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Sutlej Textiles and Industries Ltd.

BSE: 532782 | NSE: SUTLEJTEX |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE645H01027 | SECTOR: Textiles - General

BSE Live

Dec 02, 16:00
78.95 3.85 (5.13%)
Volume
AVERAGE VOLUME
5-Day
99,832
10-Day
175,191
30-Day
97,500
63,120
  • Prev. Close

    75.10

  • Open Price

    75.10

  • Bid Price (Qty.)

    78.95 (500)

  • Offer Price (Qty.)

    79.70 (320)

NSE Live

Dec 02, 15:58
78.85 3.70 (4.92%)
Volume
AVERAGE VOLUME
5-Day
1,265,952
10-Day
1,568,376
30-Day
936,795
435,905
  • Prev. Close

    75.15

  • Open Price

    75.30

  • Bid Price (Qty.)

    78.85 (3844)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
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Director’s Report

The Directors are pleased to present their third Annual Report on the business and operations of your Company for the year ended 31st March, 2008. Financial results (Rs in lakhs) Particulars Year ended Year ended 31st March, 2008 31st March, 2007 Gross sales 79292.22 72037.26 Gross profit 5969.23 8692.48 Less: Depreciation 5330.61 4241.50 Taxation: - Current 67.39 495.39 - Earlier years (0.55) 86.35 - Deferred 220.40 192.43 - Fringe Benefit tax 47.96 45.32 Net profit 303.42 3631.49 Add: Balance brought forward from the previous year 5375.12 2681.79 Total 5678.54 6313.28 Appropriations: Proposed dividend 109.22 491.48 Corporate dividend tax 18.56 83.53 Transfer to the general reserve - 363.15 Balance in profit and loss a/c. carried to balance sheet 5550.76 5375.12 Total 5678.54 6313.28 Dividend Your Directors take pleasure in recommending a dividend of 10% (Re.1/- per share) for the year ended 31st March, 2008, subject to shareholders approval at the forthcoming Annual General Meeting. Shareholders whose names stand registered on the register of members at the close of the market hours on 26th September, 2008 would be entitled for the dividend. The total amount of dividend to be paid to the shareholders will be Rs 127.78 lakhs (inclusive of dividend tax). Capital Projects Your Company undertook expansion and modernisation initiatives, reinforcing the existing competitive advantage. The Company completed various expansion and modernisation projects to upgrade technology and enhance the operational scale across its various units through the following initiatives: - The expansion at Bhawanimandi unit by 7,488 spindles to manufacture PV dyed yarn was completed; commercial production commenced during the last quarter of 2007-08. - ERP: The Company implemented ERP (Enterprises Resources Planning) during the year; Addition of 3 MW Captive Power Plant at Bhilad at a capital outlay of Rs 16 crore was completed. The Company invested Rs 172 crore during the year 2007-08, which include expenditure on the above projects. Future Capital Investments As part of its ongoing investments in state-of-the-art equipment to manufacture quality products the Company undertook the following projects at a capital outlay of Rs 288 crore: Spinning: Embarked on the addition of 43776 spindles by the third quarter of the financial year 2008-09 at a capital outlay of Rs 176 crore. The Company postponed the project of 24768 spindles with a capital outlay of Rs 105 crore till the market conditions improve. Captive Power Generation: Embarked on the addition of a total of 18 MW captive thermal power plants in Bhawanimandi at a total cost of Rs 70 crore. The project is progressing satisfactorily and expected to commence by Q3 FY 09. Modernisation: Embarked on the enrichment of the product mix through technology upgradation and modernisation. The Company intends to invest Rs 42 crore over the next two years. These capital projects are financed by internal accruals and loans from banks under the Technology Upgradation Fund Scheme under which interest subsidy of 5% p.a. is given by the Government. Fixed Deposits At the end of the financial year under review, fixed deposits from the public, shareholders and employees amounted to Rs 1233.35 lakhs; deposits amounting to Rs 1.90 lakhs remained unclaimed as on 31st March, 2008. Particulars of Employees Information pursuant to the provisions of Section 217 (2A) of the Companies Act, 1956, read with Companies (Particulars of Employees) Rules, 1975, as amended, are given in Annexure-I, which forms a part of this report. Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo Information pursuant to the provisions of Section 217(1)(e) of the Companies Act, 1956, in relation to conservation of energy, technology absorption and foreign exchange earnings and outgo are given in Annexure-ll, which is a part of this report. Management Discussion and Analysis Report The detailed review of the operations, performance and outlook of the Company is given separately in Annexure-lll in the Management Discussion and Analysis section, forming a part of this report. Corporate Governance Your Company is committed to ethics and governance, resulting in enhanced transparency for the benefit of stakeholders. As per revised Clause 49 of the Listing Agreement with stock exchanges, it adopted a code of conduct applicable to the Board and senior management. The Company fully complies with the governance practices as enunciated in the Listing Agreement and its review of the corporate governance report forms a part of this report. Compliance of Accounting Standards As per requirement of the Listing Agreement with stock exchanges and accounting standards of the Institute of Chartered Accountant of India, your Company has made disclosure in respect of Related Party Transactions and Deferred Taxation. The Company duly adopted all the accounting standards in pursuance to the provision of Section 211 (3A) of the Companies Act, 1956. Directors Responsibility Statement Your Directors hereby confirm that: (i) In the preparation of the annual accounts, the applicable accounting standards were followed along with proper explanations relating to material departures, and the Notes in the Auditors report in this regard are self- explanatory; (ii) Such accounting policies were selected and applied consistently and judgements and estimates were made that were 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 the year ended 31st March, 2008; (iii) Proper and sufficient care were 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) The annual accounts were prepared on a going concern basis; Directors Under Article 139 of the Articles of Association of the Company, Mr. C. S. Nopany, Mr. J. S. Varshneya and Mr. S. M. Agarwal, Directors of the Company, retire by rotation and are eligible for re- appointment. Mr. K. R. Podar was appointed as an Additional Director at the Board Meeting held on 29th October, 2007. The term of his office extends up to the date of this Annual General Meeting. Notices have been received in writing under provisions of Section 257 of the Companies Act, 1956, proposing the candidature of Mr. K. R. Podar for the office of the Director of the Company. Your Directors recommend the appointment for your approval. Auditors Report The Audit Notes in the Auditors report are self-explanatory and need no further clarifications. Auditors M/s. Singhi & Co., Auditors and M/s. S.R. Batliboi & Co., Branch Auditors retire at the conclusion of Annual General Meeting and are eligible for re- appointment. Acknowledgements Your Directors place on record their deep appreciation to the devoted officers, staff and workers who have contributed significantly for Companys performance and for enhancing its inherent strength. Your Directors are also grateful for the co-operation and assistance received from financial institutions and banks during the year under review. For and on behalf of the Board Place : New Delhi Dr. K.K. Birla Dated : 30th June, 2008 Chairman

Director’s Report