A.1.  Basis of preparation of Financial Statements
 
 The financial statements are prepared under historical cost convention
 on an accrual basis and in accordance with generally accepted
 accounting principles (GAAP) in India and comply with the Accounting
 Standards referred to in Section 211(3C) of the Companies Act, 1956 and
 other relevant provisions of the said Act.
 
 A.2.  Use of Estimates
 
 The preparation of financial statements requires estimates and
 assumptions to be made thataffect the reported amount of assets and
 liabilities on the date of the financial statements and the reported
 amount of revenues and expenses during the reporting period. Difference
 between the actual results and estimates are recognised in the period
 in which the results are known / materialise.
 
 A.3.  Fixed Assets
 
 Fixed Assets are carried at cost of acquisition or construction less
 depreciation. They are stated at historical costs.
 
 A.4.  Investments
 
 Long Term Investments are shown at cost. However, when there is a
 decline, other than temporary, in the value of a long term investment,
 the carrying amount is reduced to recognise the decline.
 
 Current Investments are carried at lower of cost and fair value,
 computed category wise.
 
 Investment in shares of a Company registered outside India is stated at
 cost by converting at the rate of exchange prevalent at the time of
 acquisition thereof.
 
 A.5.  Inventories
 
 Inventories are valued at cost or Net Realisable Value whichever is
 less. Cost is determined by using the First In First Out formula. Cost
 comprises all costs of purchase, cost of conversion and cost incurred
 to bring inventories to their present location and condition other than
 those subsequently recoverable by the Company from tax authorities.
 
 A.6.  Timing of Revenue Recognition
 
 Revenue (Income) is recognised when no significant uncertainty as to
 measurability or collect ability exists.
 
 A.7.  Operating Revenue
 
 Sales turnover for the year is net of trade discounts and includes
 sales value of goods and other recoveries, such as insurance, transport
 and packing charges but excludes sales tax.
 
 Service revenue is recognized on time proportion basis and excludes
 service tax.
 
 A.8.  Depreciation
 
 (i) Depreciation on Tangible Fixed Assets is provided on original cost
 of Fixed Assets on straight line method under Section 205(2) (b) of the
 Companies Act, 1956 at the rates and in the manner prescribed in
 Schedule XIV to the Companies Act, 1956 or the rates determined based
 on the useful lives of the assets estimated by the management,
 whichever are higher.
 
 The rate adopted for depreciation determined on the basis of useful
 life of the fixed asset which is different from that prescribed under
 ScheduleXIVis as under:
 
 Description of Asset Rate of Depreciation
 
 Furniture & fixtures - Autogas Dispensing Station 10.00%
 
 (ii) Depreciation on additions to fixed assets during the year has been
 provided on prorata basis from the date of such additions. Depreciation
 on assets sold, discarded or demolished has been provided on pro-rata
 basis.
 
 (iii) Lease hold Land has been amortised over the period of the lease
 on straight line basis.
 
 A.9.  Intangible Assets
 
 Intangible Assets are stated at cost of acquisition less accumulated
 amortisation. Software is amortised on straight line basis over a
 period of its estimated useful life, however not exceeding 5 years.
 
 A.10 Employee Benefits
 
 Contribution to defined schemes such as Provident Fund, Family Pension
 Fund, Superannuation Fund (in the case of eligible employees) and
 Employees State Insurance Scheme are charged to the Profitand Loss
 Accountas incurred.
 
 Companys liability towards gratuity is determined by actuarial
 valuation carried out by the independent actuary as at each balance
 sheet date and is fully provided for in the Profit and Loss Account on
 the basis of aforesaid valuation. The actuarial valuation method used
 for measuring the liability is the Projected Unit Credit method.
 
 The liability for compensated absences is determined by actuarial
 valuation carried out by the independent actuary as at each balance
 sheet date and provided for in the Profit and Loss account as incurred
 in the year in which services are rendered by employees. The actuarial
 valuation method used for measuring the liability is the Projected Unit
 Credit method.
 
 The actuarial gains and losses are recognized immediately in the
 Profitand Loss Account.
 
 A.11 Foreign Currency Transactions
 
 i) Transactions in Foreign Currencies are recorded at the original rate
 of exchange in force at the time of occurrence of transactions.
 
 ii) Monetary items denominated in foreign currencies at the year end
 are translated at the relevant rates of exchange prevailing at the year
 end. The translation / settlement differences are recognised in the
 Profit & Loss Account.
 
 A.12 Impairment of Assets
 
 An asset is treated as impaired when the carrying cost of asset exceeds
 its Recoverable Amount.  Recoverable Amount is higher of an assets Net
 selling price or its Value in Use. Value in Use is the present value of
 estimated future cash flows expected to arise from the continuing use
 of an asset and from its disposal at the end of its useful life. Net
 Selling Price is the amount obtainable from the sale of an asset in an
 arms length transaction between knowledgeable, willing parties, less
 the cost of disposal.
 
 An impairment loss is charged to the Profit and Loss Account in the
 year in which an asset is identified as impaired.
 
 A.13 Operating Lease Rentals
 
 Lease Rental expenses are accounted on straight line basis over the
 lease term.
 
 A.14 Borrowing Cost
 
 Borrowing costs that are attributable to the acquisition or
 construction of qualifying assets are capitalised as part of the cost
 of such assets. A qualifying asset is one that necessarily takes
 substantial period of time to get ready for intended use. All other
 borrowing costs are charged to revenue.
 
 A.15 Taxes on Income
 
 Current tax is determined as the amount of tax payable in respect of
 taxable income for the year.
 
 Deferred tax for the year is recognized, on timing differences, being
 the difference between taxable income and accounting income that
 originate in one period and are capable of reversal in one or more
 subsequent periods.
 
 Deferred tax assets and liabilities are measured using the tax rates
 and tax laws that have been enacted or substantively enacted by the
 Balance Sheet date. Deferred tax assets are recognized and carried
 forward only if there is a reasonable certainty (virtual certainty in
 case of unabsorbed depreciation and business loss) of its realization.
 
 A.16 Provisions, Contingent Liabilities and Contingent Assets
 
 Provisions involving substantial degree of estimation in measurement
 are recognized when there is a present obligation as a result of past
 events and it is probable that there will be an outflow of resources.
 Contingent Liabilities are not recognized but are disclosed in the
 notes.
 
 Claims in respect of which the Company is of the opinion that they are
 frivolous or is legally advised that they are unsustainable in law are
 not considered as contingent liability as the possibility of an outflow
 of resources embodying economic benefits is remote. Contingent Assets
 are neither recognized nor disclosed in the financial statements.