Notes to Accounts of Sunrise Asian Ltd.

Mar 31, 2015

1. Corporate Information

Sunrise Asian Limited (the Company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange Limited. The Company is engaged in the trading activities.

Note : 2.1

a) The Company has only one class of Equity Shares having face value of Rs. 10/- per shares.

b) Each holder of equity shares is entitled to one vote per share.

c) The company has not issued any bonus shares or bought back the equity sharesin the last 5 years immediately preceding the balance date.

Note : 3 Contingent Liabilities :

The contingent liabilities towards unpaid calls is not provided in the books.

Note : 4 Related Parties Disclosures :

I(a) Key Management Personnel and their Relatives :

Ms. Sonal Singhal

Note : 5 Retirement Benefit:

The Company follows the policy of accounting for the retirement benefits only on crystallization of the liability, management of the Company do not forsee any major outgo on account of retirement benefits.

Note : 6 Segment Reporting:

There beinf only one segment, viz, trading. Segmetal reporting has not been furnished

Note : 7 Foreign Currency Transaction:

The Company has neither earned nor spent any amount in foreign currency.

Note : 8

Previous Year's figures have been regrouped / rearranged whereever necessary to confirm to those of current year clasification.

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Mar 31, 2014

1. Corporate Information

Sunrise Asian Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange Limited. The company is engaged in the trading activities.

Note: 2

a) The Company has only one class of Equity Shares having face value of Rs. 10/- per shares.

b) Each holder of equity shares is entitled to one vote per share.

c) The company has not issued any bonus shares or bought back the equity sharesin the last 5 years immediately preceding the balance date.

Note : 3 Retirement Benefit:

The Company follows the policy of accounting for the retirement benefits only on crystallization of the liability, management of the Company do not for see any major outgo on account of retirement benefits.

Note : 4 Segment Reporting:

There being only one segment, viz, trading, Segment Reporting has not been furnished.

Note : 5 Foreign Currency Transaction:

The Company has neither earned nor spent any amount in foreign currency.

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Mar 31, 2013

1. Corporate Information

Sunrise Asian Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange Limited. The company is engaged in the trading activities.

Note : 2 Contingent Liabilities :

The contingent liabilities towards unpaid calls is not provided in the books.

Note : 3 Related Parties Disclosures :

I (a) Key Management Personnel and their Relatives :

Mr. Mahesh K. Joshi Mr. Kalpesh M. Jani Mr. Girdhar K. Parmar Mr. Dheeraj K. Jain Mr. Sanjit Jha Mr. Sanjiv Kumar Mishra

Note : 4 Amalgamation:

Pursuant to the scheme of amangamation u/s. 391 to 394 of the Companies Act, 1956, sanctioned by The Hon''ble High Court of Bombay on 22-03-2013, the companies, Santoshima Tradelinks Limited and Conart Traders Limited stands amalgamated with the Company w.e.f. 01-04-2012. Accordingly, the assets and liabilities of the transferor companies stands vested in the Company and the transactions post 01 -04-2012 have been incorporated in the accounts of the Company. Consequently, the figures for the year are not comparable with those of the previous year.

With respect to the amalgamation of the transferor companies, Santoshima Tradelinks Limited and Conart Traders Limited, the Company shall issue and allot 2,55,57,730 shares of Rs. 10/- each to computed in the ratio of 1 equity shares of Rs. 10/- each of the Company for every 1 equity shares of Rs. 10/- each in the transferor company Santoshima Tradelinks Limited held by each shareholder of the transferor Company on the record date and 1,58,23,770 shares of Rs. 10/- each to computed in the ratio of 1 equity shares of Rs. 10/- each of the Company for every 1 equity shares of Rs. 10/- each in the transferor company Conart Traders Limited held by each shareholder of the transferor Company on the record date, aggregating to 4,14,01,140 shares of Rs. 10/- each. Since the allotment has been made after the Balance Sheet date the nominal value of the shares allotted to the Shareholders of the Transferor Company of Rs. 41,40,11,400/- is shown as "Share Capital Suspense" under Shareholder''s Funds.

The difference between the nominal value of shares to be alloted to the shareholders of the transferor companies and net assets of the transferor companies acquired is shown as Goodwill at Rs. 16,73,675/- as per the scheme approved by Hon''ble High Court of Bombay.

Figures of the previous year have been regrouped or rearranged wherever found necessary to conform to the currentyear''s classification.

Note : 5 Retirement Benefit:

The Company follows the policy of accounting for the retirement benefits only on crystallization of the liability, management of the Company do not for see any major outgo on account of retirement benefits.

Note : 6 Segment Reporting:

There being only one segment, viz, trading, Segment Reporting has not been furnished.

Note : 7 Foreign Currency Transaction:

The Company has neither earned nor spent any amount in foreign currency.

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Mar 31, 2011

1. Contingent Liabilities

Contingent Liabilities are disclosed by way of note on the Balance Sheet; Provision is made in the Accounts for those liabilities which are likely to materialize after the year and till the finalization of accounts and having effect on the position stated in the Balance Sheet as at the year end.

2. Balances of Sundry Debtors, Sundry Creditors, Loans & Advances and Deposits are subject to confirmation and reconciliation.

