Home  »  Company  »  Sacheta Metals L  »  Quotes  »  Directors Report
Union Budget 2017-18
Enter the first few characters of Company and click 'Go'

Directors Report of Sacheta Metals Ltd.

Mar 31, 2015

The Directors have great pleasures in presenting you the Twenty-Fifth Annual Report of the Company together with the Audited Accounts for the year ended on March 31, 2015.

FINANCIAL RESULTS :

The Operating results of your Company for the period under review are as follows: (Rs. inLacks)

Particulars current year Previous Year ended 31.03.2015 ended 31.03.2014

Sales / Turnover 6797.43 6691.56

Profit before Interest, Depreciation & Tax 370.52 377.25

Less Interest 63.01 64.13

Profit before Depreciation and Tax 307.51 313.12

Less Depreciation for the year 255.17 204.10

Profit before tax 52.34 109.02

Taxation including deferred tax 17.96 37.64

Exceptional items 0 0

Net profit for the year after tax 34.38 71.38

Balance brought forward from previous year 109.60 95.40

Profit available for appropriation 143.98 166.78

Adjustment for Depreciation 3.22 0.00

Transfer to General Reserve 0 1.78

Dividend Tax 5.82 8.05

Dividend on equity 28.41 47.35

Balance carried forward to Balance-Sheet 106.53 109.60

DIVIDEND :

Your Directors recommend dividend of Rs 0.15 per share (1.5%) of face value of Rs 10 each out of the current year's profit.

OPERATIONS :

During the year, the company has achieved sales of Rs. 6797.43 lacks as compared to the last year figure of Rs. 6691.56 lacks. The net profit for the year was Rs 34.38 lacks compared to last year of Rs 71.38 lacks.

STATUTORY DISCLOSURES :

The Statutory disclosures in accordance with Section 134 read with Rule 8 of Companies (Accounts) Rules, 2014. Section 178, Section 197 read with Rule 5 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 have been made herein after paragraphs.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT :

The year under review was under several constraints like low realization and increase in cost of production. In spite of the constraints the profit before depreciation and tax was near last year one but this year higher rate and quantum of depreciation amount the net profit was lower than last year. This will be stream line during current year as company is planning increase export, where margins are more, and also planning Solar Power Plant to reduce fuel cost. The current year performance will be better ahead.

DIRECTORS' RESPONSIBILITY STATEMENT :

As required under Section 134(3)(c) of the Companies Act, 2013 your Directors' confirm that:

i. In the preparation of the annual accounts, the applicable accounting standards have been followed.

ii. 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 as on March 31, 2015 and of the profit of the Company for that period.

iii. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding 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.

v. Internal financial control have been laid down and followed by the company and that such controls are adequate and are operating effectively.

vi. Proper system have been devised to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.

STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS :

The Independent Directors of the Company have submitted their Declaration of Independence, as required under the provisions of Section 149(7) of the Companies Act, 2013 stating that they meet the criteria of Independence as provided in Section 149(6) of the Act.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS :

The Company has not given loans or guarantee nor made investments u/s 186 of the Companies Act, 2013.

CORPORATE GOVERNANCE :

The detailed report on Corporate Governance for the financial year from 1.4.2014 to 31.3.2015 on the line of requirements of Listing Agreement and SEBI appears in the Annexure I to the Directors Report and forms a part of this Annual Report.

EXTRACT OF ANNUAL RETURN :

An extract of the Annual Return as prescribed under sub-Section (3) of Section 92 of the Companies Act, 2013 in Format MGT-9 is annexed to the Report-Annexure II.

REMUNERATION OF DIRECTORS, KEY MANAGERIAL PERSONNEL AND EMPLOYEES :

The information required under Section 197 read with Rule 5 of Companies (Appointment and Remuneration of Managerial personnel) Rules, 2014 in respect of employees of the Company and Directors is furnished in below:

Non Executive Directors have waived meeting sitting fees or any other receipt.

