a) Based on reference of Union Bank of India, the Lead Bank, a
 financial restructuring package was approved by Empowered Group of
 Corporate Debt Restructuring (CDR-EG).
 
 While the company had given effect of the restructuring package in its
 books of account, banks have continued to raise demand notices for
 interest payment at the rate of interest charged prior to the sanction
 of restructuring package.
 
 The company has taken up the matter with the banks and accordingly the
 resultant difference in interest (which is still under reconciliation /
 determination) between the demand notice received from banks and as per
 company''s books of account, has not been provided, as the liability is
 not payable.
 
 b) Secured inter se on pari-passu basis by way of mortgage of all
 immovable properties and hypothecation of all movable properties (save
 and except stocks and book debts and moveables of electronic division)
 both present and future. Loans (including current maturities of long
 term debts) of Rs. 18,339.53 lacs (previous year Rs. 20,745.38 lacs) are
 additionally secured by personal guarantee of the Managing Director.
 
 c) Secured against third charge on the fixed assets of the company.
 Loans (including current maturities of long term debts) of Rs. 2,793.25
 lacs (previous year Rs. 3,185.97 lacs) are additionally secured by
 personal guarantee of the Managing Director.
 
 d) Secured against hypothecation of Vehicles acquired under Auto Loan
 Schemes.
 
 e) The term loans are further secured by way of first / second charge
 on the existing fixed assets of a subsidiary company. Further, the
 company has pledged 72,16,512 equity shares held by it in a subsidiary
 company, as per CDR stipulation. However, the company has complied all
 the stipulations of CDR terms and the pledged shares are yet to be
 released.
 
 In terms of master restructuring agreement dated 30-03-2009, if the
 company commits a default in payment or repayment of three consecutive
 installment of principal amounts of the facilities or interest thereon
 or any combination thereof, then, the lenders shall have the right to
 convert, at their option, the whole of the outstanding amount of the
 facilities and /or 20% of rupee equivalent of the defaulted amount into
 fully paid-up equity shares of the company, at par, in the manner
 specified in a notice in writing to be given by the lenders to the
 company prior to the date on which the conversion is to take effect,
 which date shall be specified in the said notice.
 
 Secured by hypothecation of Raw materials, Semi finished goods,
 Finished goods, Stores and Spares, Goods in transit and Book Debts of
 Spinning and Home textile divisions, and further secured by second
 charge on Fixed Assets both present and future and personally
 guaranteed by the Managing Director.
 
 1.  TRADE PAYABLES
 
 (a) The names of small scale industrial undertakings to whom the
 company owes any sum together with interest and outstanding for more
 than thirty days: Saikrupa Industries
 
 Payments against supplies from small-scale industries are made in
 accordance with agreed terms. Besides, there are no claims from the
 parties for interest on overdue payments.
 
 (b) The company has not received any intimation from other suppliers
 regarding their status under the Micro, Small and Medium Enterprises
 Development Act, 2006 and hence disclosures, if any, relating to
 amounts unpaid as at the year end together with interest paid/payable
 as required under the said Act have not been given.
 
 (c) Includes amount payable to a subsidiary Rs. 0.04 lac(previous year Rs.
 0.04 lac ).
 
 Includes
 
 a) * (i) 10 shares of Rs. 50/-each of Arcadia Premises Co-operative
 Society Ltd.
 
 b) # One vehicle costing Rs. 38.45 lac, is in the name of the Managing
 Director as a nominee of the Company.
 
 c) The company revalued its land, buildings and plant & machinery
 (except for electronics division and 2 D.G. sets of spinning division )
 as on 01 -10- 2008 based on the valuation made by an approved valuer.
 Accordingly, the original cost of such assets resulted in gross
 increase in the value of assets over their original cost by Rs. 15,092.28
 lac , increase in depreciation upto 31-03-2012 on revaluation by Rs.
 3,500.17 lac and thereby net revaluation reserve as at 31-03-2012 is Rs.
 11,592.11 lac.
 
 d) Revaluation of 2 D.G. sets of spinning division was carried out on
 01 -04-2009 by an approved valuer.The revaluation resulted in a gross
 increase in the value of assets over their original cost by Rs. 1,238.07
 lac. increase in depreciation up to 31 -03-2012 on revaluation by Rs.
 309.40 lac and thereby net revaluation reserve as at 31-03-2012 is Rs.
 928.67 lac.
 
