a.  Terms/right attached to equity shares:
 
 The Company has issued equity shares having a par value of Rs. 10/- per
 share. Each holder of equity shares is entitled to one vote per share.
 
 The Company declares and pays dividends in Indian rupees. The dividend
 proposed by the Board of Directors is subject to the approval of the
 shareholders in the ensuing Annual General Meeting.
 
 During the year ended 31st March 2012, the amount of per share dividend
 recognized as distributions to equity shareholders is Rs.1.50 (Previous
 Year Rs.1.50)
 
 In the event of liquidation of the Company, the holders of equity
 shares will be entitled to receive remaining assests of the Company
 after distribution of all preferential amounts. The distribution will
 be in proportion to the number of equity shares held by the
 shareholders.
 
 *Pursuant to Notification no: G.S.R 225(E) dated 31st March, 2009 and
 as amended by notification dated 11th May, 2011 issued by the Ministry
 of Corporate Affairs, the Company has opted to apply the prescribed
 treatment in respect of exchange rate variation arising on long term
 foreign currency monetary items.  Accordingly exchange rate variation
 arising out of reporting of long term foreign currency monetary items
 at rates different from those at which they were initially recorded
 during the period, or reported in previous financial statements, in so
 far as they relate to the acquisition of a depreciable capital assets,
 are added to or deducted from the cost of the assets and depreciated
 over the balance life of the asset, and in other cases accumulated in a
 Foreign Currency Monetary Item Translation Difference Account:, and
 amortized over the balance period of such long term asset/liability by
 recognition as income or expense in each of such period. Out of total
 exchange loss of Rs.13112115/- arising on aforesaid long term foreign
 currency monetary items, a sum of Rs.8714312/- has been deducted from
 the cost of fixed assets and a sum of Rs.4397803/- has been transferred
 to Foreign Monetary Items Translation Difference account. A sum of
 Rs.2619364/- has been amortized in the Statement of Profit and loss in
 accordance with the remaining period of the long term liability.
 
 (i) Period and amount overdue and unpaid as on the Balance Sheet date:
 
 a) Out of instalment of 3000 due on 21.03.2012 in respect of foreign
 currency term loan(ECB) from ICICI Bank Ltd, a sum of $ 176250 remains
 unpaid as on 31.03.2012
 
 b) Interest accrued and due Rs.1784687/- remain unpaid as on the date
 of Balance Sheet.
 
 a.  Term Loans from other parties (secured)
 
 a) Term Loan from Intec Capital Limited is secured to the extent of
 cash collateral security of Rs. 5460000/- and has been shown under the
 secured term loan from other parties and balance under unsecured term
 loan from other parties in note no. 4(d).
 
 b.  Deferred Payment Liabilities:
 
 (i) Deferred payment credits from Haryana State Industrial &
 Infrastructure Development Corporation Limited (HSIIDC) are secured
 against the properties as under:
 
 1.  Plot no. 153, Sector 3 at IMT Manesar, Gurgaon
 
 2.  Plot no. 257, Sector 6 at IMT Manesar, Gurgaon
 
 3.   Working Housing unit at IMT Manesar, Gurgaon
 
 4.   Dormitory House at IMT Manesar, Gurgaon
 
 5.   Plot no. 4, Sector 30B at IMT Rohtak
 
 a) The above properties shall continue to belong to HSIIDC until and
 unless the full price of the properties with interest and other amount,
 if any, due to HSIIDC is paid by the Company.
 
 b) On the payment of total price of the properties, the HSIIDC would
 execute a deed of conveyance in favour of the Company.
 
 (i) The Company provides for encashment of leave or leave with pay
 subject to certain rules. The employees are entitled to accumulate
 leave subject to certain limits for future encashment. The liability is
 provided based on numbers of days of unutilized leave at each Balance
 Sheet date.
 
