Notes to Accounts of Royal Cushion Vinyl Products Ltd.

Mar 31, 2015

1. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

31.03.2015 31.03.2014 (Amount in Rs) (Amount in Rs)

a) Guarantee/Letter of credit given by Refer note Refer note Company's Bankers below below

b) Foreign Bills Discounted with Banks Refer note Refer note below below

c) Showcause/Demand raised /Appeal 3,103,796 15,883,989 filed to the Various Authorities & disputed by the Company

d) Penalty Imposed by FERA& disputed 10,000,000 10,000,000 by the Company

e) Custom duty payable on Import of amounts amounts duty free capital goods unascer unascer tainable tainable

f) Penalties, if any, in respect of amounts amounts custom duty liabilities for import unascer unascer of raw materials under advance tainable tainable licence scheme and of Capital goods under EPCG Scheme.

g) Suits filed against the Company amounts amounts for recovery of dues unascer unascer tainable tainable

Note: Not ascertained by the Company as the relevant details are not received from the respective authorities.

2. The Company has made an investment of Rs. 25,931,404 ( £ 450.200) in Euroroyal Floors Ltd.( "ERF") wholly owned subsidiary in U.K. The subsidiary also owes Rs. 233,375,543 ( Net of commission payable Rs. 10,619,234 ) towards supply of goods made to it. The principal customers of ERF in Russia did not honour the debts, Due to this ERF in turn, could not pay its creditors. The Company has been informed by the ex-local Directors of ERF that one of the creditors had filed a suit for winding-up of ERF pursuant to which the High Court of Justice of U.K. made a winding-up order dated 11th June,2001 against ERF and the official receiver has been appointed to liquidate the assets of ERF. Thereafter order dated 12/03/2002 was passed and ERF is dissolved. Under the circumstances, the Management had provided for diminution in value of investment made in ERF in the year 2000-01. As also, provision against the debt of Rs. 233,375,543 due from ERF had been made during the earlier year.

3. Under the Micro, Small and Medium Enterprise Development Act, 2006 ("MSMED Act") which came into force effective from 2nd October 2006,certain disclosures relating to amounts due to micro, small and medium enterprises and remained unpaid after the appointed date etc. of principal and interest amounts are required to be made. The Company is in the process of compiling the relevant information. As the relevant information is not yet readily available and / or not given or confirmed by such enterprises, it is not possible to give required information in the accounts. However, in view of the management, the impact of interest, if any, which may subsequently become payable to such enterprises in accordance with the provisions of the Act, would not be material and the same, if any payable, would be disclosed in the year of payment of interest.

4. The Company has suffered substantial losses and due to this, the entire net worth has been eroded. However, operations are Continued, the accounts of the Company have been prepared on the basis that the Company is a going concern.

5. Sundry Debtors & Creditors (Including foreign suppliers) are subject to confirmation

6. Segment Reporting:

The Company has one segment of activity namely PVC products (PVC Laminated Sheet/Tiles, PVC Leather Cloth).

7. Accounting for Taxes on Income:

In view of Loss in current year as well as having substantial brought forward losses and the fact that there would not be taxable income in the near future, the deferred tax assets is not recognized. Deferred tax liability, if any would arise in the year in which the claim giving rise to timing difference is made. Accordingly, deferred tax asset/liability is not recognized.

8. The Directors / employees of the Company have acquired motor cars in their names from and out of the loans obtained by them from the banks, pursuant to an arrangement between the Directors / employees for use of the Company. Accordingly, the Company has accounted the said cars & the said loans in the name of the Directors/ employees, as the assets & the liabilities of the Company, including the transactions in respect of repayment and payment of interest etc.

9. The useful life of fixed assets has been revised in accordance with Schedule - II to the Companies Act-2013 which is applicable for accounting periods commencing on or after 01/04/2014. Consequently an amount of Rs. 14,84,02,188 representing assets beyond their useful life as of 01/04/2014 has been charged to retained earning in other cases carring amount has been depreciated/amortised over the remaining useful life of the assets.

10.. NAME OF RELATED PARTIES AND RELATIONS

1 (A) SUBSIDIARY COMPANY

a) Euro royal Floors Ltd.

(B) ASSOCIATES CONCERN / TRUST

a) Natroyal Industries Pvt. Limited

b) Royal Spin well Pvt Limited

c) Samsons Leather cloth Manufacturing Co. LLP

d) Royal Jerfeb Pvt Limited

e) Shreedaha Trading & Consultancy Services LLP

f) Shreeshaha Trading & Consultancy Services LLP

g) Bhaktavatsala Trading & Consultancy Services LLP

h) Trilokesh Trading & Consultancy Services LLP

i) Vishwamurti Trading Consultancy Services LLP

j) Sumukh Trading & Consultancy Services LLP

k) Lokwami Trading &Cosultancy Services LLP

l) Sahishnu Trading & Consultancy Services LLP

m) Sughosh Trading & Consultancy Services LLP

n) Trilokatma Trading & Consultancy Services LLP

o) M. V. Trust Properties

p) Nityanand Overseas Trading

(C) KEY MANAGEMENT

a) Mahesh KantilalShah

b) Vinod KantilalShah

11. The amount of Excise Duty disclosed as deduction from turnover is the Excise duty for the year, except the excise duty related to the difference between the closing stock and opening stock and excise duty paid but not recovered, which has been disclosed in the (Increase) / decrease in stock and the other expenses respectively. (Increase) / decrease in stock includes excise duty on finished goods (net)Rs. 71,10,354 (Previous year Rs. 79,22,277)

12. The figures of previous year have been regrouped / reclassified / recast wherever necessary to compare with the current year's figures.

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Mar 31, 2014

1. Share Capital

1.1) Rights of Equity Shareholders

The Company has only one class of equity share of Rs. 10/- per share. Each Share holder of equity shares is entitled to one vote per share.

1.2) Reconciliation of the shares outstanding and amount of share capital

2. SHARE APPLICATION MONEY

The Company has been registered with The Board For Industrial and Financial Reconstruction (BIFR) since Sep,2002. The Promoters of the Company are required to bring additional funds as per Draft Rehabilitation Scheme filed before BIFR. Accordingly the Promoters have brought funds as share application money and also brought share application money from business associates. The shares will be issued to Promoters & others associates in the manner approved by BIFR and subject to other approval as may be required.

