Cspl Balance Sheet 2007

CHOTILA SILICA PRIVATE LIMITED REGD.OFFICE - 305 , ORION ARCADE , ZADESHWAR ROAD , BHARUCH BALANCE SHEET AS AT 31ST MARCH 2007 PARTICULARS Sch AS AT AS AT 31-03-2007 31-03-2006 SOURCES OF FUNDS : SHARE HOLDER'S FUNDS : Share Capital "A" 100200.00 100200.00 Reserves & Surplus "B" 16520275.02 13839993.86 TOTAL 16620475.02 13940193.86 APPLICATION OF FUNDS : Fixed Assets Gross Block Less : Depreciation Net Block

"M" 6069815.12 805116.00 5264699.12

3715866.00 439846.00 3276020.00

10143842.42

3700000.00

547955.00 5532006.22 545024.80 3939762.00 10564748.02 3907199.16

Investments

"C"

Current Assets, Loans & Advances Inventories Sundry Debtors Cash & Bank Balances Loans & Advances

"D"

Less : Current Liabilities & Provisions

"E"

437927.00 1954441.41 640804.51 3967287.91 7000460.83 6062760.35

-

937700.48

6657548.86

-

269667.00 4566.00 274233.00

300247.00 6378.00 306625.00

16620475.02

13940193.86

Net Current Assets Miscellaneous Expenditure ( to the extent not written off or adjusted) Deferred Revenue Expenditure Preliminary Expenses

TOTAL NOTES ON ACCOUNTS

"L"

As per our attached report of even date For S.B. LUHARUKA & CO. CHARTERED ACCOUNTANTS.

For and on behalf of the board

S.B.LUHARUKA PROPRIETOR

SANTOSH L. TIBDEWAL Executive Director

Place : Bharuch Date : 01-09-07

SHAILESH SHETH Director

CHOTILA SILICA PRIVATE LIMITED REGD.OFFICE - 305 , ORION ARCADE , ZADESHWAR ROAD , BHARUCH PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31ST MARCH, 2007 PARTICULARS Sch YEAR ENDED YEAR ENDED 31-03-2007

31-03-2006

Rs.

Rs.

-

30549680.54 30549680.54

20428373.13 20428373.13

"F"

22060584.80 713835.00 752042.00 2452934.78 1954.00 21013.40 30580.00 1812.00 26034755.98

14824870.56 989731.00 642439.00 1815075.00 11439.78 17062.77 30580.00 1812.00 18333010.11

340990.60

172711.05

4855915.16

2268074.07

805116.00

439846.00

6 PROFIT AFTER DEP. BUT BEFORE TAXATION

4050799.16

1828228.07

7 PROVISION FOR TAXATION -Provision for current year's tax -Deferred Tax -Fringe Benefit Tax -Short provision for tax [ Earlier Year/s]

1357262.00 (2773.00) 15257.00 772.00

611071.00 (5126.00) 22163.00 25542.00

8 PROFIT AFTER TAXATION

2680281.16

1174578.07

10239993.86 0.00

9065415.79 0.00

10 BALANCE AVAILABLE FOR APPROPRIATIONS

12920275.02

10239993.86

11 APPROPRIATIONS Transfer to General Reserve Balance Carried to Balance Sheet

0.00 12920275.02

0.00 10239993.86

1 INCOME Sales TOTAL 2 EXPENDITURE : Cost of goods sold Royalty Salaries,Wages,Allowances and Other Benefits Administrative Expenses Selling,Mktg. & Sales Promotion Expenses Financial Charges Deferred revenue expenditure written off Preliminary Expenses Written off

"G" "H" "I" "J "

3 OTHER INCOME

"K "

4 PROFIT BEFORE DEPRECIATION [1-2+3] 5 DEPRECIATION

"M "

9 BALANCE BROUGHT FORWARD FROM LAST YEAR Transfer To / From Deferred Tax Liab.

As per our attached report of even date For S.B. LUHARUKA & CO. CHARTERED ACCOUNTANTS.

