Notes to Accounts of Precision Containeurs Ltd.

Mar 31, 2015

1. Corporate information

Precision Containers Limited is a Public Limited Company, formed vide certificate of incorporation dated 27th February, 1981, assessed to income tax having register red address Plot No. 757/758, Jwala Estate, First Floor, Soni Wadi, Near Kora Kendra, Off S.V. Road, Borivali (West), Mumbai 400 092. Precision Containers Limited is into the business of Manufacturing of Barrels & Trading of CRCA coils.

2. SHARE CAPITAL

a) Terms / Rights attached to equity shares

The Company has one class of equity shares having a par value of Rs 10 per share. Each Holder of equity share is entitled to 1 vote per share. In the event of Liquidation of the company, the holders of equity share 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.

3. The company operates gratuity plan wherein employee is entitled to the benefit as per scheme of the company for each completed year of service. The same is payable on retirement or termination whichever is earlier. The benefit vests only after five years of continuous service.

4. Defined Benefit Plans - Leave Encashment

The Company does not accumulate the leaves of employees. Leave is encashed every year.

5. Related party transactions

Details of related parties:

Description of relationship Names of related parties

Associates Yashraj Containers Ltd

Vas Infrastructure Ltd

Vasparr Shelter Ltd

Vas Educomp Pvt. Ltd.

Pushpanjali Drums Pvt. Ltd.

Key Management Personnel (KMP) Dr. Jayesh V Valia - Executive Chairman

Mr. Babulal Jain - Director

Mr. G. Venkataraman - Director

Relatives of KMP Mrs. Sangeeta Valia

Mr. Madhav Valia

Mr. Raj Valia

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Mar 31, 2014

1 Corporate information

Precision Containeurs Limited is a Public Limited Company, formed vide certificate of incorporation dated 27th February 1981 assessed to income tax having registerred address Plot No. 757/758, Jwala Estate, First Floor, Soni Wadi, Near Kora Kendra

S.V. Road, Borivli (West), Mumbai 400 092. Precision Containeurs Limited is into the business of Manufacturing of Barrels l Trading of CRCA coils.

Notes 2.1

One Time Settelement was done with Sicom Arc Limited & it''s paid within 31-03-2012. But the remaining balance shown as Outstanding in the books of account since "NO DUES CERTIFICATE" had not been received from them in the last year. Now it has been received & the balance outstanding as per books of account shown as Misc Balance Written off.

(V) The company operates gratuity plan wherein employee is entitled to the benefit as per scheme of the company for each completed year of service. The same is payable on retirement or termination whichever is earlier. The benefit vests only after five years of continuous service.

Defined Benefit Plans - Leave Encashment

The Company does not accumulate the leaves of employees. Leave is encashed every year.

Related party transactions Details of related parties:

Description of relationship Names of related parties

Associates

Yashraj Containeurs Ltd Vas Infrastructure Ltd Vasparr Shelter Ltd Vas Educomp Pvt. Ltd. Pushpanjali Drums Pvt. Ltd.

Key Management Personnel (KMP)

Dr. Jayesh V Valia - Executive Chairman

Mr. Ajay N Jani - Director

Mr. Babulal Jain - Director

Mr. G. Venkataraman - Director

*Mr. S K Kittur (ceased w.e.f. 12 August 2010)

Relatives of KMP

Mrs. Sangeeta Valia

Mr. Madhav Valia

Mr. Raj Valia Jayesh V Valia (HUF)

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Mar 31, 2013

1 Corporate information

Precision Containeurs Limited is a Public Limited Company, formed vide certificate of incorporation dated 27th February 1981, assessed to income tax having registerred address 401, 4th Floor, Court Chambers, S.V. Road, Borivali (West), Mumbai - 400 092. Precision Containeurs Limited is into the business of Manufacturing of Barrels & Trading of CRCA coils.

Note 2.1 - The Company has modgaged its investments against loan taken by its associate concern, on account of defaults made by the associates concern the same are sold to the extent of no. 750000 share @ 12.77, however as the terms of the aggreement the loss faced by the company shall be made good by its associate concern either by giving back the same no of shares or providing an equavelent amount where in the company do not have to face any loss, on account of such agreement "The company" has not effected any transaction of sale in the books of account.

Notes 3.1

(i) Balances with banks include deposits amounting to Rs 456,086(As at 31 March, 2012 Rs. 456,086) and which have an original maturity of more than 12 months.

Notes 3.2

(ii) Balances with banks - Other earmarked accounts include 212,738 (As at 31 March, 2012 213,138) which have restriction on repatriation.

Notes 4.1

One Time Settelement was done with Sicom Arc Limited & it''s paid within 31 -03-2012. But the remaining balance shown as Outstanding in the books of account since "NO DUES CERTIFICATE" had not been received from them in the last year. Now It''s have been received & the balance outstanding as per books of account shown as Misc Balance Written off.

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Mar 31, 2012

1 Corporate information

Precision Containeurs Limited is a Public Limited Company, formed vide certificate of incorporation dated 27th February 1981, assessed to income tax having registerred address 401, 4th Floor, Court Chambers, S.V. Road, Borivali (West), Mumbai- 400 092. Precision Containeurs Limited is into the business of Manufacturing of Barrels & Trading of CRCA coils.

a) Terms/ Rights attached to equity shares

The Company has one class of equity shares having a par value of Rs 10 per share. Each Holder of equity share is entitled to 1 vote per share.In the event of Liquidation of the company, the holders of equity share will be entitled to receive remaining assets of the company, after distriibution of all preferencial amounts. The distributation will be in proportion to the number of equity shares held by the shareholders.

