Moneycontrol Be a Pro
Get App
SENSEX NIFTY
Triveni Glass Directors Report, Triveni Glass Reports by Directors
YOU ARE HERE > MONEYCONTROL > MARKETS > GLASS & GLASS PRODUCTS > DIRECTORS REPORT - Triveni Glass

Triveni Glass

BSE: 502281|NSE: TRIVENSHET|ISIN: INE094C01011|SECTOR: Glass & Glass Products
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Dec 09, 16:00
3.60
0.1 (2.86%)
VOLUME 76
Triveni Glass is not listed on NSE
Download Annual Report PDF Format 2017 | 2016 | 2014 | 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '16    Mar 15

Dear Stakeholders,

The Board of Directors of Your Company hereby present the 45th Annual Report for the Financial Year ended on 31st March 2016 together with the Audited Statement of Accounts for the said Financial Year.

FINANCIAL RESULTS

Financial summary for the Year ended on 31st march 2016 is given below:

(Figs in Rs. Lacs)

PARAMETERS

F.Y. 2015-16

F.Y. 2014-15

Net Income from operations

5678.75

4530.40

Other Income

355.71

562.30

Total Income

6034.46

5092.70

Expenditure

5211.22

5616.40

PBIDT

823.24

( 523.70)

Depreciation

72.06

492.22

Interest

346.88

260.71

Net Profit / Loss

404.30

(1276.63)

Extra ordinary Items (Exchange Rate Fluctuation)

81

700

Net profit from ordinary Activities

485.30

(576.63)

EPS

3.85

(4.57)

Financial Performance

The Financial performance of the company during the reporting period has improved over the previous year considering that 2nd plant of the company at Rajahmundry came into production only on 7th of February, 2016. The Gross revenue from operations was 5678.75 lacs as compared to Rs. 4530.40 lacs achieved during the previous year. The overall operations of the plant were satisfactory as the yield achieved was much better than last year. The company was able to sell its full production and therefore achieved a sales volume of 135.14 lacs square meters on 1 MM basis as against sales of 119.80 lacs square meters last year.

Against a net loss of Rs. 576.63 lacs during last year, the company was able to turn around and make a profit of Rs. 485.30 lacs mainly on account of higher yield and better sales realization. The overall market demand has been robust and it is expected to remain the same during 2016-17, therefore the management is hopeful that with two plants running, it will be able to achieve a substantial jump in the sales turnover during 2016-17. The exports during the year were Rs. 177.30 lacs as against last year exports of Rs. 173.20 lacs. This area is being given priority as export realization is higher than domestic realization. The trading activity of company did not pick up as the market is over supplied. Here also the company is exploring the market to import special products which are in demand.

PRODUCTION & SALES Production

The production figures for the Financial Year is as follows (Figure in Lac Sq. mtr.)

Product

Location

Financial Year 2016

Financial Year 2015

Figured & Wired Glass

Rajahmundry

134.36

112.80

The production during the year has been 19% higher than last year though Plant 1 was closed for most part of the year and started production only in February, 2016.

Sales

The sales during the year were good as the company was able to sell its full production and also liquidate part of the stocks, however the exports during the year remains more or less the same as last year due to robust domestic demand.

(Figures in lacs Sq. Mtr)

Product

Financial Year-2016

Financial Year-2015

Sheet and Float Glass

-

-

Figured & Wired Glass

135.14

119.80

CAPITAL EXPENDITURE:

The Company incurred Capital Expenditure of Rs 129.23 lacs during the year which was mainly on account of setting up of the Pet Coke Plant and the Desulphurization plant as an alternate source of fuel as the supply of natural gas is not adequate to run both the plants. The cost of Pet coke fuel is low and will thus help in substantial cost saving for the company.

COST REDUCTION & PRODUCTIVITY IMPROVEMENT

Your Company has in place appropriate systems to monitor cost incurred in different areas of operation. Several initiatives have been taken to further reduce cost at all level of operation at Company’s Rajahmundry Plant wherein significant savings in Manpower and energy costs have been achieved.

CAPITAL STRUCTURE

The Authorized Share Capital of the Company is Rs. 200,000,000 and Subscribed & Paid up share capital is Rs. 126,288,000. There was no change in the share capital made during the year under review.

PUBLIC DEPOSITS

The Company has not accepted any public deposits and as such, no amount on account of principal or interest on public deposits was outstanding as on the date of the balance sheet.

ANNUAL RETURN

Information pursuant to Section 134 (3) (a) of the Companies Act, 2013, the extract of Annual Return in Form -MGT-9 as provided under sub - section (3) of Section 92 is given in the Annexure 1 to this Report.

DIRECTORS’ & MEETINGS

Information pursuant to Section 134 (3) (b) of the Companies Act, 2013, the Board of Directors at present consists of Mr. Jitendra Kumar Agrawal, Managing Director, Mr. Anil Kumar Dhawan Director (Finance) and Independent Directors namely Mr. Peeyush Kumar Kesharwani and Mrs Jyoti Agarwal. The details of Meetings of the Company held in the year are given in Corporate Governance Compliance Report.

