Notes to Accounts of Biopac India Corporation Ltd.

Mar 31, 2016

1. The value on realization of current assets in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. According to the management, provision for all the known liabilities is adequate.

2. Balances in Debtors, Creditors, loans, advances, and other current assets are subject to confirmation and reconciliation.

3. “The Micro, Small and Medium Enterprise Development Act, 2006” has repealed the provision of interest on delayed payment to small scale and ancillary industrial undertaking Act, 1993. The management does not find it necessary to provide for interest on delayed payments to the suppliers covered by the said Act in view of insignificant amount and probability of its outgo.

4. Related Party Disclosures, as required by AS-18 are given below:

5. Relationships:

Category I: Holding Company NIL Category II: Key management Personnel Mr. Harish Doshi, Chairman Remuneration Rs. 84,00,000 Mr. Pankaj Doshi, Managing Director Remuneration Rs. 84,00,000

Category III: Others (Relatives of Key Management Personnel and Entities in which the Key Management Personnel have control or significant influence)

Mrs. Trupti H Doshi, President Marketing

Salary Paid Rs. 14,70,000

6. The excise duty shown, as deduction from turnover is total excise duty on sale of goods for the year. However, the excise duty related to difference between opening stock of finished goods and closing stock of finished goods is shown separately in Profit and Loss A/c.

7. The disclosure of “Employee Benefits” as per Accounting Standard 15 are as follows;

8.Defined contribution plans:

Provident fund:

The Company has recognized the following amounts in the Profit and Loss Account for the year:

9. Contribution to Provident Fund (Employer’s Contribution) Rs. 19,55,473

10. Defined Benefit Plans

11. Disclosure of Gratuity Liabilities

The Company has accounted for provision of gratuity based on actuarial valuation done by M/s K. A. Pandit, Consultants and Actuaries of India amounting to total liability till date of Rs.1,707,114

12. The Company has only one reportable business segment hence no further disclosure is required under Accounting Standard-17 on “Segment reporting”.

13. Disclosure of Deferred Taxes

14. The management has made full inquiries and is of the view that assets of the Company in form of fixed assets and Inventories are good in nature, and are stated at appropriate value of the respective assets; and there is no necessity as to impairment / write down provision in the accounts.

15. Disclosures required under Accounting Standard-19 on “Leases”.

Finance Lease - Assets Given on Lease

The Company has not given any of its assets on lease.

16. The Company has a process whereby periodically all long term contracts are assessed for material foreseeable losses. At the year end, the Company has reviewed and ensured that adequate provision as required under any law / accounting standards for material foreseeable losses on such long term contracts has been made in the books of account.

17. The Company has a system of reviewing its pending litigations and proceedings, if any, and provide for where Provisions are required and disclose the contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial results. In respect of litigations, where the management assessment of a financial outflow is probable, the Company has made adequate provision in the financial statements and the contingent liabilities are disclosed in Note 21.

18. The previous year''s figures have been regrouped / rearranged / reclassified wherever considered necessary to correspond with the figures of current year.

19. Notes “1” to “29” form an integral part of the accounts and have been duly authenticated.

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Mar 31, 2015

1.Disclosure pursuant to Note no. 6(T) of Part I of Schedule III to the Companies Act, 2013

Particulars March 31, 2015

Rs. Rs.

A. Contingent Liabilities

(1) Claims against the company - not acknowledged as debt

(2) Guarantees 7,500,000

(3) Other money for which the - company is contingently liable (L.C. Accrued) Disputed Income Tax Liability - for AY 2005-06 - matter pending before CIT (A)

Sub Total (A) 7,500,000

B. Commitments

(1) Estimated amount of - contracts remaining to be executed on capital account and not provided for

(2) Uncalled liability on shares - andd other investments partly paid

(3) Other commitments (specify - nature)

Sub Total (B) -

Total Contingent Liabilities and 7,500,000 Commitments (A B)

Particulars March 31, 2014

Rs. Rs.

