Mar 31, 2014
Dear Shareholders,
The directors have the pleasure in presenting the 30th Annual Report
and that of the Auditors together with the audited Balance Sheet as at
31st March 2014 and profit and loss account for the year ended on that
date.
PERFORMANCE
The financial results for the year ended 31st March 2014 are as under:
(Rupees in lakhs)
31.03.2014 31.03.2013
INCOME 6280.53 11844.71
EXPENDITURE 5811.89 11315.12
EBITDA 468.63 529.59
PBT 93.44 120.60
PAT 62.89 97.20
COURSE OF BUSINESS AND OUTLOOK
Your company had achieved a turnover of Rs. 628,053,482 as compared to
the turnover of Rs. 1,184,471,241 in the previous year. The profit
before tax was Rs. 9,344,405 as compared to profit of Rs. 12,060,778
last year. With continued confidence of all our associates, we will
aggressively meet all the challenges with renewed faith in our company
and the future that we all share.
DIVIDEND:
In order to stream line Company''s business model, the board of
directors have decided not to declare any dividend for the current
fiscal. The profits, retained by the company during the financial year
2013-14, has been carried over to the Reserves and Surplus Account.
DIRECTORS:
The Company has, pursuant to the provisions of Companies Act, 2013 and
clause 49 of the Listing Agreement entered into with the Stock
Exchange, as amended from time to time, appointed MrJanarthanan
Atashary Karunakaran Nayar (A J Meon), Shri. Ramaiyengar Chari, Shri.
Mahabir Singh Sehrawat and Shri. Krishan Chand Batra as Independent
Directors of the Company. The Company has received declarations from
the appointee independent directors, that they meet the criteria of
independence, as prescribed both under sub-section (6) of Section 149
of the Companies Act 2013 and under the said clause 49. In accordance
with the provisions of section 149(4) and section 152 (5) of the
Companies Act,2013, the above persons are being appointed as
Independent Directors to hold office as per their tenure of appointment
mentioned in the Notice of the forthcoming AGM of the Company.
Mr. Narayanamurthy Seshadri retire by rotation and being eligible offer
himself for re-appointment.
AUDITORS
The auditors of the company M/s Abhay Jain & Co., Chartered Accountants
retire at the conclusion of the meeting and are eligible for
reappointment. The auditors have expressed their willingness to
continue in office if they are reappointed. Your Board recommends their
reappointment.
PARTICULARS OF EMPLOYEES AS PER SECTION 217(2A) OF THE COMPANIES ACT,
1956:
None of the employees fall under the category specified under Sec.217
(2A) of the Companies Act, 1956 and the Rules thereunder.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
INFLOW & OUTGO:
Prescribed particulars under Section 217(1)(e) of the Companies Act,
1956 are furnished as Annexure to this Report.
EXPORTS, INITIATIVES TAKEN TO INCREASE EXPORTS; DEVELOPMENT OF NEW
EXPORT MARKETS FOR PRODUCT AND SERVICES AND EXPORT PLANS: The company
has done export in a small by way of deemed export for Rs.78,11,363.
FOREIGN EXCHANGE EARNIGNS/OUTGO: Foreign Earnings : Nil Foreign Outgo :
Nil
DIRECTOR''S RESPONSIBILITY STATEMENT:
Directors hereby declare:
- That in the preparation of the annual accounts the applicable
accounting standards have been followed along with proper explanation
related to material departures.
- That 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 period and of the profit and
loss of the company for that period.
- That the directors have taken proper and sufficient care has been
taken 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
subject to the inherent limitations that should be recognized in
weighing the assurance..
- That the directors had prepared the annual accounts on a going
concern basis.
EMPLOYEE RELATIONS:
Employee relations throughout the company were harmonious. The board
wishes to place on record its sincere appreciation of the devoted
efforts of all employees in advancing the company''s vision and strategy
to deliver another record performance.
CORPORATE GOVERNANCE & MANAGEMENT DISCUSSION ANALYSIS REPORT:
A report of Compliance Of Corporate Governance, pursuant to clause 49
of the Listing Agreement, as on 31.03.2014 duly certified by the
auditors of the company and the Management Discussion Analysis report
is annexed.
COMPLIANCE CERTIFICATE:
In accordance with Section 383A of the Companies Act, 1956, and
Companies (Certificate) Rules, 2001, the company has obtained a
certificate from a Company Secretary in whole time practice, confirming
that the company has complied with all the provisions of Companies Act,
1956.
