SCHEDULE V Notes on Accounts :
 
 1. Contingent Liabilities not provided for in respect of :
 
                                   As at 31-03-2002 As at 31-03-2001
 
                                                 Rs.                Rs.
 
 a) Bills/Cheques discounted with Banks          --           13,28,284
 
 b) Guarantees issued by Banks             1,30,000            2,30,000
 
 c) Letters of Credit opened &
 Outstanding with Bank                           --         4,00,00,000
 
 d) Disputed sales tax demands            12,83,843           10,90,818
 
 2. In the opinion of the Board, the approximate value of Current
 Assets and Loans & Advances nave on realisation at least equal to the
 amounts at which they are stated in the Balance-Sheet
 
 3. Provision for Gratuity liability to employees is made on the basis
 of valuation done by Actuary.
 
 4. Materials lying with third parties have been taken at values as
 stated in books of accounts and have not been confirmed by parties.
 
 5. Though Accounting Standard (AS) 15 issued by the Institute of
 Chartered Accountants of India is mandatory, the Company has not made
 provision for leave encashment benefits on retirement of employees as
 the quantum of liability is not reasonably ascertainable due to the
 availability of leave encashment benefits any time during the service
 period and also as accumulation of Leave is restricted to a certain
 ceiling.
 
 6. Auditors Remuneration
 
 For the year ended For the year ended
 
                                              31-03-2002     31-03-2001
 
 Audit Fees                                       30,000         30,000
 
 Taxation Matters                                  5,000          5,000
 
 Tax Audit Fees                                   15,000         15,000
 
 Service Tax                                       2,500          2,500
 
                                                  52,000         52,000
 
 7. Confirmation of certain parties for amounts due to them/amounts
 due from them as per accounts of the Company are not received,
 necessary adjustments if any will be made when the accounts are
 reconciled and settled.
 
 8. Sundry Debtors include Rs. 45,34,472.37 receivable from parties
 against whom company has initiated legal cases. As the company is
 hopeful of recovering full amount from these debtors it is thought
 prudent not to make any provision for doubtful debts towards these
 debts.
 
 9. As per the practice followed, excise duty payable of Rs. 1,05,914
 on finished goods held in the factory is accounted for on clearance of
 goods when it is actually payable, it is neither included in the
 expenditure nor valued in such stock. This accounting treatment has no
 impact on operational results.
 
 10. Interest free Sales Tax Defferment shown under the Loans Funds
 being in the nature of quasi-equity is repayable in five equal annual
 installments after a period often years from the year of recovery.
 
 11. Provision for Taxation :
 
 a) Current Tax : In view of the losses incurred during the year the
 company has no taxable income.
 
 b) Deffered Tax (AS-22) : In view of the carried forward losses the
 company has deffered tax assets. However, as matter of prudence the
 same has not been recognised in the financial statement since the
 management is not certain that sufficient taxable income will be
 available in the future against which such deffered tax assets could be
 adjusted.
 
 12. No provision for loss as may arise in respect of overdue debtors
 and old balances of some advances has been made as the management is
 making serious efforts to recover the amount and loss in this respect
 is at present indeterminable.
 
 13. Related Parties Disclosure :-
 
 As per accounting Standard-18 issued by the Institute of Chartered
 Accountants of India, the Companys related parties and transactions
 are disclosed below :
 
 a) Parties where control exists : NIL
 
 b) Other related parties with whom transactions have taken place during
 the year :
 
 (i) Joint Venture of the
 company                       : NIL
 
 (ii) Associate                : NIL
 
 (iii) Other related Parties :     (a) Suman Die Casting Pvt. Ltd., Goa
 
                                   (b) Mesha Engineering Pvt. Ltd.,
                                       Bangalore
 
                                   (c) Swastik Metal Corporation
 
                                   (d) Pomani Investment & Finance Ltd.
 
                                   (e) Ashok Industries
 
 (iv) Key Management Personnel : (a) Shri Shantilal R. Jain
 
                                   (b) Shri Prithviraj R. Pomani
 
                                   (c) Shri Ashok B. Bafana
 
                                   (d) Shri Pandurang N. Sahane
 
 (c) Transactions with Related Parties :
 
                                                           Rs. In Lakhs
                                                                 Amount
 
 (i) Purchases of Goods & services
 
 Associates                                                          --
 Other Related Parties                                        42,18,128
 
 (ii) Sales of Goods & services
 
 Associates                                                          --
 
 Other Related Parties                                        66,31,341
 
 (iii) Purchases of Fixed Assets
 
 Associates                                                          --
 
 Other Related Parties                                               --
 
 (iv) Sale of Fixed Assets
 
 Associates                                                          --
 
 Other Related Parties                                           14,560
 
 (v) Net Loan & advance Given (Recovered)
 Associates                                                          --
 
 Other Related Parties                                               --
 
 (vi) Other Expenses                                                 --
 
 Associates                                                          --
 
 Other Related Parties                                        14,14,879
 
 (vii) Other Income
 
 Associates                                                          --
 
 Other Related Parties                                         6,60,931
 
 (viii) Remuneration to directors                              9,00,000
 
 Entities where control exists - Receivables                         --
 
 Associates                    - Receivables                         --
 
                               - Payables                            --
 
 Other Related Parties         - Receivables                  26,15,873
 
                               - Payables                     11,24,242
 
 a) Licensed Capacity not applicable
 
 b) Installed Capacity shown above are as certified by management.
 
 c) Figures of actual production shown above do not include goods on job
 work for which materials were supplied by customer.
 
 d) Figures of actual production shown above do not include goods
 manufacutred at vendors.
 
 14. The Compay could not appoint a Company Secretary as required under
 section 383(A) the of Companies Act, 1956, despite best efforts made in
 this regard.
 
 15. Figures has been rounded off to nearest rupee.
 
 16. Previous years figures have been regouped wherever necessar to
 make them comparable with current year figures.
 
 17. In absence of the relevant information from the suppliers, the
 company had not determined the amounts payable to small scale
 industrial undertaking separately.