Notes to Accounts of Chokhani Global Express Ltd.

Mar 31, 2013

1. Related Party Disclosure:

A. Names of related parties and description of relationship i Key management personnel

Mr.K.N.Bagla

Mr.Satendra Singh

Mr.Naresh Tulshan

2. DEFERRED TAX LIABILITIES

The company is not claiming any depreciation on the fixed assets of the company under the Companies Act, 1956, nor under the Income Tax Act, 1961 .There being no other items of expenses or income which have a timing difference which will give rise to the deferred tax assets. As per AS-22 issued by the Institute of Chartered Accountants of India, deferred tax amount should be recognised only to the extent there is virtual certainty that sufficient future taxable income will be available against which deferred tax assets can be realised. At present, there is no virtual certainty about the availability of the sufficient future taxable income; hence calculation of deferred tax as per AS-22 is not done by the company.

3. Figures for the previous year have been regrouped / rearranged wherever considered necessary.

4. None of employee was in receipt of remuneration aggregating to more than " 4800000/- per annum or - 4,00,000/- per month if employed part of the year.

5. Income Tax Assessment of the company have been completed upto Assessment year 2010-11 u/s 143(1)(a) of the Income Tax Act 1961. In view of the brought forward unabsorbed depreciation, no provision for Income Tax has been made in the book of accounts.

6. Segment Reporting

As the company''s business activities fall within a single primary business segment, the disclosure requirement of Accounting Standard (AS-17) ''Segment Reporting'' issued by the Institute of Chartered Accountants of India is not applicable.

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Mar 31, 2012

1A. Company has an unsecured loan of Rs. 2 Lacs (Previous year Rs. 7 Lacs) from the company. In view of the present financial scenario, the company has approached them to waive the interest amounting to Rs. 0.71 Lacs (previous year 1.12 Lacs) on such unsecured loan, hence no provision has been made in the account.

2. Related Party Disclosure:

A. Names of related parties and description of relationship i Key management personnel

Mr. K.N. Bagla

Mr. B.P. Hazarika

Mr. Satendra Singh

Mr. Naresh Tulshan

3. DEFERRED TAX LIABILITIES

The company is not claiming any depreciation on the fixed assets of the company under the Companies Act, 1956, nor under the Income Tax Act, 1961. There being no other items of expenses or income which have a timing difference which will give rise to the deferred tax assets. As per AS-22 issued by the Institute of Chartered Accountants of India, deferred tax amount should be recognised only to the extent there is virtual certainty that sufficient future taxable income will be available against which deferred tax assets can be realised. At present, there is no virtual certainty about the availability of the sufficient future taxable income; hence calculation of deferred tax as per AS-22 is not done by the company.

4. Figures for the previous year have been regrouped/rearranged wherever considered necessary.

5. None of employee was in receipt of remuneration aggregating to more than Rs. 6000000/- per annum or Rs. 5,00,000/- per month if employed part of the year.

6. Income Tax Assessment of the company have been completed upto Assessment year 2010-11 u/s 143(1)(a) of the Income Tax Act 1961. In view of the brought forward business loss & unabsorbed depreciation, no provision for Income Tax has been made in the book of accounts.

7. Segment Reporting

As the company's business activities fall within a single primary business segment, the disclosure requirement of Accounting Standard (AS-17) 'Segment Reporting' issued by the Institute of Chartered Accountants of India is not applicable.

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Mar 31, 2010

1. Previous years figures have been regrouped / rearranged wherever necessary to confirm to current years classification.

2. Income Tax Assessments of the Company have been completed upto Assessment Year 2007-08 u/s 143(1)(a) of the Income Tax Act 1961. In view of the brought forward business loss & unabsorbed depreciation, no provision for Income Tax has been made in the books of accounts.

3. Amount of Rs. 1,85,000/- towards Security Deposits with Telephone & Telex Authorities, Chennai due since 1991-92, is considered doubtful and written off during the year as Bad Debts and the necessary provision has been made in the books of accounts.

4. None of the employee was in receipt of remuneration aggregating to more than Rs.24,00,000/ - per year, or Rs.2,00,000/- per month if employed for part of the year.

5. (a) Company has an unsecured loan of Rs. 9.88 Lacs (Previous Year Rs. 19.71 Lacs) from a company. In view of the present financial scenario, the company has approached them to waive the interest amounting to Rs. 1.19 Lacs (Previous year Rs.2.37 Lacs) on such unsecured loan; hence no provision has been made in this account.

(b) Liabilities No Longer required written back during the year amounting to Rs. 9,82,272/- (Rupees Nine Lacs Eighty Two Thousand Two Hundred Seventy Two only) due to M/ s Sugan Fertilizers & Chemicals Ltd against our earlier liabilities on account of Advances taken from Bajarang Holdings Pvt. Ltd., Ganga Holdings Pvt Ltd. and Vani Holdings Pvt. Ltd. Rs. 588272/-, Rs. 92000/-, Rs. 302000/- respectively in the year 1999/2000, which were merged with Sugan Fertilizers & Chemicals Ltd. after the said amount written off.

6. The company is not claiming any depreciation on the fixed assets of the company under the Companies Act, 1956, nor under the Income Tax Act, 1961 There being no other items of expenses or income which have a timing difference which will give rise to the deferred tax assets. As per AS-22 issued by the Institute of Chartered Accountants of India, deferred tax amount should be recognised only to the extent there is virtual certainty that sufficient future taxable income will be available against which deferred tax assets can be realised. At present, there is no virtual certainty about the availability of the sufficient future taxable income; hence calculation of deferred tax as per AS-22 is not done by the company.

7. Related party disclosure as identified by the management in accordance with the Accounting Standard - 18 is as below:

A. Name of the related parties and description of relationship.

1. Key Management Personnel (KMP)

a. Mr. K N Bagla (Director)

b. Mr. B.P.Hazarika (Director)

c. Mr. Satendra Singh (Director)

8. Segment Reporting :

As the Companies business activities falls within a single primary business segment, the disclosure requirement of Accounting Standard (AS-17) Segment Reporting issued by the institute of Chartered Accountants of India is not applicable.

9. Other information pursuant to part II of Schedule 6 of Companies Act, 1956 may be read nil (previous year nil). Schedule 1 to 8 Form an integral part of the Accounts.