To the Members
Your Directors have pleasure in presenting the Twentieth Annual Report of your Companytogether with the audited Balance Sheet Profit & Loss Account and the report onbusiness and operation of the Company for the year ended September 30 2012.
(Rs. in Lacs)
|Particulars ||April 1 2011 to September 30 2012 ||April 1 2010 to March 31 2011 |
|Turnover ||13979.64 ||11411.89 |
|Profit before Interest Depreciation & Tax (PBIT) ||4122.83 ||2181.69 |
|Interest & financial Expenses ||3037.11 ||1614.81 |
|Profit before Depreciation & Tax ||3301.92 ||566.88 |
|Depreciation ||820.91 ||524.74 |
|Profit before Tax (PBT) ||264.81 ||41.93 |
Your company maintains performance in the term of net profit in compare to last year.As compared to last year turnover of Rs. 11411.89 lacs your company achieved turnover ofRs. 13979.64 lacs during the current year The net operating profit before tax (PBT) wasRs. 264.81 lacs during the year under review as compared to Rs. 41.93 lacs during lastyear.
During the year under review your Company has crushed 5980704 QTLS of Sugarcane andproduced 594091 BAGS of Sugar in 126 crushing days as compared to previous year crushingof 5117272 QTLS of sugarcane and production of 487572 BAGS of Sugar in 115 crushing days.
The capacity utilization of the plant during the year under review was 94.94% and theaverage recovery was 9.93 % as compared to capacity utilization of 79.50% and averagerecovery of 8.87% in the previous year
Sh. Dharmpal Singh Chairman has been appointed as a whole time Director of theCompany with effect from March 13 2008.
Sh. Kunal Yadav is a young second generation entrepreneur having wide experience ofaccounting marketing and finance matters He has been appointed as a Managing Director ofthe Company with effect from June 16 2010 for the period of five (5) years.
Mr. Prakash Chandra Gupta was appointed as additional Directors of the Company to actin the capacity of Independent Director. He holds office till the date of forthcomingAnnual General Meeting. The Company has received a notice under Section 257 of the Act inrespect of the him proposing his appointment as Directors of the Company. Accordinglyresolutions seeking the approval of the Members for the appointment of Mr. Prakash ChandraGupta as Director of the Company has been incorporated in the Notice of the forthcomingAnnual General Meeting.
Sh. Pawan Dewan Sh. Prakash Chandra Gupta and Sh. Sheoraj Singh Ahlawat IndependentDirectors are businessmen having wide experience of accounting and finance matters.
Sh. Jitendra Singh Non-Executive Directors shall retire at the ensuing Annual GeneralMeeting and being eligible offer himself for re-appointment.
Your Company has extended its financial year from 12 months to 18 months i.e.30-09-2012 with approval from Registrar of Companies Chandigarh.
Your Company is committed to achieving the highest standards of Corporate Governance.Accordingly your Board functions as trustees of the Shareholders and seek to ensure thelong term economic value for its shareholders while balancing the interest of thestakeholders.
A separate section on Corporate Governance's standards followed by your Company asstipulated under clause 49 of the listing Agreement with the stock Exchange is enclosed asan Annexure to this report.
M/s. B.K.Kapoor & Co. Chartered Accountants will retire at the forthcoming AnnualGeneral Meeting. They have been Statutory Auditors of the Company for the last for 5 yearsAs recommended by Audit and Compliance Committee the Board has proposed the appointmentof M/s B.K.Kapur & Co. Chartered Accountants as Statutory Auditors for the FinancialYear 2012-13.Member are requested to consider their appointment on a remuneration to bedecided by the Board or Committee thereof for the ensuing Financial Year i.e. 2012-13.
M/s. Ajay Kumar Singh & Associates Cost Accountants Delhi were re-appointed asthe Cost Auditor for the Year 2012-13 and their report will be submitted to the Ministryof Corporate Affairs Government of India in accordance with the requirement of law.
The Company has not paid remuneration to any employee of the Company beyond theprescribed limit under the provisions of Section 217(2A) of the Companies Act 1956 readwith Companies (particulars of Employees) rules 1975 as amended to date. Hence noparticulars are required to be given under this Section.
In term of Section 219(1) (iv) of the Companies Act 1956 the same is open forinspection at the Registered Office of your Company. Copy of this statement may beobtained by the member by writing to the Company Secretary of your Company.
Information as per Section 217(1) (e) of the Companies Act 1956 Read with theCompanies (Disclosure of Particular in Report of Board of Directors) 1988 and forms partof this Report.
