NOTICE. is hereby NOTICE. as at March. Auditors thereon. conclusion of the. Director. Mumbai

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2 SUNITI COMMERCIALS LIMITED 82, Maker Chambers No. III, Nariman Point, Mumbai Tel: / Fax: NOTICE NOTICE is hereby given that the 27 th Annual General Meeting of the Members of SUNITI COMMERCIALS LIMITED will be held on Saturday, 08 th day of September, 2012 at a.m. at the Registered Office of the Company att 82, Maker Chambers No. III, Nariman Point, Mumbai to transact the following: AS ORDINARY BUSINESS: 1. To consider and adopt the audited Balance Sheet Account for the year endedd on that date and the Auditors thereon. as at March 31, 2012, Profit and Loss Reports of the Board of Directors and 2. To appoint a Director in place of Mr. Virendra Jain, who retires by rotation and being eligible, offers himself for re-appointment. 3. To appoint Messrs H. H. Bandukwala & Co., Chartered Accountants, the retiring auditors as Auditors of the Company to hold office from the conclusion of this meeting till the conclusion of the next Annual General Meeting and fix their remuneration. By orderr of the Board of Directors Dated: 31 st July, 2012 Mumbai Director

3 NOTES: 1) A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF AND A PROXY NEED NOT BE A MEMBER. 2) The instrument appointing a proxy or Power of Attorney, if any, under which it is signed should be deposited at the Registered Office of the Company not less than 48 hours before the time of holding the aforesaid meeting. 3) The Register of Members and Share Transfer books will remain closed from Monday, the 03 rd day of September, 2012 to Saturday, the 08 th day of September, (both days inclusive) By order of the Board of Directors Dated: 31 st July, 2012 Mumbai Director

4 S SUNITI COMMERCIALS LIMITED 82, Maker Chambers No. III, Nariman Point, Mumbai Tel: , 52 Fax: Your Directors have pleasure in presenting the 27 th Annual Report of your Company together with the Audited Financial Results for the year ended on 31 st March, Operations: During the year under review, your Company has recorded a turnover of Rs lakhs compared to Rs lakhs in the previous year. However, the income from other sourcess increased to Rs lakhs as compared to Rs lakh in the previous year. Dividend: In view of loss for the year, your Directors do not recommend any dividend. Delisting: DIRECTORS REPORT Financial Results: (Amount in Rs. lakhs) Particulars Year ended Year ended Profit/(Loss) before Depreciation, Interest, (7.22) Income-tax and adjustment for prior period items Less: Depreciation Profit/(Loss) before Income-tax and adjustment for prior period items Less: Provision for Taxation Current Tax (32.41) MAT Credit - (1.01) Profit/(Loss) after tax but before adjustment for prior period items Less: Prior Period Adjustments (Net) Transferred to Balance Sheet (32.41) - (32.41) Your Company had sought approval of the shareholders of the Company for voluntary delisting of Shares of the Company from the BSE Ltd. through Postal Ballot on 28 th March, However, due to unforeseen circumstances your Company was unable to complete the process involved within the prescribed time limit. Upon fresh request received by the promoters, your Company has received consent of the members for delisting on 14 th May, Your Company has initiated the process of de-listing its equity shares.

5 Fixed Deposits: During the period under consideration, your Company has not accepted deposits within the meaning of Section 58A of the Companies Act, Directors: Mr. Virendra Jain retires by rotation and, being eligible, has offered himself for reappointment at the ensuing Annual General Meeting. The Director who is being re-appointed has intimated to your Company that he is eligible for being re appointed. Directors Responsibility Statement: Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956, with respect to Directors Responsibility Statement, it is, hereby, confirmed: i) that in the preparation of the accounts for the financial year ended 31 st March, 2012, applicable accounting standards have been followed along with proper explanation relating to material departure; ii) that appropriate accounting policies have been selected and applied consistently and have made judgments and estimates that are reasonable and prudent, so as to give a true and fair view of the state of affairs of the Company as at 31 st March, 2012 and of the loss of the Company for the year ended on that date; iii) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv) that accounts for the financial year ended 31 st March, 2012 have been prepared on a going concern basis. Auditors and Auditors report: Messrs H. H. Bandukwala & Co., Chartered Accountants, holds office as the Auditors of your Company until the conclusion of the ensuing Annual General Meeting. Your Company had received a certificate from them to the effect that their appointment if made, would be within the limit prescribed under Section 224 (1B) of the Companies Act, The notes to the Accounts referred to in the Auditors Report are self explanatory and therefore do not call for any further explanation. Disclosure of particulars relating to conservation of energy, technology absorption and foreign exchange earnings and outgo: Not Applicable

