ISOCOMP FLUORO POLYMERS (INDIA) PRIVATE LIMITED. ISOCOMP FLUORO POLYMERS (INDIA) PRIVATE LIMITED.

Entries to be passed in Tally

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31.03.2007 SCHEDULES TO PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31.03.2007 1 Depreciaiton Entries to be passed in Tally
PARTICULARS SCH. 31.03.2007 31.03.2006 PARTICULARS SCH. 31.03.2007 31.03.2006 29515 3689
Rs. Rs. Rs. Rs. 2 Preliminary Expenses written off 11740 1468
23554 2944
INCOME:- MATERAIL CONSUMED:- N 3 Provision for Tax to be provided. 9750 1219
Sales(Net of Returns and Discounts) 30744110 4824647 opening stock 760182 0 74559 9320 65239
Add: Purchases 27158600 4696223 4 Rs.24000/- Per Month paid by Iso comp To Performance Polymers
30744110 4824647 Import Clearing & Forwarding 389574 96368
EXPENDITURE:- Less:Closing Stock 932655 760182 Rent to P.P&C (10000*12) 120000
TOTAL 27375701 4032409 Furniture Hire Charges (8500*12) 102000
Material Consumed N 27375701 4032409 Office Main, Tel. reimbursement Charges
(3500*12) 42000
Administrative and Sales Expenses 0 2220278 696833 ADMINISTRATIVE & SALES EXPENSES:- O Water and Electricity Charges (2000*12) 24000
Financial Charges P 87095 11954 Rent 120000 114000
Depreciation 38978 141 Salaries and Wages 256400 103000 288000 TO BE PAID
Preliminary Expenses written off. 3643 3643 Printing and Stationery 13700 13009
29725696 4744980 Postage,Telegram & Telephone 9897 39085 5 Remuneration provided
Profit/(Loss) before Tax 1018414 79667 Rates and Taxes 110 16100 P.K.Sethi (27500*12) 330000
Provision for Taxation 40000 Service Tax 0 13030 Management Bonus 27500*3 82500
Provision for Fringe benefit Tax 2000 Travelling and Conveyance 164637 22431 Tara Sethi (22000*12) 264000 TO BE PAID
Deferred Tax Liability 635 Freight charges 24244 10158 22000*3 66000
Net Profit/(Loss) for the year 1018414 37032 Legal and Professional Charges 402562 20500 6 742500
Office Maintanance Expenses 45265 4785
Add: Balance b/f 0 Water & Electricity charges 24000 Discount Allowed to RotoFloan 185000
Amount Available for Appropriations 1018414 37032 Business Promotion 84907 0 Karnavati Engineering Works 561
Appropriation as under Bad Debts 13925 0 Hiflon Polymers Industries 255
Tramsferred to General Reserve 30000 Discounts 186132 0 7 Morefluon Industries 205
Provision for Final Dividend Directors Remuneration 742500 247500 186021
Provision for Tax on Distributed Profits Furniture hire Chages 102000 30000 Bad Debts
Balance carried to Balance Sheet 1018414 7032 Loading and Unloading Charges 0 21897 V.B Industreis 6359
1018414 37032 Audit Fees 30000 15152 Sarasons Engineering Industries 2104
Sundry Expenses 0 481 Jayhind Polymers 5462
Preliminary Expenses written off 0 25705 8 13925

Subject to our Report of even Date TOTAL 2220278 696833 Travelling & Convey. To be a/cted 118940
Cash from Tara Sethi and Paid -70000 TO BE PAID
Promod k. Sethi For MADAN & CO., FINANCIAL CHARGES:- P
(Director) CHARTERED ACCOUNTANTS Bank Charges 69803 11954 9 Balance Payable 48940
Bank Interest 462 0
Fringe Benefit Tax 16830 0 10 Creditors
Tara Sethi J.H.Madan Srinivas TOTAL 87095 11954 Connoiseur Electronics Pvt Ltd 2500 Cash Paid
(Director) (Proprietor) Dfc Services Pvt Ltd. 1131 Cash Paid
3631

