Mar 31, 2016
To,
The Members,
The Directors have pleasure in presenting the Twenty Fourth (24th) Annual Report on the business and operations of the Company together with the Audited Financial Accounts for the financial Year ended on March 31,2016. financial summary or highlights/performance of the Company
Particulars |
Financial Year (Amount in Crores) |
|||
Standalone |
Consolidated |
|||
2015-16 |
2014-15 |
2015-16 |
2014-15 |
|
Gross Income |
76.59 |
465.11 |
76.59 |
729.39 |
Profit Before Interest and Depreciation |
(307.64) |
1.88 |
(290.94) |
11.03 |
Finance Charges |
4.47 |
49.40 |
4.47 |
49.40 |
Gross Profit |
(3.09) |
23.82 |
(3.09) |
70.31 |
Provision for Depreciation |
12.11 |
12.47 |
12.11 |
12.47 |
Exceptional Item |
92.82 |
0.00 |
92.82 |
0.00 |
Net Profit Before Tax |
(231.41) |
(59.99) |
(400.35) |
(50.85) |
Provision for Tax/Deferred Tax/CSR |
(1.07) |
0.00 |
(1.07) |
(1.06) |
Net Profit After Tax |
(313.57) |
(58.93) |
(389.69) |
(49.79) |
Balance of Profit brought forward |
42.30 |
101.24 |
183.76 |
209.75 |
Balance available for appropriation |
(313.57) |
(59.12) |
(389.69) |
(49.79) |
Proposed Dividend on Equity Shares |
0.00 |
0.00 |
0.00 |
0.00 |
Tax on proposed Dividend |
0.00 |
0.00 |
0.00 |
0.00 |
Transfer to General Reserve |
0.00 |
0.00 |
0.00 |
0.00 |
Surplus carried to Balance Sheet |
(271.26) |
42.12 |
(205.93) |
159.78 |
2. Fnancial performance Standalone
During the performance under review, the company© net revenue from operations is Rs. 76.59 Crores as against Rs. 465.11 Crores in the previous year. Profit before Interest and Depreciation and tax is decreased to (307.64) Crores in financial year 2015-16 as against Rs. (89.90) Crores in financial year 2014-15.
Consolidated
During the performance under review, the company© net revenue from operations is Rs. 76.59 Crores as against Rs. 729.83 Crores in the previous year. Profit before Interest and Depreciation and tax is decreased to (290.94) Crores in financial year 2015-16 as against Rs. (101.77) Crores in financial year 2014-15.
3. State of affairs of the Company
During the financial year there was complete mismatch in purchase price of raw material and selling price of finished goods. This has resulted in operational losses. However due to unseasonal rains the crop was badly damaged and there was complete failure of soya crop in vidarbha Region and adjourning areas. Under such situation not only our plant but several other plants of the region have closed their operations. Also, the company has incurred cash losses in the previous year and the year under review. Due to non sustainability in business due to various outside factors which are beyond the control of the company, heavy cost of debt, non recoverability of dues the company has incurred these losses. owing to such a scenario the major manufacturing facilities of the company has been stalled.
4. Change in the nature of business
During the year under review there was no change in the nature of the business of the Company.
5. Dividend
In view of losses, your directors do not recommend any dividend for the current year under review.
6.ShareCapital
The paid-up Equity Share Capital as at March, 31,2016 stood at Rs. 170,89,31,700.00/-. During the year under review, the Company has not issued shares with differential voting rights nor has granted any stock options or sweat equity shares.
7. Directors and Key Managerial Personnel
Retire by Rotation
- Mrs.Manik Anil lonkar Non-executive Director reties by rotation at the forth coming Annual general meeting and being eligible offers herself for re-appointment.
Appointment
- Mr.Ramakant Laxm anrao labhe has been appointed as additional director and designated as the independent Director of the company with effect from 13th January, 2016.
- Mr.Ramro shivarm nistane has been appointed as additional director and designates as independent director of the company with effect from 24th May, 2016.
Resignation
- Mr. Prakash Dattatraya Mujumdar has been resigned from the post of independent Director of the company with effect from 17th June 2015
- M\ Vishnu Bhagade has been resigned from the post of Independent Director of the Company with effect from 17th August, 2015.
- M\ Sudhakar Ramchandra Khankhoje has been resigned from the post of Independent Director of the Company with effect from 1st December, 2015.
- Mr. Sameer yashwantrao Damle has been resigned from the post of Executive Director and chief Financial officer of the company with effect 19th December from 30th March, 2016.
- Mr.prashat Govindrao Duchakke has been resigned from the post of Executive Director of the company with effect from 30th March 2016
8. Insurance
All the assets (Movable/Immovable) of your Company are adequately insured.
9. Meetings
As calendar of meetings is prepared and circulated in advance to the Directors. [During the year five Board Meetings and four Audit Committee Meetings were convened and held. The details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013.
10. Bctract of Annual Return
As required pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies (Management and Administration) Rules,
2014, an extract of annual return in Form MGT-9asapart of this Annual Report as ANNEXURE.1
11. Formal Annual Evaluation
Your Company has devised a Policy selection of directors, determining independence of directors and for performance evaluation of Independent Directors, Board, Committees and other individual Directors Which include criteria for performance evaluation of the nonexecutive directors and executive directors.
12. Particulars of Employees
The details pursuant to Section 197 (12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 enclosed as ANNEXLRE- 11 Further during the year under review, none of the employees are receiving remuneration asset out in Rule 5(2) of the are In terms of the provisions of Rule (5) (2) of the Companies (Appointment And Remuneration Of Managerial Personnel) Rules, 2014.
13. Particulars of contracts or arrangements with related parties
Since all related party transactions entered into by the Company were in the ordinary course of business and were on an arm âs length basis therefore Form AOC-2 is not applicable to the Company. The details of the transactions entered are mentioned in Point No. 47 of the Notes to the Accounts attached herewith.
14. Company âs Policy on Directors Appointment and Remuneration
The Board had on the recommendation of the Nomination and Remuneration Committee framed a policy for selection and appointment of Directors, Key Managerial Personnel and Senior Management Personnel and their remuneration. The policy is given as ANNEXLRE III to this Report.
15. Details of Subsidiary/Joint Ventures/Associate Companies
As on March 31,2016your Company has two (2) Wiolly Owned Subsidiaries (WDS) viz. âSPL International Trade FZE, & RPL (HK) Foods & Feed Corporation Limited incorporated outside India and three(3) Associate Companies viz. âRasoya Foods and Drinks private Limited, lvory Exports private Limited and Eiravat Tradelinks private Limited pursuant to sub-section (3) of section 129 of the Act, the statement containing the salient feature of the financial statement of a company âs subsidiaries is given in FormAOC-1 as ANNEXLRE±M to this Report.
Further, the Annual Accounts and related documents of the subsidiary company shall be kept open for inspection at the Corporate Office of the Company during the working hours. The Company will also make available copy thereof upon specific request by any Member of the Company interested in obtaining the same. Further, pursuant to Accounting Standard AS-21 issued by the Institute of Chartered Accountants of India, Consolidated financial Statements presented by the Company in this Annual Report includes the financial information of its subsidiary.
16. Declaration by an Independent Directories)
The Company has received declarations from all the Independent Directors of the Company as per the provisions of Section 149 subsection (7) of the Companies Act, 2013, confirming that they meet the criteria of independence as prescribed both under Section 149 sub-section (6) of the Companies Act, 2013 read with the Rule 4 of Companies (Appointment and Qualification of Directors) Rule, 2014 and the SEBI (Listing Obligations and Disclosures Requirement) Regulations, 2015.