Managing Director, Executive Director, Other Key Managerial personnel and Senior Management will involve a balanced between fixed and incentive pay reflecting short and long term performance objectives appropriate to working of the company and its goals.

DIRECTORS :

Mrs Chetanaben S Shah (DIN 00237410) and Mr Ankit S Shah (DIN 00237217) , Director, retires by rotation at the ensuing Annual General Meeting and, being eligible, offer themselves for reappointment

AUDITORS AND AUDIT REPORT :

M/s R. R. Mandali & Co. Chartered Accountants, (ICAI Registration No 114223W), the Auditors of the Company were appointed as Auditors of the Company from the conclusion of 24th Annual General Meeting held on 30.09.2014 until the conclusion of 27th Annual General Meeting to be held in Colander year 2017. The appointment is subject to ratification by the members at each Annual General Meeting. M/s R.R Mandali & Co. are eligible for re-appointment for financial year 2015-16.

AUDITORS REPORT :

The observations made by the Auditors' in their report are self-explanatory and therefore, do not call for any comments.

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

Information under section 134(3)(m) of the Companies Act, 2013 read ith Rule-8 of the Companies (Accounts) Rules, 2014 is provided in Annexure-III

DEPOSITS :

The Company has not accepted any deposits coming under the provisions of the Companies Act, 2013 and Rules framed there under.

INSURANCE :

All the properties of the Company have been adequately insured.

ACKNOWLEDGEMENT :

Your Directors take this opportunity to express their deep sense of gratitude for the valuable assistance and cooperation extended by the Government Authorities, Bankers, vendors, customers, advisors, the general public and for the valued contribution, efforts and dedication shown by the Company employees, officers, and the executives at all levels. Your Directors also sincerely acknowledge the confidence and faith reposed by the shareholders of the Company.

For and on behalf of the Board

Date : 29.05.2015 Satish K Shah Place : Mahiyal Chairman & Managing Director


Mar 31, 2014

To the Members,

The Directors have great pleasures in presenting you the Twenty-Fourth Annual Report of the Company together with the Audited Accounts for the year ended on March 31, 2014.

FINANCIAL RESULTS :

The Operating results of your Company for the period under review are as follows : (Rs. in Lacs)

Particulars Current Year Previous Year ended 31.03.2014 ended 31.03.2013

Sales / Turnover 6691.56 6638.05

Profit before Interest, Depreciation & Tax 377.25 319.43

Less Interest 64.13 63.71

Profit before Depreciation and Tax 313.12 255.72

Less Depreciation for the year 204.10 153.34

Profit before tax 109.02 102.38

Taxation including deferred tax 37.64 36.47

Exceptional items 0 0.58

Net profit for the year after tax 71.38 65.33

Balance brought forward from previous year 95.40 86.74

Profit available for appropriation 166.78 152.07

Transfer to General Reserve 1.78 1.64

Dividend Tax 8.05 7.68

Dividend on equity 47.35 47.35

Balance carried forward to Balance-Sheet 109.60 95.40



DIVIDEND :

Your Directors recommend dividend of Rs 0.25 per share (2.5%) of face value of Rs 10 each out of the current year''s profit.

OPERATIONS :

During the year, the company has achieved sales of Rs. 6691.56 lacs as compared to the last year figure of Rs. 6638.05 lacs. The cash profit (i.e. profit before depreciation), increased to Rs 313.12 lacs from Rs 255.72 last year and the net profit was Rs 71.38 lacs as compared to Rs 65.33 lacs in previous year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT :

Your directors are pleased to state that the company has started production at Caster Plant which was successfully installed during the last year. Earlier the Company is producing aluminium foil for only commercial purpose now the company has also started production of aluminium foil for purpose of home consumption. The company has also started Research and Development Unit. The company is planning to install plant for production of aluminium case roll. Last year the company had completed its backward integration expansion by installing Caster Plant of manufacturing Aluminium Ingots from Aluminium scraps. The Backward integration facility has helped the company to increase its margin.

