Mar 31, 2014
Dear Shareholders,
The Directors are pleased to submit the 50th Annual Report together
with the Audited Statement of Accounts for the year-ended 31st March
2014
FINANCIAL RESULTS (Rs. in lakhs)
For the year ended 31st March 2014 2013
Profit before Depreciation & Taxation 276.68 272.76
Less Depreciation 185.97 187.68
Profit before Taxation 90.71 85.08
Less: Provision for Taxation Current Tax 54.36 36.16
Deferred Tax (21.78) (22.16)
Wealth Tax 0.08 0.14
Net Profit for the year 58.04 70.94
Add: Balance brought forward from previous year 1022.97 979.92
Amount available for appropriation 1081.01 1050.86
Appropriations
a) Transfer to General Reserves 20.00 20.00
b) Proposed Dividend 6.75 6.75
c) Corporate Dividend Tax 1.15 1.15
Balance carried forward to next year 1053.11 1022.96
OPERATIONS
Your Company achieved a turnover of Rs. 2352 lakhs as against Rs. 2328
lakhs (net of excise duty) for the previous year representing an
increase of about 1.03%. The Company has recorded a net profit of 58.C4
lakhs for the year. It is proposed to transfer a sum of Rs 20.00 lakhs
to the general reserves out of the current yearÂs profits.
Your Company continues the process of rationalization of its
operations. With this continuous process the Directors are hopeful
that your Company will grow in strength and withstand any adversities
of cost, inputs, competition etc. in the years to come.
The Directors, with the active involvement of and support from your
Managing Director Shri Gautam V Pai Cacode, continue to be on the
constant lookout for new opportunities on the business front. This
coupled with constant review of all existing depots and units, help in
your Company increasing its sales every year.
DIVIDEND
The Directors recommend a Dividend at the rate of Rs. 30/- per share
to those shareholders whose names appear on the Register of Members as
on 25th September, 2014.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS/OUTGO
Your Company continued to take steps to optimize energy consumption as
in previous years. During the year there was no technology absorption.
There was no foreign exchange earnings. Foreign exchange outgo during
the year is Rs. 11,697,369/-.
Save and except as otherwise specifically stated, there has been no
material changes and commitments affecting the financial position of
the Company which have occurred between the end of the financial year
and the date of the report.
The Company has taken adequate steps to develop and implement a risk
management policy including identification therein of elements of risk,
which in the opinion of the Board may threaten the existence of the
Company.
The Company has finalised the process of developing and implementing
the corporate social responsibility initiatives during the year.
The Company has finalised the process of annual evaluation to be made
by the Board of its own performance and that of its committees and
individual directors.
DIRECTORS RESPONSIBILITY STATEMENT
As per the requirement of Section 134 of the Companies Act, 2013,
(corresponding to Section 217 (2AA) of the Companies Act, 1956) with
respect to the Directors' Responsibility Statement, it is hereby
confirmed that:
* In the preparation of the Annual Accounts, the applicable Accounting
Standards Faye been followed along with proper explanation relating to
material departures, if any.
* 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 as on 31.3.2014 and of the profits of the Company for that
period.
* The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
* The Directors have prepared the Annual Accounts on a going concern
basis.
* The Directors have laid down internal financial controls to be
followed and that such internal controls are adequate and are operating
effectively.
* The Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
BY ORDER OF THE BOARD OF DIRECTORS
THE SOUTHERN GAS LIMITED
GAUTAM V. PAI CACODE
Chairman and Managing Director
Dated: 29th May, 2014.
