1.  The Company enters into forward contract for hedgeing of foreign
 currency transaction. The premium/ discount for such transactions are
 pro-rated over the period of the contract. Such premium/ discount is
 accounted under material consumption. The exchange gain or loss on
 account of foreign exchange transactions settlement or on reinstatement
 at the year end is credited/ debited to the Profit and Loss account.
 
 During the year net credit in respect of foreign exchange fluctuation
 gain is Rs. 937.57 (previous year credit of Rs. 2903.71). Out of this
 credit of Rs. 1007.48 (previous year credit of Rs. 3072.10) is in
 respect of raw material purchases, debit of Rs. 43.92 (previous year
 debit of Rs. 109.63) is in respect of export of goods (included in
 miscellaneous expenses), debit of Rs. 25.99 (previous year debit of Rs.
 58.76) is in respect of secured loans (included in financial expenses).
 
 2.  Contingent Liabilities
 
                                  31st March, 2011    31st March, 2010
 
 a) Guarantees given to Bank 
    against which Rs. Nil                   585.51              213.98
    (previous year Rs. Nil) 
    has been deposited as 
    margin money
 
 b) Guarantees given to bank on 
    behalf of subsidiary company
 
    - Akasaka Electronics Limited          1870.00             1670.00
 
 c) Income tax demands in respect 
    of which appeals                         82.16              505.92
    have been filed
 
 d) Excise and Customs Duty in 
    respect of which appeals                595.44              798.22
    have been filed
 
 e) Claims made against the Company 
    not acknowledged                       5429.58             5487.45
    as debts
 
 
 3.  Employee benefits
 
 a) Description of the Plan:
 
 Gratuity -
 
 Company has covered its gratuity liability by a Group Gratuity Policy
 named Employee Group Gratuity Assurance Scheme issued by LIC of
 India. Under the plan, employee at retirement is eligible for benefit
 which will be equal to 15 days salary for each completed year of
 service. In other words, the policy is a defined benefit plan.
 Accordingly, the aforesaid insurance policy is the plan asset.
 
 Leave encashment -
 
 The leave encashment benefit scheme is a defined benefit plan and is
 wholly unfunded. Hence, there are no planned assets attributable to the
 obligation.
 
 4.  Research and development expenses consist of personnel expenses and
 other expenses of Rs. 815.62 (previous year Rs. 703.42), and Rs. 273.13
 (previous year Rs. 261.77) respectively. Depreciation on Research and
 Development assets is Rs. 39.32 (previous year Rs. 42.73) shown under
 Fixed Assets.
 
 5.  a) Balances of Sundry Debtors, Creditors, Loans and Advances and
 Deposits are subject to confirmation and reconciliation.
 
 b) There are no Micro and Small Enterprises, to whom the Company owes
 dues, which are outstanding for more than 45 days as at 31st March,
 2011. This information as required to be disclosed under the Micro,
 Small and Medium Enterprises Development Act, 2006, has been determined
 to the extent such parties have been identified on the basis of
 information available with the Company.
 
 c) There is no amount due and Outstanding, as at 31st March, 2011 to be
 credited to Investor Education and Protection Fund.
 
 6.  Segment information has been presented in the Consolidated
 Financial Statements as permitted by Accounting Standard (AS-17) on
 Segment Reporting as notified under the Companies (Accounting
 Standards) Rules, 2006.
 
 7. a) Provision for Taxation comprises of current tax Rs. 557.15
 (previous year Rs. 417.37), deferred tax Rs. 259.60 (previous year Rs.
 1.95) and Fringe Benefit tax of earlier year written back of Rs. 24.97
 (previous year short paid Rs. 8.66). The current tax includes wealth
 tax of Rs. 2.34 (previous year Rs. 1.02).
 
 1.  Installed capacity is on single shift basis as certified by the
 Management upon which the Auditors have relied.
 
 2.  The licensed capacities are not applicable in view of the exemption
 from licensing granted under Notification SO 477 (E) dated 25th July,
 1991, issued under Industries (Development and Regulation Act), 1951.
 
 3.  Sales column is adjusted for loss in transit, internal transfer,
 salvages and free gifts.
 
 4.  Company has production facility, for its captive consumption, from
 its Injection moulding plant (Plastic parts) having an installed
 capacity of 10500 MT and EPS plant (articles of packing goods) having
 an installed capacity of 1000 MT.
 
 5.  The purchase cost of spares used in services has been included in
 Cost of Raw Material Consumed schedule.
 
 6.  Figures in brackets are in respect of previous year.
 
 
 1.  Figures in brackets are in respect of previous year.
 
 2.  The purchase cost of spares used in services has been included in
 Cost of Raw Material Consumed schedule.
 
 8.  Related Party Disclosures
 
 Related parties as defined under Clause-3 of Accounting Standard (AS
 -18) Related Party Disclosures have been identified on the basis of
 representation made by key management personnel and information
 available with the Company.
 
 Names of related parties and description of relationship:
 
 1.  Subsidiary                 Akasaka Electronics Ltd.
 
 2.  Key Management Personnel   Mr. G. L. Mirchandani - Chairman and
                                Managing Director of
                                Mire Electronics Ltd.  
 
                                Mr. V. J. Mansukhani - Managing 
                                Director of Mire
                                Electronics Ltd.
 
 3.  Relatives of Key 
     Management Personnel       Mrs. Gita Mirchandani (Wife
                                of Mr. G. L. Mirchandani)
 
                                Mrs. Marissa Mansukhani (Wife of 
                                Mr. V. J. Mansukhani) 
 
                                Mr. Kaval Mirchandani (Son of 
                                Mr. G. L. Mirchandani) 
 
                                Mr. Akshay Mansukhani (Son
                                of Mr. V. J. Mansukhani) 
 
                                Ms. Ayesha Mansukhani (Daughter of 
                                Mr. V. J. Mansukhani) 
 
                                G. L Mirchandani (H.U.F.) 
 
                                V. J. Mansukhani (H.U.F.)
 
 4.  Enterprise over which 
     any person                 Iwai Electronics Pvt. Ltd.
     described in 2 and 3 
     is able to                 Adino Telecom Ltd.
     exercise significiant 
     influence                  Gulita Wealth Advisors Pvt. Ltd.
 
 
 Note : Figures in brackets are in respect of previous years.  
 
 9.  Previous years figures have been rearranged and regrouped
 wherever necessary.
 
 Signatures to Schedule 1 to 21 forming part of the Balance Sheet
 and Profit and Loss Account.