Notes to Accounts of Confidence Petroleum India Ltd.

Mar 31, 2023

PROVISIONS & CONTIGENT LIABILTY

A provision is recognized when an enterprise has apresent legal or constructive
obligation as a result of past event; it is probable that an outflow of resources will be
required to settle the obligation, in respect of which a reliable estimate can be
made. Provisions are not discounted to its present value and are determined
based on best estimate required to settle the obligation at the balance sheet
date. These are reviewed at each balance sheet date and adjusted to reflect the
current best estimates

P. TAXES ON INCOME

The Tax expense for the period comprises of current and deferred Income tax. Tax is
recognized instatement of Profit & Loss, except to the extent it relates to its items
recognized in the Other Comprehensive Income or in equity. In which case, the tax is
also recognized in other Comprehensive Income or Equity.

Current Tax : Current Tax is asset and liabilities are measured at the amount expected
to be recovered from or paid to the Income tax Authorities, based on tax rates and laws
that are enacted or substantively enacted at the Balance Sheet date.

Deferred Tax : Deferred Tax is recognized on temporary differences between the
carrying amounts of the assets and liabilities in which the liabilities in the financial
statements and the corresponding tax bases used in the computation of taxable profit.

Deferred Tax liabilities and assets are measured at the tax rates that are expected to
apply in the period in which the liability is settled or the asset is realized, based on the
tax rates (and tax laws) that have been enacted or substantively enacted by the end of
the reporting period. The carrying amount of Deferred tax liabilities and assets are
reviewed at the end of each reporting period.

Q. CONTINGENT LIABILITIES

A contingent liability is a possible obligation that arises from past events whose
existence will be confirmed by the occurrence or non-occurrence of one or more
uncertain future events beyond the control of the Company or a present obligation that
is not recognized because it is not probable that an outflow of resources will be required
to settle the obligation or a reliable estimate of the amount cannotbe made.

R. EARNINGS PER SHARE

Basic earnings per share is calculated by dividing the net profit after tax by the weighted
average number of equity shares outstanding during the year adjusted for bonus
element in equity share. Diluted earnings per share adjusts the figures used in
determination of basic earnings per share to take into account the conversion of all
dilutive potential equity shares. Dilutive potential equity shares are deemed converted
as at the beginning of the period unless issued at a later date.

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Mar 31, 2018

i) Rs. 0.95 Crs. Are secured with Bank of India, Gandhibag. (Of which Rs. 0.11 Crs is repayable within one year) against Property located at Plot No. 1 Mahendra Nagar, Teka Naka, Kamptee Road, Nagpur, and personal guarantee of Shri Nitin Khara

ii) Rs. 5.40 Crs. Are secured with the AXIS Bank Ltd. / BMW financial Service/ Kotak Bank/ Merceddez Financial Services (Of which Rs. 0.17 Crs is repayable in within one year)against Vehicles /Generators / Specific Equipments financed and personal guarantee of Shri Nitin Khara

i) Rs. 32.86 Crs Secured against charge With ICICI Bank Ltd. by way of charge on the Company''s entire stocks of raw materials, semi - finished and finished goods, consumable stores and spares and such other movables including book - debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, in a form and manner satisfactory to the Bank ranking pari-passu with the other participating bank along with equitable mortgage of land and building situated at Khasra No.(Survey No.) 209, Rampur road, Bazpur, Dist. Uddhamsinghnagar, Uttranchal , Plot no. 49, A.P. SEZ, village Achutapuram, Dist. Vishakhapatnam, Andhra Pradesh. Survey no. 338, Post Noorpura, Village and Taluka Halol, District Panchmahal, Kh. No. 82 (old) 82/1 (new) along with Factory Shed thereon admeasuring situated at Mouza Ringnabodi, Taluka Katol, Dist. Nagpur, Property on Khata No. 00070 Khasra No. 217 area 10832 Sq. Mt. & Khata No.00071 Khasra No. 215 area 6545 Sq. Mt. Total area 17377 Sq. Mt. Situated at Revenue Village Puramana Tehsil Kiraoli District Agra U.P and personal guarantee of directors of the company i.e. Shri Nitin Khara and Shri Elesh Khara

ii) Rs. 0.79 Crs Secured against charge With Shamrao Vithal Co-operative Bank Ltd for Property situated Village Paud Post Mazgaon, Via Rasayani, Tal Khalapur along with the entire structure standing thereon hypothecation of stock of Raw material, Consumable, Finished Goods, Work in Process, Book Debts and second charge over entire fixed assets Company and personal guarantee of the directors of the company i.e. Shri Nitin Khara and Shri Elesh Khara

iii) Rs. 8.82 Crs Secured against charge With Central Bank of India, LIC Sq. Nagpur for hypothecation of Property situated at Kh No. 60 & 61 Mauza Buruzwada Saoner Road, Nagpur and charge over stock of Raw Material, Consumable, Finished goods, Work in Process, Booksdebts and personal guarantee of the Directors of the company i.e. Shri Nitin Khara and Shri Elesh Khara

1. Balances of Sundry Debtors, Sundry Creditor, Unsecured Loans and loans and advances of amounts lesser than 10 Lacs are subject to reconciliation and confirmation with the respective parties.

2. No provision has been made on debtors outstanding for more than year. In the opinion of the Board of Directors, the current assets, loans and advances have a value on realization at least equal to the amount at which they are stated in the Balance Sheet.

3. The Company has availed Sales Tax Deferral under Package Scheme of Incentives, 1993 of Govt. of Maharashtra valid up to 31-7-2002 and sales tax deferral exemption converted into sales tax exemption w.e.f.01-08-2002 to 31-03-2006.

4. The Competition Commission of India Has taken up a case against all cylinder Manufacturers regarding bid rigging and impsed a penalty of Rs. 27.36 Crs against which company has filed a appeal with Tribunal.

The Tribunal of Competition commission where company along with its amalgamated company and subsidiary has appealed against the order in the matter of bid rigging by the LPG Cylinders manufacturers has accepted the appeal for hearing, however the commission in its order has directed the company to deposit 10% of the penalty of Rs. 27.36 Crs in and provide security of 90% of the amount to the satisfaction of Registrar Competition Commission Tribunal. The company has already complied with the orders of H''ble Competition Commission. Further Tribunal has reduced the liability towards penalty from Rs. 27.36 Crs to 12.59 Crs.

