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Aditya Ispat Ltd.

BSE: 513513 Sector: Metals & Mining
NSE: N.A. ISIN Code: INE570B01012
BSE LIVE 15:14 | 09 Dec 4.80 0.05
(1.05%)
OPEN

4.80

HIGH

4.80

LOW

4.80

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 4.80
PREVIOUS CLOSE 4.75
VOLUME 14
52-Week high 6.94
52-Week low 2.70
P/E 7.87
Mkt Cap.(Rs cr) 2.57
Buy Price 4.80
Buy Qty 486.00
Sell Price 0.00
Sell Qty 0.00
OPEN 4.80
CLOSE 4.75
VOLUME 14
52-Week high 6.94
52-Week low 2.70
P/E 7.87
Mkt Cap.(Rs cr) 2.57
Buy Price 4.80
Buy Qty 486.00
Sell Price 0.00
Sell Qty 0.00

Aditya Ispat Ltd. (ADITYAISPAT) - Director Report

Company director report

DIRECTORS

To

The Members of Aditya Ispat Limited Hyderabad

Your Directors take pleasure in presenting the Twenty Third Annual Report on theaffairs of the Company for the financial year 2013-2014 together with the AuditedFinancial Statements and Report of the Auditors thereon.

BUSINESS PERFORMANCE:

Financial Results: The overall performance of the Company for the financial year2013-14 is summarized as under:

( Rs. in Lakhs)
S.No. Particulars 2013-2014 2012-2013
1. Sales ( Gross) 3277.43 2184.55
Less : Excise Duty 209.33 204.26
Sales ( Net) 3068.10 1980.29
2. Other Income 2.82 1.71
Total Revenue 3070.92 1982.01
3. Gross Profit before Interest Depreciation & taxation 148.66 114.18
4. Interest/Financial Charges 87.34 65.71
5. Depreciation 20.80 14.70
6. Profit before tax 40.52 33.77
Less: Provision for current tax 0.43 8.49
Less : Provision for Deferred Tax 12.46 2.07
Net Profit(loss) after tax 27.63 23.21
Add: Balance from previous year 137.04 113.83
Surplus carried to Balance Sheet 164.67 137.04

BUSINESS REVIEW

During the year 2013-14 the Company has posted a gross turnover of Rs 3277.43 lakhs asagainst Rs. 2184.55 lakhs in the previous year and has earned a net profit of Rs.40.52Lakhs before tax compared to previous year’s profit of Rs 33.77 Lakhs. There is animprovement in profitability due to increase in turnover and on account of cost effectivemeans adapted by the management for production. However on account of inadequate profitsthe Board has not recommended any dividend nor any transfer to reserves.

FUTURE OUTLOOK:

Financial Year 2013-14 has been a challenging year with subdued economic growth as aresult of higher inflation higher interest rates lower industrial growth and lowerinvestments in the country along with the poor condition of the global economy. Howeverthe Indian economy is expected to perform comparatively well in the coming years. With astable government at the centre significant policy changes are anticipated in the nearfuture.

The government focus on infrastructure development more foreign direct investmentinflow and more transparency in governance is likely to significantly increase thebusiness confidence in the country.The automotive / industrial segment it is expected togrow by 4% to 5% in Financial year 2014-2015.

FINANCIAL RESOURCES

The company has arrangements with its Banker to cash credit limits of Rs 700 Lakhs tomeets its working capital requirements. This will help Company to boost its turnover inthe coming years.

DIRECTORS:

Mr.Swami S.B.Das retire by rotation and being eligible offers himself forreappointment as non -retiring Independent Director for a period of five years. As perSection 149(4) of the Companies Act 2013 the independent directors of the Company arebeing appointed to hold office as independent directors for a period of five years witheffect from the 23rd Annual General Meeting.

Mrs Usha Chachan and Mr S.K.Kabra have been appointed as Additional Directors by theBoard on 26th August2014 to hold office until the conclusion of the ensuing AnnualGeneral Meeting.

Brief particulars and expertise of these directors and their other directorships andcommittee memberships have been given in the annexure to the Notice of the Annual GeneralMeeting in accordance with the requirements of listing agreement with Stock Exchanges.

DIRECTORS’ RESPONSIBILITY STATEMENT:

In accordance with the provisions of Section 217(2AA) of the Companies Act1956 yourDirectors state:

1. That the accounting standards to the extent applicable to the Company have beenfollowed in the preparation of the annual accounts and there are no material departures

2. That the accounting policies selected by the Board for the purpose of preparationand presentation of the financial statements have been and are being applied consistentlyand reasonable and prudent judgments and estimates (wherever applicable) have been madefor the said purpose so as to give a true and fair view of the affairs of the Company asat the end of the financial year under review and of the profit and loss for the saidyear.

3. That proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 1956 forsafeguarding the assets of your company and for preventing and detecting fraud and otherirregularities.

