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Sand Plast (India) Ltd.

BSE: 533079 Sector: Engineering
NSE: N.A. ISIN Code: INE122K01013
BSE LIVE 13:29 | 26 Nov Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 1.87
PREVIOUS CLOSE 1.93
VOLUME 100
52-Week high 1.87
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.87
Sell Qty 900.00
OPEN 1.87
CLOSE 1.93
VOLUME 100
52-Week high 1.87
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 5
Buy Price 0.00
Buy Qty 0.00
Sell Price 1.87
Sell Qty 900.00

Sand Plast (India) Ltd. (SANDPLAST) - Director Report

Company director report

SAND PLAST INDIA LIMITED ANNUAL REPORT 2011-2012 DIRECTOR'S REPORT Dear Shareholders, The Directors are pleased to present the 23 (Twenty Third) Annual Report together with the Audited Accounts of your Company for the financial year ended 31st March' 2012. The purpose of the Directors' Report is to provide shareholders with certain statutory information about the Company, its Directors and operations. The Performance and Operational Review, which forms part of the Directors' Report, informs shareholders and helps them assess how the Directors have performed their duty to promote the success of the Company. Financial Results and Performance of the Company The summarized working results for the financial year ended on 31st March, 2012 as compared with the previous year are as under:- (Rupees in Lacs) Operating Results Current year Previous year 2011-2012 2010-2011 Total Income 249.44 304.69 Total Expenses (424.74) (490.74) Profit/(Loss) Before Depreciation (175.31) (186.05) Depreciation (200.67) (200.67) Profit/(Loss) Before Extra Ordinary Item & Interest (375.98) (386.72) Interest Profit/(Loss) Before Tax (375.98) (386772) Tax - - Net Profit/(Loss) after tax (375.98) (386.72) Excess Provision written back - 1.03 Net Profit/(Loss) carried to Balance Sheet (375.98) (385.69) Performance and Operational Review The Board informs to you that the performance of your Company was not satisfactory during the financial year even though settlement of production level, working out of logistics with respect to movement of finished products from factor)', arrangement of raw materials etc was satisfactory in comparison to previous financial year. The staff and workers put their sincere effort in the operation of the plant and achieving efficiency in the production level. During the year, the company has achieved a sales turnover of Rs. 234.03 Lacs in the financial year ending 31st March, 2012 as compared to Rs.286.47 Lacs in the year ended 31st March, 2011. The Company has earned income of Rs. 249.44 Lacs in comparison to income of Rs. 304.69 Lacs during the previous financial year. Your Directors have taken appropriate remedial action to mitigate the adverse circumstances and are hopeful of better performance and results during the current year. Future Prospects Company is taking effective steps to improve its production and sales during the year under review. Trading in the equity shares of the Company at BSE We are very pleased to inform you that from the date of listing of equity shares of the Company with the Bombay Stock Exchanges (w.e.f. June, 2009), the equity shares of the Company are regaining its trading volume day by day on the bourses with the strenuous and fruitful efforts of the Board of Directors and management of the Company. This has provided an extra platform to the proposed investors to invest in the Company and the existing investor more liquidity for entry and exit route in the Company. Dividend The Board of Director does not recommend any dividend for the financial Year 2011-2012 due to the loss for the year. Public Deposit During the year the Company has not accepted or invited any deposit from the public within the meaning of Section 58A of the Companies Act, 1956 read with Companies (Acceptance of Deposit) Rules, 1975, during the year under review. Information about Energy Conservation, Technology Absorption and Research & Development and Foreign Exchange earning and outgo (A) Energy Conservation : a) Energy conservation measure taken by the Company:- i. To optimize steam transfer of autoclaves for pre-heating purpose. ii. To control spillage of green mix and reuse it before getting it dried, so that it can be used without adding extra inputs. iii. By using certain anti-scaling and anti anti-deoxidizing chemicals for boiler feed water to enhance boiler thermal efficiency. iv. Resetting of factory shed sheeting in lime area to utilize natural flow of wind efficiently to reduce number of exhaust fans. b) Additional investment/proposal being implemented for reduction of consumption. i. Second line of steam transfer within the autoclave has been completed. ii. To ensure proper insulation on all the autoclaves and boilers as well. iii. Using of CFLs in place of Halogen lights in plant areas. iv. To utilize broken bricks (waste) powder as a raw material for in house use or for other fly ash based industries. c) Impact of measures as mentioned above in consumption of energy and on the cost of production of goods. Saving in energy consumption and waste material utilization will reduce the production cost of the Company and would also help a bit against global warning. (B) Technology absorption and Research & Development. With its established in-house research & Development, Sand Plast has built its reputation with customers, government authorities, national & international market and in the society by utilizing up to 90% of fly ash in the manufacturing of high quality bricks of strength 100 kg per sq. cm and above. a) Specific area in which research and development carried out by the Company I. To make utilization of broken bricks (waste) power as a raw material for in house use or for other fly ash based industries. II. Stabilizations of different raw material composition to get better and economical product. b) Benefit derived as result of above efforts: The Research and Development works for the above are at the preliminary stage only but the Company is very hopeful to get the favourable results. c) Future course of action Work on above assumptions at different level and to get success and to prove globally that Sand Plast India Limited is the pioneer in the field of ash utilization. (C) Foreign Exchange earning and outgo The company has not spent any foreign exchange outgo during the financial year. There were no foreign exchange incoming during the financial year. Particulars of Employees None of the employees are in receipt of remuneration in excess of limits prescribed under Section 217 of the Companies Act, 1956 read with the Companies (Particulars of Employees) Amendment Rules. 