The Matter is now with Hounarble Supreme Court which has already directed Competition Commission of India ti return Rs. 2.71 Crs taken as deposit. However final order is still pending.

5. During the Financial Year Company has acquired a stake in its new Subsidiary Company M/s Suraj Cylinders Pvt Ltd. The company has also acquired 51% stake in M/s Confidence Futuristic Energtek Limited a BSE Listed company and has started a new line of business of trading of LPG in Composite Cylinder

Further eight old non performing subsidiaries has been disposed during the year namely M/s Gaspoint Bottling Pvt Ltd, Hemkunt Petroleum Limited, Papusha Gaspoint Bottling Pvt Ltd, Kastkar Gaspoint Bottling Pvt Ltd., Jagannath Gaspoint Bottling Pvt Ltd., Uma Gaspoint Bottling Pvt Ltd, STN Gaspoint Bottling Pvt Ltd and Annapurna Gaspoint Bottling Pvt Ltd.

6. Retirement and other employee benefits Post Retirement Benefits

i. Defined Contribution Plans

Retirement benefits in the form of Provident Fund is a defined contribution scheme and the contributions are charged to the Profit and Loss Account of the year when the contributions to the respective fund are due. There are no other obligations other than the contribution payable to the respective fund.

ii. Defined Benefit Plans

Gratuity liability is a defined benefit obligation. The costs of providing benefits under this plan is determined on the estimates made at each year-end using the projected unit credit method.

estimated gains and losses for the defined benefit plan are recognized in full in the period in which they occur in the Profit and Loss Statement.

7. As per Accounting Standard 17 on Segment Reporting (AS 17), the Company has reported "Segment Information", as described below:

a) The LPG/CNG Cylinder manufacturing segment includes production and marketing operations of cylinder.

b) The LPG Bottling & Marketing segment includes bottling of LPG & supplies for commercial usage.

8. Figures have been rounded off to the nearest rupee.

9. Previous year figures have been regrouped/reclassified wherever necessary to make them comparable with current year figures.

10. Notes 1 to 27 has been signed by the Directors and Auditors and forms an integral part of the Balance Sheet and Profit and Loss Account.

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Mar 31, 2016

i) 10,00,00,000 shares fully paid were issued pursuant to the scheme of amalgamation dated 11th of August, 2006 for considerations otherwise than cash. The amalgamation order from Honourable Mumbai High Court has amalgamated erstwhile Confidence

ii) 5,00,00,000 shares fully paid were issued pursuant conversion of Warrants on 13^th June,2007.

iii) 5,45,85,000 Shares fully paid were issued pursuant to issue of GDR on 11^th of January, 2008.

iv) 17 50 000 shares fully paid were issued pursuant to the scheme of amalgamation dated 18th of September, 2009 for considerations otherwise than cash

i) Rs. 1.27 Crs. Are secured with The Shamrao Vithhal Co-operative Bank Ltd. (Of which Rs. 1.14 Crs. is repayable in within one year) against Property situated Village Paud Post Mazgaon, Via Rasayani, Tal Khalapur along with the entire structure standing thereon hypothecation of stock of Raw material, Consumable, Finished Goods, Work in Process, Book Debts and second charge over entire fixed assets Company and personal guarantee of the directors of the company i.e. Shri Nitin Khara and Shri Elesh Khara

ii) Rs. 1.23 Crs. Are secured with Bank of India, Gandhibag. (Of which Rs. 0.10 Crs is repayable in within one year) against Property located at and personal guarantee of Shri Nitin Khara

iii) Rs. 2.62 Crs. Are secured with The AXIS Bank Ltd. (Of which Rs. 0.20 Crs is repayable in within one year)against Vehicles /Generators / Specific Equipments financed and personal guarantee of Shri Nitin Khara

1. These deposits have been received against LPG Cylinders given to dealers and distributers for filling gases and is refundable subject to allowance of wear and tear to them on their return.

i) Rs. 31.74 Crs Secured against charge With ICICI Bank Ltd. by way of hypothecation of the Company''s entire stocks of raw materials, semi - finished and finished goods, consumable stores and spares and such other movables including book - debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, in a form and manner satisfactory to the Bank ranking pari-passu with the other participating bank along with equitable mortgage of land and building situated at Khasra No.(Survey No.) 209, Rampur road, Bazpur, Dist. Uddhamsinghnagar, Uttranchal , Plot no. 49, A.P. SEZ, village Achutapuram, Dist. Vishakhapatnam, Andhra Pradesh. Survey no. 338, Post Noorpura, Village and Taluka Halol, District Panchmahal, Kh. No. 82 (old) 82/1 (new) along with Factory Shed thereon admeasuring situated at Mouza Ringnabodi, Taluka Katol, Dist. Nagpur, Property on Khata No. 00070 Khasra No. 217 area 10832 Sq. Mt & Khata No.00071 Khasra No. 215 area 6545 Sq. Mt. Total area 17377 Sq. Mt. Situated at Revenue Village Puramana Tehsil Kiraoli District Agra U.P and personal guarantee of directors of the company i.e. Shri Nitin Khara and Shri Elesh Khara

ii) Rs. 2.52 Crs Secured against charge With Shamrao Vithal Co-operative Bank Ltd for Property situated Village Paud Post Mazgaon, Via Rasayani, Tal Khalapur along with the entire structure standing thereon hypothecation of stock of Raw material, Consumable, Finished Goods, Work in Process, Book Debts and second charge over entire fixed assets Company and personal guarantee of the directors of the company i.e. Shri Nitin Khara and Shri Elesh Khara

iii) Rs. 6.12 Crs Secured against charge With Central Bank of India, LIC Sq. Nagpur for hypothecation of Property situated atKh No. 60 & 61 Mauza Buruzwada Saoner Road, Nagpur and stock of Raw Material, Consumable, Finished goods, Work in Process, Booksdebts and personal guarantee of the Directors of the company i.e. Shri Nitin Khara and Shri Elesh Khara

The disclosure required in balance sheet in view of amendment in Schedule - to the Companies Act, 1956 vide notification No. GSR-129(E) dated 22-02-99 as to the names of Small Scale Industrial undertaking to whom the company owes a sum exceeding Rs.1.00 Lac outstanding for more than one month and as to total outstanding dues of such undertakings at the date of Balance Sheet are not possible to make, as the information as to whether the creditors are small industrial undertaking or not, is not available from most of the creditors till the date of finalization of the accounts.

