TPI India Ltd. के अकाउंट के लिये नोट

Mar 31, 2025

K Provisions and Contingent Liabilities

Provisions are recognised when the Company

(a) has a present obligation (legal or constructive) as a result of a past event,

(b) it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and

(c) a reliable estimate can be made of the amount of the obligation.

Provisions are measured at the best estimate of the expenditure required to settle the present obligation
at the Balance Sheet date. If the effect of the time value of money is material, provisions are discounted
to reflect its present value using a current pre-tax rate that reflects the current market assessments of the
time value of money and the risks specific to the obligation. When discounting is used, the increase in the
provision due to the passage of time is recognised as a finance cost.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence
of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events
not wholly within the control of the Company or a present obligation that arises from past events where it is
either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount
cannot be made.

L Government Grants

Government grants and subsidies are recognized when there is reasonable assurance that the company will
comply with the conditions attached to them and the grants / subsidy will be received. Government grants
whose primary condition is that the company should purchase, construct or otherwise acquire capital
assets are presented by deducting them from the carrying value of the assets. The grant is recognized as
income over the life of depreciable assets by way of a reduced depreciation charge while grants related to
expenses are treated as other income in the income statement.

M Segment Reporting

The Chief Operational Decision Maker monitors the operating results of its business segments separately for the
purpose of making decisions about resource allocation and performance assessment. Currently the company
operates only in one geographical segment viz, Polymer based packaging products in India.

N Cash & Cash Equivalents

The company considers all highly liquid financial instruments, which are readily convertible into known amount of
cash that are subject to an insignificant risk of change in value and having original maturities of three months or
less from the date of purchase, to be cash equivalents.

O Cash Flow Statement

Cash flows are reported using the indirect method where by the profit before tax is adjusted for the effect of
the transactions of a non-cash nature, any deferrals or accruals of past and future operating cash receipts or
payments and items of income or expenses associated with investing or financing cash flows. The cash flows
from operating, investing and financing activities of the company are segregated.

P Earnings Per Share

Basic earnings per share is computed by dividing the net profit for the period attributable to the equity
shareholders of the Company by the weighted average number of equity shares outstanding during
theperiod. The weighted average number of equity shares outstanding during the period and for all periods
presented is adjusted for events, such as bonus shares, other than the conversion of potential equityshares
that have changed the number of equity shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity
shareholders and the weighted average number of shares outstanding during the period is adjusted for the
effects of all dilutive potential equity shares.

Q Research & Development

Revenue expenditure on research and development are charged as an expense in the year in which they are
incurred. Capital expenditure on research and development are shown as an addition to fixed assets.

R Subsidy

Capital subsidy received from Maharashtra Government if any credited to capital reserve account.

A. Nature and Purpose of Reserves

(a) Capital Reserve: The Companies Act, 2013 requires the company to create capital reserve based on statutory
requirement. This reserve is not available for capitalisation / declaration of dividend / share buy-back.

(b) Securities Premium Reserve: The amount received in excess of face value of the equity shares is recognised in
Securities Premium Reserve.

(c) Retained Earnings: Retained earnings are the profits that the Company has earned till date, less any transfers to
general reserve, dividends or other distributions paid to shareholders.

(d) FVTOCI Equity Investments: The company has elected to recognise changes in the fair value of certain
investments in equity securities in other comprehensive income. These changes are accumulated within the
FVTOCI Equity Investments reserve within equity. The company transfers amount from this reserve to retained
earnings when the relevant equity securities are derecognised.

The Company''s Board of Directors has overall responsibility for the establishment and oversight of the Company''s
risk management framework. The Board of Directors has established the Risk Management Committee, which is
responsible for developing and monitoring the Company''s risk management policies. The Committee reports regularly
to the Board of Directors on its activities.

a Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers,
loans. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the
creditworthiness of customers to which the Company grants credit terms in the normal course of business. The
Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred
losses in respect of trade and other receivables and investments.

The Company''s maximum exposure to credit risk as at 31st March, 2022 and 2021 is the carrying value of each
class of financial assets.

i Trade and other receivables

Credit risk on trade receivables is limited based on past experience and management''s estimate.

Ageing of trade and other receivables that were not impaired was as follows.

ii Cash and Cash Equivalents

The Company held cash and bank balance with credit worthy banks of ''8,21,469 at March 31, 2025 (March 31, 2024:
'' 11,68,439). The credit risk on cash and cash equivalents is limited as the Company generally invests in deposits
with banks where credit risk is largely perceived to be extremely insignificant.

27 Capital Management

The company''s objectives when managing capital are to

• safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders
and benefits for other stakeholders, and

• maintain an optimal capital structure to reduce the cost of capital.

The capital structure of the Company is based on management''s judgement of the appropriate balance of key
elements in order to meet its strategic and day-today needs. We consider the amount of capital in proportion to
risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the
underlying assets.

The management monitors the return on capital as well as the level of dividends to shareholders. The Company will take
appropriate steps in order to maintain, or if necessary adjust, its capital structure.

i. The Company has availed borrowings from banks or financial institutions on the basis of security of current assets & the
quarterly statements submitted to Banks wherever mandated are in agreement with the books of accounts.

j. The Company is not declared wilful defaulter by and bank or financials institution or lender during the year.

k. The Company has not undertaken any transactions with companies struck off under section 248 of the Companies Act,
2013 or section 560 of Companies Act, 1956.

l. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the
statutory period.

m. The Company does not have any investment in subsidiaries. Accordingly, Compliance with the number of layers
prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules,
2017 is not applicable.

n. Reporting under Compliance with approved Scheme(s) of Arrangements is not applicable to the Company.

o. "The Company has not advanced or loaned or invested funds to any other person(s) or Company(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Company (ultimate beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries."

p. "The Company has not received any fund from any person(s) or Company(ies), including foreign entities (funding party)
with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the funding party (ultimate beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries."

q. The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961, except for those
mentioned in the Audit report.

r. Reporting on Corporate Social Responsibility (CSR) is not applicable to the Company.

s. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

For Jain Jagawat & Kamdar & Co For and on behalf of the Board of Directors

Chartered Accountants

Firm Registration No. 122530W

CA Chandrashekhar Jagawat Bharat Chimanlal Parekh Ishan Dilipkumar Selarka

Partner Managing Director Independent Director

M No. 116078 DIN: 02650644 DIN: 03614005

Ravindra Shukla Hardik Kamlesh Jain

Company Secretary

Independent Director

Mumbai, 27th May, 2025 DIN: 00660027

---

Mar 31, 2024

K Provisions and Contingent Liabilities

Provisions are recognised when the Company

(a) has a present obligation (legal or constructive) as a result of a past event,

(b) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and

(c) a reliable estimate can be made of the amount of the obligation.

Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the Balance Sheet date. If the effect of the time value of money is material, provisions are discounted to reflect its present value using a current pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the obligation. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.

L Government Grants

Government grants and subsidies are recognized when there is reasonable assurance that the company will comply with the conditions attached to them and the grants / subsidy will be received. Government grants whose primary condition is that the company should purchase, construct or otherwise acquire capital assets are presented by deducting them from the carrying value of the assets. The grant is recognized as income over the life of depreciable assets by way of a reduced depreciation charge while grants related to expenses are treated as other income in the income statement.

M Segment Reporting

The Chief Operational Decision Maker monitors the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. Currently the company operates only in one geographical segment viz, Polymer based packaging products in India.

N Cash & Cash Equivalents

The company considers all highly liquid financial instruments, which are readily convertible into known amount of cash that are subject to an insignificant risk of change in value and having original maturities of three months or less from the date of purchase, to be cash equivalents.

O Cash Flow Statement

Cash flows are reported using the indirect method where by the profit before tax is adjusted for the effect of the transactions of a non-cash nature, any deferrals or accruals of past and future operating cash receipts or payments and items of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the company are segregated.

P Earnings Per Share

Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of the Company by the weighted average number of equity shares outstanding during theperiod. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equityshares that have changed the number of equity shares outstanding, without a corresponding change in resources. For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

Q Research & Development

Revenue expenditure on research and development are charged as an expense in the year in which they are incurred. Capital expenditure on research and development are shown as an addition to fixed assets.

R Subsidy

Capital subsidy received from Maharashtra Government if any credited to capital reserve account.

a Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers, loans. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables and investments.

The Company''s maximum exposure to credit risk as at 31st March, 2022 and 2021 is the carrying value of each class of financial assets.

i Trade and other receivables

Credit risk on trade receivables is limited based on past experience and management''s estimate.

ii Cash and Cash Equivalents

The Company held cash and bank balance with credit worthy banks of ''11,68,439 at March 31, 2024 (March 31, 2023: '' 6,06,077). The credit risk on cash and cash equivalents is limited as the Company generally invests in deposits with banks where credit risk is largely perceived to be extremely insignificant. Further the Company has an interest accrued but not due on above fixed deposit of '' 16,68,711/- at March 31, 2022 (March 31, 2023''13,22,400/-)

b Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.

Management monitors rolling forecasts of the Company''s liquidity position on the basis of expected cash flows. The Company manages its liquidity risk by preparing monthly cash flow projections to monitor liquidity requirements. In addition, the Company projects cash flows and considering the level of liquid assets necessary to meet these, monitoring the Balance Sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

c Market Risk

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and equity prices will affect the Company''s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments. The Company is exposed to market risk primarily related to interest rate risk and the market value of the investments.

i Currency Risk

The functional currency of the Company is Indian Rupee. Currency risk is not material, as the Company does not have any exposure in foreign currency.

ii Interest Rate Risk

I nterest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates.

Exposure to interest rate risk

According to the Company interest rate risk exposure is only for floating rate borrowings. Company does not have any floating rate borrowings on any of the Balance Sheet date disclosed in this financial statements.

iii Price Risk

Price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded price. It arises from financial assets such as investments in quoted instruments.

a Fair value sensitivity analysis for fixed rate Instruments

The Company does not account for any fixed rate financial assets or financial liabilities at fair value through Profit or Loss. Therefore, a change in interest rates at the reporting date would not affect Profit or Loss.

b Cash flow sensitivity analysis for variable rate Instruments

The company does not have any variable rate instrument in Financial Assets or Financial Liabilities.

27 Capital Management

The company''s objectives when managing capital are to

• safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and

• maintain an optimal capital structure to reduce the cost of capital.

The capital structure of the Company is based on management''s judgement of the appropriate balance of key elements in order to meet its strategic and day-today needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets. The management monitors the return on capital as well as the level of dividends to shareholders. The Company will take appropriate steps in order to maintain, or if necessary adjust, its capIital structure.

d. The Company does not hold any Intangible Assets. Accordingly, reporting on revaluation of Intangible Assets is not applicable.

e. The Company has not advanced loans or advances in the nature of loans to promoters, directors, KMPs and the related parties.

f. The Company does not hold any Capital-work-in-progress. Accordingly, reporting on Capital Work-in-progress ageing and completion schedule is not applicable.

g. The Company does not hold any Intangibles assets under development. Accordingly,reporting on Intangibles assets under development ageing and completion schedule is not applicable.

h. The Company does not have any property, where any proceeding has been initiated or pending against the Company for holding any benami property.

i. The Company has availed borrowings from banks or financial institutions on the basis of security of current assets & the quarterly statements submitted to Banks wherever mandated are in agreement with the books of accounts.

j. The Company is not declared wilful defaulter by and bank or financials institution or lender during the year.

k. The Company has not undertaken any transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

l. The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.

m. The Company does not have any investment in subsidiaries. Accordingly, Compliance with the number of layers prescribed under clause (87) of section 2 of the Act read with the Companies (Restriction on number of Layers) Rules, 2017 is not applicable.

n. Reporting under Compliance with approved Scheme(s) of Arrangements is not applicable to the Company.

o. "The Company has not advanced or loaned or invested funds to any other person(s) or Company(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (ultimate beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries."

p. "The Company has not received any fund from any person(s) or Company(ies), including foreign entities (funding party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the funding party (ultimate beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the ultimate beneficiaries."

q. The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961, except for those mentioned in the Audit report.

r. Reporting on Corporate Social Responsibility (CSR) is not applicable to the Company.

s. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.

