1.  Schedule 1 to 11 form an integral part of the Balance Sheet and
 Profit & Loss Account.
 
 2.  Contingent Liabilities: (Rs. in Lacs)
 
                                      Current Year      Previous Year
                                      30.06.2010        30.06.2009
 
 a) Estimated amount of contracts        151.15           557.80
 remaining to be executed on
 Capital Account and not provided for
 
 b)  Unexpired Letters of Credit          59.24            81.62
 
 c)  Disputed Statutory Dues in respect 
     of Excise Duty/Service Tax          134.87           134.87
 
 Contingent Assets are neither recognized, nor disclosed
 
 3.  In the opinion of the Board of Directors, the current assets and
 loans and advances If, realized in the ordinary course of business,
 would be realised at least equal to the the amounts at which they have
 been stated in the Balance Sheet. Provision for all known liabilities
 have been made in the books of accounts.
 
 4.  The Company is primarily focused on manufacturing Steel Forgings.
 Therefore, there are no separate segments within the Company as defined
 by Accounting Standard 17 (Segment Reporting ), issued by the Institute
 of Chartered Accountants of India and hence, the same is not reported
 
 5.  Other liabilities under current liabilities include amount
 recovered from customers on account of CST/VAT/ Surcharge, but not
 deposited, as the Company had been issued an eligibility certificate
 for Sales Tax deferment under the Maharashtra Sales Tax Act, 1959 and
 HP Sales Tax Act.
 
 6.  Maximum amount outstanding at any time during the year due from /
 due to directors is Rs.Nil. (Previous year Rs. Nil.).
 
 7.  Confirmation of Balances in respect of some of debtors/creditors
 accounts as at 30th June, 2010 are yet to be received as at the date of
 the Auditor report.
 
 8.  (a) Sundry Creditors include a Sum of Rs.26.83 lacs (Previous Year
 Rs 48.69 lacs) due to Small & Medium Enterprises.
 
 (b) The List of SMEs to whom Company owes a sum exceeding Rs.1,00,000
 and which is outstanding for more than 30 days is as under:-
 
 Ray Heat Treatment, Universal Engg. & Mfg. Industries & Shree Krishna
 Safety Products Pvt. Ltd etc.
 
 (c) The Payments to SMEs have been made as per stipulated terms.
 
 (d) The above information has been compiled in respect of parties to
 the extent to which they could be identified as SMEs on the basis of
 information available with the Company.
 
 9.  Market Value of the Quoted investments as on 30.06.2010
 Sanghvi Movers Ltd.  Rs.  191.15 Per Share (Aggregate value of Rs.6.69
 lacs)
 
 Dena Bank Rs.  93.05 Per Share (Aggregate value of Rs.6.53 lacs)
 
 Market value of Grapco Mining & Co. Ltd, Good Value marketing Ltd, and
 Global Infrastructure & Technologies Ltd - Not Available
 
 10.  The Company, during the year, has allotted 18,30,000 equity shares
 of Rs.10/- each at premium of Rs.37/- per share against 18,30,000
 warrants issued by it in the earlier years to parties and companies
 covered in the register maintained under section 301 of the Companies
 Act, 1956.
 
 11.  RETIREMENT BENEFITS
 
 Effective from financial year 2007-08, the Company has implemented
 Accounting Standard (AS)-15 (Revised -2005) dealing with Employees
 Benefits, issued by the Institute of Chartered Accountants of India.
 AS-15 (Revised-2005) deals with recognition, measurement and disclosure
 of short term, post employment, termination and other long term
 employee benefits provided by the Company.
 
 The Company has various Schemes of retirement benefits schemes such as
 Provident Fund, Gratuity and Earned Leaves.
 
 12.  RETIREMENT BENEFITS
 
 1) Post Employment Benefit Plans:
 
 Payments to defined contribution retirement benefit schemes is charged
 as an expense as they fall due.
 
 For defined benefit schemes, the cost of providing benefits is
 determined using Projected Unit Credit Method, with actuarial valuation
 being carried out at each Balance Sheet date. Actuarial gain & losses
 are recognised in full in the profit & loss account for the period in
 which they occur. Past service cost is recognized to the extent the
 benefits are already vested, and otherwise is amortised on a Straight
 line Method over the average period until the benefits become vested.
 
 The retirement benefit obligations recognized in the Balance Sheet
 represent the present value of the defined benefit obligations as
 adjusted for unrecognized past service cost, and as reduced by the fair
 value of available refunds and reductions in future contributions to
 the scheme.
 
 a) Defined Benefit plan:
 
 i) Gratuity Plan & Leave Encashment Plan
 
 The Company, in accordance with AS-15 (Revised) ir