Mar 31, 2015
Dear Members,
The Directors present their 50th Annual Report of the Company together
with the Audited Statements of Accounts for the year ended 31st March,
2015
1. FINANCIAL RESULTS
The Company's financial performance for the year under review along
with previous years figures are given hereunder:
(Rs. in Lacs)
Particulars Year ended Year ended
31.03.2015 31.03.2014
Net Sales /Income from
Business Operations 7429.37 9515.97
Other Income 71.15 103.43
Total Income 7500.52 9619.40
Interest 1062.58 1022.22
Profit /(Loss) before Depreciation (1266.72) 336.68
Depreciation 173.43 278.12
Profit /(Loss) after
depreciation and Interest (1440.15) 58.56
Current Income Tax - -
Deferred Tax - -
Net Profit (Loss) after Tax (1440.15) 58.56
Dividend (including Interim
if any and final ) - -
Net Profit /(Loss) after
dividend and Tax (1440.15) 58.56
Amount transferred to General Reserve -
Balance carried to Balance Sheet (1440.15) 58.56
Earning in Rupee per share (Basic) (28.80) 1.17
Earning in Rupee per Share(Diluted) (28.80) 1.17
2. REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS
Your Directors wish to present the details of Business operations done
during the year under review:
During the year under review the Company could achieve reduced turnover
of Rs. 7429.37 Lacs against Rs. 9515.97 Lacs of previous year and
incurred loss of Rs.1440.15 Lacs against profit of Rs. 58.56 Lacs of
previous year. The reduction in turnover of 22% of previous year is due
to the continuous stress on liquidity. In the current year growth is
expected in sale of banking automation, measuring instruments and power
supplies.
3. DIVIDEND
No Dividend is recommended for the current financial year due to loss
incurred by the Company. (Previous Year - Nil)
4. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION
FUND
In terms of Section 125 of the Companies Act, 2013, any unclaimed or
unpaid Dividend relating to the financial year 2007-08 is due for
remittance to the Investor Education and Protection Fund established by
the Central Government on 17/07/2015.
5. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL
POSITION OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR
TO WHICH THESE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT
No material changes and commitments affecting the financial position of
the Company occurred between the end of the financial year to which
these financial statements relate on the date of this report.
6. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information pertaining to conservation of energy, technology
absorption, Foreign exchange Earnings and outgo as required under
Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3) of
the Companies (Accounts) Rules, 2014 is furnished in Annexure to the
Directors' Report and is attached to this report.
7. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK
MANAGEMENT POLICY OF THE COMPANY
During the year under review your company has formed Risk Management
Committee to identify and evaluate elements of business risks.
8. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
Due to the losses incurred presently during the year under review,
Corporate Social Responsibility could not be implemented. However on
improved performances, the same will be implemented.
9. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION
186 OF THE COMPANIES ACT, 2013
The particulars of Loans, Guarantees or Investments made under Section
186 is furnished in Notes to Financial Statement no. 26 under item No.
9 and is attached to this report.
10. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
The particulars of Contracts or Arrangements made with related parties
made pursuant to Section 186 is furnished in Notes to Financial
Statement No. 26 and is attached to this report.
11. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE
REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY
SECRETARY IN THEIR REPORTS
There were no adverse comments, qualifications or reservations or
adverse remarks by the Statutory Auditors nor practicing Company
Secretary in the Secretarial Audit Report. The Secretarial Audit Report
in terms of Section 204 is annexed as Annexure-A to this report.
12. COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF
REMUNERATION AND DISCHARGE OF THEIR DUTIES
The Company's Policy relating to appointment of Directors, payment of
Managerial remuneration, Directors' qualifications, positive
attributes, independence of Directors and other related matters as
provided under Section 178(3) of the Companies Act, 2013 is in process,
due to inadequate profit, the present Executive Director is not drawing
any remuneration.
13. ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of Section 92
read with Rule 12 of the companies (Management and administration)
Rules, 2014 is furnished in Annexure-B and is attached to this Report.
14. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW
The Company had 5 (Five) Board meetings during the financial year under
review.
15. DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(5) of the Companies
Act, 2013 the Board hereby submit its responsibility Statement:
(a) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(b) the directors had 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 and of the profit and
loss of the company for that period;
(c) 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;
(d) the directors had prepared the annual accounts on a going concern
basis; and
(e) the directors, in the case of a listed company, had laid down
internal financial controls to be followed by the company and that such
internal financial controls are adequate and were operating
effectively. - Not applicable to Private Limited Company. Internal
financial control means the policies and procedures adopted by the
Company for ensuring the orderly and efficient conduct of its business
including adherence to Company's policies, the safeguarding of its
assets, the prevention and detection of frauds and errors, the accuracy
and completeness of the accounting records and the timely preparation
of reliable financial information.
(f)the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
16. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The details of financial performance of Subsidiary Company Sprylogic
Technologies Limited, recorded turnover of Rs. 233.68 Lacs during the
year as against Rs.210.38 Lacs in the previous year. The operations
during the year have resulted into a profit before tax of Rs. 26.41
Lacs as against profit before tax of Rs.37.05 Lacs during the previous
year.
17. DEPOSITS
The Company has neither accepted nor renewed any deposits during the
year under review.
18. DIRECTORS
In accordance with the provisions of the Companies Act, 2013, Mrs.
Amrita P Deodhar (DIN:00538573) is liable to retire by rotation at the
forthcoming Annual General Meeting and being eligible offer herself for
re-appointment.
Mr. Nishith P. Deodhar, Managing Director (DIN: 01614848), Mr. Amit
Goenka, Director (DIN: 00017707) and Mr. Mukund Galgali (DIN: 01998552)
have resigned from the Board during the year.
Mr. PS. Deodhar was appointed as Managing Director designated as
Chairman & Managing Director during the year.
19. DECLARATION OF INDEPENDENT DIRECTORS
The Independent Directors have submitted their disclosures to the Board
that they fulfill all the requirements as stipulated in Section 149(6)
of the Companies Act, 2013 so as to qualify themselves to be appointed
as Independent Directors under the provisions of the Companies Act,
2013 and the relevant rules.
20. STATUTORY AUDITORS
The Statutory Auditors, M/s Shahade & Associates, Chartered Accountants
(ICAI Registration No. 109840W), retire at the forthcoming Annual
General Meeting. They have furnished a certificate confirming their
eligibility for re-appointment under provisions of Section 141 of the
Companies Act, 2013 and expressed their willingness to be re-appointed.
You are requested to appoint the Auditors for the current year and fix
their remuneration.
21. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL
MECHANISM
The Audit Committee consists of the following members
a. Mr. A.G Joshi (DIN: 00019927)
b. Mr. Jayant Deo (DIN: 00568381)
c. Dr. S.K. Hajela (DIN: 01001987)
The above composition of the Audit Committee consists of independent
Directors viz., Mr. A.G Joshi (DIN: 00019927), Mr. Jayant Deo (DIN:
00568381) and Dr. S.K. Hajela (DIN: 01001987) who form the majority.
The Company has established a vigil mechanism and oversees through the
committee, the genuine concerns expressed by the employees and other
Directors. The Company has also provided adequate safeguards against
victimization of employees and Directors who express their concerns.
The Company has also provided direct access to the chairman of the
Audit Committee on reporting issues concerning the interests of co
employees and the Company.
22. SHARES
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.
23. DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORK PLACE
(PREVENTION, PROHIBITION AND REDRESSAL ACT, 2013)
The Company has in place an Anti Sexual Harassment Policy in line with
the requirements of the Sexual Harassment of Women at the work place
(Prevention, Prohibition and Redressal) Act, 2013. All employees
(permanent, contractual, temporary, trainees) are covered under this
policy. No sexual harassment complaints were received during the year
2014-15.
