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Amrit Corporation Ltd.

BSE: 507525 | NSE: | Series: NA | ISIN: INE866E01026 | SECTOR: Vanaspati & Oils

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Annual Report

For Year :
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Director’s Report

The Directors have pleasure in presenting the 67th Annual Report on the business and operations of the Company together with Audited Statements of Accounts of your Company for the financial year ended 31st March, 2008. FINANCIAL RESULTS The summarized financial results of the Company for the year 2007-08 are given hereunder: (Rs. in lacs) 2007-08 2006-07 Sales & other income 2,761.44 2,568.71 EBIDTA 433.87 416.20 Interest 63.46 26.64 Gross Profit (PBD) 370.41 389.56 Depreciation 114.37 114.04 Profit before tax (PBT) 256.04 275.52 Extra - Ordinary Income (Sale of Brands) - 724.98 Provision for - Current Tax (including FBT) 81.09 112.40 - MAT Credit availed (50.90) - - Deferred Tax 13.77 173.14 Adjustments relating to previous years - Tax adjustment 62.62 (2.03) - Depreciation written back (0.33) - Net profit after tax & previous years adjustments 149.79 716.99 Balance brought forward from previous year 1,599.46 1,438.86 Profit available for appropriation 1,749.25 2,155.85 Appropriations :- Proposed Dividend on Equity Shares @15% 48.20 48.20 Tax on dividend 8.19 8.19 Transfer to General Reserve 500.00 500.00 Balance carried to Balance Sheet 1,192.86 1,599.46 DIVIDEND Your Directors are pleased to recommend dividend @ 15% on the Equity Shares of Rs. 10/- each for the year ended 31st March, 2008. RESTRUCTURING SCHEME Consequent to filing of the orders of honble High Courts with the concerned Registrars of Companies on 23rd June, 2007, the Scheme of Arrangement between the Company, ABC Paper Ltd. and Amrit Enterprises Ltd. (now, Amrit Banaspati Co.Ltd.) came into force on 23rd June, 2007, being the Effective Date of the Scheme. During the year, all the three companies implemented the Scheme of Arrangement and allotted shares to the shareholders of the Company in the exchange ratio provided in the Scheme in consideration of the demerger and transfer of the Paper and Edible Oils undertakings. The transfer of assets and liabilities has also been given effect to in the Accounts by all the three companies. OPERATIONS - During the year, gross turnover of the Company from the dairy, real estate and services was Rs.2,527 lacs as against Rs.2,447.10 lacs in the previous year. EBIDTA of Rs.433.87 lacs was achieved as against Rs.416.20 lacs in the previous year. The net profit after tax stood at Rs.149.79 lacs as against Rs.716.99 lacs in the previous year. The previous year PAT included the extra-ordinary income of Rs.724.98 lacs from the sale of edible oil brands (excluding Gagan Brand). - The production of dairy & dairy products during the year was 6,391 KL as against 5,936 KL in the previous year representing a growth of 7.67%. Increase in input costs i.e. raw material, fuels etc. and consequent increase in the sale price of finished products led to decline in volumes mainly in UHT liquid milk and flavoured milk. Increase in sale prices by institutional clients of their end products also led to decline in volumes. However, the lower volume growth in UHT liquid milk, flavoured milk and institutional sale was offset by increased volumes in new products like fresh cream, ice-cream mix and expanding institutional clients & organized retail. During the year, the Dairy Division launched new products, namely, Gagan Cafe and Gagan Fresh Cream which received good market response. - The financial year 2007-08 was difficult year for the real estate sector. In the Gagan Enclave township, the inventory of the commercial space piled up due to slow off- take. - The realization from the left-over residential plots was also low as these plots had uneven dimensions, location in corners, etc. Encouraged by the success of Gagan Enclave township, the Company is nurturing the positioning of Gagan Enclave concept of providing reasonably priced plots/flats to cater to the middle class segment. For this, the Company is in the process of identifying land in B and C tier cities. This concept will be further strengthened with the development of Gagan Enclave Extension project at Ghaziabad which will be launched soon upon receipt of necessary regulatory clearances. - The Company has introduced services segment during the year to provide BPO and Corporate Advisory Services. This activity will be strengthened further with fresh initiatives. The Management Discussion & Analysis Report on these businesses for the year ended 31st March, 2008 also appears as a separate statement in the Annual Report. JOINT-VENTURE During the year, the Company entered into a collaboration with M/s Digvijay Real Estate Developers Pvt. Ltd. for the purpose of developing a housing project through a joint-venture company formed under the name & style Amrit Digvijay Infra- Tech Private Limited. The JV company is in the