3. Long Term Loans & Advances

Including rent deposit of Rs. 60,00,000 (P.Y. Rs. 60,00,000) given to MV Trust Properties in which directors are interested.

4. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

31.03.2014 31.03.2013

(Amount in Rs.) (Amount in Rs.)

a) Guarantee/Letterof credit given by Company''s Bankers Refer note below Refer note below

b) Foreign Bills Discounted with Banks Refer note below Refer note below

c) Showcause/Demand raised/ Appeal filed to the Various Authorities & disputed by the Company 15,883,989 15,912,551

d) Penalty Imposed by FERA & disputed by the Company 10,000,000 10,000,000

e) Custom duty payable on Import of duty free capital goods, amounts unascertainable.

f) Penalties, if any, in respect of custom duty liabilities for import of raw materials under advance licence scheme and of capital goods under EPCG Scheme amount unascertainable.

g) Suits filed against the Company for recovery of dues,amount unascertainable.

Note: Not ascertained by the Company as the relevant details are not received from the Banks.

5. The Company has made an investment of Rs. 25,931,404 ( £ 450.200) in Euroroyal Floors Ltd. ("ERF") wholly owned subsidiary in U.K. The subsidiary also owes Rs. 233,375,543 (Net of commission payable Rs. 10,619,234) towards supply of goods made to it. The principal customers of ERF in Russia did not honour the debts, Due to this ERF in turn, could not pay its creditors. The Company has been informed by the ex-local Directors of ERF that one of the creditors had filed a suit for winding-up of ERF pursuant to which the High Court of Justice of U. K. made a winding-up order dated 11th June,2001 against ERF and the official receiver has been appointed to liquidate the assets of ERF.

Thereafter order dated 12/03/2002 was passed and ERF is dissolved under the circumstances, the Management had provided for diminution in value of investment made in ERF in the year 2000-01.As also, provision against the debt of Rs. 233,375,543 due from ERF had been made during the earlier year.

6. The Company is a partner in M/s.Creative Investment, the details of the partners, their share in profit/loss and total capital of the partners of the firm as on 31.03.2014areas under.

a)

Sr. Name of Partners Share (%) No.

i. Shri P.C. Raval 0.50

ii. Shri S.P. Jariwala 0.50

iii. M/s. Royal Cushion Vinyl Products Ltd. 99.00

100.00

b) The total Capital of the Partnersis Rs. 16,66,376 (net)

c) The above details about investment and names of partners are based on the information, certified by a partner

7. Under the Micro, Small and Medium Enterprise Development Act, 2006 ("MSMED Act") which came into force effective from 2nd October 2006,certain disclosures relating to amounts due to micro, small and medium enterprises and remained unpaid after the appointed date etc. of principal and interest amounts are required to be made. The Company is in the process of compiling the relevant information. As the relevant information is not yet readily available and/or not given or confirmed by such enterprises, it is not possible to give required information in the accounts. However, in view of the management, the impact of interest, if any, which may subsequently become payable to such enterprises in accordance with the provisions of the Act, would not be material and the same, if any payable, would be disclosed in the year of payment of interest.

8. Under the Duty Exemption Scheme of Advance Licence (as well as similar other licence scheme) pursuant to Import & Export Policy of Government of India, duty free imports of raw materials are permitted and they are required to be used in manufacturing of goods for export, as well as, export of goods has to be effected within the time allowed, in terms of the scheme. The Company has availed of such licences from time to time. In the past, it had fulfilled its export obligations. However, although the Company had imported duty free raw material under certain licences, hence it could not effect export within the time allowed due to circumstances beyond the control of the Company. The Company has evaluated its obligations under the scheme and it has been advised that in view of non fulfilment of export obligations, the authorities are bound to recover the import duty and mandatory interest thereon. The liability for such duty & interest as on 31.03.2014 is estimated at Rs. 769,234,686 (P.Y. Rs. 731,409,612) In terms of accounting policy followed by the Company, the sum of Rs. 731,409,612 had been provided in earlier years & the balance sum of Rs. 37,825,074 being interest on custom duty has been provided in the current year. The Company have received various demand notes amounting to Rs. 358,080,677 from DGFT towards pending export obligation. These order are challenged by the Company with the concerned authorities and matter for recovery of dues is pending due to BIFR status of the Company.

9. The Company has suffered substantial losses and due to this, the entire net worth has been eroded. However, since operations are Continued, the accounts of the Company have been prepared on the basis that the Company is a going concern.

10. Sundry Debtors & Creditors (Including foreign suppliers) are subject to confirmation.

11. (a) As in the past, in current year also, due to non-receipt of the Bank statements/Bank advices/Balance certificates from the financial institutions/banks, book entries pertaining to banks and financial institutions, transactions could not be reconciled. Further, in absence of such details and information, the amount payable also could not be estimated or ascertained. Thus, bank balances and balances of such financial Institutions as on 31.03.2014 are subject to adjustments if any, to be carried out on receipt of the relevant statements/Bank Advices/Certificates from banks/financial institutions.

(b) Many Banks/financial Institutions have not charged interest for the year. However, the Company has provided interest at the normal rate applicable on the closing balance of loan amount appearing in the books of accounts (except on outstanding Loan balance of IDBI, Oriental Bank of Commerce (OBC) Exim Bank and Bank of India (Refer Note No.37 (a)) and shown as interest payable under the head other current liabilities.

(c) Pursuant to the arrangement/understanding between Natroyal Industries Private Limited (erstwhile Vijayjyot Seats Pvt. Ltd.) and the company, NIPL has arranged/obtained a Term Loan of Rs. 900 Lakhs from ICICI Bank for the Company. Subsequently, the said Loan amount was transferred by NIPL to the company and the company has treated the same as Loan from NIPL. The instalments including interest is paid on the said Loan by the company to ICICI directly accordingly the Principal amount is debited to NIPL Loan Account and interest thereon is debited to interest account in the company''s Books of Accounts.

12. Segment Reporting:

The Company has one segment of activity namely PVC products (PVC Laminated Sheet/Tiles, PVC Leather Cloth).

13. Accounting for Taxes on Income:

In view of Loss in current year as well as having substantial brought forward losses and the fact that there would not be taxable income in the near future, the deferred tax assets is not recognized. Deferred tax liability, if any would arise in the year in which the claim giving rise to timing difference is made. Accordingly, deferred tax asset/liability is not recognized.