Mar 31, 2012
The Directors are pleased to submit the 48th Annual Report together
with the Audited Statement of Accounts for the year-ended 31st March
2012
FINANCIAL RESULTS (Rs. in Lakhs)
For the year ended 31st March 2012 2011
Profit before Depreciation & Taxation 309.88 338.28
Less Depreciation 197.36 189.01
Profit before Taxation 112.52 149.27
Less: Provision for Taxation - Current Tax 64.85 29.75
- Deferred Tax (31.70) 38.28
- Wealth Tax 0.13 0.09
Add/Less: Income Tax for prior years - -
Net Profit for the year before extraordinary items 79.24 81.15
Add : Profit on Sale of Investment
(Extraordinary Item) - -
Net Profit for. the year 79.24 81.15
Add: Balance brought forward from previous year 928.53 875.25
Amount available for appropriation 1007.7 956.40
Appropriations
a) Transfer to General Reserves 20.00 20.00
b) Proposed Dividend 6.75 6.75
c) Corporate Dividend Tax 1.10 1.12
Balance carried forward to next year 979.92 928.53
OPERATIONS
Your Company achieved a turnover of Rs.2094 lakhs as against Rs.1917
lakhs (net of excise duty) for the previous year representing ail
increase of about 9.23%. The Company has recorded a net profit of
Rs.79.24 lakhs for the year. It is proposed to transfer a sum of
Rs.20.00 lakhs to the general reserves out
The process of rationalization of operations to improve the
profitability is still continuing. The same has already started
yielding positive results and your Directors are hopeful that this will
result in much better
Your Directors have also decided to consolidate and further expand the
market share of your Company. Further performance of all existing
depots and units are reviewed from time to time and efforts are on to
increase their sales and profitability. Based on market survey
conducted with active involvement of and support from Wholetime
Director Shri Gautam Pai Cacode, your Directors have decided to go in
for
However, there have been high cost of inputs, supply of liquid medical
gas to all hospitals by multinational companies reduced selling prices
and stiff competition from other small scale gas
Your Directors recommend a Dividend at the rate of Rs.30/- per share to
those shareholders whose names appear on the Register of Members as on
27th September, 2012.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN
Your Company continued to take steps to optimize energy consumption as
in previous years. During the year there was no technology absorption.
There was also no foreign exchange earning or foreign
DIRECTORS RESPONSIBILITY STATEMENT
As per the requirement of Section 217(2AA) of the Companies Act, 1956,
your Directors confirm that:
- In the preparation of the Annual Accounts, the applicable
Accounting Standards have been followed
- 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
- The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, for safeguarding the assets of the
Company and for
- The Directors have prepared the Annual Accounts on a going concern
basis.
SECRETARIAL COMPLIANCE CERTIFICATE UNDER PROVISO TO SUB SECTION (1) OF
SECTION 383A OF THE COMPANIES ACT, 1956
Your Directors are pleased to annex a copy of the compliance
certificate submitted by Mr. I.M.D''Souza a Company Secretary in whole
time practice, as per the requirements of the proviso to sub-section
(1) of section 383A of the Companies Act, 1956.
DIRECTORS
Shri L.P. Mehta and J.V. Gaitonde, Directors of the Company,
retire by rotation from the Board at the forthcoming Annual General
Meeting and being eligible, offer themselves for re-appointment.
AUDITORS
M/s Varma & Varma, Chartered Accountants, Auditors of your Company
retire at the conclusion of this Annual General Meeting and being
eligible, offer themselves for re-appointment.
LISTING FEES
The Company has paid the requisite listing fees to the Bombay Stock
Exchange.
EMPLOYEES
The Company''s relations with its employees continued to be cordial.
Your Directors wish to place on record their appreciation of hard and
devoted work put in by all the officers and staff, which has
contributed to the overall performance of the company.
None of the employees of the Company were in receipt of remuneration in
excess of the limits prescribed under section 217(2A) of the Companies
Act, 1956 read with the provisions of Companies (Particulars of
Employees) Rules 1975.
For and on behalf of the
Board of Directors
Margao, Madhav G.Poy Raiturcar
29th May, 2012 Chairman & Managing Director
Mar 31, 2010
The Directors are pleased to submit the 46th Annual Report together
with the Audited Statement of Accounts for the year-ended 31st March
2010
FINANCIAL RESULTS (Rs. in lakhs)
For the year ended 31st March 2010 2009
Profit before Depreciation & Taxation 302.29 242.98
Less Depreciation 147.65 129.71
Profit before Taxation 154.64 113.27
Less: Provision for Taxation
-Current Tax 44.65 30.84
-DeferredTax 6.41 10.67
-Fringe Benefits Tax à 3.30
Add Less: Income Tax for prior years à 0.69
Net Profit for the year before
extraordinary items 103.58 67.77
Add: Profit on Sale of Investment
(Extraordinary Item) - -
Net Profit for the year 103.58 67.77
Add: Balance brought forward from
previous year 799.55 759.67
Amourt available for appropriation 903.13 827.44
Appropriations
a)Transfer to General Reserves 20.00 20.00
b) Proposed Dividend 6.75 6.75
c)Corporate Dividend Tax 1.12 1.15
Balance carried forward to next year 875.26 799.54
OPERATIONS
Your Company achieved a turnover of Rs. 1558 lakhs as against Rs. 1518
lakhs (net of excise ) for the previous year representing an increase
of about 2.63%. The Company has lied a net profit of Rs. 103.58 lakhs
for the year. It is proposed to transfer a sum of Rs 20.00 lakhs to the
General Reserves out of the current years profits.
