| A. Assets and Liabilities
1 All debit and credit balances and accounts squared up during the year
are subject to confirmation from respective parties.
2 In the opinion of the Board of Directors the current assets, loans &
advances are approximately of the value at which these are stated in
the Balance Sheet if realized in the ordinary course of business.
3 Adequate provisions have been made for all known liabilities and the
provision are not in excess of the amount reasonably necessary.
B. Accounting for Taxes
1 As required by "Accounting Standard 22 - Accounting for Taxes on
Income", the company has provided for Deferred Taxes. The tax effect of
timing differences originating and reversing during the year has been
reflected in the current year's Profit & Loss Ac
C Segment Reporting
The Company has a single business segment namely PETROLEUM PRODUCT.
Hence, the company's business does not fall under different business
segments as defined by AS - 17 " Segmental Reporting " issued by the
ICAI.
D Earning in Foreign Currency Rs. 1,51,14,352/- (Previous Year
Rs.1,93,93,780/-).
E C.I.F. value of Imports Rs. NIL (Previous Year: Rs. 21,95,361/-).
F Expenditure in Foreign Currency Rs. 3,48,382/- (Previous Year: Rs.
1,33,205/- ).
G Previous Year figures have been rearranged / regrouped wherever
necessary.
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