Place:Bangalore 11 Performance Polymers & Coatings 938295

Date : Less:
Director Loan A/c PREV.YEAR
PERFORMANCE POLYMERS RENT A/C 120000
Furniture Hire Charges Payable 102000
Offi.Maintnance Charges Payable 42000
Water & Electricity Charges Payable 24000
Travelling Exp. 39945
Boarding Exp. 84907
Local Conveyance 5025
417877
Balance 520418

12 Sharma Raman A/c Paid 63537

Paid 140000
Less:- Professional charges -377560

-174023

13 Salaries (Vouchers to be Prepared) 20000*12 240000

14 Audit Fees Payable Entry to be passed.

ISOCOMP FLUORO POLYMERS (INDIA) PRIVATE LIMITED. ISOCOMP FLUORO POLYMERS (INDIA) PRIVATE LIMITED. ISOCOMP FLUORO POLYMERS (INDIA) PRIVATE LIMITED.
BALANCE SHEET AS AT 31.03.2007 SCHEDULES TO BALANCE SHEET AS AT 31.03.2007 Sundry Debtors: SCHEDULE E TO BALANCE SHEET AS AT 31.03.2007 ISOCOMP FLUORO POLYMERS (INDIA) PRIVATE LIMITED.
PARTICULARS SCH. 31.03.2007 31.03.2006 PARTICULARS SCH. 31.03.2007 31.03.2006 Due more than Six Months Particulars Dep. Gross Additions Total as at Depreciation Depreciation Total W.D.V W.D.V DEPRECIAITON SCHEDULE FOR INCOME TAX ACT
Fluoro Carbon Seals 479068 Rate Block 31.03.2007 up to 01.04.06 for the year Depreciaiton31.03.2007 31.03.2006 Particulars Dep. W.D.V Additions Additions TOTAL Depreciation W.D.V
SOURCES OF FUNDS: SHARE CAPITAL: A Fluoroplast Industries 235456 Rate .01.04.06 Before 30.09.06 After 30.09.06 for the year 31.03.2007
Share Capital A 100000 100000 Authorised Capital Flurokraft Pvt Ltd 689257 Soft ware 40% 6760 12480 19240 141 7216 7357 11883 6619
10000 Equity Shares of Rs.100/ each Hindustan Nylons 1004805 Soft ware 60% 4732 12480 0 17212 10327 6885
Reserves and Surplus B 1055446 37032 1000000 1000000 Hindustan Polymer 70837 Car 25.89% 0 482723 482723 0 20142 20142 462581 0
TOTAL 1000000 1000000 Industrial Spares Manufacturing & Trading Co 236439 Car 15% 0 0 472723 472723 35454 437269
Secured Loans Kanan Polymer 20797 Computer 40% 0 38981 38981 0 10979 10979 28002 0
Issued and Subscribed & Paid up: Poly Fluoro Limited 544805 Computer 60% 0 38981 0 38981 23389 15592
Unsecured Loans C 190600 205600 1000 Equity shares of Rs.100/each 100000 100000 Standard Fluoromers Pvt Ltd 644633 Scanner 40% 0 21700 21700 0 642 642 21058 0
TOTAL 100000 100000 TOTAL 3926096.8 Scanner 60% 0 0 21700 21700 6510 15190
Deferred Tax Lability D 635 635 6760 555884 562644 141 38978 39119 523525 6619
1346681 343267 RESERVES AND SURPLUS: B Others: 4732 51461 494423 75680 474936
General Reserve 37032 30000 Aflon Associates 26824
APPLICATION OF FUNDS: Profit and Loss Account 1018414 7032 Dipflon Engineering & Co 46774
TOTAL 1055446 37032 Flucon Polymers (P) Ltd., 320041
Fixed Assets E Fluoro Polymers Products 95711 Additions No.of Days Dep.
Gross Block 562644 6760 UNSECURED LOANS: C Gmm Pfaudler Limited, 127910 Software 12480 02.05.2006
Less: Depreciation 39119 141 P.K Sethi 190600 205600 Hifluoro Plasts Industries 120000 31.03.2007 334 4568
Net Block 523525 6619 TOTAL 190600 205600 Krish Internationel 116937
Mach Polymers 627938 Computer 38981 18.07.2006
Current Assets,Loans and Advances: DEFERRED TAX LIABILITY: D Mask Seals Company 771487 31.03.2007 257 10979
Inventories F 932655 760182 635 635 Plastic Products Engg.Co 114837
Cash and Bank Balances G 1187377 1738618 TOTAL 635 635 Rotaflon Elastomers Pvt Ltd 240067 Car 472473 31.01.2007
Sundry Debtors H 6578215 1330473 Visan Polymers 43592 31.03.2007 59 19773
Deposits CURRENT ASSETS: TOTAL 2652118 10000 08.02.2007
Loans and Advances I 845668 45000 Inventories(at lower of Cost or NRV) F 31.03.2007 52 369
TOTAL (A) 9543915 3874273 as certified by the Management Advances to Customers
Less: Raw Materials 932655 760182 Performance Polymers & Coatings 520418 Scanner 21700 05.03.2007
Current Liabilities and Provisions: TOTAL 932655 760182 Solutions Integrated 250 31.03.2007 27 642
Current Liabilities: TOTAL 520668
Sundry Creditors J 8650519 3005379 Cash and Bank balances G Advance - others
Advance received from Customers K 80061 504818 Cash on hand 13415 5256 Advance Tax 325000
Provisions L 1109 42000 Canara Bank Current A/c 1173962 1733362 TOTAL 325000
TOTAL (B) 8731689 3552197 TOTAL 1187377 1738618

