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Aditya Spinners Ltd.

BSE: 521141 Sector: Industrials
NSE: ADITYASPIN ISIN Code: INE122D01026
BSE LIVE 15:19 | 06 Dec 5.61 0.26
(4.86%)
OPEN

5.61

HIGH

5.61

LOW

5.61

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.61
PREVIOUS CLOSE 5.35
VOLUME 20
52-Week high 7.34
52-Week low 3.29
P/E 7.58
Mkt Cap.(Rs cr) 9.39
Buy Price 5.61
Buy Qty 480.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.61
CLOSE 5.35
VOLUME 20
52-Week high 7.34
52-Week low 3.29
P/E 7.58
Mkt Cap.(Rs cr) 9.39
Buy Price 5.61
Buy Qty 480.00
Sell Price 0.00
Sell Qty 0.00

Aditya Spinners Ltd. (ADITYASPIN) - Director Report

Company director report

ADITYA SPINNERS LIMITED ANNUAL REPORT 2011-2012 DIRECTOR'S REPORT To The Members, Your Directors present herewith the 20th Annual Report of the Company together with the Audited Accounts for the year ended 31st March, 2012. 1. FINANCIAL RESULTS: (Rs. in lakhs) PARTICULARS 2011-12 2010-11 Sales 3555.23 3293.35 Profit/(Loss) before depreciation and interest 186.96 373.00 Depreciation 82.58 285.11 Interest for the year 77.32 23.26 Profit/(Loss) before tax 27.06 64.63 Deferred Tax 13.56 - Depreciation for the earlier years - 442.85 Net Profit/(Net Loss) 13.50 (378.22) 2. DIVIDEND: The Directors do not recommend any dividend because of accumulated losses and in view of the plans to revive the Unit as per the directions of the Hon'ble BIFR. 3. REVIEW OF OPERATIONS DURING THE YEAR: During the year under review, the Company achieved sales turnover of Rs.3555.23 Lakhs as compared to that of Rs. 3293.35 Lakhs made during the corresponding previous year. For the year 2011-12, the company earned a profit of Rs.13.50 Lakhs as against the loss of Rs. 378.22 incurred during the corresponding previous year. 4. FUTURE PLANS: The company is committed to maintain good quality products and was in the process of increasing the equipment base with an aim to increase the turnover to achieve the targeted profitability during the current year and the years to come and to provide satisfaction to all stakeholders including the customers. The margin will however continue to be under pressure due to increase in input cost power and coal. The severe shortage of power coupled with increase in power tariff would have an adverse effect on the profitability of the Company. 5. REHABILITATION SCHEME: Pursuant to the directions/orders of the Hon'ble Board for Industrial and Financial Reconstruction (BIFR) dated 12.09.2011, the Company is in the process of implementation of the Rehabilitation Scheme as approved. The approved scheme mainly envisages reduction in the paid up capital by 60% and further issue of shares to the promoters and their associates by converting the existing unsecured loans of Rs.914.00 lakhs and revive the listing of the shares on the Bombay Stock Exchange. The Company obtained the shareholders' approval for the capital reduction and further issue of shares through postal ballot. The Company applied to the BSE for listing of the capital reduction and further issue of shares. The Company is confident and sees no problem to revive the unit as committed in the approved scheme. 6. DIRECTORS: The Board of Directors of the company was duly constituted as required under the Companies Act, 1956 as well as per the Clause-49 of the Listing Agreement. There is no change in the composition of the board of directors during the year under report except retirement of directors by rotation as required under the Articles of Association of the company. Sri N. Krishna Mohan and Sri. P. Ramamoorthy Directors of the company will retire at the ensuing annual general meeting by rotation and being eligible, offer themselves for re-appointment. 7. DEPOSITS: The Company has not accepted any deposits from the public during the year under review. 8. AUDITORS: The present Auditors of the Company M/s C. Ramachandram & Co., Chartered Accountants, Hyderabad, will retire at the conclusion of this Annual General Meeting and they are eligible for reappointment and it was confirmed that their reappointment, if made, was within the specified limit under the Companies Act, 1956. 