Mar 31, 2018
Dear Shareholderâs
The Directors have pleasure in presenting their 24th Annual Report together with / the audited accounts of the Company for the year ended 31st March, 2018.
Financial Highlights (Rs. in Lakhs)
2017 - 18 |
2016 - 17 |
|
Revenue from Operations |
33189.15 |
35049.34 |
Other Income |
116.28 |
42.59 |
Profit before depreciation, interest and taxation |
2693.32 |
3404.14 |
Finance Cost |
485.24 |
216.66 |
Depreciation |
960.29 |
792.83 |
Profit before Tax |
1247.79 |
2394.65 |
Provision for Taxation - Current |
267.00 |
543.00 |
- Deferred |
196.68 |
125.33 |
Profit after Tax |
784.11 |
1726.32 |
Total Other comprehensive Income |
(2.11) |
(9.37) |
Total Comprehensive Income of the Year |
782.00 |
1716.95 |
Add: Credit Balance of the previous year |
996.39 |
1013.32 |
Amount available for Appropriation |
1778.39 |
2730.27 |
Transfer to General Reserve |
500.00 |
1200.00 |
Dividend |
443.58 |
443.58 |
Corporate Tax on Dividend |
90.30 |
90.30 |
Balance carried to Balance Sheet |
744.51 |
996.39 |
An amount RS. 500 Lakhs is being transferred to the General Reserves of the Company as at 31st March, 2018
Dividend
Your Directors recommend a Dividend of RS. 1.50 per equity share (previous year RS. 3/- per equity share) for the year ended 31st March, 2018.
Financial Performance
During the year under review, the Companyâs Revenue from Operations decreased by 5.3% to RS. 33189 Lakhs as compared to RS. 35049 Lakhs during the preceding year. However, the Revenue from Operations were not strictly comparable, as in the post GST scenario the calculation is net of GST, while earlier it was gross of excise. The Profit after Tax during the year was RS. 784 Lakhs as compared to RS. 1726 Lakhs in the previous year, a drop of about 54.6%.
The profits were effected on account of lower export revenue, continued rise in polymer prices and higher Interest and Depreciation on account of commissioning of new production facility at Gujarat w.e.f.15th July, 2017.
The year-end debtors are 50 days of the sales for the year as compared to 41 days in the previous year. The inventory holding is for 86 daysâ sales as compared to 81 days in the previous year.
A full analysis and discussion on the performance of the Company as well business outlook is included in this Annual Report under the heading âManagement Discussion and Analysisâ as Annexure to this Report.
New Facility at Umbergaon, Gujarat
The commercial production in the new manufacturing facility at Umbergaon was started on 15th July, 2017.
Directorsâ Responsibility Statement
Pursuant to Section 134(5) of the Companies Act, 2013, the Directors hereby confirm that:-
(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;
(e) the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and
(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.
Corporate Governance
The Company had complied with the requirements of Corporate Governance in terms of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A separate report each on Corporate Governance (Annexure-B, along with Auditorsâ Certificate on its due compliance) and Management Discussion and Analysis is attached to this report.
Secretarial Standards
The Directors state that applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to âMeetings of the Board of Directorsâ and âGeneral Meetingsâ, respectively, have been duly followed by the Company.
Listing
The equity shares of the Company are listed on National Stock Exchange of India Limited (NSE), BSE Limited (BSE) and The Calcutta Stock Exchange Limited (CSE).
Directors and Key Managerial Personnel
In accordance with the Articles of Association of the Company, Shri Aloke Jalan, Whole Time Director of the Company, retire by rotation at the ensuing Annual General Meeting and being eligible, offer himself for re-appointment.
The following persons were appointed as Key Managerial Personnel of the Company in Compliance with provisions of section 203 of the Companies Act, 2013:
Shri Deepak Jalan - Managing Director Shri Aloke Jalan - Whole Time Director Shri N. K. Dujari - Chief Financial Officer & Company Secretary Dr. Ranjan Das, Independent, NonExecutive Director has resigned from the Board w.e.f. 13th February, 2018. The Directors have placed on record their sincere appreciation for the valuable contribution and guidance provided by Dr. Ranjan Das during his tenure as Director.
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings & Outgo
A statement pursuant to section 134 of the Companies Act, 2013, giving details of measures taken towards conservation of energy, technology absorption, foreign exchange earnings and outgo in accordance with the Companies (Accounts) Rules, 2014 is annexed as Annexure - C.
Particulars of Employees and related disclosures
Disclosure as required Section 197(12) of the Companies Act, 2013 read with Rule 5(1), 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 is annexed as Annexure - D.
Policy on Directorsâ Appointment and Remuneration
Policy on Directorsâ Appointment is to follow the criteria as laid down under the Companies Act, 2013 and the Listing Regulations, 2015 and good corporate practices. Emphasis is given to persons from diverse fields or professions.
Policy on Remuneration - Guiding Policy on remuneration of Directors, Key Managerial Personnel and employees of the Company is -
- Remuneration to unionised workmen is based on the periodical settlement with the workmen union.
