Rights, preferences and restrictions attached to the equity shares
 
 The Company is having only one class of equity shares having par value
 of Rs. 10 each. Each holder of equity share is entitled to one vote per
 share. In the event of liquidation of the Company, the holders of the
 equity shares will be entitled to receive remaining assets of the
 Company. The distribution will be in proportion to the number of equity
 shares held by the shareholders.
 
 Shares held by the holding company
 
 Mahindra and Mahindra Limited, the holding company (by virtue of
 control over the composition of the Board of Directors) holds 6,577,865
 shares of the Company as at the Balance Sheet date.
 
 Details of shareholders holding more than 5% shares in the Company
 
 Shares reserved for issue under options 490,500 shares (As at March 31,
 2011 - 500,000 shares) of Rs. 10 each towards outstanding employee
 stock options granted [Refer Note No. 28]
 
 * The Company had issued Optionally Cumulative Convertible Debentures
 (OCCDs) carrying, interest @12% p.a. (Net of Withholding Tax). The
 Debenture holders had an option to convert these Debentures (equivalent
 to the face value) into 12% Preference Shares of Rs. 100/- each from
 September 30, 2010 to March 31, 2012.
 
 In accordance with the Shareholders'' Agreement and Amendment to the
 Debenture Subscription Agreement both dated February 9, 2011 entered
 into with Mahindra and Mahindra Limited, the terms of the Debentures
 had been changed so as to make them compulsorily redeemable by February
 28, 2012 in a phased manner, which has been further extended to July
 1,2012 by mutual consent.
 
 During the year, the Company has recognised deferred tax asset on
 unabsorbed depreciation to the extent of the corresponding deferred tax
 liability on the difference between the book balance and the written
 down value of fixed assets under Income Tax net off of other balances
 constituting deferred tax asset.
 
 * Balances with banks include deposits amounting to Rs. 30,240 [As at
 March 31,2011 Rs. 30,240} and margin monies amounting to Rs. 65,367,270
 [As at March 31, 2011 Rs. 25,604,997] which have an original maturity
 of more than 12 months.
 
 Particulars                                      As at           As at
                                          March 31,2012  March 31, 2011
                                                 Rupees          Rupees
 
 1.1 Contingent liabilities (to the 
 extent not provided for)
 
 (i)Contingent liabilities
 
 (a)Claims against the Company not 
 acknowledged as debt                         1,301,081       1,185,665
 
 (b) Guarantees issued by Banks 
 secured by Fixed Deposits                   72,745,705      30,178,300
 
 (c) Custom Duty / Interest on 
 account of commitment to Export,
 under Export                                26,313,276      17,950,748
 Promotion Capital Goods Scheme
 
 (d)Show Cause cum Demand Notices 
 are received from / issued by the
 Excise authorities. The major                7,944,000       7,944,000
 issues raised therein have been 
 decided in favour of the
 Company at the Tribunal level. The
 said Notices are pending adjudication
 and the Company is confident of 
 favourable decisions.
 
 (e)Disputed income tax liability 
 (Net of Provision) and interest 
 demanded by                                  2,366,859       2,366,859
 department for the assessment year
 1993-94 .
 
 Based on the decisions of the 
 Appellate Orders and interpretations
 of relevant provisions, the Company 
 has been advised that the demand is 
 expected to be either deleted or 
 substantially reduced.
 
 (f)Long Term Loans & Advances include
 refund claim made for excise duty paid      16,679,302     16,679,302
 under protest consequent upon the 
 judicial pronouncement made by CESTAT
 in favour of the Company, which was 
 disputed by the department before 
 higher authorities.
 
 The Commissioner (Appeals), Central Excise and Customs, Nashik has
 sanctioned the claim on merit but taking recourse to the principle of
 Unjust Enrichment has ordered the claim to be transferred to the
 credit of the Consumer Welfare Fund.
 
 The Company had filed an appeal against the order. On hearing the
 appeal the Hon'' CESTAT, Mumbai remanded back the case to the
 adjudicating authorities to examine the issue afresh. The Adjudicating
 Authority issued a Show Cause Notice and after personal hearing passed
 an order rejecting the claim without following the guidelines given by
 the Hon'' CESTAT.
 