3. In the opinion of the Board of Directors, the Current assets, Loans and Advances have a value not less that what is stated in Balance Sheet, if realised in the ordinary course of business. All known liabilities are adequate and not in excess of amount considered necessary.

4. Previous year figures have been regrouped and/or rearranged wherever considered necessary.

5. There were no amount overdue and remaining unpaid to small scale and / or Ancillary industries suppliers on account of principal and / or interest as at the close of the year. The disclosure is based on the information available with the company regarding the status of the suppliers as defined under the “Interest on Delayed Payments to Small Scale & Ancilliary Industrial Undertaking Act, 1993.”

6. Balance Sheet Abstract and Company's general Business Profile is annexed herewith.

7. Related Party Transactions

(a) Names of Related Parties and description of relationships:

Key Managerial Personnel Mr. Sanjay Dhelia, Director.

Including relatives Mr. O.P. Gupta, Director.

Mr. S.P. Kalantri, Director

8. Miscellaneous Expenditure Written off Rs. Nil

9. The company has only one business segment and therefore segment wise reporting as defined by AS-17 issued by ICAI is not applicable to the Company.

10. As on date of the Balance Sheet the accumulated losses have exceeded the Net Worth of the company, consequently the company is Sick Industrial Company within the meaning of clause (a) of sub section (1) of Section 3 of the Sick Industries Companies (Special Provision) Act 1985. However the accounts have been prepared on a going concern basis as the management is examining various options for the revival of the business.

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Mar 31, 2010

1. Contingent Liabilities is for the year As at 31st As at 31st

March 2010 March 2009

Rs. Rs.

Nil Nil

2. Balances of Sundry Debtors, Sundry Creditors, Loans & Advances and Deposits are subject to confirmation and reconciliation.

3. In the opinion of the Board of Directors, the Current assets, Loans and Advances have a value not less that what is stated in Balance Sheet, if realised in the ordinary course of business. AH known liabilities are adequate and not in excess of amount considered necessary.

6. Previous year figures have been regrouped and/or rearranged wherever considered necessary.

7. There were no amount overdue and remaining unpaid to small scale and / or Ancillary industries suppliers on account of principal and / or interest as at the close of the year. The disclosure is based on the information available with the company regarding the status of the suppliers as defined under the "Interest on Delayed Payments to Small Scale & Ancilliary Industrial Undertaking Act, 1993."

8. Balance Sheet Abstract and Companys genera! Business Profile is annexed herewith.

9. RELATED PARTY TRANSACTIONS

(a) Names of Related Parties and description of relationships:

Key Managerial Personnel Mr. Sanjay Dhelia, Director.

Including relatives Mr. O.P. Gupta, Director.

Mr. S.P. Kalantri, Director

10. Miscellaneous Expenditure Written off Rs. Nil

11. As on date of the Balance Sheet the accumulated losses have exceeded the Net Worth of the company, consequently the company is Sick Industrial Company within the meaning of clause (a) of sub section (1) of Section 3 of the Sick Industries Companies (Special Provision) Act 1985. However the accounts have been prepared on a going concern basis as the management is examining various options for the revival of the business.

12. Other information pursuant to paragraph 3, 4C and 4D of Part - II of Schedule VI to the Companies Act, 1956 are furnished in Annexure I.

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Mar 31, 2007

1. Contingent Liabilities (not provided for) in respect of

As at 3 Ist As at 3 1st

March 2007 March 2006

Rs.(ln Lacs) Rs.(ln Lacs)

a. Income Tax Liability in respect of which appeal are pending 83.09 83.09

2. Balances of Sundry Debtors, Sundry Creditors, Loans & Advances and Deposits are subject to confirmation and reconciliation.

3. In the opinion of the Board of Directors, the Current assets. Loans and Advances have a value not less that what is stated in Balance Sheet, if realised in the ordinary course of business. All known liabilities are adequate and not in excess of amount considered necessary.

4. Previous year figures have been regrouped and/or rearranged wherever considered necessary.

5. There were no amount overdue and remaining unpaid to small scale and / or Ancillary industries suppliers on account of principal and / or interest as at the close of the year. The disclosure is based on the information available with the company regarding the status of the suppliers as defined under the .Interest on Delayed Payments to Small Scale & Ancilliary Industrial Undertaking Act. 1993."

6. Balance Sheet Abstract and Company"s general Business Profile is annexed herewith.

7. RELATED PARTY TRANSACTIONS

(a) Names of Related Parties and description of relationships:

Key Managerial Personnel Mr. D.P.. Kedia, Director.

Including relatives Mr. O.P. Gupta, Director.

Mr. S.P. Kalantri, Director

8. Miscellaneous Expenditure Written off Rs. Nil

9. The Company has not appointed Company Secretary u/s 383A of The Companies Act, 1956 and company has also not appointed Managing Director u/s 269 of The Companies Act, 1956.

10. As on date of the Balance Sheet the accumulated losses have exceeded the Net Worth of the company, consequently the company is Sick Industrial Company within the meaning of clause (a) of sub section (1) of Section 3 of the Sick Industries Companies (Special Provision) Act 1985. However the accounts have been prepared on a going concern basis as the management is examining various options for the revival of the business.

11. Other information pursuant to paragraph 3, 4C and 4D of Part - If of Schedule VI to the Companies Act, 1956 are furnished in Annexure I.