Mar 31, 2014
1. CONTINGENT LIABILITIES (Rs.in,000s)
As on As on
31.03.2014 31.03.2013
Differential Customs Duties demanded by
Customs authorities pending in Appeals 352.77 352.77
2. As the operations of the company by way of Bottling of LPG are
going on and as the company has various new scheme of activities and
plans for the future, the accounts of the Company for the year are
drawn up on going concern basis.
3. Balances standing to the debit/credit of parties are subject to
reconciliation by the company confirmation by them and review by the
Company.
4. "Other Non-Current Assets" represent amount encashed by The Kerala
State Co-operative Consumer Federation Ltd. from State Bank of
Hyderabad and Punjab National Bank by invoking guarantees given in
their favour by the company and are considered good and recoverable by
the Company, and the Company has filed a suit for the recovery of the
amount.
5. The Company is entitled for deferred payment of Sales tax due to
Government of Andhra Pradesh under New Comprehensive Scheme of State
Incentives, 1992 (NCSSI) for Kakinada Unit. Such deferred amount is
payable by the company at the end of 10 years. Under the Scheme, the
company has deferred payment of a sum of Rs.283.67 Lakhs to the
Government of Andhra Pradesh and the same is shown under "Long Term
Borrowings Loans".
6. All Current Assets as at 31.03.2014 have a value on realization in
the ordinary course of business atleast value equal to amounts at which
they have been stated in the Balance Sheet as on that date.
7. Investments (Schedule V) of the Company are long-term investments.
Hence, no provision is made for diminution in the value of Investments
as it is temporary.
(I) The company is organized into two main business segments namely
Liquefied Petroleum Gas ÂComprising of Bulk and Packed LPG -- Auto
Conversion Kits- LPG conversion kits for three wheelers Segments have
been identified and reported taking into account the nature of products
and services, the differing risks and returns, the organization
structure, and the Internal financial reporting system
(ii) Segment Revenue in each of the above domestic business segments
primarily includes sales and bottling charges
(iii) Segment revenue, results, assets and liabilities include the
respective amounts identifiable to each of the segments and amounts
allocated on a reasonable basis.
8. Related Party Disclosures:
Related party disclosures, as required by Accounting Standard 18,
"Related Party Disclosures" issued by the institute of Chartered
Accountants of India are given below:
(2) Related parties :
a) M/s. Shri Shakti Resorts & Hotels Limited
b) M/s. Shri Shakti Cylinders Private Limited
The company during the year had no transactions with the above related
parties.
9. Previous Year''s figures have been re-grouped/re-classified/re-
stated as far as practicable and wherever necessary to confirm with
current year presentation.
Mar 31, 2013
1. CONTINGENT LIABILITIES
( Rs. in ''000s)
As on 31.03.2012 As on 31.03.2011
i) Claims not acknowledged as
debts 668 668
ii) Differential Customs Duties
demanded by
Customs authorities pending
in Appeals 26,915 26,915
2. As the operations of the company by the way of bottling LPG are
going on and as the company has various new scheme of activities and
plans for the future, the accounts of the Company for the year are
drawn up ''on going concern'' basis.
3. Balances standing to the debit/credit of parties are subject to
reconciliation by the company confirmation by them and review by the
Company.
4. "Other Non-Current Assets" represent amount encashed by The Kerala
State Co-operative Consumer Federation Ltd. from State Bank of
Hyderabad and Punjab National Bank by invoking guarantees given in
their favour by the company and are considered good and recoverable by
the Company, and the Company has filed a suit for the recovery of the
amount.
5. The Company is entitled for deferred payment of Sales tax due to
Government of Andhra Pradesh under New Comprehensive Scheme of State
Incentives, 1992 (NCSSI) for Kakinada Unit. Such deferred amount is
payable by the company at the end of 10 years. Under the Scheme, the
company has deferred payment of a sum of Rs.283.67 Lakhs to the
Government of Andhra Pradesh and the same is shown under "Long Term
Borrowings Loans".
6. All Current Assets as at 31.03.2013 have a value on realization in
the ordinary course of business atleast value equal to amounts at which
they have been stated in the Balance Sheet as on that date.