For Jain Jagawat & Kamdar & Co For and on behalf of the Board of Directors

Chartered Accountants TPI India Limited

Firm Registration No. 122530W

CA Chandrashekhar Jagawat Bharat Chimanlal Parekh Ishan Dilipkumar Selarka

Partner Managing Director Independent Director

M No. 116078 wDIN: 02650644 DIN: 03614005

Ravindra Shukla Hardik Kamlesh Jain

Independent Director Company Secretary

Mumbai, 30th May, 2024 DIN: 00660027

---

Mar 31, 2023

K Provisions and Contingent Liabilities

Provisions are recognised when the Company (a) has a present obligation (legal or constructive) as a result of a past event,(b) it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and (c) a reliable estimate can be made of the amount of the obligation. Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the Balance Sheet date. If the effect of the time value of money is material, provisions are discounted to reflect its present value using a current pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the obligation. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost. Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made.

L Government Grants

Government grants and subsidies are recognized when there is reasonable assurance that the company will comply with the conditions attached to them and the grants / subsidy will be received. Government grants whose primary condition is that the company should purchase, construct or otherwise acquire capital assets are presented by deducting them from the carrying value of the assets. The grant is recognized as income over the life of depreciable assets by way of a reduced depreciation charge while grants related to expenses are treated as other income in the income statement.

M Segment Reporting

The Chief Operational Decision Maker monitors the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. Currently the company operates only in one geographical segment viz, Polymer based packaging products in India.

N Cash & Cash Equivalents

The company considers all highly liquid financial instruments, which are readily convertible into known amount of cash that are subject to an insignificant risk of change in value and having original maturities of three months or less from the date of purchase, to be cash equivalents.

0 Cash Flow Statement

Cash flows are reported using the indirect method where by the profit before tax is adjusted for the effect of the transactions of a non-cash nature, any deferrals or accruals of past and future operating cash receipts or payments and items of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the company are segregated.

P Earnings Per Share

Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of the Company by the weighted average number of equity shares outstanding during theperiod. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equityshares that have changed the number of equity shares outstanding, without a corresponding change in resources.For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all dilutive potential equity shares.

Q Research & Development

Revenue expenditure on research and development are charged as an expense in the year in which they are incurred. Capital expenditure on research and development are shown as an addition to fixed assets.

R Subsidy

Capital subsidy received from Maharashtra Government is credited to capital reserve account.

24 The dividend payable of Rs 317,429/- is comprising of Rs 34,342.80 for F.Y. 95-96, Rs 98,376 for F.Y. 96-97 & Rs 184,710 for F.Y. 97-98 and not deposited with Investors Education and Protection Fund account. The same is lying with Bank of Baroda under dividend a/c no. 4326 and The Federal Bank Ltd. under dividend a/c no. 3884 and 4034. The management is in the process of transfering the same to the Investors Education ad Protection Fund account.

25 "As per the Loan agreement with SIFL the promoters had pledged its entire shareholding of 4,02,16,214 (93.70%) of its issued capital of 4,29,63,470 shares, hence the company was obligated to honour the pledge and hence couldn''t comply with the SEBI Norms for Minimum Public Shareholding (MPS)During the year, the company has successfully completed its OTS with SIFLPost the settlement, the pledge on the promoter shares by SIFL has been removed and the company has made application to BSE and SEBI for waiver of fines and removal of suspension on the trading of the sharesAccordingly the company is awaiting response from BSE and SEBI, post which the company shall go for Offer for Sale (OFS) on receiving the requisite approvals, to dilute the promoter holdings and bring the same under the required norms"

26 "During the Year under review, against the application made to SICOM Investment & Finance Limited (SIFL) and SICOM Limited with respect to settlement of its dues, SIFL has accepted the company''s offer for the OTS at INR 700lacs against all its dues.The interest rate of the loans were exorbitantly high due to which the company could not service the debt and was pushed into losses, but with this settlement, the company is confident to revive business and improve its marginsAccordingly the company has raised funds from NBFC and has successfully completed the OTS with SIFLThe written off amount is being shown as part of other income"

27 The Company has availed the amnesty scheme of MVAT and Sales Tax as declared by the government of Maharashtra and the entire dues were settled by payment of INR 75.28Iacs

28 Previous year''s figures have been rearranged and/or regrouped, reclassified wherever necessary to make them comparable with those of the current year.

29 Financial Instruments - Fair Values and Risk Management Accounting classification and fair values

A Carrying Value as on reporting date & Fair Value hierarchy:

The following table shows carrying amount and fair values of financial assets and financial liabilities, including

their levels in fair value hierarchy. It does not include fair value information of financial assets and liabilities not

measured at fair value if the carrying amount is reasonable approximation of fair value.

a Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s receivables from customers, loans. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company establishes an allowance for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and other receivables and investments.

The Company''s maximum exposure to credit risk as at 31st March, 2023 and 2022 is the carrying value of each class of financial assets.

ii Cash and Cash Equivalents

The Company held cash and bank balance with credit worthy banks of t 6,06,076 at March 31, 2023 (March 31,2022: t 6,82,970). The credit risk on cash and cash equivalents is limited as the Company generally invests in deposits with banks where credit risk is largely perceived to be extremely insignificant. Further the Company has an interest accrued but not due on above fixed deposit oft 1322 at March 31,2023 (March 31,2022 t 1322)

b Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.

Management monitors rolling forecasts of the Company''s liquidity position on the basis of expected cash flows. The Company manages its liquidity risk by preparing monthly cash flow projections to monitor liquidity requirements. In addition, the Company projects cash flows and considering the level of liquid assets necessary to meet these, monitoring the Balance Sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

c Market Risk

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and equity prices will affect the Company''s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments. The Company is exposed to market risk primarily related to interest rate risk and the market value of the investments.

i Currency Risk

The functional currency of the Company is Indian Rupee. Currency risk is not material, as the Company does not have any exposure in foreign currency.

ii Interest Rate Risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments because of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest rates.

