To The Shareholders,
The Directors have immense pleasure in presenting their Twentieth
Annual Report together with the Audited Accounts for the financial year
ended 31st March, 2013. Your company has achieved highest ever turnover
of Rs. 64,803.77 lacs and before tax profit of Rs. 4,414.81 lacs and
profit after tax of Rs. 3,019.15 lacs for the year.
(Rs. in Lacs)
Depreciation & Tax 5,250.52 4,717.86
Interest 337.33 314.44
Depreciation 498.38 400.42
Profit/(Loss) before Tax 4,414.81 4003.00
Provision for Income Tax &
Deferred Tax 1,395.66 1,195.98
Profit/(Loss) after Tax 3,019.15 2,807.02
Add: Balance brought
forward from Previous year 3,749.94 1,929.10
Profit/(Loss) available for
appropriation 6,769.09 4,736.12
Proposed Dividend on
equity shares 590.40 590.40
Corporate Dividend Tax 100.34 95.78
Transfer to General Reserve 350.00 300.00
Surplus carried to Balance
Sheet 5,728.35 3,749.94
Income 65,061.82 39,676.76
Profit/(Loss) before Tax 4,414.81 4,003.00
FEED DIVISION :
Production (MTs) Shrimp Feed 1,05,422 59,230
Fish Feed 402 3,589
Sales (MTs) Shrimp Feed 1,02,988 59,838
Fish Feed 405 3,647
PROCESSING DIVISION :
Production (MTs) 2713 1,966
Export Sales :
Direct (MTs) 2551 2,102
The profit for the year under consideration i.e. 2012-13, before
depreciation, interest and tax is Rs. 5,250.52 lacs as compared to a
profit of Rs.4,717.86 lacs in the previous financial year. The profit
for the year after tax is Rs.3,019.15 lacs as against a profit of
Rs.2,807.02 lacs during the previous financial year.
For the third consecutive year, there was an overall increase in the
shrimp culture both in terms of water spread area and stocking density
of shrimp culture mainly because of success of Vannamei shrimp culture
many farmers converted from Black Tiger shrimp cultivation to Vannamei
shrimp cultivation. Remunerative international prices for shrimps has
also encouraged new farmers in taking up the shrimp cultivation. Your
directors are glad to inform that your company''s Shrimp Feed sales grew
by 72%. Your Company''s high quality of shrimp feed and technical
support to the farmers by educating them with best culture practices
has made our feed one of the most preferred by the farmers. The year
2012-13 ended with shrimp feed sales at 1,02,988 MT, an increase of
43,150 MT as compared to previous financial year .
The shrimp processing and export division sales recorded export of 2551
MT as against 2102 MT in the previous year, registering an increase of
21%. During the first quarter of the year under consideration,
renovation of processing plant was undertaken and higher capacity IQF
machine was installed and commissioned.
The four windmills of your Company located in Karnataka State with a
total capacity of 3.2 MW have generated 62.14 lac units as against
64.65 lac units generated during the previous year and power generated
was sold to Karnataka Power Transmission Corporation Limited under PPA.
Your Directors are pleased to recommend a dividend of Re.6.50 per
equity share of Rs.10/- each for the financial year 2012-13 aggregating
to Rs.590.40 lacs on 90,83,042 equity shares. The dividend if approved
at the ensuing Annual General Meeting, will be paid to those
shareholders whose name appears on the register of members of the
Company on 22nd of July,2013.
CONSOLIDATED FINANCIAL STATEMENTS:
In accordance with the Accounting Standard AS-21 on Consolidated
Financial Statements read with Accounting Standard AS-23 on Accounting
for Investments in Associates and AS-27 on Financial Reporting of
Interest in Joint Ventures, the audited Consolidated Financial
Statements are provided in the Annual Report.
In accordance with the general circular No.2/2011 and Notification No.
51/12/2007-CL-III issued by the Ministry of Corporate Affairs,
Government of India, the Balance Sheet, Profit and Loss Account and
other documents of the subsidiary company is not attached with the
Balance Sheet of the Company. The Company will make available the
Annual Accounts of the subsidiary company and the related detailed
information to any member of the Company who may be interested in
obtaining the same. The annual accounts of the subsidiary company will
also be kept open for inspection at the Registered Office of the
Company. The Consolidated Financial Statements presented by the Company
include the financial results of its subsidiary company.
During the year under review, Mrs. C. Mariamma, nominee of APIDC was
appointed as a Director in place of Mr. M. Venkateswara Rao on
18.08.2012 as per APIDC''s letter dt.16/17.08.2012. Subsequently Mrs.
Anita Rajendra, IAS was appointed as a Director in place of Mrs. C.
Mariamma on 25.05.2013 as per APIDC''s letter dt. 10.05.2013.
In terms of Article 105 and 106 of the Articles of Association of the
Company, Mr. M.S.P. Rao and Mr. K.Ramamohana Rao retire by rotation at
the ensuing Annual General Meeting and being eligible offer themselves
for re-appointment. Ordinary resolutions to that effect is propounded
for the consideration and passing by the shareholders in ensuing AGM.
The Auditors M/s. Karvy & Co., Chartered Accountants will retire at the
conclusion of the forthcoming Annual General Meeting and are eligible
for reappointment. Members are requested to consider their
reappointment for the financial year ending 31st March, 2014 on a
remuneration to be decided by the Board of Directors.
In pursuance of Section 233(B) of the Companies Act and Notification
dated 3rd June, 2011 of Ministry of Corporate Affairs, the Board of
Directors have appointed M/s Sagar Associates, Chartered Accountants,
Hyderabad to certify the compliance report in respect of the cost
records for the year 2011-12. The cost Audit compliance report for the
year ended 31st Mach, 2012 duly certified by the cost accountant was
filed with the Central Government within the stipulated time. The cost
auditors (represented by Sri E. Vidyasagar) attended the Audit
Committee Meeting where cost audit compliance report was discussed.
The Board of Directors appointed M/s Sagar Associates, Cost
Accountants, Hyderabad as Cost auditors to carry out the Audit of cost
accounts of the company for the year 2012-13. The due date for filing
the Cost Audit Report for the financial year 2012-13 is September, 30,
PARTICULARS OF EMPLOYEES:
A statement containing the particulars of employees as required under
section 217 (2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975 is furnished in Annexure - 1.
CONSERVATION OF ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE:
The details regarding conservation of energy, research and development,
technology absorption, foreign earnings and outgo are furnished at
Annexure - 2 pursuant to the provisions of Sec.217 (1) (e) of the
Companies Act, 1956 read with Companies (Disclosure of Particulars in
the Report of Directors) Rules, 1998.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Your Directors hereby confirm and declare that:
(a) in the preparation of Annual Accounts, the applicable accounting
standards have been followed;
(b) the accounting policies are consistently applied and reasonable,
prudent judgments and estimates are made 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 Profits 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 Companies Act, 1956, for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities
(d) the Directors have prepared the Annual Accounts on a going concern
As a listed company, necessary measures are taken to comply with the
Listing Agreement with the Stock Exchanges, report on the Corporate
Governance together with a certificate of compliance from the Auditors,
forms part of this report.
Your Directors are pleased to place on record their gratitude and
appreciation for co-operation extended by the Governmental Agencies,
Shareholders and Banks from time to time. Your directors also place on
record their appreciation for the contributions made by the employees
through their dedication, hard work and commitment.Your Directors also
convey thanks and appreciation to the valued customers and dealers for
their continued patronage.
for and on behalf of the Board
Place: Hyderabad A. Indra Kumar C. Ramachandra Rao
Date : 25.05.2013 Managing Director Joint Managing Director &