14. BIFR Status and Merger

(a) BIFR STATUS

The Company has been registered with The Board For Industrial and Financial Reconstruction (BIFR) since Sept. 2002. The Company''s Scheme for Reconstruction and other related matters are pending before BIFR. The Company Obtained various loans secured or otherwise, from banks and financial institutions in the course of its business including loans from IDBI, BOI, Exim Bank and OBC (IDBI, BOI, Exim Bank and OBC are hereinafter collectively referred as :"the said lenders" and loans from the said lenders are referred as the said loans") In past Assets Reconstruction Company (I) Ltd.(ARCIL) acquired said loan from the said lenders then outstanding at about Rs. 58,00,00,000 excluding Interest. ARCIL had suggested certain restructuring, Mean while during the year 2011-12 SICOM Ltd acquired, the said loans from ARCIL for an aggregate consideration of Rs. 14,00,00,000. The Company has paid Rs. 9,32,00,000 to SICOM Limited on this account, which is debited to its account in books of the Company.

The Company has continued to show the said loans along with interest in the name of the said lenders at the same values as reported in the earlier financial years, pending any understanding/approval of BIFR about the obligation in relation thereto. The consideration paid by SICOM Ltd. forms part of and is to be treated as term loan sanctioned by SICOM Ltd to the Company, It is included in the said loans, as it is consideration of the said loans. The Company has provided/paid interest on the said amount of Rs. 14,00,00,000 paid by SICOM to Arcil (after considering said payment of Rs. 9,32,00,000) treated as loan to the Company and forming part of the said loans, As stated in Note No.33(b) on the balance amount of the said loans interest is not paid/provided.

(b) MERGER

"The Company had submitted the revised Draft Rehabilitation Scheme ("DRS") containing proposal for revival of the Company with the Hon''ble Board of Industrial and Financial Reconstruction ("BIFR") whereby it is proposed to demerge two of its undertaking viz. Units I & II of the Company and merging them with Natroyal Industries Pvt Ltd.(Erstwhile Vijayjyot Seats Private Limited) (one of the Promoter Group Company) with effect from the Appointed Date being January 1, 2013 subject to approval from Hon''ble BIFR and other concerned Parties. The said proposed demerger will be effective after the receipt of the required approvals. Accordingly the given financial results are without giving the effect of said demerger."

15. The Directors/employees of the Company have acquired motor cars in their names from and out of the loans obtained by them from the banks, pursuant to an arrangement between the Directors/employees for use of the Company. Accordingly, the Company has accounted the said cars & the said loans in the name of the Directors/employees, as the assets & the liabilities of the Company, including the transactions in respect of repayment and payment of interest etc.

16. In respect of the staff gratuity, under the group gratuity scheme with Life Insurance Corporation of India (LIC) for the payment of Gratuity in respect of its several employees, the Company has discontinued effecting the payment in respect of periodical premium contribution towards the said scheme from accounting year 2005-06 onwards. The present liability for future payment of gratuity as on 31st March, 2014 is not actuarially determined and has not been provided in the accounts. The liability in respect of uncovered employees/unfunded or short fall amount would be accounted in the year of payment.

17. The operations of Unit III of the Company for manufacturing of 4 mtr floor covering have been discontinued from 2001-2002 due to excess rejections. The Company has used the services of a marketing firm ''Drashti Strategic Research Services Pvt. Ltd'' and obtained market survey report in May 2008 with an objective to explore the market in India. The last production trial was taken in April'' 08 to explore commercial possibilities. There has been no commercial production since 2001-2002, the Company has not carried out assessment of assets particularly plant & machinery having book value of Rs. 11,28,66,168 as on 31st March'' 14 and ascertained recoverable amount of assets of the above Unit III and accordingly has not ascertained impairment loss. The same would be carried out in the ensuing financial years & impairment loss, if any will be accounted in that year.

18. The amount of Excise Duty disclosed as deduction from turnover is the Excise duty for the year, except the excise duty related to the difference between the closing stock and opening stock and excise duty paid but not recovered, which has been disclosed in the (Increase)/decrease in stock and the other expenses respectively. (Increase)/decrease in stock includes excise duty on finished goods (net) Rs. 79,22,277 (Previous year Rs. 42,35,998)

19. (1) NAME OF RELATED PARTIES AND RELATIONS:

(A) SUBSIDIARY COMPANY:

a) Euro royal Floors Ltd.

(B) ASSOCIATES CONCERN/TRUST:

a) Natroyal Industries Pvt. Limited

b) Royal Spinwell Pvt Limited

c) Samsons Leather cloth Manufacturing Co. Pvt. Ltd.

d) Royal Jerfeb Pvt Limited

e) Nityanand Overseas Trading

f) Shreedaha Trading & Consultancy Services Pvt Limited

g) Shreeshaha Trading & Consultancy Services Pvt Limited

h) Bhaktavatsala Trading & Consultancy Services Pvt Limited

i) Trilokesh Trading & Consultancy Services Pvt Limited

j) Vishwamurthy Trading Consultancy Services Pvt Limited

k) Sumukh Trading & Consultancy Services Pvt Limited

l) Lokwami Trading & Consultancy Services Pvt Limited

m) Sahishnu Trading & Consultancy Services Pvt Limited

n) Sughosh Trading & Consultancy Services Pvt Limited

o) Trilokatma Trading & Consultancy Services Pvt Limited

p) M.V. Trust Properties

(C) KEY MANAGEMENT:

a) Mahesh Kantilal Shah

b) Vinod Kantilal Shah

(2) RELATED PARTY TRANSACTIONS:

Note:

Disclosure in respect of material related parties transactions during the year

* In respect of above parties, there is no provision for doubtful debts as on 31st March'' 2014 except Rs. 233,375,543 provided in respect of due by the Subsidiary Company in earlier year.

# Material/Goodssold to Natroyal Industries Pvt. Ltd. Rs. 159,798,692 (P.Y. Rs. 113,561,549)

# Material Purchase from Natroyal Industries Pvt. Ltd. Rs. 471,617,700 (P.Y. Rs. 71,574,707)

20. Special land acquisition officer of Govt. of Gujarat, by common award acquired the part of the factory land belonging to the Company for the purpose of Vadodara Halol khandiwada 4 track road and fixed the amount of compensation payable to the Company. However the Company has not accepted the price fixed for the acquisition of land and the matter is in dispute. Accordingly the entry for said acquisition shall be passed on the actual receipt of payment of compensation finally decided.