- Remuneration to Key Managerial Personnel, Senior Executives, Managers, Staff and Workmen (non Unionised) is industry driven in which it is operating taking into account the performance leverage and factors such as to attract and retain quality talent.
- For Directors, it is based on the shareholders resolutions, provisions of the Companies Act, 2013 and Rules framed therein, circulars and guidelines issued by Central Government and other authorities from time to time.
Declaration by Independent Directors
Pursuant to Section 149(6) of the Companies Act, 2013, Independent Directors of the Company have made a declaration confirming the compliance of the conditions of the independence stipulated in the aforesaid section.
Related Party Transactions
All related party transactions that were entered into during the year under report were on an armâs length basis and in the ordinary course of business. There are no materially significant related party transactions made by the Company during the year. Thus, provisions of section 134(3)(h) and 188(1) of the Companies Act, 2013 are not applicable and therefore, Form No. AOC-2 has not been attached. Related Party Transactions Policy is available on weblink http://www.lincpen.com
Risk Management
The Company has a structured risk management policy. The Risk management process is designed to safeguard the organisation from various risks through adequate and timely actions. It is designed to anticipate, evaluate and mitigate risks in order to minimize its impact on the business. The potential risks are inventorised and integrated with the management process such that they receive the necessary consideration during decision making. It is dealt with in greater details in the management discussion and analysis section.
Credit Rating
The Companyâs credit ratings ascribed by CRISIL are - Long Term - CRISIL A/Stable; and Short Term - CRISIL A1.
Annual Evaluation by Board
The Board of Directors of the Company has initiated and put in place evaluation of its own performance, its committees and individual directors. The result of the evaluation is satisfactory and adequate and meets the requirement of the Company.
Whistle Blower Mechanism
Your Company has put in place Whistle Blower Mechanism. The detailed mechanism is given in Corporate Governance Report forming part of this report.
Extract of Annual Return
Extract of Annual Return is annexed as Annexure - E.
Meeting of the Board of Directors
Five (5) meeting of the Board of Directors, including a meeting of independent Directors, without the attendance of the Non-Independent Directors and members of management, were held during the year. The details of the same are provided in the Corporate Governance Report.
Auditors
M/s Singhi & Co. (FRN: 302049E), Chartered Accountants were appointed as the Statutory Auditor of the Company in 23rd Annual General Meeting held on 1st September, 2017 for a period of 5 consecutive years commencing from the conclusion of the 23rd Annual General Meeting till the conclusion of the 28th Annual General Meeting of the Company.
In accordance with the Companies Amendment Act, 2017 enforced on 7th May, 2018 by the Ministry of Corporate Affairs, the appointment of Statutory Auditors is not required to be ratified at every Annual General Meeting.
The Report given by the Auditors on the financial statement of the Company is part of this Report. There has been no qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report.
Secretarial Audit
The Company had appointed M/s D. C. Sahoo & Co., Practising Company Secretaries as the Secretarial Auditor of the Company for the financial year 2017-18. The report of the Secretarial Auditor is annexed as Annexure - F. The report does not contain any qualification.
Internal Finance Control
The Company has put in place adequate system of internal finance controls, commensurate with its size and nature of its operations. During the year no material weakness in its operating effectiveness was observed.
Corporate Social Responsibility
With the enactment of the Companies Act, 2013 and the Companies (Corporate Social Responsibility) Rules, 2014 read with various clarifications issued by Ministry of Corporate Affairs, the Company has undertaken activities as per the CSR Policy and the details are contained in the Annual Report on CSR activities given in Annexure - G forming part of this report.
The amount required to be spent on CSR activities during the year under review in accordance with the provisions of Section 135 of the Companies Act, 2013 is RS. 44.43 Lakhs and the company has spent RS. 39.80 Lakhs during the current financial year. The spending was less as the Company wanted to utilize the funds in justifiable, sustainable and measurable activities. The shortfall in the spend during the year under review is intended to be utilized in future on projects within the Companyâs CSR Policy.
Further as a responsible corporate citizen, the Company had been involved in CSR activities since its inception. Some of these activities will not fall under 2% CSR spend as per Schedule VII read with Section 135 of the Companies Act, 2013. But the Company decided to continue with them, since those activities are integral to the business of the Company.
Prevention of Sexual Harassment at workplace
The Company has in place a Policy against Sexual Harassment of Women at Workplace in line with the requirement of Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. Internal Complain Committee (ICC) has been setup to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary and trainees) are covered under this policy. No complaints were received by the Committee during the year under review.
General
Your Directors state that no disclosure or reporting is required in respect of the following matters as there were no transactions on these items during the year under review:
- There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and date of this report. There has been no change in the nature of business of the Company.
- Details relating to deposits covered under Chapter V of the Act.
- The Company does not have any scheme of provision of money for the purchase of its own shares by employees or by trustees for the benefit of employees.
- No significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Companyâs operations in future.
- No fraud has been reported by the Auditors to the Audit Committee or the Board.