24. ACKNOWLEDGEMENTS
Your Directors place on record their sincere thanks to bankers,
business associates, consultants, and various Government Authorities
for their continued support extended to your Company's activities
during the year under review. Your Directors also acknowledges
gratefully the shareholders for their support and confidence reposed on
your Company.
For and on behalf of the Board of Directors
Date: May 23, 2015 P.S. Deodhar (DIN:00393117)
Place: Thane Chairman & Managing Director
Mar 31, 2014
Dear Members
The Directors present their 49th Annual Report and the Audited
Accounts for the year ended 31s* March, 2014
(Rs. in Lacs)
Year ended Year ended
31.03.2014 31.03.2013
Profit before finance cost, 1358.91 740.55
depreciation and tax
Finance Cost 1022.23 896.34
Depreciation 278.12 213.68
Profit/(Loss) before tax 58.56 (369.47)
Provision for income tax - -
Deferred Tax Liability/(Asset) - -
Net Profit/(Loss) 58.56 (369.47)
Amount available for appropriations - -
Appropriations : - -
1. General Reserve - -
2. Proposed Dividend - -
3. Tax on Dividend - -
REVIEW OF OPERATIONS
During the year under review the Company could achieve higher turnover
of Rs. 9515.97 Lacs against Rs. 7161.40 Lacs of previous year. This
represent a growth of 32.88%. The growth is mainly in Banking
Automation Products. With added turnover profit before tax of Rs. 58.56
Lacs is achieved against loss of Rs. 369.47 Lacs of previous year. In
the current year growth is expected in sale of other products.
FINANCE
The cost of finance has been continued to increase in the year under
review. Liquidity position was always under pressure. Directors are
making every effort to control the cost by better working capital
management. In current year though absolute figures will increase
finance cost, enhanced turnover will reduce the impact thereof.
DIVIDENDS
The year under review has generated net profit of Rs. 58.56 Lacs.
However as a prudent business practice the Board felt it appropriate to
defer recommendation of any dividend till earning of substantial profit
(P.Y. Nil).
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
This Report also includes the Management Discussion & Analysis and the
Report is thus a composite and comprehensive document.
A. Industry Structure and Developments:
Manufacturing in India continues to face several headwinds like in the
past few years. High inflation and poor infrastructure mean higher
input costs, increasing labour strike, higher borrowing costs and
consequently lower margins for our products. The markets your company
operates in continue to be extremely competitive with little advantage
in local manufacturing. Your company''s sales margins continue to be
impacted. The increase in material costs without much scope for
increasing selling prices due to continued Chinese and other low cost
imports pressure continues to challenge your company''s push towards
profitable growth. The problems faced by Indian manufacturers range
from poor infrastructure like non availability of power, complex State,
Centre and local taxes, rules & regulations, corruption, bureaucratic
hurdles and lack of promotional policies. Government spending and in
general demand for your company''s Industrial products has substantially
slowed over the 2012-2013 fiscal year. Although, we are hopeful that
spending and consequent demand will increase in the current year; this
being an election year, but any upside seems restricted due to the
negative outlook by international ratings companies. Your company now
has successfully tapped the Middle East market and looks to further
focus and grow business in these lucrative markets.
B. Opportunities and Threats to your company:
An election year, we hope provides new opportunities with new
investments the Government is likely to undertake this year. Your
company continues to explore opportunities in the PV Solar market; in
an energy starved environment, PV solar looks increasingly attractive
to Indian consumers.
Your company''s banking and retail automation products are likely to
grow exponentially this year. Your company has tied with reputed
international brands to bring the Indian banking industry world-class
banking automation products. Banks, partially RBI mandated, continue to
expand their rural retail banking networks. The number of customers
they service has increased, along with the geographical spread. There
is also a big dearth of trained personnel in the retail banking sector,
especially in the rural areas, hampering banks growth plans. All these
factors lend to an increased interest in your company''s self-service
kiosks. We expect a substantial rise in business in the coming year.
Test and Measurement division should see some growth in the education
sector due to the increased Government spending in an election year.
However, we expect the increase to be marginal at best.
