HINDUSTAN OXYGEN GAS COMPANY LIMITED
Your Directors are pleased to submit this 35th Annual Report together
Audited Accounts of the Company for the year ended 31st March, 1996.
Your Directors take this opportunity to report about the improvement in the
working of the Company. The turnover for the year has been increased by
about 11% over the previous year's turnover of Rs. 1,17,95,487/-. Your
Company is always endeavoring to control overheads. During the year under
review, the Company earned a profit of Rs. 85,882/- and after providing for
depreciation of Rs. 33,052/- and taxation of Rs. 73,000/-, your Company
suffered a loss of Rs. 20,170/- as against profit of Rs. 3,23,795/- earned
during the previous year.
The production of Oxygen, Nitrogen and Dissolved Acetylene were 4,36,820
M3, 33,624 M3 and 42,585 M3 as compared to 4,02,215 M3, 55,728 M3 and
40,473 M3 for the previous year respectively.
Your Directors regret for not recommending any dividend for the year under
4. Fixed Deposits:
During the year under review, the Company has not accepted nor renewed any
Fixed Deposit within the meaning of Section 58A of the Companies Act, 1956
and the Rules made there under:
All the insurable assets have been adequately insured.
Shri Somabhai P. Patel, Shri Narhari B. Handur Kulkarni and Shri Sunderlal
M. Shah retired at the 35th Annual General Meeting held on 25th September,
1996 and being eligible, were also re-appointed thereat.
M/s Arvind M. & Co., Chartered Accountants, were appointed at the 35th
Annual General Meeting held on 25th September, 1996 as auditors of the
8. Particulars of Employees:
There was no employee in receipt of remuneration of Rs.25,000/- per month
or Rs.3,00,000/- per annum during the year under review and hence Statement
under Section 217(2A) of the Companies Act, 1956 is not given.
9. Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
There is no special information to be given pursuant to Section 217(1) (e)
of the Companies Act, 1956 read with the Companies (Disclosure of
particulars in the report of Board of Directors) Rules, 1988. The Company
has not carried out R & D activities. The Company is not engaged in
activities relating to exports and foreign exchange was neither used nor
earned during the year. Other information may be taken as per the audited
accounts for the year ended 31-3-1996.
Your Directors would like to place on record their appreciation for the
services rendered by the employees of the Company, at all levels.
For and on Behalf of the Board
For Hindustan Oxygen Gas Co. Ltd
Place : Mumbai
Dated : 31st December, 1996.