1.1 Equity Shares held by Holding Company i.e. Kashipur Holdings Ltd
 and in excess of 5% of the Capital of the Company.
 
                                           (Rs.in lacs)
 
 Note No.  Particulars
 
 2 Contingent Liabilities and commitments : As at As at
 
 ( to the extent not provided for) 31st March, 2012 31st March, 2011
 Contingent Liabilities:
 
 (i) Claims against the company not acknowledged as debts 115.33 60.34
 
 (ii) Dividend liability on 15%Cummulative Preference Shares 42.90 39.60
 
 (iii) Claim of the ex-employees under litigation, amount not
 ascertainable.
 
 (iv) Claim/demands from owner of the rented property in kolkata which
 are under litigation- amount not ascertainable.
 
 Sub Total 158.23 99.94 Commitments:
 
 Estimated amount of contracts unexecuted on capital account - 14.35
 
 Sub Total - 14.35
 
 3 Public Sector Oil Companies i.e. IOCL, HPCL, BPCL and IBP had
 reduced in the earlier years, the price of LPG cylinders with
 retrospective effect i.e. from 01.07.1999. The Oil Companies after
 reduction in prices had withheld in aggregate Rs. 3,24,56,427/-
 (previous year Rs.  3,24,56,427/-) from the supply bills of the
 Company. The Company is contesting this reduction in price of Cylinders
 before the appropriate authorities. Based upon the management
 estimation, out of these amounts forty percent of amount i.e. Rs.
 1,29,82,571/- is considered recoverable and the balance amount of Rs.
 1,94,73,856 has been written off during earlier years
 
 4 The company is a Sick Industrial Company as per Sick Industrial
 Companies (Special Provision) Act, (SICA), 1985. The Hon’ble
 Appellate Authority for Industrial and Financial Reconstruction (AAIFR)
 had vide order dated 8th November 2002 sanctioned the Rehabilitation
 Scheme of the Company. The Company moved an application to BIFR in
 November, 2006 seeking deregistration from the purview of SICA 1985,
 but the BIFR negated the original Scheme due to non and delayed
 compliance and discharged the Company out of the purview of SICA 1985.
 The Company preferred an Appeal against the said order and the
 Appellate Authority has set aside the order of BIFR and remanded the
 matter to BIFR and the decision in this matter is awaited. The matter
 is being pursued by the Company.
 
 5 Interest on Unsecured loans of Rs. 2,29,70,984/-(previous year Rs.
 2,50,70,984/- from Holding Company & Associate Companies of promoters
 have not been provided for in the accounts in terms of sanctioned
 Rehabilitation Scheme and the said Companies have agreed to waive off
 their claims of interest.
 
 6 The amount due to units covered under “The Micro, Small & Medium
 enterprises Development Act, 2006 in respect of Faridabad Unit is
 Rs. NIL (Previous Year Rs. Nil ). In respect of Sideburn Unit the
 factory was permanently closed on 1/8/2002, however in respect of
 outstanding Sundry Creditors the company had requested them to furnish
 the relevant registration certificate, but none of them have furnished
 the Certificate, it is deemed that none of them is covered under the
 said Act.
 
 7 Impairment of Assets—Consideration is given at Balance Sheet date
 to determine whether there is any indication of impairment of the
 carrying amount of the Company’s Fixed Assets as required by
 Accounting Standard (AS)-28 “Impairment of Assets. If any
 indication exits, an Asset’s realizable amount is estimated. During
 the year The Company has reviewed the Fixed Assets of the Company and
 found that there is no indication of impairment of the carrying amount
 of the Company’s Fixed Assets.
 
 8 Balances in Debtors, Creditors, advances and Deposit accounts are
 subject to confirmations.
 
 D Actuarial Assumptions
 
 The discount rate assumed is 7%, which is determined by reference to
 the market yield on Government Bonds as at Balance Sheet date. The
 estimate of future salary increases, considered in actuarial valuation,
 take account of inflation, seniority, promotion and other relevant
 factors such as supply and demand in the employment market.
 
 9 Taxation
 
 a.  Deferred Taxation
 
 The institute of Chartered Accountants of India, has made mandatory the
 Accounting Standard-22 (AS-22) in respect of “Accounting for Taxation
 on Income. Accordingly, the Company had computed deferred tax
 liability and assets and based upon the data available it has kept the
 amount of Deferred Tax Assets in previous year Rs. 50 lacs. However, in
 the current year based on the present estimated future earnings, the
 amount of Deferred Tax Assets is re-calculated Nil .
 
 b.  Current Taxation
 
 In view of carry forward losses and absorbed depreciation no provision
 of Income Tax (MAT) has been made under Section 115-JB of the Income
 Tax Act.
 
 Notes:-
 
 (i) The above information as to Related parties have been identified by
 the Management on the basis of information available with the Company
 and relied by the Auditors.
 
 (ii) Figures in brackets represent the figures of previous year.
 
 10 Segment Reporting As Required By Accounting Standard-17
 
 Presently the Business activity of the Company falls within a single
 primary business segment viz Industrial Gases as such the disclosure
 requirement of Accounting standard (AS) - 17 Segment Reporting
 issued by the Institute of Chartered Accountants of India is not
 applicable.
 
 11 Previous Year’s figures have been regrouped/recast wherever found
 necessary to confirm to this years classification in view of the
 applicability of the revised Schedule VI to the Companies Act 1956.