Mar 31, 2016
DIRECTORSâ REPORT
Dear Members,
The Directors are pleased to present the 23rd Annual Report together with Audited Statement of Accounts of the Company for the financial year ended March 31, 2016.
FINANCIAL RESULTS
The standalone operating performance of your company for the financial year ended March 31, 2016 is depicted below:
(Rs, In Lakhs except per share data)
Particulars |
2015-16 |
2014-15 |
Revenue from Operations |
114164.54 |
93270.86 |
Other Income |
289.46 |
469.31 |
Total Income |
114454.00 |
93740.17 |
Less: |
||
Operating & Administrative |
||
expenses |
95216.70 |
76993.38 |
Operating Profits (PBDIT) |
19237.30 |
16746.79 |
Less: |
||
Depreciation |
1242.92 |
957.88 |
Interest Expenses |
9738.47 |
7653.35 |
Profit Before Extraordinary |
||
Items & Tax |
8255.91 |
8135.56 |
Less: |
||
Extraordinary Items |
1.06 |
20.81 |
Profit Before Tax |
8254.85 |
8114.75 |
Less Tax Expenses |
2695.51 |
2621.39 |
Net Profit After Tax from |
||
Ordinary Activities |
5559.34 |
5493.36 |
Add: Balance brought forward |
22911.25 |
18826.90 |
Less: Adjustment of Account of |
||
change in useful life of Asset |
â |
300.32 |
Amount available for |
||
appropriation |
28470.59 |
24019.94 |
Appropriations: |
||
Transfer to General Reserve |
500.00 |
500.00 |
Proposed Dividend on |
||
Redeemable Preference Share |
310.40 |
310.40 |
Proposed Equity Dividend |
97.66 |
195.32 |
Dividend Distribution Tax |
83.07 |
102.95 |
Balance Carried Forward |
27479.46 |
22911.27 |
Earnings Per Share (Rs, per share) |
||
Basic |
53.10 |
52.42 |
Diluted |
53.10 |
52.42 |
OPERATIONS AND REVIEW (Companyâs Performance)
During the year under review total revenue from the standalone operations of your Company has increased to Rs,. 11,4164.54 Lakhs from Rs,. 93,270.86 Lakhs in the previous year at a growth rate of 22.40%. Operating Profit (EBITDA) was Rs,. 19237.30 Lakhs, against Rs,. 16746.79 Lakhs in the previous year. Profit after Tax for the year was Rs,. 5559.34 Lakhs, against Rs,. 5493.36 Lakhs in the previous year. Detailed report on operations of and structure of Business of the Company has been included in Management Discussion and Analysis Report, which forms part of this Annual Report.
DIVIDEND
Based on Company''s performance and future business plans, your Directors are pleased to recommend dividend of Rs,. 1.00/- per equity share (previous year Rs,. 2.00/- per equity share) on 9766166 equity shares of Rs,. 10/- each for the year ended March 31, 2016. The Dividend if approved by the shareholders will be paid to the eligible shareholders within the period stipulated under the Companies Act, 2013. The Redeemable Preference Shareholders are entitled to dividend of 8.00% per annum. Accordingly, the Directors have recommended, for approval of the Members, a dividend of Rs,. 8.00 per Share on 38,80,000 Redeemable Preference Shares of Rs,. 100/- each for the ended March 31, 2016.
MANAGEMENT DISCUSSION AND ANALYSIS (MDA):
A Separate report on Management Discussion and Analysis Report has been presented in a separate section, which forms part of this Annual Report.
SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS:
Your Company has four subsidiary Companies, out of which one company (Arav Enterprise Pte. Ltd.) has became subsidiary company during the year under review and no company has been ceased to be subsidiary during the year under review. Pursuant to Section 129(3) of the Companies Act, 2013 and Accounting Standard- 21 issued by the Institute of Chartered Accountants of India, Consolidated Financial Statements presented by the Company include the Financial Statements of its Subsidiaries. Further, a separate statement containing the salient features of the financial statements of subsidiaries of the Company in the prescribed form AOC-1 has been disclosed in the Consolidated Financial Statements.
Pursuant to the provisions of Section 136 of the Companies Act, 2013, the Company shall place separate audited accounts of its Subsidiary Companies on its website at www.anillimited.com.
The Company policy in place relating to material subsidiaries, which available on the Company''s website at the link: âhttp://www.anillimited.com/investorsshareholder/ policy.htmâ.
DIRECTORS (i) Board of Directors:
The Company recognizes the importance of a diverse board in its success. The Board of Directors of your Company is lead by the Chairman and Managing Director and comprises two Executive Director and two Non Executive Independent Director on March 31, 2016. Shri Nalinkumar Thakur (DIN 03540700) was appointed as an Executive Director of the Company w.e.f. November 6, 2015.
Shri Anurag Kothawala (DIN 00059037), Shri Shashin Desai (DIN 03539693) and Prof. Indira Parikh (DIN 00143801) have resigned from the Board w.e.f. October 17, 2015, November 6, 2015 and December 31, 2015 respectively. Shri Amol Sheth (DIN 00025357) retires by rotation as director at the upcoming Annual General Meeting and being eligible offers himself for re-appointment. Particulars of the Director retiring by rotation and seeking reappointment are annexed to the notice convening the Annual General Meeting.
(ii) Meetings of Board of Directors:
The Board of Directors of the Company met five times during the year under review. The details of board meetings and the attendance are provided in the Corporate Governance Report which forms part of this Report.
(iii) Confirmation by Independent Directors and Separate Meeting:
In compliance with the provisions of Section 149 (7) of the Companies Act, 2013, all Independent Directors have submitted their declarations of independence, stating that they meet the criteria of independence. Pursuant to Section 149 (8) read along with Schedule IV of the Companies Act, 2013, separate meeting of the Independent Directors of the Company was held on August 3, 2015, without the attendance of Non-Independent Directors and members of management. The Independent Directors reviewed the performance of non-independent directors and the Board as a whole; the performance of the Chairperson of the Company, taking into account the views of Executive Directors and Non-Executive Directors and assessed the quality, quantity and timeliness of flow of information between the Company Management and the Board that is necessary for the Board to effectively and reasonably perform their duties.
The Company conducts Familiarization Programme for the Independent Directors to provide them an opportunity to familiarize with the Company. Detailed information on this has been included in Corporate Governance Report, which forms part of this Annual Report.
iv) Board Evaluation:
Pursuant to the provisions of the Act and Rules made there under and as provided in Schedule IV of the Companies Act, 2013 and the Board has adopted method for evaluating its performance and also of its Committees and individual Directors, Chairman of the Board. Detailed information on this has been included in Corporate Governance Report, which forms part of this Annual Report.
The evaluation was carried out through a defined process covering the areas of the Boards functioning viz. composition of the Board and Committees, understanding of roles and responsibilities, experience and competencies, contribution at the meetings etc.
v) Remuneration Policy:
Pursuant to the requirement of Section 134(3)(e) and Section 178(3) of the Companies Act, 2013, the Board has, on the recommendation of the Nomination and Remuneration Committee, framed a policy on appointment of Directors including criteria for determining qualifications, positive attributes, independence of a Director and the policy on remuneration of Directors, KMP and other senior management is attached as Annexure A, which forms part of this report.
PARTICULARS OF REMUNERATION OF DIRECTORS/KMP/EMPLOYEES
The information required pursuant to Section 197 read with Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules 2014 in respect of employees of the Company will be provide upon request. In terms of Section 136 of the Act, the reports and accounts are being sent to the members and others entitled thereto excluding the information on employees particulars which is available for inspection by members at the registered office of the Company during the business hours on all working days of the Company up to the date of ensuing Annual General Meeting of the Company. If any member is interested in inspection the same, the member may write to the Company Secretary in advance.
DIRECTORSâ RESPONSIBILITY STATEMENT
In terms of Section 134 (3) (c) of the Companies Act, 2013, in relation to financial statements of the Company for the year ended March 31, 2016, the Board of Directors state that:
(i) in the preparation of the annual financial statements, applicable accounting standards have been followed and there are no material departures from the said standards;
(ii) such accounting policies have been selected and applied consistently and judgments and estimates made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at March 31, 2016 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 this Act for safeguarding the assets of the company and for prevention and detection of fraud and other irregularities;
(iv) the annual financial statements have been prepared on a going concern basis;
(v) proper internal financial controls are in place and are adequate and are operating effectively; and
(vi) the systems to ensure compliance with the provisions of all applicable laws are in place and are adequate and operating effectively.
