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Directors Report of Andhra Petrochemicals Ltd.

Mar 31, 2014

Dear Shareholders,

The Directors have pleasure in presenting the Thirtieth Annual Report of the Company together with the Audited Accounts for the year ended 31st March, 2014.

FINANCIAL RESULTS:

Performance of the Company for the Financial Year ended 31st March, 2014 is summarised below:

(Rs. in Lakhs) 2013-14 2012-13 Net Sales (excl. Excise Duty) 25929.25 56276.00 Profit / (Loss) before Interest & Depreciation (1039.30) 3148.89

Less: Interest 650.16 860.16 Depreciation 1334.53 1371.63 Profit / (Loss) after Interest and Depreciation before Extraordinary Items (3023.99) 917.10 Less: Extraordinary Items (FSA charges relating to earlier years) -- 453.93 Profit / (Loss) after Extraordinary Items (3023.99) 463.17 Provision for: Current Tax -- 93.40 Deferred Tax (457.14) 151.64 MAT credit entitlement -- (93.40) Excess provision for Direct Taxes of earlier years written back -- (0.34) Profit / (Loss) after Taxation (2566.85) 311.87 Balance brought forward from previous year 10149.61 9837.74 Profit carried forward to next year 7582.76 10149.61

OPERATIONAL AND FINANCIAL PERFORMANCE:

During the Financial Year 2013-14, the Plant produced 26,460 MTs (previous year 66,564 MTs), which works out to 36% (approx.) capacity utilisation. Sales during the year were 29,157 MTs (previous year 64,407 MTs). Lower production was due to non-supply of Propylene by HPCL for revamp of Propylene Recovery Unit (PRU) in the 1st quarter to enhance Propylene production capacity that resulted in shutdown of our Plant for 58 days and a fire accident on 23rd August, 2013 in HPCL''s cooling tower that resulted in shutdown of PRU during most part of the remaining period in this year. Com- pany had incurred a net loss of Rs.25.67 crores during the current Financial Year 2013-14 against profit after tax of Rs.3.12 crores made during the previous year. This is mainly due to non-availability of Propylene for a long period result- ing in 212 days production loss.

DIVIDEND:

In view of the loss incurred during the year under report, your Directors are unable to recommend any dividend for the Financial Year 2013-14.

CAPITAL & RESERVES:

Authorised and Paid-up Capital:

The Authorised Capital of the Company is Rs.85 crores and the Paid-up Capital is Rs.84.97 crores.

Reserves:

The total Reserves position as on 31.3.2014 stood at Rs.105.19 crores against Rs.130.86 crores in the previous year.

The Andhra Petrochemicals Limited

DEPOSITS:

During the year under review, your Company has not invited or accepted any Fixed Deposits from the Public.

SAFETY, HEALTH AND ENVIRONMENT: Your Company has been awarded the 3rd Level of Award SURAKSHA PURASKAR, Bronze Trophy for 2013 (Manu- facturing sector) Group-A by the National Safety Council of India. There is no 1st Level award in this category.

Safety of human and Plant assets is the top priority of the Company. Continuous training of personnel at various levels on safety and strict compliance of regulations is ensured which resulted in one more accident-free year. Your Company has established several process measures and a number of en- vironmental control systems to contain environmental impact and ensures their close monitoring. It may be noted that your Company is always in the forefront and proactive in implementing environment protection measures.

INSURANCE:

All the insurable assets of the Company including Plant and Machinery, Buildings and Inventories are insured on reinstate- ment value basis.

LISTING:

The Equity Shares of your Company are listed on the Bombay Stock Exchange. Listing fees has been paid.

DIRECTORS:

During the year under report, Andhra Pradesh Industrial De- velopment Corporation Ltd., (APIDC) withdrew Sri S V Kanaka Seshu as its Nominee Director from the Board of the Com- pany from 13.8.2013 and in his place Sri K Rajendra Prasad has been co-opted as Additional Director on the Board of the Company with effect from 6.11.2013. Dr. Anumolu Ramakrishna ceased to be the Director of your Company w.e.f., 20.8.2013 consequent upon his sad demise. Your Di- rectors place on record their warm appreciation for the valu- able guidance rendered by Sri S V Kanaka Seshu and Dr. Anumolu Ramakrishna during their tenure as Directors of the Company.