21. The figures of previous year have been regrouped/reclassified/recast wherever necessary to compare with the current year''s figures.

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Mar 31, 2013

1. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:



31.03.2013 31.03.2012 (Amount In t) (Amount in t)

a) Guarantee / Letter of credit given by Refer note Refer note Company''s Bankers below below

b) Foreign Bills Discounted with Banks Refer note Refer note below below

c) Show cause / Demand raised / Appeal 15812551 15,883,989 to the various authorities & disputed by the Company

d) Penalty Imposed by FERA & disputed by the Company 10,000,000 10,000,000



e) Custom duty payable on Import of duty free capital goods, amounts unascertainable.

f) Penalties, if any, in respect of custom duty liabilities for import of raw materials under advance licence scheme and of capital goods under EPCG Scheme amount unascertainable.

g) Suits filed against the Company for recovery of dues, amount unascertainable.

Note: Not ascertained by the Company as the relevant details are not received from the Banks.

2. The Company has made an investment of Rs. 25,931,404 (£ 450.200) in Euroroyal Floors Ltd.("ERF") wholly owned subsidiary in U.K.The subsidiary also owes Rs. 233,375,543 (Net of commission payable Rs. 10,619,234) towards supply of goods made to it. The principal customers of ERF in Russia did not honor the debts, due to this ERF in turn, could not pay its creditors. The Company has been informed by the ex-local Directors of ERF that one of the creditors had filed a suit for winding-up of ERF pursuant to which the High Court of Justice of U.K.made a winding-up order dated 11th June,2001 against ERF and the official receiver has been appointed to liquidate the assets of ERF.

Thereafter order dated 12/03/2002 was passed and ERF is dissolved under the circumstances, the Management had provided for diminution in value of investment made in ERF in the year 2000-01 .As also, provision against the debt of Rs. 233,375,543 due from ERF had been made during the earlier year.

3. Under the Micro, Small and Medium Enterprise Development Act, 2006 ("MSMED Act") which came into force effective from 2"dOctober 2006,certain disclosures relating to amounts due to micro, small and medium enterprises and remained unpaid after the appointed date etc. of principal and interest amounts are required to be made. The Company is in the process of compiling the relevant information. As the relevant information is not yet readily available and / or not given or confirmed by such enterprises, it is not possible to give required information in the accounts. However, in view of the management, the impact of interest, if any, which may subsequently become payable to such enterprises in accordance with the provisions of the Act, would not be material and the same, if any payable, would be disclosed in the year of payment of interest.

4. Under the Duty Exemption Scheme of Advance Licence (as well as similar other licence scheme) pursuant to Import & Export Policy of Government of India, duty free imports of raw materials are permitted and they are required to be used in manufacturing of goods for export, as well as, export of goods has to be effected within the time allowed, in terms of the scheme.

The Company has availed of such licences from time to time. In the past, it had fulfilled its export obligations. However, although the Company had imported duty free raw material under certain licences, hence it could not effect export within the time allowed due to circumstances beyond the control of the Company. The Company has evaluated its obligations under the scheme and it has been advised that in view of non fulfilment of export obligations, the authorities are bound to recover the import duty and mandatory interest thereon. The liability for such duty & interest as on 31.03.2013 is estimated at Rs. 731,409,612 (P.Y.Rs. 693,584,538) In terms of accounting policy followed by the Company, the sum of Rs. 693,584,538 had been provided in earlier years & the balance sum of Rs. 37,825,074 being interest on custom duty has been provided in the current year.

The Company have received various demand notes amounting to Rs. 358,080,677 from DGFT towards pending export obligation.

These order are challenged by the Company with the concerned authorities and matter for recovery of dues is pending due to BIFR status of the Company

5. The Company has suffered substantial losses and due to this, the entire net worth has been eroded. However, since operations are Continued, the accounts of the Company have been prepared on the basis that the Company is a going concern.

6. Sundry Debtors & Creditors (Including foreign suppliers) are subject to confirmation.

7. (a) As in the past, in current year also, due to non - receipt of the Bank statements/Bank advices/Balance certificates from the financial institutions/banks, book entries pertaining to banks and financial institutions, transactions could not be reconciled. Further, in absence of such details and information, the amount payable also could not be estimated or ascertained. Thus, bank balances and balances of such financial Institutions as on 31.03.2013 are subject to adjustments if any, to be carried out on receipt of the relevant statements/ Bank Advices/Certificates from banks/ financial institutions.

(b) Many Banks / financial Institutions have not charged interest for the year. However, the Company has provided interest at the normal rate applicable on the closing balance of loan amount appearing in the books of accounts (except on outstanding Loan balance of IDBI, Oriental Bank of Commerce (OBC) Exim Bank and Bank of India (Refer Note No.37 (a)) and shown as interest payable under the head other current liabilities.

8. Segment Reporting:

The Company has one segment of activity namely PVC products (PVC Laminated Sheet/Tiles, PVC Leather Cloth).

9. Accounting for Taxes on Income:

In view of Loss in current year as well as having substantial brought forward losses and the fact that there would not be taxable income in the near future, the deferred tax assets is not recognized. Deferred tax liability, if any would arise in the year in which the claim giving rise to timing difference is made. Accordingly, deferred tax asset/liability is not recognized.

10. BIFR Status and Merger

(a) BIFR STATUS

The Company has been registered with The Board For Industrial and Financial Reconstruction (BIFR) since Sept. 2002. The Company''s Scheme for Reconstruction and other related matters is pending before BIFR. The Company Obtained various loans secured or otherwise, from banks and financial institutions in the course of its business including loans from IDBI,BOI,Exim Bank and OBC (IDBI,BOI,Exim Bank and OBC are hereinafter collectively referred as: "the said lenders" and loans from the said lenders are referred as: the said loans") Sometime in the year Assets Reconstruction Company (I) Ltd (ARCIL) acquired the said loans from the said lenders, then outstanding at about Rs. 580,000,000 excluding Interest. ARCIL had suggested certain restructuring, Meanwhile and during the previous year SICOM Ltd acquired, the said loans from ARCIL for an aggregate consideration of Rs. 14,00,00,000. During the year, the Company has paid Rs.9,32,00,000 to SICOM Limited on this account, which is debited to its account in books of the Company.

