Starlite Components Ltd. இன் கணக்கு குறிப்புகள்

Mar 31, 2025

(q) Provisions and Contingent Liabilities:

The Company recognizes a provision when there is a present obligation (legal or constructive) as a
result of a past event and it is probable that an outflow of resources embodying economic benefits
will be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation.

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 the obligation or a reliable estimate of the amount cannot be made.

Contingent assets are neither recognized nor disclosed in the financial statements.

(r) Dividend:

Dividend to the equity shareholders is recognized as a liability in the Company''s financial statements
in the period in which the dividend is approved by the shareholders.

(s) Events after reporting date:

Where events occurring after the balance sheet date provide evidence of conditions that existed at
the end of the reporting period, the impact of such events is adjusted with the standalone financial
statements. Otherwise, events after the balance sheet date of material size or nature are only
disclosed.

(t) Segment Reporting:

Operating segments are reported in a manner consistent with the internal reporting provided to the
chief operating decision maker.

The primary operating segment of Company is business segment. Since majority of the assets are
located at single place and are of common nature, management has decided not to bifurcate the
same into segment wise assets & liabilities.

The Geographic Segments identified, as Secondary Segment are "Domestic Market" and "Export
Market".

(u) Cash Flow Statement

The Cash Flow statement is prepared by indirect method set out in Ind AS 7- "Cash Flow Statements"
and present cash flows by operating, investing and financing activities of the Company.

(v) Trade Receivables

A receivable is classified as a ''trade receivable'' if it is in respect of the amount due on account of
goods sold or services rendered in the normal course of business.

The management is authorized, whenever required, to execute / transfer / assign Company''s right to
claim on its trade receivables in favour of its trade payables to avoid getting stuck in debt recovery
loop and affect its operations, by executing proper documentation to that effect in favour of its trade
payables / creditors. Consequently, amount of trade receivables is reduced to such extent of debt
which is assigned in favour of creditors.

(w) Trade and other payables

These amounts represent liabilities for goods and services provided to the Company prior to the end
of financial year which are unpaid. Trade and other payables are presented as current liabilities unless
payment is not due within 12 months after reporting period. For trade and other payables maturing
within one year from the balance sheet date, the carrying amounts approximate fair value due to the
short maturity of these instruments.

The management of the company, whenever required, can execute and transfer its right to claim on
its trade receivables in favour of its trade payables to avoid financial crunch and getting stuck in trade
payable payment pressure and affect its operations, by executing proper documentation to that effect
in favour of its trade payables / creditors. Consequently, amount of trade payable is reduced to such
extent of debt assigned in their favour.

(x) USE OF ESTIMATES AND JUDGEMENTS

The preparation and presentation of the financial statements in conformity with Ind AS requires the
use of estimates, judgments and assumptions considered in the reported amounts of assets and
liabilities (including contingent liabilities) and the reported income and expenses during the year.
Future results could differ due to these estimates and the differences between the actual results and
the estimates are recognized in the periods in which the results are known/ materialize.

The preparation of financial statements requires the use of accounting estimates which, by definition,
will seldom equal the actual results. The management also needs to exercise judgment in applying the
accounting policies.

Estimates and underlying assumptions are reviewed at each reporting date. Any revision to
accounting estimates and assumptions are recognized prospectively i.e. recognized in the period in
which the estimate is revised and future periods affected.

Information about critical judgments in applying accounting policies, as well as estimates and
assumptions that have the most significant effect to the carrying amounts of assets and liabilities
within the next financial year, are as follows:

i. Evaluation of Net Realizable Value (NRV) of Inventories

Inventories comprising of completed flats and construction-work-in progress are valued at lower
of cost and net realizable value. Net Realizable value is based upon the estimates of the
management. The effect of changes, if any, to the estimates is recognized in the standalone
financial statements for the period in which such changes are determined.

ii. Recognition and measurement of defined benefit obligations

The obligation arising from defined benefit plan is determined on the basis of actuarial
assumptions. Key actuarial assumptions include discount rate, trends in salary escalation and
attrition rate. The discount rate is determined by reference to market yields at the end of the
reporting period on government securities. The period to maturity of the underlying securities
correspond to the probable maturity of the post-employment benefit obligations. Due to the
complexities involved in the valuation and its long-term nature, a defined benefit obligation is
highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting
date.

iii. Fair value measurement of financial instruments

When the fair values of the financial assets and liabilities recorded in the balance sheet cannot be
measured based on the quoted market prices in active markets, their fair value is measured using
valuation technique. The inputs to these models are taken from the observable market where
possible, but where this is not feasible, are view of judgment is required in establishing fair values.
Any changes in the aforesaid assumptions will affect the fair value of financial instruments.

iv. Impairment losses on investment

The Company reviews its carrying value of investments carried at amortized cost annually or more
frequently when there is indication for impairment. If the recoverable amount is less than its
carrying amount, the impairment loss is accounted for.

v. Deferred Taxes

Deferred tax is recorded on temporary differences between tax bases of assets and liabilities and
their carrying amounts, at the rates that have been enacted or substantively enacted at the
reporting date. The ultimate realization of deferred tax assets is dependent upon the generation
of future taxable profit during the periods in which those temporary differences and the tax loss
carry forwards become deductible. The Company considers the expected reversal of deferred tax
liabilities and projected future taxable income in making this assessment. The amount of deferred
tax assets considered realizable, however, could be reduced in the near term if estimates of future
taxable income during the carry forward periods are reduced.

vi. Provisions and contingencies

The recognition and measurement of other provisions are based on the assessment of the
probability of an outflow of resources, and on past experience and circumstances known at the
balance sheet date. The actual outflow of resources at a future date may therefore vary from the
amount included in other provisions.

Footnotes:

1. Property, plant and Equipment are stated at cost net of depreciation and accumulated impairment losses, if any. The cost comprises purchase price,
borrowing costs (if capitalization criteria are met) and directly attributable costs of bringing the asset to it''s working condition for the intended use. Any
trade discounts are deducted in arriving at the purchase price.

2. Any subsequent expenditure incurred is treated as capital expenditure, if the same tends to increase the efficiency of the asset, otherwise is charged to
Profit and Loss account.

3. There were no additions to Plant, Property & Equipment during the year.

4. As per the provisions of the IBC, the fair value of the assets as on the insolvency commencement date is required to be determined in accordance with
Regulation 27 read with Regulation 35 of the CIRP regulation. As per Ind AS 36 - "Impairment of Assets", impairment testing is to be conducted on an
annual basis. On the basis of implementation of the approved resolution plan, the Company has considered carrying out a comprehensive review of all
assets including investments, other assets and intangible assets, liabilities and accordingly provided for impairment loss.