 2.  CAPITAL WORK IN PROGRESS
 
 Capital work in progress does not include capital advances Rs. 54.10 lac
 (previous period Rs. 13.15 lac).
 
 3.  DEFERRED TAX ASSETS
 
 As required under Accounting Standard (AS-22), ''Accounting for taxes on
 income'' issued by the Institute of Chartered Accounts of India, the
 Company is required to account for deferred taxation while preparing
 its accounts. The details of deferred tax assets / liabilities are as
 under:
 
 Includes balance in current account with The Kolhapur Urban
 Co-operative Bank Ltd. Rs. 4.82 lac (previous year Rs. 0.88 lac ) maximum
 amount outstanding anytime during the year Rs. 5.49 lac (previous year Rs.
 4.06 lac) and The Shamrao Vittal Co-operative Bank Rs. 2.83 lac (previous
 year Rs. 2.08 lac) , maximum amount outstanding anytime during the year Rs.
 3.63 lac (previous year Rs. 3.95 lac)
 
 ** Includes receipts for Rs. 0.01 lac ( previous year Rs. 0.01 lac ) lodged
 with Sales Tax Department
 
 4.  CONTINGENT LIABILITIES AND COMMITMENTS 
 
 (to the extent not provided for)
 
 (a) Contingent Liabilities
 
 Particulars                                            [Rs. in lac]
 
                                 As at 31-03-2012      As at 31-03-2011
 
 i) Amount outstanding in 
 respect of export bills               3,328.23            4,103.98
 discounted under Export 
 Letters of Credit (Since
 realised Rs. 3,152 lac, previous 
 year Rs. 2,901.56 lac)
 
 ii) Bank Guarantees *                   697.04              673.92
 
 iii) Claims against the company 
 not acknowledged as debts                12.38               11.10
 
 iv) Income Tax / Custom duty 
 demands disputed in appeals                -                 21.13
 
 v) Corporate guarantee given 
 to a bank for securing
 financial assistance to 
 subsidiary company                      200.00              100.00
 
 * The Company has given bank guarantee for Rs. 4.11 lac to DGFT on behalf
 of Pranavaditya Spinning Mills Limited, subsidiary company for duty
 free import of machines.
 
 (b) In terms of EPCG Licence issued, the company has undertaken an
 export obligation for Rs. 30,510.02 lac, which is to be fulfilled over a
 period of 8 years. The company has completed the obligation to the
 extent of Rs. 26,857.99 lac and necessary application for redemption of
 license against which obligation is completed has been made to DGFT.
 
 (c) In terms of advance license obtained for import of raw cotton the
 company has undertaken an export obligation for Rs. 1,702.62 lac which is
 to be fulfilled over a period of 2 years. The company has completed the
 obligation to the extent of Rs. 1,669.33 lac
 
 (d) Under the package scheme of incentives of Government of Maharashtra
 for Mega Projects , the company is eligible for VAT and Electricity
 duty refund benefits for its home textiles and consumer durable goods
 divisions However, if it contravenes any of the conditions of the
 scheme or eligibility certificate or certificate of entitlement or
 agreement, it shall repay forthwith the entire benefits drawn / availed
 along with interest thereon together with costs, charges and expenses
 thereon
 
 (e) Commitments
 
 * Includes tax deducted at source Rs. 0.35 lac ( previous year Rs. 1.01
 lac) Includes tax deducted at source Rs. 2.08 lac, ( previous year Rs. 2.79
 lac)
 
 (a) Includes operating lease:
 
 i.  The company has entered into lease arrangements , for renting
 specified machinery at a rent of Rs. 2.23 lac per month for a period of
 120 months and are renewable at the option of the lessee after the end
 of the term.
 
