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Sri Chakra Cement Ltd.

BSE: 518053 Sector: Industrials
NSE: N.A. ISIN Code: INE827D01020
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Sri Chakra Cement Ltd. (SRICHAKRACEM) - Director Report

Company director report

SRI CHAKRA CEMENTS LIMITED ANNUAL REPORT 2004-2005 DIRECTORS' REPORT Your Directors have pleasure in presenting the 23rd Annual Report and the Audited Statement of Accounts of your Company for the Six months period ended 31st March, 2005. PERFORMANCE OF THE COMPANY For the 6 Months For the 18 Months period Ended Period Ended 31.03.2005 30.09.2004 1. Production (M.T) (Cement) 1,51,844 3,82,518 2. Gross Turnover: Qty (M.T) (Cement) 1,51,635 3,83,130 Value (Rs. In Lakhs) (Cement) 2840.42 6134.63 3. a). Gross Realisation per Ton Rs. 1873.20 1,601.19 b). Net Realisation per Ton (Naked) Rs. 1352.19 1,160.11 4. Profit/(Loss) after Interest, depreciation and prior period adjustment (Rs. in Lakhs) (123.51) (362.96) PRESENT STATUS WITH THE BIFR As the members are aware that the company has been registered with BIFR vide 186/88. BIFR at their meeting held on 8-6-2005 formed an opinion that the company is not viable and therefore recommended for its winding up. Company has filed an appeal to AAIFR for consideration of setting aside the BIFR Order. Simultaneously the Company started clearing the dues of Secured Creditors. In this Extent Settlement with all the 4 Commercial Banks involved in the funding of the Company have been cleared. OTS negotiations are in advanced stage in respect of IDBI/IFCI/ ICICI/SBI. DIRECTORS Sri S. Ramamurthy, Director will be retiring by rotation at the ensuing Annual General Meeting and being eligible offers himself for re- appointment. During the period Sri. C. V. Hanumanth Rao was resigned due to his old age. Your Board of Directors records its appreciation for the valuable services rendered by him during his tenture as director. Sri V V S R Anjaneyulu was appointed as additional Director w.e.f. 29.04.2005 to hold the office till next Annual General Meeting subject to retire by rotation. DEPOSITS Your Company has not accepted any Deposits from the public during the year under review. AUDITORS The report of the Auditors and the Notes on Account referred to in the Auditors Report are self Explanatory. M/s. Satyanarayana & Company, Chartered Accountants, Auditors of the Company retire at the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment. COST ACCOUNTING The cost accounting records for the accounting period ended March 31, 2005 have been maintained in accordance with the cost accounting records. M/s A N S Nageshwara Rao & Co., was appointed as Cost Auditors for the 6 months period ended 31.03.2005. DIRECTORS' RESPONSIBILITY STATEMENT To the best of their knowledge and belief and according to the information and explanation obtained by them, your Directors make the following statement in terms of Section 217 (2AA) of the Companies Act, 1956. 1) That in the preparation of the annual accounts for the 6 months period ended March 31, 2005 the applicable accounting standards have been followed alongwith proper explanation relating to material departures, if any. 2) That such accounting policies as mentioned in Schedule 18 to the Annual Accounts have been selected and applied consistely and judgements and estimates that are reasonable and prudent made so as to give a true and fair view of the state of affairs of the Company at the end of the financial year for the 6 months period ended on 31st March, 2005 and of Loss of the Company for that period. 3) That proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safe guarding the assets of the Company and to prevent and detect fraud and other irregularities: 4) That the Annual Accounts for the 6 months period ended 31st March, 2005 have been prepared on a going concern basis. CORPORATE GOVERNANCE Your Company has complied with the provisions of corporate governance as clause 49 of the listing agreement with the Stock Exchange (s). A separate report on Corporate Governance is included as a part of the Annual Report. INDUSTRIAL RELATIONS Industrial relations have been generally satisfactory. PARTICULARS OF CONSERVATION OF ENERGY, TECHNICAL ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT TO As required under Section 217(1) (e) of the Companies Act, 1956, read with relevant rules, the particulars regarding the conservation of energy, technological absorption etc., are given in. Form-A and Form-B, which forms part of this report. PARTICULARS OF EMPLOYEES None of the employees were in receipt of remuneration of Rs.6 lakhs per annum or Rs. 50,000/- per months during the period under review. ACKNOWLEDGMENTS Your Directors have taken this opportunity to place on record their appreciation and gratitude for the whole-hearted support, co-operation and guidance received from the Banks and the other Central, State Government and local authorities. The Company thanks the Shareholders for the confidence reposed by them in the Company. By order of the Board of Directors for SRI CHAKRA CEMENTS LIMITED V V S R Anjaneyulu N. Krishna