Notes to Accounts of Choksi Asia Ltd.

Mar 31, 2025

Note: Capital Management (a) Risk Management

1. The Company aims to manage its capital efficiently so as to safeguard its ability to continue as a going concern and to optimize returns to our shareholders. 2. The capital structure of the Company is based on management''s judgment of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares. 3. The Company policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future development and growth of its business. The Company will take appropriate steps in order to maintain, or if necessary, adjust, its capital structure.

Note: Financial Management (a) Risk Management

The Company''s financial risk management is an integral part of how to plan and execute its business strategies. It is designed to provide reasonable assurance with regard to maintaining of proper accounting controls for ensuring reliability of financial reporting, monitoring of operations, protecting assets from unauthorized use or losses and compliance with regulations. Market risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables and loans and borrowings excluding specific foreign currency payables. The Company manages market risk through the board, which evaluates and exercises independent control over the entire process of market risk management. The activities of this department include management of cash resources, borrowing strategies and ensuring compliance with market risk limits and policies.

Market Risk-Foreign Currency Risk

During the year Company operates domestically only and there are no business transacted in foreign currency.

Credit Risk

Credit risk arises from the possibility that the counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses financial reliability of customers and other counter parties, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of financial assets.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis through each reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of default occurring on asset as at the reporting date with the risk of default as at the date of initial recognition. It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business,

ii) Actual or expected significant changes in the operating results of the counterparty,

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty''s ability to meet its obligations,

Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Company. Where loans or receivables have been written off, the Company continues to engage in enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognized as income in the statement of profit and loss. The Company measures the expected credit loss of trade receivables and loan based on historical trend, industry practices and the business environment in which the entity operates. Loss rates are based on actual credit loss experience and past trends.

Liquidity Risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. Due to the dynamic nature of the underlying business, Company maintains flexibility in funding by maintaining availability of sufficient cash & marketable securities. The Management monitors forecasts of the Company''s liquidity position and cash and cash equivalents based on expected cash flows.

Terms and rights attached to equity shares:

Equity shares have a par value of INR 10. They entitle the holder to participate in dividends, and to share in the proceeds of winding up the company in proportion to the number of and amounts paid on the shares held. Every holder of equity shares present at a meeting is entitled to one vote, and upon a poll each share is entitled to one vote.

Nature and purpose of reserve General Reserve

General Reserve shall be utilised in accordance with provisions of the Act. However it is not utilised till now from the date of creation.

Retained Earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, dividends or other distributions paid to shareholders.

The outstanding of Micro, Small and Medium scale industrial undertaking 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 of the company. There is no claims from suppliers under the interest on delayed payment to small scale Ancillary Industrial Undertaking as informed by the Management.

Under the Micro, Small and Medium Enterprises Development Act, 2006 ("MSMED Act"), certain disclosures are required to be made relating to MSME. On the basis of the information and records available with the Company''s management, dues to MSME have been determined to the extent such parties have been identified on the basis of information collected till the reporting date and has been relied upon by the Statutory Auditors. The Management has not provided for interest due (if any) to these MSME parties basis, no claim being made for the same and management representation that the same would be waived. The disclosures as required by Section 22 of the MSMED Act are given above.

1) The Company had received copy of order passed by The Commissioner of Customs (Nhava Sheva-general), JNCH denying and demanding for recovery of the amount of benefit of exemption from Special Additional Duty (SAD) availed for the year 2011-12, 2012-13 & 2013-14 by the Company, pursuant to Notification No.45/2005- Custom dated 16.05.2005 along with penalty of equivalent amount.

The Company has filed appeal to Hon''ble Customs, Excise, Service Tax Appellate Tribunal - West Zone, Mumbai and expected favorable outcome for the same.

2) The Company has also passed resolution to indemnify Executive of the Company for the same.