9. PARTICULARS OF EMPLOYEES: The Particular of employees required to be disclosed under Section 217(2A) of the Companies Act, 1956 read with the provisions contained in companies (Particulars of Employees) Rules 1975 as amended are not applicable. 10. DISCLOSURE AS PER LISTING AGREEMENT: Clause 32: The cash flow statement in accordance with accounting standard and cash flow statement (AS-3) issued by ICAI is appended to this Annual Report. Clause 49 Compliance: A detailed compliance report on the Corporate Governance is enclosed to this Annual Report. 11. DIRECTORS' RESPONSIBILITY STATEMENT: (i) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures. (ii) The directors had selected such accounting policies and applied them consistently and made Judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for the period. (iii) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities. (iv) The Directors have prepared the accounts on a going concern basis. 12. INDUSTRIAL RELATIONS: The Company has had harmonious industrial relations throughout the year under review at all levels of organization. The Company would endeavor to maintain this cordial relationship in future also. 13. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO: Information pursuant to section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rule 1988 regarding conservation of energy, technology absorption and foreign exchange and foreign exchange earnings and out go has been given in a separate statement annexed here to, which forms part of the Directors' Report. 14. AUDIT COMMITTEE AS PER THE COMPANIES ACT, 1956: Pursuant to section 292A of the Companies Act, 1956, Audit Committee is duly constituted and the members of the committee are Sri. P. Ramamoorthy, Independent Director and Chairman , Sri. KVA Prasad, Independent Director and Sri. K. Vijay Kumar, Managing Director. 15. ACKNOWLEDGMENT: Your Directors also place on record their deep sense of appreciation for the dedicated services rendered by all the executives, staff and workers of the Company. For and on behalf of the Board Aditya Spinners Limited Sd/- Sd/- Place: Hyderabad, K. VIJAY KUMAR N. KRISHNA MOHAN Date : 31st May, 2012. Managing Director Executive Chairman ANNEXURE TO DIRECTORS' REPORT: Disclosure of particulars with respect to conservation of energy, technology absorption and foreign exchange earnings and outgo as required under Companies (Disclosure of particulars in the Board of Directors' Report) Rules, 1988: I. Conservation of Energy: (a) Energy Conservation Measures taken: Regular energy audits are being internally conducted and efforts to improve the DG sets performance are being undertaken with the help of suitable additives. (b) Additional investments and proposals, if any, being implemented for reduction in consumption of energy: -NIL- (c) Impact of measures of (a) and (b) above for reduction in energy consumption and consequent impact on the cost of production of goods: Being studied. (d) Total energy consumption and energy consumption per unit of production as per Form-A of the Annexure to the Rules in respect of industries specified in the schedule thereto. FORM - A: Current Year Previous year ended ended 31-03-2012 31-03-2011 A. Power and Fuel Consumption: I. Electricity: a. Purchases (Units) 10582350 10499325 Total Amount (Rs.) 42337095 37893933 Total Units (KWH) Rate per Unit in (Rs.) 4.00 3.61 b. Own Captive generation: i. Through Diesel Generator (Units in lacks) - - Unit per litre of diesel - - Cost/Unit (Rs.) - - ii. Through steam Turbian/Generator NIL NIL Unit (No.s) - - Units per Ltr. of Fuel Oil - - Gas - - Cost/Unit (Rs.) - - B. Consumption per unit of production: Yarn production (in kgs.) 1554708 1526723 Energy consumption (KWH) per kg. 6.81 6.88 of yam II. TECHNOLOGY ABSORPTION: Efforts made to Technology absorption as per Form B of the Annexure to the Rules: Not Applicable III. FOREIGN EXCHANGE EARNING AND OUTGO: NIL For and on behalf of the Board Aditya Spinners Limited Sd/- Sd/- Place: Hyderabad, K. VIJAY KUMAR N. KRISHNA MOHAN Date : 31st May, 2012. Managing Director Executive Chairman

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