A. Contingent Liabilities

(1) Claims against the company - not acknowledged as debt

(2) Guarantees 2,500,000

(3) Other money for which the - company is contingently liable (L.C. Accrued) Disputed Income Tax Liability - for AY 2005-06 - matter pendin before CIT (A)

Sub Total (A) 2,500,000

B. Commitments

(1) Estimated amount of - contracts remaining to be executed on capital account and not provided for

(2) Uncalled liability on shares - andd other investments partly paid

(3) Other commitments (specify - nature)

Sub Total (B) -

Total Contingent Liabilities and 2,500,000 Commitments (A B)

2. Disclosure pursuant to Note no. 6(V) of Part I of Schedule III to the Companies Act, 2013

Where in respect of an issue of securities made for a specific purpose, the whole or part of the amount has not been used for the specific purpose at the balance sheet date, Indicate below how such unutilized amounts have been used or invested.

NotApplicable

Disclosure pursuant to Note no. 6(W) of Part I of Schedule III to the Companies Act, 2013

If, in the opinion of the Board, any of the assets other than fixed assets and non-current investments do not have a value on realization in the ordinary course of business at least equal to the amount at which they are stated, the fact that the Board is of that opinion, shall be stated.

The value on realization of current assets in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. According to the management, provision for all the known liabilities is adequate.

3. Balances in Debtors, Creditors, loans, advances, and other current assets are subject to confirmation and reconciliation.

4. "The Micro, Small and Medium Enterprise Development Act, 2006" has repealed the provision of interest on delayed payment to small scale and ancillary industrial undertaking Act, 1993. The management does not find it necessary to provide for interest on delayed payments to the suppliers covered by the said Act in view of insignificant amount and probability of its outgo.

5. Related Party Disclosures, as required by AS-18 are given below:

A. Relationships:

Category I: Holding Company NIL Category II: Key management Personnel Mr. Harish Doshi, Chairman Remuneration Rs. 84,00,000 Mr. Pankaj Doshi, Managing Director Remuneration Rs. 84,00,000

Category III: Others (Relatives of Key Management Personnel and Entities in which the Key Management Personnel have control or significant influence)

6. The excise duty shown, as deduction from turnover is total excise duty on sale of goods for the year. However, the excise duty related to difference between opening stock of finished good and closing stock of finished goods is shown separately in Profit / Loss A/c.

7. The disclosure of "Employee Benefits" as per Accounting Standard 15 are as follows;

(A) Defined contribution plans:

Provident fund:

The Company has recognized the following amounts in the Profit and Loss Account for the year:

(i) Contribution to Provident Fund (Employer's Contribution) Rs. 17,48,343

(B) Defined Benefit Plans

(i) Disclosure of Gratuity Liabilities

The Company has accounted for provision of gratuity based on actuarial valuation done by M/s K. A. Pandit Consultants and Actuaries of India amounting to total liability till date of Rs. 14,37,160

8. The management has made full inquiries and is of the view that assets of the Company in form of fixed assets and Inventories are good in nature, and are stated at appropriate value of the respective assts; and there is no necessity as to impairment / write down provision in the accounts.

9. The Company has a process whereby periodically all long term contracts are assessed for material foreseeable losses. At the year end, the Company has reviewed and ensured that adequate provision as required under any law / accounting standards for material foreseeable losses on such long term contracts has been made in the books of account.

10. The Company has a system of reviewing its pending litigations and proceedings, if any, and provide for where Provisions are required and disclose the contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial results. In respect of litigations, where the management assessment of a financial outflow is probable, the Company has made adequate provision in the financial statements and the contingent liabilities are disclosed in Note 21.

11. The previous year's figures have been regrouped / rearranged / reclassified wherever considered necessary to correspond with the figures of current year.

12. Notes "1" to "29" form an integral part of the accounts and have been duly authenticated.

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Mar 31, 2014

Note 1 CONTINGENT LIABILITIES AND COMMITMENTS

Disclosure pursuant to Note no. 6(T) of Part I of Schedule VI to the Companies Act, 1956

March 31, 2014 March 31, 2013

Particulars Rs Rs Rs Rs

A. Contingent Liabilities

(1) Claims against the company - - not acknowledged as debt

(2) Guarantees 500,000 2,500,000

(3) Other money for which the - 11,029,000 company is contingently liable (L.C. Accrued)

Disputed Income Tax Liability - - for AY 2005-06 - matter pending before CIT (A)

Sub Total (A) 2,500,000 13,529,000

B. Commitments

(1) Estimated amount of contracts - - remaining to be executed on capital account and not provided for

(2) Uncalled liability on shares - - and other investments partly paid

(3) Other commitments (specify - - nature)

Sub Total (B) - -

Total Contingent Liabilities and 2,500,000 13,529,000 Commitments (A B)



2 Disclosure pursuant to Note no. 6(V) of Part I of Schedule VI to the Companies Act, 1956 Where in respect of an issue of securities made for a specific purpose, the whole or part of the amount has not been used for the specific purpose at the balance sheet date, Indicate below how such unutilized amounts have been used or invested.

