a. Rights, preferences and restrictions attached to shares
 
 i The Company has only one class of shares referred to as equity shares
 having a par value of Rs 10/-.
 
 ii Each holder of equity shares is entitled to one vote per share which
 can be exercised either personally or by an attorney or by proxy.
 
 The dividend proposed by the Board of Directors is subject to approval
 of the shareholders in the ensuing general meeting except in the case
 of interim dividend.
 
 In the event of liquidation of the Company, the holders of equity
 shares shall be entitled to receive any of the remaining assets of the
 Company, after iv distribution of all preferential amounts. The amount
 distributed will be in proportion to the number of equity shares held
 by the shareholders.
 
 b. Shares reserve for issue under commitment to convert warrants into
 equity shares
 
 i The shareholders in the Extra-ordinary general meeting held on April
 23, 2012 approved the allotment of 15,00,000 warrants on a preferential
 basis to promoters and other investors as specified in the notice of
 the Extra-Ordinary General Meeting issued by the Company on March 23,
 2012. Each warrant is convertible into 1 (one) Equity Share of the
 Company of the face value of '' 10/- each at a premium of '' 80/- per
 share. Each warrant being priced at'' 90/- per share. On compliance of
 conditions of issue of warrants the warrants shall be converted in to
 15,00,000 Equity Shares out of the unissued portion of share capital.
 
 c. Details of securities
 
 The term loans obtained as consortium loans are secured by way of
 
 1 first pari-passu charge over :
 
 i.  Plot No. 157, Mamura, Bhuj (admeasuring 3.20 acres)
 
 ii.  Plot No. 172,174 & 175, Vadadala, Baroda (admeasuring 03.00.01
 hectares)
 
 iii. Plot No. F-75/76/82/85 & H-83/84, RIICO I.A., Swaroopganj,
 Rajasthan (admeasuring 9,457.50 sq.mtrs.)
 
 iv.  307/308, Arundeep Complex, Race Course, Baroda (admeasuring 1,405
 super built up area)
 
 v.  134,135 1st Floor, Hindustan Kohinoor Ind. Complex, LBs Marg,
 Vikhroli (W), Mumbai (admeasuring 870 sq. ft.)
 
 vi.  Corporate office at plot no.347, GIDC, Waghodia
 
 vii. Plot no. 253-254 (area 3000 sq.mtrs.) and plot no.728 & 729 (area
 4061 sq mtrs), GIDC, Waghodia
 
 viii.  Plot no. F-140 (admeasuring 2304 sq.mtrs.), F-141 (admeasuring
 2275 sq.mtrs.), F-142 (admeasuring 1950 sq.mtrs.), RIICO Industrial
 Area, Alwar, Rajasthan.
 
 ix.  Plot no.23 & 24 (area 3.29 acre), SIPCOT Industrial Estate,
 Phase-II, Hosur, Krishnagiri, Tamil Nadu
 
 x.  Plot no.104/3, village Puthur, Tirunvelli, Tamil Nadu (admeasuring
 20,261 sq.mtrs.)
 
 xi.  Plant and machinery, both present and future, wherever situated at
 all factories and premises pertaining to above locations.
 
 2 second pari-passu charge over:
 
 current assets, both present and future, wherever situated, but
 pertaining to the division/factory/premises at Vadadala, Waghodia and
 Bhuj (all in Gujarat), Alwar and Swaroopganj (both in Rajasthan), Hosur
 and Tirunvelli (both in Tamil Nadu) and Vikhroli (W), Mumbai.
 
 All the term loans are further collaterally secured by personal
 guarantee of Chairman and Managing Director, Managing Director and
 Joint Managing Director of the Company.
 
 Term loans of Rs 176.30 Lacs (Previous Year:Rs 163.27 Lacs) obtained
 for acquisition of assets (vehicles) are secured only by the
 hypothecation of the respective assets financed.
 
 c. Details of securities
 
 The working capital finance facilities are secured by way of:
 
 1 first pari-passu charge over:
 
 current assets, both present and future, wherever situated, but
 pertaining to the division/factory/premises at Vadadala, Waghodia and
 Bhuj (all in Gujarat), Alwar and Swaroopganj (both in Rajasthan), Hosur
 and Tirunvelli (both in Tamil Nadu) and Vikhroli (W), Mumbai.
 
 second pari-passu charge on factories and premises and plant and
 machineries, both present and future, wherever situated, but pertaining
 to the locations stated in note 3(d)(1).
 
 The working capital finance facilities are further collaterally secured
 by personal guarantee of Chairman and Managing Director, Managing
 Director and 3 Joint Managing Director of the Company.
 
 B.8 Discount Rate used for valuing liabilities is based on yields (as
 on valuation date) of Government Bonds with tenure similar to the
 expected working lifetime of the employee.
 
 B.9 Estimates of future salary increase are based on inflation,
 seniority, promotion and other relevant factors such as demand and
 supply in the employment market. This assumption has been determined in
 consultation with the company.
 
