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Automotive Stampings and Assemblies Directors Report, Auto Stampings Reports by Directors
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Automotive Stampings and Assemblies
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Download Annual Report PDF Format 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '13    Mar 12
Dear Members,
 
 The Directors take pleasure in presenting the Twenty Third Annual
 Report together with the Audited Statement of Accounts of the Company
 for the year ended March 31, 2013.
 
 FINANCIAL RESULTS
 
                                                      (Rs. in Crore)
 
 Particulars                                        Financial Year
 
                                                   2012-13     2011-12
 
 Total Revenue                                      465.18      571.73
 
 Earnings before Depreciation, Financial
 Charges and Tax                                     13.66       29.31
 
 Finance Cost                                         4.74        5.46
 
 Depreciation and Amortization Expense               15.24       14.97
 
 Profit / (Loss) before Tax                          (6.32)       8.88
 
 Tax Expense / (Credit)                              (1.89)       2.91
 
 Profit / (Loss) for the year                        (4.43)       5.97
 
 DIVIDEND
 
 Due to the loss during the year, the Board of Directors has not
 recommended a dividend.
 
 CORPORATE SOCIAL RESPONSIBILTY
 
 In terms of societal contribution, the following initiatives have been
 undertaken by the Company:
 
 - The Company has adopted an orphanage/ old age home wherein the
 employees voluntarily contribute their time and effort to provide some
 companionship and succour to the children. The Company also contributes
 financially to mitigate the hardships by providing help to this
 orphanage.
 
 - The Company identifies employable local youth and provides training
 to them under earn and learn scheme.
 
 - The Company also contributes to social causes such as educational
 institutions.
 
 ENVIRONMENT, HEALTH AND SAFETY
 
 The Company is deeply conscious of its responsibility towards the
 environment, health and safety of its employees. During the year, the
 Company planted more than 600 trees in Chakan and Bhosari plants and
 installed oil skimmer in Chakan plant to separate oil from water.
 
 Electrical safety audit and Thermographic survey were conducted in the
 plants during the year. The Company has planned to undergo a safety
 audit from National Safety Council (NSC) in all its plants in the
 current financial year.
 
 Moreover, all plants of the Company have a daily safety walk conducted
 by the staff and permanent workers to different areas of the plant. The
 suggestions made during the walk are tracked and addressed by the
 concerned departments. The Company has also appointed Safety Officers
 in various plants, who work closely with the Plant Heads to address
 Health, Safety and Environment (HSE) matters in the plants. To increase
 awareness of safety and to avoid accidents, the employees of the
 Company are being trained to identify near miss accidents.
 
 For better medical facility to the employees, the Company has appointed
 a full time Medical Officer in Chakan plant.
 
 QUALITY INITIATIVES
 
 All the manufacturing plants of the Company are certified under TS
 16949 and ISO 14001. The Company has been implementing the Tata
 Business Excellence Model to build excellence in the business
 operations.
 
 DIRECTORS
 
 Mr. Pradeep Mallick and Mr. R A Savoor will retire by rotation at the
 conclusion of the forthcoming Annual General Meeting and being
 eligible, have offered themselves for re-appointment.
 
 CORPORATE GOVERNANCE
 
 In terms of Clause 49 of the Listing Agreement with the Stock
 Exchanges, the Report on Corporate Governance, along with the
 Certificate of Compliance from the Auditors, forms a part of this
 Report.
 
 THE DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956 and based on
 the representations received from the Operating Management, the
 Directors confirm that -
 
 1.  In the preparation of the Annual Accounts for the year 2012-13, the
 applicable Accounting Standards have been followed and that there are
 no material departures;
 
 2.  They have, in consultation with the Statutory Auditors, selected
 and applied accounting policies consistently and have 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 viz. March 31, 2013 and of the loss of the Company for
 the year ended on that date;
 
 3.  They have taken proper and sufficient care, to the best of their
 knowledge and ability, 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; and
 
 4.  They have prepared the annual accounts on a going concern basis.
 
 ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
 
 Information on conservation of energy, technology absorption, foreign
 exchange earnings and outgo required in terms of 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 set out in Annexure
 I to this Report.
 
 PERSONNEL
 
 At the end of March, 2013, the Company had 2000 employees as against
 2929 in March, 2012.
 
 The Company believes in providing a conducive environment for nurturing
 potential, encouraging performance and retaining talent at all levels.
 
 The Company faced labour agitation for wage revision and other related
 matters at the manufacturing plants at Bhosari and Chakan. The strike
 resorted to by the permanent workers at Chakan plant with effect from
 October 12, 2012 was called off on November 26, 2012. Similarly,
 stoppage of work resorted to by the permanent workers at Bhosari plant
 with effect from October 12, 2012 was called off on November 10, 2012.
 The Company has signed a long-term productivity linked wage agreement
 with the trade union at Bhosari.  The discussions are continuing with
 the union at Chakan. Harmonious industrial relations prevailed at other
 plants of the Company.
 
 There was no employee of the Company who received remuneration in
 excess of the limits prescribed under section 217 (2A) of the Companies
 Act, 1956, read with Companies (Particulars of Employees), Amendment
 Rules, 2011.
 
 AUDITORS
 
 Price Waterhouse (FRN: 301112E), Chartered Accountants, retire at the
 conclusion of the forthcoming Annual General Meeting and being
 eligible, offer themselves for re-appointment.
 
 COST AUDITORS
 
 As per the Order of the Ministry of Corporate Affairs, Cost Audit has
 become applicable for the Company since the financial year 2012-13. The
 Company had appointed M/s. Dhananjay V. Joshi & Associates, Cost
 Accountants, Pune as the Cost Auditors for the financial year 2012-13.
 Based on the Audit Committee recommendations, the Board has approved
 the reappointment of the firm for the financial year 2013-14.
 
 SECRETARIAL AUDIT REPORT
 
 The Company appointed M/s. S. V. Deulkar & Co, Company Secretaries for
 conducting Secretarial Audit of the Company for the financial year
 ended March 31, 2013. The Secretarial Audit Report is attached to this
 Annual Report. The Report confirms compliance by the Company with
 provisions of the Companies Act, 1956, Listing Agreement with the Stock
 Exchanges and the applicable Regulations under Securities and Exchange
 Board of India Act, 1992 except an instance of delay in intimation of
 calling off of strike as per clause 36 of the Listing Agreement. Steps
 are being taken to further strengthen the compliance mechanism.
 
 FORWARD LOOKING STATEMENTS
 
 Certain Statements describing the Future Outlook, Industry Structure
 and Developments may be forward - looking statements within the
 meaning of applicable securities laws and regulations. Actual results
 may differ materially from those expressed or implied in this Report.
 
 ACKNOWLEDGEMENTS
 
 Your Directors place on record their sincere thanks and appreciation
 for the guidance, support and continued co-operation extended by
 Bankers, Central and State Governments, Customers, Suppliers and
 Shareholders.
 
 The Directors also take this opportunity to record their appreciation
 of the dedicated efforts and contribution made by all the employees.
 
                                  For and on behalf of the
 
                                     Board of Directors
 
                                       Pradeep Mallick
 
 Mumbai, May 6, 2013                      Chairman
Source : Dion Global Solutions Limited
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