The company has two class of shares i.e. equity shares having a par value of Rs.10 per share and preference shares of Rs.100 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends, if any, in indian rupees. The dividened, if proposed, by the Board of Directors is subject to the approval of the share holders in the ensuing Annual General meeting. The Preference Share holders are also entitled to each share of voting rights to the extent of outstanding preference shares. The company has not issued any preference share during the financial year. In th event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares

2 Other details to Balance Sheet

Contingent Liabilities and Commitments

                                            As at             As at
Particulars                              31-Mar-2014       31-Mar-2013
Contingent Liabilities                   (Rs In Lacs)      (Rs In Lacs)

        - Sales tax                        5554.43             5423.55

        - Other Claims                     1333.31             1333.31
 (without considering interest liability)

        - Income tax                        332.24              327.91

b.  Winding up petition pending against
    the company filed by 
    Vemag Engg. Pvt. Ltd. for recovery       17.38               17.38
    of dues 

c.  Storage Rent in respect of earlier
    year for storage of Oil                   Not                 Not 
                                         Ascertainable    Ascertainable

d.  Income tax interest on demand of
    Rs.4.28Crores for the                     Not                 Not 
    period 01-04-2005 to 31-03-2014      Ascertainable    Ascertainable
    (refer note no 27)

Capital Commitments

Other Commitments

3. The Company has been declared as a Sick Industrial Company by the BIFR under the provisions of Sick Industrial Companies (Special Provisions) Act, 1985,On having settled all the compromise dues of the banks and IDBI, the BIFR has disposed off the first reference Case no. 35/1999 of the Company. It has, however, registered the companies subsequent references and appointed Canara Bank as an Operating Agency vide its order dated 1st March,2012 to prepare a Draft Rehabilitation Scheme (DRS) for its consideration. Last BIFR hearing fixed on 15th May, 2014 could not take place. The next date of hearing is still awaited. In the meanwhile, the Operating Agency (Canara Bank) has called for certain clarifications/details which are under finalisation stage.

4. There was a Search & Seizure action U/S 132 of the Income Tax Act on 24.2.99. The Income Tax department had raised demand of Rs 33.12 Crores in the block assessment Order DT. 30.4.2001. In case of company Subsequently, ITAT has given relief to the extent of Rs 28.84 Crores. The company's appeal before Hon. Gujarat High Court against addition confirmed by ITAT of Rs 4.28 Crores is admitted. Pending the disposal of appeal by Hon'ble High Court the provision for Income Tax of Rs 2.88 Crores on addition confirmed by ITAT was made during F.Y.2002-03 and provision of Rs 1.27 crore of interest payable up to 31.03.2005 is made in the accounts. Adhoc payments made against the outstanding demands are adjusted against principal amounts. No provision is made for the interest payable, if any, on the outstanding demand for the period from 1st April, 2005 till date as the company is hopeful of getting favorable order from the High Court.

5. No provision is made during the year for interest receivable on various advances amounting to Rs 2920.25 Lacs (P.Y. Rs 1171.60 lacs) as the same are considered doubtful.

6. The Company is engaged in the business of manufacturing and selling the Refined Castor Oil and its derivatives. Thus there is solitary business segment of Oils. Therefore, segment wise information as required by AS-17 on "Segment Reporting" is not applicable.

7. The Company is making sincere efforts for the revival of the Business,& management is hopeful to recover the losses through more profitable business activities. Therefore accounts for the year have been prepared are going concern basis

8. The Company has entered into financial arrangement with National Spot Exchange Ltd (NSEL) through trading and Clearing Member, N.K.Proteins Ltd (Group Company) by way of purchase and sales of various goods. Thus the company has purchased goods amounting to Rs Nil (P.Y. Rs 5255.73 Crores) and has sold goods amounting to Rs Nil (P.Y. Rs 5065.05 Crore) through National Spot Exchange Ltd without physical delivery of goods. Therefore the net loss from the said transactions (including transaction charges levied by NSEL) has been shown as Trading Loss in the profit & loss accounts of the respective financial years. Out of the transactions entered in to at National Spot Exchange Ltd., the company has shown an amount of Rs 474.17.Crores as at 31.03.2014 as long term creditors. However, the liability of NSEL could not be ascertained due to the difference between the balance as per the books of the company and balance due as per the demand of NSEL through the trading and clearing member N.K.Proteins Ltd. Further NSEL suspended the trading on 31st July 2013 and has moved an arbitration petition in the Hon'ble Mumbai High Court for recovery of outstanding amount from N.K. Proteins Limited, and has made the company a Respondent The matter is pending with Hon'ble Bombay High Court.

