Your Directors are pleased to present the Twenty Ninth Annual Report and the Audited Accounts for the year ended 31st March, 2014.
1. Financial Results
(Rs. in Lakhs)
|Year 31. ended 93.2014||Year ended 31.03.2013|
|Profit before Finance charges and Depreciation||183.70||156.77|
|Provision for Tax:|
|- Tax for earlier years||(9.79)||-|
|Profit after Tax||20.62||39.57|
|Surplus Brought forward||488.28||448.71|
|Surplus carried forward||508.90||488.28|
2. Performance & Prospects: During the year under review, the Company has successfully achieved the maximum production capacity. There is huge demand of the products being manufactured by the Company in the Overseas and Domestic markets. Keeping in view the demand of its products, the Company is in the process of developing new products and research of the said products is being done in R & D Lab of the Company. This year the turnover of the company has increased considerably and the company expects that with the increasing demand for its products in the Overseas and Domestic markets the turnover of the company would amplify in the coming years.
The Company has successfully completed an ISO Audit and obtained ISO-14001 & OHSAS-18000 Certification.
The Company could achieve a gross profit of Rs.183.70 Lacs in the year 2013-14 as against Rs.156.77 Lacs during the previous year 2012-13. Thus, there is increase in the gross profit in the current year. Due to fluctuation in the dollar rate there was increase in the cost of basic Raw Materials resulting in decrease in the net profit of the Company. Keeping in view the market demands, the Company is in the process of developing new high value drugs by researching in its R & D Lab and the Company is confident that the turnover and profits in the coming years would increase manifold.
3. Dividend: During the financial year 2013-14 your Board of Directors could not recommend any dividend due to absence of distributable profit.
4. Directors: Shri T.M. Gopala Krishnan, Director, retires by rotation and being eligible, offers himself for re-appointment.
5. Corporate Governance: Your Company has complied with the mandatory provisions relating to Corporate Governance as prescribed under Clause 49 of the Listing Agreement with the Stock Exchanges. A separate report detailing such compliance together with the Certificate obtained from the Statutory Auditors in connection therewith is included as part of the Annual Report.
6. Directors' Responsibility: Pursuant to Section 217(2A) of the Companies Act, 1956 the Directors confirm that:
i. In the preparation of the Annual Accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;
ii. Appropriate accounting policies have been selected and applied consistently, and have 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 as at March 31, 2014 and of the profit of the company for the said period;
iii. Proper and sufficient care has been taken 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 Annual Accounts have been prepared on a going concern basis.
7. Sub-committees of the Board: The Board has Audit Committee, Remuneration Committee, Investment Committee and Investors' Grievances Committee, the composition and details of which have been given in the Report on the Corporate Governance forming part of the Annual Report
8. Auditors: M/s. Laxminiwas & Jain, Auditors of the Company, retire at the ensuing Annual General Meeting and are eligible for re-appointment.
9. Cost Auditors: Pursuant to Section 233B of the Companies Act, 1956, the Central Government has prescribed Cost Audit for the Company. Based on recommendations of the Audit Committee and with the approval of the Central Government, M/s N.S.V. KRISHNA RAO & Co., Cost Accountants was appointed as Cost Auditor of the Company for the year 2014-2015
The cost audit report for the financial year 2013-2014 shall be submitted to the Central Government within the stipulated period.
10. Personnel: Employee relations at all levels were cordial during the year. Your Directors place on record their appreciation of the dedicated work put-in by the employees.
11. Public Deposits: Your Company has not accepted any Deposits from the public and as such, no amount on account of principal or interest on public deposits was outstanding as on the date of the balance sheet
12. Compliance Certificate: A certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement is attached to this Report along with a report on Corporate Governance
13. Management and Discussion Analysis Report:
In accordance with Clause 49 of the Listing Agreement with the Stock Exchanges, the Management Discussion and Analysis Report is given in the Annexure, to form part of the Annual Report.
14. Internal Control System: Your Company has adequate internal control systems in all important areas of its operations and effectiveness of these systems is periodically reviewed for possible improvement in them
15. During the year under review there are no employees in the Company whose particulars are required to be given pursuant to Section 217(2A) of the Companies Act, 1956.
