Notes to Accounts of Bombay Potteries & Tiles Ltd.

Mar 31, 2014

1. Out of the above

a) 7089 equity shares have been allotted as fully paid-up Bonus shares by capitalisation of General Reserve

b) 97911 equity shares have been allotted as fully paid up shares pursuant to the scheme of Arrangement to the shareholders of amalgamated company viz. Soflex Intra Ltd.

c). 12% cumulative preference shares were redeemable on or before 14th June, 2003

2. Rights, preference & restrictions attached to Equity Shares

The Company has only one class of Shares referred to as Equity Shares having face value of Rs -100 per Share. Each Shareholder of Equity Share is entitled to one vote per share. The holders of equity shares are entitled to dividends, if any, proposed by the Board of Directors and approved by the Share Holders at the Annual General Meeting, except in case of Interim Dividend.

In the event of liquidation, the Equity Shareholders are eligible to receive the remaining assets of the Company after the distribution of all preferential amounts, in proportion to their shareholding.

3. Rights, preference & restrictions attached to Preference shares

The Company has only one class of Preference Shares referred to as Preference Shares having face value of Rs 190 per 12% cumulative preference shares were redeemable on or before 14th June, 2003 .The preference shareholders do not have any voting rights.

4. Contingent Liabilities not provided in respect of:

a) In respect of arrears of dividend on 12% 10 years redeemable cumulative preference shares Rs.22,80,000 (Previous Year Rs.22,80,000). The Company may also be liable to pay dividend / interest w.e.f. 15th June, 2003 (due date of redemption), amounting to Rs. 24,59,900 up to 31st March, 2014 (Rs. 22,31,900upto 31st March, 2013).

b) The Application for condonation of delay and appeal against the exparte order dated 18th January 2006 of the First Labour Court, Mumbai in respect of wages payable to the workmen approximately amounting to Rs. 2,50,00,000 has been dismissed by the Court and thus the Company has filed a writ petition before the Hon''ble High Court,Mumbai. The Hon''ble High Court has granted a conditional stay of execution, implementation and enforcement of the award on the Company depositing a sum to the extent of the 50% of the amount awarded by First Labour Court. And accordingly Company has deposited Rs 1,03,20,100 with the Prothonotary and Senior Master High Court, Mumbai and shown as deposits under the head Loans and advances given in the Balance Sheet. In the opinion of the Management no amount would be required to be paid as the demand pertains to the workers whose dues were already settled.

5. Estimated amount of contract remaining to be executed on Capital Account and not provided for (Net of Advances) Rs.NIL (Previous Year Rs. 41,82,600).

6. Balances in investments account where the certificates are lodged with Government authorities, sundry creditors and advances given are subject to confirmations and reconciliation, if any. The Management does not expect any material difference on such reconciliation.

7. In the opinion of the board, the current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business. The provision for all known liabilities and depreciation is adequate and not in excess of the amount reasonably required.

8. In lieu of arrears of dividend oh 9.5% Cumulative Preference Share Capital amounting to Rs.9,00,000 up to 15th June, 1993, the Company had issued additional capital by way of 12% 10 years Redeemable Cumulative Preference Shares (at the time of statutory redemption of 9.5% Cumulative Preference Capital) and the said amount being that of dividend arrears, would be appropriated out of the profits of subsequent years.

9. Freehold land of Rs.2,05,395 (previous year Rs.2,05,395) has been encroached upon by the illegal occupants and fully provided for. The management is hopeful of getting the vacant possession in due course.

10. The amount due to Small Scale Industries and/ or Ancillary Industrial suppliers on account of principal amount is Rs NIL The same is disclosed on the basis of the information available with the Company regarding the status of suppliers as defined under the Industries (Development and Regulation) Act, 1951 and interest on Delayed Payments to small Scale and Ancillary Industrial Undertaking Act, 1993.

11. Segment Reporting

The Company is mainly engaged in the business of property development/construction and all its activities are carried on in India and hence, there is no separate reportable Segment as per the Accounting Standard 17 - "Segment Reporting" issued by the Institute of Chartered Accountants of India.

12. Previous year''s figures have been regrouped/re-arranged/recast wherever necessary to conform the current year''s presentation.

