Home  »  Company  »  Confidence Petroleum  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Confidence Petroleum India Ltd.

Mar 31, 2015

Dear Members,

The Directors have pleasure in presenting the 21th Annual Report of the Company, together with the audited accounts for the year ended 2014-15. The summarized results for the year ended 31st March 2015 are as under:

FINANCIAL RESULTS

The performance of the Company for the financial year ended 2013-14 is summarized below: -

Particulars FY 2014-15 FY 2013-14 (Rs. In Lacs) (Rs. In Lacs)

Total income 26757.84 23797.35

Operating Profit 3251.72 3767.21

Less : 1) Interest & Financial Charges 1089.23 1267.50

2) Depreciation 2826.15 2187.66

(663.66) 312.05

Less : Extraordinary Items 1583.66 0

Profit Before Tax (2247.32) 312.05

Less : Taxation

1) Current 0 38.33

2) Deferred Tax 56.03 65.67

Profit after Taxation (2303.35) 208.04

Balance Brought Forward (2303.35) 208.04

Additional Depreciation, net of deferred tax as per Companies Act, 2013 431.61 0

Amount Available for appropriation 0 0

Appropriation Amount transferred to General Reserve 0 0

(Amount transferred to Balance Sheet (1871.74) 208.04

CONSOLIDATED FINANCIAL STATEMENTS

As required under Clause 32 of Listing Agreements and in compliance with the Accounting Standard 21, Consolidated Financial Statement of the Company and its subsidiaries as aforesaid have been attached with the annual accounts of the Company.

OPERATIONAL REVIEW & FUTURE PROSPECTS

During the period under review, The turnover of the company increased from Rs. 23797.35 Lacs to Rs. 26757.84 Lacs representing 12.44% increment of previous year while profitability of the company has decline from Rs. 208.04 Lacs to loss of Rs.2303.35 Lacs by 1207.16%. This was due to uncertainty of Production cost & LPG gas prices & also due to Loss on Account of Hud hud Cyclone.

From the Consolidated Profit and Loss Account for the financial year 2014-15, it may be observed that the Turnover increase by 14 per cent to Rs. 308.19 Lacs as compared to Rs. 270.24 Lacs in the previous year. but profit after tax and after minority interest for the year has decline from Rs. 217.21 Lacs to loss of Rs. 2297.83 Lacs. The Board of Director are trying their best to improve the performance of the company. Further the company has expanded its business in new products and services. The Details are as below The company has engage in business of cylinder manufacturing for Domestic as well as commercial use. LPG Cylinder manufacturing facility produces 4-14 Kg - Domestic Cylinder, 15 -17 Kg - Commercial Cylinders, 21-35 Kg Special purpose/ Auto LPG Cylinders. With 7 manufacturing units, the company ensures the best quality material combined with superior workmanship. As the one of the largest LPG Cylinder manufacturer of India & with expanded customer base, the company in view to further expansion with more efficient plants, technical knowhow & research. The Company successfully engage in the business of CNG & High Pressure Cylinder manufacturing, Packed Cylinder in the Brand name of " Go Gas ", LPG & CNG Meters, LPG bottling services with 51 established plants with expansion year by year, Auto LPG Dispensing Stations having more than 100 plants across pan India, Hot repairs & transportation are the emerging segment of the company in which company recorded growth significantly.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A detailed review of operational performance and future outlook of the Company is given under the Management Discussion and Analysis Report which forms part of this Report

CORPORATE GOVERNANCE REPORT

As required by the Clause 49 of the Listing Agreement with stock exchanges, Corporate Governance Report and a certificate confirming compliance with requirements of corporate governance forms part of this report.

PUBLIC DEPOSITS

During the year ended 31st March, 2015, your Company has not accepted any deposits from the public. There is no deposit remained unpaid/unclaimed at the end of the financial year. The Company has take deposit from customer against cylinders as part of business.

DIRECTOR

During the year under Review, the shareholders/members confirm the appointment of Mr. Mr. Sumant Sutaria (DIN 00298428), Mr. Ashish Bilakhiya (DIN 03626348) & Mr. Jigar Vora (DIN 06613973) as Independent Director of the company for the Period of Five years. W.e.f. 30th September, 2014. Mr. Nalin Khara Mr. Nalin Khara (DIN- 00295604) Executive Director of the company has resigned the company w.e.f. 14th Auguest, 2015.

In accordance with the provisions of Sections 149 and other applicable provisions, if any, of the Companies Act, 2013 ( "Act ") Mrs. Mansi Deogirkar (DIN 07269038) was appointed as non executive Independent Director of the Company who hold the office till the conclusion of ensuing Annual General Meeting and being eligible for Independent Woman- Director for the period of 5 Year. None of the Independent Director will retire at the ensuing Annual General Meeting of the Company.

Mr. Elesh Khara (DIN- 01765620), Directors are due to retire by rotation and being eligible for reappointment has offered them-selves for reappointment. The Board proposes them for reappointment as Directors liable to retire by rotation at the forthcoming Twenty First Annual General Meeting of the Company.

INDEPENDENT DIRECTORS

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Clause 49 of the Listing Agreement.

DIRECTOR'S RESPONSIBILITY STATEMENT:

Pursuant to Section 134(5) of the Companies Act, 2013, Directors of your Company hereby state and confirm that:

a) In the preparation of Annual Accounts of the Company, the applicable Accounting Standards have been followed along with proper explanation to material departures;

b) They have selected such Accounting Policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true & fair view of the state of affairs of the Company at the end of the financial year 2014-15 and of the Profit of the Company for that period.

c) They have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) They have prepared the annual accounts of the Company on a going concern basis.

e) They have laid down internal financial controls in the company that are adequate and were operating effectively.

f) They have devised proper systems to ensure compliance with the provisions of all applicable laws and these were adequate and operating efficiently.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statements.

DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY

The Company has been addressing various risks impacting the Company and the policy of the Company on risk management is provided elsewhere in this Annual Report and in Management Discussion and Analysis.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

In terms of section 135 and Schedule VII of the Companies Act, 2013, the Board of Directors of your Company have constituted a CSR Committee. The Committee comprises of Executive and Independent Directors. CSR Committee of the Board has developed a CSR Policy and uploaded on the website of the Company.

VIGIL MECHANISM

In pursuant to the provisions of section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism for directors and employees to report genuine concerns has been established. The Vigil Mechanism has been uploaded on the website of the Company.

AUDITORS AND AUDITOR'S REPORT

i) M/S. Bhandari & Associates, Chartered Accountant, Mumbai, retires at the forthcoming Annual General Meeting and is eligible for re-appointment. The retiring auditors, having furnished a certificate of their eligibility for re- appointment under section 141 of the Companies Act, 2013 and. The board recommends their reappointment. The observation made by the auditors read together with the relevant notes thereon, are self explanatory. Due to the change in the method of Depreciation as specified in Schedule II to the Companies Act, 2013, depreciation for the year ended March 31, 2015 is higher and the profit before tax is lower by Rs 737.05 Lacs & carrying amount of Rs 431.62 Lakhs was adjusted against retained earnings. The Hudhud cyclone badly affected the Plant of the company situated in Vizag hence resulting in loss of assets having WDV Rs 2365.18 Lacs (Gross Block Rs 4546.40 Lacs). The loss for Rs 1583.66 Lacs is accounted for net of Insurance claim.

COST AUDITORS AND COST AUDIT REPORT

M/s. Narendra Peshne & Associates, Cost Accountants, Nagpur, was appointed as Cost Auditors of the company to conduct the audit of Cost Accounts maintained by the company. The Company has received the cost audit report from the cost auditor for the financial year 2014-15.

SECRETARIAL AUDITOR

The Board of Director of the company has appointed M/s. Siddharth Sipani & Associates , Practicing Company Secretary, to conduct Secretarial Audit for the Financial Year 2014-15. The Secretarial Audit Report for the Financial Year ended 31st March, 2015. The Secretarial Audit Report contained the adverse remarks which will be ratified soon.

INTERNAL CONTROL SYSTEM / FINANCIAL CONTROL

The Company's internal control system comprises audit and compliance by in-house Internal Audit Division. The internal auditors independently evaluate the adequacy of internal controls and concurrently audit the majority of the transactions in value terms. Independence of the audit and compliance is ensured by the direct reporting of Internal Audit Division and internal Auditors to the Audit Committee of the Board.

RELATED PARTY TRANSACTION

The Company has not entered any transaction with related parties except remuneration to Director. There were no materially significant Related Party transaction i.e. transaction of material nature, that may have potential conflict with the interest of the company at large.

EXTRACT OF THE ANNUAL RETURN AS PROVIDED UNDER SUB-SECTION (3) OF SECTION 92

The Extract of the annual return as provided under sub-section (3) of section 92 of the Companies Act, 2013 is annexed herewith.

SUBSIDIARIES AND ASSOCIATE COMPANIES

A disclosure required under Section 129 of the Companies Act, 2013 & Rules made thereunder is enclosed as Annexure

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Information in accordance with the provisions of Section 134 (3) (m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 are set out below;

A) CONSERVATION OF ENERGY

Your Company is continuously taking initiatives to ensure the optimum utilization of energy available in day to day operations not only in offices but also at different sites of execution of various projects. Your Company uses energy efficient lighting devices, light fittings to save energy, capacitor bank / devices to maintain power factor and plant & equipment which are environment and power efficient.

Energy conservation items : Nil

(B) TECHNOLOGY ABSORPTION

Your Company is doing its business by ensuring optimum utilization of its available resources. Your Company has not taken any research & development activity so far. It has been executing its projects by using modern techniques, modern machineries and by ensuring the optimum utilization of its technical, professional and skilled manpower. Technology Absorption items : Nil

(C) FOREIGN EXCHANGE EARNINGS AND OUTGO

The Company has incurred the following expenses in foreign currency during the financial year 2014-15. The rupee equivalent of that amount has been given hereunder;

Foreign Exchange earnings and Outgo: Earning of foreign Currency during The year is Nil and outgo is made under following head:

Particulars Rs. (In Lacs)

For Purchase of LPG Dispensers 9.92

Return on investment received

For Investment in Equity of Foreign 39.15

Subsidiary (PT Surya Go Gas, Indonesia)

Investment in Equity of Foreign Subsidiary 35.50

(Gold Bid Limited Mauritius)

MEETING OF THE BOARDS

The Board of Directors duly met 5 times during the financial year from 1st April, 2014 to 31st March, 2015. The dates on which the meetings were held are as follows:

30th May, 2014; 13th August, 2014; 13th November, 2014 14th February, 2015 and 31st March, 2015

AUDIT COMMITTEE

In terms of Section 177 of the Companies Act, 2013 read with rule 6 of the companies ( Meeting of Boards and its Power) Rules, 2014, the Audit Committee of the Board consist of Mr. Sumant Sutaria- Chairman, Mr. Ashish Bilakhiya, & Mr. Elesh Khara as a good practice of Corporate Governance. The recommendations made by the Committee were accepted by the board.

NOMINATION AND REMUNERATION COMMITTEE

In terms of Section 178 of the Companies Act, 2013 read with rule 6 of the companies ( Meeting of Boards and its Power) Rules, 2014, The Nomination And Remuneration Committee of the Board consist of Mr. Sumant Sutaria- Chairman, Mr. Ashish Bilakhiya, & Mr. Elesh Khara as a good practice of Corporate Governance.

INTERNAL COMPLIANT COMMITTEE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE ( PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013

The Company has in place the Internal Compliant Committee Under The Sexual Harassment of Women At Workplace ( Prevention, Prohibition & Redressal) Act, 2013. The Primary objective of the said committee is to provide protection against sexual harassment of women at work place and prevention and redressal of the complaint for the matter connected therewith or incidental therero.