CORPORATE SOCIAL RESPONSIBILITY
Pursuant to the requirements of Section 135 of Companies Act, 2013, your Company has constituted a Corporate Social Responsibility Committee. The composition and terms of reference of the Corporate Social Responsibility Committee is provided in the Corporate Governance Report, which forms part of this report. Policy on Corporate Social Responsibility is available on the website of the Company at http://www.anillimited.com/investorsshareholder/ policy.htm. Report on CSR activities as required under the Companies (Corporate Social Responsibility Policy) Rules, 2014 has been appended as Annexure B to this Report.
CORPORATE GOVERNANCE
Your Company is committed to maintain highest standards of corporate governance and practices. In line with the requirements of applicable Act, Regulations, your Company has in place all the statutory Committees as required. A detailed report on Corporate Governance along with the Compliance Certificate obtained from the practicing Company Secretary Forms part of this Annual Report.
AUDITORS
M/s. Parikh & Majmudar, Chartered Accountants, Ahmadabad were appointed as Statutory Auditors of your Company at the Annual General Meeting held on 30th September, 2014 for a term of four consecutive years. As per the provisions of Section 139 of the Companies Act, 2013, the appointment of Auditors is required to be ratified by Members at every Annual General Meeting. The Notes on Financial Statements are referred to in the Auditors'' Report are self explanatory and do not call for any further comments.
Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/S. SPANJ & ASSOCIATES, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company for the year under review. The Board has duly reviewed the Secretarial Auditor''s Report and the comments, appearing in the report are self-explanatory and do not call for any further explanation by the Board of Directors as provided under section 134 of the Act. The Secretarial Audit Report is annexed herewith as âAnnexure Câ.
PUBLIC DEPOSITS
During the year under review your Company has neither accepted nor renewed any Public Deposits.
INSURANCE
The Company''s buildings, plant and machineries, stocks and other properties, wherever necessary and to the extent required have been adequately insured.
RELATED PARTY TRANSACTIONS
Pursuant to the provisions of Section 134 (3) read with Section 188 (2) of the Companies Act, 2013, details of transaction for the year under review are given in Form AOC 2 as Annexure D to this report and in the section on Related Party Transactions in Corporate Governance Report.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Details of Loans, Guarantees and Investments are provided in the notes to the Financial Statements.
EXTRACT OF ANNUAL RETURN
Extract of the Annual Return in Form MGT-9, is annexed to this Report as Annexure E.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars as prescribed under Section 134 (3)(m) of the Companies Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014, relating to the Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo are set out in Annexure F, which forms part of this report.
RISK MANAGEMENT
Your Company has implemented an integrated risk management approach to review and assess significant risks on a continuous basis to ensure that there is a system for risk controls and mitigation in place. Management periodically reviews this risk management framework to keep updated and address emerging challenges.
VIGIL MECHANISM POLICY / WHISTLE BLOWER POLICY
Details on Vigil Mechanism policy / whistle blower policy is provided in the Corporate Governance Report which forms part of this Report
ITERNAL FINANCIAL CONTROL SYSTEM AND THEIR ADEQUACY
The details of internal financial control and their adequacy are included in the Management Discussion and Analysis Report, which forms part this report.
PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
As per the requirement of The Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 read with rules made there under, your Company has constituted Internal Complaints Committee which is responsible for redressal of complaints related to sexual harassment. No complaints pertaining to sexual harassment received during the year under review.
ACKNOWLEDGEMENTS
We thank our customers, vendors, investors, bankers for their continued support during the year. We place on record our appreciation of the contribution made by our employees at all levels and look forward for their continued support in the future.
For and on behalf of the Board
Amol Sheth
Chairman & Managing Director
Place: Ahmedabad
Date: May 19, 2016
Mar 31, 2014
Dear Members,
The Directors are pleased to present the Annual Report together with
Audited Statement of Accounts of the Company for the financial year
ended March 31, 2014.
FINANCIAL RESULTS
The standalone operating performance of your company for the financial
year ended March 31, 2014 as compared to the previous financial year is
given below:
(Rs. in Lacs except per share data)
Particulars 2013-14 2012-13
Sales & Operating Income 82491.46 70671.65
Operating Profits (PBDIT) 14340.69 12268.00
Less Depreciation 1269.75 1096.39
Less Net Interest Expenses 6012.19 5189.77
Profit Before Exceptional
Items & Tax 7058.75 5981.84
Less Extraordinary Items (14.22) (42.85)
Less Tax Expenses 2239.47 1462.36
Net Profit After Tax 4833.50 4562.33
Balance brought forward 15081.16 11578.07
Distributable Profits 19914.66 16140.40
Appropriated as under:
Transfer to General Reserve 500.00 500.00
Proposed Equity Dividend 195.32 195.32
Proposed Dividend on Redeemable 310.40 285.96
Preference Share
Dividend Distribution Tax 82.04 78.08
Balance Carried Forward 18826.90 15081.04
Earning Per Share (Rs. per share)
- Basic 45.80 43.31
- Diluted 45.80 43.31
OPERATIONS AND REVIEW (Company''s Performance)
For the Financial Year 2013-14, the Company has registered strong
working results by concentrated efforts of both management and
employees. During the year under review total income of the Company has
increased to Rs. 82491.46 Lacs from Rs. 70671.65 lacs in the previous
year at a growth rate of 16.72%. Our Export revenue aggregated to Rs.
8912.07 lacs up by 4.91% from Rs. 8494.59 lacs in the previous year.
The profit before Depreciation, Interest and Taxes (PBDIT) amounted to
Rs. 14340.69 lacs as against Rs. 12268 lacs in the previous year.
DIVIDEND
Based on Company''s performance, your Board of Directors are pleased to
recommend dividend of Rs. 2.00/- per equity share (previous year Rs.
2.00/- per equity share) of face value Rs. 10/- each for the year ended
March 31, 2014. The dividend, if approved by the shareholders, will be
paid to the eligible shareholders. The proposed dividend would be tax
free in the hands of the shareholders.
The Company proposes to transfer Rs. 500 Lacs to General Reserve out of
the amount available for appropriation and amount of Rs. 18826.90 Lacs
is proposed to be retained in Profit and Loss Account.
The Redeemable Preference Shares are entitled to a dividend of 8.00%
per annum. Accordingly, the Directors have recommended, for approval of
the Members, a dividend of Rs. 8.00 per Share on 38,80,000 Redeemable
Preference Shares of Rs. 100/- each for the Financial Year 2013-14.
MANAGEMENT DISCUSSION AND ANALYSIS (MDA):
The Management Discussion and Analysis Report as required under clause
49 of the Listing Agreement with the Stock Exchange has been attached
and forms part of this Directors'' Report As Annexure.
SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS:
As on March 31, 2014, your company have three subsidiary companies
namely Anil Bioplus (Europe) B. V., Anil Life Sciences Ltd. and Anil
Mega Food Park Pvt. Ltd.
As required under the Listing Agreement with the Stock Exchanges,
Consolidated Financial Statements of the Company have been prepared in
accordance with Accounting Standards 21 and 23 issued by the Institute
of Chartered Accountants of India and attached herewith.
In accordance with the general circular issued by the Ministry of
Corporate Affairs, Government of India, the Balance Sheet, Profit and
Loss Account and other documents of Subsidiary Companies have not been
attached with the Balance Sheet of the Company. The Company will make
available the Annual Accounts of the Subsidiary Companies and related
detailed information to any member of the Company who may be interested
in obtaining the same. The Annual Accounts of subsidiary Company will
also be kept open for inspection at the Registered Office of the
Company and that of the respective Subsidiaries Company. The
Consolidated Financial Statements presented by the Company include the
financial results of its Subsidiary Companies. The Statement pursuant
to Section 212 of the Companies Act, 1956 in respect of Subsidiaries is
attached herewith as Annexure I.
DIRECTORS
Shri Amol Sheth retires by rotation as director at the upcoming Annual
General Meeting and being eligible offers himself for re-appointment.
Shri Amol Sheth is the principal promoter member of ANIL Group of
Companies. He is in the business for more than 15 years and is involved
in all facets of business operations and management of Group Companies.
Shri Amol Sheth brings a wealth of insight into business intricacies
along with infectious enthusiasm for any initiative. Apart from
different aspects of business operations, Shri Amol Sheth has strengths
in areas of Strategy and Finance. He works on strategy formulation and
is relentless in his pursuit of professionalizing the business and
plotting a visionary path forward.