DIRECTORS’ RESPONSIBILITY STATEMENT

As required under section 134 (3) (c) of the Companies Act, 2013 regarding the Directors’ Responsibility Statement, it is hereby stated:

i. In the preparation of annual accounts for the financial year ended March 31, 2016, the applicable accounting standards have been followed along with proper explanation relating to material departures.

ii. The Directors 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 ended on March 31st 2016 and of the profit or loss of the Company for that period.

iii. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

iv. The Directors have prepared the annual accounts on a going concern basis.

STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS

Statement pursuant to Section 134 (3) (d) of the Companies Act 2013 read with section 149 (6) of Companies Act 2013 is given in the Annexure 2& 3 to this Report.

COMPANY’S POLICY ON DIRECTOR’S APPOINTMENT & REMUNERATION

Information pursuant to Section 134 (3) (e) of the Companies Act, 2013 read with subsection (3) of Section 178 is given under Corporate Governance Compliance Report.

AUDITORS &AUDITORS’ REPORT

The Auditors, M/s. Amit Ray & Co., Chartered Accountants, the existing statutory Auditors of the Company retire at the forthcoming, Annual General Meeting and being eligible, offer themselves for reappointment. The said Auditors have given consent for the appointment furnished the Certificate of their eligibility for re-appointment. Pursuant to the provisions of section 139 of the Companies Act, 2013 and the Rules framed there under, it is proposed to appoint Amit Ray & Co. as statutory auditors of the Company from the conclusion of the forthcoming AGM till the conclusion of next .

Cost Auditor''s details

The Central Government has approved the appointment of M/s Shishir Jaiswal & Co. Cost Accountants as Cost Auditors for conducting Cost Audit of the Company for the Financial Year 2015-16. The due date for filing the Cost Audit Reports for the Financial Year ended 31st March, 2016 is 30th December 2016.

The due date for filing the Cost Audit Report of the Company for the Financial Year ended 31st March, 2015 was 30th December,2015 and the Cost Audit Report was filed by the Cost Auditor M/s Shishir Jaiswal & Co Cost Accountants, on 27thFebruary 2016 in XBRL Mode as mandated by the Ministry of Corporate Affairs vide their circular no. 8/2012 dated 10th May, 2012.

SECRETARIAL AUDITORS

The Board of Directors of the Company have appointed Mr. Samarendra Roy, Practicing Company Secretary , as the Secretarial Auditor of the Company for the financial year 2015-16, in terms of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The Report of the Secretarial Audit is annexed herewith as Annexure 4 and forms an integral part of this Report. The comments mentioned in Secretarial Audit Report are self-explanatory.

RELATED PARTY TRANSACTIONS

Information pursuant to Section 134 (3) (h) of the Companies Act, 2013, read with Rule 8 of Companies (Accounts) Rule, 2014 is given in the Annexure 5 to this Report.

CORPORATE

Information pursuant to Section 134 (3) (i) of the Companies Act, 2013, the status of company’s affairs are given below:

NOTICES & APPEALS Appeals

As informed to the members that the Company is before BIFR for rehabilitation and as part of rehabilitation scheme it was proposed to sell the Allahabad plant so as to settle the dues of the workers and Institutions and Bankers from the Sale proceeds of the plant. BIFR set up an Asset Sale Committee and made IDBI Bank, New Delhi as the operating Agency to take the sale process forward but for some reasons the sale of Allahabad plant could not materialize, in the meantime BIFR took a view that as there is no progress in the case, they ordered for winding up of the company. The Company being aggrieved filed an appeal before AAIFR to restrain BIFR from winding up of the company and subsequently the company filed an appeal for being delisted from BIFR, however as SASF withdraw the OTS package, the company could not get itself delisted from BIFR. Now the company has entered into a fresh OTS with SASF and payments are being made accordingly. In the meantime, the company has settled most of the dues of SBI and is making regular payments to Canara Bank so as to clear their dues by May, 2016. Also dues of more than 90% of the workers have been settled.

Debt Restructuring

During the year, a number of requests were made to SASF requesting them to give the company another chance to repay their dues by reinstating the earlier OTS package of October 2013 wherein a sum of Rs. 2400 Lacs was due by the company. The Board is pleased to inform the shareholders that SASF has ultimately sanctioned a OTS package for Rs. 3000 lacs as per their letter dated 05.01.2016. However as the same was not in conformity with the proposal of the company made to SASF, we have requested them to review the OTS package in line with our proposal. In the meantime, the company has made payment of Rs. 300 Lac in March, 2016 and proposed to make regular installment payments from April 2016. We have also given the assurance that as soon as we get a suitable buyer for the Allahabad property, we shall clear their full dues immediately. SASF in-principal have allowed us time to make the payment in installments, though their formal consent is awaited.

