Elantas Beck India Directors Report, Elantas Beck Reports by Directors
Elantas Beck India
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Directors Report Year End : Dec '13    « Dec 12
The Directors have pleasure in presenting the Fifty-eighth Annual
 Report and the Audited Accounts for the financial year ended 31
 December 2013.
 Financial Highlights                              (Rs.  in lacs)
                                        Year ended       Year ended
                                        31.12.2013       31.12.2012
 Income from operations                  31,522.68        28,517.24
 Profit before Interest, Depreciation &
 Tax                                      5,016.25         4,186.91
 Depreciation                               538.04           474.46
 Interest                                    17.79            10.15
 Profit Before Tax                        4,460.42         3,702.30
 Provision for tax                        1,285.31           944.67
 Net Profit                               3,175.11         2,757.63
 Profit & Loss Account brought forward    6,610.91        12,605.69
 Profit available for appropriation       9,786.02        15,363.32
 Proposed dividend                        4,360.23         7,293.47
 Tax on Dividend distributed                797.36         1,183.18
 Transfer to General Reserve                317.51           275.76
 Carried to Profit & Loss Account         4,310.92         6,610.91
                                          9,786.02        15,363.32
 Earnings Per Share of Rs.10/- 
 Basic and diluted EPS before extra 
 ordinary items (not annualized):Rs.         40.05            34.78
 Basic and diluted EPS after extra 
 ordinary items (not annualized):Rs.         40.05            34.78
 The sales atRs.3031 Mio. for the year ended 31 December 2013 registered
 11 % growth over the sales of Rs. 2732 Mio. for the previous year ended
 31 December 2012.  In terms of sales quantity, the tonnage sold during
 the year ended 31 December 2013 increased by 5% over the previous year.
 Despite the hardening of raw material prices and weakening of the
 Indian Rupee, the Company''s margins improved due to efficient sales
 price management and raw material cost optimizations.
 Company''s efforts on reducing costs of its operation and other
 administrative costs yielded positive results and helped in registering
 a better profit return, both before and after tax. The Profit before
 Tax stood at Rs. 446 Mio. and Profit after Tax was reported atRs.370 Mio.
 Share Capital
 Share Capital Audit as per the directives of the Securities and
 Exchange Board of India is conducted on a quarterly basis by V.R.
 Associates, practicing Company Secretaries. The Share Capital & Audit
 Reports are duly forwarded to BSE Ltd. where the equity shares of the
 Company are listed. During the year ended 31 December 2013, there was
 no change in the issued and subscribed capital of the Company, the
 outstanding capital as on 31 December 2013 was Rs.79.3 Mio. comprising of
 7.93 Mio.  shares of Rs. 10/- each.
 The Directors are pleased to recommend a dividend of Rs. 55/- per equity
 share of Rs. 10/- each, for the year ended 31 December 2013.
 During the year under review, Mr. Pradeep Mallick resigned from the
 position of the Director of the Company with effect from 29 April 2013
 and Mr. Ranjal Laxmana Shenoy was appointed as an Additional Director
 with effect from 28 October 2013.
 Mr. Rajeev Bhide resigned from the post of Managing Director of the
 Company with effect from 31 December 2013.
 Mr. Ravindra Kumar was appointed as the Managing Director with effect
 from 01 January 2014.
 As per the requirement under the Listing Agreement, particulars of
 Directors seeking re-appointment at the ensuing Annual
 General Meeting form part of the Notice of the meeting.
 None of the Directors is disqualified from being appointed as or
 holding office as Directors, as stipulated under Section 274 of the
 Companies Act, 1956.
 Corporate Governance
 The Company is committed to have robust governance policies &
 procedures for maintaining transparency, accountability & integrity in
 the functioning of the Company. To live up to the same, it has
 effective management team and adequate financial & human resources in
 place. With frequent reviews, the Board of Directors supports the
 Company by lending its expert advice.
 Pursuant to Clause 49 of the Listing Agreement, the Management
 Discussion and Analysis Report, Report on Corporate Governance and the
 Auditors'' Certificate regarding compliance of the same form an integral
 part of this Annual Report.
 Change in address of Registered Office of the Company.
 The Company''s Registered Office has been shifted from ''Beck House,
 Damle Path, Off Law College Road, Pune 411004'' to ''147, Mumbai-Pune
 Road, Pimpri, Pune 411018'' with effect from 22 January 2013.
 Corporate Social Responsibility
 The Company continued with its efforts in terms of giving back to the
 society by contributing to certain social causes like:
 - Donation of Rs. 5 lakhs to help the re-settlement and welfare of the
 victims afflicted by unprecedented floods witnessed by Uttarakhand
 - Donation of 100 aprons to ITI, Chinchwad
 - Donation of desks, benches & bunk beds to child labour rehabilitation
 school at Hunsur, Dist. Mysore, Karnataka, an initiative taken at the
 behest of ALTANA AG.
