Notes to Accounts of Gujarat Craft Industries Ltd.

Mar 31, 2015

1. Corporate information

Gujarat Craft Industries Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange, Chennai Stock Exchange and Ahmedabad Stock Exchange in India. The company is engaged in the manufacturing of HDPE / PP woven fabrics, sheets, sacks, PE tarpaulin. The company caters to both domestic and international markets.

2. Basis of preparation

The financial statements of Company have been prepared in accordance with the generally accepted accounting principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the Accounting Standards notified U/S 133 of CA 2013, read together with paragraph 7 of the Companies (Accounts) Rules 2014. The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year, except for the change in accounting policy explained below.

Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles. In applying the accounting policies considerations have been given to prudence, substance over form and materiality.

3. Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

4. Gratuity and other post-em ployment benefit plans

a. The company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 469 (in '000) [Year ended 31 March, 2014 Rs. 232 (in '000)] for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to this plan by the company is at rate specified in the rules of the schemes.

b. The company operates two defined plans, viz., gratuity and leave encashment, for its employees. Under the gratuity plan, every employee who has completed atleast five years of service gets a gratuity on departure @ 15 days of last drawn salary for each completed year of service. The plans are not funded by the company.

The following tables summarize the components of net benefit expense recognized in the statement of profit and loss and amounts recognized in the balance sheet for the respective plans.

5. Related party disclosures

Names of related parties and related party relationship

Key management personnel Ashok Chhajer Rishab Chhajer Binod Chhajer Kashyap Mehta

Relative of Key Management Susma Chhajer personnel

Enterprises where Key management Personnel Has significant Influence

Typhoon Financial Serv. Ltd Ethnic Appereal P. Ltd. Rishabh Business P. Ltd

Worldwide Impex Pvt. Ltd Technomod Prop. P. Ltd. Indian Agrotech Ltd.

APA Finance Ltd

Woodlands Consultancy Services Pvt. Ltd.

6. Capital and other commitments

Estimated amount of contract remaining to be executed in Capital Account (net of advances) not provided for Rs. 1,481 in ('000) (P.Y. Rs. 1,000 ('000).

7. DERIVATIVE INSTRUMENTS:

Foreign currency exposure that are not hedged by derivative instruments as on 31st March, 2015 US $ 897 ('000) Equivalent to Rs. 57,159 ('000) (P.Y. $ NIL Equivalent to Rs. NIL)

8. Amount of expenditure incurred in research and development is Rs. Nil (P.Y. Rs. Nil).

9. The balances of trade receivables / payables are subject to confirmation. Adjustments including provisions / write-off, if any, required in accounts, will be made on reconciliation and / or settlement.

10. Details of dues to micro and small enterprises as defined under the MSMED Act, 2006 Based on the information available with the company there are no suppliers who are registered under the Micro, Small and Medium Enterprises Development Act, 2006 as at March 31st, 2015. Hence, the disclosure relating to amounts unpaid as at the year end to gather interest paid / payable under this Act have not been given.This is relied upon by the auditors.

11. Contingent Liabilities and Commitments 31 March 2015 31 March 2014 Rs. in (000) Rs. in (000)

Income Tax Liability for which the company has preferred an appeal before the CIT (A). 30,272 -

30,272 -

12. Money received against share warrants

The Board of Directors of the company at their meeting held on 14th January, 2013 and as approved at its Extra Ordinary General Meeting held on 23rd February, 2013 have resolved to create, offer, issue and allot up to 17,75,000 Equity Warrants, convertible into 17,75,000 Equity shares of Rs. 10/- each on a preferential allotment basis, pursuant to Section 81(1A) of the Companies Act, 1956, at a conversion price of Rs. 27/- per Equity Share of the Company, arrived at in accordance with the SEBI Guidelines in this regard and subsequently these warrants were allotted on 6th March, 2013 and 28th october, 2014 to the promoters and money was received from them.