 (ii) The shortfall in liability, if any, on ascertainment of liability
 by an independent actuary, will be provided for on the basis of
 actuarial valuation certificate when obtained.
 
 
 a.  Working capital limits from banks (secured)
 
 1) Working capital limits are in consortium with Canara Bank and State
 Bank of India in the ratio of 70:30 and are secured by way of pari
 passu first charge against hypothecation of entire chargeable current
 assets i.e stock and book debts (present and future) of the Company and
 pari passu second charge on fixed assets of the Company consisting of
 land and building, plant and machinery and other fixed assets including
 capital work in progress (present and future) and guaranteed by some of
 Directors of the Company and their relatives.
 
 Working capital limits from consortium banks are further secured by way
 of equitable mortgage of:
 
 # Second pari passu charge on 10640 square yards of Land and Building
 standing in the name of Smt. Sushila Devi Jain, Director of the
 Company, situated at NH - 10, Hissar Road, Rohtak.
 
 # Second pari passu charge on Land and Building 4.6125 acres situated
 at Mauza Kharawar, Tehsil - Sampla, District - Rohtak, Haryana in the
 name of Shri Nikhlesh Jain and Shri Saurabh Jain
 
 # Second pari passu charge with working capital consortium members on
 Dies and Tools capitalised during financial year 2010-2011
 
 b.  other loans and advances from a company (unsecured)
 
 (i) Other loans and advances received from a Company are repayable on
 demand.
 
 (ii) Interest accrued and due Rs.738221/- remained unpaid as on the
 Balance sheet date.
 
 (i) Trade payables include acceptances Rs.118689908/- (Previous Year
 Rs.91782556/-)
 
 (ii) Trade payables include payable to a subsidiary company Rs.
 4913910/- (Previous Year Rs.3731492/-)
 
 (ii) The Company has made a provision of Excise duty amounting
 Rs.47615531/- (previous year Rs.32334578/-) payable on stocks of
 Finished and Scrap material. Excise duty is considered as an element of
 cost at the time of manufacture of goods.
 
 (iii) Employees benefit expense includes Rs.16831400/- (Previous year
 Rs.902200/-) payable to Directors of the Company.
 
 (iv) Other payables include Rs.175186/- (previous year Rs.175186/-)
 payable to a Director of the Company.
 
 (v) Statutory dues are in respect of PF, ESI, Sales Tax and TDS.
 
 (vi) Other payables include expenses payable and other liabilities.
 
 Notes:
 
 1 Depreciation has been provided on rates as per Schedule XIV of the
 Companies Act,1956 on WDV basis except in case of Plant-II, Manesar
 Plants and Recoil Division where depreciation has been provided on
 straight line method.
 
 2 Depreciation on assets for a value not exceeding Rs.5000/- has been
 provided @100%.
 
 3 Addition in fixed assets include Rs.34320709/- (last year
 Rs.15912144/-) capitalised on account of borrowing costs in accordance
 with AS-16 Borrowing Cost'' issued by Institute of Chartered
 Accountants of India.
 
 4 Leasehold Offices Premises are in respect of office flats at
 Bangalore.
 
 5 Freehold Offices Premises are in respect of office flats at Mumbai
 and Delhi.
 
 6 A sum of Rs.8714321/- on account of exchange loss incurred during the
 year has been adjusted in Plant and Machinery in accordance with
 notification no. G.S.R. 225(E) dated 31.03.2009 as amended vide
 notification dated 11.05.2011, issued by Ministry of Corporate Affairs.
 
 7 Plant and Machinery include capital expenditure of Rs.25822374/-
 incurred during the year and Rs.20195483/- incurred during the previous
 year on research and development.
 
 8 Title Deeds in respect of lands acquired from HSIIDC, have not been
 yet executed. As per the terms of letters of allotment, the same will
 be executed after the full payment to HSIIDC.
 
