1. Contingent Liabilities:                             (Rupees in lacs)
                                      31st March, 2003  31st March, 2002
 a. Claims against the Company
 not acknowledged as debts
 
 - Excise Duty                                   45.10             45.10
 
 - Sales Tax                                     16.69             11.07
 
 - Others                                        55.59             55.44
 
 b. Letters of credit and guarantees
 given by banks on behalf of the Company          7.84             28.22
 
 c. Income Tax matter                              Nil            243.34
 
 2. Expenses reported under the relevant heads in the Profit and Loss
 Account are after allocating amounts on a mutually agreed basis,
 aggregating to Rs. 810.61 Lacs (Rs.1344.66 Lacs) to group concerns for
 the joint use of common facilities/services.
 
 3. Earning per share Earning per share has been computed as under:
                                      31st March, 2003  31st March, 2002
 
 (a) (Loss)/Profit For the year           (15,683,997)        26,052,272
 
 (b) Number of Ordinary Shares outstanding   3,880,800         3,880,800
 
 (c) Earnings per share - basic and diluted     (4.04)              6.71
 
 (d) Nominal value per share                     10.00             10.00
 
 4. Deferred income-tax liability (net) as at March 31, 2003 is arrived
 after considering a deferred tax asset of Rs.2.66 lacs recoganised on
 carry forward of Long term capital loss of Rs 12.92 lacs relating to
 the assessment year 2002-03. Based on transactions planned in the
 financial year 2003-04, the Company is virtually certain of availing
 the benefit of set off against future taxable income.
 
 5. Loans and advances include certain stocks belonging to the Company
 held by an agent as lien aggregating to Rs.39.08 lacs (previous year:
 Rs.39.08 lacs). The Company has recovered a sum of Rs.8.16 lacs
 (previous year: Rs.8.16 lacs) from the agent. Further, the Honble
 Delhi High Court, vide its order, has directed the agent to deposit a
 sum of Rs.25.40 lacs (Rs. 25.40 lacs) with the Court, which the party
 failed to deposit. Effect of this will be given upon settlement by the
 Court.
 
 6. The Company has taken on lease certain assets costing Rs.3.14 lacs
 (previous year: Rs. 34.70lacs). The future lease rental obligation
 amounts to Rs. 0.10 lacs as at March 31, 2003 (previous year: Rs. 7.01
 lacs).
 
 7. Related party disclosures:
 
 a) Names of related parties and the nature of their relationship during
 the year with the Company:
 
 1) Enterprises where control exists: Taronish Enterprises
 
 2) Associates of the Company: Besta Cosmetics Limited
 
 3) Individuals owning an interest in the voting power of the
 Company/Key management personnel/their relatives :
 
 A. R. Balsara H. A. Balsara A. Z. Balsara Z. A. Balsara T. V. Vaswani
 
 4) Enterprises in which individuals listed in (3) above exercise
 significant influence: Balsara Extrusions Pvt. Ltd. Balsara Home
 Products Ltd. Besterna Chemicals Besta Laboratories Z. A. Balsara Trust
 T. A. Balsara Trust
 
                                                      (Amount in Rupees)
                                               2002-2003       2001-2002
 12. Expenditure in foreign currency
 
 Travelling                                      769,440       2,878,802
 
 Interest                                        948,222       1,373,732
 
 Exports freight                                       -       3,182,680
 
 Rebate and commission                                 -         244,090
 
 Others                                                -          95,271
 
 13. Earnings in foreign exchange F.O.B.
 value of exports                             23,317,131     106,682,265
 
 14. Information required pursuant to part IV of Schedule VI to the
 Companies Act, 1956 is annexed hereto.
 
 15. The figures of the previous year have been shown in brackets and
 regrouped/re-arranged, wherever necessary, to confirm with the current
 years presentation.
 
 Signatures to schedules 1 to 21
 
                                          For and on behalf of the Board
 A. R. BALSARA                     AZMIN BALSARA       DINESHCHANDRASHAH
 Chairman & Managing Director           Director       Company Secretary
 Place: Mumbai
 Dated: 16, June, 2003.