DIRECTORS
Dear Members,
Your Directors have pleasure in presenting the Forty First Annual Report on the
business and operations of your Company and the Audited Annual Accounts of the Company for
the financial year ended on 31st March, 2014.
Financial Results:
The Financial Highlights of the Company for the financial year ended on March 31, 2014
are as under:
(Amount in Lac Rs )
| Particulars |
2013-14 |
2012-13 |
| Revenue from Operations |
15607.24 |
15163.16 |
| Other Income |
153.61 |
129.24 |
| Profit before Depreciation, |
462.75 |
482.16 |
| Extra Ordinary Items and Taxes {PBDEIT} |
|
|
| Extra Ordinary Items Written Off |
0 |
0 |
| Profit/(Loss) before Depreciation and Taxes {PBDT} |
462.75 |
482.16 |
| Depreciation and Amortisation Expense |
271.66 |
286.72 |
| Profit/(Loss) before Tax |
191.09 |
195.45 |
| Less: Tax for current year |
111.95 |
91.55 |
| Add: Deferred tax Written Back |
57.64 |
52.11 |
| Profit/(Loss) after Taxes {PAT} |
136.78 |
156.01 |
| Surplus/(Loss) Carried to Balance |
4598.63 |
4472.73 |
| Sheet |
|
|
Performance:
During the financial year 2013-14, your Company again achieved the highest ever
turnover of Rs 15607.24 Lacs as against Rs 15163.16 Lacs in the previous year 2012-13,
thereby showing an increase of 2.93%. The Profit before Depreciation, Extra Ordinary Items
and Taxes (PBDEIT) of the Company during the financial year 2013-14 stood at Rs 462.75
Lacs as against Rs 482.16 Lacs in the previous financial year 2012-13, which is a decrease
of 4.03%, mainly due to the increase in Raw Material costs. The company earned a Net
Profit after Tax of Rs 136.78 Lacs during the financial year 2013-14 against the Net
Profit after Tax (PAT) of Rs 156.01 Lacs in the previous year.
Profitability:
During the year under review the company has been able to post marginal profits of Rs
136.78 Lacs despite the increase in raw material costs by better control of the financial,
manufacturing, logistics, selling, distribution, administrative and other expenses.
Financial Conditions and Results of Operation:
‘Management Discussion and Analysis of Financial Condition and Results of
Operation of the Company for the year under review’, as stipulated in Clause 49 of
the Listing Agreement with the Stock Exchange, are given as separate Statement in this
Annual Report.
Subsidiary Company: HIND AGRO INDUSTRIES LIMITED
The Subsidiary Company, i.e. M/s Hind Agro Industries Limited, which has a 100% export
oriented modern, integrated abattoir-cum-meat processing plant at Aligarh (U.P.), achieved
Total Sales Turnover Rs 73653.66 Lacs and Profit before taxes (PBT) of Rs 957.02 Lacs for
the year ended 31st March, 2014, as compared to the Total Sales Turnover of Rs
71914.32 Lacs and the Profit before taxes (PBT] of Rs 936.96 Lacs in the previous year
ended on 31st March, 2013. Pursuant to the provisions under Section 212(8) of
the Companies Act, 1956 read with the Notification No. 51/12/2007-CL-III, the Central
Government has granted general exemption for not attaching the annual accounts of
Subsidiary Company, hence the Board of Directors of the company has by resolution given
consent for not attaching the balance sheet of the subsidiary company.
The company undertakes that annual accounts of the subsidiary company and the related
detailed information shall be made available to shareholders of the holding and subsidiary
company seeking such information at any point of time. The annual accounts of the
subsidiary company shall also be kept for inspection by any shareholders in the head
office of the holding company and of the subsidiary company. The holding company shall
furnish a hard copy of details of accounts of subsidiary company to any shareholder on
demand.
Dividend:
In view of the marginal profit earned by the Company the Board wishes to maintain the
rate of dividend and keeping in view of the investor’s interest and market
sentiments, the Board of Directors recommended a dividend @3% (i.e. 30 paise per Equity
Share) out of the Profits of the Company for the Financial Year ended on 31st
March, 2014.
Further, the company has uploaded the details of unclaimed and unpaid dividend
pertaining to the financial years 2008-09 to 2011-12 on the website of the Ministry of
Corporate Affairs for the necessary compliance.
Current year’s outlook:
Your Company is expected to improve further and consolidate its operations in the
ongoing financial year i.e. 2014-15, by making increase in volumes, reduce financial and
other costs, monitoring and controlling a better mix of its products and markets towards
achieving the better top and bottom lines in the years to come. The Company has already
commenced the commercial production w.e.f. 25th March, 2010 in the factory of
High Security Registration Number Plate (HSRNP). The said project at Baddi, in the State
of Himachal Pradesh is now commissioned and the company is applying for tenders in various
states. Since the issue of contempt notices to the transport secretaries of Delhi, Punjab
and Uttar Pradesh by the Honble’ Supreme Court for not implementing the HSRNP system,
tenders have been floated by certain States. In view of this development the company is
hopeful of getting the tenders from various State Governments where the company has
submitted its bids.
