Notes to Accounts of Raj Irrigation Pipes & Fittings Ltd.

Mar 31, 2014

1. Contingent Liabilities Current Year Previous Year (Rs.) (Rs.)

i. Sales tax matters pending in appeal 481,82,660* 481,82,660*

ii. Excise Duty matter pending in appeal 6,55,055** 6,55,055**

iii. Claims against the company 15,33,937 15,33,937

*Against the above, the company has paid Rs.26,43,121 under protest.

** Against the above, the Company has paid Rs.100,000 as deposit

The above figures exclude interest and penal charges which may be levied by the authorities

2. Unclaimed dividend and share application money refundable is subject to reconciliation. The accounts show a payable balance of Rs.3,829 and Rs.14,896 respectively in the current as well as in previous year.

3. The company has neither appointed a Company Secretary as required under the provisions of Section 383A of the Companies Act, 1956 nor obtained a compliance certificate from a Company Secretary.

4. Balance of Sundry Debtors, Loans and Advances, Sundry Creditors and Unsecured Loan are subject to confirmation/reconciliation.

5. The company has not ascertained the status of the entities of its creditors. Hence the amount of Rs 100,000 or more outstanding to Small Scale Industrial Undertakings for over 30 days as on 31.03.14 is not ascertained. Further the dues outstanding to enterprises which have provided goods and services to the Company and which qualify under the definition of Micro, Small and Medium enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) as on 31.03.14 is not ascertained.

6. The deferred tax assets have not been recognized keeping in view the consideration of prudence in accordance with Accounting Standard 22 ''Accounting for taxes on income'' issued by the Institute of Chartered Accountants of India. The company will reassess the unrecognized deferred tax assets in the subsequent period having regard to the future developments.

7. Obligation On Long Term Operating Lease

Head office at Mumbai

The lease expired on 28.02.2006 and is pending for renewal. Provision for lease rental payable upto 31.03.2014 is made at Rs.16,727 per month. Further provision for adhoc interest has been made including Rs 550,000 for the year ended 31.3.14 (previous year Rs 450,000). The total provision towards rent and interest as on 31.3.14 is Rs 27,91,086.

8. Additional Information Pursuant To Paras 3,4c & 4d Of Partll OF SCHEDULE VI OF THE COMPANIES ACT.1956.

A. Not applicable as the Company has no manufacturing operations and no inventory.

B. There are no earnings and expenditure in foreign currency.

9. Previous year''s figures have been re-arranged, wherever necessary to make the same comparable with the current year''s figures.

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Sep 30, 2012

1. Contingent Liabilities

Current Year Previous Year (Rs/) (Rs)

i) Sales tax matters pending in appeal 481,82,660* 481,82,660*

ii) Excise Duty matter pending in appeal 6,55,055** 6,55,055*

iii. Claims against the company 15,33,937 15, 33,937





* Against the above, the company has paid Rs.26,43,121 under protest,

** Against the above, the Company has paid Rs. 100,000 as deposit

The above figures exclude interest and penal charges which may be levied by the authorities

2. Unclaimed dividend and share application money refundable is subject to reconciliation. The accounts show a payable balance of Rs.3,829 and Rs. 14,896 respectively in the current as well as in previous year.

3. The company has neither appointed a Company Secretary as required under the provisions of Section 383A of the Companies Act, 1956 nor obtained a compliance certificate from a Company Secretary.

4. Balance of Sundry Debtors, Loans and Advances, Sundry Creditors and Unsecured Loan are subject to confirmation/reconciliation.

5. The company has not ascertained the status of the entities of its creditors. Hence the amount of Rs 100,000 or more outstanding to Small Scale Industrial Undertakings for over 30 days as on 30.09.12 is not ascertained. Further the dues outstanding to enterprises which have provided goods and services to the Company and which qualify under the definition of Micro, Small and Medium enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) as on 30.9.12 is not ascertained.

6. The deferred tax assets have not been recognized keeping in view the consideration of prudence in accordance with Accounting Standard 22 'Accounting for taxes on income" issued by the Institute of Chartered Accountants of India. The company will reassess the unrecognized deferred tax assets in the subsequent period having regard to the future developments.

