The Members of CMI Limited
The Board of Directors presents the Forty Nine (49th) Annual Report on thebusiness and operations together with the Company's Audited Financial Statements and theAuditor's Report thereon for the financial year ended 31st March 2016.
Financial Performance Summary
|Financial Results ||FY2015-16 ||FY2014-15 |
|Total Revenue ||24170.54 ||13727.73 |
|Less: Total Expenditure excluding Depreciation ||21596.37 ||12727.22 |
|Profit before Depreciation and Tax ||2574.17 ||1000.51 |
|Less: Depreciation ||127.90 ||87.77 |
|Add: Exceptional items ||5.58 ||0.64 |
|Profit Before Tax ||2451.85 ||913.38 |
|Less: Provision for Tax ||(752.253) ||(282.976) |
|Net Profit for the Year carried to the Balance Sheet ||1699.60 ||630.40 |
Overall FY2015-16 has been a very successful year; there is an increase of about 77.0%in the turnover of your Company. The profit before depreciation and tax has increased by157.3% while the net profit has increased by 169.6%. Your Company has adopted adequatecost control measures throughout the year and has been aggressive in its quest for newbusiness and maintained pricing disciplines. This helped to deliver a decent revenuegrowth during the year with major improvement in margins. Your Company continues to focuson production of quality cables to broaden its customer base and to set a benchmark in thecompetitive market. With stable government at centre the long term outlook of cableindustry is expected to be favourable driven by power sector reforms modernisation ofrailways new metro railways and other infrastructures developmental projects.
The Board in its meeting held on 03rd December 2015 declared an interimdividend of Rs. 1/- per equity share of the face value of Rs. 10/- each fully paid up.
Total interim dividend (excluding dividend distribution tax) for the current year isRs. 133.774 Lakhs as against Nil in the previous year. Total dividend (including dividendtax) as a percentage of net profit after tax is 9.47% as compared to Nil in the previousyear.
The Board of Directors does not recommend any final dividend for the financial yearended 31st March 2016.
During the year under review your Company has transferred an Amount of Rs. 1699.59Lakhs to General Reserves.
AUDITORS AND THEIR REPORT
M/s J. K. Manocha & Associates Chartered Accountants Delhi (Firm RegistrationNo. FRN: 007345N) the Statutory Auditors of the Company who retires at the conclusion ofthis Annual General Meeting (AGM) being eligible offer themselves for re-appointment asStatutory Auditors of the Company from the conclusion of this ensuing 49th AGMupto the conclusion of the 50th AGM to be held in the year 2017.
Accordingly in terms of the first proviso of section 139 of the Companies Act 2013and based upon the recommendation of Audit Committee and Board of Directors there-appointment of M/s J. K. Manocha & Associates Chartered Accountant StatutoryAuditor is being sought from the Members at the ensuing 49th AGM.
The observations made in the Auditor's Report on the audited accounts of the Companyfor the year ended 31st March 2016 are self explanatory and therefore do notrequire further explanation. The Auditor's Report does not contain any qualificationreservation or adverse remark.
Since the tenure of M/s J. K. Manocha & Associates as Statutory Auditor of theCompany is getting over at 50th AGM hence in order to comply with theprovisions of Section 139 of the Act and to ensure a better understanding of system andpractices followed in the Company before change in Auditors it is proposed to appointM/s. Krishna Neeraj & Associates Chartered Accountants (Firm RegistrationNo.023233N) as the Statutory Auditors of the Company to hold office from the conclusionof 49th Annual General Meeting until the conclusion of the 54thAnnual General Meeting of the Company. However with a view to gain the benefit ofexpertise and long association with M/s J. K. Manocha & Associates it is proposed toappoint joint statutory auditors for the financial year 2016-17 as it will also ensuresmooth transition. Accordingly it is proposed to appoint M/s J. K. Manocha &Associates and Krishna Neeraj & Associates Chartered Accountants as Joint StatutoryAuditors for the financial year 2016-17.
A special notice has been received under section 140(4)(i) of the Companies Act 2013from a member proposing appointment of M/s Krishna Neeraj & Associates CharteredAccountants as the statutory auditors. The Audit Committee has considered thequalification and experience of the proposed statutory auditors and has recommended theirappointment as above.
Documents related to the appointment of M/s J. K. Manocha & Associates and KrishnaNeeraj & Associates as Statutory Auditors shall remain open for inspection by themembers at the registered office of the Company during normal business hours on anyworking day.
