1 Contingent Liabilities not provided for in respect of
 
 a) Counter Guarantees given by the Company in respect of guarantees
 issued / Letter of Credit established by banks on behalf of the company
 Rs. 1,743.64 Lacs (Previous Year Rs. 1,204.43 Lacs]
 
 b) Estimated amount of contracts remaining to be executed on Capital
 Account (Net of Advance] Rs.2655.77 Lacs (Previous Year Rs.956.88
 Lacs).
 
 c) Disputed Excise duty demands of Rs.67.94 Lacs (Previous Year
 Rs.38.78 Lacs) for which company has gone in appeal.  The Company has
 been legally advised that the demand is likely to be either deleted or
 substantially reduced and accordingly no provision has been made.
 
 d) Disputed Income tax demands of Rs.160.10 Lacs pertaining to various
 assessment years against which a sum of Rs.67.34 Lacs has been paid
 (Previous Year Rs.266.00 Lacs and paid Rs.67.34 Lacs) Based on judicial
 decisions and interpretations of other relevant provisions of the
 statute, the Company is hopeful of the demand likely to be either
 deleted or substantially reduced and accordingly no provision has been
 made.
 
 3 The Company has sought the confirmation from suppliers regarding
 their status under the Micro, Smalt and Medium Enterprises Development
 Act 2006. Based on the confirmations received from the some of the
 suppliers.
 
 a) No principal amount and the interest due thereon are outstanding at
 on 31st March 2011 Nil
 
 b) The amount of interest paid by the Company along with the amount of
 the payment made to : Nil the supplier beyond the appointed day for the
 year ending 31st March 2011.
 
 c) The amount of interest due and payable for the period of delay in
 making payment (beyond Nil the appointed day during the year)
 
 d) The amount of interest accrued and remaining unpaid for the year
 ending 31st March 2011 Nil
 
 e) The amount of further interest remaining due and payable for the
 earlier years.  Nil
 
 4 The balance of Debtors, Creditors are subject to confirmation &
 reconciliation.
 
 7 Related parties Disclosures (AS-18) (as certified by the management)
 
 a.  Information about related parties:
 
 Sr. 
 No.  Particulars                   Name of Related Party,
 
 1   Key Management Personnel      i)  Mr. Vinod Saraf - 
                                       Managing Director
 
 ii) Ms. Vinati Saraf Mutreja - Executive Director
 
 iii) Mr. Mohit Mutreja - Director (Finance)
 
 iv) Ms. Viral Saraf Mittal - Director [Corporate Strategy]
 
 2 Relatives of Key Management Personnel i] Mr. Sunil Saraf
 
 ii] Mr. Anandkumar Tibrewala (Resigned as Non- Executive Director on
 24th Jan 2011)
 
 3 Enterprises owned or significantly 1) Viral Alkalis Limited
 influenced by any management 2] Vinati Wax Industries Pvt. Ltd.
 personnel or their relatives.  3) Shilpa Pharma Pvt. Ltd.
 
 4) Mithali Chemicals Pvt. Ltd.
 
 5) Viral Chemicals Pvt. Ltd.
 
 6) Viral Pharma Pvt. Ltd.
 
 7) Suchir Chemicals Pvt. Ltd.
 
 8) Suchir Investment & Finance Pvt. Ltd.
 
 9) Manan Pharma Pvt. Ltd.
 
 10) Nishit Pharma Chem Pvt. Ltd.
 
 11) Kavita Organics Pvt. Ltd.
 
 12) Pluspoint Securities Pvt. Ltd.
 
 13) llluminati Software Pvt. Ltd.
 
 11 During the year the Company, in accordance with Guidance note No. 22
 on Accounting for Credit available in respect of Minimum Alternative
 Tax under The Income-Tax Act, 1961 issued by the Institute of Chartered
 Accountants Of India, has recognised MAT credit entitlement to be
 availed, of Rs. 490.67 Lacs as an asset in respect of Minimum
 Alternative Tax paid u/s 115JB of the Income-tax Act, 1961 in the
 earlier years as a matter of prudence, as in the opinion of the
 directors of the company, there is reasonable certainty and probability
 that future economic benefits in respect of MAT Credit will flow to the
 company by paying normal income-tax from next year onwards.
 
 12 Based on exercise of impairment of assets undertaken by the
 management in due cognizance of paragraphs 5 to 13 of AS-28 issued by
 ICAI, the Company has concluded that no impairment loss is required to
 be booked.
 
 13 In the opinion of the Board of Directors, the Current Assets, Loans
 and Advances have value on realisation in the ordinary course of
 business, at least equal to the amount at which they are stated in the
 foregoing Balance Sheet and adequate provision for all known
 liabilities on the Company has been made.
 
 14 Lease rent paid for the containers taken on lease and used
 exclusively for transport of raw material has been considered as part
 of purchase cost of raw material.
 
 Figures of the previous year have been reworked/regrouped/reclassified
 wherever necessary.