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Confidence Petroleum India Ltd.

BSE: 526829 Sector: Others
NSE: CONFIPET ISIN Code: INE552D01024
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OPEN 49.25
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VOLUME 16745
52-Week high 95.40
52-Week low 44.20
P/E 16.87
Mkt Cap.(Rs cr) 1,360
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 49.25
CLOSE 47.95
VOLUME 16745
52-Week high 95.40
52-Week low 44.20
P/E 16.87
Mkt Cap.(Rs cr) 1,360
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Confidence Petroleum India Ltd. (CONFIPET) - Director Report

Company director report

To

The Members

Confidence Petroleum India Limited

Your Directors are pleased to present the Twenty Seventh (27th) AnnualReport of Confidence Petroleum India Limited (the Company or CPIL) along with theaudited financial statements for the financial year ended March 31 2021. The consolidatedperformance of the Company and its subsidiaries has been referred to wherever required.The summarized results for the year ended 31st March 2021 are as under.

1. FINANCIAL RESULTS ( Standalone and Consolidated)

The performance of the Company for the financial year ended 2020-21 issummarized below:

(Rs. In Lakhs)

Previous Year Current Year
Standalone Consolidated Particulars Standalone Consolidated
2019-20 2019-20 2020-21 2020-21
98579.12 107777.51 Net Revenue from operations 77997.90 86310.01
380.30 430.35 Add: Other Income 161.68 282.77
86500.69 95117.42 Less: Expenditure 66364.29 74208.98
12458.73 13090.44 Operating Profit (PBIDT) 222.82 222.82
897.26 1160.81 Less: Interest & Financial Charges 689.54 861.35
4942.11 5120.87 Less: Depreciation 5004.21 5219.10
6619.35 6808.76 Profit Before Tax & Exceptional Item 222.82 6302.96
0 0 Less : Exceptional Item 0 0
0 0 Less : Extraordinary Item 0 0
6619.35 6808.76 Profit Before Tax 222.82 6302.96
Less: Provision for Taxation:
1329.42 1370.74 1) Current Tax: 1679.60 1711.25
325.42 326.14 2) Deferred Tax: (154.22) (151.93)
4964.51 5245.41 Profit after Tax (after Minority Interest) 4576.14 4907.35
1.81 1.76 Earnings Per Share (EPS) 1.61 1.73
1.75 1.76 Diluted 1.61 1.73

2. FINANCIAL PERFORMANCE AND THE STATE OF THE COMPANY'S AFFAIRS

2.1 COMPANY'S PERFORMANCE (STANDALONE & CONSOLIDATED)

The revenue for the year was mainly impacted due to Covid-19 pandemicwhich leds to lockdown in many parts of the Country disrupting the operations andexecution of business activities of the company.

During the financial year 2020-21 revenue from operations onstandalone basis decreased to Rs. 779.97 crores against Rs. 985.79 Crores the previousyear. The Profit After Tax for the current year is Rs. 45.76 crores against Rs. 49.64crores in the previous year.

During the financial year 2020-21 revenue from operations onConsolidated basis decreased to Rs. 863.10 Crore as against Rs. 1077.77 crores in theprevious year. The Profit After Tax (after minority interest) for the current year is Rs.49.07 crores against Rs. 52.45 crores in the previous year.

2.2 ANNUAL PERFORMANCE

Details of the Company's annual financial performance as published onthe Company's website and presented during the Analyst Meet after declaration of annualresults; can be accessed on the Company's website.

