1.  Estimated amount of Contracts remaining to be executed on Capital
 account and not provided for Rs. 25.69 Crores (Previous Year Rs. 22.14
 Crores) for which advance has been Paid Rs. 3.59 Crores (Previous Year
 Rs. 3.40 Crores)
 
 2.  Contingent Liabilities not provided for:
 
 (a) Claims against the company not acknowledged as debts Rs.
 3,14,72,636/- (PreviousYearRs. 3,14,72,636/-).
 
 D.G.B.R.           Rs. 2,68,79,162/-
 
 AVN Tubes Ltd.     Rs.  11,80,000/-
 
 Other Customers    Rs.  19,13,474/- 
 
 Employees          Rs.  15,00,000/-
    
 (b) Bank Guarantees-Outstanding letter of Credit Rs.
 18,79,450/-(Previous Year Rs. 25,82,787/-)
 
 3.  (a) Sales Tax Assessments of Mumbai Division are completed upto the
 year 2002-03 and of Karamsad (Gujarat) Division upto year 2006-07. The 
 Company does not expect any liability for the pending assessments.
 
 (b) Income Tax Assessments are completed upto the Assessment year
 2007-08 in terms of order issued under section 143 (3) of the Income
 Tax Act, 1961. The Company does not expect any liability for the
 pending assessments.
 
 4.  In terms of the Development Agreement dated 31.12.2003 and
 Supplementary Agreements dated 30.01.2004 and 01.03.2004 respectively
 entered into with Skyline Residency Pvt. Ltd. for development of the
 Companys land at Kurla-Kirol Road, Ghatkopar (W), admeasuring
 35,577.89 Sq.  Mtrs, the Company was entitled to upfront consideration
 of Rs. 1,440 Lacs and 74,446 Sq. ft.  saleable area.
 
 The Company has accounted for the said amount of Rs. 1,440 Lacs towards
 the upfront consideration during the financial year ended 31st March,
 2004. The details of entitlement of the Company of 74,446Sq.ft.
 saleable area is as under:
 
 5.  Administrative and General Expenses includes a sum of Rs.
 2,09,055/- (Previous Year Rs. 2,18,879/-) paid to Auditors being Rs.
 1,10,300/- (Previous Year Rs. 1,12,360/-) as Audit Fees, Rs. 27,575/-
 (Previous Year Rs. 39,326/-) for Tax Audit, Rs. 66,180/- (Previous Year
 Rs. 39,399/-) for certification & other work, Rs. Nil (Previous Year
 Rs. 27,794/-) paid for other services and Rs. 5,000/- as out of pocket
 expenses.
 
 6.  Company has filed a suit on Nesco Ltd. (Formerly known as New
 Standard Engineering Co. Ltd) for the recovery of its Security Deposit
 of Rs. 15,00,000/- along with interest.
 
 7.  (a) Sundry Creditors include Rs. 2,00,498/- (Previous year Rs.
 1,52,966/-) due to Micro and Small
 
 Scale Eenterprises. The parties to whom the amounts outstanding for
 more than 45 days as at 31stMarch, 2010 are as under: Sr. No.  Vendor
 Name
 
 i RubyForgings
 
 ii Bombay Machine Tools
 
 iii Shah Udyog
 
 iv Hansu Controls Ltd
 
 v Indo Hydraulics (Bombay)
 
 vi Speed O Controls Pvt. Ltd
 
 (b) The Micro, Small and Medium Enterprises have been identified by the
 Company from the available information, which has been relied upon by
 the auditors.
 
 (c) No provision has been made in the Accounts for interest, as no
 amount has been claimed from the Company under the interest on delayed
 payments by micro and small scale enterprises.
 
 8. Deferred Tax :
 
 In view of the uncertainty as regards sufficient future taxable income
 against which deferred tax assets can be realised, deferred tax assets
 are not recognised to the extent of operating losses.
 
 9. RELATED PARTY DISCLOSURES
 
 Associates Parties with whom transactions have been taken place during
 the year
 
 a) GMM Pfaudler Ltd
 
 b) Pedershaab Millars India Pvt. Ltd.
 
 c) Glass Lined Equipment Co. Ltd.
 
 d) Skyline Residency Pvt. Ltd.
 
 e) J. V. Patel & Co. (Finance)
 
 f) An kit Overseas
 
 g) Elecon Engineering Co. Ltd.
 
 (Shri Ashok J. Patel resigned from Directorship w.e.f. 29.04.2009)
 
 Key Management Personnel
 
 Mr. Ashok J.  Patel   - Non Executive Director
 
 Mr. Tarak A. Patel    - Non Executive Director
 
 Mr. Jatin V. Daisaria - Non Executive Director
 
 Mr. Jaysinh A. Dave   - Non Executive Director resigned w.e.f.
                         23.04.2010
 
 Mr. Jitendra M. Tater - Non Executive Director resigned w.e.f.
                         14.10.2009
 
 Mr Shilpin K. Tater   - Non Executive Director appointed w.e.f.
                         14.10.2009
 
 Mr Maulik H. Dave     - Non Executive Director appointed w.e.f.
                         23.04.2010
 
 10 Previous years figures have been rearranged and regrouped wherever
 necessary to correspond with the figures of the current year.