 * Includes purchased from a subsidiary company Rs. 549.39 lac (previous
 year Rs. 526.31 lac)
 
 5.  EMPLOYEE BENEFITS EXPENSE
 
 * Includes a sum of Rs. 96.54 lac paid to Managing Director and Executive
 Director as per sanction of shareholder It exceeds by Rs. 48.54 lac as
 per Schedule XIII of Companies Act 1956 due to inadequacy of profit.
 The company is the process of applying to Company Law Board /
 shareholders for approval of the excess remuneration paid .
 
 6.  OTHER EXPENSES
 
 (b) Includes payment to auditors
 
 7. FORWARD CONTRACTS
 
 a) The company has outstanding foreign currency related derivative
 contracts in the form of options for helping its business related
 exposure which are not speculative in nature. The contracts have long
 dated tenor with multiple contigent / uncertain events. As such
 ascertainment of fair value of these contracts is not feasible.
 However, banks estimate the total mark to market (MTM) of all
 outstanding contracts at approx. Rs. 2,409 lacs as at 31-03- 2012, 
 (previous year Rs. 607 lac). The management is of the opinion that the
 determination and crystalisation of liability is dependant upon the
 outcome of uncertain future events or actions, not wholly within the
 control of the Company. As adoption of AS-30 is presently not
 mandatory, the estimated MTM loss of Rs. 2,409 lac for the year ended 31
 -03-2012 (previous year Rs. 607 lac) has not been provided.
 
 b) Outstanding derivatives instruments as at 31 -03-2012 entered by the
 Company :-
 
 8.  RELATED PARTY DISCLOSURES:
 
 Related party disclosures as required by AS -18 Related Party
 Disclosures are given below: - A.  Relationship
 
 (i) Key management personnel
 
 1.  Shri Anil Kumar Jain - Chairman and Managing Director
 
 2.  Shri R. N. Gupta - Joint Managing Director
 
 3.  Shri K. K. Lalpuria - Executive Director
 
 4.  Shri Kamal Mitra - Director (Works) (ii) Relatives of key
 management personnel
 
 1.  Smt.G. D.Jain
 
 2.  Smt.Shikha Jain
 
 3.  Ms. NehaJain
 
 4.  Shri MohitJain
 
 (iii) Parties where control exists A.  Subsidiary
 
 1.  Pranavaditya Spinning Mills Ltd.
 
 2.  Indocount Global Inc. (USA)
 
 B.  Associates
 
 1.  Margo Finance Ltd.
 
 2.  Indocount Securities Ltd.
 
 3.  Rini Investment and Finance Pvt. Ltd.
 
 4.  Sky Rise Properties Pvt. Ltd.
 
 5.  Unic Consultants
 
 6.  Yarntex Exports Ltd.
 
 7.  A. K. Jain
 
 10.  Figures for the previous year have been regrouped / rearranged
 wherever considered necessary.
 
 11.  In the opinion of the management, the current assets, loans and
 advances are expected to realise at least the amount at which they are
 stated, if realised in the ordinary course of business and provision
 for all known liabilities has been adequetly made in the accounts.
 
 12.  Figures have been rounded off to the nearest rupees in lac.
 
 13.  Additional Information (Pursuant to the provisions of Part II and
 Part IV of Schedule VI to the Companies Act 1956 a) The Ministry of
 Corporate Affairs, Government of India vide its General Notification
 No. S.O.301 ( E) dated 8th February,2011 issued under Section 211 (3)
 of the Companies Act, 1956 has exempted certain classes of companies
 from disclosing certain information in their profit and loss
 account. The Company being an ''export oriented company'' in entitled to
 the exemption. Accordingly, disclosures mandated by paragraph 3(i)(a),
 3(ii)(b) and 3(ii)(d) of Part II, Schedule VI to the Companies Act,
 1956 have not been provided.