6 Particulars of Employees: Information in accordance with the provisions of Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 is not given as during the year, as none of the employee was paid any remuneration exceeding the sum prescribed under the same section and rules. Compliance Certificate: Secretarial Compliance certificate as required under the provisions of Section 383A of the Companies Act, 1956 is annexed hereto and forms part of the Report. Industrial relations: The relations with the employees at all levels were cordial and satisfactory. Acknowledgements Your Directors expresses their appreciation for the assistance and co-operation received from the banks, governments and other departments during the year under review and also place on record their deep sense of appreciation for the devoted services of the executives, staff and workers of your Company. For & on behalf of the Board of Directors Dated: 18 th May, 2012 Place: Mumbai Director

7 Aqueel A. Mulla B.Com., L.L.M., F.C.S., A.C.I.S (U.K.)., D.I.T. A. A. MULLA & ASSOCIATES Company Secretaries 3 rd Floor, New Hari Leela House, 34/38 Mint Road, OPP. GPO, Mumbai Tel : Fax : aqueel_mulla@yahoo.com, aqueelmulla@gmail.com M : CIN: L51900MH1985PLC Nominal Capital: Rs.28,00,000/- Paid up Capital : Rs 24,00,000 SECRETARIAL COMPLIANCE CERTIFICATE To, The Members, M/s. SUNITI COMMERCIALS LIMITED 82, Maker Chambers III, Nariman Point, Mumbai I have examined the registers, records, books and papers of M/s. SUNITI COMMERCIALS LIMITED (Registration No ), as required to be maintained under the Companies Act, 1956, (the Act) and the rules made thereunder and also the provisions contained in the Memorandum and Articles of Association of the Company for the Financial Year ended 31 st March, 2012 (financial year). In my opinion and to the best of my information and according to the examination carried out by me and explanations furnished to me by the Company, its officers and agents, I certify that in respect of the aforesaid financial year: 1. The Company has kept and maintained registers as stated in Annexure A to this certificate, as per the provisions of the Act and the rules made thereunder. 2. The Company has duly filed the forms and returns as stated in Annexure B to this certificate, with the Register of Companies, Regional Director, Central Government, Company Law Board or other authorities within the time prescribed under the Act and the rules made thereunder. 3. The Company being a public limited Company, comments are not required. 4. The Board of Directors duly met 07 times on 08/04/2011, 27/05/2011, 12/08/2011, 02/11/2011, 19/01/2012, 15/03/2012 and 28/03/2012 in respect of which meetings proper notices were given and the proceeding were properly recorded and signed including the circular resolutions passed in the Minutes Book maintained for the purpose. Contd...2/-

8 : 2: 5. The Company has closed its Register of Members and Transfer Books from 22/08/2011 to 02/09/2011 and necessary compliance of Section 154 of the Act has been made. 6. The annual general meeting for the financial year ended on 31 st March, 2011 was held on 02/09/2011 after giving due notice to the members of the Company and the resolutions passed thereat were duly recorded in Minutes Book maintained for the purpose. 7. No Extra Ordinary General Meeting (s). Was/were held during the financial year. 8. The Company has not advanced any loan to its Directors or persons or firms or companies referred to in section 295 of the Act. 9. The Company has not entered into any contract falling within the purview of section 297 of the Act. 10. The Company has made entries in the register maintained under Section 301(3) of the Act. 11. There were no instances falling within the purview of section 314 of the Act, the Company has not obtained any approvals from the Board of Directors, members or Central Government, as the case may be. 12. The Company has not issued any duplicate certificates during the financial year. 13. During the year : a) There was no allotment /transfer/transmission of securities during the financial year. b) The Company has not deposited any amount in a separate Bank Account as no dividend was declared during the financial year. c) The Company was not required to post warrants to any member of the Company as no dividend was declared during the financial year. Contd...3/-

