Annual Report: 2021
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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