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Dharani Sugars and Chemicals Directors Report, Dharani Sugars Reports by Directors
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Dharani Sugars and Chemicals
BSE: 507442|NSE: DHARSUGAR|ISIN: INE988C01014|SECTOR: Sugar
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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 present herein the Twenty-Sixth Annual Report on the
 operations of your Company and the Audited Statement of accounts for
 the year ended 31st March 2013.
 
 Financial Results
 
 
                                                      (Rs. in Crores)
  
                                                    Year        Year
 Particulars                                       Ended       Ended
                                              31.03.2013  31.03.2012
 
 Total Revenue                                    580.37      615.97
 
 Profit before Interest,
 
 Depreciation and Tax                              94.54       85.58
 
 Interest and
 
 Finance Charges                                   53.63       48.75
 
 Depreciation                                      24.01       20.75
 
 Profit/(Loss) before Tax                          16.90       16.08
 
 Tax Expense                                       (4.80)      (5.94)
 
 Amortization of USAID Grant                        0.11        0.11
 
 Profit/(Loss) After Tax                           12.21       10.25
 
 Dividend                                           2.94        2.94
 
 Dividend Tax                                       0.50        0.47
 
 Transfer to General Reserve                        2.00        2.00
 
 Brought forward from
 last year                                         53.04       48.20
 
 Balance carried forward to
 Balance Sheet                                     59.81       53.04
 
 
 
 Product-wise performance:
 
 Sugar: During the year under review, the Company has achieved a record
 high crushing of 22.69 lakh tonnes of cane as against 19.08 lakh tonnes
 of cane in the previous year. The increase in cane crushing is mainly
 due to increased availability of cane at Polur and Sankarapuram units
 on account of better monsoon in the previous year. The total sugar
 production was 20.52 Lakh Qtls as against 18.14 Lakh Qtls in the
 previous year. The total sugar sold was 16.15 lakh qtls as against
 18.62 Lakh qtls in the previous year. The reduction in the sales was
 mainly on account of the reduced free sugar allotment and lower volume
 of exports. During the year, the Company has exported 7.81 lakh Qtls of
 sugar as against 8.16 lakh Qtls of sugar in the previous year. The
 average realization for the year 2012-13 was higher at Rs.2950/Qtl as
 against Rs.2796/Qtl in the previous year.
 
 Power: During the year, the total power generation was 1761.67 lakh
 units as against 1728.51 lakh units in the previous year. The export to
 the TNEB grid was 1123.12 lakh units as against 1181.96 lakh units in
 the previous year. The total value of the power exported to the grid
 has decreased to Rs.45.55 crores from Rs 48.49 crores in the previous
 year mainly on account of reduced tariff and marginal reduction in
 units exported.
 
 Industrial Alcohol: The production of industrial Alcohol was 220.07
 lakh litres as against 147.19 lakh litres in the previous year. The
 increase in the production was mainly on account of the distillery
 plant at Kalayanallur Unit III. The Company was able to sell the entire
 production of Alcohol and the sale was 208.52 lakh litre as against
 155.57 lakh litres in the previous year. Consequent to this, the
 Alcohol sales value has increased to Rs.50.41 crores as against
 Rs.38.06 crores in the previous year. The average realization was Rs.
 24.09/ litre as against Rs.24.42 /litre in the previous year. The price
 of alcohol has come down on account of import of alcohol by the IMFL
 units from the neighbouring states.
 
 Financial Performance:
 
 The total income for the year was Rs.580.37 crores as against Rs.615.97
 crores in the previous year.  The reduction in the income as compared
 to the previous year was mainly on account of the reduced free sugar
 allotment and lower volume of exports.  The Gross Operating Profit has
 however increased to Rs.94.54 crores from Rs.85.58 crores. The Cash
 profit has also increased to Rs.40.91 crores as against Rs.36.83 crores
 in the previous year. The profit after Depreciation has increased to
 Rs.16.90 crores from Rs.16.08 crores in the previous year.  The Net
 profit after tax works out to Rs.12.21 crores as against Rs.10.25
 crores in the previous year.
 
 Dividend
 
 Your Directors are pleased to recommend a dividend of Re.1.00 per
 Equity share of Rs.10/- each for the financial year ended 31st March
 2013, which will involve a pay out of Rs.293.90 lakhs, besides dividend
 distribution tax of Rs.49.95 lakhs
 
 Reserves
 
 During the year, your Company has transferred a sum of Rs. 200.00 lakhs
 to General Reserves account.
 