Not Applicable

3 Disclosure pursuant to Note no. 6(W) of Part I of Schedule VI to the Companies Act, 1956.

If, in the opinion of the Board, any of the assets other than fixed assets and non-current investments do not have a value on realization in the ordinary course of business at least equal to the amount at which they are stated, the fact that the Board is of that opinion, shall be stated.

2. The value on realization of current assets in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. According to the management, provision for all the known liabilities is adequate.

3. Balances in Debtors, Creditors, loans, advances, and other current assets are subject to confirmation and reconciliation.

7. "The Micro, Small and Medium Enterprise Development Act, 2006" has repealed the provision of interest on delayed payment to small scale and ancillary industrial undertaking Act, 1993. The management does not find it necessary to provide for interest on delayed payments to the suppliers covered by the said Act in view of insignificant amount and probability of its outgo.

9. Related Party Disclosures, as required by AS-18 are given below:

A. Relationships:

Category I: Holding Company NIL

Category II: Key management Personnel

Mr. Harish Doshi, Chairman

Remuneration Rs. 36,00,0 00

Mr. Pankaj Doshi, Managing Director

Remuneration Rs. 36,00,000

Category III: Others (Relatives of Key Management Personnel and Entities in which the Key Management Personnel have control or significant influence)

13. The excise duty shown, as deduction from turnover is total excise duty on sale of goods for the year. However, the excise duty related to difference between opening stock of finished good and closing stock of finished goods is shown separately in Profit / Loss A/c.

14. The disclosure of "Employee Benefits" as per Accounting Standard 15 are as follows;

(A) Defined contribution plans: Provident fund:

The Company has recognized the following amounts in the Profit and Loss Account for the year: (i) Contribution to Provident Fund (Employer''s Contribution) Rs. 15,12,789

(B) Defined Benefit Plans

(i) Disclosure of Gratuity Liabilities

The Company has accounted for provision of gratuity based on actuarial valuation done by Life Insurance Corporation of India amounting to total liability till date of Rs. 9,92,090

3. The Company has only one reportable business segment hence no further disclosure is required under Accounting Standard-17 on "Segment reporting".

4. The management has made full inquiries and is of the view that assets of the Company in form of fixed assets and Inventories are good in nature, and are stated at appropriate value of the respective assts; and there is no necessity as to impairment / write down provision in the accounts.

5. The previous year''s figures have been regrouped / rearranged / reclassified wherever considered necessary to correspond with the figures of current year.

6. Notes "1" to "29" form an integral part of the accounts and have been duly authenticated.

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Mar 31, 2013

1. Lease arrangements where the risks and rewards incidental to ownership of an asset substantially vest with the lesser, are recognized as operating leases. Lease rentals under operating leases are recognized in the statement of profit and loss on a straight-line basis.

2. The value on realization of current assets in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. According to the management, provision for all the known liabilities is adequate.

3. Balances in Debtors, Creditors, loans, advances, and other current assets are subject to confirmation and reconciliation.

4. "The Micro, Small and Medium Enterprise Development Act, 2006" has repealed the provision of interest on delayed payment to small scale and ancillary industrial undertaking Act, 1993. The management does not fnd it necessary to provide for interest on delayed payments to the suppliers covered by the said Act in view of insignificant amount and probability of its outgo.

5. The excise duty shown, as deduction from turnover is total excise duty on sale of goods for the year. However, the excise duty related to difference between opening stock of finished good and closing stock of finished goods is shown separately in Profit / Loss A/c.