2.3 COMPANY'S AFFAIRS/ CURRENT BUSINESS

Due to COVID-19 the imposition of lockdown resulting to closure ofcommercial & industrial activities and thereafter strict restrictions on working hoursthe FY2020-2021 a challenging period for us. However we stood up on the face of thechallenge actively took to reducing costs improve penetration of the brand in smallertowns keeping our operations lean leverage technology and optimizing working capital. Weare also resumed work on additional Auto LPG sites which were on hold due to thepandemic. To expand our network we have started giving franchisees in the format ofDealer Owned Dealer Operated (DODO) stations. Within the packed cylinder business we haveexpanded our network of Packed Cylinder retail dealers to 2000+.Within the cylindermanufacturing business the Company expects the orders which were on hold to be releasedsoon as well as new orders due to Ujwalla 2.0 recently launched by the CentralGovernment.

3. DIVIDEND

The Board of Directors has recommended a dividend of 10% i.e. Rs.0.10/-(Rupees Ten Paisa only) per equity share of Rs. 1/- (One rupees) each fully paid-upof the Company. Dividend is subject to approval of members at the ensuing annual generalmeeting and shall be subject to deduction of income tax at source. The dividendrecommended is in accordance with the Company's Dividend Distribution Policy. The DividendDistribution Policy of the Company is available on the Company's website.

4. COVID-19 PANDEMIC

The second wave in Covid-19 caused fear economic uncertainty anddisruptions continue to impact the already fragile business environment and ouroperations the full impact of this cannot be assessed at this point of time. Howeverthis does not affect the going concern status of the Company. It is focused on controllingthe fixed costs maintaining liquidity and closely monitoring the supply chain to ensurethat the manufacturing facilities operate smoothly

5. SHARE CAPITAL

During the Financial Year 2020-21 the Company has converted10176923 Convertible warrant at Rs. 52 (Including Rs. 51 as Premium) into 10176923Equity Shares of Rs. 1 Each. The allotment were made to Gaspoint Petroleum India Limitedand ESSENN LPG Bottling Private Limited on dated 14th March 2021 The Paid up sharecapital of the Company has increase from Rs. 273835000 to Rs. 284011923. The companyhas utilized the fund raised from preferential issues for the expansion of the business.

6. TRANSFER TO RESERVES

The Company has not transferred any amount to the Reserves for the yearended 31st March 2021.

7. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OFTHE COMPANY BETWEEN THE END OF THE FINANCIAL YEAR AND THE DATE OF THE REPORT

Other than stated elsewhere in this report there are no materialchanges and commitments affecting the financial position of the Company between the end ofthe financial year and the date of this report.

8. PUBLIC DEPOSITS

The Company has not accepted deposits from the public falling withinthe ambit of Section 73 of the Companies Act 2013 and the rules framed thereunder duringthe year under review. The Company does not have any unclaimed deposits as of date.However the company has deposit on Cylinders from new customers and these deposits aresecured against cylinders supplied to them.

9. RELATED PARTY TRANSACTIONS

All contracts / arrangements /transactions entered by the Companyduring the financial year with related parties were in its ordinary course of business andon an arm's length basis. During the year the Company had not entered into any contract /arrangement/ transaction with related parties which could be considered material inaccordance with the policy of the Company on materiality of related party transactions orwhich is required to be reported in Form No. AOC- 2 in terms of Section 134(3) (h) readwith Section 188 of the Act and Rule 8(2) of the Companies (Accounts) Rules 2014.ThePolicy on Materiality of Related Party Transactions and on dealing with Related PartyTransactions as approved by the Board is available on the Company's website.

The Company has taken the omnibus approval for entering into relatedparty transaction which are repetitive in nature and subject to certain criteria/conditions as required under the Companies (Meeting of Board and its Powers) Rules 2014and SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 from theAudit Committee. The Audit Committee has taken the cognizance of related party transactionduring the year under review.

Particulars of contracts or arrangements with Related Parties referredin Section 188(1) of the Companies Act 2013 in the prescribed Form AOC-2 is annexed tothe Board Report.

10. SUBSIDIARIES AND ASSOCIATE COMPANIES

A statement containing the salient features of financial statements ofsubsidiaries/ joint venture companies of the Company in the prescribed Form AOC - 1 formsa part of Consolidated Financial Statements (hereinafter referred to as "CFS")in compliance with Section 129(3) and other applicable provisions if any of the Act readwith Rules.