Acknowledgement
Your Directors express their appreciation to all the employees for their valuable contribution. Your directors also wish to express their gratitude for the continued co-operation, support and assistance provided by all the valued Channel Partners, Distributors, Suppliers, Bankers, Shareholders, the Central and State Governments.
For and on behalf of the Board
Deepak Jalan K. N. Ranasaria
Place : Kolkata Managing Director Director
Dated : 30th May, 2018 DIN: 00758600 DIN: 00201370
Mar 31, 2015
Dear Shareholders,
The Directors have pleasure in presenting their 21st Annual Report
together with the audited accounts of the Company for the year ended
31st March, 2015.
Financial Highlights
(Rs.in Lacs)
2014-15 2013-14
Sales & Other Operational Income 31830.27 31410.28
Other Income 28.74 8.55
Profit before depreciation,
interest and taxation 2555.38 2215.29
Finance Cost 148.43 237.21
Depreciation 585.98 505.02
Profit before Tax 1820.97 1473.06
Provision for Taxation - Current 385.00 305.00
- Deferred (13.97) 17.37
- Income Tax for earlier years 17.53 (0.20)
Profit after Tax 1432.41 1150.89
Add: Credit Balance of the previous
year 393.12 288.21
Amount available for Appropriation 1825.53 1439.10
Transfer to General Reserve 1000.00 700.00
Proposed Dividend 369.65 295.72
Corporate Tax on Dividend 73.92 50.26
Balance carried to Balance Sheet 381.96 393.12
Dividend
Your Directors recommend a Dividend of Rs.2.50 per equity share (previous
year Rs.2/- per equity share) for the year ended 31st March, 2015.
Financial
Sales & Net Profit: During the year under review, the Company's Sales
(incl. Other Operational Income) increased by only 1.3% to Rs.31830.27
Lacs as compared to Rs.31410.28 Lacs during the preceding year. The
Company spend Rs.950.65 Lacs (3.0% of Sales) on Advertisement & Promotion
in 2014-15 as compared to Rs.570.79 Lacs (1.8% of Sales) in 2013-14. The
EBIDTA increased to Rs.2555.38 Lacs (8%) from Rs.2215.29 Lacs (7.1% of
Sales). The Profit after Tax during the year was Rs.1432.41 Lacs as
compared to Rs.1150.89 Lacs in the previous year, a jump of about 24.5%.
The main reasons for improved profitability in 2014-15 were -
a. Focus on value added products;
b. Better working capital Management.
The performance of the Company in 2014-15 would have been better, but
for lower exports turnover on account of the political turmoil leading
to currency devaluation in few of the geographies of our presence.
Consequently, for the first time in over 15 years, our export turnover
decreased, albeit by a meagre 4% to reach H87crore in 2014-15 compared
to H91crore in 2013-14. However, the Company has already started taking
various decisive steps that will help restore the double digit growth
rate during the upcoming fiscal.
Working Capital: The year-end debtors are 46 days of the sales for the
year as compared to 48 days in the previous year. The inventory holding
is for 73 days' sales as compared to 82 days in the previous year.
The total reduction of 11 days helped the Company in bringing down its
finance cost by 37.4% for the year 2014-15.
A full analysis and discussion on the performance of the Company as
well business outlook is included in this Annual Report under the
heading 'Management Discussion and Analysis' as Annexure to this
Report.
Directors' Responsibility S-fatew-ZHt
Pursuant to Section 134(5) of the Companies Act, 2013, the Directors
hereby confirm that:-
(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;
(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; and
(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.
Corporate
The Company had complied with the requirements of Corporate Governance
in terms of clause 49 of the Listing Agreement with Stock Exchanges. A
separate report each on Corporate Governance (Annexure-B, along with
Auditors' Certificate on its due compliance) and Management
Discussion and Analysis is attached to this report.
Listing
The equity shares of the Company are listed on BSE Limited (BSE), The
Calcutta Stock Exchange Limited (CSE). The equity shares of the Company
are also listed on National Stock Exchange of India Limited (NSE) w.e.f
9th March, 2015.
Directors and Key Managerical, Personnel
Pursuant to the provision of the Companies Act, 2013, the appointment
of Dr. Ranjan Das, Shri Naresh Pachisia, Shri Kedar Nath Ranasaria and
Shri Anil Kochar as Independent Director under section 149 of the
Companies Act, 2013 for a term of 5 years w.e.f. 29th August, 2014 were
approve by the shareholders at their meeting held on 29th August, 2014.
Ms. Supriya Newar was appointed as an Additional Director of the
Company by the Board of Directors on 31st March, 2015, on
recommendation of Nomination and Remuneration Committee. Ms. Newar is
recommended for appointment as Independent Director in terms of Section
149 of the Companies Act, 2013, for five consecutive years with effect
from the date of the ensuing Annual General Meeting of your Company.
In accordance with the Articles of Association of the Company, Shri
Deepak Jalan, Managing Director of the Company, retire by rotation at
the ensuing Annual General Meeting and being eligible, offer himself
for re-appointment.
