1.01 Reconciliation of the number of shares and amount outstanding at
 the beginning and at the end of the reporting period:
 
 Details to be given for each class of shares separately for Issued,
 Subscribed and fully paid up and Subscribed but not fully paid up, as
 applicable.
 
 2.1 Inventories except Consumables Stores and Spares are valued at
 cost or net realisable value whichever is less.
 
 2.2 Consumables Stores and Spares are valued at cost.
 
 3.01 As per Accounting Standard 15 Employee benefits, the
 disclosures as defined in the Accounting Standard are given below:
 
 i) Defined Contribution Plan :
 
 Contribution to Provident Fund is Rs0.52 Lakhs (Previous year Rs2.04
 Lakhs), ESIC and Labour Welfare Fund includes Rs1.14 Lakhs (Previous
 year Rs1.10 Lakhs).
 
 ii) Defined Benefit Plan : 
 
 GRATUITY & LEAVE ENCASHMENT:
 
 The Company makes annual contribution to the Employees'' Group
 Gratuity-cum-Life Assurance Scheme of the Life Insurance Corporation of
 India, a funded benefit plan for qualifying employees. The scheme
 provides for lump sum payment to vested employees at retirement, death
 while in employment or on termination of employment of an amount
 equivalent to 15 days service for each completed year of service or
 part thereof depending on the date of joining.  The benefit vests after
 five years of continuous service.
 
 4 CONTINGENT LIABILITIES NOT PROVIDED FOR :
 
 a) The Company has outstanding performance guarantee of Rs100.19 Lakhs
 as on the Balance Sheet date, executed in favour of Deputy Commissioner
 of Customs (Previous Year Rs100.19 Lakhs).
 
 b) The Municipal Corporation of Greater Mumbai has preferred an appeal
 in the High Court of Judicature at Bombay against the order of Small
 Causes Court rejecting the claim of Municipal Corporation of Greater
 Mumbai for an amount of Rs136.97 Lakhs (Previous year Rs136.97 Lakhs) on
 account of property tax.
 
 c) The Company has executed Bank Guarantee of Rs 2,500 Lakhs (Previous
 year Rs2,000 Lakhs) favouring The Hongkong and Shanghai Banking
 Corporation Limited and of Rs Nil (Previous year Rs1,000 Lakhs) favouring
 YES Bank Limited, Mumbai for its wholly owned subsidiary, Goldiam
 Jewellery Limited, Mumbai.
 
 5 Estimated amount of contracts remaining to be executed on Capital
 Account and not provided for is Rs Nil (Previous year Rs Nil)
 
 6 IN THE OPINION OF THE DIRECTORS:
 
 a) The Current Assets and Loans & Advances are approximately of the
 value stated, if realised in the ordinary course of business.
 
 b) The provision for depreciation and for all known liabilities is
 adequate and not in excess of the amount reasonably necessary.
 
 7.01 The above figures have been taken from audited accounts of Joint
 Venture as on 31st March, 2012 and converted at the exchange rate
 prevailing as on the date of Balance Sheet of Joint Venture.
 
 Contingent liabilities in respect of Joint Venture is Rs Nil
 
 8 The Ministry of Corporate Affairs, Government of India, vide General
 Circular No.2 and 3 dated 8th February, 2011 and 2151 February, 2011
 respectively has granted a general exemption from compliance with
 Section 212 of the Companies Act, 1956, subject to fulfillment of
 conditions stipulated in the Circular. The Company has satisfied the
 conditions stipulated in the Circular and hence is entitled to the
 exemption. Necessary information relating to the subsidiaries has been
 included in the Consolidated Financial Statements.
 
 9 FINANCIAL INSTRUMENTS / FORWARD CONTRACTS :
 
 The Company has entered into following forward / derivative
 instruments:
 
 The Company is exposed to foreign currency fluctuations on foreign
 currency assets and forecasted cash flows denominated in foreign
 currency. The Company limits the effects of foreign exchange rate
 fluctuations by following established risk management policies
 including the use of derivatives. The Company enters into forward
 contracts and option contracts, where the counterparty is bank. The
 forward contract or options are not used for trading or speculation
 purpose.
 
 10 INFORMATION GIVEN IN ACCORDANCE WITH THE REQUIREMENTS OF AS 17 ON
 SEGMENT REPORTING :
 
 The Company has identified Two Reportable Segments viz. Jewellery
 Manufacturing and Investment Activity. Segments have been identified
 and reported taking into account nature of products and services, the
 different risks and returns and the internal business reporting
 systems.
 
 a) Revenue and expenses have been identified to a segment on the basis
 of relationship to operating activities of the segment. Revenue and
 expenses which relate to enterprise as a whole and are not allocable to
 a segment on reasonable basis have been disclosed as Unallocable.
 
 b) Segment assets and Segment Liabilities represents assets and
 liabilities in respective segments. Tax related assets and other assets
 and liabilities that cannot be allocated to a segment on reasonable
 basis have been disclosed as Unallocable.
 
 Secondary segmental reporting is based on the geographical location of
 the customers. The geographical segments have been disclosed on
 revenues within India (Sales to customers in India) and revenues
 outside India (Sales to customers outside India).
 
 11 All assets and liabilities have been classified as current or
 non-current as per the Company''s normal operating cycle and other
 criteria set out in the Revised Schedule VI to the Companies Act, 1956
 notified by MCA vide its notification no. 447(E) dated February 28,
 2011. Based on the nature of products and the time between the
 acquisition of assets for processing and their realisation in cash and
 cash equivalents, the Company has ascertained its operating cycle as 12
 months for the purpose of current - non current classification of
 assets and liabilities.
 
 12 The financial statements for the year 31st March, 2012 has been
 prepared as per the Revised Schedule VI to the Companies Act, 1956.
 Accordingly, the previous year''s figures have been regrouped and
 rearranged wherever necessary to make in compliance with the current
 financial year.