Kusum Industrial Gases Limited Shares Financial Reports

Kusum Industrial Gases Limited Shares

Annual Report-2023-2024 for Kusum Industrial Gases Limited **Financial Performance:** Kusum Industrial Gases Limited reports its financial results for the year ended March 31, 2024. Profit before exceptional items and tax stands at Rs. 10,44,47,503, up from Rs. 3,87,70,170 in the previous year. After accounting for taxation (Rs. 2,18,77,921), the profit after taxation amounts to Rs. 8,25,69,582, considerably higher than the previous year’s Rs. 3,05,72,044. The surplus carried to the balance sheet and other comprehensive income (OCI) is Rs. 11,27,66,82,649 as compared to Rs. 5,50,41,78,445 from the previous year. **Operational Review:** The company's profit after tax has increased significantly, recording Rs. 825.69 Lakhs, compared to Rs. 305.72 Lakhs in the prior year. **Future Outlook:** The Directors anticipate improved performance in the current financial year. **Dividend and Reserves:** Due to the need to reinvest resources into the business, the Directors do not recommend a dividend for the year ended March 31, 2024. No amount has been proposed for transfer to the General Reserve. **Meetings of Directors:** The directors convened six times during the year 2023-24 to review operations, discuss financial results, and plan future business strategies. These meetings occurred on 01.04.2023, 27.05.2023, 11.08.2023, 19.09.2023, 09.11.2023 and 09.02.2024. **Directors and Key Managerial Personnel:** The Board comprises Mr. Rajiv Agarwal, Mr. Dinesh Parakh, and Ms. Avantika Gupta. There are two Independent (Non-Executive) Directors and one whole-time Director (Executive). No new appointments or resignations took place during the year. **Directors' Responsibility Statement:** The Directors confirm adherence to accounting standards, consistent application of policies, maintenance of adequate accounting records, preparation of annual accounts on a going concern basis, and effectiveness of internal financial controls. **Statutory Auditors:** M/s Sourabh Majumdar & Associates, Chartered Accountants, are eligible to continue as Statutory Auditors for the financial year 2024-25. **Secretarial Audit:** Mr. K. C. Khowala, Company Secretary in Practice, conducted the Secretarial Audit and submitted a report with no qualifications, reservations, or adverse remarks. **Loans and Guarantees:** The company has not given any loans or guarantees for loans taken by others under Section 186 of the Companies Act, 2013, and has also not made any investments beyond the limits prescribed under the aforementioned section during the year. **Foreign Exchange Earnings & Outgo:** Both Foreign Exchange earnings and outgo are reported as Nil. **Nomination and Remuneration Policy:** The Nomination and Remuneration Committee, comprising three directors, has formulated the policy for appointment of Directors and Key Managerial Personnel, including criteria for determining qualification and remuneration. Non-executive and independent directors do not receive remuneration or sitting fees. **Audit Committee:** The Audit Committee, with three directors, met four times during the year under review. **Annual Return:** The Company's Annual Return as of March 31, 2024, is available on its website. **Other Annexures and Disclosures:** The report includes annexures related to conservation of energy, technology absorption, and foreign exchange earnings and outgo. **Auditor's Report:** The auditors, Sourabh Majumdar & Associates, have provided an unmodified opinion on the financial statements. They have conducted the audit in accordance with the Standards on Auditing and have expressed their opinion on the financial statements, internal financial controls, and other legal and regulatory requirements. The company used an accounting software for maintaining its books of account which has a feature of recording audit trail. The company has made investments in mutual fund during the year amounting to Rs. 10,90,00,000. The company has not provided any loan or provided advances in the nature of loan. **Non-Disqualification of Directors:** A certificate confirms that none of the Directors are disqualified from being appointed or continuing as Directors. **Financial Statements:** The balance sheet as at March 31, 2024, shows total assets of Rs. 11,98,15,100.00 and the total equity and liabilities amount to the same value. The statement of profit and loss indicates a profit for the year of Rs. 8,25,695.82 and the comprehensive income for the year of Rs. 5,77,27,343.55. Details of Equity Share Capital, Other Equity, and Liabilities, including financial liabilities, provisions, and current tax liabilities are provided. **Secretarial Audit Report:** Secretarial Audit Report confirms compliance with statutory provisions, good corporate practices, and processes in the company commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

