The Directors have pleasure in submitting this 51st ANNUAL REPORT
together with the Audited Accounts for the year ended 31st March, 2012.
FINANCIAL RESULTS :
For the year For the year
ended 31st ended 31st
March, 2012 March, 2011
(Rs.in ''000) (Rs.in ''000)
Profit before depreciation and tax 42,694 88,354
Provision for depreciation 35,299 35,999
Profit before tax 7,395 52,355
Current tax - 12,600
Deferred tax (3,751) (1,698)
Profit for the year 11,146 41,453
Proposed Dividend 3,000 3,000
Tax on Dividend 486 486
Transferred to General Reserve 7,660 37,967
The 130 TPD tonnage plant at Kalwe has worked satisfactorily during the
year. However the 40TPD Oxygen liquifier was under utilized due to less
demand of liquid oxygen in the Market. This has hit both prices and
quantities and resulted in lower sales and decreased profitability of
the Company as compared to the last year.
During the year under review, sales were Rs. 36,66,28,074/- as against Rs.
41,73,70,079/- for the previous year. Profit before Depreciation and
Tax during the year is Rs. 4,26,93,237/- as against Rs. 8,83,54,521/- in
the previous year.
The Subsidiaries Bombay Oxygen Acetylene Ltd. and Bombay Oxygen Gases
Ltd. have been closed and their names are struck off from the Registrar
Your Directors recommend the payment of dividend of Rs. 20/- (Previous
year Rs. 20/-) per equity share. The proposed dividend, if approved, at
the Annual General Meeting, will absorb Rs. 34,86,675/- including Tax on
dividend [Previous year Rs. 34,86,675/-].
Your Directors Mr Mohan Bir Singh and Mr. Ajit M. Ghelani, retire this
year by rotation in accordance with the Articles of Association of the
Company but, being eligible, offer themselves for re-appointment.
FIXED DEPOSITS :
48 Deposits amounting to Rs. 5,67,000/- due for repayment on or before
31st March, 2012 were not claimed by the depositors.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO :
Particulars required to be disclosed under the Companies (Disclosure of
particulars in the Report of the Board of Directors) Rules, 1988 are
annexed hereto which form part of this report.
The Company has no employee covered under Section 217(2A) of the
Companies Act, 1956. The assets to the Company are adequately insured.
CORPORATE GOVERNANCE :
Report on Corporate Governance along with the certificate of the
Auditors M/s. K. G. Shah & Co., confirming the compliance of the
conditions of corporate governance, as stipulated under Clause 49 of
the Listing Agreement entered into with the Stock Exchange is annexed.
DIRECTORS'' RESPONSIBILITY STATEMENT :
Your Directors hereby declare :
(i) that in the preparation of the annual accounts, all applicable
accounting standards have been followed;
(ii) that the Directors 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
profit of the Company for that year;
(iii) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records, in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
(iv) that the Directors have prepared the annual accounts on a going
M/s. K. G. Shah & Co., Chartered Accountants, having Registration No.
109630W, Statutory Auditors of the Company, retire at this Annual
General Meeting and being eligible offer themselves for re-appointment.
COMPLIANCE CERTIFICATE :
The Compliance Certificate under section 383A of the Companies Act,
1956 has been obtained from M/s. Sanjay Dholakia & Associates -
Practicing Company Secretary, for the year under review and same is
attached with this Report.
On behalf of the Board
S. M. RUIA
Mumbai, 19th July, 2012.