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Associated Ceramics Ltd.

BSE: 531168 Sector: Engineering
NSE: N.A. ISIN Code: INE771E01010
BSE 05:30 | 01 Jan Associated Ceramics Ltd
NSE 05:30 | 01 Jan Associated Ceramics Ltd

Associated Ceramics Ltd. (ASSOCIATEDCERA) - Director Report

Company director report

ASSOCIATED CERAMICS LIMITED ANNUAL REPORT 2010-2011 DIRECTOR'S REPORT To The Members, Your Directors have pleasure in presenting the Annual Report of the Company together with Audited Accounts for the year ended on 31st March, 2011. 1. FINANCIAL RESULTS: (Fig. in Rs.) CURRENT YEAR PREVIOUS YEAR PROFIT/(LOSS) BEFORE TAXATION 1,06,29,904 98,17,164 PROVISION FOR TAXES Current tax 39,18,287 38,58,320 Deferred Tax (6,39,289) (4,93,918) Income Tax Adjustments for Earlier Years 1,28,821 6,01,499 PROFIT/(LOSS) AFTER TAX 72,22,085 58,51,263 Brought forward from earlier years 2,98,99,690 2,40,48,427 Balance Carried To Balance Sheet 3,71,21,775 2,98,99,690 Increased by almost 50% as compared to that of the last year. There was no major increase in the profit for the year because there was substantial increase in selling expenses. 2. FUTURE PERFORMANCE: The Company is attempting to increase in its export turnover in the coming years. It is negotiating with various overseas buyers for sale of its products. The domestic market is also explored but there is stiff competition from other manufacturers. 3. DIVIDEND: To strengthen the financial position of the company further your Directors do not recommend any dividend for the year. 4. AUDITORS: The retiring Auditors A. PANDEY & ASSOCIATES, Chartered Accountants, Kolkata hold office till the conclusion of the Annual General Meeting and is eligible for reappointment. 5. DIRECTORS: SHRI BINOD SUHASARIA, Director retires by rotation and being eligible, offers himself for re-appointment. 6. CORPORATE GOVERNANCE: As required under clause 49 of the listing agreement with the Stock Exchange, the Report on Corporate Governance together with Auditors view regarding compliance of the SEBI code of Corporate Governance is annexed herewith. 7. PERSONNEL: Your Directors place on record the sense of appreciation for the valuable contribution made by the staff members of the Company and hope that their continued support will help in achieving the goals of the Company. In accordance with the requirement of Section 217(2A) of the Companies Act, 1956, and read together with Companies (particulars of Employees) Amendment Rules 2011 it is stated that no employee of the Company is in receipt of remuneration aggregating to Rs.60,00,000/- or more for the year and Rs.5,00,000/- or more per month for the part of the year. 8. STATUTORY INFORMATION: Particulars required to be furnished by the companies (Disclosure of particulars in the Report of the Board of Directors) Rules, 1988: 1. CONSERVATION OF ENERGY : AS PER STATEMENT ATTACHED 2. TECHNOLOGY ABSORPTION & ADOPTION : Nil 3. FOREIGN EXCHANGE EARNING & OUTGO : EARNING RS 8,26,55,262/- (PY RS 4,72,48,948/-) : OUTGO RS 1,58,95,443/- (PY RS 1,12,78,924/-) 9. RESPONSIBILITY STATEMENT: i. In preparation of the annual accounts, the applicable Accounting Standards have been followed. ii. The Directors have selected such accounting policies and have applied them consistently and made judgments and estimates that are 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. iii. 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 safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. iv. The Directors have prepared the annual accounts on going concern basis. 10. ACKNOWLEDGEMENTS: The Board wishes to place on record their gratitude for the co-operation and assistance received from all those who contributed by some means or other for the performance of the company and expect the same in the future. For and on behalf of the Board Place: Kolkata Date : 12th Day of August, 2011 ARUN AGARWAL SHARAD AGARWAL Managing Director Director ANNEXURE TO DIRECTORS REPORT PARTICULARS REQUIRED UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES 1988 CONSERVATION OF ENERGY: PART-A POWER & FUEL CONSUMPTION CURRENT YEAR PREVIOUS YEAR 2011 2010 1. ELECTRICITY: PURCHASED: UNIT (KWH) 984294.81 626761.41 TOTAL AMOUNT (RS) 56.71 37.42 RATE/UNIT (RS) 5.23 5.97 OWN GENERATION (THROUGH DIESEL) UNIT (KWH) 1883.33 1313.50 UNIT PER LITRE OF DIESEL 23.55 22.53 COST/UNIT (RS) 2.36 2.25 2. COAL QUANTITY IN M.T 3917 3224 TOTAL COST (RS) 162.94 117.15 COST/UNIT (RS) 41.59 36.34 3. FURNANCE OIL QUANTITY IN M.T 623 20 TOTAL COST (RS) 175.86 5.43 COST/UNIT (RS) 28195 27133 For and on behalf of the Board Place: Kolkata Date : 12th Day of August, 2011 ARUN AGARWAL SHARAD AGARWAL Managing Director Director