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
 classification.
 
 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
 Retainer.
 
 10.  The Company has formed as subsidiary company Mid India Market
 Systems Pvt. Ltd on 14-Feb-2012 for carryihg out trading activity