Election 2014
SENSEX NIFTY
Vippy Industries Directors Report, Vippy Ind Reports by Directors
YOU ARE HERE > MONEYCONTROL > MARKETS > EDIBLE OILS & SOLVENT EXTRACTION > DIRECTORS REPORT - Vippy Industries
Vippy Industries
BSE: 519039|NSE: VIPPYSOLVX|ISIN: INE187E01027|SECTOR: Edible Oils & Solvent Extraction
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
, 16:01
6.76
-0.21 (-3.01%)
VOLUME 4,268
Vippy Industries is not traded in the last 30 days
Download Annual Report PDF Format 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '13    Mar 12
Dear Members,
 
 The Directors have the pleasure in placing before you the 39th Annual
 Report including the Audited Financial Statements for the year ended
 March 31st , 2013.
 
 FINANCIAL HIGHLIGHTS
 
 The summary of the financial highlights for the financial year ended
 March 31st and previous year are as follows:
 
                                                (Rs.In Crores)
 Particulars                          March 31,2013  March 31,2012
 
 Income
 
 Revenue from Operations                  1,225.45        970.34
 
 Other Income                                 4.37          3.49
 
 Total Revenue                            1,229.82        973.83
 
 Profit before finance costs, depreciation   26.02         25.08
 and amortization & tax
 
 Finance Costs                                1.56          1.39
 
 Depreciation and amortization expenses       4.26          4.03
 
 Profit before Tax                           20.20         19.66
 
 Less: Tax Expenses
 
 Current Tax                                  6.92          3.99
 
 MAT Credit Entitlement                      (2.89) 
 
 Wealth Tax                                 0.0019        0.0003
 
 Profit/(loss) for the period                16.17         15.67
 
 Earning per equity share
 
 Basic & Diluted                              1.00          0.98
 
 
 OPERATIONAL PERFORMANCE
 
 The Company recorded a turnover of '' 1229.82 Crores during the year
 2012-13 as compared to '' 973.83 Crores during the previous financial
 year and this represents a 26.29 % increase compared to previous
 financial year.
 
 The Company achieved Earning before Finance Cost, Depreciation and Tax
 of '' 26.02 Crores for the year 2012-13 against '' 25.08 Crores in the
 previous financial year and this represents a 3.75% increase compared
 to previous financial year. The Profit after tax of ''16.17 Crores
 during the year 2012-13 against ''15.67 Crores in the previous year and
 this represents a 3.19% increase compared to previous financial year.
 
 DIVIDEND
 
 With a view of conserve resources, your Directors do not recommended
 any dividend for the year under review.  DIRECTORS
 
 Shri Rahul Mutha has been re-appointed as Managing Director for a
 further period of 2 years w.e.f.01.04.2013 subject to approval of
 Shareholders in the ensuing Annual General Meeting.
 
 In accordance with the Article of Association of the Company and
 provisions of the Companies Act,1956 ,Shri Sajeve Deora and Dr.
 Shailendra Karnawat, Directors , will retire by rotation at the ensuing
 Annual General Meeting and being eligible, has offered themselves for
 the re-appointment as Director.
 
 Brief profile of Directors seeking appointment/re-appointment in
 ensuing Annual General Meeting are provided in the Corporate Governance
 Report forming part of the Annual Report.
 
 PARTICULARS OF EMPLOYEES
 
 Information as required under Section 217(2A) of the Companies
 Act,1956, read with the Companies (Particulars of Employees) Rules 1975
 ,as amended, is not applicable as no employees is covered under the
 said Rules.
 
 CONSERVATION OF ENERGY, TECHNICAL ABSORPTION AND FOREIGN EXCHANGE
 EARNING AND OUTGO
 
 The Particulars as prescribed under sub-section 1(e) of Section 217 of
 the Companies Act,1956 read with Companies (Disclosures of Particulars
 in the report of Board of Directors) Rules, 1988 are given in Annexure
 -A, forming part of this report.
 
 PUBLIC DEPOSITS
 
 The Company has not accepted any deposits from the public during the
 year under review.
 
 INSURANCE
 
 The Company''s buildings, plant and machinery, stocks, stores and spares
 are adequately insured against various risks including machinery
 breakdowns.
 