The following persons were appointed as Key Managerial Personnel of the
Company in Compliance with provisions of section 203 of the Companies
Act, 2013:
Shri Deepak Jalan- Managing Director
Shri Aloke Jalan- Whole Time Director
Shri N. K. Dujari- Chief Financial Officer & Company Secretary
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings & Outgo
A statement pursuant to section 134 of the Companies Act, 2013, giving
details of measures taken towards conservation of energy, technology
absorption, foreign exchange earnings and outgo in accordance with the
Companies (Accounts) Rules, 2014 is annexed as Annexure - C.
Particulars of Employees and related disclousres
Disclosure as required Section 197(12) of the Companies Act, 2013 read
with Rule 5(1), 5(2) and 5(3) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules 2014 is annexed as Annexure
- D.
Policy on Directors' Appointment and Remuneration.
Policy on Directors' Appointment is to follow the criteria as laid
down under the Companies Act, 2013 and the Listing Agreement with Stock
Exchanges and good corporate practices. Emphasis is given to persons
from diverse fields or professions.
Policy on Remuneration - Guiding Policy on remuneration of Directors,
Key Managerial Personnel and employees of the Company is -
- Remuneration to unionised workmen is based on the periodical
settlement with the workmen union.
- Remuneration to Key Managerial Personnel, Senior Executives,
Managers, Staff and Workmen (non Unionised) is industry driven in which
it is operating taking into account the performance leverage and
factors such as to attract and retain quality talent.
- For Directors, it is based on the shareholders resolutions,
provisions of the Companies Act, 2013 and Rules framed therein,
circulars and guidelines issued by Central Government and other
authorities from time to time.
Declaration by Independent Directors
Pursuant to Section 149(6) of the Companies Act, 2013, Independent
Directors of the Company have made a declaration confirming the
compliance of the conditions of the independence stipulated in the
aforesaid section.
Related Party
All related party transactions that were entered into during the year
under report were on an arm's length basis and in the ordinary course
of business. There are no materially significant related party
transactions made by the Company during the year. Related Party
Transactions Policy is available on website: www.lincpen.com
Risk
The Company has a structured risk management policy. The Risk
management process is designed to safeguard the organisation from
various risks through adequate and timely actions. It is designed to
anticipate, evaluate and mitigate risks in order to minimize its impact
on the business. The potential risks are inventorised and integrated
with the management process such that they receive the necessary
consideration during decision making. It is dealt with in greater
details in the management discussion and analysis section.
Annual Evolution by Board
The Board of Directors of the Company has initiated and put in place
evaluation of its own performance, its committees and individual
directors. The result of the evaluation is satisfactory and adequate
and meets the requirement of the Company.
Whistle Blower Mechanism
Your Company has put in place Whistle Blower Mechanism. The detailed
mechanism is given in Corporate Governance Report forming part of this
report.
Extract of Annual Return.
Extract of Annual Return is annexed as Annexure - E.
Meeting of the Beard of Dircetors
Five (5) meeting of the Board of Directors were held during the year.
The details of the same are provided in the Corporate Governance
Report.
Auditors
Your Directors request you to appoint Auditors for the Current
Financial Year.
Cost Audit
The Company had appointed Mr. Debabroto Banerjee, Cost Accountant, to
audit its cost accounting records for the financial year 2014- 15. The
due date for filing the Cost Audit Report with the Ministry of
Corporate Affairs is 30th September, 2015.
Secretarial Audit
The Company had appointed M/s D. C. Sahoo & Co., Practising Company
Secretaries as the Secretarial Auditor of the Company for the financial
year 2014-15. The report of the Secretarial Auditor is annexed as
Annexure - F. The report does not contain any qualification.
Corporate Social Responsibility
With the enactment of the Companies Act, 2013 and the Companies
(Corporate Social Responsibility) Rules, 2014 read with various
clarifications issued by Ministry of Corporate Affairs, the Company has
undertaken activities as per the CSR Policy and the details are
contained in the Annual Report on CSR activities given in Annexure-G
forming part of this report.
Acknowledgement
Your Directors express their appreciation to all the employees for
their valuable contribution. Your directors also wish to express their
gratitude for the continued co-operation, support and assistance
provided by all the valued Channel Partners, Distributors, Suppliers,
Bankers, Shareholders, the Central and State Governments.
For and on behalf of the Board
Place : Kolkata Deepak Jalan Aloke Jalan
Dated : 22nd May, 2015 Managing Director Whole Time Director
Mar 31, 2014
The Directors have pleasure in presenting their 20th Annual Report
together with the audited accounts of the Company for the year ended
31st March, 2014.