The Company has continued to show the said loans along with interest in the name of the said lenders at the same values as reported in the earlier financial years, pending any understanding/approval of BIFR about the obligation in relation thereto. The consideration paid by SICOM Ltd. forms part of and is to be treated as term loan sanctioned by SICOM Ltd to the Company, It is included in the said loans, as it is consideration of the said loans.

The Company has provided/paid interest on the said amount of Rs. 14,00,00,000 paid by SICOM to Arcil (after considering said payment of Rs.9.32,00,000) treated as loan to the Company and forming part of the said loans, As stated in Note No.33 (b) on the balance amount of the said loans interest is not paid/provided.

(b) MERGER

''The Company had submitted the revised Draft Rehabilitation Scheme ("DRS") containing proposal for revival of the Company with the Hon''ble Board of Industrial and Financial Reconstruction ("BIFR") whereby it is proposed to demerge two of its undertaking viz.Unit I & II of the Company and merging them with Vijayjyot Seats Private Limited (one of the Promoter''s Group Company) with effect from the Appointed Date being January 1, 2013 subject to approval from Hon''ble BIFR and other concerned Parties. The said proposed demerger will be effective after the receipt of the required approvals. Accordingly the given financial results are without giving the effect of said demerger."

11. The Directors / employees of the Company have acquired motor cars in their names from and out of the loans obtained by them from the banks, pursuant to an arrangement between the Directors / employees for use of the Company. Accordingly, the Company has accounted the said cars & the said loans in the name of the Directors/ employees, as the assets & the liabilities of the Company, including the transactions in respect of repayment and payment of interest etc.

12. In respect of the staff gratuity, under the group gratuity scheme with Life Insurance Corporation of India (LIC) for the payment of Gratuity in respect of its several employees, the Company has discontinued effecting the payment in respect of periodical premium contribution towards the said scheme from accounting year 2005-06 onwards. The present liability for future payment of gratuity as on 31 St March,2013 is not actuarially determined and has not been provided in the accounts. The liability in respect of uncovered employees/unfunded or shortfall amount would be accounted in the year of payment.

13. The operations of Unit III of the Company for manufacturing of 4 mtr floor covering have been discontinued from 2001-2002 due to excess rejections. The Company has used the services of a marketing firm ''Drshti Strategic Research Services Pvt. Ltd'' and obtained market survey report in May 2008 with an objective to explore the market in India. The last production trial was taken in April''08 to explore commercial possibilities. There has been no commercial production since 2001-2002, the Company has not carried out assessment of assets particularly plant & machinery having book value of Rs. 14,21,34,086 as on 31s" March''13 and ascertained recoverable amount of assets of the above Unit III and accordingly has not ascertained impairment loss. The same would be carried out in the ensuing financial years and impairment loss, if any will be accounted in that year.

14. The amount of Excise Duty disclosed as deduction from turnover is the Excise duty for the year, except the excise duty related to the difference between the closing stock and opening stock and excise duty paid but not recovered, which has been disclosed in the (lncrease)/decrease in stock and the other expenses respectively. (Increase) / decrease in stock includes excise duty on finished goods (net) Rs. 42,35,998 (Previous year Rs. 24,72,091 lakhs).

15. Special land acquisition officer of Govt, of Gujarat, by common award acquired the part of the factory land belonging to the Company for the purpose of Vadodara Halol khandiwada 4 track road and fixed the amount of compensation payable to the Company. However the Company has not accepted the price fixed for the acquisition of land and the matter is in dispute. Accordingly the entry for said acquisition shall be passed on the actual receipt of payment of compensation finally decided.

16. The figures of previous year have been regrouped / reclassified / recast wherever necessary to compare with the current year''s figures.

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Mar 31, 2012

1.1) The Company has only one class of equity share of Rs. 10/- per share. Each Share holder of equity shares is entitled to one vote per share.

2.1) The Company has been registered with The Board For Industrial and Financial Reconstruction (BIFR) since Sep.2002. The Promoters of the Company are required to bring additional funds as per Draft Rehabilitation Scheme filed before BIFR. Accordingly the Promoters have brought funds as share application money and also brought share application money from business associates. The shares will be issued to Promotors in the manner approved by BIFR and subject to other approval as may be required.

During the year, SICOM Ltd has sanctioned financial assistance of Rs. 40 crs to the Company vide letter dtd. June 10, 2011, As per the terms of sanction, SICOM/ SIFL have a right to subscribe to equity share capital of the Company.Vide letter dtd.Dec13,2011 Accordingly, SIFL has subscribed for 13,50,000 equity shares of the Company at a price of ' 10/- per share and paid aggregate amount of Rs. 135 lacs. The shares for the same will be issued by the Company on approval of Draft Rehabilitation Scheme by BIFR.

2. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

31.03.2012 31.03.2011 (Amount in Rs.) (Amount in Rs.)

a) Guarantee / Letter of credit given by Refer note Refer note Company's Bankers below below

b)Foreign Bills Discounted with Banks Refer note Refer note

below below

c) Show cause / Demand raised / Appeal15,883,989 15,883,989 filed by Excise Authorities & disputed by the Company

d) Penalty Imposed by FERA & disputed by the Company 10,000,000 10,000,000

e) Custom duty payable on Import of duty free capital goods, amounts unascertainable.

f) Penalties, if any, in respect of custom duty liabilities for import of raw materials under advance licence scheme and of capital goods under EPCG Scheme amount unascertainable.

g) Suits filed against the Company for recovery of dues, amount unascertainable.

Note: Not ascertained by the Company as the relevant details are not received from the Banks.

3. The Company has made an investment of Rs. 25,931,404 (£ 450.200) in Euroroyal Floors Ltd.("ERF") wholly owned subsidiary in U.K.The subsidiary also owes Rs. 233,375,543 (Net of commission payable Rs. 10,619,234) towards supply of goods made to it. The principal customers of ERF in Russia did not honor the debts, due to this ERF in turn, could not pay its creditors. The Company has been informed by the ex-local Directors of ERF that one of the creditors had filed a suit for winding-up of ERF pursuant to which the High Court of Justice of U.K.made a winding-up order dated 11th June,2001 against ERF and the official receiver has been appointed to liquidate the assets of ERF.

