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Access comprehensive annual business reports and performance summaries for Premier Cryogenics Limited Unlisted Shares
Premier Cryogenics Limited's Twenty-Ninth Annual Report 2022-2023 details the company's performance, governance, and financial standing. The Annual General Meeting (AGM) is scheduled for September 25, 2023, via video conferencing. Shareholders can register their email addresses to receive the notice and the annual report electronically. The company's website is www.premiercryogenics.com. **Board of Directors and Corporate Governance:** The board comprises six directors, including three independent directors. Mr. Abhijit Barooah serves as Chairman and Managing Director. The report details the composition of the board and its committees (Audit, Nomination & Remuneration, Stakeholders Relationship, and Corporate Social Responsibility), including attendance records. The company affirms compliance with SEBI's Listing Regulations and has adopted various policies such as a Whistle Blower Policy, Risk Management Policy, and a policy on related party transactions. Key Managerial Personnel are Mr. Abhijit Barooah, Mr. Anjan Talukdar, and Mrs. Archana Baruah. **Financial Performance:** The company's revenue from operations decreased by approximately 19% to ₹7748 lakh compared to the previous year's ₹9524 lakh, primarily due to a fall in demand for Medical Oxygen and the completion of construction projects. Profit before tax declined by about 26% to ₹1616 lakh. Net profit after tax also decreased by around 26% to ₹1219 lakh. The Board recommends a dividend of 15%, i.e., ₹1.50 per share. The company has transferred ₹200.00 lakh to the General Reserve. The company maintained a credit rating of "BBB+" from CARE. **Operational Performance:** While medical gas demand decreased due to subsiding COVID-19, industrial sector demand improved. Production and sales of Dissolved Acetylene, Nitrous Oxide, and Carbon Dioxide gases increased. The company is also involved in construction projects related to PSA Oxygen plants in the healthcare sector. **Business Activities and Future Prospects:** The company manufactures industrial and medical gases, supplying mainly to the oil & gas sector, hospitals, and the food & beverage industry, primarily in the North-East region. Future growth is expected with improving industrial climate and government initiatives. **Related Party Transactions:** The company continued transactions with Assam Air Products Pvt. Ltd. for the sale of industrial gases and for availing services for installation and commissioning of PSA Oxygen plants. These transactions are conducted at arm's length and with the required approvals. **Statutory Compliance & Audit:** The report includes a Secretarial Audit Report and a certificate of Non-Disqualification of Directors. The Statutory Auditors, M/s Singhi & Co., have issued reports on both the standalone and consolidated financial statements, attesting to compliance with Indian Accounting Standards (Ind AS) and the Companies Act, 2013. The report details the auditor's responsibilities, key audit matters, and opinions on the financial statements. **Other Key Information:** Details regarding TDS on dividend distribution, including applicable rates and required documentation for resident and non-resident shareholders, are outlined. Shareholders are requested to update their PAN, residential status, and category with the company or Depository Participants (DPs). The company is distributing dividend through National Electronic Clearing Services (NECS). The company has transferred unpaid or unclaimed dividend for seven years to the Investor Education & Protection Fund (IEPF). Various forms (ISR-1, ISR-2, ISR-3, SH-13) related to KYC, nomination, and PAN registration are included in the report.