Financial Highlights (Rs. in Lacs)
2013-14 2012-13
Sales & Other Operational Income 31410.28 30525.70
Other Income 8.55 37.96
Profit before depreciation, interest
and taxation 2215.29 1398.98
Finance Cost 237.21 248.31
Depreciation 505.02 446.88
Profit before Tax 1473.06 703.79
Provision for Taxation - Current 305.00 150.00
- Deferred 17.37 12.36
- Income Tax for earlier years (0.20) -
Profit after Tax 1150.89 541.43
Add: Credit balance of the previous year 288.21 288.41
Amount available for Appropriation 1439.10 829.84
Transfer to general Reserve 700.00 300.00
Proposed Dividend 295.72 207.90
Corporate Tax on Dividend 50.26 33.73
balance carried to balance Sheet 393.12 288.21
Dividend
your Directors recommend a Dividend of H2/- per equity share (previous
year H1.50 per equity share) for the year ended 31st March, 2014.
Financial Performance
Performance: During the year under review, the Company''s Sales (incl.
Other Operational Income) increased by only 2.9% to H31410.28 Lacs as
compared to H30525.70 Lacs during the preceding year. The Company spend
H570.79 Lacs (1.8% of Sales) on Advertisement & Promotion in 2013-14 as
compared to H755.05 Lacs (2.5% of Sales) in 2012-
13. The EbIDTA increased to H2215.29 Lacs (7.2% of Sales) from H1398.98
Lacs (4.7% of Sales).
The Profit after Tax during the year was H1150.89 Lacs as compared to
H541.43 Lacs in the previous year, a jump of about 112.5%. Despite
increase in prices of main inputs, the key factors which helped the
Company in improving profitability during 2013-14 were Â
a. Change in the sales mix.
b. Favourable Rupee-US Dollar Scenario.
c. Prudent spending on Advertisement and Promotions.
d. Upward price revision.
Working Capital: The year-end debtors are 48 days of the sales for the
year as compared to 53 days in the previous year. The inventory holding
is for 82 days'' sales as compared to 80 days in the previous year.
Fixed Assets: The Company spent H925.54 Lacs on acquisition of Fixed
Assets, mainly consisting of moulds and machines at existing
facilities.
Directors'' Responsibility Statement
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
hereby confirm that:- i) in the preparation of the annual accounts, the
applicable accounting standards had been followed;
ii) appropriate accounting policies have been selected and applied
consistently and have 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 as at 31st March, 2014 and of the profit of the Company
for the year ended on that date;
iii) proper and sufficient care has been taken for maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding of the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv) the annual accounts have been prepared on a going concern basis.
Corporate Governance
The Company had complied with the requirements of Corporate governance
in terms of clause 49 of the Listing Agreement with Stock Exchanges. A
separate report each on Corporate governance and Management Discussion
and Analysis is attached to this report as Annexure  "D" and Annexure
 "b" along with Auditors'' Certificate on its due compliance.
Listing
The equity shares of the Company are listed on bSE Limited (bSE), and
The Calcutta Stock Exchange Limited (CSE).
Directors
Dr. Ranjan Das, Shri naresh Pachisia, Shri Kedar nath Ranasaria are the
Independent Directors of the Company, whose period of office is liable
to determination by retirement of directors by rotation under the
erstwhile applicable provisions of the Companies Act, 1956. In terms
of Section 149 and other applicable provisions of the Companies Act
2013, Dr. Ranjan Das, Shri naresh Pachisia, Shri Kedar nath Ranasaria
are being eligible and offer themselves for appointment as Independent
Directors for five years with effect from the date of the ensuing
Annual general Meeting (AgM) of your Company. The Company received
declarations from all the Independent Directors of the Company
confirming that they meet the criteria of independence as prescribed
under Section 149(6) of the Companies Act, 2013.
On recommendation of nomination and Remuneration Committee, Shri Anil
Kochar was appointed as an Additional Director of the Company by the
board of Directors on 30th May, 2014. Mr. Kochar is now recommended
for appointment as Independent Director in terms of Section 149 of the
Companies Act, 2013, for five years with effect from the date of the
ensuing AgM of your Company.
In accordance with the Articles of Association of the Company, Shri
Aloke Jalan, whole Time Director of the Company, retire by rotation at
the ensuing Annual general Meeting and being eligible, offer himself
for re- appointment.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings & Outgo
A statement pursuant to section 217(1) (e) of the Companies Act, 1956,
giving details of measures taken towards conservation of energy,
technology absorption, foreign exchange earnings and outgo in
accordance with the Companies (Disclosure of particulars in the report
of board of Directors) Rules, 1988 is annexed as Annexure - b.
Particulars of Employees
Information to be provided under Section 217 (2A) of the Companies Act,
1956 read with Companies (Particulars of the Employees) rules, 1975, is
given in Annexure - C forming part of this report.
Auditors
your Directors request you to appoint Auditors.
Cost Audit
The Company had appointed Mr. Debabroto banerjee, Cost Accountant, to
audit its cost accounting records for the financial year 2013-14. The
due date for filing the Cost Audit Report with the Ministry of
Corporate Affairs is 30th September, 2014.
Acknowledgement
your Directors express their appreciation to all the employees for
their valuable contribution. your directors also wish to express their
gratitude for the continued co-operation, support and assistance
provided by all the valued Channel Partners, Distributors, Suppliers,
bankers, Shareholders, the Central and State governments.
