1. There is no undisclosed item of Income or Expenditure which exceeds 1 % of the Revenue from operations or Rs. 100000, whichever is higher.

3. Wherever information has been received from the suppliers of their being small scale units, no amount exceeding rupees one lac is due to them for period exceeding thirty

Have:

It is not practicable for the Company to estimate the closure of these issues and consequential timings of cash flows, if any, in respect of the above.

4. A supplier has preferred a claim against the company for about Rs. 35 Million for non-acceptance of delivery which has been disputed by the company. Additionally, the company has filed a suit for damages against the supplier for failure to meet contractual obligations. The matters are pending at various stages before the courts.

5. Related Party disclosure :

Information in accordance with the requirement of Accounting Standard 18 on Related Party disclosures issued by The Institute of Chartered Accountants of India.

a) List of related parties

Holding Company - Ultimate Holding Company

Air Water Inc., Japan

Associates

Superior Tea & Allied Industries Pvt Ltd.

Gunjan Suppliers Pvt Ltd.

Varun Tea Plantations Ltd.

Ellenbarrie Cryogenics Ltd.

Comfort Share Trading Ltd (Certificate of Commencement yet to be received) Ellenbarrie Tea & Industries Ltd.

b) Key Management Personnel

Shri Norio Shibuya - Managing Director

Shri Padam Kumar Agarwala - Executive Director

Shri Shanti Prasad Agarwala - Executive Director

Shri Varun Agarwal - Executive Director

Shri K. Srinivas Prasad - Chief Financial Officer

Mrs. Priyanka Jaiswal - Company Secretary

Note : Figure in brackets relate to corresponding previous year.

6. Segment Reporting :

Information in accordance with requirement of Accounting Standard-17 on Segment Reporting issued by the Institute of Chartered Accountants of India,

a) The Company has two primary business segments :

(i) Gases and related products

(ii) Sheets

Gases and related products comprise manufacture, sale and trading of Industrial, Medical and Special gases as well as related products.

b) Other represents unallowable items not included in the segments.

c) The Company operates predominantly within the geographical limits of India, and accordingly secondary segment has not been considered.

7. Valuation of Shares & Securities at Note 10 above contains some shares which are valued at cost in view of suspension of trading of such shares on recognized stock exchange.

8. In view of inability to assess future taxable income, the extent of deferred tax assets which may be adjusted in subsequent years is not ascertainable with virtual certainty at this stage and accordingly in keeping with Accounting Standard 22 “Accounting for Taxes on Income” issued by the Institute of Chartered Accountants of India, the same has not been recognized in these accounts on prudent basis.

9. Previous year’s figures are re-grouped and re-arranged, wherever necessary.