LISTING OF SHARES

The Equity Shares of the company are listed on Bombay Stock Exchange Ltd. The Company has paid Annual Listing Fees for the stock exchange for the Financial Year 2014-15.

GENERAL

Your Director state that, no disclosure or reporting are made on the following items as there were no transactions initiated during the year under review. The company has not issued Dividend, any shares or debenture & not enter any related party transaction. The company has not paid salary more than Rs.50 Lacs to any Director or KMP or any Employee. The company has received show cause notice in 2011 by Ministry of Corporate Affairs for violation of section under companies Act, 1956. Further the Company has initiated the Compounding of said offences before Regional Director, Mumbai & completed the same.

ACKNOWLEDGEMENT

Your directors wish to place on record their appreciation of the admirable support received from the company's bankers, employees and all other stakeholders connected with the company.

For and on behalf of the Board Director

SD/- SD/- Nitin Khara Elesh Khara Managing Director Director Place: Nagpur D ate:03/09/2015




Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the 20th Annual Report of the Company, together with the audited accounts for the year ended 2013 - 2014. The summarized results for the year ended 31st March 2014 are as under:

FINANCIAL RESULTS

The performance of the Company for the financial year ended 2013-14 is summarized below: -

FY 2013-14 FY 2012-13 PARTICULARS (RS.IN CRS) (RS.IN CRS)

Turnover (including other income) 23797 27994

Net Profit / Loss Before Tax 3.12 3.09

Current Tax 0.38 0.49

Deferred Tax 0.65 0.54

Net Profit / Loss after Tax 2.08 2.06

DIVIDEND

To conserve resources,, your directors are unable to declare any dividend for the year 2013-2014.

CONSOLIDATED FINANCIAL STATEMENTS

In compliance with the Accounting Standard 21 on Consolidated Financial Statements, this Annual Report also includes Consolidated Financial Statements for the financial year 2013 - 14. From the Consolidated Profit and Loss Account, it may be observed that the Tunover down by 48 Crore to Rs. 268.57 as compared to Rs. 316.22 Crore in the previous year. and profit after tax and after minority interest increased to Rs2.17 Crore., as compared to Rs. 2.08 Crore recorded in the previous year.

The company has witnessed problem with LPG Cylinder segment also as rise in prices of LPG grade COIL further deteriorated by adverse international market of steel and further no help by no significant rise in prices of SAIL (i.e. in line with other domestic suppliers) which is the base price by Oil company for escalation in tender price. Further rise in prices of other raw material not covered under escalation clause and rise in employees cost also contributed in poor performance. The CNG segment was affected to a great extent as rupee dollar rates burdened the raw material cost without making any significant rise in sale prices. Further Company has geared up to mobilize its Existing Business by Optimizing its Costs and to affix its existing revenues to overcome the current scenario.

SUBSIDIARIES

In accordance with the general circular 02nd Dec 2011 Dated 8th February, 2011 issued by the Ministry of Corporate Affairs, Government of India, for general exemption u/s 212 (8) of the Companies Act, 1956 the Balance Sheet, Profit and Loss Account and other documents of the subsidiary companies are not being attached with the Balance Sheet of the Company. The Company will make available the Annual Accounts of the Subsidiary Companies and the related detailed information to any member of the Company who may be interested in obtaining the same. The Annual Accounts of the subsidiary Companies will also be kept open for inspection at the Registered Office of the Company and that of the respective subsidiary companies. The Consolidated Financial Statements presented by the Company include the financial results of its subsidiary companies.

AUDITORS'' REPORT

The observations of Auditors in their report, read with the relevant notes to accounts, are self explanatory and do not require further explanation

PARTICULARS OF EMPLOYEES

There were no employees drawing salary more than the amount as provided under the provisions of Section 21 7(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975.

AUDITORS

M/s Bhandari & Associates, Chartered Accountants, Statutory Auditors of the Company, hold office till the conclusion of the ensuing Annual General Meeting and are eligible for reappointment. The Company has received letters from M/s Bhandari & Associates to the effect that their re- appointment, if made, would be within the prescribed limits under Section 141(3) (g) of the Companies Act, 2013 and that they are not disqualified for reappointment. Pursuant to the provisions of Section 139 of the Companies Act, 2013 and the Rules framed thereunder, it is proposed to appoint M/s Bhandari & Associates as Statutory Auditors of the Company from the conclusion of the forthcoming Annual General Meeting till the conclusion of the to be held in the year 2017, subject to ratification of their appointment at the subsequent AGMs.

The Notes on Financial Statements referred to in the Auditor''s Report are self explanatory and do not call for any further comments.

DEPOSIT

Your company has not accepted any fixed deposits under Section 58A of the Companies Act, 1956 during the year.

INTERNAL CONTROL/ INTERNAL AUDIT SYSTEM

The Company''s internal control system comprises audit and compliance by in-house Internal Audit Division. The internal auditors independently evaluate the adequacy of internal controls and concurrently audit the majority of the transactions in value terms. Independence of the audit and compliance is ensured by the direct reporting of Internal Audit Division and internal Auditors to the Audit Committee of the Board.

LISTING AT STOCK EXCHANGE

The Equity Shares of the company continues to be listed on Bombay Stock Exchange Limited and the Annual Listing Fees for the financial year 2014-15 have been paid to the Stock Exchange well within the stipulated time

CAPITAL STRUCTURE

Authorised Capital of the Company is Rs. 35,75,00,000/- and there was no change in the authorised capital of the company during the year under review. Paid up capital of the company is Rs. 25,88,35,000/- comprising of 25,88,35,000 equity shares of Rs. 1/- each. During the year under review there was no change in the paid up capital of the company.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

In terms of Section 217 (1)(e) of the Companies Act, 1956 and the rules made there under, relevant information about:

Energy conservation items : Nil

Technology Absorption items : Nil

Foreign Exchange earnings and Outgo: Earning of foreign Currency during The year is Nil and outgo

is made under following head:

Particulars Rs. (In Lacs)

For Purchase of LPG Dispensers 18.58

For Investment in Equity of Foreign (30.36)

Subsidiary (PT Surya Go Gas, Indonesia)

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to section 21 7(2AA) of the Companies Act, 1956 the Directors confirm that:

(i) ln the preparation of the annual accounts, the applicable accounting standards had been followed

along with proper explanation relating to material departures,

(ii) The directors had selected such accounting policies and applied them consistently and made

judgments and estimates that are reasonable and prudent so as to give a true and fair view of the

state of affairs of the company at the end of the financial year and of the profit or loss of the

company for that period.

