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1. CONTINGENT LIABILITIES (Rs.in,000s)
As on As on
31.03.2014 31.03.2013
Differential Customs Duties demanded by
Customs authorities pending in Appeals 352.77 352.77
2. As the operations of the company by way of Bottling of LPG are
going on and as the company has various new scheme of activities and
plans for the future, the accounts of the Company for the year are
drawn up on going concern basis.
3. Balances standing to the debit/credit of parties are subject to
reconciliation by the company confirmation by them and review by the
Company.
4. "Other Non-Current Assets" represent amount encashed by The Kerala
State Co-operative Consumer Federation Ltd. from State Bank of
Hyderabad and Punjab National Bank by invoking guarantees given in
their favour by the company and are considered good and recoverable by
the Company, and the Company has filed a suit for the recovery of the
amount.
5. The Company is entitled for deferred payment of Sales tax due to
Government of Andhra Pradesh under New Comprehensive Scheme of State
Incentives, 1992 (NCSSI) for Kakinada Unit. Such deferred amount is
payable by the company at the end of 10 years. Under the Scheme, the
company has deferred payment of a sum of Rs.283.67 Lakhs to the
Government of Andhra Pradesh and the same is shown under "Long Term
Borrowings Loans".
6. All Current Assets as at 31.03.2014 have a value on realization in
the ordinary course of business atleast value equal to amounts at which
they have been stated in the Balance Sheet as on that date.
7. Investments (Schedule V) of the Company are long-term investments.
Hence, no provision is made for diminution in the value of Investments
as it is temporary.
(I) The company is organized into two main business segments namely
Liquefied Petroleum Gas -Comprising of Bulk and Packed LPG -- Auto
Conversion Kits- LPG conversion kits for three wheelers Segments have
been identified and reported taking into account the nature of products
and services, the differing risks and returns, the organization
structure, and the Internal financial reporting system
(ii) Segment Revenue in each of the above domestic business segments
primarily includes sales and bottling charges
(iii) Segment revenue, results, assets and liabilities include the
respective amounts identifiable to each of the segments and amounts
allocated on a reasonable basis.
8. Related Party Disclosures:
Related party disclosures, as required by Accounting Standard 18,
"Related Party Disclosures" issued by the institute of Chartered
Accountants of India are given below:
(2) Related parties :
a) M/s. Shri Shakti Resorts & Hotels Limited
b) M/s. Shri Shakti Cylinders Private Limited
The company during the year had no transactions with the above related
parties.
9. Previous Year's figures have been re-grouped/re-classified/re-
stated as far as practicable and wherever necessary to confirm with
current year presentation.
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