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Anik Industries Directors Report, Anik Industries Reports by Directors
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Anik Industries
BSE: 519383|NSE: ANIKINDS|ISIN: INE087B01017|SECTOR: Edible Oils & Solvent Extraction
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Download Annual Report PDF Format 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '13    « Mar 12
Dear Shareholders,
 
 The Directors have pleasure in presenting the Thirty Seventh Annual
 Report together with the Audited Statement of Accounts of the Company
 for the year ended 31st March, 2013.
 
 FINANCIAL RESULTS
 
 The Performance of the Company for the financial year ended on 31st
 March, 2013 is summarized below:
 
                                               (Rs.in Lacs)
 Particulars                           2012-13        2011-12
 
 Sales and other Income             1,30,412.83    1,65,869.42
 
 Gross Profit                          1,880.18       2,175.53
 
 Depreciation                            571.83         564.09
 
 Profit before tax                     1,308.35       1,611.44
 
 Provision for Taxation for the year    (205.00)       (220.00)
 
 Provision for Deferred 
 Taxation for the year                   (36.92)        (59.29)
 
 Income tax for earlier years (net)                      (7.77)
 
 Profit after Taxation                 1,066.43       1,324.38
 
 Balance brought forward from 
 previous year                        12,022.21      10,697.83
 
 Amount Available for Appropriation   13,088.64      12,022.21
 
 Transfer to General Reserve 
 Proposed Dividend on Equity 
 Shares Tax on Dividend
 
 Surplus carried to Balance Sheet     13,088.64      12,022.21
 
 DIVIDEND
 
 Your Company is exploring business opportunities for implementing the
 expansion plans of the existing businesses of milk & food processing as
 well as recently diversified mining and mineral based new projects;
 therefore it is necessary to conserve the funds to meet these
 investment opportunities, which your Board believes would enhance the
 shareholders wealth in coming period. Thus, your Board has not
 recommended any dividend for the financial year 2012-13.
 
 OPERATIONS
 
 During the year, Company achieved a turnover of Rs. 1,30,412 Lacs,
 which is decreased by around 21% as compared to previous year.
 Operating profit has decreased by around 13% and stood at Rs. 1,880
 Lacs and net profit also decreased by around 19% and stood at Rs. 1,066
 Lacs during the year under review. The same is due to lower turnover in
 trading business to avoid unforeseen losses on account of high
 volatility in commodity prices and high upward fluctuation in US Dollar
 against Indian Rupee. However on the manufacturing front the turnover
 increased by more than 16% and stood at Rs. 75,199 Lacs, but
 manufacturing profit has gone down by 23% due to increased cost of raw
 milk
 
 Management of the Company under the direction of your Board of Director
 is continued in achieving the targets of cutting down in the cost of
 operations and getting efficiency in this area by using better
 alternated resources/means
 
 BUSINESS EXPANSION & DIVERSIFICATION
 
 Dairy Business
 
 During the year under review, your Company has increased its dairy
 business turnover by about 16% as compared to previous year. Your
 Company has started concentrating more on supplying hygienic quality
 liquid milk in pouches and in line with the same in 2012 it has
 successfully launched liquid milk in tetra pack with longer shelf life.
 Similarly to cater Central India with hygienic packed milk, Company has
 started its operation in Raipur, (Chhattisgarh). To cover more part of
 the urban area of North India, it has proposed to set up a new dairy
 plant at Etah (UP) for supply of pouch milk and better quality milk
 power. The said plant is expected to come in operation by April, 2014.
 
 In addition to this, your Company is enthusiastically keeping a watch
 on the southern and the eastern regions of India for setting up few
 more dairy plants to cover these regions where we are sure that the
 products of the Company shall be taken hand to hand.
 
 Mining Business
 
 On the Front of recently diversified business of mining, the year under
 review again remained productive as few of mines allotted to your
 Company are marching ahead towards getting necessary
 approvals/permissions coming closure to start commercial production in
 the short span of time.
 
 Further, sincere efforts of your Company are continue to set up mineral
 based Industry in Madhya Pradesh to use explored minerals from its own
 mines in future.
 
 Better profitability and turnover is expected from these activities in
 future.
 
 Real Estate Business
 
 The integrated township project ''Active Acres'' at Kolkata launched few
 years back by M/s. Mahakosh Property Developers, a partnership firm
 wherein your Company is partner with major stake, is continuously
 getting good response from all segments of public even in the phase of
 recession period in the Real Estate Sector, where, out of completed 4
 towers and 1 tower under construction, booking of about 75% of the
 residential units has been done and more than 100 families have started
 living in township, which is a good sign of your Company''s reputation
 and sustainability which will result in good profits in the years to
 come.
 