Operations were adversely affected by high cost of inputs, supply of
liquid medical gas to all hospitals by multinational companies on the
one hand and reduced selling prices and stiff competition other small
scale gas manufacturers including multinational companies on the other
hand during the year.
The process of rationalization of operations to improve the
profitability is still continuing. The same has already started
yielding positive results and your Directors are hopeful that this will
result in much better and improved performance in the coming years.
Your Directors have also decided to consolidate and further expand the
market share of your Company. In this connection, your Company has
started filling station at Hubli in Karnataka. Further performance of
all existing depots and units are reviewed from time to time and
efforts are on to increase their sales and profitability.
DIVIDEND
Your Directors recommend a Dividend at the rate of Rs.30/- per share to
those shareholders whose names appear on the Register of Members as on
30th September 2010.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNINGS/OUTGO
Your Company continued to take steps to optimize energy consumption as
in previous years. During the year there was no technology absorption.
There was also no foreign exchange earning or foreign exchange outgo
during the year,
DIRECTORS RESPONSIBILITY STATEMENT
As per the requirement of Section 217(2AA) of the Companies Act, 1956,
your Directors confirm that:
- In the preparation of the Annual Accounts, the applicable Accounting
Standards have been followed alongwith proper explanation relating to
material departures, if any.
- 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 end of the financial year 2009-10 and of the profits
of the Company for that period.
- The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, for safeguarding the assets of the
Company and for preventing and detecting fraud and other
irregularities.
- The Directors have prepared the Annual Accounts on a going concern
basis.
SECRETARIAL COMPLIANCE CERTIFICATE UNDER PROVISO TO SUB SECTION (I) OF
SECTION 383A OF THE COMPANIES ACT, 1956.
Your Directors are pleased to annex a copy of the compliance
certificate submitted by Mr. I.M.DSouza, a Company Secretary in whole
time practice, as per the requirements of the proviso to sub-section
(1) of section 383A of the Companies Act, 1956.
DIRECTORS
Shri Lalit P. Mehta and Shri Ranganath N. Prabhu, Directors of the
Company, retire by rotation from the Board at the forthcoming Annual
General Meeting and being eligible, offer themselves for
re-appointment.
AUDITORS
M/s Varma & Varma, Chartered Accountants, Auditors of your Company
retire at the conclusion of this Annual General Meeting and being
eligible, offer themselves for re-appointment.
AUDITORS QUALIFICATIONS IN THE AUDITORS REPORT
In the Audit report it has been stated that the requirement of listing
agreement entered into with the Bombay Stock Exchange in terms of the
SEBI regulations were not fully complied with. The auditors have not
specified the items not complied with. However, it was observed that
the Auditors had not given Limited Review Report in respect of the
unaudited financial results for the quarter ended 30th June,2009 and
the statement of financial results was submitted without their report.
Except for this, the company has complied with all the requirements
under the listing agreement.
LISTING FEES
The Company has paid the requisite listing fees to the Bombay Stock
Exchange.
EMPLOYEES
The Companys relations with its employees continued to be cordial.
Your Directors wish to place on record their appreciation of hard and
devoted work put in by all the officers and staff, which has
contributed to the overall performance of the company
None of the employees of the Company were in receipt of remuneration in
excess of the limits prescribed under section 217(2A) of the Companies
Act, 1956 read with the provisions of Companies (Particulars of
Employees) Rules 1975.
For and on behalf of the
Board of Directors
Madhav G Poy Raiturcar
Chairman & Managing Director
Margao,
22ndJune.2010
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