TO:
THE MEMBERS
Your Directors present their SEVENTY-NINETH ANNUAL REPORT and the Accounts of the Company for the year ended 30th September, 2013
FINANCIAL RESULTS: (Rs. In Lacs) | 2012-13 | 2011-12 |
Profit/ (Loss) before Financial Charges and Depreciation | (680.64) | 566.40 |
Less: Financial Charges | 319.25 | 336.61 |
Profit/ (Loss) before Depreciation | (999.89) | 229.79 |
Less/Add: Depreciation | 144.75 | 140.28 |
Profit/ (Loss) before tax | (1144.64) | (89.51) |
Less(-)/Add(+) Exceptional items | 4.12 | 233.49 |
Provision for Tax / Deferred Tax | 113.97 | 37.07 |
Profit / (Loss) after Tax | (1026.55) | (181.05) |
Add: Profit / (Loss ) brought forward from the previous Year | (2110.42) | (1929.37) |
Add: Reserve & Surplus | 342.35 | 342.35 |
Balance of Profit / (Loss) carried to Balance Sheet | (2794.62) | (1768.07) |
Dividend.
Keeping in view of the performance of the Company in the recent past, your Directors do not recommend dividend for the year 2012-2013.
There are no unclaimed amounts which are required to be transferred to the Investors Education & Protection Fund pursuant to the amendment to sub sec. (5) of the Section 205Avide Companies Act 1956.
WORKING RESULTS:
The working figures of the company for the season 2012-2013 along with the figures of 2011-2012 Season are given below:
2012-2013 Season | 2011-2012 Season | |
Date of commencement of crushing operations | 24.11.2012 |
18.12.2011 |
Date of Closure of crushing operations | 11.02.2013 | 14.04.2012 |
Gross Season days | 80 | 118 |
Sugarcane handled (Input) MT | 78,897 | 2,35,919 |
Sugar produced (Output) Net of reprocessing | 79,432 Qtls. | 2,43,023 Qtls. |
Recovery | 10.07% | 10.30% |
Your Company has crushed 78,897 MT of sugarcane and produced 79,432 MT of sugar during the year 2012-2013 as against 2,35,919 MT of sugarcane crushed and produced 2,43,023 MT of sugar during the corresponding previous year i.e. 20112012. The company has paid the sugar cane price of Rs 2510/- PMTfor the season 201213.
During the year 2012-13, more than 3.20 lakhs MTS of sugar cane was illegally procured by the other sugar factories. The company was able to crush about 80,000 MT of sugarcane only.
Your Companys turnover was Rs. 3247.24 lakhs for the year 2012-2013 (previous year Rs. 6,603.05lakhs).
SUGAR POLICY AND SUGAR PRICE:
Government of India has since abolished the levy obligation from Oct., 2013 production onwards. Further Govt., of India has also dispensed with the release mechanism w.e.f. 4th May 2013.
PROSPECTS: Factory:
Cane crushing for the season 2013-14 started on 22nd December, 2013. The working of the Factory is smooth and all the efficiency parameters are within the norms.
• l0Tn. Boiler: All the air heater 565 tubes replaced by new one to improve efficiency of Boiler
• 20Tn. Boiler: All the air heater 96 tubes replaced by new one to improve efficiency of Boiler
• 30Tn Boiler I.D.Fan impeller Vanes modified by Industrial System Chennai to improve efficiency of fan.
• New wet Scrubber for 30Tn and 10Tn Boiler with Booster fan fitted for total control of emissions and efficiency.
• 30Tn Boiler: Chimney strengthened by Avant Garde Engineers Chennai by giving additional support from foundation with steel structural.
• New Injection water header 900 mm dia x 600 dia x 8 mm thick plate fabricated and erected from pan no 2 to 7 to improve Boiling house efficiency.
• 2 nos. New planetary drive gear units installed to No 1 A crystallizer and A vacuum crystallizer to save electrical energy
Maximum care is taken to attend all the problems experienced during previous season, to ensure smooth and steady running of the Factory.
The working results are shown in the Tabulated form which is annexed.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION:
Pursuant to Section 217 (1) (e) of the Companies Act, the particulars in respect of Conservation of Energy, Technology, Absorption and Foreign Exchange Earnings and Outgo are furnished in Annexure A.