9 : 3: d) The Company has not declared any dividend and there were no deposit matured, or matured debentures and the interest accrued thereon etc. the provision of transfer of unclaimed or unpaid Accounts to the Investors Education and Protection Fund does not apply to the Company. e) The Company duly complied with the requirements of section 217 of the Act. 14. The Board of Directors of the Company is duly constituted. There was no appointment of an additional Director, alternate Director and Director to fill casual vacancy was appointed during the financial year. 15. The Company has not appointed any Managing Director or Whole-time Director during the year under review. 16. The Company has not appointed any sole selling agent during the financial year. 17. The Company was not required to obtain any approval of the Central Government, Company Law Board, Regional Director, Registrar of Companies or such other authorities as prescribed under various provision of the Act. 18. The Directors have disclosed their interest in the firms/companies to the Board of Directors pursuant to the provisions of the Act and the rules made thereunder. 19. The Company has not issued any shares/debentures/other securities during the financial year 20. The Company has not bought back any shares during the financial year. 21. There was no redemption of preference shares or debentures during the financial year. 22. There were no transaction necessitating the Company to keep in abeyance the right to dividend, right shares and bonus shares pending registration of the shares. 23. The Company has not invited/accepted any deposits including any unsecured loans falling within the provisions of Section 58A during the financial year. Contd...4/-

10 : 4 : 24. The Company has not made any borrowing during the financial year ended 31 st March, The Company has not made any loan or advances or given guarantee or provided securities to other bodies corporate and consequently no entries have been made in the register kept for the purpose. 26. The Company has not altered the provisions of the Memorandum of Association with respect to the situation of the Registered Office from one state to another during the year under scrutiny. 27. The Company has not altered the provisions of the Memorandum of Association with respect to the object of the Company during the year under scrutiny. 28. The Company has not altered the provisions of the Memorandum of Association with respect to the name of the Company during the year under scrutiny. 29. The Company has not altered the provisions of the Memorandum of Association with respect to share capital of the Company during the year under scrutiny 30. The Company has not altered its Articles of Association during the financial year. 31. There were no prosecution(s) initiated against or show cause notices received by the Company, during the financial year for offences under the Act. 32. The Company has not received any money as security from its employees during the financial year. 33. The Company has not constituted Provident Fund pursuant to Section 418 of the Act, during the financial year. For A.A. MULLA & ASSOCIATES Company Secretaries (AQUEEL A. MULLA) Proprietor Place: Mumbai C.P. No.3237 Dated: 18 th May 2012 FCS NO. 2973

11 ANNEXURE A M/s. SUNITI COMMERCIALS LIMITED Statutory Registers 1. Register of Member U/s Register of Directors, Managing Director, Manager and Secretary U/s Register of Directors shareholdings U/s Register of contracts U/s Minutes Book of all Board Meetings and general Meetings U/s 193 of the Act Other Registers 1. Register of Transfer For A.A. MULLA & ASSOCIATES Company Secretaries (AQUEEL A. MULLA) Proprietor Place : Mumbai C.P. No.3237 Dated: 18 th May 2012 FCS NO. 2973

12 ANNEXURE B M/s. SUNITI COMMERCIALS LIMITED 1. Forms and Returns as filed by the Company with the Registrar of Companies, Regional Director, Central Government or other authorities during the Financial Year 31 st March, Sr. No. Form No. 1 Balance Sheet Form No. 23AC/ACA 2 Annual return Form No. 20B 3 Form No Form No. 32 Filed U/Section For 220 Annual requirement for the year ended 31 st March, Annual requirement for the year ended 31 st March, A Secretarial Compliance certificate year ended 31 st March, Change of Designation. Dt of Filing 15/12/11 (XBRL) Whether filed on time Yes/No. Yes 25/05/11 Yes. No. 15/09/11 Yes. No. 22/10/11 No Yes If delay in filing whether requisite additional fee paid Yes/ No. No. 2. Regional Director- Nil 3. Central Government- Nil 4. Other Authorities- Nil For A.A. MULLA & ASSOCIATES Company Secretaries (AQUEEL A. MULLA) Proprietor Place : Mumbai C.P. No.3237 Dated : 18 th May 2012 FCS NO. 2973