 Fixed Deposits
 
 A sum of Rs. 14.34 lakhs was collected as deposits during the year
 2012-2013. Your Company has complied with the provisions of Section 58
 (A) and 58 (AA) of the Companies Act, 1956 and the rules prescribed
 there under. Your Company has no unpaid deposits which were due or
 repayable as on 31st March 2013. Your Company has not defaulted in
 repayment of the deposits on the due dates. As on the date of this
 report, there are no unclaimed deposits.
 
 Auditors
 
 The Auditors of the Company M/s Srinivasan and Shankar, Chartered
 Accountants, Chennai retire at the close of the ensuing Annual General
 Meeting and are eligible for re-appointment. They have conveyed their
 consent for reappointment and have furnished the required declaration
 under Sec. 224 of the Companies Act.
 
 Cost Audit
 
 The Company has received the approval of the Central Government for
 re-appointment of Mr.V Srinivasan, as Cost Auditor to carry out the
 Cost Audit for the Financial Year 2012-13.
 
 Compliance
 
 The Company has devised proper systems to ensure compliance of all laws
 applicable to the Company.
 
 Directors
 
 Mr P S Gopalakrishnan is retiring by rotation at the ensuing Annual
 General Meeting and is eligible for re-appointment.
 
 Directors'' Responsibility Statement
 
 In terms of Section 217 (2AA) of the Companies Act, 1956 your Directors
 confirm as follows.
 
 (i) that in the preparation of the annual accounts, the applicable
 accounting standards have been followed along with proper explanation
 relating to material departures.
 
 (ii) that the 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 and of the
 profit or loss of the Company for that period.
 
 (iii) that the directors have taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of this Act for safeguarding the assets of the Company and
 for preventing and detecting fraud and other irregularities.
 
 (iv) that the directors have prepared the annual accounts on a going
 concern basis.
 
 Corporate Governance
 
 A report on Corporate Governance and a management discussion and
 analysis report, in line with SEBI prescribed format incorporated in
 the Listing Agreement, are attached herewith. A certificate from the
 Statutory Auditors on compliance of conditions of Corporate Governance
 has been obtained and copy enclosed to this report.
 
 Particulars of Employees.
 
 Under the provisions of Section 217 2(A)(a) of the Company''s Act 1956
 read with Companies (particulars of employees) Rules, 1975 as amended,
 the names and other particulars of employees are set out below:
 
 1.  The nature of employment is contractual.  The appointment is for a
 period of 5 years from 25.06.2009 to 24.06.2014 and approval has been
 obtained from Government of India.
 
 2.  Remuneration as shown above includes salary, allowances, leave
 travel assistance, plus commission @3% of the net profit.
 
 3.  Remuneration as shown above does not include amount attributable to
 compensated absences as actuarial valuation is done for the company as
 a whole only.
 
 4.  He is not related to any Director of the Company.
 
 B) Employed for part of the year ended 31st March 2013 and was in
 receipt of remuneration aggregating not less than Rs 5, 00,000/- per
 month.  NIL- Energy, Technology and Foreign Exchange
 
 Information relating to the conservation of energy, technology
 absorption and foreign exchange earnings and outgo as required to be
 furnished under the provisions 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 given as Annexure I to this
 report.
 
 Acknowledgements
 
 The Board of Directors places on record its appreciation of the
 support, assistance and co- operation received from the Central
 Government, Government of Tamil Nadu, various governmental agencies,
 ICICI Bank Limited, IREDA, the Company''s bankers, Indian Bank, State
 Bank of India, The South Indian Bank Limited, Bank of India, Central
 Bank of India, The Federal Bank Limited, Union Bank of India, IDBI Bank
 Ltd and Indian Overseas Bank.
 
 The Board of Directors also wishes to place on record its appreciation
 for the cane growers, without whose help and support it could not have
 achieved the progress that has been made so far. With our encouragement
 and their initiative, we hope for improved cane availability for the
 ensuing years.
 
 Your Directors are thankful to the employees of the Company for their
 wholehearted co-operation and unstinted dedication to duty leading to
 cordial industrial relations during the year under review.
 
 The Board is thankful and grateful for the continuing co-operation to
 the management from the shareholders family since inception and is
 confident that this partnership will sustain forever.
 
 
 
                           for and on behalf of the Board of Directors
      
                                      DR PALANI G PERIASAMY
  
                                       Executive Chairman 
 
 Place : Chennai - 34 
 
 Date : 30.05.2013
Source : Dion Global Solutions Limited
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