Premier Cryogenics Ltd. Standalone Financial Results (Audited) for the quarter and year ended March 31, 2022. **1. Financial Performance:** * **Income from Operations:** * Net sales/income from operations increased from ₹1665 lakhs in Q3 FY21 to ₹2446 lakhs in Q4 FY22 and increased from ₹5160 lakhs in FY21 to ₹9348 lakhs in FY22. * Other operating income decreased from ₹44 lakhs in Q3 FY21 to ₹41 lakhs in Q4 FY22 and decreased from ₹521 lakhs in FY21 to ₹176 lakhs in FY22. * Total income from operations (net) increased from ₹1709 lakhs in Q3 FY21 to ₹2487 lakhs in Q4 FY22 and increased from ₹5681 lakhs in FY21 to ₹9524 lakhs in FY22. * **Expenses:** * Total expenses increased from ₹1321 lakhs in Q3 FY21 to ₹2133 lakhs in Q4 FY22 and increased from ₹4675 lakhs in FY21 to ₹7341 lakhs in FY22. * Major expense categories include cost of materials consumed, purchases (stock in trade and construction work), changes in inventories, employee benefit expenses, depreciation, power cost, distribution expenses, and other expenditures. * **Profitability:** * Profit/Loss from operations before other income, finance costs and exceptional items increased from ₹388 lakhs in Q3 FY21 to ₹354 lakhs in Q4 FY22 and increased from ₹1006 lakhs in FY21 to ₹2183 lakhs in FY22. * Profit/Loss from ordinary activities before finance costs and exceptional items increased from ₹411 lakhs in Q3 FY21 to ₹373 lakhs in Q4 FY22 and increased from ₹1220 lakhs in FY21 to ₹2380 lakhs in FY22. * Net profit/loss from ordinary activities after tax increased from ₹239 lakhs in Q3 FY21 to ₹258 lakhs in Q4 FY22 and increased from ₹718 lakhs in FY21 to ₹1639 lakhs in FY22. * **Earnings Per Share (EPS):** * Basic & Diluted EPS (before extraordinary items, not annualised) increased from ₹4.86 in Q3 FY21 to ₹5.24 in Q4 FY22 and increased from ₹14.57 in FY21 to ₹33.31 in FY22. **2. Shareholding Pattern:** * **Public Shareholding:** * Number of shares held by the public is 1,263,600, constituting 25.66% of the total share capital. * **Promoter & Promoter Group Shareholding:** * Non-encumbered shares: 3,660,300, representing 100% of promoter holding and 74.34% of the total share capital. **3. Investor Complaints:** * No investor complaints were pending at the beginning or end of the quarter. No complaints were received or disposed of during the year. **4. Additional Information:** * The company operates in a single business segment: industrial gas. * The Board of Directors recommended a dividend of ₹1.50 per equity share (15%) for the year ended March 31, 2022. * The financial results are subject to limited review by the Statutory Auditors. * The above results were reviewed by the Audit Committee and taken on record by the Board at their meetings held on May 27, 2022. **Consolidated Financial Results (Audited) for the Quarter and Year Ended March 31, 2022** * Note 4: The company's wholly owned subsidiary is not in active operation and hence there is no difference between the consolidated and standalone total income during the period. **Balance Sheet as of March 31, 2022 (Standalone & Consolidated)** * **Assets:** * Total Assets were ₹105.11 crores (standalone) and ₹105.08 crores (consolidated). * Non-current assets comprised property, plant and equipment, intangible assets, and financial assets (investments and other). * Current assets comprised inventories, financial assets (investments, trade receivables, cash and cash equivalents, bank balances, and other current assets. * **Equity and Liabilities:** * Total Equity was ₹75.66 crores (standalone) and ₹75.63 crores (consolidated). * Equity Share Capital was ₹5.01 crores and Other Equity was ₹70.65 crores (standalone) and ₹70.62 crores (consolidated). * Non-current liabilities consisted of borrowing, provisions, deferred tax liabilities and other non-current liabilities. * Current liabilities consisted of borrowing, trade payables, other current financial liabilities, other current liabilities, provisions, and current tax liabilities (net).