process of acquiring the land after which necessary development work on the housing project will commence. ASSOCIATE COMPANIES (i) ABC Paper Ltd. (APL) The gross turnover during the year was Rs. 18,486.21 lacs and EBIDTA of Rs.2,820.56 lacs as against Rs.16,644.79 lacs and Rs.2,523.50 lacs in the previous year. ABC Paper has taken-up mill expansion plan which will be implemented fully during the current financial year. One of the projects covered under the mill expansion plan i.e. chemical recovery system has already been implemented and is getting stabilized. The co- generation power plant will be commissioned in August, 2008 and the Paper Machine IV will get operationalised by March, 2009. ABC Paper is poised for a quantum jump in turnover and profitability upon implementation of the mill expansion plan. Further initiatives aimed at substantial expansion of the capacity are also being planned by ABC Paper. (ii) Amrit Banaspati Co. Ltd. (ABCL) ABCL has posted gross turnover of Rs. 76,159.44 lacs and EBIDTA of Rs.984.98 lacs in the year as against Rs.62,081.91 lacs and Rs.763.59 lacs during the previous year. ABCL is setting up co-generation power plant for meeting captive power requirement, which will be commissioned in October/November, 2008. ABCL is focusing on increasing its market share by leveraging its strong distribution set-up and brand equity by increased products pipeline and other marketing initiatives. NEW CORPORATE IDENTITY Your Companys new corporate identity represented by new logo has come into effect. The new logo symbolizes the Group objective of Amrit Building Confidence. FIXED DEPOSITS As on 31st March, 2008, your Company had Fixed Deposits of Rs. 350.30 lacs (including interest accrued and due). There were no overdue deposits as on 31st March, 2008 nor there was any failure in making repayment of the fixed deposits on maturity and interest due thereon in terms of the conditions of your Companys Fixed Deposits Scheme. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS & OUT GO The information relating to conservation of energy, technology absorption and foreign exchange earnings & outgo as required under Section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 is given in Annexure which forms part of this Report. PERSONNEL Cordial employee relations were maintained throughout the year in the Company. The Directors express their appreciation for the contribution made by the employees to the operations of the Company during the year. The particulars of employees as per Section 217(2A) of the Companies Act, 1956 are set out in the Annexure which forms part of this Report. However, as per the provisions of Section 219(1 )(b)(iv) of the said Act, the report and accounts are being sent to all the members of the Company excluding the aforesaid information. This statement shall be made available for inspection by any member during working hours for a period of 21 days before the date of the Annual General Meeting. Any member interested in obtaining such particulars may write to the Company Secretary at the Registered Office of the Company and will be provided with a copy of the same. DIRECTORS In accordance with the provisions of the Companies Act, 1956 and Articles of Association of the Company, Shri G.N.Mehra, Shri K.R.Ramamoorthy and Shri Pavan Khaitan retire by rotation and are eligible for re-appointment. AUDITORS M/s V.Sahai & Co., Chartered Accountants, Statutory Auditors, retire at the forthcoming Annual General Meeting and being eligible, offer themselves for re- appointment. DIRECTORS RESPONSIBILITY STATEMENT As required under section 217(2AA) of the Companies Act, 1956, your Directors confirm: (i) that in the preparation of the annual accounts, the applicable accounting standards have been followed; (ii) that the accounting policies selected and applied are consistent and the judgements and estimates made 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 financial year and of the profit or loss of the company for that period; (iii) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; (iv) that the annual accounts have been prepared on a going concern basis. CORPORATE GOVERNANCE A Report on Corporate Governance along with a Certificate from the Auditors of the Company regarding compliance of the conditions of Corporate Governance pursuant to Clause 49 of the listing agreement with stock exchanges is annexed and forms part of the Annual Report. ACKNOWLEDGMENT Your Directors convey their sincere thanks to the various agencies of the Central Government, State Governments, Banks and other concerned agencies for all the help and cooperation extended to the Company. The Directors also deeply acknowledge the trust and confidence the shareholders and investors have placed in the Company. Your Directors also record their appreciation for the dedicated services rendered by the workers, staff and officers of the Company. For and on behalf of the Board New Delhi N.K. BAJAJ July 30, 2008 Chairman & Managing Director

Director’s Report