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Gagan Gases Ltd.

BSE: 524624 Sector: Industrials
NSE: N.A. ISIN Code: INE076D01016
BSE 10:29 | 30 Jan 12.00 -0.13
(-1.07%)
OPEN

12.00

HIGH

12.00

LOW

12.00

NSE 05:30 | 01 Jan Gagan Gases Ltd
OPEN 12.00
PREVIOUS CLOSE 12.13
VOLUME 5
52-Week high 15.99
52-Week low 7.50
P/E 66.67
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 12.00
Sell Qty 46.00
OPEN 12.00
CLOSE 12.13
VOLUME 5
52-Week high 15.99
52-Week low 7.50
P/E 66.67
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 12.00
Sell Qty 46.00

Gagan Gases Ltd. (GAGANGASES) - Director Report

Company director report

Dear Members

Your Directors have pleasure in presenting the 35th AnnualReport together with audited accounts for the year ended on 31st March 2021.

Financial results (Rs. in lacs)
Sr Particulars 2020-21 2019-20
1 Income from operation 217 125
2 Other income 2 2
3 Profit / (Loss) before interest depreciation & Tax 30 12
4 Less : Interest 7 1
5 Depreciation 7 6
6 Taxation 13 0
7 Profit/ (Loss) during the year 3 5

Operations

The company has earned net profit of Rs 3 lac as against profit of Rs.5lac during previous year. The accumulated losses as on 31.3.21 are Rs 346 lacs as againstRs 328 lac of last year. The accumulated losses are on account of losses incurred in LPGbusiness. At present the company is doing LPG cylinder filling for Reliance PetroMarketing Ltd. & the company is also selling LPG in its own cylinder.

Dividend.

In view of the accumulated losses the Board of Directors regret torecommend any dividend for the year 2020-2021.

Directors

Re-appointment of Shri K.R Maheshwary as director who retires byrotation and is eligible for re-appointment.

Director's responsibility statement

The Directors indicate that they have taken reasonable and bonafidecare that :

1. In preparation of the annual accounts the applicable accountingstandards have been followed and in case of any deviation necessary explanation has beengiven and incorporated in director's report to the members.

2. The directors have selected such accounting policies and appliedthem consistently and made judgments and estimates that are reasonable and prudent so asto give a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the profits of the Company for that period.

3. The directors have taken proper and sufficient care for themaintenance of adequate accounting records in accordance with the provisions of theCompanies Act for safeguarding the assets of the Company and for preventing and detectingfraud and other irregularities.

4. Directors have prepared the Annual Accounts on a going concernbasis.

5. The directors have laid down internal financial controls to befollowed by the company.

6. The directors had devised proper systems to ensure compliance withthe provisions of all applicable laws.

Remuneration paid to directors during 2020-2021.

Details of payment to directors is forming part of the extract of theAnnual Return in the form MGT 9. None of the directors has taken loan or advance norsitting fee has been paid.

Extract of annual return

The details forming part of the extract of the Annual Return in theForm MGT-9 are enclosed as per annexure to this report.

Audit and other committees

Pursuant to the provisions of Companies Act 2013 company has AuditCommittee Stakeholders Relation Committee and Nomination and Remuneration Committee.

Code of conduct

As per the requirements of the listing agreement the directors andsenior management have affirmed compliance of code of conduct.

Declaration of independence

Your Company has received declaration from all the IndependentDirectors confirming that they meet the criteria of Independence as prescribed under theprovisions of Companies Act 2013 read with the Schedules and Rules made there under aswell as Clause 49 of the Listing Agreement.

Public deposits and disclosure

During the financial year 2020-21 your company has not accepted anydeposit from public as such no amount of principle or interest was outstanding as on dateof the Balance Sheet. Company has received unsecured loans from the Directors namely ShK.R.Maheshwary (Rs16 lac) and Sh Gagan Maheshwary (Rs 2 lac ).

Statutory auditors

M/s ABN & Co Charted Accountants were appointed as statutoryauditors in 32nd AGM by the members of the company to hold office till theconclusion of 36th AGM subject to ratification. The Audit Committee and Boardof Directors has approved and recommended for the ratification and appoint of M/s ABN& Co Charted Accountants as statutory auditors to hold office from the conclusion ofthis AGM till the conclusion of next AGM

Auditors' report accounting standards and policies

The Audit Committee and the Board of Directors have considered andapproved the accounting policy. Deviation if any from the applicable Accounting Standardsin the preparation of the Annual Statement necessary observations/ explanation of theBoard are given. The notes to accounts referred to in the Auditor's Report areself-explanatory and therefore do not call for any further comments.

Number of board meetings

Four Board meetings were held during the financial year from 1st April2020 to 31st March 2021.

Listing agreement

The company is complying the terms of listing agreement entered intowith BSE.

Material changes and commitment affecting financial position of thecompany

There are no material changes or commitments occurring after 31stMarch 2021 which may affect the financial position of the Company which requiredisclosure.

Appointment and reappointment

During the year Shri K.R Maheshwary director who retires by rotationis proposed to be reappointed.

Secretarial auditor

Ms Heena Agrawal ACS (M.No.42736 CP No 16496) was appointed asSecretarial Auditor to conduct the secretarial audit of the company for the financial year2020-21 as required under section 204 of the Companies Act 2013 and rules made thereunder.

The secretariat audit report for the financial year 2020-21 is annexedand which forms part of this report. In the opinion of the Directors regarding shares ofpromoters not in demat mode it is explained that request has already been made to ShareTransfer Agent for the transfer these shares in demat mode.

Corporate social responsibility (CSR )

The company was not required to spend any amount on CSR activities inyear 2020-21. Personal relations

Your company continues to enjoy cordial relations with its employees.

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