2. Terms/rights attached to equity shares

The Company has a single class of equity shares having a par value of Rs. 10 per share. Each
holder of equity share is entitled to one vote per share. The Company declares and pays
dividend in Indian rupees. The Board of Directors has not declared any dividend for the
year ending 31^st March, 2025.

In the event of liquidation of the Company, the holders of equity shares will be entitled to
receive the remaining assets of the Company in proportion to the number of equity shares
held by each shareholder, after settlement of all preferential obligations.

3. Reduction of existing share capital

The Existing Approved Resolution Plan proposes reduction of the Company''s share capital
without any payout to the shareholders. It will be reduced according to the approved
Resolution Plan, directions and resolutions to be passed in the meeting of Monitoring
Committee and related ROC / BSE & RTA compliances.

We draw attention to the fact that subsequent to the approval of the Resolution Plan by the
Committee of Creditors on January 1, 2021, an amendment was introduced by the
Securities and Exchange Board of India (SEBI) vide notification dated June 18, 2021. The said
amendment inserted a second proviso to sub-rule (5) of Rule 19A of the Securities Contracts
(Regulation) Rules, 1957, which mandates that the public shareholding in companies
undergoing Corporate Insolvency Resolution Process (CIRP) shall not fall below 5% at any
time as a result of implementation of the approved Resolution Plan.

Based on the said amendment and advice received from the Bombay Stock Exchange (BSE),
the Company has applied before the Hon''ble NCLT, Mumbai Bench, seeking necessary
modifications to the Approved Resolution Plan in order to ensure compliance with the
minimum public shareholding requirement of 5%. Accordingly, Interlocutory Application
(IBC) is filed before Hon''ble NCLT - Mumbai Bench to amend the approved resolution plan
and to allow listing and trading of shares of the company. The application for approval of
the modified resolution plan is currently pending before the Hon''ble NCLT - Bench. Upon
approval, the company expects to comply with all listing requirements and resume normal
trading of its securities on the exchange.

4. Issuance of Securities

The resolution applicant will be issued 35,000 equity shares of face value of Rs. 10 each
and Rutwik Sales Private Limited will be issued 15,000 equity shares of face value Rs. 10
each. Additionally, remaining amount of financial creditors will be settled by issuing equity
shares of Rs. 155.00 Lakhs. The number of equity shares may be revised due to
modifications in the Approved Resolution Plan, as the IA is filed and pending with Hon''ble
NCLT, Mumbai Bench. Shares can be issued only after approval of NCLT.

Issuance of Securities

The resolution applicant will be issued 35,000 equity shares of face value of Rs. 10 each and
Rutwik Sales Private Limited will be issued 15,000 equity shares of face value Rs. 10 each.
Additionally, remaining amount of financial creditors will be settled by issuing equity shares of
Rs. 155.00 Lakhs. The number of equity shares may be revised due to modifications in the
Approved Resolution Plan, as the IA is filed and pending with Hon''ble NCLT, Mumbai Bench.
Shares can be issued only after approval of NCLT.

Footnote:

1. The above figures of Trade Payables are shown as net of advances paid to the local and
import suppliers.

2. The average credit period on purchases available to company ranges from 1 to 6 months.

3. The amount of trade payables outstanding as on CIRP date has been extinguished in terms
of the approved resolution plan by the Hon''ble NCT, Mumbai Bench vide its order dated
March 14, 2024, as the amount allocated to the Operational Creditors is NIL.

4. Information regarding the status and amounts payable to the suppliers under the "Micro,
Small and Medium Enterprises Development Act, 2006", out of the total amounts payable
to the Trade Payables is being compiled on the basis of communication and MSME
registration certificate received from the MSME creditors.

5. The Company has not made any provision for interest to be paid/payable to micro and small
enterprises during the year.

6. Kindly refer Note No. 1(w) of significant accounting policies regarding trade payables.

7. Trade Payables include Rs.80.65 Lakhs (31st March, 2024: Rs. 16.68 Lakhs) due to related
parties. Kindly refer Note 26.

Effects of Implementation of Resolution Plan

As per the provisions of the IBC, the fair value of the assets as on the insolvency
commencement date is required to be determined in accordance with Regulation 27 read with
Regulation 35 of the CIRP regulation. The erstwhile RP is obligated to appoint 2 registered
valuers to determine such valuation. In furtherance thereof, the erstwhile RP had duly
appointed 2 registered valuers who have submitted their report. As per Ind AS 36 -
"Impairment of Assets", impairment testing is to be conducted on an annual basis. On
completion of CIRP and on the basis of approved resolution plan, the Company has considered
carrying out a comprehensive review of all assets including investments, other assets and
intangible assets, liabilities and accordingly provided for impairment loss.

Exceptional items amounting to Rs. 1,010.70 Lakhs in the statement of year ended on
31/03/2024 represents amount arising on account of impairment of assets and liabilities and
due to the effects of implementation of the approved resolution plan.

a) In terms of the approved resolution plan by the Hon''ble NCLT, Mumbai Bench, the
Resolution Applicant has not proposed to pay any amount towards Statutory Dues
outstanding as on CIRP commencement date post approval of resolution plan. Accordingly,
the entire statutory dues as on the CIRP Commencement date shall stand waived, settled
and extinguished, and no claims whatsoever, of any nature, shall subsist.

(a) The transactions with the related parties are made on terms equivalent to those that prevail
in arm''s length transactions.

(b) No amount has been provided as doubtful debt or advance written off or written back in the
year in respect of debts due from/ to above related parties.

(c) Solar Copyer Limited is a Strategic Investor of the Company in accordance with the Order of
Hon''ble BIFR Order dated 10th October, 2013. Also, Solar Copyer is a resolution applicant
whose resolution plan under CIRP has been approved by the Adjudicating Authority
(Mumbai - NCLT) on March 14, 2024.

Note 26: Disclosure Pursuant to Indian Accounting Standard (Ind-AS) 12 Income Taxes:

The company has not recognized Deferred Tax Assets in the Profit and Loss Account as it is not
probable that sufficient taxable income will be available in the future against which such the
deferred tax assets can be realised in the normal course of business of the company.

Note 27:

Previous period figures have been regrouped and reclassified wherever necessary, to confirm

with current years'' presentation.

Note 28: Other Statutory Information

(a) The Company does not have any Benami property, where any proceeding has been
initiated or pending against the Company for holding any Benami property.

