Gagan Gases Ltd Directors Report.

Dear Members,

Your Directors have pleasure in presenting the 35th Annual Report 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


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


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


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

Directors responsibility statement

The Directors indicate that they have taken reasonable and bonafide care that :

1. In preparation of the annual accounts, the applicable accounting standards have been followed, and in case of any deviation, necessary explanation has been given and incorporated in directors report to the members.

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

3. The directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

4. Directors have prepared the Annual Accounts on a going concern basis.

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

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

Remuneration paid to directors during 2020-2021.

Details of payment to directors is forming part of the extract of the Annual Return in the form MGT 9. None of the directors has taken loan or advance nor sitting fee has been paid.

Extract of annual return

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

Audit and other committees

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

Code of conduct

As per the requirements of the listing agreement, the directors and senior management have affirmed compliance of code of conduct.

Declaration of independence

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

Public deposits and disclosure

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

Statutory auditors

M/s ABN & Co Charted Accountants were appointed as statutory auditors in 32nd AGM by the members of the company to hold office till the conclusion of 36th AGM subject to ratification. The Audit Committee and Board of 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 of this AGM till the conclusion of next AGM

Auditors report, accounting standards and policies

The Audit Committee and the Board of Directors have considered and approved the accounting policy. Deviation if any from the applicable Accounting Standards in the preparation of the Annual Statement, necessary observations/ explanation of the Board are given. The notes to accounts referred to in the Auditors Report are self-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 April, 2020 to 31st March, 2021.

Listing agreement

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

Material changes and commitment affecting financial position of the company

There are no material changes or commitments occurring after 31st March, 2021, which may affect the financial position of the Company which require disclosure.

Appointment and reappointment

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

Secretarial auditor

Ms Heena Agrawal ACS (M.No.42736, CP No 16496) was appointed as Secretarial Auditor to conduct the secretarial audit of the company for the financial year 2020-21 as required under section 204 of the Companies Act 2013 and rules made there under.

The secretariat audit report for the financial year 2020-21 is annexed and which forms part of this report. In the opinion of the Directors, regarding shares of promoters not in demat mode, it is explained that request has already been made to Share Transfer 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 in year 2020-21. Personal relations

Your company continues to enjoy cordial relations with its employees.