1.  Estimated amount of contracts remaining to be executed on capital
 account and not provided for (net of advances) amounting to Rs. 4795.55
 Lacs (Previous Period Rs.5069.36 Lacs)
 
 2.  Contingent Liabilities not provided for:
 
 a) Bank guarantee in favour of U.P.Pollution Control Board Rs. 17.00
 Lacs (Previous Period Rs. 1.00 Lac).
 
 b) Bank guarantee in favour of Deputy Commissioner Commercial Tax,
 Dehradun Rs.Nil (Previous Period Rs. 22.19 Lacs).
 
 c) Letter of credit in favour of suppliers Rs. 716.03 Lacs (Previous
 Period Rs.610.39 Lacs).
 
 d) Excise duty / Sales Tax / Income Tax demands and show cause notices
 aggregating to Rs. 676.46 Lacs (Previous Period Rs.608.62 Lacs) against
 which company / Department has preferred appeals/filed replies.
 However in respect of certain notices since there is no present and
 possible obligation of any kind and based on the legal opinion, the
 same has not been considered as liability of any kind.
 
 e) In respect of pending court cases by/against ex-employees amount not
 ascertainable at this stage.
 
 f) Cane Price payable, if any, for the season 2007-08, presently not
 ascertainable, (Refer Note no. 8(a)).
 
 g) Preference Dividend payable on Cumulative Redeemable Preference
 Shares Rs. 407.14 lacs (Previous Period Rs. 113.52 lacs).
 
 3.  Amount of borrowing cost capitalized to fixed assets during the
 year is Rs. 840.99 Lacs (Previous Period Rs.  905.30 Lacs).
 
 The Co-Generation units at Khaikheri (Distt. Muzaffarnagar) and Shermau
 (Distt. Saharanpur) had been kept in abeyance for non achievement of
 financial closure and the interest thereafter amounting to Rs. 13.17
 lacs (Previous Period Rs. 79.35 Lacs)has been charged to Profit and
 loss account in accordance with the Accounting Standard (AS) - 16 on
 Borrowing Costs.
 
 4.  All the Current Assets, Loans and Advances, in the opinion of the
 Board, have a value on realization which in the ordinary course of
 business shall at least be equal to the amount, at which it is stated
 in the Balance Sheet.
 
 5.  Advances recoverable in cash or in kind as appearing in schedule
 no. 10 Rs.5.39 Lacs (Previous Period Rs. 3.78 Lacs) as other advances
 and also capital advances as appearing in schedule no. 6 of Balance
 Sheet includes a sum of Rs. 1550.98 Lacs (Previous Period Rs. 1920.29
 Lacs) given against purchase of capital goods in ordinary course of
 business to companies in which some directors of the company are
 interested as its directors/share- holders.
 
 6.  As per the Accounting Standard (AS)-17 on ''Segment Reporting''
 issued by The Institute of Chartered Accountants of India, presently
 there is only one reportable segment i.e. Sugar.
 
 7.  (a) Consequent to the interim order of the Hon''ble Supreme Court,
 Company .has accounted for the Sugar Cane purchases liability for the
 season 2007-08 at Rs.110/- per quintal in respect of its units situated
 in State of Uttar Pradesh, instead of State Advised Price (SAP) of
 Rs.125/- per quintal fixed by the Government.  Necessary adjustment, if
 any, will be given effect by the Company in accordance with the final
 order of Hon''ble Supreme Court in this matter.
 
 (b) Raw material consumed includes Rs. Nil (Previous Period Rs.373.34
 lacs) being the differential cane price for the Season 2007-08 paid in
 accordance with the State Advised Price(SAP) fixed by the State
 Government of Uttarakhand.
 
 8.  The Company has made an investment of the requisite amount for
 setting up New Projects in the state of Uttar Pradesh in accordance
 with the UP Sugar Industry Promotion Policy,2004 and has accordingly
 filed application for eligibility under the above policy, which is
 still pending. However, the new State Government has terminated the
 Policy with effect from June 4,2007 and has expressed its intention to
 introduce another policy. Company has been legally advised that it is
 eligible for the benefits under the said policy.
 
