Notes to Accounts of Confidence Petroleum India Ltd.

Mar 31, 2025

p) Provisions and Contingent Liabilities / Assets

Provisions are recognised when the Company has a present obligation as a result of a past event, it is probable that
an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation.

Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the
Balance Sheet date.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of
which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of the Company.

Contingent assets are not recognised or accounted.

q) Segment Reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker. The chief operational decision maker monitors the operating results of its business Segments
separately for the purpose of making decision about the resources allocation and performance assessment.
Segment performance is evaluated based on the profit or loss and is measured consistently with profit or loss in
the financial statements. The operating segments have been identified on the basis of the nature of products/
services.

Note 3 Significant accounting judgements, estimates and assumptions

The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal
the actual results. Management also needs to exercise judgement in applying the Company''s accounting policies.

The estimates and judgements involve a higher degree of judgement or complexity, and of items which are more likely to
be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed.
Detailed information about each of these estimates and judgements is included in relevant notes together with information
about the basis of calculation for each affected line item in the financial statements.

Critical estimates and judgements

The areas involving critical estimates or judgements are:

- Estimation of current tax expense and payable

- Estimation of defined benefit obligation

- Recognition of revenue

- Recognition of deferred tax assets for carried forward tax losses

- Impairment of trade receivables and other financial assets

Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including
expectations of future events that may have a financial impact on the Company and that are believed to be reasonable
under the circumstances.

Recent pronouncements:

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2025, MCA has not notified
any new standards or amendments to the existing standards applicable to the Company

Note :

1. Prior to financial year 23-24, Right of use asset has been clubbed along with Property Plant and Equipment. However, with
effect from 1^st April 2023, the company has decided to present the Right of Use Asset on the face of the Standalone financial
statements. Refer Note No 4(b) of the Standalone Financial statements.

Note 4(b) Right of Use Asset

The Company has entered into a lease-agreements with respect to land whereby the company has setup Auto LPG and CNG
stations on the respective land on PAN India basis. Generally, the range of lease period is 1-15 years.

* Due to huge quantum of lease agreements, the data has been provided in terms of range
Notes

1. The effective interest rate for lease liabilities is 10%.

2. Recognition of Right-of-use assets and Lease liability in accordance with Ind AS 116

The company has applied the Ind AS 116 for recognition of Right-of-use assets and Lease Liabilities as at the date of
transition, whereby the Right-of-use asset would be depreciated over the lease term, the interest cost on lease liability
would be unwound and charged to finance cost in the statement of profit & loss and the lease rentals actually paid would
be charged against lease liability.

3. During the year company has paid for the expenses relating to short term leases / the expense relating to leases of low
value assets accounted for applying paragraph 6 which amounts to INR 2,243 lacs.

1. Cash and bank balances are denominated and held in Indian Rupees.

2. The money received from BW VLGC Pte. Ltd. towards preferential allotment of shares and against share
warrants has been temporarily invested as fixed deposit receipts with the bank. As and when there will be capex
requirement for CNG, Bottling and packed LPG project, it shall be utilized towards the same.

3. The details pertaining to the utilization of the amount received against preferential allotment to BW VLGC Pte.
Ltd. is provided below:

Notes

1. Balances with banks are denominated and held in Indian Rupees.

2. The money received from BW VLGC Pte. Ltd. towards preferential allotment of shares and against share warrants has been
temporarily invested as fixed deposit receipts with the bank. As and when there will be capex requirement for CNG, Bottling
and packed LPG project, it shall be utilized towards the same.

3. During the financial year, in December 2024, BW VLGC Pte. Ltd., a shareholder of the Company, transferred all of its shares
to BW LPG Infrastructure DMCC.

1. Loans are non-derivative financial assets which generate a fixed interest income for the Company. The carrying value may
be affected by changes in the credit risk of the counterparties.

2. Current loans to related parties pertain to funds advanced for business purpose.

3. The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources
or kind of funds) to any other person or entity, including foreign entities ("Intermediaries") with the understanding
(whether recorded in writing or otherwise) that the Intermediaries shall, whether, directly or indirectly lend or invest in
other persons / entities identified in any manner whatsoever by or on behalf of the Company (''Ultimate Beneficiaries'') or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

4. The Company has not received any fund from any person(s) or entity(ies), including foreign entities ("Funding Party") with
the understanding (whether recorded in writing or otherwise) that the Company shall directly or indirectly lend or invest
in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate
Beneficiaries); or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

5. Additional disclosures related to Loans given to related party that are: (a) repayable on demand; and (b) without specifying
any terms or period of repayment.

2. Rights, Preferences and Restrictions attached to shares

The Company has only one class of equity shares having face value of Rs. 1 each and the holder of the equityshare is
entitled to one vote per share. The dividend proposed by Board of Directors is subject to approval of the shareholders in
the ensuing Annual General Meeting, except in case of interim dividend if any. In the event of liquidation of the Company,
the holders of equity shares will be entitled to receive the remaining assets of the Company in proportion to the number
of equity shares held.

