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Nile Directors Report, Nile Reports by Directors
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Nile
BSE: 530129|ISIN: INE445D01013|SECTOR: Glass & Glass Products
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Directors Report Year End : Mar '13    « Mar 12
To The Members,
 
 The Directors take pleasure in presenting the 29th Annual Report on
 the operations of your Company and the Audited Accounts for the
 financial year ended 31st March, 2013, together with the Auditors''
 Report thereon.
 
 Financial Results:
 
 Your Companys results for the year, in comparison with the previous
 year, are given below in a summarized format:
 
                                                    (Rs. in lakhs)
 
 Particulars                            2012-13           2011-12
 
 Net Sales                             27063.40          32181.30
 
 Other Income                             72.22            156.89
 
 Profit before interest and 
 depreciation                           1616.42           1934.64
 
 Less: Interes                595.77              900.00
 
 Depreciation                 323.08              215.01
 
 Profit before
 exceptional & extraordinary            697.57             819.63
 
 items and tax
 Exceptional & 
 Extraordinary Item                         
 
 (Net of tax) – Profit 
 on sale of GLD
 
 Profit before Tax                     2165.72             819.63
 
 Profit after Tax                      1979.42             566.74
 
 Add: Opening balance in Statement of  1972.25            1518.28
 
 Profit & Loss
 Amount available for appropriation    3951.67            2085.03
 
 Appropriations:
 
 Transfer to General Reserve            150.00              43.00
 
 Proposed Dividend on equity shares      60.04              60.04
 
 Income Tax on proposed Dividend          9.74               9.74
 
 Surplus/(Deficit) carried to Balance  3731.89            1972.25
 Sheet
 
 DIVIDEND:
 
 Your Directors have pleasure in recommending a dividend of Rs.2.00 per
 share for the year 2012-13.
 
 OPERATIONS:
 
 Operations of the Company''s three divisions for the year under review
 were as follows:
 
 LEAD DIVISION:
 
 This year, the Lead division recorded sales of Rs.25,987 lakhs as
 against Rs.27,448 lakhs in the previous year.
 
 WINDMILLS:
 
 The entire energy generated at Ramagiri was sold to Andhra Pradesh
 Power Coordination Committee, and the total revenue was Rs.45 lakhs as
 against Rs.88 lakhs in the previous year. As per the interim order
 passed by Andhra Pradesh Electricity Regulatory Commission (APERC), the
 company is receiving Rs.1.69 per unit instead of Rs.3.37 per unit.
 However, the Company has filed an appeal before the Appellate Tribunal
 for Electricity (APTEL) against the order passed by the APERC.
 
 GLASS LINING :
 
 This year, the Glass Lining division recorded sales of Rs.1,031 lakhs
 till 21st June, 2012, the date of transfer of the business to De
 Dietrich Process Systems India Private Limited.
 
 TOTAL:
 
 The combined turnover of the Company, thus, was Rs.27,063 lakhs for the
 year under review, as against Rs.32,181 lakhs for the previous year.
 
 CORPORATE GOVERNANCE:
 
 Your Company has complied with all provisions of Corporate Governance,
 as required under Clause 49 of the Listing Agreement. A report on
 Corporate Governance, along with the certificate on its compliance from
 the Auditors, forms part of this report.
 
 Voluntary Guidelines -2009:
 
 The Ministry of Corporate Affairs has issued a set of Voluntary
 Guidelines on Corporate Governance and Corporate Social
 Responsibility in December, 2009.  These guidelines are expected to
 serve as a benchmark for the Corporate Sector and also help them in
 achieving the highest standard of corporate governance.
 
 Some of the provisions of these guidelines are already in place as
 reported elsewhere in this Report. The other provisions of these
 guidelines are being evaluated.
 
 QUALITY SYSTEM:
 
 Your Companys certificates for Quality Systems under ISO 9001 for the
 Lead Division continue to be valid.
 
 CONSERVATION OF ENERGY:
 
 (i) Your Company continues to explore all possible avenues to reduce
 energy consumption.
 
 (ii) As your Company is not covered in the Schedule to the Companies
 (Disclosures of particulars in the report of the Board of Directors)
 Rules, 1988, read with Section 217(1)(e) of the Companies Act, 1956,
 the details under Form A are not required to be furnished.
 