As a third-generation entrepreneur, Shri Amol Sheth''s promising ideas
and an inherently international outlook contributed to the growth and
success of the ANIL Group. Amongst various first time initiatives, he
was instrumental in getting an E.R.P. (SAP) implemented in Group
Flagship Company, Anil Limited 10 years ago, which was the first of
such implementation in the comparable sized companies in India. He
emphasizes on systems & processes and has been keenly championing the
adaptation of modern management & work practices like 5S, Kaizen,
Quality Circles, TPM, TQM etc. with ANIL Group. Shri Amol Sheth
believes in the power of people and leaves no stone unturned in
ensuring that the employees'' personal and professional needs in terms
of self & professional development, work-life balance get addressed
adequately.
The Board recommends his re-appointment at the forthcoming Annual
General Meeting of the Company.
CORPORATE SOCIAL RESPONSIBILITY
The Ministry of Corporate Affairs notified Section 135 of Companies
Act, 2013 along with the Rules thereunder and revised schedule VII to
the Act, which came into effect from 1st April, 2014.
In accordance with the abovementioned Rules, the Board of Directors at
their meeting held on May 28, 2014 had constituted ''Corporate Social
Responsibility'' Committee comprising three directors namely Shri Kamal
Sheth, Shri Anurag Kothawala and Shri Shashin Desai.
AUDITORS
M/s. Parikh & Majmudar, Chartered Accountants, Ahmedabad retire as
auditors of the Company at the conclusion of the ensuing Annual General
Meeting and are eligible for re-appointment as Auditors. The Audit
Committee of the Board of Directors of the Company and Board of
Directors has recommended that M/s. Parikh & Majmudar, Chartered
Accountants, be appointed as auditors to hold office for a period of
four years. The Company has received confirmation that their
appointment will be within the limits prescribed under section 139 of
the Companies Act, 2013.
FINANCE AND ACCOUNTS
The Notes on Financial Statements are referred to in the Auditors''
Report are self explanatory and do not call for any further comments.
PUBLIC DEPOSITS
During the year under review your Company has neither accepted nor
renewed any Public Deposits.
DIRECTORS'' RESPONSIBILITY STATEMENT
In terms of Section 217 (2AA) of the Companies Act, 1956, in relation
to the financial statements for the year ended on March 31, 2014, the
Board of Directors state that:
(i) the applicable accounting standards have been followed in
preparation of the financial statements and there are no material
departures from the said standards;
(ii) the Directors have 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 or
loss of the company for that period;
(iii) that the directors have taken proper and sufficient care for
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) the financial statements have been prepared on a going concern
basis.
INSURANCE
The Company''s buildings, plant and machineries, stocks and other
properties wherever necessary and to the extent required have been
adequately insured.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars as prescribed under Section 217(1)(e) of the Companies
Act, 1956, read with the Companies (Disclosure of particulars in the
Report of Board of Directors) Rules, 1988, relating to the Conservation
of Energy, Technology Absorption and Foreign Exchange Earnings and
Outgo, are set out in Annexure II to this report.
CORPORATE GOVERNANCE
Your Company is committed to good corporate governance practices as
stipulated under the Listing Agreement with the stock exchanges.
SEBI vide its circular No. CIR/CFD/POLICY CELL/2/2014 dated 17''h April
2014 has notified the revised clause 49 of the listing agreement to be
applicable with effect from October 1, 2014. This Report therefore
contains previous clause 49 of Listing Agreement according to which a
detailed report on Corporate Governance along with the Compliance
Certificate obtained from the practicing Company Secretary forms part
of this Annual Report.
PARTICULARS OF EMPLOYEES AS PER SECTION 217(2A) OF THE COMPANIES ACT,
1956
There was no employee drawing remuneration in excess of limits
prescribed under section 217 (2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules, 1975 and therefore not
applicable to the Company.
COST AUDITORS
For the FY 2014, the Board of Directors of the company had re-appointed
on the recommendation of the Audit Committee, M/s. R. Nanabhoy & Co.,
Cost Accountants as cost auditors for auditing the cost accounts. Their
appointment was approved by Central Government. In terms of the
Companies (Cost Audit Report) Rules, 2011 the Cost Audit Report
relating to the financial year ended 31st March 2013 had been field
within the due date.
For the Financial year 2014-15, the Board of Directors of the Company
has appointed, on the recommendation of the Audit Committee, M/s. R.
Nanabhoy & Co., as Cost Auditors of the Company for auditing the cost
accounts.
COMPULSORY TRADING IN DEMAT MODE
Trading of the equity shares of your Company are being traded
compulsorily in DEMAT form from 23/03/2001 pursuant to circular of
SEBI.
ACKNOWLEDGEMENTS
Your Directors express their deep appreciation to employees at all
levels for their dedication, hard work and commitment. The Directors
would also wish to convey their appreciation to the Shareholders,
Customers, Suppliers, Bankers, Financial Institutions, Stakeholders and
other agencies for their continuous efforts in company''s growth and
look forward for the same support in the future.
For and on behalf of the Board
Amol Sheth
Chairman & Managing Director
Place : Ahmedabad
Date : May 28, 2014
Mar 31, 2013
Dear Members,
The are delighted to present the Annual Report together with Audited
Statement of Accounts of the Company for the financial year ended March
31, 2013.
FINANCIAL RESULTS
The standalone operating performance of your company for the financial
year ended March 31, 2013 as compared to the previous financial year is
given below:
(Rs. in Lacs except per share data)
Particulars 2012-13 2011-12
Sales & Operating Income 70671.65 60224.05
Operating Profits (PBDIT) 12119.33 11312.12
Less Depreciation 1096.39 970.15
Less Net Interest Expenses 5041.11 3994.74
Profit Before Exceptional Items & Tax 5981.83 6347.23
Less Extraordinary Items (42.86) 4.09
Less Tax Expenses 1462.36 1631.44
Less Short/Excess Pro Of earlier year w/o 0.00 0.00
Net Profit After Tax 4562.33 4711.70
Balance brought forward 11578.07 7741.06
Distributable Profits 16140.40 12452.76
Appropriated as under:
Transfer to General Reserve 500.00 500.00
Proposed Equity Dividend 195.32 195.32
Proposed Dividend on Redeemable Preference Share 285.96 127.07
Dividend Distribution Tax 78.08 52.30
Balance Carried Forward 15081.04 11578.07
Earning Per Share (Rs. per share)
- Basic 43.31 46.73
- Diluted 43.31 46.73
OPERATIONS AND REVIEW (COMPANYS PERFORMANCE)
During the year under review, your Company has been able to register
strong working results supported by our product offerings to varied
industries; during the year under review total income of the Company
has increased to Rs. 70671.65 Lacs from Rs. 60224.05 Lacs in the
previous year at a growth rate of 17.35%. Our Export revenue aggregated
to Rs. 8494.59 Lacs up by 18.29% from Rs. 7181.44 Lacs in the previous
year. Our Gross profit amounted to Rs. 6024.70 Lacs as against Rs.
6343.14 Lacs in the previous year. The profit before Interest,
Depreciation, Taxes and Amortization (PBDIA) amounted to Rs. 12119.33
Lacs as against Rs. 11312.12 Lacs in the previous year.
ISSUE OF REDEEMABLE PREFERENCE SHARES
Pursuant to resolution passed by the Members at the Annual General
Meeting held on September 17, 2012 further 5,00,000 Redeemable
Preference Shares aggregating to Rs. 5.00 Crores have been allotted on
November 11, 2012. This has resulted increase in paid-up share capital
of the Company from Rs. 43,56,61,660/- to Rs. 48,56,61,660/-
consisting of 97,66,166 Equity Shares of Rs. 10/- each and 38.80.000
Redeemable Preference Shares of Rs. 100/- each.
DIVIDEND
Based on Companys performance, your Board of Directors are pleased to
recommend dividend of Rs. 2.00/- per equity share (previous year Rs.
2.00/- per equity share) of face value Rs. 10/- each for the year ended
March 31, 2013. The dividend, if approved by the shareholders, will be
paid to the eligible shareholders within the period stipulated under
the Companies Act, 1956. The proposed dividend would be tax free in the
hands of the shareholders.
The Company proposes to transfer Rs. 500 Lacs to General Reserve out of
the amount available for appropriation and amount of Rs. 15081.18 Lacs
is proposed to be retained in Profit and Loss Account.
The Redeemable Preference Shares are entitled to a dividend of 8.00%
per annum. Accordingly, the Directors have recommended, for approval of
the Members, a dividend of Rs. 8.00 per Share on 33,80,000 Redeemable
Preference Shares of Re.100/- each and Rs. 3.11 per Share on 5,00,000
shares issued during the year on November 11, 2012 on a pro-rata basis
for the Financial Year 2012-13.