DIRECTORS :

Mr Satishkumar Keshavlal Shah, Director, retires by rotation at the ensuing Annual General Meeting and, being eligible, offer himself for reappointment. Mr Pravin P Shah, Mr Jagdish K Gandhi and Mr Kalyan C Shah are proposed for re- appointment as Independent Directors. Mr Pranav S Shah and Mr Dilipkumar Sanghavi are proposed for appointment as new directors.

CORPORATE GOVERNANCE :

The detailed report on Corporate Governance for the financial year from 1.4.2013 to 31.3.2014 on the line of requirements of Listing Agreement and SEBI appears in the annexure I to the Directors Report and forms a part of this Annual Report.

AUDITORS AND AUDIT REPORT :

M/s R. R. Mandali & Co. Chartered Accountants, the Auditors of the Company retire at the conclusion of the ensuing Annual General Meeting & being eligible offer themselves for re-appointment. Your Directors recommend their appointment.

The observations made by the Auditors'' in their report are self-explanatory and therefore, do not call for any comments.

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

A statement giving details of conservation of energy, technology absorption, foreign exchange earnings and outgo is annexed hereto as Annexure "A" and forms part of this Report.

DEPOSITS :

The Company has not accepted any deposits coming under the provisions of the Companies Act, 2013 and Rules framed there under.

INSURANCE :

All the properties of the Company have been adequately insured.

PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A) :

None of the employees is in receipt of the remuneration specified in Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1988, as amended.

DIRECTORS'' RESPONSIBILITY STATEMENT :

As required under Section 217 (2AA) of the Companies Act, 1956 your directors'' confirm that:

i. In the preparation of the annual accounts, the applicable accounting standards have been followed.

ii. 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 as on March 31, 2014 and of the profit of the Company for that period.

The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

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

ACKNOWLEDGEMENT :

Your Directors take this opportunity to express their deep sense of gratitude for the valuable assistance and co-operation extended by the Government Authorities, Bankers, vendors, customers, advisors, the general public and for the valued contribution, efforts and dedication shown by the Company employees, officers, and the executives at all levels. Your Directors also sincerely acknowledge the confidence and faith reposed by the shareholders of the Company.

For and on behalf of the Board Date : May 30, 2014 SATISH K SHAH Place : Mahiyal MANAGING DIRECTOR


Mar 31, 2013

To the Members,

The Directors have great pleasures in presenting you the Twenty-Third Annual Report of the Company together with the Audited Accounts for the year ended on March 31, 2013.

FINANCIAL RESULTS:

The Operating results of your Company for the period under review are as follows :

(Rs. in Lacs) Particulars Current Year Previous Year ended 31.03.2013 ended 31.03.2012

Sales/Turnover 6608.04 6225.32

Profit before Interest, Depreciation & Tax 319.43 340.90

Less Interest 63.71 78.46

Profit before Depreciation and Tax 255.72 262.44

Less Depreciation for the year 153.34 151.60

Profit before tax 102.38 110.84

Taxation including deferred tax 36.47 35.22

Exceptional items 0.58 0.75

Net profit for the year after tax 65.33 74.86

Balance brought forward from previous year 86.74 68.80

Profit available for appropriation 152.07 143.66

Transfer to General Reserve 1.64 1.89

Dividend Tax 7.68 7.68

Dividend on equity 47.35 47.35

Balance carried forward to Balance-Sheet 95.40 86.74

DIVIDEND :

Your Directors recommend dividend of Rs 0.25 per share (2.5%) of face value of Rs 10 each out of the current year''s profit.

OPERATIONS:

During the year, the company has achieved sales of Rs. 6608.04 lacs as compared to the last year figure of Rs. 6225.32 lacs i.e. increase of 6%. The cash profit (i.e. profit before depreciation), due to margin pressure, remained at Rs 255.72 lacs and the net profit was Rs 65.33 lacs as compared to Rs 74.86 lacs in previous year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT :

As mentioned in our previous year report the company has been able to complete its backward integration expansion by installing caster plant of manufacturing Aluminium Coils from Aluminium Scraps and Ingots. The consumption of Aluminium House Foils is on rise as packing materials in Pharmacy & Food Processing Industries. Your directors are pleased to inform that the company is going to start forward integration by installing Foil Mill for manufacturing Aluminium House Foil from Aluminium Coils. This year the company will achieve higher export turnover. The forward integration will help the company to increase its margin.