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

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

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

i. 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

ii. provide any guarantee, security or the like to or on behalf of the Ultimate

Beneficiaries

(e) To the best of our knowledge and representation received from the management, the
Company has not received any fund from any person(s) or entity(ies), including foreign
entities (Funding Party) with the understanding (whether recorded in writing or otherwise)
that the Company shall:

i. 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

ii. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,

(f) The Company has not any such 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 (such as, search or survey or any other relevant provisions
of the Income Tax Act, 1961).

(g) To the best of our knowledge and representation received from the management, the
Company has not granted any loans or advances in nature of loans to promoters, directors
and KMPs either severally or jointly during the year ended March 31, 2025.

(h) The Company has not been declared willful defaulter by any bank, financial institution,
government or government authority.

(i) The Company has not revalued its property, plant and equipment (including right-to-use
assets) or intangible assets during the year ended March 31, 2025.

(j) As per information received from the management, there were no transactions entered
with the companies which are struck off.

Note 29: Corporate Insolvency Resolution Process (CIRP)

The Hon''ble National Company Law Tribunal, Mumbai Bench ("NCLT") admitted an insolvency
and bankruptcy petition filed by an operational creditor against Starlite Components Limited
("the Company") vide its order dated January 29, 2020, had ordered the commencement of the
Corporate Insolvency Resolution Process ("CIRP") in respect of the company under the
provisions of the Insolvency and Bankruptcy Code, 2016 ("the Code").

During the CIRP process, resolution plan of Solar Copyer Limited ("Resolution Applicant"), has
been approved by the Adjudicating Authority vide order dated March 14, 2024 ("NCLT Order").
As per the terms of Section 31 of the Code, the Approved Resolution Plan shall be binding on
the Company, its employees, members, creditors, and other stakeholders involved in the
Resolution Plan.

Pursuant to the Approved Resolution Plan, the Monitoring Committee has been formed w.e.f
9^th April, 2024 to manage the affairs of the Company and to maintain the Company as a ''Going
Concerns''. Considering this, the financial statements continue to be prepared on going concern
basis.

Upon implementation of the Approved Resolution Plan, inter alia, total plan outlay of Rs. 269.00
Lakhs would be deployed as under:

(i) Payment to Financial Creditors - Rs. 160.00 Lakhs

(ii) Payment towards CIRP Cost - Rs. 30.00 Lakhs

(iii) Payment towards workmen and employees - Rs. 24.00 Lakhs

(iv) Payment towards working capital and capex requirement - Rs. 55.00 Lakhs

(v) Payment towards Operational Creditors, Government Dues - NIL

Additionally, Rs. 13.15 lakhs will be paid towards outstanding gratuity and provident fund.

Reduction of existing share capital & modifications to the approved resolution plan -

The Existing Approved Resolution Plan proposes reduction of the Company''s share capital
without any payout to the shareholders. It will be reduced according to the approved
Resolution Plan, directions and resolutions to be passed in the meeting of Monitoring
Committee and related ROC / BSE & RTA compliances.

We draw attention to the fact that subsequent to the approval of the Resolution Plan by the
Committee of Creditors on January 1, 2021, an amendment was introduced by the Securities
and Exchange Board of India (SEBI) vide notification dated June 18, 2021. The said amendment
inserted a second proviso to sub-rule (5) of Rule 19A of the Securities Contracts (Regulation)
Rules, 1957, which mandates that the public shareholding in companies undergoing Corporate
Insolvency Resolution Process (CIRP) shall not fall below 5% at any time as a result of
implementation of the approved Resolution Plan.

Based on the said amendment and advice received from the Bombay Stock Exchange (BSE), the
Company has applied before the Hon''ble NCLT, Mumbai Bench, seeking necessary modifications
to the Approved Resolution Plan in order to ensure compliance with the minimum public
shareholding requirement of 5%. Accordingly, Interlocutory Application (IBC) is filed before
Hon''ble NCLT - Mumbai Bench to amend the approved resolution plan and to allow listing and
trading of shares of the company. The application for approval of the modified resolution plan is
currently pending before the Hon''ble NCLT - Bench. Upon approval, the company expects to
comply with all listing requirements and resume normal trading of its securities on the
exchange.

Issuance of Securities -

The resolution applicant will be issued 35,000 equity shares of face value of Rs. 10 each and
Rutwik Sales Private Limited will be issued 15,000 equity shares of face value Rs. 10 each.
Additionally, remaining amount of financial creditors will be settled by issuing equity shares of
Rs. 155.00 Lakhs. The number of equity shares may be revised due to modifications in the
Approved Resolution Plan, as the IA is filed and pending with Hon''ble NCLT, Mumbai Bench.
Shares can be issued only after approval of NCLT

The Monitoring Committee has approved the financial statements at their meeting held on May
27, 2025 which was chaired by Mr. Naren Sheth, Erstwhile Resolution Professional (''RP'') and
members of Monitoring Committee of the Company, basis recommendation from the directors.

With respect to the financial statements for the year ended March 31, 2025, the Authorized
Representative of Monitoring Committee has signed the same solely for the purpose of
ensuring compliance by the Corporate Debtor with applicable laws, and subject to the following
disclaimers:

(i) The erstwhile RP and the Monitoring Committee has furnished and signed the report in
good faith and accordingly, no suit, prosecution or other legal proceeding shall lie against
the RP in terms of Section 233 of the Code;

(ii) No statement, fact, information (whether current or historical) or opinion contained
herein should be construed as a representation or warranty, express or implied, of the
erstwhile RP and the Monitoring Committee including, their authorized representatives
and advisors;

(iii) The erstwhile RP and the Monitoring Committee, in review of the financial statements
and while signing this statement of financial statements, has relied upon the assistance
provided by the directors of the Company, and certifications, representations and
statements made by the suspended directors of the Company, in relation to these
financial statements. The statement of audited standalone financial statements of the
Company for the year ended March 31, 2024 have been taken on record by the erstwhile
RP and the Monitoring Committee solely on the basis of and on relying the aforesaid
certifications, representations and statements of the aforesaid directors and the
management of the Corporate Debtor. For all such information and data, the erstwhile RP
and the Monitoring Committee has assumed that such information and data are in the
conformity with the Companies Act, 2013 and other applicable laws with respect to the
preparation of the financial statements and that they give true and fair view of the
position of the Corporate Debtor as of the dates and period indicated therein.
Accordingly, the erstwhile RP is not making any representations regarding accuracy,
veracity or completeness of the data or information in the financial statements.

