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Kridhan Infra Directors Report, Kridhan Infra Reports by Directors
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Kridhan Infra
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Directors Report Year End : Mar '13    « Mar 12
Dear Members,
 
 Readymade Steel India Limited
 
 The Directors are pleased to present the 7th Annual Report together
 with the audited accounts of the Company for the fnancial year ended
 31st March, 2013.
 
 FINANCIAL RESULTS
 
 The brief highlights of fnancial results of the Company for the
 Financial Year 2012-13 as compared to the previous fnancial year
 2012-13 are as under:
 
                                           (Rs. in Lacs) 
 
                               Standalone     Consolidated 
                         2012-13   2011-12   2012-13    2011-12 
 
 Sales                   5079.36  7749.431   46915.1 
 
 Other Income              43.82     87.61   1099.75
 
 Proft/ (Loss) 
 before Tax                88.91   287.451  4143.881 
 
 [Provision for 
 taxation 
 
 [Current Tax             17.791    57.851   454.291 
 
 Deferred Tax             -28.32       3.3    -28.32
 
 Proft/(Loss) 
 After Tax                99.441    226.31  3431.261 
 
 Add: Balance 
 brought forward         537.541   311.241         1      1
 
 |Add/(Less): 
 Taxation of 
 earlier years               -1       -1          -1     -1
 
 [Less: Provision 
 for gratuity             1.131 
 
 [Balance carried 
 to Balance Sheet       635.851    537.541        -1    -1
 
 DIVIDEND
 
 In view of the need to conserve resources, the Board of Directors does
 not recommend any dividend for the year.
 
 OPERATIONS
 
 During the year under review, on standalone basis, the Company
 reported, revenue from operations at Rs. 5079.36 lacs as compared to
 Rs. 7749.53 lacs in the previous year. Proft before tax decreased to
 Rs. 88.90 lacs from Rs. 287.45 lacs and proft after tax declined to Rs.
 99.44 lacs as compared from Rs. 226.3 lacs in previous fnancial year.
 
 The business environment has been challenging due to sluggishness in
 Indian economy and high volatility in the exchange rate. Your Directors
 are confdent that the company will strive hard to deliver and improved
 performance and confdent of future growth of the company.
 
 On consolidated basis, the revenue from operations stood Rs. 46915.1
 lacs during fnancial year 2012-13. Proft before tax reported at Rs.
 4143.88 lacs and proft after tax was Rs. 3431.26 lacs. On Consolidated
 basis the EPS of the company is Rs. 29.28 EPS for fnancial year 2012-13
 against EPS of Rs. 2.10 on standalone basis.
 
 DIRECTORS
 
 As per the provisions of Section 256 of the Companies Act, 1956, Mr.
 Sandeep Mittal, Director of the Company shall be liable to retire by
 rotation at the ensuing Annual General Meeting and being eligible,
 offer himself for re-appointment.
 
 EMPLOYEE STOCK OPTIONS:
 
 As per scheme of RMS ESOS 2010, Company shall grant such number of
 options convertible into Equity Shares as may be determined by the
 Compensation-cum-Remuneration Committee (''the Grant”). The
 Compensation-cum-Remuneration Committee has granted 1,16,000 options
 pursuant to its resolution dated November 8, 2010. Each option shall
 entitle an employee to one Equity Share and the maximum number of
 options that may be granted under ESOS 2010 is 1,16,000.
 
 Till date Company has not allotted any shares pursuant to scheme of
 ESOS.
 
 SUBSIDIARY COMPANIES AND THEIR BUSINESS
 
 The company has expanded its business/ presence in Singapore through KH
 Foges Pte. Limited, acquired by your Company''s wholly owned subsidiary
 Readymade Steel Singapore Pte, Limited. The principal activities of the
 KH Foges are those of civil engineering, piling, foundation and
 geotechnical engineering works, mixed construction activities and
 marine services. The turnover of the company KH Foges Pte. Limited as
 of March 2013 was Rs. 41835.74 lacs as compared to Rs. 32651.35 lacs
 for the year ended 2011. Proft before tax stood at Rs. 4054.98 lacs in
 2012- 13 against Rs. 2202.75 lacs for the year ended December
 2011.Proft aftertax rose to Rs. 3331.83 lacs against Rs. 1841.43 lacs
 in December 2011.
 