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17 Suniti Commercials Limited Balance Sheet as at 31 March 2012 (Amount in Rupees) EQUITY AND LIABILITIES NOTE 31 March March 2011 Shareholder's Fund (a) Share Capital 2 2,400,000 2,400,000 (b) Reserves & Surplus 3 27,635,952 30,876,689 Current Liabilities (a) Trade Payables 4 302, ,502 (b) Other Current Liabilities 5 132, ,448 (c) Short Term Provisions 6-17,100 ASSETS 30,470,844 34,302,739 Non Current Assets (a) Fixed Assets - Tangible Assets 7 17,416,094 19,283,712 - Capital Work In Progress 1,784,886 1,194,600 (b) Long Term Loans and Advances 8 1,344, ,659 Current Assets (a) Current Investments 9 6,361,329 3,623,059 (b) Inventories 10 1,058,422 1,032,127 (c) Trade Receivables ,436 3,864,334 (d) Cash and Cash Equivalents 12 1,474,800 3,547,017 (e) Short Term Loans & Advances 8 504, ,121 (f) Other Current Assets 13 43,841 52,109 30,470,844 34,302,739 Siginificant Accounting Policies - - Notes on Financial Statements 1 to 21 As per our report of even date. For H.H. Bandukwala & Co., Chartered Accountants. FRN W H.H. Bandukwala. Partner. M.No Mumbai. Dated : For and on behalf of the Board of Directors (Virendra Jain) Director (Bijay Saraf) Director

18 Suniti Commercials Limited Statement of Profit & Loss for the year ended 31 March, 2012 (Amount in Rupees) NOTE 31 March March 2011 Revenue from Operations 14 3,519,449 11,135,677 Other Income , ,113 Total Revenue 4,086,661 11,339,790 Expenses: Cost of Materials Consumed 16 1,395,024 1,011,222 Changes in Inventories of Finished Goods / WIP / Stock in Trade 17-3,168,553 Employee Benefit Expenses 18 1,740,854 1,521,004 Finance Cost Depreciation and Amortisation 7 2,518,518 2,896,463 Other Expenses 20 1,673,002 2,183,042 Total Expenses 7,327,398 10,780,301 Profit / (Loss) Before Tax (3,240,737) 559,488 Tax Expenses (1) Current Tax - 103,700 (2) MAT Credit - (100,708) Profit / (Loss) for the period (3,240,737) 556,496 Prior Period Adjustment (Net) - (64,326) Surplus / (Deficit) carried to Balance Sheet (3,240,737) 492,170 Earnings per equity share: 21 (1) Basic (13.50) 2.05 (2) Diluted (13.50) 2.05 Siginificant Accounting Policies Notes on Financial Statements 1 to 21 As per our report of even date. For H.H. Bandukwala & Co., Chartered Accountants. FRN W H.H. Bandukwala. Partner. M.No Mumbai. Dated : For and on behalf of the Board of Directors (Virendra Jain) Director (Bijay Saraf) Director

19 CASH FLOW FROM OPERATING ACTIVITIES : Suniti Commercials Limited Cash Flow Statement (Amount in Rupees) 31 March March 11 Net Profit (Loss) before tax (3,240,737) 495,162 Adjustments : Depreciation (Net of Adjustment) 2,518,518 2,860,576 Net Profit after adjusting depreciation (722,219) 3,355,739 Adjustments of Income - Rent (18,000) (18,000) - (Profit) Loss on sale of investments (369,270) (141,015) - Sundry Balance Written Back (22,535) - Operating profit before working capital changes (1,132,024) 3,196,724 Adjusted for Reduction (Additions) to Fixed Assets (650,900) (402,844) Reduction (Additions) to Capital Work In Progress (590,286) - Decrease (Increase) in Trade & Other Receivables 3,220, ,683 (Decrease) Increase in Trade Payables & Other Liabilities (591,158) 78,597 Cash inflow from operating activities 256,248 2,975,160 Direct taxes paid - 2,992 CASH FLOW FROM INVESTING ACTIVITIES [A] 256,248 2,972,168 Other Income 409, ,015 (Additions) Reduction in Investments (2,738,270) (1,006,015) Net cash outflow from investing activities [B] (2,328,465) (847,000) NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS [A+B] (2,072,217) 2,125,168 CASH & CASH EQUIVALENTS At the start of the year 3,547,017 1,421,849 At the close of the year 1,474,800 3,547,017 NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS (2,072,217) 2,125,168 Note : The above Cash Flow Statement has been prepared under the 'Indirect Method' as set out in AS-3 on Cash Flow Statements. Mumbai. - - For and on behalf of the Board of Directors Dated : (Virendra Jain) (Bijay Saraf) AUDITOR'S CERTIFICATE We have verified the above Cash Flow of Suniti Commercials Limited derived from audited financial statements and the books and records maintained by the Company for the year ended on 31st March, 2012 and found the same in agreement therewith. For H.H. Bandukwala & Co. Chartered Accountants FRN W Mumbai. Dated : H.H. Bandukwala Partner M.No

