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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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Directors Report Year End : Mar '14    « Mar 13
Dear Shareholders,
 
 The Directors have pleasure in presenting Thirty Eighth Annual Report
 together with the Audited Statement of Accounts of the Company for the
 year ended 31st March, 2014.
 
 FINANCIAL RESULTS
 
 The Performance of the Company for the financial year ended on 31st
 March, 2014 is summarized below:
 
                                                        (Rs in Lacs)
 
 Particulars                               2013-14        2012-13
 
 Sales and other Income                1,50,478.11    1,30,412.83
 
 Gross Profit                             1,943.57       1,880.18
 
 Depreciation                               535.99         571.83
 
 Profit before tax                        1,407.58       1,308.35
 
 Provision for Taxation for the year       (275.00)       (205.00)
 
 Provision for Deferred Taxation
 for the year                               (22.05)        (36.92)
 
 Income tax for earlier years (net)            -              -
 
 Profit after Taxation                    1,110.52       1,066.43
 
 Balance brought forward from
  previous year                          13,088.64      12,022.21
 
 Amount available for Appropriation      14,199.16      13,088.64
 
 Transfer to General Reserve                   -               - 
   
 Proposed Dividend on Equity Shares            -               -  
 
 Tax on Dividend                               -               -
 
 Surplus carried to Balance Sheet        14,199.16      13,088.64
 
 
 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 2013-14.
 
 OPERATIONS
 
 During the year, Company achieved a turnover of Rs. 1,50,478 Lacs,
 which is increased by around 15% as compared to previous year.
 Operating profit has increased by around 3% at Rs. 1,943 Lacs and Net
 profit also increased by around 4% at Rs. 1,110 Lacs during the year
 under review. On the manufacturing front turnover increased by more
 than 18% and stood at Rs. 89,210 Lacs and manufacturing profit has also
 gone up by 21%.
 
 Management of the Company under the direction of your Board of
 Directors 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, dairy business of your Company is
 increased by about 18% as compared to previous year.  Company''s dairy
 plants at Dewas (M.P.), Bhopal (M.P.) and Etah (U.P.) are running
 successfully.
 
 In addition to this, your Company is enthusiastically keeping a watch
 on the southern and the western regions of India for setting up few
 more dairy plants to cover these regions where we are sure that the
 products ofthe 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 for few of the mines allotted to
 your Company, we are inching towards getting necessary permissions/
 approvals and believe to start commercial activities in near future.
 
 Further, sincere efforts of your Company are continue to set up mineral
 based industry in Madhya Pradesh to use explored minerals from 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 wherein
 your Company is partner with major stake, is continuously getting good
 response from all segments of public even in the phase of slow down
 period in the Real Estate Sector, where, out of completed 4 towers and
 1 tower under construction, booking of about 90% of the residential
 units has been done and more than 300 families have started living in
 township, which indicates 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 of
 Agri-commodities on FOB basis were Rs. 9,952.99 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. Kailash Chandra Shahra, 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.
 
 Pursuant to the provisions of Section 149 and other applicable
 provisions of the Companies Act, 2013, Mr. Vijay Rathi and Mr.  Kamal
 Kumar Gupta are proposed to be appointed as Independent Directors of
 the Company for five consecutive years for a term upto 31st March,
 2019. They qualify to be an Independent Director pursuant to the
 provisions of Section 149(6) of the Companies Act, 2013.
 
 Mr. Hari Narayan Bhatnagar was appointed as an Additional Director by
 the Board of the Company with effect from 09th November, 2013 and holds
 office upto the date of this Annual General Meeting. Your Company has
 received a notice in writing from a member proposing his candidature
 for the office of Independent Directors. He qualifies to be an
 Independent Director pursuant to the provisions of Section 149(6) of
 the Companies Act, 2013.
 
 Details of the proposal for appointment/ re-appointment of Directors
 are mentioned in the Notice ofthe Annual General Meeting.  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. 000017) as Cost Auditor of the
 year 2013-14, 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
 
                                              SURESH CHANDRA SHAHRA
                                                  Managing Director
                                                      DIN: 00062762
 
                        For and on behalf of the Board of Directors
 
                                                ASHOK KUMAR TRIVEDI
                                                Whole-time Director
                                                      DIN: 00350507
 
 
 Place : Indore Dated:
 14th August, 2014
Source : Dion Global Solutions Limited
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