Notes to Accounts of N K Industries Ltd.

Mar 31, 2014

1. Terms/rights attached to equity shares

The company has two class of shares i.e. equity shares having a par value of Rs.10 per share and preference shares of Rs.100 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends, if any, in indian rupees. The dividened, if proposed, by the Board of Directors is subject to the approval of the share holders in the ensuing Annual General meeting. The Preference Share holders are also entitled to each share of voting rights to the extent of outstanding preference shares. The company has not issued any preference share during the financial year. In th 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

2 Other details to Balance Sheet

Contingent Liabilities and Commitments

As at As at Particulars 31-Mar-2014 31-Mar-2013 Contingent Liabilities (Rs In Lacs) (Rs In Lacs)

a. Claims against the Company, not acknowledged as debts (including interest and penalty)

- Sales tax 5554.43 5423.55

- Other Claims 1333.31 1333.31 (without considering interest liability)

- Income tax 332.24 327.91

b. Winding up petition pending against the company filed by Vemag Engg. Pvt. Ltd. for recovery 17.38 17.38 of dues

c. Storage Rent in respect of earlier year for storage of Oil Not Not Ascertainable Ascertainable

d. Income tax interest on demand of Rs.4.28Crores for the Not Not period 01-04-2005 to 31-03-2014 Ascertainable Ascertainable (refer note no 27)

Commitments

Capital Commitments

Other Commitments

3. The Company has been declared as a Sick Industrial Company by the BIFR under the provisions of Sick Industrial Companies (Special Provisions) Act, 1985,On having settled all the compromise dues of the banks and IDBI, the BIFR has disposed off the first reference Case no. 35/1999 of the Company. It has, however, registered the companies subsequent references and appointed Canara Bank as an Operating Agency vide its order dated 1st March,2012 to prepare a Draft Rehabilitation Scheme (DRS) for its consideration. Last BIFR hearing fixed on 15th May, 2014 could not take place. The next date of hearing is still awaited. In the meanwhile, the Operating Agency (Canara Bank) has called for certain clarifications/details which are under finalisation stage.

4. There was a Search & Seizure action U/S 132 of the Income Tax Act on 24.2.99. The Income Tax department had raised demand of Rs 33.12 Crores in the block assessment Order DT. 30.4.2001. In case of company Subsequently, ITAT has given relief to the extent of Rs 28.84 Crores. The company''s appeal before Hon. Gujarat High Court against addition confirmed by ITAT of Rs 4.28 Crores is admitted. Pending the disposal of appeal by Hon''ble High Court the provision for Income Tax of Rs 2.88 Crores on addition confirmed by ITAT was made during F.Y.2002-03 and provision of Rs 1.27 crore of interest payable up to 31.03.2005 is made in the accounts. Adhoc payments made against the outstanding demands are adjusted against principal amounts. No provision is made for the interest payable, if any, on the outstanding demand for the period from 1st April, 2005 till date as the company is hopeful of getting favorable order from the High Court.

5. No provision is made during the year for interest receivable on various advances amounting to Rs 2920.25 Lacs (P.Y. Rs 1171.60 lacs) as the same are considered doubtful.

6. The Company is engaged in the business of manufacturing and selling the Refined Castor Oil and its derivatives. Thus there is solitary business segment of Oils. Therefore, segment wise information as required by AS-17 on "Segment Reporting" is not applicable.

7. The Company is making sincere efforts for the revival of the Business,& management is hopeful to recover the losses through more profitable business activities. Therefore accounts for the year have been prepared are going concern basis

8. The Company has entered into financial arrangement with National Spot Exchange Ltd (NSEL) through trading and Clearing Member, N.K.Proteins Ltd (Group Company) by way of purchase and sales of various goods. Thus the company has purchased goods amounting to Rs Nil (P.Y. Rs 5255.73 Crores) and has sold goods amounting to Rs Nil (P.Y. Rs 5065.05 Crore) through National Spot Exchange Ltd without physical delivery of goods. Therefore the net loss from the said transactions (including transaction charges levied by NSEL) has been shown as Trading Loss in the profit & loss accounts of the respective financial years. Out of the transactions entered in to at National Spot Exchange Ltd., the company has shown an amount of Rs 474.17.Crores as at 31.03.2014 as long term creditors. However, the liability of NSEL could not be ascertained due to the difference between the balance as per the books of the company and balance due as per the demand of NSEL through the trading and clearing member N.K.Proteins Ltd. Further NSEL suspended the trading on 31st July 2013 and has moved an arbitration petition in the Hon''ble Mumbai High Court for recovery of outstanding amount from N.K. Proteins Limited, and has made the company a Respondent The matter is pending with Hon''ble Bombay High Court.

