Arrears of fixed cumulative dividend (inducing dividend distribution tax] on preference shares From their respective dates of allotment till their dates of redemption/year end; On 15%cumulative nonconvertible redeemable preference shares, As. 15,441,911/- (asset 30th September, 2003, Rs.9.262,02 fro fit.

2. Particulars and terms of redemption of non-convertible preference shares are as under:

60,000,000/ 14% preference shares of Rs, luck-each, aggregating to Rs, 60.000.000/- have been a Hutted on 26th May, 1599 to the industries Development Sank of Intec a, redeemable on pa r after expiry of since years from allotment, i.e. 25th May, 2005;

* 500,000 14% preference shares of Rs. 10Q/ each, aggregate to fact. 50,000,000/- have been a Hooted on 15th October, 1397 to 5I00 ML Limited, redeem able on par after expiry of five years from allotment, i.e. 30th October, 2002.

* 2 00,000 1 5% preference shares of Rs. 10Q/-each, aggregating to Ks. 20,000,000/-have been a Hooted 30th Septembers, 1996 to fate regret Limited, redeemable on par after expiry of five years from allotment, i. e. 15th September, 2002;

- 100,000 15% preference shares of Rs.100/- each aggregating to Rs.10,000,000/- have been allotted on 12th July 1997 to BOB Assets Management comapany limited redeemable on per after expiry of three years (extended by a further period of three years) from allotment i,e. 11th July 2003;

- 50,000 15% preference shares of Rs.. 10}/- each, aggregating to As. 5,00,000/ , have been a Hutted on 2nd 1997 to The Rainmaker Bank Limited, earn able on par after expiry of six years from allotment, i.e. 1st June, 2003;

- 30,100 15%preference Shares of Rs,1000/- each, aggregating to Rs. 3,010,000/-, have been a Hated on June, 1997 to various individuals, redeemable on par after expiry of six years from. allotment, i.e. FIT June, 2003;

- 31,170 15% preference shares Of Rs. 100/-each, aggregating to As, 3,170,00q/- have been a Hotted on 3th July, 1397 to LIMITED estimable par after expiry of six year from allotment, i.e. July, 2003.

3. Contingent Liabilities Not provided for in respect of

a. Provision for Gratuity (net included as it is incremental liability)

b. Claims giants the Coin any not acknowledged AS DEBTS Rs

C. Liabilities In respect of Sales Tax Mumbai.-|MVAT ) assessment disputed a appeal its, 1,65,92,315/-for the period 1.4.2005 to 31,3.2006 and Sales tax of Puce (M VAT) , Daman Vat and other State .

d. The Income tax as seamen's of the company been completed up to Assessment Year 1999-200 and block assessment up to 1995 and block assessment I39G-2001 The demand raised by the Income Tax Department in respect thereof is Rs 111.57 lacs and Rs2272.27 lacs which are under dispute. The Commissioner of income-Tax (Appeals) The disputed matte safe pending in appear

e. liabilities in respect of Dam an Sect city Board disused

f. Liabilities s In res petal of Dam an rampancy dispute n

g. Liabilities in respect of GIDOC disputed.

h. Liabilities in respect of Excised Department/CESAT disputed & appeal.

i. Liabilities in respect of Customs disputed for appeal.

j. Liabilities in respect of DGFT Disputed & appeal

k, Liabilities in respect of Gati disputed & appeal

(formerly known as I disputed & pending matter in Bombay high court

I. Liabilities in respect of 138 Case filed by IFQ disputed appeal

j. Liabilities in respect of DGFT Disputed & appeal

p. Liabilities in res pert of CDS L& IM SOL

q. Liabilities in respect of d elastic he-; of Shares at Ahmadabad Stock Exchange & Ddhi Stott exchange

f. Liabilities if res petal Of List fees with BSE & NSE and penalty fill rasped. 10 non filing of reports

s. Liabilities in respect of redemption of Debenture and Interest thereof

t. Liabilities in respect of Vishal 8 under disputed & appeal in Daman Court

u. Liabilities in respect of Lab our Court Daman

u. Liabilities in respect of 5EBI & ROC

w. Liabilities in respect of redemption of debenture held by & LIC

x. Liabilities in respect of Factory License/ Weights & Measurement Dept

4. As Per the best estimate of the management, no provision is required to be made as per Accounting Standard IA5-29} Provisions, Continent Li abilities and Co neck gent Assets notified by 1 he Companies (Accounting Standard) Rules, 2006, In respect of present oblation as a result of past event that could lead to probable Outflow of resources, which would be required to settle the obligation.

5. In the opinion of the Management, the Current Assets, Loans and advances have a value on realization in the ordinary coulee of business, at least equal to the amount at which they are state in the balance sheet. The provision far ail known liabilities is adequate and not in excess of what is required.

6. No borrowing costs have been capitalized turning the year,

7. In respect of amounts as mentioned under Section 205C of the Companies Act, 1956, then were no dues required to be credited to the Investor Education and Protection Fund as on March 31, 2013.

8. The Company is a Small and Medium Size Company (SMC) as defined in the Genera! instruction in respect of Accounting Standard notified under the Companies Act, 19 56. Accordingly, the Company has complied with the Accounting Standards as applicable to Small and Medium Sized enterprises

9. Previous ear's figures have been regrouped, whenever necessary.