1.  Contingent Liabilities Not Provided for:
 
 Sr. No   Nature                             Year Ended      Year Ended
 
                                          March 31,2011 
                                                   (Rs)   March 31,2010 
                                                                   (Rs)
 
 a. Estimated amount of contracts 
    remaining to be executed on               3500000/-             Nil
 Capital Account and not provided for.
 
 b. Claims against the Company not 
    acknowledged as debts:
 
 (i) Sales Tax matters in dispute under appeal.
 
 (ii) Assessment of Sales Tax for Pune for the year 2001 2002 and on
 wards and 4,805,813 4,805,813 assessment of sales tax for Goa for the
 year 003-2004 and onwards are pending. Assessments of Sales Tax for
 Carrying and Forwarding agents are pending. Liabilities if any, raising
 thereon shall be accounted for in the year of assessment.
 
 (iii) Income Tax matters that may arise in respect of which the Company
 is in appeal.  15,53,557 15,53,557
 
 c.  Guarantees given by banks on behalf of the Company
 
 (The guarantee id backed by fixed deposit placed by the Company with
 its bankers.) 99,522 99,522
 
 2.  The Company is in the process of compiling relevant information
 from its suppliers about their coverage under the Micro, Small and
 Medium Enterprises Development Act, 2006. AS the Company had not
 received any information from its suppliers as on the date regarding
 their status as under the above said act, no disclosure has been made.
 
 5.  In the opinion of the management, the current assets, loans and
 advances have a value on realization in the ordinary course of business
 at least equal to the amounts at which they are stated in the Balance
 Sheet and provisions for all known liabilities have been made as at the
 year end.
 
 6.  The Company recognizes greeting cards, stationery and gift articles
 as single segment. Consequently, in the opinion of the management since
 it has only one primary statement. so no further disclosure is
 deemed necessary pursuant to Accounting Standard 17 on Segment Reporting
 issued by The Institute of Chartered Accountants of India.
 
 7.  In line with them auditory Accounting Standard 22-Accounting for
 Taxeson lncome,issued by The institute of Chartered Accountants of
 India, the deferred tax assets are recognized only if there is a
 virtual certainty of realization. In view of the above, the Company has
 not accounted for deferred tax asset in the books, of account.
 
 8.  Related party disclosure required by Accounting Standard 18 issued
 by the Institute of Chartered Accounts of India, are given below: 1.
 Related Parties:
 
 a) Key Management Personal: Mr. NitinNaik- Whole Time Director.
 
 b) Sathish Nandigam-WholeTime Director(w.e.f 7th April,2011)
 
 c) Company under same management :Party line Products Private Limited
 
 Note:
 
 1.  Figure in brackets pertain to the previous year
 
 2.  The Managing Director has given his resignation on 31.12.2008,
 hence the transactions carried out with him during the year have not
 been reported.
 
 3.  Satish Nandigam became a WTD on 7th April, 2011, hence unsecured
 loan opening balance of Rs 22 lacs and current year addition Rs. 12
 Lacs as well as Traveling Expense payable to him Rs 5,18,870/- not
 shown in the above report.
 
 4.  Transactions with other Directors are not shown as they are
 Non executive directors.
 
 The Company does not have a long term lease contract with anyone. The
 amount shown in the table above is for lease payments of the Current
 Registered Office.
 
 Note: Potential Equity shares in respect of equity share application
 money have not been considered for the above calculations as there is
 no conclusive proof with regard to the potential of the same to be
 converted into equity shares.
 
 11.  Pursuant to the Accounting Standard 29 Provisions, Contingent
 Liabilities, Contingent Assets, the disclosure relating to provisions
 made in the account for the year ended March 3,2011 is as follows:
 
 12.  Employee Benefits:
 
 Defined Benefits Plans:
 
 Gratuity is payable on death whilst in service or withdrawal from
 service due to resignation, termination or early retirement and on
 retirement from the service at normal retirement age.  Reconciliation
 of opening and closing balance of the Present Value of the defined
 Benefit Obligations:
 
 Summary of Actuarial Assumptions
 
 Final Assumption at the valuation date:- Discount Rate 8.00%
 
 Annual Salary Escalation Rate 5.00%
 
 Mortality LIC(1994-96) Published Table
 
 The Company has not made any Provisions for the Employee Benefits in
 the Current year. The Figures in the Table above are from the
 Certificate provided by the Actuary.
 
 Discount Rate:
 
 The Discount rate is based on the prevailing market fields of Indian
 Government Securities as at the Balance sheet date for the estimated
 term of the obligations.  
 
 Salary Escalation Rate:
 
 The estimates of future salary increase , considered in the actuarial
 valuation, take into account the inflation, seniority, promotion and
 other relevant factors such as supply and demand in the employment
 market.  1.  Additional Information pursuant to the provisions of Para
 3 and 4 of part II of schedule VI of the Companies Act, 1956, as
 certified by the Management is as under A Details in respect of license
 and installed capacity
 
 Note:
 
 (a) Because of the wide range of products , which can be manufactured
 on the Company''s machinery, it is not practicable to assess the
 installed capacity
 
 (b) The auditors have relied upon there presentation made by them an
 agreement in respect of quantitative details.
 
 Note: The auditors have relied upon the representation made by the
 management in respect of Value of inventory and quantitative details.
 
 Note:
 
 (a) Sales are net of Goods return
 
 (b) The auditors have relied upon the representation made by the
 management in respect of Value and quantitative details.
 
 Note: The auditors have relied upon the representation made by the
 management in respect of Value and quantitative details.
 
 14.  The Company had passed a special resolution in its Extra Ordinary
 General Meeting held on February 26,2008 to allot 7,00,000 convertible
 warrants on preferential basis at an exercise price of Rs. 11 /- each.
 The warrants were convertible at the option of warrant holder within 18
 months from its allotment date into one fully paid up equity share of
 Rs. 10/- each for each warrant. The Company had received advance for
 convertible warrants jn 2007-2008.But as per the information and
 representation given to us the company has still not allotted the
 convert able warrants and is in the process of allotment of convertible
 warrants.
 
 15.  The Company has passed a special resolution in its extra ordinary
 general meeting held on February 26,2008 for increase in Authorised
 Share Capital from 1,00,00,000/- to 2,00,00,000/- EQUITY SHARES OF Rs.
 10/- each. However, since form 5 has not been submitted with Registrar 
 of Companies, the increase in authorized share capital has not been
 disclosed in the financial statements.
 
 16.  The figures for the previous year have been regrouped/rearranged
 wherever necessary and possible, to confirm to this year''s
 classification.