Ankit Metal and Power Directors Report, Ankit Metal Reports by Directors
Ankit Metal and Power
BSE: 532870|NSE: ANKITMETAL|ISIN: INE106I01010|SECTOR: Steel - Sponge Iron
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Directors Report Year End : Mar '14    « Mar 13
Dear Members,
 The Directors are pleased to present the 12th Annual Report of the
 Company together with Audited Accounts for the fi nancial year ended
 31st March, 2014.
 Financial Highlights                                     (Rs. in Lacs)
 Particulars                                Current Year Previous Year
                                            31.03.2014   31.03.2013
 Revenue from Operation (net)              1,47,569.53    1,19,276.81
 Other Income_                                  312.46         117.86
 Total Revenue_                            1,47,881.99    1,19,394.67
 Profit before Finance Cost, 
 Depreciation and Tax                         6,835.54      17,737.29
 Less : Depreciation & Amortisation           5,963.79       4,111.23
 Less : Finance Cost                         11,520.08       7,137.39
 Less : Tax Expenses                        (2,996.32)       1,369.87
 Net Profit after Tax                      (7,652.01)       5,118.80
 Add : Balance brought forward from 
 previous year                               17,090.51      11,971.71
 Balance carried over to Balance Sheet_       9,438.50      17,090.51
 Financial and Operational Review
 During the year under review the Company has achieved nets sales/income
 from operation of X 1,47,569.53 lacs as against X 1,19,276.81 lacs in
 previous year registering a growth of 23.72%. However, the Company
 incurred a net loss ofRs. 7,652.01 lacs during the FY. 2013-14 which is
 mainly attributed to depressed market for its products, lower capacity
 utilising of power plant and high holding level impacting the net
 realisation and margin. Weaker domestic demand and slower growth in
 several key market, mining crises and uncontrolled infl ation in the
 Country has resulted in increase in the cost of raw materials and other
 overhead which could not be passed on the consumers.
 Your Directors have not recommended any dividend on Equity Shares for
 the year under review.
 Credit Rating
 The Company''s credit rating for Long-Term debts/facilities is BB 
 (Double B plus), for Long-Term/Short-Term debts/facilities is
 BB /A4 (Double B plus/A Four) and Short-Term facilities is A4 (A Four),
 rated by the Credit Analysis & Research Limited (CARE).
 Public Deposits
 The Company has not accepted any fixed deposits from the public and as
 such, no amount of principal and interest was outstanding as on the
 date of the Balance Sheet.
 The properties and insurable assets and interests of the Company, like
 building, plant and machinery and stocks, among others, are adequately
 Debt Restructuring
 During the year, considering the losses incurrent by the Company, the
 Board of Director of the Company has made a reference to the lenders of
 the Company for restructuring of its debt through the Corporate Debt
 Restructuring process. Monitoring Institution, the State Bank of India
 has appointed an independent third party consultant for Techno-Economic
 Viability study and report thereon. The fi nal restructuring plan based
 on TEV report has been circulated with the lenders for their fi nal
 manded to be placed before the CDR-EG for their approval.
 In accordance with the provisions of the Companies Act, 2013, Mr.
 Suresh Kumar Patni, retires by rotation and being eligible, off ers
 himself for re-appointment.
 Mr. Jayanta Kumar Chatterjee, Independent Director, who retires by
 rotation at the ensuing Annual General Meeting under the erstwhile
 provision of the Companies Act, 1956 and Mr. Jay Shanker Shukla and Mr.
 Jatindra Nath Rudra, Independent Directors, whose period of offi ce is
 liable to be determination by retirement of Director by rotation under
 the erstwhile applicable provision of the Companies Act, 1956, meets
 all the criteria of independence as laid down under section 149(6) and
 the code for independent Directors in Schedule IV of the Companies Act,
 Accordingly the aforesaid persons shall be appointed as independent
 Directors in terms of section 149 the Companies Act, 2013 at the
 ensuing Annual General Meeting to hold the offi ce as Independent
 Director for a term upto 31st March, 2019, and their period of offi ce
 shall not be liable to determination by retirement of Directors by
 Pursuant to the provisions of Section 161 of the Companies Act, 2013,
 read with the relevant provisions in the Articles of Association, Mr.
 Prem Narayan Khandelwal was appointed as an Additional Director by the
 Board of Directors of the Company with eff ect from 16th June, 2014. He
 holds offi ce as a Director up to the date the ensuing AGM. The Company
 has received a notice in writing from a member proposing his
 candidature for the offi ce of Independent Director. Mr. Prem Narayan
 Khandelwal qualifi es to be an independent Director pursuant to the
 provisions of Section 149(6) of the Companies Act, 2013.