3) The government had scheme for transferable export incentive to exporters having DEPB License. Star Impex & V K Gupta were exporters. The Company had taken benefit of incentive available to Star Impex & V K Gupta by paying consideration to them. On show cause notice served on the Company by Authority, it came to know that Star Impex & V K Gupta had wrongly obtained export incentives. The competent authority then arbitrarily passed the order against the Company. The Company has appealed against the order.

Note 23 Disclosure under Accounting Standards Segment information

The Company is engaged only in one business segment viz. the business of manufacturing and dealing in Photosensitized materials and other products for healthcare industry hence the Segment wise information as required by Ind AS is not applicable.

Note No 24

A) Pursuant to Section 124 and 125 read with Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 and amendment thereof, the amount of dividend remaining unclaimed for a period of seven years from the date of transfer to Unpaid dividend account in respective years in respect of accounting year 2016-17, 2017-18, 2018-19 & 2020-21. Subsequent dividend payment shall be transferred to the "Investors Education and Protection Fund" account. Whenever is applicable.

B) Related Parties & Relationships

a) Company and firm in which Directors and their relatives are Directors or Partner Choksi Asia Pvt. Ltd.,

b) Directors of the company: Himanshu Kishnadwala, Tushar Parikh, Brijal Desai, Samir Choksi, Jay Choksi, Shraddha Gandhi, Krishnakumar Parikh

c) Key Managerial personnel and Relatives of Directors: Samir Choksi, Jay Choksi, Rishi Dave

Revenue from Operations

The Company derives revenues primarily from sale of X Ray films and other related products.

Ind AS 115 "Revenue from Contracts with Customers" provides a control-based revenue recognition model and provides a five-step application approach to be followed for revenue recognition.

• Identify the contract(s) with a customer;

• Identify the performance obligations;

• Determine the transaction price;

• Allocate the transaction price to the performance obligations;

• Recognize revenue when or as an entity satisfies performance obligation.

Revenue from contracts with customers is recognized when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company has generally concluded that it is the principal in its revenue arrangements because it typically controls the goods or services before transferring them to the customer.

Revenue excludes amounts collected on behalf of third parties.

The disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts with customers are provided in Note .1(c)"

CSR Disclosure

As per the provisions of section 135 of the Companies Act 2013, the company is not falling under any of the criteria''s set out to undertake mandatory CSR expenditure, hence the said section is not applicable to the company.

Note 25 As schedule for previous Year figure.

The figures for the previous years have been regrouped / rearranged wherever necessary. The Figures or the Previous years are given in brackets.

Other Notes

(i) The Company does not have any Benami Property, where any proceeding has been initiated or pending against the company for holding any Benami Property.

(ii) The company does not have any transaction with Companies struck off.

(iii) The Company have not traded or invested in Crypto currency or virtual currency during the financial year.

(iv) The Company has not been declared willful defaulter by any bank or financial institution or other lender.

(v) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

(vi) There is no scheme of Arrangements approved by the Component Authority in terms of Section 230 to 237 of the Companies Act, 2013.

(vii) The company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

(viii) In the opinion of the management of the Company and to the best of their knowledge and belief, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(ix) In the opinion of the management of the Company and to the best of their knowledge and belief, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

Note 28 Business Combination - Merger Merger of Choksi Asia Private Limited

Hon. National Company Law Tribunal has approved the Scheme of Merger of Choksi Asia Private Limited ("CAPL") with the Company vide its order dated 21/11/2024 received on 28/11/2024. As per the scheme the effective date of Merger was 1st April 2023. Accordingly, the financial performance of CAPL for the financial year 2024-2025 has been incorporated in these financial statements and the financial performance for financial year 2023-2024 has been incorporated in retained earnings. The difference between fair value of assets and liabilities as on 1st April 2023 and after taking into account 27,51,000 equity shares of Rs 10 Each and 9,97,545 Non Convertible Redeemable Preference Shares to be allotted to the erstwhile shareholders of CAPL as per the scheme is recognised as Goodwill of Rs. 929.13 lakhs which is accounted in the Standalone Financial Statements.