7. "Investments" (Note No.2.7) of the Company are long-term
investments. Hence, no provision is made for diminution in the value of
Investments as it is temporary.
8. The information as to the status of the suppliers being SSI units
is not made available to the Company. Hence, identification of debts in
respect of these units and their aging cannot be ascertained.
(II) Notes :-
(i) The company is organized into two main business segments namely
Liquified Petroleum Gas ÂComprising of Bulk and Packed LPG
- Auto Conversion Kits- LPG conversion kits for three wheelers
Segments have been identified and reported taking into account the
nature of products and services, the differing risks and returns, the
organization structure, and the Internal financial reporting system
(ii) Segment Revenue in each of the above domestic business segments
primarily includes sales and bottling charges
(iii) Segment revenue, results, assets and liabilities include the
respective amounts identifiable to each of the segments and amounts
allocated on a reasonable basis.
9. Related Party Disclosures :
Related party disclosures, as required by Accounting Standard 18,
"Related Party Disclosures" issued by the institute of Chartered
Accountants of India are given below :
1) Key Management Personnel : Directors :
Mr.D.V.Manohar
Mr.S.V.Subramanian
Sitting fee ofRs. 41.5 Thousands (Previous Year - Rs. 0.50Thousands) was
paid during the year.
2) Subsidiary Company :
M/s. Asia LPG Private Limited
There are no transactions carried out witii the subsidiary company in
the ordinary course of business during the year.
3) Related parties
a) M/s. Shri Shakti Resorts & Hotels Limited
b) M/s. Shri Shakti Cylinders Private Limited
The company during the year had no transactions with the above related
parties.
10. Previous Year''s figures have been
re-grouped/re-classified/re-stated as far as practicable and wherever
necessary to confirm with current year presentation.
11. Amounts have been rounded off to the nearest thousands.
Mar 31, 2012
1. CONTINGENT LIABILITIES
(Rs. in '000s)
As on
31.03.2012 As on
31.03.2011
i) Claims not acknowledged as debts 668 668
ii) Differential Customs Duties demanded by
Customs authorities pending in Appeals 26,915 26,915
2. As the operations of the company are going on and as the company
has various new scheme of activities and plans for the future, the
accounts of the Company for the year are drawn up 'on going concern'
basis.
3. Balances standing to the debit/credit of parties are subject to
confirmation by them and review by the Company.
4. As per the Order of the Hon'ble High Court of AP approving
reduction of Share Capital with effect from 01.10.2010 vide Order CP
124/2011 dt.03.08.2011 the company has filed E-Form 21 with Registrar
of Companies, Hyderabad, for making necessary changes in Capital
Structure and the approval is awaited.
5. "Other Non-Current Assets" represent amount encashed by The Kerala
State Co-operative Consumer Federation Ltd. from State Bank of
Hyderabad and Punjab National Bank by invoking guarantees given in
their favour by the company and are considered good and recoverable by
the Company, and the Company has filed a suit for the recovery of the
amount.
6. The Company is entitled for deferred payment of Sales tax due to
Government of Andhra Pradesh under New Comprehensive Scheme of State
Incentives, 1992 (NCSSI) for Kakinada Unit. Such deferred amount is
payable by the company at the end of 10 years. Under the Scheme, the
company has deferred payment of a sum of Rs.283.67 Lakhs to the
Government of Andhra Pradesh and the same is shown under "Long Term
Borrowings Loans".
7. All Current Assets as at 31.03.2012 have a value on realization in
the ordinary course of business atleast value equal to amounts at which
they have been stated in the Balance Sheet as on that date.
8. "Investments" (Note No.2.7) of the Company are long-term
investments. Hence, no provision is made for diminution in the value of
Investments as it is temporary.
9. The information as to the status of the suppliers being SSI units
is not made available to the Company. Hence, identification of debts in
respect of these units and their aging cannot be ascertained.
