1.  A- TEXTILES
 
 During the year, the Company has started its Process House at Ahmedabad
 and have capitalized the amount spent towards the project.
 
 B- REAL ESTATE
 
 I. During the year, the construction work of Tower ''C'' at Kurla has
 been completed substantially and the Company has recognized the
 sales/revenue and the expenses incurred thereon in its books of
 accounts.
 
 ii. As at Balance sheet date, Stock in trade of Rs.6544.57 lacs
 includes construction / development expenses for unsold area at Kurla
 and proportionate additional cost of unsold area at Sewri.
 
 2.  Cardinal Energy and Infrastructure Private Limited'' is 99.98%
 Subsidiary of the Company. Since no material transaction / activity has
 been carried on by the Subsidiary Company during the year, the
 Consolidated accounts are not considered.
 
                                        Current Year       Previous Year
 
 3.  Contingent Liabilities (Rs in lacs)
 
 a) Income Tax                                359.70              343.20
 
 All development and Trading activity have been undertaken in India
 only, hence Geographical segment reporting is not required.
 
 4.  All items of income and expenses in the period are included in the
 determination of net profit for the year. There are no changes in the
 accounting policies from that of the previous year.
 
 5.  Quarterly financial results are published in accordance with the
 guidelines issued by SEBI. The recognition and measurement principles
 as laid down in the standards are followed with respect to such
 results. The half yearly results are also subjected to limited review
 by the auditors as required by SEBI.
 
 6.  At the Balance Sheet date, an assessment is done to determine
 whether there is any indication of impairment in the carrying amount of
 the fixed assets. No impairment loss is determined.
 
 7.  The Miscellaneous expenses includes donation of Rs. 17.66 lacs,
 interest written off of Rs. 478.67 lacs and entrance/membership fees
 Rs. 17.10 lacs.
 
 8.  The Company had entered into Development Agreement with Peninsula
 Land Ltd (Formerly Piramal Holdings Ltd) to develop and sale properties
 at Mumbai and as per the said agreement, they are entitled to 22% of
 the gross receipt. The transactions and effect thereof are already
 given in these accounts.
 
 9.  Previous Year''s figures are regrouped/rearranged wherever
 necessary.