(iv) In terms of the provisions of the Code, the erstwhile RP and the Monitoring Committee is
required to undertake a review of certain transactions. Such review has been completed
and the erstwhile RP has filed the necessary applications with the adjudicating authority.

The Company has used the accounting software for maintaining its books of accounts which
has a feature of recording audit trail (edit log) facility and the same has not been operated
throughout the year for all relevant transactions recorded in the software. Since audit trail
feature was not activated, instances of audit trail feature being tampered with in respect of
these accounting software could not be verified. Additionally, the audit trail for the previous
year has not been preserved by the Company as per the statutory requirements for record
retention, as the feature was not enabled.

Note 32: Backup of Books of Accounts

The Company is maintaining its books of account in electronic mode and these books of
account are accessible in India at all times and the back-up of books of account has been kept
in servers physically located in India on a daily basis.

As per our report of even date

For SHARP AARTH & Co. LLP For Starlite Components Limited

Chartered Accountants

ICAI Firm Registration No: 132748W / W100823

CA Praveen Purohit Mr. Naren Sheth

Partner (Authorised Representative of the Monitoring

Membership No. 429231 Committee)

Place: Nashik
Date: May 27, 2025

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Mar 31, 2018

Notes -

1. Property, Plant & Equipment given on lease - Nil

2. Assets retired from active use & held for disposal - Nil

3. Assets acquired through business combinations - Nil

4. Increases or decreases resulting from revaluations and from impairment losses recognized or reversed directly in revaluation surplus - Nil

5. Impairment loss recognized in the statement of Profit & Loss - Nil 6.Impairment loss reversed in the statement of Profit & Loss - Nil

7. Net exchange differences arising on the translation of the financial statements of a non-integral foreign operation in accordance with Ind AS 21 - Nil

8. The Term Loan from ICICI Bank Limited (Car Loan A/c No. 20956) has been obtained against Hypothecation of 1 Vehicle. The amount outstanding is Rs. 1,96,204/- as on 31/03/2018 ; Rs. 5,24,884/- as on 31/03/2017 and Rs. 8,35,227/- as on 01/04/2016.

9. The Term Loan form ICICI Bank Limited (Car Loan A/c No. 22954) has been obtained against Hypothecation of 1 vehicle. The amount outstanding is Rs. 11,52,054/- as on 31/03/2018; Rs. 18,70,530/- as on 31/03/2017 and Rs. 25,19,240/- as on 01/04/2016 .

10. The Term Loan from HDFC Bank Limited has been obtained against Hypothecation of 1 Vehicle. The amount outstanding is Rs. 9,77,520/- as on 31/03/2018; R s 14,09,540.58/- as on 31/03/2017; Rs. 18,32,797/- as on 01/04/2016.

11 .The amount of expenditure recognized in the carrying amount of an item of Property, Plant & Equipment in the course of its construction during the current financial year - Nil

12.The amount of contractual commitments for the acquisition of Property, Plant & Equipment - Nil

13. The amount of compensation from third parties for items of Property, Plant & Equipment that were impaired, lost or given up that is included in the statement of profit and loss - Nil

14. Spare Parts capitalized from Inventory of the company - Nil

Notes -

1. Impairment losses recognized in the statement of Profit & Loss during the period - Nil

2. Impairment losses reversed in the statement of Profit & Loss during the period - Nil

3. There are no significant restrictions on the right of ownership of any intangible assets.

4. Amount of commitment for acquiring intangible assets - Nil

5. Aggregate amount of R&D expenditure recognized as expenditure during the period - Nil

6. Life of asset -10 years

Guarantees

Contingent liabilities related to Guarantees amounting to Rs. 15,20,556/- are outstanding bank guarantees as on 31st March 2018. Bank Gurantees are given as per the tender terms to Karnataka Renewable Energy Development Limited(KREDL), National Aluminum Co. Ltd. (NALCO)and Ashoka Buildcon.

There is uncertainly of outflow because the Company has filed appeals with Sales Tax Tribunal against these orders and the said appeals are pending as on 31st March 2018.

Possibility of reimbursement - Nil Interest on Sales Tax payable

Contingent liabilities related to income tax demand amounting to Rs. 64,44,154/-as on 31st March 2018 is outstanding for AY 2004-05 against order of income Tax Department.

There is uncertainly of outflow because the Company has filed appeal with Mumbai High Court against this order and the said appeal is pending as on 31st March 2018.

Possibility of reimbursement - Nil

Income Tax Demand Payable

Contingent liabilities related to income tax demand amounting to Rs. 64,44,154/-as on 31st March 2018 is outstanding for AY 2004-05 against order of income Tax Department.

There is uncertainly of outflow because the Company has filed appeal with Mumbai High Court against this order and the said appeal is pending as on 31st March 2018.

Possibility of reimbursement - Nil

Non Receipt ofC-Form Liability

Contingent liabilities related to C forms amounting to Rs.31,84,835 is due to non-receipt of C forms from customers. This amount is the basic amount and is at the balance sheet date.

The above liability is uncertain relating to its outflow as it depends on receipt of C forms from customers till the date of assessment.

Also there is possibility of interest liability on non-receipt of C form which needs to be paid at the time of assessment.

Note 49: Dividends

No Dividend has been declared / proposed by the Board of Directors.

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Mar 31, 2016

Nature of security & Terms of Repayment

(Disclosure pursuant to Note no. 6(C) (ii) & (vi) of Part I of Schedule III to the Companies Act, 2013)

1 The Company has shown amount due by it to M/s. Solarcopyer Limited under Secured Loans. The amount was paid by the said Solarcopyer Limited to Axis Bank Limited (formerly known as UTI Bank) as a proposed Strategic Investor. The Axis Bank subsequently assigned its charge over the assets of the Company in favour of M/s Solarcopyer Limited vide Deed of Assignment dt. 09/02/2012. The amount paid by M/s. Solarcopyer Limited carry interest @ 15% p.a. for secured portion.

2 Term Loan from ICICI Bank Limited has been obtained against Hypothecation of 3 Vehicles. It carries an Interest rate of 11.25% p.a..

3 Term Loan from HDFC Bank Limited has been obtained against Hypothecation of 1 Vehicle. It carries an Interest rate of 14.00% p.a..

Period & amount of continuing Default in repayment of loan & interest

(Disclosure pursuant to Note no. 6(C) (vii) of Part I of Schedule III to the Companies Act, 2013)

There is no default in respect of repayment of loan for the current financial year.

’ Deferred Tax Liabilities (net)

Since there is a Deferred Tax Asset, disclosure under this note is not required to be given.