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Mar 31, 2013

1. Contingent Liabilities not provided in respect of:

a) In respect of arrears of dividend on 12% 10 years redeemable cumulative preference shares Rs.22,80,000 (Previous Year Rs.22,80,000). The Company may also be liable to pay dividend / interest w.e.f. 15th June, 2003 (due date of redemption), amounting to Rs. 22,31,900 up to 31st March, 2013 (Rs. 20,03,900 up to 31st March, 2012).

b) The Application for condo nation of delay and appeal against the exparte order dated 18th January 2006 of the First Labour Court, Mumbai in respect of wages payable to the workmen approximately amounting to Rs. 2,50,00,000 has been dismissed by the Court and thus the Company has filed a writ petition before the Hon''ble High Court, Mumbai..The Hon''ble High Court has granted a conditional stay of execution, implementation and enforcement of the award on the Company depositing a sum to the extent of the 50% of the amount awarded by First Labour Court. And accordingly Company has deposited Rs 1,03,20,100 with the Prothonotary and Senior Master High Court, Mumbai and shown as deposits under the head Loans and advances given in the Balance Sheet. In the opinion of the Management no amount would be required to be paid as the demand pertains to the workers whose dues were already settled.

2. Estimated amount of contract remaining to be executed on Capital Account and not provided for (Net of Advances) Rs.41,82,600 (Previous Year Rs. 41,82,600).

3. Balances in investments account where the certificates are lodged with Government authorities, sundry creditors and advances given are subject to confirmations and reconciliation, if any. The Management does not expect any material difference on such reconciliation.

4. In the opinion of the board, the current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business. The provision for all known liabilities and depreciation is adequate and not in excess of the amount reasonably required.

5. In lieu of arrears of dividend on 9.5% Cumulative Preference Share Capital amounting to Rs.9,00,000 up to 15th June, 1993, the Company had issued additional capital by way of 12% 10 years Redeemable Cumulative Preference Shares (at the time of statutory redemption of 9.5% Cumulative Preference Capital) and the said amount being that of dividend arrears, would be appropriated out of the profits of subsequent years.

6. Freehold land of Rs.2,05,395 (previous year Rs.2,05,395) has been encroached upon by the illegal occupants and fully provided for. The management is hopeful of getting the vacant possession in due course.

7. The amount due to Small Scale Industries and/ or Ancillary Industrial suppliers on account of principal amount is Rs NIL The same is disclosed on the basis of the information available with the Company regarding the status of suppliers as defined under the Industries (Development and Regulation) Act, 1951 and interest on Delayed Payments to small Scale and Ancillary Industrial Undertaking Act, 1993.

8. Related Party Disclosures- Related party disclosures as required by Accounting Standard -18 "Related Party Disclosures" are given below. [Related parties are as identified by the Company and relied upon by the Auditors]:

2. Other parties with whom the company has entered into transaction during the year.

i) Associates where key Management personnel and their relatives have significant influence: -

a) Medows Investments Pvt. Ltd

b) Pramila Estates Private Ltd.

c) Varsha Ritu Constructions Pvt. Ltd.

d) Bright Paints Pvt. Ltd.

e) Sylvex Cable Co. Private Limited

ii) Key Management Personnel: -

*-a) Mr. Manoj V. Wadhwa Director

iii) Relative of Key Management Personnel:-

a) Mrs. Pramila V. Wadhwa Mother of Mr. Manoj V. Wadhwa

Notes:

1. No amount pertaining to Related Parties has been provided for as doubtful debts. Also, no amount has been written off / written back during the year.

2. Figures in brackets represent corresponding amount of previous year.

9. Segment Reporting

The Company is mainly engaged in the business of property development/construction and all its activities are carried on in India and hence, there is no separate reportable Segment as per the Accounting Standard 17 - "Segment Reporting" issued by the Institute of Chartered Accountants of India.

10 Previous year''s figures have been regrouped/re-arranged/recast wherever necessary to conform the current year''s presentation.

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Mar 31, 2012

1.1 Out of the above

a) 7089 equity shares have been allotted as fully paid-up Bonus shares by capitalisation of General Reserve

b) 9791 1 equity shares have been allotted as fully paid up shares pursuant to the scheme of Arrangement to the

shareholders of amalgamated company viz. Softex Intra Ltd. c). 12% cumulative preference shares were redeemable on or before 14th June, 2003

1.2 Reconciliation of number of shares outstanding at the beginning and at the end of the reporting period :

1.3 Rights, preference & restrictions attached to Equity Shares

The Company has only one class of Shares referred to as Equity Shares having face value of Rs 100 per Share. Each

Shareholder of lixyj.'Xv '.s, to per shstre. The holders of ecjuity shares sre entitled to dividends, if my. proposed by the Board of Directors and approved by the Share Holders at the Annual General Meeting, except in case of Interim Dividend.

In the event of liquidation, the Equity Shareholders are eligible to receive the remaining assets of the Company after the distribution of all preferential amounts, in proportion to their shareholding.