4. That the annual Accounts have been prepared on a going concern basis.

AUDITORS:

Statutory Auditors

M/s. Dagliya & Co Chartered Accountants Secunderabad the Auditors of the companyretire at the conclusion of the ensuing Annual General Meeting and are eligible forreappointment. The Board recommends their reappointment for next 3 years as per the newCompanies (Audit and Auditors) Rules 2014.

Cost Auditors

Your Company had appointed M/s Sagar & Associates Cost Accountant Hyderabad asCost Auditor with the approval of the Central Government for audit of cost recordsmaintained by the Company for the financial year ended 31st March 2014. Thedue date for filing the Cost Audit Reports is 30th September 2014.

LISTING :

The shares of your company are listed on Mumbai and Kolkata Stock Exchanges.

PARTICULARS OF EMPLOYEES U/S 217(2A) OF THE COMPANIES ACT 1956:

There was no person employed by the company during the year who was in receipt ofremuneration in excess of limits prescribed under Section 217 (2A) of the Companies Act1956.

FIXED DEPOSITS:

During the year under review the company has not accepted any deposits under Section58A of the Companies Act 1956 read with Companies ( Acceptance of Deposits) Rules 1975.

CONSERVATION OF ENERGY RESEARCH AND DEVELOPMENT TECHNOLOGY ABSORPTION FOREIGNEXCHANGE EARNINGS AND OUTGO:

Information regarding Energy Conservation Technology Absorption Foreign ExchangeEarnings and outgo in accordance with Section 217 (1)(e) of the Companies Act 1956 readwith Companies ( Disclosure of particulars in the report of Board of Directors) Rules1988 forming part of the Directors Report for the year ended 31st March 2014are as follows:

1. Conservation of Energy: The Company’s operations require low energyconsumption. Adequate measures are taken to conserve energy wherever possible. The detailsrequired are attached herewith.

2. Technology Absorption:
a. Research & Development There is no specific Research and Development activity carried out by the Company during the year.
b. Technology Absorption NIL
3. Foreign Exchange Earning and Outgo NIL

CORPORATE GOVERNANCE:

The company has implemented the Code for Corporate Governance as stipulated under therevised Clause 49 of the Listing Agreement. A separate report on Corporate Governance isannexed to this report.

CODE OF CONDUCT

The Company has adopted a uniform Code of Conduct for Directors and Senior Managementand above Officers level to ensure ethical standards and ensure compliance to the laiddown standards.

DEMATERIALISATION OF SHARES:

M/s. X.L Softech Services Limited Hyderabad were appointed as Depository Registrarsfor dematerialization of shares as well for transfer of physical shares were entrusted tothem.

The ISIN of dematerialized share of the Company allotted by NSDL and CDSL is"INE570B01012."

ACKNOWLEDGEMENTS:

The Board takes this opportunity to express its deep gratitude for the continuedco-operation and support received from its Bankers State and Central Governments thecustomers share holders business associates and employees during the year under review.

Specific acknowledgement is also made for the confidence and understanding shown by theMembers in the Company.

On behalf of the Board of Directors
Place: Hyderabad. Sd/-
Date : 26.08.2014 S.B CHACHAN
CHAIRMAN & MANAGING DIRECTOR

ANNEXURE – A TO THE DIRECTOR’S REPORT

CONSERVATION OF ENERGY TECHNOLOGY & FOREIGN EXCHANGE.

Information required under section 217(1)(e) of the companies Act 1956 read theCompanies (disclosures of particulars in the Report of the Board of Directors) rules 1988with respect to these matters.

CONSERVATION OF ENERGY

Sl. No. Particulars For the year ended 31.03.14 For the year ended 31.03.13
A. POWER AND FUEL CONSUMPTION
1. ELECTRICITY
a. Purchased
Units 213254 80966
Amounts (Rs.) 3121688 741147
Rate per Unit(average)(Rs.) 14.64 9.15
b. Own Generator
i. Through diesel Generator
Units NIL NIL
Units per litre of Diesel NIL NIL
Cost per Unit NIL NIL
ii. Through Steam turbine / generator
Units NIL NIL
Units per litre of fuel Oil/Gas NIL NIL
Cost per Unit NIL NIL
2. COAL (Specify quality and where used)
Quantity (Tonnes) NIL NIL
Total Cost NIL NIL
Average Rate NIL NIL
3. FURNACE OIL
Quantity NIL NIL
Total Cost NIL NIL
Rate Per Unit NIL NIL
4. OTHERS/INTERNAL GENERATION
Quantity NIL NIL
Total Cost NIL NIL
Rate Per Unit NIL NIL
5. CONSUMPTION PER UNIT OF PRODUCTION
Production (Units) (M.T) 2901.081 3156.86
Electricity (Rs.) 1076.04 234.77
Coal NIL NIL
Furnace Oil NIL NIL
Others NIL NIL

 

For and behalf of the Board of Directors
Place : Hyderabad (S.B.CHACHAN)
Date : 26.08.2014 Chairman & Managing Director

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