NOTE - 1 SHARE CAPITAL
 
 a) There are Nil (Previous year - Nil) rights, preference and
 restriction attaching to each class of shares including restriction on
 the distribution of dividend and the repayment of capital.
 
 b) There are nil number of shares (Previous year Nil) in respect of
 each class in the company held by its holding company or its ultimate
 holding company including shares held by or by subsidiary or associates
 of the holding company or the ultimate holding company in aggregate.
 
 c) There are nil number of shares (Previous year Nil) reserved for
 issue under option and contracts/commitment for the sale of
 shares/disinvestment including the terms and amounts.
 
 d) For the period of five years immediately preceding the date as at
 which the balance sheet is prepared
 
 e) There are no securities issued which are convertible into
 equity/preference shares.
 
 f) There are 15630 Calls unpaid (previous year 15630) of Rs 10/- each.
 Calls unpaid by directors & officers of the company as on Balance 
 Sheet date are Nil.(previous year Nil).  
 
 i) There is no forfeiture of the shares of any class during the 
 Financial Year (Previous Year - Nil).
 
 1.  Impairment of Assets
 
 The Company has carried out Impairment test on its fixed assets as on
 the date of Balance Sheet and the management is of the opinion that
 there is no asset for which provision for impairment is required to be
 made as per Accounting Standard - 28 on Impairment of Assets.
 
 2. The contingent liabilities:
 
 a) Bills discounted with the banks amount to Rs. 479,473/- (Previous
 year Rs. 479,473/-) and other parties Rs. 4,636,340/- (Previous year
 Rs. 4,636,340)
 
 b) Bank Guarantee with custom Authorities Rs. 9,645,768/- (Previous
 YearRs. 9,645,768/-)
 
 3. No provision has been made in accounts for gratuity and other
 retirement benefits accruing to employees which is not in accordance
 with the Accounting Standard 15 and accounting policy of die company
 
 4.  Miscellaneous Expenditure:
 
 The Company has written off balance preliminary/miscellaneous
 expenditure during the current year of Rs. 1.01,743.
 
 5.  Related Parties Disclosures 
 
 (I).  Names of related parties
 
 Names of related parties 
 where control exists         Nil
 irrespective of whether 
 transactions have 
 occurred or not
 
 Names of other related 
 parties with whom            Nil
 transactions have taken 
 place during the year
 
 Associates                   Nil
 
 Key Management Personnel     1.  Mr. Zuzar A. Kathavvala
                                  (Managing Director)
 
                              2.  Mrs. Durriya Z. Kathawala 
                                  (Director)
 
                              3.  Mr. Sunil Ramakanth Tripathi 
                                  (Director)
 
 Relatives of key 
 management personnel         1.  Mr. Imtiaz A. Kathawala
 
                              2.  Yunus Kathawala
 
                              3.  Salim Kathawala
 
                              4.  A. G. Kathawala
 
                              5.  Qusai Kathawala
 
                              6.  Naamah Kathawala
 
 Enterprises owned or
 significantly influenced     1.  Alban Communications India 
 by key management                Pvt. Ltd.
 personnel or their 
 relatives                    2.  Adamji Investment Pvt. Ltd.
  
                              3.  Ambient Media Solutions Pvt. Ltd.
 
                              4.  Niyuprene Plastics Co. Pvt. Ltd.
 
                              5.  Kathawala Realtors LLP
 
 6. ACCOUNTING STANDARD (AS-19) LEASE TRANSACTION DISCLOSURES
 
 (a) Disclosures relating to Finance and Operating Leases
 
 The Company has not entered in any kind of Finance and Operating Lease
 transactions during the Financial Year. Hence, no disclosure is
 required to be made as per AS-19 in this respect.
 
 7.  Provision for Taxation
 
 a) Current Tax: The company has made a appropriate provision for
 taxation for the year under the provision of the Income Tax Act, 1961
 
 8.  Segment Reporting
 
 The Company has only one business and geographical Segment viz. HDPE
 Tarpaulene and related products in India. Hence no further disclosures
 are required to be made as per AS-17 on segment reporting.
 
 9.  Previous Year Comparatives
 
 The Financial Statements for the year ended 31st March, 2011 had been
 prepared as per the then applicable, pre-revised schedule VI under the
 Companies Act, 1956, the Financial Statement for the Year ended 31st
 March, 2012 are prepared as per Revised Schedule VI. Accordingly, the
 previous year''s does not impact recognisation and measurement
 principles followed for preparation of financial statements and the
 previous year''s figures have been regrouped/rearranged wherever
 necessary to conform to current year presentation. Figures have been
 rounded off to the nearest rupee.
 
 10. General Notes:
 
 I) In term of notification GSR (129E) dated. 22.02.99 issued by the
 department of the company affairs, the company is required to furnish
 the details of outstanding to SSI undertaking under the head Current
 Liabilities & Provision of amount more than one lacs and for the
 period of more than 45 days the company has requested to vendor to
 furnish requisite information along with their SSI registration balance
 sheet, therefore the company is unable to furnish the particulars.
 
 II) Income Tax assessments of the Company have been completed till the
 assessment year 2010 - 2011 U/S 143(1) (a).
 
 III) Provision has not been made for Bonus Payable in the current year.
 
 IV) The company has in the year 1997 pledged with Development Credit
 Bank Ltd. Share of Public Limited Companies, held and owned by the
 Directors Mr. A. G. Kathawala, Mr. Z. A.  Kathawala and Mrs. D. Z.
 Kathawala and their relative Mrs. M. A. Kathawala, having market value
 at the time around Rs. 10.00 Lacs to secure the company''s liabilities
 for payment of long outstanding collection bill dated 17.07.1990 for
 USD 29025/- (Rupees 7.42 Lacs).
 
 We are given to understand that though the shares were pledged for a
 particular transaction and upto a limit of Rs. 10 Lacs only, in the
 year January 2000 the bank exercised their right to invoke the pledge
 without giving notice to the pledger and without restricting the sale
 to-the extent of Rs. 10 Lacs only, and accordingly sold the shares for
 Rs. 2,88,50,988.57 and credited the proceeds to the companies cash and
 the matter is under litigation by the parties concerned the amount so
 credited by the bank is shown under the heading suspense account
 failing under classified group unsecured loans.
 
 V) As per the information available the loan taken by the company from
 Development Credit Bank (DCB) for Rs. 1294.23 lacs (as mentioned in
 Note No. 3 and 4 to the Balance Sheet) has been assigned by the DCB to
 the Asset Reconstruction Company of India Limited (Arcil). The Arcil
 has again sold its above said loan asset to one of the group company
 M/s Ambient Media Solutions Private Limited (AMSPL). The company has
 paid a sum of Rs. 231.51 lacs to AMSPL as a part of settlement of loan
 (as mentioned in Note 15 to Balance Sheet), subject to final
 settlement.
 
 11.  Balance of all sundry Debtors, Sundry Creditors & loan and
 advances are subject to confirmation and consequent reconciliation and
 adjustments, if any.
 
 12.  No forward exchange contracts are outstanding on the balance sheet
 date which is entered to hedge foreign exchange exposures of the
 Company.
 
 13.  Account confirmation statements were not received from some of the
 parties
 
 14.  In the opinion of the Board, the assets (other than Fixed Assets
 and Non Current Investments) are approximately of the value stated, if
 realized in the ordinary course of business. The provisions for
 liabilities are considered to be adequate by the Board