 ENVIORNMENT, POLLUTION CONTROL MEASURES & SAFETY, HEALTH
 
 The Company has complied with various emission standards and other
 environmental requirements as per pollution control norms. The Company
 accords highest priority to ensure safety and protection of health of
 its employees.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Section 217(2AA) of the Companies
 Act, 1956, with respect to Directors'' Responsibility Statement , the
 Directors confirm , to the best of their knowledge and belief :
 
 i) that in the preparation of the annual accounts, the applicable
 accounting standards have been followed.
 
 ii) that the Directors have selected such accounting policies and
 applied them consistently and made judgments and estimates that were
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company at end of the financial year and of the
 profit /loss of the Company for that period.
 
 iii) that the Directors have 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) that the Directors have prepared the annual accounts on a going
 concern basis.
 
 CORPORATE GOVERNANCE
 
 A separate section on Corporate Governance is included in the Annual
 Report along with a Practicing Company Secretary''s Certificate
 confirming compliance with the conditions on Corporate Governance as
 stipulated in Clause 49 of the Listing Agreement with Bombay Stock
 Exchange Ltd. is attached with the Corporate Governance Report.
 
 MANAGEMENT DISCUSSION AND ANALYSIS REPORT
 
 A separate section on Management Discussion and Analysis Report is
 included in the Annual Report as required in Clause 49 ofthe Listing
 Agreement with Bombay Stock Exchange Ltd.
 
 PROGRESS ON REHABILITATION SCHEME SANCTIONED BY HON''BLE BIFR
 
 The Hon''ble Board for Industrial and Financial Reconstruction (BIFR)
 declared the Company as a sick company vide its order dated 18th
 0ctober,2002 under the Sick Industrial Companies (Special Provisions)
 Act, 1985 (SICA) and sanctioned a Rehabilitation Scheme vide its order
 dated 04.10.2007 with the cut off date fixed as 31st March, 2007.  The
 Rehabilitation Scheme came into effect from the date of issue of the
 sanctioned scheme and its provisions are binding on all concerned.
 
 The Scheme of rehabilitation is yet under implementation, and the
 Company is yet to realise the benefits as provided within the
 Rehabilitation Scheme as sanctioned the followings reliefs &
 concession, which are material to success of the aforesaid
 Rehabilitation Scheme:
 
 a) Madhya Pradesh State Industrial Development Corporation (MPSIDC)
 Bhopal settling the outstanding amount of term loan towards sales tax
 dues,
 
 b) Madhya Pradesh State Government towards exemption from Commercial
 Tax, Central Sales Tax, Value Added Tax and Entry Tax.
 
 The matter pertaining to MPSIDC is under consideration before State
 Govt. of Madhya Pradesh.
 
 With respect to relief /concessions of commercial taxes, the Company
 filed various Writ Petitions(during Nov. 2008 - Sept. 2012) before
 Hon''ble High Court of Madhya Pradesh, Indore Bench, under Article 226
 of Constitution of India seeking direction to the Commercial Tax
 Department of M.P./State Govt. to comply and implement the relief and
 concessions as contained in the Rehabilitation scheme towards exemption
 from Commercial Tax, Central Sales Tax, Value Added Tax and Entry Tax
 and the same are pending before Hon''ble High Court. The Hon''ble High
 Court vide its order dt. 08.08.2012 passed in WP No. 6665/2012 given a
 direction to the State Government for taking appropriate decision in
 the matter at the earliest, on the basis of the scheme sanctioned by
 the BIFR keeping in view the provisions contained in SICA and the
 matter is still pending before State Govt. of Madhya Pradesh.
 
 AUDITORS
 
 The Auditors M/s. Sodani & Co., Chartered Accountants (Firm
 Registration No.000880C), will retire at the ensuing Annual General
 Meeting. Based on the recommendation of the Audit Committee, the Board
 has recommended the re- appointment of M/s. Sodani & Co., as the
 Auditors of the Company to hold office from the conclusion of the
 ensuing Annual General Meeting until the conclusion of the next Annual
 General Meeting.
 
 COST AUDITORS
 
 The Board of Directors of the Company have appointed M/s. M.Goyal &
 Co., Cost Accountants, Jaipur,(Reg.  No.000051) as Cost Auditors of the
 Company to conduct audit of cost accounting records of the Company for
 the year 2013-14 subject to approval of the Central Government.
 
 LISTING OF THE SHARES
 
 At present, the Equity Shares of Company are listed with Bombay Stock
 Exchange Ltd. (BSE Ltd.). The company has paid Annual Listing
 fees for the year 2013-14 to Bombay Stock Exchange Ltd.
 