EMPLOYEES:
Your Directors place on record their appreciation for the contribution by the employees at all levels for the working of the Company. The company has no employee in respect of whom a statement under Section 217 (2A) of Act is required to be annexed.
DIRECTORS:
Sri Siddharth R Morarka, Director of the company retire by rotation under Article 105 & 106 of the Articles of Association of the company at the ensuing Annual General Meeting and being eligible offer himself for re-appointment.
Sri Rahul R Moarka, Director of the company retire by rotation under Article 105 & 106 of the Articles of Association of the company at the ensuing Annual General Meeting and being eligible offer himself for re-appointment.
COMPANY SECRETARY:
The company is taking suitable steps for the appointment of a qualified full time Company Secretary.
AUDITORS / THEIR REPORT:
Messrs M S Krishnaswami & Rajan, Chartered Accountants, Chennai, the Statutory Auditors of the Company, retire at the ensuing Annual General Meeting and are eligible for re-appointment. They have furnished a certificate to the company to the effect that their appointment, if made, will be in accordance with the limits specified in Section 224 (1) of the Act. No material developments or commitments have accrued affecting the financial position of the company between September 30, 2013 and the date of this report.
LISTING OF SHARES:
The Equity Shares of your company are listed on Bombay Stock Exchange Ltd., Necessary listing fee has been paid to the Stock Exchange.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to section 217 (2AA) of the Act, your Directors state that:
i) In preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.
i) Selected such Accounting Policies and applied them consistently and made judgment and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of your company at the end of the Financial Year 30th September 2013, and of the Loss of your Company, for that period.
iii) We have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the Provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.
iv) We have prepared the Annual Accounts of your Company on a "going-concern" basis.
ACKNOWLEDGEMENTS:
Your Directors place on record their thanks to the Banker, Sugar Cane Growers, for their cooperation.
On behalf of the Board For The India Sugars & Refineries Ltd
Siddharth R Morarka
Managing Director
S S Narayana Director - (Tech)
Place: Bengaluru Date : 01.03.2014
ANNEXURE A
PARTICULARS AS REQUIRED UNDER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988. CONSERVATION OF ENERGY:
Energy conservation is an on-going activity in the company and the efforts to conserve energy through improved operational methods and other means will continue. Total energy consumption and energy consumption per unit of production are furnished in the prescribed Form "A "below.
FORM-A (See Rule 2)
FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY
A POWER AND FUEL CONSUMPTION:
1. ELECTRICITY | Current Year 2012-2013 | Previous Year 2011-2012 |
A Purchased | ||
Units-KWH | 5,07,015 | 4,34,885 |
Total amount (Rs) | 33,46,333 | 28,67,912 |
Rate / Unit (Rs) | 6.60 | 6.60 |
B Own Generation: | ||
i) Through Diesel Generator | ||
Units-KWH | 40,460 | 24,400 |
2.21 | 2.21 | |
Unit per Ltr. Of diesel Oil | ||
Cost /Unit (Rs.) | 24.25 | 21.28 |
ii) Through Steam Turbine/Generator | ||
18,64,560 | 48,64,080 | |
Units-KWH | ||
Unit per Ltr. Of | NA | NA |
Fuel Oil / Gas | ||
Cost /Unit (Rs.) | - | - |
2 COAL (Specify quality and where used) | ||
Quantity (Tonnes) | - | - |
Total Cost | - | - |
Average Rate | - | - |
3 FURNACE OIL : | ||
Quantity (Kilo Ltrs.) | - | - |
Total Amount | - | - |
Average Rate | - | - |
4. OTHERS \ INTERNAL GENERATION
BAGASSE |
Fire wood |
HUSK |
||||
2012-13 | 2011-12 | 2012-13 | 2011-12 | 2012-13 | 2011-12 | |
Quantity(MI) | 21,109.29 | 57,769.10 | 80.941 | 89.350 | 567.620 | 300.300 |
TOTAL COST(Rs) | Own Generation | 2,11,018. | 8250179.51 | 1805620.0 | 592587.78 | |
Rate/unit (Rs/ MT) | - | - | 2,607.10 | 2799.90 | 3,181.04 | 1973.32 |
B CONSUMPTION PER UNIT OF PRODUCTION
Standards (if any) Unit-Quintals | Current Year 2012-2013 | Previous Year 2011-2012 | |
PRODUCT-SUGAR | |||
Electricity(KWH) | - | 22.97 | 19.75 |
Furnace Oil | - | - | - |
Coal(specify quality) | - | - | - |
Others(specify) | |||
Firewood (MT) | - | 0.0006559 | 0.0003595 |
G N Husk (MT) | - | 0.0067039 | 0.0012082 |
Bagasse (MT) | - | 0.2493125 | 0.2324347 |
TECHNOLOGY ABSORPTION
FORM - B (See Rule 2) Form for disclosure of particulars in respect to absorption
I.RESEARCH AND DEVELOPMENT (R&D):
1.SPECIFIC AREAS:
a) We are giving maximum interest to increase the area under high recovery and high yielding varieties like CO 8371 and CO 92061 in place of CO 8371 and CO 62198 varieties. The CO 837land CO 62198 varieties are giving poor ratoon and ess recovery as compared to CO 86032 and CO 92061.