6. The disclosure of "Employee Benefits" as per Accounting Standard 15 are as follows;

(A) Defend contribution plans: Provident fund:

The Company has recognized the following amounts in the Profit and Loss Account for the year:

(i) Contribution to Provident Fund (Employer''s Contribution) Rs. 15,19,477

(B) Defend Benefit Plans

(i) Disclosure of Gratuity Liabilities

The Company has accounted for provision of gratuity based on actuarial valuation done by Life Insurance Corporation of India amounting to total liability till date of Rs. 11,17,018

7. The Company has only one reportable business segment hence no further disclosure is required under

8. The management has made full inquiries and is of the view that assets of the Company in form of fixed assets and Inventories are good in nature, and are stated at appropriate value of the respective assts; and there is no necessity as to impairment / write down provision in the accounts.

9. The previous year''s figures have been regrouped / rearranged / reclassified wherever considered necessary to correspond with the figures of current year.

10. Notes "1" to "29" form an integral part of the accounts and have been duly authenticated.

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Mar 31, 2012

1 CONTINGENT LIABILITIES AND COMMITMENTS

Disclosure pursuant to Note no. 6(T) of Part I of Schedule VI to the Companies Act, 1956

March 31, 2012 March 31, 2011 Particulars Rs. Rs. Rs. Rs.

A. Contingent Liabilities

(1) Claims against the company not - - acknowledged as debt

(2) Guarantees 2,500,000 2,500,000

(3) Other money for which the company is contingently liable Disputed Income Tax Liability for AY 1,909,295 - 2005-06 - matter pending before CIT (A)

Sub Total (A) 4,409,295.00 2,500,000.00

B. Commitments

(1) Estimated amount of contracts - - remaining to be executed on capital account and not provided for

(2) Uncalled liability on shares and - - other investments partly paid

(3) Other commitments (specify - - nature)

Sub Total (B) - - Total Contingent Liabilities and 4,409,295.00 2,500,000.00 Commitments (A B)

2 Disclosure pursuant to Note no. 6(W) of Part I of Schedule VI to the Companies Act, 1956

If, in the opinion of the Board, any of the assets other than fixed assets and non-current investments do not have a value on realization in the ordinary' course of business at least equal to the amount at which they are stated, the fact that the Board is of that opinion, shall be stated.

3. "The Micro, Small and Medium Enterprise Development Act, 2006" has repealed the prevision of interest on delayed payment to small scale and ancillary industrial undertaking Act, 199-3. The management does not find it necessary to provide for interest on delayed payments to the suppliers covered by the said Act in view of insignificant amount and probability of its outgo.

4. Related Party Disclosures, as required by AS-18 are given below:

A. Relationships:

Category I: Holding Company NIL

Category II: Key management Personnel Mr. Harish Doshi, Chairman Remuneration Rs. 36,00,000 Mr. Pankaj Doshi, Managing Director Remuneration Rs. 36,00,000

Category III: Others (Relatives of Key Management Personnel and.Entities in which the Key Management Personnel have control or significant influence)

5. The excise duty shown, as deduction from turnover is total excise duty on sale of goods for the year. However, the excise duty related to difference between opening stock of finished good and closing stock of finished goods is shown separately in Profit / Loss A/c.

6. The disclosure of "Employee Benefits" as per Accounting Standard 15 are as follows;

(A) Defined contribution plans:

Provident fund:

The Company has recognized the following amounts in the Profit and Loss Account for the year:

(i) Contribution to Provident Fund (Employer's Contribution) Rs. 12,21,823.00

(B) Defined Benefit Plans

(i) Disclosure of Gratuity Liabilities

The Company has accounted for provision of gratuity based on actuarial valuation done by Life Insurance Corporation of India amounting to total liability till date of Rs. 9,69,722.

7. The Company has only one reportable business segment hence no further disclosure is required under Accounting Standard-17 on "Segment reporting".

8. The previous year's figures have been regrouped / rearranged / reclassified wherever considered necessary to correspond with the figures of current year.

9. Notes "1" to "29" form an integral part of the accounts and have been duly authenticated.

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Mar 31, 2011

1. Business Activities

The Company is in the business of manufacture of polystyrene foam articles for packing and storage of food products like cups, bowls, plates, trays and boxes. The Company has a distribution channel throughout the country comprising of super stockiest and authorized dealers. The Company markets its products both in the domestic and international market, which include countries like USA, Europe, UAE, Singapore,.etc. The Company also manufactures sheets, boards and aluminum foils. The Companys plant is located at Silvassa and enjoys tax exemptions / concessions for sales tax.