ACKNOWLEDGEMENT:
Your directors would like to express their grateful appreciation for
the support and co operation of all stakeholders ,including company''s
bankers, Government authorities etc.
Your directors also wish to thank the executives, staff & workers at
all levels of the company.
For and on behalf of the Board
Sd/- Sd/-
Vinay Goyal S.N.Seshadri
Managing Director Whole Time Director
Place: Chennai
Date: 14.08.2014
Mar 31, 2013
The directors have the pleasure in presenting the 29th Annual Report
and that of the Auditors together with the audited Balance Sheet as at
31st March 2013 and profit and loss account for the year ended on that
date.
PERFORMANCE
The financial results for the year ended 31st March 2013 are as under:
(Rupees in lakhs)
31.03.2013 31.03.2012
INCOME 11844.71 13205.84
EXPENDITURE 11315.12 12986.79
EBITDA 529.59 219.04
PBT 120.60 43.01
PAT 97.20 46.80
COURSE OF BUSINESS AND OUTLOOK
Your company had achieved a turnover of Rs. 1,184,471,241 as compared
to the turnover of Rs.1,320,584,191 in the previous year. The profit
before tax was Rs. 12,060,778 as compared to profit of Rs. 4,301,236
last year. With continued confidence of all our business associates, we
will aggressively meet all the challenges with renewed faith in our
company and the future that we all share.
DIVIDEND:
The Board of Directors have adjusted the current year profits against
the accumulated losses of the previous years, and hence has not
recommended any dividend for the financial year ended 31st March 2013.
DIRECTORS:
Mr. Ramaiyengar Chari and Mr. A J Menon retire by rotation and being
eligible offer themselves for re-appointment.
Mr.Ramkishan Yadve was appointed as Whole Time Director with effect
from 27.12.2012. Since his appointment has to be approved by the
Shareholders at the General Meeting your Board of Directors recommends
the resolution relating to the said appointment to the shareholders for
their approval.
AUDITORS
The auditors of the company M/s Abhay Jain & Co., Chartered Accountants
retire at the conclusion of the meeting and are eligible for
reappointment. The auditors have expressed their willingness to
continue in office if they are reappointed. Your Board recommends their
reappointment.
Directors hereby declare:
- That in the preparation of the annual accounts the applicable
accounting standards have been followed along with proper explanation
related to material departures.
- That 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 period and of the profit and
loss of the company for that period.
- That the directors have taken proper and sufficient care has been
taken 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
subject to the inherent limitations that should be recognized in
weighing the assurance..
- That the directors had prepared the annual accounts on a going
concern basis.
PARTICULARS OF EMPLOYEES AS PER SECTION 217(2A) OF THE COMPANIES ACT,
1956:
None of the employees fall under the category specified under Sec.217
(2A) of the Companies Act, 1956 and the Rules there under.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
INFLOW & OUTGO:
Prescribed particulars under Section 217(1)(e) of the Companies Act,
1956 are furnished as Annexure to this Report.
EXPORTS, INITIATIVES TAKEN TO INCREASE EXPORTS; DEVELOPMENT OF NEW
EXPORT MARKETS FOR PRODUCT AND SERVICES AND EXPORT PLANS:
The company has done export in a small by way of deemed export for
Rs.3,42,11,949.
EMPLOYEE RELATIONS:
Employee relations throughout the company were harmonious. The board
wishes to place on record its sincere appreciation of the devoted
efforts of all employees in advancing the company''s vision and strategy
to deliver another record performance.
CORPORATE GOVERNANCE & MANAGEMENT DISCUSSION ANALYSIS REPORT:
A report of Compliance Of Corporate Governance, pursuant to clause 49
of the Listing Agreement, as on 31.03.2013 duly certified by the
auditors of the company and the Management Discussion Analysis report
is annexed.
company has obtained a certificate from a Company Secretary in whole
time practice, confirming that the company has complied with all the
provisions of Companies Act, 1956.
ACKNOWLEDGEMENT:
Your directors would like to express their grateful appreciation for
the support and co operation of all stakeholders including Company''s
Bankers, Financial Institutions and Government Authorities etc.,. Your
directors also wish to thank the Executives, Staffs and Workers at all
levels of the Company for their devoted service in the success of the
company.