DIRECTORS :

Mr Praveenchandra Poonamchand Shah, Director, retires by rotation at the ensuing Annual General Meeting and, being eligible, offer himself for reappointment. Mr Jayeshkumar J Vakharia and Mr Dharmesh Chandrakant Shah also retire by rotation but not willing re-appointment and the Board do not intent to make any appointment in their place.

CORPORATE GOVERNANCE:

The detailed report on Corporate Governance for the financial year from 1.4.2012 to 31.3.2013 on the line of requirements of Listing Agreement and SEBI appears in the annexure I to the Directors Report and forms a part of this Annual Report.

AUDITORS AND AUDIT REPORT :

M/s R. R. Mandali & Co. Chartered Accountants, the Auditors of the Company retire at the conclusion of the ensuing Annual General Meeting & being eligible offer themselves for re-appointment. Your Directors recommend their appointment.

The observations made by the Auditors'' in their report are self-explanatory and therefore, do not call for any comments.

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

A statement giving details of conservation of energy, technology absorption, foreign exchange earnings and outgo, as prescribed under section 217 (1) (e) of the Companies Act, 1956 read with Companies (Disclosure of particulars in the. Report of Board of Directors) Rules, 1988 is annexed hereto as Annexure "A" and forms part of this Report.

DEPOSITS :

The Company has not accepted any deposits coming under the provisions of Section 58A of the Companies Act, 1956 read with Companies (Acceptance of deposits) Rules 1975.

INSURANCE :

All the properties of the Company have been adequately insured.

PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A):

None of the employees is in receipt of the remuneration specified in Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1988, as amended.

DIRECTORS'' RESPONSIBILITY STATEMENT :

As required under Section 217 (2AA) of the Companies Act, 1956 your directors'' confirm that:

i. In the preparation of the annual accounts, the applicable accounting standards have been followed.

ii. 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 as on March 31, 2013 and of the profit of the Company for that period.

The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for Safeguarding the assets of the Company and for preventing and detecting fraud and other Irregularities.

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

ACKNOWLEDGEMENT:

Your Directors take this opportunity to express their deep sense of gratitude for the valuable assistance and co-operation extended by the Government Authorities, Bankers, vendors, customers, advisors, the general public and for the valued contribution, efforts and dedication shown by the Company employees, officers, and the executives at all levels. Your Directors also sincerely acknowledge the confidence and faith reposed by the shareholders of the Company.

For and on behalf of the Board

Date : 30th May, 2013 SATISH K SHAH

Place : Mahiyal MANAGING DIRECTOR


Mar 31, 2010

The Directors have great pleasures in presenting you the Twentieth Annual Reports of the Company together with the Audited Accounts for the year ended on March 31, 2010.

FINANCIAL RESULTS :

The Operating results of your Company for the period under review are as follows :

(Rs. in Lacs)

Particulars Current Year Previous Year

ended 31.03.2010 ended 31.03.2009

Sales / Turnover 4473.23 3365.30

Profit before Interest, Depreciation & Tax 243.68 231.98

Less Interest 55.02 77.96

Profit before Depreciation and Tax 188.66 154.02

Less Depreciation for the year 91 75.92

Profit before tax 97.66 78.10

Taxation including deferred tax 35.87 27.64

Net profit for the year after tax 61.79 50.46

Balance brought forward from previous year 23.49 22.76

Prior year adjustment 0 -4.46

PROFIT available for appropriation 85.28 68.76

Transfer to General Reserve 23.49 22.49

Dividend Tax 3.35 3.05

Dividend on equity 19.73 19.73

Balance carried forward to Balance-Sheet 38.71 23.49

DIVIDEND :

Your Directors recommend dividend of Rs 0.25 per share (2.5%) of face value of Rs 10 each out of the current years

profit.

