Gokul Refoils and Solvent

1.  (a) Previous years figures have been regrouped, reclassified and
 rearranged wherever necessary for proper presentation.
 
 (b) Figures have been rounded off to nearest of rupee in Lacs.
 
 2.  (a) In the opinion of the Board, the Current Assets, Loans and
 Advances are approximately of the value, if realized, during the
 ordinary course of business.
 
 (b) Letters of Credit outstanding has been netted off by margin money
 given as security Rs. 5,829.00 Lacs (Previous Year Rs. 5,793.15 Lacs)
 for effective presentation.
 
 c) Interest income has been shown as deduction from interest paid for
 loans in Profit and Loss account for proper presentation.
 
 3.  The Company is consistently following practice to value goods lying
 in bonded godown on which custom duty is not paid, at cost excluding
 custom duty. Provision for custom duty payable on such goods amounting
 to Rs. Nil Lacs (Previous year Rs. 213 Lacs) is not made. To that
 extent the assets and liabilities are understated in the balance sheet.
 However, there is no effect on net profit for the year.
 
 4.  The Company has imported certain capital equipments at concessional
 rate of custom duty under Export Promotion of Capital Goods Scheme
 (EPCG) of the Central Government. The Company has undertaken an export
 obligation to the extent of Rs. 9,170.81 Lacs (Approx) (Previous year
 Rs. 4,477.31 Lacs) to be fulfilled during a specified period as
 applicable from the date of imports. The liabilities towards custom
 duty payable there on in respect of unfulfilled export obligation as on
 31st March, 2009 of Rs 1,146.35 Lacs. (Previous year Rs. 559.66 Lacs)
 is not provided for.
 
 5.  The balances of sundry debtors and sundry creditors are subject to
 confirmation from respective parties.  Necessary adjustments, if any,
 will be made when accounts are reconciled / settled.
 
 6.  Contingent Liabilities:- 
                                                      (Rs in Lacs)
 
                                    31-03-2009         31-03-2008
 
 (a) For letter of credit opened 
     for which goods were in transit 13,441.00           7,224.58
 (b) Guarantee given to banks.        1,162.00             769.00
 (c) For Corporate guarantee given   11,051.00           4,685.00
 (d) Claims against the Company 
     not acknowledged as debts           63.73             144.92
 
 7.  Estimated amount of contracts remaining to be executed on capital
 account and not provided (net of advances) Rs. 3356.43 Lacs (Previous
 year.Rs.205.02 Lacs)
 
 8.  Term Loans from Banks are secured by equitable mortgage of land
 and building situated at Gandhidham, hypothecation of specified
 machinery at Gandhidham and sidhpur unit and wind Turbines. Further
 secured by second charge on current assets of the Company. Working
 Capital loans are secured by hypothecation of stock, book debts and
 other current assets of the Company. Term loan repayable within one
 year Rs.  1363.60 Lacs. (Previous Year Rs.1638.6 Lacs). Term Loan
 Includes Short term Loan of Rs. 50 Crore for new industrial unit at
 Haldia (West Bengal) secured by Subservient hypothecation charge on the
 assets of the Company to be created at Haldia.
 
 9. The disclosers as required to be made relating to Micro,Small and
 Medium Enterprise under the Micro,Small and medium enterprises
 development Act, 2006. (MSMED) is not furnished in view of the non
 availability of information with the Company from such Enterprises.
 
 10.  Related party Disclosure :- Disclosures as required by Accounting
 standard 18 Related Party Disclosures are given below.
 
 (A) Related Party
 
 1.  Gokul Overseas :- A Firm in which some of the Directors and the
 Company are partners.
 
 2.  Maurigo International Ltd. :- Wholly owned subsidiary .
 
 3.  Maurigo Pte Ltd :- Wholly owned subsidiary
 
 4.  Professional Commodity
 
 Services Pvt. Ltd.  :- Wholly owned subsidiary
 
 5.  Gujarat Gokul Power Ltd. :- Associate Company.
 
 (B) Key Management Personnel
 
 (i) Mr. B.C. Rajput - Chairman and Managing Director
 
 (ii) Mr. K.J.Thakkar - Managing Director
 
 (iii) Mr.D.H.Sharma - Whole Time Director (up to 28.02.2009)
 
 11.  Disclosures pursuant to Accounting Standard-15 (Revised) Employee
 Benefits
 
 (A) The Company has recognised as an expense in the profit and loss
 account in respect of defined contribution plan Rs.19.83 Lacs (Previous
 year Rs. 16.85 Lacs) administered by the Government.
 
 (B) Defined benefit plan and long term employment benefit:
 
 A.  A General description:
 
 Gratuity [Defined benefit plan]:
 
 The Company has a defined benefit gratuity plan. Every employee who has
 completed five year or more of service gets a gratuity on death or
 resignation or retirement at 15 days salary [last drawn salary] for
 each completed year of service. The scheme is funded with an insurance
 Company in the form of qualifying insurance policy
 
 12.  During the year, the Company has acquired 5,00,000 Equity Shares
 of Rs.10/- each of Professional Commodity Services Private Limited,
 Ahmedabad and it has become wholly owned subsidiary of the Company.
 
 13.  All fixed assets and current assets of the Company both present
 and future are mortgaged/hypothecated in favour of the Companys
 bankers for securing various fund/non fund based facilities granted by
 consortium banks.
 
 14.  Particulars of the Balance Sheet abstract and the Company general
 Business Profile, Pursuant to part IV of the Companies Act, 1956 is
 attached herewith.