The Company has issued only one class of shares referred to as equity shares having a par value of Rs.10/- per share. All equity shares carry one vote per share without restrictions and are entitled to dividend, as and when declared. All shares rank equally with regards to the Company's residual assets.

2. a) In pursuance of the order dated 24th September 2002 of Hon'ble Supreme Court, the company has been held liable for payment of Excise duty on its Finished product (Fur Fabrics). In pursuance of the said order the Central Excise Authorities has asked the company to pay amount of Rs 1,45,78,305/- towards Central Excise duty payable on the goods cleared by the company during the period from 20.10.1987 to 31.07.1990. The company has accordingly provided a sum of Rs 1, 45, 78,305/- towards Central Excise duty liability in its accounts during the year ended 31st March 2003. The company has however not provided for interest on the demand of Rs 1, 45, 78,305/- from the date of the Order of the Hon'ble Supreme Court.

b) In pursuance of the order dated 30th November 2004 of Additional Commissioner, Central Excise, Mahad, the Company has been held liable for demand of BED, AED, and AD (T & T) under section 11 A of Central Excise Act, 1944 on its finished products Fur Fabrics. In pursuance of the said order, the Central Excise authorities had asked the company to pay an amount of Rs 1, 60, 29,381/- towards Central Excise Duty payable on goods cleared by the Company during the period from Sept 1996 to Nov 2000, The company accordingly provided a sum of Rs 1, 60, 29,381/- towards Central Excise Duty liability in its accounts during the year ended 31st March 2005. The company has however not provided for interest on demand of Rs 1, 60, 29,381/- from the date of order.

c) In pursuance of the order dated 16th March 2005 of Assistant Commissioner, Central Excise, Mahad, the Company has been held liable for demand of short payments arising out of the finalisation of the provisional assessment of its finished products Fur Fabrics. In pursuance of the said order the Central Excise authorities had asked the company to pay an amount of Rs 2, 29, 16,596/- towards Central Excise Duty payable on goods cleared by the Company during the period from 24.03.1987 to 31.05.1994 the company accordingly provided a sum of Rs 2, 29, 16,596/- towards Central Excise Duty liability in its account during the year ended 31st March 2005.

However against the above demands the Company had received a letter dated 20-12-2012 from the Office of the Deputy Commissioner Central Excise, Mahad Division for the recovery of the said demands. The Company had filed a detailed proposal to the Excise Department for the revival of the Company, but the proposal was not considered by the Department and an Order of attachment of Company's Property at plot No B-5, B-6, MIDC Mahad, Taluka Mahad, Dist - Raigad dated 23-04-2013 has been issued from the Office of the Deputy Commissioner of Central Excise, Mahad Division, attaching the Company's property at plot No B-5, B-6, MIDC Mahad, Taluka Mahad, Dist - Raigad, and in persuance of the said order, the Excise Department issued a letter dated 4th March, 2014 mentioning that the Company's attached property at plot No 8-5, B-6, MIDC Mahad, Taluka Mahad, Dist - Raigad has been put for auction for recovery of their dues. No further information has been received thereafter.

3. In pursuance of the order dated 19th December, 2006 of The Commissioner, Central Excise (ADJ), Mumbai, the Company has been held liable for demand of duty under section 11 A (2) of Central Excise Act, 1944 for Rs 2,22,34,778/- and also penalty imposed of Rs 2,00,91,308/- u/s 11 AC and Rs 5,00,000/- under rule 209 of CER,1944 regarding its deemed export transactions under 100% EOU with GCU Ltd, during the period August 1996 to July 1998. Although the company has disputed the same and filed appeal against the same before the Appellate Tribunal u/s 358 of the Central Excise Act, the Company has provided for total amount of Duty and Penalty amounting to Rs 4,28,26,086/- towards Central Excise Duty liability in its accounts during the year ended 31st March 2007. The matter is before the Appellate Tribunal (CESTAT). The adjustments if any will be made in the books of accounts in the yearas & when the appeal is decided.

4. In pursuance of the assessment proceedings before the Sales Tax officer, the company has received demand notices from Sales tax Office under the Bombay Sales TaxAct & Central Sales TaxAct in respect of the following financial years.

Although the company has disputed the same and filed appeal against the same before The Sales Tax Tribunal, Mumbai the company has provided for the total demand amounting of Rs 18, 44,683/- towards Sales Tax liability in its accounts during the year ended 31st March 2007. The adjustment if any will be made in the books of accounts in the year as and when the appeal is decided.

5. In the opinion of the Board of Directors, all the assets other than Fixed Assets and Non-Current Investments have a value on realisation in the ordinary course of business at least equal to the amounts at which they are stated in the Balance Sheet.

6. Some of the books and records of the company pertaining to the period from October 1995 to January 1997 have been taken by the Central Excise authorities on 01.02.1997 and the books and records of the company pertaining to the period from February 1997 to July 1998 have also been taken by the central excise authorities on 23.07.1998 and are still lying with the concerned Authorities. The accounts for these period were therefore reconstructed and reconciled from available information and records. Adjustments as may be deemed necessary will be made in the accounts after the release of the books and records by the concerned authorities. .

7. RELATED PARTY TRANSACTIONS:

As per Accounting Standard -18 on "Related Party Disclosure", related parties of the Company are disclosed below:

8. The company has taken interest free loan from Premier Consultant & Traders Ltd. (Shareholder) of Rs. 2900000/- (Previous year Rs. 2760000/-) till the commencement of The Companies Act 2013, the same is to be intimated to the Registrar of Companies.

9. SEGMENT REPORTING

The Company is operating in one segment only i.e. Textiles, but during the year there is no business conducted by the Company, hence no segment reporting is given.

10. There are no Micro, Small and Medium Enterprises, as provided under the Micro, Small and Medium Enterprises Development Act, 2006, to whom the company owes dues, which are outstanding for more than 45 days as at Balance Sheet date.

11. In view of the Losses during the year, the company does not have taxable Income, hence the Provision for current Income Tax has not been made.

12. Previous year's figures have been regrouped / rearranged / reclassified wherever necessary to confirm with current year's classification / disclosure.