The UPS division makes a major portion of your company''s business
however unfortunately margins are under the most pressure for this
market segment. Your company is going to increasingly focus on
industrial and customized UPS systems in Middle East and the GCC
countries, where the company can command better margins and now has a
very strong partner and investments.
Your company''s exited the fuel dispensing business. This business had
become extremely competitive and a low margin market share acquisition
exercise. The costs of maintain an extremely geographically dispersed
population of dispensingunits and the associated costs, convinced the
company that this business was not strategic.
C. Threats
Your company primarily operates in LBT taxed areas. Trader community
strikes, and the additional overheads, costs of operating in an LBT
area puts your company in a disadvantage to other companies operating
in areas where local taxes are manufacturing friendly.
General economic conditions of inflation, severe competition within
India and from outside, increasing material prices and labour costs
continue to be major threats. Cost of borrowings continues to rise and
is likely to continue to do so in the midterm as high lending rates
mean lesser liquidity. Our interest burden continues to put pressure on
our net profits and the company is exploring all options to reduce its
debt burden.
Service revenue margins continue to be under tremendous pressure as
payroll and transportation makes up the major cost for this revenue.
Both have seen significant rise due to higher fuel price rises.
The weaker rupee is likely to help exports but also means that managing
business in products where import content is high, and in a volatile
currency environment becomes increasingly difficult.
COMPANY PERFORMANCE D. Performance Balance Sheet:
During the year under review your company achieved sales of Rs. 9515.97
Lacs and earned profit of Rs. 1358.91 Lacs before Interest,
Depreciation and Tax as compared to sales of Rs. 7161.40 Lacs and
Profit of Rs. 740.55 Lacs before Interest, Depreciation and Tax in the
previous year. Increased turnover resulted in better gross margin
though some of the orders were with low margin. There has been
enhancement in cost of finance and human resources.
E. Internal control systems and their adequacy:
The Company has a proper and adequate system of controls in order to
ensure that all assets are guarded against loss from unauthorized use
or disposal and the transactions pertaining to the assets are properly
documented and recorded. The internal control systems are designed to
ensure that all the records in the organization are reliable and
adequate in order to prepare the financial statements and maintaining
accountability. The internal control systems are supplemented by
Internal Audit by a firm of Chartered Accountants and also monitored by
Managing Director. The Audit Committee also reviews the systems and the
observations of Internal Auditors in the periodical meetings. Frequency
of verification at branches will be improved during the current year.
F. Financial Performance:
The cost of finance has been continued to increase in the year under
review. The liquidity position of the company has been under continuous
stress during the current year. During the year carried forward losses
of earlier year are marginally reduced. Directors are making every
effort to control the cost by better working capital management.
G. Human Resources/Industrial Relations
Your company treats human resources as an important valuable asset for
the growth of the organization and keeping this in view every effort is
being made to retain and attract best talent in the industry to cater
current and future business needs. Various in-house training
programmes are conducted to enhance the capability of existing
employees.
SUBSIDIARY COMPANY
SPRYLOGIC TECHNOLOGIES LIMITED
Sprylogic Technologies Limited, the IT subsidiary recorded turnover of
Rs. 210.38 Lacs during the year as against Rs.238.37 Lacs in the
previous year. The operations during the year have resulted into a
profit before tax of Rs. 37.05 Lacs as against profit before tax of
Rs.69.02 Lacs during the previous year.
FIXED DEPOSITS
During the year, fixed deposits of Rs. 58.49 Lacs were accepted and Rs.
250.95 Lacs were renewed. As at year end the Fixed Deposits amounting
to Rs.13.13 Lacs remained unclaimed.
DIRECTORS
In accordance with the provisions of the Companies Act, 2013, Mrs.
Amrita P. Deodhar (DIN:00538573) is liable to retire by rotation at the
forthcoming Annual General Meeting and being eligible offer herself for
re-appointment.