The Company has 12 (twelve) subsidiaries as on March 31 2021. Thereare 5 (Five) associates or joint venture companies within the meaning of Section 2(6) ofthe Companies Act 2013 ("Act"). There has been no material change in the natureof the business of the subsidiaries.

In accordance with Section 136 of the Act the audited financialstatements including the CFS and related information of the Company and the financialstatements of each of the subsidiary and associate companies are available on ourwebsite.

The Company does not have a material subsidiary.

11. CORPORATE GOVERNANCE

CPIL is committed to maintain the highest standards of CorporateGovernance and adheres to the Corporate Governance requirements set out by the Securitiesand Exchange Board of India ("SEBI"). The report on Corporate Governance asstipulated under the Listing Regulations forms part of the Annual Report. Certificate fromthe Auditors of the Company confirming compliance with the conditions of CorporateGovernance is attached to the report on Corporate Governance.

A Certificate of the CEO and CFO of the Company in terms of ListingRegulations inter-alia confirming the correctness of the financial statements and cashflow statements adequacy of the internal control measures and reporting of matters to theAudit Committee is also annexed.

12. MANAGEMENT DISCUSSION AND ANALYSIS [MDA] REPORT

In terms of Regulation 34(2)(e) of the Listing Regulations 2015 readwith other applicable provisions the detailed review of the operations performance andfuture outlook of the Company and its business is given in the Management Discussion andAnalysis Report which forms part of this Annual Report and is incorporated herein byreference and forms an integral part of this report.

13. COMPLIANCES WITH RESPECT TO INDEPENDENT DIRECTORS

Pursuant to Section 149(7) of Companies Act 2013 and Regulation 25 ofSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 declaration(s)by all the Independent Director(s) have been obtained stating that they meet the criteriaof independence as provided in Section 149(6) of the Companies Act 2013 and Regulation16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.

The Independent Directors as appointed by the Board possess variousskills/ expertise which are required for the Directors in the context of the Company'sbusiness for effective functioning such as Leadership Technology & Operationalexperience strategic planning Financial Regulatory Legal and Risk Management Industryexperience Research & Development and Global business. Further all the IndependentDirectors are complying with the provisions of Section 150 of the Companies Act 2013 readwith The Companies (Appointment and Qualifications of Directors) Rules 2014.

14. FAMILIARIZATION PROGRAMME AND TRAINING OF INDEPENDENT DIRECTORS

All new Independent Directors inducted in to the Board attend anorientation programme. The Company has well-defined Training Program for training to BoardMembers which inter-alia include the various familiarization programs in respect of theirroles rights responsibilities in the Company nature of the industry in which Companyoperates business model of the Company etc. Further at the time of the appointment ofIndependent Director the Company issues a formal letter of appointment outlining his/ herroles responsibilities. functions duties remuneration and other terms and conditions.

15. CEO/ CFO CERTIFICATION

As required under Regulation 17(8) read with Schedule II of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 the CEO/ CFOcertification is attached with the annual report.

16. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTSOR TRIBUNALS

During the year under review there were no significant and materialorders passed by the regulators or courts or tribunals which may impact the going concernstatus of the Company and its operations in future.

The Competition Commission of India has taken up a case in FY 2012-13against all cylinder Manufacturers regarding bid rigging and imposed a penalty of Rs.27.36 Crs. The Case has been adjudged by Honorable Supreme Court finally decided in favourof company and no penalties against this order is payable by the company. The CompetitionCommission has further initiated fresh case in FY 2019-20 against company and othercylinder manufactures imposing penalty of Rs. 2.84 Crs against CPIL and Rs. 31 thousandagainst directors. The company has filed an appeal and is expecting favourable verdict aswas in earlier case as grounds of the new case is similar to earlier one.