For and on behalf of the Board
Vinay Goyal S.N.Seshadri
Managing Director Whole Time Director
Place: Chennai
Date: 14.08.2013
Mar 31, 2011
Dear Members,
The directors have the pleasure in presenting the 27th Annual Report
and that of the Auditors together with the audited Balance Sheet as at
31st March 2011 and profit and loss account for the year ended on that.
PERFORMANCE
The financial results for the year ended 31st March 2011 are as under:
Rs. (In Lacs)
31.03.2011 31.03.2010
Income 8116.51 6810.62
Expenditure 7959.60 6444.94
Profit / (Loss) before Tax 101.16 429.27
Profit /( loss )After Tax 101.16 429.27
COURSE OF BUSINESS AND OUTLOOK
During the year progress has continued in the company's performance.
Your company had achieved a turnover of Rs. 8165.34 lacs as compared
to the turnover of Rs.6618.31 lacs. The profit before tax was 101.16
lacs as compared to profit of Rs. 429.27 lacs. With continued
confidence of all our associates, we will aggressively meet all the
challenges with renewed faith in our company and the future that we all
share.
The company has received the sanctioned scheme from BIFR and is taking
steps to implement the order. Among others reorganisation of capital is
implemented as Per BIFR order,as elaborately explained under point 13
under Significant accounting policies. Your company is taking all
proactive steps to come out of BIFR"
Dividend:
Since the Board of Directors have adjusted the current year profits
against the accumulated losses of the previous years, not recommended
any dividend for the financial year ended 31st March 2011.
DIRECTORS:
Shri Ram Iyengar Srinivasa Chari and Shri. A.J.Menon retires by
rotation and being eligible offer for re-appointment.
During the year the Board of Directors have appointed Shri. Krishan
Chand Batra and Shri. Mahabir Singh as Additional Directors U/s.260 of
the Companies Act, 1956 and these Directors vacates the office at the
ensuing Annual General Meeting . Notice has been received from members
proposing the candidature of the said directors for appointment as
Directors pursuant to section 257 of the Companies Act, 1956.
Mr. Ramesh Menon has resigned from the Board during the financial year
and the Board took on record the valuable servicess rendered by him.
Apart from the above, the Board of Directors seeks the approval of the
share holders for the re-appointment of Mr.A.K.DAS and Mr.S.N.SESHADRI
as whole Time Directors for a further period of Five years.
AUDITORS
The auditors of the company M/s ABHAY JAIN & CO., Chartered Accountants
retire at the conclusion of the ensuing Annual General Meeting and are
eligible for re-appointment for the current financial year. The
auditors have expressed their willingness to continue in office if they
re-appointed. Your Board recommends their re-appointment..
PARTICULARS OF EMPLOYEES AS PER SECTION 217(2A) OF THE COMPANIES ACT,
1956:
None of the employees fall under the category specified under Sec.217
(2A) of the Companies Act, 1956 and the Rules thereunder.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
INFLOW & OUTGO:
Prescribed particulars under Section 217(1)(e) of the Companies Act,
1956 are furnished as Annexure to this Report.
EXPORTS, INITIATIVES TAKEN TO INCREASE EXPORTS; DEVELOPMENT OF NEW
EXPORT MARKETS FOR PRODUCT AND SERVICES AND EXPORT PLANS:
The company has started export activities in a small way.
FOREIGN EXCHANGE EARNIGNS/OUTGO:
Foreign Earnings : Rs.4826752
Foreign Outgo : Rs. Nil
Director's Responsibility Statement:
Directors hereby declare:
- That in the preparation of the annual accounts the applicable
accounting standards have been followed along with proper explanation
related to material departures.
- 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 period and of the profit and
loss of the company for that period.
- That the directors have taken proper and sufficient care has been
taken 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
subject to the inherent limitations that should be recognized in
weighing the assurance..
- That the directors had prepared the annual accounts on a going
concern basis.
EMPLOYEE RELATIONS:
Employee relations throughout the company were harmonious. The board
wishes to place on record its sincere appreciation of the devoted
efforts of all employees in advancing the company's vision and strategy
to deliver another record performance.
Corporate Governance:
Pursuant to clause 49 of the Listing Agreement, a report of compliance
of corporate governance as on 31.03.2011 duly certified by the auditors
of the company is annexed.
Compliance Certificate:
Compliance Certificate obtained from the Practising Company Secretary
is attached with this Annual Report.
Acknowledgement:
Your directors would like to express their grateful appreciation for
the support and co operation of all stakeholders. At the very heart of
our success and our ability to deliver quality service and satisfaction
is the considerable skill and motivation of all our employees, the
board would like to express its sincere appreciation and gratitude.