Pursuant to the applicable provisions of the Companies Act, 2013 and
the rules made there under read with Schedule IV to the Companies Act,
2013, Mr. Anil G. Joshi (DIN 00019927), Jayant N. Deo (DIN 00568381)
and Dr. S. K. Hajela (DIN 01001987) Directors of the Company are to be
appointed as an Independent Director of the Company to hold office for
five consecutive years for a term up to 31st March, 2019.
AUDITORS
The Auditors, M/s Shahade & Associates., Chartered Accountants, (ICAI
Registration No. 109840W) retire at the forthcoming Annual General
Meeting. They have furnished a certificate confirming their eligibility
for reappointment under provisions of Section 139 of the Companies Act,
2013 and have expressed their willingness to be re-appointed. You are
requested to appoint the Auditors for the current year and fix the
remuneration.
As per the requirement of Central Government and pursuant to section
233B of the erstwhile Companies Act, 1956, your company has been
carrying out an audit of cost records of company''s
product(s)/service(s) covered under Central Excise tariff Act 1985.
The company has appointed Messrs Gangan & Co. Cost Accountants, as Cost
Auditors to audit the cost accounts for the financial year 2014-15 in
pursuance of Section 148 of the Companies Act, 2013 and Rule 14 of the
Companies (Audit and Auditors) Rules, 2014
The cost audit report for the previous year has already been filed with
the Ministry of Corporate Affairs.
CORPORATE GOVERNANCE
Your Company is committed towards the Corporate Governance pursuant to
the provisions of Clause 49 of the Listing Agreement. A separate report
on Corporate Governance is annexed herewith for your ready reference.
The Auditors have examined the Company''s compliance and their
certificate is reproduced in the report.
DIRECTORS'' RESPONSIBILITY STATEMENT
As per provisions of Companies Act, 2013, your Directors'' subscribe to
the ''Directors'' Responsibility Statement'' and confirm as under:
a) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
b) that the Directors had selected such accounting policies and applied
them consistently and made judgements 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 and of the profit of
the company for that period;
c) that the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
d) that the Directors had prepared the annul accounts on a going
concern basis.
e) that the Directors had devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems were
adequate and operating effectively
f) that the Directors had laid down internal financial controls and
such controls are adequate and operating effectively.
LISTING OF SECURITIES
The Securities are listed on the stock exchanges at Mumbai, Delhi,
Chennai & Pune. The Company is proposing of delisting the shares from
Delhi, Chennai and Pune Stock Exchanges.
PERSONNEL
The relation with employees were cordial during the year. The Board
appreciates the willful co-operation and team spirit of all employees
of the company.
PARTICULARS OF EMPLOYEES
Information as required under the provisions of Section 217 (2A) of the
Companies Act, 1956(the Act) and the rules framed there under forms
part of this report. However during the year under review, the Company
had no employee covered by Section 217 (2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
OUTGO
A statement furnishing the information as required under the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 is annexed hereto.
ACKNOWLEDGEMENTS
Your Directors wish to place on record their appreciation of the
valuable co-operation and support extended during the year by the
Company''s Bankers, various Government Bodies and also from the Business
Partners like Customers, Suppliers, Shareholders and other
well-wishers.
For and on behalf of the Board of Directors
Nishith Deodhar
Managing Director
Thane
May 8, 2014
Mar 31, 2013
To the Members
The Directors present their 48th Annual Report and the Audited
Accounts for the year ended 31s'' March, 2013
(Rs. in Lacs)
Year ended Year ended
31-03-2013 31-03-2012
Profit before finance cost,
depreciation and tax 740.55 1187.81
Finance Cost 896.34 884.38
Depreciation 213.68 231.80
Profit / (Loss) before tax (369.47) 71.63
Provision for income tax
Deferred Tax Liability / (Asset)
Net Profit / (Loss) (369.47) 71.63
Amount available for appropriations
Appropriations :
1. General Reserve
2. Proposed Dividend
3. Tax on Dividend
REVIEW OF OPERATIONS
During the year under review the Company could achieve turnover of Rs.
