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Anup Malleables Ltd.

BSE: 506087 Sector: Engineering
NSE: N.A. ISIN Code: INE188O01016
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Anup Malleables Ltd. (ANUPMALLEABLES) - Director Report

Company director report

To the Members

Your Directors have pleasure in submitting their Annual Report of the Company togetherwith the Audited Statements of Accounts for the year ended 31st March 2016.

1. FINANCIAL SUMMARY

(Amount in Rs.)

Particulars As at the end of current reporting period As at the end of previous reporting period
Total Revenue 268088322 179252079
Total Expenses 263151647 175952409
Profit or Loss before Exceptional and Extraordinary items and Tax 4936675 3299670
Less: Exceptional Items - -
Less: Extraordinary Items - -
Profit or Loss before Tax 4936675 3299670
Less: Current Tax 940683 628752
MAT Credit (940683) (628752)
Deferred Tax 1454304 (21997)
Profit or Loss After Tax 3482371 3321667
Add: Balance as per last Balance Sheet 10304158 9507493
Less: Transfer to Reserves - -
Less: Adjustment relating to Fixed Assets - (2525002)
Balance Transferred to Balance Sheet 13786530 10304158

2. COMPANY'S OPERATIONAL PERFORMANCE

Total Revenue

Total income of the Company for the financial year 2015-16 comprises of Net Sales workcontract receipt and other income amounts to Rs. 2680.88 Lac which is increase of 49.56%over last year's figure.

Profit Before Tax

Profit before tax for the year under review is Rs.49.37 Lacs an increase of 49.61%over the last year's figure.

Profit after Tax

Profit after tax for the year under review is profit of Rs. 34.82 Lacs an increase of4.84% over the last year's figure. Earnings per Share

Earnings per share for the year under review are Rs 0.74 as compared to Rs. 1.27 forthe last year.

Net worth

Net worth of the Company for the financial year 2015-16 is Rs 1701.77 Lac as againstRs. 416.94 Lac of the last year.

3. DIVIDEND

Your Directors do not recommend any dividend for the year because of requirement offunds for future expansion. No Dividend was declared for the current financial year.

4. TRANSFER TO GENERAL RESERVE

No amount was transferred to reserves during the financial year ended 31stMarch 2016.

5. CORPORATE GOVERNANCE

A Report on the compliance of Corporate Governance Code along with certificate fromSecretarial Auditor thereon as stipulated under Securities and Exchange Board of India(Listing Obligations and Disclosure Requirements) Regulations 2015 is annexed to thisReport.

6. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND

The provisions of Section 125(2) of the Companies Act 2013 do not apply as there wasno dividend declared and paid last year.

7. REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS

Your Directors are optimistic about company's business and hopeful of betterperformance with increased revenue in next year. There was no change in the nature ofbusiness of company.

During the last Financial Year your Company had invested huge amount to procureautomatic machines and lot of Jigs Fixtures & Dies for development of extra largefabricated items such as Bogie Frame Assembly Side Wall Assembly Roof Assembly Underframe Assembly etc. of different Diesel & Electric Locomotives and Coaches. Yourcompany had assured to develop all the pending products by the end of the year 2016-2017and we have great pleasure to inform you that sincere efforts of management and workers weachive the target of 50 bogies manufacture per month till date and following productssucessfully developed till date -

1. Roof Asssly for WAG-9 locomotives

2. Central Sill WAG-9 locomotives

3. Central Under Frame WAG-9 locomotives

4. Bogie frame assembly for WAP-5 Locomotives

5. Started repairing works for VOLVO Korea

Currently company got development order of LHB Bogies Frame and Bolster asslembly.Company has enter into an long term agreemnt with Hazemag India Pvt. Ltd. to manufacturemachines to maintain its current dominance in the domestic market and to meet the futurechallenges your Company is working on a long term strategic plan which will steer theCompany towards a target of manufacture 80 Bogies frame per month thereby meeting thestrategic objectives of achieving leadership in market.

8. OPPORTUNITIES & THREATS

There is a huge demand for machined castings and fabricated items in Domestic as wellas International Market. However threats from small firms as well as Wagon manufacturersare still continuing. As their prices are very low developed and established firms arenot able to match their prices. In line with the aspirations of ongoing growth in thefiscal year 2015-16 company is integrating its resources and investing in newtechnologies to achieve greater performance and long term growth. Now Company gotelectrical power from DVC and to re-start its Foundry Division by end of this FinancialYear. Once Steel Foundry Division gets started your company is bound to take a quantumjump from its existing position.

9. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTSRELATE AND THE DATE OF THE REPORT

No material changes and commitments affecting the financial position of the Companyoccurred between the end of the financial year to which this financial statements relateon the date of this report

10. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO

The provisions of Section 134(m) of the Companies Act. 2013 do not apply to our Companyas far as Conservation of Energy or Technology Absorption are concerned.

Foreign Exchange Outgo: (Amount in Rs.)
Nature of Expense 2015-16 2014-15
Purchase of Stores & Spares 100420.00 493181.00

11. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OFTHE COMPANY

The Company does not have any Risk Management Policy as the elements of riskthreatening the Company's existence are very minimal.

12. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS CORPORATE SOCIALRESPONSIBILITY INITIATIVES

The Company has not developed and implemented any Corporate Social Responsibilityinitiatives as the said provisions are not applicable

13. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THECOMPANIES ACT 2013

Details of loans guarantee and investment covered under the provisions of 186 of theCompanies Act 2013 are given in the notes to Finanacial Statements.

14. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES

All related party transactions that were entered into during the financial year ended31st March 2016 were on an arm's length basis and were in the ordinary course of businessand that the provisions of section 188 of Companies Act2013 and rules made thereunder arenot attracted. However disclosure in Annexure I in form AOC-2 is enclosed. Further thereare no materially significant related party transactions made by the Company withPromoters Directors Key Managerial Personnel or other designated persons which may have apotential conflict with the interest of the Company at large.

All RPTs are placed before the Audit Committee for approval. Prior omnibus approval ofAudit Committee is obtained on a yearly basis for the transactions which are of a foreseenand repetitive nature. The transactions entered into pursuant to the omnibus approval sogranted are audited and a statement giving details of all related party transactions isplaced before the Audit Committee and the Board of Directors for their approval.

None of the Directors has any pecuniary relationships or transactions vis-vis theCompany..

15. EXPLANATION OR COMMENTS ON QUALIFICATIONS RESERVATIONS OR ADVERSE REMARKS ORDISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY SECRETARY IN THEIR REPORTS

There are no qualifications reservations or adverse remarks made by the Auditors intheir report.

16. COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT PAYMENT OF REMUNERATION ANDDISCHARGE OF THEIR DUTIES

Your Company was in compliance of composition of Nomination and Remuneration Committee.

17. PARTICULARS OF EMPLOYEES

There is no employee in the Company drawing monthly remuneration of Rs.500000/- permonth or Rs.6000000/- per annum. Hence the Company is not required to disclose anyinformation as per Rule 5(2) of The Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014.

18. EXTRACT OF ANNUAL RETURN

The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule12 of the Companies (Management and Administration) Rules 2014 is furnished in AnnexureII and is attached to this Report.

19. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW

The.Company has conducted 21 Board Meetings during the financial year under review. Theintervening gap between any two meetings was within the period prescribe by Companies Act2013

20. DIRECTORS' RESPONSIBILITY STATEMENT:

In accordance with the provisions of Section 134(5) of the Companies Act 2013 theBoard hereby submits its responsibility Statement:

a) in the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures;

b) the directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe profit and loss of the company for that period;

c) the directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities;

d) the directors have prepared the annual accounts on a going concern basis;

e) the Company being unlisted sub clause (e) of section 134(3) of the Companies Act2013 pertaining to laying down internal financial controls is not applicable to theCompany; and

f) the directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.

21. SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES

The Company does not have any Subsidiary Joint venture or Associate Company during theyear under review.

22. DEPOSITS

The Company has neither accepted nor renewed any deposits during the year under review.

23. DIRECTORS AND KEY MANAGERIAL PERSONNEL

Pursuant to the Provisions of Section 149 of the Act Mr. Amit Agarwal was appointed asIndependent Director during the year and he has submitted a declaration that he meets thecriteria of independence as provided in the Section 149(6) of the Act.

The Board of Director at its meeting held on 22.01.2016 appointed Mr. Navin KumarTulsyan (DIN: 00304819) as an Additional Director of the Company categorized asIndependent Director for a period of five consecutive years subject to the approval ofthe Members of the Company at the ensuing Annual General Meeting.

Pursuant to the Provisions of Section 203 of the Act Miss Poonam Khiria was appointedas the Company Secretary of the Company with effect from May 02 2015.

24. DECLARATION OF INDEPENDENT DIRECTORS

Company received declaration from independent director under the provisions of Section149 of Company Act

2013.

25. ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS

The company has adequate Internal Control System commensurate with the size and natureof the business. The system has been designed to ensure that all assets are acquiredeconomically used efficiently and protected against loss destruction or unauthorizeduse. All resources are used efficiently and effectively. Accounting Financial and otheroperational information are accurate reliable and provided timely and all applicable lawsand internal policies are complied with true spirit.

26. STATUTORY AUDITOR

M/s Ashok Kedia & Company Chartered Accountants were appointed as StatutoryAuditors for a period of 5 years in the Annual General Meeting held in the year 2015 andare eligible for reappointment subject to ratification of members at ensuing AnnualGeneral Meeting of the company.

27. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL MECHANISM

The provisions of Section 177 of the Companies Act 2013 read with Rule 6 and 7 of theCompanies (Meetings of the Board and its Powers) Rules 2013 regarding the Audit Committeeand Vigil Mechanism are formed and works as per the porision of act.

28. AUDITORS' REPORT AND SECRETARIAL AUDITORS' REPORT

The auditors' report and secretarial auditors' report does not contain anyqualifications reservations or adverse remarks. Report of the secretarial auditor isgiven as an annexure which forms part of this report.

29. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS COURTS ANDTRIBUNALS

No significant and material order has been passed by the regulators courts tribunalsimpacting the going concern status and Company's operations in future.

30. LISTING AGREEMENT

The Securities and Exchange Board of India(SEBI) on September 02 2015 issuedSEBI(Listing Obligationand Disclosure Requirements 2015 with the aim to consolidate andstreamline the provisions of Listing Agreements

31. LISTING WITH STOCK EXCHANGES

The Company confirms that it has paid the Annual Listing Fees for the year 2015-2016 toBSE and CSE where the Company's Shares are listed

32. ACKNOWLEDGEMENT

Your Directors place on record their sincere thanks to bankers business associatesconsultants and various Government Authorities for their continued support extended toyour Companies activities during the year under review. Your Directors also acknowledgesgratefully the shareholders for their support and confidence reposed on your Company.

For and on behalf of the Board of Directors

Ashok Khaitan

Managing Director

DIN:00293871

Place: Kolkata

Date: 30th May 2016

-Suyash Khaitan

Director

DIN: 03349969