17. DISCLOSURE OF FRAUDS IN THE BOARD'S REPORT U/S 143 OF THE COMPANIESACT 2013

During the year under review your Directors do not observe anytransactions which could result in a fraud. Your Directors hereby declares that theCompany has not been encountered with any fraud or fraudulent activity during theFinancial Year 2020-21.

18. MEETINGS OF THE BOARD

10 (Ten) meetings of the Board were held during the year underreview. For details of meetings of the Board please refer to the Corporate GovernanceReport which is a part of this report.

19. COMMITTEES OF THE BOARD

The Committees of the Board focus on certain specific areas and makeinformed decisions in line with the delegated authority. The following statutoryCommittees and other committee constituted by the Board function according to theirrespective roles and defined scope:

Audit Committee of Directors Nomination and Remuneration CommitteeCorporate Social Responsibility Committee Stakeholders Relationship Committee ManagementCommittee Allotment Committtee

Details of composition terms of reference and number of meetings heldby respective committees are given in the Report on Corporate Governance which forms apart of this Report. Further during the year under review all recommendations made bythe Audit Committee have been accepted by the Board.

20. VIGIL MECHANISM

CPIL believes in the conduct of the affairs of its constituents in afair and transparent manner by adopting the highest standards of professionalism honestyintegrity and ethical behaviour. In line with the Code of Conduct (‘COC') any actualor potential violation howsoever insignificant or perceived as such would be a matter ofserious concern for the Company. The role of the employees in pointing out such violationsof the COC cannot be undermined.

Pursuant to Section 177(9) of the Act a vigil mechanism wasestablished for directors and employees to report to the management instances of unethicalbehaviour actual or suspected fraud or violation of the Company's code of conduct orethics policy. The vigil mechanism provides a mechanism for employees of the Company toapproach the Chairperson of the Audit Committee of the Company for redressal.

Directors employees and external stakeholders can report their genuineconcerns either in writing or by email to the Chairperson of the Ethics Committee or tothe Internal Auditor or to the Chairperson of the Audit Committee. A report on functioningof the mechanism including the complaints received and actions taken is presented to theAudit Committee on a quarterly basis.

The Whistle-Blower Policy is available on the Company's website.Detailed updates on the functioning of the WhistleBlower Policy and compliance with theCode of Conduct have also been provided in the Report on Corporate Governance.

21. LISTING OF SHARES

The Equity Shares of the company are listed on Bombay Stock ExchangeLtd and National Stock Exchange of India Limited. The Company has paid Annual Listing Feesto the stock exchange for the Financial Year 2020-21.

22. DIRECTORS & KMP

22.1 CHANGE IN BOARD COMPOSITION

During the period of review there is no change in the Composition ofthe Board.

However after the end of the FY 20-21 till the date of ensuing AGMthere are changes in the Composition of Board. Mr. RAJKUMAR GOBINDLAL VARMA ceases to bethe Independent Director of the Company w.e.f. 28/05/2021. Further Mr. RATNESH KUMAR (DIN:03158432) and VANDANA GUPTA (DIN: 00013488) are appointed as Additional Director of theCompany w.e.f. 28/05/2021.

22.2 RETIREMENT BY ROTATION:

In accordance with the provisions of section 152(6) of the Act and interms of Articles of Association of the Company Mr. Elesh Khara (DIN: 01765620) willretire by rotation at the ensuing Annual General Meeting and being eligible offershimself for re-appointment. The Board recommends his re-appointment.

22.3 INDEPENDENT DIRECTORS

The Board took on record the declaration and confirmation submitted bythe independent directors regarding their meeting the prescribed criteria of independenceafter undertaking due assessment of the veracity of the same as required under Regulation25 of the Listing Regulations 2015

All Independent Directors have given declarations that they meet thecriteria of independence as laid down under Section 149(6) of the Companies Act 2013 andin Regulation 16(1)(b) of SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015.