Exposure to interest rate risk

According to the Company interest rate risk exposure is only for floating rate borrowings. Company does not have any floating rate borrowings on any of the Balance Sheet date disclosed in this financial statements.

iii Price Risk

Price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in market traded price. It arises from financial assets such as investments in quoted instruments.

a Fair value sensitivity analysis for fixed rate Instruments

The Company does not account for any fixed rate financial assets or financial liabilities at fair value through Profit or Loss. Therefore, a change in interest rates at the reporting date would not affect Profit or Loss.

b Cash flow sensitivity analysis for variable rate Instruments

The company does not have any variable rate instrument in Financial Assets or Financial Liabilities.

30 Capital Management

The company''s objectives when managing capital are to

• safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and

• maintain an optimal capital structure to reduce the cost of capital.

The capital structure of the Company is based on management''s judgement of the appropriate balance of key elements in order to meet its strategic and day-today needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets.

The management monitors the return on capital as well as the level of dividends to shareholders. The Company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

* The Preferential Shares were proposed to be alloted to SIFL, in part repayment of their outstanding Loans.

However, the total outstanding dues were settled and paid during the year, thus, the contingent liablity

towards arrears of preference dividend, will no longer exist.

32 Capital Commitment at the end of the year Rs. Nil Lac (Rs. Nil Lacs), [Advances paid Rs. Nil (Rs. Nil Lacs)

33 Sundry Debtors, Sundry Creditors, Secured and Unsecured - Loans & Advances given and taken are subject to their confirmation, adjustments and provisions if any. However the Management is confident of its recovery hence it is shown in Notes of Audited Accounts as considered good. In the Opinion of the Company the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of Business. Provision for known liabilities is adequate and not in excess of amount reasonably necessary.

36 The amount due to Micro, Small & Medium Enterprises as per the Micro, Small & Medium Enterprises Development [MSMED] Act, 2006 is furnished under the relevant head, on the basis of information available with / received by the company regarding the status of Micro, Small & Medium Enterprises to which the company owes a sum exceeding rupees one lac for more than 30 days is Nil, Previous Year Nil. No interest is provided in respect thereof.

37 In terms of Ind AS 24 "Related Party Disclosures" issued by The ICAI, related party transactions are as follows:

a. Parties where control exists:

b. Other related parties with whom transactions have taken place during the year: Key Management Personnel & Relatives

Bharat C. Parekh - Managing Director

lshan Selarka - Director

Mahesh Barku Khapre- CFO

Prathamesh R Sonsurkar- Company Secretary

For Jain Jagawat & Kamdar & Co.

^{Chartered Accountants} For and on behalf of the Board of Directors

^{Firm Re}g^istration IM°. ^122530W Bharat Chimanlal Parekh

Managing Director

CA Chandrashekhar Jagawat DIN_:02650644

Partner

^{M No}. ¹¹⁶⁰⁷⁸ Ravindra Shukla lshan Selarka

^{UD|N:23116078BGQLEC1609} Independent Director Independent Director

Mumbai, May 30, 2023 ^DIN:^{00660027 DIN}:^03614005

. . Mumbai, May 30, 2023

---

Mar 31, 2014

1.(1.1) Of the above Subscribed Capital 15,075 Equity Shares are issued and allotted as fully paid shares for consideration other than cash as purchase consideration for acquisition of firm as per agreement dated July 31,1982.

Of the above equity share capital 3.50 crore shares were allotted during the year by conversion of Loan of promoters.

5,00,000 9% Cumulative Redeemable Preference Shares of Rs. 100/-each were allotted during the year by conversion of Loan of SIFL.

(1.2) Paid up Share Capital Includes 2,418,120 Bonus Equity Shares of Rs. 10/- each issued on 22.05.1996.

(1.3) During the year as per BIFR directions, the equity shares of Rs. 10/-each has been reduced to Re. 1/-each.

(1.4) 9% Cumulative Redeemable Preference Shares, may be redeemable within 5 years; at the option of the Company, in the multiples of Rs. 25 Lacs along with 5% Redemption Premium each year. The Preference Sahreholder has right to convert the same with applicable premium into Equity Shares at par.

(1.5) Against the Share Application Money Rs. 3 Crores, Equity Shares of face value of Rs.1/-are par will be issued to SIFL during the Financial Year 2014-1 5 in terms of the Directions from BIFR, In case of Liquidation, the SIFL will have a priority of Repayment of Equity Capital over the equity capital of Promoters. The SIFL will have Right to nominate Two Directors on the Board.

(1.6) The Security for Term Loans and working Capital Loans

[2] The Medium Term Loan of Rs. 169.68 Lacs (75.00 Lacs) from SIFL

[3] The Revolving Short Term Loan (RSTL) of Rs. 285 Lacs (Rs. 285 Lacs) from SIFL

The above Loans are secured by pari pasu charge of the following:

(A) The First Pari Passu Charge by Mortgage of Factory Premises located at Plot No. J-61, Addl. MIDC, Murbad F-4, MIDC, Murbad and all the Fixed Assets of the Company and Office at 102, Atlanta, 10th Floor, Nariman Point, Mumbai-21 owned by Shreeji Sales Corporation, proprietor Mr. Bharat C. Parekh.

(B) The First Pari Passu Charge by Hypothecation of all Current Assets of the Company at above locations

(C) Pledge of 39734626( 92.48% ) equity shares in the company of Parekh family.

(D) Hypothecation of all receivable including from Storsack India Pvt. Ltd., and other identified customers.

(E) Personal Guarantees of Director Shri Bharat Parekh.

(3.1) 1) The Term Loan of Rs. 104.59 Lac (Rs. 296.98 Lac) from Kokan Mercantile Co-Op. Bank Ltd.

(2) The Working Capital Loan/Overdraft Loan Rs. 279.80 Lacs (Rs. 73.08 Lacs) from Kokan Mercantile Co-Op. Bank Ltd.

