| 1. Other disclosures
1.1. Financial statements of the Company have been prepared ongoing
concern basis' despite:
a. Complete erosion of net worth as at 31 March 2014;
b. Current liabilities exceeded the current assets by Rs.336.31 Lakhs
at 31 March 2014; and
c. Uncertainty associated with the operations of the company.
1.2. Contingent Liabilities not provided for in respect of:
Particulars As at As at
31 March 2013 31 March 2014
i) Bank Guarantees issued by Bankers 26,00,000 37,20,000
ii) Claims made by dealers/distributors 5,94,315 5,94,315
not acknowledged by the Company
1.3. Interest accrued and due on Distributor/Dealer deposits
In view of the Company's adverse financial position, interest payable
to various distributors and dealers on their deposits would be
negotiated with them for waiver. Hence, no provision is made for
interest for the current year amounting to Rs.6,34,899/-(Previous year:
Rs.6,40,343/-) and interest for earlier years amounting to
Rs.78,05,598/. Had the interest provision been made, the profit for the
current year would have been less by Rs.6,34,899./- and current
liabilities would have been more by Rs.84,40,497/-.
1.4. Claims receivable (included under other current assets)
Claims receivable are the minimum commitment charges and the
operational loss upto 31-03-2013 in respect of Aurangabad bottling
plant, collectible from the operations Agent.
1.5. Additional information
a. Value of imports calculated on C.I.F basis during the financial
year: The Company has no imports for the current financial year and the
previous year to report.
b. Expenditure in foreign currency during the financial year on account
of: The Company has no expenditure in foreign currency for the current
financial year and the previous year to report.
c. Earnings in foreign exchange:
The Company has no earnings in foreign exchange for the current
financial year and the previous year to report.
d. The value of consumption of imported and indigenously obtained raw
materials, stores and spare parts and the percentage of each to the
total consumption:
2. Disclosures in accordance with the requirements of Accounting
Standards stated under the Companies (Accounting standards) Rules 2006.
The Company has made disclosures in accordance with the accounting
standards as applicable for the year under report.
2.1. Segment Reporting
The Company operates only in one business segment namely, sale of gas
and hence the requirements of AS - 17 are not applicable.
3. Taxes on income
3.1. Current Tax
Provision for current tax is not made, in view of the brought forward
unabsorbed depreciation and business loss, in accordance with the
provisions of the Income-tax Act, 1961 as well as book profits tax
under Section 115JB of the Income-tax Act, 1961.
3.2. Deferred tax
In view of the absence of reasonable certainty that sufficient future
taxable income will be available against which deferred tax asset can
be realized, the Company has considered it prudent not to provide for
deferred tax asset of Rs.4.81 crores (Previous Year Rs. 4.84 crores),
in accordance with Accounting Standard - 22, Accounting for taxes on
income, resulted on account of brought forward losses and unabsorbed
depreciation.
4. Dues to Micro, Small and Medium Enterprises
On the basis of details furnished by the suppliers, there are no
amounts to be reported as dues to micro, small and medium enterprises
as required under section 22 of the Micro, Small and Medium Enterprises
Development Act, 2006 (`MSMED Act').
5. Previous Year's figures
Previous Year's figures have been reclassified, wherever necessary so
as to conform with the requirements of the Revised Schedule VI to the
Companies Act, 1956.
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