For and on behalf of the board

S.B.LUHARUKA PROPRIETOR

SANTOSH L. TIBDEWAL Executive Director

Place : Bharuch Date : 01-09-07

SHAILESH SHETH Director

CHOTILA SILICA PRIVATE LIMITED SCHEDULES ANNEXED TO & FORMING PART OF BALANCE SHEET AS AT AS AT 31-03-2007 31-03-2006 SCHEDULE "A" Share Capital Authorised 20000 Equity Shares of Rs. 10/- each 5000 11% non-cumulative redeemable pref.shares of Rs 10/- each.

200000.00 50000.00 250000.00

200000.00 50000.00 250000.00

Issued,Subscribed & Paid Up. 10020 equity shares of Rs 10/- each fully paid up TOTAL

100200.00 100200.00

100200.00 100200.00

3600000.00 12920275.02 16520275.02

3600000.00 10239993.86 13839993.86

-Borosil Glass Works Limited (55168 equity shares)

6443842.42

0.00

-Gujarat Fusion Glass Ltd. (3,70,000 10% NCRP of Rs 10/each fully paid up )

3700000.00

3700000.00

10143842.42

3700000.00

224730.00 213197.00 437927.00

227040.00 320915.00 547955.00

64458.00 1889983.41 1954441.41

29733.00 5502273.22 5532006.22

SCHEDULE "B" Reserves & Surplus General Reserve Profit & Loss Account TOTAL SCHEDULE "C" Investments

a

b

SCHEDULE "D" Current Assets,Loans & Advances : Inventories : (As taken, Valued & Certified by the management) Raw Material Finished Goods Sub Total (a) SUNDRY DEBTORS: Unsecured & Considered Good More than 6 months Others Sub Total (b)

c

d

Cash & Bank Balances Cash on hand,Bharuch R.B.Gupta Imprest , Chotila Bank of Baroda, Bharuch HDFC Bank Ltd, Bharuch HDFC Bank Ltd, Rajkot State Bank of Saurastra,Bharuch Bank of Baroda, Kolkatta Oriental Bank of Commerce, Bharuch Sub Total (c)

14290.46 12405.28 0.00 276381.09 5865.05 8945.00 0.00 322917.63 640804.51

80.46 4524.28 6915.47 424969.29 2958.30 95746.00 9831.00 0.00 545024.80

Loans & Advances : (Unsecured & Considered Good) Loans to Employees Deposits Pre-Asst. Taxes paid Income Tax refund [A.Y.2006-07] Gujarat Fusion Glass Limited, Mumbai Kheruka & Co Loan a/c Advances recoverable in cash or kind Prepaid Expenses Borosil Holdings Ltd deposit a/c Purchase tax (for setoff against VAT) Sub Total (d) TOTAL (a+b+c+d)

4500.00 218361.20 1050901.71 297884.00 0.00 2036753.00 25354.00 14317.00 313961.00 5256.00 3967287.91 7000460.83

0.00 211565.00 929275.00 0.00 551502.00 1917760.00 8803.00 18243.00 302614.00 0.00 3939762.00 10564748.02

4069465.35 182396.00 152336.00 4404197.35

2718702.00 157395.16 109051.00 2985148.16

286044.00 15257.00 1357262.00 1658563.00 6062760.35

288817.00 22163.00 611071.00 922051.00 3907199.16

SCHEDULE "E" Current Liabilities & Provisions : Current Liabilities : Sundry Creditors Statutory Liabilities Outstanding expenses (a) Deferred Tax Liability Fringe Benefits Provision Current Tax Provision (b) TOTAL (a + b )

SCHEDULE "F" COST OF GOODS PRODUCED [ CHOTILA MINES ] Opening Stock Add : Direct expenses -Mining labour charges -Transportation charges -Crushing job work expenses -Labour charges at site -Consumable & Stores -Electricity Charges -Repairs & Maintenance -General site expenses -Site utility vehicle expenses -D.G. set Fuel & Maint. Less : Closing Stock TOTAL COST OF GOODS SOLD [ CHOTILA MINES] Opening Stock Add : Purchased during the year Add : Produced during the year Less : Closing Stock sub-tot(1) COST OF GOODS PRODUCED [MADHAVPURA ] Opening Stock Add : Direct expenses -Sieving Jobwork charges Less : Closing Stock TOTAL COST OF GOODS SOLD [ MADHAVPURA ] Opening Stock Add : Purchased during the year Add : Process cost Less : Closing Stock sub-tot(2)

