1 Contingent liabilities not provided for: 
 
                                                    (Rs.in lacs)
 
                                               2010-11        2009-10
 
 a.  Letter of Credit against purchase of 
 raw material:                                10528.58       12493.41
 
 b.  Bank Guarantees                           5814.58          31.35
 
 c.  Export obligation in respect of 
 custom duty:                                   177.18          85.49
 
 d.  Contingent Liabilties in respect of 
 unassessed cases of                               Amt
                                         Unascertained            Amt 
                                                        Unascertained
 Income Tax, Excise Duty, Sales Tax and
 Service Tax.
 
 e.  Corporate guarantees given on 
 behalf of (to the extent utilized)
 
 Ind Swift Ltd                                 4166.00        5000.00
 
 Essix Biosciences Ltd                         3117.55        1167.00
 
 Halcyon Life Science Private Limited          4504.36        2776.31
 
 2 Estimated amount of contracts remaining to be executed on capital
 account and not provided for (Net of advances) Rs.5002.32 lacs
 (Previous year Rs.1448.90 Lacs)
 
 3 In the opinion of the Board, the Current Assets, Loans & Advances
 shown in the Balance Sheet have a value on realisation in the ordinary
 course of business at least equal to the amount at which they are
 stated.
 
 4 Company has revalued its assets Comprising of Land, Building,
 Machinery of Derabassi Unit by the approved External Valuer to reflect
 the market value and accordingly the appreciation amounting to
 Rs.10138.73 Lac have been credited to Capital Reserve Account
 (Re-valuation Reserve A/c) as on 31.03.2007.
 
 Depreciation amounting to Rs.367.35 Lac (Rs.367.35 Lac) has been
 provided during the year & the same is reduced from Revaluation
 Reserve.
 
 5 Other expenses under head administrative expenses includes Rs.81,000
 (Previous Year Rs.47000) paid to directors as sitting fee.
 
 6 In accordance with Accounting Standard 18, ''Related Party
 Disclosures'' , issued by the Institute of Chartered Accountants of
 India, the Company has compiled the following information : a.  List of
 related parties and their relationship
 
 Associates Ind Swift Limited
 
 Essix Biosciences Limited
 
 Halcyon Life Science Pvt Ltd.
 
 Fortune (India) Constructions Ltd.
 
 Mansa Print & Publishers Limited
 
 Swift Fundamental Research & Education Society
 
 Ind swift communications (P) Ltd.
 
 Punjab Renewable Energy Pvt Ltd.
 
 AKJ Portfolio Pvt. Ltd.
 
 NRM Portfolio Pvt. Ltd
 
 GM Portfolio Pvt. Ltd.
 
 VRM Portfolio Pvt Ltd.
 
 VKM Portfolio Ltd.
 
 SRM Portfolio Pvt Ltd.
 
 Key Management personnel-Directors Mr. N.R. Munjal
 
 Mr. Himahshu Jain
 
 Mr. Rishav Mehta Subsidiary Ind Swift Laboratories Inc. USA
 
 Meteoric Life Sciencec Pte. Ltd
 
 Ind Swift Middle East FZE(UAE)
 
 Hakim farayand Chemi Co (Iran)
 
 7 The balance in the parties accounts whether in debit or credit are
 subject to confirmation,reconciliation and adjustment. The impact of
 the same on the accounts at the year end is unascertainable.
 
 8 Fixed deposits with banks of Rs.3232.85 Lacs (Previous year
 Rs.1435.36 Lacs) are pledged with banks as margin money for working
 capitial facilities.
 
 9 As per best estimate of the management,no provision is required to
 be made as per Accounting Standard (AS) 29 as notified by
 Companies(Accounting Standards) Rules 2006, in respect of any present
 obligations as a result of a past event that could lead to a probable
 outflow of resources,which would be required to settle the obligations.
 
 10 Total amount of secured Term Loans installments payable during
 twelve months following 31-03-2011 are Rs.12912.55 Lacs (Previous year
 Rs.10207.54 Lacs)
 
 11 Excess provision on commision on exports in earlier year amounting
 to Rs.306.77 lacs (Previous Year Rs.299.70 lacs) is considered as
 extraordianry item.
 