 The Company''s employees also in their individual capacities contributed
 voluntarily to various social causes like:
 - Donation of used clothes in a cloth collection drive named ''Vastra
 Bhet'' planned by ''SWaCH'', an organization which is a wholly owned
 co-operative of self-employed waste pickers & waste collectors.
 - One day salary contribution towards re-settlement and welfare of the
 victims afflicted by unprecedented floods in Uttarakhand Listing on BSE
 The Company''s shares are listed on BSE Ltd.
 Directors'' Responsibility Statement
 Pursuant to Section 217 (2AA) of the Companies Act, 1956, after due
 inquiry and on the basis of the information received from the operating
 management and relying upon the report of the Auditors regarding
 compliance with the Accounting Standards, the Directors confirm that:
 1.  In the preparation of the annual accounts, the applicable
 accounting standards have been followed, along with appropriate
 explanations relating to material departures.
 2.  The accounting policies have been consistently applied, and
 reasonable and prudent judgment and estimates have been made so as to
 give a true and fair view of the state of affairs of the Company as at
 31 December 2013, and the profit for the year ended on that date.
 3.  Proper and sufficient care has been taken 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
 preventing and detecting fraud and other irregularities.
 4.  The annual accounts have been prepared on a going concern basis.
 Cost Audit
 Pursuant to Section 233B of the Companies Act, 1956, the Central
 Government has prescribed cost audit of the accounts to be maintained
 by the Company with regard to its products. Dhananjay V Joshi &
 Associates, Cost Accountants, have been re-appointed as Cost Auditors
 of the Company for the year 2014 in the meeting of Board of Directors
 held on 26 February 2014, subject to the approval of the Central
 Government, if required, to conduct an audit of the cost accounting
 records maintained by the Company. The Cost Audit Report for the
 financial year ended 31 December 2012 which was due for filing on 29
 June 2013, was filed with MCA on 26 June 2013.
 The Statutory Auditors, BSR & Co. LLP, Chartered Accountants, Pune,
 retire at the forthcoming Annual General Meeting and are eligible for
 re-appointment. The Board and Audit Committee recommend the
 re-appointment of BSR & Co. LLP, as Statutory Auditors of the Company,
 to hold office as such from the conclusion of the forthcoming Annual
 General Meeting until the conclusion of the next Annual General
 Meeting. The Company has received a letter from retiring Auditors to
 the effect that their re-appointment, if carried out, would be within
 the prescribed limits under Section 224(1B) of the Companies Act, 1956.
 Conservation of Energy, Technology Absorption and Foreign Exchange
 Earnings and Outgo
 Information as required by the Companies (Disclosure of Particulars in
 the Report of Board of Directors) Rules, 1988, relating to Conservation
 of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo,
 is given in Annexure A to this report.
 Green Initiative
 The Company has taken the initiative of going green and minimizing the
 impact on the environment. The Company has been circulating the copy of
 its Annual Report and other shareholders'' communication, if any, in
 electronic format to all those Members whose email address is available
 with the Company. The Company would also encourage other Members to
 register themselves for receiving Annual Report and other communication
 in electronic form. Members are requested to refer the contact details
 and ways to register the email address given under the heading ''Request
 for the Members'' at the end of the Notice of the Annual General
 Meeting.  Sexual Harassment of Women at Workplace
 There were no cases of sexual harassment filed during the year under
 review, in terms of the provisions of the Sexual Harassment of Women at
 Workplace (Prevention, Prohibition and Redressal) Act, 2013.
 Compliance on Minimum Public Shareholding
 In order to be compliant with the SEBI requirement on minimum public
 shareholding, necessary steps have been taken by the Company for ''Offer
 for Sale'' to the public on BSE Ltd., for 269,109 equity shares of f 10
 each, aggregating to 3.39% of the total paid up equity share capital of
 the Company. With the step contemplated, the Company is certain about
 meeting the compliance of the mandatory requirement of SEBI on minimum
 public shareholding.  Particulars of Employees
 Information to be provided under Section 217(2A) of the Companies Act,
 1956, read with Companies (Particulars of Employees) Rules, 1975, is
 given in Annexure B forming part of this report.  Industrial Relations
 The Company has reached amicable wage settlements with its workmen at
 Pimpri and Ankleshwar in 2013. These wage settlements, which are for a
 three years period from 1 January 2013 to 31 December 2015, were
 negotiated separately for the two sites on the basis of Region cum
 Industry principle. The beneficiary employees at both sites have
 expressed their satisfaction with the quick and progressive settlement.
 During the year under review, industrial relations continued to remain
 cordial.  Acknowledgements
 The Board wishes to place on record its appreciation to all employees
 for their continued contribution to the performance of the Company. The
 Board would also like to register its sincere appreciation to the
 contribution made by its Members.
                            For and on behalf of the Board
 Mumbai                     Suresh Talwar    Ravindra Kumar
 26 February 2014           Director         Managing Director
Source : Dion Global Solutions Limited
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