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Antarctica Ltd.

BSE: 526715 Sector: Services
NSE: ANTGRAPHIC ISIN Code: INE414B01021
BSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
NSE LIVE 15:30 | 02 Dec 1.05 -0.05
(-4.55%)
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Antarctica Ltd. (ANTGRAPHIC) - Director Report

Company director report

ANTARCTICA LIMITED ANNUAL REPORT 2011-2012 DIRECTOR'S REPORT DEAR MEMBERS, Your Directors are pleased to present the Annual Report and Audited Accounts of the Company for the financial year ended 31st March, 2012. FINANCIAL PERFORMANCE: (Rs in Lacs) (Rs in Lacs) year ended year ended 31.3.2012 31.3.2011 Gross Sale 390.95 355.02 Other Income 0.29 2.83 Operating Profit 48.49 45.00 Less: Interest 0.39 0.22 Gross Profit 48.10 44.78 Less: Depreciation 37.37 39.20 Profit/(Loss) Before Tax 10.73 5.58 Less: Taxation 0.00 0.00 Profit/(Loss) After Tax 10.73 5.58 DIVIDEND: Your Directors do not recommend any dividend for the year. DIRECTORS: Mrs. Renu Kuthari and Mr. Amit Jain, Directors of the Company, retire by rotation at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. Sri N.C. Banerjee Independent Director Of the Company has expired on 9th January 2012. The Director wish to place on record their appreciation for the guidance and services rendered by Late N.C. Banerjee. The Company stands by his family and extends condolences to them in their grief. Mr. S. Banerjee who was appointed an Additional Director of the Company at the board meeting held on 04.08.12, will vacate his office at the ensuing AGM and his name is being proposed as a Director of the Company. DIRECTORS' RESPONSIBILITY STATEMENT: Statement under Sub-Section (2AA) of Section 217 of the Act. In the preparation of the Annual Accounts: i) The applicable accounting standards have been followed and wherever required, proper explanations relating to material departures have been given, ii) The Directors have 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 of the Company for that period, iii) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities, iv) The accounts have been prepared on a going concern basis. CORPORATE GOVERNANCE: The Company has proper system of Corporate Governance. A separate report on Corporate Governance is enclosed as part of this Annual Report of the Company. A Certificate from the auditors confirming compliance of Corporate Governance as stipulated under Clause 49 of the Listing Agreement is annexed to the report. CONSERVATION OF ENERGY, TECHNICAL ABSORPTION AND RESEARCH & DEVELOPMENT: As required under Section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988, information regarding Conservation of Energy, Technology Absorption and Research & Development is not applicable to the Company. ENVIRONMENT, SAFETY AND QUALITY CONTROL: Your Company does not produce any hazardous effluent or pollutions. Your Company has high priority highest safety standards in operations at all levels. It has a zero accidents record during the year. The Company has complied with Quality System Audit for ISO 9002 and has obtained the certification from KMAQA of Korea. FOREIGN EXCHANGE EARNINGS AND OUTGO: The particulars as required under section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 are given as Annexure and form a part of this report. INDUSTRIAL RELATIONS: The Company is maintaining cordial relation with staff and workers. The Company has maintained high standard of quality and work practices throughout the year. PARTICULARS OF EMPLOYEES: The Company has no employee in respect of whom information as required under section 217(2A) of the Companies Act, 1956 read with Companies (Particulars Of Employees) Rules 1975 is required to be annexed. AUDITORS & AUDITORS' REPORT: M/s A. K.S. & Associates, Chartered Accountants statutory auditors of the Company hold office until conclusion of the forthcoming Annual General Meeting and are eligible for re-appointment. The Company has received a certificate from them to the effect that their reappointment, if made, would be within the limits prescribed under Section 224(1B) of the Companies Act, 1956. The Auditors' Report read with the Notes on Accounts are self-explanatory and therefore, do not call for any further comments. ACKNOWLEDGMENT: Your Directors express their sincere thanks and place on record their deep appreciation of the valuable patronage extended by the shareholders, valued customers, financial institutions, bankers, Government authorities and the Investors for their continued support and confidence in the Company. Your Directors also thank the employees for their support and for the confidence reposed in the future of this Company. For & On Behalf of the Board of Directors Date : 31st August, 2012 Ranjan Kuthari Place: Kolkata Chairman & Managing Director ANNEXURE TO THE DIRECTORS' REPORT: Foreign Exchange Earnings and Outgo - Information under section 217(1)(e) of the Companies Act read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988, is