STATE BANK OF INDIA

As informed to the shareholders earlier that the principle amount due to State Bank of India under the OTS had been paid to them earlier and only the interest amount of Rs. 247 lacs remained due as on 31.03.2015, against which the company has made major payment during the current year and requested State Bank of India to waive off some portion of the balance interest dues which the Bank vide their note dated 29.03.2016 have agreed to waive off a sum of Rs. 41 Lacs & given a net demand of Rs. 135 lacs against which the company has made payment of Rs. 95 lacs in March 2016 and given the assurance to clear the balance amount of Rs. 40 Lacs in April 2016 which has since been paid and NOC obtained.

CANARA BANK

As mentioned earlier, a OTS settlement Rs. 610 lacs had been arrived at with them and after the down payment, the balance amount of Rs.486 Lacs had to be paid in six equal installments ending in May 2016. Accordingly regular installment payments have been made to them and as on 31.03.2016, only two installments amounting to Rs. 135 lacs remained to be paid.These have since been paid and NOC obtained.

HUMAN RELATIONS

The Human relations of the company at Rajahmundry unit remained cordial during the year.

ENVIRONMENT AND SAFETY

A lot of emphasis is placed on occupational, environment, health and safety of the employees of the Company. Several steps have been taken to conserve water by recycling it into useful purposes. A much greener environment has been created by using waste water and only those plants have been planted which make the environment clean and dust free. The Company recognizes employees’ safety and is always inclined to improve on such standards.

GREEN INITIATIVE IN THE CORPORATE GOVERNANCE

In view of the ''Green Initiative in Corporate Governance'' introduced by the Ministry of Corporate Affairs vide its circular no. 17/2011 dated 21st April 2011, all shareholders of the Company are requested to register their e-mail IDs with the Company, so as to enable the company to send all notices/ reports/documents/ intimations and other correspondences etc. through e-mails, in the electronic mode instead of receiving physical copies of the same.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year under review, as stipulated under Listing Regulation with stock exchanges in India, is presented in a separate section forming part of the Annual Report.

CORPORATE GOVERNANCE

As required under Chapter IV and Schedule V of the SEBI (Listing Obligations& Disclosure Requirements), Regulations 2015 with the Stock Exchanges, Corporate Governance as well as the Statutory Auditors’ Certificate regarding compliance of conditions of Corporate Governance forms part of the Annual Report.

Your Company has always practiced sound corporate governance and takes necessary actions at appropriate times for meeting stakeholders’ expectations while continuing to comply with the mandatory provisions of corporate governance and it has been endeavor of your company to follow and implement the best practices in corporate governance, in letter and spirit.

APPRECIATION

Directors wish to place on record their deep thanks and gratitude to;

a) The Central and the State Government as well as their respective Departments and Development Authorities connected with the business of the Company, the Bankers of the Company as well as other Institutions for their co-operation and continued support.

b) The Shareholders, Suppliers and the Contractors for the trust and confidence reposed and to the Customers for their valued patronage.

c) The Board also takes this opportunity to express its sincere appreciation for the efforts put in by the officers and employees at all levels in achieving the results and hopes that they would continue their sincere and dedicated endeavor towards attainment of better working results during the current year.

RESERVE & SURPLUS

Information pursuant to Section 134 (3) (j) of the Companies Act, 2013 is that the Company has earned the profit during the current year of Rs 485.30 lacs as a result the accumulated losses of the company decreased from Rs 11494.31 lacs to 11009.01 lacs at the end of the year 31.03.2016.Captal Reserves of the company stood a Rs 221.86 lacs and Security Premium Account was Rs 4408.75 lacs.

DIVIDEND

Information pursuant to Section 134 (3) (k) of the Companies Act, 2013, in the view of huge accumulated losses in the balance sheet of your company and considering the fact that the company is in the stage of recovery from a sick company your directors are not in a position to recommend any dividend for the financial year ending March 2016.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Information pursuant to Section 134 (3) (m) of the Companies Act, 2013, read with Rule 8 of Companies (Accounts) Rule, 2014 is given in the Annexure 6 to this Report.

RISK MANAGEMENT POLICY

Information pursuant to Section 134 (3) (n) of the Companies Act, 2013 is given in the Annexure 7 to this Report

CSR REPORT

Information pursuant to Section 134 (3) (o) of the Companies Act, 2013, read with Rule 8 of Companies (Accounts) Rule, 2014 is given in the Annexure 8 to this Report

Regd. Off: 1, Kanpur Road By order of The Board of Directors of Triveni Glass Limited

Allahabad - 211001 (U.P.) Sd/-

Place: Allahabad J.K. Agrawal

Date: 26.07.2016 Managing Director

DIN: 00452816

Source : Dion Global Solutions Limited
Quick Links for triveniglass
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.