 12 The outstanding dues of small scale industrial undertakings have
 been determined to the extent such parties have been identified on the
 basis of information available with the compnay. The parties to whom
 the Company owes sum outstanding for more than 30 days as at the
 balance sheet date are: (1) Ammonia Supply Co. (2) Time Technoplast Ltd
 
 13 Company has not received intimation from supplier regarding the
 status under Micro, Small and Medium Enterprises Development Act 2006
 and hence disclosures, if any, relating to amounts unpaid as at the
 year end together with the interest paid/payable as required under the
 said Act have not been given.
 
 14 The Compnay has ESOP scheme called ESOS 2006. During the year,
 Company has granted no Employee Stock Option.(Previous Year Nil)
 Deferred Employee Compensation Cost is being amortised over a period of
 three years, being the vesting period and on proportionate basis.
 Accordingly a sum of Rs.21.59 Lac has been amortised during the year.
 
 During the year the employees have opted 185660 options which were
 granted to them in earlier year & the same has been allotted to them in
 the form of equity shares
 
 15 Obligations/Entitlements on account of advance licenses not
 recognised at the time of export during the year amounts to Rs.741.49
 Lac (Previous year Rs.357.78 Lac).
 
 The above treatment has no impact on the profit & loss account.
 
 16 i) Office Buildings includes Mumabi Office Buildings Rs.266.42
 (Previous Year Rs.41.46 Lcs) Lac purchased in Mumbai in the name of the
 Managing Director of the Company out of which one building amounting to
 Rs.41.46 Lacs is mortgaged with ICICI Bank.  The Company has entered
 into an agreement to sell and has taken GPA from the Managing
 Director.
 
 The property is yet to be registered in the name of Company.
 
 ii) Freehold land includes Rs.13.79 crores and Flats Rs.14.58 Crore for
 which agreement to sell and GPA in favour of the company has been
 executed and the same have been put to use. The Freehold Land & Flats
 are yet to be registered /transferred in the name of the Company.
 
 17 Capital Work in Progress includes:
 
 a) Capital advances Rs.11303.08 Lacs (Previous Year; Rs.4023.53 Lacs).
 
 27 The company entered into Forward Exchange Contracts which are not
 intended for trading or speculative purposes, but for hedge purposes,
 to establish the amount of reporting currency required or available at
 the settlement date.
 
 18 In compliance with AS-28, during the year, company has identified
 fixed assets amounting to Rs.459.40 Lacs (Previous Year Rs.899.54 Lac)
 for impairement whose accumulated depreciation was 133.84 Lacs
 (Previous Year 212.39 Lac). The Net Realisable Value of such fixed
 assets has been estimated at Rs.84.21 lacs (Previous Year Rs.185.34
 Lacs). Accordingly, Impairment Loss of Rs.241.35 Lacs Previous Year
 501.81 Lacs) has been charged to Profit & Loss Account during the year.
 
 19 In compliance with AS-15, during the year, company has provided
 Rs.31.28 Lacs (Previous Year Rs.11.93 Lacs) as provision towards the
 Company Gratuity Policy maintained with LIC after the actuarial
 valuation done by the LIC.
 
 20 Capital Reserve includesRs. 17.97 Lacs being Subsidy for DG Set
 which is net of Rs.1.21 Lacs amortised and treated as income during the
 year.
 
 21 Loans & Advances include Rs.4.66 lacs (Previous Year 4.33 lacs) due
 from Company Secretary. Maximum amount due during the year is Rs.5.14
 Lacs (Previous Year 4.33 Lacs)
 
 22 The Company received Rs.15.00 crore against 14% Non-convertible
 Debenturs on 28.05.2009 which are redeemable in 13 quarterly
 installments with effect from febuary 2010. Balance outstanding as on
 31.03.2011 is Rs.9.25 Crore (Previous Year Rs.13.85 crore)
 
 23 Previous year figures have been regrouped, rearranged wherever
 considered necessary for comparison.
 
 24 Schedule I to XV form an integeral part of Balance Sheet and Profit
 & Loss Account and have been duly authenticated.