MANAGEMENT DISCUSSION AND ANALYSIS (MDA):
The Management Discussion and Analysis Report as required under clause
49 of the Listing Agreement with the Stock Exchange has been attached
and forms part of this Directors '' Report As Annexure.
SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS:
As on March 31, 2013, your company have Two subsidiary companies namely
Anil Bioplus (Europe) B. V. and Anil Life sciences Ltd.
As required under the Listing Agreement with the Stock Exchanges,
Consolidated Financial Statements of the Company have been prepared in
accordance with Accounting Standards 21 and 23 issued by the Institute
of Chartered Accountants of India and attached herewith.
In accordance withthe general circular issued by the Ministry of
Corporate Affairs, Government of India, the Balance Sheet, Profit and
Loss Account and other documents of Subsidiary Companies have not been
attached with the Balance Sheet of the Company. The Company will make
available the Annual Accounts of the Subsidiary Companies and related
detailed information to any member of the Company who may be interested
in obtaining the same. The Annual Accounts of subsidiary Company will
also be kept open for inspection at the Registered Office of the
Company and that of the respective Subsidiaries Company. The
Consolidated Financial Statements presented by the Company include the
financial results of its Subsidiary Companies. The Statement pursuant
to Section 212(1)(e) of the Companies Act, 1956 in respect of
Subsidiaries is attached herewith as Annexure II.
DIRECTORS
Shri Kamal Sheth retires by rotation as director at the upcoming Annual
General Meeting and being eli gible offers himself for re-appointment.
Shri Kamal Sheth aged about 57 years is a B.Sc by qualification. He is
having wide experience in the field of Marketing and business
administration. He is also on the Board of various Companies and social
organizations. He is the chairman of Audit Committee & Share Transfer
committee cum investor grievance committee and member of the
Remuneration committee of the Company. He does not hold any share of
the Company.
The Board recommends his re-appointment at the forthcoming Annual
General Meeting of the Company.
AUDITORS
M/s. Parikh & Majmudar, Chartered Accountants, Ahmedabad retire as
auditors of the Company at the conclusion of the ensuing Annual General
Meeting and are eligible for re-appointment as Auditors. The Audit
Committee of the Board of Directors of the Company and Board of
Directors has recommended that M/s. Parikh & Majmudar, Chartered
Accountants, be appointed as auditors to hold office until the
conclusion of the next Annual General Meeting. The Company has received
confirmation that their appointment will be within the limits
prescribed under section 224 (1B) of the Companies Act, 1 956.
FINANCE AND ACCOUNTS
The Notes on Financial Statements are referred to in the
Auditors''Report are self explanatory and do not call for any further
comments.
PUBLIC DEPOSITS
During the year under review your Company has neither accepted nor
renewed any Public Deposits.
DIRECTORS''RESPONSIB ILITY STATEMENT
In terms of Section 217 (2AA) of the Companies Act, 1956, in relation
to the financial statements for the year ended on March 31, 2013, the
Board of Directors state that:
(i) the applicable accounting standards have been followed in
preparation of the financial statements and there are no material
departures from the said standards;
(ii) in order to provide a true and fair view of the state of affairs
of the Company as on March 31, 2013 and the profits for the period
ended on that date, reasonable and prudent judgments and estimates have
been made and generally accepted accounting policies have been selected
and consistently applied;
(iii) proper and sufficient care has been taken for maintenance of
adequate accounting records in accordance with the provisions of the
Com panies Act, 1956, for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
(iv) the financial statements have been prepared on a going concern
basis.
INSURANCE
The Companys buildings, plant and machineries, stocks and other
properties wherever necessary and to the extent required have been
adequately insured.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars as prescribed under Section 217(1)(e) of the Companies
Act, 1956, read with the Companies (Disclosure of particulars in the
Report of Board of Directors) Rules, 1988, relating to the Conservation
of Energy, Technology Absorption and Foreign Exchange Earnings and
Outgo, are set out in Annexure III to this report.
CORPORATE GOVERNANCE
Your Company is committed to maintain the highest standards of
Corporate Governance and adhere to the Corporate Governance
requirements.
A detailed report on Corporate Governance along with the Compliance
Certificate obtained from the practicing Company Secretary as
stipulated under Clause 49 of the Listing Agreement forms part of the
Annual Report.
PARTICULARS OF EMPLOYEES AS PER SECTION 217(2A) OF THE COMPANIES ACT,
1956
There was no employee drawing remuneration in excess of limits
prescribed under section 217 (2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules, 1975 and therefore not
applicable to the Company
COST AUDITORS
For the FY2013, the Board of Directors of the company had re-appointed
onthe recommendation of the Audit Committee, M/s. R. Nanabhoy & Co.,
Cost Accountants as cost auditors for auditing the cost accounts. Their
appointment was approved by Central Government. In terms of the
Companies (Cost Audit Report) Rules, 2011 the Cost Audit Report
relating to the financial year ended 31st March 2012 had been field
within the due date.
For the Financial year 2013-14, the Board of Directors of the Company
have appointed, on the recommendation of the Audit Committee, M/s. R.
Nanabhoy & Co., as Cost Auditors of the Company for Auditing the cost
accounts.
COMPULSORY TRADING IN DEMAT MODE
Trading of the equity shares of your Company are being traded
compulsorily in DEMAT form from 23/03/2001 pursuant to circular of
SEBI.
ACKNOWLEDGEMENTS
The Directors wish to express their appreciation of continued
co-operation of the Governments, Bankers, Financial Institutions,
esteemed Customers, business associates and other agencies. We palace
on record our appreciation of the contribution made by our employees at
all levels. Directors also wish to thank all the shareowners and
stakeholders for their continued support and look forward to have the
same support in all future endeavors.
For and On behalf of the Board
Sd/-
Place : Ahmedabad Amol Sheth
Date : May 10, 2013 Chairman & Managing Director
Mar 31, 2012
The are delighted to present the Annual Report together with Audited
Statement of Accounts of the Company for the financial year ended March
31, 2012.
FINANCIAL RESULTS
The standalone operating performance of your company for the financial
year ended March 31, 2012 as compared to the previous financial year is
given below:
(Rs.in Lacs except per share data)
Particulars 2011-12 2010-11
Sales & Operating Income 60224.05 50408.35
Operating Profits (PBDIT) 11312.12 8895.23
Less Depreciation 970.15 643.61
Less Net Interest Expenses 3994.74 2795.61
Profit Before Exceptional
Items &Tax 6347.23 5456.01
Less Extraordinary Items 4.09 36.05
Less Tax Expenses 1631.44 1372.80
Less Short/Excess Pro
Of earlier year w/o 0.00 21.76
Net Profit After Tax 4711.70 4025.40
Balance brought forward 7741.06 4343.42
Distributable Profits 12452.76 8368.82
Appropriated as under:
Transfer to General Reserve 500.00 400.00
Proposed Equity Dividend 195.32 195.32
Proposed Dividend on
Redeemable Preference Share 127.07 0.00
Dividend Distribution Tax 52.30 32.44
Balance Carried Forward 11578.07 7741.06
Earning Per Share (Rs. per share)
- Basic 46.73 41.22
- Diluted 46.73 41.22
OPERATIONS AND REVIEW (COMPANY'S PERFORMANCE)
The operating results of your Company reflect a crystallized narrative
of its strong and rapid pace as well as its innate and intrinsic
strength for sustained future growth. During the year under review,
your Company has been able to register storng working results supported
by our strong product offerings to varied industries driven by strong
product development system, during the year under review total income
of the Company has increased
to Rs. 60,224.05 Lacs from Rs.50,408.35 Lacs in the previous year at a
growth rate of 19.47%. Our Export revenue aggregated to Rs. 7,181.44 Lacs
up by 64.69% from Rs. 4,360.62 Lacs in the previous year. Our Gross
profit amounted to Rs. 6,343.14 Lacs as against Rs. 5,419.96 Lacs in the
previous year at a growth rate of 17.03%. The profit before Interest,
Depreciation, Taxes and Amortization (PBIDTA) amounted to Rs. 11,308.03
Lacs as against Rs. 8,859.18 Lacs in the previous year.