The Directors have appointed M/s Ajay Kumar Singh and Co. Cost Accountants as CostAuditor to audit the accounts relating to cable manufacturing for the financial yearending 31st March 2017.
Ms. Sarita Yadav Internal Auditor of the Company presents report and makespresentations to the audit committee on internal audit which is reviewed by the auditcommittee from time to time.
Pursuant to provision of Section 204 of the Companies Act 2012 and Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 the Board of Directorshas appointed M/s Himanshu Sharma & Associates Practicing Company Secretaries forconducting Secretarial Audit of the Company for the financial year 2015-16.
The Secretarial Audit Report is annexed as Annexure -1. The SecretarialAudit Report does not contain any qualification reservation or adverse remark.
INTERNAL CONTROL SYSTEM
Your Company has a well placed proper and adequate internal control system whichensures that all assets are safeguarded and protected and that the transactions areauthorised recorded and reported correctly. Your Company's internal control systemcomprises audit and compliance by in-house internal Audit Division. The Internal Auditorsindependently evaluate the adequacy of internal controls and concurrently audit themajority of the transactions in value terms. The independence of the audit and complianceis ensured by direct reporting of Internal Audit Division and Internal Auditor to theAudit Committee of the Board.
During the year under review your Company has improved its long term credit rating toCARE BBB-. The BBB- awarded by Care Analysis and Research Limited (CARE) reflects moderatedegree of safety regarding timely servicing of financial obligation. Your Company's shortterm credit rating has also improved to CARE A3 by Care Analysis and Research Limited(CARE) reflecting moderate degree of safety regarding timely payment of financialobligations.
SEGMENT WISE PERFORMANCE:
Your Company operates only in one segment.
There are following material changes and commitments affecting the financial positionof the Company between the end of financial year of your Company and the date ofDirector's Report:
Your Company has applied for the listing of above said 700000 Equity shares on08th June 2016 and received Listing Approval of 700000 Equity shares fromthe Bombay Stock Exchange Limited vide its letter no. DCS/PREF/AM/FIP/1154/2016-17 dated01st July 2016. The Board of Directors of your Company at their meeting heldon 19th March 2016 had allotted these Equity shares consequent to conversionof 700000 warrants issued @ Rs. 101/- per warrant (including premium of Rs 91/-perwarrant) to promoters on a preferential basis in accordance with provisions specifiedunder Chapter VII of SEBI (ICDR) Regulations 2009.
During the year pursuant to the provisions of Section 391 to 394 of theCompanies Act 1956 and all other applicable provisions if any of the Companies Act1956 as well as the provisions of Companies Act 2013 as and when the said provisionsbecome applicable (hereinafter collectively referred to as "Acts") and subjectto the necessary sanction(s) approval(s) confirmation(s) by the Hon'ble High Court ofDelhi at New Delhi or National Company Law Tribunal the Board of Directors at their BoardMeeting held on 30th March 2016 approved the scheme of Scheme of Amalgamationby and between CMI Energy India Private Limited (formerly known as General Cable EnergyIndia Private Limited) (Transferor Company) and CMI Limited (Transferee Company) witheffect from 01st March 2016 being the Appointed Date upon and subject to theterms and conditions as contained in the Scheme of Amalgamation.
DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO THE
Your Company has in place adequate internal financial controls with reference tofinancial statements.
During the year such controls were checked and no reportable material weaknesses wereobserved.
DETAILS OF SUBSIDIARY / JOINT VENTURES / ASSOCIATE COMPANIES
|The names of companies which have become or ceased to be its Subsidiaries joint ventures or associate companies during the year. ||During the year the Company has acquired 100% shareholding of CMI Energy India Private Limited (previously known as General Cable Energy India Private Limited). |
|Performance & Financial position of each of the subsidiaries associates and joint venture companies included in the consolidated financial statement. ||Pursuant to provisions of section 129(3) of the Act a statement containing salient features of the financial statements of the Company's subsidiaries in Form AOC-1 appended as Annexure -2 is attached to the Report. |
| ||Further pursuant to the provisions of section 136 of the Act the Company's consolidated financial statements along with relevant documents and separate audited financial statement of subsidiaries are available on the website of the Company. |
DIRECTORS AND KEY MANAGERIAL PERSONNELS:
Change in Directorship
Ms. Archana Bansal was appointed as an Additional Director of the Company w.e.f. 01stMay 2015 and regularised as an Independent Director in 48th AGM held on 29thSeptember 2015 for five consecutive years up to 30th April 2020.
