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Poddar Pigments Directors Report, Poddar Pigments Reports by Directors
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Poddar Pigments
BSE: 524570|NSE: PODARPIGMT|ISIN: INE371C01013|SECTOR: Dyes & Pigments
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Directors Report Year End : Mar '14    « Mar 13
Dear Members,
 
 The Directors are pleased to present the Twenty Third Annual Report
 and the Audited Financial Statements for the year ended 31st March,
 2014.
 
 FINANCIAL RESULTS (Summary of key data)              [Rs.In Lacs]
 
 Particulars                            2013-2014        2012-2013
 
 Revenue Receipts                         34007            30043
 Other Income                               174              193
 Total Revenue Receipts including         34181            30236
 other income
 Operating Profit before Finance Cost,     2388             2194
 Depreciation & Tax
 Loss on sale of Investments               (97)              (7)
 Less: Finance Cost                         121              169
 Depreciation                               260              265
 Profit before tax                         1910             1753
 Less: - Current Tax                        525              471
       - Tax in respect of earlier years     -               (1)
       - Deferred Tax                        38               4
 Profit after tax                          1347             1279
 Balance brought forward
 from previous year                         576              500 
 Profit available for appropriations       1923             1779
 APPROPRIATION
 Proposed Dividend on Equity Shares         239              212
 Tax on Dividend                             40               36
 General Reserve                           1061              955
 Balance Carried to Balance Sheet           583              576
 
 REVIEW OF OPERATIONS
 
 During the year under review, your Company performed well in all areas
 of its operations, with impressive top line growth and consistent
 earnings, reflecting the effective corporate strategy of creating
 multiple drivers of growth. Your Company has maintained its leadership,
 due to continuous thrust on Research, Development and Technology
 up-gradation innovative products and is expected to further improve its
 performance in forthcoming years.
 
 Your Company has scaled new heights in overall performance and has set
 new benchmarks in terms of turnover (including export benefit). During
 the year, your Company has achieved a turnover of Rs. 34007 lacs as
 against Rs. 30043 lacs in the previous year, registering an increase of
 13.19 % over the previous year. The growth in sales volume, despite a
 subdued economical scenario, was made possible due to a focus on value
 added products.
 
 EXPORT
 
 Your Company has also improved its performance in Exports and achieved
 a direct export turnover of Rs. 9650 lacs as against
 
 Rs. 7580 lacs in previous year, registering an increase of 27.31%.
 Despite stiff competition from other countries, international buyers
 show preference to your company''s product due to its quality. The
 international market is expected to grow further.
 
 DIVIDEND
 
 Based on the Company''s performance, the Directors are pleased to
 recommend a dividend of Rs. 2.25 per share for the year 2013-14,
 subject to the members'' approval. The dividend on the Equity Shares, if
 approved by the members, would involve a cash outflow of Rs. 279.30
 Lacs, including dividend distribution tax.
 
 MARKETING
 
 Through consistent efforts in maintaining and improving the
 international quality standards, your Company has noticed that there is
 good demand for its products. This has helped in facing price
 competition in both domestic and international markets and also
 achieved increased volume. With sustained efforts, we expect further
 improvements in our performance in the current year. Your Company will
 continue to seek new markets while consolidating its hold over the
 existing customers.
 
 RESEARCH AND DEVELOPMENT
 
 Your company continues to benefit from the strong foundation and long
 tradition of Research and Development (R&D), which differentiate us
 from many others.
 
 In an increasingly competitive business environment, your Company
 recognizes the importance of Research & Development (R&D) to maintain
 its leadership position. Your Company has, over the years, invested
 significantly in its Research & Development (R&D) facility, as a key
 source of sustainable competitive advantage.
 
 The R & D division of your Company, located at its plant (recognized by
 the Department of Science and Industrial Research (DSIR), Government of
 India, as an In-House R&D Unit), constantly endeavors to innovate and
 change the product-mix/process, to create higher value items at lower
 costs and to widen its range of new generation masterbatches.  Its R&D
 efforts aim at ensuring cost optimization and environment protection.
 It strives to leverage modern advances in science and technology and
 blend the same with classical concepts of product development.
 
 The R&D division of your company is equipped with state-of-the- art
 equipments. These equipments are used to test dispersion,
 filterability, mechanical, rheological, thermal & colorist properties
 of products that are being developed for customer specific
 requirements. Tests are carried out conforming to internationally
 accepted test standards.
 
 QUALITY INITIATIVES
 
 Your Company has established various quality initiatives to meet or
 exceed the expectations of its customers. It has invested in various
 pilot plants and state-of-the-art testing equipment in order to carry
 out all relevant tests for masterbatches, which support the smooth
 running of it''s customers'' production process well.
 
 Close interaction with your Company''s customers and independent
 laboratories ensures continuous feedback, which we take on board for
 the continued optimisation of products and processes.
 
 STAR EXPORT HOUSE STATUS AND CRISIL RATING
 
 Sustained growth in exports has enabled your Company to maintain its
 Star Export House Status under the Foreign Trade Policy 2009-2014.
 
 The Company''s Credit Rating is A/Stable/A1, assigned by CRISIL for its
 working capital borrowings, which signifies a strong degree of safety
 with regards to timely payments.
 
 DIRECTORS
 
 Smt. Mahima P. Agarwal retires by rotation at the ensuing Annual
 General Meeting pursuant to the provisions of the Companies Act, 1956
 and the Companies Act, 2013 to the extent applicable and Articles of
 Association of the Company and, being eligible, offers herself for
 re-appointment.
 