ISSUE OF REDEEMABLE PREFERENCE SHARES AND CHANGE IN AUTHORISED AND
PAID-UP SHARE CAPITAL
Pursuant to resolution passed by the Members by way of Postal Ballot,
the results of which were announced on March 26, 2012, the Authorised
Share Capital of the Company has increased from Rs. 60 Crores to Rs. 100
Crores divided in to 2,50,00,000 (Two Crores Fifty Lacs) Equity Shares
of Rs. 10/- (Rupees Ten only) each, 70,00,000 (Seventy Lacs) Preference
Shares of Rs. 100/- (Rupees One Hundred only) each and 50,00,000 (Fifty
Lacs) Unclassified Shares of Rs. 10/- (Rupees Ten Only) each, Further,
33,80,000 Redeemable Preference Shares aggregating to Rs. 33.80 Crores
have been allotted on November 10, 2011. This has resulted increase in
paid- up share capital of the Company from Rs. 9,76,61,660/- to Rs.
43,56,61,660/- consisting of 97,66,166 Equity Shares of Rs. 10/- each and
33,80,000 Redeemable Preference Shares of Rs. 100/-each.
DIVIDEND
Based on Company's performance, your Board of Directors are pleased to
recommend dividend of Rs.2.00/- per equity share (previous yearRs.2.00/-
per equity share) of face value Rs. 10/- each for the year ended March
31, 2012. The dividend, if approved by the shareholders, will be paid
to the eligible shareholders within the period stipulated under the
Companies Act, 1956. The proposed dividend would be tax free in the
hands of the shareholders.
The Company proposes to transferRs. 500 Lacs to General Reserve out of
the amount available for appropriation and amount ofRs. 11,578.07 Lacs is
proposed to be retained in Profit and Loss Account.
The Redeemable Preference Shares which have been allotted on November
10, 2011 are entitled to pro-rata dividend for the year 2011-12, from
the date of their allotment. The Redeemable Preference Shares are
entitled to a dividend of 8.00% per annum. Accordingly, the Directors
have recommended, for approval of the Members, a dividend of Rs. 3.76 per
Share on 33,80,000 Redeemable Preference Shares of Re.100/- each on a
pro-rata basis for the Financial Year 2011-12.
MANAGEMENT DISCUSSION AND ANALYSIS (MDA):
The Management Discussion and Analysis Report as required under clause
49 of the Listing Agreement with the Stock Exchange has been attached
and forms part of this Directors' Report.
SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS:
As on March 31, 2012, your company have three subsidiary companies
namely Anil Bioplus (Afro-Asia) FZE, Anil Bioplus (Europe) B. V and
Anil Nutrients Ltd.
As required under the Listing Agreement with the Stock Exchanges,
Consolidated Financial Statements of the Company have been prepared in
accordance with Accounting Standards 21 and 23 issued by the Institute
of Chartered Accountants of India and attached herewith.
In accordance with the general circular issued by the Ministry of
Corporate Affairs, Government of India, the Balance Sheet, Profit and
Loss Account and other documents of Subsidiary Companies have not been
attached with the Balance Sheet of the Company. The Company will make
available the Annual Accounts of the Subsidiary Companies and related
detailed information to any member of the Company who may be interested
in obtaining the same. The Annual Accounts of subsidiary Company will
also be kept open for inspection at the Registered Office of the
Company and that of the respective Subsidiaries Company. The
Consolidated Financial Statements presented by the Company include the
financial results of its Subsidiary Companies. The Statement pursuant
to Section 212(1) (e) of the Companies Act, 1956 in respect of
Subsidiaries is attached herewith as Annexure I.
DIRECTORS
Smt. Indira Parikh retires by rotation as director at the upcoming
Annual General Meeting and being eligible offers herself for
re-appointment.
Prof. Parikh is the Founder President of FLAME. She was a faculty at
IIM-Ahmedabad for over 30 years and Dean from 2002 to 2005. She has
taught at INSEAD, Fontainebleau (France) and Texas A&M University. She
has specialized in organization development and design, and institution
building. She has designed and offered management and leadership
development programs in public sector, private sector and multinational
organizations. She has been a consultant to various national and
international organizations. Prof. Indira Parikh is also on the board
of several companies.
She is a coach for many leading and upcoming organizations. Her current
work focuses on facilitating learning and development of Management and
employees across levels in the context of organizations growth.
Prof. Parikh has been honored with several life time achievement awards
both nationally and internationally. She has written numerous articles
published in National & International Journals and is the co-author/
author of several books.
The Board recommends her re-appointment at the forthcoming Annual
General Meeting of the Company.
AUDITORS
M/s. Parikh & Majmudar, Chartered Accountants, Ahmedabad retire as
auditors of the Company at the conclusion of the ensuing Annual General
Meeting and are eligible for re-appointment as Auditors. The Audit
Committee of the Board of Directors of the Company and Board of
Directors has recommended that M/s. Parikh & Majmudar, Chartered
Accountants, be appointed as auditors to hold office until the
conclusion of the next Annual General Meeting. The Company has received
confirmation that their appointment will be within the limits
prescribed under section 224 (1B) of the Companies Act, 1956.
FINANCE AND ACCOUNTS
The Notes on Financial Statements are referred to in the Auditors'
Report are self explanatory and do not call for any further comments.
The Schedule VI of the Companies Act, 1956 has been revised by the
Ministry of Corporate Affairs vide its notification dated February 28,
2011. The notification is in force and is applicable for all Balance
Sheets and Statement of Profit and Loss to be prepared for the
financial year commencing on or after April 1, 2011. Therefore, the
previous year figures have been regrouped/re-cast wherever necessary.
PUBLIC DEPOSITS
During the year under review your Company has neither accepted nor
renewed any Public Deposits. Your Company has no overdue deposits but
deposits aggregating to Rs. 24.93 Lacs from 174 depositors though
matured, had neither been claimed nor renewed until March 31, 2012.
DIRECTORS' RESPONSIBILITY STATEMENT
In terms of Section 217 (2AA) of the Companies Act, 1956, in relation
to the financial statements for the year ended on March 31, 2012, the
Board of Directors state that:
(i) the applicable accounting standards have been followed in
preparation of the financial statements and there are no material
departures from the said standards;
(ii) in order to provide a true and fair view of the state of affairs
of the Company as on March 31, 2012 and the profits for the period
ended on that date, reasonable and prudent judgments and estimates have
been made and generally accepted accounting policies have been selected
and consistently applied;
(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 the assets of the Company and for
preventing and detecting fraud and other irregularities;
(iv) the financial statements have been prepared on a going concern
basis.
INSURANCE
The Company's buildings, plant and machineries, stocks and other
properties wherever necessary and to the extent required have been
adequately insured.
INDUSTRIAL RELATIONS
Relations with the Staff members and the workmen continued to be
cordial and satisfactory during the period under review. The Directors
acknowledge and appreciate the determination and sincere efforts of all
employees.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars as prescribed under Section 217(1)(e) of the Companies
Act, 1956, read with the Companies (Disclosure of particulars in the
Report of Board of Directors) Rules, 1988, relating to the Conservation
of Energy, Technology Absorption and Foreign Exchange Earnings and
Outgo, are set out in Annexure II to this report.
CORPORATE GOVERNANCE
Your Company is committed to maintain the highest standards of
Corporate Governance and adhere to the Corporate Governance
requirements set out by SEBI and other regulatory authorities. The
Report on Corporate Governance along with the Compliance Certificate
obtained from the practicing Company Secretary as stipulated under
Clause 49 of the Listing Agreement forms part of the Annual Report.
PARTICULARS OF EMPLOYEES AS PER SECTION 217(2A) OF THE COMPANIES ACT,
1956
In terms of the provisions of Section 217(2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975 as
amended, a statement showing the names and other particulars of the
employees forms part of this report as Annexure. However, as permitted
by Section 219(1) (b) (iv) of the Companies Act, 1956, the Annual
Report excluding the aforesaid information is being sent to all the
members of the Company and others entitled thereto and any member
interested in obtaining such particulars may write to Company Secretary
at the Registered Office of the Company.
The information required under sub section (2A) of section 217 of the
Companies Act, 1956 read with the companies (Particulars of Employees)
Rules, 1975, in respect of certain employees of the company are as
under:
(a) Employees employed throughout the year and who were in receipt of
remuneration of not less than Rs. 60,00,000/- per annum in terms of
section 217 (2A) (a) (i) - None.
(b) Employees employed for the part of the year and who were in receipt
of remuneration of not less than Rs. 5,00,000/- per month in terms of
section 217(2A) (a) (ii) - None.
(c) None of the employee is covered under section 217 (2A) (a) (iii).
COST AUDITORS
In accordance with the requirements of Central Government and pursuant
to Section 233B of the Companies Act, 1956, your directors have
appointed M/s. R. Nanabhoy & Co., Cost Accountants, Mumbai as the Cost
Auditor of the Company for the financial year ending on March 31, 2012.
COMPULSORYTRADING IN DEMAT MODE
Trading of the equity shares of your Company are being traded
compulsorily in DEMAT form from 23/03/2001 pursuant to circular of
SEBI.