3. Pursuant to the approval granted by the shareholder at the Annual General Meeting held on 30th September, 2022, and
BSE & NSE in - principle approval received on 15th December, 2022. Board of Directors of the Company at its meeting held
on 29th December, 2022, approved allotment of 2,00,00,000 warrants at a price of INR 63.50/- per warrant, convertible
into 2,00,00,000 equity shares of Rs. 1/- each, on preferential basis, to the promoter/promoter group and others (i.e.
persons/entities not forming part of the promoter and promoter group), in compliance with applicable provisions of SEBI
(Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended. Out of this, during the previous year (23¬
24) 52,73,000 warrants and in current financial year (24-25) 1,47,27,000 warrants has been converted into equity shares
of face value INR 1 each at a premium of INR 62.50 per share. Total amount of equity share capital issued against the
conversion amounts to INR 53 lacs (in FY 23-24) and INR 147 lacs (in FY24-25), against which securities premium of INR
3,296 lacs (in FY 23-24) and INR 9,204 (in FY 24-25) has been accounted for.

4. During the previous financial year (23-24), with due approval from shareholders, company has allotted 2,82,29,120 Equity
shares of INR 1 each at a premium of INR 87.60/- per share for consideration Rs 25,011 lacs on a preferential basis by way
of private placement to BW VLGC Pte. Ltd.

Note :

1. Nature and purpose of reserves

(a) Securities Premium

Securities premium is used to record the premium on issue of shares. The reserve is utilized in accordance with the
provisions of the Companies Act, 2013

(b) Capital Reserve

The Company recognizes profit and loss on purchase, sale, issue or cancellation of the Company''s own equity instruments
to capital reserve.

(c) Retained Earnings

This reserve represents undistributed accumulated earnings of the Company as on the balance sheet date.

(d) Revaluation Surplus

This reserve represents revaluation in the value of Property Plant and Equipment of the Company as on balance sheet date.

(e) Other Comprehensive Income Reserve

Other Comprehensive Income (OCI) represents the amount recognised in other equity consequent to re-measurement of
Defined Benefit Plan.

2. During the previous year company has derecognised the capital subsidy reserve of INR 45 lacs in order to comply with Ind AS 20
"Accounting for Government Grants and disclosure of Government Assistants"

3. During the financial year 24-25, the company has paid final dividend of INR 0.10 per share for the financial year 23-24 after
approval of the shareholders in the last annual general meeting. Total dividend paid to shareholders for the financial 23-24 is INR
318 lacs.

4. Board of directors have proposed a Final Dividend of INR 0.10 per share for the financial year 2024-25 to be paid upon approval
from Shareholders in ensuing Annual General Meeting.

5. Pursuant to the approval granted by the shareholder at the Annual General Meeting held on 30th September, 2022, and BSE &
NSE in - principle approval received on 15th December, 2022. Board of Directors of the Company at meeting held on 29th
December, 2022, approved allotment of 20000000 warrants at a price of INR 63.50/- per warrant, convertible into 20000000
equity shares of Rs. 1/- each, on preferential basis, to the promoter/promoter group and others (i.e. persons/entities not forming
part of the promoter and promoter group), in compliance with applicable provisions of SEBI (Issue of Capital and Disclosure
Requirements) Regulations, 2018 as amended. Out of this, during the previous year (23-24) 52,73,000 warrants and in current
financial year (24-25) 1,47,27,000 warrants has been converted into equity shares of face value INR 1 each at a premium of INR
62.50 per share. Total amount of equity share capital issued against the conversion amounts to INR 53 lacs (in FY 23-24) and INR
147 lacs (in FY24-25), against which securities premium of INR 3,296 lacs (in FY 23-24) and INR 9,204 (in FY 24-25) has been
accounted for.

6. During the previous financial year (23-24), with due approval from shareholders, company has allotted 2,82,29,120 Equity shares
of INR 1 each for consideration Rs 25,011 lacs on a preferential basis by way of private placement to BW VLGC Pte. Ltd.

7. The Company has received money against share warrants to the tune of 7,014 lacs against 1,47,27,000 share warrants in current
year (24-25) and 2,511 lacs against 52,73,000 share warrants in previous year (23-24).

Note

1. The company operates in one geographical location and its entire revenue is generated from India.

2. Amount from revenue from operations does not include Goods and Services Tax.

3. Revenue from operations includes only the gross increase in the economic benefits occurring to the entity on its own
account and does not include amount collected in capacity as a agent or on behalf of the third party.

4. Job work charges includes fillings charges, plant operation and maintenance charges, service charges, testing charges,
labour charges, repair charges, technical services fees, transportation charges and other associated services.

5. Revenue from operations is recognised after reduction of volume discount, price variation & any other benefit given to
customer directly or indirectly.

6. During the year, the Company has recognized an amount of INR 3,381 lacs as income on forfeiture of cylinder Deposit
from dealers. The said amount has been recognized under Service Charges Income, which is grouped within Job Work
Charges.

7. Information about major customer

No single customer represents 10% or more of the company''s total revenue for the years ended 31^st March 25 and 31^st
March 2024 respectively.

• Disclosure as per Ind-AS 19 - Defined Benefit Plan

Gratuity for employees in India is as per the Payment of Gratuity Act, 1972. The amount of gratuity payable on
retirement/termination is the employees last drawn basic salary per month computed proportionately for the number of years
of service. The gratuity plan is a funded plan and the Company plan assets is administered by an insurer and company funds
the plan on periodical basis.

