Notes to Accounts of Elcid Investments Ltd.

Mar 31, 2014

1. Contingent Liabilities -

Contingent Liability of Rs. 80 Lacs (Previous Year Rs, 80 lacs) on account of partly paid investments in Mutual Fund units of India Business Excellence Fund-11.

2. Tax amounting to Rs., 13,68,233/- (Previous Year Rs. 4,12,262/-) has been deducted at source on income from interest.

3. Some of the mutual fund statements are not available for verification and hence NAV taken as provided by management.

4. The activity of the Company is that of investment only hence, AS-17 is not required to be mentioned.

KEY MANAGEMENT PERSONNEL: Mr. Varun A. Vakil DIRECTORS:

Shri. Amar A. Vakil,

Shri. Bharat B. Talati,

Shri. Mahesh C. Dalai,

Shri Varun A. Vakil,

Miss Nehal A. Vakil,

Ketan C, Kapadia.

RELATIVES OF KEY MANAGEMENT PERSONNEL: Shri. Abhay Vakil

COMPANIES CONTROLLED BY DIRECTORS / RELATIVES:

Asian Paints Ltd, Resins & Plastic Ltd.', Pragati Chemicals Ltd, Lambodar Investments & Trdg. Co, Ltd., Sapan Invt, Pvt. Ltd., Murahar Invt. & Trdg. Co. Ltd., Suptashwar Invt. & Trdg. Co, Ltd., Asteroids Trading & Invt. Pvt. Ltd., Nehal Trading & Invt. Pvt. Ltd., Vikatmev Containers Ltd., Jalaj Trading & Invt. Co. Pvt. Ltd., Sadavani Invt. & Trdg..Co. Pvt. Ltd.

Related Party relationship is as identified by the Company and relied upon by the Auditors.

5. The financial statements for the year ended 31st March, 2014 have been prepared as,per the Revised Schedule VI to the Companies Act, 1956. Previous year's figures have been regrouped and / or rearranged wherever necessary to make them comparable with the figures of current year.

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Mar 31, 2013

1. Contingent Liabilities

(a) Disputed Income Tax demand for A Y 2008-09 - Rs.104.97 Lacs not provided for as the Company has filed an appeal before CIT (Appeals).

(b) Contingent Liability of Rs. 80 Lacs (Previous Year Rs. 90 lacs) on account of partly paid investments in Mutual Fund units of India Business Excellence Fund-ll.

2. Tax amounting to Rs. 412262/- (Previous Year Rs. 2, 61,862/-) has been deducted at source on income from Interest.

SUBSIDIARIES:

1. Suptashwar Investments and Trading Co. Ltd.

2. Murahar Investments and Trading Co. Ltd.

KEY MANAGEMENT PERSONNEL:

Mr. Varun A. Vakil

DIRECTORS:

Shri. Amar A. Vakil, Shri. Bharat B. Talati, Shri. Mahesh C. Dalai, Shri Varun A. Vakil, Miss Nehal A. Vakil, Ketan C. Kapadia.

RELATIVES OF KEY MANAGEMENT PERSONNEL:

Shri. Abhay Vakil

COMPANIES CONTROLLED BY DIRECTORS / RELATIVES:

Asian Paints Ltd, Resins & Plastic Ltd., Pragati Chemicals Ltd, Lambodar Investments & Trdg. Co. Ltd., Sapan Invt. Pvt. Ltd., Murahar Invt. & Trdg. Co. Ltd., Suptashwar Invt. & Trdg. Co. Ltd., Asteroids Trading & Invt. Pvt. Ltd., Nehal Trading & Invt. Pvt. Ltd., Vikatmev Containers Ltd., Jalaj Trading & Invt. Co. Pvt. Ltd., Sadavani Invt. & Trdg. Co. Pvt. Ltd.

3. The financial statements for the year ended 31st March, 2013 have been prepared as per the Revised Schedule VI to the Companies Act, 1956. Previous year''s figures have been regrouped and / or rearranged wherever necessary to make them comparable with the figures of current year.

