Mar 31, 2014
Dear Members,
The directors have pleasure in presenting their 40th Annual Report,
together with the audited accounts of the Company, for the financial
year ended March 31, 2014 as follows:
FINANCIAL RESULTS (Amount in Rs. Lacs)
Particulars 2013-2014 2012-2013
Gross Income 14 26
Gross Profit (86) (161)
(before extra ordinary items, interest,
depreciation and tax)
Bad debts written off - -
Interest 22 33
Depreciation - -
Provision for Tax - -
Net Profit/(Loss) (167) (248)
Profit/(Loss) brought forward from last year - (158)
Profit/(Loss) carried to Balance Sheet (167) (406)
OPERATIONS REVIEW
The Company''s oxygen plants at Khetri Nagar, Rajasthan continued to
remain closed because its main supplier Hindustan Copper Ltd (HCL) has
not yet restarted its smelter plant operation. This resulted in huge
financial losses to the Company.
DIVIDEND
In view of loss, the Board of Directors does not recommend any dividend
for the year ended March 31, 2014.
DIRECTORS
Mr. Vivek Sharma (DIN: 00041217), director of the Company retire by
rotation and is eligible for re- appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement of Section 217(2AA) of the Companies Act,
1956 ("the Act"), the directors confirm:
a. that in the preparation of the annual accounts, the applicable
accounting standards have been followed and there are no material
departures;
b. that they 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 the year;
c. that they have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities and
d. that they have prepared the annual accounts of the Company on a
going concern basis.
FIXED DEPOSITS
During the year, the Company has not invited or accepted any deposit
from the public under Section 58-A of the Companies Act 1956. No public
deposit is outstanding.
LISTING
The equity shares of Company are listed at Bombay Stock Exchange
Limited (BSE). The Company has not paid the listing fee for the year
2014-2015 to BSE due to financial constraint.
AUDITORS AND AUDITORS'' REPORT
Pursuant to provisions of Section 224 of the Companies Act, 1956, M/s
Chaturvedi & Partners, Chartered Accountants, New Delhi (Firm
Registration No. 307068E) were the Statutory Auditors of the Company
who hold office up to the conclusion of the forthcoming Annual General
Meeting.
As per Section 139(2) of the Companies Act, 2013 they are eligible for
re-appointment for a term of three (03) consecutive years (Financial
years 2014-15,2015-16,2016-17) till the conclusion of the 43rd Annual
General Meeting of the Company, subject to ratification by the Members
at every Annual General Meeting. The Company has received a letter from
M/s Chaturvedi & Partners, Chartered Accountants, New Delhi to the
effect that their re-appointment, if made, would be in accordance with
the conditions prescribed under Section 139(2) of the Companies Act,
2013 and they are not disqualified for such re-appointment within the
meaning of Section 141 of the Act.
Information and explanation on remarks in the Auditors'' Report:
i. In respect of auditors'' observation regarding absence of external
confirmation from the customer/parties from whom these amounts are due.
It is submitted that company is trying to get confirmation from the
customers/external parties and expects to receive the same by the end
of upcoming quarter i.e. 30th September, 2014.
ii. In respect of auditors'' observation regarding expiry of gas supply
agreement and restoration of Company''s operation. It is submitted that
company is negotiating the extension of the same for the period HCL
smelter remained closed as consented by them earlier.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO
The information relating to conservation of energy, technology
absorption and foreign exchange earnings and outgo as required under
Section 217 (1)(e) of the Companies (Disclosure of particulars in the
Report of Board of Directors) Rules, 1988 is given in Annexure I which
forms part of the Directors'' Report.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis Report on the operations and
financial position of the Company has been provided as Annexure II
which forms part of the Directors'' Report.
CORPORATE GOVERNANCE REPORT AND GENERAL SHAREHOLDER INFORMATION
As required by Clause 49 (VI) of the listing agreement entered into by
the Company with the Stock Exchanges, a detailed report on corporate
governance is provided as Annexure III which forms part of the
Directors'' Report. The Company is in compliance with the requirements
and disclosures that have to be made in this regard. The practicing
Company Secretary certificate on compliance with corporate governance
requirements by the Company is attached to the Corporate Governance
Report and forms part of the Directors'' Report.
PERSONNEL
None of the employees of the Company was drawing salary in excess of
the limits prescribed under the Section 217(2A) of the Companies Act,
1956 read with the Companies (particular of employees) Rules 197
ACKNOWLEDGEMENT
Directors place on record their thanks for the assistance and
co-operation received from Banks and all other customers for their
continued support and patronage.
Your Directors also wish to place on record the dedicated and devoted
services rendered by all personnel of the Company.
