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Accurate Transformers Ltd.

BSE: 530513 | NSE: | Series: NA | ISIN: INE243C01014 | SECTOR: Electric Equipment

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Accurate Transformers is not traded on BSE in the last 30 days

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Accurate Transformers is not listed on NSE

Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2006

Director’s Report

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

Director’s Report