2. Balances of Sundry Debtors, Sundry Creditor, Unsecured Loans and loans and advances of amounts lesser than 10 Lacs are subject to reconciliation and confirmation with the respective parties.

3. No provision has been made on debtors outstanding for more than year. In the opinion of the Board of Directors, the current assets, loans and advances have a value on realization at least equal to the amount at which they are stated in the Balance Sheet.

4. The Company has accounted for liability towards excise duty on finished goods and scrap held at factory and payable on clearance amounting to Rs.7408269/- as per consistent practice. further, there is no impact on the profit and loss account for the year.

5. The Company has availed Sales Tax Deferral under Package Scheme of Incentives, 199 3 of Govt. of Maharashtra valid up to 31-7-2002 and sales tax deferral exemption converted into sales tax exemption w.e.f.01-08-2002 to 31-03-2006.

6. The Tribunal of Competition commission where company along with its amalgamated company and subsidiary has appealed against the order in the matter of bid rigging by the LPG Cylinders manufacturers has accepted the appeal for hearing, however the commission in its order has directed the company to deposit 10% of the penalty of Rs. 27.36 Crs in and provide security of 90% of the amount to the satisfaction of Registrar Competition Commission Tribunal. The company has already complied with the orders of H''ble Competition Commission. Further Tribunal has reduced the liability towards penalty from Rs. 27.36 Crs to 12.59 Crs.

7. During the Financial Year Company has dispose of its 100% investment in M/s Envy Cylinders Private Limited and has acquired balance 50% shares M/s Gaspoint Bottling Private Limited making it a 100% Subsidiary.

8. The Company has been made adequate provisions in respect of liabilities towards retirement benefits under mandatory Accounting Standard - 15.

9. As per Accounting Standard 17 on Segment Reporting (AS 17), the Company has reported "Segment Information", as described below:

a) The LPG/CNG Cylinder manufacturing segment includes production and marketing operations of cylinder.

b) The LPG Bottling & Marketing segment includes bottling of LPG & supplies for commercial usage.

Note: Capital Employed, Capital Expenditure, Depreciation incurred has been allocated @ 60:40 in between Cylinder, LPG Bottling also Segment wise result have been computed without considering impact of taxes.

10. Disclosure in respect of related parties pursuant to Accounting Standard - 18.

* The Company holds upto 50% in nominal value of the equity share capital

** The Company holds more than 50% in nominal value of the equity share capital

(2) Relatives of Key Management Personnel

None

(B) During the year following transactions were carried out with related parties in the ordinary course of business.

11. Figures have been rounded off to the nearest rupee.

12. Previous year figures have been regrouped/reclassified wherever necessary to make them comparable with current year figures.

13. Notes 1 to 27 has been signed by the Directors and Auditors and forms an integral part of the Balance Sheet and Profit and Loss Account.

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Mar 31, 2015

1. Contingent liabilities not provided for: 2014-15 2013-14 (Rs.in lacs) (Rs.in lacs)

a) Outstanding Bank Guarantees 1057.50 1072.45

b) Counter Guarantee to Bank Nil Nil

(Amalgamated company)s

2. Estimated amount of contracts remaining to be executed on capital Nil Nil account and not provided for (Net of advances)

3. Balances of Sundry Debtors, Sundry Creditor, Unsecured Loans and loans and advances of amounts lesser than 10 Lacs are subject to reconciliation and confirmation with the respective parties.

4. No provision has been made on debtors outstanding for more than year. In the opinion of the Board of Directors, the current assets, loans and advances have a value on realization at least equal to the amount at which they are stated in the Balance Sheet.

5. The Company has accounted for liability towards excise duty on finished goods and scrap held at factory and payable on clearance amounting to Rs.61,79,562/- as per consistent practice. further, there is no impact on the profit and loss account for the year.

6. The Company has availed Sales Tax Deferral under Package Scheme of Incentives, 1993 of Govt. of Maharashtra valid up to 31-7-2002 and sales tax deferral exemption converted into sales tax exemption w.e.f.01-08-2002 to 31-03-2006.

7. The Tribunal of Competition commission where company along with its amalgamated company and subsidiary has appealed against the order in the matter of bid rigging by the LPG Cylinders manufacturers has accepted the appeal for hearing, however the commission in its order has directed the company to deposit 10% of the penalty of Rs. 27.36 Crs in and provide security of 90% of the amount to the satisfaction of Registrar Competition Commission Tribunal. The company has already complied with the orders of H'ble Competition Commission. Further Tribunal has reduced the liability towards penalty from Rs. 27.36 Crs to 12.59 Crs.

8. During the Financial Year Company has acquired 50% Stake in M/s Gold Bid Limited Mauritius however company is yet to commence any activity over it

9. No Provision has been made in respect of liabilities towards retirement benefits under mandatory Accounting Standard - 15, amount not ascertainable.

10. Managerial Remuneration :

11. As per Accounting Standard 17 on Segment Reporting (AS 17), the Company has reported "Segment Information", as described below:

a) The LPG/CNG Cylinder manufacturing segment includes production and marketing operations of cylinder.

b) The LPG Bottling & Marketing segment includes bottling of LPG & supplies for commercial usage.

12. Disclosure in respect of related parties pursuant to Accounting Standard - 18.

(A) List of related parties:

Sr. Name of Related Parties Relationship No.