1.4 Rights, preference & restrictions attached to Preference shares

The Company has only one class of Preference Shares referred to as Preference Shares having face value of Rs 190 per 12% cumulative preference shares which were redeemable on or before 14th June, 2003 . The preference shareholders do not have any voting rights.

NOTES TO ACCOUNTS

1.5. Contingent Liabilities not provided in respect of:

a) In respect of arrears of dividend on 12% 10 years redeemable cumulative preference shares Rs.22,80,000 (Previous Year Rs.22,80,000). The Company may also be liable to pay dividend / interest w.e.f. 15th June, 2003 (due date of redemption), amounting to Rs. 20,03,900 up to 31st March, 2012 (Rs. 17,75,900 upto 31st March, 2011).

b) The Application for condonation of delay and appeal against the exparte order dated 18th January 2006 of the First Labour Court. Mumbai in respect of wages payable to the workmen approximately amounting to Rs. 2,50,00,000 has been dismissed by the Court and thus the Company has filed a writ petition before the Hon'ble High Court, Mumbai..The Hon'ble High Court has granted a conditional stay of execution, implementation and - enforcement of the award on the Company depositing a sum to the extent of the 50% of the amount awarded by First Labour Court. And accordingly Company has deposited Rs 1,03,20,100 with the Prothonotary and Senior Master High Court, Mumbai and shown as deposits under the head Loans and advances given in the Balance Sheet. In the opinion of the Management no amount would be required to be paid as the demand pertains to the workers whose dues were already settled.

2. Estimated amount of contract remaining to be executed on Capital Account and not provided for (Net ofAdvances) Rs.41,82,600 (Previous Year Rs. 41,82,600).

3. Balances in investments account where the certificates are lodged with Government authorities, sundry creditors and advances given are subject to confirmations and reconciliation, if any. The Management does not expect any material difference on such reconciliation.

4. In the opinion of the board, the current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business.

The provision for all known liabilities and depreciation is adequate and not in excess of the amount reasonably required.

5. In lieu of arrears of dividend on 9.5% Cumulative Preference Share Capital amounting to Rs.9,00,000 up to 15th June, 1993, the Company had issued additional capital by way of 12% 10 years Redeemable Cumulative Preference Shares (at the time of statutory redemption of 9.5% Cumulative Preference Capital) and the said amount being that of dividend arrears, would be appropriated out of the profits of subsequent years.

6. Freehold land of Rs.2,05,395 (previous year Rs.2,05,395) has been encroached upon by the illegal occupants and fully provided for. The management is hopeful of getting the vacant possession in due course.

7. The amount due to Small Scale Industries and/ or Ancillary Industrial suppliers on account of principal amount is Rs NIL The same is disclosed on the basis of the information available with the Company regarding the status of suppliers as defined under the Industries (Development and Regulation) Act, 1951 and interest on Delayed Payments to small Scale and Ancillary Industrial Undertaking Act, 1993.

8. Related Party Disclosures- Related party disclosures as required by Accounting Standard -18 "Related Party Disclosures" are given below. [Related parties are as . identified by the Company and relied upon by the Auditors]:

A. List of Related Parties

Parties where control exists

Mr. Deepak V. Wadhwa Director & Shareholder

Mr. Manoj V. Wadhwa Director & Shareholder

Mrs. Pramila Y. Wadhwa Director & Shareholder

Mr. Vijay Y. Wadhwa Shareholder

Mrs. Vinita V. Wadhwa Shareholder

Mrs. Varsha D. Wadhwa Shareh°lder

Mrs. Resham M. Wadhwa Shareholder

Anmol Properties Pvt. Ltd. Shareholder

Marve Beach Resorts Pvt. Ltd. Shareholder

Medows Investments Pvt. Ltd. Shareholder

2. Other parties with whom the company has entered into transaction during the year.

i) Associates where key Management personnel and their relatives have significant influence: -

a) Medows Investments Pvt. Ltd

b) Pramila Estates Private Ltd.

c) Varsha Ritu Constructions Pvt. Ltd.

d) Bright Paints Pvt. Ltd.

e) Sylvex Cable Co. Private Limited

ii) Key Management Personnel: -

*-a) Mr. Manoj V. Wadhwa Director

iii) Relative of Key Management Personnel:-

a; Mr-,. Pramiia Y. Wadhwa Mother of Mr. Manoj V. Wadhwa

Notes;

1. No amount pertaining to Related Parties has been provided for as doubtful debts. Also, no amount has been written off / written back during the year.

