(Rs. in Lacs)
 
                                               As at              As at
                                      March 31, 2011     March 31, 2010
 
 1 Contingent liabilities
 
 a) Claims against the Company not 
 acknowledged as debts : 
 
 i) Excise duty under appeal                  509.90             564.05 
 
 ii) Other matters                          1,619.23           1,008.56
 
 b) Bank Guarantees                         8,895.31           4,094.70
 
 c) The Company has provided Guarantee 
 in favour of International Finance 
 Corporation (IFC) with M/s RSWM Ltd. 
 on joint and several basis on behalf of 
 M/s AD Hydro Power Ltd.                      600.00             600.00
 
 d) Bills discounted with bankers           1,524.83           4,833.79
 
 e) Pending export obligation against 
 Advance Licences & EPCG Licences             952.59           2,118.78
 
 2 Estimated amount of contracts remaining 
 to be executed on capital account, not 
 provided for (net of advances of Rs.3503.16 
 Lacs (Rs.622.79 Lacs))                       7,020.77            704.30
 
 3 There are no present obligations requiring provisions in accordance
 with the guiding principles as enunciated in Accounting Standard
 (AS)-29 ''Provisions, Contingent Liabilities & Contingent Assets''
 
 4 In accordance with the provisions of Accounting Standard on
 impairment of Assets, (AS-28), the management has made assessment of
 assets in use & considering the business prospects related thereto, no
 provision is considered necessary in these accounts on account of
 impairment of assets.
 
 As the liabilities for gratuity and leave encashment are provided on an
 actuarial valuation basis for the Company as a whole, the amount
 pertaining to the directors are not included above.
 
 5 The following transactions are accounted for on the basis of
 estimates / available data, with final adjustments being carried out in
 the year of settlement.
 
 a) Claims lodged with insurance companies.
 
 b) Interest on income tax refunds granted on summary basis, pending
 finalisation of assessments is treated as income in the year of
 accrual. Final adjustments are carried out in the year of completion of
 assessment.
 
 6 Term loans, Bonds and Debentures falling due in next 12 months
 Rs.6,536 Lacs (previous year Rs.2,904 Lacs).
 
 7 a) In the opinion of the management and to the best of their
 knowledge and belief, the value on realisation of loans, advances and
 other current assets in the ordinary course of business will not be
 less than amount at which they are stated in the balance sheet.
 
 8 The Company had allotted 47,30,000 Preferential Warrants of Rs.365/-
 each on 5th June, 2008. These Warrants were convertible into equity
 shares within 18 months from the date of allotment. Since no warrant
 had been converted till 4th December, 2009, the aggregate amount of
 Rs.1726.45 lacs received in respect of the same has been forfeited by the
 Company in the previous year.  The funds had been utilised for long
 term working capital requirement.
 
 9 One case of loss of material, by theft, was detected during the
 previous year involving an amount of Rs.360.85 lacs which has been shown
 as Loss of material by theft and is included in Schedule 12 :
 Consumption of materials in the Profit & Loss account in the previous
 year
 
 10 AS - 15 ''EMPLOYEE BENEFITS''
 
 The Company has adopted Revised Accounting Standard - 15 ''Employee
 Benefits'' and the required disclosures are given hereunder:
 
 Defined Benefit Plan
 
 The employees'' gratuity fund scheme managed by a trust is a defined
 benefit plan. The present value of obligation is determined based on
 actuarial valuation using the Projected Unit Credit Method, which
 recognises each period of service as giving rise to additional unit of
 employee benefit entitlement and measures each unit separately to build
 up the final obligation. The obligation for leave encashment is
 recognised in the same manner as gratuity. The Company has maintained a
 fund with LIC.
 
 Provident Fund
 
 The Guidance note issued by Accounting Standard Board (ASB) on
 implementation AS-15. Employee Benefit (Revised 2005) states that
 provident funds set up by the employers, which require interest
 shortfall to be met by the employer, needs to be treated as defined
 benefit plan.
 
 The funds does not have any existing deficit or interest shortfall. In
 regard to any future obligation arising due to interest shortfall (ie
 government interest to be paid on provident fund scheme exceeds rate of
 interest earned on investment), pending the issuance of Guidance Note
 from the actuarial society of India, the Company''s actuary has
 expressed his inability to reliably measure the same.
 
 G) Provision for Income Tax for Earlier years has been made based on
 Income Tax Assessment cases pending at Appellate Jurisdictions on which
 Income Tax Demand has arisen and the cases are sub-judice.
 
 I) In terms of Notification No.S.O.301(E) dated 8th February, 2011,
 issued by Ministry of Corporate Affairs, the Board of Directors of the
 Company has given its consent at the Board Meeting held on 29th April
 2011 for non-disclosure of information contained in para 3(i)(a),
 3(ii)(a), 3(ii)(b), 3(ii)(d), of Part II of Schedule VI.
 
 (Previous Year''s figures have been regrouped and recast wherever
 considered necessary.
 
 Figures in amount have been rounded off to nearest lacs upto two
 decimals. Figures in bracket relate to the previous year.
 
 The Schedules referred to in the Balance Sheet and Profit and Loss
 Account form an integral part of the accounts.