1 Contingent liabilities not provided for:
 
                                                   Year ended
 Particulars                                  31-Mar-11     31-Mar-10
                                            Rs. in Lacs   Rs. in Lacs
 
 Unexpired letters of credit 
 (Net of margins)                                158.12        271.77
 
 Guarantees issued by bankers                    110.51         36.78
 
 Bills discounted but not matured              1,008.12        929.35
 
 Demand from sales tax disputed 
 (Amount paid Rs. 0.79 lacs, previous
 year Rs. 0.79 lacs)                               0.79          0.79
 
 Custom duty against import under 
 Advance Licence Scheme                           60.74         38.25
 
 Custom duty against import under EPCG Scheme     38.18         93.73
 
 Show Cause notices from custom department 
 regarding Advance Licences                      121.48             -
 
 Compensation for enhanced cost of 
 Land contested in Punjab & Haryana High Court     9.34          9.34 
 (Amount paid Rs. 2.33 lacs, Previous 
 year Rs. 2.33 lacs)
 
 Liabilities against legal suits filed             4.15          6.38
 
 Demand from ESI department disputed 
 by the company                                       -          2.51
 
 Income tax matters contested in appeal 
 and decided in favour of the Company by the       7.10          7.10 
 Tribunal, but Revenue challenged the Appeal
 Orders in the High Court.
 
 2 Estimated amount of contracts remaining to be executed on capital
 account and not provided for Rs. 358 .38 lacs (Previous year Rs. 150.91
 lacs). Advances paid there against Rs. 354.88 lacs (Previous year Rs.
 73.66 lacs).
 
 3 In the opinion of the Board, Current Assets, and Loans & Advances
 have a value on realization in the ordinary course of business at least
 equal to the amount at which they are stated and provision for all
 known liabilities have been made.  The company has sent letters for
 balance confirmation as on the last day of financial year to debtors
 and creditors but confirmations have been received from few parties
 only, therefore, the balances of debtors & creditors are subject to
 confirmation from respective parties.
 
 4 The Company has made investments in 2 subsidiary companies which are
 of long term in nature. As per the latest audited/unaudited financial
 statements, these subsidiary companies have reported accumulated losses
 aggregating to Rs.  271.87 lacs. In the opinion of the management, the
 investments in these subsidiary companies are of strategic in nature
 and based on the future projections, the past losses of these
 subsidiary companies would be recouped. Hence, such diminution in value
 of investment has been considered as of temporary in nature and ,
 therefore, no provision of such diminution has been made.
 
 5 The company has not received any intimation from majority of the
 suppliers regarding their status under the Micro, Small and Medium
 Enterprises Development Act, 2006, hence disclosure required under
 Schedule VI vide notification no. GSR 719(E) dated 16.11.2007, relating
 to amount unpaid as at the year end together with interest paid
 /payable has not been given.
 
 6 Related party disclosures
 
 Related party disclosures as required by Accounting Standard (AS )-18
 of The Institute of Chartered Accountants of India.
 
 A List of related parties and relationships
 
 a Subsidiaries and Associate
 
 Subsidiaries
 
 1 US Safety Syringes Co. LLC , USA
 
 2 Poly Medicure (Laiyang) Co. Ltd., China
 
 Associate
 
 Ultra For Medical Products (UMIC ), Egypt 
 
 b Key Management Personnel
 
 1 Mr. Himanshu Baid (Managing Director)
 
 2 Mr. Rishi Baid (Executive Director)
 
 3 Mr. J.K.Baid (Director- relative of Managing Director & Executive
 Director )
 
 c Enterprises over which key management personnel and their relatives
 exercise significant influence
 
 1 Vitromed Healthcare
 
 2 Jai Polypan Pvt. Ltd.
 
 3 Stilocraft
 
 4 Polycure Martech Ltd.
 
 5 Jaichand Lal Hulasi Devi Baid Charitable Trust
 
 7 Financial and Derivate Instruments:
 
 The Mark to Market losses or gains on unexpired Derivative Contracts
 entered into to hedge the risk of changes in Foreign Currency Exchange
 Rate on Future Export Sales against the existing long term contracts,
 are accounted for on maturity of the contracts so as to safe guard
 against considerable volatility in foreign exchange rates during the
 intervening period. The company has not adopted AS - 30 Financial
 Instruments, Recognition and Measurement nor
 accounted for mark to market losses for unexpired Derivative Contracts
 outstanding as at 31st March 2011 because ICAI vide its announcement
 dated 11th February 2011 has stated, interalia, that AS 30 is not
 presently mandatory and that it is not expected to continue in its
 present form. The Mark to Market notional losses as on March 31, 2011
 are of Rs.  1176.57 lacs (previous year Rs. 1542.85 lacs) and with the
 considerable volatility in foreign exchange rates, the impact may
 increase or decrease .The company has been accounting for the losses or
 gains on maturity of the contracts.
 
 8 The company is primarily engaged in a business of manufacturing and
 sale of Medical Devices and, hence, there are no reportable segments
 as per Accounting Standard-17.
 
 9 a) Finance Leases :
 
 i) Assets acquired on finance lease comprises of vehicles. The leases
 have a primary period, which are fixed and non- cancelable.
 
 b) Operating leases
 
 i) The Company has taken two office premises under cancellable
 operating lease. These lease agreements are normally renewed on expiry.
 
 ii) Lease rental expenses in respect of operating leases: Rs. 11.48
 lacs (previous year Rs. 6.33 lacs)
 
 10 Figures in bracket represents of previous year and have been
 regrouped or rearranged wherever found necessary.
 
 11 Schedules 1 to 21 form an integral part of the accounts and have
 duly been authenticated.