The warrants have been converted into equivalent number of shares on payment of the balance amount before 5th September, 2014 (being 18 months from the date of Allotment of Equity Warrants).

13. The figures for the previous year have been regrouped wherever necessary so as to make it comparable with those of the current year.

14. Company is in process of recruiting company secretary as required under the provision of section 203 of The Companies Act, 2013. And as such the accounts are not signed by the company secretary.

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Mar 31, 2014

1 Gratuity and other post-employment benefit plans

a. The company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 232 (Rs.000) (Year ended 31 March, 2013 Rs. 236 (Rs.000)) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to this plan by the company is at rate specified in the rules of the schemes.

b. The company operates two defined plans, viz., gratuity and leave encashment, for its employees. Under the gratuity plan, every employee who has completed atleast five years of service gets a gratuity on departure @ 15 days of last drawn salary for each completed year of service. The plans are not funded by the company.

The following tables summarize the components of net benefit expense recognized in the statement of profit and loss and amounts recognized in the balance sheet for the respective plans. Statement of profit and loss

Net employee benefit expense recognized in the employee cost

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market.

2 Capitalization of expenditure

During the year, the company has capitalized the following expense of revenue nature to the cost of fixed asset/ capital work-in-progress (CWIP). Consequently, expenses disclosed under the respective note is net of amounts capitalized by the company.

3 Segment information

Based on the guiding principle given in Accounting Standard-17 on Segment Reporting (issued by the Institute of Chartered Accountants of India), the Company''s primary business is manufacturing of P.E.Tarpaulin,HD/PP Woven Sacks, Fabrics which have similar risks and returns, Accordingly there are no separate reportable segment as far as primary segment is concerned.

4 Related party disclosures

Names of related parties and related party relationship

Key management personnel :

Ashok Chhajer Rishab Chhajer Binod Chhajer Kashyap Mehta

Relative of Key Management personnel :

Susma Chhajer

Enterprises where Key management Personnel Has significant Influence

Typhoon Financial Serv. Ltd Worldwide Impex Pvt. Ltd

Ethnic Appereal P. Ltd. Technomod Prop. P. Ltd.

Rishabh Business P. Ltd Indian Agrotech Ltd.

Woodlands Consultancy Services Pvt. Ltd. APA Finance Ltd

Related party transactions

The following table provides the total amount of transactions that have been entered into with related parties for the relevant financial year:

Note: The remuneration to the key managerial personnel does not include the provisions made for gratuity and leave benefits, as they are determined on an actuarial basis for the company as a whole.

5 Capital and other commitments

Estimated amount of contract remaining to be executed in Capital Account (net of advances) not provided for Rs. 1,000 (Rs.000) (P.Y. Rs. 74,188 (Rs.000))

6 DERIVATIVE INSTRUMENTS:

Foreign currency exposure that are not hedged by derivative instruments as on 31st March,2014 US $ NIL Equivalent to Rs. NIL (P.Y. $ NIL Equivalent to Rs. NIL)

7 Trade receivables include Rs. 1,892 (Rs.000) which are outstanding for more than three years and the same is considered fully realisable and good of recovery in the opinion of the management.

8 Amount of expenditure incurred in research and development is Rs. Nil.(P.Y. Rs. Nil)

9 The balances of trade receivables / payables are subject to confirmation. Adjustments including provisions / write-off, if any, required in accounts, will be made on reconciliation and / or settlement.

10 Details of dues to micro and small enterprises as defined under the MSMED Act, 2006

Based on the information available with the company there are no suppliers who are registered under the Micro, Small and Medium Enterprises Development Act,2006 as at March 31st, 2014.

Hence, the disclosure relating to amounts unpaid as at the year end to gather interest paid / payable under this Act have not been given.This is relied upon by the auditors.

