1.  Accounting Period
 
 Pursuant to the approval by the Registrar of Companies, Mumbai the
 accounting period of the company has been extended from 12 months
 ending 31st March, 2011 to 18 months ending 30th September, 2011
 referred to as ''period'' elsewhere. The figures of the previous year
 comprise of 12 months.
 
 2.  Contingent Liabilities (not provided for)
 
 Particulars                            Current Period Previous Year
                                        (Rs. in lakhs) (Rs. In lakhs)
 
 a)     Bank Guarantees                          21.41         72.23
 
 b)     Estimated amount of contracts 
        to be executed on
        Capital Account and not provided 
        for                                      20.00         13.50
 
 
 c)     Unexpired Letters of Credit            6790.97           NIL
 
 d)     Claims against the Company, 
        not acknowledged as debts:
 
        Municipal Property tax, Mumbai           14.14           NIL
 
        Others                                   10.71         27.21
 
 
 3.  Accounting Standards
 
 Accounting Standards as prescribed under Section 211(3C) of the
 Companies Act, 1956 have been followed wherever applicable. The
 monetary items denominated in foreign currency have not been restated
 as required by AS 11.
 
 4.  Exceptional items
 
 Exceptional items Rs.30.33 crores shown in the Profit and Loss account
 comprise of:
 
 a) Exceptional income Rs.45.79 crores:
 
 During Sep 2011 the company sold its MS Division to Zenith RMM LLC for
 a gross consideration of US$ 54.71 million received by the company and
 its wholly owned subsidiary.
 
 The gains arising out of this transaction aggregating to Rs.103.93
 crores, has been accounted for as an Exceptional Income and is
 allocated between the company (Rs.45.79 crores) and its W.O.S.
 (Rs.58.14 crores) in the ratio of the cash consideration of the
 respective entities.
 
 b) Exceptional expense Rs.76.12 crores:
 
 This represents for ex loss on account of restatement of long term
 liabilities.
 
 5. The gross consideration of US$ 54.71 million includes US$ 6 million
 deposited in an Asset Purchase Escrow account in the joint names of the
 company and Zenith RMM LLC to cover liabilities against the
 representations, warranties and indemnification provisions of the sale
 Agreement. The Escrow account balance has been treated as Deposit under
 Loans & Advances.