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Mar 31, 2024

(N) Provisions

Provisions for legal claims, warranties, discounts and returns are recognised when the group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses.

Provisions are measured at the present value of management''s best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.

(O) Employee Benefit.

(i) Short term obligations.

Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees'' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet.

(ii) Post -Employment obligation

The group operates the following post-employment schemes:

(a) Defined benefit plans such as gratuity, and

(b) Defined contribution plans such as provident fund.

Gratuity obligations

The liability or asset recognised in the balance sheet in respect of defined benefit gratuity plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.

The present value of the defined benefit obligation denominated in INR is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation or provided by LIC (Insurer).

The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the statement of profit and loss.

Re-measurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income.

They are included in retained earnings in the statement of changes in equity and in the balance sheet. Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in profit or loss as past service cost.

Defined Constructive Plan

The company pays provident fund contributions to publicly administered provident funds as per local regulations. The company has no further payment obligations once the contributions have been paid. The contributions are accounted for as defined contribution plans and the contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

(P) Dividends

Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion of the entity, on or before the end of the reporting period but not distributed at the end of the reporting period.

(Q) Earnings per share

(i) Basic earnings per share is calculated by dividing:

a. the profit attributable to owners of the group

b. by the weighted average number of equity shares outstanding during the financial year, adjusted for bonus elements in equity shares issued during the year and excluding treasury shares.

(ii) Diluted earnings per share

Diluted earnings per share adjust the figures used in the determination of basic earnings per share to take into account:

a. the after-income tax effect of interest and other financing costs associated with dilutive potential equity shares, and

b. The weighted average number of additional equity shares that would have been outstanding assuming the conversion of all dilutive potential equity shares.

(R) Lease:

The company has consistently applied the accounting policies in respect of all periods presented in these financial statements.

The company has applied Ind AS 116 using the modified retrospective approach with cumulative impact recognised on the date of initial application (1st April 2019). However, there is no impact on the financials of the company as there are no such transactions for the current period which are covered under the ambit of this standard.

(S) Recent pronouncements:

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company.

(T) Rounding of Amount

All amounts disclosed in the financial statements and notes have been rounded off to the nearest lakhs as per the requirement of Schedule III, unless otherwise stated.

As per our report of even date

For KARIA & SHAH For and on behalf of Board of Directors of Choksi

Chartered Accountants Imaging Limited

Firm Regn.no.112203W CIN: L24294MH1992PTC388063

Sd/- Sd/- Sd/-

(Siddharth Vora) Samir Choksi Jay Choksi

Partner DIN-00049416 DIN-07151509

(Membership No.170375) Managing Director Whole Time Director

& CFO

Place: Mumbai

Date: May 19, 2024 Sd/-

Rishi Dave Company Secretary M. No.: A36389

Place: Mumbai Date: May 19, 2024

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Mar 31, 2015

Note 1. Contingent liabilities and commitments (to the extent not provided for)

Particular As at As at 31st March 31st March 2015 2014 Rs.in Lakh Rs.in Lakh

Contingent liabilities

(a) Guarantees 29.12 32.38

(b) Letter of Credit 1.99 23.31

(c) Claim not Acknowledge 143.75 143.75 by Company (refer note.1)

(d) Claim not Acknowledge 1,574.64 - by Company - Custom Duty & Penalty (refer note.2)

Note:

1) No Provison has been made in books of Account as company is of the opinion that there will not be any Liability. As company is confident of winning both the cases inclusive of Rs. 128.50 of Bright Care Diagnostic Centre and Rs. 15.25 of Dr.Jai Thakur.

2) The Company has received demand order from the Commissioner of Customs of custom duty aggregating Rs. 787.32 lacs & penalty of Rs. 787.32 lacs for the year 2011-12, 2012-13 & 2013-14. The company is in process to file an appeal against the said order.

The company is advised that the said demand is legally unsustainable and hence the company does not expect any liability in the matter.

