1. Secured Loans :
 
 i.  Loans from Gujarat Industrial Investment Corporation Limited and Gujarat State Financial Corporation is
secured by first mortgage of the whole of movable and immovable properties including movable Plant &
machinery, machinery spares, tools, accessories, furniture, fittings, equipments, fixtures, electrical
installations, erections, vehicles and
 other movable structures, buildings, godowns, constructed or to be constructed, both existing and future
(save and except movable assets
 referred in para (c) hereinafter).
 
 ii. Hire purchase credits from various companies are secured by hypothecation of specific assets purchased
under Hire Purchase Agreement.
 
 iii. Cash Credit balances with Bank of Baroda, Halol branch is secured
 by hypothecation of stocks of raw materials, stores and spares, stock in process, finished goods and book
debts and further secured by way of second charge of fixed assets of the company.
 
 2. Balance due to/from third parties are subject to confirmation, reconciliation and/or adjustments, if
any.
 
 3. In the opinion of the Board Loans, Advances and Current Assets are approximately of the value stated, if
realised in the ordinary course of business.