NET CURRENT ASSETS (AB) 812226 322076 Sundry Debtors(Unsecure d, Conside red good ) H Sundry Creditors:-
Due more than Six Months 3926097 0 Goods and Services
Miscelleneous Expenditure M 10929 14572 Others 2652118 1330473 Atlanta Business Services 2814
(to the extent not written off or adjusted) TOTAL 6578215 1330473 Isocomp Technologies 6887875
1346681 343267 LOANS ANDADVANCES: I Maxima Infotech 6000
Advance to Customers 520668 0 Sindhu Cargo Services Ltd 113777
Advance Others 325000 45000 TOTAL 7010466
Subject to our Report of even Date TOTAL 845668 45000
Creditors for Expenses:-
Promod k. Sethi For MADAN & CO., CURRENT LIABILITIES: Madan & Co 562
(Director) CHARTERED ACCOUNTANTS Sudry Credtiors J Sharma ram 174023
Goods and Services 7010466 2777680 Salary Payable 246092
Expenses 1513891 168514 Audit Fees Payable 38140 6092.00 PREV. YEAR
Tara Sethi J.H.Madan Srinivas Others 126162 59185 Polyflouro Rent Payable 144000
(Director) (Proprietor) TOTAL 8650519 3005379 Director Remuneration payable 742500
Travelling Exp Payable 48940 CURRENT YEAR
Place:Bangalore Advance received from Customers K 80061 504818 VAT Payable 119634 CURRENT YEAR
Date : TOTAL 80061 504818 TOTAL 1513891 129123
Others:- 9489
PROVISIONS:- L Canara Bank Payable 126162
Provision for Taxation 620 40000 TOTAL 126162
Provision for Fringe benefit Tax 489 2000
TOTAL 1109 42000 Advance received from Customers
G.B Rubber Products 1227
Karnataka Polymer Products 290
MISCELLENOUS EXPENDITURE:- M Maflon Engineers 76711
Preliminary Expenses 14572 Pawana Industries 1833
Less: Written off During the year 3643 10929 14572 TOTAL 80061
TOTAL 10929 14572
ISOCOMP FLUORO POLYMERS (INDIA) PRIVATE LIMITED. STATUS PRIVATE LIMITED COMPANY
No.260 A, BOMMASANDRA INDUSTRIAL AREA PAN. AABC14289F
HOSUR ROAD, ASST.YEAR 2007-2008
BANGALORE -560099. PRE . YEAR 2006-2007

STATEMENT OF TOTAL INCOME FOR INCOME TAX

INCOME FROM BUSINESS:-

Net Profit as per Profit and Loss A/c 1018414

Add: Inadmissible Expenses

Non Deduction of T.D.S on Audit Fees 30000
Fringe Benefit Tax 16830

Add:Disallowed us/ 43B

VAT Payable 119634
1184878

Add:Allowed us/ 43B

VAT Paid on 19.04.2007 119634
1065244
389574 8742.04 3071
ADD: Depreciaiton as Per Companies Act 38978 703
1104222 1326
Less: Depreciaiton allowable for Income Tax Act 75680 5100
INCOME FROM BUSINESS 1028542