 FOREIGN EXCHANGE EARNINGS
 
 Your Company remains committed to enlarge foreign exchange earnings.
 During the year under review, your Company''s earnings from export on
 FOB basis were Rs. 8,927.26 lacs.
 
 Company is targeting other countries with additional dairy products and
 agri-commodities on opportunity basis to increase its foreign earnings.
 
 PUBLIC DEPOSITS
 
 The Company has not accepted any deposits from the public during the
 year under review.
 
 INSURANCE
 
 All properties and insurable interests of the Company including
 Building and Plant & Machinery have been adequately insured.
 
 PARTICULARS OF EMPLOYEES
 
 None of the employees of the Company was drawing remuneration in excess
 of the limits prescribed under the provisions of section 217(2A) of the
 Companies Act, 1956 read with the Companies (Particulars of Employees)
 Rules, 1975 as amended till date.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 Information as per section 217(1)(e) read with Companies (Disclosures
 of Particulars in the report of Board of Directors) Rules, 1988 are
 given in the Annexure ''A'' forming part of this Report.
 
 HUMAN RESOURCE & INDUSTRIAL RELATIONS
 
 Industrial relations were harmonious throughout the year. The Board
 wishes to place on record their sincere appreciation to the co-
 operation extended by all the employees in maintaining cordial
 relations.
 
 CORPORATE GOVERNANCE
 
 Pursuant to clause 49 of the Listing Agreements with the Stock
 Exchanges, a Management Discussion and Analysis Report, Corporate
 Governance Report and Auditors'' Certificate regarding compliance of
 conditions of Corporate Governance are made a part of the Annual
 Report.
 
 DIRECTOR''S RESPONSIBILITY STATEMENT
 
 The Company is in compliance with various accounting and financial
 reporting requirements in respect of the financial statement for the
 period under review. Pursuant to section 217(2AA) of the Companies Act,
 1956 and in respect of the annual accounts for the period under review,
 the Director hereby confirms that:
 
 a.  In the preparation of the annual accounts, the applicable
 accounting standards had been followed.
 
 b.  Appropriate accounting policies have been selected and applied
 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 and of the profit or loss
 of the Company for that period;
 
 c.  Proper and sufficient care for 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 have been taken to the best of
 their knowledge and ability.
 
 d.  The annual accounts have been prepared on a going concern basis.
 
 DIRECTORS
 
 Mr. Vijay Rathi, Director of the Company retires by rotation in
 accordance with the provisions of the Articles of Association of the
 Company and being eligible offer himself for reappointment.
 
 The Board of Directors at their meeting held on 06th June, 2013
 reappointed Mr. Suresh Chandra Shahra as Managing Director of the
 Company for a period of 5 years with effect from 1st August, 2013. The
 Board of Directors recommends his re-appointment.
 
 AUDITORS & AUDITORS REPORT
 
 The Auditors M/s. Ashok Khasgiwala & Co., Chartered Accountants, retire
 at the forthcoming Annual General Meeting and are eligible for
 re-appointment. The notes referred to by the Auditors in their Report
 are self explanatory and hence do not require any explanation.
 
 COST AUDIT
 
 Pursuant to the circular dated 24th January, 2012 of the Ministry of
 Corporate Affairs, your Company has appointed M/s K.G.  Goyal & Co.,
 Cost Accountants, (Firm Registration no. 00017) as Cost Auditor for the
 year 2012-13, with the consent of the Central Government, for the audit
 of cost accounts maintained by the Company.
 
 ACKNOWLEDGEMENTS
 
 The Directors wish to convey their appreciation to all of the employees
 of the Company for their enormous personal efforts as well as their
 collective contribution during the year. The Directors would also like
 to thank the shareholders, customers, suppliers, bankers, financial
 institutions and all other business associates for their continuous
 support given to the Company and their confidence in the management.
 
                                   For and on behalf of the 
                                   Board of Directors
 
                                   For and on behalf of the
                                   Board of Directors
 
                  MANISH SHAHRA SURESH CHANDRA SHAHRA
 
                Jt. Managing Director Managing Director
 
 Place : Indore
 
 Dated: 31st August, 2013
Source : Dion Global Solutions Limited
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