1 CONTINGENT LIABILITIES NOT PROVIDED FOR:
 
 a) Amount of Letters of Credit and Bank Guarantee issued by banks Rs.
 505.48 Lacs (Previous Period Rs. 475.43 Lacs)
 
 b) Royalty & Environment Cess on rock phosphates claimed by RSMML Rs.
 522.60 Lacs (Previous Period Rs. 522.60 Lacs)
 
 c) Contingent liability due to reduction in brought forward losses on
 account of completed assessments having a bearing on current taxable
 income Rs. 112.90 (Previous period Rs Nil)
 
 d) CLAIMS NOT ACKNOWLEDGED AS DEBT
 
 i) Custom Duty, Excise duty, Demurrage, Sales Tax and Others Rs.
 1248.98 lacs ( Previous Period Rs 1147.72 Lacs)
 
 ii) Wages Rs. 32.32 lacs (Previous Period Rs. 29.59 Lacs)
 
 iii) Electricity duty Rs.94.23 Lacs (Previous Period Rs.117.10 Lacs)
 
 2 Estimated amount of contracts remaining to be executed on capital
 account (net off advances Rs.525.55 Lacs (Previous period Rs Nil )
 
 3 Hon''ble BIFR has sanctioned debt rehabilitation scheme submitted by
 operating agency (IDBI) in consultation with Company on 6th August 2009
 in line with the financial package approved by CDR on 29th May 2008.
 Based on this sanction order the company has given effect to the
 following :
 
 (i) The company''s liability to banks & institutions has been
 restructured under the modified Corporate Debt Restructure Package
 (CDR) w.e.f 1.4.2008 subject to fulfilment of certain terms and
 conditions. Accordingly, the surplus arising from waiver of principle
 amount has been transferred to Capital Reserve Account and interest
 waived on such loans has been transferred to Profit & Loss account in
 the respective year of finalisation of the package with the lenders.
 
 (ii) The Company has allotted 1,21,36,187 equity shares of Rs.10/- each
 at a premium of Rs.20/- each, during the year.
 
 4 REPORTING OF SEGMENT WISE REVENUE, RESULT AND OTHER DETAILS
 
 The company has disclosed Business Segments as its primary segments.
 Reporting segments have been identified as Fertilizers, Chemicals and
 Oil, taking into account the nature of product, the different risk and
 returns, the organizational structure and the internal reporting system
 
 The company caters mainly to the need of domestic market. The direct
 export turnover is Nil during the year. As such there are no reportable
 geographical segments.
 
 Segment revenue, Segment results, Segment Assets and Segment
 Liabilities include the respective amounts identifiable to each of the
 segments as also amounts allocated on a reasonable basis to the
 respective segments.
 
 The expenses, which are not directly relatable to the business
 segments, are shown as unallocated costs.
 
 Assets and Liabilities that cannot be allocated between the segments
 are shown as part of unallocated assets and liabilities
 
 5 The computation of net profit under Section 349 of the Companies
 Act, 1956, has not been given in view of the fact that no commmission
 is proposed to be paid.
 
 6 In the absence of information from suppliers of their status being
 micro, small and medium enterprise, amount overdue and interest payable
 thereon, if any, cannot be quantified.
 
 7 Related party disclosure under Accounting Standard -18
 
 a) The list of the 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
 
 None
 
 II) Associates, Joint ventures of the reporting entity, investing party
 or venturer in respect of which reporting enterprise is an associate or
 a joint venture.
 
 None
 
 III) Key Management Personnel (KMP)
 
 D J Ramsinghani - Chairman & Managing Director 
 
 H D Ramsinghani - Director
 
 IV) Relative of key management personnel
 
 Pooja D Ramsinghani
 
 Lajwanti D Ramsinghani
 
 Nilanjana H Ramsinghani
 
 V) Enterprises over which any person described in III & IV is able to
 exercise significant influence
 
 Rainbow Denim Limited
 
 Rainbow Agri Industries Limited
 
 Rama Petrochemicals Limited
 
 Rama Industries Limited
 
 Rama Capital and Fiscals Services Pvt.Limited
 
 Blue Lagoon Investments Private Limited
 
 Rama Enterprises
 
 Jupiter Corporate Services Pvt Limited
 
 Nova Gelicon Pvt Limited
 
 8 Loans and advances referred to in note 16 b (5) above includes an
 interest free loan of Rs. 665.52 Lacs ( Previous period Rs 665.52 Lacs)
 due from a sick company and its subsidiary against which provision has
 already been made in earlier years.
 
 9 (a) Subsidy receivable is netted of from provision for doubtful
 subsidy receivable aggregating Rs.37.06Lacs (Previous period Rs.102.10
 Lacs)
 
 (b) Sales includes fertiliser subsidy of Rs.16718.50 Lacs (Previous
 period Rs.3003.37 Lacs). The hedging loss incurred in soya oil of
 Rs.102.21 Lacs. (Previous period Rs. Nil ) in commodity exchange is
 also netted off from sales.
 
 (c) Purchases are shown after netting off gain of Rs.0.61 Lacs
 (Previous period Rs. Nil ) due to hedging of soya seeds in commodity
 exchange.
 
 10 Previous period''s figures have been regrouped / rearranged, wherever
 necessary.
 
 11 Current year figures are not comparable with the previous period
 figures consisting of 9 months.