Sri K Rajendra Prasad holds office upto the date of the ensu- ing 30th Annual General Meeting (AGM). Resolution seeking his appointment as Director is being placed for the approval of the shareholders at the ensuing 30th AGM.

In accordance with the provisions of the Companies Act, 2013 and Articles of Association of the Company, Directors Sri P Narendranath Chowdary and Sri Ravi Pendyala retire by rotation at the ensuing 30th AGM and being eligible offer them- selves for reappointment.

Individual Independent Directors appointment is placed be- fore Shareholders for approval at the ensuing 30th AGM.

AUDIT COMMITTEE:

Audit Committee consists of four Non-Executive Independent Directors Sri A A Krishnan, Sri M R B Punja, Sri Surinder Kumar Kapoor and Sri Justice G Ramanujam (Retd.) (Chair- man upto 5.11.2013). Sri A A Krishnan is the Chairman of the Committee from 6.11.2013.

CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE:

As required by the provisions of the Companies Act, 2013, Board of Directors at its Meeting held on 24.5.2014 consti- tuted Corporate Social Responsibility (CSR) Committee com- prising Directors viz., Dr. B B Ramaiah, Smt. Anita Rajendra, I.A.S., and Sri A A Krishnan as its Members.

NOMINATION AND REMUNERATION COMMITTEE:

As required by the provisions of the Companies Act, 2013, Board of Directors at its Meeting held on 24.5.2014 consti- tuted Nomination and Remuneration Committee comprising

Directors viz., Sri M R B Punja, Sri Surinder Kumar Kapoor and Sri P Narendranath Chowdary as its Members.

AUDITORS:

M/s Brahmayya & Co., Chartered Accountants, Vijayawada, the present Statutory Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting and are eligible for reappointment.

COST AUDITORS:

M/s Narasimha Murthy & Co., Cost Accountants, Hyderabad, were appointed as Cost Auditors of the Company for the year ended 31st March, 2014. Cost Auditors'' Report in respect of Financial Year 2012-13 has been filed with the Ministry of Corporate Affairs on 19.8.2013 i.e., within the stipulated date.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORP- TION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

Particulars prescribed under Section 217(1)(e) of the Com- panies Act, 1956 read with Companies (Disclosure of Par- ticulars in the Report of Board of Directors) Rules, 1988 are given in Annexure ''A'' to this Report.

PARTICULARS OF EMPLOYEES:

Statement of particulars of employees of the Company as required under Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended by Companies (Particulars of Employees) Amendment Rules, 2011 forming part of this Report is an- nexed hereto (Annexure-''B'').

DEMATERIALISATION OF SHARES:

As on 31st March, 2014 out of the total number of 8,49,71,600 Equity Shares, 7,67,79,293 Equity Shares constituting 90.36% stand dematerialised.

DIRECTORS'' RESPONSIBILITY STATEMENT:

It is hereby confirmed:

i) that in the preparation of Annual Accounts, the appli- cable Accounting Standards have been followed along with proper explanation relating to material departures, if any.

ii) that Accounting Policies have been selected and applied consistently and judgements and estimates made that are reasonable and prudent, so as to give a true and fair view of the State of Affairs of the Com- pany at the end of the Financial Year and of the loss of the Company for that year.

iii) that proper and sufficient care has been 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 ir- regularities.

iv) that the Directors had prepared the Annual Accounts on a going concern basis.

REPORT ON CORPORATE GOVERNANCE:

As required under Clause 49 of the Listing Agreement with the Stock Exchange, the report on Corporate Governance and the Auditors'' Certificate on the compliance of Corporate Governance are annexed and form part of the Directors'' Re- port (Annexure ''C'').