17. Cash flow Statement
The Cash flow statement for the year ended 31 st March, 2016 is attached to the Balance Sheet.
18. Statutory Auditors
The Auditors, MS. V.N. Bhuwania &Co., Chartered Accountants, Mumbai (ICAI Firm Registration Number: 101482w) retire at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment from the conclusion of this Annual General Meeting [AGM] till the conclusion of the Annual General Meeting to be held in the year 2017 subject to ratification of their appointment at every Annual General Meeting of the Company They have confirmed their eligibility to the effect that their re-appointment, if made, would be within the prescribed limits under Section 139 of the Companies Act and that they are not disqualified for reappointment.
19. Statutory Auditorsâ report
The Auditorsâ Report contains qualifications and the Company has given its comments on Auditors Qualified pinion for the financial Year 2015-16. The details are mentioned hereunder:
Qualified Opinion (a)
The Company is facing acute shortage of recovery staff and due to the peculiar nature of industry; the previous debts are recovered when new goods are supplied. Since the Company is not able to manufacture and supply fresh stock, debtors are not paying old dues. In order to arrive at correct picture the Company has written off Debts worth Rs, 197.91 crores and is in the process of initiating legal action against them.
Qualified Opinion (b)
The Companyâ s Technical and production General Manager conducted physical stock verification and valuation of inventories in the form of Raw material and finished Goods. Based on form, status and reliability of inventory they have identified the stock worth Rs. 92.82 Crores unfit for production and human and animal consumption hence during the year the company has sold substantial stock as scrap and the balance stock was written off to arrive at the correct picture of the company
Qualified Opinion (c)
The company has made repeated request to Bank of Baroda, State Bank of India and ISBFC asking them to provide them the balance confirmation certificate in respect of the fund based facilities sanctioned to the company. However in spite of our repeated request they have not provided the balance confirmation and hence same was not made available.
Qualified Opinion (d)
Foreign Exchange Gain Rs. 41 crores has not been recognized in accordance with AS 11, as same pertains to the outstanding loan to WDS at Sharjah which is not likely to be repaid by the WDS in near future since the said funds have been earmarked for overseas operations of the company.
Qualified Opinion (e)
During the year under review the major manufacturing facilities of the company was not in operation and with very marginal turnover the Company has incurred heavy cash Losses. Under the given situation the overall manpower strength along with persons capable of handling audits and accounts was reduced drastically and hence could not also appoint internal / cost auditor. Directors of your company will take appropriate steps to comply with the provision of the companies Act, 2013 relating to the appointment and conduct of audit.
Qualified Opinion (f)
Notwithstanding the above facts the accounts of the company have been prepared on the assumption of going concern. This is because the management is positive with regards to settlement of bank dues and infusion of fresh funds into the company to meet the future obligations and once again to start the manufacturing facilities.
20. Disclosure about Cost Audit
As per the provisions of Section 148 of the Companies Act, 2013 and Rule 4 of the Companies (Cost Records and Audit) Rules, 2014(including any amendment, reenactment thereof), the overall turnover of the Company from all its products immediately preceding financial year i .e. 201516 has not crossed the threshold limit of Rupees One Hundred Crore, therefore the Company is not required to get its cost records audited. However, the Company has duly maintained the Cost Records as it falls under the ambit of maintaining the Cost Records under Rule 3 of (Cost Records and Audit) Rules, 2014.
21. Secretarial Audit Report
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Ms. Rachana Daga (M/s. R .A Daga &Co.), Practicing Company Secretary, Nagpur to undertake the Secretarial Audit of the Company. The report of the Secretarial Auditors is enclosed as ANNEXLREX to this report.
22. Internal Audit &Controls
In pursuant to Section 138 of the Companies Act, 2013 and as per the recommendation of the Audit Committee, the Board of Directors of your Company has appointed M/s.Amit Pattalwar & Co., Chartered Accountants, Nagpur as the Internal Auditors) of the company to carry out the Internal Audit for the Financial year2016-2017.
23.Vigil Mechanism/Whistle Blower Policy
In pursuant to the provisions of Section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism/Whistle Blower Policy has been established by the Company to provide appropriate avenues to the employees to bring to the attention of the management any issue which is perceived to be in violation of or in conflict with the fundamental business principles of the Company. The Vigil Mechanism/Whistle Blower Policy has been uploaded on the website of the Company at www.rasoyaproteins.in under investors/Whistle Blower Policy link.
24. Events occurring after the balance date
There are no significant events occurred after the Balance Sheet date which have adverse material impact on financial statement or otherwise.
25. Risk management Policy and Report
Your company has taken adequate measures to mitigate the risks associated with the various risks impacting the Company which includes the identification of various elements of risk impacting the company and mitigation of the same.
26. Material changes and commitments, if any, affecting the financial position of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report
During the year under review, there is no such material changes and commitments affecting the financial position of the company which have occurred between the end of the financial year of the company to which the financial statements relate and the date of the report.
27. Details in respect of adequacy of internal financial controls with reference to the financial Statements
Your Company had laid down set of standards, processes and structures which enables to implement internal financial control across the organization and ensure that the same are adequate and operating effectively.
28. Deposits
The Company has accepted deposits from public during the year within the meaning of the provisions of Section 58A, 58AAof the Companies Act, 1956 (Sec. 73 to Sec 76 of the Companies Act, 2013) and the Companies (Acceptance of Deposit) Rules, 1975 (Companies (Acceptance of Deposit) Rules, 2014) to the tune of Rs. 3,30,35,000/-. The total outstanding of such public deposits as on the Balance Sheet Date including interest stands at Rs.2,20,22,789/-. As per the Companies Act, 2013 all the outstanding deposits had to be repaid as on March 31, 2016. However, the Company Law Board has approved the repayment of the outstanding deposits as per the original tenure.
29. Particulars Of Loans Given. Investments Made. Guarantees Given And Securities provided
Your Company has not given any loan or guarantee to any person or body corporate nor invested in any body corporate during the financial Year under review pursuant to Section 186 of Companies Act, 2013.
30. Corporate Governance
A detailed Report on Corporate Governance in ANNEXURE-V1, Management Discussion and Analysis Report and the Certificate from the Auditors of your Company regarding compliance of conditions of Corporate Governance as stipulated under Regulation 34 of the SEBI (LODR) Regulations, 2015, forms part of this Report.
31. Obligation of Company under The Sexual Harassment of V\Women at Workplace (prevention. prohibition and Redressel ) Act. 2013
In order to prevent sexual harassment of women at work place a new act The Sexual Harassment of women at workplace (Prevention, prohibition and Redressal) Act, 2013 has been notified on 9th December, 2013. Under the said Act every company is required to set up an Internal Complaints Committee (ICC) to look into complaints relating to sexual harassment at workplace of any women employee.
The Company has adopted a policy for prevention of Sexual Harassment of women at workplace and setup the Committee for the implementation of the said policy. The Company is fully committed to uphold and maintain the dignity of every women working in the Company.
During the year under review the Company has not received any complaint of harassment.
32. Conservation of Energy. Technology Absorption and Foreign Exchange Earnings and Outgo
Due to non availability of basic raw material the solvent extraction plants were not fully operational and as a result the captive power plant was shut down. Hence Conservation of energy and Technology absorption are not applicable.
(a) Conservation of energy: Not Applicable
(b)Technology absorption: Not Applicable
(c) Foreign exchange earnings and Outgo:
During the year, the total foreign exchange used was Rs. 1.07 Lac and the total foreign exchange earned was Rs. 413.74 Lac.
33. Details of significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and companyâ s operations in future
During the year under review no significant or material orders were passed by the Regulators or Courts or Tribunals which impact the going concern status and Company âs operations in future.