9. Trade payables of Rs 677.41 Crores (Rs P.Y 1718.14 Crores) include Rs 474.17Crores (P.Y. Rs 1625.03 Crores) payable to third parties as elaborated vide note no 31 above, and trade receivables of Rs 133.68 Crores (Rs P.Y 1057.25 Crores) include receivable from third parties of Rs NIL (P.Y. Rs 347.65 Crore) towards transactions through National Spot Exchange Ltd (NSEL). The said balances as on date are subject to confirmation by respective parties and reconciliation/adjustments if any.The Balance amount of trade payables and receivables and other loans and advances are also subject to confirmation.

10. The, Income tax Department had carried out survey under section 133A on the company along with other group companies.

Further, the investigation by Economic Offence Wing of Mumbai Police (EOW) is also in progress. against trading and clearing member N.K.Proteins Ltd relating to this issue.

11. As per the order of the Hon''ble High Court of Gujarat the company has deposited an amount of Rs 231 Lacs towards disputed land matter in the case of Banpal Oilchem Pvt. Ltd. Total outstanding amount as at 31.03.2014 of Rs 1407.70 Lacs and is classified as "Long term loans and advances" in the accounts for the year under review.

12. Sales Tax Department has completed the assessment for various assessment years and raised demand of Rs 5423.55 lacs for the earlier previous years and further an amount of Rs 130.88 Lacs for the year under review making total demand of Rs 5554.43 Lacs. The company has not made any provision for the above demand raised by the sales tax authority in view of the fact that that the company had preferred an appeal before the appellate authority. Had the provision for sales tax would have been made for the earlier years as well as for the year under review, the loss for the current year would have been higher by Rs 130.77 Lacs and loss for the earlier year would have been higher by Rs 5423.55 Lacs and Liabilities would have been higher by Rs 5554.43 Lacs

13. The company had entered into a joint venture arrangement by taking 50% Equity stake in AWN Agro Pvt. Ltd (JV Entity/ Company) and made an investment of Rs 2500.50 Lacs towards Equity Share Capital. As informed to us, because of huge loss incurred by the said entity, the said joint venture has been ended during the year under review. The company has shown an amount of Rs 2500.50 Lacs invested in the share capital/application money in the said joint venture company and Rs 1748.65 Lacs as loans and advances to the said JV entity aggregating to Rs 4249.15 lacs. The Company has made provision for doubtful debts of the entire amount of investment/ Loans and Advances of Rs 4249.15 Lacs in its books of accounts for the year ending on 31st March, 2014. However, the reconciliation /confirmation of the outstanding loans & advances amount is not made by the Company. The disclosure of Joint Venture investment as per AS-27 are as under.

14. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated, if realized, in the ordinary course of the business. The provisions for depreciation and all known liabilities are adequate. There are no contingent liabilities other than stated.

15. Micro, Small & Medium Enterprises

In the absence of information available with the Company about enterprises which are qualifying under the definition of Medium and Small Enterprises as defined under Micro, Small & Medium Enterprises Development Act, 2006, no disclosure is made as required under the Companies Act in respect of the following.

a) Total outstanding dues of Micro enterprises and Small enterprises - Rs Nil

b) Total outstanding dues of the Creditors other than Micro enterprises and Small enterprises Rs Nil (Prev. Yr Nil)

16. No provision for Differed Tax assets has been made as there is no virtual certainty of Setting the same in near future.

17. Previous years comparatives

In view of the fact that the plant of the company was leased during the year ending on 31.03.2013 to the joint venture entity and in the current fiscal year, the company has changed the arrangement and commenced crushing activities, the figures for the previous years are not comparable with that of the current year.