4 Short term borrowings

(Disclosure pursuant to Note no. 6(F) of Part I of Schedule III to the Companies Act, 2013)

There are no short-term borrowings availed by the company. Therefore, disclosure under this note is not required to be given.

5 Trade payables

(Disclosure pursuant to point no. b of Current Liabilities of the Balance Sheet)

6 Amount remitted in foreign currencies for dividend - NIL

(As per Point No. 5 (viii) (d) of General Instructions for Preparation of Statement of Profit and Loss)

7 Earnings in foreign exchange - NIL

(As per Point No. 5 (viii) (e) of General Instructions for Preparation of Statement of Profit and Loss)

8 Related Party Disclosure

(As per Accounting Standard - 18)

1 Relationships:

a) Associate:

N.A.

b) Key Management Personnel:

Mr. Arvind Bharati

Smt. Rochana Bharati Mrs. Smita Patodkar Mr. Deepak Joshi

c) Enterprises and relatives of key management where transactions have taken place:

M/s. Solarcopyer Limited

Mrs. Ashu Bharati Ravindra Bharati M/s. Chetana Enterprises Starlite Lighting Ltd.

M/s. Reprolite Papers (I) Private Limited

Note -

9 The company does not have any dilutive potential equity shares outstanding as on the last day of the year which can be converted into equity shares and hence basic & diluted earnings per share is same.

Note -

Note: Since majority of the assets are located at single place and are of common nature, Management has decided not to bifurcate the same into segment wise assets and liabilities

Secondary Segment - Geographic Segment

The Geographic Segments identified, as Secondary Segments are “Domestic Market” and “Export Market”. Since the Export Market Revenue is less than 10 % of the total, the same has not been disclosed. The entire capital employed is within India.

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Mar 31, 2015

1. Corporate Information: -

M/s. Starlite Components Limited is a public limited company domiciled in India and incorporated under the provisions of Companies Act, 1956. The company is in the manufacturing and selling of Electronic Ballast and LED Products with factory situated at Satpur as well as Vilholi , Dist- Nashik and office at Satpur, Dist - Nashik. The shares of the company are listed on the Bombay Stock Exchange (Scrip Code - 517548).

2. Basis of Preparation : -

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

The company has reclassified previous year figures wherever necessary.

3 Other non-current assets

There are no other non-current assets. Therefore, Disclosure under this note is not required to be given.

4 Current Investments

(Disclosure pursuant to Note no. 6(N)of Part I of Schedule III to the Companies Act, 2013)

There are no current investments. Therefore, Disclosure under this note is not required to be given.

5 Inventories

(Disclosure pursuant to Note no. 6(O) of Part I of Schedule III to the Companies Act, 2013)

6 Contingent liabilities and commitments

(Disclosure pursuant to Note no. 6(T) of Part I of Schedule III to the Companies Act, 2013)

There are no Contingent Liabilities. Therefore, Disclosure under this note is not required to be given.

7 Dividends

(Disclosure pursuant to Note no. 6(U) of Part I of Schedule III to the Companies Act, 2013) No Dividend has been declared / proposed by the Board of Directors.

8 Value on realization

(Disclosure pursuant to Note no. 6(W) of Part I of Schedule III to the Companies Act, 2013)

9 Amount remitted in foreign currencies for dividend - NIL

(As per Point No. 5 (viii) (d) of General Instructions for Preparation of Statement of Profit and Loss)

10 Earnings in foreign exchange - NIL

(As per Point No. 5 (viii) (e) of General Instructions for Preparation of Statement of Profit and Loss)

11 Related Party Disclosure

(As per Accounting Standard - 18)

1 Relationships:

a) Associate:

N.A.

b) Key Management Personnel:

Mr. Arvind Bharati

Smt Rochana Bharati

Mrs. Smita Patodkar

Mr. Deepak Joshi

c) Enterprises and relatives of key management where transactions have taken place:

M/s. Solarcopyer Limited

Mrs. Ashu Bharati

Ravindra Bharati

Starlite Lighting Ltd.

M/s. Reprolite Papers (I) Private Limited

Note -

Note: Since majority of the assets are located at single place and are of common nature, Management has decided not to bifurcate the same into segment wise assets and liabilities

Secondary Segment - Geographic Segment

The Geographic Segments identified, as Secondary Segments are "Domestic Market" and "Export Market". Since the Export Market Revenue is less than 10 % of the total, the same has not been disclosed. The entire capital employed is within India.

---

Mar 31, 2014

1 According to the order of Hon''ble BIFR, the Company will allot 65,28,000 number of equity shares of Rs 10/- each fully paid up aggregating to Rs 652.80 lakhs to promoters/associates in lieu oft he funds already infused/ proposed to be infused. These shares will be allotted in two stages for Rs 163.20 lakhs during the year 2013-2014 and Rs 489.60 lakhs during the year 2014-2015 respectively. During the year, Company has alloted shares of Rs. 163.20 lakh consisting of 163,20,000 shares of Rs. 10/- each fully paid up.

b) Rights attached to Equity shares

(Disclosure pursuant to Note no. 6(A)(e) of Part I of Schedule VI to the Companies Act, 1956)

The company has only one class of equity shares having a par value of Rs.10/- per share. Each Holder of equity shares is entitled to one vote per share. The dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

c) Shares held by Holding / ultimate Holding company and / or their subsidiaries / associates

(Disclosure pursuant to Note no. 6(A)(f) of Part I of Schedule VI to the Companies Act, 1956)

Equity Shares issued by the company and held by Holding company, ultimate Holding company and their Subsidiaries / associates are NIL

d) Details of shareholders holding more than 5% shares in the company

(Disclosure pursuant to Note no. 6(A)(g) of Part I of Schedule VI to the Companies Act, 1956)

e) Shares reserved for issue under options - NIL

(Disclosure pursuant to Note no. 6(A)(h) of Part I of Schedule VI to the Companies Act, 1956)

f) Aggregate number oft onus shares issued, shares issued for consideration other than cash and shares bought back during the period of 5 years immediately preceding the reporting date

(Disclosure pursuant to Note no. 6(A)(i) of Part I of Schedule VI to the Companies Act, 1956)

g) Securities convertible into equity/preference shares issued - NIL

(Disclosure pursuant to Note no. 6(A)(j) of Part I of Schedule VI to the Companies Act, 1956)

h) Calls unpaid - NIL

(Disclosure pursuant to Note no. 6(A)(k) of Part I of Schedule VI to the Companies Act, 1956)

i) Forfeited shares - NIL

(Disclosure pursuant to Note no. 6(A)(l) of Part I of Schedule VI to the Companies Act, 1956) 5 Reserves & Surplus