Thereafter order dated 12/03/2002 was passed and ERF is dissolved under the circumstances, the Management had provided for diminution in value of investment made in ERF in the year 2000-01 .As also, provision against the debt of Rs. 233,375,543 due from ERF had been made during the earlier year.

b) The total Capital of the Partners is Rs. 1328777 (Net)

c) The above details about investment and names of partners are based on the information, certified by a partner.

4. The Company had incurred, during the previous years, revenue expenditure on fees to IDBI, ARCIL and legal consultant for restructuring of financial debt with bank, financial institution and creditors; and lease line charges for internet facilities, which was considered, will give long term benefits. The Company had decided to treat the same as deferred revenue expenditure and to write off the same over a period of five years including the year of incurrence of such expenditure in equal installment, and accordingly a sum of Rs. 18,48,194 incurred during the previous years is written off during the year.

5. Under the Micro, Small and Medium Enterprise Development Act, 2006 ("MSMED Act") which came into force effective from 2ndOctober 2006,certain disclosures relating to amounts due to micro, small and medium enterprises and remained unpaid after the appointed date etc. of principal and interest amounts are required to be made. The Company is in the process of compiling the relevant information. As the relevant information is not yet readily available and / or not given or confirmed by such enterprises, it is not possible to give required information in the accounts. However, in view of the management, the impact of interest, if any, which may subsequently become payable to such enterprises in accordance with the provisions of the Act, would not be material and the same, if any payable, would be disclosed in the year of payment of interest.

6. Under the Duty Exemption Scheme of Advance Licence (as well as similar other licence scheme) pursuant to Import & Export Policy of Government of India, duty free imports of raw materials are permitted and they are required to be used in manufacturing of goods for export, as well as, export of goods has to be effected with in the time allowed, in terms of the scheme.

The Company has availed of such licences from time to time. In the past, it had fulfilled its export obligations. However, although the Company had imported duty free raw material under certain licences,hence it could not effect export within the time allowed due to circumstances beyond the control of the Company. The Company has evaluated its obligations under the scheme and it has been advised that in view of non fulfillment of export obligations, the authorities are bound to recover the import duty and mandatory interest thereon. The liability for such duty & interest as on 31.03.2012 is estimated at Rs. 693,584,538 (P.Y.Rs. 655,759,464). In terms of accounting policy followed by the Company, the sum of Rs. 6,55,759,464 had been provided in earlier years & the balance sum of Rs. 37,825,074 being interest on custom duty has been provided in the current year.

The company have received various demand notes amounting to Rs. 358,080,677 from DGFT towards pending export obligation.

These order are challenged by the company with the concerned authorities and matter for recovery of dues is pending due to BIFR status of the company

7. The Company has suffered substantial losses and due to this, the entire net worth has been eroded. However, since operations are continued, the accounts of the Company have been prepared on the basis that the Company is a going concern.

8. Sundry Debtors & Creditors (Including foreign suppliers) are subject to confirmation.

9. a) As in the past, in current year also, due to non - receipt of the Bank statements/Bank advices/Balance certificates from the financial institutions/banks, book entries pertaining to banks and financial institutions,transactions could not be reconciled.Further, in absence of such details and information, the amount payable also could not be estimated or ascertained. Thus, bank balances and balances of such financial Institutions as on 31.03.2012 are subject to adjustments if any, to be carried out on receipt of the relevant statements / Bank Advices / Certificates from banks/ financial institutions.

b) Many Banks / financial Institutions have not charged interest for the year. However, the Company has provided interest at the normal rate applicable on the closing balance of loan amount appearing in the books of account and shown as interest payable under the head other current liabilities.

10. Segment Reporting:

The Company has one segment of activity namely PVC products (PVC Laminated Sheet/Tiles, PVC Leather Cloth).

11. Accounting for Taxes on Income:

In view of Loss in current year as well as having substantial brought forward losses and the fact that there would not be taxable income in the near future, the deferred tax assets is not recognized. Deferred tax liability, if any would arise in the year in which the claim giving rise to timing difference is made. Accordingly, deferred tax asset/liability is not recognized.

12. Accounting for Lease:

The Company has entered Into agreements/arrangements for taking certain assets on leave and licence basis. The special disclosure in respect of these arrangements is given below:

13 BIFR Status and Share Application:

The Company has been registered with The Board For Industrial and Financial Reconstruction (BIFR) since Sept. 2002 The Company's Scheme for Reconstruction and other related matters is pending before BIFR. The Company Obtained various loans secured or otherwise,from banks and financial institutions in the course of its business including loans from IDBI,BOI,Exim Bank and OBC (IDBI,BOI,Exim Bank and OBC are hereinafter collectively referred as: "the said lenders" and loans from the said lenders are referred as: "the said loans").

Sometime in the year Assets Reconstruction Company (I) Ltd (ARCIL) acquired the said loans from the said lenders, then outsatnding at about Rs. 580,000,000 excluding Interest. ARCIL had suggested certain restructuring, Meamwhile and during the year SICOM Ltd acquired,the said loans from ARCIL for an aggregate consideration of Rs. 14,00,00,000.

The Company has continued to show the said loans along with interest in the name of the said lenders at the same values as reported in the earlier financial years, pending any understanding/approval of BIFR about the obligation in relation thereto. The consideration paid by SIcOm Ltd.forms part of and is to be treated as term loan sanctioned by SICOM Ltd to the company, It is included in the said loans, as it is consideration of the said loans.

The Company has provided/paid interest on the said amount of Rs. 14,00,00,000 paid by SICOM to Arcil treated as loan to the company and forming part of the said loans, As stated in Note No.10 (b) on the balance amount of the said loans interest is not paid provided.

14. The Directors / employees of the Company have acquired motor cars in their names from and out of the loans obtained by them from the banks, pursuant to an arrangement between the Directors / employees for use of the company. Accordingly, the Company has accounted the said cars & the said loans in the name of the Directors/ employees, as the assets & the liabilities of the Company, including the transactions in respect of repayment and payment of interest etc.

15. In respect of the staff gratuity, under the group gratuity scheme with Life Insurance Corporation of India (LIC) for the payment of Gratuity in respect of its several employees, the Company has discontinued effecting the payment in respect of periodical premium contribution towards the said scheme from accounting year 2005-06 onwards. The present liability for future payment of gratuity as on 31st March, 2012 is not actually determined and has not been provided in the accounts. The liability in respect of uncovered employees/unfunded or shortfall amount would be accounted in the year of payment.