(iii) The directors had taken proper and sufficient care for the maintenance of adequate accounting

records in accordance with the provisions of this Act for safeguarding the assets of the company and

for preventing and detecting fraud and other irregularities,

(iv) The directors had prepared the annual accounts on a going concern basis.

CORPORATE SOCIAL RESPONSIBILITY:

Corporate Social Responsibility (CSR) is the concept whereby organizations integrate social and environmental concerns into their business operations and into their interaction with their stakeholders on a voluntary basis. ''CPIL aims to be recognized as an organization that is transparent and ethical in all its dealings as well as making a positive contribution to the community in which it operates. At a time when global environmental issues are becoming more critical than ever, environmental protection is an obligation that any corporate citizen owes to Nature and to the society, for we have a duty to protect the home that we mutually share. CPIL feels that it is good practice to devote a part of this financial annual report to a discussion of current developments, our approach to corporate social responsibility and the practical issues we shall focus on in the coming period. We measure the added value of ''CPIL'' by more than just financial performance. Other issues are also important, including employment, health and safety, sponsorship of worthy causes, employee participation, energy and environmental and social issues. Besides focusing on the welfare of economically and socially deprived sections of society, CPlL also aims at developing techno economically viable and environment -friendly products for the benefit of millions of consumers, while at the same time ensuring the highest standards of safety and environment protection in our operations.

DIRECTOR

Mr. Nalin Khara, Executive Directors retire by rotation and being eligible for reappointment has offered them-selves for reappointment. Mr. Sumant Sutariya, Ashish Bilakhiya, Jigar Vora Independent Director of the company eligible for reappointment has offered them-selves for reappointment. There was no change in the Composition of Board of Directors of the Company

CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing agreement with the Stock Exchange, a Management Discussion and Analysis Report, Corporate Governance Report and Auditor''s Certificate regarding compliance of conditions of Corporate Governance are made a part of the Annual Report.

SECRETARIAL AUDIT

The Board of Directors of the Company appointed Mr. Siddharth Sipani, Practicing Company Secretary, to conduct the Secretarial Audit as per Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,2014 prescribed under Section 204 of the Companies Act, 2013 for the financial year 2014-2015

ACKNOWLEDGEMENT

Your directors wish to place on record their appreciation of the admirable support received from the company''s bankers, employees and all other stakeholders connected with the company.

For and on behalf of the Board Director SD/- Nitin Khara Managing Director Place: Nagpur Date : 13/08/2014


Mar 31, 2013

To, The Members

The Directors have pleasure in presenting the 19th Annual Report of the Company, together with the audited accounts for the year ended 2012 - 2013. Then summarized results for the year ended 31st March 2013 are as under:

Financial Results

The performance of the Company for the financial year ended 2012 - 13 is summarized below: - Standalone Figures:-

FY 2012-13 FY 2011-12 Particulars (Rs. In Crs) (Rs. In Crs)

Turnover (including other income) 279.94 401.24

Net Profit / Loss Before Tax 3.09 4.46

Current Tax 0.45 0.65

Deferred Tax 0.54 0.70

Net Profit / Loss after Tax 2.06 3.11

Auditors

M/S Bhandari & Associates, the Statutory Auditors of the company, retires at the forthcoming Annual General Meeting and is eligible for re-appointment. The retiring auditors, having furnished a certificate of their eligibility for re-appointment under section 224(1 B) of the Companies Act, 1956 and have indicated their willingness to continue. The board recommends their reappointment.

Consolidated Financial Statements

In compliance with the Accounting Standard 21 on Consolidated Financial Statements, this Annual Report also includes Consolidated Financial Statements for the financial year 2012 - 13 From the Consolidated Profit and Loss Account, it may be observed that the Tumover fell by 50 per cent to Rs. 316.22 as compared to Rs. 639.02 Crore in the previous year. Similarly, profit after tax and after minority interest for the year was Rs208 Crore., lower by Rs. 5.13 Crore as compared to Rs. 7.21 Crore recorded in the previous year.

The company has witnessed problem with LPG Cylinder segment also as rise in prices of LPG grade COIL further deteriorated by adverse '' international market of steel and further no help by no significant rise in prices of SAIL (i.e. in line with other domestic suppliers) which is the base price by Oil company for escalation in tender price. Further rise in prices of other raw material not covered under escalation clause and rise in employees cost also contributed in poor performance. The CNG segment was affected to a great extent as rupee dollar rates burdened the raw material cost without making any significant rise in sale prices. Further Company has geared up to mobilize its Existing Business by Optimizing its Costs and to affix its existing revenues to overcome the current scenario

Internal Control Systemfib

The Company''s internal control system comprises audit and compliance by in-house Internal Audit Division. The internal auditors independently evaluate the adequacy of internal controls and concurrently audit the majority of the transactions in value terms. Independence of the audit and compliance is ensured by the direct reporting of Internal Audit Division and internal Auditors to the Audit Committee of the Board.

Subsidiaries W

In accordance with the general circular 02nd Dec 2011 Dated 8th February, 2011 issued by the Ministry of

Corporate Affairs, Government of India, for general exemption uls 212 (8) of the Companies Act, 1956 the Balance Sheet, Profit and Loss Account and other documents of the subsidiary companies are not being attached with the Balance Sheet of the Company. The Company will make available the Annual Accounts of the Subsidiary Companies and the related detailed information to any member of the Company who may be interested in obtaining the same. The Annual Accounts of the subsidiary Companies will also be kept open for inspection at the Registered Office of the Company and that of the respective subsidiary companies. The Consolidated Financial Statements presented by the Company include the financial results of its subsidiary companies.