GROSS TOTAL INCOME 1028542

Tax Liability on the above @ 30% 308563

ADD: Surcharge @ 10% 30856
339419
ADD: Education cess @ 2% 6788
Tax Payable 346207
Less: Advance Tax Paid 17.03.2007 325000
Net Tax Payable 21207
 ISO COMP FLORO POLYMERS LTD. (FROM 01.04.2006 To 31.03.2007)

1 Opening balaces are incorporated and tallied with the books.

2 Canara Bank Current A/c No.474 To reconcilied as on 31.03.2007.

Reconciliation statement prepared.

3 Sales Tax Reconciliation statement prepared as on 31.03.2007.

4 Audit fees provision to be made as on 31.03.2007.

5 Fringe Benefit Tax to be Provided as on 31.03.2007.

6 Advance Pad to Cardrobe Rs.10000/- Dated 08.02.07. Bill not yet received.
(Relating to Car added to Asset Value)

7 Cash Negative Balance in june 2006 Rs.10455/-

8 Purchase from Connoiseur Electronics Pvt. Ltd. Rs.40540/- in July paid Rs.38040/- Still Rs.2500/- outstanding.

9 DFC Services Pvt. Ltd opening balance Rs.1131/-(Cr) still continued. (Cash paid)

10 M.R.P.K.Sethi Opening balance (Cr) Rs.205600/- Still outstanding.

11 Rs.14000/- paid to Sharma Raman (Treated as Marketing Exp.Rs.129877.40/-)

12 Additions to Fixed Assets Bills Required.

Dated 15.07.06 Computer 35980.76
Dated 18.07.06 UPS 3000

13 P.K. Sethi A/c to be cleared. (Paid to Modavi Motors for purchase of Car)
(Car to be Accounted in Books)

14 Performance Polymers Coating A/c Balance as on 31.03.2007 Rs.938295/-

Paid Rs.1250000/-

15 Poly Fluro Ltd. Balance as on 31.03.2007 Rs.628684/- to be checked.

16 Poly Fluro Ltd. Rent a/c to be cleared. (Rent For the Month Rs.24000/-)
Rent Entries to be passed from July onwards T.D.S To be checked.

17 Salary Paybale opening balance to be cleared.

18 Salary to be provided for the month of March.

19 Sri Maruthi Courier Services a/c Rs.1880/- Debit balance to be cleared.

20 T.D.S A/c Payable Rs.2029/- (Cr) to be cleared.

Entries to be passed for Sharma Raman Remuneration and T.D.S Entries.

21 Telephone charges paid from october only.

22 V be Industreis opening balance Rs.6539/-(Debit) Still continued.

23 Purchase of Computer to be taken as Fixed Assets.

24 Sundry Creditors Confirmations required as on 31.03.2007.

Bluenile Trading Corporation 154700
ISO COMP Technologies ###

25 Cash Balance to be Adjusted.

Excise Duty included in Sale Bill.

Provision for Tax Opening balance

Current year provision to be made.
Purchsses
Cash Book
Bank Book
Journal Vouchers
Closing Stock Statement

Rs.50000/- paid to Tara Sethi

Management Bonus Payable Transferred to Performance Polymers

Bank Reconciliation Statement as on 31.03.2006
Balance as on 31.03.2006 (As per Balancesheet)

Add: Cash Drawn from Bank

Less: Cheques Issued but not cleared

Balance as per Bank pass sheet as on 31.03.2006

 1705692

58045
1763737
61984
50000
270490
76150
208085 666709
1097028
FRINGE BENEFIT TAX CALCULATION STATEMENT (F.Y.2006-2007)

Expenditure % IST QUARTER II QUARTER III QUARTER

Amount Value Amount Value Amount Value

Local Conveyance 20% 102 20 181 36 322 64

Telephone charges 20% 0 0 0 0 312 62

Business prom. Exp 20% 0 0 0 0 0 0

Boarding Exp

Travelling Exp 20% 30000 6000 55000 11000 33940 6788

6020 11036 6915

F.B.T Tax Calculation

I QUARTER 6020
II QUARTER 11036
III QUARTER 6915
IV QUARTER 26030
50001

Tax @ 30% 15000

Add: Surcharge @ 10% 1500

16500
Add: Education cess @ 2% 330
Tax Payable 16830
 IV QUARTER
Amount Value

5147 1029 5752 164637

150 30 462

84907 16981 84907

39945 7989 158885 164637

26030
VAT RECONCILIATION STATEMENT
Sales 12.5% CST SALES 4% CST SALES 10% CST
Sales Tax Sales Tax Sales Tax Sales
OPENING BALANCE
APRIL 0 137282 5491 12752 1275 150034

