Annual Report: 2023
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.
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