Auditors'' Report

The observations of Auditors in their report, read with the relevant notes to accounts, are self explanatory and do not require further explanation.

Particulars of Employees

There were no employees drawing salary more than the amount as provided under the provisions of Section 21 7(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo:

In terms of Section 21 7 (1) (e) of the Companies Act, 1956 and the rules made there under, relevant information about:

Energy conservation items : Nil

Technology Absorption items : Nil

Foreign Exchange earnings and Outgo: Earning of foreign Currency during The year is Nil and outgo is made under following head: jf, M

Particulars Rs. In Lacs

For Purchase of LPG Dispensers 28.33

For Investment in Equity of Foreign 24.53 _

Subsidiary (PT Surya Go Gas,

Indonesia)

Director''s Responsibility Statement:

Pursuant to section 21 7(2AA) of the Companies Act, 1956 the Directors confirm that:

(i) ln the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures,

(ii) The directors had selected such accounting policies and applied them consistently and made judgmentsfand estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period.

(iii) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities,

(iv) The directors had prepared the annual accounts on a going concern basis.

CORPORA TE SOCIAL RESPONSIBILITY:

Corporate Social Responsibility (CSR) is the concept whereby organizations integrate social and environmental concerns into their business operations and into their interaction with their stakeholders on a voluntary basis. ''CPIL aims to be recognized as an organization that is transparent and '' ethical in all its dealings as well as making a positive** contribution to the community in which it operates. At a time when global environmental issues are becoming more critical than ever, environmental protection is an obligation that any corporate citizen owes to Nature and to the society, for we have a duty to protect the home that we mutually share.

CPIL feels that it is good practice to devote a part of this financial annual report to a discussion of current developments, our approach to corporate social responsibility and the practical issues we shall focus on in the coming period. We measure the added value of ''CPIL'' by more than just financial performance. Other issues are also important, including employment, health and safety, sponsorship of worthy causes, employee participation, energy- and*environmental and social issues. Besides focusing on the welfare of economically and socially deprived sections of {society, CPlL also aims at developing techno- economically viable and environment-friendly products for the benefit of millions of consumers, while at the same time ensuring the highest standards of safety and efkpnment protection in our operations. VAviro

Director

Mr. Elesh Khara & Mr. Sumant Sutaria, Directors are due to retire by rotation and being eligible for re- appointment has offered themselves for re- appointment. The Board proposes them for re- appointment as Directors liable to retire by rotation at the forthcoming Nineteenth Annual General Meeting of the Company. Except this there was no change in the Composition of Board of Directors of ''the Company A

Acknowledgement/

lYour directors wish to place on record their appreciation of the admirable support received from the company''s bankers, employees and all other stakeholders connected with the company.

**For and on behalf of the Board Director

SD/-

Nitin Khara

Managing Director

Place: Nagpur


Mar 31, 2012

To, The Members of Confidence Petroleum India Limited,

The Directors have pleasure in presenting the 18th Annual Report of the Company, together with the audited accounts for the year ended 2011 - 2012. The summarized results for the year ended 31s March 2012 are as under:

Financial Results

The performance of the Company for the financial year ended 2011 - 12 is summarized below: - Standalone Figures:-

FY 2010- FY 2011-12 11 (Rs. In

Particulars (Rs. In Crs) Crs)_

Turnover (including other income) 401.24 651.46

Net Profit / Loss Before Tax 4.46 66.25

Provision for tax 0.65 14.69

Deferred Tax 0.70 5.50

Net Profit / Loss after Tax 3.11 45.87

Auditors

M/S. Bhandari & Associates, the Statutory Auditors of the company, retires at the forthcoming Annual General Meeting and is eligible for re-appointment. The retiring auditors, having furnished a certificate of their eligibility for re-appointment under section 224(1 B) of the Companies Act, 1956 and have indicated their willingness to continue. The board recommends their reappointment.

Consolidated Financial Statements

In compliance with the Accounting Standard 21 on Consolidated Financial Statements, this Annual Report also includes Consolidated Financial Statements for the financial year 2011 - 12. From the Consolidated Profit and Loss Account, it may be observed that the Tumover fell by 48per cent to Rs. 639.02 Crore as compared to Rs. 1153.18 Crore in the previous year. Similarly, profit after tax and after minority interest for the year was

Rs.7.21 Crore, lower by Rs. 55.69 Crore as compared to Rs. 62.91 Crore recorded in the previous year.

Internal Control System

The Company's internal control system comprises audit and compliance by in-house Internal Audit Division. The internal auditors independently evaluate the adequacy of internal controls and concurrently audit the majority of the transactions in value terms. Independence of the audit and compliance is ensured by the direct reporting of Internal Audit Division and internal Auditors to the Audit Committee of the Board.

Subsidiaries

r In accordance with the general circular 02d Dec 2011 Dated 8th February, 2011 issued by the Ministry of Corporate Affairs, Government of India, for general exemption uls 212 (8) of the Companies Act, 1956 the Balance Sheet, Profit and Loss Account and other documents of the subsidiary companies are not being attached with the Balance Sheet of the Company. The Company will make available the Annual Accounts of the Subsidiary Companies and the related detailed information to any member of the Company who may be interested in obtaining the same. The Annual Accounts of the subsidiary Companies will also be kept open for inspection at the Registered Office of the Company and that of the respective subsidiary companies. The Consolidated Financial Statements presented by the Company include the financial results of its subsidiary companies.

Auditors' Report

The observations of Auditors in their report, read with the relevant notes to accounts, are self explanatory and do not require further explanation.