7161.40 Lacs against Rs. 9564.20 Lacs of previous year. The reduction
in turnover is primarily due to the labour strike that your company
faced over the year. A section of your company''s employees resorted to
an illegal strike in last quarter of 2011-12 and that lasted till the
end of the 3rd quarter of the year under report. The work stoppage has
been called off now and the Company''s entire workforce is now
functioning normally and cooperating to help your company achieve a
better performance in the current year. Due to the unabsorbed fixed
costs and due to the drop in revenue, there is loss of Rs. 369,47 Lacs
against profit before tax of Rs. 71.63 Lacs.
FINANCE
Every effort was made to curtail finance cost even though there is
reduction in turnover and corresponding realization of receivables.
Liquidity position was always under pressure. In current year though
absolute figures will increase finance cost, enhanced turnover will
reduce the impact thereof.
DIVIDENDS
In view of the loss incurred for the year, the Board of Directors does
not recommend any dividend for the year (RY. Nil).
SUBSIDIARY COMPANIES
During the year amalgamation process of erstwhile Intel Instruments and
Systems Limited has completed with the approved order of High Court,
Mumbai. The assets and liabilities of erstwhile Intel Instruments and
Systems Limited are merged with the company.
Due to merger of subsidiary company erstwhile M/s Intel Instruments &
Systems Limited with Aplab Limited, the Authorized Share Capital of Rs.
3,00,00,000/-, of erstwhile Intel Instruments & Systems Limited is
merged with the share capital of Aplab Limited as per the Court Order.
Accordingly the authorized share capital of the Company is increased
from Rs.7,00,00,000 /- (Rupees Seven Crores only) to Rs. 10,00,00,000
/- (Rupees Ten Crores only) and the Clause V of Memorandum of
Association and Clause 3 of the Articles of Association has altered as
under:
Clause V of the Memorandum of Association - The Authorized Share
Capital of the Company is Rs. 10,00,00,000/- (Rupees Ten crores only)
divided into 1,00,00,000 equity shares of Rs. 10/- each. The Company
has the power from time to time to increase or reduce its capital in
accordance with the provisions of the Companies Act, 1956.
Clause 3 of the Articles of Association - The Authorized Share Capital
of the Company is Rs. 10,00,00,000/- (Rupees Ten crores only) divided
Into 1,00,00,000 equity shares of Rs. 10/-each.
Sprylogic Technologies Limited
Sprylogic Technologies Limited, the IT subsidiary recorded turnover of
Rs. 190.58 Lacs during the year as against Rs.165.62 Lacs in the
previous year. The operations during the year have resulted into a
profit before tax of Rs. 69.03 Lacs as against profit before tax of
Rs.7.01 Lacs during the previous year.
FIXED DEPOSITS
During the year, fixed deposits of Rs. 125.97 Lacs were accepted and
Rs. 128.66 Lacs were renewed pursuant to provisions of section 58A of
the Companies Act, 1956. As at year end the Fixed Deposits amounting to
Rs. 14.37 Lacs remained unclaimed.
DIRECTORS
I n accordance with the clause 132 of the Articles of Association of
the Company, Mr. RS. Deodhar and A.G. Joshi are liable to retire by
rotation at the forthcoming Annual General Meeting and being eligible
offer themselves for re-appointment.
AUDITORS
The Auditors, M/s Shahade & Associates., Chartered Accountants, (ICAI
Registration No. 109840W) retire at the forthcoming Annual General
Meeting. They have furnished a certificate confirming their eligibility
for reappointment under Section 224 of the Companies Act, 1956 and have
expressed their willingness to be re-appointed. You are requested to
appoint the Auditors for the current year and fix the remuneration.
CORPORATE GOVERNANCE
Your Company is committed towards the Corporate Governance pursuant to
the provisions of Clause 49 of the Listing Agreement. A separate report
on Corporate Governance is annexed herewith for your ready reference.
The Auditors have examined the Company''s compliance and their
certificate is reproduced in the report.
