Your directors have pleasure in presenting the Twenty-Second Annual Report of theCompany together with the Audited Statements of Accounts for the year ended 31st March2014.
(Rs. In Lacs)
| ||2013-2014 ||2012-2013 |
|Sales and Other Income ||4596.64 ||3429.72 |
|Profit/(Loss) before Interest & Depreciation ||272.79 ||298.93 |
|Interest ||33.18 ||51.70 |
|Depreciation ||20.73 ||17.93 |
|Profit before exceptional and extraordinary items ||218.87 ||229.30 |
|Profit/(Loss) before Tax ||213.92 ||217.68 |
|Deferred-tax (expenses) / Income ||(3.66) ||(2.57) |
|Income-tax (Current Tax) ||(68.96) ||(75.00) |
|Profit (Loss) after Taxation ||141.29 ||140.11 |
|EPS Basic ||0.69 ||0.69 |
|EPS Diluted ||0.69 ||0.69 |
During the year under review the Company has achieved turnover of Rs. 4596.64 lakhs ascompared to the previous year Rs. 3429.72 lakhs. The profit before interest anddepreciation is Rs. 272.79 lakhs as compared to the previous year of Rs. 298.93 lakhs. Thenet profit after providing for interest and depreciation is Rs. 218.87 lakhs as comparedto the previous of Rs. 229.30 lakhs. The net profit after taxation Rs. 141.29 lakhs iscarried forward to balance sheet. The Directors of your company are of the view that theperformance of your company would improve in the next financial year.
In view of the Companys profitable performance your directors are pleased torecommend for approval of shareholders a Final Dividend of 5% (Re. 50 paisa per share) on20423750 Equity shares of the company in respect of the financial year 2013-2014. Thefinal Dividend if declared as above would involve an outflow of Rs. 102.12 Lakhs towardsDividend and Rs. 17.35 lakhs towards Dividend Tax resulting total outflow of Rs. 119.47Lakhs. (Approx). The paid up capital of your company remained unchanged at Rs.204237500/-. Earnings per share was Rs 0.69
The company has not accepted/renewed Fixed Deposits from Shareholders Employees andPublic during the period under review.
The Companys shares are listed at The Mumbai Stock Exchange Ltd. Jeejee BhoyTowers Dalal Street Mumbai-400001.
Sri. G. Subba Rao (DIN: 01864400) retire by rotation in accordance with Articles ofAssociation of the Company and being eligible for reappointment offers himself forreappointment.
None of the Directors of the Company are disqualified for being appointed as Directorsas specified in Section 274 of the Companies Act 1956.
DIRECTORS RESPONSIBILITY STATEMENT: Pursuant to the requirements of section 217 (2AA)of the companies act 1956 with respect to the directors responsibility statements it ishereby confirmed that:
a) in the preparation of the Annual Accounts for the year 2013-2014 the applicableaccounting standards have been followed with proper explanations where required.
b) The directors have selected such accounting policies and applied them consistentlyand made judgements and estimates to give a true and fare view of the state of affairs ofthe company as at 31.03.2014 and of the profit or loss of the company for that year.
c) Proper and sufficient care is taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act 1956 for safeguarding theassets of the Company and for prevention and detection of fraud and irregularities.
d) The Annual Accounts are prepared on a going concern basis.
AUDIT COMMITTEE :
The company has an audit committee whose composition role functions and powers are inaccordance with the legal/ SEBI requirements. The Audit Committee comprises of SriR.Jagadish Kumar Sri G.Subba Rao and Sri P.Bhaska Rao as members.
CORPORATE GOVERNANCE :
A separate section on Corporate Governance along with auditors certificate isattached to this report. A note on Management discussion and analysis is also attached tothis report.
STATUTORY AUDITORS :
The Statutory Auditors M/s. Nagaraju & Co (FRN: 002271S) Chartered AccountantsGuntur retire at the ensuring Annual General Meeting and have confirmed their eligibilityand willingness to accept office if reappointment. Your Directors propose thereappointment of M/s. Nagaraju & Co as Statutory Auditors to hold office until theconclusion of the Twenty Fifth Annual General Meeting of the Company.
COST AUDITORS :
Pursuant to the provisions of the Section 148 of the Companies Act 2013 and otherapplicable rules the Board of Directors of your Company had appointed subject to theapproval of the Central Government Mr. Chandra Sekhar.A Annavarapu & Co CostAccountants Guntur to carry out an audit of Cost accounts of the Company for accountingyear ending 31st March 2015.
The Management appreciated the efforts of the employees of the company and itssubsidiary for their co-operation and support during the year and acknowledge theircontribution.
There are no employees as per the provision of Section 217 (2A) of the Companies Act1956 employed throughout the year who are in receipt of remuneration of Rs. 2400000/-ormore or employed for part of the year and in receipt of Rs. 200000/- per month.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS/OUTGOINGS :
The directors of the company placed their appreciation to the bankers of the companyvarious Government Authorities employees distributors and Bankers for their cooperation.
For and on behalf of the Board
|Sd/- ||Sd/- |
|P.BHASKARA RAO ||G.V.S.L.KANTHA RAO |
|DIRECTOR ||MANAGING DIRECTOR |
|(DIN: 01846243) ||(DIN: 01846224) |
|Place: Guntur || |
|Date: 28th August 2014. || |