a. Rights, Preferences and Restrictions attached to Shares

The Company has one class of shares referred to as equity shares having a par value of Rs. 10 each. Each shareholder is entitled to one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

b. Shares held by Holding/Ultimate Holding Company and/or its subsidiaries/associates:

Out of total equity shares issued by the Company, shares held by its holding company, ultimate holding company and its subsidiaries/associates.

c. Unpaid calls

As per records of the Company, no calls remain unpaid by the directors and officers of the Company as on 31st March, 2014

d. As per records of the Company, no shares have been forfeited by the Company during the year.

2. Long Term Borrowings

Nature of Security

From Banks:

Rs. Nil (Previous Year Rs. 1,887 Lacs) secured by Legal Mortgage of Four residential flats at Mumbai, One Residential Flat and One Office Premise at Chennai, One Residential Flat at Kolkata, Leasehold Land & Buildings situated at Plot F 3/1 & F 3/2 Sinnar, Dist Nasik and all the movables including Plant and Machinery of the Company's EHV and LT/HT units at Sinnar Dist., Nasik, Personal guarantee of the Chairman of the Company, Pledge of Promoters' shares and second charge on office premises at Mumbai.

From Financial Institution:

Rs. 373 Lacs (Previous Year Rs. 457 Lacs) secured by mortgage of Office premises in Mumbai.

Details of default

An amount of Rs. 50 Lacs on account of Principal and Interest is overdue to a Financial Institution as on 31st March 2014, for the period January 2014 to March 2014, which has been subsequently repaid.

3. Short Term Borrowings

Details of Security

Rs. 7,127 Lacs (Previous Year Rs. 5,357 Lacs) Secured by joint hypothecation of stocks of all raw materials, stores, stock-in-process, stock-in-trade, book debts etc. and Legal Mortgage of Four residential flats at Mumbai, One Residential Flat and a Office Premise at Chennai, One Residential Flat at Kolkata, Leasehold Land & Buildings situated at Plot F 3/1 & F 3/2 Sinnar, Dist Nasik and all the movables including Plant and Machinery pertaining to the Company's EHV and LT/HT units at Sinnar Dist., Nasik, personal guarantee of the Chairman of the Company and pledge of Promoters' shares.

Rate of Interest

i. Working Capital Loans from banks carry interest rates ranging from 13.00% to 15.75% per annum.

4. Contingent liability in respect of:

                                                           Rs. In Lacs

                                                 2013-2014   2012-2013

a) Guarantees given by the Banks on behalf
   of the Company                                    5,050       5,050

b) Income tax demands disputed by the Company
   which are under appeal                              523         523

c) Demands from Sales Tax Authorities disputed
   by the Company which are under appeal               964         964

e) Penal damages and Interest levied by PF
   department and contested in PF Tribunal
   by the Company                                       72          72

f) Claims against the Company not
   acknowledged as debt                                100         100

g) Right of recompense towards                         Not
   sacrifices by Banks under CDR             ascertainable

5. The effect of changes in foreign exchange rates are as follows:

The amount of exchange difference Profit included in the Loss for the year is Rs 1 lac [Previous year Profit: Rs 25 lacs].

6. RELATED PARTY DISCLOSURES (As identified and certified by the Management and relied upon by the Auditors).

Related Party disclosures as required by Accounting Standard 18 issued by Institute of Chartered Accountants of India are given below:

A) Companies/Entities with which transactions have taken place during the year:

Premjyot Finvest & Trading Limited, CCI Projects Pvt. Ltd. & Krishabh Trading & Services Private Ltd.

B) Companies/Entities with which no transactions have taken place during the year:

Great View Properties Private Limited, Sthir Trading Company Private Limited, CCI Realtors Private Limited, Future Deal Properties Private Limited, Aries Trust, Gemini Trust, Pisces Trust, Sagitarius Trust, NHK Trust, Gemini International FZE and Viscose Holdings Ltd.

C) Key Management Personnel

i) Shri H.A. Khatau (Chairman)

ii) Shri R Sridharan (Director Strategy and Business Development)

iii) Shri Madhav Digraskar (MD & CEO)

D) Relatives of Key Management Personnel

Mrs. Kamala Sridharan

Mr. Rohan H Khatau

7. SEGMENT REPORTING

Information about Primary Business Segments.

The Company has disclosed business segments as the primary segments. Segments have been identified taking into account the nature of the products, the differing risks and returns, the organizational structure and the internal reporting system.

The Company's operations predominantly relate to manufacturing of cables. Other business segment reported is Real Estate business.

There are no reportable geographical segments. Segment results include the respective amounts identifiable to each of the segments as also amounts allocated on a reasonable basis. Segment wise assets and liabilities are not ascertainable in view of the nature of activity of the Company.