ACKNOWLEDGEMENTS:

Your Directors acknowledge the co-operation and continued valuable support received from Central and State Govern- ment authorities, the Promoters - The Andhra Sugars Lim- ited and APIDC, Financial Institutions, Banks, Sharehold- ers, Customers, HPCL, GAIL and other Suppliers. Your Directors also wish to place on record their deep sense of appreciation of the valuable contribution made by the em- ployees at all levels.

On behalf of the Board Hyderabad M R B Punja 21.7.2014 Chairman


Mar 31, 2013

Dear Shareholders,

The Directors have pleasure in presenting the Twenty Ninth Annual Report of the Company together with the Audited Accounts for the year ended 31st March, 2013.

FINANCIAL RESULTS:

Performance of the Company for the Financial Year ended 31st March, 2013 is summarised below:

(Rs. in Lakhs)

2012-13 2011-12

Net Sales (excl. Excise Duty) 56276.00 59715.57

Profit before Interest & Depreciation 3148.89 7968.88

Less: Interest 860.16 1254.72

Depreciation 1371.63 2265.06

Profit / (Loss) after Interest and

Depreciation before Extraordinary Items 917.10 4449.10

Less: Extraordinary Items

(FSA charges relating to earlier years) 453.93

Profit / (Loss) after Extraordinary Items 463.17 4449.10

Provision for: Current Tax 93.40 1206.00

Deferred Tax 151.64 242.00

MAT credit entitlement (93.40)

Excess provision for Direct Taxes of earlier years written back (0.34) (0.37)

Profit / (Loss) after Taxation 311.87 3001.47

Balance brought forward from previous year 9837.74 7830.05

Profit available for appropriation 10149.61 10831.52

APPROPRIATIONS:

TransfertoGeneral Reserve 500.00

Proposed Dividend on Equity

Shares@5% 424.86

TaxonDistributable Profits 68.92

Balance carried forward to next year 10149.61 9837.74

10149.61 10831.52

OPERATIONAL AND FINANCIAL PERFORMANCE:

During the Financial Year 2012-13, the Plant achieved 91% capacity utilisation with a production of 66,564 MTs (previ- ous year 73,593 MTs). Sales during the year were 64,407 MTs (previous year 73,436 MTs). Lower production is due to non-remunerative prices for some time and shortage of Pro- pylene. Profit after tax during the current Financial Year 2012- 13 is lower at Rs.3.12 crores (previous year Rs.30.01 crores) due to increase in the prices of raw materials with no corre- sponding increase in sale prices of products, increased power cost due to 30% to 50% power cuts imposed by the APEPDCL (met from alternate sources at higher costs), charging of Fuel Surcharge Adjustment (FSA) of the Financial Years 2010-11 (from 2nd Quarter) and 2011-12 as Extraordinary Item.

DIVIDEND:

In view of the steep fall in profit during the year under report, your Directors are unable to recommend any dividend for the Financial Year 2012-13.

CAPITAL & RESERVES:

Authorised and Paid-up Capital:

The Authorised Capital of the Company is Rs.85 crores and the Paid-up Capital is Rs.84.97 crores.

Reserves:

The total Reserves position as on 31.3.2013 stood at Rs. 130.86 crores against Rs.127.74 crores in the previous year.

DEPOSITS:

During the year under review, your Company has not invited or accepted any Fixed Deposits from the Public.

SAFETY, HEALTH AND ENVIRONMENT:

Your Company has been awarded the 2nd Level of Award SHRESHTHA SURAKSHA PURASKAR Silver Trophy for 2012 (Manufacturing sector) Group-A by the National Safety Council of India. There is no 1st Level Award in this category.

Safety of Human and Plant assets is the top priority of the Company. Continuous training of personnel at various levels on safety and strict compliance of regulations is ensured which resulted in one more accident-free year. Your Company has established several process measures and a number of en- vironmental control systems to contain Environmental impact and ensures their close monitoring. It may be noted that your Company is always in the forefront and proactive in implementing environment protection measures.

INSURANCE:

All the insurable assets of the Company including Plant and Machinery, Buildings and Inventories are insured on reinstate- ment value basis.

LISTING:

The Equity Shares of your Company are listed on the Bombay Stock Exchange. Listing fees has been paid.

