1.  Capital commitments:
 
 The estimated amount of contracts remaining to be executed on capital
 account, and not provided for (net of advances) as at 31 st March, 2011
 Rs. 8,680.70 lacs (Previous year: Rs. 152.84 lacs) (including in
 respect of loint Venture Rs. 130.09 lacs (Previous year Rs. Nil)).
 
 2.  Contingent liabilities:
 
                                                    Rs. in Lacs
 
                                            As at 31st 
                                           March, 2011     As at 31st 
                                                          March ,2010
 
 a) Disputed demands of following authorities
 
 Income tax                                      19.68         18.58
 
 Excise duty ( Rs.19.41 lacs (Previous Year  
 Rs.16.41 lacs) paid under protest)           4,663.64      1,727.38
 (Also Refer Note No. 1 below)
 
 Sales tax ( Rs. 7.70 lacs ( Previous Year 
 Rs. Nil) paid under protest)                    77.03             -
 
 employees State Insurance Corporation 
 (ESIC) (Refer Note No. 2 below)                  0.96             -
 
 (The Company has contested these demands 
 before various authorities and is hopeful 
 of success in the respective matters)
 
 b) Bank Guarantee (Given as 
 performance guarantee)                         436.05        293.57
 
 c) Letters of Credit (L/C)                   1,280.83         12.65
 
 Total                                        6,456.92      2,052.18
 
 Note:
 
 1) Pursuant to the Rule 10(A) of Central Excise Rules, 2002 which was
 inserted vide Notification no. 9/2007-CE(N.T) dated 1.03.2007, the
 Company has started paying differential Excise Duty on sales made to a
 customer (which is the subject matter of dispute in the aforesaid
 demands) since September 2010 under protest. The aggregate of such
 payment made under protest up to the year-end amounts to Rs. 38.68 lacs
 (Previous Year Nil).
 
 3) The Company is in the process of filling reply with the ESIC
 authorities, as the said demand has arisen due to payment of ESIC dues
 under an incorrect code which needs to be rectified by the authorities.
 
 4.  The Company had challenged the constitutional validity of entry tax
 collected by State of Madhya Pradesh on goods purchased from other
 states by filing a writ petition in Honorable High Court of Madhya
 Pradesh on 30th August, 2007. The petition was decided against the
 Company during the previous year. The Company had filed a special leave
 petition (SLP) before the Honorable Supreme Court, again challenging
 the constitutional validity of Entry Tax. As per the interim order
 passed by Supreme Court, the Company has been directed to deposit the
 unpaid Entry tax before the petition is decided.
 
 The Company has already deposited Entry tax aggregating to Rs. 606.15
 lacs (Including Interest Rs. 1.47 lacs) for the period from April 2007
 to Dec 2010 to the authorities, under protest (included in Schedule 10:
 ''Loans and Advances''). Balance amount of Entry tax payable forthe
 period from January 2011 to March 2011 aggregates to Rs. 45.11 lacs,
 which will be deposited subsequently, under protest.
 
 The Supreme Court has transferred the above SLP to a Higher Bench
 before the Chief Justice of the Supreme Court of India for decision,
 which is pending. The Company is hopeful that the matter will be
 decided in its favor and hence no provision forthe above is required in
 the accounts at this stage.
 
 5.  The Company operates in the business of sheet metal fabrication and
 bodybuilding. Due to the nature of the production activities, wherein
 fixed assets like plant and machinery can be put to multiple uses and
 multiple activities can be carried out simultaneously in production
 premises etc., changes in related technology may not materially affect
 the productivity of the Company in future. Accordingly, the fixed
 assets acquired/purchased after 1st January, 2011 are being depreciated
 using the straight line method overthe management''s estimate of useful
 life of these assets. Due to this change in providing for depreciation,
 the depreciation charge forthe year is lower and the written down value
 of such assets is higher by Rs. 6.68 lacs and the profit after tax for
 the year is higher by Rs. 6.62 lacs.
 