Regd. office: For Bhagawati Gas Limited
Banawas, Khetri Nagar,
Jhunjhunu,
Rajasthan-333504
CIN: L24111RJ1974PLC005789 Rakesh Samrat Bhardwaj
Chairman
Date: 14th August, 2014
Mar 31, 2010
The directors have pleasure in presenting their thirty sixth annual
report, together with the audited accounts of the company, for the
financial year ended March 31, 2010 as follows:
FINANCIAL
RESULTS
(Rs.in Lakhs)
Particulars 2009-10 2008-09
Gross
Income 710 1571
Gross Profit(before interest,
depreciation and
tax) 310 427
Interest 68 183
Depreciation 74 247
Provision for
Tax3254
Net
Profit/(Loss) 13 643
Profit/(Loss) brought
forward from last
year (76) (119)
Profit/(Loss) carried to Balance Sheet 60 (76)
Hindustan Copper Ltd.( HCL) shut down its smelter at Khetri copper
complex w.e.f. December 9, 2008 due to steep down turn in world copper
prices. This resulted in shut down of companys oxygen plants at Khetri
Nagar Rajasthan as the same are dedicated plants fully dependent on HCL
This has affected the financial performance of the company.
As per the written communication HCL is likely to commission its
smelter within the current financial year.
DIVIDEND
In view of loss, the Board of Directors do not recommend any dividend
for the year ended March 31, 2010.
DIRECTORS
Mr. Kailash Chand Kedia, director of the company retire by rotation and
being eligible offers himself for re-appointment.
Mr. Ganga Charan has been appointed as an additional director of the
company on February 10, 2010 to hold office up to the date of the
ensuing annual general meeting. The company has received notice from a
member along with the requisite fee proposing his candidature as
director of the company as required under Section 257 of the Companies
Act, 1956. Your Directors consider it desirable that the company
should continue to avail the guidance and advice of Mr Ganga Charan and
recommend his appointment as regular director.
During the year under review, Capt. (Retd.) Sitaram Ramaprasad resigned
from the Board of Directors of the company. The Board of Directors
places on record its appreciation for the valuable services rendered by
him during the tenure of his office.
DIRECTORS RESPONSIBILITY STATEMENT
The directors confirm:
a. that in the preparation of the annual accounts, the applicable
accounting standards have been followed;
b. that they have selected such accounting policies and applied them
consistently and made judgements 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 the year;
c. that they have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities; and
d. that they have prepared the annual accounts of the company on a
going concern basis.
FIXED DEPOSITS
During the year, the company has not invited or accepted any deposit
from the public under Section 58-A of the Companies Act 1956. No public
deposit is outstanding.
AUDITORS AND AUDITORS REPORT
M/s. Chaturvedi & Partners, Chartered Accountants, the Statutory
Auditors of the company, retire at the ensuing annual general meeting
and are eligible for reappointment.
Information and explanation on remarks in the Auditors Report
i. In respect of auditors observation regarding non provision for
doubtful advances, security deposits and sundry debtors, it is
submitted that the management is hopeful that the same will be
recovered in due course of time and therefore provision there against
is not considered necessary.
ii. In respect of auditors observation regarding regular payment of
interest to the company for inter corporate loan granted by the
company, it is submitted by the management of the company that
repayment of principal & payment of interest are on demand and no such
demand is pending for payment or repayment.
iii. Delay in repayment of dues to financial institution and in a few
cases in depositing statutory dues, it is clarified that there was
delay in conversion of receivables in cash resultant in delayed
fulfillment of commitments towards financial institutions and statutory
dues by the company, which were all subsequently rectified.
DELISTING OF EQUITY SHARES FROM JAIPUR STOCK EXCHANGE, RAJASTHAN
The equity shares of your company were delisted from Jaipur Stock
Exchange, Rajasthan w.e.f. June 7,2010.
CHANGE IN NAME OF THE COMPANY
The name of the company has been changed from Bhagawati Gases Limited
to Bhagawati Gas Limited w.e.f. October 23, 2009 after obtaining
approval of Central Government.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO
The information relating to conservation of energy, technology
absorption and foreign exchange earnings and outgo as required under
Section 217 (1)(e) of the Companies (Disclosure of particulars in the
Report of Board of Directors) Rules, 1988 is given in Annexure I which
forms part of the Directors Report.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis Report on the operations and
financial position of the company has been provided as Annexure II
which forms part of the Directors Report.
CORPORATE GOVERNANCE REPORT AND GENERAL SHAREHOLDER INFORMATION
As required by Clause 49 (VI) of the listing agreement entered into by
the company with the stock exchanges, a detailed report on corporate
governance is provided as Annexure III which forms part of the
Directors Report. The General Shareholders Information has been
provided as Annexure IV which forms part of the Directors Report. The
company is in compliance with the requirements and disclosures that
have to be made in this regard. The practicing Company Secretary
certificate on compliance with corporate governance requirements by the
company is attached to the Corporate Governance Report and forms part
of the Directors Report.