 ERP IMPLEMENTATION
 
 ERP is under implementation at Company''s plants.
 
 CORPORATE SOCIAL RESPONSIBILITY (CSR)
 
 Being corporate citizen, Company believes that CSR is an integrated
 approach towards operating in an economically, socially and
 environmentally in sustainable manner. We believe that the CSR means to
 actively contribute to the social and economic development of the
 communities in which we operate & build a better, sustainable way of
 life for the weaker sections of society. As a part of its social
 responsibility and as good corporate citizen, the Company regularly
 engage in various programmes with a view to promote and protect a
 pleasant and eco-friendly atmosphere in and around the District of
 Dewas in state of Madhya Pradesh and to serve and contribute to the
 welfare of the society in general.
 
 Focus Areas:
 
 Education:
 
 Education is another instrument of change. Thus, we are associated in
 various ways in promoting education among the children in and around
 the District of Dewas in state of Madhya Pradesh during the year under
 review as under.
 
 - The Company donated books and study material and others like School
 uniforms, school Bags and Bicycles. Total 120 Students have been
 benefited.
 
 - The school fees were paid by the Company for children of people who
 met with sudden natural death in year 2012- 2013. Total 03 Students
 have been benefited.
 
 - The Company provided financial help for higher education to the
 deserving students. Total 08 Students have been benefited.
 
 - The Company has adopted Five Schools through Friends of Tribals
 Society to help for achieving the goal of imparting education &
 social upliftment of Tribal''s children.
 
 Women Empowerment:
 
 The Company has provided training to the women to develop their skills
 & quality.
 
 Health and Awareness:
 
 We organized the various health awareness programmes during the year.
 
 Environment:
 
 We are committed to make a positive contribution to the protection of
 the environment in area in which we operate.  We have complied all
 relevant environmental legislation and regulations in the year 2012-13.
 Activities of tree plantation conducted in the year 2012-13.
 
 Considering the scarcity of natural resources, the Company continues to
 use solar energy for heating water for generation of steam in the
 boiler, installation of LED, reduce use of papers as well as possible,
 and continues to maintain the Rain Water Harvesting since last 18
 years at its Factory premises at Dewas.
 
 We are committed to the sustainable use of all resources and will
 minimize waste at source and recycle where possible.
 
 Social:
 
 The Company has made contribution in following areas during the year
 under review:
 
 - The Company involved in the cultural activities in city of Dewas and
 donated to Kumar Gandharva Prathisthan which organized music & dance
 festival in memory of Padmavibhushan Pandit Kumar Gandharva at Dewas in
 state of Madhya Pradesh, .
 
 - The Company established water huts at various places in Dewas City
 for providing drinking water during summer season.
 
 COMPANY POLICY FOR PROMOTION OF EMPLOYMENT OF YOUTH COMING FROM THE
 UNDER-PRIVILEGED/DISADVANTAGED SECTION OF THE SOCIETY
 
 The employment in the company is entirely based on eligibility and
 merit of the applicant without any discrimination against their gender,
 religion, caste, colour, ancestry, marital status, nationality and
 disability. And among equally qualified individuals, preference are
 given to people from the disadvantaged groups.
 
 The Company makes all efforts for up-skilling and continual training of
 employees from socially disadvantaged sections of society in order to
 enhance their capabilities, and competitive skills.
 
 AWARDS
 
 - Company received Bhama Shah Puraskar from Commercial Tax Department
 for 3rd highest commercial tax deposit.
 
 - Company has been awarded Food Safety System Certificate (FSSC) ISO
 22000-2010 from Bureau Veritas Certification.
 
 - Company has been awarded GMP Feed Safety Assurance Certificate from
 Control Union Certifications. 
 
 ACKNOWLEDGMENTS
 
 Yours Directors place on record, their appreciation for all the support
 extended by the government authorities, banks, soyabean
 growers/suppliers, customers, shareholders, and others associated with
 the Company. Your Directors also record their appreciation for the
 dedicated services rendered by all the Executive Staff and Workers of
 the Company at all levels for their valuable contribution in the
 working of the Company.
 
                          For and on behalf of the Board of Directors
 
                         Dewas Rahul       Mutha Praneet Mutha
 
 May 30th 2013          Managing Director  Executive Director
Source : Dion Global Solutions Limited
Quick Links for vippyindustries
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.