b) To reduce area of CO 8371 and CO 62198, we bought new high yielding and high recovery varieties i.e. Co 99004 and CO 99006 from Coimbatore research station. Next year we will take these varieties for Seed multiplication.
b) We have taken demonstration of Sugarcane Plantation with wide row method of 4 feet, 5 feet and 6 feet spacing. The are covered in the demonstration 100 Acres.
2. BENEFITS DERIVED:
a) . There was a heavy attack of early Shoot Borer. To control the said Pest we contacted the Agricultural Research Station (Biological Pest Control Laboratory), Gangavathi. We released eggs of Trichogramma Parasite in 100 acres of Sugarcane crop in these installments. Thereafter the pest was fully controlled.
b) For training purpose, we took seminars on Sugarcane Cultivation Practices and Ratoon Management for our cane field Staff and Sugarcane Growers
c) By applying predators helped to maximize the quality and quantity of Sugarcane in which benefited to both Factory and Farmers.
d) By using of green manure like Dhaincha arid Sunhemp helped the Farmers to maintain physical condition of the Soil and to increase the Soil fertility.
3. PLAN OF ACTION:
Most Hot Air Treated (MHAT) Seeds of CO 86032 and COC 92061 varieties purchased from Sugarcane Research Station and multiplied in forms for the experiment under three Her nursery programme. The seed materials are excellent viability and disease, pest free.
The Introduction of early maturing sugar rich varieties as planned for sugar factory are as under:
Actual (2013-2014) | Proposed (2014-2015) | |
Early varieties | — | — |
Mid late varieties | 12055 | 12500 |
Late varieties | 12055 | 12500 |
Total area in acres | 12055 | 12500 |
4. EXPENDITURE ON RESEARCH & DEVELOPMENT:
a) Capital | Rs. | Nil |
b) Recurring | Rs. 1.73 | lakhs |
c) Total | Rs. 1.73 | lakhs |
d) Total R&D expenditure as percentage of total turnover not material
I. TECHNOLOGY ABSORPTION, ADOPTATION AND INNOVATION:
1. EFFORTS MADE:
a) The company has availed the consultancy services of Sugarcane Breeding Institute Coimbatore Accordingly we are procuring the new varieties of Sugarcane like CO 99004 and CO 99006 in three tier nursery programme.
a) Under the guidance of Sugarcane Research Station we applied new early Sugar rich and high yielding varieties
b) Adopted Seed Nursery Programmes, new method of plantation like wide row spacing i.e.4 feet, 5 feet and 6 feet spacing and adopted with Drip Irrigation
c) Intercop with Sun hemp, Tomato, Coriander and Soya Beans are being adopted.
2. IMPORTED TECHNOLOGY: Not Availed
III. FOREIGN EXCHANGE EARNINGS AND OUTGO:
a) Activities relating to exports: NIL
b) Total Foreign Exchange :
Used Rs : | -NIL- |
Earned Rs: | -NIL |
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www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.