DIRECTORS:

During the year under report, Andhra Pradesh Industrial De- velopment Corporation Ltd., (APIDC) withdrew Sri M Venkateswara Rao and Smt. Shalini Misra, I.A.S., as its Nominee Directors from the Board of the Company from 17.8.2012 and 12.4.2013 respectively and in their place Sri S V Kanaka Seshu and Smt. Anita Rajendra, I.A.S., have been co-opted as Additional Directors on the Board of the Company with effect from 7.11.2012 and 25.5.2013 respec- tively. Your Directors place on record their warm apprecia- tion for the valuable guidance rendered by Smt. Shalini Misra, I.A.S., and Sri M Venkateswara Rao during their tenure as Directors of the Company.

Smt. Anita Rajendra, I.A.S., and Sri S V Kanaka Seshu hold office upto the date of the ensuing 29th Annual General Meet- ing (AGM). Resolutions seeking their appointment as Direc- tors are being placed for the approval of the shareholders at the ensuing 29th AGM.

In accordance with the provisions of the Companies Act, 1956 and Articles of Association of the Company, Directors Sri P Narendranath Chowdary, Sri M Thimmaraja and Sri A A Krishnan retire by rotation at the ensuing 29th AGM and be- ing eligible offer themselves for reappointment.

AUDIT COMMITTEE:

As on the date of this report, the Audit Committee consists of five Non-Executive Independent Directors Sri Justice G Ramanujam (Retd.), Sri A A Krishnan, Dr. Anumolu Ramakrishna, Sri Surinder Kumar Kapoor and Sri M R B Punja. Sri Justice G Ramanujam (Retd.) is the Chairman of the Committee. Sri M R B Punja has been inducted as mem- ber with effect from 20.7.2013.

AUDITORS:

M/s Brahmayya & Co., Chartered Accountants, Vijayawada, the present Statutory Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting and are eligible for reappointment.

COST AUDITORS:

M/s Narasimha Murthy & Co., Cost Accountants, Hyderabad, were appointed as Cost Auditors of the Company for the year ended 31st March, 2013. Cost Auditors'' Report in respect of Financial Year 2011-12 has been filed with the Ministry of Corporate Affairs on 24.12.2012 i.e., within the stipulated date.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORP- TION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:

Particulars prescribed under Section 217(1)(e) of the Com- panies Act, 1956 read with Companies (Disclosure of Par- ticulars in the Report of Board of Directors) Rules, 1988 are given in Annexure ''A'' to this Report.

PARTICULARS OF EMPLOYEES:

There is no employee of your Company drawing a remunera- tion requiring disclosure under Section 217(2A) of the Com- panies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended by Companies (Par- ticulars of Employees) Amendment Rules, 2011.

DEMATERIALISATION OF SHARES:

As on 31st March, 2013 out of the total number of 8,49,71,600 Equity Shares, 7,66,85,741 Equity Shares constituting 90.25% stand dematerialised.

DIRECTORS''RESPONSIBILITY STATEMENT:

It is hereby confirmed:

i) that in the preparation of Annual Accounts, the appli-

cable Accounting Standards have been followed along with proper explanation relating to material departures, if any.

ii) that Accounting Policies have been selected and applied consistently and judgements and estimates made that are reasonable and prudent, so as to give a true and fair view of the State of Affairs of the Com- pany at the end of the Financial Year and of the Profit of the Company for that year.

iii) that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the CompaniesAct, 1956 for safeguarding the Assets of the Company and for preventing and detecting fraud and other irregularities.

iv) that the Directors had prepared the Annual Accounts on a going concern basis.

REPORT ON CORPORATE GOVERNANCE:

As required under Clause 49 of the Listing Agreement with the Stock Exchange, the report on Corporate Governance and the Auditors'' Certificate on the compliance of Corpo- rate Governance are annexed and form part of the Direc- tors'' Report (Annexure ''B'').