 Till now the company has completed 180 projects. Today the company''s
 expertise continues to be in demand in challenging piling and
 foundation projects. The expertise spans across services like pre-cast
 piling and jointed piling; cast in place concrete piles, driven and
 bored piling. The experience in ground engineering has strengthened the
 competencies in erecting vertical structures.
 
 AUDITORS
 
 M/s. M K P S & Associates, Chartered Accountants who are to retire at
 the conclusion of the forthcoming Annual General meeting, have offered
 themselves for re-appointment as Auditors of the Company. A written
 certifcate to the effect that their appointment, if made, would be
 within the prescribed limits under Section-224(1B) of the Companies
 Act, 1956, has been obtained by the Company from them. The members are
 requested to consider their re-appointment and fx remuneration.
 
 AUDITORS REPORT
 
 The observations of the Auditors in their report read together with the
 Notes to Accounts are self explanatory and therefore, in the opinion of
 the Directors, do not call for any further explanation. The auditor''s
 reports do not contain any reservation, qualifcation & adverse remark
 for the fnancial year under review.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT
 
 A detailed section on the Management Discussion and Analysis forms part
 of this Report as Annexure I
 
 CORPORATE GOVERNANCE
 
 Your Company has implemented the conditions of Corporate Governance as
 contained in Clause 49 of listing agreement.  Separate reports on
 Corporate Governance forms part of this report as Annexure II
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 In terms of Section 217 (2AA) of the Companies Act, 1956, the directors
 confrm that:
 
 i) In the preparation of the Annual Accounts, the applicable accounting
 standards had been followed along with proper explanation relating to
 material departure;
 
 ii) Appropriate accounting policies have been selected and have 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 fnancial year 2012-2013 and Proft of
 the Company for that the year ended on 31st March, 2013;
 
 iii) Proper and suffcient care has been taken for the maintenance of
 adequate accounting records, in accordance with the provisions of the
 Companies Act, for safeguarding the assets of the Company and for
 preventing and detecting fraud and other irregularities;
 
 iv) The annual accounts have been prepared on a going concern basis.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO:
 
 CONSERVATION OF ENERGY:
 
 The scope for conservation of energy is limited in the type of industry
 in which your Company is engaged. However, the Company continues to
 accord high priority to conservation of energy by opting for more power
 effective replacements of equipments and electrical installations. No
 specifc investment proposals are envisaged.
 
 Form ''A'' of Companies (Disclosure of Particulars in the Report of Board
 of Directors) Rules, 1988 is not applicable as our industry is not
 included in the Schedule to the said Rules.
 
 TECHNOLOGY ABSORPTION:
 
 Every effort is being made by the company to update the technological
 skills of its technical staff in order to ensure that they possess
 adequate skills to enable them to serve the Company''s clients.
 
 FOREIGN EXCHANGE EARNINGS AND OUTGO:
 
 The relevant information in respect of the foreign exchange earnings
 and outgo has been given in the Notes forming part of the Accounts for
 the year ended on 31st March, 2013.
 
 PARTICULARS OF EMPLOYEES:
 
 In terms of provisions of Section 217(2A) of the Companies Act, 1956
 read with the Companies (Particulars of Employees) Rules, 1975 as
 amended the Company has no employees who were in receipt of the
 remuneration of Rs. 60,00,000/- or more per annum during the year ended
 31st March, 2012 or Rs. 5,00,000/- or more per month during any part of
 the said year.
 
 ACKNOWLEDGEMENTS
 
 Your Directors would like to express their sincere appreciation for the
 co-operation and support received from the Banks, Financial
 Institutions, Shareholders, Customers and Suppliers. The Directors also
 commend the continuing commitment and dedication of the employees at
 all levels, which has been critical for the Company''s success. The
 Directors look forward to their continued support in future.
 
                             For and on behalf of the Board
 
                             For Readymade Steel India Limited
 
                             Sd/- 
 
 Place: Mumbai               Anil Agrawal
 
 Date: 31.08.2013            Managing Director
Source : Dion Global Solutions Limited
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