11 Contingent Liabilities and Commitments 31 March 2014 31 March 2013

Income Tax Liability for which the company has preferred an appeal before the CIT (A). - 9,024

- 9,024

12 Money received against share warrants

The Board of Directors of the company at their meeting held on 14th January, 2013 and as approved at its Extra Ordinary General Meeting held on 23rd February, 2013 have resolved to create, offer, issue and allot up to 17,75,000 Equity Warrants, convertible into 17,75,000 Equity shares of Rs. 10/- each on a preferential allotment basis, pursuant to Section 81(1A) of the Companies Act, 1956, at a conversion price of Rs. 27/- per Equity Share of the Company, arrived at in accordance with the SEBI Guidelines in this regard and subsequently these warrants were allotted on 6th March, 2013 to the promoters and the 25% (i.e. Rs. 7/- per Equity Warrant ) application money amounting to Rs. 12,425( Rs.000) was received from them. All warrants have been converted into equivalent number of shares by April 28, 2014 (within 18 months from the date of Allotment of Equity Warrants) after receipt of balance amount.

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Mar 31, 2013

1. Corporate information

Gujarat Craft Industries Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange, Chennai Stock Exchange and Ahmedabad Stock Exchange in India. The company is engaged in the manufacturing of HDPE / PP woven fabrics, sheets, sacks, PE tarpaulin. The company caters to both domestic and international markets.

2. Basis of preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention.

Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles. In applying the accounting policies considerations have been given to prudence, substance over form and materiality.

3 Gratuity and other post-employment benefit plans

a. The company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 236 in (‘000) (Year ended 31 March, 2011 Rs. 192 in (‘000)) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to this plan by the company is at rate specified in the rules of the schemes.

b. The company operates two defined plans, viz., gratuity and leave encashment , for its employees. Under the gratuity plan, every employee who has completed atleast five years of service gets a gratuity on departure @ 15 days of last drawn salary for each completed year of service. The plans are not funded by the company.

The following tables summarize the components of net benefit expense recognized in the statement of profit and loss and amounts recognized in the balance sheet for the respective plans.

4 Capitalization of expenditure

During the year, the company has capitalized the following expense of revenue nature to the cost of fixed asset/ capital work-in-progress (CWIP). Consequently, expenses disclosed under the respective note is net of amounts capitalized by the company.

5 Segment information

Based on the guiding principle given in Accounting Standard-17 on Segment Reporting (issued by the Institute of Chartered Accountants of India), the Company''s primary business is manufacturing of PE.Tarpaulin, HD/PP Woven Sacks, Fabrics which have similar risks and returns, Accordingly there are no separate reportable segment as far as primary segment is concerned.

6 Related party disclosures

Names of related parties and related party relationship

Key management personnel Ashok Chhajer

Rishab Chhajer Binod Chhajer Kashyap Mehta

7 Capital and other commitments

Estimated amount of contract remaining to be executed in Capital Account (net of advances) not provided for" 74,188 in (‘000) (PY." 2,887/- in (‘000))

8 Prior period income

Prior period income includes amount received towards interest subsidy relating to earlier year (under TUF scheme) in respect of loan taken for purchase of plant and machinery.

9 DERIVATIVE INSTRUMENTS:

Foreign currency exposure that are not hedged by derivative instruments as on 31st March,2013 US $ NIL Equivalent to " NIL (PY. $ NIL Equivalent to " NIL)

10 Trade receivables include " 585 in (‘000) (PY. " 868 in (‘000) which are outstanding more than six months and considered as doubtful. However, no provision has been made there against as company has filed suits for recovery of the amounts and it considers the same good of recovery.

11 Amount of expenditure incurred in research and development is " Nil.(PY " Nil)

12 The balances of trade receivables / payables are subject to confirmation. Adjustments including provisions / write-off, if any, required in accounts, will be made on reconciliation and / or settlement.

13 Details of dues to micro and small enterprises as defined under the MSMED Act, 2006

Based on the information available with the company there are no suppliers who are registered under the Micro, Small and Medium Enterprises Development Act,2006 as at March 31st, 2013.