2. Figures in brackets represent corresponding amount ofprevious year.

9. Segment Reporting

The Company is mainly engaged in the business of property development/construction and all its activities are carried on in India and hence, there is no separate reportable Segment as per the Accounting Standard 17 - "Segment Reporting" issued by the Institute of Chartered Accountants of India.

10. Previous year's figures have been regrouped/re-arranged/recast wherever . necessary to conform the current year's presentation.

---

Mar 31, 2011

1. Contingent Liabilities not provided in respect of:

a) In respect of arrears of dividend on 12% 10 years redeemable cumulative preference shares Rs.22,80,000 (Previous Year Rs.22,80,000). The Company may also be liable to pay dividend / interest w.e.f. 15th June, 2003 (due date of redemption), amounting to Rs. 17,75,900 up to 31st March, 2011 (Rs. 15,47,900 upto 31st March, 2010).

b) The Application for condonation of delay and appeal against the exparte order dated 18th January 2006 of the First Labour Court, Mumbai in respect of wages payable to the workmen approximately amounting to Rs. 2,50,00,000 has been dismissed by the Court and thus the Company has filed a writ petition before the Hon'ble High Court, Mumbai..The Hon'ble High Court has granted a conditional stay of execution, implementation and enforcement of the award on the Company depositing a sum to the extent of the 50% of the amount awarded by First Labour Court. And accordingly Company has deposited Rs. 1,03,20,100 with the Prothonotary and Senior Master High Court, Mumbai and shown as deposits under the head Loans and advances given in the Balance Sheet. In the opinion of the Management no amount would be required to be paid as the demand pertains to the workers whose dues were already settled.

2. Estimated amount of contract remaining to be executed on Capital Account and not provided for (Net of Advances) Rs. 1,12,20,100 (Previous Year Rs. 1,12,20,100).

3. Balances in investments account where the certificates are lodged with Government authorities, sundry creditors and advances given are subject to confirmations and reconciliation, if any. The Management does not expect any material difference on such reconciliation.

4. In the opinion of the board, the current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business. The provision for all known liabilities and depreciation is adequate and not in excess of the amount reasonably required.

5. In lieu of arrears of dividend on 9.5% Cumulative Preference Share Capital amounting to Rs. 9,00,000 up to 15th June, 1993, the Company had issued additional capital by way of 12% 10 years Redeemable Cumulative Preference Shares (at the time of statutory redemption of 9.5% Cumulative Preference Capital) and the said amount being that of dividend arrears, would be appropriated out of the profits of subsequent years.

6. Freehold land of Rs. 2,05,395 (previous year Rs. 2,05,395) has been encroached upon by the illegal occupants and fully provided for. The management is hopeful of getting the vacant possession in due course.

7. The amount due to Small Scale Industries and/ or Ancillary Industrial suppliers on account of principal amount is Rs. NIL The same is disclosed on the basis of the information available with the Company regarding the status of suppliers as defined under the Industries (Development and Regulation) Act, 1951 and interest on Delayed Payments to small Scale and Ancillary Industrial Undertaking Act, 1993.

8. Related Party Disclosures- Related party disclosures as required by Accounting Standard -18 "Related Party Disclosures" are given below. [Related parties are as identified by the Company and relied upon by the Auditors]:

A. List of Related Parties

Parties where control exists :-

Mr. Deepak V. Wadhwa Director & Shareholder

Mr. Manoj V. Wadhwa Director & Shareholder

Mrs. Pramila V. Wadhwa Director & Shareholder

Mr. Vijay V. Wadhwa Shareholder

Mrs. Vinita V. Wadhwa Shareholder

Mrs. Varsha D. Wadhwa Shareholder

Mrs. Resham M. Wadhwa Shareholder

Anmol Properties Pvt. Ltd. Shareholder

Marve Beach Resorts Pvt. Ltd. Shareholder

Medows Investments Pvt. Ltd. Shareholder

9. Other parties with whom the company has entered into transaction during the year.

i) Associates where key Management personnel and their relatives have significant influence: -

a) Medows Investments Pvt. Ltd

b) Pramila Estates Private Ltd.

c) Varsha Ritu Constructions Pvt. Ltd.

d) Bright Paints Pvt. Ltd.

e) Sylvex Cable Co. Private Limited

ii) Key Management Personnel: -

*-a) Mr. Manoj V. Wadhwa Director

iii) Relative of Key Management Personnel:-

a) Mrs. Pramila V. Wadhwa Mother of Mr. Manoj V. Wadhwa

10. Segment Reporting

The Company is mainly engaged in the business of property development/ construction and all its activities are carried on in India and hence, there is no separate reportable Segment as per the Accounting Standard 17 - "Segment Reporting" issued by the Institute of Chartered Accountants of India.

