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Prima Industries Directors Report, Prima Ind Reports by Directors
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Prima Industries

BSE: 531246|ISIN: INE723N01012|SECTOR: Edible Oils & Solvent Extraction
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Directors Report Year End : Mar '15    Mar 14
 Dear Members,
 
 The Directors have pleasure in presenting the 21st Annuel Report
 together with the Audited Balance Sheet end Profit end Loss Accounts
 for the year ended 31st March 2015.
 
 INTRODUCTION
 
 The global economy in FY 2014-15 witnessed divergent trends. Despite
 unpredictable headwinds, the global economic recovery is gaining
 momentum. Indie''s economy is poised to return to its high-growth path,
 thanks to lower fiscal end current account deficits, felling inflation
 end structural reforms to boost investments. Monetary policy is also
 likely to be supportive with the Reserve Bank of Indie (RBI) having
 moved to flexible inflation targeting. The manufacturing sector is
 likely to benefit from lower interest rates.
 
 Your Company''s performance for the year 2014-15 has to be viewed in the
 context of aforesaid economic end market environment. In a highly
 competitive scenario, where new brands end offerings ere entering the
 market almost every quarter, your Company delivered competitive growth,
 driven by innovation, sharper in-merket execution, end competitive
 marketing.
 
 1. PERFORMANCE OF THE COMPANY (STANDALONE)
 
 During the year, the Company achieved gross revenue of Rs. 2348.21 Lecs
 end hed incurred a loss of Rs. 31.51 Lecs
 
 Financial Results (in Lacs)
 
                                Current Year            Previous Year
 
 Particulars
 
                                31/03/2015 (Rs.)        31/03/2014 (Rs.)
 
 Turnover                                1951.68                 2234.28
 
 Processing Income                        396.53                  221.25
 
 Profit Before depreciation                58.03                  160.49
 
 Depreciation                              89.66                   98.57
 
 Profit (Loss) after Depreciation &       -31.51                   62.07
 Texes
 
 2. DIVIDEND
 
 No Dividend was declared for the current financial year due to
 conservation of Profits/due to loss incur- red by the Company.
 
 3. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION
 FUND
 
 The provisions of Section 125(2) of the Companies Act, 2013 do not
 apply as there wes no dividend de- clared end paid lest year.
 
 4. REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS
 
 With greet pleasure we mey report that with the enduring end dedicated
 effort of Directors your Company had come out of its financial
 difficulty it had faced during the pest few years. Now your Com pany
 become a debt free company end had no outstanding long term borrowings
 from outside.
 
 Your Company had settled ell the sales Tex dues under Amnesty scheme
 during the reporting year.
 
 Trading in shares of your Company had already restarted in Bombay Stock
 Exchange and shareholders can take use of this facility by de-mating
 your holdings. Share holders may please take note that de-mat facility
 for the shares of the company is now available through NSDL and CDSL.
 All share holders are requested to de-mat the shares held by them.
 
 Your Company is a complex unit with Solvent Extraction Division, Oil
 Refining Division and Animal Feed Division, which are situated at
 Kanjikode, Palakad. It can process all types of oil cakes and other
 oil-bearing materials such as rice bran and oil seeds. This unique
 adaptability enables the unit to avail of the advantages of seasonal
 variations in the prices of various raw materials. This plant has the
 capacity to extract oil from any oil-bearing material such as Mustard,
 Cottonseed, Rapeseed, and Sunflower Cake etc.
 
 Its Animal Feed Division functions towards backward integration as
 major portion of de-oiled cake produced in its Refinery would be
 consumed for its Animal Feed Unit. Hygienically prepared and packed
 Cattle Feed in pellets form is being produced in this plant with modern
 technology and skill. This plant has a capacity of 250MT production per
 day. This unit, as presently structured, is poised to produce a variety
 of Animal Feeds. The Company has installed the most modern plant with
 computerized controls. By adopting sophisticated techniques and
 evolving recipes with appropriate ingredients to meet the nutritional
 and energy requirements of cattle, poultry and goats, Prima has been
 able to supply cattle feeds of high quality to the domestic market.
 
 The present capacity utilization of Prima''s manufacturing facilities
 are around 70 to 75% of the installed capacities, Bulk of the capacity
 utilization is for conversion contracts for well established companies
 like Kerala Feeds , KSE etc . Their products are manufactured according
 to their own specifications. Your Company was able to secure processing
 contract form Kerafed, a State Govt. undertaking for processing their
 Oil Cake through your Plant.
 
 5. CHANGE IN THE NATURE OF BUSINESS.
 
 There is no material changes and commitments, affecting the financial
 position of the company which have occurred between the end of the
 financial year of the company to which the financial statements relate
 and the date of the report
 
 6.INTERNAL FINANCIAL CONTROL
 
 Your Company is having adequate internal financial controls with
 reference to the Financial Statements.  And the statutory auditors are
 satisfied with the present system of internal control.
 
 7. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES
 
 There are no subsidiary companies or joint ventures. The following are
 the Associate Companies.
 
