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 1st 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 31st March 25 and 31st
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 28th 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 31st 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
2025 2025 2025 Place: Nagpur Place: Mumbai
Place: Nagpur Place: Nagpur Place: Nagpur
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