ACKNOWLEDGEMENTS
The Directors wish to convey their appreciation to all of the Company's
employees for their enormous personal efforts as well as their
collective contribution to the Company's performance. The Directors
would also like to thank the Banks, esteemed customers, business
associates, Government of India, State Government and various other
departments and agencies for their continued support extended to the
Company.
The Directors also take this opportunity to thank all the shareowners
and stakeholders fortheir continued support and look forward to have
the same support in all future endeavors.
For and On behalf of the Board
Sd/-
Place : Ahmedabad Amol Sheth
Date : May 22, 2012 Chairman & Managing Director
Mar 31, 2011
Dear Members,
The Directors have pleasure in presenting the Annual Report and
Audited Accounts of the Company for the year ended March 31, 2011.
FINANCIAL RESULTS
The summary of financial results for the year under review is given
below:
( Rs. in Lakhs except per share data)
Particulars 2010-11 2009-10
Sales & Operating Income 50,408 37,410
Operating Profits (PBDIT) 8,827 5,256
Less Depreciation 643 519
Less Net Interest Expenses 2,796 1,595
Profit Before Exceptional Items & Tax 5,388 3,142
Less Exceptional Items
Less Tax Expenses 1,373 731
Less Short/Excess Pro Of earlier year w/o 22 -
Profit After Tax 3,993 2,411
Add Prior period adjustments 32 (12)
Net Profit for the year 4025 2,399
Balance brought forward 4343 2,308
Distributable Profits 8368 4,707
Appropriated as under:
Transfer to General Reserve 400 250
Proposed Equity Dividend 195 98
Dividend Distribution Tax 32 16
Balance Carried Forward 7741 4,343
Earning Per Share ( Rs. per share)
Basic 41.22 24.57
Diluted 41.22 24.57
Analysis of Profit:
OPERATIONS AND REVIEW
The Company continued to see strong and profitable growth in the
financial year 2010-11 driven by good performance in existing and new
business. During the year under review the Company has achieved total
revenue mark of Rs. 500 crores. There has been a focus on improving
efficiency in the utilization of Manpower, Machinery, Money and
Material. The improvement in demand supply position, change in product
mix and focused cost reduction measures have lead to improvement in
overall profitability and productivity.
The Company has recorded sales and operating income of Rs. 50,408 Lakhs
(from Rs. 37,410 lakhs for previous year at a growth rate of 34.75%).
The operating profit or the year under review increased to Rs. 8,827
Lakhs as against Rs. 5,256 Lakhs in the previous year registering a
growth of 67.94%. The profits after tax for the year under review
increased to Rs. 4025 Lakhs as against Rs. 2399 Lakhs in the previous
year registering a growth of 67.78%.
DIVIDEND
Considering the improved financial performance of the Company, Your
board has recommended a dividend of Rs. 2.00/- per equity share
(previous year Rs. 1.00/- per equity share) of face value Rs. 10/- each
for the year ended March 31, 2011. The dividend, if approved by the
shareholders, will be paid to the eligible shareholders within the
period stipulated under the Companies Act, 1956. The proposed dividend
would be tax free in the hands of the shareholders.
The Company proposes to transfer Rs. 400 Lakhs to General Reserve out
of the amount available for appropriation and amount of Rs. 7741 Lakhs
is proposed to be retained in Profit and Loss Account.
MANAGEMENT DISCUSSION AND ANALYSIS (MDA):
The Management Discussion and Analysis Report as required under clause
49 of the Listing Agreement with the Stock Exchange has been attached
and forms part of this Directors' Report As Annexure I.
SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS:
During the year under review, your Company has incorporated two wholly
owned subsidiaries, one each at Ajman free Zone, United Arab and
Rotterdam, Netherland under the name of Anil Bioplus (Afro-Asia) FZE
and Anil Bioplus (Europe) B.V. respectively.
As required under the Listing Agreement with the Stock Exchanges,
Consolidated Financial Statements of the Company have been prepared in
accordance with Accounting Standards 21 and 23 issued by the Institute
of Chartered Accountants of India and attached herewith.
In accordance with the general circular issued by the Ministry of
Corporate Affairs, Government of India, the Balance Sheet, Profit and
Loss Account and other documents of Subsidiary Companies have not been
attached with the Balance Sheet of the Company. The Company will make
available the Annual Accounts of the Subsidiary Companies and related
detailed information to any member of the Company who may be interested
in obtaining the same. The Annual Accounts of subsidiary Company will
also be kept open for inspection at the Registered Office of the
Company and that of the respective Subsidiaries Company. The
Consolidated Financial Statements presented by the Company include the
financial results of its Subsidiary Companies. The Statement pursuant
to Section 212(1)(e) of the Companies Act, 1956 in respect of
Subsidiaries is attached herewith as Annexure II.
DIRECTORS
Shri Anish K. Shah retires by rotation as director at the upcoming
Annual General Meeting and being eligible offers himself for
re-appointment. Shri Anish K. Shah, aged about 45 years, is B. E. by
qualification. He is having wide experience in the field of business
administration. He is a member of Audit Committee & Share
Transfer-cum-Investor Grievances Committee and Chairman of the
Remuneration Committee of the Company. He does not hold any shares of
the Company.
The Board recommends his re-appointment at the forthcoming Annual
General Meeting of the Company.
AUDITORS
M/s. Parikh & Majmudar, Chartered Accountants, Ahmedabad retire as
auditors of the Company at the conclusion of the ensuing Annual General
Meeting and are eligible for re-appointment as Auditors. The Audit
Committee of the Board of Directors of the Company and Board of
Directors has recommended that M/s. Parikh & Majmudar, Chartered
Accountants, be appointed as auditors to hold office until the
conclusion of the next Annual General Meeting. The Company has received
confirmation that their appointment will be within the limits
prescribed under section 224 (1B) of the Companies Act, 1956.
COMMENTS ON AUDITORS' REPORT
With regard to the qualification contained in the Auditors' Report,
explanations are given below:
Note No. 4 (f) (i) of the Auditors' Report:
The Observations of the Auditors has been considered by the Directors.
We shall do needful for the same during current year.
PUBLIC DEPOSITS
During the year under review your Company has neither accepted nor
renewed any Public Deposits. Your Company has no overdue deposits but
deposits aggregating to Rs. 27.97 Lakhs from 199 depositors though
matured, had neither been claimed nor renewed until March 31, 2011.
DIRECTORS' RESPONSIBILITY STATEMENT
In terms of Section 217 (2AA) of the Companies Act, 1956, in relation
to the financial statements for the year ended on March 31, 2011, the
Board of Directors state that:
(i) the applicable accounting standards have been followed in
preparation of the financial statements and there are no material
departures from the said standards;
(ii) in order to provide a true and fair view of the state of affairs
of the Company as on March 31, 2011 and the profits for the period
ended on that date, reasonable and prudent judgments and estimates have
been made and generally accepted accounting policies have been selected
and consistently applied;
(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 the assets of the Company and for
preventing and detecting fraud and other irregularities;
(iv) the financial statements have been prepared on a going concern
basis.
INSURANCE
The Company's buildings, plant and machineries, stocks and other
properties wherever necessary and to the extent required have been
adequately insured.
INDUSTRIAL RELATIONS
Relations with the Staff members and the workmen continued to be
cordial and satisfactory during the period under review. The Directors
acknowledge and appreciate the determination and sincere efforts of all
employees.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information pursuant to section 217(1)(e) of the Companies Act,
1956, read with the Companies (Disclosure of particulars in the Report
of Board of Directors) Rules, 1988, relating to the Conservation of
Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
is annexed to this report as Annex. III.
CORPORATE GOVERNANCE
Your company has complied with the requirements regarding Corporate
Governance as required under Clause 49 of the Listing Agreement entered
into with the Stock Exchange, where the Company's shares are listed
over the year and it is a continuous and ongoing process. A separate
report on Corporate Governance and Management Discussion & Analysis
Report forms part of the Annual Report. A certificate from Practicing
Company Secretary regarding compliance of conditions of corporate
governance forms a part of this report as Annex 2.
PARTICULARS OF EMPLOYEES AS PER SECTION 217(2A) OF THE COMPANIES ACT,
1956
The information required under sub section (2A) of section 217 of the
Companies Act, 1956 read with the companies
(Particulars of Employees) Rules, 1975, in respect of certain employees
of the company are as under:
(a) Employees employed throughout the year and who were in receipt of
remuneration of not less than Rs. 60,00,000/- per annum in terms of
section 217 (2A) (a) (i) Ã None.