(Disclosure pursuant to Note no. 6(B) of Part I of Schedule VI to the Companies Act, 1956)

6 Long Term Borrowings

(Disclosure pursuant to Note no. 6(C) of Part I of Schedule VI to the Companies Act, 1956)

Nature of security & Terms of Repayment

(Disclosure pursuant to Note no. 6(C) (ii) & (vi) of Part I of Schedule VI to the Companies Act, 1956)

1 The company has shown amount due by itt o M/s. Solarcopyer Limited under Secured Loans. The amount was paid by the said Solarcopyer Limited to Axis Bank Limited (formerly known as UTI Bank) as a proposed Strategic Investor. The Axis Bank subsequently assigned its charge over the assets oft he company in favour of M/s Solarcopyer Limited vide Deed of Assignment dt. 09/02/2012. The amount paid by M/s. Solarcopyer Limite d carry interest @ 15% p.a. for both Secured as well as unsecured portion.

2 Term Loan from ICICI Bank Limited has been obtained against Hypothecation of 2 Vehicles. It carries an Interest rate of 11.25% p.a.. EMI payable is Rs. 22050/- commencing from 15/04/2014 & ending on 15/03/2017 respectively.

Period & amount of continuing Default in repayment of loan & interest

(Disclosure pursuant to Note no. 6(C) (vii) of Part I of Schedule VI to the Companies Act, 1956)

Company has not defaulted on repayment of loan or interest.

7 Deferred Tax Liabilities (net)

Since there is a Deferred Tax Asset, disclosure under this note is not required to be given.

10 Short term borrowings

(Disclosure pursuant to Note no. 6(F) of Part I of Schedule VI to the Companies Act, 1956)

There are no short-term borrowings availed by the company. Therefore, disclosure under this note is not required to be given.

Dues to Micro, Small and Medium Enterprises as defined under the MSMED Act, 2006 including bifurcation of Principle & Interest cannot be provided since the information about the same is not available with the company.

21 Other non-current assets

(Disclosure pursuant to Note no. 6(M) of Part I of Schedule VI to the Companies Act, 1956)

There are no other non-current assets. Therefore, disclosure under this note is not required to be given.

22 Current Investments

(Disclosure pursuant to Note no. 6(N)of Part I of Schedule VI to the Companies Act, 1956)

There are no current investments. Therefore, Disclosure under this note is not required to be given.

23 Inventories

(Disclosure pursuant to Note no. 6(O) of Part I of Schedule VI to the Companies Act, 1956)

Note -

1 Valuation of inventory is done as disclosed in note no. 3-K

2 There are no goods in transit during the year

28 Contingent liabilities and commitments

(Disclosure pursuant to Note no. 6(T) of Part I of Schedule VI to the Companies Act, 1956)

There are no Contingent Liabilities. Therefore, Disclosure under this note is not required to be given.

29 Dividends

(Disclosure pursuant to Note no. 6(U) of Part I of Schedule VI to the Companies Act, 1956)

No Dividend has been declared / proposed by the Board of Directors.

30 Value on realization

(Disclosure pursuant to Note no. 6(W) of Part I of Schedule VI to the Companies Act, 1956)

44 Amount remitted in foreign currencies for dividend - NIL

(As per Point No. 5 (viii) (d) of General Instructions for Preparation of Statement of Profit and Loss)

45 Earnings in foreign exchange

(As per Point No. 5 (viii) (e) of General Instructions for Preparation of Statement of Profit and Loss)

1 Relationships:

a) Associate: N.A.

b) Key Management Personnel:

Mr. Arvind Bharati

Smt. Rochana Bharati

c) Enterprises and relatives of key management where transactions have taken place: M/s. Solarcopyer Limited

Mrs. Ashu Bharati Ravindra Bharati M/s. Universal Traders M/s. Chetana Enterprises Starlite Lighting Ltd.

M/s. Filaments & Filaments

M/s. Reprolite Papers (I) Private Limited

1 The company does not have any dilutive potential equity shares outstanding as on the last day of the previous year which can be converted into equity shares and hence basic & diluted earnings per share is same.

Note: Since majority of the assets are located at single place and are of common nature, Management has decided not to bifurcate the same into segment wise assets and liabilities

Secondary Segment - Geographic Segment

The Geographic Segments identified, as Secondary Segments are "Domestic Market" and "Export Market". Since the Export Market Revenue is less than 10 % of the total, the same has not been disclosed. The entire capital employed is within India.

---

Jun 30, 2013

1. Corporate Information: -

M/s. Starlite Components Limited is a public limited company domiciled in India and incorporated under the provisions of Companies Act, 1956. The company is in the manufacturing and selling of Electronic Ballast and LED Products with factory situated at Vilholi , Dist- Nashik and office at Satpur, Dist - Nashik. The shares of the company are listed on the Bombay Stock Exchange Limited (Scrip Code - 517548).

2. Basis of Preparation: -

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956.

The company has reclassified previous year figures wherever necessary.

3 The company has shown amount due by it M/s. Solarcopyer Limited under Secured Loans. The amount was paid by the said Solarcopyer Limited to Axis Bank Limited (formerly known as UTI Bank) as a proposed Strategic Investor. The Axis Bank subsequently assigned its charge over the assets of the company in favor of M/s Solarcopyer Limited vide Deed of Assignment dt. 09/02/2012. The amount paid by M/s. Solarcopyer Limited carry interest @ 15% p.a. for both Secured as well as unsecured portion.

4 Deferred Payment Liability from W.M.D.C. is unsecured & repayable with simple rate of interest charged @ 12.50%.

Period & amount of continuing Default in repayment of loan & interest

(Disclosure pursuant to Note no. 6(C) (vii) of Part I of Schedule VI to the Companies Act, 1956)

Company has not defaulted on repayment of loan or interest.

5 Deferred Tax Liabilities (net)

Since there is a Deferred Tax Asset, disclosure under this note is not required to be given.

6 Short term borrowings

(Disclosure pursuant to Note no. 6(F) of Part I of Schedule VI to the Companies Act, 1956)

There are no short-term borrowings availed by the company. Therefore, disclosure under this note is not required to be given.

7 Other Current Liabilities

(Disclosure pursuant to Note no. 6(G) of Part I of Schedule VI to the Companies Act, 1956)

8 INTANGIBLE ASSETS UNDER DEVELOPMENT

There are no Intangible Assets under Development

9 Other non-current assets

(Disclosure pursuant to Note no. 6(M) of Part I of Schedule VI to the Companies Act, 1956)

There are no other non-current assets. Therefore, disclosure under this note is not required to be given.

