31-03-2011   31-03-2010
 
                                                Rs. Lakh     Rs. Lakh
 
 1.  Contingent Liabilities not provided for 
 Claims against the Company not
 
 acknowledged as debts                             41.00        41.00
 
 Excise Duty, liability disputed                  179.86       168.31
 
 Cane Purchase Tax, Liability Disputed             72.84        72.84
 
 Corporate Guarantees given to Bankers          3,761.00     3,618.00
 
 II. The Company does not have any Secondary Business Segments
 
 Significant Accounting Policies relating to Segment Reporting
 
 1.  Business Segments are determined on the basis of the goods
 manufactured and in accordance with Account- ing Standard 17.
 
 2.  Inter-segment transfers are recorded at cost except for own
 generated Bagasse and Molasses, cost of which is unascertainable and
 which are recorded at prevalent purchase price.
 
 3.  Segment report is prepared in conformity with accounting policies
 adopted for preparing and presenting financial statements.
 
 2. Disclosure with respect to AS-15
 
 The Company has implemented Revised Accounting Standard - 15 on
 Employee Benefits and made the provisions accordingly. The disclosure
 as per revised AS-15 are produced below:
 
 Gratuity
 
 In accordance with the applicable laws, the Company provides for
 gratuity, a defined retirement plan (Gratuity Plan) covering all staff,
 workers and officers. The Gratuity Plan prov ides for, at retirement or
 termination of employment, an amount based on the respective employee''s
 last drawn salary and the years of employment with the Company. The
 Company provides the gratuity benefit through annual contributions to a
 Gratuity Trust which in turn mainly contributes to Life Insurance
 Corporation of India (LIC) for this purpose. Under this plan, the
 settlement obligation remains with the Gratuity Trust. LIC administers
 the plan and determines the contribution premium required to be paid by
 the Trust.  The Company has also obtained an independent actuarial
 valuation of the Trust''s Assets and Liabilities, and accordingly, the
 difference has been provided by the Company. The gratuity liability has
 been paid by the Company in case of employees, who left during the
 current period.
 
 The estimates of future salary increases, considered in actuarial
 valuation, take account of inflation, seniority, promotion and other
 relev ant factors, such as supply and demand in the employment market.
 The above information is certified by the actuary.
 
 3. Disclosure of Related Parties and Related Party Transactions
 
 I Name of the Related Party over which control exists Nature of
 Relationship
 
 i.  Ugar Consultancy Ltd.  - Associate Company
 
 ii.  Ugar Theatres Pvt. Ltd.  - Associate Company
 
 iii.  Ugar Quality Packaging Pvt. Ltd.  - Associate Company
 
 II.  Names of the Related Parties with whom transactions were carried
 out during the year and description of relationship
 
 1.  Key Management Personnel (KMP) Designation
 
 i.  Shri Prafulla Vinayak Shirgaokar -  Managing Director (MD)
 
 ii.  Shri Shishir Suresh Shirgaokar - Executive Director (ED)
 
 2.  Relatives of Key Management Personnel
 
 Name of the transacting related party Nature of Relationship
 
 i.  Shri Rajendra Vinayak Shirgaokar -  Chairman & Mentor
 
 (C&M) and Brother of MD
 
 ii.  Sau. Smita Prafulla Shirgaokar -  Wife of MD
 
 iii.  Sau. Vinita Mahesh Samant -  Daughter of MD
 
 iv.  Sau. Shilpa Naval Kumar -  Daughter of MD
 
 v.  Sau. Savita Shishir Shirgaokar -  Wife of ED
 
 vi.  Shri Niraj Shishir Shirgaokar -  Son of ED
 
 vii.  Sau. Puja Hrishikesh Pusalkar -  Daughter of ED
 
 viii.  Sau. Sindhu Vijay Dalvi -  Sister of C&M and MD
 
 ix.  Sau. Rekha Rajanikant Khedekar -  Sister of ED
 
 x.  Sau. Chitra Arun Dalvi -  Sister of ED
 
 4.  Enterprises over which KMP or Relatives of KMP are able to exercise
 significant influence
 
 Name of the transacting related party Nature of Relationship
 
 i.  S. B. Reshellers Pvt. Ltd.  -  MD is a director
 
 ii.  Shantaram Machineries Pvt. Ltd.  -  MD and ED are directors
 
 iii.  Sangli Fabricators Pvt. Ltd.  -  ED is a director
 
 iv.  Tara Tiles Pvt. Ltd.  -  MD and ED are directors
 
 v.  Ugar Pipe Industries Pvt. Ltd.  -  MD and ED are directors
 
 vi.  Vinayak Shirgaokar Investments Pvt. Ltd.  -  MD is a director
 
 vii.  D. M. Shirgaokar Investments Pvt. Ltd.  -  MD and ED are
 directors
 
 viii.  Prafulla Shirgaokar Investments Pvt. Ltd.  -  MD and Wife of
 MD are directors
 
 ix.  Mohan Shirgaokar Investments Pvt. Ltd.  -  MD and ED are
 directors
 
 x.  Shishir Shirgaokar Investments Pvt. Ltd.  -  ED, Wife of ED and
 ED''s Son''s
 
 Wife are directors
 
 xi.  Prabhakar Shirgaokar Investments Pvt. Ltd.  -  MD and ED are
 directors
 
 xii.  M/s Shirgaokar Brothers -  MD, ED and Son of ED are partners
 
 5. Based on available information, presently, there are no amounts
 payable to parties mentioned in the Micro, Small and Medium Enterprises
 Development Act, 2006.
 
 6.  Figures for the previous year are regrouped / recast where
 necessary.
 
 7.  Working for the year has been done considering the current trend
 in the sugar prices.
 
 8.  Figures in the brackets pertain to previous year.