Mohan Director Whole Time Director Place : Hyderabad Date : 31.08.2005 MANAGEMENT DISCUSSION AND ANALYSIS FINANCIAL PERFORMANCE & OPERATIONAL PERFORMANCES I. A. FINANCIAL CONDITION: During the period, the Company add Rs. 2.30 Lakhs in Fixed Assets of which Rs.1.23 Lakhs on Buildings, and Rs. 1.07 Lakhs on others. B. INVENTORIES Inventories as on 31st March, 2005 amounted to Rs. 247.39 Lakhs as against Rs. 0 00.32 Lakhs in the previous period. C. SUNDRY DEBTORS Sundry Debtors amounted to Rs. 542.25 Lakhs as on 31st March, 2005 against Rs. 463.35 lakhs in the previous period. These debtors are considered good and realizable. D. CASH AND BANK BALANCES Cash and Bank Balances with Scheduled Banks as on 31st March, 2005 amounting to Rs. 54.05 Lakhs against Rs. 33.10 Lakhs in the previous period. E. CURRENT LIABILITIES Sundry Creditors represents the amount payable to vendors for supply of goods. Advances received from customers denotes monies received to delivery of future services. Other liabilities denote amounts accrued for various other operational expenses. II. OPERATIONAL RESULTS: TURNOVER: During the 6 months period from 01/10/2004 - 31/03/2005 the Turnover of the Company was Rs.3008.68 as compared to Rs. 6425.42 in the previous period. The income from other sources as on 31st March, 2005 was Rs. 8.40 Lakhs compared to Rs.16.86 Lakhs in the previous period. DEPRECIATION: The Company has provided a sum of Rs. 105.07 Lakhs towards depreciation for the period as against Rs. 313.15 Lakhs in the previous period. HUMAN RESOURCE DEVELOPMENT AND INDUSTRIAL RELATIONS: The Company believes that the quality of its employees is the key to its success in the long run and is committed to provide necessary. Human Resource Development and training opportunities to equip them with skill which enables them to adapt to contemporary technological advancements. The Company is also maintaining a residential colony for its employees. Industrial Relations during the year continued to be cordial and the Company is committed to maintain good industrial relations through negotiations and meetings etc., CAUTIONARY STATEMENTS Statements in the Management Discussion and Analysis describing the company's objectives, projections, estimates expectations may be forward looking statements within the meaning of applicable securities laws and regulations. Actual results would differ materially from those expressed or implied. Important factors that could make a difference to the company operations include economic conditions affecting demand/supply and price conditions in the markets in which the company operates, changes in the government regulations, tax laws and other statutes and other incidents factors. ANNEXURE TO DIRECTORS' REPORT Information as required under Section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of particulars of the report of Board of Directors) Rules 1988. FORM - A Form for disclosure of particulars with respect to conservation of energy Current Period Previous Period ended 31.03.2005 ended 30.09.2004 A. POWER AND FUEL CONSUMPTION 1) ELECTRICITY a) Purchases (Unit Nos.) 15089799 40514008 Total Amount (Rs.) 55344632 155876556 Rate/unit (Rs) 3.67 3.85 b) Own Generation i) Through Diesel Generator (Units Nos) 101088 143659 Units per Ltr. of Diesel Oil 0.31 0.40 Cost/Unit (Rs.) 8.01 8.55 ii) Through Steam Turbine/Generator NIL NIL Units (Nos) - - Units per Ltr. of Fuel Oil - - Gas - - Cost/Unit (Rs.) - - 2) COAL (Slack coal used in Kiln) Quantity (M.T) 33576 79982 Total Cost (Rs.) 61889586 125280049 Average rate/MT (Rs.) 1843 1566 3) FURNACE OIL NIL NIL 4) OTHERS/INTERNAL GENERATION NIL NIL B) CONSUMPTION PER UNIT OF PRODUCTION Product Ordinary Portland Cement (M.T) 151844 382518 Electricity (units) 100.04 106.12 Furnace Oil - - Coal (M.T) 0.22 0.21 Others - - FORM - B Form for disclosure of particulars with respect to conservation of absorption Research and Development (R&D) 1. Specific areas iii which R&D Carried out by the Company NIL 2. Benefits derived as a result of above R & D NIL 3. Future Plan of Action No Research & Development has been carried out during the period and expenditure incurred 4. Expenditure on R & D Technology absorption and innovation 1. Efforts, in brief, made toward technology absorption, adoption and innovation : There has been no absorption adoption or innovation of any new technology. 2. Benefits derived as a result of the above efforts, e.g. product, improvement, cost reduction, production development, import substitution etc. Not Applicable 3. In case of imported technology (imported) during the last 5 years reckoned from the beginning of the financial year a) Technology No Technology has been imported b) Year of Import Not Applicable c) Has Technology been fully absorbed? Not Applicable d) If not fully absorbed, area where Not Applicable this has been taken place, reasons thereof and future plans of action. FOREIGN EXCHANGE EARNINGS & OUTGO 1. Activities relating to exports, initiatives taken to increase exports, development if new export markets for products, services and export plans NIL 2. Total foreign exchange used and earned NIL