2011 as amended, therefore, no disclosure is required. Director's Responsibility Statement as per Section 217 (2AA) of the Companies Act, 1956 Pursuant to the requirement under section 217 (2AA) of the Companies Act' 1956 with respect to director's responsibility statement, it is hereby confirmed: (i) That in the preparation of the accounts for the financial year ended 31st March, 2012, the applicable accounting standards have been followed along with proper explanations relating to material departures; (ii) that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that were 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 or loss, to be read with notes on accounts, of the company for the year under review; (iii) That the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguard of the assets of the company and for preventing and detecting fraud and other irregularities; (iv) That the directors have prepared the accounts for the financial year ended 31st March' 2012 on a 'going concern' basis. Board of Directors At the AGM held on as a result of retirement by rotation Mr. Shivcharan Manikrao Parvatkar who retire by rotation and offer himself for re- appointment as the independent-director of the Company in the said AGM and being eligible, offer himself for re-appointment. Director's observation on Audit Report Attention is invited to Note. No. vi (a) of the Balance sheet of the company for the year, which state that the company has filed Modified Draft Rehabilitation Scheme to Hon'ble B1FR dated 27th April, 2011 and Secured Creditors i.e. PNB and HUDCO. The Company has not provided interest on PNB dues amounting to Rs. 315.45 Lacs and Rs. 3034.15 Lacs in respect of HUDCO in totality, as a result of the same Secured liabilities and accumulated losses of the company are understated by Rs. 3349.60 Lacs (Including Current year Interest Rs. 405.19). With reference as per point no. (vi) (a) of the Auditors Report, the dues of the financial institutions/banks were rescheduled under rehabilitation package pending with the honorable BIFR. Auditors M/s D Khanna & Associates, Statutory Auditors of the company shall hold office till the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment. The Company has received intimation to this effect that their re-appointment, if made, would be within the prescribed limits of Section 224 (IB) of the Companies Act' 1956. Management Discussions and Analysis The Company has, over the years, relentlessly strived to achieve leadership position in its field of business. It has been successful in developing its own technical know-how including designing and development of plant & machinery. It has further been able to achieve use of fly ash including bottom ash and pond ash up to 90% in manufacturing of high quality bricks of the strength of 100 kg per sq. cm and above. The Hon'ble Supreme Court, through its judgment a few years back, has directed that the traditional brick manufactures using brick kilns to use 25% of the fly ash, as the raw material for the purpose of making bricks within the National Capital Territory of Delhi and had suggested adoption of technology 'Mechanized Autoclaved Sand Lime Fly Ash Bricks', the one pioneered by your Company. The Govt, of India's Notification has further made it obligatory for users to specify fly ash products and has made it mandatory for thermal power plants to utilize 100% of ash generated by them over the years. Your company's effort has accordingly been proved useful in the light of apex court's directive and also from the point of view of directions of Govt, of India. Further the real estate business in NCR and other part of the country is now growing up therefore directors are hopeful that it will bring the opportunity to the Company since the Company produces the 'Mechanized Autoclaved Sand Lime Fly Ash Bricks' which is one of the main component for the construction industry and real estate business. Further the Company fully organized although the sector of the product is totally unorganized like other traditional brick manufacturer. The product of the Company is also environment friendly and reduces the pollution therefore the Company has also applied to CDM Executive Board for availing carbon credit and same is pending with authorities. However the management of the Company is hopeful that the performance of the Company will improve in near future. Corporate Governance - Clause 49 of the Listing Agreement Your Company has followed Good Corporate Governance Practices since inception and in accordance with the code of Corporate Governance. The detailed report on Corporate Governance along with the certificate from Statutory Auditors in compliance as per Clause 49 of the Listing Agreement is attached herewith as Annexure-1 and forms part of this report. Industrial Relation Your company has taken significant step in developing human resource and strengthening human resource systems. During the year under review, industrial relation in the company continues to be cordial and peaceful. Acknowledgement Your Directors wish to convey their appreciation to all suppliers, promoters, lenders and governments for their invaluable supports and look forward to continued supports in future. The Board of Directors thanks to the appreciation of employees at all the levels for their hard work, dedication and commitment which enable the company make progress ahead. For and on behalf of the Board of Directors Sd/- Sd/- S.M. Parvatkar Rajesh Gupta Director Managing Director Place: Mumbai Dated: 08th August, 2012