(A) CONSERVATION OF ENERGY
(a) The Company has installed most modern equipment in the plant and is able to saveand minimize energy consumption.
(b) Total energy consumption and energy consumption per unit of production:
1) POWER AND FUEL CONSUMPTION
| ||Current Year ||Previous Year |
|1. ELECTRICITY || || |
|a) Purchased || || |
|Units ||Nil ||Nil |
|Amount (in Lacs) ||Nil ||Nil |
|Rate/Unit (in Lacs) ||Nil ||Nil |
| ||Current Year ||Previous Year |
|b) Own Generation || || |
|i) Through Diesel Generator || || |
|Units ||1323000 ||822548 |
|Unit per Ltr. Of Diesel Oil ||3.50 ||3.18 |
|Rate/Unit (in Rs.) ||12.09 ||11.34 |
|ii) Through Steam Turbine Generation || || |
|Units ||19283363 ||15775984 |
|Units per Ton of Fuel ||154.00 ||144.89 |
|Rate/Unit (Being Generated out of steam required for process) ||Nil ||Nil |
|Bagasse || || |
|Quantity M.T. ||125231.20 ||108879.00 |
|Total Cost (Rs. In Lacs) ||1878.50 ||1905.38 |
|(Estimated due to own generation) || || |
|Average Rate (in Rs.) ||1500 ||1750 |
2. CONSUMPTION UNIT OF PRODUCTION
| ||(IN M.T.) Standard ||Actual Current Year ||Actual Previous Year |
|Electricity (Units) ||350 ||346.85 ||340.43 |
|Bagasse (M.T.) ||3.50 ||2.11 ||2.23 |
(B) TECHNOLOGY ABSORPTION (R & D)
Research & Development (R & D)
1. The Company is regularly carrying on research and development for the development ofSugar Cane in the area.
2. Agricultural implements fertilizers pesticides and cane seeds are supplied to thecane growers on loan basis and at subsidized rates.
3. Expenditure incurred on R & D.
(Rs. in Lacs)
| ||Current Year ||Previous Year |
|a) Capital ||- ||- |
|b) Recurring ||46.54 ||10.70 |
|c) Total ||46.54 ||10.70 |
|d) Total Expenditure as percentage of Turnover ||0.17% ||0.09% |
4. Technology absorption adoption and innovation:
i) The Company has adopted latest technology in the plant to maximize productionbetter quality and to minimize consumption of energy.
ii) The Company has implemented its own Effluent Treatment Plant of latest technology.
iii) Technology imported during the year - Nil
(C) FOREIGN EXCHANGE EARNING & OUTGO
(a) Total Foreign Exchange earned Rs. nil (previous year Rs. Nil)
(b) Total Foreign Currency used-Nil
Directors' Responsibility Statement
Pursuant to the requirement under Section 217(2AA) of the Companies (Amendment) Act2000 with respect to Directors' Responsibility Statement it is hereby confirmed that:
(i) in the preparation of the Annual Accounts for the financial year ended September30 2012 the applicable Accounting Standards have been followed along with properexplanation relating to material departures;
(ii) the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that were reasonable and prudent so as to give a true andfair view of the state of affairs of the Company as at September 30 2012 and of theprofit and loss of the Company for year under review;
(iii) the director have taken proper and sufficient care has been taken for themaintenance of adequate accounting records in accordance with the provisions of theCompanies Act 1956 for safeguarding the assets of the Company and for preventing anddetecting fraud and other irregularities; and the Annual Accounts have been prepared on agoing concern basis.
(iv) the Annual Accounts have been prepared on a going concern basis.
The shares of your company are currently listed with Bombay and Calcutta StockExchange. Application for de-listing with Calcutta Stock Exchanges is still pending andexpected to be approved very soon.
Your Company has not accepted any fixed deposits and as such no amount of principalor interest was outstanding as on the Balance Sheet date.
INDUSTRIAL RELATIONS & HUMAN RELATIONS DEVELOPMENT
Human resources are the most important resource and your directors believe in to givethem their due weightage for their crucial role-playing in the overall progress of theorganization. The relationship between the management and the staffs/ workers has beencomfortable and cordial during the year.
Your Directors take this opportunity to express their deep and sincere gratitude to allofficers/ staffs/ workers as team members for their dedicated and sincere efforts andalso to Bankers creditors suppliers and all concerned for showing their continued faithand extending their full and wholehearted support to our organization.
Your Directors would also like to express their gratitude to members for their trustand support.
By Order of the Board of Director
For Indian Sucrose Limited
Sh. Dharam Pal Singh
Date : 09-12-2012