The Company has diversified its activities into the power generation sector. The said
project at Neemrana, in the State of Rajasthan is in initial stage and the company is
applying for tenders. In view of the increasing demand of the power the company is hopeful
of getting the tenders from State Government.
Consolidated Financial Statements:
As stipulated in the Listing Agreement with the Stock Exchange, the Consolidated
Financial Statements have been prepared by the Company in accordance with the relevant
accounting standards issued by the Institute of Chartered Accountants of India. The
Audited consolidated financial statements together with Auditors’ Report thereon
forms part of this Annual Report.
Deposits:
The Company has not invited/accepted any Fixed Deposits from Public during the year
pursuant to the provisions of Section 58A of the Companies Act, 1956 and the Rules made
thereunder.
Capital Structure:
During the year under review, there is no change in the capital structure of the
company.
Listing Agreement Compliance:
The Equity Shares of the Company are listed with the BSE Ltd. (Bombay Stock Exchange),
Mumbai. The Company has been complying with the provisions of Listing Agreement and has
already made the payment of listing fees for the Financial Year 2014-15, to the BSE Ltd.,
Mumbai.
Corporate Governance:
Your Company is committed to maintain the highest standards of Corporate Governance.
Your directors are also committed to adhere to the requirements set out by the Securities
and Exchange Board of India’s (SEBI) Corporate Governance practices and have
implemented all the major stipulations prescribed. A separate section on Corporate
Governance and the Certificate from the Auditors of the Company regarding compliance of
the conditions of Corporate Governance forms part of this Annual Report.
Insurance:
The Company has made necessary arrangements for adequate insurance of its insurable
interests.
Directors:
As per Section 149(4) of the Companies Act, 2013, Mr. B. B. Gupta, Mr. B. B. Huria and
Dr. S. K. Ranjhan, the independent directors of the Company are being appointed to hold
office as independent directors for a period of five years with effect from 26th
September, 2014. Brief particulars and expertise of these directors and their other
directorships and committee memberships have been given in the annexure to the Notice of
the Annual General Meeting in accordance with the requirements of listing agreement with
Stock Exchange.
In accordance with the provisions of Section 152(6) of the Companies Act, 2013 and
Article No.147 of the Articles of Association of the Company, Dr. Naseem Qureshi, Director
of the Company is liable to retire by rotation at the forthcoming Annual General Meeting
of the company and being eligible, offers himself for the re-appointment. The term of
three years for payment of remuneration to Mr. Sirajuddin Qureshi as the Chairman &
Managing Director of the company has been expired on 05th August, 2014, hence,
as per the provisions of Companies Act, 2013 read with the provisions under Schedule V to
the Companies Act, 2013 his reappointment on the same terms and conditions and payment of
same remuneration is required to be approved for a further period of three years w.e.f. 06th
August, 2014 to 05th August, 2017, by passing a special resolution of the
shareholders in the ensuing Annual General Meeting of the Company.
The Board recommends for the re-appointment of all the aforesaid Directors.
Auditors:
The Statutory Auditors M/s M. K. Aggarwal & Co., Chartered Accountants, hold office
until the conclusion of the ensuing Annual General Meeting and are eligible for
re-appointment. The Company has received a letter from them to the effect that their
re-appointment, if made, would be within the limits prescribed under section 141(3)(g) of
the Companies Act, 2013 and they are not disqualified for such re-appointment within the
meaning of section 141 of the said Act.
The Board recommends their re-appointment at the ensuing Annual General Meeting of the
company.
Auditor’s Report:
The Auditor’s Report is self explanatory hence required no clarification by the
Board.
Particulars of Employees:
A statement showing the particulars of employees pursuant to section 217(2A) of the
Companies Act, 1956, read with the Companies (particulars of employees) rules 1975 is
mentioned below:-
| Name of the Employee |
Designation |
Qualification |
Age |
Remuner-ation (Amt in Lacs Rs ) |
Experience |
Date of employment |
Previous employment |
| Mr. Sirajuddin Qureshi |
Chairman & Managing Director |
BA, LLB |
66 years |
57.60 |
37 years |
06.08.1993 |
Not Applicable |
Particulars of Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
The Statement pursuant to section 217(1)(e) of the Companies Act, 1956 read with the
Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, is
given in the Annexure, forming part of this Report.
Directors’ Responsibility Statement:
Pursuant to the requirements of section 217 (2AA) of the Companies Act, 1956, with
respect to Directors’ Responsibility Statement, it is hereby confirmed: (i) that in
the preparation of the Annual Accounts for the Financial Year ended 31st March, 2014, the
applicable Accounting Standards had been followed along with proper explanations relating
to the material departures; (ii) that the Directors had selected such Accounting Policies
and applied them consistently and made judgments and estimates that were 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 and of the Profit of the Company for the year under review;
(iii) that the Directors had 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) that the Directors had prepared the Accounts for the Financial Year ended 31st
March, 2014, on a ‘going concern’ basis.