Ms. Himani Jain and Mr. Abhishek Aggarwal who were appointed as Additional Directors ofthe Company w.e.f. 31st March 2015 had resigned as Additional Directors of theCompany w.e.f. 01st May 2015.
Mr. Kishor Punamchand Ostwal and Mr. Manoj Bishan Mittal have been appointed as theAdditional Directors of the Company w.e.f. 29th July 2016 who will beregularised as the Independent Directors at the ensuing 49th Annual GeneralMeeting.
Changes in Key Managerial Personnel (KMP)
Mr. Raj Kumar resigned as Chief Financial Officer w.e.f. 01st March 2016and Mr. Ghan Shyam Dass was appointed as Chief Financial Officer of the Company w.e.f. 01stMarch 2016 in place of Mr. Raj Kumar.
Mr. Amit Jain Chairman Cum Managing Director; Mr. V. K. Gupta Whole-time Director;Mr. Ghan Shyam Dass Chief Financial Officer and Mr. Subodh Kumar Barnwal CompanySecretary are the KMPs of the Company as per provisions of the Act.
Directors liable to retire by rotation
Mr. Vijay Kumar Gupta is liable to retire by rotation at the ensuing Annual GeneralMeeting and being eligible offers himself for re-appointment.
Re-appointment of Chairman cum Managing Director
Mr. Amit Jain was re-appointed as Managing Director of your Company at 45thAGM held on 29th September 2012 for a period of three years w.e.f. 01stOctober 2012. Due to his foresightedness and hard work the Company is growingcontinuously under his leadership. Considering his valuable efforts the Board ofDirectors at their meeting held on 29th September 2015 on recommendation ofNomination and Remuneration Committee re-appointed him as Chairman cum Managing Directorof the Company w.e.f. 01st October 2015 till 30th September 2020for five years subject to approval of shareholders at this AGM.
Increase in remuneration of Chairman cum Managing Director and Whole-time Director
The Board of Directors of your Company at their meeting held on 29th July2016 subject to approval of the shareholders of the Company has proposed to increase theremuneration payable to Mr. Amit Jain Chairman Cum Managing Director and Mr. V. K. GuptaWhole-time Director upto the remaining tenure of their appointment. The requisiteresolution along with the explanatory statement is provided in the notice convening theensuing Annual General Meeting.
A brief resume and other relevant details in respect of all the above Directors beingproposed for appointment and re-appointment are given in the Explanatory Statement to theNotice convening the Annual General Meeting as well as under Corporate Governance Reportof the Board. The Board of Directors recommends the appointment and re-appointment ofDirectors as aforesaid.
None of the Directors of your Company is disqualified under the provision of theCompanies Act 2013.
Declaration by Independent Directors
The Independent Directors hold office for a fixed term of five years and are not liableto retire by rotation. Your Company has received declarations from all the IndependentDirectors of the Company confirming that they meet the criteria of independence asprescribed both under the Act and under the SEBI (LODR) Regulations 2015.
As on the date of this report the Board consists of following members:
|Sr. No. ||Name of Director ||DIN ||Designation ||Date of Appointment |
|1 ||Mr. Amit Jain ||00041300 ||Chairman cum Managing Director ||01st October 2002 |
|2 ||Mr. Pyare Lal Khanna ||02237272 ||Independent Director ||30th September 2004 |
|3 ||Mr. Vijay Kumar Gupta ||00995523 ||Whole-time Director ||15th January 2009 |
|4 ||Mr. Ramesh Chand ||02759859 ||Independent Director ||27th February 2009 |
|5 ||Mrs. Archana Bansal ||01129623 ||Independent Director ||01st May 2015 |
|6* ||Mr. Kishor Punamchand Ostwal ||00460257 ||Additional Director ||29th July 2016 |
|7* ||Mr. Manoj Bishan Mittal ||00282676 ||Additional Director ||29th July 2016 |
*The Board proposed to regularize Mr. Kishor Punamchand Ostwal and Mr. Manoj BishanMittal as the Non-Executive Independent Directors at the ensuing 49th AnnualGeneral Meeting who were appointed as Additional Directors w.e.f. 29th July2016.
Evaluation of the Board its Committees and Individual Directors
Your Company has devised a policy for performance evaluation of Independent DirectorsBoard Committees and other individual Directors which include criteria for performanceevaluation of the Non-Executive Directors and Executive Directors.