Note 2. Segment information

The Company is engaged only in one business segment viz. the business of manufacturing and dealing in Photosensitised materials and other products for Healthcare industry. Hence the the Segment wise information as required by AS 17 is not applicable.

Note 3.

A) Consequent upon Amendment to Section 205A of the Companies Act 1956 and introduction of Section 205C by the Companies ( Amendment Act)1999,the amount of dividend remaining unclaimed for a period of seven years from the date of transfer to Unpaid dividend account in respective years in respect of Accounting year 2007-08,2008-09, 2009- 10, 2010-11,2011-12 & 2012-13. subsequent dividend payment, shall be transferred to the Investors Education and Protection Fund account.

B) Related Parties & Relatinship

a) Company and firm in which Directors and their relatives are Directors or Partner

Choksi Brothers Pvt.Ltd.(CBPL),Medical Solution(India)Pvt.Ltd.,Unique Imaging,S.S.Digitech Impex Pvt.Ltd., Photo Marketing Services & Hitech Imaging Pvt.Ltd.

b) Directors of the company

Anil Choksi,Samir Choksi,Naimish Choksi,Gaurav Choksi"

c) Key Management personnel Tushar K.Choksi ,Sunil A.Choksi"

Note 4. As Schedule for previous year figure

The figures of the previous year have been regrouped / rearanged wherever necessary. The Figure or the Previous years are given in brackets.

The company has complied the above accounts based on the revised/Modified Schedule III applicable for the accounting period 2014-2015.

The disclosure requirements are made in the notes to accounts or by way of additional statements. The other disclosure as required by the Companies Act are made in the notes to accounts.

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Mar 31, 2014

Not Available

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Mar 31, 2013

Note 1.1 Disclosures under Accounting Standards

Segment information

The Company is engaged only in one business segment viz. the business of manufacturing and dealing in Photosensitised materials and other products for Healthcare industry. Hence the the Segment wise information as required by AS 17 is not applicable.

Note 1.2

A) Consequent upon Amendment to Section 205A of the Companies Act 1956 and introduction of Section 205C by the Companies (Amendment Act)1999,the amount of dividend remaining unclaimed for a period of seven years from the date of transfer to Unpaid dividend account in respective years in respect of Accounting year 2005-06,2006-07,2007-08,2008-09, 2009-10, 2010-11& 2011-12subsequent dividend payment,shall be transferred to the "Investors Education and Protection Fund" account.

B) Related Parties & Relationship

a) Company and firm in which Directors and their relatives are Directors or Partner

Choksi Brothers Pvt.Ltd.(CBPL), Medical Solution (India) Pvt.Ltd., Unique Imaging, S.S.Digitech Impex Pvt.Ltd., Photo Marketing Services & Hitech Imaging Pvt.Ltd.

b) Directors of the company

Anil Choksi, Suresh Choksi, Samir Choksi, Naimish Choksi, Gaurav Choksi

c) Relatives

Sunil Choksi, Kusum Choksi, Sunil Choksi-HUF

d) Key Management personnel Tushar K.Choksi, Sunil A.Choksi

e) Disclosure in respect of material related transaction during the year

a) Purchase Goods from Unique Imaging is Rs. 22.71

b) Purchase Goods from Medical Solution(India) Pvt.Ltd. is Rs. NIL and sales Rs. 2.00

c) Purchase Goods from S.S. Digitech Impex Pvt.Ltd. is Rs. 5.60

d) Fixed Deposit Repaid to Sunil Choksi HUF Rs. 10.30 & Sunil Choksi Rs. 1.07 Including Interest Repaid to Kusum Choksi Rs. 82.75 including interest

e) Remuneration to key management personnel Tushar. K. Choksi Rs. 17.04, Sunil A. Choksi Rs. 17.04 for the year 2012-13 & Gaurav S. Choksi Rs. 5.75 from April to July-12.

C) Derivatives contract entered by the Company & Outstanding as on 31.03.13

a) Nominal amount of derivative contract entered by the Company Outstanding as on 31.03.13 is NIL Previous year NIL

b) Foreign Currency exposure that are not hedged by derivative investement as on 31.03.13 is as follows:

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Mar 31, 2012

Note: Public Deposits received in Rs. 187.28 which includes Rs. 142.92 payable within one year & Balance Rs. 44.36 within next two years. Unpaid Public Deposit Rs. 0.03 (Nil) is included under the Head Unpaid Maturity Deposit & Interest Accrued thereon.

Notes:

1) Company is using Cash Credit Facilities for Working Capital & which is secure by

(a) Hypothecation of raw materials, stock in process, finished goods, packing materials, stores & book debts.

(b) Charge on fixed Assets and machineries of the company

(c) Personal guarantee of certain Directors

Note:

(1) The outstanding of Micro, Small and Medium scale industrial undertaking 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. There is no outstanding supplier from Micro, Small & Medium undertaking more than 45 days as informed.

There is no claims from suppliers under the interest on delayed payment to small scale Ancillary Industrial Undertaking as informed by the Management.

(2) Trade Acceptances includes Rs. 3.53 of Unique Imaging & Rs. 1.16 of S. S. Digitech Impex Pvt. Ltd., Photo Marketing Services Rs. 30.12 in which Key Management persons are interested & Maximum Balance of Outstanding anytime during the year.

Note:

Other Trade Receivables Includes Rs. 125.98 of Medical Solutions (India) Pvt. Ltd. in which Key Management Persons are interested Maximum Balance is outstanding anytime during the year.

Segment information

The Company is engaged only in one business segment viz. the business of manufacturing and dealing in Photosensitised materials and other products for Healthcare industry. Hence the Segment wise information as required by AS 17 is not applicable.

A) Consequent upon Amendment to Section 205A of the Companies Act 1956 and introduction of Section 205C by the Companies (Amendment) Act 1999, the amount of dividend remaining unclaimed for a period of seven years from the date of transfer to Unpaid divided account in respective years in respect of Accounting year 2004-05, 2005-06, 2006-07, 2007-08, 2008-09, 2009-10 & 2010-11 subsequent dividend payment, shall be transferred to the "Investors Education and Protection Fund" account.

B) Related Parties & Relationship

a) Company and firm in which Directors and their relatives are Directors or Partner Choksi Brothers Pvt. Ltd., Medical Solution (India) Pvt. Ltd., Unique Imaging, S.S.Digitech Impex Pvt. Ltd., Photo Marketing Services.

b) Directors of company

Mr. Anil Choksi, Mr. Suresh Choksi, Mr. Samir Choksi, Mr. Naimish Choksi

c) Relatives

Ms. Kusum Choksi, Mr. Sunil Choksi, Sunil Choksi HUF

d) Disclosure in respect of material related transaction during the year

a) Purchase goods from Unique Imaging is Rs. 19.16/-

b) Purchase goods from Medical Solution (India) Pvt. Ltd. in Rs. 4.70/- and sales Rs. 486.55/-

c) Purchase goods from S.S. Digitech Impex Pvt. Ltd. is Rs. 9.80/-

d) Fixed Deposit taken from Ms. Kusum Choksi is Rs. 80/- & Interest Paid Rs. 7.94/-

e) Fixed Deposit taken from Mr. Sunil Choksi is Rs. 1/- & from Sunil Choksi HUF is Rs. 10/- interest paid Rs. 1.09/-

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Mar 31, 2010

1. Contingent Liabilities:

Contingent Liability in respect of As on As on 31.03.10 31.03.09

Guarantee Furnished including In respective of Letter of credit Rs. 1,283,623 Rs. 1,187,710

Estimated amount of Contracts To be executed on capital account And not provided for Rs. 8,112,800 Rs. 241,710

2. The outstanding of Micro, Small and Medium scale industrial undertaking 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.

There is no outstanding from supplier from Micro, Small & Medium undertaking more than 45 days as informed.

There are no claims from suppliers under the Interest on delayed payment to small scale Ancillary Industrial Undertaking as informed by the Management.

3. Previous year figures have been regrouped or rearranged wherever necessary to make them comparable with current year.

4. Consequent upon Amendment to Section 205A of the Companies Act 1956 and introduction of Section 205C by the Companies Amend-ment Act (1999), the amount of dividend remaining unclaimed for a period of Seven years from the date of transfer to unpaid divi-dend account in respective years in respect of Accounting year 2004-2005, 2005-2006, 2006-2007, 2007-2008 and 2008-2009 subse-quent dividend payments, shall be transferred to the "Investors Education and Protection Fund" account.

5. Segment Reporting:

The Company is engaged only in one business segment viz. the business of manufacturing and dealing in Photosensitised materials and other products for Healthcare Industry. Hence the Segment wise information as required by AS 17 is not applicable.

6. Related Party Disclosures:

Related party Disclosers as required by AS 18 of the Institute of Chartered Accountants of India is as follows:

A) Related Parties and Relationship

(a) Company and Firm in which Directors and their relatives are Directors or Partners.

Choksi Brothers Private Limited, Medical Solutions (India) Private Limited, Photo Marketing Services, Choksi Brothers Unique Imaging, Innova Investment, Samir K Choksi - Huf

(b) Directors of the Company

Mr. Sharadchandra Pendse, Mr. Anil V.Choksi, Mr. Suresh V.Choksi, Mr. Naimish N. Choksi, Mr. Samir K.Choksi, Mr. Tushar Parikh, Mr. Himanshu Kisnadwala, Mr. Vikram Maniar.

(c) Key Management Personnel:

Mr. Sunil A. Choksi, Mr. Tushar K. Choksi, Mr. Gaurav S. Choksi

d) Disclosure in respect of material related party transaction during the year:

a) Purchase of Goods from Choksi Brothers Private Ltd. is Rs. 340, 272/-

b) Sales of Goods to Choksi Brothers Private Ltd. is Rs. 70,812/-

c) Deposits taken from Choksi Brothers Pvt. Ltd. Is Rs. 74,055,056/- and Medical Solutions (India) Private Ltd is Rs. 3,900,000/-

d) Interest Expenses on deposits taken from Choksi Brothers Private Ltd. is Rs. 5,665,837/- and from Medical Solutions (India) Private Ltd is Rs.193,710/-.

e) Interest expenses on deposit taken from Directors is Rs. 4,371,443/-.

f) Outstanding deposits payable to Choksi Brothers Private Ltd is Rs. 76,737,933/- and to Medical Solutions (India) Private Limited is Rs. NIL/-.

g) Remuneration to Key management personal Mr. Tushar K. Choksi Rs. 1,552,074 /-, Mr. Gaurav S. ChoksiisRs.1,552,074/-and Mr. Sunil A. Choksi is Rs. 1,552,074/-.

h) Rent paid to Director Mr. Samir K. Choksi, (HUF) towards rent is Rs. 114,000/-.

i) Rent paid to Director Mr. Suresh V. Choksi towards rent is Rs. 150,000/-

j) Rent paid to Innova Investmenttowards rent is Rs. 1,085,806/-

k) Purchase of Gala at Piparia Rs. 12,360,000/-

l) Purchase of Goods from Unique Imaging Rs. 884,560/-.

m) Purchase of Goods from Photo Marketing Services is Rs. 1,071,000/-.

n) Sale of Goods to Photo Marketing Services is Rs. 30,600/-.

o) Interest paid on Fixed Deposit to Shri Sunil Choksi Rs. 11,000/-, Sunil Choksi HUF Rs. 80,465/- and Smt. Kusum Choksi Rs. 605,151/-

7. Disclosures in accordance with Revised accounting Standard (AS) - 15 "Employee Benefits":-