Notes to Accounts of Genomic Valley Biotech Ltd.

Mar 31, 2014

1. CONTINGENT LIABILITIES

NIL

2. The company has started commercial operation partially during year ended 31st March 2013. Profit and Loss Account has been prepared. In view of the above, provision of Income Tax has been made.

3. In the opinion of the Board of Directors and to the best of their knowledge and belief, the value on realisation of Loans, Advance and Current Assets in the ordinary course of business will not be less than the amount at which they are stated in Balance Sheet.

4. Figures of the previous year has been rearranged & regrouped wherever deemed necessary.

5. Additional information pursuant to para 3, 4C, 4D of PART II of Schedule VI to the Companies Act, 1956 (To the Extent Applicable), has not been given since there is no revenue activity.

6. Notes No.17 Notes on account form an integral part of the accounts.

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Mar 31, 2013

1. CONTINGENT LIABILITIES

NIL

2. The company has started commercial operation partially during year ended 31st March 2013. Profit and Loss Account has been prepared. In view of the above, provision of Income Tax has been made.

3. Amount of bad debts given on capital goods which was written off in the earlier years and was charged to corresponding Pre-operative Expenditure Account.

The year wise detail of bad debts written off is as under:

Year Amount of Bad Debts w/o

1999- 2000 77,61,019

2000- 2001 24,50,000

Total 1,02,11,019

This amount has now been transferred to Misc. Expenditure Account..Company intends to write off this amount in 5 years after full commercial production.

4. The Capital Work-in-Progress amounting Rs. 1,76,40,234.13/- which has been arrived as under has been capitalised to Building Accounts..

The above amount which has been capitalised in Building Accounts was incurred since incorporation, which could not be allocated in Building Accounts in the respective years. Now in this year it is being transferred to Building Accounts.

5. In the opinion of the Board of Directors and to the best of their knowledge and belief, the value on realisation of Loans, Advance and Current Assets in the ordinary course of business will not be less than the amount at which they are stated in Balance Sheet.

6. Figures of the previous year has been rearranged & regrouped wherever deemed necessary.

7. Additional information pursuant to para 3, 4C, 4D of PART II of Schedule VI to the Companies Act, 1956 (To the Extent Applicable), has not been given since there is no revenue activity.

8. Notes No.17 Notes on account form an integral part of the accounts.

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Mar 31, 2012

1. CONTINGENT LIABILITIES

NIL

2. The FDRs of Rs. 25 lack which was created from the NHB Bridge Loan and interest thereon, has illegally been appropriated to National Horticulture Board (NHB) Account by Indian Overseas Bank, until the previous year the Company was showing this sum (of Rs. 25 lacs) under the heading 'Cash at Bank-FDRs' as the Management proclaim that the FDRs are legally the assets of the Company. But now as per the bahadurgarh court's decree the loan amount had been reduced by Rs. 25 lack out of FDRs of Rs. 28.85 lack and balance of Rs. 3,84,563 reduced from provision for service charges. Further no provision is required for the service charges as per bahadurgarh court's decree.

3. Since there has been no revenue operation except some trial production and the Company is in the process of setting up project during the year ended 31st March, 2011, Profit and Loss Account has not been prepared and has therefore Net Pre-operative Expenditure Account has been prepared. In view of the above, no provision of Income Tax has been made.

4. It is the Company's intention to capitalise the expenditure on capital work-in-progress when commercial operation begin. The amount to be capitalised or created as deferred revenue expenditure will be determined in accordance with the accepted accounting principle.

5. In the opinion of the Board of Directors and to the best of their knowledge and belief, the value on realisation of Loans, Advance and Current Assets in the ordinary course of business will not be less than the amount at which they are stated in Balance Sheet.

6. Figures of the previous year has been rearranged & regrouped wherever deemed necessary.

7. Additional information pursuant to para 3, 4C, 4D of PART II of Schedule VI to the Companies Act, 1956 (To the Extent Applicable), has not been given since there is no revenue activity.

8. Schedule A to J form an integral part of the accounts.

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Mar 31, 2011

1. CONTINGENT LIABILITIES

NIL

2. The FDRs of Rs. 25 lacs which was created from the NHB Bridge Loan and interest thereon, has illegally been appropriated to National Horticulture Board (NHB) Account by Indian Overseas Bank, but hte Company is showing this sum (of Rs. 25 lacs) under the heading ''Cash at Bank- FDRs'' as the Management proclaim that the FDRs are legally the assets of the Company. Consequently, unsecured Bridge loan from NHB is overstated by the same amount.

3. Since there has been no revenue operation except some trial production and the Company is in the process of setting up project during the year ended 31st March, 2011, Profit and Loss Account has not been prepared and has therefore Net Pre-operative Expenditure Account has been prepared. In view of the above, no provision of Income Tax has been made.

4. It is the Company''s intention to capitalise the expenditure on capital work-in-progress when commercial operation begin. The amount to be capitalised or created as deferred revenue expenditure will be determined in accordance with the accepted accounting principle.

5. In the opinion of the Board of Directors and to the best of their knowledge and belief, the value on realisation of Loans, Advance and Current Assets in the ordinary course of business will not be less than the amount at which they are stated in Balance Sheet.

6. Figures of the previous year has been rearranged & regrouped wherever deemed necessary.

7. Additional information pursuant to para 3, 4C, 4D of PART II of Schedule VI to the Companies Act, 1956 (To the Extent Applicable), has not been given since there is no revenue activity.

8. Schedule A to J form an integral part of the accounts.

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Mar 31, 2010

1. CONTINGENT LIABILITIES

Estimated amount of contract remaining to be executed on Capital Account and not provided for 349.30 Lacs net of advances. Previous year (349.30 lacs)

2. The FDRs of Rs. 25 lacs which was created from the NHB Bridge Loan and interest thereon, has illegally been appropriated to National Horticulture Board (NHB) Account by Indian Overseas Bank, but hte Company is showing this sum (of Rs. 25 lacs) under the heading ''Cash at Bank- FDRs'' as the Management proclaim that the FDRs are legally the assets of the Company. Consequently, unsecured Bridge loan from NHB is overstated by the same amount.

3. FDRs of Rs. 30 lacs shown under "Cash and Bank—FDRs" (previous year Rs. 30 lacs) together with the interest of Rs. 3.72 Lacs (Previous year Rs. 4.91 lacs) are in the name of HAIC A/c T.N. Agrawal. This is because of the fact that HAIC has insisted at the time of releasing their equity portion of Rs. 30 lacs that FDRs should be made of the same amount through Account of one of the Directors of the Company. Further, the company and its promoters are on their way to settle the matter amicably with HAIC out of the court.

4. Since there has been no revenue operation except some trial production and the Company is in the process of setting up project during the year ended 31st March, 2010, Profit and Loss Account has not been prepared and has therefore Net Pre-operative Expenditure Account has been prepared. In view of the above, no provision of Income Tax has been made.

5. It is the Company''s intention to capitalise the expenditure on capital work-in-progress when commercial operation begin. The amount to be capitalised or created as deferred revenue expenditure will be determined in accordance with the accepted accounting principle.

6. In the opinion of the Board of Directors and to the best of their knowledge and belief, the value on realisation of Loans, Advance and Current Assets in the ordinary course of business will not be less than the amount at which they are stated in Balance Sheet.

7. Figures of the previous year has been rearranged & regrouped wherever deemed necessary.

8. Additional information pursuant to para 3, 4C, 4D of PART II of Schedule VI to the Companies Act, 1956 (To the Extent Applicable), has not been given since there is no revenue activity.

9. Schedule A to J form an integral part of the accounts.