PERSONNEL
None of the employees of the company was drawing salary in excess of
the limits prescribed under the Section 217(2A) of the Companies Act,
1956 read with the Companies (particular of employees) Rules 1975.
ACKNOWLEDGEMENT
Relation with the work force at all the units continued to be cordial.
Your Directors wish to express their grateful appreciation for the
assistance and co-operation received from Financial Institutions,
Banks, Government Authorities and Shareholders during the year under
review.
Your Directors also wish to place on record their appreciation for the
service rendered by our people at all levels in the company and for
their contribution towards the success of the organisation.
Corporate Office: For and on behalf of the Board
A-27-B, Sector-16,
Noida - 201301
Uttar Pradesh Rakesh S Bhardwaj
14th August, 2010 Chairman & Managing Director
Mar 31, 2009
The Directors have pleasure in presenting their Thirty Fifth Annual
Report, together with the Audited Accounts of the company, for the
financial year ended March 31, 2009 as follows:
FINANCIAL RESULTS (Rupees in Lakhs)
Particulars 2008-09 2007-08
Gross Income 1571 1686
Gross Profit(before interest,
depreciation and tax) 427 492
Interest 83 38
Depreciation 247 272
Provision for Tax 54 (44)
Net Profit/(Loss) 43 226
Profit/(Loss) brought forward
from last year (119) (345)
Profit/(Loss) carried to Balance Sheet (76) (119)
MANAGEMENTS DISCUSSION & ANALYSIS REPORT
The Report on Managements Discussion and Analysis covering matters
listed inter-alia in Clause 49 of the Listing Agreement for the year
under review is attached to this report.
DIVIDEND
Your Directors have not recommended any dividend for the period under
review.
FIXED DEPOSITS
During the year, the company has not invited or accepted any deposit
from the public under Section 58-A of the Companies Act 1956. No public
deposit is outstanding.
DIRECTORS
Mr. Vivek Sharma has been appointed as whole time director, for a
period of five years, of the company w.e.f. 1st June, 2008.
Capt.(Retd.) Sitaram Ramaprasad and Dr. Gokulanand Mukherjee retire by
rotation and are eligible for reappointment.
Mr. Rakesh Samrat Bhardwaj completed his term as Managing Director of
the company on 30th June,2009. The Board of Director at their meeting
held on 27th June 2009 has re-appointed Mr. Rakesh Samrat Bhardwaj as
Managing Director of the company for a period of 5 years with effect
from 1 st July 2009 subject to the approval of the shareholders in the
General Meeting.
DIRECTORS RESPONSIBILITY STATEMENT The Directors confirm:
A. that in the preparation of the annual accounts, the applicable
accounting standards have been followed;
B. that they 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 the year;
C. that they have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities; and
D. that they have prepared the annual accounts of the company on a
going concern basis.
AUDITORS REPORT
The Auditors have pointed out in their report [Point 3(xi)] about
default in repayment of dues to financial institutions. In this
connection, it is submitted that there was delay in conversion of
receivables in cash resultant in delayed fulfillment of commitments
towards financial institutions by the company.
The Auditors also have pointed out in their report [Point 4] about
doubtful advance and security deposits aggregating to Rs. 22,303,031
and that effects of the above on the accounts are indeterminate . In
this connection, it is submitted that the management is hopeful of
recovering the amount in due course of time and therefore provision
there against is not considered necessary.
AUDITORS
M/s. Chaturvedi & Partners, Chartered Accountants, the Statutory
Auditors of the company, retire at the ensuing Annual General Meeting
and are eligible for reappointment.
CORPORATE GOVERNANCE
Report on Corporate Governance is separately presented as part of the
Annual Report.
PERSONNEL
None of the employee of the company was drawing salary in excess of the
limits prescribed under the Section 217(2A) of the Companies Act, 1956
read with the Companies (particular of employees) Rules 1975.
TRADING OF SECURITIES AT DELHI STOCK EXCHANGE
The Securities of your company are re-admitted for trading at Delhi
Stock Exchange w.e.f. 29th June, 2009.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO
The information relating to conservation of energy, technology
absorption and foreign exchange earnings and outgo as required under
Section 217 (1)(e) of the Companies (Disclosure of particulars in the
Report of Board of Directors) Rules, 1988 is given in Annexure A.
ACKNOWLEDGEMENT
Relation with the work force at all the units continued to be cordial.
Your Directors wish to express their grateful appreciation for the
assistance and co-operation received from Financial Institutions,
Banks, Government Authorities and Shareholders during the year under
review.
Your Directors also wish to place on record their appreciation for the
service rendered by our people at all levels in the Company and for
their contribution towards the success of the organisation.
Corporate Office: For and on behalf of the Board
A-27-B, Sector-16,
Noida- 201301
Uttar Pradesh Rakesh Samrat Bhardwaj
31st July,2009 Chairman
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