you are here:

Amrit Corporation Ltd.

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

BSE Live

Dec 07, 16:00
852.00 32.40 (3.95%)
  • Prev. Close


  • Open Price


  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
No Data Available
  • Prev. Close


  • Open Price


  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Amrit Corporation is not listed on NSE

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Director’s Report

To the Members,

The Directors have pleasure in presenting the 75th Annual Report on the business and operations of the Company together with Audited Statements of Accounts for the financial year ended 31st March, 2016.


The summarized financial results of the Company for the financial year 2015-16 are given hereunder:

(Rs. in lacs)



Revenue from operations & other income



Operating Profit (EBIDTA)



Finance Cost



Gross Profit (PBD)



Depreciation & amortization



Profit before tax



Provision for

- Current Tax (net)



- Deferred Tax



- MAT Credit entitlement



Net Profit



Balance b/f from previous year



Profit available for appropriation




- Interim Dividend on Equity shares @ Rs.6/- per Equity Share i.e. 60% (Previous year Final Dividend @ Rs.5/- per share i.e. 50%)



- Tax on dividend @ 20.36%



- Transfer to General Reserve



Balance Carried to Balance Sheet




The Board of Directors approved payment of Interim Dividend of Rs. 6/- per share of Rs. 10/- each (i.e. 60%) for the year ended 31st March, 2016. The Interim Dividend has already been paid to the Shareholders on 29th March, 2016. No final dividend has been recommended by the Directors for the Financial Year 2015-16.


- During the year under review, the revenue from operations declined by 15.12% to Rs.4,206.66 lacs as against Rs.4,956.11 lacs in the previous year. The revenue from operations during the year is low mainly on account of low volumes in Dairy segment and no revenue in Real Estate segment due to sluggish market conditions;

- The operating profit (EBIDTA) recorded during the year was lower by 12.48% at Rs.1,479.47 lacs as against Rs.1,690.51 lacs in the previous year. The net profit after tax for the year was Rs. 1,069.95 lacs as against Rs.1,091.25 lacs in the previous year;

- The production of dairy milk & milk products during the year was 5,782 KL as against 6,494 KL in the previous year, a decline of 10.96%. The production is low in all product categories, except liquid ice-cream, dessert mixes, fresh cream and cooking creamer. The lower production is also on account of discontinuation of Mother Dairy business, which put-up its own UHT milk processing facility;

The raw milk prices came down in the first half of the year and were relatively stable during the third and fourth quarters. The costs relating to plant maintenance and other inputs, were higher. Dairy Division is mainly focussing on B2B food services business to cater to the high-end QSR chains and other bulk buyers;

- In the case of real estate, there was no activity during the year. In the Gagan Enclave and Gagan Enclave Extension projects, the Company has some inventory of only commercial space, which could not be liquidated due to slow off-take of commercial space in Ghaziabad where these projects are located;

- The Company has deployed funds in treasury operations. The Other Income during the year was Rs.1,584.61 lacs as against Rs. 1,491.38 lacs in the previous year recording an increase of 6.25%.


As required by Regulation 34(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR), Management Discussion and Analysis Report for the year ended 31.03.2016 is appended.


(i) Share Capital

The paid-up Equity Share Capital as on 31st March, 2016 was Rs.321.32 lacs. During the year under review, the Company has not issued shares with differential voting rights nor granted stock options nor sweat equity.

(ii) Fixed Deposits

Your Company has not accepted any public deposits under Chapter 4 of the Companies Act, 2013 (the Act). As such, no amount of principal or interest on deposits from the public was outstanding as on the date of the Balance Sheet.

(iii) Particulars of loans, guarantees or investments

Particulars of loans, guarantees and investments covered under the provisions of Section 186 of the Act, are given in the Notes to the Financial Statements.


In accordance with the requirements of Section 135 of the Act, your Company has a Corporate Social Responsibility (CSR) Committee, details of which, including its terms of reference, are provided in the Corporate Governance Report. Your Company has also formulated a Corporate Social Responsibility Policy (CSR Policy), which is available on the website of the Company at

The Annual Report on CSR activities, as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 has been appended as Annexure A and forms integral part of this Report.


The Board of Directors of your Company has constituted a Risk Management Committee to identify elements of risk in different areas of operations and to develop policy for actions associated to mitigate the risks. The Audit Committee and the Board of Directors are informed of the risks associated and minimization procedures on timely basis. The details of the Committee, its terms of reference and the Risk Management Policy are set out in the Corporate Governance Report forming part of this Report. The Risk Management Policy is posted on the website of the Company at


Pursuant to Section 177(9) of the Companies Act, 2013, the Company has formulated a Whistle Blower Policy to establish a vigil mechanism for directors and employees of the Company. The purpose and objective of this Policy is to provide a framework to promote responsible and secure whistle blowing. It protects the employees wishing to raise a concern about serious irregularities within the Company. The details of the Whistle Blower Policy are explained in the Corporate Governance Report and also posted on the website of the Company at


No Related Party Transactions were entered into during the financial year 2015-16. All Related Party Transactions entered into in the past were on an arm''s length basis and were in the ordinary course of business. There are no materially significant Related Party Transactions made by the Company with promoters, directors, key managerial personnel or other designated persons which may have potential conflict with the interest of the Company at large.

