1.  Contingent Liabilities not provided for :
 
                                               2010-11       2009-10
 
                                                          Rs. in lakhs
 
 (a) Disputed Excise Duty and
 Customs Duty (net of provision).                 626          487
 
 (b) Disputed demand of Sales Tax and 
 Interest on Turnover Tax &
 Purchase Tax against which the Company has
 preferred appeals.                               462         1580
 
 (c) Claims by Statutory Corporations and 
 others disputed and not acknowledged as debt.   4111         4208
 
 (d) Disputed gas price/royalty on
 gas with ONGC.                                   752          752
 
 (e) Claims by employees/ex- employees pending 
 before courts.                                   Not ascertainable
 
 (f) The Industrial Tribunal, Vadodara vide its 
 award dated 27/01/2009 in reference (IT) No.
 88/1999 directed the Company to pay to the
 concerned employees 50% of the amount calculated
 by working out double the amount qua the extra 
 hours relating to the overtime done by
 concerned employees i.e. Supervisors and 
 Sr. Supervisors during the period from 01/01/
 2001 to 31/03/2009. It has further been 
 directed that the aforesaid would be effective 
 upto March-2009 and thereafter if the concerned
 employees i.e.  Supervisors and Sr. Supervisors 
 are made to work overtime then in that situation
 such overtime wages would have to be paid at 
 double the rate. The Industrial Tribunal''s 
 award has been challenged by the Company in the 
 Hon''ble High Court of Gujarat and the Hon''ble 
 High Court has granted Ad-interim relief there by
 stayed the implementation, operations and execution
 of the award dated 27/01/2009. Vide an order dated
 11/03/2010, the Hon''ble High Court has confirmed
 the interim relief granted earlier till final 
 disposal of the petition. Aggrieved by the said
 order, the Grade-II Employees'' Union filed the
 Letters Patent Appeal before the Division Bench of
 the High Court, which has been
 dismissed by the Div. Bench.
 The Company has not provided
 liability at this juncture as the
 matter can be proceeded, if
 required, on merit at both the
 High Court and Supreme Court
 stages.                                                 839        839
 
 (g) The Company has provided
 sponsor''s Guarantee towards
 the borrowing of the joint venture
 company, Tunisian Indian
 Fertilizers S.A., Tunisia (TIFERT)
 upto 15% of the amount due and
 outstanding.                                         18237        9256
 
 2.  Estimated amount of contracts
 remaining to be executed on capital
 accounts, net of advances.                            9831       12063
 
 3.  In respect of LSHS consumed for production of Steam, which is used
 for manufacturing fully exempted fertilizers, Central Excise
 authorities had issued various Show- Cause Notices (SCNs) denying
 MODVAT Credit availed by the Company from 1997 till 2001. The Company
 litigated against such denial and the Hon. Supreme Court gave
 favourable order against one of the SCNs in July 2008 upholding the
 MODVAT credit eligibility of the Company.  Thereafter, the Company
 requested Excise authorities to adjudicate pending the Show Cause
 Notices on the basis of Supreme Court order. However, Commissioner,
 Central Excise & Customs, Vadodara adjudicated the matter in November
 2010, against the Company on various grounds and ordered the Company to
 pay Rs. 3436.60 Lacs for Cenvet availed on LSHS and interest on the
 same of Rs.  453.78 Lacs. The Company has appealed to the CESTAT
 against this order. The Company has not provided liability at this
 juncture.
 
 4.  (a) As one of the promoters of the Gujarat Industries Power Company
 Ltd.(GIPCL), the Company has given undertaking to Industrial
 Development Bank of India (IDBI), Power Finance Corporation Ltd. (PFC)
 and Gujarat Industrial Investment Corporation Ltd.  (GIIC) for non
 disposal of and non creation of a charge against the Company''s
 investment in the shares of the said company during the pendency of
 loans given to GIPCL by IDBI, PFC and GIIC.
 
 (b) As one of the promoters of the Gujarat Chemical Port Terminal
 Company Limited (GCPTCL), the Company has given undertaking to ICICI
 Bank for not to transfer, assign, dispose off, pledge, charge or create
 any lien or in any way encumber Company''s existing or future
 shareholding in the GCPTCL in favour of any person so long as money
 remains due by GCPTCL to ICICI Bank or till the project is duly
 completed, whichever is later.
 
 (c) The ordinary shares of Tunisian Indian Fertilizers S.A., Tunisia
 (TIFERT) held by the Company and included under Investment (Schedule-6)
 have been pledged to secure the obligations of TIFERT to their lenders.
 
 (d) As per the Security and Exchange Board of India (Issue of Capital
 and Disclosure Requirements) Regulation 2009 (ICDR Regulations), the
 Company has given consent for lock-in of its shareholding of equity
 shares in Gujarat State Petroleum Corporation Ltd. for a period of one
 year or for such other time as may be required from the date of
 allotment of Public Issue.
 
