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Anup Malleables Directors Report, Anup Malleables Reports by Directors

Anup Malleables

BSE: 506087|ISIN: INE188O01016|SECTOR: Castings & Forgings
Anup Malleables is not traded in the last 30 days
Anup Malleables is not listed on NSE
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Directors Report Year End : Mar '15    Mar 14
Dear Members,
 The Directors have pleasure in submitting their Annual Report of the
 Company together with the Audited Statements of Accounts for the year
 ended 31st March 2015
 1.  Financial Summary
                                                          (Amount in Rs)
                                        As at the             As at the
                                        end of                end of
                                        current               previous
                                        reporting             reporting
                                        period                period
 Total Revenue                        17.92,52.079          15.43,65,664
 Total Expenses                       17,59,52,410         15, 14,29,538
 Profit or Loss before
 Exceptional and Extraordinary
 items and Tax                           32,99,670             29,36,326
 Less: Exceptional Items                         -
 Less: Extraordinary Items                       -                     -
 Profit or Loss before Tax               32,99,670             29,36,326
 Less: Current Tax                        6,28,752              5,59,517
      MAT Credit                        (6,28,752)            (5,59,517)
      Deferred Tax                        (21.997)                74,341
 Profit or Loss After Tax                33,21,667             28,61,985
 Add: Balance as per last Balance        95,07,493             66,45,508
 Less: Transfer to Reserves                      -                     -
 Less: Adjustment relating to          (25,25,002)                     -
 Fixed Assets
 Balance transferred to Balance        1,03,04,159             95,07,493
 2.  Operational & financial growth
 Total Revenue
 Total income of the Company for the financial year 2014-15 comprises of
 Net Sales, work contract receipt and other income amounts to Rs.1,780
 Lac which is a increase of 16.88 % over last year''s figure
 Profit Before Tax
 Profit before tax for the year under review was Rs.32.99 Lacs, a
 increase of 12 36 % over the last year''s figure
 Profit after Tax
 Profit after tax for the year under review was profit of Rs 33 22 Lacs
 registered an increased of 16.07% over the last year''s figure.
 Earnings per Share
 Earnings per share for (he year under review were Rs1.27 as compared to
 Rs.1.09 for the last year
 Net worth
 Net worth of the Company for the financial year 2014-15 is Rs 416 94
 Lac as against Rs. 408.97 Lac of the last year
 3.  Dividend
 No Dividend has been declared for the current financial year.
 4, Corporate governance
 Your Company has fully complied with the requirement of Clause-49 of
 the Listing Agreement regarding Corporate Governance. A Report on
 Corporate Governance Practices and the Auditors Certificate on
 compliance of mandatory requirements thereof Is given as annexure to
 this report
 5- Transfer of Unclaimed Dividend to Investor Education and Protection
 The provisions of Section 125(2) of the Companies Act, 2013 do not
 apply as there was no dividend declared and paid last year.