For and on behalf of the Board
Sd/-
Chairman
Place: Chennai
Date : 03.09.2011
Mar 31, 2010
The Directors have the pleasure in presenting the ANNUAL REPORT and
that of the Auditors together with the audited Balance Sheet as at 31st
March 2010 and the Profit and Loss account for the year ended on that
date.
CHANGE OF NAME OF THE COMPANY
The name of the company has been changed from SRI SAARBATI STEEL TUBES
LIMITED to CRIMSON METAL ENGINEERING COMPANY LIMITED by virtue of
special resolution at the Extra-Ordinary General Body Meeting held on
29.01.2009. Subsequently a fresh certificate of incorporation has been
obtained from the Registrars of Companies, Chennai regarding the change
of name from Sri Saarbati Steel Tubes Limited to Crimson Metal
Engineering Company Limited.
Hence w.e.f. 2nd April 2009 the name of the company is CRIMSON METAL
ENGINEERING COMPANY LIMITED.
PERFORMANCE
The financial results for the year ended 31st March 2010 are as under:
Rs. (In Lacs)
31.03.2010 31.03.2009
Income 6810.62 10114.51
Expenditure 6444.94 9594.76
Profit / (Loss) before Tax 429.27 1359.68
Profit /( loss )After Tax 429.27 1356.51
COURSE OF BUSINESS AND OUTLOOK
During the year, progress has continued in the companys performance.
Your company had achieved a turnover of Rs. 6810.62 lacs as compared to
the turnover of Rs. 10114.64 lacs. The profit before tax was Rs. 429.27
lacs as compared to profit of Rs. 1359.68 lacs. With continued
confidence of all our associates, we will aggressively meet all those
challenges with renewed faith in our company and the future that we all
share .
DIVIDEND
Since the Board of Directors have adjusted the current year profits
against the accumulated losses of the previous years, not recommended
any dividend for the financial year ended 31st March 2010.
DIRECTORS
Shri. S.N. Seshadri and Shri. C. Ramesh Menon retired by rotation and
being offer for re-appointment.
AUDITORS
The auditors of the company M/s ABHAY JAIN & CO., Chartered Accountants
retire at the conclusion of the meeting and are eligible for
reappointment.
PARTICULARS OF EMPLOYEES AS PER SECTION 217(2A) OF THE COMPANIES ACT,
1956:
None of the employees fall under the category specified under Sec.217
(2A) of the Companies Act, 1956 and the Rules thereunder.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
INFLOW & OUTGO:
Prescribed particulars under Section 217(1)(e) of the Companies Act,
1956 are furnished as Annexure to this Report.
EXPORTS, INITIATIVES TAKEN TO INCREASE EXPORTS; DEVELOPMENT OF NEW
EXPORT MARKETS FOR PRODUCT AND SERVICES AND EXPORT PLANS:
The Company has exported pipes during the year and expecting to do more
exports in the coming year.
FOREIGN EXCHANGE EARNINGS/OUTGO
Foreign Earnings : Rs.18,90,064/-
Foreign Outgo : Rs.3,09,405/-
DIRECTORS RESPONSIBILITY STATEMENT
Directors hereby declare:
- That in the preparation of the annual accounts the applicable
accounting standards have been followed along with proper explanation
related to material departures.
- 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 period and of the profit and
loss of the company for that period.
- That the directors have taken proper and sufficient care has been
taken 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
subject to the inherent limitations that should be recognized in
weighing the assurance..
- That the directors had prepared the annual accounts on a on going
concern basis.
EMPLOYEE RELATIONS
Employee relations throughout the company was harmonious. The board
wishes to place on record its sincere appreciation of the devoted
efforts of all employees in advancing the companys vision and strategy
to deliver another record performance.
CORPORATE GOVERNANCE
Pursuant to clause 49 of the Listing Agreement, a report of compliance
of corporater governance as on 31/03/2010 duly certified by the
auditors of the company is annexed.
ACKNOWLEDGEMENT
Your directors would like to express their grateful appreciation for
the support and co operation of all stakeholders. At the very heart of
our success and our ability to deliver quality service and satisfaction
is the considerable skill and motivation of all our employees, the
board would like to express its sincere appreciation and gratitude.
For and on behalf of the Board
Sd/-
Place: Chennai
Date: 14.08.2010 Chairman
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