2 Contingent Liabilities

(i) Bank Guarantees issued by Banks on behalf of the Company Rs. 25.00 Lacs (Previous Year Rs. 25.00 Lacs).

(ii) There are no outstanding Letters of Credit. (Previous Year NIL).

3 Secured Loans

i) Term Loans from Canara Bank and Vijaya Bank are secured by first charge on Fixed Assets and second charge on Current Assets of the Company.

ii) Working capital Loans sanctioned by Canara Bank, Vijaya Bank and State Bank of Hyderabad in form of Cash Credit, Export Packing and Foreign bills, are secured by Hypothecation of Stocks, Book Debts and second charge on the Fixed Assets. As a collateral security, two Promoter Directors have given their Personal Guarantees.

iii) Vehicle Loans from Kotak Mahindra are secured by hypothecation of the vehicles.

4 The excise duty shown, as deduction from turnover is total excise duty on sale of goods for the year. However, the excise duty related to difference between opening stock of finished good and closing stock of finished goods is shown separately in Profit / Loss A/c.

5. As the Company does not have taxable income for the year, provision for taxation is not required to be made. However, provision of Rs. 64,25,000/- for MAT payable u/s. 115JB of the Income-tax Act 1961 based on the book profit of the Company is made.

6. Outstanding balances of Debtors, Creditors, Other Current Assets, Loans and Advances, and Other Parties are Subject to Confirmation / Reconciliation.

7. In Opinion of the management, all current assets, loans & advances would be realizable at least of an amount equal to the amount at which they are stated in the balance sheet. Further, provisions have been made for all known and accrued liabilities.

8. "The Micro, Small and Medium Enterprise Development Apt, 2006" has repealed the provision of interest on delayed payment to small scale and ancillary industrial undertaking Act, .1993. The management does not find it necessary to provide for interest on delayed payments to the suppliers covered by the said Act in view of insignificant amount and probability of its outgo.

9. The additional information pursuant to paragraph 3 & 4 of Part II of Schedule VI of the Companies Act, 1956 is as under:

a) The License Capacity and Installed Capacity of goods dealt with by the Company are not disclosed as same is not applicable to the Company

Note:

1) Previous year figures are given in bracket.

2) The figures of sales are exclusive of excise duty, freight & octroi duty. Closing stock figure of finished goods is exclusive of excise duty accrued but not due provided in accounts amounting to Rs.1,339,406.

13. The disclosure of "Employee Benefits" as per Accounting Standard 15 are as follows;

(A) Defined contribution plans:

Provident fund:

The Company has recognized the following amounts in the Profit and Loss Account for the year:

(i) Contribution to Provident Fund (Employers Contribution) Rs. 11,59,475.00

(B) Defined Benefit Plans

(i) Disclosure of Gratuity Liabilities

The Company has accounted for provision of gratuity based on actuarial valuation done by Life Insurance Corporation of India amounting to total liability till date of Rs. 10,19,711.

10. The Company has only one reportable business segment hence no further disclosure is required under Accounting Standard-17 on "Segment reporting".

11. Related party transactions:

Related party disclosure as per Accounting Standard 18 "Related Party Disclosure" issued by the Institute of Chartered Accountant of India (Certified by Management and relied upon by the Auditors)

Associate Company

Name of the related Party —

Nature of transactions —

Amount due from related party —

Written off —

Key Management Personnel Mr. Harish Doshi, Chairman

Remuneration Rs. 36,00,000

Key Management Personnel Mr. Pankaj Doshi, Managing Director

Remuneration Rs. 36,00,000

Unsecured loans received from Rs. NIL Chairman and Managing Director of the company

Unsecured loans repaid to Chairman Rs. 31,856,112 and Managing Director of the company

12. Schedules "1" to "18" form an integral part of the accounts and have been duly authenticated.

13. Previous years figures have been regrouped wherever considered necessary.

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Mar 31, 2010

1 Business Activities

The Company is in the business of manufacture of polystyrene foam articles for packing and storage of food products like cups, bowls, plates, trays and boxes. The Company has a distribution channel throughout the country comprising of super stockiest and authorized dealers. The Company markets its products both in the domestic and international market, which include countries like USA, Europe, UAE, Singapore etc. The Company also manufactures sheets, boards and aluminum* foils. The Companys plant is located at Silvassa and enjoys tax exemptions / concessions for sales tax.

