Moneycontrol
SENSEX NIFTY
you are here:

Igarashi Motors Ltd.

BSE: 517380 | NSE: IGARASHI | Series: NA | ISIN: INE188B01013 | SECTOR: Electric Equipment

BSE Live

Jul 03, 16:00
285.05 -3.90 (-1.35%)
Volume
AVERAGE VOLUME
5-Day
17,651
10-Day
24,982
30-Day
21,562
6,269
  • Prev. Close

    288.95

  • Open Price

    290.50

  • Bid Price (Qty.)

    284.40 (350)

  • Offer Price (Qty.)

    285.70 (15)

NSE Live

Jul 03, 15:59
284.25 -5.00 (-1.73%)
Volume
AVERAGE VOLUME
5-Day
117,090
10-Day
198,932
30-Day
294,072
83,913
  • Prev. Close

    289.25

  • Open Price

    291.20

  • Bid Price (Qty.)

    284.25 (755)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Director’s Report

The Directors present their Fifteenth Annual Report of your Company, together with the Audited Accounts for the year ended 31st March 2007. FINANCIAL RESULTS Your Companys performance during the year as compared with that during the pervious year is summarized below: (Rs. in Lakhs) 2006-07 2005-06 Export Sales 22,042.65 16,846.95 Domestic Sales 2,519.88 679.24 Total Sales 24,562.53 17,526.19 Add: Other Income 1,304.76 715.11 Total Income 25,867.29 18,241.30 Less: Materials & Manufacturing Expenses 18,746.58 13,585.31 Less: Value Addition Cost 5,395.47 3,888.37 Profit Before Depreciations Amortization Expenses 1,725.24 767.62 Less depreciation & Amortization Expenses 874.67 604.01 Profit Before Tax 850.57 163.61 REVIEW OF OPERATIONS The last 5 years were spent effectively in building a robust Business Book and architecturing a capable supply chain network around your Indian Plant. As strategic powers due to above are in place, your Company launched all actions towards improving operations and profitability. While, the processes are driving towards effectiveness, there is a delay in the result due to customer approvals, validation cycles, continued hardness on commodity prices and incomplete discussions with customers on commodity price adjustments. The above have delayed the visibility in operating margins. Counter measures in improving in value addition efficiency have also been launched aggressively and the management team has been advised to focus on the above in a prioritized manner among others. DIVIDEND Based on the confidence in the performance of your company in the coming years, your Directors have decided to recommend a dividend of 15% for this year. RESERVES The Reserves at the end of the year 31st March, 2007 is at Rs. 6187.54 Lakhs as against the Total Reserves of Rs. 5823.56 Lakhs as at 31st March, 2006. QUALITY AND ENVIRONMENT Your Directors are pleased to inform you that during the year your Company continued to work on live APQP (Advanced Product Quality Planning) processes for different Programs in the automotive industry. This ensures an effective advance failure mode analysis to ensure that Quality gets built into the Design as well as Process. Your Company has been awarded TS-16949 Certification, the new process based Quality System which will translate the Quality Model from Design of Product and Process to all elements of the Organization. Your Company continued to have ISO 14001 Certification for compliance of Environmental Management System requirements. DIRECTORS Mr. K K Nohria and Mr. C P Dusad, Directors retire by rotation at the forthcoming Annual General Meeting and being eligible, offer themselves for re-appointment. The brief resume/details relating to Directors who are to be re-appointed as stipulated under Clause 49(VI)(A) of the Listing Agreement executed with the Stock Exchanges are furnished in the Report on Corporate Governance. AUDITORS M/s. Sharp & Tannan, Auditors of the Company retire at the ensuing Annual General meeting and being eligible, offer themselves for re-appointment. Members are requested to appoint auditors for the current year and authorize the Board to fix their remuneration. As required under the provisions of Section 224 of the Companies Act,1956, the Company has obtained a written Certificate from the above Auditors proposed to be re-appointed to the effect that their re-appointment, if made, would be inconformity with the limits specified in the said section. OTHER MATTERS Your Company had promoted a Joint Venture Company, M/s. IJT Plastics & Tools Private Limited along with Yang Well International Group, Taiwan for manufacturing plastic components and tools in India. During the year under review, your Company has divested 40% of its investment in IJT Plastics & Tools Private Limited and earned other income