Notes to Accounts of Futuristic Offshore Services & Chemical Ltd.

Mar 31, 2014

1. CONTINGENT LIABILITIES NOT PROVIDED FOR:-

2013-2014 2012-2013 Rs.in Lacs Rs.in Lacs

a. Disputed claims of Central Excise Duty / Duty Draw Back 33.39 33.39

b. Income Tax. (Interest u/s 234 A/B/C & 226.63 226 63 220 of I.T. Act 1961 in this respect the company has approached to BIFR for waiver of overall interest)

c. Claim filed by one party against company not acknowledged as debt 379.10 379.10

d. Claim by four co-operative banks by filing recovery suits in 547.68 547 68

respect of guarantee alleged to have been given by company.

2. Following its consistent policy, the company accounts for excise duty on manufactured goods at the time of clearance from the factory, rather than in the valuation of stocks. Such excise duty liability as at March 31, 2014 is estimated at Rs. Nil. However this accounting policy has no effect on the current year loss of the company.

3. Company has availed the benefit of Sales Tax Deferral Scheme EC / 2317 & EC / 3187 of Maharashtra Government which was primarily over due for payment and assessment for relevant years have not been made. However the same liabilities have not been assessed.

4. The Company has made loss during the year, however in absence of any taxable income as per the provision of the Income Tax Act, 1961, no provision has made in respect of Income Tax. The Company has accumulated losses up to March 31, 2014. Further in view of uncertainty of availment of tax benefit on accumulated business losses and unabsorbed depreciation, company has not recognized deferred tax assets.

5. During the financial year 2013-14 the company plant was not operated.

6. The Company operates only in single segment and accordingly segment wise reporting is not applicable.

7. Balances Appearing under the head of Trade Receivables, Trade Payable, Loans and Advances and Short term Borrowing are subject to confirmation.

8. The company has undisputed outstanding balance of more than six months towards employer''s contribution to Provident Fund of Rs. 2.29 lakhs, Income Tax dues of Rs. 175.93 lakhs, Professional Tax of Rs. 3.15 lakhs, Sales Tax 1189.59 lakhs (including payments to be made under Sales Tax Defferal Scheme).

9. Accounting Standards (AS) issued by The Institute of Chartered Accountants of India regarding, AS 28 impairment of assets, AS 22 deferred tax has not been implemented by the company during Year the period under review.

10. The previous year''s figures have been regrouped and re-arranged wherever necessary.

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Mar 31, 2013

1. CONTINGENT LIABILITIES NOT PROVIDED FOR:-

a. Disputed claims of Central Excise Duty / Duty Draw Back. 33.39 33.39

b. Income Tax (Interest u/s 234 A/B/C& 220 of 226.63 226.63 IT. Act 1961 in this respect the company has approached to BIFR for waiver of overall interest)

c. Claim filed by one party against company not acknowledged as debt 379.10 379.10

d. Claim by four co-operative banks by filing recovery suits in 547.68 547.68 respect of guarantee alleged to have been given by company.

2 Following its consistent policy, the company accounts for excise duty on manufactured goods at the time of clearance from the factory, rather than in the valuation of stocks. Such excise duty liability as at March 31, 2013 is estimated at Rs. Nil. However this accounting policy has no effect on the current year loss of the company.

3. Company has availed the benefit of Sales Tax Deferral Scheme EC / 2317 & EC / 3187 of Maharashtra Government which was primarily over due for payment and assessment for relevant years have not been made. However the same liabilities have not been assessed.

4. The Company has made loss during the year, however in absence of any taxable income as per the provision of the Income Tax Act, 1961, no provision has made in respect of Income Tax. The Company has accumulated losses up to March 31, 2013. Further in view of uncertainty of availment of tax benefit on accumulated business losses and unabsorbed depreciation, company has not recognized deferred tax assets.

5. During the financial year 2012-13 the company plant was not operated.

6. The Company operates only in single segment and accordingly segment wise reporting is not applicable.

7. Balances Appearing under the head of Trade Receivables, Trade Payable, Loans and Advances and Short term Borrowing are subject to confirmation.

8. Related Parties Disclosures 1. List of Related Parties

a) Associated Company

Ganesh Benzoplast Limited

Ganesh Medicament Pvt .Ltd. Agarwal Bulkactives Pvt. Ltd. Ganesh Investment & Finance Techniques P. Ltd

b) Directors

Mr. Ramakant S. Pilani

Mr. Rishi R. Pilani Mr. Ravi R. Pilani Relatives

Mrs. Sushila Pilani

9. Accounting Standards (AS) issued by The Institute of Chartered Accountants of India regarding retirement benefits AS 15, company has not obtained actuarial valuation in terms of said accounting standard, AS 28 impairment of assets, AS 22 deferred tax has not been implemented by the company during Year under review.