(b) Employees employed for the part of the year and who were in receipt
of remuneration of not less than Rs. 5,00,000/- per month in terms of
section 217(2A) (a) (ii) Ã None.
(c) None of the employee is covered under section 217 (2A) (a) (iii).
COST AUDITORS
In accordance with the requirements of Central Government and pursuant
to Section 233B of the Companies Act, 1956, your directors have
appointed M/s. R. Nanabhoy & Co., Cost Accountants, Mumbai as the Cost
Auditor of the Company for the financial year ending on March 31, 2011.
COMPULSORY TRADING IN DEMAT MODE
Trading of the equity shares of your Company are being traded
compulsorily in DEMAT form from 23/03/2001 pursuant to circular of
SEBI.
CHANGE OF NAME OF THE COMPANY
During the year under review name of your company has been changed from
Anil Products Limited to Anil Limited. Your Company has complied with
all applicable provisions of Companies Act, 1956 and as on date of this
Report, the name of the Company has also been changed on the BSE
website with ticker name as "Anil Limited" under Scrip Code 532910. In
this report, any reference to Anil Products Limited should be read as
Anil Limited.
ACKNOWLEDGEMENTS
Your Directors place on record their sincere appreciation for the
continued co-operation extended to the Company by the Banks, Business
associates, Government of India, State Government and various
departments and agencies.
Your Directors also place on record their deep sense of appreciation
for the dedicated services rendered by the employees of the Company.
Your Directors also take this opportunity to thank all its investors
and stakeholders for their continued support and look forward to having
the same support in all future endeavors.
For & On behalf of the Board
Sd/-
Place : Ahmedabad Amol S. Sheth
Date : May 12, 2011 Chairman & Managing Director
Mar 31, 2010
The Directors have pleasure in presenting the Annual Report and
Audited Accounts of the Company for the year ended March 31, 2010.
FINANCIAL RESULTS
The Summary of financial results for the year is given below:
(Rs. In Lakhs except per share data)
Particulars 2009-10 2008-09
Sales & Operating Income 37,410 27,633
Operating Profits (PBDIT) 5,256 3,008
Less Depreciation 519 423
Loss Net Interest Expenses 1,595 1,041
Profit Before Exceptional Items & Tax 3,142 1,544
Less Exceptional Items
Less Tax Expenses 731 492
Less Prior period adjustments 12 1
Net Profit for the year 2,399 1,051
Balance brought forward 2.308 1,810
Distributable Profits 4.707 2,862
Appropriated as under:
Transfer to General Reserve 250 20
Proposed Equity Dividend 98 74
Tax on Distributable Profits 16 13
Transfer to Deferred Tax Liability - 447
Balance Carried Forward 4,343 2,308
Earning Per Share (f per share)
Basic 24.57 14.21
Diluted 24.37 13.08
DIVIDEND AND RESERVES
Your board has recommended a dividend of Rs. 1/- per equity share of
face value Rs. 10/- each for the year ended March 31, 2010. The dividend,
if approved by the shareholders, will be paid to the eligible
shareholders within the period stipulated under the Companies Act,
1956. The proposed dividend would be tax free In the hands of the
shareholders.
The Company proposes to transfer Rs. 250 Lakhs to General Reserve out
of the amount available for appropriation and amount of Rs. 4,343 Lakhs
is proposed to be retained in Profit and Loss Account.
OPERATIONS
During the year under review, better monitoring & systemic controls in
various functional areas has ensured greater operational efficiency.
There has been a focus on improving efficiency in the utilization of
Manpower, Machinery, Money and Material, There has been a Conscious
effort to control expenses, curb wastage of material and to improve
overall efficiency and productivity in all the departments and
functional areas. The improvement in demand supply position, change in
product mix and focused cost reduction measures have lead to
improvement in overall profitability and productivity. All these
measures have manifested in better functioning of the Company with
improvement in the bottom line.
The sales and operating income increased to Rs. 37,410 Lakhs from Rs.
27,633/- Lakhs in the previous year yielding a growth of 35%. The
operating profit for the year under review increased to Rs. 5,256 Lakhs
as against Rs. 3,008 Lakhs in the previous year registering a growth of
75%. The profits after tax for the year under review increased to Rs.
2,412 Lakhs as against Rs. 1,052 Lakhs in the previous year registering
a growth of 129%.
INSURANCE
The Companys buildings, plant and machineries, stocks and other
properties wherever necessary and to the extent required have been
adequately insured.
INDUSTRIAL RELATIONS
Relations with the Staff members and the workmen continued to be
cordial and satisfactory during the period under review. The Directors
acknowledge and appreciate the determination and sincere efforts of all
employees.
DIRECTORS
Shri Kamal R, Sheth retires by rotation as director at the upcoming
Annual General Meeting and being eligible offers himself for
re-appointment. Shri Kamal R. Sheth, aged about 55 years, is B. Sc. by
qualification. He is having wide experience in the field of marketing
and business administration. He is director in Anagram Capital Ltd.,
Aura Securities Pvt. Ltd., The Sports Club of Gujarat Ltd., Avdhi
investments Pvt. Ltd., Adios Investments Pvt. Ltd., Anish Chemicals
Pvt. Ltd., Aprir Investments Pvt. Ltd., Aranya Engineering Pvt. Ltd.,
Pinnacle Shares Registry Pvt. Ltd,, Firenze Properties & Investments
Pvt, Ltd. and Egolste Properties & Investments Pvt. Ltd. He is also on
the Board of various social organizations. He is the Chairman of Audit
Committee & Share Transfer-cum-lnvestor Grievances Committee and member
of the Remuneration Committee of the Company. He does not hold any
shares of the Company.
The Board recommends his re-appointment at the forthcoming Annual
General Meeting,
AUDITORS
IWs. Parikh & Majmudar, Chartered Accountants retire as auditors of the
Company at the conclusion of the ensuing Annual General Meeting and are
eligible for re- appointment as Auditors. The Audit Committee of the
Board of Directors of the Company and Board of Directors has
recommended that M/s. Parikh & Majmudar, Chartered Accountants, be
appointed as auditors to hold office until the conclusion of the next
Annual General Meeting. The Company has received confirmation that
their appointment will be within the limits prescribed under section
224 (1B) of the Companies Act, 1956.
COMMENTS ON AUDITORS REPORT
With regard to the qualifications and emphasis of matter contained in
the Auditors Report, explanations are given below:
(a) Note 4 of the Auditors Report - Note No. (f) (i) of Notes to
Accounts to the financial statements:
We have called for the confirmation of the Inventories from the
consignment agents. The details of the same will be received soon and
will be sent to the Auditors,
(b) Note 5 of the Auditors Report - Note No. (f) (ii) of Notes to
Accounts to the financial statements;
The observation of the Auditors has been considered by the Directors.
We shall be doing the needful for the same during the current financial
year.
CHANGE IN CAPITAL STRUCTURE
The Company allotted 23,66.166 equity shares upon conversion of
warrants on a preferential basis during the year under review.
Accordingly issued, subscribed and paid up capital of the Company
increased from Rs. 7,40,00,000 to Rs. 9,76,61,660. There was no change in
the Authorised Capital of the Company.
PUBLIC DEPOSITS
Deposits accepted by the Company as at March 31, 2010 aggregated to Rs.
175.72 Lakhs. Your Company has no over due deposits but deposits
aggregating to Rs. 12.92 Lakhs from 101 depositors though matured, had
neither been claimed nor renewed until March 31, 2010.
DIRECTORS" RESPONSIBILITY STATEMENT
In terms of Section 217 (2AA) of the Companies Act, 1956, in relation
to the financial statements for the year ended on March 31, 2010, the
Board of Directors state that:
(i) the applicable accounting standards have been followed in
preparation of the financial statements and there are no material
departures from the said standards;
(ii) in order tc- provide a true and fair view of the state of affairs
of the Company as on March 31, 2010 and the profits for the period
ended on that date, reasonable and prudent judgments and estimates have
been made and generally accepted accounting policies have been selected
and consistently applied;
(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 the assets of the Company and for
preventing and detecting fraud and other irregularities;
(iv) the financial statements have been prepared on a going concern
basis,
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information pursuant to section 217(1){e) of the Companies Act,
1956, read with trie Companies (Disclosure of particulars in the Report
of Board of Directors) Rules, 1988, relating to the Conservation of
Energy, Technology Absorption and Foreign Exchange Earnings and Outgo
is annexGd to this report as Annex. 1.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION & ANALYSIS REPORT
As required by Clause 49 of the Listing Agreement, a separate report on
Corporate Governance and Management Discussion & Analysis Report form
part of the Annual Report, A certificate from.Practicing Company
Secretary regarding compliance of conditions of corporate governance
forms a part of this report as Annex 2.
