1.1) Due to considerable fall in the demand for Aluminium Collapsible
 tubes with the introduction of Plastic Laminated Tubes and Oval Tin
 Containers, the Company was forced to discontinue its manufacturing
 activities a few year back.
 
 As per the requirements of Section 293 of the Companies Act, 1956 and
 duly approved by the General Body in an earlier year, the Company had
 been disposing off Plant & Machinery over the years. The last of
 sizeable portion of machinery was sold in current year to enable the
 Company to re-design the shop floor for taking up manufacturing of
 Plastic laminated tubes for packaging of FMCG products/ manufacturing
 of Aluminium Rod and/or Aluminium Conductor for power
 distribution/printing of tin plate sheet usable for commercial
 buildings. The Company has been in dialogue with various overseas
 equipment suppliers to ensure procurement from most economical source.
 Considering the progress of the development, the accounts have been
 prepared on Going Concern basis.
 
 1.2) Contingent Liability
 
 - Central Sales Tax Demand contested under appeal 146,202/- (Previous
 Year 146,202/-)
 
 - Other disputed claims-Telephone Exp. dues at Hyderabad 140,000/-
 (Previous Year 140,000/-)
 
 - Property taxes of Pendhar Grampanchayat of 862,574/- demanded by
 Grampanchayat vide demand notice no. 177 dt. 18-2-2006 for the period
 up to 31-3-2006 against which company has filed special suit in the
 court of Civil Judge Senior division Pannel. From 1-4-2006 to 31-3-2012
 no any demand notice received for the same, hence amount can not be
 identifiable. Property tax liability of the periods, for which
 bill/demand is not raised by the Pendhar Grampanchayat, not known to us
 and hence it is neither provided in books and not quantifiable for us
 due to non availability of information.
 
 1.3) Disposal of Fixed Assets
 
 Company has disposed of the fixed assets consisting of plant &
 machinery having gross value of 123.52 lacs and net value of 6.78 lacs.
 After such disposal, the balance value of Plant & Machinery stands at
 1.50 lacs. The disposal of assets has been done in view of management''s
 plan to bring new plant and machineries for a new project what ever and
 when ever will be finalized in near future.  However till new project
 get finalized, the factory shed can be used for storage and can be let
 out on commercial basis for a shorter period in future.
 
 1.4) Write off/wite back of assets and liabilities Company has during
 the year
 
 - Written off Debtors and advances aggregating to 45,00,631 which
 were disputed.
 
 - Written off the Value of closing stock of material lying with third
 party by 10,15,700 and the same is valued at nominal price of 1 per kg.
 which comes amounting to 13,568.
 
 - Written back liabilities of 12,29,849.
 
 Management had reviewed from time to time the realisability of the
 amounts recoverable and probability of payments to be made against such
 payable. It is assessed that such sums are not recoverable / payable
 and accordingly decision was taken to write them off.
 
 Any recoveries made / payments made against such assets / liabilities
 would be accounted for in the year of receipt / payment.
 
 1.5) (a) In the opinion of the management, the current assets, loans
 and advances including deposits are approximately of the value stated,
 if realised in the ordinary course of business.
 
 (b) Balances of certain Sundry debtors, creditors and advances are
 subject to confirmations and reconciliations, if any. The difference as
 may be noticed on reconciliations will be duly accounted for on
 completion thereof. In the opinion of the management, the ultimate
 difference, if any, will not be material.
 
 1.6) The accounts relating to unclaimed share application money for
 the year 1994-95 aggregating to 89,895/- (Previous Year 89,895/-) are
 under reconciliation with the Company''s Share Registrar, Registrar to
 the Issue and Bankers and therefore, could not be paid to Investor
 Education and Protection Fund as required under Section 205C of the
 Companies Act, 1956. On completion of reconciliation, these would be
 transferred to the said Fund.
 
 1.7) The Company is engaged in manufacture and sale of Tubes and
 Tin Containers. As the manufacturing activities of the Company are
 suspended hence there is no any segment wise information to report as
 per Accounting Standard 17 issued by The Institute of Chartered
 Accountants of India.
 
 1.8) Related Party disclosure as per Accounting Standard 18 :
 
 i) Parties with whom the Company has entered into transactions during
 the year :
 
 Associates
 
 Ircon Trading & Manufacturing Pvt. Ltd.
 
 Universal Enterprises Ltd.
 
 Universal Plastocrafts Pvt. Ltd.
 
 Universal Autocrafts Pvt. Ltd.
 
 P. P. Packagings Pvt. Ltd.
 
 Bhagwati Industries (Prop. Kumar Metals Pvt. Ltd.)
 
 (ii) Key Management Personnel
 
 Shri Prakash Kumar Mohta - Director Note : Related parties are as
 identified by the Company and relied upon by the Auditors.
 
 1.9) In view of considerable reduction in activities of the Company,
 a Whole Time Company Secretary could not be appointed.
 
 1.10) Employee Benefits as on 31st March 2012 are provided on the
 basis of the Company''s rules and not on the basis of Actuarial
 valuation as required under Accounting Standard 15 (revised).