 The brief particulars of the said Directors have been given in the
 notice convening the ensuing Annual General Meeting is annexed as
 additional information to the notice as required under clause 49 of the
 Listing Agreement and your board recommends their
 appointment/reappointment as set out in the notice.
 Changes in Share Capital
 During the year under review, the Company has allotted 2,67,00,000
 Equity Shares of Rs.10/- each on preferential basis at a premium ofRs. 20/-
 per share aggregating to Rs. 80.10 Crores to the entities belonging to
 promoter group and strategic investors belonging to non promoters
 Consequent to said allotment, the paid up Share Capital of the Company
 stood increased to Rs. 1,22,07,55,000/-. The entire proceeds received
 from the preferential allotment has been utilised towards the object of
 the issue.
 Management Discussion & Analysis and Corporate Governance Report
 A Management Discussion & Analysis Report and a Report on Corporate
 Governance along with the certifi cate from the Company Secretary in
 Practice regarding compliance with mandatory requirements as stipulated
 under Clause 49 of the Listing Agreement with Stock Exchanges, is
 presented in a separate section forming part of the Annual Report.
 Directors'' Responsibility Statement
 The Directors confi rm :
 - that in the preparation of the annual accounts, the applicable
 accounting standards have been followed and no material departures have
 been made from the same;
 - that they have selected such accounting policies and applied them
 consistently and made judgments and estimates that are reasonable and
 prudent so as to give a true and fair view of the state of aff airs of
 the Company and of the profit or loss of the Company for that period;
 - that they have taken proper and suffi cient 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;
 - that they have prepared the accounts for the fi nancial year on a
 ''going concern'' basis.
 Auditors and Auditors'' Report
 M/s. R. Kothari & Company (FRN: 307069E), Chartered Accountants, holds
 offi ce till the conclusion of the ensuing Annual General Meeting and
 being eligible, off er themselves for re-appointment. The members are
 requested to consider their appointment as the Statutory Auditors of
 the Company from the conclusion of this Annual General Meeting until
 the conclusion of the seventeenth (17th) Annual General Meeting of the
 Company subject to ratifi cation by members at every Annual General
 Meeting held after this Annual General Meeting on such remuneration as
 shall be fixed by the Board of Directors
 Auditors Observation
 There are no Qualifications or adverse remarks in the Auditor''s Report
 which require any clarifi cation/explanation. The Notes to accounts
 referred to in the Auditor''s Report are self-explanatory, and
 therefore, do not call for any further comments/ explanations.
 Cost Audit
 In terms of section 148 of the Companies Act, 2013 read with Rule 14 of
 the Companies (Audit and Auditors) Rules, 2014, on the recommendation
 of Audit Committee, the Board of Directors has re-appointed Mr. S.
 Banerjee, Cost Accountants (Membership No. 9780), as cost auditor of
 the Company, at a remuneration ofRs. 35,000/- plus applicable taxes and
 re-imbursement of out of pocket expenses incurred by them to conduct an
 audit of the cost accounting records maintained by the Company for the
 current fi nancial year beginning from 1st April, 2014 and ending on
 31st March, 2015.
 As required under section 148 of the Companies Act, 2013 read with rule
 14 of the Companies (Audit and Auditors) Rules, 2014, the remuneration
 payable to cost auditor is being placed at the ensuing Annual General
 Meeting for ratifi cation by the members.
 Particulars of Employees
 None of the employees of your Company were in receipt of the
 remuneration in excess of the limit specifi ed under Section 217(2A) of
 the Companies Act, 1956 read with Companies (Particulars of Employees)
 Amendment Rules, 2011.
 Energy Conservation, Technology Absorption and Foreign Exchange Earning
 and Outgoing A statement giving details of Conservation of Energy,
 Technology Absorption and Foreign Exchange Earning and Outgo as
 required under Section 217(1)(e) of the Companies Act, 1956 read with
 Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988 is annexed to this report.
 The Board also desires to place on record its appreciation for the
 support and co-operation received from its Shareholders, Regulatory &
 Government Authorities, Suppliers, Customers and Bankers. The Company
 has always looked upon them as partners in its progress. It will be the
 Company''s endeavour to build and nurture strong links with trade based
 on mutuality, respect and co-operation with each other. The Board
 wishes to record their deep sense of appreciation for the committed
 services of all the employees of the Company.
                                         For and on behalf of the Board
                                              Suresh Kumar Patni
 Kolkata, 25th August, 2014                   Chairman
Source : Dion Global Solutions Limited
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