At the AGM held on 06th November 2020 Mrs. Mansi Deogirkar(DIN:07269038) was Reappointed as Independent Director of the Company for a second term of5 (five) years commencing with effect from 30th September 2020 to 29th September 2025.

22.4 KEY MANAGERIAL PERSONNEL

In terms of Section 203 of the Act the Key Managerial Personnel (KMPs)of the Company during FY 2020-21 are:

• Mr. Nitin Khara Chairman Managing Director & ChiefExecutive Officer

• Mr. Elesh Khara Chief Financial Officer and Executive Director

• Ms. Prity Bhabhra - Company Secretary and Compliance Officer.

23. REMUNERATION POLICY FOR THE DIRECTORS KEY MANAGERIAL PERSONNEL ANDOTHER EMPLOYEES

The remuneration paid to the Directors Key Managerial Personnel andSenior Management is in accordance with the Nomination and Remuneration Policy formulatedin accordance with Section 178 of the Act and Regulation 19 of the Listing Regulations.

The information required under Section 197 of the Act read withCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 in respect ofDirectors/ employees of the Company is set out in the Annexure to this report and is alsoavailable on the website of the Company

24. DIRECTOR'S RESPONSIBILITY STATEMENT

Based on the framework of internal financial controls and compliancesystems established and maintained by the Company work performed by the internalstatutory cost secretarial auditors and external agencies including audit of internalcontrols over financial reporting by the Statutory Auditors and the reviews performed byManagement and the relevant Board Committees including the Audit Committee the Board isof the opinion that the Company's internal financial controls were adequate and effectiveduring FY 2020-21.

Pursuant to Section 134(5) of the Companies Act 2013 Directors ofyour Company hereby state and confirm that:

• In the preparation of Annual Accounts of the Company theapplicable Accounting Standards have been followed along with proper explanation tomaterial departures;

• They have selected such Accounting Policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year 2020-21 and of the Profit of the Company for that period.

• They have taken proper and sufficient care for the maintenanceof adequate accounting records in accordance with the provisions of the Companies Act2013 for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities.

• They have prepared the annual accounts of the Company on a goingconcern basis.

• They have laid down internal financial controls in the companythat are adequate and were operating effectively.

• They have devised proper systems to ensure compliance with theprovisions of all applicable laws and these were adequate and operating efficiently.

25. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

The Company has disclosed the full particulars of the loans giveninvestments made or guarantees given or security provided as required under Section 186 ofthe Companies Act 2013 Regulation 34(3) and Schedule V of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015 in Note -20 forming part of the financialstatements.

26. ANNUAL RETURN

The Annual Return of the Company as on 31st March 2021 is available onthe website of the Company at www.confidencegroup.co

27. DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY

The Company has been addressing various risks impacting the Company andthe policy of the Company on risk management is provided elsewhere in this Annual Reportand in Management Discussion and Analysis [MDA].

28. BOARD EVALUATION

The annual evaluation process of the Board of Directors IndividualDirectors and Committees was conducted in accordance with the provisions of the Act andthe SEBI Listing Regulations.

The Board and the NRC reviewed the performance of individual Directorson the basis of criteria such as the contribution of the individual Directorto the Boardand committee meetings like preparedness on the issues to be discussed meaningful andconstructive contribution and inputs in meetings etc.

In a separate meeting of Independent Directors performance of Non-Independent Directors and the Board as a whole was evaluated. Additionally they alsoevaluated the Chairman of the Board taking into account the views of Executive andNon-Executive Directors in the aforesaid meeting. The Board also assessed the qualityquantity and timeliness of flow of information between the Company management and theBoard that is necessary for the Board to effectively and reasonably perform their duties.The above evaluations were then discussed in the Board meeting and performance evaluationof Independent directors was done by the entire Board excluding the Independent Directorbeing evaluated.

29. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The Company has constituted a Corporate Social Responsibility (CSR)Committee and has framed a CSR Policy. Section 135 of the Act and the Companies (CorporateSocial Responsibility Policy) Rules 2014 have been amended substantially with effect from22 January 2021. The brief details of CSR Committee are provided in the CorporateGovernance Report. The Annual Report on CSR activities is annexed to this Report. The CSRPolicy is available on the website of the Company

30. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

As required under section 134(3)(o) and Rule 9 of the Companies(Corporate Social Responsibility) Rules 2014 the annual report on CSR activities formingpart of the Director‘s Report is annexed as Annexure II.

31. AUDITORS

31.1 AUDITORS AND AUDITOR'S REPORT

The Auditors have submitted an unqualified report for the financialyear 2020-21. No fraud has been reported by Auditors under sub-section (12) of section 143of the Companies Act 2013.

Further The board has Consider and Recommended the appointment of M/s.L N J & ASSOCIATES. Chartered Accountants Nagpur (FRN-121233W) as joint StatutoryAuditor of the company subject to the approval of Shareholder in ensuing 27th AnnualGeneral Meeting.

31.2 COST AUDITORS AND COST AUDIT REPORT

Pursuant to Section 148(1) of the Companies Act 2013 your Company isrequired to maintain cost records as specified by the Central Government and accordinglysuch accounts and records are made and maintained.

Pursuant to Section 148(2) of the Companies Act 2013 read with theCompanies (Cost Records and Audit) Amendment Rules 2014 your Company is also required toget its cost accounting records audited by a Cost Auditor.

Accordingly the Board on the recommendation of the Audit Committeere-appointed M/s. Narendra Peshne & Associates Cost Accountants Nagpur toconduct the audit of the cost accounting records of the Company for FY 2021-22. Theremuneration is subject to the ratification of the Members in terms of Section 148 readwith Rule 14 of the Companies (Audit and Auditors) Rules 2014 and is accordingly placedfor your ratification.

31.3 SECRETARIAL AUDITOR

Miss Yugandhara Kothalkar Practicing Company Secretary Nagpur wasappointed by Board of Director to conduct the Secretarial Audit of the Company for theFinancial year 2020-21 as required under Section 204 of Companies Act 2013 and rulesthereunder.

The Secretarial Audit Report for the Financial Year 2020-21 is annexedherewith to this Report. The report contains remark made by the Secretarial Auditors andcomments as given below :

i) Delay in filing requiste E-Froms : However the company has compliedthe same by filing the requisite E-forms.

32. COMPLIANCE WITH SECRETARIAL STANDARDS

The Company confirms compliance with the applicable requirements ofSecretarial Standards 1 and 2.

33. CODES OF CONDUCT FOR DIRECTORS AND EMPLOYEES

The Company has adopted a Code of Conduct for its Non-ExecutiveDirectors including a code of conduct for Independent Directors which suitablyincorporates the duties of Independent Directors as laid down in the Act. The Company hasalso adopted the Code of Conduct for its employees including the Managing and ExecutiveDirectors.

34. INTERNAL CONTROL SYSTEM/ FINANCIAL CONTROL

CPIL has laid down an adequate system of internal controls policiesand procedures for ensuring orderly and efficient conduct of the business includingadherence to the Company's policies safeguarding of its assets prevention and detectionof frauds and errors accuracy and completeness of the accounting records and timelypreparation of reliable financial disclosures.

Effectiveness of internal financial controls is ensured throughmanagement reviews controlled selfassessment and independent testing by the InternalAudit Team.

The Chairman on behalf of Audit Committee has confirmed the adequacy ofinternal financial controls in the Audit Committee Report which forms part of Report ofCorporate Governance.

35. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGEEARNINGS AND OUTGO

Information in accordance with the provisions of Section 134(3)(m) ofthe Companies Act 2013 read with the Companies (Accounts) Rules 2014 are set out below:

(A) CONSERVATION OF ENERGY

Your Company is continuously taking initiatives to ensure the optimumutilization of energy available in day to day operations not only in offices but also atdifferent sites of execution of various projects. Your Company uses energy efficientlighting devices light fittings to save energy capacitor bank/ devices to maintain powerfactor and plant & equipment which are environment and power efficient.

(B) TECHNOLOGY ABSORPTION

Your Company is doing its business by ensuring optimum utilization ofits available resources. Your Company has not undertaken any research & developmentactivity so far. It has been executing its projects by using modern techniques modernmachineries and by ensuring the optimum utilization of its technical professional andskilled manpower.

(C) FOREIGN EXCHANGE EARNINGS AND OUTGO

The Company has incurred the following expenses in foreign currencyduring the financial year 2020-21. The rupee equivalent of that amount has been givenhereunder;

Foreign Exchange earnings and Outgo: Earning of foreign Currency andoutgo is made under following head

Particulars 2020-21 2019-20
(Rs. In Lakhs) (Rs. In Lakhs)
Outgoing
For Purchase of LPG(High Seas purchase payment made in INR) 11622.62 11622.62
For Purchase of LPG Dispensers 309.05 309.05
Earnings
Received against Investment in Equity of Foreign Subsidiary (PT Surya Go Gas Indonesia) (Return on investment received) 73.21 -73.35
Received against Export of Cylinders 0 643.84

36. INTERNAL COMPLAINT COMMITTEE UNDER THE SEXUAL HARASSMENT OF WOMENAT WORKPLACE (PREVENTION PROHIBITION & REDRESSAL) ACT 2013

As per the requirements of the Sexual Harassment of Women at Workplace(Prevention Prohibition and Redressal) Act 2013 (hereinafter referred to as"Prevention of Sexual Harassment Act") the Company has formulated a Policy onPrevention of Sexual Harassment at Workplace for prevention prohibition and redressal ofsexual harassment at workplace and an Internal Complaints Committee has also been set upto redress any such complaints received.

The Company is committed to providing a safe and conducive workenvironment to all of its employees and associates.

The Company periodically conducts sessions for employees across theorganization to build awareness about the Policy and the provisions of Prevention ofSexual Harassment Act.

During the year under review there were no complaints pertaining tosexual harassment.

37. GENERAL

Your Directors state that no disclosure or reporting is required inrespect of the following matters as there were no transactions on these items during theyear under review:

• There are no significant material orders passed by theRegulators or Courts or Tribunal which would impact the going concern status of theCompany and its future operation. However Members attention is drawn to the Statement onContingent Liabilities and Commitments in the Notes forming part of the FinancialStatement.

• No fraud has been reported by the Auditors to the AuditCommittee or the Board.

• There has been no change in the nature of business of theCompany.

38. CAUTIONARY STATEMENT

Certain statements made in the management discussion and analysisreport relating to the Company's objectives projections outlook expectations estimatesand others may constitute ‘forward-looking statements' within the meaning ofapplicable laws and regulations. Actual results may differ from such expectationsprojections and so on whether express or implied. Several factors could make asignificant difference to the Company's operations. These include economic conditionsaffecting demand and supply government regulations and taxation natural calamities andso on over which the Company does not have any direct control.

39. ACKNOWLEDGEMENT

Your Directors are highly grateful for all the guidance support andassistance received from the Governments Financial Institutions and Banks. Your Directorsthank all shareholders esteemed customers suppliers and business associates for theirfaith trust and confidence reposed in the Company.

Your Directors also wish to place on record their sincere appreciationfor the dedicated efforts and consistent contribution made by the employees at all levelsto ensure that the Company continues to grow and excel even during the challenging timesof COVID-19 pandemic.

For and on behalf of the Board Director
Sd/- Sd/-
Nitin Khara Elesh Khara
Managing Director & CEO Director & CFO
DIN :01670977 DIN :01765620
Place: Nagpur Date: 03/09/2021

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