1 Envy Cylinders Pvt. Ltd Wholly Owned Subsidiary

2 Hemkunt Petroleum Ltd Wholly Owned Subsidiary

3 Taraa LPG Bottling Pvt. Ltd Wholly Owned Subsidiary

4 Agwan Coach Private Limited Wholly Owned Subsidiary

5 Keppy Infrastructure Developers Wholly Owned Subsidiary Pvt. Ltd.

6 Confidence Go Gas Ltd Wholly Owned Subsidiary

7 Chhatisgarh Gaspoint Bottling Pvt. Ltd Associate *

8 Kastkar Gaspoint Bottling Pvt. Ltd Associate *

9 Uma LPG Bottling Pvt. Ltd Associate *

10 Annapurna Gaspoint Bottling Pvt. Ltd Associate *

11 STN Gaspoint Bottling Pvt. Ltd Associate *

12 Jagannath Gaspoint Bottling Pvt. Ltd Associate y *

13 Gaspoint Bottling Pvt. Ltd Associate *

14 Pt Surya Go Gas Indonesia Subsidiary **

* The Company holds 50% in nominal value of the equity share capital

** The Company holds more than 50% in nominal value of the equity share capital

(1) Key Management Personnel or their relatives

Nitin Khara - Managing Director

Nalin Khara - Director

Elesh Khara - Director

Jigar Vora - Director

Sumant Sutaria - Director

Asish Bilakhiya - Director

(2) Relatives of Key Management Personnel : None

14. Figures have been rounded off to the nearest rupee.

15. Previous year figures have been regrouped/reclassified wherever necessary to make them comparable with current year figures.

16. Notes 1 to 27 has been signed by the Directors and Auditors and forms an integral part of the Balance Sheet and Profit and Loss Account.

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Mar 31, 2014

1.Contingent liabilities not 2013-14 2012-13 provided for (Rs.in lacs) (Rs.in lacs)

a) Outstanding Bank Guarantees 1072.45 1014.32

b) Counter Guarantee to Bank Nil Nil (Amalgamated company)s

2. Estimated amount of contracts Nil Nil remaining to be executed on capital account and not provided for (Net of advances)

3. Balances of Sundry Debtors, Sundry Creditor, Unsecured Loans and loans and advances of amounts lesser than 10 Lacs are subject to reconciliation and confirmation with the respective parties.

4. No provision has been made on debtors outstanding for more than year. In the opinion of the Board of Directors, the current assets, loans and advances have a value on realization at least equal to the amount at which they are stated in the Balance Sheet.

5. The Company has accounted for liability towards excise duty on finished goods and scrap held at factory and payable on clearance amounting to Rs. 5653446/- as per consistent practice. further, there is no impact on the profit and loss account for the year.

6. The Company has availed Sales Tax Deferral under Package Scheme of Incentives, 1993 of Govt. of Maharashtra valid up to 31-7-2002 and sales tax deferral exemption converted into sales tax exemption w.e.f.01-08-2002 to 31-03-2006.

7. The Tribunal of Competition commission where company along with its amalgamated company and subsidiary has appealed against the order in the matter of bid rigging by the LPG Cylinders manufacturers has accepted the appeal for hearing, however the commission in its order has directed the company to deposit 10% of the penalty of Rs. 27.36 Crs in and provide security of 90% of the amount to the satisfaction of Registrar Competition Commission Tribunal. The company has already complied with the orders of H''ble Competition Commission.

8. No Provision has been made in respect of liabilities towards retirement benefits under mandatory Accounting Standard - 15, amount not ascertainable.

9. Managerial Remuneration :

10. As per Accounting Standard 17 on Segment Reporting (AS 17), the Company has reported "Segment Information", as described below:

a) The LPG/CNG Cylinder manufacturing segment includes production and marketing operations of cylinder.

b) The LPG Bottling & Marketing segment includes bottling of LPG & supplies for commercial usage.

Note : Capital Employed, Capital Expenditure, Depreciation incurred has been all ocated @ 60:40 in between Cylinder, LPG Bottling also Segment wise result have been computed without considering impact of taxes.

(A) List of related parties:

Name of Related Parties Relationship

1 Envy Cylinders Pvt. Ltd Wholly Owned Subsidiary

2 Hemkunt Petroleum Ltd Wholly Owned Subsidiary

3 Taraa LPG Bottling Pvt. Ltd Wholly Owned Subsidiary

4 Agwan Coach Private Limited Wholly Owned Subsidiary

Name of Related Parties Relationship

5 Keppy Infrastructure Developers Pvt. Ltd. Wholly Owned Subsidiary

6 Confidence Go Gas Ltd Wholly Owned Subsidiary

7 Chhatisgarh Gaspoint Bottling Pvt. Ltd Subsidiary *

8 Kastkar Gaspoint Bottling Pvt. Ltd Subsidiary *

9 Uma LPG Bottling Pvt. Ltd Subsidiary *

10 Annapurna Gaspoint Bottling Pvt. Ltd Subsidiary *

11 STN Gaspoint Bottling Pvt. Ltd Subsidiary *

12 Jagannath Gaspoint Bottling Pvt. Ltd Subsidiary *

13 Gaspoint Bottling Pvt. Ltd Subsidiary *

14 Pt Surya Go Gas Indonesia Subsidiary **

* The Company holds 50% in nominal value of the equity share capital The Company holds more than 50% in nominal value of the equity share ** capital

(1) Key Management Personnel or their relatives

Nitin Khara - Managing Director

Nalin Khara - Director

Elesh Khara - Director

Jitendra Jain - Director

Sumant Sutaria - Director

Asish Bilakhiya - Director

(2) Relatives of Key Management Personnel

None

(B) During the year following transactions were carried out with related parties in the ordinary course of business.

11. Figures have been rounded off to the nearest rupee.

12. Previous year figures have been regrouped/reclassified wherever necessary to make them comparable with current year figures.

13. Notes 1 to 27 has been signed by the Directors and Auditors and forms an integral part of the Balance Sheet and Profit and Loss Account.

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Mar 31, 2013

Contingent liabilities not provided for:

2012-13 2011-12 (Rs.in lacs) (Rs.in lacs)

a) Outstanding Bank Guarantees 1014.32 579.67

b) Counter Guarantee to Bank - Nil Nil (Amalgamated company)

1. Estimated amount of contracts remaining to be Nil Nil executed on capital account and not provided for (Net of advances)

2. Balances of Sundry Debtors, Sundry Creditor, Unsecured Loans and loans and advances of amounts lesser than 10 Lacs are subject to reconciliation and confirmation with the respective parties.

