1) Contingent liabilities not provided for in respect of the claims
against the Company, which has not been acknowledged as debts:
i) Central Excise - Rs. 6.32 lacs (Net of Rs. 0.55 lacs deposited)
(Previous Year Rs. 6.32 lacs, net of Rs. 0.55 lacs deposited).
ii) Customs - Rs. 106.89 lacs (Net of Rs. 55.00 lacs deposited)
(Previous year Rs. 106.89 lacs, net of Rs. 55.00 lacs deposited)
iii) Different Appeals pending before Commercial Taxes Authorities -
Rs. 19.91 lacs (Net of Rs. 9.97 Lacs deposited) (Previous Year Rs.
19.91 lacs, net of Rs. 9.97 lacs deposited).
iv) Excise & Sales tax liability on bye products - Amount not
v) Different Appeals pending before CIT (A) Ranchi - Rs. 189.13 lacs
(Net of Rs. 25.00 Lacs deposited) (Previous Year Rs. 189.13 lacs, net
of Rs. 20.00 lacs deposited)
vi) Guarantees issued by the Company on behalf of Associates Rs.
1629.50 Lacs (Previous Year Rs. 1629.50).
As the Company''s business activity falls within a single primary
business segment. Viz; ''Edible oil'' the disclosure requirement of
Accounting Standard - 17 Segment Reporting as notified by Companies
(Accounting Standards) Rule, 2006 (as amended) are not applicable.
Related Party Disclosure as prescribed by Accounting Standard - 18
issued by The Institute of Chartered Accountants of India is as below:
List of Related parties
i) Associates of the company Gaurang Alloys & Iron Ltd. Rajesh Auto
Merchandise Private Limited S R Enterprises Bhasa Construction and
Industrial Projects Pvt. Ltd. Urmindra Vincom Pvt. Ltd. Anoop Tea Co.
Pvt. Ltd. Max-cot Vyapaar Pvt. Ltd. Tamanna Commosales Pvt. Ltd.
ii) Managerial Personnel Directors
Sri Amar Agarwal Sri Amit Agarwal Sri Rajesh Agarwal Sri Arup Roy Sri
There are no dues to micro, small & medium enterprises as at the
Balance Sheet date and no interest has been paid to any such parties.
This is based on the information on such parties having been identified
on the basis of information available with the company and relied upon
by the auditors.
a) The company has made adequate provision for Income tax based on the
current year''s taxable income. As the tax under Minimum Alternative Tax
is higher than the tax computed under the normal provisions of the
Income tax Act, 1961 provision for current tax has been made as per
Minimum Alternative Tax provisions of the Income Tax Act, 1961.
Earning and Expenditure in foreign currency Rs. Nil (Previous year Rs.
In view of the revision to the schedule VI as per notification issued
by the Central Government, the Financial Statements for the year ended
31st March, 2012 have been prepared as per requirements of the revised
schedule VI to the Companies Act, 1956. The previous year''s figures
have been accordingly regrouped/reclassified to confirm the current