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Mar 31, 2013

Contingencies and provisions

1 The Company has paid off the entire principal outstanding amount to The Visnagar Nagrik Sahkari Bank Ltd. (Under Liqui-dation) as per the Hon''ble High Court of Gujarat and Hon''bie Session Court''s orders. As regards the payment of interest, application was considered by the Expert Committee appointed by the High Power Committee in terms of the OTS scheme to the Government of Gujarat for Co-operative Banks under liquidation. The Expert Committee erroneously considered the cut off date for Non Performing Asset of our N.K.Group of Accounts. The Company therefore filed a Special Civil Application (SCA) No.2714 of 2012. The High Court then appointed Chartered Accountant who had submitted their report to the High Court specifying NPA date as on 31-Mar-1998. The High Court therefore directed that both the sides to settle there accounts in terms of NPA date 31-Mar-1998. Based on this, The Bank has settled all the accounts and refunded the total amount of Rs. 1,73,47,601/- on 21-Dec-2012 inclusive of the share linking amount of Rs. 134.59 Lacs. Thus, dispute with the Bank is now fully settled.

2 The amount of sale proceeds of the finished goods sold by the Consortium Bank, Bank of Baroda was deposited in the Central Bank of India by way of the Fixed Deposit as per the DRT''s Order. The value of the sale proceeds was Rs. 2,29,62,260/- which became Rs. 4,49,39,812/- on account of addition of interest. The Company having settled all the banks'' dues, filed an appeal in DRT to release the money deposited in the Central Bank of India. On due consideration, the Hon''ble DRT ordered the Central Bank of India to release the said FDR with interest. The Company has since received the amount of Rs.4,49,39,812/- from the Central Bank of India. Accordingly, the entire interest amount of Rs.2,19,77,552/- is credited to profit and loss account under other income in note no. 16.

3 On having settled all the compromise dues of the banks and IDBI, the BIFR has disposed off our first reference Case no. 35/1999. It has, however, registered our subsequent references and appointed Canara Bank as an Operating Agent vide its order dated 1st March,2012 to make a Draft Rehabilitation Scheme for its consideration, which is -pending.

4 There was a Search & Seizure action U/S 132 of the Income Tax Act on 24.2.99. The Income Tax department had raised demand of Rs. 33.12crores in the block assessment Order DT. 30.4.01. Subsequently, ITAT has given relief to the extent of Rs. 28.84 crores. The company''s appeal before Hon. Gujarat High Court against addition confirmed by ITAT of Rs. 4.28 crores is admitted. Pending the disposal of appeal by Hon''ble High Court the provision for Income Tax of Rs.2.88 Crores on addition confirmed by ITAT was made during F.Y.2002-03 and provision of Rs. 1.27 crore of interest payable up to 31.03.2005 is made in the accounts. Adhoc payments made against the outstanding demands are adjusted against principal amounts. No provision is made for the interest payable, if any, on the outstanding demand for the period from 1 st April, 2005 till date as the company is hopeful of getting favorable order from the High Court.

5 The company has revalued assets on 31 -03-2012 to reflect fair value of assets in books. The amount of revaluation of Rs.194.47crore credited to Revaluation Reserve and debited to respective assets.

6 No provision is made during the year for interest receivable on various advances amounting to Rs. 1171.60 Lacs (P.Y. Rs.1011.98) as the same are considered doubtful.

7 The Company is engaged in the business of manufacturing and selling the Refined Castor Oil and its derivatives. Thus there is solitary business segment of Oils. Therefore, segment wise information as required by AS-17 on Segment Reporting" is not applicable.

8 The Company is making sincere efforts to recover the losses through more profitable business activities. Therefore accounts for the year have been prepared are going concern basis.

9 in the opinion of the management, there is no indication, internal or external, which could have the effect of impairing the value of assets to any material extent as at the balance sheet date requiring recognition in term of AS -28.

10 In the opinion of the Board, Current Assets including short term Loans and Advances are approximately of the value stated, if realized, in the ordinary course of the business. The provisions for depreciation and all known liabilities are adequate. There are no contingent liabilities other than stated.

11 Trade payables of Rs. 1718.14 Crore (Rs.964.90Crores) includes Rs.1625.03Crores (P.Y. Rs.Nil) payable to third parties and Rs.Nil Crore (P.Y.Rs950.18Crore) payable to group concerns and trade receivables of Rs.1050.75 Crore (Rs.662.88 Crore) includes receivable from third parties of Rs.319.19Crores (P.Y.Rs.506.06Crore) and Rs.695.18 Crore (P.Y. Rs. 127.30 Crore) receivable from group concerns towards transactions through National Spot Exchange Ltd (NSEL). The said balances as on date are subject to confirmation by respective parties and reconciliation/adjustments if any. The Balance amount of trade payables and receivables and other loans and advances are also subject to confirmation.

