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Notes to Accounts of Karma Industries Ltd.

Mar 31, 2012

(Collateral security- Company's office premises and factory land and building (including plant and machinery at Valsad) and by personal gurantee of director Rajesh Mehta and Bhavna Mehta of the company)

For FY 2011-12-CC from SBI is obtained at 15.75% p.a

Working Capital Loan From NBFC is Secured against the demand promissory note, pledge of shares and personal gurantee of director Rajesh Mehta and Bhavna Mehta and working capital and guranteed by Acclaim Industries Ltd is carrying interest @10.75% p.a)

1 Basis of preparation of financial statements

The financial statements are prepared under the historical cost convention on an accrual basis in accordance with the Generally Accepted Accounting Principles in India ("GAAP"). GAAP comprises accounting standards as specified in Rule 3 of the Companies (Accounting Standards) Rules 2006, and the relevant provisions of the Companies Act, 1956 to the extent applicable.

Mar 31, 2010

1.2.1 There are no Micro, Small and Medium Enterprises, as defined in the Micro, Small and Medium Enterprises Development Act, 2006 to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made. The above information regarding Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis of the information available with the company.

1.2.2 As per the best estimate of the management, no provision is required to be made as per Accounting Standard (AS 29) as notified by Companies (Accounting Standard) Rules, 2006 in respect of any present obligation as a result of a past event that could lead to probable outflow of resources, which would be required to settle the obligation.

1.2.3 In the opinion of the Board, the provisions for known liabilities are adequate and current assets in the ordinary course of business have a value at least equal to the amount at which they are stated.

1.2.4 In accordance with the Accounting Standard (AS 28) on "Impairment of Assets" the Management during the year carried out an exercise of identifying the assets that may have been impaired. On the basis of this review carried out by the management, there was no impairment loss on fixed assets during the year ended March 31, 2010.

1.2.5 There were no contingent liabilities during the period under review which were not provided for.

1.2.6 There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.

1.2.7 Sundry debtors, Loans and Advances and creditors balances are subject to confirmation, reconciliation and consequent adjustments, if any.

1.2.8 Figures for the previous year have been regrouped / reclassified wherever necessary.

1.2.9 Additional Information as required under Part IV of Schedule VI to the Companies Act, 1956.