1.1 Terms and Rights attached to Equity Shares

The company has only one class of equity shares having face value per share of Rs. 10 each. Each shareholder is entitled to one vote per equity share. The dividend proposed by the board of directors is subject to the approval of the shareholders in ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the Equity Share Holders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

2. Contingent Liabilities and Other Commitments not provided for

                                                          [Rs. In Lacs]

PARTICULARS                     As at 31.03.2015       As at 31.03.2014

Contingent Liabilities                  -                      -

Tax expense is the aggregate of current year tax and deferred tax charged or credited to the profit and loss account.

i) Current tax is the provision made for the income tax liability on the profits for the year in accordance with the applicable tax laws.

ii) Deferred tax is recognised on timing differences, being the differences resulting from the recognition of items in the financial statements and in estimating its current income tax provisions

iii) Deferred tax asset & liability are measured using the tax rates and the tax laws that have been enacted or substantially enacted at the balance sheet date.

As required by the accounting standard - 22, "Accounting for Taxes on Income" issued by the Institute of Chartered Accountants of India, Deferred Tax Liabilities and Assets is calculated and provided for in the following manner.