 5.  The Sundry Creditors in Schedule-11 includes Rs. 60.05 lakhs
 (previous year Rs. 184.49 lakhs) due to Micro, Small and Medium
 Enterprises and Rs. 46443.09 lakhs due to other creditors. As per the
 provisions of The Micro, Small and Medium Enterprises Development Act,
 2006, the principal amount payable to Micro, Small and Medium
 Enterprises is Rs. 60.05 lakhs and no interest due thereon is remaining
 unpaid as on 31st March, 2011. This information has been determined to
 the extent such parties have been identified on the basis of
 information available with the Company.
 
 6.  (a) No provision has been considered necessary towards the income
 tax demand of Rs. 5719 lakhs for the assessment years 1987-88, 1992-93,
 1997-98, 1999-2000, 2004-05, 2005-06, 2006-07 and 2008-09 as the same
 is disputed in appeals and the Company is hopeful of succeeding in the
 said appeals.
 
 7. The Company established Sikka Jetty at its own cost, which is in
 operation since 1987. After due discussion with Gujarat Maritime Board
 (GMB), a consensus was arrived at establishing ownership of jetty with
 GSFC. Thereafter, in terms of resolution passed by GMB, the ownership
 of the jetty at Sikka was transferred to the Company.  However, during
 1994, GMB has reversed its earlier decision not supported by resolution
 and contended that the ownership of the jetty rests with GMB. The
 Company has made representation to the appropriate authority with
 regard to the ownership of the jetty with the Company.
 
 The matter of deciding the status of Jetty was under examination at GMB
 & Government of Gujarat levels since long back. Various meetings were
 also held and after due diligence on the matter, it is decided by the
 Board of GMB supported by a resolution to assign the status of Captive
 Jetty to Sikka Jetty and the Company has to sign Captive Jetty
 Agreement with GMB. The matter is under discussion with GMB
 authorities. Pending finalization of the Captive Jetty Agreement, no
 provision is considered necessary in respect of various claims against
 the Company and counter-claims of the Company (both the amounts not
 determined).
 
 At present the Company is in possession of the Jetty and continues to
 be the owner of the Jetty till the Captive Jetty Agreement is signed.
 
 8. During the year, based on a favourable decision of the Court,
 pertaining to the year 1997-98, the Company has accounted subsidy on
 DAP amounting to Rs. 761.87 lakhs in Sales and interest thereon
 amounting to Rs. 688.33 lakhs in Other Income.
 
 9.  Disclosures pursuant to Accounting Standard - 15 (Revised)
 Employee Benefits :
 
 (a) The Company operates post employment and other long term employee
 benefits defined plans as follows:
 
 I Funded
 
 i.  Gratuity
 
 ii.  Pension
 
 II Unfunded
 
 i.  Leave Encashment Benefit
 
 ii.  Post Retirement Medical Benefit Scheme (PRMBS)
 
 (c) The estimates of future salary increases considered in actuarial
 valuation take account of inflation, seniority, promotion and other
 relevant factors.
 
 (d) Provident Fund contributions are made to Trusts administered by the
 Company. The interest rate payable to the members of the Trusts shall
 not be lower than the statutory rate of interest declared by the
 Central Government under the Employees Provident Funds and
 Miscellaneous Provisions Act, 1952 and shortfall, if any, shall be made
 good by the Company. Having regard to the assets of the Fund managed by
 the Trusts and the return on the investments, the Company does not
 expect any deficiency in the foreseeable future.
 
 10.  Long term wage settlement at Baroda unit of the Company has
 expired in December 2010. Pending negotiation for wage settlement, no
 provision has been made for the period January to March 2011.
 
 11.  Related Party Disclosures :
 
 Related Party Disclosures as required by AS-18 Related Party
 Disclosures are given below :
 
 1.  Relationship :
 
 (a) Associate Company :
 
 Effluent Channel Project Ltd.
 
 (b) Joint Venture :
 
 Tunisian Indian Fertilizers, S.A. (TIFERT)
 
 (c) Directors and their relatives :
 
 Shri H. V. Patel - Managing Director
 
 15. Balance of certain creditors and debtors/advances are subject to
 confirmation/reconciliation and consequential adjustments, if any.
 
 ii) SECONDARY SEGMENT INFORMATION :
 
 The Company operates mainly in Indian market and there are no
 reportable geographical segments.
 
 iii) OTHER DISCLOSURES :
 
 1.  The Products and Services covered under each business segment is as
 under :
 
 Fertilizer Products :
 
 Urea, Ammonium Sulphate, Di-ammonium Phosphate, Ammonium Phosphate
 Sulphate, NPK (12:32:16)(10:26:26), traded fertilizer products etc.
 
 Industrial Products :
 
 Caprolactam, Nylon-6, Nylon Filament Yarn, Nylon Chips, Melamine,
 Polymer products, traded industrial products etc.
 
 2.  Segment revenue, results, assets and liabilities include the
 respective amounts identifiable to each of the segment and amounts
 allocated on reasonable basis.
 
 12.  Previous year''s figures have been regrouped wherever necessary.