SENSEX NIFTY
Ankit Metal and Power Directors Report, Ankit Metal Reports by Directors
YOU ARE HERE > MONEYCONTROL > MARKETS > STEEL - SPONGE IRON > DIRECTORS REPORT - Ankit Metal and Power
Ankit Metal and Power
BSE: 532870|NSE: ANKITMETAL|ISIN: INE106I01010|SECTOR: Steel - Sponge Iron
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
, 16:01
5.80
-0.02 (-0.34%)
VOLUME 31,544
LIVE
NSE
, 16:01
5.85
0
VOLUME 9,022
Download Annual Report PDF Format 2014 | 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '13    « Mar 12
The Directors have great pleasure in presenting the Eleventh Annual
 Report of the Company together with the Audited Accounts for the
 financial year ended 31st March, 2013.
 
 Financial Highlights                               (Rs.in Lacs)
 
 Particulars                            Current year  Previous Year 
                                        31-03-2013    31-03-2012 
 
 Revenue from Operation (net)           1,19,276.81    92,578.31
 
 Other Income                                117.86       130.97
 
 Total Revenue                         11,19,394.67    92,709.28
 
 Profit before Finance 
 Cost, Depreciation and Tax               17,737.29     8,927.17
 
 Less: Depreciation & Amortisation         4,111.23     1,423.43
 
 Less: Finance Cost                        7,137.39     3,509.88
 
 Less: Tax Expenses                        1,369.87       669.78
 
 Net Profit after Tax                      5,118.80     3,324.08
 
 Add : Balance brought 
 forward from previous year               11,971.71     8,647.63
 
 Balance carried over to Balance Sheet    17,090.51    11,971.71
 
 Financial Operational Review
 
 Net Sales/Income from operation for the year stood to Rs. 119,276.81 Lacs
 registering a growth of 28.84% over previous year.  The Profit after
 Tax (PAT) grew by 53.99% to Rs. 5,118.80 Lacs in 2012-13. The Cash Profit
 before tax for the year stood at < 10,599.90 Lacs compared with Rs.
 5,417.29 Lacs in the year 2011-12.
 
 Dividend
 
 Your Directors have not recommended any dividend on Equity Shares for
 the year under review.
 
 Issue of Equity Shares on Preferential Basis
 
 The Board of Directors in their meeting held on 29th August, 2013,
 subject to the approval of the members in the ensuing Annual General
 Meeting, has decided to raise the sum of Rs. 80.10 Crores by issuing
 26,700,000 Equity Shares of Rs. 10/- each at a premium of Rs. 20/- per
 share on preferential basis to the entities belonging to promoter group
 and strategic investors belonging to non-promoter group.
 
 The amount raised will be utilised towards long term working capital
 requirement, capital expenditure for expansion and modernisation
 activities and other corporate purposes.
 
 Changes in Share Capital
 
 To accommodate the allotment of Equity Shares consequent to proposed
 preferential issue, the board has recommended to increase the
 Authorised Share Capital from Rs. 100 Crores to Rs. 122.25 Crores.
 
 New Project and Expansion
 
 The capex plans under implementation consisting of 6,00,000 TPA Iron
 Ore Pellet Plant, 30 TPD DRI Kiln, Capacity addition to Wire Rod Mill,
 RM Pre-Heater, AOD Convertor, etc. has been successfully implemented
 and started commercial production.
 
 Listing of Equity Shares of the Company with National Stock Exchange of
 India Limited (NSE)
 
 The Director of your Company are pleased to inform that the Equity
 Shares of the Company got listed with National Stock Exchange of India
 Limited (NSE) w.e.f. 14th March, 2013.
 
 Public Deposit
 
 The Company has not accepted any deposits during the year.
 
 Credit Rating
 
 The Company has retained CARE BBB- (Triple B minus ) credit rating for
 its long term and medium term debts/facilities and CARE A3 (A Three)
 credit rating for its short term debts/facilities accorded by the
 credit rating agency Credit Analysis & Research Ltd. (CARE).
 
 Insurance
 
 The properties and insurable assets and interests of the Company, like
 building, plant and machinery and stocks, among others, are adequately
 insured.
 
 Directors
 
 Mr. Jatindra Nath Rudra, retires by rotation and being eligible, offers
 himself for re-appointment.
 
 Mr. Vijay Kumar Jain has resigned from the Directorship of the Company
 with effect from 29th September, 2012. The Board of Directors recorded
 its appreciation for the valuable services rendered by Mr. Vijay Kumar
 Jain to the Company.
 