3. No provision has been made on debtors outstanding for more than year. In the opinion of the Board of Directors, the current assets, loans and advances have a value on realization at least equal to the amount at which they are stated in the Balance Sheet.

4. The Company has liability towards excise duty on finished goods and scrap held at factory and payable on clearance amounting to Rs. 62,26,688/- has not been taken into account as per consistent practice. However, there is no impact on the profit and loss account for the year.

5. The Company has availed Sales Tax Deferral under Package Scheme of Incentives, 1993 of Govt. of Maharashtra valid up to 31-7-2002 and sales tax deferral exemption converted into sales tax exemption w.e.f.01-08-2002 to 31-03-2006.

6. The Tribunal of Competition commission where company along with its amalgamated company and subsidiary has appealed against the order in the matter of bid rigging by the LPG Cylinders manufacturers has accepted the appeal for hearing, however the commission in its order has directed the company to deposit 10% of the penalty of Rs. 27.36 Crs in and provide security of 90% of the amount to the satisfaction of Registrar Competition Commission Tribunal. The company has already complied with the orders of H''ble Competition Commission.

7. No Provision has been made in respect of liabilities towards retirement benefits under mandatory Accounting Standard - 15, amount not ascertainable.

8. As per Accounting Standard 17 on Segment Reporting (AS 17), the Company has reported "Segment Information", as described below:

a) The LPG/CNG Cylinder manufacturing segment includes production and marketing operations of cylinder.

b) The LPG Bottling & Marketing segment includes bottling of LPG & supplies for commercial usage.

9. Figures have been rounded off to the nearest rupee.

10. Previous year figures have been regrouped/reclassified wherever necessary to make them comparable with current year figures.

11. Notes 1 to 27 has been signed by the Directors and Auditors and forms an integral part of the Balance Sheet and Profit and Loss Account.

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Mar 31, 2012

I) 10,00,00,000 shares fully paid were issued pursuant to the scheme of amalgamation dated 11th of August, 2006 for considerations otherwise than cash

ii) 5,00,00,000 shares fully paid were issued pursuant conversion of Warrants .

iii) 5,45,85,000 Shares fully paid were issued pursuant to issue of GDR on 11* of January, 2008.

iv) 17 50 000 shares fully paid were issued pursuant to the scheme of amalgamation dated 18th of September, 2009 for considerations otherwise than cash

i) Rs. 19.46 Crs are secured with ICICI Bank Ltd. against equitable mortgage of land and building situated at Khasra No.(Survey No.) 209, Rampur road,Bazpur, Dist. Uddhamsinghnagar, Uttranchal , Plot no. 49, A.P. SEZ, village Achutapuram, Dist. Vishakhapatnam, Andhra Pradesh.survey no. 338, Post Noorpura, Village and Taluka Halol, District Panchmahal and personal guarantee of directors of the company i.e. Shri Nitin Khara and Shri Elesh Khara

ii) Rs. 5 Crs. Are secured with The Shamrao Vithhal Co-operative Bank Ltd. against Property situated Village Paud Post Mazgaon, Via Rasayani, Tal Khalapur along with the entire structure standing thereon hypothecation of stock of Raw material, Consumable, Finished Goods, Work in Process, Book Debts and second charge over entire fixed assets Company and personal guarantee of the directors of the company i.e. Shri Nitin Khara and Shri Elesh Khara

iii) Rs. 0.58 Crs are secured with Tirupati Urban Co-operative Bank Ltd. against Property situated at Plot No.1 Mz. Nari,Tah. Dist. Nagpur and Plot No. 267, Corp House No. 468 & 468A, Ward No. 72 City Survey No. 620 at Mauza Lendra Sheet No. 37 Tal/Dist. Nagpur of Shri Nitin Khara & Shri Elesh Khara

iv) Rs. 0.12 Crs. Are secured with The ICICI Bank Ltd. against Vehicles /Generators / Specific Equipments financed and personal guarantee of Shri Nitin Khara

v) Rs. 0.34 Crs. Are secured with The AXIS Bank Ltd. against Vehicles /Generators / Specific Equipments financed and personal guarantee of Shri Nitin Khara

vi) Rs. 0.17 Crs. Are secured with The Kotak Bank Ltd. against Vehicles /Generators / Specific Equipments financed and personal guarantee of Shri Nitin Khara

i) Rs. 30.32 Crs Secured against charge With ICICI Bank Ltd. by way of hypothecation of the Company's entire stocks of raw materials, semi - finished and finished goods, consumable stores and spares and such other movables including book - debts, bills whether documentary or clean, outstanding monies, receivables, both present and future, in a form and manner satisfactory to the Bank ranking pari-passu with the other participating bank along with equitable mortgage of land and building situated at Khasra No.(Survey No.) 209, Rampur road, Bazpur, Dist. Uddhamsinghnagar, Uttranchal , Plot no. 49, A.P. SEZ, village Achutapuram, Dist. Vishakhapatnam, Andhra Pradesh. Survey no. 338, Post Noorpura, Village and Taluka Halol, District Panchmahal and personal guarantee of directors of the company i.e. Shri Nitin Khara and Shri Elesh Khara

ii) Rs. 30.32 Crs Secured against charge With Shamrao Vithal Co-operative Bank Ltd for Property situated Village Paud Post Mazgaon, Via Rasayani, Tal Khalapur along with the entire structure standing thereon hypothecation of stock of Raw material, Consumable, Finished Goods, Work in Process, Book Debts and second charge over entire fixed assets Company and personal guarantee of the directors of the company i.e. Shri Nitin Khara and Shri Elesh Khara

iii) Rs. 4.21 Crs Secured against charge With Citi Bank Ltd personal guarantee of the directors of the company i.e. Shri Nitin Khara and Shri Elesh Khara

iv) Rs. 3.32 Crs Secured against charge With Central Bank of India, LIC Sq. Nagpur for hypothecation of Property situated at Kh No. 60 & 61 Mauza Buruzwada Saoner Road, Nagpur and stock of Raw Material, Consumable, Finished goods, Work in Process, Booksdebts and personal guarantee of the Directors of the company i.e. Shri Nitin Khara and Shri Elesh Khara

v) Rs. 1.01 Crs Secured against charge With Central Bank of India, LIC Sq. Nagpur for hypothecation of Property situated at Flat No. 1002 10th floor, Akruti Erica Ville Parle East Mumbai and personal guarantee of the Directors of the company i.e. Shri Nitin Khara and Shri Elesh Khara