MAY 0 2935857 117434 144077 14408 3079934

JUNE 333977 41747 2172520 86901 0 0 2172520

JULY 0 0 1420358 56814 61117 6112 1481475

AUGUST 106033 13254 5313893 212556 0 0 5313893

SEPTEMBER 89289 11161 2293129 91725 0 0 2293129

OCTOBER 96689 12086 4710262 188410 0 0 4710262

NOVEMBER 614420 76803 1348365 53935 0 0 1348365

DECEMBER 150584 18823 3053225 122129 0 0 3053225

JANUARY 28192 3524 1029238 41170 0 0 1029238

FEBRUARY 0 0 1268931 50757 0 0 1268931

MARCH 66940 8368 3431539 137262 0 0 3431539

TOTAL 1486124 185766 29114599 1164584 217946 21795 29332545

TOTAL TURNOVER:-

VAT 12.5% 1486124

CST SALES 29332545
30818669
30818668
-1
Total Purchase -4% Import Tax Balance Tax
Output Tax Purchase Tax Purchase Payable Paid Payable
59185 59103 82 59185
6766 0 0 0 6766 6766 0

131842 0 0 2652658 131842 131841 1

128648 0 0 2749847 128648 128378 270

62926 38981 1559 1551690 61367 61367 0

225810 0 0 5729514 225810 232681 -6871

102886 0 0 4308767 102886 105457 -2571

200497 0 0 2852278 200497 200611 -114

130737 0 0 1489327 130737 130739 -2

140952 0 0 3119784 140952 140953 -1

44694 0 0 0 44694 44694 0

50757 0 0 530519 50757 52107 -1350

145629 148750 5950 2046424 139679 139679

1372144 187731 7509 27030808 1364635 1294697 129123 120234

8720
128954
129123
169
2500 321 801650.00
 BRS FOR THE MONTH OF APRIL 2006
Particulars Clearance date Less Add Total
Balance as per bank book 597874

Cheque deposited but not cleared 27/05/06 53212

Cheque issued but not cleared Cheque No: 179927 02/05/06 59103
Total 53212 59103 597874
Balnance as per Pass Sheet 603765

BRS FOR THE MONTH OF MAY 2006

Particulars Clearance date Less Add Total
Balance as per bank book 897879
Cheque deposited but not cleared 01/06/06 137313
07/06/06 16238
Total 153551 897879
Balnance as per Pass Sheet 744328

BRS FOR THE MONTH OF JUNE 2006

Particulars Clearance date Less Add Total
Balance as per bank book 946404
Cheque deposited but not cleared
30/08/06 101835
20/07/06 22503
Cheque NO:555181 04/0706 14027
No Cheque number - 137313

Cheque issued but not cleared Cheque No: 179946 03/07/06 505
Total 275678 505 946404
Balnance as per Pass Sheet 671231

BRS FOR THE MONTH OF JULY 2006

Particulars Clearance date Less Add Total
Balance as per bank book 155019

Cheque deposited but not cleared Cheque No:143711 20/09/06 122668

314654 25/10/06 47331
877063 20/09/06 12245
61840063 30/08/06 101835
456567 - 137313
Cheque issued but not cleared Cheque No: 179959 08/08/06 25000
Cheque deposited in Bank but not debited in books 281705
Total 306705 421392 155019
Balnance as per Pass Sheet 269706

BRS FOR THE MONTH OF AUGEST 2006

Particulars Clearance date Less Add Total
Balance as per bank book 1051778

Cheque deposited but not cleared Cheque No:604954 20/09/06 32938

882002 20/09/06 180972
398235 20/09/06 27822
143711 20/09/06 122668
877063 20/09/06 12245
314654 25/10/06 47331
456567 - 137313
Cheque deposited in Bank but not debited in books 136358 955
Cheque issued but not cleared Cheque No: -
Total 561289 136358 1051778
Balnance as per Pass Sheet 626847

