a. Terms/ rights attached to equity shares
The company has only one class of equity shares having a face value of
Rs. 10 per share. Each holder of equity share is entitled to one vote
per share. The dividends recommended by the Board of Directors if any,
are subject to the approval of the shareholders in the ensuing Annual
General Meeting.In the event of liquidation of the Company, the equity
share holders are entitled to receive the remaining assets of the
Company after distribution of all preferential claims, in proportion to
the number of shares held.
1. Other disclosures
1.1. The accounts have been prepared on ‘going concern basis''
despite complete erosion of net worth and uncertainly associated with
the operations of the company.
1.2. Contingent Liabilities not provided for in respect of:
Particulars As at 31 March 2012 As at 31 March 2011
i) Bank Guarantees issued by Bankers 11,20,000 11,20,000
ii) A claim made by a Civil Contractor at Baroda, , as the matter is
pending in Civil Court. 1,11,00,000 1,11,00,000
iii) Claims made by dealers/distributors not acknowledged by the
Company 5,94,315 5,94,315
1.3. Interest accrued and due on trade 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.6,41,221/-(Previous year:
Rs.6,46,801/-) and interest for earlier years amounting to
Rs.65,24,034/. Had the interest provision been made, the profit for the
current year would have been less by Rs.6,41,221/- and current
liabilities would have been more by Rs.71,65,255/-.
1.4. Claims receivable (included under other current assets)
During the year, the Company has recognized Rs.4,18,024 (previous year:
Rs 5,34,886) as income, which is the minimum commitment charges and the
operational loss in respect of Aurangabad bottling plant, collectible
from the operating Agent.
1.5. Current tax
Despite of book profits during the year, no tax liability arises in
view of the accumulated losses and unabsorbed depreciation of earlier
1.6. Additional information
a. Value of imports calculated on C.I.F basis during the financial
The Company has no imports for the current financial year and the
b. Expenditure in foreign currency during the financial year on
The Company has no expenditure in foreign currency for the''current
financial year and the previous year.
c. Earnings in foreign exchange:
The Company has no earnings in foreign exchange for the current
financial year and the previous year.
d. The value of consumption of imported and indigenously obtained raw
materials, stores and spare parts and the percentage of each to the
1.7. Disclosures in accordance with the requirements of Accounting
a. Segment Reporting
The Company operates only in one business segment namely, sale of gas
and hence the requirements of AS - 17 are not applicable.
b. Related Party Disclosures '' ''
The Related party disclosures as required by AS - 18 are given below:
''Director''s remuneration as approved in the earlier Annual General
Meeting effective from 01.08.2009 @ Rs.25,000/- RM. amounting to Rs.
17,50,000/- upto 31st March, 2012 (previous year Rs.14,50,000/-) is not
provided for in the books, pending approval from the Central
d. Taxes on income
In view of substantial unabsorbed depreciation and the uncertainty
associated with the operations Of the Company, it is considered
appropriate not to provide for deferred tax asset of Rs. 4.82 crqres
(Previous Year: Rs. 5.13 crores), in accordance with Accounting
Standard — 22, ‘Accounting for taxes on income''.
1.8. Previous Year''s figures
Previous Year''s figures have been reclassified, wherever necessary so
as to confirm with the requirements of the Revised Schedule VI to the
Companies Act, 1956.