The disclosure required in balance sheet in view of amendment in Schedule - to the Companies Act, 1956 vide notification No. GSR-129(E) dated 22-02-99 as to the names of Small Scale Industrial undertaking to whom the company owes a sum exceeding Rs.1.00 Lac outstanding for more than one month and as to total outstanding dues of such undertakings at the date of Balance Sheet are not possible to make, as the information as to whether the creditors are small industrial undertaking or not, is not available from most of the creditors till the date of finalization of the accounts.

1. Contingent liabilities not provided for:

Current Year Previous Year (Rs.in lacs) (Rs.in lacs)

a) Outstanding Bank Guarantees 579.67 530.42

b) Counter Guarantee to Bank Nil Nil

(Amalgamated company)

2. Estimated amount of contracts remaining to be Nil Nil executed on capital account and not provided for (Net of advances)

3. Balances of Sundry Debtors, Sundry Creditor, Unsecured Loans and loans and advances of amounts lesser than 10 Lacs are subject to reconciliation and confirmation with the respective parties.

4. No provision has been made on debtors outstanding for more than year. In the opinion of the Board of Directors, the current assets, loans and advances have a value on realization at least equal to the amount at which they are stated in the Balance Sheet.

5. The Company has liability towards excise duty on finished goods and scrap held at factory and payable on clearance amounting to Rs. 62,26,688/- has not been taken into account as per consistent practice. However, there is no impact on the profit and loss account for the year.

6. The Company has availed Sales Tax Deferral under Package Scheme of Incentives, 1993 of Govt. of Maharashtra valid up to 31-7-2002 and sales tax deferral exemption converted into sales tax exemption w.e.f.01-08-2002 to 31-03-2006.

7. No Provision has been made in respect of liabilities towards retirement benefits under mandatory Accounting Standard - 1 5. amount not ascertainable.

8. As per Accounting Standard 17 on Segment Reporting (AS 17), the Company has reported "Segment Information", as described below:

a) The LPG/CNG Cylinder manufacturing segment includes production and marketing operations of cylinder.

b) The LPG Bottling & Marketing segment includes bottling of LPG & supplies for commercial usage.

9. Figures have been rounded off to the nearest rupee.

10. Previous year figures have been regrouped/reclassified wherever necessary to make them comparable with current year figures.

11. Notes 1 to 27 has been signed by the Directors and Auditors and forms an integral part of the Balance Sheet and Profit and Loss Account.

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Mar 31, 2011

Current Year Previous Year

1. Contingent liabilities not provided for: (Rs.in lacs) (Rs.in lacs)

a) Outstanding Bank Guarantees 530.42 434.63

b) Counter Guarantee to Bank (Amalgamated company) Nil Nil

2. Estimated amount of contracts remaining to be executed on Nil Nil capital account and not provided for (Net of advances)

3. The disclosure required in balance sheet in view of amendment in Schedule - to the Companies Act, 1956 vide notification No. GSR-129(E) dated 22-02-99 as to the names of Small Scale Industrial undertaking to whom the company owes a sum exceeding Rs.1.00 Lac outstanding for more than one month and as to total outstanding dues of such undertakings at the date of Balance Sheet are not possible to make, as the information as to whether the creditors are small industrial undertaking or not, is not available from most of the creditors till the date of finalization of the accounts.

4. Balances of Sundry Debtors, Sundry Creditor, Unsecured Loans and loans and advances of amounts lesser than 10 Lacs are subject to reconciliation and confirmation with the respective parties.

5. No provision has been made on debtors outstanding for more than year. In the opinion of the Board of Direc- tors, the current assets, loans and advances have a value on realization at least equal to the amount at which they are stated in the Balance Sheet.

6. The Company has liability towards excise duty on finished goods and scrap held at factory and payable on clearance amounting to Rs.41,89,374/- has not been taken into account as per consistent practice. However, there is no impact on the profit and loss account for the year.

7. The Company has availed Sales Tax Deferral under Package Scheme of Incentives, 1993 of Govt. of Maha- rashtra valid up to 31-7-2002 and sales tax deferral exemption converted into sales tax exemption w.e.f.01-08- 2002 to 31-03-2006.

8. During the year company has sold its & 50% stake in M/s Aishwaryam Gaspoint Bottling Private Limited The financial figures of these companies have not been considered for consolidated results.

9. No Provision has been made in respect of liabilities towards retirement benefits under mandatory Accounting Standard - 15, amount not ascertainable.

10. As per Accounting Standard 17 on Segment Reporting (AS 17), the Company has reported "Segment Information", as described below:

a) The LPG/CNG Cylinder manufacturing segment includes production and marketing operations of cylinder.

b) The LPG Bottling & Marketing segment includes bottling of LPG & supplies for commercial usage.

11. Disclosure in respect of related parties pursuant to Accounting Standard - 18. (A) List of related parties:

Sr. No. Name of Related Parties Relationship

1 Envy Cylinders Pvt. Ltd Wholly Owned Subsidiary

2 Hemkunt Petroleum Ltd Wholly Owned Subsidiary

3 Taraa LPG Bottling Pvt. Ltd Wholly Owned Subsidiary

4 Agwan Coach Private Limited Wholly Owned Subsidiary

5 Laxmi Nirmal Petrochemicals Limited Wholly Owned Subsidiary

6 Virendra Petrochemicas Pvt Ltd. Wholly Owned Subsidiary

7 Keppy Infrastructure Developers Pvt. Ltd. Wholly Owned Subsidiary

8 Confidence Go Gas Ltd Wholly Owned Subsidiary

9 Chhatisgarh Gaspoint Bottling Pvt. Ltd Subsidiary *

10 Kastkar Gaspoint Bottling Pvt. Ltd Subsidiary *

11 Uma LPG Bottling Pvt. Ltd Subsidiary *

12 Annapurna Gaspoint Bottling Pvt. Ltd Subsidiary *

13 Aishwaryam Gaspoint Bottling Pvt. Ltd Subsidiary *

14 STN Gaspoint Bottling Pvt. Ltd Subsidiary *

15 Jagannath Gaspoint Bottling Pvt. Ltd Subsidiary *

16 Gaspoint Bottling Pvt. Ltd Subsidiary *

17 Pt Surya Go Gas Indonesia Subsidiary **

* The Company holds 50% in nominal value of the equity share capital ** The Company holds more than 50% in nominal value of the equity share capital

