1.1 Share Application money is received from a promoter''s group company
 in accordance with the revival Scheme submitted to the B.I.F.R. and the
 allotment of shares pursuant thereto is subject to and shall be in
 accordance with the directions of the said B.I.F.R.
 
 2.1 Working Capital Loans are secured by hypothecation of raw
 materials, stock-in-process, finished goods, stores and spares and book
 debts and by way of second parri passu charge on fixed assets at
 Patalganga and personal guarantee of a erstwhile director,
 
 2.2 Bank of Baroda has assigned and transferred to International Asset
 Reconstruction Company Pvt. Ltd. (IARC) the outstanding loan with all
 underlying security, interest thereto and all Bank of Baroda''s rights,
 title and interest in all agreements, deeds, documents in relation to
 or in connection with the facilities. However, during the year the
 Company has finalized One Time Settlement (OTS) with IARC and payment
 in terms of this OTS have been effected. Consequent to above, the
 company has taken credit of waiver of interest amounting to Rs. 6,027
 thousand and which has been treated as Extra - Ordinary Items in the
 profit and loss account. (Refer Note 23.1)
 
 3.1 In the absence of information from suppliers of their status as
 defined under Micro, Small and Medium Enterprises Development Act,
 2006 amount overdue and interest payable thereon, if any, cannot be
 quantified.
 
 4.1 a No remuneration is paid to Whole Time ( Technical) Director
 during the year under review u/s 198 of the Companies Act, 1956.
 
 b No commission is payable to Directors hence computation of net profit
 u/s 349 of the Companies Act, 1956 is not applicable
 
 5.1 Bank of Baroda has assigned and transferred to International Asset
 Reconstruction Company Pvt. Ltd. (IARC) the outstanding loan together
 with all underlying security, interest thereto and all Bank of
 Baroda''s rights, title and interest in all agreements, deeds,
 documents in relation to or in connection with the facilities. However,
 during the year the Company has finalized One Time Settlement (OTS)
 with IARC and payment in terms of this OTS have been effected.
 Consequent to above, the company has taken credit of waiver of interest
 amounting to Rs. 6,027 thousand and which have been treated as Extra -
 Ordinary Items in the profit and loss account.(Refer Note 6.2)
 
 Note 6
 
 Contingent Liabilities :
 
 a.   The claims not acknowledged by the Company are as follows :
 
                                                       (Rs. in Thousand)
 
 Name of the Statute                           2011 - 12       2010 - 11
 
 Income Tax                                     1,70,316        1,72,402
 
 Excise Duty                                         370             436
 
 Gujarat Sales Tax                                 3,606           3,606
 
 Irrigation Department                          1,30,733               -
 
      Total                                    3,05,0251        1,76,444
 
 The Company is in appeal for these claims.
 
 b.  Guarantees / Counter Guarantees given to Banks, Financial
 Institutions and other Body Corporate Rs. 9,53,876 thousand (Rs. 9,53,876
 thousand)
 
 c.  Sales Tax Liability of Rs. 3,10,344 thousand(Rs. 3,10,344 thousand).
 
 Interest Free Sales Tax Deferment :
 
 The Company had a liability of Rs. 3,12,333 thousand (Rs. 3,12,333
 thousand) payable from 30th April 2001 to 30th April 2014 to Sales Tax
 Department of Government of Maharashtra in respect of sales tax
 deferral scheme for its Methanol division. The Company has assigned the
 said liability to another company during the
 
 year 1999 - 2001. The assignee company has paid Rs. 1,989 thousand (Rs.
 1,989 thousand) upto 31st March 2012 out of Rs. 3,00,493 thousand (Rs.
 2,85,496 thousand) due upto 31st March 2012. Since the assignee company
 has failed in paying the sales tax dues, the assignor is responsible to
 pay the same. The company is registered under BIFR and no dues have
 been paid to the sales tax department.
 
 d.  Capital commitments Rs. 2,475 thousand (Rs. 15,590 thousand)
 