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Mar 31, 2012

NOTE:

1. Face Value of Tata Motors has changed from Rs. 10 to Rs. 2 per share.

2. Face Value of Tata Power Co. Ltd. has changed from Rs. 10 to Rs. 1 per share.

i. 3000 Nos. of 9.25 % Debentures of Dr. Reddy's Laboratories Ltd of the face value of Rs. 10/- each received against icy shares without payment.

1. Contingent Liabilities

(a) Disputed Income Tax demand for A Y 2008-09 - Rs.104.97 Lacs not provided for as the Company has filed an appeal before CIT (Appeals).

(b) Contingent Liability of Rs. 90 Lacs on account of partly paid investments in Mutual Fund units of India Business Excellence FundTI.

2. Tax amounting to Rs. 2,61,862/- (Previous Year Rs. 3,11,293/-) has been deducted at source on income from Interest.

3. The activity of the Company is that of investment only hence, AS-17 is not required to be mentioned.

SUBSIDIARIES:

1. Suptashwar Investments and Trading Co. Ltd.

2. Murahar Investments and Trading Co. Ltd.

KEY MANAGEMENT PERSONNEL:

Mr. Varun A. Vakil .

DIRECTORS:

Shri. Amar A. Vakil, Shri. Bharat B. Talati, Shri. Mahesh C. Dalai, Shri Varun A. Vakil, Miss Nehal A. Vakil, Ketan C. Kapadia.

RELATIVES OF KEY MANAGEMENT PERSONNEL:

Shri. Abhay Vakil

COMPANIES CONTROLLED BY DIRECTORS / RELATIVES:

Asian Paints Ltd, Resins & Plastic Ltd., Pragmatic Chemicals Ltd, Lambodar Investments & Trdg. Co. Ltd., Sapan lnvt. Pvt. Ltd., Miramar Invt. & Trdg. Co. Ltd., Suptashwar Invt. & Trdg. Co. Ltd., Asteroids Trading & Invt. Pvt. Ltd., Nehal Trading & Invt. Pvt. Ltd., Vikatmev Containers Ltd., Jalaj Trading &r Invt. Co. Pvt. Ltd., Sadavani Invt. & Trdg. Co. Pvt. Ltd.

4. The financial statements for the year ended 31st March, 2012 have been prepared as per the Revised Schedule VI to the Companies Act, 1956. Previous Year'.s figures have been regrouped and / or rearranged wherever necessary to make them comparable with the figures of current year.

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Mar 31, 2010

A] OTHER ACCOUNTING POLICIES:

These are consistent with the generally accepted accounting practices.

1. Tax amounting to Rs. 2,67,754/- (Previous Year Rs. 2,55,737/-) has been deducted at source on income from Interest.

3. The activity of the Company is that of investment only hence, AS-17 is not required to be mentioned.

4. Provision for Income Tax has been made on the basis of returnable income calculated as per the provisions of the Income Tax Act, 1961.

SUBSIDIARIES:

1. Suptashwar Investments and Trading Co. Ltd.

2. Murahar Investments and Trading Co. Ltd.

KEY MANAGEMENT PERSONNEL

Ms. Nehal Vakil

DIRECTORS:

Shri. Amar A. Vakil, Shri. Bharat B. Talati, Shri. Mahesh C. Dalai, Shri Varun A. Vakil, Ketan C. Kapadia.

RELATIVES OF KEY MANAGEMENT PERSONNEL

Shri. Abhay Vakil

COMPANIES CONTROLLED BY DIRECTORS / RELATIVES:

Asian Paints Ltd, Resins & Plastic Ltd., Pragati Chemicals Ltd, Lambodar Investments & Trdg. Co. Ltd., Sapan Invt. Pvt. Ltd., Murahar Invt. & Trdg. Co. Ltd., Suptashwar Invt. & Trdg. Co. Ltd., Asteroids Trading & Invt. Pvt. Ltd., Nehal Trading & Invt. Pvt. Ltd., Vikatmev Containers Ltd., Jalaj Trading & Invt. Co. Pvt. Ltd., Sadavani Invt. & Trdg. Co. Rvt. Ltd.

1. Other information pursuant to paragraph 3,4C, 4D, of Part II of Schedule VI of the Companies Act, 1956 are not applicable.

2. Previous Years figures have been regrouped and / or rearranged wherever necessary to make them comparable with the figures of current year.