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Avanti Feeds Directors Report, Avanti Feeds Reports by Directors
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Avanti Feeds
BSE: 512573|NSE: AVANTI|ISIN: INE871C01012|SECTOR: Aquaculture
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Download Annual Report PDF Format 2014 | 2013 | 2011 | 2010
Directors Report Year End : Mar '14    « Mar 13
The Directors have immense pleasure in presenting their Twenty first
 Annual Report together with the Audited Accounts for the financial year
 ended 31st March, 2014. Your Company has crossed Rs.1000 crores
 turnover mark and closed the year with turnover of Rs. 1131.61 crores.
 Your Company reported before tax profit at Rs. 105.18 crs and profit
 after tax at Rs.69.75 crs for the year.
 
 FINANCIAL PERFORMANCE:
 
                                                    (Rs. in Lacs)
 
                                                   2013-14      2012-13
 
 Profit/(Loss) before Interest,
 
 Depreciation & Tax                              11,421.59     5,250.52
 
 Interest                                           349.96       337.33
 
 Depreciation                                       553.74       498.38
 
 Profit/(Loss) before Tax                        10,517.89     4,414.81
 
 Provision for Income Tax &
 
 Deferred Tax                                     3,542.89     1,395.66
 
 Profit/(Loss) after Tax                          6,975.00     3,019.15
 
 Add: Balance brought
 
 forward from Previous year                        5728.35     3,749.94
 
 Profit/(Loss) available for
 
 appropriation                                   12,703.35     6,769.09
 
 APPROPRIATION:
 
 Proposed Dividend on
 
 equity shares                                    1,362.46       590.40
 
 Corporate Dividend Tax                             231.55       100.34
 
 Transfer to General Reserve                        700.00       350.00
 
 Surplus carried to
 
 Balance Sheet                                   10,409.34     5,728.35
 
 OPERATIONS :
 
 Income                                         113,528.81    65,061.82
 
 Profit/(Loss) before Tax                        10,517.89     4,414.81
 
 FEED DIVISION :
 
 Production (MTs)
 
 Shrimp Feed                                      1,45,930     1,05,422
 
 Fish Feed                                               -          402
 
 Sales (MTs)
 
 Shrimp Feed                                      1,49,891     1,02,988
 
 Fish Feed                                               -          405
 
 PROCESSING DIVISION :
 
 Production (MTs)                                    3,499        2,713
 
 Export Sales :
 
 Direct (MTs)                                        3,289        2,551
 
 The profit for the year under consideration i.e.  2013-14, before
 depreciation, finance charges and tax is Rs.11,421.59 lacs as compared
 to a profit of Rs. 5,250.52 lacs in the previous financial year. The
 profit for the year after tax is Rs.6975.00 lacs as against a profit of
 Rs.3,019.15 lacs during the previous financial year.
 
 For the fourth consecutive year, there was overall increase in the
 shrimp culture both in terms of water spread area and stocking density,
 mainly because of success of continuous Vannamei shrimp culture.
 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 45%. 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 2013-14 ended with
 shrimp feed sales at 1,49,891 MT, an increase of 46,903 MT as compared
 to previous financial year.
 
 The shrimp processing and export division sales recorded export of
 3,289 MT in 2013-14 as against 2,551 MT in the previous year,
 registering an increase of 29%.
 
 The four windmills of your Company located in Karnataka State with a
 total capacity of 3.2 MW have generated 62.39 lac units as against
 62.14 lac units generated during the previous year and power generated
 was sold to Karnataka Power Transmission Corporation Limited under PPA.
 
 DIVIDEND:
 
 Your Directors are pleased to recommend a dividend of Rs.15/- per
 equity share of Rs.10/- each for the financial year 2013-14 aggregating
 to Rs.1,362.46 lacs on 90,83,042 equity shares. The dividend if
 declared at the ensuing Annual General Meeting, will be paid to those
 shareholders whose name appears on the register of members of the
 Company on 25th July 2014.
 
 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.
 
 SUBSIDIARIES
 
 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 and associate
 companies.
 
 DIRECTORS:
 
 In terms of Article 105 and 106 of the Articles of Association of the
 Company, Sri N. Ram Prasad retires by rotation at the ensuing Annual
 General Meeting and being eligible offers himself for re-appointment.
 
 Sri B.V. Kumar, Sri A.V. Achar, Sri M.S.P. Rao and Sri K. Ramamohana
 Rao are Independent Directors of the Company and have held the
 positions as such, for more than 5 (five) years.
 
 The Company has received in writing from members along with the deposit
 of requisite amount under Section 160 of the Companies Act, 2013,
 proposing the candidatures of each of Sri B. V. Kumar,
 
 Sri A. V. Achar, Sri M. S. P. Rao and Sri K. Ramamohana Rao for
 appointment as Independent Directors.
 
 Sri B. V. Kumar, Sri A.V. Achar, Sri M.S.P. Rao and Sri K. Ramamohana
 Rao are not disqualified from being appointed as Directors in terms of
 Section 164 of the Act and have given their consent to act as
 Directors. The Company has also received declarations from Sri B.V.
 Kumar, Sri A.V.  Achar, Sri M.S.P.  Rao and Sri K. Ramamohana Rao that
 they meet with the criteria of independence as prescribed under Section
 149(6) of the Act.
 
 Resolution(s) for re-appointment/appointment of Directors are
 propounded for consideration and passing by the shareholders at the
 ensuing Annual General Meeting
 
 AUDITORS:
 
 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 three financial years (ending on 31st March, 2015,
 31st March, 2016 and 31st March, 2017) until the conclusion of 24th
 Annual General Meeting on remuneration to be decided by the Board of
 Directors.
 
 COST AUDIT
 
 In pursuance of Section 233 (B) of the Companies Act, 1956 and Ministry
 of Corporate Affairs Notification dated 3rd June, 2011, the Board of
 Directors have appointed M/s. Sagar & Associates, Cost Accountants,
 Hyderabad to carry out Audit of the Cost Accounts of the Company for
 the year 2012-13. The cost Audit compliance report for the year ended
 31st March, 2013 duly certified by the cost accountant was filed with
 the Central Government within the stipulated time. The cost auditors
 (represented by Sri E Vidya Sagar) 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 2013-14. The due date for filing
 the Cost Audit Report for the financial year 2013-14 is September, 30,
 2014.
 
 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
 basis.
 
 CORPORATE GOVERNANCE:
 
 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.
 
 ACKNOWLEDGMENTS:
 
 Your Directors take this opportunity to express their deep and sincere
 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
 
 Date : 30.05.2014                  Chairman & Managing Director
Source : Dion Global Solutions Limited
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