1.  CONTINGENT LIABILITIES IN RESPECT OF :-
 
 a.  Guarantee given to Sales Tax Department for Rs. Nil (Previous Year
 Rs. 50,000)
 
 b.  Guarantee given to Corporate for Rs. Nil. (Previous Year Rs.
 30,00,000)
 
 c.  The Sales Tax demand in dispute at various depots and contested in
 appeal.
 
 Year        2010-2011     2009-2010      Forum
 
 1992-1995   Rs.95,580     Rs.95,580      Commissioner( Appeals ) Daman
 
 1999-2000   Rs.1,23,192   Rs.1,23,192    Board of Revenue, Guwahati
 
 1998-1999   Rs.1,75,708   Rs.1,75,708    Board of Revenue, Guwahati
 
 1997-1998   Rs.2,50,797   Rs.2,50,797    Board of Revenue, Guwahati
 
 1996-1997   Rs.3,00,000   Rs.3,00,000    Board of Revenue, Guwahati
 
 d.  Claim not acknowledged as debts - Nil (Previous Year
 Rs.17,00,000/-)
 
 e.  The estimated amount of contracts remaining to be executed on
 capital accounts and not provided for Rs.  9,96,052 (Previous Year
 Rs.20,85,818)
 
 f.  Letter of Credit of Rs. 63,96,866 (Previous Year Rs. 12,86,299)
 
 2.  Balances of Debtors, Creditors, loans and advances are subject to
 confirmation.
 
 3.  In the opinion of the Board, the current assets, loans and advances
 are expected to realize at least the amount at which they are stated,
 if realized in the ordinary course of business, and provision for all
 known liabilities have been adequately made in the accounts.
 
 4.  The provision for gratuity is made for those employees who have
 completed 5 years of their service.
 
 6.  Loans and Advances includes loan given to the Company in which
 Directors are interested to the tune of Rs. Nil in current year.
 (Previous Year Rs. 6,05,602), Maximum amount outstanding during the
 year was Rs. 6,05,602 (Previous Year Rs. 6,05,602 )
 
 8.  The future liability towards the payment of interest on Hire
 Purchase loans will be accounted as and when accrue.
 
 9.  The Company has valued its intellectual property at
 Rs.10,00,00,000/- as at 31st March 2006 and the same was then credited
 to Intellectual Property Equalization Fund. The value of the
 intellectual property as per report of the valuer M/s Joy Dalia & Co.
 Dt. 07.09.2007 is Rs.1384 Lacs. However the management has taken the
 value in the books at Rs.1000 Lac.
 
 10.  The management has revalued Land and Factory Buildings at Vapi and
 Daman. The said assets were valued by M/s Mahalaxmi Associates and the
 difference in the market value and the book value as on 31.03.2007
 amounting to Rs.  88,16,183 has been credited to the revaluation
 reserve account and out of the revaluation reserve Rs. 71,70,269 was
 credited to the profit and loss account in the financial year 2006-07.
 
 11 .  Micro, Small and Medium Enterprises Dues
 
 The Company has not received information from vendors regarding their
 status under Micro, Small and Medium Enter- prises Development Act,
 2006 and hence disclosure relating to amounts unpaid as at the year end
 together with interest paid / payable under this Act has not been
 given.
 
 12.  There is no amount due and outstanding as on 31st March, 2011 to
 be credited to Investor Education and Protection Fund.
 
 13.  The company operates in one segment only, namely Cosmetics
 Products.” And transactions in geographical segment are not material;
 therefore the segment wise figures are not given.
 
 14.  Deferred Tax :- Accounting Standard No.22 Accounting for Tax on
 Income” issued by Institute of Chartered Accountants of India, there is
 a net deferred tax asset amounting to Rs. 9,93,090/- (previous years
 deferred tax assets is Rs. 44,75,364) on account of previous year’s
 disallowed expenses allowed in current year, which is not accounted
 for.
 
 In compliance with provisions of Accounting Standard and based on
 general prudence, the Company has not recognized the deferred tax
 assets while preparing the accounts of current year, the provision for
 the current year has been made only for MAT liability in view of book
 profit being higher than the taxable profit. The deferred tax asset on
 the same has not been accounted for.
 
 15.  RELATED PARTY DISCLOSURES:
 
 (As identified by Management)
 Name of the party and relationships
 
 a) Companies and firms in which Directors/Directors’ Relatives exercise
 control / significant influence: 
 
 Companies                                     Firms
 
 Shingar Limited                               Paramount Products
 
 Paramount Kumkum Private Limited
 Paramount Personal Care Private Limited
 PETL Exports Private Limited
 
 b) Key management personnel
 HitteshBT – Managing Director
 Ms. Aartii H. Topiwaala
 
 c) Relatives of key management personnel
 Ms. Aartii H. Topiwaala (Financial Year 2009-10)
 
 16.  Income Tax
 
 The Company has paid Income Tax as per the Minimum Alternate Tax (MAT).
 The company is entitled to carry forward and set off the MAT paid
 against the income tax in subsequent years. In 2010-11 the company has 
 credited to the profit and loss account MAT credit of Rs. 29,35,940/-
 (Previous Year : 21,05,797).
 
 17.  Previous year’s figures have been regrouped / rearranged wherever
 necessary so as to make them comparable with the figures of the
 current year.