8. In terms of the provisions of the Accounting Standard 22 "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, there is a net deferred tax asset on account of accumulated business losses and unabsorbed depreciation.

In compliance with provisions of Accounting Standard and based on general prudence, the Company has not recognised any further deferred tax asset while preparing the accounts of the year under review.

9. In view of the carried forward losses under section 115JB of Income Tax Act, 1961, no provision for taxation has been made.

10. Micro Small & Medium Enterprises dues : The Company has not received any information from suppliers regarding their Status under the Micro, Small & Medium Enterprises Development Act, 2006 & hence disclosures regarding a) amount due and outstanding to suppliers as at the end of the Accounting Year, b) Interest paid during the year, c) Interest payable at the end of the accounting year and d) Interest accrued and unpaid at the end of the accounting year have not been given. The Company is making efforts to get the confirmations from the suppliers as regards their status under the Act.

11. During the year the Company has provided Rs. 2 Lacs (Previous Year Rs. 23 Lacs) on account of Gratuity payable to its employees. The amount due to the Gratuity Fund as on 31st March, 2014 is Rs. 105 Lacs (Previous Year Rs. 117 lacs).

12. Consequent to the adoption of Accounting Standard on Employee Benefits (AS-15 revised 2005) issued by the Institute of Chartered Accountants of India, the following disclosures have been made as required by the Standard:

DEFINED CONTRIBUTION PLANS

The Company has recognised Rs. 22 Lacs (Previous year Rs. 39 Lacs) towards Provident Fund and Rs. NIL (Previous year Rs. 0.04 Lacs) towards Employees State Insurance (State Plan).

DEFINED BENEFIT PLANS

A. CONTRIBUTION TO GRATUITY FUND

The details of the Company's Gratuity Fund for its employees are given below which have been certified by an Actuary as on 31st March, 2014 and relied upon by the auditors.

B. LEAVE ENCASHMENT

Payments to and Provisions for Employees is net of Rs. 5 Lacs (Previous Year includes Rs. 16 Lacs) towards provision made as per Actuarial Valuation in respect of accumulated Leave Encashment.

13. Some of the balances in Trade Payables, Trade Receivables, and Other Current Liabilities are subject to reconciliation, confirmation and consequential adjustments/provisions, the amounts whereof have not been determined.

14. The Company had received an order from the Additional Labour Commissioner granting permission for retrenchment of workmen at its Borivali Unit. The matter is pending before Industrial Court, Mumbai. No provision has been made for the compensation payable to these workmen as the liability is not ascertainable. The Company has accounted the payments towards retrenchment compensation in respect of workmen who have accepted voluntary settlement.

15. Pursuant to Project Management Agreements entered between the Company and CCI Projects Pvt. Ltd, the Company has given CCI Projects Pvt. Ltd. the License to-enter the Premises at Borivali for development. The Company has mortgaged its land with HDFC Ltd. in connection with loans granted to CCI Projects Pvt. Ltd.

16. The Company has entered into Agreements for Project Management and Coordination with CCI Projects Pvt. Ltd. for development of the properties at Borivali. During the previous year the Company had entered into Addendum Agreement whereby CCI Projects Pvt Ltd. and the Company have agreed to revise their commercial understanding in relation to sharing of revenues and payment by CCI Projects Pvt Ltd. to the company based on the present value of the company's share in the revenues from the project calculated in accordance with the discounted cash flow method. Pursuant to these Agreements, the Company has accounted Rs. 3,320 Lacs (Previous Year Rs. 8,894 Lacs) as Income from Real Estate.

17. In respect of Land and Building sold by the Company in the earlier years, Power of Attorney has been executed in favour of the Developers for executing conveyance on behalf of the Company.

18. Based on the valuation reports obtained by the Company from an approved valuer in the previous years covering all fixed assets, there is no impairment of assets as stated under AS - 28 'Impairment of Assets' issued by Institute of Chartered Accountants of India.

19. Loans and Advances in the nature of loans given to Subsidiaries, Associates & others as on 31st March, 2014 - NIL. (Previous year - NIL).

20. Unclaimed amount payable to debenture holders which was deposited with ICICI Bank Ltd. in their capacity as Debenture Trustee and which was due for payment to Investors Education and Protection Fund during the previous year has not been transferred by ICICI Bank Ltd. to Investors Education and Protection Fund despite repeated requests by the Company.

21. The Company has been informed by BSE Limited vide their letter dated 6th January, 2014 that trading of Equity Shares of the Company has been discontinued w.e.f. 9th January, 2014 and the script of the Company has been delisted from the Exchange Records w.e.f. 16th January, 2014.

22. In the opinion of the Board, all assets other than fixed assets have a value on realisation in the ordinary course of business atleast equal to the amount at which they are stated except for reconciliation adjustments in respect of some of the payables and receivables.

23. Previous years figures have been regrouped/rearranged to make them comparable with those of the current year.