DIRECTORS'' RESPONSIBILITY STATEMENT
As per Companies amendment Act, 2000, under Section 217(2AA) of the
Companies Act, 1956, your Directors'' subscribe to the "Directors''
Responsibility Statement" and confirm as under:
i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii) that the Directors had selected such accounting policies and
applied them consistently and made judgements 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 and of the
profit of the company for that period;
iii) that the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
iv) that the Directors had prepared the annul accounts on a going
concern basis.
The Company''s Internal Auditors have conducted periodic audits to
ensure that established policies and procedures have been followed. The
Audit Committee met Internal Auditors periodically to review Internal
Controls and Financial Reporting System.
LISTING OF SECURITIES
The Securities are listed on the stock exchanges at Mumbai, Delhi,
Chennai & Pune.
PERSONNEL
During the month of March 2012 a section of employees resorted to
illegal strike having affected performance of the year under report.
During December, 2012 strike is called off. In the current year better
performance is expected from employees.
The Board appreciates the co-operation and team spirit in the
Management Cadre and other employees of the company.
PARTICULARS OF EMPLOYEES
Information as required under the provisions of Section 217 (2A) of the
Companies Act, 1956(the Act) and the rules framed there under forms
part of this report. However during the year under review, the Company
had no employee covered by Section 217 (2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
OUTGO
A statement furnishing the information as required under the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 is annexed hereto.
ACKNOWLEDGEMENTS
Your Directors wish to place on record their appreciation of the
valuable co-operation and support extended during the year by the
Company''s Bankers, various Government Bodies and also from the Business
Partners like Customers, Suppliers, Shareholders and other
well-wishers.
For and on behalf of the
Board of Directors
Place : Thane Nishith Deodhar
Dated :30th May,2013 Managing Director
Mar 31, 2010
The Directors present their 45th Annual Report and the Audited
Accounts for the year ended 31.03.2010
(Rs. in Lacs)
Year ended Year ended
31.03.2010 31.03.2009
Profit before finance cost,
depreciation and tax 92.64 849.23
Finance Cost 507.68 489.64
Depreciation 200.93 188.88
Profit/(Loss) before tax (615.97) 170.70
Provision for Income tax & FBT - 105.65
Deferred Tax Liability/(Asset) - (4.76)
Net Profit/(Loss) (615.97) 69.82
Amount available for appropriations - 69.82
Appropriations :
1. General Reserve - 11.32
2. Proposed Dividend - 50.00
3. Tax on Dividend - 8.50
REVIEW OF OPERATIONS
The service income has grown to Rs. 1219 lacs as compared to Rs.971
lacs in the previous year. The sale of Test and Measurement equipments
also has grown well which is Rs. 1405.26 lacs as compared to Rs.
1168.91 lacs in the previous year .However the sale of banking
automation products and fuel dispensing units has been much less as
compared to previous year. The sale of other products has generally
remained same. This has resulted in reduction in annual turnover which
is Rs.9795.54 lacs as compared to Rs. 10473.08 lacs in the previous
year. The reduction in turnover coupled with increased costs has
affected the working results for the year severally. The turnover for
the year would have been better but for the sit down strike by workers
of an union in the last few days of March,2010. The company as per
Memorandums of Settlement with the unions has also accounted amount of
Rs. 50.01 lacs and Rs.97.32 lacs relating to the period of 6 months of
the financial year 2008-09 and 12 months of the financial year 2009-10
respectively towards employee cost.
FINANCE
The liquidity position of the company has been satisfactory during the
year. The repayments of the borrowings and the loss for the year would
affect the liquidity during the current year. There has not been much
change in the cost of finance during the year, however the same is
expected to rise in the coming months .Speedy recovery of all
receivables and alternate source of finance is expected to bridge the
gap.
DIVIDENDS
In view of loss incurred for the year the Board of Directors does not
recommend any dividend for the year as against a dividend of Re. 1/-
per share (10%) recommended in the previous year.