(1) Key Management Personnel or their relatives

Nitin Khara - Managing Director

Nalin Khara - Director

Elesh Khara - Director

Jitendra Jain - Director

Sumant Sutaria - Director

(2) Relatives of Key Management Personnel None

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Mar 31, 2010

As at 31.03.2010 As at 31.03.2009 (Rs. in lacs) (Rs. in lacs)

1. Contingent liabilities not provided for:

a) Outstanding Bank Guarantees 530.42 434.63

b) Counter Guarantee to Bank (Amalgamated company) Nil Nil

2. Estimated amount of contracts remaining to be executed on capital account Nil Nil and not provided for (Net of advances)

3. The disclosure required in balance sheet in view of amendment in Schedule - to the Companies Act, 1956 vide notification No. GSR-129(E) dated 22-02-99 as to the names of Small Scale Industrial undertaking to whom the company owes a sum exceeding Rs.1.00 Lac outstanding for more than one month and as to total outstanding dues of such undertakings at the date of Balance Sheet are not possible to make, as the information as to whether the creditors are small industrial undertaking or not, is not available from most of the creditors till the date of finalization of the accounts.

4. Balances of Sundry Debtors, Sundry Creditor, Unsecured Loans and loans and advances of amounts lesser than 10 Lacs are subject to reconciliation and confirmation with the respective parties.

5. No provision has been made on debtors outstanding for more than year. In the opinion of the Board of Directors, the current assets, loans and advances have a value on realization at least equal to the amount at which they are stated in the Balance Sheet.

6. The Company has liability towards excise duty on finished goods and scrap held at factory and payable on clearance amounting to Rs.34,28,393/- has not been taken into account as per consistent practice. However, there is no impact on the profit and loss account for the year.

7. In terms scheme of amalgamation (Scheme) sanctioned by the order dated 18th September 2009 of the Honble High Court of Bombay, M/s Maharashtra Cylinders Pvt. Ltd., M/s Khara gas Equipments Pvt. Ltd. and M/s Hans Gas Appliances Pvt. Ltd. ("Amalgamating Companies") have been amalgamated with our company with effect from April 01, 2007. The company has issued 17,50,000 new equity shares of Rs. 1 each are being issued as fully paid up to the share holders of the amalgamating companies whose name are registered in the register of members of the respective companies on the record date, without payment being received in cash.

8. The Company has availed Sales Tax Deferral under Package Scheme of Incentives, 1993 of Govt, of Maharashtra valid up to 31 - 7-2002 and sales tax deferral exemption converted into sales tax exemption w.e.f.01 -08-2002 to 31-03-2006.

9. During the year company has sold its 100% stake of M/s Gomti Gaspoint Bottling Private Limited, M/s Neora Gaspoint Bottling Private Limited, & 50% stake in M/s Arihant Gaspoint Bottling Private Limited The financial figures of these companies have not been considered for consolidated results.

Further, the company entered in Joint venture under a 70% Subsidiary M/s PT Surya Go Gas Indonesia for its project of Manufacturing of LPG Cylinders and Bottling of LPG. The company has obtained required clearances from Reserve Bank of India including Unique Identification Number.

10. No Provision has been made in respect of liabilities towards retirement benefits under mandatory Accounting Standard - 15, amount not ascertainable.

11. Disclosure in respect of related parties pursuant to Accounting Standard - 18. (A) List of related parties:

Sr. No. Name of Related Parties Relationship

1 Envy Cylinders Pvt. Ltd Wholly Owned Subsidiary

2 Hemkunt Petroleum Ltd Wholly Owned Subsidiary

3 Taraa LPG Bottling Pvt. Ltd Wholly Owned Subsidiary

4 Agwan Coach Private Limited Wholly Owned Subsidiary

5 Laxmi Nirmal Petrochemicals Limited Wholly Owned Subsidiary

6 Virendra Petrochemicas Pvt Ltd. Wholly Owned Subsidiary

7 Keppy Infrastructure Developers Pvt. Ltd. Wholly Owned Subsidiary

8 Confidence Go Gas Ltd Wholly Owned Subsidiary

(1) Key Management Personnel or their relatives

Nitin Khara - Managing Director

Nalin Khara - Director

Elesh Khara - Director

Jitendra Jain - Director

Sumant Sutaria - Director

(2) Relatives of Key Management Personnel None

12. Figures have been rounded off to the nearest rupee.

13. Previous year figures have been regrouped/reclassified wherever necessary to make them comparable with current year figures.

14. Schedule A to T has been signed by the Directors and Auditors and forms an integral part of the Balance Sheet and Profit and Loss Account.

---

Mar 31, 2009

1. Contingent liabilities not provided for: Current Year Previous Year (Rs.in lacs) (Rs.in lacs)

a) Outstanding Bank Guarantees 434.63 174.63

b) Counter Guarantee to Bank (Amalgamated company) Nil Nil

2. Estimated amount of contracts remaining to be Nil Nil executed on capital account and not provided for (Net of advances)

3. The disclosure required in balance sheet in view of amendment in Schedule - to the Companies Act, 1956 vide notification No. GSR-129(E) dated 22.02.99 as to the names of Small Scale Industrial undertaking to whom the company owes a sum exceeding Rs.1.00 Lac outstanding for more than one month and as to total outstanding dues of such undertakings at the date of Balance Sheet are not possible to make, as the information as to whether the creditors are small industrial undertaking or not, is not available from most of the creditors till the date of finalization of the accounts.