Pursuant to the provisions of the Act the Board has carried out an annual evaluationof its own performance the individual Directors (including the Chairman) as well as anevaluation of the working of all Board Committees. The Board of Directors was assisted bythe Nomination and Remuneration Committee. Some of the performance indicators based onwhich evaluation takes place are experience expertise knowledge and skills required forachieving strategy and for implementation of best governance practices which ultimatelycontributes to the growth of the Company in compliance with all policies of the Company.
COMMITTEE OF THE BOARD
A. Audit Committee
|i. Composition of Audit Committee ||: The Audit Committee comprises two Independent Directors namely Mr. Ramesh Chand (Chairman) and Mr. Pyare Lal Khanna and Mr. Vijay Kumar Gupta Executive Director as other members. |
|ii. Reasons for not accepting the recommendations of the Audit Committee if any ||: All the recommendations made by the Audit Committee were accepted by the Board. |
B. Nomination & Remuneration Committee
The policies have been laid down by the Nomination And Remuneration Committee forremuneration of Directors KMPs & other employees and the criteria have beenformulated by the committee for determining qualifications attributes & independenceof a Director.
Pursuant to section 178 (3) of Companies Act 2013 the Nomination and RemunerationCommittee shall formulate the criteria for determining qualifications positive attributesand independence of a Director and recommend to the Board a policy relating to theremuneration for the Director key Managerial Personnel and other employees.
Accordingly in order to comply with the aforesaid provisions the following policiesare available on the website of your Company (www.cmilimited.in):
a. Policy for selection of Directors and determining Directors independence; and
b. Remuneration Policy for Directors Key Managerial Personnel and other employees.
VIGIL MECHANISM AND WHISTLE BLOWER POLICY:
Your Company promotes ethical behaviour in all its business activities and has put inplace a mechanism for reporting illegal or unethical behaviour. Your Company has a Vigilmechanism and Whistle Blower policy under which the employees are free to reportviolations of applicable laws and regulations and the Code of Conduct. Employees may alsoreport to the Chairman of the Audit Committee. During the financial year no employee wasdenied access to the Audit Committee.
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS UNDER SECTION 186:
The particulars of Loans Guarantees and Investment in pursuance to Section 186 of theCompanies Act 2013 have been disclosed in the financial statements read together withNotes annexed to and forming an integral part of the financial statements.
CORPORATE SOCIAL RESPONSIBILITY (CSR):
Under Section 135 of the Companies Act 2013 the CSR Committee has been constituted.
The brief outline of the CSR policy of your Company and the initiatives undertaken byyour Company on CSR activities during the year are set out in Annexure - 3of this report in the format prescribed in the Companies (Corporate Social ResponsibilityPolicy) Rules 2014. For other details regarding the CSR Committee please refer to theCorporate Governance Report which forms part of this report.
RELATED PARTY TRANSACTIONS:
Particulars of Contracts or Arrangements with Related parties referred to in Section188(1) are included in Form AOC- 2 (Annexure - 4).
EXTRACT OF THE ANNUAL RETURN:
As required pursuant to section 92(3) of the Companies Act 2013 and rule 12(1) of theCompanies (Management and Administration) Rules 2014 an extract of annual return in FormMGT 9 is a part of this Annual Report (Annexure - 5).
There are no significant and material orders passed by the regulators or courts ortribunals impacting the going concern status and operations of your Company in future.
However the BSE had issued a suspension notice no. 20160304-28 dated 28thMarch 2016 to its trading members which included name of your Company. The suspension waswithdrawn by BSE on 31st March 2016 in pursuance of orders of Hon'ble HighCourt of Delhi in Writ Petition W.P.(C) 2857/2016 filed by your Company on 30thMarch 2016. The matter stands resolved and closed without any adverse findings ascommunicated by BSE vide their letter dated 15th June 2016.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Sub-section (5) of Section 134 of the Companies Act 2013 with respect tothe Directors' Responsibility Statement it is hereby confirmed that:
i. In the preparation of the Annual Accounts for the year ended 31st March2016 the applicable accounting standards read with requirements set out under ScheduleIII of the Act have been followed and no material departures have been made from the same.
ii. Appropriate accounting policies have been selected and applied consistently andhave made judgments and estimates that are reasonable and prudent so as to give a trueand fair view of the state of affairs of the Company as at 31st March 2016 andof the profit of the Company for that year ended on that date except to the extentmentioned in notes to accounts;
iii. Proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities.
iv. The Annual Accounts have been prepared on a going concern basis.
v. The Directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively.
vi. The Directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
NUMBER OF MEETINGS:
During the year Eighteen (18) Board Meetings and one Independent Directors' Meetingwere held. The Details of which are given in the Corporate Governance Report. Theprovisions of Companies Act 2013 and listing agreement were adhered to while consideringthe time gap between two meetings.
