1. The Financial Statements for the year ended on 31 st March 2011
were prepared as per then applicable schedule VI to Companies Act 1956.
Consequent to the notification of Revised Schedule VI under Companies
Act 1956, the Financial statements for the year ended on 31st March
2012 are prepared as per Revised Schedule VI. Accordingly previous
year''s figures have also been regrouped to confirm the current Years
2. Figures have been rounded off to the nearest place of second
decimal, where specified in Rs. Lacs. The figures specified in full
value have been rounded off to the nearest rupee.
3. CONTINGENT LIABILITIES NOT PROVIDED FOR:
a) Pending disputes of quality/ quantity regarding sale/ purchase.
Adjustments in respect of these matters are made in the Profit & Loss
A/C as and when they are settled with the party.
b) Claims, counter claims arising out of disputes/ litigation regarding
trade transactions, contracts, Joint Ventures, Memorandum of
Understandings, sale/ purchase arrangements, processing agreements, not
acknowledged as liabilities.
c) The amount of Rs. 8.16 Lacs towards recompense of sacrifices made by
Maharashtra State Electricity Distribution Company Limited (MS-EDCL)
under Rehabilitation Scheme (MRS 2004) to be paid
after successful completion of the same
d) Details of Disputed Sales Tax dues are as follows:
4. Dividend due on 14% Cumulative Redeemable Preference Shares
Capital of Rs. 5.00 Lacs from the year 2008-09 amounting to Rs.
2,80,000/-not paid/provided for.
5. As operations of the company comprise only Solvent Extraction and
Refinery, no separate Segmental Reporting is considered necessary.
6. On the basis of accounts compiled for the financial year there is
no taxable income hence, no provision for taxation for the assessment
year is being made.
7. Deferred tax Assets have not been created in view of Accumulated
Loss and Unabsorbed Depreciation. This is in conformity of AS-22
Accounting for Taxes on Income issued by ICAI.
8. Earnings in Foreign Exchange Export of Goods on F.O.B. basis
during the year was Rs Nil (Previous Year Rs. Nil). Foreign Exchange
outgo was. Nil (Previous year Nil)
9. The Company has availed the services of the company secretary as
10. The Company has formed as subsidiary company Mid India Market
Systems Pvt. Ltd on 14-Feb-2012 for carryihg out trading activity