12 Prior period adjustment of Rs. 104.54 Crores is on account of certain purchase returns which were wrongly accounted during last financial year. Further, it also includes certain wrong recovery of expenses made from the customers (though it was not recoverable contractually) which were shown as sales during last financial year. This mistakes have been rectified during the year and the net difference has been debited to profit & loss account.

13 A Company has been buying and selling the goods on National Spot Exchange Limited (NSEL) through trading and clearing member, N.K. Proteins Limited (Group Company). NSEL suspended the trading on 31st July 2013 and has referred the matter for arbitration for recovery of outstanding amount from N.K. Proteins Limited, this company and other clients. The matter is pending with Bombay High Court.

Further, income tax department carried out survey under section 133A on the company along with other group companies for investigating the transactions with NSEL. The investigation is pending with Income Tax Department.

Further, the investigation by EOW is also in progress.

14 The Company entered into financial arrangement with NSEL through a broker, N.K.Proteins Ltd. by way of purchase and sales of various goods. Thus the company has purchased goods amounting to Rs.5255.73 Crore (P.Y. Rs. 5580.85 Crore) and has sold goods amounting to Rs.5065.05Crore (P.Y.Rs.5531,53Crore) through National Spot Exchange Ltd without physical delivery of goods. Therefore the net loss from the said transactions (including transaction charges levied by NSEL) has been shown as Trading Loss in the profit & loss accounts.

15 The Company has entered in to Joint Venture by equity investment in AWN Agro Pvt Ltd of 50% . The disclosure of Joint Venture investment as per AS-27 are as under. The Figures are given based on unaudited accounts.

16 Micro, Small & Medium Enterprises In the absence of information available with the Company about enterprises which are qualifying under the definition of Medium and Small Enterprises as defined under Micro, Small & Medium Enterprises Development Act, 2006, no disclosure is made as required under the Companies Act in respect of the following.

a) Total outstanding dues of Micro enterprises and Small enterprises-Rs. Nil

Total outstanding dues of the Creditors other than Micro enterprises and Small enterprises Rs.Nil (Prev.

b) Yr 4.36 Lacs)

17 Prior period comparatives

The company has prepared financial statement as per revised schedule VI to the Companies Act 1956 and accordingly, the assets, liability Income and Expenditure of the previous year is regrouped/ reclassified to conform to the current year''s presentation.

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Mar 31, 2012

1 Other details to Balance Sheet

a. Contingent Liabilities and Commitments

Particulars As at As at 31-Mar-2012 31-Mar-2011 Contingent Liabilities (Rs. In Lacs) (Rs. In Lacs)

a. Claims against the Company, not acknowledged as debts (including interest and penalty)

- Sales tax 5423.55 5285.83

- Other Claims (without considering 1333.31 1333.31 interest liability)

- Income tax 327.91 25.93

- Various Suits filed by banks Please See Please See and others Note No.(d) Note No.(d) below below

b. Winding up petition pending against 17.38 17.38 the company filed by Vemag Engg. Pvt. Ltd. for recovery of dues

c. Storage Rent in respect of earlier Not Not year for storage of Oil Ascertainable Ascertainable

Commitments

Capital Commitments

Other Commitments b. The Company has paid off the entire principal outstanding amount to The Visnagar Nagrik Sahkari Bank Ltd. (Under Liquidation) as per the Hon''bie High Court of Gujarat and Hon''ble Session Court''s orders. As regards the payment of interest, our application was considered by the Expert Committee appointed by the High Power Committee in terms of the OTS scheme ot the Government of Gujarat for Co-oprative Banks under liquidation. The Expert Committee erroneously considered the cut off date for Non Performing Asset of our N.K.Group of Accounts. The Company has therefore filed a miscellaneous application in the Hon''ble High court against the Liquidator, Visnagar Nagarik Sahakari Bank Ltd which ^ is pending. In the meanwhile, the Company has paid the entire amount of interest calculated @6% p.a.as per its working. The Bank has demanded interest @ 21% p.a. as per original sanction letter. Since matter is pending with Highcourt/Government, No provision is considered necessary for differential interest amount.

