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Accurate Transformers Ltd.

BSE: 530513 Sector: Engineering
NSE: N.A. ISIN Code: INE243C01014
BSE LIVE 13:54 | 29 Feb Stock Is Not Traded.
NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 24.35
PREVIOUS CLOSE 25.60
VOLUME 5000
52-Week high 25.60
52-Week low 22.15
P/E
Mkt Cap.(Rs cr) 7.23
Buy Price 0.00
Buy Qty 0.00
Sell Price 24.35
Sell Qty 5000.00
OPEN 24.35
CLOSE 25.60
VOLUME 5000
52-Week high 25.60
52-Week low 22.15
P/E
Mkt Cap.(Rs cr) 7.23
Buy Price 0.00
Buy Qty 0.00
Sell Price 24.35
Sell Qty 5000.00

Accurate Transformers Ltd. (ACCURATETRANS) - Director Report

Company director report

DIRECTOR

To

The Members

Accurate Transformers Limited

Your Directors have pleasure in presenting their TWENTY SIXTH ANNUAL REPORT on thestatement of Accounts of your Company for the financial year ended on 31st March 2014.

Particular 2013-2014 2012-2013
Sales & Others Income 20121.13 20027.61
Profit before interest Depreciation & Tax 3599.70 3052.59
Less : Financial charges 3406.23 2846.19
Depreciation 77.00 93.99
Profit before Tax 116.46 112.41
Less : Provision for Tax (Current) 34.94 50.52
Add : Provision for Tax (Deferred) (3.76) (0.49)
Profit after Tax 85.29 (16.79)
Add : Balance brought forward 5144.19 5160.98
Profit available for appropriation 5229.48 5144.19

Operations

During the year under consideration your Company achieved a turnover of Rs 20121.13Lakhs as against Rs. 20027.61 Lakhs for the previous year. The net Profit after tax at Rs8528891 which is substantially higher as compared to the loss of previous year by Rs.1679132.

Lower Net profit is on account of higher material cost as well as oil prices. Higherinterest rate has also resulted in payment of higher financial charges during the year.Your Company is taking proactive steps to reduce material cost and also interest burden.

We have many opportunities in our Industry. Your Company is finalizing necessary fundsarrangement through preferential issue of Equity Shares to selected investors borrowingfrom Banks and/or Financial Institutions to fund our expansion process and also to meetlong term working capital requirements.

Future Growth Prospects

India's power market is the fifth largest in the World. The power sector is high onGovernment of India's priority as it offers tremendous potential for Power Equipmentsupplier Companies based on the sheer size of the market and the returns available oninvested capital.

Dividend

With a view to conserve the resources of the Company the Directors regret theirinability to declare dividend for the year ended on 31.03.2014. The accumulated profit isbeing carried forward in the Profit & Loss Account.

Fixed Deposit

During the year under review the Company has not accepted any fixed deposits from thePublic. There are no unclaimed mature deposits lying with the Company.

Director

After the introduction of new Companies Act 2013 and the amended listing agreement theindependent Directors of the Company are not liable to retire by rotation. However theyshall not hold office for more than 5 years. Therefore Mr. C. L. Sharma Managing Directorof the Company is Liable to retire by rotation and eligible for reappointment.

A brief resume of all the Directors proposed for appointment/reappointment at theAnnual General Meeting as required by Clause 49 of Listing Agreement with Stock Exchangesis enclosed herewith as a part of Corporate Governance report.

Pursuant to the requirement under section 217(2AA) of Companies Act 1956 with respectto Directors' Responsibility Statement it is hereby confirmed:

i. That in the preparation of the accounts for the financial year ended 31st March2014; the applicable accounting standards have been followed along with proper explanationrelating to material departures;

ii. That the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that were reasonable and prudent so as togive a true and fair view of the statements of affairs of the Company at the end of thefinancial year.

iii. That the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

iv. That the Directors have prepared the accounts for the financial year ended 31stMarch 2014 ` on a going concern basis.

Auditors and Their Report

M/s OM Prakash Yadav & Company Chartered Accountants Chartered Accountants theStatutory Auditors of the Company will retire at the end of the ensuing Annual GeneralMeeting and being eligible offer them for re-appointment.

The report of the Auditors on the accounts of your Company for the period under reportis appended elsewhere with this report. The observations made by them in their reporthowever are self-explanatory and do not call for any further comments under Section 134of the Companies Act 2013.