The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which
recognises each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit
separately to build up the final obligation. The obligation for leave encashment is recognised in the same manner
as the gratuity.

Note

1. As per the requirements of Indian Accounting Standard (Ind AS) 19, "Employee Benefits," the company has adopted
actuarial valuation for determining and disclosing employee benefit obligations effective from the current financial
year. In prior years, such disclosures were not provided. This change ensures compliance with Ind AS 19, reflecting a
more accurate measurement of defined benefit obligations and related costs based on actuarial assumptions.

2. Company has not recognised additional provident fund liability on revised basic wages as pronounced by Honourabl''e
Supreme Court of India vide its order dated 28^th February 2019 wherein definition of "wages" was clarified to be
inclusive of "Other Allowances". As per management''s assessment such liability is not required to be recognised since
The Employees Provident Fund and Miscellaneous Provision Act 1952 Act is not amended updating the definition of
wages. Further, assessment has been completed for the period April 2018 to March 2022 by the department.

Note

(1) The Competition Commission has initiated case in FY 2019-20 /against company and other cylinder manufactures imposing
penalty of INR 284 lacs against CPIL and INR 0.31 Lacs against directors. Against which the company has deposited INR 34
Lacs against the dispute. The company has filed an appeal and is expecting favorable verdict as was in earlier case as
grounds of the new case is similar to earlier one.

(2) Contractual claims from client includes amount pertaining to proposed (claim) as per the contractual terms for the delay
in the execution of the pumps. The company has not received any claims from customer and is not expecting any future
claims in this regard.

(3) The Income tax demand pertains to assessment year 20-21 against which the company has filed appeal with Commissioner
appeals. The demand majorly comprises of the disallowance of the Employees contribution to the Provident Fund
consequent to the delay in the payment. The company is expecting favorable verdict.

(4) The company has filed suit before Honorable Civil Judge, Senior Division, Nagpur against one of the foreign supplier for its
inability to supply material on vide June 09 2024 and raised a claim of INR 2,075 lacs. However the case is dismiss due to
Jurisdiction concern. The company is in process of filing case against the supplier in the appropriate forum after considering
the legal opinion on jurisdiction of the case.

1. On 25th March 2025, Maruti Koatsu Cylinders Pvt. Ltd., classified as a step-down associate, has ceased to be a
related party of the Company. Confidence Futuristic Energetech Pvt Ltd, the holding company of Maruti Koatsu has
redeemed its stake in the said company for a consideration of 2,000 lacs.

2. During the financial year 24-25, the Company acquired 22,50,070 equity shares of ^10 each, representing 100% of the paid-up
share capital of Punjab Petroleum Corporation Limited. Consequently, Punjab Petroleum Corporation Limited has become a
wholly-owned subsidiary of the Company effective from the date of acquisition.

Note 43 Financial Risk Management

The Company''s activities expose it to the following risks:

A. Credit Risk

B. Liquidity Risk

C. Market Risk

A. Credit Risk

Credit Risk is the risk that counter party will not meet its obligations under a financial instruments or customer contract
leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables
and unbilled revenue) and from its financing activities including deposits with banks and financial institutions, investments,
foreign exchange transactions and other financial instruments.

i. Trade receivables

Credit risk is managed by each business unit subject to the Company''s established policy, procedures and control
relating to customer credit risk management. Outstanding customer receivables are regularly monitored.

The impairment analysis is performed at each reporting date on an individual basis for clients. The maximum exposure
to credit risk at the reporting date is the carrying value of each class of financial assets. The Company does not hold
collateral as security.

ii. Financial instruments and deposits with banks

Credit risk is limited as we generally invest in deposits with banks and financial institutions with high credit ratings
assigned by international and domestic credit rating agencies. Counterparty credit limits are reviewed by the Company
periodically and the limits are set to minimize the concentration of risks and therefore mitigate financial loss through
counterparty''s potential failure to make payments.

B. Liquidity Risk

Liquidity is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable
price. The Company''s treasury department is responsible for liquidity, funding as well as settlement management. In
addition, processes and policies related to such risks are overseen by senior management. Management monitors the
Company''s net liquidity position through rolling forecasts on the basis of expected cash flows.

The Company''s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from
operations. The Company believes that the cash and cash equivalents is sufficient to meet its current requirements.
Accordingly, no liquidity risk is perceived.

The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient
to meet the obligations related to lease liabilities as and when they fall due.

C. Market Risk

Foreign exchange rates

The Company have balances in foreign currency and consequently the Company is exposed to foreign exchange risk. The
exchange rate between the rupee and foreign currencies has changed substantially in recent years, which has affected the
results of the Company, and may fluctuate substantially in the future. The Company evaluates exchange rate exposure
arising from foreign currency transactions and follows established risk management policies.

For the year ended 31^st March 25

Note 44 Capital Risk Management

The Company''s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they
can continue to provide returns for shareholders and benefits for other stakeholders and maintain an optimal capital
structure to reduce the cost of capital.

The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt.