Particulars of Employees

There were no employees drawing salary more than the amount as provided under the provisions of Section 21 7(2A) of the Companies Act, 1956, read ' with the Companies (Particulars of Employees)

Rules, 1975.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo:

In terms of Section 21 7 (1) (e) of the Companies Act, 1956 and the rules made there under, relevant information about:

Energy conservation items : Nil

Technology Absorption items :Nil

Foreign Exchange earnings and Outgo : Earning of foreign Currency duringThe year is Nil and outgo is made under following head

Particulars Rs. In Lacs

For Purchase of CNG Pipe 545.43

and Raw materials

For Purchase of LPG Dispensers 28.27

For Investment in Equity of Foreign 24.53

Subsidiary (PT Surya Go Gas,

Indonesia)

Director's Responsibility Statement:

Pursuant to section 21 7(2AA) of the Companies Act, 1956 the Directors confirm that:

(i) ln the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures,

(ii) The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the prolit or loss of the company for that period.

(iii) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities,

(iv) The directors had prepared the annual accounts on a going concern basis.

3 3

CORPORA TE SOCIAL RESPONSIBILITY:

Corporate Social Responsibility (CSR) is the concept whereby organizations integrate social and environmental concerns into their business operations and into their interaction with their stakeholders on a voluntary basis. 'CPIL aims to be recognized as an organization that is transparent and ethical in all its dealings as well as making a positive

contribution to the community in which it operates. At a time when global environmental issues are becoming more critical than ever, environmental protection is an obligation that any corporate citizen owes to Nature and to the society, for we have a duty to protect the home that we mutually share.

CPIL feels that it is good practice to devote a part of this financial annual report to a discussion of current developments, our approach to corporate social responsibility and the practical issues we shall focus on in the coming period. We measure the added value of 'CPIL' by more than just financial performance. Other issues are also important, including employment, health and safety, sponsorship of worthy causes, employee participation, energy and environmental and social issues. Besides focusing on the welfare of economically and socially deprived sections of society, CPlL also aims at developing techno-economically viable and environment- friendly products for the benefit of millions of consumers, while at the same time ensuring the highest standards of safety and environment protection in our operations. Acknowledgement

Your directors wish to place on record their appreciation of the admirable support received from the company's bankers, employees and all other stakeholders connected with the company.

For and on behalf of the Board Director

Sd/-

Nitin Khara Managing Director

Place: Nagpur


Mar 31, 2011

The Members

Confidence Petroleum India Limited,

B-13, Prabhu Kripa Society, Nanda Patkar Road, Near Telephone Exchange, Vile Parle (East), Mumbai - 400057

The Directors have pleasure in presenting the 17th Annual Report of the Company, together with the audited accounts for the year ended 2010 - 2011.The summarized results for the year ended 31st March 2011 are as under: -

Financial Results

The performance of the Company for the financial year ended 2010-11 is summarized below: -

Standalone Figures:-

Particulars For the financial year ended For the financial year 31st March, 2011 (Rs.Crore) ended 31st March, 2010 (Rs.Crore) Turnover (including other income) 651.46 353.54

Net Profit/ (loss) Before tax 66.25 32.29

Provision for tax 14.69 05.50

Deferred income tax 05.50 02.61

Profit/(loss) after tax 45.87 24.17

Profit/(loss) brought forward 48.50 24.33

Balance carried over to Balance sheet 94.38 48.50

Auditors

M/s. Bhandari & Associates, the Statutory Auditors of the company, retires at the forthcoming Annual General Meeting and is eligible for re-appointment. The retiring auditors, having furnished a certificate of their eligibility for re-appointment under section 224(1B) of the Companies Act, 1956 and have indicated their willingness to continue. The board recommends their reappointment.

Consolidated Financial Statements

In compliance with the Accounting Standard 21 on Consolidated Financial Statements, this Annual Report also includes Consolidated Financial Statements for the financial year 2010 - 11. From the Consolidated Profit and Loss Account, it may be observed that the Turnover grew by 48 per cent to Rs. 1153.78 Crore as compared to Rs. 553.84 Crore in the previous year. Similarly, profit after tax and after minority interest for the year was Rs. 62.91 Crore, higher by Rs. 33.97 Crore as compared to Rs. 28.94 Crore recorded in the previous year.

Director

Shri Ashish Bilakhiya appointed as independent director u/s 257 of Companies Act 1956 w.e.f. 30th September, 2011 to Comply as per Clause 49 of the Listing Agreement.

Credit Rating

CRISIL in its recent report (IER-Independent Equity Research Q4FY11) has assigned to the Company grade 3/5 for fundamentals and grade 4/5 for valuations. Company's fundamental Grade of '3/5' indicates that the fundamentals of the company are 'good' relative to other listed securities in India. The Valuation Grade of4/5' indicates that there is a 'Upside' to the current market price from a fundamental perspective'. This rating reflect the company's financial disci- pline and prudence.

Internal Control System

The Company's internal control system comprises audit and compliance by in-house Internal Audit Division. The internal auditors independently evaluate the adequacy of internal controls and concurrently audit the majority of the transac- tions in value terms. Independence of the audit and compli- ance is ensured by the direct reporting of Internal Audit Division and Internal Auditors to the Audit Committee of the Board.

Subsidiaries

In accordance with the general circular 02/2011 Dated 8th February, 2011 issued by the Ministry of Corporate Affairs, Government of India, for general exemption u/s 212 (8) of the Companies Act, 1956 the Balance Sheet, Profit and Loss Account and other documents of the subsidiary companies are not being attached with the Balance Sheet of the Com- pany. The Company will make available the Annual Accounts of the Subsidiary Companies and the related detailed infor- mation to any member of the Company who may be inter- ested in obtaining the same. The Annual Accounts of the subsidiary Companies will also be kept open for inspection at the Registered Office of the Company and that of the respec- tive subsidiary companies. The Consolidated Financial State- ments presented by the Company include the financial results of its subsidiary companies.

Auditors' Report

The observations of Auditors in their report, read with the relevant notes to accounts in Schedule U, are self explana- tory and do not require further explanation.