11. Previous year's figures have been regrouped/re-arranged/recast wherever necessary to conform the current year's presentation.

---

Mar 31, 2010

1. Contingent Liabilities not provided in respect of:

a) In respect of arrears of dividend on 12% 10 years redeemable cumulative preference shares Rs.22,80,000 (Previous Year Rs.22,80,000). The Company may also be liable to pay dividend / interest w.e.f. 15th June, 2003 (due date of redemption), amounting to Rs. 15,47,900 up to 3.1st March, 2010 (Rs. 13,19,900 upto 31st March, 2009).

b) In respect of expenses as may have to be borne on reconciliation of the accounts with the Co-operative housing society. Amount presently not ascertainable.

c) The Application for condonation of delay and appeal against the exparte order dated 18th January 2006 of the First Labour Court, Mumbai, in respect of wages payable to the workmen approximately amounting to Rs 2,50,00,000/- has been dismissed by the Court and thus the Company has filed a writ petition before the Honble High Court, Mumbai. In the opinion of Management, no amount would be required to be paid as the demand pertains to the workmen whose dues have already been paid by the Company.

2. Estimated amount of contract remaining to be executed on Capital Account and not provided for (Net of Advances) Rs.1,12,20,100 (Previous Year Rs. 1,12,20,100).

3. Balances in investments account where the certificates are lodged with Government authorities, sundry creditors and advances given are subject to confirmations and reconciliation, if any. The Management does not expect any material difference on such reconciliation.

4. In the opinion of the board, the current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of business. The provision for all known liabilities and depreciation is adequate and not in excess of the amount reasonably required.

5. In lieu of arrears of dividend on 9.5% Cumulative Preference Share Capital amounting to Rs.9,00,000 up to 15th June, 1993, the Company had issued additional capital by way of 12% 10 years Redeemable Cumulative Preference Shares (at the time of statutory redemption of 9.5% Cumulative Preference Capital) and the said amount being that of dividend arrears, would be appropriated out of the profits of subsequent years.

6. Freehold land of Rs.2,05,395 (previous year Rs.2,05,395) has been encroached upon by the illegal occupants and fully provided for. The management is hopeful of getting the vacant possession in due course.

7. The Company has not received any intimation from suppliers regarding their status under the Micro, Small and Medium Enterprises Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at year end together with interest paid/payable as required under the said Act have not been given.

8. Related Party Disclosures- Related party disclosures as required by Accounting Standard -18 "Related Party Disclosures" are given below. [Related parties are as identified by the Company and relied upon by the Auditors]:

A. List of Related Parties

Parties where control exists:-

Mr. Deepak V. Wadhwa Director & Shareholder

Mr. Manoj V. Wadhwa Director & Shareholder

Mrs. Pramila V. Wadhwa Director & Shareholder

Mr. Vijay V. Wadhwa Shareholder

Mrs. Vinita V. Wadhwa Shareholder

Mrs. Varsha D. Wadhwa Shareholder

Mrs. Resham M. Wadhwa Shareholder Anmol Properties Pvt. Ltd. Shareholder

Marve Beach Resorts Pvt. Ltd. Shareholder

Medows Investments Pvt. Ltd. Shareholder

2. Other parties with whom the company has entered into transaction during the year.

i) Associates where key Management personnel and their relatives have significant influence: -

a) Medows Investments Pvt. Ltd

b) Pramila Estates Private Ltd.

c) Varsha Ritu Constructions Pvt. Ltd.

d) Bright Paints Pvt. Ltd.

e) Sylvex Cable Co. Private Limited

ii) Key Management Personnel: -

a) Mr. Manoj V. Wadhwa Director

iii) Relative of Key Management Personnel:-

a) Mrs. Pramila V. Wadhwa Mother of Mr. Manoj V. Wadhwa

Notes:

1. No amount pertaining to Related Parties has been provided for as doubtful debts. Also, no amount has been written off/ written back during the year.

2. Figures in brackets represent corresponding amount of previous year.

9. Segment Reporting

The Company is mainly engaged in the business of property development/construction and all its activities are carried on in India and hence, there is no separate reportable Segment as per the Accounting Standard 17 - "Segment Reporting" issued by the Institute of Chartered Accountants of India.

10. Additional information pursuant to the provision of part II of Schedule VI of the Companies Act, 1956.

11. Previous years figures have been regrouped/re-arranged/recast wherever necessary to conform the current years presentation.