Hence, the disclosure relating to amounts unpaid as at the year end to gather interest paid / payable under this Act have not been given.This is relied upon by the auditors.

14 Contingent Liabilities and Commitments

31 March 2013 31 March 2012 in (000) ~ in (000)

Income Tax Liability for which the company has preferred an appeal before the CIT (A). 9,024 9,024

15 Money received against share warrants

The Board of Directors of the company at their meeting held on 14th January, 2013 and as approved at its Extra Ordinary General Meeting held on 23rd February, 2013 have resolved to create, offer, issue and allot up to 17,75,000 Equity Warrants, convertible into 17,75,000 Equity shares of " 10/- each on a preferential allotment basis, pursuant to Section 81(1 A) of the Companies Act, 1956, at a conversion price of" 27/- per Equity Share of the Company, arrived at in accordance with the SEBI Guidelines in this regard and subsequently these warrants were allotted on 6th March, 2013 to the promoters and the 25% (i.e." 7/- per Equity Warrant) application money amounting to " 12,425/- in (‘000) was received from them.

The warrants may be converted into equivalent number of shares on payment of the balance amount at any time on or before 5th September, 2014 (being 18 months from the date of Allotment of Equity Warrants). In the event the warrants are not converted into shares within the said period, the Company is eligible to forfeit the amounts received towards the warrants.

16 The figures for the previous year have been regrouped wherever necessary so as to make it comparable with those of the current year.

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Mar 31, 2012

1. Corporate information

Gujarat Craft Industries Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange, Chennai Stock Exchange and Ahmedabad Stock Exchange in India. The company is engaged in the manufacturing of HDPE/PP woven fabrics, sheets, sacks, PE tarpaulin. The company caters to both domestic and international markets.

2. Basis of preparation

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under the Companies (Accounting Standards) Rules, 2006, (as amended) and the relevant provisions of the Companies Act, 1956. The financial statements have been prepared on an accrual basis and under the historical cost convention.

Accounting policies not specifically referred to otherwise are consistent and in consonance with generally accepted accounting principles. In applying the accounting policies considerations have been given to prudence, substance over form and materiality.

3. Share capital

a. Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of 10 per share. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

4. Long-term borrowings

Term loans from State Bank of India are taken during the financial year 2006-07 to 2011-12 and carries interest 14.5% to 16.75 % p.a. The loan is repayable in 72 monthly installments along with interest, from the date of loan. The loan is secured by hypothecation of entire current assets of the company and hypothecation of existing Plant & Machineries, Electric installation, Building & Proposed machineries & Building. (Also guaranteed by Managing Director)

5. Short-term borrowings From Bank:

The above amount includes

Secured borrowings Unsecured borrowings

Hypothecation of entire current assets of the company and hypothecation of existing Plant & Machineries, Electric installation,Building & Proposed machineries & Building. The cash credit is repayable on demand and carries interest @ 11.75% to 13.25% p.a. (Also guaranteed by Managing Director)

6 Gratuity and other post-employment benefit plans

a. The company makes Provident Fund contributions to defined contribution plans for qualifying employees. Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The Company recognised Rs. 191 in (Rs.000) (Year ended 31 March, 2011 Rs. 139 in (Rs.000) for Provident Fund contributions in the Statement of Profit and Loss. The contributions payable to this plan by the company is at rate specified in the rules of the schemes.

b. The company operates two defined plans, viz., gratuity and leave encashment, for its employees. Under the gratuity plan, every employee who has completed atleast five years of service gets a gratuity on departure @ 15 days of last drawn salary for each completed year of service. The plans are not funded by the company.

The following tables summarize the components of net benefit expense recognized in the statement of profit and loss and amounts recognized in the balance sheet for the respective plans.

7 Segment information

Based on the guiding principle given in Accounting Standard-17 on Segment Reporting (issued by the Institute of Chartered Accountants of India), the Company's primary business is manufacturing of PE.Tarpaulin, HD/PP Woven Sacks, Fabrics which have similar risks and returns, Accordingly there are no separate reportable segment as far as primary segment is concerned.

