a) Demands of Statutory Authorities not acknowledged as debts and appealed against by the Company in respect of Excise Duty: Rs.20.26 Lacs (Previous Year: Rs. 20.26 Lacs)

b) Interest Liability which may arise on the Company due to delay in repayment of Sales Tax Deferral Loan - Amount unascertainable(Previous year - Amount unascertainable).

c) Contingent liabilities as may arise on account of non/delayed compliance of certain fiscal statutes - Amount unascertainable (Previous year - Amount unascertainable).

Note: 2. Going Concern:

The accounts of the Company for the year ended on 31st March, 2015 continued to be prepared on a going concern basis, in spite of the erosion of its entire net worth, keeping in view the fact that the management of the Company is actively pursuing various options for commencing its operations/ disposal of the assets. During the current year, the Company has sold certain inventories at a value of Rs. 3.08 Lacs.

The Company has intent to enter into an agreement to sell its factory, land & building at Sinnar together with assets situated therein, for a consideration of up to Rs. 9.00 Crores. The Company has already obtained permission from the shareholders by passing a special resolution through postal ballot on 29th March, 2015. The Company intends to continue with its business activities for a foreseeable future, including, inter alia, trading activities.

Keeping in view the above, the management of the Company has prepared the financial statements on a going concern basis.

Note: 3. Impairment of Assets:

Keeping in view the proposed/ agreed consideration arrived at in respect of the Company's fixed assets, which individually exceed their book values as at the close of the year, the Company is of the opinion that no significant impairment arises in respect of its fixed assets.

Note: 4. Confirmation of Balances

Certain Balances appearing in various accounts under the head Trade Receivables, Loans and Advances, Long Term Borrowings and Current Liabilities as appearing in the accounts are subject to the confirmation from the respective parties and consequential reconciliation, if any. However the Company anticipates no significant variations from its book values as on the Balance Sheet date.

Note: 5. In the opinion of the management, the Current Assets, Loans and Advances are expected to realize at the value stated in the Balance Sheet and adequate provisions have been made for all known liabilities.

Note: 6. Inventory

(a) The inventory as at the close of the year was as taken, valued and certified by a director.

(b) Adequate Provision towards obsolescence of inventory has been considered in the accounts keeping in view the management's opinion that the same is expected to realize at or above the cost in near future.

Note: 7. Segment information:

There is no identifiable segment within the meaning of the Accounting Standard-17, Segment Reporting, since the Company is engaged in a single segment of business (i.e. Manufacture and Sale of Coated Paper). Hence no disclosure as per the said Accounting Standard is required to be given by the Company during the year.

Note 8. Clause 41 of the Listing Agreement

During the year, the Company has continued its non-compliance with the provisions of Clause 41 of the Listing Agreement in respect of quarterly submission of Limited Review Reports to the concerned Stock Exchanges.

Note: 9. Employee Benefits

As there are no eligible employees with the Company during the year no provision towards gratuity and leave encashment has been considered in the accounts.

Note: 10. Micro, Small and Medium Enterprises Development Act, 2006

There were no dues to Micro and Small enterprises, as defined under the Micro, Small and Medium Enterprises Development Act, 2006 during the current year (Previous Year-Nil).The same has been relied upon by the auditors.

Note: 11. Taxation

(a) No provision towards current taxation has been considered in the accounts, in view of available brought forward losses.

(b) The Company has obtained consent from shareholders by passing Special Resolution on 29th March, 2015 to sell factory, Land & Building for a lump sum consideration of Rs.9.00 crores out of which, Rs. 6.65 crores have been realized by the company up to date of preparation of the financial statements. The balance of Rs. 2.35 crores is committed to be received by the Company by 3rd June 2015. The surplus arising out of the above transaction would be recognized in the Company's statement of Profit and Loss in the financial year 2015-16. With the said surplus setting off the brought forward losses of the Company under the Income Tax Act, 1961, the Company is of the opinion that it is justified in recognizing Deferred Tax Assets in the current year, as per the recommendations of the Accounting Standard-22, which prescribes reasonable/virtual certainty in order to recognize the same (Paragraphs 15 and 17 of the said standard). The same was created in the earlier years by the Company to the tune of Rs. 2.69 crores.

Note: 12. Related Party Disclosures

(A) Names of the related parties and nature of relationship which exists:

Name Nature of Relationship

Mr. Manish D. Ladage Additional Director (wef. 22nd December, 2014)

Mrs. Kamini Kamal Johari Additional Director (wef. 22nd December, 2014)

Mr. B. L. Sharma Managing Director (Till 30th January, 2015)

(B) List of Related Parties with whom transactions were carried out during the year

Name Nature of Relationship

Mr. Manish D. Ladage Additional Director

Mrs. Kamini Kamal Johari Additional Director

Mr. Mahesh Makhijani Additional Director

Mr. Krishnamurthy Anantharayanan Additional Director

Mr. B S Rathi Director

Mr. Anand Kumar Poddar Director

Gourishankar Damani Director

Mr. B. L. Sharma Managing Director

M/s. Nobel Hygiene Pvt Ltd Enterprises over which Key Managerial Personnel are able to exercise Significant Influence(with effect from 22.12.2014)

Note : Related party relationships are identified by the Company and relied upon by the auditors.

Note : 13. Company Secretary

During the year, the Company made efforts to appoint a whole-time Company Secretary towards compliance with section 203 of the Companies Act, 2013, but could not find a suitable candidate. The Company is continuing with its efforts to meet the said requirements.

Note : 14. Sales Tax Deferral

As at the Balance Sheet date, the Company is actively pursuing settlement of the Sales tax Deferral loan appearing in its books amounting to Rs. 2.13 crores (including interest)( Previous Year Rs. 2.48 crores) and is of the opinion that an amicable settlement of the aforesaid overdue liability in near future.

Note : 15. Previous year's figures

Previous year's figures have been reworked, regrouped, rearranged and reclassified wherever considered necessary.