a) Accounting Convention
 
 The Accounts have been prepared in accordance with the historical cost
 convention.
 
 b) Use of Estimates
 
 The preparation of financial statements requires estimates and
 assumptions to be made that affect the reported amount of assets and
 liabilities on the date of the financial statements and the reported
 amount of revenues and expenses during the reported period. Difference
 between the actual results and the estimates are recognized in the
 period in which the results are known/materialized.
 
 c) Revenue recognition
 
 The Company follows mercantile system of the accounting and recognises
 income and expenditure on accrual basis except those with significant
 uncertainties.
 
 d) Fixed Assets
 
 i) Fixed Assets
 
 Fixed assets are stated at cost of acquisition or construction, net of
 tax/duty credit availed if any, including any cost attributable for
 bringing the assets to its working condition for its intended use, less
 depreciation (except freehold land).
 
 ii) Capital Expenditure
 
 Assets under erection/installation and advance given for capital
 expenditure are shown as Capital work in progress.
 
 Expenditure during construction period are shown as pre-operative
 expenses to be capitalized on erection/ installations of the assets.
 
 iii) Leasehold Land
 
 Cost of Lease hold land is amortized over the period of lease.
 
 e) Depreciation
 
 Depreciation on fixed assets is provided on written down value method
 at the rates and in the manner specified in Schedule XIV to the
 Companies Act, 1956. Depreciation on assets added/disposed off during
 the year has been provided on pro-rata basis with reference to the date
 of addition/disposal, except for low value items costing Rs.5,000/- or
 less are written off fully in the year of purchase.
 
 f) Expenses on issue of Shares
 
 Expenses on issue of shares are charged to profit and loss account.
 
 g) Expenses on issue of Foreign Currency Convertible Bonds
 
 Expenses on issue of Foreign Currency Convertible Bonds are charged to
 profit and loss account over the life of the Bonds.
 
 h) Borrowing cost
 
 Borrowing cost attributable to the acquisition and constructions of
 assets are capitalised as part of the cost of such asset up to the date
 when such asset is ready for its intended use. Other borrowing costs
 are charged to Profit and Loss Account.
 
 i) Premium on Foreign Currency Convertible Bonds (FCCBs)
 
 As a prudent accounting policy, premium payable on the FCCBs even
 though contingent upon non conversion of the FCCBs into Equity Shares,
 is proportionately charged to the profit and loss account on pro-rata
 basis over the life of the FCCBs and the corresponding amount is
 included in the outstanding amount of FCCBs shown under Unsecured
 Loans.  In the event of conversion of FCCBs into Equity Shares the
 proportionate amount will be written back on pro-rata basis.
 
 j) Valuation of inventories
 
 Inventories are valued at lower of cost or net realisable value, except
 by-product is valued at net realisable value. Cost of inventory is
 arrived at by using Moving Average Price Method. Cost of inventory is
 generally comprises of cost of purchases, cost of conversion and other
 cost incurred in bringing the inventories to their present location and
 condition.
 
 k) Export Incentive
 
 The Export incentives are accounted for on accrual basis taking into
 account certainty of realisation and its subsequent utilisation.
 
 I) Government Grant
 
 Government grant are recognized when there is reasonable assurance that
 the same will be received. Capital grant relating to specific assets
 are reduced from the gross value of fixed assets and revenue grants are
 recognized in the Profit and Loss Account.
 
 m) Investment
 
 Investment are valued at cost of acquisition. In case of long term
 investments, no provision is made for diminution in the value of
 investments, where, in the opinion of the Board of Directors such
 diminution is temporary.
 
