Financial Year: 2024
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.
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