227040.00

189221.00

524496.00 575450.00 173435.00 28384.00 698761.44 466643.00 221967.77 0.00 40464.70 337351.50 3293993.41 224730.00 3069263.41

1000533.00 753635.00 909364.00 8693.00 910368.00 752927.00 312624.00 6700.00 0.00 7046.00 4851111.00 227040.00 4624071.00

320915.00 369720.00 3069263.41 3759898.41 213197.00 3546701.41

544084.00 0.00 4624071.00 5168155.00 320915.00 4847240.00

0.00

0.00

2776824.00 2776824.00 0.00 2776824.00

1699380.00 1699380.00 0.00 1699380.00

0.00 6477308.94 2776824.00 9254132.94 0.00 9254132.94

0.00 4004809.49 1699380.00 5704189.49 0.00 5704189.49

COST OF GOODS PRODUCED [CHENPURA MINES] Opening Stock 0.00 Add : Direct expenses -Local Carting Charges 76900.00 -Mining labour charges 877626.60 954526.60 Less : Closing Stock 0.00 TOTAL 954526.60 COST OF GOODS SOLD [ CHENPURA MINES] Opening Stock Add : Purchased during the year Add : Produced during the year Less : Closing Stock sub-tot(3)

0.00 128660.00 812075.00 940735.00 0.00 940735.00

0.00 2683240.80 954526.60 3637767.40 0.00 3637767.40

0.00 2636024.07 940735.00 3576759.07 0.00 3576759.07

5601913.05 20070.00 0.00 5621983.05 22060584.80

668831.00 1262.00 26589.00 696682.00 14824870.56

668676.00 18580.00 17442.00 47344.00 752042.00

569439.00 19200.00 13000.00 40800.00 642439.00

15528.00 5618.00 2107.00 1247.00 25793.00

15552.00 5612.00 1173.00 3061.00 30047.00

OTHER DIRECT EXPENSES / PURCHASES Silica Sand purchase Frieght Inward Research & Development sub-tot(4) TOTAL [ Sub-total 1 to 4 ] SCHEDULE "G" Salaries,Wages,Allowances, Other Benefits Salaries , Wages & Bonus Conveyance & Transp. Allow. Staff Welfare expenses Staff housing allowances etc TOTAL SCHEDULE "H" Administrative expenses Audit fees Management services Membership & Subscription Misc.expenses Motor cycle fuel

Postage & Angadia Telephone expenses Printing & Stationery Professional & Legal charges Professional Tax ROC expenses Surface rent Taxation fees Travelling & conveyance Travelling & conveyance [ Directors ] Tree plantation State pollution control board fees Insurance premium Charity & Donation Director Remuneration Office Expenses Repairs & maintenance Advertisement Expenses Electricity Office Bolero Jeep [Fuel & Repairs] Gifts & Compliments Gram Panchayat Tax Pooja expenses Shares Invest. Relatd expenses STT paid on shares investments Input credit [not availed] Penalty TOTAL

SCHEDULE "I" Selling, Marketing & Sales Promotion Expenses Entertainment expenses Purchase Tax Sales tax paid upon assessment TOTAL

SCHEDULE "J" Financial Charges Bank Charges Int. on late payment of sales tax Int. on late payment of TDS Int.on late payment Prof.Tax Bank Guarantee charges TOTAL

6711.00 73093.70 22344.00 20224.00 500.00 800.00 0.00 16854.00 67699.00 49821.00 1250.00 20000.00 42929.00 2100.00 1951012.00 8824.00 725.00 0.00 9686.37 42723.95 11998.00 0.00 0.00 21100.00 7467.00 22529.76 2250.00 2452934.78

6998.00 77154.00 17551.00 5620.00 1000.00 200.00 1500.00 16836.00 31754.00 74358.00 1375.00 15000.00 36886.00 5000.00 1383132.00 4329.00 5975.00 1828.00 6859.00 58977.00 0.00 750.00 6548.00 0.00 0.00 0.00 0.00 1815075.00

