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Bannari Amman Spinning Mills Directors Report, Bannari A Spg Reports by Directors
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Bannari Amman Spinning Mills
BSE: 532674|NSE: BASML|ISIN: INE186H01014|SECTOR: Textiles - General
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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 have pleasure in presenting the 23rd Annual Report
 together with audited accounts of the Company for the year ended 31st
 March, 2013.
 
 FINANCIAL RESULTS : 
 
                                               (Rs in Lakhs)
 
                                       2012-2013    2011-2012
 
 Profit before Depreciation             7,648.08      326.47
 
 Less: Depreciation                     3,575.65    3,722.63
 
 Less : Taxes                           1,340.61   -1,758.55
 
 Less : Extra Ordinary Item 
 (Net of Tax Expenses) 
 
 Profit after Tax                       2,731.8  1 -1,637.61
 
 Surplus brought forward from last year -611.25     1,026.36
 
 Amount available for appropriation    2,120.56      -611.25 
 
 Appropriations:
 
 Provision for Equity Dividend           315.09 
 
 Provision for Tax on Dividend            53.55 
 
 Transfer to General Reserve           1,000.00 
 
 Surplus carried over to Balance Sheet   751.92 
 
 Total                                 2,120.56 
 
 
 
 
 DIVIDEND
 
 Your Directors are glad to recommend payment of dividend of Rs. 2 per
 equity share of Rs. 10/- each to the equity shareholders (Last year Nil
 per share of Rs. 10/- each). The dividend is free from income tax in the
 hands of shareholders.
 
 REVIEW OF OPERATIONS
 
 Spinning Division
 
 During the year under review, the Spinning Mills produced 17790.26
 tonnes (14696.59 tonnes) inclusive of purchased quantity 226.97 tonnes
 (56.68 tonnes) of Yarn and sold 17286.64 tonnes (16136.67 tonnes) of
 Yarn. The sales include 9337.58 tonnes (8603.05 tonnes) by way of
 Export. The total sales of this division amounted to Rs. 40210.94 Lakhs (
 Rs. 34489.74 Lakhs) of which export sales amounted to Rs. 20499.79 Lakhs (
 Rs. 18382.30 Lakhs) constituting 50.98% (53.30%) of the total revenue.
 
 Weaving Division
 
 The Weaving Division specializes in manufacturing wider-width cotton
 fabric. During the year under review, 61.28 Lakh metres (66.93 Lakh
 Metres) of Fabric were produced and 69.58 Lakh Metres (70.21 Lakh
 metres) of Fabric were sold.
 
 Wind Mill Division
 
 The company has 4 windmills of 1250 KW each totaling 5MW in Radhapuram
 Taluk, Tirunelveli District, Tamilnadu, 25 Nos windmills, each of 800
 KW capacity totaling 20 MW capacity in Dharapuram Taluk, Tirupur
 District and Palani Taluk, Dindigul District, Tamilnadu and 3 Windmills
 of 1650 KW each in Kongalnagaram, Udumalpet Taluk, Tirupur District,
 Tamilnadu. The total installed capacity of Windmills is 29.95 MW and
 the whole of the power generated is captively consumed by the Spinning
 Units. The windmills produced 618.25 Lakh units of wind energy as
 against 528.55 lakh units produced in the last year.
 
 Processing and Technical Textiles Division
 
 During the year under review, 7.74 Lakh Metres (16.03 Lakh Metres) of
 Coated Fabric were produced and 8.81 Lakh metres (16.52 Lakh Metres) of
 Coated Fabric were sold. During the year under review 2.53 Lakh metres
 of Canvas were produced end 2.50 Lakh metres of Canvas were sold. The
 end products/applications of these fabrics include Home Textiles,
 upholstery, apparel fabric, performance and industrial fabric. During
 the year under review, 0.37 Lakh Metres (3.35 Lakh Metres) of
 Breathable water proof Fabric were produced and 0.74 Lakh metres (3.46
 Lakh metres) were sold under the Brand name Quick dry.
 