ACKNOWLEDGEMENTS:

Your Directors acknowledge the co-operation and contin- ued valuable support received from Central and State Government authorities, the Promoters - The Andhra Sug- ars Limited and APIDC, Financial Institutions, Banks, Shareholders, Customers, HPCL, GAIL, and other Sup- pliers. Your Directors also wish to place on record their deep sense of appreciation of the valuable contribution made by the employees at all levels, which enabled the Company to achieve a sustained growth in the operational performance during the year under review.

On behalf of the Board

Hyderabad MRBPunja

20.7.2013 Chairman


Mar 31, 2012

The Directors have pleasure in presenting the Twenty Eighth Annual Report of the Company together with the Audited Accounts for the year ended 31st March, 2012.

FINANCIAL RESULTS:

Performance of the Company for the Financial Year ended 31st March, 2012 is summarised below:

(Rs. in lakhs)

2011-12 2010-11

Net Sales (excl. Excise Duty) 59715.57 45659.29

Profit before Interest & Depreciation 7968.88 9159.27

Less: Interest 1254.72 1710.45

Depreciation 2265.06 2287.75

Profit / (Loss) after Interest and Depreciation 4449.10 5161.07

Provision for:

Current Tax 1206.00 1033.09

Deferred Tax 242.00 1597.72

MAT credit entitlement --- (1032.79)

Excess provision for Direct

Taxes of earlier years written back (0.37) (0.47)

Profit / (Loss) after Taxation 3001.47 3563.52

Balance brought forward from previous year 7830.05 6254.09

Profit available for appropriation 10831.52 9817.61

APPROPRIATIONS:

Transfer to General Reserve 500.00 1000.00

Proposed Dividend on

Equity Shares @5% 424.86 849.72

Tax on Distributable Profits 68.92 137.84

Balance carried forward to next year 9837.74 7830.05

10831.52 9817.61

OPERATIONAL AND FINANCIAL PERFORMANCE:

Your Directors are happy to report that during the year the Plant has operated well achieving 100% capacity utilisation by achieving a production of 73,593 MTs (previous year 57,726 MTs). Sales during the year were 73,436 MTs (previous year 57,472 MTs). This performance of higher production and sales in terms of volume and value is as a result of implementing effective measures, change in product mix and marketing strategies. Inspite of higher Gross Sales of Rs.659.75 crores, profit for the year before tax is lower at Rs.44.49 crores. The contribution on sales was lower on account of raw materials and energy price hikes, higher crude prices, depreciation of rupee, general inflation and lower international product prices consequent upon the creation of additional capacities for the product in international market during the year, which may be absorbed by growth in the sector.

DIVIDEND:

Your Directors have recommended a Dividend of 50 paise per share (@5% Dividend on 8,49,71,600 Equity Shares) for the year 2011-12 commensurate with the profit earned. The outflow towards the payment of Dividend would amount to Rs. 4,93,78,059 inclusive of Tax thereon. Dividend, if approved by the shareholders, will be paid to all the eligible shareholders.

CAPITAL & RESERVES:

Authorised and Paid-up Capital:

The Authorised Capital of the Company is Rs. 85 crores and the Paid-up Capital is Rs. 84.97 crores.

Reserves:

With the transfer of Rs. 5.00 crores to Reserves during the current year the total Reserves position as on 31.3.2012 stood at Rs. 127.74 crores.

DEPOSITS:

During the year under review, your Company has not invited or accepted any Fixed Deposits from the Public.

SAFETY, HEALTH AND ENVIRONMENT:

Safety of Human and Physical assets is the top priority of the Company. Continuous training of personnel at various levels on safety and strict compliance of regulations is ensured which resulted one more accident free year. Your Company has established several process measures and a number of Environmental control systems to contain Environmental impact and ensures their close monitoring. It may be noted that your Company is always in the forefront and proactive in implementing environment protection measures.

INSURANCE:

All the insurable assets of the Company including Plant and Machinery, Buildings and Inventories are insured on reinstatement value basis.

LISTING:

The Equity Shares of your Company are listed on The Bombay Stock Exchange. Listing fees has been paid.

DIRECTORS:

Your Directors express profound grief over the sad demise of Managing Director, Dr. Mullapudi Harischandra Prasad on 3rd September, 2011, who was instrumental in bringing the Company to the position of what it is today and place on record their warm appreciation of his commendable contribution to the growth and developement of the Company.