# Net Profit before Taxes Depreciation and Amortization Finance cost

* Total Current Assets- Current Liabilities

a Interest & lease payments Principal Repayments

Note 49 Fair Value Measurement

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in
a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

Fair value of cash and short-term deposits, trade and other short-term receivables, trade payables, other current liabilities,
short term loans from banks and other financial institutions approximate their carrying amounts largely due to short term
maturities of these instruments.

The Financial Instruments are categorized in two level based on the inputs used to arrive at fair value measurement as
described below

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either
directly or indirectly.

Note 50 Other Statutory Information:

(i) The Company does not have any Benami property, where any proceeding has been initiated or pendingagainst the
Company for holding any Benami property.

(ii) The Company does not have any transactions with companies struck off.

(iii) The company have pending charges yet to be registered with the ROC beyond the statutory period. The details of the
instances are provided below:

(iv) The Company have not traded or invested in Crypto currency or Virtual Currency during the financialyear for the year
ended March 31, 2025.

(v) The Company have not advanced or given loan or invested funds to any other person(s) or entity(ies),including foreign
entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf
of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vi) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with
the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf
of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(vii) The Company does not have any such transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as,
search or survey or any other relevant provisions of the Income Tax Act, 1961).

(viii) The Company has not been declared as Willful defaulter by any Banks, Financial institution or other lenders.

Note 51

There is a difference in the value of Input Tax Credit (ITC) as recorded in the books of accounts of the Company and the amount
reflected in the Goods and Services Tax Network (GSTN) portal. The Company is in the process of reconciling the same.

This difference has no material impact on the operations or the financial position of the Company.

Note 52

The quarterly returns/statements filed by the Company with such banks are in agreement with the books of accounts of the
Company except to the extent of work in progress which has been recorded in books as at the end of the year.

Note 53 Standards issued but not effective

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2025, MCA has not notified
any new standards or amendments to the existing standards applicable to the Company

Notes forming part of the Standalone Financial Statements 1-53
For and on behalf of Board of Directors As per our Report of even date attached

CONFIDENCE PETROLEUM INDIA LIMITED For L N J & Associates For Singhi & Co.

CIN - L40200MH1994PLC079766 Chartered Accountants Chartered Accountants

FRN 135772W FRN 302049E

NITIN KHARA ELESH KHARA PRITY BHABHARA _{SUMIT V LAHOTI} SAMEER MAHAJAN

Managing Director Director Company Secretary

Partner ^Partner

& CEO & CFO & CO

Membership No. Membership No.

DIN 01670977 DIN 01765620 M No. A52365

^{Date: May 29}, ^{Date: May 29}, ^{Date: May 29}, Date: May 29 2025 Date: May 29, 2025

²0^{25 2}0^{25 2}0²⁵ Place: Nagpur Place: Mumbai

Place: Nagpur Place: Nagpur Place: Nagpur

---

Mar 31, 2024

1. Prior to financial year 23-24, Right of use asset has been clubbed along with Property Plant and Equipment. However, with effect from 1^st April 2023, the company has decided to present the Right of Use Asset on the face of the Standalone financial statements. Refer Note No 4(b) of the Standalone Financial statements.

2. Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment as recognised in the financial statements as at the date of transition after making necessary adjustments for de-commissioning liabilities. Accordingly, the Company has elected to measure all of its property, plant and equipment, at their Previous GAAP carrying value. However, the effect of the reduction in the Gross carrying amount and Accumulated depreciation of the same is given as at 1^st April 2022, considering it as prior period error amounting INR 16,380 lacs, in respect of assets existed as at 1^st April 2016.

3. The company has regrouped / reclassified the figures of Land as at April 01 2022 and rectified the classification as per Schedule III Division II.

Note 4(b) Right of Use Asset

The Company has entered into a lease-agreements with respect to land whereby the company has setup Auto LPG

and CNG stations on the respective land on PAN India basis. Generally, the range of lease period is 1-15 years.

• The changes in the carrying value of right-of-use assets as at March 31, 2024

Notes

1) The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.

2) As a practical expedient, the Company being a lessee elect not to assess whether a rent concession that meets the conditions of lease is a lease modification. The Company has accounted for any change in lease payments resulting from the rent concession in the statement of profit and loss account.

3) Disclosures for Some of the key disclosure requirements for lessee involves disclosing amounts relating to the reporting period for the following items:

Notes

1. The effective interest rate for lease liabilities is 10%.

2. Recognition of Right-of-use assets and Lease liability in accordance with Ind AS 116

The company has applied the Ind AS 116 for recognition of Right-of-use assets and Lease Liabilities as at the date of transition, whereby the Right-of-use asset would be depreciated over the lease term, the interest cost on lease liability would be unwound and charged to finance cost in the statement of profit & loss and the lease rentals actually paid would be charged against lease liability.

3. The Company had created Right of Use Asset "ROU" and Lease Liabilities in earlier years, however the rental amount and period of lease considered as erroneous. Similarly for some leases such ROU Asset and related liabilities were not recognized. During the year, Company re-computed such Right of Use Assets and related lease liabilities and consequential impact on security deposit during the year with effect from 1st April'' 2023, recognizing ROU of INR 16777 Lakhs, Lease Liabilities of INR 15909 Lakhs and consequential reduction in security deposits by INR 869 Lakhs. Consequent to the above the profit for the year is lower by Rs. 1384 lakhs.