Particulars of Employees

There were no employees drawing salary more than the amount as provided under the provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

In terms of Section 217 (1) (e) of the Companies Act, 1956 and the rules made there under, relevant information about:

Energy conservation items : Nil

Technology Absorption items : Nil

Foreign Exchange earnings : Earning of foreign and Outgo currency during the year is Rs.65,37,344 and Outgo is made under following heads

Particulars 2010-11 Rs. In Lacs

For Purchase of CNG Pipe 932.54 and Raw materials

For Purchase of Glycerine 0 and other trading goods

For Purchase of LPG Dispensors 33.68

For Investment in Equity of Foreign 278.94 Subsidiary (PT Surya Go Gas, Indonesia)

Director's Responsibility Statement:

Pursuant to section 217(2AA) of the Companies Act, 1956 the Directors confirm that:

(i)In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures,

(ii)The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period.

(iii)The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accord- ance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities,

(iv)The directors had prepared the annual accounts on a going concern basis.

CORPORATE SOCIAL RESPONSIBILITY:

Corporate Social Responsibility (CSR) is the concept whereby organizations integrate social and environmental concerns into their business operations and into their interaction with their stakeholders on a voluntary basis.

'CPIL' aims to be recognized as an organization that is transparent and ethical in all its dealings as well as making a positive contribution to the community in which it operates. At a time when global environmental issues are becoming more critical than ever, environmental protection is an obligation that any corporate citizen owes to Nature and to the society, for we have a duty to protect the home that we mutually share.

'CPIL' feels that it is good practice to devote a part of this financial annual report to a discussion of current developments, our approach to corporate social responsibility and the practical issues we shall focus on in the coming period. We measure the added value of 'CPIL' by more than just financial performance. Other issues are also important, including employment, health and safety, sponsor- ship of worthy causes, employee participation, energy and environmental and social issues. Besides focusing on the welfare of economically and socially deprived sections of society, CPIL also aims at developing techno-economically viable and environment-friendly products for the benefit of millions of consumers, while at the same time ensuring the highest standards of safety and environment protection in our operations.

Acknowledgement

Your directors wish to place on record their appreciation of the admirable support received from the company's bankers, employees and all other stakeholders connected with the company.

For and on behalf of the Board Director Sd/- Sd/- Nitin Khara Elesh Khara Managing Director Director

Place: Nagpur

Dated: 30th May, 2011


Mar 31, 2010

The Directors are pleased to present the Annual Report of the Company, together with the audited accounts for the year ended 2009 - 2010.The summarised results for the year ended 31st March 2010 are as under: -

Financial Results

The performance of the Company for the financial year ended 2009-10 is summarised below: -

(i) The total turnover for the year was Rs. 353.54 cr.

(ii)The company has incurred a Net profit (before tax) during the year of Rs. 32.29 cr.

Auditors

M/s. Bhandari & Associates, the Statutory Auditors of the company, retires at the forthcoming Annual General Meeting and is eligible for re-appointment. The retiring auditors, having furnished a certificate of their eligibility for re-appointment under section 224(1 B) of the Companies Act, 1956 and have indicated their willingness to continue. The board recommends their re-appointment.

Consolidated Financial Statements

In compliance with the Accounting Standard 21 on Consolidated Financial Statements, this Annual Report also includes Consolidated Financial Statements for the financial year 2009-10.

From the Consolidated Profit and Loss Account, it may be observed that the Turnover grew by 112.74% to Rs. 561.11 cr as compared to Rs. 263.74 cr in the previous year. Similarly, profit after tax and after minority interest for the year was Rs.28.94 cr, higher by Rs. 10.30 cr as compared to Rs. 18.64 cr recorded in the previous year.

Internal Control System

The Companys internal control system comprises audit and compliance by in-house Internal Audit Division.

The internal auditors independently evaluate the adequacy of internal controls and concurrently audit the majority of the transactions in value terms. Independence of the audit and compliance is ensured by the direct reporting of Internal Audit Division and Internal Auditors to the Audit Committee of the Board.

Subsidiaries

As required under the provisions of Section 212 of the Companies Act, 1956, a statement of the holding companys interest in the subsidiary companies is attached as Annexure 1 and forms part of this report.

In terms of approval granted by the Central Government under Section 212(8) of the Companies Act, 1956, copy of Balance Sheet, Profit and Loss Account, Report of the Board of Directors and the Report of the Auditors of the subsidiary companies have not been attached with the Balance Sheet of the Company. The Company will make available these documents/details upon request by any investor of the Company or its Subsidiaries.

The Annual accounts of the Subsidiaries are also available for inspection by the investors at the Head Office of the Company and also at the respective offices of its Subsidiaries. However, pursuant to Accounting Standard AS-21, issued by the Institute of Chartered Accountants of India, Consolidated Financial Statements presented by the Company includes the financial information of its Subsidiaries. The following information for each Subsidiary is also being disclosed in Annexure 2 of the Directors Report: (a) Capital (b) Reserves (c) Total assets (d) Total liabilities (e) Details of investment (except in case of investment in subsidiaries) (f) Turnover (g) Profit before taxation (h) Provision for taxation (i) Profit after taxation (j) Proposed dividend.

Auditors Report

The observations of Auditors in their report, read with the relevant notes to accounts in Schedule P, are self explanatory and do not require further explanation.

Particulars of Employees

There were no employees drawing salary more than the amount as provided under the provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

In terms of Section 217 (1) (e) of the Companies Act, 1956 and the rules made there under, relevant information about:

Energy conservation items : Nil

Technology Absorption items : Nil

Directors Responsibility Statement

Pursuant to section 217(2AA) of the Companies Act, 1956 the Directors confirm that:

(i) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures,

(ii) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period.

(iii) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities,

(iv) the directors had prepared the annual accounts on a going concern basis.

Acknowledgement

Your directors wish to place on record their appreciation of the excellent support received from the companys bankers and all other persons connected with the company.