For and on behalf of the board
Place: Kolkata Deepak Jalan Aloke Jalan
Dated: 30th May, 2014 Managing
Director Whole Time
Director
Mar 31, 2013
The Directors have pleasure in presenting their 19th Annual Report
together with the audited accounts of the Company for the year ended
31st March'' 2013.
Financial Highlights
(Rs.in Lacs)
2012-13 2011-11
Sales & Other Operational Income 30525.70 27504.89
Other Income 37.96 14.66
Profit before depreciation''
interest and taxation 1398.98 1027.47
Finance Cost 248.31 378.04
Depreciation 446.88 430.21
Profit before Tax 703.79 219.22
Provision for Taxation - Curren 150.00 43.90
- Deferred 12.36 3.92
- Income Tax for earlier years 1.78
Profit after Tax 541.43 169.62
Add: Credit Balance of the previous year 288.41 267.40
Amount available for Appropriation 829.84 437.02
Transfer to General Reserve 300.00
Proposed Dividend 207.90 127.87
Corporate Tax on Dividend 33.73 20.74
Balance carried to Balance Sheet 288.21 288.41
Dividend
Your Directors recommend a Dividend of Rs.1.50 per equity share (previous
year Rs.1.00 per equity share) for the year ended 31st March'' 2013.
The 20''00''000 Equity Shares alloted during the year on preferential
basis will be entitled to pro-rata dividend from the date of allotment.
Financial Performance
Performance: During the year under review'' the CompanyÂs Sales (incl.
Other Operational Income) increased by 10.9% to Rs.30525.70 Lacs as
compared to Rs.27504.89 Lacs during the preceding year. The Company spend
Rs.481.03 Lacs (1.6% of Sales) on Advertisement in 2012-13 as compared
Rs.1280.35 Lacs (4.7% of Sales) in 2011-12. The Profit after Tax during
the year was Rs.541.43 Lacs.
Finance Cost: The Finance cost was down by 34.3% at Rs.248.31 Lacs in
2012-13 from Rs.378.04 Lacs in 2011- 12. The Finance Cost / Turnover was
0.8% in 2012-13 as compared 1.4% in 2011-12.
Working Capital: The year-end debtors are 53 days of the sales for the
year as compared to 44 days in the previous year. The inventory holding
is for 80 days sales as compared to 84 days in the previous year.
Fixed Assets: The Company spent Rs.676.40 Lacs on acquisition of Fixed
Assets'' mainly consisting of moulds and machines at existing
facilities.
Directors Responsibility Statement
Pursuant to Section 217(2AA) of the Companies Act'' 1956'' the Directors
hereby confirm that:-
i) in the preparation of the annual accounts'' the applicable accounting
standards had been followed;
ii) appropriate accounting policies have been selected and applied
consistently and have 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 as at 31st March'' 2013 and of the profit of the Company
for the year ended on that date;
iii) proper and sufficient care has been taken for maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act'' 1956'' for safeguarding of the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv) the annual accounts have been prepared on a going concern basis.
Corporate Governance
The Company had complied with the requirements of Corporate Governance
in terms of clause 49 of the Listing Agreement with Stock Exchanges. A
separate report each on Management Discussion and Analysis and
Corporate Governance is attached to this report as Annexure - "A" and
Annexure - "C" along with Auditors Certificate on its due compliance.
Listing
The equity shares of the Company are listed on BSE Limited (BSE)'' and
The Calcutta Stock Exchange Limited (CSE).
Directors
During the year Shri Prakash Jalan'' Promoter Director and Shri S. L.
Kochar'' Independent'' Non-Executive Director of the Company'' resigned
from the Directorship with effect from 10th November'' 2012 and 12th
February'' 2013 respectively. The Directors have placed on record their
sincere appreciation for the very valuable contribution made by Shri
Prakash Jalan and Shri S. L. Kochar during their tenure as Director.
In accordance with the provisions of Companies Act'' 1956 and the
Articles of Association of the Company'' Dr. Ranjan Das'' Director of the
Company'' retire by rotation at the ensuing Annual General Meeting and
being eligible'' offer himself for reappointment.
Conservation of Energy'' Technology Absorption and Foreign Exchange
Earnings & Outgo
A statement pursuant to section 217(1) (e) of the Companies Act'' 1956''
giving details of measures taken towards conservation of energy''
technology absorption'' foreign exchange earnings and outgo in
accordance with the Companies (Disclosure of particulars in the report
of Board of Directors) Rules'' 1988 is annexed as Annexure - B.
Particulars of Employees
The Company does not have any employee falling within the scope of
Section 217 (2A) of the Companies Act'' 1956 read with Companies
(Particulars of the Employees) Rules'' 1975.
Auditors
Your Directors request you to appoint Auditors for the Current
Financial Year.