PARTICULARS OF EMPLOYEES AS PER SECTION 217(2A) OF THE COMPANIES ACT,
1956
The information required under section 217(2A) of the Companies Act,
1956, read with Companies (Particular of Employees) Rules, 1975, forms
part of this report as Annex 3, However, as permitted by Section
219(1){b)(iv) of the Companies Act, I956,this Annual Report Is being
sent to all shareholders excluding the said Annexure, Any shareholder
interested in obtaining the particulars may obtain it by writing to the
Company Secretary at the registered office of the Company,
COST AUDITORS
In accordance with the requirements of Central Government and pursuant
to Section 233B of the Companies Act, 1956, your directors have
appointed M/s. R. Nanabhoy & Co., Cost Accountants, Mumbai as the Cost
Auditor of the Company for the financial year ending on March 31, 2011.
ACKNOWLEDGEMENTS
Your Directors take this opportunity to place on record valuable
co-operation and Continued support extended by the Creditors, Banks,
Government Authorities, Customers, Shareholders and all others for
their continued confidence reposed in the Company and look forward to
having the same support in all future endeavors.
Your Directors also acknowledge the Impeccable service rendered by the
employees of the Comply at all levels and express its appreciation of
the understanding and support extended by them, enabling the Company to
achieve good performance during the year under review,
For & On behalf of the Board
Place ; Ahmedabad Shripal C. Sheth
Date - May 14, 2010 Chairman &
Managing Director
Mar 31, 2002
The Directors have pleasure in presenting their report and audited
Accounts of the Company for the year ended 31st March, 2002.
1. FINANCIAL RESULTS (Rs.in lacs)
2001-02 2000-01
Profit before Depreciation and Taxation 337.87 60.22
Less: Depreciation 159.62 10.03
Profit Before Tax 178.25 50.19
Less: Provision for Taxation 13.00 4.26
Profit After Tax 165.25 45.93
Add: Balance of Profit of
Previous years 24.89 (16.47)
The Balance available for appropriation 190.14 29.46
Proposed Dividend 0.00 4.57
190.14 24.89
2. AMALGAMATION OF ERSTWHILE THE ANIL STARCH PRODUCTS LTD WITH THE
COMPANY
As you are aware that the company alongwith the erstwhile The Anil
Starch Products Ltd had framed a scheme of Restructuring and
Rearrangement and the said scheme has been sanctioned by the Honble
High Court of Gujarat. A brief particulars of the scheme are detailed
hereunto:
1. The erstwhile Anil Consumer Products Ltd and The Anil Starch
Products Ltd, after demerger of its Non-starch division have been
amalgamated with the company.
2. The appointed date of the scheme is 1st day of April 2001. As per
the scheme, the amalgamation has been accounted and reflected in the
books of accounts of the company as per the purchase method as
prescribed under Accounting Standard (AS-14) issued by the Institute of
Chartered Accountants of India and accordingly the assets and
liabilities of the erstwhile ASPL and ACPL have been taken over and
accounted for on the basis of their fair values as on the date of
amalgamation i.e. 01/04/2001.
3. The shareholders of erstwhile The Anil Starch Products Ltd have
been allotted 20 fully paid equity shares of Rs.10/- each for every 10
equity shares of Rs.10/- each held by them in the said company.
4. The certified copy of the order of Honble High Court of Gujarat
sanctioning the scheme has been filed with The Registrar of Companies,
Gujarat State on 19th February, 2002. As a result of Scheme of
Restructure and Rearrangement the books of accounts for the year under
report have been prepared accordingly.
3. CHANGE IN NAME OF COMPANY
The name of the company, with a view to commensurate with its business
activities has been changed from Anil Starch Specialities Ltd to Anil
Products Ltd, with the approval of Central Govt. of India
w.e.f.07/12/2001.
4. INCREASE IN SHARE CAPITAL
On effecting the Scheme of Restructuring and Rearrangement the company
has to make allotment of equity shares of the company to the
shareholders of erstwhile The Anil Starch Products Ltd and accordingly,
the company has alloted 70,00,000 equity shares of Rs. 10- each fully
paid up. The said allotment of equity shares has been made on 30th day
of March, 2002 and consequent to such allotment, the issued and paid up
capital stands to Rs.7,40,00,000/-.
Further out of the Paid up Capital 8,28,500 equity shares of Rs.10/-
each held by the erstwhile The Anil Starch Products Ltd have been
extinguished pursuant to the scheme of Restructure & Rearrangement as
provided in the said scheme.
5. DIVIDEND
Considering the fact that a major portion of the Equity shares of the
company have been allotted on 30th day of March, 2002 and in case of
dividend the distribution charges will be more than the amount of
dividend, your directors have not recommended any dividend for the year
under report.
6. OPERATIONS
During the year under review:
i. The whole economy of the country faced recessionary market
conditions and financial crunch in money market.
ii. The prices of Maize through out the year remained at upper level
and the prices of other major inputs also remained high.
iii. The company has faced stiff competition in the starch industry
and the company has to cut prices of its products.
iv. In view of tight financial market, the receivables remained slow
and this lead to increase in interest burden.
v. The devastating earthquake which took place on 26th January, 2001
had its impact on the company. There was damages to the Plant &
Machinery and Buildings. The company has already launched an insurance
claim for the same which is yet to be settled.
The communal riots which broke out from 29th February, 2002 has its
impact on the present working of the company , due to adverse
sentiments. During the year, the company has completed its project of
debottlenecking, modernisation and efficiency improvement, the benefits
of which shall start to accrue from next year. Your directors are
pleased to report that inspite of aforesaid adverse situations, through
sustained efforts, your company has been able to retain its position in
the market and has achived a turnover of Rs.9424.27 Lacs and during the
year under report, the operations resulted into a net profit of
Rs.178.25 Lacs.
7. INDUSTRIAL RELATIONS
The industrial relations remained cordial throughout the year. Human
resources development, employee/workmen training and safety measures
continued to receive higher attention. Your directors place on record
their appreciation of services rendered by employees at all levels.
8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EX-
CHANGE EARNINGS AND OUTGO
A statement giving details of conservation of energy, technology
absorption and foreign exchange earnings and outgo, in accordance with
the Companies (Disclosure of Particu-
lars in the Report of Board of Directors) Rules, 1988, is annexed
hereto and forms part of the Report.
9. INSURANCE
Companys buildings, plant and machineries, stocks and other properties
wherever necessary and to the extent required have been adequately
insured.
10. DIRECTORS
(i) During the year under report Shri Shripal C. Sheth and Shri Rahul
A. Patel have been appointed as additional Directors on the board of
the company.
(ii) During the year under report Shri Anurag V. Kothawala and Shri
Ashish H. Shah have resigned as Directors of the company.
(iii) Under Article 129 of the Articles of Association of the Company,
Shri Kamal R. Sheth retire by rotation and being eligible offer himself
for re-election.
11. RELATED PARTY TRANSACTIONS
As a matter of policy, the company enters into transactions with
related parties on an arms-length basis other than loans to employees.
During the year in consideration your company has sold materials to
Anil Biochem Ltd who are deemed to be related to your company by virtue
of voting rights with the company having significant influence. The
total value of sales made to this party amounted to Rs.57,79,655/-.
12. DIRECTORS RESPONSIBILITY STATEMENT
In terms of section 217(2AA) of the Companies Act, 1956, your Directors
confirm as under:
1. In preparation of annual accounts, the applicable accounting
standards have been fol- lowed along with proper explanation relating
to material departures;
2. We have selected such accounting policies and applied them
consistently and made judge- ments 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 2001-02 and of profit
of the Company for that period;
3. We have 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/or preventing and
detecting fraud and other irregularities;
4. We have prepared the annual accounts on an ongoing concern basis.
13. PARTICULARS OF EMPLOYEES
The Company has not employed any person drawing remuneration
aggregating not less than Rs.2,00,000/- p.m. hence section
217(2)(b)(ii) of the Companies Act, 1956, is not applicable.
14. AUDITORS
You are requested to appoint the Auditors and fix their remuneration.
The specific notes forming part of the Accounts referred to in the
Auditors Report are self-explanatory and do not call for any further
explanation under Section 217(3) of the Companies Act, 1956. Your
Directors trust that you will consider the working results
satisfactory.
By Order of the Board,
Shripal C. Sheth
Chairman & Managing Director
Ahmedabad
24th May, 2002.
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