As Total number of premises taken on lease is high and considering the volume and complexities involved

such re-computation was not done from 1st April 2019 being the date from which the Ind AS 116 has become operational.

4. During the year company has paid for the expenses relating to short term leases / the expense relating to leases of low value assets accounted for applying paragraph 6 which amounts to 2,148 lacs.

5. The expense with respect to unwinding of lease liabilities and amortization of Right of use Asset during the year ended March 31, 2024, March 31, 2023 and April 01, 2022 is as follows:

1. The bracket indicates figures of previous period.

2. * During financial year 22-23 the company has sold the entire investment in its subsidiary company to Gas Point Bottling Private Limited. With effect from financial year 22-23 this entity cease to be subsidiary entity.

3. During the year, to cater the demand for LPG bottling in southern region, company has invested in Evershine Petroleum Ltd for Rs 245 lakhs in exchange of 49% equity stake in the company.

4. Company has entered into multiple definitive agreements with BW LPG Limited and Ganesh Benzoplast Limited on 30th November 2023 for transaction of capital subscription and formation of joint venture for various business expansion projects proposed to be undertaken. Consequent to which the company has invested in BW Confidence Enterprises Pvt Ltd for Rs 250 lakhs in exchange of 50% equity stake in the company.

1) During the current year the company has regrouped / reclassified the figures of loan as at 31^st March 2024.

2) Loans are non-derivative financial assets which generate a fixed interest income for the Company. The carrying value may be affected by changes in the credit risk of the counterparties.

3) Non-Current loans to related parties pertain to funds advanced for business purpose.

4) Amount due by directors or other officers of the company or any of them either severally or jointly with any other persons or amounts due by firms or private companies respectively in which any director is a partner or a director or a member for the FY 2022-23 is INR 5,927 lacs and for FY 2021-22 is INR 3,092 lacs.

5) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person or entity, including foreign entities ("Intermediaries") with the understanding (whether recorded in writing or otherwise) that the Intermediaries shall, whether, directly or indirectly lend or invest in other persons / entities identified in any manner whatsoever by or on behalf of the Company (''Ultimate Beneficiaries'') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

6) The Company has not received any fund from any person(s) or entity(ies), including foreign entities ("Funding Party") with the understanding (whether recorded in writing or otherwise) that the Company shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries); or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

1. During the current year the company has regrouped / reclassified the figures of loan as at 31^st March 2024.

2. Amount due by directors or other officers of the company or any of them either severally or jointly with any other persons or amounts due by firms or private companies respectively in which any director is a partner or a director or a member for the current financial year is INR 13,685 lacs and in FY 2021-22 is INR 1,668 lacs.

3. Loans are non-derivative financial assets which generate a fixed interest income for the Company. The carrying value may be affected by changes in the credit risk of the counterparties.

4. Current loans to related parties pertain to funds advanced for business purpose.

5. The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person or entity, including foreign entities ("Intermediaries") with the understanding (whether recorded in writing or otherwise) that the Intermediaries shall, whether, directly or indirectly lend or invest in other persons / entities identified in any manner whatsoever by or on behalf of the Company (''Ultimate Beneficiaries'') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

6. The Company has not received any fund from any person(s) or entity(ies), including foreign entities ("Funding Party") with the understanding (whether recorded in writing or otherwise) that the Company shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries); or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

2. Rights, Preferences and Restrictions attached to shares

The Company has only one class of equity shares having face value of Rs. 1 each and the holder of the equity share is entitled to one vote per share. The dividend proposed by Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend if any. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company in proportion to the number of equity shares held.

3. Pursuant to the approval granted by the shareholder at the Annual General Meeting held on 30th September, 2022, and BSE & NSE in - principle approval received on 15th December, 2022. Board of Directors of the Company at its meeting held on 29th December, 2022, approved allotment of 20000000 warrants at a price of INR 63.50/- per warrant, convertible into 20000000 equity shares of Rs. 1/- each, on preferential basis, to the promoter/promoter group and others (i.e. persons/entities not forming part of the promoter and promoter group), in compliance with applicable provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended. Out of this, during the current financial year (23-24) 52,73,000 warrants has been converted into 52,73,000 number of shares of face value INR 1 each at a premium of INR 62.50 per share. Total amount of equity share capital issued against the conversion amounts to INR 53 lacs against which securities premium of INR 3,296 lacs has been accounted for FY 23-24

4. During the current financial year (23-24), with due approval from shareholders, company has allotted 2,82,29,120 Equity shares of INR 1 each at a premium of INR 87.60/- per share for consideration Rs 25011 lacs on a preferential basis by way of private placement to BW VLGC Pte. Ltd.

5. Allotment status of the earlier issued share warrants is yet to be updated on the BSE website leading to which updation of the allotment of shares to BW VLGC Pte. Ltd. is yet to be fulfilled.

