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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 '13    « Mar 12
Dear Members,
 
 The Directors are pleased to present the Twenty Second Annual Report
 on the business and operations of the Company, together with the
 Audited Financial Statement for the year ended 31st March, 2013.
 
 FINANCIAL RESULTS 
 
                                             [Rs. in Lacs]
 Particulars                           2012-2013   2011-2012
 
 Revenue Receipts                          30043       23930
 
 Other Income                                193         113 
 
 Total Revenue Receipts
 including other income                    30236       24043 
 
 Operating Profit before Finance
 
 Cost, Depreciation & Tax                   2194        2085
 
 Loss on sale of Investments                  (7)       (194)
 
 Less: Finance Cost                          169         179
 
 Depreciation                                265         270
 
 Profit before tax                          1753        1442
 
 Less:-Current Tax                           471         393
 
 -Tax in respect of earlieryears (1)
 
 - Deferred Tax                                4          65
 
 Profit after tax                           1279         984
 
 Balance brought forward from
 previous year                               500         397
 
 Profit available for appropriations        1779        1381 
 
 APPROPRIATIONS
 
 Proposed Dividend on Equity Shares          212         212
 
 Tax on Dividend                              36          35
 
 General Reserve                             955         634
 
 Balance Carried to Balance Sheet            576         500
 
 OPERATIONS
 
 The global economy in the Financial Year 2012-13 improved slowly, but
 was short of expectations. Several European economies experienced
 recession due to high unemployment, banking fragility, fiscal
 tightening and sluggish growth.  Deceleration in industrial output and
 exports weakened India''s economic growth significantly.
 
 The economic environment in 2012-13 has been tough and the growth in
 India moderated for one more year. There were various internal and
 external factors that played a role. The effect of the uncertainty and
 recessionary trends in the global economies was compounded by the
 complexity in the domestic environment.
 
 During the year under review the 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. The Company has maintained its leadership, due to
 continuous thrust on Research,
 
 Development and Technology up-gradation 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, the Company has achieved a turnover of Rs. 30043 lacs as
 against Rs. 23930 lacs in the previous year, registering an increase of
 25.54% over the previous year. The growth in sales volume in spite of
 subdued economical scenario was made possible with more focus on value
 added products.
 
 EXPORT
 
 Your Company has also improved its performance in Exports and achieved
 direct export turnover of Rs. 7580 lacs as against Rs. 5580 lacs in
 previous year, registering an increase of 35.84%. Your Company Exports
 to more than 25 countries around the Globe.
 
 DIVIDEND
 
 Based on the Company''s performance, the Directors are pleased to
 recommend a dividend of Rs. 21- per share for the year 2012-13, subject
 to the members'' approval. The dividend on the Equity Shares, if
 approved by the members, would involve a cash outflow of Rs. 248.26
 Lacs including dividend tax for the year 2012-13.
 
 MARKETING
 
 Through consistent efforts in maintaining and improving the
 international quality standards, your Company has found satisfactory
 demand for its products. This has helped in facing price competition in
 both domestic and international markets and also achieved increased
 sales. 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
 testing equipments. These equipments are used to test dispersion,
 filterability, mechanical, rheological, thermal, optical & colorist
 properties of incoming raw materials and outgoing finished products.
 Tests are carried out conforming to internationally accepted test
 methods.
 
 QUALITY INITIATIVES
 
 Your Company is committed to produce and deliver zero-defect
 Masterbatches. It also endeavors to achieve consistent customer
 satisfaction by implementing and meeting the ISO 9001:2008 QMS
 requirements. Constant Interaction with Customers, Optimum utilization
 of resources and Training & Education of Employees are carried out in
 order to ensure that your company attains its goals.
 
 STAR EXPORT HOUSE STATUS AND CRISIL RATING
 
 Sustained growth in exports has enabled the 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 strong degree of safety
 regarding timely payment.
 
 DIRECTORS
 
 Smt. Mahima P. Agarwal, retires by rotation at the ensuing Annual
 General Meeting pursuant to the provisions of the Companies Act, 1956
 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 all been included in the Annual 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 224(1-B) of the Companies
 Act, 1956 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 (Registration No. 000024)
 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, 2013.
 
 ENVIRONMENT, SAFETY, ENERGY CONSERVATION, TECHNOLOGY ABSORPTION,
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 Your Company is continuously on the lookout for new ways to preserve
 the environment and to manage resources responsibly.  Your company
 adopts clean technologies and processes that combine both economic
 progress and environment sustainability. The company has taken a number
 of green initiatives including waste optimization, water conservation
 and compliance with applicable laws and regulations.
 
 Your Company has Safety Committee, which regularly monitor compliance
 with the Company''s Health & Safety policy.  Additional steps have been
 taken to install equipments, such as additional fire extinguishers of
 different classes, fume extraction system, de-dusting stations etc.
 Your company attaches utmost importance to safety. The only acceptable
 standard of safety performance for your company is zero accidents.
 Safety education and training is imparted to everyone on a regular
 basis.
 
 Several initiatives were continued as part of 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, Government of India, through its
 Circular nos. 17/2011 and 18/2011 dated April 21, 2011 and April 29,
 2011 respectively, has allowed companies to send the Annual Reports and
 other official documents to their shareholders electronically as part
 of its green initiatives, provided that the email addresses of the
 shareholders are obtained by the Company from the shareholders. This
 move by the Ministry will benefit the society at large through
 reduction in paper consumption and contribution towards a greener
 environment. It will also ensure prompt receipt of communication and
 avoid loss in postal transit.
 
 Keeping the above in view, your Company proposes to send documents such
 as the Notice of the Annual General Meeting and Annual Reports
 henceforth to the shareholders by electronic means, to the e-mail
 address provided by them and/or made available to the Company by the
 Depositories. In 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.
 
 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 implement the e-governance initiatives of the Government.
 
 RISK AND INTERNAL ADEQUACY
 
 Your Company has a low debt-equity ratio and is well placed to take
 care of its borrowings. Foreign Exchange transactions are largely
 covered to the extent of exposure otherwise not covered by natural
 hedging. Your Company is progressively moving towards a net
 foreign-exchange earner status.
 
 The Company''s internal control systems are adequate considering the
 size of the Company and are routinely tested and certified by our
 statutory as well as internal auditors. Significant audit observations
 and follow up actions thereon are reported to the Audit Committee.
 
 DIRECTORS RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000,
 the Directors confirm:
 
 (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 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, 2013 and of the
 profit of the Company for the period ended on that date;
 
 (iii) 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;
 
 (iv) 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 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: MUMBAI            R. K. Sureka     S. S. Poddar
 
 DATE : 22nd MAY, 2013    DIRECTOR & CEO  MANAGING DIRECTOR
Source : Dion Global Solutions Limited
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