Acknowledgement
Your Directors express their appreciation to all the employees for
their valuable contribution. Your directors also wish to express their
gratitude for the continued co-operation'' support and assistance
provided by all the valued Channel Partners'' Distributors'' Suppliers''
Bankers'' Shareholders'' the Central and State Governments.
For and on behalf of the Board
Place: Kolkata Deepak Jalan Aloke Jalan
Dated: 30th May'' 2013 Managing Director Whole Time Director
Mar 31, 2011
Dear share holders
The Directors have pleasure in presenting their 17th Annual Report
together with the audited accounts of the Company for the year ended
31st March, 2011.
Financial Highlight (Rs.in Lacs)
2010-11 2009-10
Sales & Other Operational Income 25364.09 22544.68
Other Income 40.19 20.51
Profit before depreciation,interest 1636.87 1631.99
and taxation
Interest 193.42 169.75
Depreciation 361.95 307.37
Profit before Tax 1081.50 1154.87
Provision for Taxation
- Current 220.50 306.00
- Deferred 21.03 6.01
- Income Tax for earlier years - 3.35
Profit after Tax 839.97 839.51
Add: Credit Balance of the 195.80 125.55
previous year
Amount available for Appropriation 1035.77 965.06
Transfer to General Reserve 500.00 500.00
Proposed Dividend 230.15 230.15
Corporate Tax on Dividend 38.22 39.11
Balance carried to Balance Sheet 267.40 195.80
Dividend
Your Directors recommend a Dividend of Rs.1.80 per equity share
(previous year Rs.1.80 per equity share) for the year ended 31st March,
2011.
Financial Performance
Performance: During the year under review, the CompanyÃs Sales (incl.
Other Operational Income) increased by 12.5% to Rs.25364.09 Lacs as
compared to Rs. 22544.68 Lacs during the preceding year. The Company
spend Rs.1368.27 Lacs (5.5% of Sales) on Advertisement & Promotion in
2010-11 as compared Rs.970.23Lacs (4.3% of Sales) in 2010-11. The
Profit after Tax during the year was Rs.839.97 Lacs which is almost
same as previous year.
Finance Cost: The Interest cost was up by 13.9% at Rs.193.42 Lacs in
2010- 11 from Rs.169.75 Lacs in 2009-10. The Interest / Turnover was
0.8% and Interest Cover is 8.5 in 2010-11, which were 0.8% and 9.6
respectively in 2009-10.
The CRISIL retained its "P1" rating as regards to Rs.100 Million
Commercial Paper Programme of our Company. As per them, this rating
indicates that the degree of safety with regard to timely payment of
interest and principal on the instrument is very strong.
Working Capital: The year-end debtors are 32 days of the sales for the
year as compared to 33 days in the previous year. The inventory holding
is for 98 daysà sales as compared to 78 days in
the previous year.
Fixed Assets: The Company spent Rs.1236.84 Lacs on acquisition of Fixed
Assets, mainly consisting of moulds and machines at existing
facilities.
Directors' Responsibility Statement
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
hereby confirm that :-
i) in the preparation of the annual accounts, the applicable accounting
standards had been followed;
ii) appropriate accounting policies have been selected and applied
consistently and have 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 as at 31st March, 2011 and of the profit of the Company
for the year ended on that date;
iii) proper and sufficient care has been taken for maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding of the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv) the annual accounts have been prepared on a going concern basis.
Corporate Governance
The Company had complied with the requirements of Corporate Governance
in
terms of clause 49 of the Listing Agreement with Stock Exchanges. A
separate report each on Corporate Governance and Management Discussion
and Analysis is attached to this report as Annexure - "A" and Annexure
- "B" along with Auditorsà Certificate on its due compliance.
Listing
The equity shares of the Company are listed on Bombay Stock Exchange
Limited (BSE), and the The Calcutta Stock Exchange Association Limited
(CSE).
Directors
In accordance with the provisions of Companies Act, 1956 and the
Articles of Association of the Company, Shri P. R. Agarwala and Shri
K. N. Ranasaria, Directors of the Company, retire by rotation at the
ensuing Annual General Meeting and being eligible, offer themselves for
reappointment.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings & Outgo
A statement pursuant to section 217(1)(e) of the Companies Act, 1956,
giving details of measures taken towards
conservation of energy, technology absorption, foreign exchange
earnings and outgo in accordance with the Companies (Disclosure of
particulars in the report of Board of Directors) Rules, 1998 is annexed
as Annexure - C.
Particulars of Employees
The Company does not have any employee falling within the scope of
Section 217 (2A) of the Companies Act, 1956 read with Companies
(Particulars of the Employees) rules, 1975.
Auditors
Your Directors request you to appoint Auditors for the Current
Financial Year.
Acknowledgement
Your directors express their appreciation to all the employees for
their valuable contribution. Your directors also wish to express their
gratitude for the continued co-operation, support and assistance
provided by all the valued Channel Partners, Distributors, Suppliers,
Bankers, Shareholders, the Central and State Governments.