10 Current Investments

(Disclosure pursuant to Note no. 6(N)of Part I of Schedule VI to the Companies Act, 1956)

There are no current investments. Therefore, Disclosure under this note is not required to be given.

11 Contingent liabilities and commitments

(Disclosure pursuant to Note no. 6(T) of Part I of Schedule VI to the Companies Act, 1956)

There are no Contingent Liabilities. Therefore, Disclosure under this note is not required to be given.

12 Dividends

(Disclosure pursuant to Note no. 6(U) of Part I of Schedule VI to the Companies Act, 1956)

No Dividend has been declared / proposed by the Board of Directors.

---

Jun 30, 2012

1. Corporate Information: -

M/s. Starlite Components Limited is a public limited company domiciled in India and incorporated under the provisions of Companies Act, 1956. The company is in the manufacturing and selling of Electronic Ballast and LED Products with factory situated at Vilholi, Dist- Nashik and office at Satpur, Dist - Nashik. The shares of the company are listed on the Bombay Stock Exchange Limited (Scrip Code -517548).

2. Basis of Preparation: -

The financial statements of the company have been prepared in accordance with generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the Companies Act, 1956.

During the yearended 30th June 2012, the revised Schedule VI notified under Companies Act, 1956 has become applicable to the company for preparation and presentation of its financial statements. The adoption of revised schedule VI does not impact recognition and measurement principles followed for preparation of financial statements. However, it has significant impact on the presentation and disclosures made in the financial statements. Thecompany has reclassified previous year figures in accordance with the requirements applicablein the current year.

a) Rights attached to Equity shares

(Disclosure pursuant to Note no. 6(A)(e) of Part I of Schedule VI to the Companies Act, 1956)

The companyhas only one class of equity shares havinga par value of Rs. 10/- per share. Each Holder of equityshares is entitled to one vote per share. The dividend proposed by the board of directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

b) Shares held by Holding / ultimate Holding company and / or their subsidiaries/associates

(Disclosure pursuant to Note no. 6(A)(f) of Part I of Schedule VI to the Companies Act, 1956)

Equity and Preference Shares issued by the company and held by Holding company, ultimate Holding company and their Subsidiaries / associates are NIL

c) Shares reserved forissue under options - NIL

(Disclosure pursuant to Note no. 6(A)(h) of Part I of Schedule VI to the Companies Act, 1956)

d) Securities convertible into equity/preference shares issued - NIL

(Disclosure pursuantto Note no. 6(A)(j) of Part I of Schedule VI to the Companies Act, 1956)

e) Calls unpaid - NIL

(Disclosure pursuantto Note no. 6(A)(k) of Part I of Schedule VI to the Companies Act, 1956)

i) Forfeited shares - NIL

(Disclosure pursuantto Note no. 6(A)(1) of Part I of Schedule VI to the Companies Act, 1956)

Nature of security & Terms of Repayment

(Disclosure pursuant to Note no. 6(C) (ii) & (vi) of Part I of Schedule VI to the Companies Act, 1956)

1 The company has shown amount due by it to M/s. Solarcopyer Limited under Secured Loans. The amount was paid by the said Solarcopyer Limited to Axis Bank Limited (formerly known as UTI Bank) as a proposed Strategic Investor. The Axis Bank subsequently assigned its charge over the assets of the company in favour of M/s Solarcopyer Limited vide Deed of Assignment dt. 09/02/2012. The amount paid by M/s. Solarcopyer Limited carry interest @ 15% p. a. for both Secured as well as unsecured portion.

2 Deferred Payment Liability from W.M.D.C. is unsecured & repayable with simple rate of interest charged @ 12.50%.

3 Deferred Tax Liabilities (net)

Since there is a Deferred Tax Asset, disclosure under this note is not required to be given.

4 Short term borrowings

(Disclosure pursuantto Note no. 6(F) of Part I of Schedule VI to the Companies Act, 1956)

There are no short-term borrowings availed by the company. Therefore, disclosure under this note is not required to be given.

Notes-

1. None of the assets are taken or given on Lease

2. None of the assets are revalued during the year or within previous 5 years.

3. No previous revaluation done within last 5 years is written down during the year.

4. No impairment loss has been accounted during the year.

5. No previous impairment loss has been reversed duringthe year.

5 Intangible Assets

(Disclosure pursuant to Note no. 6(J) of Part I of Schedule VI to the Companies Act, 1956) There are no Intangible Assets

6 INTANGIBLE ASSETS UNDER DEVELOPMENT

There are no Intangible Assets under Development

Note - Provision for Diminution has been made in respect of the value of investments in M/s. Paragon Plastics Limited, provision for diminution has been made considering the fair market value of the investment.

7 Other non-current assets

(Disclosure pursuantto Note no. 6(M) of Part I of Schedule Vito the Companies Act, 1956)

There are no other non-current assets.Therefore, Disclosureunder this note is not required to begiven.

8 Current Investments

(Disclosure pursuantto Note no. 6(N)of Part I of Schedule Vito the Companies Act, 1956)

There are no current investments. Therefore, Disclosure under this note is not required to be given.

9 Contingent liabilities and commitments

(Disclosure pursuant to Note no. 6(T) of Part I of Schedule VI to the Companies Act, 1956) There are no contingent liabilities.

10 Dividends

(Disclosure pursuant to Note no. 6(11) of Part I of Schedule VI to the Companies Act, 1956) No Dividend has been declared / proposed by the Board of Directors.

11 Related Party Disclosure

(As per Accounting Standard -18)

1 Relationships:

a) Associate:

N.A.

b) Key Management Personnel:

Mr. Arvind Bharati

Smt. Rochana Bharati

c) Enter prises and relatives of key management where transactions have taken place: M/s. Solarcopyer Limited

Mrs. Ashu Bharati Ravindra Bharati M/s. Universal Traders M/s. Chetana Enterprises Starlite Lighting Ltd.

M/s Filaments & Filaments

M/s Reprolite Papers (I) Private Limited

Note -

1 The company does not have any dilutive potential equity shares outstanding as on the last day of the previous year which can be converted into equity shares and hence basic & diluted earnings per share is same.

Note -

Note: Since majority of the assets are located at single place and are of common nature. Management has decided not to bifurcate the same into segment wise assets and liabilities

Secondary Segment - Geograph ic Segment

The Geographic Segments identified, as Secondary Segments are "Domestic Market" and "Export Market". Since the Export Market Revenue is less than 10 % of the total, the same ha snot been d isclosed. The entire capita I employed is within India.