35. Corporate Social Responsibility (CSR1
Having regard to the Second proviso of Section 135 (5) of the Companies Act, 2013 the valid reason for not spending the amount stood at the Balance Sheet for the financial Year 2015-16 on CSR Activities is that the Company is facing acute Liquidity Crunch as its main activity of Solvent Extraction could not be carried out due to non availability of the main Raw Material -Soyabean Seed and as a consequence the Company âs power plan ant has also been shut down. Therefore, the Company is not even in a position to meet its day to day expenses and deposit the various Statutory dues. The Company is running into financial problems, Banks have converted Company loan into ISPA
In view of the above facts, it was extremely difficult for the Company to spend any amount towards the CSR activities.
35. Directors âs Responsibility Statement
Pursuant to Section 134 (5) of the Companies Act, 2013, the Directors confirm that:
a. in the preparation of the annual accounts for the year ended 31st March, 2016the applicable accounting standards had been followed along with proper explanation relating to material departures;
b. the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year 31st March, 2016and of the loss of the company for that period;
c. the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
d. the directors had prepared the annual accounts for the period ended 31st March, 2016 on a going concern basis.
the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
36. Voting through Electronic Means
Pursuant to the provisions of Section 108 of the Companies Act, 2013, read with the rules made there under and Regulation 44 of the SEBI Listing Regulations, 2015, your Company has taken necessary steps to make available the facility provide to its members the facility to exercise their right to vote by Electronic means for the transactions which require approval through Postal Ballot.
37. Listing of Shares
During the period under review the Shares of the company are listed on The Bombay Stock Exchange Limited (BSE Lid) and The National Stock Exchange of India Limited (NSE Ltd).
38. Dematerialization of Company âs Shares:
Your company has provided the facility to its share holders for dematerialization of their shareholding by entering into an agreement with The National Securities Depository limited (NSDL) and Central Depository Services (India) limited (CDSL). The ISN number allotted to the company is(IISE904G01038). Further the Annual custodian charges for the financial year 2015-16have been paid to CDSL.
39. Secretarial Standards
Your company has complied with the Secretarial Standards issued by the Institute of Company Secretaries of India.
40. Acknowledgement
Your Directors wish to place on record their appreciation and sincere thanks to all government agencies, banks, shareholders, vendors and other related organizations, who through their continued support and co-operation, have helped, as partners, in your Company progress. Your Directors also acknowledge the hard work, dedication and commitment of the employees.
FORAND ON BEHALF OF THE BOARD OF DRECTORS
(Anil Narayan Lonkar)
Race: Nagpur CHAIRMAN &MANAGING DRECTOR
Date: 5th August, 2016 DIN: 00282816
Mar 31, 2015
To,
The Members,
The Directors have pleasure in presenting the Twenty Third (23rd)
Annual Report on the business and operations of the Company together
with the Audited Financial Accounts for the Financial Year ended on
March 31, 2015.
1. Financial summary or highlights/Performance of the Company
Particulars Financial Year (Amount in Crores)
Standalone1 Consolidated
2014-15 2013-14 2014-15 2013-14
Gross Income 465.11 1196.75 29.39 1686.17
Profit Before Interest and
Depreciation 85.85 11.03 11.03 112.80
Finance Charges 49.40 37.66 49.40 42.79
Gross Profit 23.82 141.90 70.31 226.10
Provision for Depreciation 12.47 10.90 12.47 10.90
Net Profit Before Tax (59.99) 37.29 (50.85) 59.11
Provision for Tax/Deferred
Tax/CSR 0.00 5.27 (1.06) 5.13
Net Profit After Tax (58.93) 32.15 (49.79) 53.98
Balance of Profit brought forward 101.24 69.09 209.75 155.77
Balance available for appropriation (59.12) 32.15 (49.79) 53.98
Proposed Dividend on Equity Shares 0.00 0.00 0.00 0.00
Tax on proposed Dividend 0.00 0.00 0.00 0.00
Transfer to General Reserve 0.00 0.00 0.00 0.00
Surplus carried to Balance Sheet 42.12 101.24 159.78 209.75
2. Financial performance
Standalone
During the performance under review, the company's net revenue from
operations is Rs. 465.11 Crores as against Rs. 1196.75 Crores in the
previous year. Profit before Interest and Depreciation and tax is
decreased to (83.90) Crores in financial year 2014-15 as against Rs.
27.57 Crores in financial year 2013-14.
Consolidated
During the performance under review, the company's net revenue from
operations is Rs. 729.83 Crores as against Rs. 1686.17 Crores in the
previous year. Profit before Interest and Depreciation and tax is
decreased to (101.77) Crores in financial year 2014-15 as against Rs.
23.42 Crores in financial year 2013 14.
3. State of affairs of the Company
During the first half of the financial year there was complete mismatch
in purchase price of raw material and selling price of finished goods.
This has resulted in operational losses. We were expecting a good
season to start from October 2014. However due to unseasonal rains the
crop was badly damaged and there was complete failure of soya crop in
Vidarbha Region and adjourning areas. Under such situation not only our
plant but several other plants of the region have closed their
operations. Further in view of the un-remunerative price offered by
MSEDCL, the operations of the power plants have also become unviable
forcing us to close the plant.
4. Change in the nature of business
During the year under review there was no change in the nature of the
business of the Company.
5. Dividend
In view of losses, your directors do not recommend any dividend for the
current year under review
6. Unclaimed dividend
The dividend(s) declared by the Company which remain unpaid / unclaimed
for a period of Seven (7) years are required to transferred to the
Investor Education & Protection Fund (IEPF) established by the Central
Government pursuant to Section 125 of the Companies Act, 2013. The
Members are, therefore, requested to claim their unclaimed dividend, if
any declared for the Financial Year 2008- 09.
In compliance to the provisions of section 125, the dividend for the
Financial Year 2007-2008 declared at Annual General Meeting held on
28th July, 2008 remaining unclaimed is transferred to the Investor
Education & Protection Fund (IEPF) on 11th August, 2015 and the Company
has duly filed E-Form 1INV dated 18th August, 2015 Successfully with
the MCA Authorities.
7. Share Capital
The paid-up Equity Share Capital as at March, 31, 2015 stood at Rs.
170,89,31,700.00/-. During the year under review, the Company has not
issued shares with differential voting rights nor has granted any stock
options or sweat equity shares
8. Directors and Key Managerial Personnel
- Mr. Prashant Govindrao Duchakke, Executive Director retires by
rotation at the forthcoming Annual General Meeting and being eligible,
offer himself for re-appointment.
- In order to comply with the provisions of Section 203 and other
applicable provisions (if any) of the Companies Act, 2013, The Company
has appointed Sameer Y Damle, Executive Director of the Company as
Chief Financial Officer and designated as Key Managerial Personnel of
the Company with effect from 14th August, 2014.
- Mrs. Manik Anil Lonkar has been appointed as Director of the Company
with effect from 7th January, 2015.
- In order to comply with the provisions of Section 149 (4) and other
applicable provisions (if any) of the Companies Act, 2013 and the
Companies (Appointment and qualification of Directors) Rules, 2014 the
Company has appointed following Non Executive Directors as Independent
director of the Company with effect from t January, 2015:
Mr. Vishnu Dattatraya Bhagade - Independent Director
Mr. Sudhakar Ramchandra Khankhoje- Independent Director
Mr. Ashok Narayan Deshpande - Independent Director
Mr. Prakash Dattatraya Mujumdar* - Independent Director
- Mrs. Vandana Sanghi has resigned from the Post of Company Secretary
of the Company with effect from 1st June, 2015 and Ms. Sneha
Shrivastava, Associate member of The Institute of Company Secretaries
of India has been appointed as the Company Secretary and designated as
Key Managerial Personnel of the Company with effect from 1st June, 2015
under Section 203 of the Companies Act, 2013.
