Notes to Abridged Balance Sheet as at March 31, 2011 and Abridged
 Profit and Loss for the year ended on that date.
 
 (The number against the Notes to Accounts refer to those in the
 Un-abridged Annual Accounts for the Year ended March31, 2011) 
 
 1) In terms of Accounting Treatment referred to in the Scheme of
 Arrangement sanctioned by the Bombay High Court in its Order dated 6th
 March, 2009, the following accounting entries were made in the
 accounts.
 
 (a) Land, Building and Plant & Machinery, other Assets & Liabilities
 were revalued / reviewed as on 1st January, 2009 at their fair market
 values in respect of the Company and the erstwhile subsidiary and the
 notional appreciation representing the difference between the revalued
 values and their original cost amounting to Rs. 222.47 Million (net)
 was credited to General Reserve which otherwise would have been taken
 to Fixed Asset Revaluation Reserve during FY. 2008-09.
 
 (b) Arrears of Deferred Tax Asset of Rs. 121.15 Million relating to
 pre-merger period has been deducted from the above General Reserve
 instead of recognizing in the Profit and Loss Account during FY 2009
 -10.
 
 The above treatment is however at variance with the Accounting Standard
 Nos. 10 and 22 and the Generally Accepted Accounting principles, and
 the General Reserve is not an appropriation out of profits, available
 for dividend.
 
 2) Sales (Income from Contracts ) include Claim of Rs. 135.78 Million
 relating to an earlier year.
 
 3) The overseas operations are not exposed to material loss on exchange
 in view of natural hedging, accordingly the Company has not hedged
 Overseas Financial Exposures against Currency Fluctuation. The amount
 outstanding as on March 31,2011 Rs. 61.44 Million (Previous year Rs.
 96.46 Million).
 
 The Company has not entered into speculative derivative transactions.
 
 
 Accounting Ratios :
 
 i) Sales to Total Assets : 2.92 Times (Previous Year- 3.17 Times )
 
 ii) Operating Profit to Closing Capital Employed: 24.04 % (Previous
 Year - 26.69 %)
 
 iii) Return on Closing Net Worth: 20.65% (Previous Year- 30.19%)
 
 iv) Profit to Sales : 6.17% (PreviousYear- 7.62%)