 Note 7
 
 The company has not provided for :
 
 a) Custom duty of Rs. 433 thousand (Rs. 433 thousand ) and interest on
 custom duty as per revised working aggregating to Rs. 15,779 thousand (Rs.
 14,592 thousand) till March 31, 2012.
 
 b) Interest on late payment of custom duty Rs. 1,962 thousand. (Rs. 1,962
 thousand )
 
 Note 8
 
 The operation of company''s methanol division has been unviable and in
 turn forced the company to suspend its production activities since
 Sept.''1999. However, the company is making efforts to obtain
 alternative main feed stock for its methanol plant to make the
 operation viable. Considering the fact that laying of pipeline for
 supply of gas by Gas Authority of India Ltd. (GAIL) is completed, the
 company is hopeful to restart its plant soon. Accordingly the company
 continues to prepare accounts on the basis of Going Concern
 Concept.
 
 Note 9
 
 As mentioned above the company had suspended its production activities
 since Sept.''1999, as a result of this the company has transferred
 some of the employees to other Division /Group Companies w.e.f. 30th
 October,1999.  None of the transferred employees has reported to their
 duties and they have approached the Industrial Court.  However, Company
 does not expect any financial liability, apart from their service
 benefit, which has been provided in the books of account.
 
 Note 10
 
 The company has obtained a valuation report from registered valuer in
 respect of its methanol division. On considering the same, the
 management is of the opinion that there is no loss on account of
 impairment of assets as per AS - 28 Impairment of Assets as
 issued by ICAI pertaining to this division.
 
 Note 11
 
 Segment Reporting:
 
 In absence of any revenue from the regular activities of the company in
 the segments of construction and methanol manufacturing and sales,
 segment wise reporting of income and expenditure has not been reported.
 
 Other Information
 
 Note 12
 
 Related Party Disclosure under Accounting Standard 18 (AS 18) :
 
 A) List of related parties as identified by the management are as under
 :
 
 I) Enterprises that directly or indirectly control (through
 subsidiaries) or are controlled by or are under common control with the
 reporting enterprise :
 
 Rama Capital and Fiscal Services Pvt. Ltd.
 
 II) Associates, Joint Ventures of the reporting entity, investing party
 or venture in respect of which reporting enterprise is an associate or
 a joint venture :
 
 Indo Us Investment Inc.
 
 III) Individual owing, directly or indirectly an interest in voting
 power of reporting enterprise that gives them control or significant
 influence over the enterprise,and relative of any such individual :
 
 None
 
 IV) Key Management Personnel (KMP) and their relatives
 
 Mr. H. D.Ramsinghani Chairman
 
 Mr. D.N. Singh Technical Director
 
 Mr. D. J. Ramsinghani Relative of Chairman
 
 Mrs. Lajwanti D Ramsinghani Relative of Chairman
 
 Mrs. Nilanjana H Ramsinghani Relative of Chairman
 
 Ms. Pooja D. Ramsinghani Relative of Chairman
 
 V) Enterprises over which any person described in III and IV is able to
 exercise significant influence : Rama Phosphates Ltd.
 
 Rainbow Denim Ltd.
 
 Rama Industries Ltd.
 
 Rainbow Agri Industries Ltd.
 
 Nova Gelicon Pvt. Ltd.
 
 Bluelagoon Investment Pvt. Ltd.
 
 Jupiter Corporate Services Pvt. Ltd.
 
 Integrated Port Services (I) Ltd.
 
 Replica Investment and Estates Ltd.
 
 Rama Enterprise
 
 Note 13
 
 Deferred Tax Liability :
 
 In accordance with the provisions of Accounting Standard (AS22) issued
 by The Institute of Chartered Accountants of India pertaining to
 accounting of taxes on income, in view of the company not expecting any
 taxable profits in near future, no deferred tax asset is recognized.
 The details of the same are as under :
 
 Note 14
 
 Previous year figures are given in brackets and have been regrouped /
 rearranged wherever necessary to make them Comparable.