9. Trade payables of Rs 677.41 Crores (Rs P.Y 1718.14 Crores) include Rs 474.17Crores (P.Y. Rs 1625.03 Crores) payable to third parties as elaborated vide note no 31 above, and trade receivables of Rs 133.68 Crores (Rs P.Y 1057.25 Crores) include receivable from third parties of Rs NIL (P.Y. Rs 347.65 Crore) towards transactions through National Spot Exchange Ltd (NSEL). The said balances as on date are subject to confirmation by respective parties and reconciliation/adjustments if any.The Balance amount of trade payables and receivables and other loans and advances are also subject to confirmation.

10. The, Income tax Department had carried out survey under section 133A on the company along with other group companies.

Further, the investigation by Economic Offence Wing of Mumbai Police (EOW) is also in progress. against trading and clearing member N.K.Proteins Ltd relating to this issue.

11. As per the order of the Hon'ble High Court of Gujarat the company has deposited an amount of Rs 231 Lacs towards disputed land matter in the case of Banpal Oilchem Pvt. Ltd. Total outstanding amount as at 31.03.2014 of Rs 1407.70 Lacs and is classified as "Long term loans and advances" in the accounts for the year under review.

12. Sales Tax Department has completed the assessment for various assessment years and raised demand of Rs 5423.55 lacs for the earlier previous years and further an amount of Rs 130.88 Lacs for the year under review making total demand of Rs 5554.43 Lacs. The company has not made any provision for the above demand raised by the sales tax authority in view of the fact that that the company had preferred an appeal before the appellate authority. Had the provision for sales tax would have been made for the earlier years as well as for the year under review, the loss for the current year would have been higher by Rs 130.77 Lacs and loss for the earlier year would have been higher by Rs 5423.55 Lacs and Liabilities would have been higher by Rs 5554.43 Lacs

13. The company had entered into a joint venture arrangement by taking 50% Equity stake in AWN Agro Pvt. Ltd (JV Entity/ Company) and made an investment of Rs 2500.50 Lacs towards Equity Share Capital. As informed to us, because of huge loss incurred by the said entity, the said joint venture has been ended during the year under review. The company has shown an amount of Rs 2500.50 Lacs invested in the share capital/application money in the said joint venture company and Rs 1748.65 Lacs as loans and advances to the said JV entity aggregating to Rs 4249.15 lacs. The Company has made provision for doubtful debts of the entire amount of investment/ Loans and Advances of Rs 4249.15 Lacs in its books of accounts for the year ending on 31st March, 2014. However, the reconciliation /confirmation of the outstanding loans & advances amount is not made by the Company. The disclosure of Joint Venture investment as per AS-27 are as under.

14. In the opinion of the Board, Current Assets, Loans and Advances are approximately of the value stated, if realized, in the ordinary course of the business. The provisions for depreciation and all known liabilities are adequate. There are no contingent liabilities other than stated.

15. Micro, Small & Medium Enterprises

In the absence of information available with the Company about enterprises which are qualifying under the definition of Medium and Small Enterprises as defined under Micro, Small & Medium Enterprises Development Act, 2006, no disclosure is made as required under the Companies Act in respect of the following.

a) Total outstanding dues of Micro enterprises and Small enterprises - Rs Nil

b) Total outstanding dues of the Creditors other than Micro enterprises and Small enterprises Rs Nil (Prev. Yr Nil)

16. No provision for Differed Tax assets has been made as there is no virtual certainty of Setting the same in near future.

17. Previous years comparatives

In view of the fact that the plant of the company was leased during the year ending on 31.03.2013 to the joint venture entity and in the current fiscal year, the company has changed the arrangement and commenced crushing activities, the figures for the previous years are not comparable with that of the current year.