1. The comparative information of standalone financial statements for the year ended March 31, 2023 and opening retained earnings on 1st April 2022 have been restated to correct the errors in accounting of the earlier periods as detailed herein below:

In the retained earnings as at 1st April 2022

Other Expenses - INR 46 lakhs

Reduction in Deferred Tax Liability - INR 153 lakhs

With consequential impact on net retained earnings on 1st April 2022 of INR 107 lakhs credit In the year 2022-23

Employee benefits expenses - INR 391 lakhs Finance cost - INR 33 lakhs Other Expenses - INR 356 lakhs in year Other income - INR 173 lakhs

Reduction in Revenue from operations - INR 394 lakhs Reduction in Deferred Tax Liability - INR 142 lakhs

With consequential impact on net retained earnings on 1st April 2023 INR 859 lakhs debit.

Along with the above impact there has been regrouping from Purchase of stock in trade to Finance Cost of 481 Lacs and from Employee Benefits to Other expenses of 1,485 Lacs.

2. The company has rectified the classification error in respect of amount received as share warrants recorded as share premium to the tune of INR 3125 lacs in financial year 22-23

3. During the current year company has derecognized the capital subsidy reserve of INR 45 lacs in order to comply with Ind AS 20 "Accounting for Government Grants and disclosure of Government Assistants"

4. During the financial year 23-24, the company has paid final dividend of INR 0.10 per share for the financial year 22-23 after approval of the shareholders in the last annual general meeting. Total dividend paid to shareholders for the financial 22-23 is INR 285 lacs

5. Board of directors have proposed a Final Dividend of INR 0.10 per share for the financial year 2023-24 to be paid upon approval from Shareholders in ensuing Annual General Meeting.

6. Pursuant to the approval granted by the shareholder at the Annual General Meeting held on 30th September, 2022, and BSE & NSE in - principle approval received on 15th December, 2022. Board of Directors of the Company at its meeting held on 29th December, 2022, approved allotment of 20000000 warrants at a price of INR 63.50/- per warrant, convertible into 20000000 equity shares of Rs. 1/- each, on preferential basis, to the promoter/promoter group and others (i.e. persons/entities not forming part of the promoter and promoter group), in compliance with applicable provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended. Out of this, during the current financial year (23-24) 52,73,000 warrants has been converted into 52,73,000 number of shares of face value INR 1 each at a premium of INR 62.50 per share. Total amount of equity share capital issued against the conversion amounts to INR 53 lacs and against which securities premium of INR 3,296 lacs has been accounted for FY 23-24.

7. During the current financial year (23-24), with due approval from shareholders, company has allotted 2,82,29,120 Equity shares of INR 1 each for consideration Rs 25011 lacs on a preferential basis by way of private placement to BW VLGC Pte. Ltd.

8. During the year company has received money against share warrants to the tune of 2511 lacs against 52,73,000 share warrants.

iii) During the year the company has received sanction with respect to Term loan of INR 15000 lacs from HDFC Bank

on January 19 2024 along with Cash credit limit of 1000 lacs and Non-fund-based limit of 6000 lacs, terms of which has not been finalised till date and the disbursement is yet to be received.

iv) 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.

Note

1. Recognition of Right-of-use assets and Lease liability in accordance with Ind AS 116

The company has applied the Ind AS 116 for recognition of Right-of-use assets and Lease Liabilities as at the date of transition, whereby the Right-of-use asset would be depreciated over the lease term, the interest cost on lease liability would be unwound and charged to finance cost in the statement of profit & loss and the lease rentals actually paid would be charged against lease liability.

2. The Company had created Right of Use Asset "ROU" and Lease Liabilities in earlier years, however the rental amount and period of lease considered as erroneous. Similarly for some leases such ROU Asset and related liabilities were not recognized. During the year, Company re-computed such Right of Use Assets and related lease liabilities and consequential impact on security deposit during the year with effect from 1st April'' 2023, recognizing ROU of INR 16777 Lakhs, Lease Liabilities of INR 15909 Lakhs and consequential reduction in security deposits by INR 869 Lakhs. Consequent to the above the profit for the year is lower by Rs. 1384 lakhs.

As Total number of premises taken on lease is high and considering the volume and complexities involved such re-computation was not done from 1st April 2019 being the date from which the Ind AS 116 has become operational.

1. Recognition of Right-of-use assets and Lease liability in accordance with Ind AS 116

The company has applied the Ind AS 116 for recognition of Right-of-use assets and Lease Liabilities as at the date of transition, whereby the Right-of-use asset would be depreciated over the lease term, the interest cost on lease liability would be unwound and charged to finance cost in the statement of profit & loss and the lease rentals actually paid would be charged against lease liability.

2. The Company had created Right of Use Asset "ROU" and Lease Liabilities in earlier years, however the rental amount and period of lease considered as erroneous. Similarly for some leases such ROU Asset and related liabilities were not recognized. During the year, Company re-computed such Right of Use Assets and related lease liabilities and consequential impact on security deposit during the year with effect from 1st April'' 2023, recognizing ROU of INR 16777 Lakhs, Lease Liabilities of INR 15909 Lakhs and consequential reduction in security deposits by INR 869 Lakhs. Consequent to the above the profit for the year is lower by Rs. 1384 lakhs.

3. As Total number of premises taken on lease is high and considering the volume and complexities involved such re-computation was not done from 1st April 2019 being the date from which the Ind AS 116 has become operational.