7. Obligation On Long Term Operating Lease

Head office at Mumbai

The lease expired on 28.02.2006 and is pending for renewal. Provision for lease rental payable up to 30.09.2012 is made at Rs.16,727 per month. Further provision for ado interest has been made including Rs 550,000 for the year ended 30.9.12 (previous year Rs 450,000). The total provision towards rent and interest as on 30.9.12 is Rs 27, 91,086.

8. Additional Information Pursuant To Pares 3.4c & 4d Of part II OF SCHEDULE VI of the COMPANIES

A. Not applicable as the Company has no manufacturing operations and no inventory.

B. There are no earnings and expenditure in foreign currency.

9. Previous year's figures have been re-arranged, wherever necessary to make the same comparable with the current year's figures.

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Sep 30, 2011

1. Contingent Liabilities

Current Year Previous Year (Rs.) (Rs.)

i. Sales tax matters pending in appeal 481,82,660* 481,82,660*

ii. Excise Duty matter pending in appeal 6,55,055** 6,55,055**

iii. Claims against the company 15,33,937 15,33,937



* Against the above, the company has paid Rs.23,21,600 under protest.

** Against the above, the Company has paid Rs. 100,000 as deposit

The above figures exclude interest and penal charges which may be levied by the authorities

2. Unclaimed dividend and share application money refundable is subject to reconciliation. The accounts show a payable balance of Rs.3,829 and Rs.14,896 respectively in the current as well as in previous year.

3. The company has neither appointed a Company Secretary as required under the provisions of Section 383A of the Companies Act, 1956 nor obtained a compliance certificate from a Company Secretary.

4. Balance of Sundry Debtors, Loans and Advances, Sundry Creditors and Unsecured Loan are subject to confirmation/reconciliation.

5. The company has not ascertained the status of the entities of its creditors. Hence the amounts of Rs 100,000 or more outstanding to Small Scale Industrial Undertakings for over 30 days as on 30.09.11 is not ascertained. Further the dues outstanding to enterprises which have provided goods and services to the Company and which qualify under the definition of Micro, Small and Medium enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) as on 30.9.11 is not ascertained.

6. The deferred tax assets have not been recognized keeping in view the consideration of prudence in accordance with Accounting Standard 22 'Accounting for taxes on income' issued by the Institute of Chartered Accountants of India. The company will reassess the unrecognized deferred tax assets in the subsequent period having regard to the future developments.

There are no potential equity shares as on 30.09.2011 and accordingly the Diluted Earnings per share is the same as the Basic Earning Per Share.

7. Obligation On Long Term Operating Lease

Head office at Mumbai

The lease expired on 28.02.2006 and is pending for renewal. Provision for lease rental payable up to 30.09.2011 is made at Rs.16,727 per month. Further provision for adhoc interest has been made including Rs 450,000 for the year ended 30.9.11 (previous year Rs 350,000). The total provision towards rent and interest as on 30.9.11 is Rs 20,40,362.

8. Additional Information Pursuant To Para's 3,4c & 4d Of Part II OF SCHEDULE VI OF THE COMPANIES ACT,1956.

A. Not applicable as the Company has no manufacturing operations and no inventory.

B. There are no earnings and expenditure in foreign currency.

9. Previous years figure have been re-arranged, wherever necessary to make the same comparable with the current year figures.

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Sep 30, 2010

1. Contingent Liabilities

Current Year Previous Year (Rs.) (Rs.)

i.Sales tax matters pending in appeal 481,82,660* 481,82,660*

ii.Excise Duty matter pending in appeal 6,55,055** 6,55,055**

iii. Claims against the company 15,33,937 15,33,937

* Against the above, the company has paid Rs.23,21,600 under protest.

** Against the above, the Company has paid Rs.100,000 as deposit

The above figures exclude interest and penal charges which may be levied by the

authorities

2. Unclaimed dividend and share application money refundable is subject to reconciliation. The accounts show a payable balance of Rs.3,829 and Rs.14,896 respectively in the current as well as in previous year.

