1.  Contingent Liabilities
 
                                                         Rs. in Lakhs
 
 Sr.  Particulars                             2010-2011        2009-2010 
 No.
 
 (a) Disputed Income Tax Liability for 
 Assessment Year 2005-2006                         5.13             5.13
 
 (b) Capital Commitment on account of 
 Purchase of Machineries                            NIL        12,493.00
 
 (c) Corporate Guarantee issued by 
 the Company in favour of Bank
 for Working Capital Requirement 
 of a Subsidiary                              26,754.00              NIL
 
 2. Suppliers/Service providers covered under Micro, Small Medium
 Enterprises Development Act, 2006 have not furnished the information
 regarding filing of necessary memorandum with the appropriate
 authority. In view of this, information required to be disclosed u/s 22
 of the said Act is not given.
 
 3.  Related Party Transactions (Accounting Standard -18)
 
 3.1 Name of Related Parties & Descriptions of Relationships
 
 a) Directors having a Significant Influence/Key Management Personnel :
 
 I.  Mr. Prateek Gupta
 
 II.  Mrs. Suman Gupta
 
 b) Associates:
 
 I.  Ushdev Securities Ltd.
 
 II.  Ushdev Commercial Services Pvt. Ltd.
 
 III.  Ushdev Trade Ltd.
 
 IV.  Montex Trading Pvt. Ltd.
 
 V.  Enshrine Property Management Pvt. Ltd.
 
 VI.  Vijay Gupta (HUF)
 
 VII.  Ushdev Mercantile Pvt. Ltd.
 
 VIII.  Ushdev Power Holdings Pvt. Ltd.
 
 (Formerly Ushdev Exporters & Importers Private Limited)
 
 IX.  P. G. Mercantile Pvt. Ltd.
 
 X.  GG Trading Private Limited
 
 XI.  Honest Trading Company
 
 XII.  G G Corporation
 
 c) Relative of Director
 
 I.  Ms. Natasha Gupta
 
 II.  Mrs. Ginni Gupta
 
 d) Subsidiaries
 
 I.  UIL ( Singapore) Pte. Ltd.
 
 II.  UIL Hongkong Ltd.
 
 3.2 Transactions with Related Parties:
 
 3.2.1 Transactions during the year:
 
 4.  Leases (Accounting Standard - 19)
 
 The company has not entered into any operating leases during the year.
 
 5. Based on a notice received from the Sales tax department, the
 company has submitted books of accounts from 1st April, 2005 till 31st
 March, 2010 for verification by the Sales Tax authorities.  Pending
 verification, the company has made a voluntary payment aggregating to
 Rs. 364.06 Lakhs towards availing input credit which prima facie could
 not be availed. Since the verification is in process and no
 demand/order has been received from the Sales tax department, amount
 paid has been disclosed under Current Assets.
 
 6. Previous year''s figures have been regrouped/rearranged wherever
 necessary, to make them comparable with current year figures.