1) Dues to parties covered under the Micro, Small and Medium Enterprises as per MSMED Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

2) In the absence of due date of payment, the ageing is computed and prepared from the date of transaction.

1) During the current year the company has regrouped / reclassified the figures of Other current financial liability as at 31^st March 2024 / 31^st March 2023 / 01^st April 2022.

2) Cylinder 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 return. Such deposits were classified as noncurrent liability till financial year 2022-23. However, basis Opinion given by Expert Advisory Opinion in one of the matter referred to it by Oil PSU, such deposits are reclassified as Current Liabilities as the Company does not have unconditional right to defer settlement of the same upon demand from customers. As per past experience, it is observed that there is net increase in security deposits and refund claim from consumers is insignificant.

3) As per the terms and conditions of the agreement with the customer (GAIL), the company is required to collect money on behalf of the ultimate customers of GAIL and repatriate the same within the stipulated timeline.

1. Company has not recognized additional provident fund liability on revised basic wages as pronounced by Honourabl''e Supreme Court of India vide its order dated 28^th February 2019 wherein definition of "wages" was clarified to be inclusive of "Other Allowances". As per management''s assessment such liability is not required to be recognized since The Employees Provident Fund and Miscellaneous Provision Act 1952 Act is not amended updating the definition of wages. Further, assessment has been completed for the period April 2018 to March 2022 by the department.

1. The company operates in one geographical location and its entire revenue is generated from India.

2. Amount from revenue from operations does not include Goods and Services Tax.

3. Revenue from operations includes only the gross increase in the economic benefits occurring to the entity on its own account and does not include amount collected in capacity as a agent or on behalf of the third party.

4. Job work charges include INR 214 lacs on account of unbilled revenue against which the performance obligation has already been satisfied prior to 31^st March 2024 and the same is invoiced in the financial year 2425.

5. Job work charges includes fillings charges, plant operation and maintenance charges, service charges, testing charges, labour charges, repair charges, technical services fees, transportation charges and other associated services.

6. Revenue from operations is recognized after reduction of volume discount, price variation & any other benefit given to customer directly or indirectly.

7. Information about major customer

No single customer represents 10% or more of the company''s total revenue for the years ended 31^st March 24 and 31^st March 2023 respectively.

8. Segment Information

The company publishes the standalone financial statements of the company along with the consolidated financial statements. In accordance with the Ind AS 108 "Operating Segments", the company has disclosed the segment information in the Consolidated Financial statement.

9. The transaction price / sale price does not include significant financing component.

1. During the current year the company has regrouped / reclassified the figures of employee benefits as at 31^st March 2024.

2. Company has not recognized additional provident fund liability on revised basic wages as pronounced by Honourabl''e Supreme Court of India vide its order dated 28^th February 2019 wherein definition of "wages" was clarified to be inclusive of "Other Allowances". As per management''s assessment such liability is not required to be recognized since The Employees Provident Fund and Miscellaneous Provision Act 1952 Act is not amended updating the definition of wages. Further, assessment has been completed for the period April 2018 to March 2022 by the department.

Note 37 Contingent Liabilities and Commitments
		(Figures in INR Lacs)
		AS AT
Particulars	31.03.2024	31.03.2023	01.04.2022
		(Restated)	(Restated)
(A) Claims against the company / disputed liabilities not
acknowledged as debts
1. Income Tax Demand (Refer Note No. 3 below)	189	88	1,988
2. Sales Tax Assessment C form demand	-	25	135
3. TDS Demand	7	7	7
4. Penalty imposed by Competition commission of India (Refer Note no. 1 below)	284	34	-
5. Contractual Claims from Client (Refer Note. No 2 below)	64	-	-
(B) Guarantees excluding financial guarantees
1. Corporate Guarantee issued to bankers of subsidiaries	14,097	14,097	13,347
(C) Other money for which the company is contingently
liable
Total	14,641	14,251	15,477
Commitments
(A) Estimated amount of contracts remaining to be executed on capital account and not provided for	739	-
(B) Uncalled liability on shares and other investments
partly paid
(C) Other Commitments (Revenue)	1,826	-
Total	2,565	-

Note

(1) The Competition Commission has initiated case in FY 2019-20 /against company and other cylinder manufactures imposing penalty of INR 284 lacs against CPIL and INR 0.31 Lacs against directors. Against which the company has deposited INR 34 Lacs against the dispute. The company has filed an appeal and is expecting favorable verdict as was in earlier case as grounds of the new case is similar to earlier one.

(2) Contractual claims from client includes amount pertaining to proposed (claim) as per the contractual terms for the delay in the execution of the pumps. The company has not received any claims from customer and is not expecting any future claims in this regard.

(3) The Income tax demand pertains to assessment year 20-21 against which the company has filed appeal with Commissioner appeals. The demand majorly comprises of the disallowance of the Employees contribution to the Provident Fund consequent to the delay in the payment. The company is expecting favorable verdict.

Note 42 Corporate Social Responsibility

As per section 135 of the Companies Act 2013, read with guidelines issued by the department of Public Enterprises, GOI, the company is required to spent, in every financial year, at least two per cent of the average net profits pf the company made during the three immediately preceding financial years in accordance with its CSR policy. The details of CSR expense for the year are as under.