 3.  Contingent Liabilities and Commitments
 
 (To the extent not provided for)
 
 A.  Contingent Liabilities
 
 (i) Claims against the company not acknowledged as debt:
 
 The Company does not have any claims note acknowledged as debt as on
 the balance sheet date (Previous Year: Rs Nil)
 
 (ii) Other money for which the company is contingently liable - Matter
 under dispute:
 
                                                          (Rs.in Lacs)
 
 SR.  PARTICULARS                  March 31, 2012      March 31, 2011 
 NO.                                    Rs.               Rs.
 
 1 Demand of Sales Tax 
 disputed in appeal.                         5.85                8.59
 
 2 Claims from Excise 
 authorities not 
 acknowledged as                           147.68              148.68
 debt.
 
 3 Demand of Income Tax 
 disputed in appeal.                       209.31              168.24
 
 (iii) Guarantees and Letter of Credits:
 
 - Company has given guarantee of Rs 1,250.00 (Previous Year: Rs 1,250.00
 Lacs) on behalf of subsidiary company.
 
 - Guarantee given by Company''s Bankers in normal course of business Rs31.19 lacs (Previous Year Rs13.49
Lacs).
 
 - Inland / Foreign Letter of Credit issued by Bank Rs 372.59 lacs
 (Previous Year:Rs 499.18 Lacs).
 
 B.  Capital Commitments
 
 Estimated amount of contracts remaining to be executed on capital
 account, not provided for (net of advances) amounting to Rs 812.80 lacs
 (Previous Year Rs 1193.88 lacs).
 
 4.  In the opinion of the management, the current assets and loans and
 advances considered as non-current and other non-current assets are
 stated at value, which is realizable in the ordinary course of business
 and provision is made for all known material liabilities.
 
 5.  During last quarter of financial year 2011-12, a Bank has debited
 in our account a sum of Rs.145.52 lacs on account of exchange
 difference on expiry of forward contracts. Preliminary investigation
 revealed that a senior executive of the Company, acting beyond
 delegated powers, had booked forward contracts for sale of US Dollars.
 The Company believes that Bank had permitted Senior Executive to book
 such contracts beyond powers delegated to him and it also appears that
 bank has permitted these contracts in contravention of various
 guidelines of Reserve Bank of India on the subject.
 
 Total loss on account of all such contracts is estimated at Rs. 505.25
 Lacs, considering the exchange rate as on the balance sheet date. The
 Company, based on legal advice has disowned such contracts and disputed
 such debits as well as future liability with bank. Company is
 investigating the transactions and has resorted to suitable legal
 remedy, as advised, against the Senior Executive and Bank. Pending the
 outcome of the investigations and actions, company has not accounted
 the said debits by the bank nor recognized this loss / liability in
 books of account.
 
 6.  Segment Analysis
 
 The Company operates only in one business segment i.e. Industrial
 Minerals. In view of this, no separate disclosure in required under
 AS-17.
 
 7.  Related party transactions
 
 As required under the Accounting Standard AS - 18 on Related Party
 Disclosures as notified by The Companies (Accounting Standards) Rules,
 2006 are given below:
 
 (A) List of related parties:
 
 a.  Enterprises where control exists (subsidiaries):
 
 a.  20 Microns SDN BHD
 
 b.  20 Microns Nano Minerals Limited
 
 c.  20 Microns FZE
 
 b.  Enterprises where significant influence exists:
 
 a.  DMC Limited (formerly known as Dispersive Minerals and Chemicals
 India Limited)
 
 b.  Bruno Industrial Products Limited
 
 c.  Microns Logistic Private Limited
 
 d.  Eriez Finance & investment Limited
 
 e.  Aric 20 Microns Infrasonic Private Limited
 
 (formerly known as Eric Finance and Investment Limited)
 
 f.  Platy Minerals Private Limited
 
 (formerly known as Trio Techno Minerals Private Limited)
 
 g.  Nanotech Minerals India Private Limited
 
 h.  Ultra Minechem Equipments Private Limited
 
 i.  20 Microns Foundation Trust.  
 
 ii. 20 Microns ESOS Trust.
 
 c.  Key Management Personnel
 
 a.  Shri C S Parikh - Chairman and Managing Director
 
 b.  Shri S R Parikh - Whole Time Director
 
 c.  Shri R C Parikh - Managing Director
 
 d.  Shri A C Parikh - Jt. Managing Director
 
 d.  Relatives of Key Management Personnel:
 
 a.  Mrs. I C Parikh - Wife of Shri C S Parikh
 
 b.  Shri L R Parikh - Brother of Shri Sudhir Parikh
 
 c.  Mrs D S Parikh - Wife of Shri Sudhir Parikh
 
 d.  Mrs S R Parikh - Wife of Shri Rajesh C Parikh
 
 e.  Ms. V R Parikh - Daughter of Shri Rajesh C Parikh
 
 8.  Till the year ended March 31, 2011, the company prepared and
 presented the financial statements pursuant to the requirements of the
 erstwhile Schedule VI to the Companies Act, 1956. During the year ended
 March 31, 2012, the Revised Schedule VI notified under Companies Act
 1956, has become applicable to the company. The company has
 reclassified previous year figures to confirm to this year''s
 classification. The adoption of revised Schedule VI does not impact
 recognition and measurement principles followed for preparation of
 financial statements. However, it significantly impacts presentation
 and disclosures made in the financial statements, particularly
 presentation of balance sheet.