Board of Directors at its Meeting held on 12th November, 2011, appointed Dr. B B Ramaiah as Managing Director for a period of 5 years i.e., from 12.11.2011 to 11.11.2016. His appointment is being placed for the approval of the shareholders at the ensuing 28th Annual General Meeting.

During the year under report, APIDC withdrew Smt. Nilam Sawhney, I.A.S., as its Nominee Director from the Board of the Company from 21.4.2012. Your Directors palce on record their warm appreciation of her valuable guidance rendered during her tenure as Director of the Company. In her place Sri B R Meena,

I.A.S., Nominee Director of APIDC was co-opted as an Additional Director on the Board of the Company with effect from 19.5.2012. He holds office upto the date of the ensuing 28th Annual General Meeting. Resolution seeking his appointment as Director is being placed for the approval of Shareholders at the ensuing 28th Annual General Meeting.

In accordance with the provisions of the Companies Act, 1956 and Articles of Association of the Company, Directors Sri M R B

Punja, Sri Surinder Kumar Kapoor and Dr. Anumolu Ramakrishna retire by rotation at the ensuing 28th Annual General Meeting and, being eligible, offer themselves for re- appointment.

AUDIT COMMITTEE:

With effect from 12.11.2011 Sri Surinder Kumar Kapoor, Director, has been inducted as Member of the Audit Committee. Consequent upon his induction, the Audit Committee consists of four Non-Executive Independent Directors Sri Justice G Ramanujam (Retd.), Sri A A Krishnan, Dr. Anumolu Ramakrishna and Sri Surinder Kumar Kapoor. Sri Justice G Ramanujam (Retd.) is the Chairman of the Committee.

AUDITORS:

M/s Brahmayya & Co., Chartered Accountants, Vijayawada, the present Statutory Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting and are eligible for re-appointment.

COST AUDITORS:

M/s Narasimha Murthy & Co., Cost Accountants, Hyderabad, were appointed as Cost Auditors of the Company for the year ended 31st March, 2012. Cost Auditors' report in respect of Financial Year 2010-11 has been filed with the Ministry of Corporate Affairs on 19.8.2011, i.e., within the stipulated date of 30.9.2011.

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

Particulars prescribed under Section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are given in Annexure 'A' to this Report.

PARTICULARS OF EMPLOYEES:

There is no employee of your Company drawing a remuneration requiring disclosure under Section 217(2A) ofthe Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended by Companies (Particulars of Employees) Amendment Rules, 2011.

DEMATERIALISATION OF SHARES:

As on 31st March, 2012 out of the total number of 8,49,71,600 Equity Shares, 7,65,39,159 Equity Shares constituting 90.08% stands dematerialised.

DIRECTORS' RESPONSIBILITY STATEMENT:

It is hereby confirmed:

i) that in the preparation of Annual Accounts, the applicable Accounting Standards have been followed along with proper explanation relating to material departures, if any.

ii) that Accounting Policies have been selected and applied consistently and judgements and estimates made 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 year.

iii) that proper and sufficient care has been 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) that the Directors had prepared the Annual Accounts on a going concern basis.

REPORT ON CORPORATE GOVERNANCE:

As required under Clause 49 of the Listing Agreement with the Stock Exchange, the report on Corporate Governance and the Auditors' Certificate on the compliance of Corporate Governance are annexed and form part of the Directors' Report (Annexure 'B').

ACKNOWLEDGEMENTS:

Your Directors acknowledge the co-operation and continued valuable support received from Central and State Government authorities, the Promoters - The Andhra Sugars Limited and APIDC, Financial Institutions, Banks, HPCL, Davy Process Technology Ltd., London, Aker Solutions Pvt. Ltd., Shareholders, Customers and Suppliers. Your Directors also wish to place on record their deep sense of appreciation of the valuable contribution made by the employees at all levels, which enabled the Company to achieve a sustained growth in the operational performance during the year under review.

On behalf of the Board

Hyderabad M R B Punja

21-7-2012 Chairman

 
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