*Mr. Prakash Dattatraya Mujumdar, Non-Executive and Independent
Director of the Company has resigned from the directorship of the
Company with effect from 17th June, 2015.
9. External Rating
Your Company has appointed Credit Analysis & Research (CARE) Ltd. for
rating of its various credit facilities. The rating of your Company has
been revised from "CARE BB" (Double B) to "CARE D"(Single D) for Long
Term facilities and "CARE A 4" (A Four) to CARE D (Single D) for short
term facilities.
10. Insurance
All the assets (Movable/Immovable) of your Company are adequately
insured. Similarly all the employees and workers of your Company are
also covered under Accidental and Mediclaim Insurance as well as under
Worskmen Compensation Policy.
11. Particulars of Employees
Particulars of employees pursuant to Section 196 & 197 of the Companies
Act, 2013 read with Rule 5 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 are provided in the
Annual Report.
In terms of the provisions of the Section 136(1) of the Companies Act,
2013 the Annual Report excluding the aforesaid information is being
sent to the members of the Company. The said information is available
for inspection at the corporate office of the Company at Nagpur during
working hours and any member interested in obtaining such information
may write to the Company Secretary atleast 7(Seven)days prior to the
Annual General Meeting and the same will be furnished on request.
12. Meetings
A calendar of meetings is prepared and circulated in advance to the
Directors. During the year five Board Meetings and four Audit Committee
Meetings were convened and held. The details of which are given in the
Corporate Governance Report. The intervening gap between the Meetings
was within the period prescribed under the Companies Act, 2013.
13. Extract of Annual Return
As required pursuant to section 92(3) of the Companies Act, 2013 and
rule 12(1) of the Companies (Management and Administration) Rules,
2014, an extract of annual return in Form MGT-9 as a part of this
Annual Report as "ANNEXURE I"
14. Board Evaluation
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out an annual performance
evaluation of its own performance, the directors individually as well
as the evaluation of the working of its Audit, Nomination &
Remuneration and Compliance Committees The manner in which the
evaluation has been carried out has been explained in the Corporate
Governance Report.
15. Particulars of contracts or arrangements with related parties
Pursuant to the provisions of Section 134 of the Companies Act, 2013,
read with Rule 8 (2) of the Companies (Accounts) Rules 2014, the
particulars of contracts or arrangements entered into by the Company
with Related Parties entered are disclosed in Form AOC-2 as "ANNEXURE
II" attached to this report.
16. Company's Policy on Directors' Appointment and Remuneration
The Board had on the recommendation of the Nomination and Remuneration
Committee framed a policy for selection and appointment of Directors,
Key Managerial Personnel and Senior Management Personnel and their
remuneration. The policy is given as "ANNEXURE III" to this Report.
17. Information forming part of the Directors' Report pursuant to Rule
5 of The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 The relevant information pursuant to Rule 5 of
the Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 is given as "ANNEXURE IV" to this report
18. Details of Subsidiary/Joint Ventures/Associate Companies
As on March 31, 2015 your Company has two(2) Wholly Owned Subsidiaries
(WOS) viz. "RPL International Trade FZE" & "RPL (HK) Foods & Feed
Corporation Limited" incorporated outside India and three(3) Associate
Companies viz. "Rasoya Foods and Drinks Private Limited", "Ivory
Exports Private Limited" and "Eiravat Tradelinks Private Limited"
pursuant to sub-section (3) of section 129 of the Act, the statement
containing the salient feature of the financial statement of a
company's subsidiaries is given in Form AOC-1 as "ANNEXURE V" to this
Report.
Further, the Annual Accounts and related documents of the subsidiary
company shall be kept open for inspection at the Corporate Office of
the Company during the working hours. The Company will also make
available copy thereof upon specific request by any Member of the
Company interested in obtaining the same. Further, pursuant to
Accounting Standard AS-21 issued by the Institute of Chartered
Accountants of India, Consolidated Financial Statements presented by
the Company in this Annual Report includes the financial information of
its subsidiary.
19. Declaration by an Independent Directors)
All the Independent Directors confirmed that they have met the criteria
of independence as required under Section 149 of the Companies Act,
2013 and under Clause 49 of the Listing Agreement.
20.Cash flow Statement
The Cash flow statement for the year ended 31st March, 2015 is attached
to the Balance Sheet.
21. Statutory Auditors
The Auditors, M/S. V.N. Bhuwania & Co., Chartered Accountants, Mumbai
(ICAI Firm Registration Number: 101482W) retire at the ensuing Annual
General Meeting and, being eligible, offer themselves for re-
appointment for a period of Three Years from the conclusion of this
Annual General Meeting [AGM] till the conclusion of the Annual General
Meeting to be held in the year 2017 subject to ratification of their
appointment at every Annual General Meeting of the Company.
22. Statutory Auditors' Report
The Auditors' Report contains qualifications and the Company has given
its comments on Auditors' Qualified Opinion for the Financial Year
2014-15. The details are mentioned here under:
Qualified Opinion (a)
Sales transactions of Soya DOC amounting to Rs. 69.83 Crores as pointed
out by the Auditors are the Ex- factory sales made to the new
purchasers out of the return goods received from earlier purchaser. The
necessary supporting documents related to above sales such as Sales
Invoice, Delivery Order, Weighment Slips, Security records Regarding
purchases of Rs. 24 Crores of Soayabean Seeds made from unregistered
dealers (URD), the necessary supporting documents such as ERP System
generated relevant Contract Notes /Purchase Orders, Weighment Slips,
Goods Received Notes /DOs have been made available to the auditors. The
Sauda Kacchi Chitthi instead of invoices is issued by the URD Traders
as per the prevailing trade practices related to Agro based commodity.
Qualified Opinion (b)
As mentioned in para (ii) (c) of the Annexure to audit Report regarding
complete trail of supporting documents related to sales and purchases
and it's impact on stock records, the clarification has been given in
para (a) above.
As mentioned in para (iv) of the Annexure to audit Report regarding
inadequate internal control system commensurate with the size of the
company and it's nature of business with regards to purchase of
inventories, sale of goods and services, inventory management, debtors
and creditors management- the clarification has been already given in
para (a) above.
Qualified Opinion (c)
Since the company has furnished the Corporate Guarantee to Bank of
Baroda on behalf of the seed suppliers and the Liability of Rs. 19.99
Crores for Repayment to Bank of Baroda has been crystalised due to
nonpayment of Bills Discounted by the respective Borrowers/seed
suppliers on respective due date, towards the Seed supplies made to the
Company.
The Bills Discounting Facility is availed by the respective Seed
Suppliers in individual capacity from Bank of Baroda and not by the
company , hence question of the having the Bank statements for the said
facility with the company does not arise.
Therefore, the company is not in a position to furnish any Bank
Statement for said crystallized liability under Corporate Guarantee
furnished to Bank of Baroda.
Qualified Opinion (d)
Foreign Exchange Gain Rs. 29 Crores has not been recognized in
accordance with AS 11, as same pertains to the o/s loan to WOS at
Sharjah which is not likely to be repaid by the WOS in near future
since the said funds have been earmarked for overseas operations of the
company.
