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Shivagrico Implements Ltd.

BSE: 522237 Sector: Engineering
NSE: N.A. ISIN Code: INE092H01014
BSE LIVE 10:13 | 07 Sep 5.60 -0.26
(-4.44%)
OPEN

5.60

HIGH

5.60

LOW

5.60

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 5.60
PREVIOUS CLOSE 5.86
VOLUME 100
52-Week high 11.49
52-Week low 4.90
P/E
Mkt Cap.(Rs cr) 3
Buy Price 5.60
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00
OPEN 5.60
CLOSE 5.86
VOLUME 100
52-Week high 11.49
52-Week low 4.90
P/E
Mkt Cap.(Rs cr) 3
Buy Price 5.60
Buy Qty 100.00
Sell Price 0.00
Sell Qty 0.00

Shivagrico Implements Ltd. (SHIVAGRICOIMPL) - Director Report

Company director report

DIRECTORS

Your Directors have pleasure in presenting the Thirty Fourth - Annual Report togetherwith the Audited Statements of Account of the Company for the year ended 31st March, 2013.

FINANCIAL RESULTS

The Financial Performance of the Company for the year ended 31st March, 2013 issummarized below.

(Rupees in Lakhs)

31-03-2013 31-03-2012
Sales and Other Income 3,025.28 2,446.69
Profit before Depreciation. Interest and Tax 171.32 250.56
Less : Depreciation 76.27 80.12
Interest 64.67 56.92
Profit before tax 30.38 113.52
Less: Income Tax 2.10 37.61
Profit after tax 28.28 75.91
Profit brought forward from earlier Year adjusted 119.39 43.48
Balance Profit carried forward 147.67 119.39

PERFORMANCE REVIEW:

The Total turnover of the company during the year under review was Rs. 3025.28 Lacs ascompared to Rs. 2446.69 Lacs in the year 2012.The decrease in profit after tax from Rs.75.91 Lakhs to Rs. 28.28 Lakhs is on account of increase in cost of production mainly.

DIVIDEND:

In order to conserve the financial resources of the company, your Board of Directorsregret their inability to declare dividend for the year ended 31st March 2013.

DIRECTORS

Retirement by Rotation

In accordance with the provisions of the Companies Act 1956, Br. Karan Singh Chauhanand Mr. Narpatmal Singhvi Directors of the Company are due for retirement by rotation andbeing eligible offer themselves for reappointment.

DIRECTOR'S RESPONSIBILITY STATEMENT:

Pursuant to the requirements under Section 217(2AA) of the Companies Act, 1956, theBoard of Directors with respect to Director's Responsibility Statement hereby confirmsthat:

(a) in preparation of the annual accounts, for the year ended on 31st March, 2013, theapplicable accounting standards have been followed in the preparation of the finalaccounts and that there are no other material departures.

(b) the Accounting policies have been selected and applied consistently and suchjudgments and estimates made are reasonable and prudent so as to give a true and fair viewof the state of affairs of the Company as at 31st March, 2013 and of the profit of thecompany for the year ended on that date.

(c) proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of Companies Act, 1956 forsafeguarding the asset of company and for preventing and detecting fraud and otherirregularities; and

(d) the annual accounts have been prepared on a going concern basis.

PARTICULARS UNDER SECTION 217(2A) OF THE COMPANIES ACT, 1956:

There are no employees who are in receipt of remuneration exceeding the ceiling limitprescribed under the Companies (Particulars of Employees) Rules 1975 calling forfurnishing their particulars.

CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

(1) Conservation of Energy, Technology, Absorption: -

Information in accordance with the provisions of Section-217(1) (e) of the CompaniesAct, 1956 read with Companies (Disclosure of Particulars in the Report of Board ofDirectors) Rules 1988, regarding conservation of energy and technology absorption is asfollows:

1. Consumption of Coal

Production

Consumption of Coal (in Rs.)

Average/M.T (in Rs.)

NAME OF PROCESS UNIT CURRENT YEAR PREVIOUS YEAR CURRENT YEAR PREVIOUS YEAR : CURRENT YEAR PREVIOUS YEAR
Rolling M.T 13269 13229 13136310 11906100 990 900
Full Forging M.T 1397 1708 1417955 1588440 1015 930
Partial Forging M.T 2172 1902 2046628 1605031 942 844
TOTAL 16838 16839 16600893 15099571

2. Consumption of Power

Production

Consumption of Power (in Rs.)

Average/M.T (in Rs.)

NAME OF PROCESS UNIT CURRENT YEAR PREVIOUS YEAR CURRENT YEAR PREVIOUS YEAR CURRENT YEAR PREVIOUS YEAR
Rolling M.T 13269 13229 9263671 7381782 698 558
Full Forging M.T 1397 1708 873125 871080 625 510
Partial Forging M.T 2172 1902 695040 452222 320 238
TOTAL 16838 16839 10831836 8705064

Note:

The electrical Consumption of Rolling, forging and other activities have beenbifurcated on practical estimate as separate measurement of consumptions are not feasible.

3. High Speed Diesel (For Generator)
Power Generation NIL
Foreign Exchange Earning and Outgo:-

The required information is respect of Foreign Exchange earnings and outgo for the yearended 31st March, 2013

Foreign Exchange earning : Rs. Nil (Previous Year: Rs. 5,36,985/-)
Foreign Exchange outgo : Rs. 19,48,955/- (Previous Year: Rs. 2,24,23,449/-)

AUDITORS:

M/s. Sanghvi Sanghvi & Sanghvi, Chartered Accountants will retire at theforthcoming Annual General Meeting and are eligible for reappointment. The company hasreceived certificate from them stating their reappointment, if made would be within theprescribed limit under section 224(1-B) of the Companies Act, 1956.The members arerequested to appoint the auditors and fix their remuneration.

CORPORATE GOVERNANCE:

Report on Corporate Governance as stipulated under clause 49 of the Listing Agreementwith the Stock Exchange forms part of the Annual Report.

A certificate from the Auditors of the Company regarding compliance of the conditionsof Corporate Governance as stipulated under clause 49 of the Listing Agreement is annexedto this Report.

Audit Committee/ Remuneration Committee/Shareholders Committee:

The Board of Directors has constituted three committees i.e. Audit Committee/Remuneration Committee/ Shareholders Committee as per the requirements of CorporateGovernance under Listing Agreement. The majority of members of these Committees areindependent & non executives.

Fixed Deposit:

The Company has not accepted deposits from public and hence directives issued by theReserve Bank of India and the provisions of Section 58A ,58AA or any other relevantprovisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits)Rules,1975 are not applicable for the year under audit.

ACKNOWLEDGEMENT

Your Directors record their gratitude to the Banks, Financial Institutions, GovernmentDepartments, Vendors and all the clients of the company for the unstinted support receivedfrom them during the year.

The Directors would also like to place on record their appreciation for the dedicatedefforts and services put in by employees of the Company.

For and on Behalf of the Board of Directors
Place: Mumbai (Hemant Ranawat) (Vinit Ranawat)
Date: 30th May, 2013 Executive Director Director