Extraordinary General Meetings
One Extra ordinary General Meeting was held on 23rd July 2015 duringFY2015-16.
Your Company's shares are listed on the Bombay Stock Exchange and Delhi Stock Exchangeand are traded on Bombay Stock Exchange actively.
Your Company has made application to National Stock Exchange Limited as on 07thDecember 2015 for listing of Company's Shares.
The Company has allotted 1925650 Equity shares having face value Rs. 10/- eachto Non Promoters and 700000 warrants convertible into equal number of Equity shares toPromoters group at a premium of Rs 91/- Per Equity Share on 14th August 2015 in pursuance of resolution for preferential issue passed by the members through Extraordinary General Meeting on 23rd July 2015 and received Listing Approval of1925650 Equity shares from the Bombay Stock Exchange Limited vide its letter noDCS/PREF/KS/FIP/414/2015-16 dated 01st October 2015 and trading approval on 31stOctober 2015.
The Board of Directors of your Company at their meeting held on 19thMarch 2016 has allotted 700000 Equity Shares in consequent to conversion of 700000warrants issued @ Rs. 101/- per warrant (including premium of Rs 91/- per warrant) topromoters on a preferential basis in accordance with provisions specified under ChapterVII of SEBI (ICDR) Regulations 2009.
Your Company has filed listing application for listing of above said 700000 EquityShares on 8th June 2016 and received Listing Approval of 700000 Equity sharesfrom the Bombay Stock Exchange Limited vide its letter no DCS/PREF/AM/FIP/1154/2016-17dated 01st July 2016 Your Company has made preferential allotment of sharesduring the year and duly complied the requirements of section 42 and 62 of the CompaniesAct 2013. Accordingly the amount raised have been applied for the purpose of which fundswere raised.
During the year under review your Company has not accepted any deposits within themeaning of the Companies Act 2013 read with the Companies (Acceptance of Deposits) Rules.Your Company did not have any unclaimed or overdue deposits as on 31st March2016.
Your Company has put in place an effective human resource acquisition and maintenancefunction which is benchmarked along with best corporate practices designed to meet theorganisational needs and it takes pride in its highly motivated manpower that contributedits best to your Company. The Employees' relations within the organisation have been verycordial and harmonious during the year.
CORPORATE GOVERNANCE AND SHAREHOLDERS INFORMATION:
Your Company is committed to maintain the highest standards of Corporate Governance andadhere to the Corporate Governance requirement set out by SEBI. Your Company has alsoimplemented best Corporate Governance practices. Your Company has taken adequate steps toadhere to all the stipulations laid down in Clause 49 of the Listing Agreement ('ListingAgreement') with the stock exchanges for the period from 01st April 2015 to 30thNovember 2015 and as per the relevant provisions of Securities and Exchange Board ofIndia (Listing Obligations and Disclosure Requirements) Regulations 2015 (SEBI ListingRegulation) for the period from 01st December 2015 to 31st March2016.
As per SEBI Listing Regulation-
A report on Corporate Governance is included as a part of this Annual Report.
Certificate of the CFO and Managing Director inter alia confirming thecorrectness of the financial statements compliance with Company's Code of Conductadequacy of the Internal Control measure and reporting of matters to the Audit Committeeis attached and forms part of this report.
Certificate from the Practicing Company Secretaries confirming the compliancewith the conditions of Corporate Governance is attached to this report.
MANAGEMENT DISCUSSION AND ANALYSIS (MDA)
The detailed analysis of the operating performance of your Company for the year thestate of affairs and the key changes in the operating environment has been included in theManagement Discussion and Analysis section which forms part of the Annual Report.
HEALTH SAFETY AND ENVIRONMENTAL (HSE) REVIEW
CMI Limited is committed to maintain the highest standards in the areas of HealthSafety and Environment. It has made good progress in these areas with no fatal accidentreported during the period.
With an aim to certify its operational location CMI Limited Plot No. 71 & 82Sector - 06 Faridabad Haryana -121006 with the integrated Management system OHSAS 18001and ISO 14001 - Occupational Health Safety and Environment CMI Limited has gotexternally accreditation for its said manufacturing location by M/s American QualityAssessors.
The information required under section 197 of the Act read with rule 5(1) of theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 is mentionedin Annexure - 6. No employees is in receipt of remuneration as specifiedunder section 197(12) of the Act read with Rule 5(2) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014.