 (i) M/s Prima Agro Ltd
 
 (ii) M/s Ayyappa Roller Flour Mills Ltd
 
 (iii) Prima Beverages Pvt Ltd
 
 (iv) PAPL EXIM India Ltd
 
 (v) Prima Credits Ltd
 
 (vi) Prima Alloys (P) Ltd
 
 (vii) Ayyappa Real Estates(P) Ltd
 
 Performance of the above associate companies are not included in the
 Financial Results.
 
 8. DEPOSITS
 
 The Company has neither accepted nor renewed any deposits during the
 year under review.
 
 9. DIRECTORS
 
 (i) During the reporting year Mrs Swati Gupta (DIN.00249036) was
 appointed as additional Director of the company w.e.f. 31.03.2015. Her
 term of office is ending at the forthcoming Annual General Meeting of
 the company, who being eligible, offered herself for re-appointment and
 the same is being proposed in the forthcoming Annual General Meeting of
 the Company.
 
 (ii) During the reporting year Mr. S.K. Gupta (DIN :01575160), Director
 is retiring by rotation and who being eligible, offered himself for
 re-appointment and the same is being proposed in the forthcoming Annual
 General meeting
 
 10. STATUTORY AUDITORS
 
 M/s G. Joseph and Associates, Chartered Accountants, Cochin will retire
 at the forthcoming Annual General Meeting of the Company and are
 eligible for re-appointment and also indicated their willingness to be
 reappointed. Their continuance of appointment and payment of
 remuneration are to be confirmed and approved in the ensuing Annual
 General Meeting. The Company has received a certificate from the above
 Auditors to the effect that if they are reappointed, it would be in
 accordance with the provisions of Section 141 of the Companies Act,
 2013.
 
 11. Auditors'' Report
 
 The Auditors had submitted an unqualified Audit Report for the
 Financial Year 2014-15.
 
 12. SHARECAPITAL
 
 There were no changes in the share Capital during the year.
 
 a.  BUY BACK OF SECURITIES
 
 The Company has not bought back any of its securities during the year
 under review.
 
 b.  SWEAT EQUITY
 
 The Company has not issued any Sweat Equity Shares during the year
 under review.
 
 c.  BONUS SHARES
 
 No Bonus Shares were issued during the year under review.
 
 d.  EMPLOYEES STOCK OPTION PLAN
 
 The Company has not provided any STOCK OPTION Scheme to the employees.
 
 13. EXTRACT OF ANNUAL RETURN
 
 The extract of the annual return as per section 92 (1) of the Companies
 Act 2013 in Form No. MGT - 7 forming part of the Board''s report is
 annexed separately.
 
 21. RISK MANAGEMENT POLICY
 
 The Company had insured all its fixed asset and stock to cover any
 possible risk.
 
 22..PERSONNEL AND INDUSTRIAL RELATIONS
 
 Industrial relations of the Company continued to be cordial during the
 year. Your Directors take this opportunity to record their appreciation
 for the services rendered by the employees at all levels.
 
 Your Company does not have any employee in respect of whom information
 under Section 217(2A) of the Companies Act, 1956 as amended, is
 required to be annexed.
 
 24. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 As required under Section 217(1) (e) of the Companies Act, 1956 read
 with the Companies (Directors Particulars in the Report of Board of
 Directors) Rules 1988, the information relating to Conservation of
 Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
 in Form No. A & B is required, which is annexed to this report.
 
 25. DIRECTOR''S RESPONSIBILITY STATEMENT (as per section 134(5) of the
 Companies Act, 2013)
 
 The Directors confirm:
 
 * that the applicable accounting standards have been followed along
 with proper explanation wherever required in the preparation of Annual
 Accounts.
 
 * that the Company has adopted prudent accounting policies.
 
 * that proper care has been taken for maintenance of accounting records
 in accordance with the provisions of the Act and
 
 * that the Annual Accounts of the Company have been prepared on a going
 concern basis.
 
 * that the company had laid down sufficient internal financial controls
 in the operations of the Company.
 
 * That the Company had devised proper systems to ensure Compliance with
 the provisions of all applicable laws.
 
 26. REPORT ON CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND
 ANALYSIS
 
 A Report on Corporate Governance and Management Discussion and Analysis
 as required under Clause 49 of the Listing Agreement is attached.
 
 27. ACKNOWLEDGEMENT
 
 The Board of Directors wishes to place on record their sincere
 gratitude for the assistance extended by The Company''s Banks for their
 continued support to the company. Your Directors also thank the
 Management of M/s Kerala Feeds Ltd and other business clients for the
 extended support to the Company. The Board of Directors wishes to place
 on record their sincere gratitude to all Govt. depts, employees and
 share holders for their active support and co-operation.
 
                                          For and on behalf of the Board
                                                                    sd/-
 Place: Cochin                                              Sanjay Gupta
 Date: 07.08.2015                                      Managing Director
 
 
 
Source : Dion Global Solutions Limited
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