 6. Review of Business Operations and Future Prospects
 Your Directors are optimistic about company''s business and hopeful of
 better performance with increased revenue in next year There was no
 change in the nature of business of company
 During the last Financial Year your Company had invested to procure
 various automatic machines and Jigs, Fixtures & Dies for development of
 extra large fabricated items such as Bogie Frame Assembly, Side Wall
 Assembly, Roof Assembly, Under frame Assembly etc. of different Diesel
 & Electric Locomotives and Coaches Your company had assured to develop
 all the pending products by the end of the year 2015-2016 and we have
 groat pleasure to inform you that sincere efforts were made by
 management and workers of the factory and following products are
 successfully developed till date -
 1.  Bogie frame assembly of WAP-9/WAP-7 for Electric locomotives.
 2.  Bolster assembly of WAG-9M Locomotives
 3.  Side wall assembly of WAG-9H/WAG-7 Locomotives
 4.  Head stock assembly of wag-9h locomotives
 5.  KIT for under frame for EMD Locomotives
 To maintain its current dominance in the domestic market and to meet
 the future challenges, your Company is working on a long term strategic
 plan, which will steer the Company towards a target of manufacture 50
 Bogies frame per month , thereby meeting the strategic objectives of
 achieving leadership in market
 6, Opportunities & threats
 There is a demand for machined castings and fabricated items Domestic
 as well as International Market.  However, threats from firms as well
 as Wagon manufacturers are still continuing. As their prices are very
 low.  developed and established firms are not able to match their
 prices. In line with the aspirations of ongoing growth in the fiscal
 year 2014-15, company is integrating its resources and investing in new
 technologies to achieve greater performance and long term growth.
 Company is quite hopeful to get electrical power from DVC very shortly
 and to re-start its Foundry Division by end of this Financial Year,
 Once Steel Foundry Division gets started, your company is bound to take
 a quantum jump from its existing position,
 7.  Material changes and commitment if any affecting the financial
 position of the company occurred between the end Of the financial year
 to which this financial statements relate and the dats of the report
 No material changes and commitments affecting the financial position of
 the Company occurred between the end of the financial year to which
 this financial statements relate on the date of this report
 8- Conservation of Energy. Technology Absorption, Foreign Exchange
 Earnings and Outgo
 The provisions of Section 134(m) of the Companies Act, 2013 do not
 apply to our Company as far as Conservation of Energy or Technology
 Absorption are concerned,
 Foreign Exchange Outgo:
                                                    (Amount in rs)
 Nature of Expense                           2014-15        2013-14
 Stores & Spares Purchased                  4,93,161       9,75,799
 9.  Statement concerning development and implementation of Risk
 Management Policy of the company
 The current economic environment, in combination with significant
 growth ambitions of your company, carries with it an evolving set of
 risks. Company recognises that these risks need to be managed to
 protect its customers, employees, shareholders and other stakeholders,
 to achieve its business objectives and enable sustainable growth Risk
 and opportunity management is therefore a key element of the overall
 corporate strategy
 10.  Details of policy developed and implemented by the company on its
 Corporate Social Responsibility Initiatives
 The Company has not developed and implemented any Corporate Social
 Responsibility initiatives as the said provisions are not applicable
 11.  Particulars of Loans. Guarantees or Investments made under section
 186 of The Companies Act, 2013
 Company maintained proper records for loans, guarantees or investments
 made by the Company under Section 186 of the Companies Act. 2013 during
 the year under review.
 12.  Particulars of Contracts or Arrangements made with Related Parties
 Particulars of contract or arrangements made with related parties as
 defined under Section 188 of the Companies Act, 2013 is given as
 annexure to this report.
 13.  Explanation or comments on Qualifications, reservations or adverse
 remarks or disclaimers made by the Auditors and the Practicing Company
 Secretary in their reports
 There are no qualifications, reservations or adverse remarks made by
 the Auditors in their report,
 14.  Company''s policy relating to Directors Appointment, Payment of
 Remuneration and Discharge of their Duties
 Your Company has created a Nomination and Remuneration Committee which
 regulates and monitors directors appointment, payment of remuneration
 and evaluates their performance in discharge of there duties
 15.  Annual Return
 The extracts of Annual Return pursuant to the provisions of Section 92
 read with Rule 12 of the Companies (Management and Administration)
 Rules, 2014 is furnished in Annexure A and is attached to this Report
 16.  Number of Board Meetings conducted during the year under review
 The Company has conducted twenty Board Meetings during the financial
 year under review
 17.  Directors'' Responsibility Statement:
 In accordance with the provisions of Section 134(5) of the Companies
 Act. 2013 the Board hereby submit its responsibility Statement:
 a) in the preparation of the annual accounts, the applicable accounting
 standards have been followed along with proper explanation relating to
 material departures,
 b) 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 and
 loss of the company for that period;
 c) the directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act far safeguarding the assets of the company and
 for preventing and delecting fraud and other irregularities.
 d) the directors have prepared the annual accounts on a going concern
 e) the Company being unlisted, sub clause (e) of section 134(3) of the
 Companies Act, 2013 pertaining to laying down internal financial
 controls is not applicable to the Company; and
 f) the directors had devised proper systems to ensure compliance with
 the provisions of all applicable laws and that such systems were
 adequate and operating effectively
 18. Subsidiaries. Joint Ventures and Associate Companies
 The Company does not have any Subsidiary, Joint venture or Associate
 Company during the year given in annexure enclosed.