 The Company has filed an appeal against the order with the Commissioner
 (Appeals), Central Excise & Customs, Nashik. As the Company has been
 advised that the claim is tenable, no provision has been considered.
 Note: In respect of items mentioned above, till the matters are finally
 decided, the timing of outflows of economic benefits cannot be
 ascertained.
 
 1.2 Disclosures required under Section 22 of the Micro, Small and
 Medium Enterprises Development Act, 2006
 
 The Company has not received information from vendors regarding their
 status under the Micro, Small and Medium Enterprises Development Act,
 2006 and hence disclosures relating to amounts unpaid as at the period
 end, together with interest paid / payable under this Act, have not
 been given.  27.4 Disclosure as per Clause 32 of the Listing Agreements
 with the Stock Exchange
 
 The Company has not given any loans and advances in the nature of loans
 to subsidiaries, associates and firms / companies in which directors
 are interested.
 
 Employee Stock Option Scheme
 
 (a) Pursuant to the Employees Stock Option Scheme - 2010 (ESOS)
 approved by the Shareholders in the Annual General Meeting held on July
 21, 2010, the Company had granted 60,500 Stock Options to the three
 non-executive Directors and some permanent employees on November 19,
 2010, as per the recommendation of the Remuneration / Compensation
 Committee, at exercise price of Rs. 35 /- each.
 
 In respect of the options granted, the equity settled options vest in 4
 tranches of 25% each upon the expiry of 12 months, 24 months, 36 months
 and 48 months respectively from the date of the grant. Each tranche is
 exercisable within two years from the respective date of vesting. The
 number of options exercisable in each tranche is minimum 25% of the
 options vested, except in case of the last date of the exercise, where
 the employee can exercise all the options vested but not exercised till
 that date.
 
 In case the option is not exercised by the Employee within the time
 limits as prescribed in the Scheme, the Options would lapse and no
 right shall be deemed to accrue or arise after that date.
 
 The compensation costs of the stock options granted are accounted by
 the Company on the basis of intrinsic value of share on the date of
 grant of options.
 
 The difference between the fair price of the share underlying the
 options granted on the date of grant of option and the exercise price
 of the option (being the intrinsic value of the option) representing
 Stock compensation expense is expensed over the vesting period.
 
 (a) Defined contribution plans
 
 The Company makes Provident Fund and Superannuation Fund contributions
 to defined contribution plans for qualifying employees. Under the
 Schemes, the Company is required to contribute a specified percentage
 of the payroll costs to fund the benefits. The Company recognised Rs.
 5,188,935 [Year ended March 31, 2011 Rs. 4,352,472] for Provident Fund
 contributions and Rs. 1,380,182 [Year ended March 31, 2011 Rs.
 1,249,197] for Superannuation Fund contributions in the Statement of
 Profit and Loss. The contributions payable to these plans by the
 Company are at rates specified in the rules of the schemes.
 
 (b) Defined benefit plans
 
 The Company offers the following employee benefit schemes to its
 employees:
 
 i.  Gratuity
 
 ii.  Compensated absences
 
 NOTE NO. 2 - SEGMENT REPORTING
 
 The Company is mainly engaged in the business of ''Micro Irrigation
 System'' (MIS). All other activities of the Company revolve around the
 main business and accordingly there are no separate reportable
 segments, as per the Accounting Standard on ''Segment Reporting'' (AS 17)
 notified under the Companies (Accounting Standards) Rules, 2006.
 
 As Lessee
 
 The Company has entered into operating lease arrangements for certain
 facilities and office premises. The leases are generally cancellable
 and are for a period of 11 months to 3 years under leave & license
 agreements and may be renewed by mutual consent on mutually agreeable
 terms.
 
 Note no. 3 - Previous year''s figures
 
 The Revised Schedule VI has become effective from April 1,2011 for the
 preparation^ financial statements. This has significantly impacted the
 disclosure and presentation made in the financial statements. Previous
 year''s figures have been regrouped / reclassified wherever necessary to
 correspond with the current year''s classification / disclosure.