 6.  During the previous year, the Company has entered into an agreement
 with a party for the purpose of engaging into a Jointly Controlled
 Operations (]C0) to manufacture market and sell fabricated automobile
 bodies and components to Original Equipment Manufacturers and to other
 customers, at ]amshedpur. Per the agreement, the Company and the other
 venturer have agreed to share the distributable cash flow from the ]C0
 after paying all taxes in the ratio of 60:40 respectively.  In addition
 to the above, the Company is required to pay a fixed sum for grant of
 license to use the factory premises of the other venture for the
 purposes of the operations as follows:
 
 In year 1 - Rs. 300,000 per month
 
 In year 2- Rs. 315,000 per month
 
 In year 3 - Rs. 330,750 per month
 
 Accordingly, 40% share of loss from the operations for the year ended
 31st March, 2011 aggregating to Rs. 32.00 lacs (Previous Year- Rs. 5.59
 lacs) has been transferred to the joint venture partner and disclosed
 as Other income in Schedule 14.
 
 7.  During the previous year, pursuant to the resolution passed by the
 shareholders at the Extraordinary General Meeting held on 18th March,
 2010, the Company has sub-divided each Equity share of Rs. 100/- each
 into 10 shares of Rs. 10/- each.
 
 Further, the Company, during the previous year has issued 36,767,760
 Equity shares of Rs. 10/- each as bonus shares at the rate of 6 shares
 for each share held at 18th March, 2010 aggregating to Rs. 3,676.77
 lacs by way of capitalisation of Securities premium account and balance
 in Profit and Loss Account respectively.
 
 8.  As per the information available with the company, the following
 are the details of dues to the creditors who have confirmed their
 registration under the Micro, Small and Medium Enterprises Development
 Act, 2006. (MSMED Act)
 
 i) Dues remaining unpaid as at the year-end
 
 Principal - Rs.9.71 lacs (Previous Year 15.35 lacs)
 Interest - Rs.1.05 lacs (Previous Year 12.46 lacs) 
 
 ii) Interest paid in terms of Section 16 of the MSMED Act- Nil
 (Previous Year-Nil)
 
 iii) Amount of interest due and payable for the year of delay in making
 payments- Rs. 1.05 lacs (Previous Year Rs. 3.62 lacs) iv) Amount of
 interest accrued and remaining unpaid as at the year-end - Rs.13.51
 lacs (Previous Year Rs. 12.46 lacs) v) Amount of interest due and
 payable on previous year''s outstanding amount - Rs.-12.46 lacs.
 (Previous Year Rs. 8.84 lacs)
 
 9.  (a) Contributions are made to Provident Funds which covers all
 regular employees. Amount recognised as expense in respect of these
 defined contribution plans, aggregate to Rs. 67.36 lacs (previous year
 Rs. 44.77 lacs).
 
 Provision is made for gratuity based upon actuarial valuation done at
 the end of every financial year using ''Projected Unit Credit'' method
 and it covers all regular employees. Gains and losses on changes in
 actuarial assumptions are accounted for in the Profit and Loss account.
 
 10.  The principal business of the Company is sheet metal fabrication
 and bodybuilding. All other activities of the Company revolve around
 its main business. Hence, there is only one reportable business segment
 as defined by Accounting Standard 17- Segment Reporting (AS 17).
 
 11. During the year, the Company successfully completed the Initial
 Public Offering (IPO) of its shares which are now listed on the Bombay
 Stock Exchange and the National Stock Exchange. The IPO consisted of
 issue of 1,20,47,244 Equity Shares of Rs. 10/- each issued at a premium
 of Rs. 117 each, aggregating to Rs.127.
 
 The expenses relating to the IPO aggregating to Rs.1,257.48 lacs, have
 been adjusted from the Securities premium account received as stated
 above in accordance with section 78 of the Companies Act, 1956.
 
 12.  Figures of previous year are regrouped wherever necessary to
 correspond with the figures of the current year.