1. Background
 
 The company operates two manufacturing units at Mewla, third
 manufacturing unit situated at Noida Special Economic Zone. The company
 also has a retail division the head office of which is located at
 Mumbai. In addition, the company has a Trading Division located at
 Mewla, Faridabad.
 
 1.  The Company''s shares are listed for trading with National Stock
 Exchange and Bombay Stock Exchange.
 
 2.  Income of duty draw back has been shown as part of Other Income.
 
 3.  The Expenses of Head office known as Corporate Office have been
 apportioned to different units of the company on the basis of Sales of
 each unit.
 
 4. Secured Loans:
 
 A. (a) Term Loan: Term Loan relates to Loan on Vehicles. Such loan is
 secured by Hypothecation of the loaned Vehicles.
 
 (b) Working Capital Loans: The fund and non-fund based limits have been
 availed by the company from State Bank of India and Punjab National
 Bank (with SBI – being lead bank)
 
 The loans are primarily secured by First pari-passu charge over entire
 current assets of the Company including receivables. Omnibus Indemnity
 for LC opening/Counter Guarantee in case of LC/BG limits. The loans are 
 also secured by Collateral charge as First pari passu charge (negative lien) 
 over land situated at Plot No. 138, NSEZ, Noida, UP, and entire fixed assets
 of the company including assets at NSEZ (excluding land at NSEZ) and 
 including Equitable Mortgage over land and building situate at KH -43 
 Sector 45, Mewla Maharajpur, Faridabad. The loans are further secured 
 by Personal Guarantees of Shri Raujeev Taneja and Shri K.M.  Gupta, 
 Directors of the Company and corporate guarantee of Ambros Exports P. 
 Ltd, and Personal Guarantee of Shri Sanjay Taneja, former director of 
 the company for loans from Punjab National Bank.
 
 5. Contingent Liabilities
 
 Particulars As at 31.3.2011        As at 31.3.2010    As at 31.3.2011
 
           (Rs.)                         (Rs.)             (Rs.)
 
 Letters of Credit                     5,79,15,110       3,88,90,350
 
 Bank Guarantees (Net of                  6,61,500         41,76,334
 
 Margin
 
 Money)
 
 Pending Cases in Labour Court                   0          1,92,000
 
 Direct Tax (A.Y. 05-06) (Under          32,62,297         32,62,297
 
 Appeal)
 
 Direct Tax (A.Y. 08-09) (Under        3,23,74,026                 0 
 
 Appeal)
 
 Excise Demand (Under appeal)            23,80,759         23,80,759
 
 Capital Contracts under                         0         40,00,000
 
 execution
 
 (Net of Advances)
 
 6. The Balances of debtors and creditors are subject to confirmation.
 
 7.  In the opinion of the Management, all current assets, loans and
 advances have a realizable value, in the ordinary course of business,
 at least equal to the amount at which they have been stated.
 
 8.  The Company has not received any information from suppliers or
 service providers, whether they are covered under the Micro, Small and
 Medium Enterprises (Development) Act, 2006 (MSMED Act). Disclosure
 relating to amount unpaid at the year end together with interest
 payable, if any, as required under the said Act are not ascertainable.
 
 9. Segment Reporting
 
 A. Business Segment Based on the guiding principles, as contained in
 the Accounting Standard (AS) 17 on Segment Reporting issued by the
 Institute of Chartered Accountants of India, the Company''s business
 segments are Accessories, Apparel & Garments and Fabric pursued
 through wholesale and Retail trade.
 
 10. Related Party Disclosers Key Management Personnel:
 
 1. Shri K. M. Gupta – Managing Director (w.e.f. 1.10.2010)
 
 2. Shri Raujeev Taneja -- Director Finance & Accounts (w.e.f.
 1.10.2010) Other Personnel
 
 1.  Shri Sanjay Taneja -- President – Marketing
 
 The company has not entered into any transactions with related parties
 as per Accounting Standard-18 except that of payment of Salary to them.
 
 15.  Additional information required under Para 3 and 4 of Part II of
 schedule VI, to the Companies Act, 1956
 
 A.  Capacity (as ascertained by the management)
 
 Company''s manufacturing capacity is variable and depends on the product
 mix, complexity of product and extent of outside job work and therefore
 it is difficult to determine the capacity.  However on presumed
 parameters the Capacity can be considered as under:
 
 Raw material consumption shown in Profit & Loss Account includes sale
 of raw material and items of traded goods.
 
 The consumption of yarn is for conversion into fabrics on job work
 basis.
 
 16. Previous year figures have been re-arranged, recast & regrouped
 wherever considered necessary.