 TECHNOLOGY ABSORPTION:
 
 No new technology has been obtained during the year, and the existing
 technology in use has been fully absorbed.
 
 FOREIGN EXCHANGE EARNINGS AND OUTGO:  
 
                                              (Rs. In lakhs)
 
 Particulars                            2012-13       2011-12
 
 a) Foreign Exchange earnings
    on exports                           529.21       1141.83
 
 b) Foreign Exchange used on
    account of:
 
 i) Foreign Travel 
 
 ii) CIF value of imports of 
     raw material & others                98.61     11209.67
 
 Iii) Commission on Sales 
 
 iv) Dividend for 2011-12 / 2010-11        1.65         1.65
 
 DIRECTORS:
 
 Pursuant to the provisions of Section 256 of the Companies Act, 1956,
 Sri V. Ashok will retire by rotation at the ensuing Annual General
 Meeting, and being eligible, offers himself for reappointment.
 
 DEPOSITS:
 
 Your Company has accepted fixed deposits during the year, and complied
 with all the statutory provisions. The outstanding deposits as on 31st
 March, 2013 amount to Rs.482.00 lakhs, which includes Rs.422.00 lakhs
 from related parties.
 
 AUDITORS:
 
 Statutory Auditor: Your Companys auditors M/s. Sarathy & Balu,
 Chartered Accountants, retire at the conclusion of the forthcoming
 Annual General Meeting and have signified their willingness to accept
 re-appointment and confirmed their eligibility under Section 224(1B) of
 the Companies Act, 1956.
 
 Cost Auditor: Subject to the approval of the Central Government, your
 company has appointed Mr. N.V.S. Kapardhi, Cost Accountant, who has
 signified his willingness to accept the appointment and confirmed his
 eligibility under Section 224(1B) of the Companies Act, 1956, as Cost
 Auditor for the Financial Year 2013-14, as required under the Companies
 (Cost Audit Report) Rules, 2011, read with Sec.  209(1)(d) and Section
 233B of the Companies Act, 1956.
 
 PARTICULARS OF EMPLOYEES:
 
 No employee was in receipt of remuneration more than the limit
 prescribed under the Companies (Particulars of Employees) Rules, 1975.
 
 TRANSFER OF UNCLAIMED AND UNPAID DIVIDEND TO IEP FUND:
 
 Pursuant to Section 205C of the Companies Act, 1956, read with the
 Investor Education and Protection Fund (Awareness and Protection of
 Investors) Rules, 2001 as amended from time to time, an amount of
 Rs.62,367/- in the unclaimed and unpaid final dividend for 2004-05 was
 transferred to the Investor Education and Protection Fund during the
 year.
 
 DISCLOSURE AS PER LISTING AGREEMENT:
 
 Clause 32:
 
 The cash flow statement in accordance with the Accounting Standard on
 cash flow statement (AS-3) is appended to this Annual Report.
 
 Clause 43A:
 
 Your Companys shares are listed on the BSE Ltd., Mumbai, P.J. Towers,
 Dalal Street, Fort, Mumbai. The annual listing fee for the year 2013-14
 has been paid.
 
 RESPONSIBILITY STATEMENT:
 
 In pursuance of the provisions of Section 217(2AA) of the Companies
 Act, 1956, your Directors state that:
 
 i. the applicable accounting standards have been followed in the
 preparation of the annual accounts.
 
 ii. they had 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 for the financial year ending 31st March, 2013, and of the
 profit of the Company for that period.
 
 iii. they had 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. they have prepared the accounts on a going concern basis.
 
 INDUSTRIAL RELATIONS:
 
 The industrial relations in the Company continue to be very cordial and
 stable. Your Directors would like to place on record the dedication and
 commitment of all the employees of your Company.
 
 ACKNOWLEDGEMENT:
 
 Your Directors thank the customers, vendors, investors and Andhra Bank
 for their continued support during the year.
 
                                     For and on behalf of the Board
 
                                     Sd/- 
 
 Place: Hyderabad                    V. Ramesh 
 
 Date: 11-05-2013                    Chairman and Managing Director
Source : Dion Global Solutions Limited
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