On the recommendation of the Audit Committee, the Board of Directors has adopted a policy on Related Party Transactions, which is also uploaded on the website of the Company ( under the head ''Investor Relations''. The Policy envisages the procedure governing related party transactions required to be followed to ensure compliance with the applicable laws and regulations as well as to ensure that the Related Party Transactions are managed and disclosed in accordance with the strict legal and accounting requirements.

A statement of all related party transactions is presented before the Audit Committee on a quarterly basis, specifying the nature, value and terms & conditions of the transactions. The statement is supported by a certificate from the CEO and CFO.

None of the Directors has any pecuniary relationships or transactions vis-a-vis the Company.


There are no significant and material orders passed by the Regulators/ Courts which would impact the going concern status of the Company and its future operations.


The details pertaining to composition of the Audit Committee are included in the Report on Corporate Governance. All the recommendations made by the Committee were accepted by the Board.


The Directors have laid-down internal financial controls to be followed by the Company and such policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business, including adherence to Company''s policies, safeguarding of its assets, prevention and detection of frauds and errors, the accuracy and completeness of the accounting records and timely preparation of reliable financial information. The Audit Committee evaluates the internal financial control system periodically.


(i) Appointment

No changes has taken place in the Board of Directors and Key Managerial Personnel (KMPs) during the year. The details of the Directors are given in the Corporate Governance Report.

(ii) Retirement by rotation

In accordance with the provisions of the Companies Act, 2013 and Articles of Association of the Company, Shri Vikram Kumar Bajaj retires by rotation and is eligible for re-appointment.

(iii) Declarations by Independent Directors

All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Act.

(iv) Board Evaluation

In compliance with the provisions of the Act, and Regulations 17 and 19 read with Part D of Schedule II to the SEBI LODR, the Board has carried out an annual performance evaluation of its own performance, the directors individually as well as the evaluation of the working of its Nomination & Remuneration Committee. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report. The Directors expressed satisfaction with the evaluation process and performance of the Board of Directors and the Committee.

(v) Nomination & Remuneration Policy

The Board has, on the recommendation of the Nomination & Remuneration Committee, framed a Policy for selection, appointment and remuneration of Directors and Key Managerial Personnel. More details of the same are given in the Corporate Governance Report.

(vi) Directors'' Training and Familiarization Programme

The newly appointed Independent Directors are taken through a training & familiarization programme to familiarize them with their role, rights and responsibility as Directors, the working of the Company, nature of industry in which the Company operates, business model etc.

The Directors are regularly informed during meetings of the Board and Committees of the activities of the Company, its operations and issues facing the industry. Considering the long association of the Directors with the Company and their seniority and expertise in their respective areas of specialization, continuous training and familiarization every year is not considered necessary for the existing Directors and, accordingly, no such programmes were conducted during the year.

(vii) Board Meetings

During the year, six (6) Board Meetings and four (4) Audit Committee Meetings were convened and held. The details are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.


To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of the section 134(3)(c) of the Companies Act, 2013:

(i) that in the preparation of the annual financial statements for the year ended March 31, 2016, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

(ii) that such accounting policies, as mentioned in the Financial Statements, have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at March 31, 2016 and of the profit of the Company for the year ended on that date;

(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, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) that the annual financial statements have been prepared on a going concern basis;

(v) that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively;

(vi) that proper systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

AUDITORS (i) Statutory Auditors

M/s V.Sahai Tripathi & Co., Chartered Accountants, have been appointed as Statutory Auditors of the Company for a period of 3 years at the annual general meeting held on 12th August, 2014 subject to ratification of their appointment by the members at every annual general meeting. The shareholders at the ensuing annual general meeting will consider ratification of the appointment of the Statutory Auditors. As required under the provisions of SEBI LODR, the Auditors have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.

(ii) Cost Auditors

The goods produced by the Company are not covered under cost audit and, therefore, pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Amendment Rules, 2014, the Company is not required to maintain the cost audit records.

(iii) Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s RSM & Co., a firm of Company Secretaries in Practice, to undertake the Secretarial Audit of the Company. The Report of the Secretarial Audit is annexed herewith as Annexure-B.


The information relating to conservation of energy, technology absorption and foreign exchange earnings & outgo as required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 is Annexed herewith as Annexure-C.


The details forming part of the extract of the Annual Return in form MGT 9 is annexed herewith as Annexure-D.


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 SEBI LODR is annexed herewith as Annexure-E and forms part of the Annual Report.


Employee relations continued to be cordial 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 provisions of Rule 5(2) & (3) of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 requiring particulars of the employees in receipt of remuneration in excess of Rs.60 lacs per year to be disclosed in the Report of Board of Directors are not applicable to the Company as none of the employees was in receipt of remuneration in excess of Rs.60 lacs during the financial year 2015-16.

The information required under Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 is given in the Statement annexed herewith as Annexure-F.


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

Noida N.K. BAJAJ

July 25, 2016 Chairman & Managing Director

Director’s Report