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Himadri Speciality Chemical Ltd.

BSE: 500184 | NSE: HSCL |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE019C01026 | SECTOR: Chemicals

BSE Live

Jul 10, 16:00
50.80 -1.75 (-3.33%)
Volume
AVERAGE VOLUME
5-Day
270,944
10-Day
176,670
30-Day
178,955
106,870
  • Prev. Close

    52.55

  • Open Price

    53.00

  • Bid Price (Qty.)

    50.80 (25)

  • Offer Price (Qty.)

    50.80 (29)

NSE Live

Jul 10, 15:59
50.80 -1.75 (-3.33%)
Volume
AVERAGE VOLUME
5-Day
2,764,354
10-Day
1,853,628
30-Day
1,921,393
1,100,832
  • Prev. Close

    52.55

  • Open Price

    52.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    50.80 (451)

Annual Report

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Director’s Report

We are pleased to present the twentieth Annual Report of the Company, together with the audited financial statements and the auditors report of your company for the financial year ended March 31, 2008. The financial results of the Company for the year under review and those of the previous year are given below:- (Rs. in lacs) For the year ended For the year ended 31.03.2008 31.03.2007 Gross turnover 43,001.33 39,069.98 Other income 545.50 322.80 Total income 43,546.83 39,392.78 Operating profit 13.026.45 10,363.07 Interest & finance charges 1,114.36 1,148.18 Depreciation 1,314.95 1,060.89 Profit before tax 10,597.14 8,154.00 Provision for tax Current tax (including FBT) 1,839.00 1,588.38 Deferred tax 465.13 408.63 Prof it after tax 8,293.01 6,156.99 Add: Surplus brought forward 4,185.56 2,873.83 Add: Prior year adjustments (0.54) (1.93) Surplus available for appropriation 12,478.03 9,028.89 Appropriations Transfer to General Reserve 3,000.00 3,000.00 Proposed dividend 630.23 1,575.56 Dividend tax 107.11 267.77 Balance carried to Balance Sheet 8,740.69 4,185.56 Dividend Your Directors, considering the good performance, and in view of further funds needed for various ongoing expansion programmes, are pleased to recommend a dividend of Rs. 2 per share on 3,15,11,257 equity shares of Rs. 10 each for the financial year ended March 31, 2008, as compared to Rs. 5 per share in the previous year. The total payout on dividend (including tax) will be Rs. 737.34 lacs as against Rs. 1,843.33 lacs in the previous year. Operations During the year under review, the Company achieved a turnover of Rs. 363.26 crore as compared to Rs. 325.98 crore in the previous financial year; representing an increase by 11.44% from the previous year. The net profit after tax increased by 34.69% from Rs. 61.57 crore in the previous financial year to Rs. 82.93 crore this year. The improved performance was a result of a strong focus on operational efficiencies through in-house technology. Windmills The performance of the windmills at Dhule in Maharashtra remained satisfactory and produced 35,11,198 Kwh wind energy and generated a revenue of Rs. 125.81 lacs during the year under review. Wholly-owned subsidiary in Hong Kong Himadri Global Investment Ltd is the wholly-owned subsidiary of the Company. The financial statements of the subsidiary company as required under Section 212 of the Companies Act, 1956, is attached hereto forming a part of this report. Consolidated Financial Statement As stipulated in the Listing Agreement with the stock exchanges, the Company has prepared Consolidated Financial Statements in accordance with the relevant Accounting Standards issued by the Institute of Chartered Accountants of India. The audited Consolidated Financial Statements along with the Auditors Report thereon form part of the Annual Report. Expansion, modernisation and diversification Carbon Black Project with captive power plant During the year under review, the Company has undertaken a project at Mahistikry in West Bengal for the manufacture of carbon black with an annual capacity of 50,000 MT and a captive power plant of 12 MW capacity based on waste heat gas through forward integration. The cost of the project will be financed partly by banks and financial institutions and partly through the internal accruals. The plant is expected to be operational by the end of the third quarter of the current financial year. Finance Issue of warrants on preferential basis The Company with an object to part finance its ongoing expansion program, and to meet the increased demand of working capital, has issued 27,62,000 warrants convertible into equal number of shares during the year on preferential basis to Citigroup Venture Capital International Growth Partnership Mauritius Ltd. and promoters at a premium of Rs. 416 per share in terms of the special resolution passed by the Company at the Extraordinary General Meeting held on December 8, 2007. The Company has received a sum of Rs. 2,588.46 lacs as deposit against these warrants. The Company has obtained the necessary approval from the stock exchanges for listing the resultant shares that are to be issued upon conversion of these warrants. Authorised capital The Board, with a view of giving effect to the various capital raising proposals, during the year under review, has increased the authorised capital of the Company from Rs. 33 crore divided into three crore thirty lacs equity shares of Rs. 10 each to Rs. 35 crore divided into three crore fifty lacs equity shares of Rs. 10 each by way of passing an ordinary resolution at the