8 Capital and other commitments

Estimated amount of contract remaining to be executed in Capital Account (net of advances) not provided for Rs. 2,887 (PY.Rs. 26,854)

9 Prior period income

Prior period income includes amount received towards interest subsidy relating to earlier year (under TUF scheme) in respect of loan taken for purchase of plant and machinery.

10 DERIVATIVE INSTRUMENTS:

Foreign currency exposure that are not hedged by derivative instruments as on 31st March, 2012 US $ NIL Equivalent to Rs. NIL (P.Y. $ NIL Equivalent to Rs. NIL)

11 Trade receivables include Rs. 868/- (P.Y.Rs. 2,405) which are outstanding more than six months and considered as doubtful.However,no provision has been made there against as company has filed suits for recovery of the amounts.

12 Amount of expenditure incurred in research and development is Nil. (P.Y. Nil)

13 Receivables and payables are subject to confirmations.

14 Details of dues to micro and small enterprises as defined under the MSMED Act, 2006

Based on the information available with the company there are no suppliers who are registered under the Micro, Small and Medium Enterprises Development Act,2006 as at March 31st, 2012.

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Mar 31, 2011

As at As at 31-03-2011 31-03-2010 (Rs.in'000) (Rs.in'000)

A) CONTINGENT LIABILITIES NOT PROVIDED FOR :

i) Differential amount of Custom/Excise Duty in respect of machinery imported under EPCG Scheme. - 634 Note: Future Cash outflows respect of above will depend if company is unable to fulfill export obligations of Rs. Nil (P.Y. Rs. 4440 within next Six Years)

ii) Bank Guarantee given by bank on behalf of the company 1750 3043

d) Employee Benefits :

(i) Defined Contribution plans :

Amount of Rs. 140 (P.Y. Rs. 137) is recognized as expenses and included in "Payment to and Provision for Employees" (Schedule '16') in the Profit and Loss Account.

(ii) Defined Benefit Plans :

Gratuity & Leave Encashment : (unfunded).

(c) Principal actuarial assumptions at the balance sheet date (expressed as weighted averages)

The estimates of future salary increase considered in actuarial valuation, take account of inflation, seniority, Promotion and other relevant factors, such as supply and demand in the employment market.

e) RESEARCH AND DEVELOPMENT EXPENSES:

Amount of expenditure incurred on Research and Development is Rs. NIL (P.Y.Rs.NIL)

f) EARNINGS PER SHARE :

i) The amount used as the numerator in calculating basic and diluted earning per share is the net profit for the year disclosed in the profit and loss account.

ii) The weighted average number of equity shares used as the denominator in calculating both basic and diluted earnings per share is 3113300 (P.Y. 3113300).

g) In accordance with AS 9, "Revenue Recognition", excise duty on Sales amounting to Rs.21161 (P.Y. Rs. 17056) has been deducted from Sales in profit and loss account. Whereas, net difference in excise duty on inventory of Finished goods of Rs.200 (P.Y. - Rs. 612) is shown under materials.

h) RELATED PARTY DISCLOSURES: (As identified by Management)

i) Key Management Personnel :

Ashok Chhajer

Kashyap R. Mehta

Binod Chhajer

i) SEGMENT INFORMATION :

Based on the guiding principle given in Accounting Standard-17 on Segment Reporting, the Company's primary business is manufacturing of P.E.Tarpaulin,HD/PP Woven Sacks, Fabrics which have similar risks and returns, Accordingly there are no separate reportable segment as far as primary segment is concerned.

j) DERIVATIVE INSTRUMENTS:

Foreign currency exposure that are not hedged by derivative instruments as on 31st March, 2011 US $ NIL Equivalent to Rs.NIL (P.Y. $ NIL Equivalent to Rs. NIL)

k) Based on the information available with the company there are no suppliers who are registered under the Micro, Small and Medium Enterprises Development Act,2006 as at 31st March, 2011.

