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Govind Poy Oxygen Ltd.

BSE: 509586 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Govind Poy Oxygen Ltd. (GOVINDPOYOXYG) - Director Report

Company director report

DIRECTORS

Your Directors are pleased to present their 42nd Annual Report together withthe Audited Statement of accounts for the Financial Year ended 31" March 2014.

FINANCIAL RESULTS 2013-14 2012-13
Rs. Rs.
Profit before depreciation and interest 5567517 2662071
Less: Depreciation 5256046 7345535
Interest 1365047 1568222
Profit / (Loss) before taxes and deferred tax assets / liabilities (1053576) (6251686)
Add: Prior period Income Tax Asst. Year (8115) -
Add / (Less): Deferred Tax 911892 3289618
Less: Provision for Fringe Benefit Tax -
Less: Provision for Tax -
Profit / (Loss) after Tax (149799) (2962068)
Add: Balance brought forward from last year 14734427 18042845
Distributable Profit 14584628 15080777
APPROPRIATIONS
• Proposed Dividend 400000 300000
• Corporate Dividend Tax 67980 46350
• Statutory Reserve - -
• Balance carried to Balance Sheet 14116648 14734427
14584628 15080777

PERFORMANCE

During the year under report the turnover increased to Rs. 624.53 lakhs from Rs.566.95 lakhs in the previous year. Your Directors regret to inform that your Company hassuffered loss of Rs. 1.50 lakhs after depreciation and taxes as against loss of Rs. 29.62lakhs in the previous year. The continued ban on mining in Goa and continued overallrecession has affected company's turnover which has further affected the profitability.Your Directors are exploring different avenues for betterment of company's turnover.

Your Directors are making various efforts to improve the performance of the Company insituation of severe competition and are optimistic about posting better results in theensuing year.

DIVIDEND

Your Directors recommend a dividend of Re. 1.00 per share.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to section 217(2AA) of the Companies Act 1956 your Directors confirm that:-

a) in the preparation of the annua! accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures;

b) the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the financial year and of the loss ofthe Company for that year;

c) the Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;

d) the Directors have prepared the annual accounts on a going concern basis.

DIRECTORS

Shri Ashok P. Panvelkar and Smt Binita S. Poy Raiturcar retire by rotation at theforthcoming Annual General Meeting and are eligible for re-appointment.

In terms of Section 149 152 Schedule IV and other applicable provisions if any ofthe Companies Act 2013 read with Companies (Appointment and Qualification of Directors)Rules 2014 the Independent Directors can hold office for a term of upto five (5)consecutive years on the Board of your Company and are not liable to retire by rotation.Accordingly it is proposed to appoint Shri Manohar S. Usgaonkar Shri Sudin ManoharUsgaonkar and Shri Nitin Anant Kunkolienkar as Independent Director of your Company uptofive (5) consecutive years for the term upto to the conclusion of the 47thAnnual General Meeting in the calendar year 2019.

AUDITORS

M/s S. S. Dalvi & Co. Chartered Accountants the Auditors of the Company retire atthe ensuing Annual General Meeting and being eligible offer themselves for re-appointment.

COMPLIANCE CERTIFICATE

Secretarial Compliance Certificate pursuant to Section 383 A (1) of the Companies Act1956 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 thelimits prescribed under Section 17(2A) of the Companies Act 1956.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO

The management continues its focus on energy conservation. Continuous monitoring of thefuel consumption and the monitoring optimization of electrical energy consumption in allactivities are being done. The Company is making efforts to acquire improved technology atits plant. During the year there is no foreign exchange earnings but outgo is on accountof import of raw material (Ref note no. 34-35).

ACKNOWLEDGEMENT

Your Directors place on record their gratitude to the Government of Goa FinancialInstitutions Banks Statutory Auditors and valued customers for the continuedassistance support co-operation and encouragement they extended to the Company. YourDirectors appreciate the excellent contribution made by the employees of the Company atall levels.

For and on behalf of the Board of Directors
(Sanjay A. Poy Raiturcar)
Date .-July 28 2014 Chairman & Managing Director
Place: Panaji Goa. (DIN 00358326)