10. The previous year''s figures have been regrouped and re-arranged wherever necessary.

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Mar 31, 2012

1 CONTINGENT LIABILITIES NOT PROVIDED FOR:-

2011-2012 2010-2011 Rs. In Lacs Rs. In Lacs

a. Disputed claims of Central Excise Duty/Duty Draw Back 33.39 33.39

b. Income Tax. (Interest u/s 234 A/B/C & 220 of IT. Act 1961 in this respect the company has approached 226.63 226.63 to BIFR for waiver of overall interest)

c. Claim fled by one party against company not acknowledged as debt. 379.10 379.10

d. Claim by four co-operative banks by fling recovery suits in respect of 547.68 547.68 guarantee alleged to have been given by company

2. Following its consistent policy, the company accounts for excise duty on manufactured goods at the time of clearance from the factory, rather than in the valuation of stocks. Such excise duty liability as at March 31, 2012 is estimated at Rs. Nil. However this accounting policy has no effect on the current year loss of the company.

3. Company has availed the benefit of Sales Tax Deferral Scheme EC/2317 & EC/3187 of Maharashtra Government which was primarily over due for payment and assessment for relevant years have not been made. However the same liabilities have not been assessed.

4. The Company has made loss during the year, however in absence of any taxable income as per the provision of the Income Tax Act, 1961, no provision has made in respect of Income Tax. The Company has accumulated losses up to March 31, 2012. Further in view of uncertainty of availment of tax benefit on accumulated business losses and unabsorbed depreciation, company has not recognized deferred tax assets.

5. During the financial year 2011-12 the company plant was not operated.

6. The Company operates only in single segment and accordingly segment wise reporting is not applicable.

7. Balances Appearing under the head of Trade Receivables, Trade Payable, Loans and Advances and Short term Borrowing are subject to confirmation.

8. Related Parties Disclosures

1. List of Related Parties

2. a) Associated Company b) Directors and relatives

Ganesh Benzoplast Limited Mr. Ramakant S. Pilani Director

Agarwal Chemicals Relatives

Ganesh Medicament Pvt. Ltd. Mr. Rishi R. Pilani Director

Agarwal Bulkactives Pvt. Ltd. Mr. Ravi R. Pilani Director Ganesh Investment & Finance Techniques P. ltd

9. Accounting Standards (AS) issued by The Institute of Chartered Accountants of India regarding retirement benefits AS 15, company has not obtained actuarial valuation in terms of said accounting standard, AS 28 impairment of assets, AS 22 deferred tax has not been implemented by the company during Year the period under review.

10. The previous year's figures have been regrouped and re-arranged wherever necessary.

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Mar 31, 2010

2009-2010 2008-2009 Rs. in Lacs Rs. in Lacs

1. Contingent Liabilities not provided for:

a. Disputed claims of Central Excise Duty/Duty Draw Back 33.39 33.39 b. Income Tax. (Interest u/s 234 A/B/C & 220) 226.63 226.63

2. Administrative & other expenses includes the Auditors Remunerations as follows:

a. Audit Fees 0.90 0.90

b. Tax Audit Fees 0.30 0.30

1.20 1.20

2. Following its consistent policy, the company accounts for excise duty on manufactured goods at the time of clearance * from the factory, rather than in the valuation of stocks. Such excise duty liability as at March 31, 2010 is estimated at Rs. 0.74 Lacs. However this accounting policy has no effect on the current years profits of the company.

3. Company has availed the benefit of Sales Tax Deferral Scheme EC / 2317 & EC / 3187 of Maharashtra Government which was primarily over due for payment and assessment for relevant years have not been made. However the same liabilities have not been assessed.

4. During the financial year 2009-10 no manufacturing activities and operation as been carried out by the company but during the year company has arrived profit by writing off balance amount of settlement from Bank & Financial Institutions.

5. Status of small scale industrial undertaking is not available with the company, hence outstanding more than 30 days not ascertainable.

6. Accounting Standards (AS) issued by The Institute of Chartered Accountants of India regarding retirement benefits AS 15, company has not obtained actuarial valuation in terms of said accounting standard, AS 28 impairment of assets, AS 22 deferred tax has not been implemented by the company during the period under review.

7. Theyears figures have been regrouped and re-arranged wherever necessary.