 Inventories have been valued at lower of cost and net realizable value.
 Cost has been ascertained in case of Semi-finished goods at 65% less
 price-list and finished goods have been valued at 55% less price-list
 and special items have been valued at 30% less in case of semi-finished
 goods and 20% less in the case of finished goods of the selling price;
 since exact cost is not ascertainable. Excise duty payable on finished
 goods and scrap materials are shown separately as part of manufacturing
 cost and is included in the valuation of finished goods and scrap
 materials. Inventories are consumed on FIFO (First in First out) basis.
 Scrap material has been valued at net realisable value.
 
 note - 1
 
 contingent liabilities and commitments
 
 Contingent liabilities and commitments
 
 (a) Contingent liabilities
 
 1 Letter of credits and guarantees 
 obtained from bank (Net of margin
 money) H                          135637867 2456447 -138094314 112585617
 
 2 Liabilities against legal 
 undertakings/bonds executed 
 in favour of DGFT on account 
 of export obligation undertaken 
 by the Company against Advance/ 
 import licenses under EPCG Scheme. 66917098    -   -  66917098  53209439
 
 3 Income Tax liabilities on 
 account of appeals pending 
 with various authorities            7716673    -   -   7716673   7716673
 
 4 Liabilities on account of
   suits filed against the 
   Company in the Labour
   Courts/ESI Corporation/
   Civil Courts                       239980    -   -    239980    460517
 
 (b)  Commitments
 
 1 Estimated amount of capital 
 contracts remaining to be 
 executed and not
 provided for (net of advances)     21766520    -   -  21766520  39587317
 
 note - 2
 
 other notes on accounts
 
 (i)  The Company has one following subsidiary as on 31.03.2012.
 
 Name of Subsidiary:         Indian Fasteners Limited
 
 Country of Incorporation:            India
 
 Date of control:                    24.12.1990
 
 Nature:                          Subsidiary Company
 
 Extent of control:                     67.30%
 
 (ii) Foreign currency loan from ICICI Bank Limited as at the end of the
 year has been translated at the prevailing rate of exchange as on the
 date of balance sheet. Consequent to realignment of the value of
 foreign currency loan, the rupee liability of the Company has increased
 by Rs.9263033/-.  Out of the said exchange loss, a sum of Rs.6156212/-
 has been adjusted to the carrying cost of fixed assets and the balance
 sum of Rs. 3106821/- has been credited to the Foreign Currency Monetary
 Item Translation Difference Account in accordance with Accounting
 Standard 11 (AS-11) as amended vide notification no.G.S.R 225 (E) dated
 31.03.2009 and further amended by notification dated 11.05.11 issued by
 the Ministry of Corporate Affairs.
 
 (iii) The Company has been sanctioned a term loan of Rs.50000000/- by
 Canara Bank Limited, to be utilized for working capital requirements,
 out of which the bank has disbursed a sum of Rs.40100441/- The same has
 been utilized for the purpose for which it was sanctioned and there are
 no amounts lying unutilized as at the end of the year.
 
 (iv) The Company has been sanctioned a term loan of Rs. 45000000/- by
 State Bank of India, to be utilized for working capital requirements,
 out of which the bank has disbursed a sum of Rs. 45000000/-. The same
 has been utilized for the purpose for which it was sanctioned and there
 are no amounts lying unutilized as at the end of the year.
 
 (v) That there was a misappropriation of funds amounting to
 Rs.16059342/- by an employee of the Company in the earlier years. An
 FIR was lodged with City Police Station, Rohtak on 22.06.2006.
 Investigations are being conducted. The hearing was conducted on
 02.05.2011 in the Court of Chief Judicial Magistrate, Rohtak for the
 purpose of checking of challan and framing of charges against the
 employee. The next hearing is due on 05.07.2012 for argument on charge,
 in the court of Chief Judicial Magistrate. The Company had also filed a
 civil suit for recovery before the Delhi High Court on 13.09.2006. The
 aforesaid amount has been debited to concerned employee and shown under
 Short term loans and advances. No provision for the same has been made
 since the Company expects to recover the entire amount.
 
 (vi) Interest and other borrowing costs amounting to Rs.34320709/-
 (previous year Rs.15912144/-) have been capitalized to the carrying
 cost of fixed assets and capital work in progress being financing costs
 directly attributable to the acquisition, construction or installation
 of the concerned qualifying assets till the date of its commercial use.
 