20 7. Fixed Assets Suniti Commercials Limited Notes to financial statements for the year ended 31 March 2012 GROSS BLOCK DEPRECIATION NET BLOCK AS AT AS AT AS AT AS AT AS AT AS AT ADDITION DEDUCTION ADJUSTMENT FOR THE YEAR Tangible Assets Freehold Land 1,882, ,882, ,882,477 1,882,477 Building 5,521, ,521,590 3,283, ,773 3,507,638 2,013,952 2,237,725 Plant & Equipment 32,884, ,900-33,535,150 17,728,253-2,293,700 20,021,953 13,513,196 15,155,996 Furniture & Fixture 48, ,855 47, ,819 1,036 1,203 Office Equipment 14, ,144 7, ,711 5,433 6,311 AS AT 31 March ,351, ,900-41,002,216 21,067,604-2,518,518 23,586,122 17,416,094 19,283,712 AS AT 31 March ,948, ,294 38,450 40,351,316 18,207,028 35,887 2,896,463 21,067,604 19,283,712

21 Suniti Commercials Limited Notes to financial statements for the year ended 31 March 2012 Corporate information Suniti Commercials Limited (CIN L51900MH1985PTC036686) (the Company) is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, Its shares are listed on the BSE Limited in India. The company is engaged in the business of Plastic Processing. The company has received approval for delisting from its shareholders under SEBI (delisting of equity shares) Resolution Basis of Preparation The financial statements have been prepared under the historical cost convention, in accordance with the Accounting Standards issued by the Institute of Chartered Accountants of India and the provisions of the Companies Act, 1956 as adopted consistently by the company. All income and expenditure having a material bearing on the financial statements are recognised on accrual basis. 1. Summary of significant accounting policies (a) Use of Estimates - The presentation of financial statements is in conformity with the generally accepted accounting principles requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Difference between the actual and the estimates are recognized in the period in which the results are known / materialized. (b) Fixed Assets - Fixed assets are stated at cost of acquisition or construction, net of cenvat / value added tax, less accumulated depreciation. All costs, including trial production and financing costs till commencement of commercial production are capitalized. (c) Depreciation - Depreciation on fixed assets is provided at the rates and in the manner specified in Schedule XIV of the Companies Act, 1956, on written down value method. (d) Investments - Long term investments are carried at cost. Provision for diminution in the value of long term investments is made only if such a decline is other than temporary in the opinion of management. Current investments are carried at the lower of costs and market value / net assets value, computed individually. (e) Inventories - In general, all inventories of finished goods, work-in-progress etc., are stated at lower of cost or net realisable value. Cost of inventories comprise of all cost of purchase, cost of conversion and other cost incurred in bringing the inventory to their present location and condition. Raw material and stores and spares are stated at cost on FIFO basis. Scrap is valued at estimated net realisable value. Inventories of finished goods and scrap includes excise duty whenever applicable. (f) Foreign Currency Transaction - (i) Transactions denominated in foreign currencies are normally recorded at the exchange rate prevailing at the time of the transaction. (ii) Monitory items denominated in foreign currencies at the year end are restated at the year end rates. (iii) Non-monetary foreign currency items are carried at cost. Any income or expense on account of exchange difference either on settlement or on translation is recognised in the Profit and Loss account. (g) Preliminary Expenses - The preliminary expenses are amortized / charged to the profit and loss account over a period of ten years. (h) Turnover - Turnover include sales of scrap, service charges, export incentive and excise duty but excludes sales tax / value added tax. (i) Borrowing Cost - Borrowing costs that are attributable to the acquisition or construction of qualifying assets are capitalized as part of the cost of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for intended use. All other borrowing costs are charged to revenue.