Kusum Industrial Gases Limited Shares

Kusum Industrial Gases Limited, Annual Report 2022-2023 **Directors' Report** The directors present the 41st Annual Report on the company's business and operations for the year ended March 31, 2023. **Financial Results:** The company reports the following financial results (all figures in Rupees): * Profit before exceptional items and tax: 3,87,70,170 (2023) vs. 6,39,54,742 (2022) * Less: Provision for taxation: 81,98,126 (2023) vs. 1,47,81,391 (2022) * Profit after taxation: 3,05,72,044 (2023) vs. 4,91,73,351 (2022) * Other Comprehensive Income: 1,32,01,78,851 (2023) vs. -84,73,70,199 (2022) * Balance brought forward from Previous year: 4,15,38,92,828 (2023) vs. 4,95,20,94,292 (2022) * Appropriations: * Income Tax Adjustments: 4,65,278 (2023) vs. 4,616 (2022) * Surplus carried to balance sheet and OCI: 5,50,41,78,445 (2023) vs. 4,15,38,92,828 (2022) **Operational Review:** The company recorded a profit after tax of Rs. 305.72 Lakhs, compared to Rs. 491.73 Lakhs in the previous year. **Future Outlook:** The directors are hopeful for better performance in the current financial year. **Dividend:** No dividend is recommended for the year ended March 31, 2023, to plough back resources. **Reserves:** No amount has been proposed for transfer to the General Reserve. **Meetings of Directors:** The directors met five times in 2022-23 to review operations, discuss financial results, and plan future strategies. Meeting dates were 28.05.2022, 13.08.2022, 11.11.2022, 02.01.2023, 10.02.2023 and 27.03.2023. **Directors and Key Managerial Personnel:** The board has two Independent (Non-Executive) Directors and One whole-time Director (Executive). Mr. Dinesh Parakh was appointed as Director and Chief Financial Officer and Key Managerial Personnel w.e.f. January 02, 2023. Ms. Priyanka Lachchiramka was appointed as Company Secretary w.e.f. April 01, 2023, replacing Ms. Ruchi Chowdhury, who resigned on the same date. **Statement on Declaration by Independent Directors:** A statement on Declaration by Independent Directors under sub-section (6) of section 149 of the Companies Act, 2013 is attached with the report as a separate annexure. **Particulars of Contracts or Arrangements Made with Related Parties:** The company had related party transactions during the year, as disclosed in the Annual Accounts. **Directors Responsibility Statement:** The Directors confirm that: * Applicable Accounting Standards were followed. * Accounting policies were selected and applied consistently, with reasonable and prudent judgments and estimates. * Proper and sufficient care was taken to maintain adequate accounting records. * The annual accounts for the period ended March 31, 2022 were prepared on a going concern basis. * Proper internal financial controls were laid down and followed. * A proper system was devised to ensure compliance with applicable laws. **Statutory Auditors:** M/s Sourabh Majumdar & Associates, Chartered Accountants, were appointed to fill the casual vacancy due to the resignation of M/s. Ray & Co. They will hold office until the upcoming Annual General Meeting. **Auditors' Report:** The comments in the Auditors' report are self-explanatory and do not require further clarification. **Secretarial Audit Report:** Mr. K. C. Khowala, Company Secretary in Practice, was appointed as Secretarial Auditor. The audit report is annexed and contains no qualifications, reservations, adverse remarks, or disclaimers. **Shifting of Registered Office:** The company's registered office shifted to 3F, Park Plaza, 71, Park Street, Kolkata 700016, effective April 01, 2023. **Deposits:** The Company did not accept any deposits from the public. **Particulars of Employees:** No employee received remuneration exceeding the prescribed limit under the Companies Act, 2013. **Conservation of Energy & Technology Absorption:** Since the company is not carrying on manufacturing activities, this information is not furnished. **Details of Subsidiary, Joint Venture, or Associates:** The Company does not have any Subsidiary, Joint venture and Associate Companies as per details given in the Annual Accounts. **Particulars of Loans and Guarantees:** The Company has not given any loans or guarantee for loans taken by others under Section 186 of the Companies Act, 2013 and also not made any investments beyond the limits prescribed under the aforesaid section during the year. **Foreign Exchange Earnings & Outgo:** Foreign Exchange earnings: Nil Foreign Exchange outgo: Nil **Nomination and Remuneration Policy:** The Nomination and Remuneration Committee has formulated a policy for the appointment of Directors and Key Managerial Personnel and determination of remuneration, including criteria for qualification, positive attributes and independence of a director. The non-executive directors and the independent directors shall not receive any remuneration, as well as they have wave their sitting fees for attending meetings of the Board and its Committees. **Audit Committee:** The Company has a duly constituted Audit Committee with three directors as its members. The Audit Committee had met four times during the year under review. **Annual Return:** The Annual Return of the Company as on March 31, 2023 is available on the website of the Company at MGT-9-Extract-of-Annual-Return 31.03.2023 Kusum-1.pdf (kusumindustrialgasesltd.co.in) **Appreciation:** The directors express gratitude to shareholders, bankers, employees, and well-wishers. **Annexures to the Directors Report** * Conservation of Energy: The Company's activities do not involve significant energy consumption. Continuous efforts are made to conserve energy to the extent possible. * Technology Absorption: R&D was NIL, no benefit derived, no future plan of action, no expenditure on R&D. Constant efforts are made by the Company to develop cost-effective new systems/technologies. * Foreign Exchange Earning and Outgo: Foreign exchange earning is Nil, and foreign exchange outgo is Nil. **Certificate of Non-Disqualification of Directors** The Directors of Kusum Industrial Gases Ltd. are not disqualified from being appointed or continuing as Directors. **Extract of Annual Return (Form No. MGT-9):** * CIN: L23201WB1983PLC035668 * Name: Kusum Industrial Gases Ltd. * Listed on CSE Limited. * Principal business activity: Other Financial Activity. **Auditor's Report:** The auditor's report, which provides opinions on the financial statements, internal controls, and compliance with various laws and regulations, also notes that the Company is an Unregistered Core Investment Company (CIC) in terms of the Reserve Bank of India (RBI) notification and is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. **Annexure A to the Auditors' Report** The company has maintained proper records showing full particulars, including quantitative details and situation of Property, plant and equipment. No proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made there under. Accordingly, reporting under clause 3(i)(e) of the Order is not applicable. **Annexure B to the Auditor's Report** The company had adequate internal financial controls over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2023.