1.                                       2011-2012      2010-2011 
                                          Rs.in Lacs     Rs.in Lacs
 
 Contingent Liabilities not 
 provided for :
 
 i) For guarantee & counter-
 guarantees to the Bank against 
 Bank''s guarantee to the Government 
 of India and other authorities                32.02          2.62
 
 (ii) Excise Duty demand disputed              47.42         35.32
 
 (iii) Income tax/Fringe Benefit 
 Tax demand contested in appeal               131.53         98.37
 
 (iv) Property tax demand 
  contested in appeal                            -           36.19
 
 (v) Sales tax demand disputed                 24.91         18.40
 
 (vi) Claims against the Company 
 not acknowledged as debt                      76.69         70.37
 
 2. Estimated amount of contracts 
 remaining to be executed on
 capital account and not provided for        5634.52       7141.72
 
 3. The Company has opted for accounting the exchange differences
 gain/loss arising on long term foreign currency monetary item in line
 with Companies (Accounting Standards) Amendment Rules 2009 on
 Accounting Standard (AS) 11'' notified by Government of India on
 31.03.09.
 
 Accordingly the exchange difference loss '' 318.69 lacs arising on
 deferred payment credits so far as it relates to depreciable asset is
 adjusted by addition to the cost of the assets including capital work
 in progress, resulting into higher profits for the year (net of
 depreciation '' 15.45 lacs) by '' 303.24 lacs.
 
 4. Excise duty deducted from turnover represents excise duty collected
 on sale of goods. Excise duty shown under expenditure'' represents
 the aggregate of excise duty borne by the Company and difference
 between excise duty on opening and closing stocks of finished goods.
 
 5. An Application is made to the Central Government in respect of Mr.
 S. M. Patel, as Executive Chairman and remuneration fixed in pursuance
 to the resolution passed at the last Annual General Meeting held on
 29th July, 2011 and further that in absence of profits or inadequate
 profits the remuneration so paid be considered as minimum remuneration.
 
 The remuneration provided in terms of aforesaid resolution is subject
 to the approval of central Government which is awaited. Meanwhile, Mr.
 S. M. Patel is paid remuneration with reference to net profits of the
 Company for the financial year subject to overall ceiling as prescribed
 in Section 198 and 309 of the companies Act, 1956.
 
 6. As on 31-03-2012, the Company owes a sum of '' 355.09 lacs (Previous
 Year '' 326.69 Lacs) to Micro, Small and Medium Enterprises. The
 information has been given in respect of such vendors to the extent
 they could be identified as Micro, Small and Medium enterprises
 on the basis of information available with the Company.
 
 7. The Company''s business activity falls within a single primary
 segment viz., manufacture of Bearings. As such there are no separate
 reportable segments as envisaged under Accounting Standard - 17.
 
 8. Figures for the previous year have been regrouped/rearranged
 wherever necessary for comparison and to confirm to the classification
 of the current period.