22 Suniti Commercials Limited Notes to financial statements for the year ended 31 March 2012 (j) Impairment of Assets - An asset is treated as impaired when the carrying cost of asset exceeds its recoverable value. An impairment loss is charged to the Profit and Loss account in the year in which an asset is identified as impaired. The impairement loss recognized in prior accounting periods is reversed if there has been a change in the estimate of the recoverable amount. (k) Provision, Contingent Liabilities and Contingent Assets - Provision involving substantial degree of estimation in measurement is recognized when there is present obligation as a result of past events and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets neither recognized nor disclosed in the financial statement. 1.1 Other Notes (a) Employee benefits : As per Accounting Standard the disclosure of employees' benefits are given below (i) Gratuity - Defined Benefit Plan (Unfunded) : The Company provides for Gratuity, covering eligible employees, in accordance with the Payment of Gratuity Act, In accordance with revised AS-15, "Employee Benefits", the company has provided the liability on actuarial basis. As per the actuarial certificate the details of unfunded post employment defined benefit plan in respect of Gratuity are as follows: I Actuarial assumptions 31 March March 2011 Mortality Table (LIC) (Ultimate) (Ultimate) Salary growth 6% 6% Discount rate 8% 8% The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors, such as demand and supply in employment market. II Expense recognised in the income statement 31 March March 2011 Current service cost 14,166 Interest cost 688 Expected Return on Plan Assets - Net actuarial (gains) / losses recognised in the period (6,354) - 8,500 III Movement in present value of defined benefit obligation 31 March March 2011 Obligation at the beginning of the year - 8,600 Current service cost - 14,166 Interest cost Actuarial (gains) / losses on obligation - (6,354) Benefits paid - - Obligation at the end of the year - 17,100

23 Suniti Commercials Limited Notes to financial statements for the year ended 31 March 2012 Movement in present value of plan assets Fair value at the beginning of the year - - Expected Return on Plan Assets - - Contribution - - Actuarial gains and losses - - Benefits paid - - Fair value at the end of the year - - IV Liabilities recognised in the balance sheet 31 March March 2011 Present value of obligations at the end of the year - 17,100 Less : Fair value of plan assets at the end of the year - - Funded status - - Net liability recognised in the balance sheet - 17,100 Amounts for the current and previous period are as follows: Defined benefit obligation - 17,100 Experience adjustments on plan liabilities - (6,354) (ii) Defined Contribution Plan : Amount recognised as expense for the year, are as under : 31 March March 2011 Employer's Contribution to Provident & Other Fund 73,430 96,939 (b) Auditors Remuneration : 31 March March 2011 Statutory Audit Fees 50,562 49,635 Tax Audit Fees - 5,515 Certification 25,369 9,927 (including Service Tax) 75,931 65,077 (c) As the Company does not have distinguishable business segments, the requirement to give segment reporting as per Accounting Standard (AS 17) on Segment Reporting issued by the Institute of Chartered Accountants of India is not applicable. (d) Related Party Disclosure : Related parties with whom the company had transactions during the year are as under : NAME OF THE PARTY NATURE OF TRANSACTION 31 March March 2011 Polyfibres Industries P. Ltd. Sales - 3,843,904 Polyfibres Industries P. Ltd. Job Work Chrgs received 1,261,790 6,457,464 Sunshine Fibre Ltd. Job Work Chrgs received 2,257,659 1,193,263 Note : Related party relationship is as identified by the management.