Hence, the disclosure relating to amounts unpaid as at the year end to gather interest paid / payable under this Act have not been given.This is relied upon by the auditors.

l) Sundry debtors include Rs. 2405/- (P.Y.Rs.1497) which are outstanding more than six months and considered as doubtful. However,no provision has been made there against as company has filed suits for recovery of the amounts.

m) Sundry debtors and creditors are subject to confirmations.

n) The additional information pursuant to the provisions of Paragraphs 3 and 4 of Part-II of the Schedule VI to the Companies Act,1956.

o) (i) Previous year figures have been restated wherever necessary to make them comparable with the current year's figures.

(ii) All the figures are in rupees thousands, unless stated otherwise.

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Mar 31, 2010

A) CONTINGENT LIABILITIES NOT PROVIDED FOR :

i) Differential amount of Custom/Excise Duty in respect

of machinery imported under EPCG schene. 634 634

Note: Future Casth outflows respect of above will depend if company is unable to fulfill export obligations of Rs. 4440 witthin next Six Year (P.Y. Rs. 4440 within next Seven Years)

ii) Bank Guarantee given by bank on behalf of the company 3043 1253

b) Employee Benefits :

(i) Defined Contribution plans :

Amount of Rs. 78 (P.Y. Rs. 65) is recognized as expenses and included in "Payment to and Provision for Employees" (Schedule 16) in"the Profit and Loss Account.

(ii) Defined Benefit Plans :

Gratuity & Leave Encasthment : (unfunded).

c) RESEARCH AND DEVELOPMENT EXPENSES:

Amount of expenditure incurred on Researcth and Development is Rs. NIL (P.Y.Rs.NIL)

d) EARNINGS PER SHARE :

i) the amount used as the numerator in calculating basic and diluted earning per share is the net profit for the year disclosed in the profit and loss account.

ii) the weighted average number of equity shares used as the denominator in calculating both basic and diluted earnings per share is 3113300 (P.Y. 3113300).

e) In accordance with Ast 14 (Revised) on Disclosure of Revenue from Sales transactions issued by Institute of Chartered Accountants of India, excise duty on Sales amounting to Rs. 17056 (P.Y. Rs. 21856)has been deducted from Sales in profit and loss account, whereas net difference in excise duty on inventory of Finished goods of Rs. 612 (P.Y. - Rs. 155) is shown under materials.

f) RELATED PARTY DISCLOSURES: (As identified by Management)

i) Key Management Personnel :

Ashok Kumar Chhajer

Kashyap R. Mehta

Binod Chhajer

g) DERIVATIVE INSTRUMENTS:

Foreign currency exposure that are not hedged by derivative instruments as on 31stMarch,2010- US $ NIL Equivalent to Rs.NIL (P.Y. $ NIL Equivalent to Rs. NIL)

h) Based on the information available with the company there are no suppliers who are registered under the Micro, Small and Medium Enterprises Development Act, 2006 as at March 31st, 2010.

Thance, the disclosure relating to amounts unpaid as at the year end to gather interest paid / payable under this Act have not been given. This has been relied upon by the Auditors.

i) Sundry debtors include Rs.1497 (P.Y,Rs.872) wthich are outstanding more than six months and considered as doubtful. However,no provisionhas been made.

j) Sundry debtors and creditors are subject to confirmations.

k) the additional information pursuant to the provisions of Paragrapths 3 and 4 of Part-ll of the Scthedule VI to the Companies Acl,1956.

1) the installed capacity is as certified by the management.

2) Includes 10 Wit. (37 Mt.) done for outsiders and 424 Mt.(500 Mt.) converted from outsiders:

l) (i) Previous year figures have been restated wherever necessary to make them comparable with the current years figures.

(ii) Ail the figures are in rupees thousands, unless stated otherwise.