(A) Mortgage of all the Factory Premises & Current Assets of the Company located at Plot No. J-61, Addl. MIDC, Murbad, F-4, MIDC, Murbad and office at 102, Atlanta, 10th Floor, Nariman Point, Mumbai owned by Shreeji Sales Corporation. Proprietor-Mr. Bharat C, Parekh

(B) Personal Guarantees of Directors, Shri Bharat Parekh &Shri Ishan D. Selarka, Director.

(C) The working capital of Rs. 279.80 (Rs. 73.096 previous year) further secured by Hypothecation of Stock in Trade and Debtors.

4. The Term Loan from Kokan Mercantile Co-Op. Bank Ltd., is repayable in 48 Equal Monthly Installments.

5. The Medium Term Loan of Rs. 419.98 Lacs (Rs. 75 Lacs)from SIFLis repayable after three years of disbursement The Revolving Short Term Loan of Rs. 285 Lacs (Rs. 285 Lacs) from SIFL is repayable in Instalment of Rs. 25 lacs within a period of four months from the date of drawal of each instalment.

NOTES - 6

1. CONTINGENT LIABILITIES

1. Contingent liabilities in respect of disputed suit/claims pendingagainst 25.84 Crore 25.84 Crores the Companyand Statutory Penalties.

9% Preference Share Dividend accrued 65,58,904 20,58,904

Guarantee given by the Company to Rs. 50,000/- Rs.25,000/- PF Department

2. In the Opinion of the Company the current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of Business. Provision for known liabilities is adequate and not in excess of amount reasonably necessary.

3. Sundry Debtors, Sundry Creditors, Secured / Unsecured Loans & Advances given and taken, are subject to their confirmation, reconciliation and adjustments if any. No provision has been made for Doubtful Debt and Loan and Advances if any, arising out of confirmation and reconciliation.

4. No provision for Income Tax is made since there will be no taxable income for the current year. No provision is made for tax based on MAT as the provision of MAT is not applicable to sick industrial company in term of section 115 jB read with explanation (1) (vii).

7. Dividend payable accounts and refund order payable accounts are under reconciliation pending receipt of details from banks.

8. The amount due to Micro, Small & Medium Enterprises as per the Micro, Small & Medium Enterprises Development [MSMED] Act, 2006 is furnished under the relevant head, on the basis of information available with / received by the company regarding the status of Micro, Small & Medium Enterprises to which the company owes a sum exceeding rupees one lac for more than 30 days is Nil, Previous Year Nil. No interest is provided in respect thereof.

9. The accounts are prepared on the basis of "Going Concern'''', the continuation of the company as a going concern is dependent upon the implementation of Rehabilitation Scheme, availability of adequate finance and future profitability of the company.

10. Based on concept of prudence "Deferred Tax Asset" has not been recognised as there is reasonable uncertainty of sufficient future taxable income since the Company has been declared as sick company Registered with Board for Industrial and Financial Reconstruction.

11. As the company''s business activities fall within single segment viz; flexible packaging goods, the disclosure requirements of Accounting Standard 1 7 segment reporting issued by Institute of Chartered Accountants of India is not applicable.

The dividend payable of Rs. 317429/- is comprising of Rs. 34342.80 for F. Y. 1995-96, Rs. 98376.00 for F.Y. 1996- 97 and Rs. 184710/-. for F.Y. 1997-98, and not deposited with Investors Education and Protection Fund Account. The same amount is lying with Bank of Baroda under dividend a/c. no. 4326 and the Federal Bank Ltd. under dividend a/c. no. 3884 & 4034. The management is in the process of transferring the same to Investors Education and Protection Fund account.

The Company has been declared as Sick Industrial Company under SICA on 12th December 2005. At the Hearing held on 1-9-2010 BIFR has approved the Rehabilitation Scheme under reference SS-10. The IDBI has been appointed as a Monitoring Agency and Managing Committee has been constituted for review and appraisal. At the

Hearing held on 19th March, 2013 the Bench has allowed Reduction in the Equity Paid UP Capital From Rs.7,96,34,700 to 79,63,470 by way of reduction in the Equity Paid up Capital from Rs. 10/- to Re. 1/- per share. Further it was directed to submit modified DRS for issue of equity shares of Rs. 3,00,00,000/- to SIFL. The effective/cut off date of BIFR Scheme is shifted form 1 -9-2010 to 31 -3-2013.

During the previous year, as per Direction of BIFR, at the meeting held on 19th March, 2013 (1) the Loan from SIFL amounting to Rs. 5 Crores has been converted into 9% Cumulative Redeemable Preference Shares of Rs. 100/- each (2) the Loan of Rs. 3.50 Crores from promoters have been converted into equity shares of Rs. 1 /- each (3) Tranferred an amount of Rs. 3 Crores from Loan from SIFL to Equity Share Application Money to be issued on approval of Modified DRS. The Company has moved miscelleneous application to BIFR for requist approval for allotment of Equity Shares against Share Application money of Rs. 3.00 Crores.

12 Previous year''s figures have been rearranged and/or regrouped, reclassified wherever necessary to make them comparable with those of the current year.

Capital Commitment at the end of the year Rs.40 Lac(Rs. Nil) [Advances paid Rs. 32.91 Lac(Rs. Nil)

At the hearing held on 01-09-2010 BIFR has approved the relief in respect of extension of repayment of existing Deferred Sales Tax Liability of Rs. 2,47,97,881 /- along with accrued interest thereon at the concessional rate 7% per annum over the period of Five years subject to consideration of the same by Sales Tax Department. Accordingly the application is made with the concerned authority for the requisite approval to implement the relief sought and the same is pending. However the interest of Rs. (85.93)(Rs. 68.57) Lacs upto 31-03-2014 has not been provided in the annexed acocunts on the outstanding deferred sales tax amount.

---

Mar 31, 2013

1. CONTINGENT LIABILITIES

I. Contingent liabilities in respect of 25.84 Crores 17.00 Crores disputed suit/claims pending against the Company and Statutory Penalties.

9% Preference Share Dividend accrued 20,58,904 NIL

Guarantee given by the Company to PF Department Rs 25 ,000/- NIL reasonably necessary.

Trade- Receivables and Loan and Advances if any arising out of confirmation and reconciliation.

trade since there will be no taxable income for the current year. No provision is

* not applicable to sick inguinal company in teeth of =00.0,

115)8 read with explanation (1) (vii).

Id (i[Pavilions are recognized for liabilities that can be measured only by using a substantial, degree of estimation, if

a) the company has a present obligation as a result of a past event,

b) a probable outflow of resources is expected to settle the obligations and

c) the amount of the obligation can be reliably estimated. required to settle the obligation .

b) a possible obi ideation unless the probability of outflow of resources is remote (ill Contingent Assets are neither recognized, no. disclosed. Provision. Contingent Tablets and Contingent

Assets are reviewed at each Balance Sheets Date.

I. Dividend payable accounts and refund order payable accounts are under, reconciliation pending receipt of details from banks respect there of.

2. The accounts are prepared on the basis of "''Going Concern'', the continuation of the company as a going concern is dependent upon the implementation of Rehabilitation Scheme, availability of adequate finance and future profitability of the company.

3. Based on concept of prudence ''Deferred Tax Asset" has not been recognized as there H reasonable uncertainty of sufficient future taxable income since the Company has been declared as sick company Registered with Board for Industrial and Financial Reconstruction.

4. As the company* business activities fall within single segment vi2; flexible packaging goods, the disclosure requirements of Accounting Standard 17 segment reporting issued by Institute of Chartered Accountants of India is not applicable,

5. In terms of AS 18 "Related Party Disclosures" issued by Helical , related party transactions are as follows:

a. Parties where control exists:

Shree Sales Corporation Sanjay Enterprises Stomach India Pvt. Ltd.

b. Other related parties with whom transactions have taken place during the year:

Key Management Personnel & Relatives H. C Parekh - Managing Director , B. C. Parekh- Executive Director and Protection Fond account Effective/cut off date of BlFR Scheme is shifted food 1 -9-2010 lo 31

6. Previous year''s figures have been rearranged and** recouped, reclassified wherever necessary to make to comparable with those of the current year.

7. Capital Monument at the end of the yea. Rs.NIL 1,82.025/-) (Advances paid Rs. Nil (40,000)1

8. Other Long Term Liabilities and Sundry Creditors under. BlFR Schemes includes the following Creditors

has not been provided in the annexed accounts on the outsland.ng deferred sales tax amount-

9, The processing Charges of Rs. 2.25 lacs on conversion of loans into share capital has not been capitalized but is written off fully during the year.

---

Mar 31, 2012

1. Dividend payable accounts and refund order payable accounts are under reconciliation pending receipt of details from banks.

2. The amount due to Micro, Small & Medium Enterprises as per the Micrp, Small & Medium Enterprises Development [MSMED] Act, 2006 is furnished under the relevant head, on the basis of information available with/received by the company regarding the status of Micro, Snail & Medium Enterprises to which the company owes a sum exceeding rupees one lac for moorhen 30 days is Nil, Previous Year Nil. No interest is provided in respect thereof.

3. The accounts are prepared on the basis of "Going Concern", the continuation of the company as a going concern is dependent upon the implementation of Rehabilitation Scheme, availability of adequate finance and future profitability of the company.

4. Based on concept of prudence "Deferred Tax Asset" has not been recognised as there is reasonable uncertainty of sufficient future taxable income since the Company has been declared as sick company Registered with Board for Industrial and Financial Reconstruction.

5. As the company''s business activities fall within single ‘segment viz; flexible packaging goods, the disclosure requirements of Accounting Standard 17 segment reporting issued by Institute of Chartered Accountants of India is not applicable.

6. In terms of AS 18"Related Party Disclosures" issued by The ICAI , related party transactions are as follows:

a. Parties where control exists:

Shreeji Sales Corporation

Sanjay Enterprises

Storsack India Pvt. Ltd.

b. Other related parties with whom transactions have taken place during the year:

Key Management Personnel & Relatives

H. C. Parekh - Managing Director

B. C. Parekh- Executive Director

SANJAY ENTERPRISES

STORSACK INDIA PVT.LTD.

A.H. PAREKH - DEPOSIT

L. C. PAREKH - DEPOSIT A/C.

SHRIJEE SALES CORPORATION

7. The dividend payable of Rs. 317429/- is comprising of Rs. 34342.80 for F.Y. 1995-96, Rs. 98376.00 for F.Y 1996- 97 and Rs. 184710/-. for F.Y. 1997-98, and not deposited with Investors Education and Protection Fund Account. The same amount is lying with Bank of Baroda under divider d a/c. no. 4326 and the Federal Bank Ltd. under dividend a/c. no. 3884 & 4034. The management is in the process of transferring the same to Investors Education and Protection Fund account.

8. The Company has been declared as Sick Industrial Company under SICA on 12th December 2005. At the Hearing held on 1-9-2010 BIFR has approved the Rehabilitation Scheme under reference SS-10. The IDBI has been appointed as a Monitoring Agency and Managing Committee has been constituted for review and appraisal.

9. Previous year''s figures have been rearranged and/or regrouped, reclassified wherever necessary to make them comparable with those of the current year.

10. Capital Commitment at the end of the year Rs. 1,82,025/- [Advances paid Rs. 40,000]

11. At the hearing held on 01-09-2010 BIFR has approved the relief in respect of extension of repayment of existing Deferred Sales Tax Liability of Rs. 2,39,24,812/- along with accrued interest thereon at the concessional rate 7% per annum over the period of Five years subject to consideration of the same by Sales Tax Department. Accordingly the application is made with the concerned authority for the requisite approval to implement the relief sought and the same is pending. However the interest of Rs. 40.92 Lacs up to 31-03-2012 has not been provided in the annexed accounts on the outstanding deferred sales tax amount.

(1.1) The Term Loan Capital Expenditure of Rs. 10/-Lacs & RSTLRs. 850 Lacs from SIFL and Term Loan of Rs. 400 Lacs and Working Capital Loan of Rs. 40/- Lacs from Kokan Mercantile Co-OP. Bank Ltd., are secured by pari pasu charge of the following.

