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Balsara Hygiene Products Limited
Audited Balance Sheet and Profit & Loss Accounts for the year ended 31st March, 2006

BALSARA HYGIENE PRODUCTS LIMITED

17

ANNUAL REPORT 2005-06

Contents
Page Director’s Report Auditor’s Report Balance Sheet Profit & Loss Account Schedules Accounting Policies & Notes to Accounts Statement of Cash Flow 1 4 7 8 9 12 15

BALSARA HYGIENE PRODUCTS LIMITED

18

ANNUAL REPORT 2005-06

DIRECTORS’ REPORT
The Directors’ have pleasure in presenting the Twenty-Eight Annual Report and the audited accounts for the financial year ended 31st March, 2006.

Financial Results
(Rupees in lacs) Sales Profit Before Taxation Provision for Taxation Balance brought forward from Previous year Excess/(Short) Provision of earlier year Balance carried to Balance Sheet 2005-06 — 7.56 (0.06) 423.85 (40.27) 391.08 391.08 391.08 2004-05 — 400.23 (13.88) 32.49 5.02 423.86 423.86 423.86

Dividend
In view of future Business plans under consideration, your Directors are not recommending any dividend for this year.

Operations
In the year under consideration, the Company did not carry out any business activity generating sales revenue. However, the Company had earned by way of license fees for the use of Company’s Trade Marks on various products manufactured, sold/exported by Balsara Home Products Limited under the agreement with Balsara Home Products Limited and the understanding arrived at with Balsara Home Products Limited and the Company. The Company has earned Rs. 50.00 lacs as a license fee compared to Rs.481.95 lacs for the previous year for the use of the Company’s Trade Marks on various products manufactured, sold/exported in India and elsewhere in the world by Balsara Home Products Limited for the financial year 2005-06. The Company’s Profit / (Loss) before tax has been Rs.7.56 lacs compared to Rs. 400.23 lacs for the previous year.

Exports
During the year, the Company did not have any export business.

Fixed Deposits
The Company has not accepted/renewed any deposits during the year.

Directors
Mr. Pritam Das Narang retires by rotation and being eligible offers himself for re-appointment.

Delisting of Equity Shares
In compliance of the provisions of the Securities and Exchange Board of India (Delisting of Securities) Guidelines 2003 and as per the requisitions of the Bangalore Stock Exchange, your Company has been delisted effective 14 th December, 2005 and is no more a listed Company on any of the Stock Exchanges in India. As per the letter from the Bangalore Stock Exchange, the Exit Option is available to the shareholders of the Company for the period of six months from the date of delisting as aforesaid.

Trade Mark Licenses
The Company will continue to earn income from Brand Licensing to other company/ies.

Directors’ Responsibility Statement
Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956 with respect to the Directors Responsibility Statement, it is hereby confirmed. (i) (ii) That in the preparation of the Annual Accounts for the Financial Year 31st March, 2006, the applicable accounting standards have been followed alongwith proper explanation relating to material departures. That the Directors had selected such accounting policies and applied them consistently and made judgements and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the company for the year under review. That the Directors had taken proper and sufficient care 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. That the Directors have prepared the Accounts for the Financial Year ended 31st March, 2006 on a going concern basis. 1 ANNUAL REPORT 2005-06

(iii)

(iv)...
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