Your Directors take pleasure in presenting the 23rd Annual Report together with theAudited Accounts of the Company for the Financial Year ended 31st March, 2013.
| || ||(Rs. In lacs) |
| ||2012-13 ||2011-12 |
|Total Revenue ||271 ||98582 |
|Gross Operating Profit ||341 ||1424 |
|Depreciation for the year ||117 ||326 |
|Profit Before Extraordinary items and Tax ||224 ||1098 |
|Extraordinary items (Income) || ||3015 |
|Profit Before Tax (PBT) ||224 ||4113 |
|Provision for Tax including Deferred Tax ||12 ||1708 |
|Net Profit After Tax (PAT) ||212 ||2404 |
|Add : Surplus / Loss brought forward from previous year ||3804 ||1950 |
|Profit available for Appropriation ||4016 ||4354 |
|Transfer to Preference Share Capital Redemption Reserve || ||274 |
|Transfer to General Reserve || ||125 |
|Proposed Dividend || ||130 |
|Dividend Tax || ||21 |
|Balance Carried Forward ||4016 ||3804 |
During the year under review the Company has achieved turnover of Rs.2.71 crores whichsolely come from Wind Mills Operations. The figure of the last year are not comparablewith the year under review. The profit before Tax is stood at Rs. 2.24 crores in currentyear as compared to Rs. 10.98 crores,in last year which is not comparable with the currentyear as the Company has sold its Chemical Division last year.
In view of the sharp drop in profitability and with a view to conserve resources forthe Companys Greenfield Project, the Directors felt it prudent to skip dividend onEquity Shares for the year.
Your Directors are glad to report that the Company is in the process of setting up anew Project for production of both Anatase and Rutile Grades of Titanium Dioxide with anannual capacity of 15,000 MT in Gujarat, where the Company has already acquired land fromGujarat Industrial Development Corporation at Jolwa Village at Dahej.
The Company is in the process of tying up the term financial assistance for the Projectand has appointed IDBI Capital Market Services for syndicating the necessary facilities.Simultaneously, the Company has commenced Detailed Engineering activities on the Projectand is also pursuing the necessary regulatory clearences.
CONSERVATION OF ENERGY
The required information with regard to energy conservation and technology absorptionas required under Section 217(1) (e) of the Companies Act, 1956, is given in Annexure Aattached to this report.
Pursuant to the provisions contained in the Listing Agreement with Stock Exchanges, aReport on Corporate Governance together with the Auditors Certificate on thecompliance of the conditions of the Corporate Governance is annexed. The ManagementDiscussion and Analysis Report has not been annexed as the Company has only windmilloperations in place.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 217(2AA) of the Companies Act, 1956 withrespect to Directors Responsibility Statement, it is hereby confirmed:
(1) That in the preparation of the Annual Accounts for the financial year ended 31stMarch, 2013, the applicable accounting standards have been followed along with properexplanation relating to material departures;
(2) That the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and the profit of the Company for year under review;
(3) That the Directors have taken proper and sufficient care for the maintenance ofadequate 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 andother irregularities;
(4) That the Directors have prepared the Annual Accounts on a going concern basis.
The Board of Directors have appointed M/s. DGM & Associates, Cost Accountants,Kolkata, to audit the cost accounts of the Company for the financial year ended 31stMarch, 2013, in compliance with the Central Government directives in this regard.
Shri V.Vanchi and Shri Anand Chatrath retire by rotation at this Annual General Meetingand being eligible, offer themselves for re-election.
Shri B. P. Jalan, Chairman of the Company has submitted his resignation due to personalreason with effect from 9.11.2012. The Board has placed on record its appreciation for thevaluable contribution made by him during his tenure as Chairman of the Company .
The Company has appointed Shri Tushar Mahendra Patel as a Director with effect from9.11.2012 to fill the Causal vacancy caused due to resignation of Shri B. P. Jalan.
M/s G. P. Kejriwal & Associates, Chartered Accountants, retire at the conclusion ofthis meeting and being eligible offer themselves for reappointment.
PARTICULARS OF EMPLOYEES
Industrial relations in the Company continued to be cordial and satisfactory.
Your Directors are grateful for the co-operation and continued guidance and supportextended by various agencies of Central Government and State Government (s) and variousGovernment Departments and Agencies, Axis Bank Ltd., and HDFC Bank Ltd . Your Directorsthank and express their gratitude to various stakeholders i.e customers, dealers,suppliers, advisors and consultants for their committed engagement with the Company . TheDirectors greatly appreciate the dedicated and sincere services rendered by the employeesat all levels. Finally, the Directors express their gratitude to all the Shareholders fortheir support.
| ||For and on behalf of the Board, |
|Place : Kolkata ||S. K. JALAN |
|Date : 30th May, 2013 ||Managing Director |
ANNEXURE - A
(See Rule 2)
Disclosure of particulars with respect to conservation of energy
|A) POWER AND FUEL CONSUMPTION : ||Current Year ||Last Year |
| ||2012-2013 ||2011-2012 |
|1] ELECTRICITY: || || |
|a] Purchased : || || |
|Units || ||34,76,171.00 |
|Total Amount || ||Rs.1,67,50,973 |
|Rate / Unit || ||Rs.4.82 |
|b] OWN GENERATION : || || |
|[i] Through Diesel Generator || || |
|Units || ||12,95,908.00 |
|Units per litre of fuel || ||4.11 |
|Cost per unit || ||Rs.12.19 |
|[ii] Through Steam || || |
|Turbine/Generator [Units] || ||5,89,495.00 |
|[iii] Wind Power [Units] || |
|2] COAL : || || |
|Quantity [MT] || ||7,662.50 |
|Total Amount || ||Rs.4,41,12,026 |
|Average Rate || ||Rs.5,757 |
|3] FURNACE OIL / KEROSENE: || || |
|Quantity [K.Ltrs] || ||2,353.70 |
|Total Amount || ||Rs.7,53,97,608 |
|Average Rate || ||Rs.32,033.65 |
|4] OTHERS: || || |
|FIRE WOOD || || |
|Quantity [MT] || ||321.25 |
|Total Amount || ||Rs.11,83,544 |
|Average Rate || ||Rs.3,684.24 |
|B] CONSUMPTION PER UNIT OF PRODUCTION : || || |
|I] TITANIUM DIOXIDE || || |
|a] Power || ||1,065 Units |
|b] Furnace Oil / Kerosene || ||396 Ltrs |
|c] Firewood || |
|d] Coal || ||1.288 Tonne |
|[ii] FERROUS SULPHATE HEPTA HYDRATE || || |
|a] Power || ||96 Units |