(II) Notes :-
(i) The company is organized into two main business segments namely
Liquified Petroleum Gas ÃComprising of Bulk and Packed LPG
- Auto Conversion Kits- LPG conversion kits for three wheelers
Segments have been identified and reported taking into account the
nature of products and services, the differing risks and returns, the
organization structure, and the Internal financial reporting system
(ii) Segment Revenue in each of the above domestic business segments
primarily includes sales and bottling charges
(iii) Segment revenue, results, assets and liabilities include the
respective amounts identifiable to each of the segments and amounts
allocated on a reasonable basis.
10. Related Party Disclosures :
Related party disclosures, as required by Accounting Standard 18,
"Related Party Disclosures" issued by the institute of Chartered
Accountants of India are given below :
1) Key Management Personnel : Directors :
Mr.D.V.Manohar
Mr.S.V.Subramanian
Sitting fee of Rs. 0.50 Thousands (Previous Year - Rs. 0.72Thousands) was
paid during the year.
2) Subsidiary Company :
M/s. Asia LPG Private Limited
There are no transactions carried out with the subsidiary company in
the ordinary course of business during the year.
3) Related parties
a) M/s. Shri Shakti Resorts & Hotels Limited
b) M/s. Shri Shakti Cylinders Private Limited
The company during the year had no transactions with the above related
parties.
11. Previous Year's figures have been
re-grouped/re-classified/re-stated as far as practicable and wherever
necessary to confirm with current year presentation.
12. Amounts have been rounded off to the nearest thousands.
Mar 31, 2010
1. CONTINGENT LIABILITIES
( Rs. in 000s)
As on 31.03.2010 As on 31.03.2009
i) Claims not acknowledged
as debts 668 668
ii) Differential Customs Duties
demanded by Customs authorities
pending in Appeals 26,915 26,915
2. As the operations of the company are going on and as the company
has various new scheme of activities and plans for the future, the
accounts of the Company for the year are drawn up Ãon going concern
basis.
3. Balances standing to the debit/credit of parties are subject to
confirmation by them and review by the Company.
4. "Other Current Assets" represents amount encashed by The Kerala
State Co-operative Consumer Federation Ltd. from State Bank of
Hyderabad and Punjab National Bank by invoking guarantees given in
their favour by the company and are considered good and recoverable by
the Company, and the Company has filed a suit for the recovery of the
amount.
5. The Company is entitled for deferred payment of Sales tax due to
Government of Andhra Pradesh under New Comprehensive Scheme of State
Incentives, 1992 (NCSSI) for Kakinada Unit. Such deferred amount is
payable by the company at the end of 10 years. Under the Scheme, the
company has deferred payment of a sum of Rs.283.67 lacs to the Government
of Andhra Pradesh and the same is shown under ÃUnsecured LoansÃ.
6. Keeping in view of the huge carried forward losses, the Company, as
a matter of prudence, did not recognize deferred tax assets.
7. "Investments" (Schedule V) of the Company are long-term
investments. Hence, no provision is made for diminution in the value of
Investments as it is temporary.
8. The information as to the status of the suppliers being SSI units
is not made available to the Company. Hence, identification of debts
in respect of these units and their ageing cannot be ascertained.
9. Related Party Disclosures :
Related party disclosures, as required by Accounting Standard 18,
"Related Party Disclosures" issued by the institute of Chartered
Accountants of India are given below :
1) Key Management Personnel : Directors :
M r.D.V.Manohar
Sitting fee of Rs. 0.43 Thousands (Previous Year - Rs. 0.63 Thousands) was
paid during the year.
2) Subsidiary Company :
M/s. Asia LPG Private Limited
There are no transactions carried out with the subsidiary company in
the ordinary course of business during the year.
3) Related parties with whom the company had transactions
a) M/s. Shri Shakti Resorts & Hotels Limited
b) M/s. Shri Shakti Cylinders Private Limited
The company during the year had transactions amounting to Rs. 119
thousands (previous year Rs. 576 thousands) with the above related
parties.
10. Previous Years figures have been re-grouped/re-classified/re-
stated as far as practicable and wherever necessary to confirm with
current year presentation.
11. Amounts have been rounded off to the nearest thousands.
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