c. The amount of sale proccesds of the fininished goods sold by the Consortium Bank, Bank of Baroda was deposited in the Central Bank of India by way of the Fixed Deposit as per the DRT''s Order. The value of the sale proceeds was Rs.2,29,62,260/- which became Rs. 4,49,39,812/- on account of addition of interest. The Company having settled all the banks'' dues, filed an appeal in DRT to release the money deposited in the Central Bank of India on due consideration, the Hon''ble DRT ordered the Central Bank of India to release the said FDR with interest. The Company has since received the amount of Rs.4,49,39,812/- from the Central Bank of India. Accordigly, entire interest amount of Rs.2,19,77,552/- is credited to profit and loss account.

d. On having settled all the compromise dues of the banks and IDBi, the BIFR has disposed off our first '' reference Case no. 35/1999. If has, however, registered our subsequent references and appointed Canara Bank as an Oprating Agent vide its order dated 1 st March,2012 to make a Draft rehabilitation scheme for its consideration.

e. There was a Search & Seizure action U/S 132 of the Income Tax Act on 24.2.99. The Income Tax department had raised demand of Rs. 33.12 crores in the block assessment Order DT. 30.4.01. Subsequently, ITAT has given relief to the extent of Rs. 28.84 crores. The company''s appeal before Hon. Gujarat High Court against addition confirmed by ITAT of Rs. 4.28 crores is admitted. Pending the disposal of appeal by Hon''ble High Court the provision for Income Tax of Rs.2.88 Crores on addition confirmed by ITAT was made during F.Y.2002-03 and provision of Rs. 1.27 crore of interest payable up to 31.03.2005 is made in the accounts. Adhoc payments made against outstanding demands are adjusted against principal amounts. No provision is made for the interest payable if any, on the outstanding demand for the period from 1st April, 2005 till date as company is hopeful of getting favorable order from the High Court.

f. The company has revalued assets on 31-03-2012 to reflect fair value of assets in books. The amount of revaluation of Rs.l94.47crore credited to Revaluation Reserve and debited to respective assets.

g. No provision is made during the year for interest receivable on various advances amounting to Rs. 1171.60 Lacs (P.Y. Rs.1011.98) as the same are considered doubtful.

h. The Company is engaged in the business of manufacturing and selling the Refined Castor Oil and its derivatives. Thus there is solitary business segment of Oils. Therefore, segment wise information as required by AS-17 on "Segment Reporting" is not applicable. i. Balances of Sundry Debtors, Creditors and Loans & Advances are subject to Confirmation by them & reconciliation if any.

j. In the opinion of the management, there is no indication, internal or external, which could have the effect of impairing the value of assets to any material extent as at the balance sheet date requiring recognition in term of AS -28.

k. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated, if realized, in the ordinary course of the business. The provisions for depreciation and all known liabilities are adequate. There are no contingent liabilities other than stated.

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Mar 31, 2010

1 The company has made various payments to Visnagar Nagrik Sahkari Bank Ltd. towards the liability ot NK Group of Companies and accounted in the books as their own. As against the same, Visnagar Nagrik Sahkari Bank Ltd. has appropriated the receipts in different companies. As a result, balance with Visnagar Nagrik Sahkari Bank Ltd. does not reconcile. However, balances of the NK Group of Companies are reconciled

2 The finished goods lying in Hindustan Organics Pvt Ltd (H.O.R) tanks at Kandla Port were disposed of by the lead bank, Bank of Baroda as per the courts order. The sale proceeds of Rs 2, 29, 62,260 were deposited in the Central Bank of India in view of H.O.Rs Claim on the said amount on account of rent. This deposit was renewed from time to time, last renewed on 27th October, 2008 for two years by Bank of Baroda for Rs. 3,59,95,900. No interest is provided in view of counter claim of H.O.R Since the consortium banks have been paid of fully, the company is entitled to the said amount subject to H.O.Rs claim for which an appeal is filed by the company in DRT for a quick judgment.

3 The Company was declared a Sick Industrial unit by BIFR by an order dated 09.07.1999. Later on, Letters of Patent was filed in the Division Bench of the Gujarat High Court. While granting stay of AAlFRs order, it directed BIFR to submit whether the management of the company committed any malfeasance or misfeasance as per section 24 of SICA. During the proceedings, the company entered into the compromise settlements with all the secured creditors and paid off their dues leaving apart M/s. Kotak Mahindra Bank Limited whom the monthly installments are being paid as per the consent terms. The last installment is due in August-2011. In view of the above factual position, the Gujarat High Court permitted us to withdraw the above LPA Interim orders/ directions passed in the Appeal stands vacated. BIFR was informed of the above development and it has, therefore, stopped hearings under section 24 of SICA. Our first reference No. 35/1999 has been disposed off. However, further pending references are now to be considered by BIFR in its next hearing on 12.07.2010 to consider registration of the company as a sick industrial unit.