(A) Mortgage of Factory Premises located at Plot No. J-61, Addl. MIDC, Murbad F-4, MIDC, Murbad and all the Fixed Assets of the Company and Office at 102, Atlanta, 10th Floor, Nariman Point, Mumbai-21 owned by Chairman & Managing Director

(B) Hypothecation of all Current Assets ofthe Company at above locations

(C) Pledge of62.66% shares in the company of Parekh family

(D) Hypothecation of all receivable including from Stock India Pvt. Ltd., and other identified customers

(E) Personal Guarantees of Directors Shri Hasmukh Parekh ii Shri Bharat Parekh

(1.2) The Bi 11 Discounting from SICOM was secured by assignment of receivable from certain identified customers and and charges on Assets of the Company

(1.3) The Term Loan of Rs. 4,00,00,000/- from Kokan Mercantile Co-Op. Bank Ltd. is secured against pari pasu charge on the following Assets.

(A) Mortgage of all the Factory Premises of the Company located at Plot No. J-61, Addl. MIDC, Murbad F-4, MIDC, Murbad And Office at 102, Atlanta, 10th Floor, Nariman Point, Mumbai-21 owned by'' Chairman & Managing Director And Hypothecation of all Plant & Machineries

(B) Personal Guarantees of Directors, Shri Hasmukh Parekh & Shri Bharat Parekh & Sureties of Two other Persons.

2. The Term Loan from Kokan Mercantile Co-Op. Bank Ltd., is repayable in 76 Monthly Installments of Rs. 476190/-.

NOTES - 12

I. CONTINGENT LIABILITIES

1. Contingent liabilities in respect of disputed suit/claims pending against the Company and Statutory Penalties. 17.00 Crores 17.00 Crores

2. In the Opinion of the Company the current assets, loans and advances are approximately of the value stated, if realised in the ordinary course of Business. Provision for known liabilities is adequate and not in excess of amount reasonably necessary.

3. Sundry Debtors, Sundry Creditors, secured and unsecured - Loans & Advances given and taken, are Subject to their confirmation and adjustments if any. No provision has been made for Doubtful Debts if any arising out of confirmation and reconciliation.

4. No provision for Income Tax is made since there will be no taxable income for the current year. No provision is made for tax based on MAT as the provision of MAT is not applicable to sick industrial company in term of section 11 5JB read with explanation (1) (vii).

---

Mar 31, 2011

2010-11 2009-10

1. CONTINGENT LIABILITIES

Contingent liabilities in respect of disputed suit/claims 17.00Crores 16.69 Crores pending against the Company & statutory penalties.

2. In the opinion of the company the Current Assets, Loansand Advances are approximately of the value stated, if realised in the ordinary course of business. Provisions for known Liabilities is adequate and not in excess of amount reasonably necessary

3. Sundry Debtors, Sundry Creditors, Secured & Unsecured Loans & Advances given & taken are subject to their confirmation and adjustments if any. No provision has been made for Doubtful Debts if any arising out of confirmation and reconciliation.

4. No Provision for Income Tax is made since there will be no taxable income for the current year. No provision is made for tax based on MAT as the provision of MAT is not applicable to sick industrial company in term of section 115JB read with explanation (1) (vii)

5. Dividend payable accounts and refund order payable accounts are under reconciliation pending receipt of details from banks.

6. The amount due to Micro, small & medium Enterprises as per the Micro, small & Medium Enterprises Development [MSMED] Act, 2006 is furnished under the relevant head, on the basis of information available with / received by the company regarding the status of Micro, small & medium enterprises to which the Company owes a sum exceeding Rupees One Lac for more than 30 days are M/s.Rang Rasayan Limited Rs. Nil (Rs. Nil) and M/s. A. K. Industries Rs. Nil (Rs. Nil). No interest is provided in respect thereof.

7. The accounts are prepared on the basis of "Going Concern". The continuation of the company as a going concern is dependent upon the implementation of Rehabilitation Scheme availability of adequate finance and future profitability of the company.

8. Based on concept of prudence "Deferred Tax Asset" has not been recognised as there is reasonable uncertainty of sufficient future taxable income since the Company has been declared as sick company registered with Board for Industrial and financial Reconstruction.

9. As the company's business activities fall within single segment viz; flexible packaging goods, the disclosure requirements of Accounting Standard 17 segment reporting issued by Institute of Chartered Accountants of India is not applicable.

10. In terms of AS 18 "Related Party Disclosures" issued by the ICAI, related party transactions are as follows:

a. Parties where control exists: Shreeji Sales Corporation Sanjay Enterprises Storsack India Pvt. Ltd.

b. Other related parties with whom transactions have taken place during the year: Key Management personnel & Relatives H.C Parekh - Managing director B. C. Parekh - Executive director Sanjay Enterprises Storsack India Pvt. Ltd. - A. H. Parekh - Deposit L. C. Parekh - Deposit A/c. Shreeji Sales Corporation

11. The dividend payable of Rs. 317,429 is comprising of Rs. 34,342.80 for F. Y. 1995-1996, Rs.98,376.00 for F. Y. 1996-1997 and Rs. 184,710 for F.Y. 97-98, and not deposited with Investors Education and Protection Fund Account. The same amount is lying with Bank of Baroda under dividend A/c No.4326 and Fedral Bank Limited under dividend A/c No. 3884 and 4034. The Management is in the process of transferring the same to Investors Education and Protection Fund Account.

12. The Company has been declared as Sick Industrial Company under SICA on 12th December, 2005. At the Hearing held on 1 -9-2010 BIFR has approved the Rehabilitation Scheme under reference SS-10. The IDBI ha s been appointed as a Monitoring Agency and Managing Committee has been constituted for review and appraisal.

13. Previous year's figures have been rearranged and /or regrouped, reclassified wherever necessary to make them comparable with those of the current year.

14. Capital Commitment at the end of the year Rs. 861780. (Advances paid Rs. 3,86,000).

15. At the hearing held on 01 -09-2010 BIFR has approved the relief in respect of extension of repayment of existing Deferred Sales Tax Liability of Rs. 2,39,24,812/- along with accrued interest thereon at the concession rate 7% per annum over the period of Five years subject to consideration of the same by Sales Tax Department. Accordingly the application is made with the concerned authority for the requisite approval to implement the relief sought and the same is pending. However the interest of Rs. 24.17 Lacs upto 31 -03-2011 has not been provided in the annexed accounts on the outstanding deferred sales tax amount.