---

Jun 30, 2010

1. Figures for the previous year have been regrouped and rearranged wherever necessary.

2. The balances of debtors, creditors and loans and advances are subject to confirmation.

3. Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs. NIL (previous year Rs. Nil).

4. Contingent liability not provided for in respect of:

a) Suits filed against the company and its directors amounting to Rs. 146.11 lacs as a counter measure to suits filed by the company and its directors involving an amount of Rs. 164.53 lacs against Market Creators Limited, its directors and their group concerns.

5. No Employee of the Company was in receipt of remuneration exceeding Rs. 24,00,000/- per annum, if employed throughout the year or Rs. 2,00,000/- per month, if employed for a part of the year.

Names, Description and transactions of related parties- Key Management

Starlite Lighting Ltd. - Sale/services Rs. 222,862/- Payment Rs. Nil/- Receipts Rs. 1503277/- and Debit Balance Rs. 4728491/-.

Solarcopyer Pvt. Ltd.- Sales/services Rs. 236443002/-, Payment Rs. 1170001/-, Receipts Rs. 176361487/-, Purchase Rs. 13332224/- and Debit Balance Rs. 79830035/-.

Reprolite Papers (II P.Ltd. - Payment Rs. 1250/- Receipt Rs. Nil/- Balance Dr. Rs.92250/-

Paraqon Plastics Ltd. - Payment Rs. Nil/- Receipts - Rs. Nil/- Debit Balance Rs. 1733325/-.

Relatives -

Mrs. Rochana Bharati - Prop. Filaments & Filaments Payment Rs, 443/- Receipt Rs. 15000/- and Credit Balance Rs, 57053/-

Mr. Ravindra Bharati - Prop. Universal Traders Payment Rs. Nil/- Receipt Rs. 134925/- and Credit balance Rs. 795939/-

6. Information required under Para 4D of Part II of Schedule VI of the Companies Act, 1956.

a) Value of imports calculated on CIF basis of Raw Materials, Components, Spares and Capital Goods is Rs. 15,60,53,761/- (Previous year Rs. 10,36,62,263).

b) Expenditure in Foreign Currency during the year on account of Royalty, Know-how, Professional Fees, Consultation Fees, Interest, travelling and other matters is Rs. Nil/- (Previous year Rs. Nil).

c) Value of all imported raw materials, spare parts, components, etc., consumed / sold during the year on CIF basis Rs. 15,33,21,654/- (Previous year Rs. 9,94,56,304/-).

d) Amount remitted during the year in foreign currency on account of dividend is Rs. Nil. (Previous year Rs. Nil).

e) Earning in foreign exchange is Rs. Nil/- (Previous year Rs. Nil/-).

7. Advance given to group company of Rs. 60,27,000/- have been written off in current year, vide board resolution passed in the meeting of Board of Directors held on 15.02.2010.

8 Figures have been rounded off to the nearest rupee.

9 Provision for taxation has been made on the basis of Minimum Alternate Tax imposed on the book profitsjf any, of the Company upto March, 2010.

---

Jun 30, 2009

1. Figures for the previous year have been regrouped and rearranged wherever necessary.

2. The balances of debtors, creditors and loans and advances are subject to confirmation.

3. In the opinion of the Board, Loans and Advances and Current Assets are approximately of the value stated, if realized in the ordinary course of business.

4. Employees retirement benefits: Retirement gratuity payable to employees is accounted on cash basis as and when paid.

5. Sales include Excise Duty but exclude Sales Tax. The Sales Tax collected is shown as liability.

6. Estimated amount of contracts remaining to be executed on capital account and not provided for is Rs. NIL (previous year Rs. Nil).

7. Contingent liability not provided for in respect of:

a) Suits filed against the company and its directors amounting to Rs. 146.11 lacs as a counter measure to suits filed by the company and its directors involving an amount of Rs. 164.53 lacs against Market Creators Limited, its directors and their group concerns.

8. Working Directors Remuneration: - 2008-09 2007-2008

(1 Director) (1 Director)

Remuneration Rs. 1,80,00/- Rs. 1,80,000/-

9. No Employee of the Company was in receipt of remuneration exceeding Rs. 24,00,000/- per annum, if employed throughout the year or Rs. 2,00,000/- per month, if employed for a part of the year.

Key Management -

Starlite Lighting Ltd. - Sale/services Rs. 1457044/- Payment Rs. Nil/- Receipts Rs. 288116/- and Debit Balance Rs. 6008905.82/-.

Solarcopver Pvt. Ltd.- Sales/services Rs. 160054474.75/- Payment Rs. 116020/- Receipts Rs. 140523126.6/- Purchase Rs. 1843131.64/- and Debit Balance Rs. 31910742.48/-.

Reprolite Papers (I) P.Ltd. - Payment Rs. 400/- Receipt Rs. Nil/- Balance Dr. Rs.91000.ll/-

Paragon Plastics Ltd. - Payment Rs. Nil/- Receipts - Rs. 78880/- Debit Balance Rs. 173332

Relatives -

Mrs. Rochana Bharati - Prop. Filaments & Filaments Payment Rs. Nil/- Receipt Rs. 25000/- and Credit Balance Rs. 42496/-Mr. Ravindra Bharati - Prop. Universal Traders Payment Rs. Nil/- Receipt Rs. Nil/- and Credit balance Rs. 661014.32/-

10. Information required under Para 4D of Part II of Schedule VI of the Companies Act, 1956.

a) Value of imports calculated on CIF basis of Raw Materials, Components, Spares and Capital Goods is Rs. 10,36,62,263/-(Previous year Rs. 9,69,95,180/-).

b) Expenditure in Foreign Currency during the year on account of Royalty, Know-how, Professional Fees, Consultation Fees, Interest, travelling and other matters is Rs. Nil/- (Previous year Rs. 39,750).

c) Value of all imported raw materials, spare parts, components, etc., consumed / sold during the year on CIF basis Rs. 9,94,563,043/- (Previous year Rs. 9,69,95,180/-).

d) Amount remitted during the year in foreign currency on account of dividend is Rs. Nil. (Previous year Rs. Nil).

e) Earning in foreign exchange is Rs. Nil/- (Previous year Rs. Nil/-).

11 Figures have been rounded off to the nearest rupee.

12 Provision for taxation has been made on the basis of Minimum Alternate Tax imposed on the book profits,if any, of the Company upto March, 2009.