Note 43 Financial Risk Management

The Company''s activities expose it to the following risks:

A. Credit Risk

B. Liquidity Risk

C. Market Risk

A. Credit Risk

Credit Risk is the risk that counter party will not meet its obligations under a financial instruments or customer contract leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables and unbilled revenue) and from its financing activities including deposits with banks and financial institutions, investments, foreign exchange transactions and other financial instruments.

i. Trade receivables

Credit risk is managed by each business unit subject to the Company''s established policy, procedures and control relating to customer credit risk management. Outstanding customer receivables are regularly monitored.

The impairment analysis is performed at each reporting date on an individual basis for clients. The maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets. The Company does not hold collateral as security.

ii. Financial instruments and deposits with banks

Credit risk is limited as we generally invest in deposits with banks and financial institutions with high credit ratings assigned by international and domestic credit rating agencies. Counterparty credit limits are reviewed by the Company periodically and the limits are set to minimize the concentration of risks and therefore mitigate financial loss through counterparty''s potential failure to make payments.

B. Liquidity Risk

Liquidity is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company''s treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the Company''s net liquidity position through rolling forecasts on the basis of expected cash flows.

The Company''s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The Company believes that the cash and cash equivalents is sufficient to meet its current requirements. Accordingly, no liquidity risk is perceived.

The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the obligations related to lease liabilities as and when they fall due.

C. Market Risk

Foreign exchange rates

The Company have balances in foreign currency and consequently the Company is exposed to foreign exchange risk. The exchange rate between the rupee and foreign currencies has changed substantially in recent years, which has affected the results of the Company, and may fluctuate substantially in the future. The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk management policies.

Interest rate

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company''s exposure to the risk of changes in interest rates relates primarily to the Company''s debt obligations with floating interest rates. The Company''s borrowings are short term / working capital in nature and hence is not exposed to significant interest rate risk.

Note 44 Capital Risk Management

The Company''s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders and maintain an optimal capital structure to reduce the cost of capital.

The Financial Instruments are categorized in two level based on the inputs used to arrive at fair valuemeasurement as described below

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Note 51

The Board Meeting was held on 30th May 2024 however it is concluded on 2^nd June 2024 which is in deviation from regulation 33 of SEBI LODR Regulation.

Note 52 Other Statutory Information:

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.

(ii) The Company does not have any transactions with companies struck off.

(iv) The Company have not traded or invested in Crypto currency or Virtual Currency during the financialyear for the year ended March 31, 2023

(v) The Company have not advanced or given loan or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the company (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(vi) The Company have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:

(a) directly or indirectly lend or invest in other persons or entities identified in any mannerwhatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(vii) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).

(viii) The Company has not been declared as Willful defaulter by any Banks, Financial institution or other lenders.

Note 53

The quarterly returns/statements filed by the Company with such banks are in agreement with the books of accounts of the Company except to the extent of work in progress which has been recorded in books as at the end of the year.

Note 54 Standards issued but not effective

Ministry of Corporate Affairs ("MCA") notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. For the year ended March 31, 2024, MCA has not notified any new standards or amendments to the existing standards applicable to the Company

Note 55

Previous year figures have been regrouped / reclassified to the extent practicable to make them comparable with current year figures

Note 56

Restatement of Balance Sheet / Financial Statements and its disclosure under IND AS

As per Ind AS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" company has retrospectively restated certain items of Balance sheet and Profit and Loss. The comparative figures of Financial Year 2022-23 & FY 2021-22 has been restated in compliance to IND AS. A reconciliation statement stating difference between old figures and newly adopted figures is also attached herewith.

Note

1. The comparative information of standalone financial statements for the year ended March 31, 2023 and opening retained earnings on 1st April 2022 have been restated to correct the errors in accounting of the earlier periods as detailed herein below:

In the retained earnings as at 1st April 2022

Other Expenses - INR 46 lakhs

Reduction in Deferred Tax Liability - INR 153 lakhs

With consequential impact on net retained earnings on 1st April 2022 of INR 107 lakhs credit In the year 2022-23

Employee benefits expenses - INR 391 lakhs Finance cost - INR 33 lakhs Other Expenses - INR 356 lakhs in year Other income - INR 173 lakhs

Reduction in Revenue from operations - INR 394 lakhs Reduction in Deferred Tax Liability - INR 142 lakhs

With consequential impact on net retained earnings on 1st April 2023 INR 859 lakhs debit.

Along with the above impact there has been regrouping from Purchase of stock in trade to Finance Cost of 481 Lacs and from Employee Benefits to Other expenses of 1,485 Lacs.

2. The company has rectified the classification error in respect of amount received as share warrants recorded as share premium to the tune of INR 3125 lacs in financial year 22-23

3. During the current year company has derecognized the capital subsidy reserve of INR 45 lacs in order to comply with Ind AS 20 "Accounting for Government Grants and disclosure of Government Assistants"

4. The company has regrouped / reclassified the figures of Land as at April 01 2022 and rectified the classification as per Schedule III Division II.

---

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.

---

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.

---

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.

---

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.

---

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.

---

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.

---

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

---

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.

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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.