 19. Deposits
 The Company has neither accepted nor renewed any deposits during the
 year under review.
 20. Directors
 Mr Navin Kumar Tulsyan (DIN 00304819) is hereby appointed as an
 Independent Director of the Company and he shall hold office for a term
 of five consecutive years from the date of this Annual General Meeting
 or till the date of the 36th Annual General Meeting whichever is
 Mrs. Nikeeta Agarwalla (DIN 05155503) is hereby appointed as an
 Non-Executive Director of the Company and She shall hold office for a
 term of five consecutive years from the date of this Annual General
 Meeting or till the date of the 38th Annual General Meeting whichever
 is earlier.
 21. Declaration of Independent Directors
 Company received declaration from independent director under the
 provisions of Section 149 of Company Acl 2013.
 22. Adequacy of Internal Financial Controls with reference to Financial
 The company has adequate Internal Control System commensurate with the
 size and nature of the business. The system has been designed to ensure
 that, all assets are acquired economically, used efficiently and
 protected against loss, destruction or unauthorized use. All resources
 are used efficiently and effectively Accounting, Financial and other
 operational information are accurate. reliable and provided timely and
 all applicable laws and internal policies are complied with true
 23. Auditors
 M/s Ashok Kedia & Company Chartered Accountants were appointed as
 Statutory Auditors period of 5 years in the Annual General Meeting held
 in the year 2015 and are eligible for reappointment, subject to
 ratification of members at ensuing Annual General Meeting of the
 24. Disclosure of composition of Audit Committee and providing Vigil
 The provisions of Section 177 of the Companies Act. 2013 read with Rule
 6 and 7 of the Companies (Meetings of the Board and its Powers) Rules,
 2013 regarding the Audit Committee and Vigil Mechanism are formed and
 works as per the position of act.
 During the year under review, the company has undertaken following
 Increase in Share      Buy Back of     Sweat Equity       Bonus Shares
       Capital          Securities
  Nil                       Nil             Nil                Nil
 Increase in Share            Employees Stock
       Capital                  Option Plan
         Nil                       Nil
 26.  Details of significant and material orders passed by the
 Regulators, Courts And Tribunals
 No significant and material order has been passed by the regulators,
 courts, tribunals impacting the going concern status and Company''s
 operations in future.
 27.  Financial Statements
 Pursuant to Clause 41 of the Listing Agreement entered into with the
 stock exchanges, the Board of Directors nas pleasure attaching the
 Financial Statement prepared in accordance with the Accounting
 Standards prescribed by the institute of Chartered Accountants of
 India. Since your Company does not have any subsidiary, preparation of
 the Consolidated Financial Statement is required
 Listing With Stock Exchanges
 The Company confirms that it has paid the Annual Listing Fees for the
 year 2014-2015 to BSE and CSE where the Company''s Shares are listed
 28.  Acknowledgement
 Your Directors place on record their sincere thanks to the bankers,
 business associates, consultants, and various Government Authorities
 for their continued support extended to your Companies activities
 during the year under review. Your Directors also acknowledges
 gratefully the shareholders for their support and confidence reposed on
 your Company,
 For and on behalf of the Board of Directors
 Ashok Khaitan          Suyash Khaitan
 Director               Director
 DIN: 00293871          DIN: 03349969
 Place: Kolkata
 Date; 30st May 2015
Source : Dion Global Solutions Limited
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