SPENTEX NETHERLANDS B V Soums to $ EURO TO USD

Average Rate 1,496.63 1.413

Balance Sheet as at 31st March 2010 Closing Rate 1,553.70 1.351

STTL Netherland Schoeller Total

USD USD USD USD
Source of Funds

Share Capital 19,620,010 15,026,882 26,371 15,186,886

Share Warrants Subscriptions
Reserves & Surplus 882,898 6,753,706 20,949,384 23,716,149
Total Rs. 20,502,907 21,780,588 20,975,755 38,903,035
Loans & Funds
Secured Loans - 43,099,122 10,482,409 53,581,531
Unsecured Loan 51,591,992 - 21,705,989 44,086,682
Deferred Tax Liability - -
Total Rs. 72,094,900 64,879,710 53,164,153 136,571,249

Application of Funds
Fixed Assets
Gross Block 81,467,216 - 98,343,123 191,327,085
Less: Depreciation during the year 19,160,562 - 65,086,952 84,247,514
Net Block 62,306,654 - 33,256,171 107,079,571
Capital Work In Progress (including Advance) 6,405,197 - 37,436 6,442,633
Goodwill -

Investments 35,872,955 - -

Current Assets, Loan & Advances

Inventories 5,298,417 - 9,334,302 14,632,719
Sundry Debtors 4,580,492 - 4,506,558 9,087,050
Cash & Bank Balances 2,763,478 14,551 1,334,207 4,112,236
Loans and Advances 10,143,069 33,024,045 16,487,434 28,272,733
22,785,457 33,038,596 31,662,501 56,104,739
Less: Current Liabilities & Provisions: 19,402,407 4,031,842 11,792,426 33,056,165
3,383,049 29,006,754 19,870,075 23,048,573

Miscellaneous Expenditure 470 470

(To be extent not written off or adjusted)
Total Rs. 72,094,900 64,879,709 53,164,152 136,571,248
Consolidated Balance Sheet-SNBV USD to Rs. EURO TO USD
Average Rate 47.33 1.4134
PROFIT & LOSS A/C FOR THE PERIOD ENDED 31st March 2010Closing Rate 44.80 1.3510

STTL Netherland Schoeller Elimination Total

USD USD USD USD USD

Income
Sales 73,673,403 19,825,762 93,499,165
Other Income 158,885 702,694 4,483,305 255,804 5,089,080
Increase/(Decrease) in Stock (3,615,885) (716,455) (4,332,340)
Profit/(Loss) on fluctuation (429,674) (429,674)
70,216,403 702,694 23,162,938 255,804 93,826,231

Expenditure
Raw Material Consumed / Purchase 37,654,250 - 9,269,442 46,923,692
Cost of Traded Good Sold 1,936,191 1,936,191
Salaries, Wages & Benefits 8,124,669 - 5,420,389 13,545,058
Other Costs 20,993,237 792,148 8,833,671 30,619,056
Depreciation 5,250,849 - 2,283,953 7,534,802
Financial Charges 640,616 959,135 (170,775) 255,804 1,173,172
Stock Reserve - -
72,663,621 1,751,283 27572871 255,804 101,731,971
Profit (Loss) before Tax (2,447,218) (1,048,589) (4,409,933) - (7,905,740)
Extra Ordinary Income - 14,806,751 - 14,806,751
Taxation & Related Charges - - -
Fringe Benefit Tax -
Deferred tax - - -
Profit (Loss) after Tax (2,447,218) (1,048,589) 10,396,818 - 6,901,011
Add Profit Carried Forward - - - - -
Profit (Loss) after Tax (2,447,218) (1,048,589) 10,396,818 - 6,901,011

3,444,247
3,444,247