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Mar 31, 2011

1. The Company did not have at any time during the year amount due to small and medium enterprises (SME) which is outstanding for more than 45 days. Further no interest is paid/payable to such SME creditors.

2. During the year the credit facilities of Rs. 763.38 lakhs outstanding to be repaid to central bank of India has been assigned to SICOM limited.

SICOM has accepted one time settlement proposal (OTS) of Rs. 185 lacs as against the above credit of Rs. 763.38 and the same is being paid by the company, however the company has made a default in repayment of the dues considering which the difference between the OTS and the actual liability has not been recognized in the profit and loss account.

3. The company has an investment of Rs. 222.52 lacs consisting of 1,349,562 shares of VAS Infrastructure Limited of which 1,333,400 shares has been pledged against loan taken by group company.

4. The actuarial valuation of gratuity for present liability towards future payment to the employees covered under payment of gratuity act was not done as on the balance sheet date, therefore the effect of this on the profit for the year could not be ascertained, to the extent the accounts are not in conformity with section 209(3) of the Companies Act 1956 and accounting standard 15 (revised 2005) on "Employee benefit" issued by institute of chartered accountant of India

5. No provision has been made for interest payable on term loans/cash credit from I.D.B.I, G.S.F.C.

6. There is no operation in the company hence Quantitative information as required underSchedule VI is not presented as the same is NIL.

7. Related Party Disclosures:

Associate concerns

Yashraj Containeurs Ltd.

Vas Infrastructure Ltd.

Vasparr Shelter Ltd.

Vasparr Trading Pvt. Ltd. (Now known as Vas Educomp Pvt. Ltd.)

Pushpanjali Drums Pvt Limited

Key Management Personnel & their relatives:

Dr. Jayesh V. Valia Executive Chairman

Mr. Ajay Jani Director

Mr. Babulal Jain Director

Mr. G. Venkatraman Director

8. In relation to Accounting Standard 22 Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India, the Company has unabsorbed depreciation and accumulated losses in terms of income tax and there is no virtual certainly supported by convincing evidence as regards future profitability to wipe off the losses and hence no effect on timing difference in the accounts is given.

9. The Company has only one business segment and there is no geographical Segment, hence reporting details have not been provided in this financial statement.

10. The company has not transferred specified amount to debenture redemption reserve.

11. The outstanding Balance of Debtors, Creditors, Unsecured Loans and Loans & Advances are subject to confirmation & reconciliation.

12. As per the Informatiom & Explaination provided to us, the Loans & Advances are given in the Ordinary Course of Business & are recoverable on demand, However in absence of any Documental Proof we are unable to Comment on the Same.

13. Previous Year's figures have been regrouped/recast wherever necessary.

14. Figures have been rounded off to the nearest rupee.

15. Schedules A to I and 1 to 7 form an integral part of the Accounts and have been duly authenticated.

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Mar 31, 2010

CURRENT YEAR PREVIOUS YEAR

Rs. Rs.

1. Contingent liability not provided for

Bills Discounted NIL NIL

2. Capital Commitments :

Estimate amount of contracts remaining to be

executed On capital accounts and not provided for (Net of Advances) NIL NIL

3. (A) No provision has been made for leave encashment and due to non-availability of the exact amount impact on the Profit/(Loss) for the year is not ascertainable.

(B) No provision has been made for depreciation on assets purchased on hire purchase basis from GSFC and on GIDC quarter and due to non-availability of the exact amount, impact on the Profit/(Loss) for the year is not ascertainable.

(C) No provision has been made for interest payable on term loans/cash credit from I.D.B.I, G.S.F.C, Central Bank of India

4. In relation to Accounting Standard 22 Accounting for Taxes on Income issued by the Institute of Chartered Accountants of India, the Company has unabsorbed depreciation and accumulated losses in terms of income tax and there is no virtual certainly supported by convincing evidence as regards future profitability to wipe off the losses and hence no effect on timing difference in the accounts is given.

5. The Company has only one business segment and there is no geographical Segment, hence reporting details have not been provided in this financial statement.

6. The company has not transferred specified amount to debenture redemption reserve.

7. Secured loans include the interest due and payable within a year, to IDBI on account of, Term Loan Stands at Rs. NIL (P.Y. NIL) lacs and G.S.F.C. Rs. NIL (P.Y.Rs. NIL) lacs.

8. LOANS & ADVANCES, DEBTORS INCLUDES RECEIVABLE FROM, THE COMPANIES UNDER THE SAME MANAGEMENT AND ASSOCIATES.

9. Installed capacity is as certified by the management and not verified by the Auditors, Being technical matter.

10. The outstanding Balance of certain Banks, Debtors, Creditors, Unsecured Loans and Loans & Advances are subject to confirmation & reconciliation, if any.

11. As per the Information & Explanation provided to us , the Loans & Advances are given in the Ordinary Course of Business & are recoverable on demand, However in absence of any Documental Proof we are unable to Comment on the Same.

12. Previous Years figures have been regrouped/recast wherever necessary.

13. Figures have been rounded off to the nearest rupee.

14. Schedules A to I and 1 to 7 form an integral part of the Accounts and have been duly authenticated.