1)    SIGNIFICANT ACCOUNTING POLICIES

a) The Company follows the accrual system of accounting. Financial Statements are brpared under historical cost convention, in accordance with the Accounting Standard as specified in the Companies (Accounting Standard) Rules 2006.

b) The brparation of financial statements requires the company to make estimates and assumptions relating to contingent liabilities, provisions for doubtful debts and advances, employee retirement benefit obligations, provision for income tax, impairment of assets and useful lives of fixed assets.

c) Fixed Assets are stated at Historical Cost less accumulated debrciation. Cost includes the purchase price and all other attributable cost incurred for bringing the assets to its working condition for intended use.

d) Debrciation in Fixed Assets has been provided on straight line method in the manner and at the rates brscribed in Scheduled II of the Companies Act, 2013. In respect of intangible asset in the nature of computer software over a period of 6 years.

e) The Investments are valued at cost.

f) Sales are recognized when goods are dispatched in accordance with the terms of sale. Sales are recorded net of trade discount, rebates and Sales Tax Collected. Sales includes trading sales also. Insurance Claims, Subsidy and Govt. Grants are recognized when there is a reasonable assurance that the same shall be received.

g) Interest income is recognized on a time proportion basis, taking into account the amount outstanding and rate applicable.

h) Inventory Valuation: Raw materials, stores and spares and trading goods are valued at cost. The cost of Inventories comprise of all cost of purchase and other cost incurred in bringing inventories to their brsent location. Stock in process are valued on the basis of cost of raw material plus conversion and other cost incurred. Finished goods are valued at lower of cost or net realizable value Cost of inventories are worked out using FIFO method. The cost of stock in process and finished goods are determined on absorption costing method based on average cost of production.

i) Foreign currency transaction are accounted for at the rates brvailing on the date of transaction. Monitory items denominated in foreign Currency at the end of the year are restated at the year end rates.

j) Revenue expenditure pertaining to Research and Development is charged to Profit and Loss Account. Capital expenditure on Research & Development is Capitalized and debrciation is provided thereon as per the Company's policy.

k) Provision for current tax is made on the basis of estimated taxable income for the current accounting year in accordance with the Income Tax Act, 1961. The deferred tax for timing difference between the book and tax profits for the year is accounted for, using the tax rates and laws that have been substantively enacted as of the balance sheet date. Deferred tax assets arising from timing differences are recognized to the extent there is reasonable certainty that these would be realized in future.

l) Borrowing cost that are attributable to the acquisition, construction or production of qualifying assets are capitalized as part of cost of such assets till the asset is ready for its intended use. A qualifying asset is an asset that necessarily requires a substantial period of time to get ready for its intended use. All other borrowing costs are recognized as expenses in the period in which they are incurred.

m) At each balance sheet date where there is an indication that an asset/ cash generating unit is impaired, the recoverable amount, if any, is estimated and the impairment loss is recognized to the extent carrying amount exceeds recoverable amount.

n) Government Grants : Government and other grants received relating to debrciable fixed assets are adjusted with the cost of the fixed assets in the year of receipts. Revenue grants are shown as "Income" in the Profit & Loss Account.

o)    Income from Windmill:

Units generated from windmills are adjusted against the consumption of power at our plant. The monetary value of the units so adjusted, calculated at the brvailing EB rates net of wheeling charges, have been included in power and fuel. The value of unadjusted units as on the Balance-sheet date has been included under loans and advances.

NOTE 25                              

Contingent liabilities not provided for in respect of :

i) Estimated amount of contracts remaining to be executed on Capital Account and not provided for Rs. 46.77 Lakhs (Previous yearRs.7.27 Lakhs).

ii) Bills Discounted with Bankers are Rs. 49.48 Lakhs (Previous year Rs. 47.35 ). Since realised Rs. 49.48 Lakhs.

NOTE 26

a) The Sales Tax Assessment has been completed upto financial year 2005-06 and 2008-09. The Company does not expect any substantial demand in respect of subsequent years.

b) The Income Tax Assessment has been completed upto the Assessment year 2012-13. The Company does not expect any substantial liability for the subsequent years.

NOTE 28

Traveling Expenses include Rs. 16.39 Lakhs (Previous year Rs.8.90 Lakhs).incurred on traveling by the Directors. Above amount includes expenses for foreign travel amounting to Rs. Nil (Previous year Rs.Nil).

NOTE 29

In the opinion of the Board, the Current Assets, Loans and Advances are approximately of the value at least equal to the amount at which they are stated if realized, in the ordinary course of business.

NOTE 30

The identification of suppliers as Micro and Small Enterprises covered under the "Micro, Small and Medium Enterprises Development Act,2006'' was not done as no suppliers has provided the required information.

NOTE 31

The Company is primarily engaged in the business of Manufacturing of Maize Products. Since the inherent nature of these activities are governed by the same set of risks and returns, these have been groped as a single segment in the above disclosures. The said treatment is in accordance with the guiding principle enunciated in the Accounting Standard on "Segment Reporting (As-17)". The other activities (mainly for captive consumption of the Company where risks and returns are not similar to that of the main activity are Diesel Pump and Power Generation. These activities although can be termed as business segments, are not reported separately above as they are not reportable segments as defined under the Accounting Standard (AS-17) for segmentreporting.

NOTE 32

Operating Lease : The Company has taken land for Wind under operating lease for a period of 30 years. The lease agreement are normally renewed on expiry.

NOTE 37_

During the audit period under review the Company has held Rs. 144.07 Lacs as public deposits as on 31st March, 2015. According to the provision of Section 74 of the Companies Act, 2013 provides that all deposits accepted and outstanding under the erstwhile Companies Act, 1956 were required to be repaid latest by 31st March, 2015 however the Company has submitted an application to Company Law Board to allow it to retain the deposits accepted under the Companies Act, 1956, till their maturity .The company is awaiting order from the CLB.

NOTE 46

Figures for the brvious year have been regrouped/rearranged wherever necessary.

Signature to Note 1 to 46

As per our Report of even date attached.

For M.B. AGRAWAL & CO.

CHARTERED ACCOUNTANTS FRN 100137 W

HARSHAL AGRAWAL

PARTNER

Membership No. 109438

FOR AND ON BEHALF OF THE BOARD

CHAIRMAN & MANAGING DIRECTOR:   JITENDRASINH J. RAWAL

WHOLE TIME DIRECTORS:   JAYKUMAR J. RAWAL G.P.CHAUDHARY

CHIEF FINANCIAL OFFICER: SUBRAMANI SEETHARAMAN

COMPANY SECRETARY:   Y.L. SINDHWAD

PLACE : MUMBAI

DATE : 29th May, 2015