3. The company has neither appointed a Company Secretary as required under the provisions of Section 383A of the Companies Act, 1956 nor obtained a compliance certificate from a Company Secretary.

4. Balance of Sundry Debtors, Loans and Advances, Sundry Creditors and Unsecured Loan are subject to confirmation/reconciliation.

5. The company has not ascertained the status of the entities of its creditors. Hence the amounts of Rs 100,000 or more outstanding to Small Scale Industrial Undertakings for over 30 days as on 30.09.10 is not ascertained. Further the dues outstanding to enterprises which have provided goods and services to the Company and which qualify under the definition of Micro, Small and Medium enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) as on 30.9.10 is not ascertained.

6. The deferred tax assets have not been recognised keeping in view the consideration of prudence in accordance with Accounting Standard 22 'Accounting for taxes on income' issued by the Institute of Chartered Accountants of India. The company will reassess the unrecognised deferred tax assets in the subsequent period having regard to the future developments.

There are no potential equity shares as on 30.09.2010 and accordingly the Diluted Earnings per share is the same as the Basic Earning Per Share.

7. Obligation On Long Term Operating Lease

Head office at Mumbai

The lease expired on 28.02.2006 and is pending for renewal. Provision for lease rental payable upto 30.09.2010 is made at Rs. 16,727 per month. Further provision for adhoc interest has been made including Rs 350,000 for the year ended 30.9.10 (previous year Rs 300,000). The total provision towards rent and interest as on 30.9.10 is Rs 13,89,638.

8. Additional Information Pursuant To Paras 3,4c & 4d Of Part II OF SCHEDULE VI OF THE COMPANIES ACT.1956.

A. Not applicable as the Company has no manufacturing operations and no inventory.

B. There are no earnings and expenditure in foreign currency.

9. Previous years figure have been re-arranged, wherever necessary to make the same comparable with current period figures.

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Sep 30, 2009

1. Contingent Liabilities

Current Year Previous Year

(Rs.) (Rs.)

i. Sales tax matters pending in appeal 363,00,371* 363,00,371*

ii.Excise Duty matter pending in appeal 6,55,055 6,55,055

iii. Claims against the company 15,33,937 15,33,937

* Against the above, the company has paid Rs.26,43,121 under protest.

2. Unclaimed dividend and share application money refundable is subject to reconciliation. The accounts show a payable balance of Rs.3,829 and Rs. 14,896 respectively in the current as well as in previous year.

3. The company has neither appointed a Company Secretary as required under the provisions of Section 383A of the Companies Act, 1956 nor obtained a compliance certificate from a Company Secretary.

4. Balance of Sundry Debtors, Loans and Advances, Sundry Creditors and Unsecured Loan are subject to confirmation/reconciliation.

5. The company has not ascertained the status of the entities of its creditors. Hence the amounts of Rs 100,000 or more outstanding to Small Scale Industrial Undertakings for over 30 days as on 30.9.09 is not ascertained. Further the dues outstanding to enterprises which have provided goods and services to the Company and which qualify under the definition of Micro, Small and Medium enterprises as defined under Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Act) as on 30.9.09 is not ascertained.

6. The deferred tax assets have not been recognised keeping in view the consideration of prudence in accordance with Accounting Standard 22 Accounting for taxes on income issued by the Institute of Chartered Accountants of India. The company will reassess the unrecognised deferred tax assets in the subsequent period having regard to the future developments.

7. Obligation On Long Term Operating Lease

Head office at Mumbai

The lease expired on 28.02.2006 and is pending for renewal. Provision for lease rental payable upto 30.09.2009 is made at Rs. 16,727 p.m. and adhoc interest of Rs.2,50,000 p.a was provided upto 30.09.08 and for the year ended 30.09.09 whose provision for interest has been made at Rs.3,00,000 p.a.

8. Additional Information Pursuant To Paras 3.4c & 4d Of Part II OF SCHEDULE VI OF THE COMPANIES ACT.1956.

A. Not applicable as the Company has no manufacturing operations and no inventory.

B. There are no earnings and expenditure in foreign currency.

9. Previous years figure have been re-arranged, wherever necessary to make the same comparable with current period figures.