2 Contingent Liabilities

(i) Bank Guarantees issued by Banks on behalf of the Company Rs. 25.00 Lacs (Previous Year Rs. 25.00 Lacs).

(ii) There are no outstanding Letters of Credit. (Previous Year Rs. 233.59 Lacs).

3 Secured Loans

i) Term Loans from Canara Bank and Vijaya Bank are secured by first charge on Fixed Assets and second charge on Current Assets of the Company.

ii) Term loan from Canara Bank taken during the year amounting to Rs. 300 lacs is secured by exclusive first charge over machine alongwith fittings purchased during the year.

iii) Working capital Loans sanctioned by Canara Bank, Vijaya Bank and State Bank of Hyderabad in form of Cash Credit, Export Packing and Foreign bills, are secured by Hypothecation of Stocks, Book Debts and second charge on the Fixed Assets. As a collateral security, two Promoter Directors have given their Personal Guarantees.

iv) Vehicle Loans from Kotak Mahindra are secured by hypothecation of the vehicles.

4 The Company has charged depreciation of Rs. 131,367 on unrealized translation difference on this account of Rs. 1,064,928. In previous year, unrealized gain of earlier year amounting to Rs. 2,673,422 was charged to Reserves and Surplus as provided in revised AS-11 aforesaid.

5. The excise duty shown, as deduction from turnover is total excise duty on sale of goods for the year. However, the excise duty related to difference between opening stock of finished good and closing stock of finished goods is shown separately in Profit / Loss A/c.

6. As the Company does not have taxable income for the year, provision for taxation is not required to be made. However, provision of Rs. 2,75,000 for MAT payable u/s. 115JB of the Income-tax Act 1961 based on the book profit of the Company is made.

7. Outstanding balances of Debtors, Creditors, Other Current Assets, Loans and Advances, and Other Parties are Subject to Confirmation / Reconciliation.

8. In the Opinion of the management, all current assets, loans & advances would be realizable at least of an amount equal to the amount at which they are stated in the balance sheet. Further, provisions have been made for all known and accrued liabilities.

9. "The Micro, Small and Medium Enterprise Development Act, 2006" has repealed the provision of interest on delayed payment to small scale and ancillary industrial undertaking Act, 1993. The management does not find it necessary to provide for interest on delayed payments to the suppliers covered by the said Act in view of insignificant amount and probability of its outgo.

10. The additional information pursuant to paragraph 3 & 4 of Part II of Schedule VI of the Companies Act, 1956 is as under:

a) The License Capacity and Installed Capacity of goods dealt with by the Company are not disclosed as same is not applicable to the Company.

11. The disclosure of "Employee Benefits" as per Accounting Standard 15 are as follows;

(A) Defined contribution plans: Provident fund:

The Company has recognized the following amounts in the Profit and Loss Account for the year:

(i) Contribution to Provident Fund (Employers Contribution) Rs. 972,842

(B) Defined Benefit Plans

(i) Disclosure of Gratuity Liabilities

The Company has accounted for provision of gratuity based on actuarial valuation done by Life Insurance Corporation of India amounting to total liability till date of Rs. 7,97,573.

12. The Company has only one reportable business segment hence no further disclosure is required under Accounting Standard-17 on "Segment reporting".

13. Related party transactions:

Related party disclosure as per Accounting Standard 18 "Related Party Disclosure" issued by the Institute of Chartered Accountant of India (Certified by Management and relied upon by the Auditors)

Associate Company

Name of the related Party Pushpa Polymers Marketing Pvt. Ltd.

Nature of transactions No transactions during the year

Amount due from related party Rs. 4,75,509.

Written off Rs. 4,75,509.

Key Management Personnel Mr. Harish Doshi, Chairman

Remuneration Rs. 36,00,000

Key Management Personnel Mr. Pankaj Doshi, Managing Director

Remuneration Rs. 36,00,000

Unsecured loans received from Chairman Amount due on the last day Rs. 31,856,112 and Managing Director of the Company

14. Schedules "1" to "18" form an integral part of the accounts and have been duly authenticated.

15. Previous years figures have been regrouped wherever considered necessary.