OPERATIONS :

During the year, the company has achieved sales of Rs. 4473.23 lacs as compared to the last year figure of Rs. 3358.30 lacs i.e.increase of 25%:The cash profit (i.e. profit before depreciation) increased to Rs 188.66 lacs from previous years of Rs. 154.02 lacs i.e. increase of 22% and the net profit increased to Rs 61.79 lacs from previous years of Rs 50.46 lacs i.e. increase of 22%.

The company during the year made a remarkable success, both strategically and operationally. The better economic environment provided an added stimulus.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT :

The use of aluminium is increasing day by day. Along with manufacturing aluminium utensils there is great scope in manufacturing aluminium sheets of different gauges. The consumption of aluminium foils & coils is on rise as packaging materials in Pharmacy & Food processing industries. Being a light metal its sheets is also used in making of aircrafts, steamers, buses and vehicles.

Presently, we are purchasing Aluminum Sheets as raw material for conversion to Utensils as final product. The company is planning to further integrate its manufacturing facilities by going backward into manufacturing of Aluminum Sheets, coils & foils. With this the present capacity of 6000 M.T will be raised to 7200 M.T. The overall operating cycle will be reduced and margin will improve.

The estimated cost of expansion project is of Rfi. 900 lacs and it is to be funded by preferential allotment of equity shares to promoters and others. The construction of factory shad is completed and machineries are being installed. The production is expected to start by end of next month.

DIRECTORS:

Mr Jayesh J Vakharia, Mr Jagdish K Ganahi and Mr Pravin P Shah, Directors, retire by rotation at the ensuing Annual General Meeting and, being eligible, offer themselves for reappointment. The Board recommend their reappointment for your approval.

CORPORATE GOVERNANCE:

The detailed report on Corporate Governance for the financial year from 1.4.2009 to 31.3.2010 on the line of requirements of Listing Agreement and SEBI appears in the annexure I to the Directors Report and forms a part of this Annual Report.

AUDITORS AND AUDIT REPORT:

M/s R. R. Mandali & Co. Chartered Accountants, the Auditors of the Company retire at the conclusion of the ensuing Annual General Meeting & being eligible offer themselves for re-appointment. Your Directors recommend their appointment.

The observations made by the Auditors in their report are self-explanatory and therefore, do not call for any comments.

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

A statement giving details of conservation of energy, technology absorption, foreign exchange earnings and outgo as prescribed under section 217 (1) (e) of the Companies Act, 1956 read with Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 is annexed hereto as Annexure "A" and forms part of this Report.

DEPOSITS :

The Company has not accepted any deposits coming under the provisions of Section 58A of the Companies Act, 1956 read with Companies (Acceptance of deposits) Rules 1975.

INSURANCE :

All the properties of the Company have been adequately insured.

PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A):

None of the employees is in receipt of thr remuneration specified in Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules 1988, as amended. ,,

DIRECTORS RESPONSIBILITY STATEMENT:

As required under Section 217 (2AA) of the Companies Act, 1956 your directors confirm that:

i. In the preparation of the annual accounts, the applicable accounting standards have been followed.

ii. 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 as on March 31, 2010 and of the profit of the Company for that period.

The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

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

ACKNOWLEDGEMENT:

Your Directors take this opportunity to express their deep sense of gratitude for the valuable assistance and co-operation extended by the Government Authorities, Bankers, vendors, customers, advisors, the general public and for the valued contribution, efforts and dedication shown by the Company employees, officers, and the executives at all levels. Your Directors also.sincerely acknowledge the confidence and faith reposed by the shareholders of the Company.

For and on behalf of the Board



Date : 26.08.2010 SATISH K SHAH

Place : Mahiyal MANAGING DIRECTOR



 
Subscribe now to get personal finance updates in your inbox!