24 Suniti Commercials Limited Notes to financial statements for the year ended 31 March 2012 (e) Quantitative Information : 31 March March 2011 QTY (M.T.) VALUE (Rs.) QTY [M.T.] VALUE (Rs.) Opening Stock Raw Materials , ,217 Consumable, Stores & Spares N.A. 414, Wastage / Scrap , ,496 Finished Goods ,168,553 Closing Stock Consumable, Stores & Spares N.A. 440,709 N.A. 414,414 Raw Materials , ,217 Wastage / Scrap , ,496 Sale and purchase of materials 31 March March 2011 QTY (M.T.) VALUE (Rs.) QTY [M.T.] VALUE (Rs.) Sales (Finished Goods) ,843,904 Consumption (Raw Materials) Purchase (Raw Materials) (f) Deferred tax asset of Rs. 35,86,958 as on (Previous Year Rs. 25,74,595) is in respect of timing difference in claim of depreciation and unabsorbed losses. However in the absence of virtual certainty that sufficient future taxable income is available against which such deferred tax asset can be realized, the same has not been recognized in the books of account in line with Accounting Standard 22 dealing with "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India. (g) Balance of debtors, creditors and other advances are subject to confirmation. However, in the opinion of the Board, Current Assists, Loans and Advances have value which on realization, in the ordinary course of business would at least be equal to the amount at which they are stated. (h) Previous year's figures have been regrouped wherever necessary. 2. Share Capital 31 March March 2011 Authorised 2,40,000 (2,40,000) Equity Shares of R 10 each 2,400,000 2,400,000 40,000 ( 40,000) 6 % Non Convertible Non-Cummulative Redeemable Preference Shares of R 10 each 400, ,000 Issued Subscribed & Paid Up 2,800,000 2,800,000 2,40,000 (2,40,000) Equity Shares of R 10 each fully paid up 2,400,000 2,400,000 (a) Reconcilliation of shares outstanding at the beginning and at the end of the reporting period 31 March March 2011 NUMBER AMOUNT NUMBER AMOUNT at the beginning of the period 240,000 2,400, ,000 2,400,000 issued during the year bought back during the year outstanding at the end of the period 240,000 2,400, ,000 2,400,000

25 Suniti Commercials Limited Notes to financial statements for the year ended 31 March 2012 The Company has only one class of Equity Shares. Each holder of equity shares is entitled to one vote per share. The Equity shareholders are entitled to dividend only if dividend in a particular financial year is recommended by the Borad of Directors and approved by the members at the annual general meeting of that year. In the event of the liquidation of the Company, if the assets available for distribution are less than the paid up share capital, then the shortfall will be borne by the members proportionately. Where there is an excess, the same shall be distributed proportionately amongst the members. (d) Details of shareholders holding more than 5% shares in the company NAME OF SHAREHOLDER 31 March March 2011 NO. OF % OF NO. OF % OF SHARES HELD HOLDING SHARES HELD HOLDING Hide N Chic Furniture Pvt. Ltd. 46, , Virendra Jain 45, , Silvassa Fibres Pvt. Ltd. 43, , Mrinalini Trading Co. Pvt. Ltd. 27, , Devinshu Trading Ltd. 26, , Puriya Industrial Packing Ltd. 25, , (e) Aggregate number of Shares alloted for consideration other than cash Aggregate number of Shares alloted as Bonus Shares Share bought back ( during the period of five years immediately preceeding the reporting date) Nil Nil Nil 3. Reserves & Surplus 31 March March 2011 Capital Redemption Reserve Balance as per the last financial statement (A) 315, ,950 General Reserve Balance as per the last financial statement (B) 3,697,223 3,697,223 Profit and Loss Account Balance as per the last financial statement 26,863,516 26,371,345 Add : Surplus / (Deficit) trfd. from Statement of Profit & Loss (3,240,737) 492,170 (C) 23,622,778 26,863,516 (A)+(B)+(C) 27,635,952 30,876, Trade Payables Due to other than Micro and Small Enterprises 302, , Other Current Liabilities Outstanding Expenses 127, ,608 TDS Payable 5,618 5, , , Short Term Provisions Gratuity - 17,100