 (vii) The Company has capitalized dies and tools amounting to
 Rs.45865408/- (previous year Rs.30039429/-) relating to dies and tools
 purchased/ manufactured during the year.
 
 (viii) Research and development expenses debited to the statement of
 profit and loss include the following:
 
 (x) Confirmations from debtors and creditors and parties to whom loans
 and advance have been made are being obtained on a periodical basis. In
 respect of accounts under reconciliation, necessary entries will be
 passed on reconciliation of these accounts.
 
 (xi) The Company has taken various residential/commercial premises
 under cancellable operating lease for a period not exceeding one year.
 These lease agreements are normally renewed on expiry. There are no
 restrictions placed upon the Company by entering into these leases and
 there are no subleases.
 
 Lease payments recognised in the statement of profit and loss as an
 expense for the year is Rs. 5825256/- (Previous year Rs.5508024/-).
 
 (xii) In the opinion of the Board, any of the assets other than fixed
 assets and non-current investments have a value on realization in the
 ordinary course of business at least equal to the amount at which they
 are stated.
 
 (xiv) Segment Reporting
 
 The segment reporting of the Company has been prepared in accordance
 with Accounting Standard (AS-17), Accounting for Segment
 Reporting issued by the Institute of Chartered Accountants of India.
 
 Primary-Business Segment
 
 The Company is in the business of manufacture of high tensile
 fasteners. Since the Company is operating in a single line of product,
 there are no reportable primary segments.
 
 Secondary-Geographical Segment
 
 The analysis of geographical segment is based on geographical location
 of the customers. The following is the distribution of Company''s
 consolidated revenue by geographical market, regardless of where the
 goods were produced.
 
 (xvi) In accordance with Accounting Standard 28 ''Impairment of
 Assets'' issued by the Institute of Chartered Accountants of India and
 made applicable from 1st day of April, 2004, the Company has assessed
 the potential generation of economic benefits from its business units
 as on the balance sheet date and is of the view that assets employed in
 continuing business are capable of generating adequate returns over
 their useful lives in the usual course of business; there is no
 indication to the contrary and accordingly, the management is of the
 view that no impairment provision is called for in these accounts.
 
 Defined Benefit Plan
 
 The employee''s Gratuity Fund Scheme, which is defined benefit plan, is
 managed by Trust maintained with Life Insurance Corporation of India
 (LIC). The Company could not obtain actuarial valuation in respect of
 provision for gratuity liability and leave encashment payable to its
 employees.  The impact of liability on this account, is therefore not
 ascertainable and not provided for. In absence of actuarial valuation,
 The disclosures as required by AS-15 ''Employee Benefits'' are not
 furnished in their entirety.
 
 (xix) Inventories are valued at lower of cost and net realizable value.
 However, since exact cost is not ascertainable, semi-finished goods
 have been valued at 65% less on the price- list and finished goods have
 been valued at 55% less on the price-list and special items have been
 valued at 30% less in case of semi-finished goods and 20% less in the
 case of finished goods of the selling price. The company is under the
 process of implementing the maintenance of cost records and the exact
 cost will be ascertained on maintenance of the said cost records.
 
 (xx) Dies carried as inventories are amortized as a charge to the
 statement of profit and loss when they are scrapped from active use.
 The Company is reviewing the policy to charge off consumption of dies
 on a systematic basis over their useful period of lives. Pending such
 change in policy, the impact, if any, on the financial statements is
 not ascertainable and hence cannot be provided for.
 
 (xxvi) Till the year ended 31st March 2011, the Company was using
 pre-revised Schedule VI to the Companies Act 1956, for preparation and
 presentation of its financial statements. During the year ended 31st
 March 2012, the revised Schedule VI notified under the Companies Act
 1956, has become applicable to the Company. The Company has
 reclassified previous year figures to conform to this year''s
 classification.
 
 (xxvii) Figures have been rounded off to the nearest rupee.
 
 (xxviii) Note No.1 to 31 form an integral part of the balance sheet and
 statement of profit and loss.