16. The operations of Unit III of the Company for manufacturing of 4 mtr floor covering have been discontinued from 2001-2002 due to excess rejections. The Company has used the services of a marketing firm 'Drshti Strategic Research Services Pvt. Ltd' and obtained market survey report in May 2008 with an objective to explore the market in India. The last production trial was taken in April'08 to explore commercial possibilities. There has been no commercial production since 2001-2002, the Company has not carried out assessment of assets particularly plant & machinery having book value of Rs. 17,14,02,004 as on 31st March'12 and ascertained recoverable amount of assets of the above Unit III and accordingly has not ascertained impairment loss. The same would be carried out in the ensuing financial years and impairment loss, if any will be accounted in that year.

17. The amount of Excise Duty disclosed as deduction from turnover is the Excise duty for the year, except the excise duty related to the difference between the closing stock and opening stock and excise duty paid but not recovered, which has been disclosed in the ( Increase) / decrease in stock and the other expenses respectively. (Increase)/ decrease in stock includes excise duty on finished goods (net) Rs. 24,72,091 (Previous year Rs. 28,80,056 lakhs).

Notes:

Disclosure inrespect of material related parties transations during the year

* In respect of above parties, there is no provision for doubtful debts as on 31st March' 2012 except Rs. 233,375,543 provided in respect of due by the Subsidiary Company in earlier year.

# Material/Goods sold to Viny Royal Plasticoates Ltd. Rs. 182,437,105 (P.Y. Rs. 100,033,094)

18. These Financial statements have been prepared in the format prescribed by the revised Schedule VI to the Companied Act.

The figures of previous year have been regrouped / reclassified / recast wherever necessary to compare with the current year's figures.

---

Mar 31, 2010

01. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:

31.03.2010 31.03.2009 (Rs.in Lacs) (Rs.in Lacs)

a) Guarantee/Letter of credit given by Companys Bankers Refer note Refer note below below

b) Foreign Bills Discounted with Banks Refer note Refer note below below

c) Show cause/Demand raised/Appeal filed by Excise Authorities & 158.84 150.42 disputed by the Company

d) Custom duty payable on Import of duty free capital goods, amounts unascertainable.

e) Penalties, if any, in respect of custom duty liabilities for import of raw materials under advance licence scheme and of capital goods under EPCG Scheme amount unascertainable.

f) Income Tax demand disputed by the Company Rs.Nil (P.Y.Rs.17.24 Lacs)

g) Suits filed against the Company for recovery of dues, amount unascertainable.

Note: Not ascertained by the Company as the relevant details are not received from the Banks.

02 The Company has made an investment of Rs.259.31 Lacs (£ 450.200) in Euroroyal Floors Ltd. ("ERF") wholly owned subsidiary in U.K.The subsidiary also owes Rs.2,333.75 Lacs (Net of commission payable Rs.106.19 Lacs) towards supply of goods made to it.

The principal customers of ERF in Russia did not honour the debts.

Due to this ERF in turn, could not pay its creditors. The Company has been informed by the ex-local Directors of ERF that one of the creditors had filed a suit for winding-up of ERF pursuant to which the High Court of Justice of U.K.made a winding-up order dated 11th June,2001 against ERF and the official receiver has been appointed to liquidate the assets of ERF. Thereafter order dated 12/03/02 was passed and ERF is dissolved Under the circumstances, the Management had provided for diminution in value of investment made in ERF in the year 2000- 01. As also, provision against the debt of Rs.2333.75 Lacs due from ERF had been made during the earlier year.

03. The Company had incurred, during the previous years, revenue expenditure on fees to IDBI, ARCIL and legal consultant for restructuring of financial debt with bank, financial institution and creditors; and lease line charges for internet facilities, which was considered, will give long term benefits.The Company had decided to treat the same as deferred revenue expenditure and to write off the same over a period of five years including the year of incurrence of such expenditure in equal installment, and accordingly:

a) A sum of Rs.50,14,447 lacs being 1/5th of expenditure towards legal fees to IDBI and ARCIL for restructuring of financial debts with bank, and lease line charges for internet facilities incurred during the previous years is written off during the year.

b) The balance of Rs.62,28,194 is carried forwarded as deferred revenue expenditure and shown under the head Miscellaneous Expenditures.

04 Under the Micro, Small and Medium Enterprise Development Act, 2006 ("MSMED Act") which came into force effective from 2ndOctober 2006,certain disclosures relating to amounts due to micro,small and medium enterprises and remained unpaid after the appointed date etc. of principal and interest amounts are required to be made. The Company is in the process of compiling the relevant information. As the relevant information is not yet readily available and / or not given or confirmed by such enterprises, it is not possible to give required information in the accounts. However, in view of the management, the impact of interest, if any,which may subsequently become payable to such enterprises in accordance with the provisions of the Act, would not be material and the same, if any payable, would be disclosed in the year of payment of interest.

05 Under the Duty Exemption Scheme of Advance Licence ( as well as similar other licence scheme) pursuant to Import & Export Policy of Government of India, duty free imports of raw materials are permitted and they are required to be used in manufacturing of goods for export, as well as, export of goods has to be effected with in the time allowed, in terms of the scheme.

The Company has availed of such licences from time to time. In the past, it had fulfilled its export obligations. However, although, the Company had imported duty free raw material under certain licences, hence it could not effect export within the time allowed due to circumstances beyond the control of the Company. Company has evaluated its obligations under the scheme and it has been advised that in view of non fulfillment of export obligations, the authorities are bound to recover the import duty and mandatory interest thereon. The liability for such duty & interest as on 31.03.2010 is estimated at Rs. 6,179.34 Lacs.(P.Y.Rs.5,801.09 Lacs) In terms of accounting policy followed by the Company, the sum of Rs.5,801.09 Lacs had been provided in earlier years & the balance sum of Rs.378.25 Lacs being interest on custom duty has been provided in the current year.

The company have received various demand notes amounting to Rs. 3580.81 lacs from DGFT towards pending export obligation. These order are challenged by the company with the concerned authorities and matter for recovery of dues is pending due to BIFR status of the company.

06 A. Loans & Advance includes:

a) Rs 21.47 Lacs (P.Y Rs.21.23 Lacs) due from a Company under the same management. (Maximum outstanding during the year is Rs.21.47)

b) Rs.20.00 Lacs (P.Y Rs.43.00 Lacs) due from other parties.