 Current Investments are stated at lower of cost and market/fair value.
 
 n) Foreign currency transaction
 
 a) All transactions in foreign currency are recorded at the rates of
 the exchange prevailing on the dates when the relevant transactions
 took place; any gain/ loss on account of the fluctuations in the rate
 of exchange is recognized in the Profit & Loss Account. In case of the
 sale and purchase the same is included in the respective heads.
 
 b) Monetary items in the form of loans, current assets and current
 liabilities in foreign currencies at the close of the year are
 converted in the Indian currency at the appropriate rate of exchange
 prevailing on the dates of the Balance Sheet.  Resultant gain or loss
 on account of fluctuation in the rate of exchange is recognized in the
 Profit & Loss Account.
 
 c) In respect of the Forward Exchange Contracts entered into to hedge
 foreign currency risks, the difference between the Forward Rate and
 Exchange Rate at the inception of the contract is recognized as income
 or expense over the life of the contract. Further, the exchange
 difference arising on such contracts are recognized as income or
 expense along with the exchange difference on the underlying assets/
 liabilities.
 
 o) Employee Benefits
 
 (a) Post-employment benefit plans
 
 i) Defined Contribution Plan - Contributions to Provident Fund and
 Family Pension fund are accrued in accordance with applicable statute
 and deposited with appropriate authorities.
 
 ii) Defined Benefit Plan
 
 a.  The liability in respect of leave encashment is determined using
 actuarial valuation carried out as at Balance Sheet date. Actuarial
 gains and losses are recognized in full in Profit and Loss Account for
 the year in which they occur.
 
 b.  The Company has opted for scheme with Life Insurance Corporation of
 India to cover its liabilities towards employees gratuity. The annual
 premium paid to Life Insurance Corporation of India is charged to
 Profit and Loss Account. The Company also carried out actuarial
 valuation of gratuity using Projected Unit Credit Method as required by
 Accounting Standard 15 Employee Benefits (Revised 2005) and
 difference between fair value of plan assets and liability as per
 actuarial valuation as at year end is recognized in the Profit and Loss
 Account.
 
 (b) Short term employee benefits
 
 The undiscounted amount of short term employee benefits expected to be
 paid in exchange for services rendered by employees is recognized
 during the period when the employees render the services. These
 benefits include compensated absence also.
 
 p) Contingent Liabilities
 
 Contingent Liabilities not provided for in the accounts are disclosed
 by way of notes.
 
 q) Taxes on Income
 
 Provision for Current Tax is the amount of tax payable on taxable
 income for the year as determined in accordance with the provisions of
 the Income Tax Act, 1961.
 
 Deferred tax is recognised on the timing difference, being the
 difference between taxable income and the accounting income for the
 year and quantified using the tax rates and laws enacted or
 substantively enacted as on the balance sheet date.
 
 Deferred tax assets are recognised and carried forward to the extent
 that there is a reasonable certainty that sufficient future taxable
 income will be available against which such deferred tax asset can be
 realized.
 
 r) Segment Accounting
 
 Segment Accounting Policies :
 
 Following accounting policies have been followed by the company for
 segment reporting.
 
 (1) The Company has disclosed business segment as the Primary Segment.
 Segments have been identified taking into account the type of products,
 the differing risk and returns and the internal reporting system. The
 various segments identified by the Company comprised as under:
 
 Name of Segment Comprised of Oils - Crude Oils, Refined Oils, Vanaspati
 
 Infrastructure - Storage, Agri Warehousing, Wind Energy
 
 Other - Soap
 
 By products related to each segment have been included in respective
 segment.
 
 (2) Segment revenue, segment results, segment assets and segment
 liabilities includes respective amounts directly identified with the
 segment and also an allocation on reasonable basis of amounts not
 directly identified. The expenses which are not directly relatable to
 the business segment are shown as unallocable corporate cost. Assets
 and liabilities that cannot be allocated between the segments are shown
 as unallocable corporate assets and liabilities respectively.  Inter
 segment revenue are recognised at sale price.
 
 s) Impairment of Assets
 
 The carrying amount of assets are reviewed at each Balance Sheet date,
 if there is any indication of impairment based on internal/external
 factors.
 
 An asset is treated as impaired when the carrying cost of asset exceeds
 its recoverable value. An impairment loss is charged to the profit and
 loss account in the year in which an asset is identified as impaired.
 An impairment loss recognised in prior accounting period is reversed if
 there has been a change in the estimate of recoverable amount.