AUDITORS REPORT
Your Directors would like to invite your attention to paragraph 2 and 6
of the Auditors Report and clarify as under:-
- Intel earned a profit before tax of Rs. 1.51 lacs for the year under
review as against loss of Rs. 32.84 lacs in the previous year and the
Directors hope to improve the performance in coming years. Exposing
Intels products to foreign countries where specifications and quality
standards are stringent brings some indirect benefits to Aplab. This
enables Aplab to use latest technology for domestic market and keep
Aplab ahead of the competitors.
- There is no default in paying gratuity and leave encashment to
employees leaving the Company on superannuation or otherwise. As on
Balance Sheet date the gratuity fund amount available with LIC is
Rs.297.20 lacs.
FIXED DEPOSITS
During the year, fixed deposits of Rs. 354.18 lacs were accepted or
renewed pursuant to provisions of section 58A of the Companies Act,
1956. As at year end the Fixed Deposits amounting to Rs.9.48 lacs
remained unclaimed.
DIRECTORS
During the year Mr Deepak Chandanani resigned as Director from the
Board. The Board appreciates his valuable guidance and co-operation
received during his tenure.
In accordance with the clause 132 of the Articles of Association of the
Company, Mr.P.S.Deodhar and Mr. Jayant Deo are liable to retire by
rotation at the forthcoming Annual General Meeting and being eligible
offer themselves for re- appointment.
AUDITORS
The Auditors, M/s M.P.Chitale & Co., Chartered Accountants, (ICAI
Registration No.101851W) retire at the forthcoming Annual General
Meeting. They have furnished a certificate confirming their eligibility
for reappointment under Section 224 of the Companies Act, 1956 and have
expressed their willingness to be re-appointed. You are requested to
appoint the Auditors for the current year and fix the remuneration.
CORPORATE GOVERNANCE
Your Company is committed towards the Corporate Governance pursuant to
the provisions of Clause 49 of the Listing Agreement. A separate report
on Corporate Governance is annexed herewith for your ready reference.
The Auditors have examined the Companys compliance and their
certificate is reproduced in the report.
DIRECTORS RESPONSIBILITY STATEMENT
As per Companies amendment Act, 2000, under Section 217(2AA) of the
Companies Act, 1956, your Directors subscribe to the "Directors
Responsibility Statement" and confirm as under:
i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii) that the Directors had selected such accounting policies and
applied them consistently and made judgements 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 and of the
profit / loss of the company for that period;
iii) that the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
iv) that the Directors had prepared the annul accounts on a going
concern basis.
The Companys Internal Auditors have conducted periodic audits to
ensure that established policies and procedures have been followed. The
Audit Committee met Internal Auditors periodically to review Internal
Controls and Financial Reporting System.
LISTING OF SECURITIES
The Securities are listed on the stock exchanges at Mumbai, Delhi,
Chennai & Pune.
PERSONNEL
During the month of March ,2010 workmen of an union resorted to sit
down strike for few days .The Company entered into memorandums of
settlements dated 12.07.2010 with both the unions covering the period
of 01.10.2008 to 30.09.2011.The effect thereof on rise in employee
costs has been given in the annual accounts .
The Board appreciates the co-operation and team spirit in the
Management Cadre and other employees of the company.
PERTICULARS OF EMPLOYEES
Information as required under the provisions of Section 217 (2A) of the
Companies Act, 1956(the Act) and the rules framed there under forms
part of this report. However as per the provisions of section 219
(1)(b)(iv) of the Act ,the report and accounts are being sent to the
shareholders .excluding the statement of particulars of employees under
section 217(2A) of the Act. Any shareholder desirous of obtaining a
copy of the said statement may write to the Company Secretary at the
registered office of the Company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
OUTGO
A statement furnishing the information as required under the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 is annexed hereto.
ACKNOWLEDGEMENTS
Your Directors wish to place on record their appreciation of the
valuable co-operation and support extended during the year by the
Companys Bankers, various Government Bodies and also from the Business
Partners like Customers, Suppliers, Shareholders and other
well-wishers.
For and on behalf of
the Board of Directors
Thane Nishith Deodhar
11th August, 2010 Managing Director
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