The Directors are pleased to present their 40th Annual Report together
with the Audited Statement of accounts for the Financial Year ended
31st March'' 2012.
FINANCIAL RESULTS 2011-12 2010-11
Profit before depreciation
and interest 3''673''393 12''365''768
Less: Depreciation 9''158''733 11''352''684
Interest 2''077''820 1''763''605
Profit / (Loss) before
taxes and deferred (7''563''160) (750''521)
tax assets liabilities
Add: Prior period Income
Tax Asst. Year 272''042 158
Add / (Less): Deferred Tax 3''571''403 (1''247''994)
Less: Provision for Fringe
Less: Provision for Tax
Profit / (Loss) after Tax (3''719''715) (1''998''357)
Add: Balance brought
forward from last year 22''224''360 24''915''417
Distributable Profit 18''504''645 22''917''060
- Proposed Dividend 400''000 600''000
- Corporate Dividend Tax 61''800 92''700
- Statutory Reserve
- Balance carried to
Balance Sheet 18''042''845 22''224''360
During the year under report'' the revenue from operations decreased to
Rs. 674.57 lakhs from Rs. 695.47 lakhs in the previous year. Your
Directors regret to inform that'' your Company has suffered loss of Rs.
37.20 lakhs after depreciation and taxes as against loss of Rs. 19.98
lakhs in the previous year on account of stiff competition from
multinational and other small scale gas manufacturers.
Your Directors are making various efforts to improve the performance of
the Company in situation of severe competition and are optimistic about
posting better results in the ensuing year.
Your Directors recommend a dividend of Rs. 1.00 per share.
DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) of the Companies Act'' 1956'' your Directors
a) in the preparation of the annual accounts'' the applicable accounting
standards have been followed along with proper explanation relating to
b) 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 financial year and of the loss of the Company for
c) 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;
d) the Directors have prepared the annual accounts on a going concern
Shri Manohar S. Usgaonkar and Shri Nitin Kunkolienkar retire by
rotation at the forthcoming Annual General Meeting and are eligible for
Brief particulars and expertise of these Directors have been given in
the notes to the Notice of the Annual General Meeting.
All the Directors have filed Form DD-A with the Company as required
under the Companies (Disqualification of Directors under section 274(1
(g) of the Companies Act'' 1956) Rules'' 2003.
DELISTING OF SHARES
Your Directors are considering the option to delist the shares of the
Company from the Stock Exchange. Necessary decision will be taken after
exploring the impact thereof on the Company and its shareholders.
M/s S. S. Dalvi & Co.'' Chartered Accountants'' the Auditors of the
Company retire at the ensuing Annual General Meeting and being eligible
offer themselves for re-appointment. Since more than 25% of the
subscribed share capital of the Company is held by Nationalised Banks''
pursuant to section 224A'' the appointment of Auditors is required to be
made by a Special Resolution.
Secretarial Compliance Certificate pursuant to Section 3 83A (1) of the
Companies Act'' 1956 is enclosed and marked as Annexure A.
PARTICULARS OF EMPLOYEES
None of the employees of the Company were in receipt of remuneration in
excess of the limits prescribed under Section 17(2A) of the Companies
CONSERVATION OF ENERGY'' TECHNOLOGY ABSORPTION'' FOREIGN EXCHANGE
EARNINGS AND OUTGO
The management continues its focus on energy conservation. Continuous
monitoring of the fuel consumption'' and the monitoring optimization of
electrical energy consumption in all activities are being done. The
Company is making efforts to acquire improved technology at its plant.
During the year there is no foreign exchange earnings but outgo is on
account of import of raw material (Ref note no. 34-35).
Your Directors place on record their gratitude to the Government of
Goa'' Financial Institutions'' Banks'' Statutory Auditors'' and valued
customers for the continued assistance'' support'' co- operation and
encouragement they extended to the Company. Your Directors appreciate
the excellent contribution made by the employees of the Company at all
For and on behalf of the Board of Directors
(SANJAY A. POY RAITURCAR)
CHAIRMAN & MANAGING DIRECTOR
Date: July'' 21'' 2012.
Place: Panaji'' Goa.