SENSEX NIFTY
Avanti Feeds Directors Report, Avanti Feeds Reports by Directors
YOU ARE HERE > MONEYCONTROL > MARKETS > AQUACULTURE > DIRECTORS REPORT - Avanti Feeds
Avanti Feeds
BSE: 512573|NSE: AVANTI|ISIN: INE871C01012|SECTOR: Aquaculture
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
, 16:01
1252.85
2.8 (0.22%)
VOLUME 1,077
LIVE
NSE
, 16:01
1250.15
-0.05
VOLUME 6,661
Download Annual Report PDF Format 2014 | 2013 | 2011 | 2010
Directors Report Year End : Mar '13    « Mar 12
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.
 
 FINANCIAL PERFORMANCE:
 
                                       (Rs. in Lacs)
 
                                  2012-13        2011-12
 
 Profit/(Loss) before 
 Interest,
 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
 
 APPROPRIATION:
 
 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
 
 OPERATIONS :
 
 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.
 
 DIVIDEND:
 
 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.
 
 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 company.
 
 DIRECTORS:
 
 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.
 
 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 the financial year ending 31st March, 2014 on a
 remuneration to be decided by the Board of Directors.
 
 COST AUDIT:
 
 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,
 2013.
 
 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.
 
 ACKNOWLEDGEMENTS:
 
 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 &
 
                                            Company Secretary
Source : Dion Global Solutions Limited
Quick Links for avantifeeds
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.