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Gagan Gases Ltd.

BSE: 524624 Sector: Industrials
NSE: N.A. ISIN Code: INE076D01016
BSE LIVE 15:02 | 23 Oct 6.17 0.12
(1.98%)
OPEN

6.17

HIGH

6.17

LOW

6.17

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 6.17
PREVIOUS CLOSE 6.05
VOLUME 18
52-Week high 7.25
52-Week low 4.49
P/E 88.14
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 6.17
Sell Qty 302.00
OPEN 6.17
CLOSE 6.05
VOLUME 18
52-Week high 7.25
52-Week low 4.49
P/E 88.14
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 6.17
Sell Qty 302.00

Gagan Gases Ltd. (GAGANGASES) - Auditors Report

Company auditors report

To THE MEMBERS OF GAGAN GASES LIMITED.

Report on the Financial Statements

We have audited the accompanying financial statements of GAGAN GASES LIMITED("the company") which comprise the Balance Sheet as at 31 March 2015 theStatement of Profit and Loss the Cash Flow Statement for the year ended and a summary ofsignificant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters in section 134(5)of the Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of internal financial control thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by Company’s Directors as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India;

a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2015;

b) In the case of the Statement of Profit and Loss of the profit for the year ended onthat date; and

c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report ) Order 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act a statement on the matters specified in the paragraph 3 and 4 ofthe Order is given in Annexure.

2. As required by section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books (and proper returns adequatefor the purposes of our audit have been received from the branches not visited by us)

c) the Balance Sheet the Statement of Profit and Loss and Cash Flow Statement dealtwith by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e) There is nothing to disclose which is having adverse effect on the functioning ofthe company.

f) On the basis of written representations received from the directors as on 31 March2015 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2015 from being appointed as a director in terms of Section 164(2) of theAct.

Forming an Opinion and Reporting on Financial Statements

FOR DILIP K. NEEMA & ASSOCIATES
Chartered Accountants
(CA. Dilip Neema)
Place : Indore M. No.: 074067
Date : 30/05/2015 FRN: 005279C

ANNEXURE TO THE AUDITORS’ REPORT

The Annexure referred to in our report to the members of Gagan Gases Limited for theyear ended on 31.03.2015. We report that:

(i) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets; These fixed assets lying at office andfactory have been physically verified by the management at reasonable intervals; No anymaterial discrepancies were noticed on such verification

(ii) Physical verification of inventory has been conducted at reasonable intervals bythe management; The procedures of physical verification of inventory followed by themanagement is reasonable and adequate in relation to the size of the company and thenature of its business. The company is maintaining proper records of inventory ; Nomaterial discrepancies were noticed on physical verification done by the management ;

(iii) The company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the Companies Act;

(iv) There is an adequate internal control system commensurate with the size of thecompany and the nature of its business for the purchase of inventory and fixed assets andfor the sale of goods and services ;

(v) The company has not accepted deposits other than its directors and has followed thedirectives issued by the Reserve Bank of India and the provisions of sections 73 to 76 orany other relevant provisions of the Companies Act and the rules framed there under;

(vi) On the basis of information given by the management maintenance of cost recordshas not been specified by the Central Government under sub-section (1) of section 148 ofthe Companies Act for the company;

(vii) The company is regular in depositing undisputed statutory dues with theappropriate authorities;

(viii) The accumulated losses of the company at the end of the financial year are notless than fifty per cent of its net worth . It has not incurred cash losses in currentfinancial year but has incurred cash losses in immediately preceding financial year;

(ix) The company do not have loan from any financial institution or bank or debentureholders hence clause not applicable for comment;

(x) We are informed that the company has not given any guarantee for loans taken byothers from bank or financial institutions;

(xi) The company has not obtained term loans hence clause not applicable for comment.

(xii) The company has not noticed or reported any fraud on or by the company during theyear under audit .

Forming an Opinion and Reporting on Financial Statements

FOR DILIP K. NEEMA & ASSOCIATES
Chartered Accountants
Place : Indore
Date : 30/05/2015 (CA. Dilip Neema)
M. No.: 074067
FRN: 005279C