Notes forming part of the Financial Statements:

1. Corporate information;

The Company is in the business of international Trade & Distribution of Chemicals, Polymers, Paper & Paper Boards, Rubber, Heavy Distillates etc.,. The Company is also engaged in generation of wind energy.

2. Statement of Significant Accounting Policies

(A) Basis of Preparation of Financial Statements:

The Financial Statements have been brpared in accordance with Generally Accepted Accounting Principles ('GAAP'} in India and brsented under the historical cost conventions on accrual basis of accounting to comply with the accounting standards as notified by the Companies (Accounting Standards} Rules, 2006 (as amended) and with the relevant provisions of the Companies Act,1956 ('The Act').

(B) Change in accounting policy:

The Company has with retrospective effect changed its rate of providing debrciation on fixed assets during the year from the rates specified under 'Straight Line Method' under the companies act 1956 to the rates brscribed in part C of Schedule II to the Companies Act, 2013.

(C) Use of Estimates:

The brparation of financial Statements in conformity with the Generally Accepted Accounting Principles ('GAAP') in India requires management to make estimates and assumptions that affect the reported amounts of Assets and Liabilities and the disclosures of Contingent Liabilities on the date of Financial Statements and reported amounts of Income and Expenses during the reporting period. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates. Differences between the actual results and estimates are recognized in the year in which the results are known/ materialized.

(D} Fixed Assets and Capital work-in-Progress:

Tangible Fixed Assets are carried at the cost of acquisition or construction, less accumulated debrciation. The cost of Fixed Assets includes taxes (other than those subsequently recoverable from tax authorities), duties, freight and other directly attributable costs related to the acquisition or construction of the respective assets. Profit or loss on disposal of tangible assets is recognized in the Statement of Profit and Loss. Intangible assets are recorded at the consideration paid for acquisition of such assets and are carried at cost less accumulated amortization and impairment. Capital work-inprogress comprises the cost of fixed assets that are not yet ready for their intended use at the reporting date.

 (E) Debrciation and Amortization:

Debrciation is being provided on all tangible assets on "Straight Line Method" as per the rates and in the manner brscribed under Part C of Schedule II of the Companies Act, 2013. Debrciation for assets purchased / soid during a period is proportionately charged. Intangible assets are amortize over the respective individual estimated useful lives on a straight line basis, commencing from the date the assets is available to the company for its use.

(F) Impairment of Assets:

At balance Sheet date, an assessment is done to determine whether there is any indication of impairment in the carrying amount of the Company's assets. If any such indication exists, the asset's recoverable amount is estimated. An impairment, loss is recognized whenever the carrying amount of an asset exceeds its recoverable amount.

An assessment is also done at each Balance Sheet date whether there is any indication that an impairment loss recognized for an asset in prior accounting periods may no longer exist or may have decreased. If any such indication exists the asset's recoverable amount is estimated. The carrying amount of the fixed asset is increased to the revised estimate of its recoverable amount but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. A reversal of impairment loss is recognized in the Statement of Profit and Loss for the year.

After recognition of impairment loss or reversal of impairment oss as applicable, the debrciation charge for the fixed asset is adjusted in future periods to allocate the asset's revised carrying amount, less its residual value (if any), on straight line basis over its remaining useful life.

(6) Foreign currency transactions:

(i) initial Recognition:

Transactions in foreign currencies entered into by the Company are accounted at the exchange rates brvailing on the date of the transaction. Exchange differences arising on foreign exchange transactions settled during the year are recognized in the Statement of Profit and Loss.

(ii) Measurement of foreign currency items at the Balance Sheet date:

Foreign currency monetary items, other than net investments including Long Term Advances in the nature of Investments in non-integral foreign operations, of the Company are restated at the Closing exchange rates. Non- monetary items are recorded at the exchange rate brvailing on the date of the transaction. Exchange differences arising out of these transactions are recognized in the Statement of Profit and Loss.

(Hj investments:

Investments are classified into Current and Long-Term Investments. Investments that are readily realizable and intended to be held for not more than a year from tha date of acquisition are classified as Current Investments. All other Investments are classified as Non-Current Investments / Long Term Investments, Current investments are stated at the lower of cost and fair value determined on an individual Investment basis.

Long-term investments are stated at cost. A provision for diminution in the value of Long-Term Investments is made only if such a decline is other than temporary in the opinion of the management. On disposal of an Investment, the difference between its carrying amount and net disposal proceeds is recognized in the Statement of Profit and Loss.

(1} Lease Accounting:

i) Operating leaser-

Lease rentals on assets taken on operating lease are recognized as expense in the Statement of Profit and Loss on an accrual basis over the lease term.

ii) Finance lease:-

In respect of assets obtained on finance leases, assets are recognized at lower of the fair value at the date of acquisition and brsent value of the minimum lease payments. The corresponding liability to the lessor is included in the Balance sheet as a finance leases obligation. The excess of lease payments over the recorded lease obligation are treated as 'finance charges' which are allocated to each lease term so as to produce a constant rate of charge on the remaining balance of the obligations.

(J) Revenue Recognition:

Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured,

i) Sale of Goods:

Revenue from sale of goods is recognized on transfer of all significant risks and rewards of ownership to the buyer. The amounts recognized as sale is exclusive of sales tax / VAT and are net of returns. Exports sales are accounted on the basis of date of bill of lading,

ii) Revenue from Energy Generation:

Sale of power is recognised at the point of Transmission of electricity generated from windmill.

iii) Interest:

Interest income is recognized on time proportionate basis taking into account the amount outstanding and the rate applicable,

iv) Dividend;

Dividend income from investment is recognized when the right to receive the payment is established,

(K) Inventories;

inventories (including in transit) of traded goods are valued at Lower of cost or Net realisable value. The valuation of inventories is done on First in First Out method. The valuations of wastage / packing materials are valued at Nil.

(L) Benefits to Employees:

(i) Short Term Employee Benefits;-

Afl employee benefits payable wholly within twelve month of rendering the service are classified as short term employee benefits and they are recognized in the period in which the employee renders the related service. The Company recognizes the undiscounted amount of short term employee benefits expected to be paid in exchange for services rendered as a liability (accrued expenses) after deducting any amount already paid,

(ii) Post-employment benefits:-

(a) Defined contribution plans

Defined contribution plans are Employee State insurance Scheme and Government administered Pension Fund Scheme for all applicable employees. The Company's contribution to defined contribution plans are recognized in the Statement of Profit and Loss in the financial year to which they relate.

(b) Defined benefit plans

(i) Provident Fund Scheme

The Company makes specified monthly contributions towards Employee Provident Fund Scheme to a separate trust administered by EFPO, The Company has no further obligation under the Provident Fund Plan beyond its monthly contribution,

(ii) Gratuity Scheme:

The Company operates a defined benefit gratuity plan for employees. The Company contributes to a separate entity (a fund managed by LIC), towards meeting the Gratuity obligation. The Company determines the liability for gratuity funding as per actuarial valuation by the independent actuary of LIC,

The cost of providing defined benefits is determined using the Projected Unit Credit method with actuarial valuations being carried out at each Balance Sheet date. Past service cost is recognized immediately to the extent that the benefits are already vested, else is amortized on a straight-line basis over the average period until the amended benefits become vested, realise such assets. In other situations, deferred tax assets are recognised only to the extent that there is reasonable certainty that sufficient future taxable income will be available to realise these assets.

Advance taxes and provisions for current income taxes are brsented in the balance sheet after offsetting advance taxes paid and income tax provisions arising in the same tax jurisdiction and where the Company intends to settle the asset and liability on a net basis.

The Company offsets deferred tax assets and deferred tax liabilities if it has a legally enforceable right and these relate to taxes on income levied by the same governing taxation laws,

(0) Earnings Per Share:

The basic and diluted Earnings Per Share ("EPS") is computed by dividing the net profit after tax for the year by weighted average number of equity shares outstanding during the year.

(P) Proposed Dividend:

Dividend recommended by the Board of Directors is provided for in the accounts, pending approval at the Annual General Meeting,

(Q) Preliminary Expenses:

Preliminary Expenses are written off in accordance with AS-26 as brscribed by Institute of Chartered Accountants of India,

(R) Provisions, Contingent Liabilities and Contingent assets:

Provisions involving substantial! degree of estimation in measurement are recognised when there is a brsent obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent liabilities are not recognized but are disclosed in the notes to accounts when there is a brsent obligation or brsent obligation that probably will not require an outflow of resources or where a reliable estimate of the obligation cannot be made. Contingent assets are not recognized.

(S) Cash Flow Statement:

The Cash Flow Statement is brpared by the "Indirect Method" set out in Accounting Standard 3 on "Cash Flow Statement" and brsents the cash flows by Operating, Investing and Financing activities of the Company.

(T) Cash and Cash Equivalents:

Cash and cash equivalents include cash & cheque in hand, bank balances, demand deposits with banks and other short-term highly liquid investments where the original maturity is three months or less.

26, Segment information:

i) Business Segment:

The Company has identified business segments (industry practice) as its primary segment and geographic segments as its secondary segment. Business segments are primarily Trading and Distribution & Wind Power Generation etc.

Revenues and expenses directly attributable to segments are reported under each reportable segment, Expenses which are not directly identifiable to each reporting segment have been allocated on the basis of associated revenues of the segment and manpower efforts. All other expenses which are not attributable or allocable to segments have been disclosed as unallocable expenses.

Assets and liabilities that are directly attributable or allocable to segments are disclosed under each reportable segment. All other assets and liabilities are disclosed as unallocable. Fixed assets that are used interchangeably among segments are not allocated to primary and secondary segments,

39. The Company has recognized all the claim receivables / liabilities with various government authorities towards Custom duty, VAT, Cess, Income-tax, SAD, Unutilized CENVAT credit and Insurance claim etc. on accrual basis and shown under the head Loans & Advances and Current Liabilities respectively,

40. Previous year comparatives:

Previous years' figures have been regrouped, reclassified wherever necessary to correspondence with the current year's classification / disclosures.

As per our Audit Report of even date attached

For SHABBIR S BAGASRAWALA

CHARTERED ACCOUNTANTS

Sd/- Shabbir S Bagasrawala

(Proprietor)

Membership No.- 039855

Rajaram Shanbhag Mukesh Tank

Chief Financial Officer Company Secretary

For and on Behalf of the Board

Nitin Kumar Didwania Alpa Parekh

Director Director

DIN 00210289 DIN 01299418

Place: Mumbai

Date: 30/05/2015