 Garment Division
 
 During the year under review, 5.32 lakh pieces of Garments were
 produced inclusive of purchased quantity 0.47 lakhs pieces and sold
 5.14 lakh pieces. The total sales of this division amounts to Rs. 1934.63
 lakhs of which export sales amounted to Rs. 1894.35 lakhs.
 
 Prospects for the Current Year
 
 The revival of Dying units in Tirupur, Tamilnadu, improvements in
 Garments Export coupled with stability in cotton prices is expected to
 contribute favorably to the working results of the company. In the
 current year also the power supply situation in the state of Tamilnadu
 remains severely affected. However the company has identified alternate
 sources of power to overcome power shortage. Barring unforeseen
 circumstances the overall performance of the company expected to be
 satisfactory.
 
 PUBLIC DEPOSITS
 
 During the year under review, the Company has not accepted any deposits
 from the Public.
 
 DIRECTORS
 
 Sri S Palaniswami and Dr K R Thillainathan, Directors will retire by
 rotation at the ensuing annual general meeting and they are eligible
 for re-appointment.
 
 Sri S K Sundararaman ceased to be a Director of the Company by
 resignation with effect from 31.5.2012.  The Board wishes to place on
 record its appreciation for the valuable services rendered by Sri S K
 Sundararaman during his tenure of office as Director and Executive
 Director in the growth of the Company.
 
 AUDIT COMMITTEE
 
 The Audit Committee comprises of
 
 1.  Sri C S K Prabhu - Chairman (Non- Executive Independent Director)
 
 2.  Sri K N V Ramani - Member (Non- Executive Independent Director) and
 
 3.  Sri S Palaniswami - Member (Non- Executive Independent Director)
 
 PARTICULARS OF EMPLOYEES
 
 None of the Employee is drawing remuneration in excess of the limits
 specified under Section 217(2A) of the Companies Act, 1956. Hence the
 information required under section 217(2A) of the Companies Act, 1956,
 read with Companies (Particulars of Employees) Rules, 1975 and forming
 part of the Director''s report is not furnished.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 The particulars required to be included in terms of Section 217(1) (e)
 of the Companies Act, 1956 with regard to conservation of energy,
 technology absorption, foreign exchange earnings and outgo are given in
 Annexure -I.
 
 DIRECTOR''S RESPONSIBILITY STATEMENT
 
 As stipulated in Section 217 (2AA) of the Companies Act, 1956 your
 Directors confirm that:
 
 (i) Your Directors have followed the applicable accounting standards in
 the preparation of annual accounts;
 
 (ii) Your 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 2012-2013 and of the
 profit of the company for that period;
 
 (iii) Your Directors have taken proper and sufficient care 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
 
 (iv) Your Directors have prepared the annual accounts on a going
 concern basis.
 
 CORPORATE GOVERNANCE
 
 A separate section on Corporate Governance, Management Discussion and
 Analysis and a certificate from the Auditors of the Company regarding
 compliance of conditions of Corporate Governance as stipulated under
 clause 49 of the Listing Agreement form part of this Annual Report.
 
 AUDITORS
 
 The present Auditors of the Company M/s P.N.Raghavendra Rao & Co,
 Chartered Accountants, Coimbatore, are retiring at the ensuing Annual
 General Meeting and are eligible for re-appointment.
 
 COST AUDITOR
 
 Sri M Nagarajan, Cost Accountant, Coimbatore has been appointed as Cost
 Auditor to conduct Cost Audit of the Company for the financial year
 2012  2013 with the approval of Central Government.
 
 INDUSTRIAL RELATIONS
 
 The relationship with employees continued to remain cordial throughout
 the year under review.
 
 ACKNOWLEDGEMENT
 
 Your Directors acknowledge with gratitude the timely assistance and
 help extended by the Bankers for having provided the required bank
 facilities. Your Directors wish to place on record their appreciation
 of the contributions made by the employees at all levels for the
 excellent performance of your company.
 
                                       BY ORDER OF THE BOARD 
 
                                       Coimbatore S V ARUMUGAM
 
 18th May, 2013                        Chairman & Managing Director
Source : Dion Global Solutions Limited
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