 Mr. Jay Shanker Shukla has been appointed as an Additional Director
 w.e.f. 29th September, 2012 to hold office up to the date of the next
 Annual General Meeting. The Company has received notice under Section
 257 of the Companies Act, 1956 proposing the candidature of Mr. Jay
 Shanker Shukla as Director of the Company.
 
 Mr. Kailash Chand Jain has resigned from the Directorship of the
 Company with effect from 9th October, 2012. The Board of Directors
 recorded its appreciation for the valuable services rendered by Mr.
 Kailash Chand Jain to the Company.
 
 Mr. Jayanta Kumar Chatterjee has been appointed as an Additional
 Director w.e.f. 9th October, 2012 to hold office up to the date of the
 next Annual General Meeting. The Company has received notice under
 Section 257 of the Companies Act, 1956 proposing the candidature of Mr.
 Jayanta Kumar Chatterjee as Director of the Company.
 
 None of the Directors of the Company are disqualified for being
 appointed as Directors, as specified in Section 274(l)(g) of the
 Companies Act, 1956. As required under Clause 49 of the Listing
 Agreement the additional information on the Directors seeking
 appointment/re-appointment is annexed as additional information to the
 notice.
 
 Management Discussion and Analysis and Corporate Governance Report
 
 Reports relating to Management Discussion and Analysis, Corporate
 Governance along with the certificate from the Company Secretary in
 Practice regarding compliance of Clause 49 of the Listing Agreement
 with the Stock Exchanges forms part of this report.
 
 Directors''Responsibility Statement
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, the Board of
 Directors of the Company confirms :
 
 a) That in the preparation of the annual accounts, the applicable
 accounting standards have been followed and no material departure have
 been made from the same;
 
 b) That the Directors 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 affairs of the Company at the end of the financial year and of the
 profit or loss of the Company for that period;
 
 c) That Directors have taken proper and sufficient 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;
 
 d) That the accounts have been prepared on a ''going concern'' basis.
 
 Auditors and Auditors''Report
 
 M/s. R. Kothari & Company, Statutory Auditors of the Company, hold
 office till the conclusion of the ensuing Annual General Meeting and
 being eligible, offer themselves for re-appointment. The Company has
 received a letter from them to the effect that their appointment, if
 made, would be within the limits prescribed under Section 224 (1-B) of
 the Companies Act, 1956 and they are not otherwise disqualified within
 the meaning of sub section (3) of Section 226 of the Companies Act,
 1956 for such appointment.
 
 There are no qualifications or adverse remarks in the Auditors'' Report
 which require any clarification/explanation. The Notes to accounts
 referred to in the Auditors'' Report are self-explanatory, and
 therefore, do not call for any further comments/explanation.
 
 Cost Audit
 
 As per the requirement of the Central Government and pursuant to the
 provision of Section 233B of the Companies Act, 1956, the Company has
 re-appointed Mr. S. Banerjee, Cost Auditors to audit the cost accounts
 of the Company for the year 2012-13 from 1st April, 2012 to 31st March,
 2013, for which necessary approval from Central Government has been
 received.  The Cost Audit Report in respect of the financial year
 2012-13 will be filed on or before the due date. The Company has
 re-appointed Mr. S. Banerjee as Cost Auditors for the financial year
 2013-14.
 
 Particulars of Employees
 
 Details of employee drawing remuneration in excess of the limit
 specified under Section 217(2A) of the Companies Act, 1956 read with
 Companies (Particulars of Employees) Amendment Rules, 2011 is given
 below :
 
 Particulars of Conservation of Energy, Technology Absorption and
 Foreign Exchange Earnings and Outgo
 
 Particulars of energy, technology absorption and foreign exchange
 earning and outgo as required under Section 217(l)(e) of the Companies
 Act, 1956, read with Companies (Disclosures of Particulars in the
 report of Board of Directors) Rules, 1988, are given in the annexure
 attached hereto and forms part of the report.
 
 Acknowledgment
 
 Your Directors take this opportunity to express their appreciation for
 the assistance and co-operation received from the Central Government,
 State Governments, Financial Institutions, Corporate Authorities,
 Banks, Customers, Vendors and Shareholders during the year under
 review. Your Directors also wish to place on record their deep sense of
 appreciation for the committed services of executives, staffs and
 workers of the Company.
 
                                   For and on behalf ofthe Board
 
                                   Suresh Kumar Patni
 
 Kolkata, 29th August, 2013        Chairman
Source : Dion Global Solutions Limited
Quick Links for ankitmetalpower
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.