1497.00 457.00 0.00 1954.00

10720.00 120.78 599.00 11439.78

12266.31 244.00 315.00 0.00 8188.09 21013.40

6791.77 0.00 41.00 80.00 10150.00 17062.77

SCHEDULE "K" Other Income Interest on loans Interest on I.T.Refunds Interest from NSCs Round off Interest on FDRs Sundry account w/off Insurance claim received Share dividend Trial balance difference TOTAL

195355.00 0.00 4092.00 65.95 6709.91 1571.74 22598.00 110336.00 262.00 340990.60

144938.00 23066.00 3683.00 6.65 926.00 91.40 0.00 0.00 0.00 172711.05

Signature to Schedule "A" to "M" As per our attached report of even date For and on behalf of the board For S.B. LUHARUKA & CO. CHARTERED ACCOUNTANTS.

S.B.LUHARUKA PROPRIETOR

Place : Bharuch Date : 01-09-07

SANTOSH L. TIBDEWAL Executive Director

SHAILESH SHETH Director

CHOTILA SILICA PRIVATE LIMITED GROUPINGS ANNEXED TO AND FORMING PART OF THE BALANCE SHEET AND PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED ON 31ST MARCH 2007 SR. PARTICULARS NO.

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44

SUNDRY CREDITORS Ashiyana Glass Trader Atulbhai S.Shah Garib Nawaj Minerals Govindbhai Bhagabhai Gujarat Transport Corporation Kirit C Prajapati Ranjeet Road Carriers Saraogi & Co. - Ahmedabad Shraddha Enterprice Ukkadbhai Raghubhai Universal Carting Amit S Luharuka Jain & Kachhwaha - Jodhpur Pravinbhai R Mehta - Bharuch Sabir Husain Salary A/c S.B.Luharuka & Co. - Bharuch S.K.Tibdewal [Salary a/c ] Technomine Consulatants-Jodhpur A.A.Ajmera Accurate Wire Products-Mumbai Airgrow (India) All India Minerals Arman Minerals- Bangore Babubhai Pate ,Chotila Balaji Printers Bhagawti Tractors Parts BRK Fabrication Works Babubhai-Chotila Chamunda Enterprice Devansh Industries (06-07) -Rajpardi Dharmesh Trading Co -Rajkot Mahaveer Enterprice Media Infocom Noble Electric Co Pvt Ltd Pala & Co-Chotila Premier Phasetrack Pvt Ltd Shree Chamunda Electric Stores Sreya Bearing & Tools Shri Ram Electricals Vajramani Engineering Vajramani Welding Works Vijay Machinery Corporation Vrushabh Transcon Engineers Western Mining Company

AMOUNT [ RUPEES]

178443.00 75081.00 97016.00 33865.00 48814.00 110044.00 100184.00 138412.00 156931.00 14960.00 79129.00 8000.00 3000.00 9800.00 2800.00 34124.00 177771.00 36075.00 23384.00 79984.00 4789.00 339517.63 487160.40 66400.00 2565.00 8105.00 6215.00 5800.00 9346.00 1644366.32 3134.00 6824.00 1850.00 2409.00 9103.00 5102.00 14981.00 14335.00 1535.00 8320.00 11960.00 480.00 2000.00 5351.00 4069465.35

1 2 3 4 5 6 7 8 9

STATUTORY LIABILITIES Central sales tax (CE) 4% Central sales tax (CKD) 4% Royalty Payable - Chenpura VAT payable Prof.Tax payable [Employees] TDS Payable-Salary/Commission TDS on contract payable TDS on Prof.tax payable TCS payable

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23

SUNDRY DEBTORS Ambuja Cements Guj.Ambuja cements Bell Ceramic Limited Gujarat Ambuja Cements Ltd Gujarat Borosil Limited ( Govali ) Swill Limited Atul Precicast Best Silicate Ganesh Chemicals Works G.K Enterprice Grow More Enterprice Hindustan Marketing Lonic Casting Pvt Ltd Pavit Ceramic Pvt Ltd-Jolwa Pramukh Industries Rushi Steel Cast Servese Ref Pvt Ltd Shafali Rolls Limited Shafali Steel Limited SPL Limited Tamco Potteries Uma Metals Graphite India Limited