Personnel:
The employer-employee relations throughout the year were very cordial. The Company
enjoys a healthy working atmosphere that inspires the employees to put their best foot
forward in achieving a high-sustainable growth. The Directors also wish to place on record
the support and confidence reposed in the management by the employees. Total quality in
every sphere of activities, employee training and development continues to be on the top
priority of your management.
Corporate Social Responsibility
As per the provisions under new Companies Act, 2013 and the rules made thereunder the
company is not required to comply with the CSR Policy, however, the Company voluntarily
making its regular efforts in improving the socio–economic environment in and around
the factory, especially towards maintaining clean and green pollution free surroundings,
improving the quality of life of its suppliers, employees and all concerned, through its
efficient functioning and by taking all precautions against all sorts of environmental
hazards. Developing and improving the agricultural resources, especially livestock, is
given an utmost priority by the Company. The Company is fully conscious of its social
responsibilities and has been discharging them to the fullest extent.
Acknowledgements:
Your Directors would like to express their grateful appreciation for the co-operation
and support extended by the Central Government, State Government, Financial Institutions,
Bankers, Vendors and Shareholders of the company during the year under review. Your
Directors also wish to place on record their deep sense of appreciation for the committed
services and untiring efforts of the executives, staff and workers of the company at all
the levels.
|
ON BEHALF OF THE BOARD |
|
FOR HIND INDUSTRIES LIMITED |
| NEW DELHI |
SIRAJUDDIN QURESHI |
| 14TH AUGUST, 2014 |
CHAIRMAN & MANAGING DIRECTOR |
ANNEXURE TO THE DIRECTORS’ REPORT
Information in accordance with the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988.
A) CONSERVATION OF ENERGY:
Following activities were undertaken to save/conserve energy: (i) Proper inspections
have been carried out for improvement in energy efficiency of the process adopted and
eliminating wastages.
(ii) Efforts have been regularly made to timely detect and rectify any steam/water/gas
leakage. (iii) Regular meetings, lectures and demonstrations were organized to acquaint
and train the workers and operators for keeping an efficient functioning and maintenance
of the refrigeration and other delicate equipments of the Company.
FORM A FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY Power and
Fuel consumption:
| Electricity |
Current Year |
Previous Year |
| a) Purchased units (KWH) |
0 |
0 |
| Total amount (Rs ) |
0 |
0 |
| Average rate/unit (Rs ) |
0 |
0 |
| b) Own generation through diesel generator set |
|
|
| Units of electricity |
18,19,917 |
22,72,942 |
| Total cost (Rs in Lacs) |
356.77 |
328.29 |
| Cost per unit of electricity (Rs ) |
19.60 |
14.44 |
| c) Furnace Oil (Boiler) |
|
|
| Ltrs |
0 |
0 |
| Cost in (Rs in Lacs) |
0 |
0 |
| Rate/Litre (Rs ) |
0 |
0 |
| d) High Speed Diesel Oil (Boiler) |
|
|
| Ltrs |
2,430 |
1,88,673 |
| Cost in (Rs in Lacs) |
1.49 |
86.12 |
| Rate/Litre (Rs ) |
61.51 |
45.58 |
| Consumption per unit of production: |
|
|
| Fresh & Frozen Meat: |
|
(Per K.G.) |
| Particulars |
Current Year |
Previous Year |
| Energy (in Units) |
0.220 |
0.969 |
FORM "B"
(See Rule 2)
B) TECHNOLOGY ABSORPTION:
1. Technology Absorption, Adaptation and Innovation:
a) Efforts in brief made towards technology absorption, adaptation and innovation:
We have always kept abreast with the latest technology developments taking place in the
external environment. The Company is regularly employing qualified technical, operational,
process, veterinary staff and food technologist for proper absorption, adaptation and
innovation of the technology. The employees are regularly imparted technical and
professional training for their continuous updation.
b) Benefits derived as a result of the above efforts e.g. product improvement, cost
reduction, product development, import substitution etc.:
The Company is making regular efforts for adopting the latest manufacturing technology,
which minimizes the wastage and contamination, if any and thereby reduces the cost.
c) Technology imported: Nil
C) FOREIGN EXCHANGE EARNINGS AND OUTGO:
1. Earnings and Outgo:
Earnings of foreign exchange of the company have been to the tune of Rs 4060.12 Lacs
(FOB Value) during the financial year 2013-14 (Previous year Rs 5,925.22 Lacs), by way of
exports and the foreign exchange outgo during the same period was Rs Nil Lacs (Previous
Year Rs 19.41 Lacs).
|
ON BEHALF OF THE BOARD |
|
FOR HIND INDUSTRIES LIMITED |
| NEW DELHI |
SIRAJUDDIN QURESHI |
| 14TH AUGUST, 2014 |
CHAIRMAN & MANAGING DIRECTOR |
+91-9892691696