For and on behalf of the Board of Directors

Sd/- Sd/- Nitin Khara Elesh Khara Managing Director Director

Place:Nagpur

Dated: 14,th August.2010




Mar 31, 2009

The Directors have pleasure in presenting the 15th Annual Report of your Company together with the Audited Statements of Accounts for the year ended 31 st March 2009.

FINANCIAL RESULTS : (Rs in Iacs)

Revised Standalone Revised Consolidated Year ended Year ended Year Ended on 31.03.09 31.03.08 31.03.09 31.03.08 Revised Audited Revised Audited

Sales & Other Income from Operations 25364.90 16256.80 27217.83 18495.88

Profit before interest, Depreciation & Taxation 2279.21 2417.34 2925.46 3148.91

Interest 287.57 187.08 322.96 202.05

Depreciation 387.93 305.24 487.80 301.92

Profit before tax 1603.70 1925.01 2114.69 2644.94

Provision for current tax (Including FBT) 212.60 231.72 250.50 237.80

Profit after tax 1391.10 1693.30 1864.19 2407.14

OPERATIONAL REVIEW

During the year under review the standalone Turnover (Including Jobwork / Filling charges) of the company has gone up by 56 % from Rs. 16256.80 Lacs to Rs. 25364.90 Lacs. The Profit before Tax (PBT) was stood at 6.33 % of turnover and the Profit after Tax (PAT) was stood at 5.48 %. On a consolidated basis the Company(together with its Subsidiaries) registered a Turnover (including Job work / Filling charges) of Rs. 27217.83 Lacs in the Financial Year 2009 as compared to the Turnover of Rs. 18495.88 Lacs registered in the Financial Year 2008 representing a 47.16 % growth in the consolidated Turnover Correspondingly, The Profit before Tax (PBT) was stood at 7.77 % of turnover and the Profit after Tax (PAT) was stood at 6.85 %.

SUBSIDIARY COMPANIES

As required under listing agreement with Stock Exchanges and in accordance with Accounting Standard (AS21) Consolidated financial statements being prepared by the company includes financial information of its subsidiaries, namely Envy Cylinders Pvt. Ltd., Hemkunt Petroleum Ltd, Gomti Gaspoint Bottling Pvt. Ltd., Taraa LPG Bottling Pvt. Ltd. Neora Gaspoint Bottling Pvt. Ltd. Agwan Coach Private Limited," Laxmi Nirmal Petrochemicals Limited, Keppy Infrastructure Developers Pvt. Ltd and Confidence Go Gas Ltd.

CAPITAL EXPENDITURE

The company have incurred a capital of Rs. 104.95 crs for its modernization/ upgradation /expansion programmes financed from its bankers, internal resources and proceeds from GDR.

DIVIDEND:

In order to conserve the funds for future growth plans, your directors has not recommend any dividend for the financial year under review.

JOINT VENTURE WITH PTSURYAGOGAS, Indonesia The Company has entered into ever growing market of Indonesia with its newly formed subsidiary M/s PT Surya Go Gas Indonesia, a joint Venture company with 70% stake of our company of in equity of JV. The undertaking has been formed to un tap the huge potentials / resources of Indonesian Market which is undergoing major shift in energy sector from kerosene based economy to LPG based economy. The Government of Indonesia is promoting usage of LPG which is fueling demand for cylinders and LPG.

The Joint Venture company has been already started LPG Cylinder Manufacturing plant at Indonesia and further the JV has firmed up its plan for opening 6 LPG Bottling plants for which it is making necessary tie ups with local partners. The company has committed a CAPEX of 50 Crs. in F.Y. 2009-10 for various projects at Indonesian.

Mr. Elesh Khara Director of the Company retires by rotation and being eligible, offers himself for re-appointment.

DIRECTORS RESPONSIBILITY STATEMENT; - It is hereby declared:

1. That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explaination relating to material departures;

2. That the directors, had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period;

3. That the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

4. That the directors had prepared the annual accounts on a going concern basis.

PARTICULARS OF EMPLOYEES:

None of the employee of the Company was in receipt of remuneration in excess of limits prescribed under Section 217 (2A) of the Companies Act, 1956. Hence, particulars as required under the Companies (Particulars of Employees) Rules, 1975 are not given.

A. CONSERVATION OF ENERGY :

The information required to be given pursuant to section 217(1)(e) of the Companies Act 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 does not apply to the Company.

B. TECHNOLOGY ABSORPTION:

Research & Development : The Company is constantly putting its efforts to improve the techniques and standards of manufacturing of cylinders & LPG bottling and distribution. These efforts have helped to improve the efficiency of the Company.

Technology Absorption, Adaptation & otherfacilities..

Innovation : The Company has fully absorbed the technology for bottling of LPG at its plants. The Company has not imported any technology or process but uses its in-house facilities only.

Foreign Exchange Earnings & Outgo: There were no foreign exchange earnings however foreign exchange outgo amounted to Rs. 205.58 Lacs which include Rs. 25 Lacs as investment in JV named PT Surya Go Gas, Indonesia during the financial year 2008-09.

CORPORATE GOVERNANCE :

Your Company has complied with all the applicable provisions of Listing Agreements with the Stock Exchanges where its Equity Shares are listed. A separate report on Corporate Governance Along with the Auditors Certificate on its compliance is included as part of this Annual Report.

AUDITORS:

M/s. Bhandari & Associates, Statutory Auditors of the Company retire at the ensuing Annual General Meeting and eligible for re-appointment.

ACKNOWLEDGMENT:

The Board expresses its sincere gratitude to the shareholders, bankers and customers for their continued support. The Board also wholeheartedly acknowledges with thanks the dedicated efforts of all the staffs and employees of the Company.

Date : 30 /11 / 2009 For and on behalf of the Board

Place: Mumbai

Regd. Office: Managing Director

Jijamata Nagar, Mumbai-400 074.

 
Subscribe now to get personal finance updates in your inbox!