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Rubber Products Ltd.

BSE: 526496 Sector: Others
NSE: N.A. ISIN Code: INE430C01017
BSE LIVE 14:26 | 30 Oct Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 6.45
PREVIOUS CLOSE 6.19
VOLUME 499
52-Week high 6.51
52-Week low 3.20
P/E
Mkt Cap.(Rs cr) 3
Buy Price 6.45
Buy Qty 1.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.45
CLOSE 6.19
VOLUME 499
52-Week high 6.51
52-Week low 3.20
P/E
Mkt Cap.(Rs cr) 3
Buy Price 6.45
Buy Qty 1.00
Sell Price 0.00
Sell Qty 0.00

Rubber Products Ltd. (RUBBERPRODUCTS) - Director Report

Company director report

DIRECTORS

Dear Shareholders

Your Directors are pleased to present the 48th Annual Report and the Audited Accountsof the Company for the year ended 31st March 2014.

FINANCIAL PERFORMANCE & REVIEW OF OPERATIONS:

The Company's sales revenue during the year under review was Rs. 1927.41 lacs ascompared to 1789.74 lacs in the previous year. The Company has incurred loss in theFinancial Year 2013-14 of Rs. 0.12 lacs. The export turnover of your Company during thefinancial year was Rs. 584.27 lacs compared to Rs. 448.82 lacs in the previous year.

FINANCIAL RESULTS

(Rs. in Lacs)

For the year ended

31.03.2014 31.03.2013
Sales 1927.41 1789.74
Profit/ (Loss) before taxation (10.75) (27.51)
Less: Provision for Tax
(i) Earlier year Taxation - -
(ii) Deferred Taxation (10.63) (9.57)
Profit/(Loss) after tax (0.12) (17.95)
Balance brought forward from previous year (506.95) (489.00)
Balance carried to Balance Sheet (507.07) (506.95)

FACTORS AFFECTING THE COMPANY'S AFFAIRS:

During the year under review your Company has achieved a turnover of Rs. 19.27 Croresas against Rs. 17.89 Crores in the previous year. Your Company has put in efforts to gothe extra mile in ensuring higher productivity and quality which helped out to increasesales and reduce the loss for the financial year 201314.

During the financial year the Company registered increase sales in all the customersegments i.e. domestic retail and export. The general Economic stagnation has affectedthe Company's business to a great extent. In addition to this the increasing price ofmaterial has had its effects on the margins.

REVIEW OF OPERATION:

A detailed review of the operations performance and outlook of the Company and itsbusiness is given in the Management's Discussion and Analysis Report which forms part ofthis Annual Report.

MERGER OF COSMOS (INDIA) RUBBER WORKS LIMITED:

Proposal of Merger of Cosmos (India) Rubber Works Private Limited (COSMOS) with yourCompany is under consideration of BIFR.

DIVIDEND:

In view of the loss incurred during the year under review your Directors are not in aposition to recommend any dividend for the year 2013-14.

REPORT ON CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNINGS ANDOUT GO:

Information in accordance with provisions of Section 217(1) (e) of the Companies Act1956 regarding Conservation of Energy Technology Absorption Research & DevelopmentForeign Exchange Earning and Outgo is attached as Annexure I to this report.

PARTICULARS OF EMPLOYEES:

During the year under review no employee of your Company was in receipt ofremuneration in excess of the limits i.e. Rs.500000/- p.m. or Rs.6000000/- p.a.prescribed under the provisions of Section 217(2A) of the Companies Act 1956 read withthe Companies (Particulars of Employees) Rules 2011.

None of the employees holds 2% or more of the equity shares of the Company.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to provisions of Section 217(2AA) of the Companies Act 1956 your Directorshereby confirm that:

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

ii) the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimated that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company as on 31st March 2014;

iii) the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 1956for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities; and

iv) the Directors have prepared the annual accounts of the Company on a 'going concern'basis.

CORPORATE GOVERNANCE:

A report on Corporate Governance is attached as Annexure II to this report.

PUBLIC DEPOSITS:

Your Company has not accepted any deposits from the public under Section 58A of theCompanies Act 1956 during the financial year under review.

MANAGEMENT DISCUSSION & ANALYSIS REPORT:

The Management Discussion & Analysis Report is attached as Annexure III tothis report.

AUDITORS' REPORT:

The observations made in the Auditors' Report read with the Notes forming part ofAccounts are self-explanatory.

DIRECTORS:

As per Section 149(13) of Companies Act 2013 independent Directors are not liable toretire by rotation.

Mrs. Sucharita Hegde is liable to retire by rotation and is eligible to be re-appointedat the Annual General Meeting.

Except for the above there has not been any change in the constitution of the Board ofDirectors of the Company since the last report.

AUDITORS:

M/s J. R. Jain & Co. Chartered Accountants the statutory auditors to the Companyretire at the 48th Annual General Meeting and being eligible offer themselvesfor re-appointment. The Members are requested to appoint them as Auditors of the Company.

ACKNOWLEDGEMENT:

The Directors wish to place on record their appreciation of the continued co-operationthe Company has received from various departments of the Central and State GovernmentBankers Financial Institutions Auditors Dealers and Suppliers and also acknowledge thecontribution made by the employees and workers.

The Directors also wish to place on record their gratitude to the valued CustomersMembers and investing Public for their continued support and confidence reposed in theCompany.

For and on behalf of the Board of Directors
Mrs. Smita Shetty
Chairperson
Thane 5th August 2014

ANNUEXURE I TO DIRECTORS REPORT REPORT ON CONSERVATION OF ENERGY R&D ANDTECHNOLOGY ABSORPTION

A. CONSERVATION OF ENERGY

The Company continues to accord priority to energy conservation. Consistent efforts arebeing made for identifying the potential areas for energy saving. The Company continues topursue energy optimization by means of improved operational methods.

B. TECHNOLOGY ABSORPTION

I) RESEARCH AND DEVELOPMENT (R&D):

1. Specific areas in which R&D carried out by the Company: Research &Development Department of the Company continued to provide valuable support forimprovement in quality of existing products development of new products and process forbetter productivity quality and cost effectiveness.

2. Benefits derived as a result of the above R&D Improvement ofquality/process/productivity Global acceptance of the products Reduction in productiontime

Reduction in cost of the product Reduction in raw material consumption

3. Future plan of action: The Company has planned to upgrade its existing plant andmachinery and technologies to improve quality of the existing products acceptable to theinternational community with economical price.

4. Expenditure on R & D

(Rs. in Lacs)
Particulars 2013-14 2012-13
Capital 0.00 0.00
Recurring 0.00 1.88
Employee Remuneration 9.81 11.54
Total 9.81 13.42

Total R&D expenditure as a percentage of total turnover is 0.75 %.

II) TECHNOLOGY. ABSORPTION. ADAPTATION AND INNOVATION:

The Company is continuously taking steps to upgrade the technology from time to time toimprove the existing products and develop new products with the object of providingeconomical and quality products to its customers.

C. FOREIGN EXCHANGE EARNINGS AND OUTGO:

The Company has taken continuous efforts to increase its export turnover by explorationand development of new export market for its product.

The foreign Exchange earnings during the current year are Rs. 596.43 Lacs compared toRs. 453.95 Lacs during the previous year.

The foreign Exchange outgo during the current year is Nill compared to Nil during theprevious year.