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Welspun Syntex Directors Report, Welspun Syntex Reports by Directors
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Welspun Syntex
BSE: 508933|ISIN: INE193B01039|SECTOR: Textiles - Processing
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Download Annual Report PDF Format 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '13    Mar 12
To , The Members of WELSPUN SYNTEX LIMITED,
 
 The Directors are pleased to present the Thirtieth Annual Report
 together with Audited Statement of Accounts of the Company for the year
 ended 31st March 2013.
 
 FINANCIAL RESULTS
 
                                               (Rs. in Lacs)
                                               2012-13    2011-12
 
 Gross Profit before Depreciation
 and Finance Expenses                          4948.19    4151.81
 
 Less: Finance Expenses                        1864.70    1734.19
 
 Depreciation                                  1481.03    1261.27
 
 Profit/(Loss) before tax                      1602.46    1156.35
 
 Less  Current Tax  Current year              318.19     231.36 
 
 Earlier period                                      0         0
 
 Add  MAT credit entitlement                  (318.19)   (231.36)
 
 Add/(Less)  Fringe Benefit Tax                            (0.89)
 
 Profit/ (Loss) after tax                      1602.46   1157.24
 
 
 OPERATIONS
 
 During the year under review, Net sales and services and Gross Profit
 before Interest and Depreciation were of Rs. 77611.82 Lacs and Rs.
 4948.19 Lacs respectively as compared to Rs.  61155.05 Lacs and Rs.
 4151.81 Lacs respectively for the previous year. Net sales and services
 of the Company and Gross Profits have thus increased by 26.90% and
 19.18% respectively over the previous year.
 
 Exports during the financial year 2012-13 were of Rs. 21335.30 Lacs as
 compared to Rs. 14236.46 Lacs during the previous year, registering
 increase by 49.86%.
 
 Power cost is increased due to increase in power tariff both in
 Palghar, Maharashtra as well as at Rakholi, Silvassa. Interest cost has
 been increased due to rise in rate of interest and increase in
 borrowing for working capital. Foreign exchange difference losses were
 of Rs. 115.59 Lacs during the financial year 2012-13 in view of
 fluctuation in foreign exchange. The Company has developed market for
 carpet yarn, yarn for Bath rugs, and spandex covered yarn for denim
 industry.
 
 EXPANSION
 
 The Company is under major expansion at total capital outlay of Rs.
 168.37 Crores so as to increase capacity of texturised yarn, spinning
 capacity of POY/FDY/mother yarn splitting (mother yarn-polyester)
 capacities, Dyed texturised yarn and introducing BCF (Bulk Continuous
 Filament) Yarn which is useful for making Carpets.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 i.  In the preparation of the annual accounts, applicable accounting
 standards have been followed, with proper disclosure of any departures.
 
 ii. The accounting policies are consistently applied and reasonable,
 prudent judgment and estimates are made so as to give a true and fair
 view of the state of affairs of the Company at the end of the financial
 year 31st March, 2013 and of the profit or 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 accounts on a going concern
 basis.
 
 DIRECTORS
 
 In accordance with the provisions of the Companies Act, 1956 and the
 Articles of Association of the Company, Shri Bhalchandra Anant Kale and
 Shri M.K. Tandon, the directors of the Company retire by rotation at
 the 30th Annual General Meeting and being eligible have offered
 themselves for reappointment.
 
 Board has recommended re-appointment of the aforesaid directors.
 
 AUDIT COMMITTEE
 
 The Audit Committee consists of the following 3 Independent
 Non-Executive Directors
 
 a.  Raj Kumar Jain - Chairman
 
 b.  Atul Desai - Member
 
 c.  M.K.Tandon - Member
 
 PUBLIC DEPOSITS
 
 The Company has not accepted deposits during the year within the
 meaning of Section 58A of the Companies Act, 1956 read with The
 Companies (Acceptance of Deposit) Rules, 1975.
 
 AUDITORS
 
 Your Company''s Auditors, M/s. MGB & Co, Chartered Accountants retire at
 the ensuing Annual General Meeting and being eligible, have given their
 consent to act as an Auditors of the Company. Members are requested to
 consider their reappointment as the Auditors of the Company for the
 current year and to fix their remuneration.
 
 CORPORATE GOVERNANCE
 
 A separate report on Corporate Governance is annexed hereto as a part
 of this Report. Management Discussion and Analysis Statement is
 separately given in the Annual Report. A certificate from the Auditors
 of the Company regarding compliance of conditions of Corporate
 Governance as prescribed under Clause 49 of the Listing Agreement is
 attached to this report.
 
 AUDITORS'' REPORT
 
 Please refer to Auditors'' Observations/ qualifications and in relation
 thereto the Board of directors'' state as under:
 
 i) Auditors have qualified report under para Basis for qualified
 opinion drawing attention to Note no. 29 of notes to the accounts and
 state that the Company is in the process of executing document to
 transfer Land to the name of the Company. The Company is in possession
 of Land without any interference for more than 12 years.In view of the
 above, the Board is of the view that no adjustment to the amounts as
 mentioned in note no 29, is necessary,
 
 ii) We refer to para (iv) of Annexure to Auditors Report and state that
 appropriate action shall be taken to strengthen internal control system
 pertaining to fixed assets.
 
 COST AUDITOR
 
 The Company has appointed M/S. Kishore Bhatia & Associates, Cost
 Accountant as a Cost auditor pursuant to order issued by Ministry of
 Corporate affairs, cost audit branch dated 6th November 2012. Due date
 of filing the report is 27th September 2013.
 
 THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF
 DIRECTORS) RULES, 1988
 
 In terms of the above Rules, your Directors are pleased to give the
 particulars as prescribed therein in the Annexure, which forms a part
 of the Directors'' Report. Form B relating to research and technology,
 absorption being nil is not attached.
 
 Foreign exchange used and earning is mentioned below: Used: Rs.
 19218.70 Lacs (Rs. 9219.55 Lacs) Earning: Rs.18702.00 Lacs (Rs.13720.08
 Lacs)
 
 PARTICULARS OF EMPLOYEES
 
 As per the provisions of Section 217(2A) of the Companies Act, 1956
 read with the Companies (Particulars of Employees) Rule, 1975 as
 amended, the names and other particulars of the employees are set out
 in the Annexure to the Directors'' Report.  However, as per the
 provisions of Section 219(1)(b)(iv) of the Companies Act, 1956, the
 Report and the Accounts are being sent to all the shareholders of the
 Company excluding the aforesaid information. Any shareholder interested
 in obtaining such particulars may write to the Company Secretary at the
 Registered Office of the Company.
 
 ACKNOWLEDGEMENT
 
 Your Directors take this opportunity to express gratitude for valuable
 assistance and co-operation extended to the Company by Financial
 Institutions, Commercial Banks and other authorities. Your Directors
 also wish to place on record their sincere appreciation of the
 dedicated services, hardwork, solidarity and profuse support by all the
 employees of the Company.
 
                         For and on behalf of the Board of Directors
 
                         B. A. Kale R.R.Mandawewala
 
                         Executive 
                         Director     Director 
 
 Place : Mumbai, 
 
 Date: 22nd May 2013
Source : Dion Global Solutions Limited
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