BRS FOR THE MONTH OF SEPTEMBER 2006

Particulars Clearance date Less Add Total
Balance as per bank book 232053.48

Cheque deposited but not cleared Cheque No:

318063 10/10/06 48956
 314654 25/10/06 47331
456567 - 137313
Cheque deposited in Bank but not debited in books 136358
Cheque issued but not cleared Cheque No: -
Total 233600 136358 232053.48
Balnance as per Pass Sheet 134811.48

BRS FOR THE MONTH OF OCTOBER 2006

Particulars Clearance date Less Add Total
Balance as per bank book 2031402.27

Cheque deposited but not cleared Cheque No:459108 02/11/06 163788

459050 02/11/06 163788
459049 02/11/06 137491
565111 13/11/06 27219
772013 13/11/06 126431
565110 14/11/06 26130
456567 - 137313
Cheque deposited in Bank but not debited in books 136358
Cheque issued but not cleared Cheque No: -
Total 782160 136358 2031402.27
Balnance as per Pass Sheet 1385600.27

BRS FOR THE MONTH OF NOVEMBER 2006

Particulars Clearance date Less Add Total
Balance as per bank book 542382

Cheque deposited but not cleared Cheque No:

343986 19/12/06 14407
676432 13/12/06 118206
323752 26/12/06 48955
974860 11/12/06 100000
865278 11/12/06 50000
 78530 11/12/06 85512
565124 11/12/06 26130
323763 21/02/07 85000
456567 - 137313
Cheque deposited in Bank but not debited in books 136358
Cheque issued but not cleared Cheque No: -
Total 665523 136358 542382
Balnance as per Pass Sheet 13217

BRS FOR THE MONTH OF DECEMBER 2006

Particulars Clearance date Less Add Total
Balance as per bank book 2100416

Cheque deposited but not cleared Cheque No:

861149 02/01/07 99818
459185 02/01/07 75919
459184 02/01/07 117818
323764 22/01/07 85240
861148 02/01/07 117818
436006 09/01/06 165795
884177 09/01/07 293390
323763 21/02/07 85000
456567 - 137313
Cheque deposited in Bank but not debited in books 136358
Cheque issued but not cleared Cheque No: 05/02/07 30631
03/01/07 7057
Total 1178111 174046 2100416
Balnance as per Pass Sheet 1096351

BRS FOR THE MONTH OF JANUARY 2007

Particulars Clearance date Less Add Total
Balance as per bank book 2926546

Cheque deposited but not cleared Cheque No:604958 01/02/07 26664

 436010 02/02/07 165795
699309 14/02/07 145130
699308 14/02/07 135000
699236 14/02/07 140130
168827 01/02/07 500000
46237 01/02/07 127974
79631 14/02/07 91966
699235 14/02/07 140000
323763 21/02/07 85000
456567 - 137313
Cheque deposited in Bank but not debited in books 136358
Cheque issued but not cleared Cheque No: 181916 05/02/07 30631
181915 02/02/07 472723
181912 05/02/07 2000
181913 05/02/07 3380
Total 1694972 645092 2926546
Balnance as per Pass Sheet 1876666

BRS FOR THE MONTH OF FEBURARY 2007

Particulars Clearance date Less Add Total
Balance as per bank book 3090376

Cheque deposited but not cleared Cheque No:

436078 30/03/07 143826
378738 30/03/07 370090
886278 23/03/07 300000
865279 30/03/07 34600
147563 30/03/07 25000
147546 09/03/07 25000
456567 - 137313
Cheque deposited in Bank but not debited in books 136358
Cheque issued but not cleared Cheque No: 07/03/07 10000
Total 1035829 146358 3090376
Balnance as per Pass Sheet 2200905
 BRS FOR THE MONTH OF MARCH 2007
Particulars Clearance date Less Add Total
Balance as per bank book 1173962
Cheque issued but not cleared Cheque No:181936 5.4.07 154700
Cheque deposited but not cleared Cheque No:869021 5.4.07 12541
Cheque deposited in Bank but not debited in books 136358
Total 12541 291058 1173962
Balance as per Pass Sheet 1452479