Premier Cryogenics Limited's Twenty-Seventh Annual Report 2020-2021 provides information about the company's performance, operations, governance, and financial statements. The Annual General Meeting (AGM) will be held on September 27, 2021, via video conferencing. Shareholders are required to register their email addresses to receive the Notice and Annual Report electronically. **Notice of AGM & E-Voting** The AGM will address the adoption of audited standalone and consolidated financial statements for the year ending March 31, 2021, along with reports from the Board of Directors and Auditors. A dividend declaration for equity shares for the year ending March 31, 2021, is also planned. Mrs. Anamika Chowdhary, retiring by rotation, is eligible for re-appointment. Mr. George Chacko, previously appointed as a director in a casual vacancy, is proposed for re-appointment. Due to the Covid-19 pandemic, the AGM will be held via video conferencing (VC) or other audio-visual means (OAVM), without physical presence of members. E-voting will be available. **Board's Report Summary** The company saw a 25% increase in revenue, totaling ₹5681 lakh, primarily due to demand for medical oxygen and construction. Profit before tax was ₹964 lakh, more than double the previous year's ₹416 lakh. The Board recommends a dividend of 12%, or ₹1.20 per share. The Company's primary products, Oxygen and Nitrogen, made up 32.73% and 16.69% respectively of total turnover. Dissolved Acetylene contributed around 4.80%, with other items contributing around 7.16%. Construction services contributed about 26.91%. The company maintained a credit rating of "BBB" from CARE. The company continues its efforts in strengthening its value chain, and believes economic conditions will improve in the future. Future plans include improving operations and identifying potential markets across the N.E. Region and beyond, catering to medical oxygen demand and setting up oxygen generating units. The company also expects growth in the gas sector construction business. The company reports no material changes and commitments impacting its financial position. Key initiatives were taken to protect employees during Covid-19, while focusing on cost controls, liquidity, and supply chain management. The company is servicing its term loan from SBI and availing working capital. The company has transferred unclaimed dividends to the Investor Education & Protection Fund (IEPF). The company has not given any loan, guarantee or provided any security in connection with a loan to any person or other body corporate. The company did not make any share issues during the year. As on March 31, 2021, the paid-up share capital was ₹492 lakh, comprising 49,23,900 equity shares of ₹10 each. PCL Power Private Limited was incorporated as a subsidiary with the objective of venturing into the business of generating power by procuring Natural gas from the OIL sector companies. Details of Related Party Transactions included M/s. Assam Air Products Pvt. Ltd. for sale of industrial gases with maximum total amount ₹23.00 Cr to ₹30.00 Cr during 01/04/2020-31/03/2023. The company has formulated a Risk Management Policy and a Whistle Blower Policy. Mrs. Anamika Chowdhary and Mr. George Chacko, Directors are proposed to be reappointed. **Corporate Social Responsibility** The company spent ₹5.39 lakh on CSR activities during the year, with the remaining amount proposed to be transferred to specified funds. **Board Meetings and Committees** Five Board of Directors meetings were held during the year. A detail note on the composition of the Board of Directors and its Committees is provided in the Corporate Governance report section of this Annual Report. **Directors Responsibility Statement** The directors confirm that in the preparation of the annual accounts, the applicable accounting standards had been followed. **Auditors** M/s Singhi & Co., Chartered Accountants, were appointed for a period of 5 (five) consecutive years at the Annual General Meeting (AGM) held on 23/09/2019 and they will hold office till the conclusion of the sixth AGM to be held thereafter **Management Discussion and Analysis** Total revenue grew by about 25% over the previous year mainly due to better demand for Medical Oxygen and construction business and increase performance by catering to the growing demand for medical gases and taking up projects for setting up several PSA Oxygen plants in the health care sector. The Company expects better financial performance in the years to come. The Company has a credit rating of “BBB” from the credit rating agency CARE and is maintain excellent track record with banks and Fls. **Key Performance Indicators** Data regarding Turnover, Revenue from Operations, Profit Before Tax & Profit After Tax, Networth and Dividends are depicted in graph format. **Other Key Information** This report also includes annexures pertaining to Board's Report, including reports on subsidiaries, details of contracts/arrangements, secretarial audit report, compliance, CSR, and remuneration. Also included are the standalone and consolidated financial statements, auditor's reports, and notes to these statements. Information related to equity, assets, and liabilities are detailed.
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