16. Acknowledgement: The Board of Directors are very thankful to the State Bank of Hyderabad and other Government Agencies for their continued help, guidance and assistance in the functioning of the Company.
17. Your Directors express their gratitude to the shareholders for the confidence reposed in the Company.
18. Information on Energy Conservation and Technology Absorption required to be disclosed under Section 217(l)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988, forming part of the Directors' Report for the year ended 31st March 2014, is enclosed as Annexure to this Report.
|for and on behalf of the Board|
|T.M. Gopala Krishnan|
|Whole Time Director|
|Date: 30th May, 2014|
ANNEXURE TO THE DIRECTORS' REPORT
Information under Section 217(l)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the report of the Board of Directors) Rules, 1988
Conservation of Energy:
Assessment of individual equipment/utilities energy requirement (Electricity/Steam) has been done and standard benchmarks have been established. Awareness among the staff and plant workers has been created to have a constant monitor on usage of energy and to optimize throughout and to avoid wastage and unproductive usage of energy.
The Company is a member of the Common Effluent Plant of M/s. Pattancheru Envirotech Limited and M/s. Progressive Effluent Treatment Limited, Bollaram. As per the orders of Supreme Court, implementation of the pre-treatment of effluent as per the directions of Central Pollution Control Board is already under strict implementation.
Disclosure of particulars with respect to Conservation of Energy (to the extent applicable)
|A. POWER & FUEL CONSUMPTION|
|a. Purchased Units (KWH in Lacs)||8.13||5.59|
|Total amount (Rs. In Lacs)||63.92||42.00|
|b. Owned Generation|
|Through Diesel Generator Unit||0.96||2.76|
|(KWH in Lacs)|
|Total Amount (Rs. In Lacs)||15.33||44.00|
|Units per liter of Diesel Oil||3.50||3.09|
|Quality 'C Grade in Steam Boiler|
|Total Cost (Rs. in Lacs)||9.52||6.64|
|Average rate/T (Rs.)||6704||4847|
|B. CONSUMPTION PER UNIT OF PRODUCTION:|
|Electricity & Diesel (KWH)||1.78||1.72|
|RESEARCH & DEVELOPMENT:|
|1. Specific areas in which R&D Carried out by the Company||NIL||NIL|
|2. Benefits derived as a result of the above||NIL||NIL|
|3. Future Plan of Action||NIL||NIL|
|4. Expenditure on R & D||NIL||NIL|
|TECHNOLOGY ABSORBTION, ADAPTATION AND INNOVATION:|
|1. Effort, in brief, made towards Technology absorption, adaptation and innovation||NA||N.A.|
|2. Benefits derived as a result of the above efforts||N.A.||N.A.|
|3. In case of imported technology (imported during the last 5 years reckoned from the beginning of the financial year), following information may be furnished||N.A.||N.A.|
C. FOREIGN EXCHANGE EARNINGS & OUTGO:
Activities relating to exports, initiative taken to increase exports, developments of new export markets for products and services and export plans.
i. The export turnover consists of *43% of total turnover for the year 2013-2014 as against *35% for the previous year.
* Direct Exports
ii. Total exports on FOB was Rs.15.43 crores for the year 2013-2014 as against Rs.10.15 crores for the year 2012-2013.
iii. Your Company expects considerable export revenue for the forthcoming years
|1. Earnings in Foreign Currency on F.O.B. basis -|
|Export of Goods||Rs. 154,266,821|
|2. Value of imports on CLE basis -|
|- Raw materials||Rs. 6,450,567|
|3. Expenditure in Foreign Currency|
|a. Bank Charges||Rs. 245,261|
|b. Sales Commission||Rs. 6,285,885|
|c. Travelling Expenses||Rs. 614,690|
|No Related Research Found|
|No Related Research Found|
U C Bhandari , Director
Y Ravinder Reddy , Director
Arihant Baid , Managing Director
Tiruvarur Muralidharan Gopalakrishnan , Whole-time Director
Company Head Office / Quarters:
AMI Computers (I) Ltd
60A & 60B,Chowringhee Road,2nd Floor,Kolkata - 700 020