar 31, 2012

1. Contingent Liabilities : NIL

2. The confirmation of balance has not been received in respect of balance outstanding of Sundry Debtors, Sundry Creditors, Deposit, Loans and Advances

3. None of the employees paid / payable salary exceeding Rs 24,00,000/- p.a.

4. Auditors Remuneration : Audit Fees : Rs. 10000/- 5. The company has huge unabsorbed losses and depreciation as at 31/03/2012 and they are eligible for set off

against Income of future year under income tax act and uncertainty of having taxable income under normal provision of the income tax act, 1961. No deferred tax assets in recognized in the books. The position will be reviewed every financial year and deferred tax assets when considered realizable will be recognized in the books.

5. Previous year figures have been regrouped / rearranged wherever necessary to confirm to current years presentation.

6. Figures have been rounded off nearest to the Rupees.

7. There are no Micro, small and Medium enterprises , as defined in the Micro , small and Medium Enterprises Development Act, 2006 to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

The above information regarding micro, small and medium enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors..

8. During the financial year 2010-11 Company had reissued of 5712500 forfeited equity shares to the promoters and non promoters @ Rs. 7 each and remaining amount has been transferred from forfeited reserve account.

9. Related Party Disclosures :- Relative of Key Management Personnel Ketan Shah : Salary : 357000/-

---

Mar 31, 2010

1. Contingent Liabilities : NIL

2. The confirmation of balance has not been received in respect of balance outstanding of Sundry Debtors, Sundry Creditors, Deposit, Loans and Advances.

3. None of the employees paid / payable salary exceeding Rs 24,00,000/- p.a.

4. Auditors Remuneration :

Audit Fees Rs. 10000/-

5. The company has huge unabsorbed losses and depreciation as at 31/03/2010 and they are eligible for set off against Income of future year under income tax act and uncertainty of having taxable income under normal provision of the income tax act, 1961. No deferred tax assets in recognized in the books. The position will be reviewed every financial year and deferred tax assets when considered realizable will be recognized in the books.

6. The inventory of Rs. 13157.00 as on balance sheet date. During the year stock amounting to Rs. 1544834.00 have been spoiled due to heavy rains. Insurance claim of Rs. 1297985 00 have been taken against that material which has been valued on cost or not

7. Previous year figures have been regrouped / rearranged wherever necessary to confirm to current years

8. Figures have been rounded off nearest to the Rupees.

9. There are no Micro, small and Medium enterprises, as defined in the Micro, small and Medium Enterprises Development Act, 2006 to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made. The above information regarding micro, small and medium enterprises has been determined to the extent such parties have been identified on the basis of information available with the Company. This has been relied upon by the auditors..