B. Sundry Debtors include Rs Nil.(P.Y Rs.19.12 Lacs) due from company under same management.

07 The Company has suffered substantial losses and due to this, the entire net worth has been eroded. However,since operations are continued, the accounts of the Company have been prepared on the basis that the Company is a going concern.

08 Sundry Debtors & Creditors (Including foreign suppliers) are subject to confirmation.

09 a) As in the past, in current year also, due to non - receipt of the Bank statements/Bank advices/Balance

certificates from the financial institutions/banks, book entries pertaining to banks and financial institutions, transactions could not be reconciled. Further, in absence of such details and information, the amount payable also could not be estimated or ascertained.Thus, bank balances and balances of such financial Institutions as on 31.03.2010 are subject to adjustments if any, to be carried out on receipt of the relavant statements / Bank Advices / Certificates from banks/ financial institutions.

b) Many Banks / financial Institutions have not charged interest for the year. However, the Company has provided interest at the normal rate applicable on the closing balance of loan amount appearing in the books of account (except on outstanding Loan balance of IDBI, Exim Bank and Bank of India, (Ref. Note no. 15) and shown as interest payable under the head current liabilities.

10 Segment Reporting:

The Company has one segment of activity namely Calender products (PVC Laminated Sheet/Tiles, PVC Leather Cloth).

11 Accounting for Taxes on Income:

In view of loss in current year as well as having substantial brought forward losses and the fact that there would not be taxable income in the near future, the deferred tax assets is not recognized. Deferred tax liability, if any would arise in the year in which the claim giving rise to timing difference is made.Accordingly, deferred tax asset/ liability is not recognized.

12 BIFR status and advance share application money:

The Company has been registered with Board for Industrial and Financial Reconstruction (BIFR) since September, 2002. Assets Reconstruction Company India Ltd.(ARCIL) vide letter dated 12/09/2006, has agreed to restructure the debts acquired by them from IDBI, Exim Bank and Bank of India. The Company has submitted a Draft rehabilitation schemes (DRS) dated 05.10.2007 to BIFR and others and has initiated negotiation with other bankers for one time settlement. As per restructuring package the Company has to pay to ARCIL an amount aggregating to Rs. 37.75 crores by September, 28th 2009.Out of this company has paid Rs. 2.61 crores till 31/03/2010. The company is re-negotiating debts with Arcil, who holds 80 % of secured debts . BIFR vide order dated 23.02.10 directed for Change of Management, against which the company has filed an appeal in AAIFR, the next hearing at AAIFR is scheduled on 20.07.10

The promoters of the Company is also required to bring additional fund. Accordingly the promoters have started contributing fund as advance share application money and unsecured Loan. The shares in the company shall be issued in the manner approved by BIFR and subject to and other approval that may be required. As the IDBI, BOI and Exim bank have transfered their debts to ARCIL. No provision for interest has been made for Rs.7025.78 lacs(P.Y Rs.2708.06 Lacs) on outstanding balance of Loan of the said banks.

13 The Directors / employees of the Company have acquired motor cars in their names from and out of the loans obtained by them from the banks, pursuant to an arrangement between the Directors / employees for use of the company. Accordingly, the company has accounted the said cars & the said loans in the name of the Directors / employees, as the assets & the liabilities of the Company, including the transactions in respect of repayments, payment of interest etc.

14 In respect of the staff gratuity, under the group gratuity scheme with Life Insurance Corporation of India (LIC) for the payment of Gratuity in respect of its several employees,the Company has discontinued effecting the payment in respect of periodical premium contribution towards the said scheme from accounting year 2005-06 onwards.The present liability for future payment of gratuity as on 31st March,2010 is not actuarially determined and has not been provided in the accounts. The liability in respect of uncovered employees/unfunded or shortfall amount would be accounted in the year of payment.

15 The operation of Unit-III of the Company for manufacture of 4 Metre Floor Covering has been discontinued from 2001-02. The Company has not carried out assessment of assets particularly plant and machinery having book value of Rs.2300.18 Lacs as on 31.03.2010 and ascertained recoverable amount of assets of the above Unit-III and accordingly has not ascertained impairment loss. The same would be carried out in the ensuing financial years and impairment loss, if any will be accounted in that year.

16. NAME OF RELATED PARTIES AND RELATIONS

(A) SUBSIDIARY COMPANY

a) Euro royal Floors Ltd.

(B) ASSOCIATES CONCERN/TRUST

a) Vinyroyal Plasticoates Ltd.

b) Vijay Knitting Pvt. Ltd.

c) Vijay Jyot Seats Pvt. Ltd.

d) Samsons Leathercloth Manufacturing Co. Pvt. Ltd.

e) Royal Knitting Pvt Ltd

f) Royal Spinwell Pvt.Ltd.

g) Royal Jerfeb Pvt.Ltd h) Nityanand Overseas Trading

i) Shreeshah Trading & Consultancy Services Pvt. Ltd.

j) Trilokesh Trading & Consultancy Services Pvt. Ltd.

k) Vishwamurthy Trading Consultancy Services Pvt. Ltd

l) Sumukh Trading & Cosultancy Services Pvt. Ltd.

m) Lokswami Trading & Cosultancy Services Pvt. Ltd.

n) Sahishnu Trading & Cosultancy Services Pvt. Ltd.

o) Sughosh Trading & Cosultancy Services Pvt. Ltd.

p) Trilokamata Trading & Cosultancy Services Pvt. Ltd.

q) M.V.Trust Properties

r) Royal Wellknit Pvt. Ltd.

(C) KEY MANAGEMENT PERSONNEL

a) Mahesh Kantilal Shah

b) Vinod Kantilal Shah

c) Mukesh Amrutlal Motasha

17 Sales and operating Income included Rs.2,41,87,087 (P.Y. Finance Charges Includes Rs.4,82,20,765) being ex- change rate differance in respect of advances received from customers for exports of goods through third party.

18 The amount of Excise Duty disclosed as deduction from turnover is the Excise duty for the year, except the excise duty related to the difference between the closing stock and opening stock and excise duty paid but not recovered, which has been disclosed in the (Increase) / decrease in stock and the other expenses respectively. (Increase) / decrease in stock includes excise duty on finished goods (net) Rs. 25.97 lakhs (Previous year Rs. 23.66 lakhs).

19. COMPARATIVE FIGURES:

The figures of previous year have been regrouped / reclassified / recast wherever necessary to compare with the current year’s figures.