26 Suniti Commercials Limited Notes to financial statements for the year ended 31 March Loans and Advances Non-Current Current 31 March March March March 2011 (a) Deposits Unsecured, considered good 3,000 3, (b) Advances recoverable in cash or kind Unsecured, considered good 703, , , ,575 (c) Other loans and advances Advance Income Tax 414, ,952 86, ,383 (Net of provision for taxation) MAT Credit 223, , ,708 Prepaid Expenses ,022 29,455 Note : No loans and advances are due by directors or other officers, etc. 1,344, , , , Current Investments 31 March March 2011 Other Unquoted Investments, Valued at Cost In Units of Mutual Funds 25, (Nil) - ICICI Prudential Liquid Instl. Plus Plan - Growth 6,361,329 - Nil (15, ) - ICICI Prudential Liquid Instl. Plan - Growth - 3,623,059 6,361,329 3,623, Inventories (Valued by the management at cost) (a) Raw Materials 557, ,217 (b) Stores and spares 440, ,414 (c) Others - Scrap 60,496 60,496 1,058,422 1,032, Trade Receivables Trade receivables outstanding for a period less than six months from the date they are due for payment Unsecured, considered good 482,436 3,864,334 Note : Entire Trade Receivable stated above is debts due by private companies in which a director is a member. 12. Cash and Cash Equivalents Balances with banks Current Accounts 153,310 2,725,527 Bank deposits with more than 12 months maturity 1,321, ,490 1,474,800 3,547, Other Current Assets Interest accrued on investments 43,841 52,109

27 Suniti Commercials Limited Notes to financial statements for the year ended 31 March Revenue from Operations 31 March March 2011 Sale of products - 3,843,904 Less : Excise duty - 358,954-3,484,950 Sale of services 3,519,449 7,650,727 3,519,449 11,135, Other Income Interest Income on - Bank Deposits [TDS R 9,576 (R 3,652)] 95,763 44,661 - Inter Company Deposit [TDS R 6,164 ( Nil )] 61,644 - Profit on sale of investments 369, ,015 Profit on sale of asset Other Non Operative Income - Rent 18,000 18,000 - Sundry balance written back 22, , , Cost of Materials Consumed Raw Material Opening Stock 557, ,217 Closing Stock 557, ,217 (A) - - Stores & Consumables Opening Stock 414,414 - Add : Purchase 1,421,319 1,425,636 1,835,733 1,425,636 Less : Closing Stock 440, ,414 (B) 1,395,024 1,011,222 (A)+(B) 1,395,024 1,011, Changes in Inventories of Finished Goods / WIP / Stock in Trade Opening Stock 60,496 3,229,049 Closing Stock 60,496 60,496 Decrease / (Increase) - 3,168, Employee Benefit Expenses Salry, Wages & Bonus 1,640,312 1,361,361 Contribution to Provident Fund 73,430 96,939 Gratuity - 8,500 Staff Welfare Expense 27,112 54,204 1,740,854 1,521, Finance Cost Interest - 17

28 Suniti Commercials Limited Notes to financial statements for the year ended 31 March Other Expenses 31 March March 2011 Power & Fuel 1,090,980 1,491,660 Freight, Loading & Unloading 35,940 33,765 Rates & Taxes 25,005 20,165 Repairs & Maintenance - Plant & Machinery 199,635 42,561 Repairs & Maintenance - Others 51, ,067 PF Administrative Charges 14,880 8,608 Telephone 5,660 6,500 Postage & Courier 3,397 2,480 Printing & Stationery 5,624 7,056 Conveyance 18,859 28,602 Insurance 29,455 23,479 Profession Tax 2,500 2,500 Filing & Listing Fees 36,795 30,547 Auditor's Remuneration : - Statutory Audit 50,562 45,000 - Tax Audit - 5,000 - Certification 25,369 9,000 Legal & Professional Fees 31,435 82,850 Pollution Control Expense 10,000 40,000 Weightment Charges - 17,200 Sundry write offs - 49,993 Bank Charges General Expense 35,246 30,744 1,673,002 2,183, Earnings Per Share (i) Net Profit after tax as per statement of Profit & loss (3,240,737) 492,170 attributable to Equity Shareholders (ii) Weighted average number of equity shares used as 240, ,000 denominator for calculating EPS (iii) Basic and Diluted Earnings Per Share (13.50) 2.05 (iv) Face Value per Equity Share For H.H. Bandukwala & Co., Chartered Accountants. FRN W H.H. Bandukwala. Partner. M.No Mumbai. Dated : For and on behalf of the Board of Directors (Virendra Jain) Director (Bijay Saraf) Director