 CORPORATE GOVERNANCE
 
 Your Company has been actively practicing the principles of good
 corporate governance over the years. The Board of Directors supports
 the broad principles of corporate governance. In addition to the basic
 governance issues, the Board lays strong emphasis on transparency,
 accountability and integrity.
 
 The report on Corporate Governance (in accordance with Clause 49 of the
 Listing Agreements with the Stock Exchanges), the Auditors'' certificate
 on compliance by the Company and the Management Discussion & Analysis
 have been included in the Annual Report. A corporate governance
 compliance certificate obtained from the auditors of the company is
 part of the Report.
 
 COMPLIANCE WITH THE CODE OF CONDUCT
 
 The Director and Senior Management Personnel have reaffirmed their
 compliance with the code of conduct.
 
 DEPOSITS
 
 The company has neither accepted any deposits during the year under
 review nor does it have any fixed deposits outstanding at the year-end.
 
 EMPLOYEES
 
 The information required under Section 217(2A) of the Companies Act,
 1956 read along with Companies (Particulars of Employees) Rules, 1975,
 is given in the statement annexed hereto forming a part of the Report.
 
 AUDITORS
 
 M/s K. N. Gutgutia & Co, Chartered Accountants, the present Statutory
 Auditors of the Company, hold office till the ensuing Annual General
 Meeting and are eligible for re-appointment.  They have furnished a
 Certificate to the effect that the re- appointment, if made, would be
 within the limits prescribed under Section 139 of the Companies Act,
 2013 and have confirmed their eligibility and willingness to accept
 office, if re-appointed.
 
 COST AUDITORS
 
 Complying with the provisions of Section 233B of the Companies Act,
 1956 and the MCA General Circular No. 15/2011 dated April 11, 2011, (as
 amended vide General Circular No. 36/2012 dated 6th November, 2012)
 subject to the approval of the Central Government, the Audit Committee
 has recommended and the Board of Directors had appointed M/s.  K. G.
 Goyal & Associates, Cost Accountants, Jaipur being eligible and having
 sought appointment, as Cost Auditors of the Company to carry out the
 Cost Audit of all the products manufactured by the Company for the year
 ended March, 2014.
 
 ENVIRONMENT, SAFETY, ENERGY CONSERVATION, TECHNOLOGY ABSORPTION,
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 Your Company accords high priority to health, safety and environment.
 Your Company emphasizes maintaining a healthy and safe environment in
 and around its facilities. Safety awareness is inculcated through
 regular Safety awareness programs, basic fire safety training, mock
 drills etc. As a part of safety management system, a comprehensive
 Safety manual has been developed for use by operating and safety
 personnel. There haven''t been any incidence of accidents reported
 during the year under review.
 
 Several initiatives, initiated earlier, were further continued as part
 of our energy saving measures. The drive for energy conservation is
 always a key priority and your Company continuously strives to achieve
 this through process improvements and through the enhancement of
 equipment capabilities.
 
 Particulars relating to Energy Conservation, Technology Absorption and
 Foreign Exchange Earnings and Outgo, as required under section
 217(1)(e) of the Companies Act 1956, are enclosed as a part of this
 report.
 
 GO GREEN INITIATIVE
 
 The Ministry of Corporate Affairs has taken a ''Green Initiative in
 Corporate Governance'' by issuing circulars allowing paperless
 compliances by Companies through electronic mode. Further, in line with
 circular issued by the Securities and Exchange Board of India (SEBI)
 and consequent changes in the listing agreement, Companies can send
 their Annual Report in electronic mode to Members who have registered
 their e-mail addresses for this purpose. In the absence of any
 communication from the shareholders, the email id in the records of
 depositories shall be considered as the registered email id of the
 respective shareholder. Members holding shares in demat form are
 requested to register their e-mail address with their Depository
 Participants only.  Members of the Company, who have registered their
 e-mail address, are entitled to receive such communication in physical
 form, upon request. All the shareholders who hold their shares in
 physical form and whose e-mail address are not available with the
 Company, may, if they wish to receive the Annual Report in electronic
 form, please send their email id to njain@poddarpigments.com.
 
 The Company solicits active cooperation of shareholders in helping the
 Company to implement the e-governance initiatives of the Government.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000,
 the Directors confirm:
 
 (a) that in the preparation of the Annual Accounts, the applicable
 accounting standards have been followed along with proper explanation
 relating to material departures;
 
 (b) that the directors have selected such accounting policies and
 applied them consistently and have 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 as of 31st March, 2014 and of the
 profit of the Company for the period ended on that date;
 
 (c) that the directors have taken proper and sufficient care to ensure
 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;
 
 (d) That the directors have prepared the Annual Accounts on a ''going
 concern'' basis.
 
 ACKNOWLEDGEMENT
 
 The Management is grateful to the various Government and
 Semi-Government Authorities, Bankers, Investors, Marketing Dealers,
 Vendors and Customers for their valued support and co-operation.
 
 The Directors also wish to place on record their appreciation for the
 dedication and excellent contribution of the employees in realizing and
 achieving the objectives of the Company. The enthusiasm of the
 employees has enabled the company to remain at a constant growth path.
 
                           For and on behalf of the Board of Directors
 
 PLACE : JAIPUR                 R. K. Sureka            S. S. Poddar
 DATE : 15th May, 2014         DIRECTOR & CEO        MANAGING DIRECTOR
 
 
Source : Dion Global Solutions Limited
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