720.00 8416.00 12335.00 90881.00 1290.00 30000.00 36428.00 1938.00 388.00 182396.00

2196.00 520.00 24411.00 1023.00 1705242.63 4659.00 22880.00 14382.00 19670.00 4222.00 20290.00 5391.00 4290.00 2062.00 3804.00 2347.00 1821.00 26297.78 2159.00 5947.00 33200.00 2805.00 44822.00 1954441.41

Sales 1 2 3 4 5 6 7 8

( net of sales tax,returns,freight, quality rejections loading charges etc.) Glass grade , Chotila mines Stone waste sales, Chotila Mines Silica Sand - Oversize , Chotila mines Silica Sand - Fines , Chotila mines Glass grade, Madhavpura Glass grade, Amod mines Glass grade,Bhimpora Lime Stone D Grade, Chenpura mines

1 2 3

Less : Freight Outward charges At Madhavpura At Amod At Bhimpura Less: Quality rejections , Material shortage etc.

1 2 3 4 5 6

OUTSTANDING EXPENSES Salaries,Wages & Allowances R.B.Gupta electricity re-imbursement Surface rent Telephone charges Electricity charges Crushing labour charges

3469475.21 563081.10 673714.67 305325.75 17353716.08 823513.60 6777066.16 4560081.47 34525974.04

2517897.00 159539.00 1296991.50 30551546.54 1866.00 30549680.54

45778.00 0.00 0.00 0.00 83258.00 23300.00 152336.00

PRE-ASSESSMENT TAXES PAID [A.Y.2007-2008] 1 2 3 4 5

Advance Income Tax TDS on interest income Advance Fringe Benefit Tax TCS on Royalty,Chenpura mines TCS on Royalty,Chotila mines

1 2 3 4 5 6 7 8

DEPOSITS National Savings Certificates Guj.Electricity Board deposit Lease deed deposit Accrued Int.on NSC Telephone Deposits Mining Lease [Jamvadi] Fixed Deposit [HDFC Bank Ltd] Accrued Int. on HDFC FDR

950000.00 45343.71 20080.00 4489.00 30989.00 1050901.71

22000.00 57250.00 10000.00 18981.00 3000.00 1000.00 100000.00 6130.20 218361.20

1 2 3

REMUNERATION TO DIRECTORS Commission on sales Salary Transportation allowance

1891012.00 50400.00 9600.00 1951012.00

ROYALTY 1 2

Chotila mines Chenpura mines

1

PREPAID EXPENSES Insurance

532278.00 181557.00 713835.00

14317.00 14317.00

CHOTILA SILICA PRIVATE LIMITED. REGD.OFFICE : 305 , ORION ARCADE , ZADESHWAR ROAD , BHARUCH FINANCIAL YEAR ENDED 31/03/2007 BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE I Registration Details Registration No. : 04-31424 State Code : 04 Balance Sheet Date : 31st, March, 2007 II Capital Raised during the year (Amount in Rs. Thousands) Public Issue Right Issue Bonus Issue Private Placement Share Capital Share Application money III Position of Mobilisation and Deployment of Funds (Amount in Rs.) Total Liabilities Total Assets 16620 16620 Sources of Funds Paid-up Capital Reserves & Surplus 100 16520 Secured Loans Unsecured Loans -

Application of Funds Net Fixed Assets 5265 Net Current Assets 938 Accumulated Losses IV. Performance of Company (Amount in Thousand) Turnover(net) 30891 Profit Before Tax 4051 Earning per Share in Rs. 267

Investments 10144 Misc. Expenditure 274

Total Expenditure 26840 Profit After Tax 2680 Dividend Rate %

V Generic Names of Three Principal Products/Services of Company (as per monetary terms) ITEM CODE NO. : NA NOT MADE AVAILABLE PRODUCT DESCRIPTION : SILICA SAND

As per our attached report of even date For S.B.LUHARUKA & CO. CHARTERED ACCOUNTANT

For and on behalf of the board

S.B.LUHARUKA

SANTOSH TIBDEWAL

SHAILESH SHETH

Proprietor

Executive Director

Director

Place : Bharuch Date : 01-09-07