ENERGY TECHNOLOGY ABSORBTION AND FOREIGN EXCHANGE
The disclosure of particulars with respect to conservation of energy technologyabsorption Research and technology and foreign exchange earnings and outgo pursuant toSection 134(3)(m) of the Companies Act read with Rule 8(3) of the Companies (Accounts)Rules 2014 forming part of the Directors' Report are as under:
A. Conservation of Energy:-
a. Energy conservation measures taken:
A number of energy conservation techniques were initiated on a large scale andsuccessfully implemented which helped in improving efficiency levels.
Some of the key initiatives were as follows:-
In the existing manufacturing units your Company continued various initiatives toconserve / reduce environmental impact by adapting to green manufacturing and concept of"Reduce Reuse and Recycle" viz.
Efficient maintenance and daily monitoring of capacitor bank for improvement ofpower factor.
Replacing energy inefficient equipments with new technologies which areefficient with AC drives.
b. The capital investment on energy conservation equipments or any other additionalinvestments and proposals if any being implemented for reduction of consumption ofenergy:-
No material capital investment on energy conservation equipments or any otherinvestment was made for reduction of consumption of energy during the financial year butno separate records were kept for costs incurred on proper maintenance of all machineriesand equipments.
c. Impact of measures on (a) and (b) above for reduction of energy consumption andconsequent impact on the cost of production of goods:-
The energy conservation measures maintained during the year have resulted into yearlysavings and thereby lowered the cost of production by equivalent amount. These measureshave also led to better pollution control reduced maintenance time and cost improvedhygienic condition and consistency in quality and improved productivity.
B. Technology Absorption Adaptation & Innovation
a. Efforts in brief made towards technology absorption adoption and innovationEnergy conservation up-gradation in manufacturing and efficiency improvement
Use of energy efficient LED and CFL lamps in whole plant.
Recycling the vacuum pump cooling water for environment saving.
Company now updated with the manufacturing of all types of cables.
New and upgraded technology has been followed for energy conservation.
b. Benefits derived as a result of the above efforts
Reduction in power usage and thereby reducing cost of production.
Improved efficiency and productivity.
Cost and time saving.
C. Research and Development
|Specific areas in which R&D carried out by your Company ||Product development and process improvement |
|Benefits derived as a result of the above R&D ||Your Company can manufacture all types of cables in the area in which it operates. |
|Future plan of action ||Technology up-gradation |
|Expenditure on R&D ||Capital Expenditure: Rs. 5.69 Lakhs Recurring Expenditure: Rs. 8.59 Lakhs |
D. Foreign Exchange Earnings and Outgo
a. Activities relating to export initiative to increase exports development of newexport markets for products and services and export plan
Your Company has continued to maintain its focus and avail of export opportunitiesbased on economic considerations. During the year your Company had exports worth Rs.30205893/-(including excise duty) from export of Cables.
b. Total Foreign Exchange earned and used:
| ||Amount in Rs. |
|a. Total Foreign Currency Earned ||277.72 Lakhs |
|b. Total Foreign Currency Used ||3638.58 Lakhs |
Your Company has a defined environmental policy which is being followed rigorously byone and all across the organisation. There were no environmental issues at the CMI plantand the statutory compliance was in line with Governmental requirements.
The pollution control parameters as defined by the State Pollution Control Board weretotally adhered to and effluent discharge levels were well within the prescribed limits.Air pollution has been tested and was in line with the requirement. Noise pollution levelwas contained by fixing all the generators in sound proof acoustic enclosures.
Your Company has taken various steps to improve productivity across the organisation.Industrial relations remained harmonious at the manufacturing unit of CMI.
Your Directors place on record their gratitude to the Central Government StateGovernment and Company's Bankers for the assistance co-operation and encouragement theyextended to the Company. Your Directors also wish to place on record their sincere thanksand appreciation for the continuing support and unstinting efforts of Investors VendorsDealers Registrar and Transfer Agent Financial Institutions Business Associates Mediaand their agencies and Employees at all levels in ensuring an excellent all aroundoperational performance.
| ||By Order of the Board |
| ||CMI Limited |
| ||Amit Jain |
|Place: New Delhi ||Chairman Cum Managing Director |
|Date: 29th July 2016 ||DIN -00041300 |
|Registered Office: || |
|501 - 503 New Delhi House || |
|27 Barakhamba Road New Delhi - 110001 || |
|Email Id: email@example.com || |