The Members,
Accurate Transformers Limited
The Directors have pleasure in presenting their TWENTY SIXTH ANNUAL
REPORT on the statement of Accounts of your Company for the financial
year ended on 31st March, 2014.
Particular 2013-2014 2012-2013
Sales & Others Income 20,121.13 20,027.61
Profit before interest, 3,599.70 3,052.59
Depreciation & Tax
Less : Financial charges 3,406.23 2,846.19
Depreciation 77.00 93.99
Profit before Tax 116.46 112.41
Less : Provision for Tax 34.94 50.52
(Current)
Add : Provision for Tax (3.76) (0.49)
(Deferred)
Profit after Tax 85.29 (16.79)
Add : Balance brought forward 5,144.19 5,160.98
Profit available for 5,229.48 5,144.19
appropriation
Operations
During the year under consideration, your Company achieved a turnover
of Rs 20121.13 Lakhs as against Rs. 20027.61 Lakhs for the previous
year. The net Profit after tax at Rs 85,28,891 which is substantially
higher as compared to the loss of previous year by Rs. 16,79,132.
Lower Net profit is on account of higher material cost as well as oil
prices. Higher interest rate has also resulted in payment of higher
financial charges during the year.
Your Company is taking proactive steps to reduce material cost and also
interest burden.
We have many opportunities in our Industry. Your Company is finalizing
necessary funds arrangement through preferential issue of Equity Shares
to selected investors, borrowing from Banks and/or Financial
Institutions to fund our expansion process and also to meet long term
working capital requirements.
Future Growth Prospects
India''s power market is the fifth largest in the World. The power
sector is high on Government of India''s priority as it offers
tremendous potential for Power Equipment supplier Companies based on
the sheer size of the market and the returns available on invested
capital.
Dividend
With a view to conserve the resources of the Company, the Directors
regret their inability to declare dividend for the year ended on
31.03.2014. The accumulated profit is being carried forward in the
Profit & Loss Account.
Fixed Deposit
During the year under review the Company has not accepted any fixed
deposits from the Public. There are no unclaimed mature deposits lying
with the Company.
Director
After the introduction of new Companies Act 2013 and the amended
listing agreement, the independent Directors of the Company are not
liable to retire by rotation. However they shall not hold office for
more than 5 years. Therefore Mr. C. L. Sharma, Managing Director of the
Company is Liable to retire by rotation and eligible for reappointment.
A brief resume of all the Directors proposed for
appointment/reappointment at the Annual General Meeting, as required by
Clause 49 of Listing Agreement with Stock Exchanges is enclosed
herewith as a part of Corporate Governance report.
Pursuant to the requirement under section 217(2AA) of Companies Act
1956 with respect to Directors'' Responsibility Statement, it is hereby
confirmed:
i. That in the preparation of the accounts for the financial year ended
31st March, 2014; 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 made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the
statements of affairs of the Company at the end of the financial year.
iii. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv. That the Directors have prepared the accounts for the financial
year ended 31st March, 2014 ''
on a going concern basis.
Auditors and Their Report
M/s OM Prakash Yadav & Company, Chartered Accountants, Chartered
Accountants, the Statutory Auditors of the Company will retire at the
end of the ensuing Annual General Meeting and being eligible, offer
them for re-appointment.
The report of the Auditors on the accounts of your Company for the
period under report is appended elsewhere with this report. The
observations made by them in their report, however, are
self-explanatory and do not call for any further comments under Section
134 of the Companies Act, 2013.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo
The requisite information in regard to conservation of energy,
technology absorption, foreign exchange earnings and outgo in terms of
Section 217(1)(e) of Companies Act, 1956 read with
Companies(Disclosures in particulars in the reports of boards of
Directors) Rules,1988 is set out in Annexure A annexed hereto which
forms part of this report.
Particulars of Employees
There are no employees in the Company who are taking salary in excess
of the provisions of section 217 (2A) of the Companies Act, 1956 read
with Companies (particulars of Employees) rules, 1975.
Compliance of the Listing Agreements
During the year under review the Company has made compliances with the
Listing Agreement with the Stock Exchanges. The Cash flow statement is
annexed with the report and detail of Stock Exchanges where the shares
of the Company are listed is given in Annexure B.
Industrial Relations
Industrial relations between employees and Management have remained
very cordial during the period under report.
Acknowledgement
Your Directors wish to place on record their appreciation for dedicated
efforts and contributions made by all the employees of the Company
during the year. Your Directors would also like to express their
sincere gratitude for the valuable assistance, advice and support
extended by the Government of India, State Governments, Financial
Institutions and Stock Exchanges. The Directors would also like to
thank the Share holders, Customers, Suppliers and Banks for the support
they have given to the Company and the confidence they have reposed in
the Management.
On behalf of the Board of Directors
Sd/-
Place: Delhi C. L. Sharma
Dated: 1st September, 2014 Chairman & Managing Director
