1.  Loans and Advances include interest free advances given by the
 Company to RJL - Employee Welfare Trust aggregating to Rs. 33,800,000/-
 (Previous year Rs. 36,000,000/-), for the benefit of designated Employees
 pursuant to the proviso (b) to Section 77(2) of the Companies Act,
 1956.
 
 2.  In the opinion of the Board, current assets, loans and advances are
 approximately of the value stated, if realized in the ordinary course
 of business. Provisions for all the known liabilities and depreciation
 are adequate and not in excess of the amount reasonably necessary.
 
 3.  Contingent Liabilities not provided 
     for in respect of:                        As at          As at
                                               March 31, 
                                               2011           March 31,
                                                              2010
 
 i) Guarantees given to banks against 
    credit facilities extended to 
    indirect subsidiary company                150,000,000     Nil
 
 ii) Penalty levied by the Custom
     Authorities                                   311,196    311,196
 
 iii) Income Tax demand disputed in appeal:
 
 Disputed by the Company                               Nil        Nil   
 
 Disputed by the Department                      9,257,560  9,257,560
 
 iv) Estimated amount of contract remaining 
     to be executed on capital account
     (Net of advances)                           5,836,581 25,369,022
 
 
 
 4.  The Company has received a demand of Customs Duty along with the
 penalty amounting to Rs. 167.58 Crores from the Commissioner of Customs,
 Chhatrapati Shivaji International Airport, Mumbai (Customs), alleging
 that the import of finished jewellery for remaking is not a permitted
 activity for an unit in SEEPZ SEZ and hence chargeable to Customs duty.
 Further, the Commissioner has also preferred an appeal to CESTAT for
 levy of interest of Rs. 22.84 Crores on the said Customs Duty.  The
 aggregate demand of Rs. 190.42 Crores is subject matter of Writ petition
 filed by the Company in the Hon. Bombay High Court to challenge the
 Jurisdiction of Customs & correctness of its contention.
 
 5.  Share Warrants :
 
 During the year, The Company has issued 2,000,000 (Face Value Rs. 10/-
 each) convertible warrants (Warrants) on preferential basis to the
 promoters & Investors against which it has received Rupees
 19,000,000/-, Each warrants carries a right to convert the same into
 one equity share of Rs. 10/- each at a premium of Rs. 66/- as per the
 formula prescribed under the SEBI (ICDR) Regulation 2009 over a period
 of 18 months from the date of allotment.
 
 The object of the issue is to meet the long term working capital
 requirement, enhancement of competitiveness and strengthening of
 financial position through long term resources.
 
 6.  Transaction with related party:
 
 Related party disclosure as required by AS-18, ''Related Party
 Disclosures'' notified by the Companies (Accounting Standard) Rules,
 2006 are given below:
 
 a) Key Management Personnel:
 
 1) Mr. Niranjan A. Shah
 
 2) Mr. Sumit N. Shah
 
 3) Mr. Hitesh M. Shah
 
 4) Mr. Neville R. Tata
 
 b) Subsidiary Company:
 
 1) Renaissance Jewelry N.Y Inc.
 
 2) Verigold Jewellery (UK) Limited
 
 3) N. Kumar Diamond Exports Limited
 
 Indirect Subsidiary Companies
 
 1) Renaissance Adrienne LLC (situated at California) (Subsidiary of
 Renaissance Jewelry N.Y Inc.)
 
 2) House Full International Ltd (Subsidiary of N. Kumar Diamond Exports
 Limited)
 
 3) Renaissance Realtors Private Limited (Subsidiary of N. Kumar Diamond
 Exports Limited)
 
 4) House Full Supply Chain Management Limited (Subsidiary of House Full
 International Limited)
 
 c) Associate Concerns/Companies/Trust under Control of Key Management
 Personnel and Relatives:
 
 1) Fancy Jewellery Private Limited
 
 2) Anika Jewellery Private Limited
 
 3) Niranjan Holdings Private Limited
 
 4) Renaissance Jewellery Limited - Employee Group Gratuity Trust
 
 5) Sumit Diamonds
 
 7. Segment Reporting:
 
 During the year Company operated in only one segment i.e. ''Jewellery.
 
 8. (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''
 is entitled to the exemption. Accordingly, disclosures mandated by
 paragraphs 3(i)(a), 3(ii)(a), 3(ii)(b) and 3(ii)(d) of Part II,
 Schedule VI to the Companies Act, 1956 have not been provided.
 
 (b) The Ministry of Corporate Affairs, Government of India, vide
 General Circular No. 2 and 3 dated 8th February 2011 and 21st February
 2011 respectively has granted a general exemption from compliance with
 section 212 of the Companies Act, 1956, subject to fulfillment of
 conditions stipulated in the circular. The Company has satisfied the
 condition stipulated in the circular''and hence is entitled to the
 exemption. Necessary information relating to the subsidiaries has been
 included in the Consolidated Financial Statements.
 
 9. Previous year''s figures are regrouped/rearranged, wherever
 necessary.