of Rs. 220 Lakhs. Also divested 44% stake of Investment in Igarashi Technologies Private Limited and earned other income of Rs. 748 Lakhs. During the year under review, 8,54,900 Optionally Fully Convertible Warrants lapsed as M/s. Aeneas Evolution Portfolio Ltd has not exercised the conversion option before the due date. During the year, your Company had taken Shareholders approval for Capital Expansion upto Rs. 100 Crores by issue of Equity Shares to Qualified Institutions under Qualified Institutional Placement (QIP) which will be utilized within the resolution validity period. During 2005-06, the Assistant Commissioner of Income Tax, Company Circle II (3), Chennai had issued a notice demanding Rs. 77.44 Lakhs for the assessment year 2003-04 in connection with computation/method of calculation of Income Assessable under the Income Tax Act, 1961. The said demand has now been disposed off by concerned Appellate Authority infavour of your Company. However, the concerned Income Tax Authorities are yet to pass revised order. CORPORATE GOVERNANCE A Report on Corporate Governance along with a certificate from the Auditors of the Company regarding compliance of the requirements of corporate governance pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges are annexed hereto. MANAGEMENT DISCUSSION AND ANALYSIS REPORT Management Discussion and Analysis Report of the Company for year under review as required under Clause 49 of the Listing Agreement with the Stock Exchanges, is given as a separate Statement in the Annual Report. ESOP-2006 Although, your Company had introduced Employee Stock Option Scheme -2006 for employees there have not been any grant of Stock Options during 2006-07 and thus, weighted Average fair values of grant during the year under review is Nil. As required under SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 a disclosure is annexed herewith. However, the Company proposes to modify the scheme to implement partly through Trust and partly directly issuing to the Employees for which the approval of shareholders is sought as per details given in the Notice. DIRECTORS RESPONSIBILITY STATEMENT In compliance of Section 217(2AA) of the Companies Act, 1956 your directors, on the basis of information made available to them, confirm the following: a) In the preparation of the annual accounts, the applicable Accounting Standards have been followed with explanation relating to material departures, if any; b) they have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give true and fair view of the state of affairs of the company as at 31st March 2007 and of the profit of the company for the year ended on that date; c) Proper care has been taken for maintenance of adequate accounting records for safeguarding the assets of the Company and detecting fraud and other irregularities; d) The accounts are prepared on a going concern basis. DEPOSITS During the year under review, your Company has not invited or accepted any deposits from the public under Section 58Aof the Companies Act, 1956 and Rules made thereunder. HUMAN RESOURCES Your Company continues to focus on improving employee skills and productivity through appropriate Human Resources Development initiatives. The Board of Directors wishes to place on record their sincere appreciation to all the employees of the Company for their dedication, commitment and loyalty to the Company. None of the employees received remuneration during the year in excess of limits set out under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION The information required to be furnished pursuant to Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, is appended hereto and forms part of this Report. FOREIGN EXCHANGE EARNINGS AND OUTGO The details of expenditure and earnings in foreign currency are given in the prescribed format as an annexure to this Report. LISTING The shares of your Company continued to be listed at National Stock Exchange, Bombay Stock Exchange and Madras Stock Exchanges. Listing fee has already been paid for the financial year 2007-08. Further, Annual Custody Fee has also been paid to NSDL and CDSL. ACKNOWLEDGEMENT The Board places on record its sincere appreciation for the continued support from the relevant Government Authorities, Banks, Promoter Companies, Shareholders, suppliers, customers, employees and other business associates, for the strong support. For and on behalf of the Board of Directors Place : Chennai K.K Nohria Date : 29th June, 2007 Chairman

Director’s Report