 9.  Sundry Creditors - others includes short term loan of Rs. 3860.32
 Lacs (including interest accrued Rs.20.31 lacs) (Previous Period Rs.
 5042.61 lacs (including interest accrued Rs.42.61 lacs)) from Punjab
 National Bank under the scheme for loan to farmers against Sugar Cane
 Receivables wherein the Company is acting as ''Management and Collection
 Agent''.
 
 10.  In accordance with Accounting Standard (AS)-28 ''Impairment of
 Assets'' issued by the Institute of Chartered Accountants of India, the
 Company has carried out an exercise to ascertain the impairment, if
 any, in the carrying value of its fixed assets. However no such case
 was found.
 
 11.  Company availed a term loan of Rs. 3365.00 Lacs (Previous Period
 Rs.3365.00 Lacs) for payment of cane dues for the season 2006-07 and
 2007-08 as per scheme for Extending Financial Assistance to Sugar
 Undertakings 2007 issued by Government of India. As per the Scheme the
 interest charged by the bank on such loan is to be reimbursed by the
 Government of India. A sum of Rs. 250.50 Lacs was recoverable as on
 31st March, 201 ^Pre- vious Period Rs.527.21 lacs), pending
 reimbursement, the same has been included in ''Advance Recoverable in
 cash or Kind'' in Schedule ''10''.
 
 12. The Company''s debt had been rescheduled / restructured by Corporate
 debt Restructuring Empowered group (CDR EG) considering 1st July 2009
 as cut off date''. The restructuring package has been given effect in
 accor- dance with the approvals/ sanctions received from all the term
 lenders.
 
 13.  Related Party Disclosures:-
 
 In accordance with the requirements of Accounting Standard (AS)-18 on
 ''Related Party Disclosure'' issued by The Institute of Chartered
 Accountants of India, the names of the related parties where control
 exist and/or with whom transaction have taken place during the Year and
 description of relationships as identified and certified by the
 management are:
 
 A.  Parties where control exists NIL
 
 B.  Other related parties where transaction have taken place during the
 Year
 
 i) Key Management Personnel (KMP):
 
 Sh.Raj Kumar Adlakha - Managing Director (MD)
 
 Sh. Pasha Biswas - Whole Time Director
 
 Relative of Key Management Personnel and their Relationship:
 
 - Smt. Amita Adlakha (Wife of MD)
 
 ii) Enterprises where Significant Influence exists :
 
 - Uttam Industrial Engineering Limited
 
 - Lipi Boilers Ltd.
 
 - The Standard Type Foundry Pvt.Ltd.
 
 - Uttam Sucrotech Limited
 
 - Shubham Sugars Limited
 
 - Adharshila Capital Services Ltd.
 
 - Pariksha Fin-lnvest-Lease Ltd.
 
 - G.M.Colonisers Pvt. Ltd.
 
 - Sekhri Finance Investment Pvt. Ltd.
 
 - New Castle Finance & Leasing Pvt. Ltd.
 
 14.  After considering sufficient availability of raw materials and the
 sugar inventory available with the company for disposal as well as
 capacity of power, resulting into de-risking of the business
 operations, the management is confident that there is virtual certainty
 that sufficient future taxable income will be available against which
 deferred tax asset on account of unabsorbed business loss amounting to
 Rs. 4765.11 lacs will be realized in the normal course of business.
 However, the management, out of abundant caution, has decided to
 restrict recognition of deferred tax assets on account of unabsorbed
 business loss during the Year.
 
 15.  The figures for the current year comprises twelve months whereas
 the corresponding previous period figures are for a period of fifteen
 months from 1st January 2009 to 31st March 2010, as such not
 comparable. The previous period figures have been re-arranged,
 regrouped and reclassified wherever necessary.
 
 16.  The Other information as required under Paragraphs 3,4 and 4-D of
 Part-Ill of Schedule VI of the Companies Act, 1956 not given being
 either Nil or Not Applicable.