16. Additional information pursuant of the provisions of Part IV of Schedule VI to the Companies Act, 1956.

---

Mar 31, 2010

2009-10 2008-09

1. CONTINGENT LIABILITIES

I. Disputed Amount in respect of Excise Duty for which Amount not Amount not appeals has been decided and the matter is remitted back Ascertainable Ascertainable to the adjudicator for re-determination

II. Contingent liabilities in respect of disputed suit/ claims pending against 16.69Crores 7.66Crores the Company & statutory penalties.

2. In the opinion of the company the Current Assets, Loans and Advances are approximately of the value stated, if realised in the ordinary course of business. Provisions for known Liabilities is adequate and not in excess of amount reasonably necessary

3. Sundry Debtors, Sundry Creditors, Secured & Unsecured Loans & Advances given & taken are subject to their confirmation and adjustments if any. No provision has been made for Doubtful Debts if any arising out of confirmation and reconciliation.

4. No Provision for Income Tax is made since there will be no taxable income for the current year. No provision is made for tax based on MAT as the provision of MAT is not applicable to sick industrial company in term of section 115JB read with explanation (1) (vii)

5. During the year Company had made One Time Settlement with Banks & Financial Institutions in respect of working capital and term Loans. In view of One Time Settlement the company had availed the Waiver from the Banks & Financial Institutions towards the Principal and Interest amount. Accordingly the following amounts have been credited to (a) Capital Reserves in respect of Waiver of the Principal amount and (b) to Exceptional Income in respect of Waiver of Interest amount and debited to exceptional expenses account.

By virtue of One Time Settlement with the Banks & Financial Institutions as stated above the company had obtained No Dues Certificates from them and got released the Securities offered to them.

8. Dividend payable accounts and refund order payable accounts are under reconciliation pending receipt of details from banks.

9. The amount due to Micro, small & medium Enterprises as per the Micro, small & Medium Enterprises Development [MSMED] act, 2006 is furnished under the relevant head, on the basis of information available with / received by the company regarding the status of Micro, small & medium enterprises to which the Company owes a sum exceeding Rupees One Lac for more than 30 days are M/s.Rang Rasayan Limited Rs. Nil (Rs. 2,37,625) and M/s. A. K. Industries Rs. Nil (Rs. 1,96,697/-). No interest is provided in respect thereof.

10. The accounts are prepared on the basis of 'Going Concern". The continuation of the company as a going concern is dependent upon the implementation of Rehabilitation Scheme availability of adequate finance and future profitability of the company.

11. On concept of prudence "Deferred Tax Asset" has not been recognised as there is reasonable uncertainty of sufficient future taxable income since the Company has been declared as sick company registered with Board for industrial and financial.

12. As the company's business activities fall within single segment viz; flexible packaging goods, the disclosure requirements of Accounting Standard 17 segment reporting issued by Institute of Chartered Accountants of India is not applicable.

13. In terms of AS 18 "Related Party Disclosures" issued by the ICAI, related party transactions are as follows:

a. Parties where control exists: Shreeji Sales Corporation Sanjay Enterprises Storsack India Pvt. Ltd.

b. Other related parties with whom transactions have taken place during the year: Key Management personnel & Relatives H.C Parekh - Managing director B. C. Parekh - Executive director Sanjay Enterprises Storsack India Pvt. Ltd. - A. H. Parekh - Deposit. L.C. Parekh-Deposit A/c. Shreeji Sales Corporation

14. In the Financial year 2001 -02 the company had adjusted Rs. 25.11 lacs in respect of auction value of Daman unit realised by Maharashtra State Financial Corporation (MSFC), from outstanding loan balance of MSFC as management of the company failed to discharge its liability of repayment of loan.

The Company had submitted a negotiated settlement proposal for Rs.35 Lacs to MSFC. Pending their acceptance the company had written back Rs. 150.75 Lacs to Income Account, leaving the liability of Rs. 35 Lacs to MSFC as on 31-3-2009. During the year full and final settlement with MSFC has been finalized at Rs. 42.00 Lacs and the same has been paid off. The excess payment of Rs. 7.00 Lacs and the Interest thereon of Rs. 89206/- has been charged as exceptional expenses in the Profit & Loss Account.

15. The dividend payable of Rs. 317,429 is comprising of Rs. 34,342.80 for F. Y. 1995-1996, Rs.98,376.00 for F. Y. 1996-1997 and Rs. 184,710 for F.Y. 97-98, and not deposited with Investors Education and Protection Fund Account. The same amount is lying with Bank of Baroda under dividend A/c No.4326 and Fedral Bank Limited under dividend A/c No. 3884 and 4034. The Management is in the process of transferring the same to Investors Education and Protection Fund Account.

16. The Company has been declared as Sick Industrial Company under SICAon 12th December, 2005. The Final Draft Rehabilitation Scheme duly approved by IDBI-operating agency is pending before the BIFR-Bench for Circulation and implementation thereof.

17. Sundry expenses in schedule S includes Write off of Loans & Advances to Staff & Workers Rs.Nil (Previous Year Rs.700/-)

18. Previous year's figures have been rearranged and/or regrouped, reclassified wherever necessary to make them comparable with those othe current year.

19. The Company has disputed the excess adjustment of margin money of Rs. 9,73,082/- by SICOM Ltd.

20. Sundry Creditors under BIFR Schemes includes the following Creditors.

Nature of Account Amount Relief Sought for

(a) CST Payable-TPI-1 Rs. 28,69,602/- Waiver of Rs. 7.19 Lacs & Balance to be defered

(b) Provident Fund Rs. 39,58,799/- Waiver Arrears

(c) Shambulal Shah & Rs. 1,20,00,000/- Deferement Co.

21. Additional information pursuant to the provisions of part IV of schedule VI to the Companies Act, 1956.