4. Balances of Sundry Debtors, Sundry Creditor and loans and advances are subject to reconciliation and confirmation.

5. No provision has been made on debtors outstanding for more than year. In the opinion of the Board of Directors, the current assets, loans and advances have a value on realization at least equal to the amount at which they are stated in the Balance Sheet.

6. The Company has liability towards excise duty on finished goods and scrap held at factory and payable on clearance amounting to Rs. 21,33,222/- has not been taken into account as per consistent practice. However, there is no impact on the profit and loss account for the year.

7. The Company has availed Sales Tax Deferral under Package Scheme of Incentives, 1993 of Govt, of Maharashtra valid up to 31-7-2002 and sales tax deferral exemption converted into sales tax exemption w.e.f. 01.08.2002 to 31.03.2006.

8. During the year company has taken 100% stake of M/s Confidence Go Gas Limited, M/s Agwan Coach Private Limited, M/s Keppy Infrastructure Pvt. Ltd., M/s Laxmi Nirmal Petrochemicals Pvt. Ltd., 80% stake in M/s Garg Distilleries Pvt. Ltd. & 70% stake in M/s PT Surya Go Gas Indonesia. The Company has also invested Rs. 1,66,00,000/- in the stake of M/s Viredra Petrochemicals Pvt. Ltd. The financial figures of these companies are considered for consolidated results prepared separately from the date these companies have became subsidiaries.

9. In terms scheme of amalgamation (Scheme) sanctioned by the order dated 18th September 2009 of the Honble High Court of Bombay, M/s Maharashtra Cylinders Pvt. Ltd., M/s Khara gas Equipments Pvt. Ltd. and M/s Hans Gas Appliances Pvt. Ltd. ("Amalgamating Companies") have been amalgamated with our company with effect from April 01,2007.

a) In accordance with the said scheme:

i. The assets, liabilities, rights & obligations of the amalgamating companies have been vested with the company with effect from 1st April 2007 and have been recorded at their respective fair value under the mergermethod of accounting foramalgamation.

ii. 17,50,000 equity shares of Rs. 1 each are being issued as fully paid up to the share holders of the amalgamating companies whose name are registered in the register of members of the respective companies on the record date, without payment being received in cash.

iii. Excess of fair value of net assets taken over by the company over the paid up value of equity shares to be issued and allotted and expenses on amalgamation as above has been dealt with as under :

(a) Amount of Rs. 1,45,24,000/- credited to Capital reserve as per Accounting Standard (AS-14) on Accounting forAmalgamation issued by The Institute of Chartered Accountants of India.

10. No Provision has been made in respect of liabilities towards retirement benefits under mandatory Accounting Standard -15, amount not ascertainable.

11. 90 % of total security deposit received from Dealers & Consumers is treated as unsecured loan and the balance 10% of total security deposit as current liabilities.

12. The provision for income tax under MAT has been made, as there is taxable income as per the computation of income under the Income-Tax Act, 1961.

13. In view of the carry forward losses and unabsorbed depreciation under tax laws and uncertainty in future taxable income, Company has not recognized any Deferred tax liability or Deferred tax assets in pursuant to Accounting Standard - 22 during the year under review.

14. As per Accounting Standard 17 on Segment Reporting (AS 17), the Company has reported Segment Information", as described below:

a) The LPG Cylinder manufacturing segment includes production and marketing operations of cylinder.

b) The LPG Bottling & Marketing segment includes bottling of LPG & supplies for commercial usage.

Further, Capital Employed, Capital Expenditure incurred has been allocated @ 60:40 in between Cylinder, LPG Bottling also Segment wise result have been computed without considering impact of taxes.

15. Disclosure in respect of related parties pursuant to Accounting Standard-18. (A) List of related parties :

Sr. No. Name of Related Parties Relationship

1 Envy Cylinders Pvt. Ltd. Wholly Owned Subsidiary

2 Hemkunt Petroleum Ltd. Wholly Owned Subsidiary

3 Taraa LPG Bottling Pvt. Ltd. Wholly Owned Subsidiary

4 Gomti Gaspoint Bottling Pvt. Ltd. Wholly Owned Subsidiary

5 Neora Gaspoint Bottling Pvt. Ltd. Wholly Owned Subsidiary

6 Agwan Coach Pvt. Ltd. Wholly Owned Subsidiary

7 Laxmi Nirmal Petrochemicals Ltd. Wholly Owned Subsidiary

8 Keppy Infrastructure Developers Pvt. Ltd. Wholly Owned Subsidiary

9 Confidence Go Gas Ltd. Wholly Owned Subsidiary

10 Chhatisgarh Gaspoint Bottling Pvt. Ltd. Subsidiary*

11 Arihant Gaspoint Bottling Pvt. Ltd. Subsidiary*

12 Kastkar Gaspoint Bottling Pvt. Ltd. Subsidiary *

13 Uma LPG Bottling Pvt. Ltd. Subsidiary *

14 Annapuma Gaspoint Bottling Pvt. Ltd. Subsidiary*

15 Aishwaryam Gaspoint Bottling Pvt. Ltd. Subsidiary *

16 STN Gaspoint Bottling Pvt. Ltd. Subsidiary *

17 Jagannath Gaspoint Bottling Pvt. Ltd. Subsidiary *

18 Gaspoint Bottling Pvt. Ltd. Subsidiary *

19 Sneha Petroleum, Banglore Subsidiary *

20 Garg Distillaries Pvt. Ltd. Subsidiary **

21 Virendra Petrochemicals Pvt Ltd. Subsidiary **

22 PT Surya Go Gas, Indonesia Subsidiary **

* The Company holds 50% in nominal value of the equity share capital

** The Company holds less than 50% in nominal value of the equity share capital

(1) Key Management Personnel or their relatives NUin Khara - Managing Director Naiin Khara - Director

Efesh Khara - Director

Jitendra Jain - Director

Sumant Sytaria - Director

(2) Relatives of Key Management Personnel

None

16. figures have been rounded off to the nearest rupee.

17. Previous year figures have been regrouped/reclassified wherever necessary to make them comparable with currentyearfigures.