4 There was a Search S Seizure action U/S 132 of the Income Tax Act on 24.2.99. The Income Tax department had raised demand of Rs. 33.12 crores in the block assessment Order DT 30.4.01. Subsequently, ITAThas given relief to the extent of Rs. 28.84 crores.The companys appeal before Hon. Gujarat High Court for addition confirmed by IW of Rs. 4.28 crores is admitted. Pending the disposal of appeal by Honble High Court the provision for Income Tax of Rs.2.88 Crores on addition confirmed by HAT was made during RY.2002-03 and provision of Rs. 1.27 crore of interest payable upto 31.03.2005 is made in the accounts. Adhoc payments made against outstanding demands are adjusted against principal amounts. No provision is made for the interest payable il any, on the outstanding demand for the period from 1st April, 2005 till date as company is hopeful of getting favorable order from the High Court.

5 No provision is made during the year tor interest receivable on various advances amounting to Rs.821.65 Lacs (P.Y. Rs.897.16) as the same are considered doubtful.

6 The Company is engaged in the business of manufacturing and selling the Refined Castor Oil and its derivatives. Thus there is solitary business segment of Oils. Therefore, segment wise information as required by AS-17 on "Segment Reporting" is not applicable.

7 Related Party Disclosure as per AS-18 is,

Associate firm / Company

N.K.Proteins Ltd. Shanti Stock Holdings P.Ltd.

N.K.Roadways Pvt.Ltd. N.K.lnfraventures P.Ltd

N.K.Oil Mills Pvt.Ltd. N.K.Corporation

Tirupati Proteins Pvt.Ltd. N.K Flour Mills Ltd.

Tirupati Retails Pvt. Ltd. Adrenal Advertising & Promotions Pvt. Ltd.

Key Managerial personnel

Nimish K. Patel Ashwin P. Patii

Nilesh K. Patel Rajiv M.Todi, Manager

Relatives of Key Managerial personnel

Sonal N. Patel Neela A. Patel

Ashita N. Patel Suchita R.Todi

8 The Accounting Standard -15 "Employee Benefits" is issued under Companies (Accounting Standards) Rule, 2006. In accordance with the above standard, the obligations of the company, on account of employee benefits, based on independent actuarial valuation, is accounted for in the books of account. The company has classified the various benefits provided to employees as under:

I. Defined Contribution Plans:

(a) Provident Fund / Employees Pension Fund

During the year, the company has recognized the following amounts in the Profit & Loss Account:

Rs. in Lacs

Employers Contribution to Provident Fund / Employees Pension Fund 11,69

The above amounts are included in Contribution to Provident and Other Funds and (Schedule - 18)

II. Defined Benefit Plans:

(a) Provision for Gratuity Liability

(b) Provision for Leave Encashment

In accordance with Accounting Standard-15, relevant disclosures are as under:

9 In the opinion of the management, there is no indication, internal or external, which could have the effect of impairing the value of assets to any material extent as at the balance sheet date requiring recognition in term of AS -28.

10 Balances of Financial Institution, Sundry Debtors, Creditors and Loans & Advances are subject to Confirmation by them & reconciliation if any.

11 Advances include Rs. 912.84 lacs ( P.Y. Rs.673.14 lacs ) due from companies and other Parties in which directors are interested/related.

12 Micro, Small & Medium Enterprises

In the absence of information available with the Company about enterprises which are qualifying under the definition of Medium and Small Enterprises as defined under Micro, Small & Medium Enterprises Development Act, 2006, no disclosure is made as required under the Companies Act in respect of the following.

a) Total outstanding dues of Micro enterprises and Small enterprises - Rs. Nil

b) Total outstanding dues of the Creditors other than Micro enterprises and Small enterprises Rs.4.36Lacs

13 In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated, if realized, in the ordinary course of the business. The provisions for depreciation and all known liabilities are adequate. There are no contingent liabilities other than stated.

14 Prior period comparatives

Previous year figures have been regrouped/ rearranged wherever necessary to conform to current years presentation.

15 Quantitative Details as required by Part II to Schedule VI to the Companies Act, 1956 areas under: