Notes to Accounts of Ind Renewable Energy Ltd.

Mar 31, 2015

1) Rights and Restrictions of the Equity Shares holders

Following are the rights attached to 30273600 equity shares;

(I) Rights to receive dividend as may be approved by the Board/Annual General Meeting

(II) Rights to attend the Annual General Meeting of the Company and right to vote

Apart from the above, the Equity shares rank pari passu and are subject to the rights, preference and restrictions under the companies Act.

2) There are Nil number of shares (Previous year Nil) in respect of each class in the company held by its holding company or its ultimate holding company including shares held by or subsidiary or assoicates of the holding company including shares held by or by subsidiary or assoicates of the holding company or the ultimate holding company in aggregate.

3) There are Nil number of shares (Previous year Nil) reserved for issue under option and contracts/ commitment for the sale of shares/disinvestment inclusing the terms and amounts.

4) For the period of five years immediately preceding the date as at which the balance sheet is prepared.

5) There are no securities (Previous year no) convertible into Equity/Preferential Shares.

6) There are no calls unpaid (Previous year no) including calls unpaid by Directors and Officers as on balance sheet date.

7. Segement Results

During the year, the Company has only one reportable segment, i.e. investment.Hence separate segment report as required under accounting standard 17 is not presented.

8. Related Party Disclosures ( As identified by the Management)

i) Related Party Relationships

(a) Where control exists Teekay International

(b) Key Management Personnel 1) Jitendra Kantilal Vakharia

2) Varsha J.Vakharia

(c) Relative of Key Management Personnel Nil

(d) Other related Parties Nil

9. The Company has not recognised "Deferred Tax Assets" as required by Accounting Standard 22, (Accounting for Taxes on Income) issued by Institute of Chartered Accountants of India as Company is not certain that sufficient taxable income will be available against which such "Deferred Tax Assets" can be realised.

10. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the same value as stated in the Balance Sheet if realised in the ordinary course of business.

11. Contingent Liabilities: - Nil

12. There are no Micro, Small and Medium Enterprises, as defined in Micro, Small, Medium Enterprises Development Act,2006 to whom the Company owes on account of principal amount together with interest and accordingly no additional disclosures have been made.

13. The information required under paragraph 5 of part II of Schedule III of Company''s Act,2013 (As certified by the management) to the extent applicable are as under.

14. Trade Payable are subject to confirmation.

15. Previous year''s figures have been regrouped, rearranged or recast wherever considered necessary, so as to make them comparable with current year figures.

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Mar 31, 2014

01. Segement Results

During the year, the Company has only one reportable segment, i.e. investment.Hence separate segment report as required under accounting standard 17 is not presented.

02. Related Party Disclosures (As identified by the Management)

i). Related Party Relationships

(a) Where control exists Everlon Synthetics Ltd

(b) Key Management Personnel 1) Jitendra Kantilal Vakharia

2) Varsha J.Vakharia

(c) Relative of Key Management Personnel Nil

(d) Other related Parties Nil

03. The Company has not recognised "Deferred Tax Assets" as required by Accounting Standard 22, (Accounting for Taxes on Income) issued by Institute of Chartered Accountants of India as Company is not certain that sufficient taxable income will be available against which such "Deferred Tax Assets" can be realised.

04. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the same value as stated in the Balance Sheet if realised in the ordinary course of business.

05. Contingent Liabilities: - Nil

06. There are no Micro, Small and Medium Enterprises, as defined in Micro, Small, Medium Enterprises Development Act,2006 to whom the Company owes on account of principal amount together with interest and accordingly no additional disclosures have been made.

07 Trade Payable are subject to confirmation

08. Previous year''s figures have been regrouped, rearranged or recast wherever considered necessary, so as to make them comparable with current year figures.

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Mar 31, 2013

01. Segement Results

During the year, the Company has only one reportable segment, i.e. investment.Hence separate segment report as required under accounting standard 17 is not presented.

02. Related Party Disclosures ( As identified by the Management)

i). Related Party Relationships Everlon Synthetics Ltd

( a ) Where control exists Nil

( b) Key Management Personnel Nil

( c ) Relative of Key Management Personnel Nil

( d ) Other related Parties Nil

03. The Company has not recognised "Deferred Tax Assets" as required by Accounting Standard 22, (Accounting for Taxes on Income) issued by Institute of Chartered Accountants of India as Company is not certain that Sufficient taxable income will be available against which such "Deferred Tax Assets" can be realised.

04. a) As per Order dated 14/09/2012 of the Hon''ble High Court , Bombay, the Investment Business of

Everlon Synthetics Ltd (ESL) was transferred and vested into the company (VPIL) and the assets and liabilities of the Investment Division were accounted in the books of VPIL at the book value as per clause 8.1 of Scheme of Arrangement and applicable accounting standards.

b) Upon coming into effect the Scheme of Arrangements, the members of Everlon Synthetics Limited (ESL) were allotted shares of the company (VPIL) in the ratio of one equity share of VPIL for every one equity share of ESL as of record date.

05. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the same value as stated in the Balance Sheet if realised in the ordinary course of business.

06. Contingent Liabilities: - Nil

07. There are no Micro, Small and Medium Enterprises, as defined in Micro, Small, Medium Enterprises Development Act,2006 to whom the Company owes on account of principal amount together with interest and accordingly no additional disclosures have been made.

08 Sundry creditors are subject to confirmation

09. Previous year''s figures have been regrouped, rearranged or recast wherever considered necessary, so as to make them comparable with current year figures.

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Mar 31, 2012

A) There are no (Previous year - No) rights, preference and restriction attaching to each class of shares including restriction on the distribution of dividend and the repayment of capital.

b) There are Nil number of shares (Previous year Nil) in respect of each class in the company held by its holding company or its ultimate holding company including shares held by or subsidiary or assoicates of the holding company including shares held by or by subsidiary or assoicates of the holding company or the ultimate holding company in aggregate.

c) Shares in the company held by each shareholders holding more than 5% shares

d) There are Nil number of shares (Previous year Nil) reserved for issue under option and contracts/ commitment for the sale of shares/disinvestment inclusing the terms and amounts.

e) For the period of five years immediately preceding the date as at which the balance sheet is prepared.

f) There are no securities (Previous year -no)convertible into Equity/Preferential Shares.

g) There are no calls unpaid (Previous year -no) including calls unpaid by Directors and Officers as on balance sheet date.