Conservation of Energy Technology Absorption and Foreign Exchange Earnings and Outgo

The requisite information in regard to conservation of energy technology absorptionforeign exchange earnings and outgo in terms of Section 217(1)(e) of Companies Act 1956read with Companies(Disclosures in particulars in the reports of boards of Directors)Rules1988 is set out in Annexure A annexed hereto which forms part of this report.

Particulars of Employees

There are no employees in the Company who are taking salary in excess of the provisionsof section 217 (2A) of the Companies Act 1956 read with Companies (particulars ofEmployees) rules 1975.

Compliance of the Listing Agreements

During the year under review the Company has made compliances with the ListingAgreement with the Stock Exchanges. The Cash flow statement is annexed with the report anddetail of Stock Exchanges where the shares of the Company are listed is given in AnnexureB.

Industrial Relations

Industrial relations between employees and Management have remained very cordial duringthe period under report.

Acknowledgement

Your Directors wish to place on record their appreciation for dedicated efforts andcontributions made by all the employees of the Company during the year. Your Directorswould also like to express their sincere gratitude for the valuable assistance advice andsupport extended by the Government of India State Governments Financial Institutions andStock Exchanges. The Directors would also like to thank the Share holders CustomersSuppliers and Banks for the support they have given to the Company and the confidence theyhave reposed in the Management.

On behalf of the Board of Directors
Sd/-
Place: Delhi C. L. Sharma
Dated: 1st September 2014 Chairman & Managing Director

ANNEXURE TO THE DIRECTORS' REPORT

Year Ending 31.03.14 Year Ending 31.03.13
FORM'A'
A Power and fuel
Consumption
1 Electricity
(a) Purchased KWH 927264 4021802
Total amount Rupees 9523240 22562310
Rate/unit Rupees 10.27 5.61
Own Generation Units 71665 622.325
Unit Per Ltr. of Diesel Oil Rs/Unit 14.50 8.5
B Consumption Per NO. 1737 15544
Unit Of Production
Transformers
Electricity(Includes Unit for DG Set) Unit/transformer 575.09 212.58
Cost Unit/transformer 6080.82 1385.25

FORM 'B'

A. Research & Development (R&D)
1. Specific area in which R&D carried out by the Company Improvement o f process productivity and quality; reduction of cost and control on rejection; development of new designs and models.
2. Benefits derived as a result of the above R & D Overall improvement in performance of products reduction in manufacturing costs; minimize material consumption; optimization of product design; improve performance increase in productivity and reliability.
3. Future plan of action To continue work in design and development of new models and products : to constantly review quality & performance of existing Products for appropriate modification etc.

B. Technology Absorption Adaptation & Innovation

1. Efforts In brief made towards technology absorption and innovation. Developing in-house expertise to technology for adaption and for design & manufacturing of Power Transformers of Higher ratings. Diversification project implemented for manufacture of Power Transformers product improvement cost reduction & development.
2. Benefits derived as a result of the above efforts e.g. import substitution etc
3. In case of imported technology (imported during the last 5 Years Reckoned from the beginning of the financial Year); following information may be furnished Not Applicable
a) Technology imported
b) Year of import
c) Has technology been fully absorbed?
d) If not fully absorbed areas where this has not taken place reasons therefore and future plans of action.

C. Foreign Exchange Earnings & Outgo

Activities relating to Foreign Exchange are as under:

Particulars 2013-2014 2012-2013
Foreign Exchange earned NIL NIL
Foreign Exchange outgo NIL NIL

ANNEXURE – 'B'

Names and Addresses of Stock Exchanges with which Listing Agreements have been enteredinto:

S. No. Name of Stock Exchange Address
1 The Delhi Stock Exchange DSE House 3/1 Asaf Ali Road New Delhi -110 002
2 The Bombay Stock Exchange Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400 001
3 The U.P. Stock Exchange Association Ltd. Padam Towers 14/113 Civil Lines Kanpur - 208 001
4 The Ahemdabad Stock Exchange Kamdhenu Complex Opp. Sahajanand College Panjara Pole Ahmedabad - 380 015
5 The Jaipur Stock Exchange Ltd. Stock Exchange Building Jawahar Lal Nehru Marg Malviya Nagar Jaipur - 302 017

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