23. Disclosure about Cost Audit
As per the Cost Audit Orders, Cost Audit is applicable to the Company
for the FY 2014-15. In view of the same and in terms of the provisions
of Section 148 and all other applicable provisions of the Companies
Act, 2013, read with the Companies Audit and Auditors) Rules, 2014, the
Board of Directors of your Company has appointed, on the
recommendations of audit committee M/s. SNM & Associates, Cost
Accountants, Nagpur, as Cost Auditors to conduct the audit of cost
records of your company for the financial year 2015-16.
The Cost Auditors have furnished a Certificate of their eligibility for
appointment Under Section 148 of the Companies Act 2013, Certificate
for independence and arms length relationship with the Company and are
not disqualified for such appointment.
The remuneration proposed to be paid to them requires ratification of
the shareholders of the Company. In view of this, your ratification for
payment of remuneration to Cost Auditors is being sought at the ensuing
AGM.
Your Company submits its Cost Audit Report with the Ministry of
Corporate Affairs within the stipulated time period.
24. Cost Auditor's Report
The Company is in receipt of Cost Audit Report pertaining to Financial
Year 2013-14 from M/S SNM & Associates, Cost Accountants, pursuant to
the Circular of Corporate Affair (MCA).
There are no observations or qualifications or adverse remarks in the
Cost Auditor's Report which needs further comments or clarifications
and the notes to accounts are self explanatory
25. Secretarial Audit Report
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointedM/s. R. A. Daga &
Co., Practicing Company Secretary, Nagpur to undertake the Secretarial
Audit of the Company. The report of the Secretarial Auditors is
enclosed as "ANNEXURE VI" to this report.
26. Internal Audit & Controls
The Company continues to engage M/s. S. Chakravarthy & Associates,
Chartered Accountants, Nagpur as its Internal Auditor. During the year,
the Company continued to implement their suggestions and
recommendations to improve the control environment. Their scope of work
includes review of processes for safeguarding the assets of the
Company, review of operational efficiency, effectiveness of systems and
processes, and assessing the internal control strengths in all areas.
Internal Auditor's findings are discussed with the process owners and
suitable corrective actions taken as per the directions of Audit
Committee on an ongoing basis to improve efficiency in operations.
27. Vigil Mechanism/Whistle Blower Policy
In pursuant to the provisions of Section 177(9) & (10) of the Companies
Act, 2013, a Vigil Mechanism/Whistle Blower Policy has been established
by the Company to provide appropriate avenues to the employees to bring
to the attention of the management any issue which is perceived to be
in violation of or in conflict with the fundamental business principles
of the Company. The Vigil Mechanism/Whistle Blower Policy has been
uploaded on the website of the Company at wwwrasoyaproteins.in under
investors /Whistle Blower Policy link.
28. Events occurring after the balance date:
There are no significant events occurred after the Balance Sheet date
which have adverse material impact on financial statement or otherwise.
29. Risk management Policy and Report:
Your company has taken adequate measures to mitigate the risks
associated with the various risks impacting the Company which includes
the identification of various elements of risk impacting the company
and mitigation of the same.
30. Material changes and commitments, if any, affecting the financial
position of the company which have occurred between the end of the
financial year of the company to which the financial statments relate
and the date of the report
During the year under review, a fire accident has occurred on 27th
April, 2015 at the unit situated at Malkapur in which the Soyabean seed
stored in one of the Silos was damaged and destroyed. The total
estimated loss as per the primary assessment is Rs. 34 Crores. The
necessary steps have been taken and a surveyor has been appointed by
the insurance company. The assessment and survey proceedings are under
process and not yet completed.
31. Details in respect of adequacy of internal financial controls with
reference to the Financial Statements
Your Company had laid down set of standards, processes and structures
which enables to implement internal financial control across the
organization and ensure that the same are adequate and operating
effectively.
32. Deposits
The Company has accepted deposits from public during the year within
the meaning of the provisions of Sections 58A 58AA of the Companies
Act, 2013 and the Companies (Acceptance of Deposit) Rules, 1975 to the
tune of Rs. 3,30,35,000/-. The total outstanding of such Public
deposits as on the Balance Sheet Date including interest stands at
Rs.2,54,82,884/-.As per the Companies Act, 2013 all the outstanding
deposits had to be repaid as on March 31, 2015. However, the Company
Law Board has approved the repayment of the outstanding deposits as per
the original tenure.
33. Particulars of loans, guarantees or investments under Section 186
Details of Loans:
Sr.
No Date of Details of Amount Purpose for
making Borrower which the loan
loan is to be utilized
by the recipient
Not Applicable
Date of
making loan Time Date of Date of SR Rate of Security
period BR (if reqd) Interest
for
which
it is
given
Not Aplicable
Details of Investments:
SL Date of Details of Amount Purpose for which the
No investment Investee proceeds from investment
is proposed to be
utilized by the recipient
1. 29/09/2014 RPL (HK) 79,968 Investment in Capital Of
RPL
Foods & (HK) Foods & Feed
Feeds Corporation Limited (WoS)
Corporation
Ltd.
Date of investment Date of BR Date of SR Expected rate
(if reqd) of return
29/09/2014 20/09/2014 N.A. --
Details of Guarantee / Security Provided:
SL Date of providing Details of Amount Purpose for
No security/guarantee recipient which the
security/guarantee
is proposed
to be utilized by
the recipient
Not Applicable
Date of
Providing
security/ guarantee Date of Date of SR Commission
BR (if any)
Not Applicable
34. Corporate Governance Certificate
Your Company is committed to achieve the highest standards of Corporate
Governance and adheres to the Corporate Governance requirements set by
the Regulators/applicable laws. The Company has been proactive in
following the principles and practice of good corporate governance. The
Company has taken adequate steps to ensure that the conditions of
corporate governance as stipulated in Clause 49 of the Listing
Agreement of the Stock Exchange are complied with.
A separate statement on corporate governance is enclosed as a part of
the Annual Report along with the Auditor's Certificate on its
compliancef. A Management Discussion and Analysis Report also
attachedtherewith and the Report on Corporate Governance is given as
"ANNEXURE- VII" and form part of this report.
35. Obligation of Company under The Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013
In order to prevent sexual harassment of women at work place a new act
The Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013 has been notified on 9th December, 2013.
Under the said Act every company is required to set up an Internal
Complaints Committee (ICC) to look into complaints relating to sexual
harassment at work place of any women employee.
The Company has adopted a policy for prevention of Sexual Harassment of
Women at workplace and setup the Committee for the implementation of
the said policy. The Company is fully committed to uphold and maintain
the dignity of every women working in the Company.
During the year under review the Company has not received any complaint
of har
36. Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo
Due to non availability of basic raw material the solvent extraction
plants were not fully operational and as a result the captive power
plant was shut down. Hence Conservation of energy and Technology
absorption are not applicable.
(a) Conservation of energy: Not Applicable
(b) Technology absorption: Not Applicable
(c) Foreign exchange earnings and Outgo:
During the year, the total foreign exchange used was Rs. 16.89 Lac and
the total foreign exchange earned was Rs. 2575.97 Lac.
37.Details of significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and company's
operations in future
During the year under review no significant or material orders were
passed by the Regulators or Courts or Tribunals which impact the going
concern status and Company's operations in future.
38. Corporate Social Responsibility (CSR)
In compliance with Section 135 of the Companies Act, 2013 read with the
Companies (Corporate Social Responsibility Policy) Rules 2014, the
Company has established Corporate Social Responsibility (CSR) Committee
and approved the CSR Policy for the same.
Having regard to the Second proviso of Section 135 (5) of the Companies
Act, 2013 the valid reason for not spending the amount on CSR
Activities is that the Company is facing acute Liquidity Crunch as its
main activity of Solvent Extraction could not be carried out due to non
availability of the main Raw Material Soyabean Seed and as a
consequence the Company's Power Plant has also been shut down during
the FY 2014-15. Therefore, the Company is not even in a position to
meet its day to day expenses and deposit the various Statutory dues.
The various Bank Loan Accounts of the Company have turned into NPA.
In view of the above facts, it was extremely difficult for the Company
to spend any amount towards the CSR activities during the FY 2014-15.
39. Human Resources
Your Company treats its "human resources" as one of its most important
assets. Your Company continuously invest in attraction, retention and
development of talent on an ongoing basis.
40. Directors' Responsibility Statement
The Directors' Responsibility Statement referred to in clause (c) of
sub-section (3) of Section 134 of the Companies Act, 2013, shall state
that
(a) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures
(b) the directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit and
loss of the company for that period;
(c) the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
(d) the directors had prepared the annual accounts on a going concern
basis; and
e the directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
(f) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
41. Voting through Electronic Means
Pursuant to Section 108 of the Companies Act, 2013 and Clause 35B of
the amended Listing Agreement, your Company has taken necessary steps
to make available the facility provide to its members the facility to
exercise their right to vote by Electronic means for the transactions
which require approval through Postal Ballot.
42. Listing of Shares
During the period under review the Shares of the company are listed on
The Bombay Stock Exchange Limited and also on The National Stock
Exchange of India Limited
The particulars of the name and address of the Stock Exchange is as
follows:
Sr. Name of the Stock Exchange
where the Address of the
Stock Listing Fees
No shares of the company is
listed Exchange
1 The Bombay Stock Exchange
Limite P.J. Towers
Dala Street Paid for the
financial year
Mumbai. 400023 2014-15
2 The National Stock Exchange
of India Limited Exchange Plaza,
Bandra Paid for the
financial year
Kurla Complex,
Bandra (E) 2014-15
Mumbai-400051
43. Dematerilization of Company's Shares:
Your company has provided the facility to its share holders for
dematerialization of their shareholding by entering into an agreement
with The National Securities Depository limited (NSDL) and Central
Depository Services (India) limited (CDSL). The ISIN number allotted to
the company is (INE904G01038) Further the Annual custodian charges for
the financial year 2014-15 have been paid to NSDL and CDSL.
Acknowledgement
Your Directors wish to place on record their appreciation and sincere
thanks to all government agencies, banks, shareholders, vendors and
other related organizations, who through their continued support and
co- operation, have helped, as partners, in your Company's progress.
Your Directors also acknowledge the hard work, dedication and
commitment of the employees.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS,
Sd/-
(Anil Narayan Lonkar)
Date: 14th August, 2015 CEO & MANAGING DIRECTOR
Place: Nagpur DIN: 00282816
Mar 31, 2014
The Director''s have pleasure in presenting the 22nd Annual Report
together with the Audited Accounts of the Company for the year ended 31st
March, 2014.
FINANCIAL RESULTS:
Particulars Financial Year (Amount in Crores)
Standalone Consolidated
2013-14 2012-13 2013-14 2012-13
Net Revenue from
operations 1196.75 946.36 1686.17 1469.45
Other Income 7.40 7.45 7.40 1.55
Total Expenditure 1129.20 903.95 1591.66 1390.03
Interest 37.66 28.11 42.79 28.11
Profit after
interest but before
Depreciation
and taxes 48.19 30.16 70.01 61.26
Depreciation 10.90 8.41 10.90 8.41
Provision for
Taxation
(Including
Deferred Tax ) 5.13 1.08 5.13 1.08
Net profit After
Current Year Tax 32.15 20.67 53.98 51.77
Short Provision
of Tax (Earlier
Year) O.00 O.00 0.00 0.00
Net Profit 32.15 20.67 53.98 51.77
Transfer of
profit to
General Reserve 0.00 O.00 0.00 0.00
Paid Up Capital 170.89 170.89 170.89 170.89
Reserves Excluding
Revaluation Reserves 235.77 150.43 302.64 258.51
Earnings Per
Share (Basic) 0.19 0.35 0.32 0.87
Earnings Per
Share (Diluted) 0.19 0.35 0.32 0.87
Face Value per
Share 1.00 1.00 1.00 1.00
PERFORMANCE REVIEW:
STANDALONE:
During the year under review, the company''s net revenue from operations
is Rs. 1196.75 Crores as against Rs 946.36 Crores in the previous year.
Profit after interest but before depreciation and tax has increased
from Rs.30.16 Crores in year 2012-13 to Rs. 48.19 Crores in year
2013-14.
CONSOLIDATED:
During the year under review the company''s net revenue from operations
is Rs. 1686.17 Crores as against Rs 1469.45 Crores in the previous year
2012-13. Profit after interest but before depreciation and tax has
increased from Rs.61.26 Crores in the previous year 2012-13 to Rs 70.01
Crores in year 2013-14.
DIVIDEND:
In view of the expansion program being currently undertaken by the
company, your directors do not recommend any dividend for the current
year under review.
UNCLAIMED DIVIDEND:
The Dividends declared by the Company which remain unpaid / unclaimed
for a period of Seven (7) years are required to transferred to the
Investor Education & Protection Fund ( IEPF) established by the Central
Government pursuant to Section 125 of the the Companies Act, 2013. The
Members are, therefore, requested to claim their unclaimed Dividend ,
if any declared for the financial years, 2006 - 07, 2007- 08, 2008- 09
In compliance to the provisions of section 125, the dividend for the
Financial Year 2006- 2007 declared at Annual General Meeting held on
15th June, 2007 remaining unclaimed is due for transfer on
15thJune2014.
DIRECTORS:
In accordance with the provisions of section 152 of the new Companies
Act 2013 Mr. Sameer Y. Damle, the Executive Director of the company, is
liable to retire by rotation at the ensuing Annual General Meeting and
being eligible, offers himself for reappointment.
Further, Mr. A. K. Singh Executive Director has tendered his
resignation to the Board in May, 2014. He has been associated with the
Company from last 18 years. The resignation has been duly accepted by
the Board. The Board places on record its sincere appreciation for the
valuable services rendered by Mr. A. K. Singh during his tenure.
BUSINESS OUTLOOK:
As a result of constant pursuing of the endeavour to produce new quality
products, your Company has introduced the value added products in FOOD
& FEED Category in soya segment , in addition to the existing products.
These products have been well accepted in the Domestic & International
Market and have shown very encouraging demand. For the vegetarian
population in domestic market, Soya food products which are protein
rich have emerged as very good substitute to non-veg. In view of this
fact , your company is setting up "SOYA NUGGET" (Soya Wadi/Soya Chunks)
Plant at Village Wanjari District Wani, in FY 2014-15
Similarly, to meet the increasing domestic market demand of Edible Oil,
your company is setting up New Oil Refinery at Village Wanjari,
District Wani in FY2014-15tocoverthe New range of Refined oils viz.
Sunflower, Cotton Seed , Rice Bran in addition to existing Soya bean
Oil. The company has already launched its new product Sunflower Refined
Oil in the Brand name of "SUNSAFE", which is showing very good Market
response.
Due to increasing global awareness about High Protein Contents & other
Nutritional values of Soyabean, the soya products/derivatives are
preferred by health conscious population worldwide and are very much in
demand.
Your company foresees optimistic business scenario due to increasing
international & domestic demand for the various Soya Derivatives which
happens to be its main business segment.
INCORPORATION OF WHOLLY OWNED SUBSIDIARY COMPANY OUTSIDE INDIA:
Your Directors are pleased to inform you that your company is in the
process of formation of a wholly Owned Subsidiary Company in Honk Kong.
With an object of dealing in Soya& Soya based derivatives in south East
Asian Countries. The Subsidiary will come into operation in the
financial year 2014-15. Your directors are of the opinion that the
operations of the subsidiary will further strengthen the Company''s
standing in the growing global market.
EXTERNAL RATING:
Your Company has appointed Credit Analysis & Research (CARE) Ltd. for
rating of its various credit facilities. The rating of your Company has
been upgraded from "CARE BB " (Double B Pius) to "CARE BBB -"(Triple B
Minus) for Long Term facilities and "CARE A 4" (A Four) to CARE A3 (A
Three) for short term facilities.
INSURANCE:
All the assets (Movable/Immovable) of your Company are adequately
insured. Similarly all the employees and workers of your Company are
also covered under Accidental and Med claim Insurance as well as under
Worskmen Compensation Policy.
PARTICULARS OF EMPLOYEES:
During the year no employee whether employed for the whole year or part
of the year was drawing remuneration exceeding the limit as laid down
under the Companies Act, 2013 and Rules made there under which needs to
be disclosed in the Director''s Report.
PUBLIC DEPOSITS:
During the financial year 2013-14, your Company has accepted Public
Deposit to the tune of Rs. 33035000/- as per the provisions contained
in section 58A of Companies Act 1956 read with Companies (Acceptance of
Deposits) Rules 1975. The total outstanding of such Public deposits as
on the Balance Sheet Date stands at Rs. 32347000/-
There were no such deposits which have matured and have not been
claimed by Depositor or have not been paid by the Company after the due
date.
AUDITORS:
STATUTORY AUDITORS:
The Auditors of the company M/S. V.N. Bhuwania & Co., Chartered
Accountants hold office till the conclusion of ensuing Annual General
Meeting and being eligible offers themselves for reappointment. They
have furnished a certificate that their reappointment if made shall be
within the statutory limits, and within the term specified in section
141 of the Companies Act, 2013 and they are not disqualified for
appointment under the provisions of Companies Act 2013 and rules and
regulations made therein.
AUDITORS REPORT.
There are no observations or qualifications or adverse remarks in the
Auditor''s Report which needs further comments or clarifications and the
notes to accounts are self explanatory.
COST AUDITORS:
Pursuant to provisions of section 148 of the Companies Act 2013 and the
Central Government Order directing the audit of company''s cost accounts
audited by the Cost Auditor who shall be the Cost Accountant, holding
valid certificate of practice under the provisions of Cost & Works
Accountant Act, 1959, the Board of Directors of your Company has
appointed, on the recommendations of audit committee, M/s SNM &
Associates, Cost Accountants, Nagpur, for conducting the Cost Audit for
Financial Year 2014-15
The Cost Auditors have furnished a Certificate of their eligibility for
appointment Under Section 148 of the Companies Act 2013, Certificate
for independence and arms length relationship with the Company and are
not disqualified for such appointment
COST AUDITORS'' REPORT:
The Company is in receipt of Cost Audit Report pertaining to Financial
Year 2012-13 from M/S SNM & Associates, Cost Accountants, pursuant to
the Circular No. 15/2011 Dated 11th, April, 2011 issued by Ministry of
Corporate Affair (MCA). There are no observations or qualifications or
adverse remarks in the Cost Auditor''s Report which needs further
comments or clarifications and the notes to accounts are self
explanatory.
EVENTS OCCURING AFTER THE BALANCE DATE:
There are no significant events occurred after the Balance Sheet date
which have adverse material impact on financial statement, or otherwise
RISK MANAGEMENT REPORT:
Your company has taken adequate measures to mitigate the risks
associated with the risk of commodity market fluctuation, fluctuations
in the foreign exchange.
DIRECTOR''S RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Director''s Responsibilities Statement, it is
hereby confirmed.
(I) That in the preparation of the annual accounts for the financial
year ended 31st March, 2014; the applicable accounting standards have
been followed along with proper explanation relating to material
departures.
(ii) That the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 the year under review.
(iii) That 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.
(iv) That the directors have prepared the accounts for the financial
year ended 31st March, 2014 on a ''going concern'' basis.
CONSOLIDATED FINANCIAL STATEMENTS:
As required under the Listing Agreements entered into with the Stock
Exchanges, a consolidated financial statement of the Company is
attached. The consolidated financial statement has been prepared in
accordance with the applicable accounting standards as prescribed under
the Act. The consolidated financial statement discloses the assets,
liabilities, income, expenses and other details of the Company and its
subsidiary.
AUDIT COMMITTEE:
The company has complied with the provisions of section 177 of the
Companies Act 2013 as regards formation of the Audit Committee. Its
composition and recommendations if any have been included in the report
of Corporate Governance which itself is a part of the Director''s
Report.
DIRECTOR''S REMUNERATION:
The particulars of the remuneration paid to the directors of the
Company have been disclosed under the heading "Remuneration Committee"
which forms part of the Corporate Governance Report.
LOANS & ADVANCES:
Disclosure as per Clause 32 of the Listing Agreements with the Stock
Exchanges regarding Loans and Advances in the nature of loans given to
subsidiaries, associates and others and investment in shares of the
Company by such Companies is given as under:
i) Name of Subsidiary: RPL International FZE, Sharjha
ii) Loans to Subsidiary during the year under review: Nil
iii) Maximum Outstanding during the year under review: Rs. 156.06
crores iv) Outstanding at the end of the year under review: Rs. 156.06
crores
ESTABLISHMENT OF VIGIL MECHANISM:
As per the provisions of section 177 of Companies Act, 2013 and as per
amendment in the Clause 49 of Listing Agreement, your Company has
started working on formulation of Vigil Mechanism /Whistle Blower Policy
to provide appropriate avenues to the employees to bring to the
attention of the management any issue which is perceived to be in
violation of or in conflict with the fundamental business principles of
the Company.
VOTING THROUGH ELECTRONIC MEANS
Pursuant to section 108 of the Companies Act, 2013 and Clause 35B of
the amended Listing Agreement, your Company is taking necessary steps
to make available the facility provide to its members the facility to
exercise their right to vote by Electronic means for the transactions
which require approval through Postal Ballot. This facility will be
made available to all the members in financial year 2014-15.
CONSERVATION OF ENERGY, TECHNOLOGYABSOPRTION AND FOREIGN EXCHANGE
EARNINSGS/OUTGOINGS:
Additional information in accordance with the provisions of Section
217(1) (e) of the Companies Act, 1956, read with the Companies
(Disclosure particulars in the Report of the Board of Directors) Rules,
1988 and forming part of the Director''s Report:
CORPORATE GOVERNANCE, MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Company has been proactive in following the principles and practice
of good corporate governance. The company has taken adequate steps to
ensure that the conditions of corporate governance as stipulated in
Clause 49 of the Listing Agreement of the Stock Exchange are complied
with. A separate statement on corporate governance is enclosed as a
part of the Annual Report along with the Auditor''s Certificate on its
compliance. A Management Discussion and Analysis Report also attached
and form part of this report
CORPORATE SOCIAL RESPONSIBILITY
Your Company is committed to discharge its social responsibility as a
good corporate entity. In view of this, your directors has constituted
CSR Committee. Further, your Company has complied with all the
provisions of section 135 of the Companies Act 2013 with regards to
formation of CSR committee and other provisions, which is included in
the Corporate Governance Report which is itself a part of Director''s
Report.
RELATED PARTY DISCLOSURE
Disclosure as required by the Accounting Standard-18 "Related Party
Disclosure" is given in Point No.44, Notes to Accounts.
LISTING OF SHARES
During the period under review the Shares of the company are listed on
The Bombay Stock Exchange Limited and also on National Stock exchange
limited.
The particulars of the name and address of the Stock Exchange is as
follows:
Sr. Name of the Stock Exchange
where the Address of the Stock Listing Fees
No shares of the company
is listed. Exchange
1 The Bombay Stock Exchange
Limited P.J. Towers Dalai
Street Paid for
the
financial
year
Mumbai- 400023 2014-15
2 The National Stock Exchange
Limited Exchange Plaza,
Bandra Paid for
the
financial
year
Kurla Complex,
Bandra (E) 2014-15
Mumbai-400051
LISTING ON STOCK EXCHANGE OUTSIDE INDIA
The Company''s GDRs are listed on the Luxemburg Stock Exchange and the
annual listing fee is being paid regularly.
DEMATERILIZATION OF COMPANY''S SHARES:
Your company has provided the facility to its share holders for
dematerialization of their shareholding by entering into an agreement
with The National Securities Depository limited (NSDL) and Central
Depository Services (India) limited (CDSL). The ISIN number allotted
to the company is (INE904G01038). Further the Annual custodian charges
for the financial year 2014-15 have been paid to NSDL and CDSL.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AN FOREIGN EXCHANGE
EARNINGS/OUTGOINGS:
The information pertaining to conservation of energy, technology
absorptions, foreign exchange earnings and outgoing, as required under
the Companies Act 2013, read with Draft Companies Rule 2013 is given as
per Annexure and forms part of Director''s Report.
ACKNOWLEDGMENT
Your Directors wish to thank and acknowledge the co-operation and the
assistance extended by the Government of India, Government of
Maharashtra, customers, dealers, agents, supplies, Bankers, investors
and the Shareholders. Yours Directors also wish to place on record deep
sense of appreciation for the dedicated services rendered by all
executives, staff and workers of the Company but for whose hard work
and support your Company''s achievement would not have been possible.
For and on behalf of the Board of Directors,
A.N.Lonkar
(Chairman & Managing Director)
Place: Nagpur
Date: 30th May, 2014
Mar 31, 2013
Dear Members,
The Director''s have pleasure in presenting the 21st Annual Report
together with the Audited Accounts of the Company for the year ended 31
st March 2013.
FINANCIAL RESULTS:
Particulars Standalone Consolidated
(Amt in Crores) (Amt in Crores)
Financial Year 2012-13 2011-12 2012-13 2011-12
Net Sales/Income from
operations 946.36 798.25 1469.45 1371.02
Other Income 7.99 10.86 2.09 10.87
Total Expenditure 894.91 754.76 1381.01 1270.93
Interest 29.26 24.32 29.26 25.32
Profit after interest but
before Depreciation 30.18 30.03 61.26 104.49
and taxes
Depreciation 8.41 6.47 8.41 6.47
Provision for Taxation
(Including Deferred Tax) 1.08 6.39 1.08 10.62
Net profit After Current
Year Tax 20.67 17.17 51.77 68.55
Short Provision of Tax
(Earlier Year) 0 0.42 0 0
Net Profit 20.67 16.75 51.77 35.24
Transfer of profit to
General Reserve 0 0 0 0
Paid Up Capital 170.89 53.76 170.89 53.76
Reserves Excluding
Revaluation Reserves 150.43 235.77 258.51 287.56
Earnings Per Share (Basic) 0.34 1.79 0.34 1.79
Earnings Per Share (Diluted) 0.34 1.68 0.34 1.68
Cash Earnings Per Share (Basic) 0.49 2.21 0.49 2.21
Cash Earnings Per Share
(Diluted) 0.49 2.11 0.49 2.11
Face Value per share Re.1/- Rs.5/- Re.1/- Rs. 5/-
Note: The face value of equity, share for Financial Year 2011-12 was
Rs. 5/- per share and for Financial Year 2012-13 was Re. 1/- share
after the split in share with effect from 22.03.2013
PERFORMANCE REVIEW:
Standalone:
During the year under review the company''s net income from operations
is Rs 946.36 Crores as against Rs 798.14 Crores in the previous year.
Profit after interest but before depreciation and tax has increased
from Rs. 30.03 Crores in year 2011 -12 to Rs 30.18 Crores in year
2012-13. ,
Consolidated:
During the year under review the company''s net income from operations
is Rs 1469.45 Crores as against Rs 1371.02 Crores in the previous year.
DIVIDEND:
- In view of the expansion program being currently Undertaken by the
company, your directors do not recommend any dividend for the current
year under review.
- TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCATION & PROTECTION
FUND: The Dividends declared by the Company which remain unpaid /
unclaimed for a period of Seven (7) years are required to transfer to
the Investor Education & Protection Fund (IEPF) established by the
Central Government pursuant to Section 205C of the Companies Act, 1956.
The Members are requested to claim their unpaid / unclaimed Dividend,
if any, declares and paid for the financial years, 2006 - 07,2007- 08,
2008- 09 .The details of shareholders who are entitled to get this
un-claimed /un-paid dividend are annexed hereto & posted on the
Company''s Website too.
DIRECTORS:
Mr. V.D.Bhagade and Mr.S.R.Khankhoje, the Directors of the company, are
liable to retire by rotation at the ensuing Annual General Meeting and
are being eligible, offers themselves for reappointment.
ISSUE & ALLOTMENT OF EQUITY SHARES UPON CONVERSION OF EQUITY SHARE
WARRANTS, ISSUE OF BONUS SHARES AND SUBDIVISION OF EQUITY SHARES. -
1. Issue and allotment of Equity Shares upon conversion of Equity
shares Warrants:
Your Directors issued and allotted balance 64,00,000 equity shares of
Rs. 5/- each at a premium of Rs. 13/- per share upon the conversion of
64,00,000 equity share warrant (erstwhile 32,00,000 equity share
warrant of Rs. 10/- each at premium of Rs. 26/-per share warrant issued
and allotted on 03/12/2010) on 30th April 2012. The balance
subscription amount from the holder of these share warrants were
already received in March-2012. These shares were listed on the Bombay
Stock Exchange and the National Stock Exchange.
2. Subdivision of Equity Shares:
The equity shares of the company are listed on Bombay Stock Exchange
Limited (''BSE'') & at The National Stock Exchange CNSE'') and are
actively traded on both the exchanges.
In order to further improve the liquidity of company''s Shares in the
stock market and to make it more affordable to the small investors,
your directors considered it desirable to sub-divide each of nominal
value of the Equity Shares of the company from 1 (One) Equity Share of
Rs. 5/- each into 5 (Five) Equity Shares of Rs. 1/- each.
The Sub- Division becomes effective from 22nd March 2013 and pursuant
to be Sub- Division, the new ISIN No. allotted to the company is
INE904G01038
3. Issue of Bonus Shares:
During the year under review your Directors also decided to reward
shareholders and issued and allotted Bonus Shares in the proportion of
2 (Two) new Equity Shares of the company of Re 1/- (Re One ) each for
every 1 (One) existing Equity Shares of Re 1/- (Re One) each held by
the shareholders on record date (22nd March 2013) by capitalizing its
past profit and Free Reserves.
These shares were listed on the Bombay Stock Exchange and the National
Stock Exchange
Subsequent to the allotment of shares under 1 and 3 above and
sub-division of shares under 2 above , the issued, subscribed and paid
up share capital of the company stands increased as at 31st March 2013
to Rs. 17089.31 Lacs represented by 170,89,31,700 equity shares of Re
1/- each fully paid up and the authorized share capital stands
increased as at 31st March 2013 to Rs. 17100.00 Lacs represented by
171,00,00,000 equity shares with a Face Value of Re 1 /- each.
BUSINESS OUTLOOK :
- