Notes to Accounts of Continental Chemicals Ltd.

Mar 31, 2015

1. The figures have been rounded off at the nearest rupees.

18. All the Current Assets. Loans and Advances, in the opinion of the Board, have a value on realization which in the ordinary course of business shall at least be equal to the amount, at which it is stated in the Balance Sheet.

2. The company has lost the case against union of India and had acknowledge debt including interest up to the date of order of Supreme Court in financial year 2013-2014.

3. Related Party Disclosures:

A. Parties where control exists: NIL

B. Other Related Parties where transactions have taken place during the Year:

I. Key Management Personnel (KMP) : SUNAINA CHIBBA

: NARESH KUMAR CHIBBA

: PRADEEP KUMAR CHOPRA

: AKSHAT BHASKAR

: PARDEEP KUMAR

: URMINDER SINGH

4. Enterprises significantly influenced by Individuals having significant influence/substantlal interest: Interads E Communications Limited Continental Software Solutions Limited

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Mar 31, 2014

1. There are contingent liabilities of Rs. NIL of the Company as on 31st March, 2014.

2. None of the employees of the company were drawing emoluments more than what has been specified under the newly amended Companies (Particulars of Employees) Rules, 1975.

3. In the opinion of the Board of Directors the Current Assets, Loans & Advances are having the value at which they are stated in the Balance Sheet, if realised in the ordinary course of Business.

4. The previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification/ disclosure.

5. The Company has been advised that the Computation of Net Profit for the purpose of Director''s remuneration under Section 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the Directors.

6. No dividend has been recommended for the year ended 31st March, 2014.

7. EARNING PER SHARE

i) Earning per share of the company has been calculated considering the profit(loss)after Taxation, Rs. (396115.59(previous year Rs 150990.24 are numerator

ii) Number of equity shares used as denominator is 999000.

iii) The basic and diluted EPS for the year on the above mentioned basis comes to Rs. (0.40) previous year Rs. 0.15

8. The Managing director''s remuneration has been provided only at the minimum remuneration as per the companies Act, 1956.

9. The company''s refund claims for refund due under The Excise Act amounting to Rs. 1062137/- (Previous years Rs. 1062137/-) are pending with excise authorities at various levels. This has not been taken in accounts.

10. Claims against the company not acknowledge as debt are as under:

In respect of electricity charges Rs. 1210595.90 (Previous Year Rs. 1210595.90). This has not been taken in account.

11. Electricity Charges paid Rs. 67097/- was under protest and the matter of refund of the said amount is still pending with the court. This amount has not been taken in accounts.

12. The company has lost the case against Union of India and acknowledged financial liability of Rs. 37.84 Lac, as per the final order passed by the Supreme Court of India.

13. Balance Confirmation Certificates from Sundry Debtors & Sundry Creditors are yet to be received.

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Mar 31, 2013

(A) Company Overview:

The Company was incorporated on 27.11.1984 presently having its Registered Office at A-7, Sector-7, Noida, U.P.-201301

1. There are no contingent liabilities of the Company as on 31.03.2013.

2. None of the employees of the company were drawing emoluments more than what has been specified under the newly amended Companies (Particulars of Employees) Rules, 1975.

3. In the opinion of the Board of Directors the Current Assets, Loans & Advances are having the value at which they are stated in the Balance Sheet, if realised in the ordinary course of Business.

4. Previous year figures have been regrouped & rearranged wherever necessary.

5. The Company has been advised that the Computation of Net Profit for the purpose of Director''s remuneration under Section 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the Directors.

6. No dividend has been recommended for the year ended 31st March, 2013.

7. The Managing Director''s remuneration has been provided only at the minimum remuneration as per the Companies Act. 1956.

8.. The Company''s refund claims for refund due under The Excise Act amounting to Rs. 1062137/- (Previous years Rs. 1062137/-) are pending with excise authorities at various levels. This has not been taken in accounts.

9. Claims against the company not acknowledge as debt are as under:-

In respect of electricity charges Rs. 1210595.90 (Previous year Rs. 1210595.90).This has not been taken in account.

10 Electricity charges paid Rs. 67097/- was under protest and the matter of refund of the said amount is still pending with the court. This amount has not been taken in accounts.

11. Balance Confirmation Certificate from Sundry Debtors & Sundry Creditors are yet to be received.

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Aug 31, 2011

Not Available

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Aug 31, 2010

(Forms integral part of the Balance Sheet and Profit & Loss Account for the year ended 31/08/2010)

The company is engaged in the business of development of computer software and other related services. The production and sale of such software is not capable of being expressed in any generic unit and hence it is not possible to give the quantitative details of sales and the information as required under paragraphs 3,4C and 4D of Part II of Schedule VI of the Companies Act, 1956.

a) Provision has been made on account of Rs. 21000/- (previous year - 332743/-) in respect of gratuity for the amount due to employees who have completed service for Five years.

b) Research & Development Expenses charged to Profit & Loss Account during the year 2009-2010 is 319391/- (Previous year 901353/-.)

c) DEFERRED TAXATION

(i) Based on Accounting standard on accounting for Taxes on income (AS- 22) during the year deferred tax assets of Rs. 587460/- for the year ended 31.8.2010 has been adjusted

d) Previous year figures have been regrouped and rearranged wherever necessary.