Extraordinary General Meeting held on December 8, 2007 and it was further increased to Rs. 40 crore, divided into four crore equity shares of Rs. 10 each through the process of Postal Ballot conducted on March 3, 2008, pursuant to Section 192A of the Companies Act, 1956, read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001. The Board further proposed to increase the authorised capital up to Rs. 50 crore. Working capital The Company, during the year has been sanctioned enhanced working capital facilities under multiple banking arrangements from the Central Bank of India, State Bank of India, Citibank N.A, Yes Bank Limited and The Hong Kong and Shanghai Banking Corporation Ltd and the Company has been regular in servicing these debts. Directors Sri Damodar Prasad Choudhary and Sri S.K. Saraf, Directors of the Company, retire by rotation and are eligible for reappointment. Particulars of the Directors seeking reappointment are given in annexure to the notice. Particulars of employees Information in accordance with the provisions of Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, are not applicable, as none of the employees, either employed throughout the financial year or part of the financial year, received remuneration in excess of the limit prescribed under the rules amended till date. Conservation of energy, technology absorption and foreign exchange earning and outgo Information on conservation of energy, technology absorption, foreign exchange earnings and outgo as required to be given, pursuant to Section 217(1)(e) of the Companies Act, 1956, read with the Companies (disclosure of particulars in the report of the Board of Directors) Rules, 1988, is annexed hereto, forming part of this report. Corporate Governance Your Directors strive to attain high standards of Corporate Governance while interacting with all our shareholders. As per Clause 49 of the Listing Agreement, a separate section on Corporate Governance, along with a certificate from the Auditors of the Company, confirming the compliance of conditions of Corporate Governance, is given in Annexure hereto forming part of this report. Management Discussion and Analysis A separate report on Management Discussion and Analysis as required under the Listing Agreements with the stock exchanges is annexed hereto forming part of this report. Directors responsibility statement Pursuant to the requirement under Section 217 (2AA) of the Companies Act, 1956, with respect to the Directors Responsibility Statement, the Board of Directors hereby confirm that: i. in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures if any; ii. We have selected such accounting policies and applied them consistently and made judgments and estimates that 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 of the Company for that period; iii. We have taken proper and sufficient care 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. We have prepared the annual accounts on a going concern basis. Public deposit The Company has not accepted any deposit from the public within the meaning of Section 58A and 58AA of the Companies Act, 1956, during the financial year. Auditors The Statutory Auditors M/S. S. Jaykishan, Chartered Accountants, retire at the ensuing Annual General Meeting and are eligible for reappointment. The Company has received a letter from them to the effect that their appointment, if made, would be within the limits prescribed under Section 224(1-B) of the Companies Act, 1956, and they are not otherwise disqualified within the meaning of Sub-Section (3) of Section 226 of the Companies Act, 1956, for such appointment. The notes to accounts referred to in the Auditors Report are self explanatory and therefore do not call for any further explanation. Listing with stock exchanges The equity shares of the Company are continued to be listed with Bombay Stock Exchange Limited (BSE), National Stock Exchange of India Limited (NSE) and The Calcutta Stock Exchange Association Limited (CSE) and the Company has been regular in paying the listing fees to the stock exchanges. Dematerialisation of shares There were 3,02,12,001 equity shares of the Company held by the shareholders in dematerialised form as on March 31, 2008, representing 95.88% of the total paid-up capital of the Company. The Companys equity shares are compulsorily required to be traded in dematerialised form; therefore, members are advised to expedite the process of converting the physical shareholding into dematerialised form through their D/P(s). Industrial relations Industrial relations at all the works/units of the Company continued to remain cordial during the year. Various measures were adopted by the management to enhance efficiency, competency and skills of individual employees through training programmes and motivation. Your Directors greatly appreciate the commitment and dedication of all the employees at all levels that has contributed to the growth and success of the Company. Acknowledgement Your Directors wish to place on record their appreciation for the continued support and cooperation extended to the Company by its customers, suppliers, bankers, various regulatory and government authorities. Your Directors also thank the shareholders for their continued support. For and on behalf of the Board Place : Kolkata D.P. Choudhary Date : June 16, 2008 Chairman

Director’s Report