For and on behalf of the Board
Deepak Jalan Aloke Jalan
Managing Director Whole Time Director
Place : Kolkata
Dated : 30th May 2011
Mar 31, 2010
The Directors have pleasure in presenting their 16th Annual Report
together with the audited accounts of the Company for the year ended
31st March 2010.
Financial Highlights
(Rs. in Lacs)
2009 - 10 2008 - 09
Sales & Other Operational
Income 22544.68 19075.50
Other Income 20.51 162.98
Profit before depreciation,
interest and taxation 1631.99 1279.40
Interest 169.75 285.91
Depreciation 307.37 309.29
Profit before Tax 1154.87 684.20
Provision for Taxation - Current 306.00 124.00
- Deferred 6.01 32.88
- Fringe Benefit Tax - 23.50
- Income Tax for earlier years 3.35 -
Profit after Tax 839.51 503.82
Add: Credit Balance of the
previous year 125.55 196.11
Amount available for
Appropriation 965.06 699.93
Transfer to General Reserve 500.00 350.00
Proposed Dividend 230.15 191.79
Corporate Tax on Dividend 39.11 32.59
Balance carried to Balance Sheet 195.80 125.55
Dividend
Your Directors recommend a Dividend of Rs. 1.80 per equity share
(previous year Rs. 1.50 per equity share) for the year ended 31st March
2010.
Financial Performance
Performance: During the year under review, the Companys Sales (incl.
Other Operational Income) increased by 18.2% to Rs. 22544.68 Lacs as
compared to Rs. 19075.50 Lacs during the preceding year. The Company
spend Rs. 970.23 Lacs (4.3% of Sales) on Advertisement & Promotion in
2009-10 as compared Rs. 833.28 Lacs (4.4% of Sales) in 2008-9. The
Profit after Tax during the year was Rs. 839.51 Lacs which is 66.6%
higher than previous year.
Finance Cost: The Interest cost was down by 40.6% at Rs. 169.75 Lacs in
2009-10 from Rs. 285.91 Lacs in 2008-09. The Interest / Turnover was
0.8% and Interest Cover is 9.6 in 2009- 10, which were 1.5% and 4.5
respectively in 2008-09.
The Company retained its "PI" rating as regards to Rs. 100 Million
Commercial Paper Programme of our Company. As per them, this rating
indicates that the degree of safety with regard to timely payment of
interest and principal on the instrument is very strong.
Working Capital: The year-end debtors are 33 days of the sales for the
year as compared to 37 days in the previous year. The inventory holding
is for 78 days sales as compared to 114 days in the previous year.
Fixed Assets: The Company spent Rs. 541.51 Lacs on acquisition of Fixed
Assets, mainly consisting of moulds and machines at existing
facilities.
Directors Responsibility Statement
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
hereby confirm that .
i) in the preparation of the annual accounts, the applicable accounting
standards had been followed;
ii) appropriate accounting policies have been selected and applied
consistently and have 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 as at 31st March 2010 and of the profit of the Company
for the year ended on that date;
iii) proper and sufficient care has been taken for maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956, for safeguarding of the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv) the annual accounts have been prepared on a going concern basis.
Corporate Governance
The Company had complied with the requirements of Corporate Governance
in terms of clause 49 of the Listing Agreement with Stock Exchanges. A
separate report each on Corporate Governance and Management Discussion
and Analysis is attached to this report as Annexure - "A" and Annexure
"B" along with Auditors Certificate on its due compliance.
Listing
The equity shares of the Company are listed on Bombay Stock Exchange
Limited (BSE), and the The Calcutta Stock Exchange Association Limited
(CSE).
Directors
Shri Prakash Jalan resigned from the Whole Time Directorship of the
Company with effect from 15th April 2010 and is continuing as Director
of the Company. In accordance with the provisions of Companies Act,
1956 and the Articles of Association of the Company, Shri Sohan Lal
Kochar and Dr. Ranjan Das, Directors of the Company, retire by rotation
at the ensuing Annual General Meeting and being eligible, offer
themselves for reappointment.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings & Outgo
A statement pursuant to section 217U)(e) of the Companies Act, 1956,
giving details of measures taken towards conservation of energy,
technology absorption, foreign exchange earnings and outgo in
accordance with the Companies (Disclosure of particulars in the report
of Board of Directors) Rules, 1998 is annexed as Annexure - C.
Particulars of Employees
Information to be provided under Section 217 (2A) of the Companies Act,
1956 read with Companies (Particulars of the Employees) rules, 1975, is
given in Annexure -D forming part of this report.
Auditors
Your Directors request you to appoint Auditors/ Branch Auditors for the
Current Financial Year.
Acknowledgement
Your directors express their appreciation to all the employees for
their valuable contribution. Your directors also wish to express their
gratitude for the continued co-operation, support and assistance
provided by all the valued Channel Partners, Distributors, Suppliers,
Bankers, Shareholders, the Central and State Governments.
For and on behalf of the Board
Place : Kolkata Deepak Jalan Aloke Jalan
Dated: 29th May 2010 Managing Director Whole Time Director
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article