i) Estimated amount of contracts remaining to be executed on Capital
 Account is Rs.  103.79 Lacs (Net of advance of Rs. 34.60 lacs)
 (Previous year Rs.53.33 lacs, net of advance Rs. 14.67 lacs).
 
 ii)     Contingent liability not provided for in respect of :
 
                                                    (Rs. in lacs)
                                                     2011       2010
 
 a. Outstanding Bank Guarantee                      44.90      20.02
 
 b. Disputed Income Tax Penalty                     12.75      12.75
 for the assessment year 2003-04
 
 c. Disputed Duty & Penalty under 
    Central Excise Law                              86.56      86.56
 
 d. Departmental appeals before the Income Tax     136.99        _
 Appeallate Tribunal for the assessment years
 2000-2001, 2001-2002 & 2002 -2003
 
 iii) Charge of hypothecation over Current Assets & Raw Materials
 procured under letter of credit in favour of bankers has been created
 for letter of credit issued. Aggregate value of such letter of credit
 outstanding as on 31st March 2011 is Rs. 512.59 lacs.  (Previous Year
 Rs.107.77 lacs).
 
 iv) The Company,in respect of its claim for refund of Input Tax Credit
 amounting to Rs.106.03 lacs for the Financial Year 2005-06 is filing a
 revision petition u/s 87 of the VAT Act, 2003 against the Appellate
 Authority''s order dt. 25.03.2011, rejecting the appeal. The Company has
 filed an appeal before Joint Commissioner of Sales Tax , Kolkata
 (South) Circle against the assessment order dt. 14.06.2010 for the
 financial year 2007-08 in respect of rejection of claim for refund of
 Input Tax Credit amounting to Rs. 162.21lacs , the appeal is still
 pending. Claims for the refund of Input Tax Credit in respect of other
 financial years are at various stages of adjudication with the Sales
 Tax Department . The Company is hopeful about their early recovery,
 since it has been advised by its lawyer that the said claims are worked
 out and made in conformity and compliance with the stipulated rules and
 procedures. During the current financial year the company has received
 provisional refund of Input Tax Credit amounting to Rs.39.03 lacs,
 which constitutes 50% of the amount of accepted claims for the
 financial year 2009-2010 against submission of Indemnity Bond
 equivalent to the amount of claim.
 
 v) The Additional Commissioner of Central Excise, Kol-II and Haldia
 Commission rate
 
 have raised two separate demands with penalty aggregating to Rs. 136.56
 lacs out of which Rs. 50.00 lacs was paid in the financial year
 2007-08. The Company had filed Appeals against the above demands before
 the Commission rate (Appeal - I & II) of Central Excise Kolkata which
 are still pending.
 
 vi) Gratuity and Other Post-Employment Benefit Plans :
 
 The Company has a defined benefit gratuity plan. Every employee who has
 completed five years or more of service gets a gratuity on departure at
 15 days salary (last drawn salary) for each completed year of service.
 
 The Company also provides Leave Encashment Benefit to employees,
 whereby unutilised leave is carried forward and eligible for encashment
 upon retirement / termination.
 
 The following tables summarise the components of net benefit expense
 recognised in the Profit and Loss Account and amounts recognised in the
 Balance Sheet for the respective plans.  i
 
 The principal assumptions are the (1) discount rate & (2) Salary
 increase.
 
 The discount rate should be based upon the market yields available on
 Government bonds at the accounting date with a term that matches that
 of the liabilities and the salary increase should take account of
 inflation, seniority, promotion and other relevant factors.
 
 The financial assumptions employed for the calculations are as follows:
 
 Scheme is not funded through any trust fund and therefore no assumption
 regarding expected rate of return on assets is applicable.
 
 vii) In view of insufficient information from the suppliers regarding
 their status as Micro, Small and Medium Enterprises, the amount
 remaining unpaid to such undertakings could not be ascertained for
 separate disclosure in our accounts.  
 
 viii) In the opinion of the Board, all Current Assets, Loans and
 Advances have a value on realisation in the ordinary course of business
 at least equal to the amount at which they are stated in the accounts.
 
 ix) Advance includes Rs. 14.86 lacs due from M/s. The Salkia Industrial
 Works. Legal suit has been filed by the Company for the recovery of
 this due. The suit is still pending .  
 
 x) Exchange rate difference includes exchange loss of Rs.  3.55 lacs
 (P.Y. - Rs. 0.12 lacs) arising out of cancellation of forward contract.
 
 xi) In the opinion of the Board there is no loss on account of
 impairment of any asset during the year.  
 
 xiii) Borrowing cost capitalised during the year Rs. 5.10 lacs
 (Previous Year Rs. NIL).
 
 xiv) The following table shows the distribution of the Company''s
 consolidated sales by geographical market, regardless of where the
 goods were produced.
 
 The Company has common cost, fixed assets and liabilities for all
 geographical segments, hence separate figures for segment results,
 fixed assets/addition to fixed assets and liabilities have not been
 furnished.
 
 xv) The major components of the Deferred tax assets/liabilities based
 on the tax effect on the timing difference as at 31st March, 2011 are
 as under:
 
 Note : The company extended additional credit terms to North American
 Cast Iron Products Inc. for which an interest of Rs.14.01 lacs has been
 charged.  xvii) Forward exchange contract outstanding as on 31.03.2011
 to cover foreign currency risk of a firm commitment or a highly
 probable forecast transactions, marked to market at the year end works
 out to a loss of Rs. 6.11 lacs (Previous Year - NIL), which has not
 been provided in the books of accounts in view of expected favorable
 exchange rate after the Balance Sheet date.
 
 xviii) On 23.11.2010 a vessel carrying six containers of our exported
 goods collided with another vessel at Hooghly river passage and
 suffered damages. The company estimated liability of Rs.11.61 lacs on
 that account and provided the same in the books of accounts.
 
 5) Stocks are Net off shortage / excess which are not material.
 
 6) Others items are numerous and none of these individually exceeds 10%
 of the total consumption.
 
 7) 93.810 MT of M.S. Product has been scrapped and used as Raw
 Materials for production of Castings during the year.
 
 xxiii) Previous year''s figures have been regrouped / revised wherever
 found necessary.