given in the Notes to Account. MANAGEMENT DISCUSSION AND ANALYSIS 1. Industry Structure & Development: Indian Packaging Industry has a very broad base with many tiny, small, medium and large sector units. Total capacity available in all the above sectors is around 3.70 Million Metric Tons, which by 2011-12 is expected to increase to 6.00 million Metric Tons. Indian Print & Packaging Market has witnessed an astounding growth. India is the 12th largest Print & Packaging Market in the World, Projected to become 8th largest by 2013. The growth is significant in the Eastern region. More modernaisation required to keep pace with rising demand. Paper, Paper Board & Packaging material scenario continues to be bright as more and more plastic materials are being discarded. 2. Opportunities & Threats: 2.1. Opportunity:- Though the general economic situation, particularly the export segment of Tea remains depressed basically due to Russian Union countries going in for bulk rather than packed ones and the off take of Arabian countries has also declined. Now as the things are coming back to normal the industry is looking forward for a turnaround in near future. 2.2. Threats:- i) Higher domestic cost of power & fuel and a large component of domestic taxes in cost of production have made the product somewhat uncompetitive in the export as well as in the domestic market. ii) Some multinational export houses have preferred to import their packaging materials without payment of import duties and this is an additional threat for the industry's performance. iii) With the FSEZ, it has resulted in rather impossible situation of domestic sale on account of the Custom duty leviable on the domestic sale which is much higher compared to Excise Duty chargeable by DTA manufacturers. Hence even producing from indigenous raw materials, supplies to DTA area is very costly and hence the market of that segment has become non-existent. 3. Segmentwise/productwise performance: The Company is a Paper-based Packaging & Publishing product manufacturer. 4. Outlook: The Company, in keeping along the recent trend of Consumer friendly pack, has geared themselves for producing the same in their factory. Presently, the Company is manufacturing printed packaging cartons/boxes of international standard and specification. Under its ISO certification, the company has engaged in continuous monitoring of its manufactured quality and has setup a self-sufficient laboratory for the same. With the improvement of demand in exports, the company expects to fulfill its goal to serve the consumer industry in the best way possible. 5. Risk and Concerns: In order to be more competitive in the overseas market, the Tea-exporters are trying to offer more favourable price, which eventually is reflected in their buying of packaging items at a lower price. Therefore, the company as well as the industry at large is unable to pass on the hike in cost of power, fuel, labour etc. to the consumer, which adversely impacts profitability. 6. Internal Control Systems and their adequacy: The company has adequate internal control systems, which are reviewed by the Management and the internal auditors through quarterly audit of various areas of Companyis operations to ensure that the systems are being properly complied with and transparency is maintained. The observations of the Auditors along with company's replies are placed before the Audit Committee of the Directors on regular basis for reviewing their adequacy. 7. Financial performance with respect to operational performance: Because of a depressed export market, the capacity utilization as per target could not be achieved and the company was obliged to have a restricted manufacturing operation. In line with the current trend, the company has implemented several cost control measures to offset increase in production cost. It has identified further possibility of cost reduction with some capital investment, which will be executed as soon as the marketing scenario turns better. 8. Material developments in Human resources/Industrial Relations front, including number of people employed: In order to achieve full utilization of equipment potential and inculcate proper operation and maintenance practices, the company's personnel are exposed to latest ideas and concepts through various in-house as well as external training programmes of reputed Institutes within its financial limitations. Interactions amongst plant personnel on a daily basis also improve sensitivity about the plant, which helps in better identification of plant problems and their resolutions and also in identifying areas of cost reduction. The Industrial Relations remained cordial during the year under report. The total number of permanent employees was 54 as on 31.3.2012. For & On Behalf of the Board of Directors Date : 31st August, 2012 Ranjan Kuthari Place: Kolkata Chairman & Managing Director

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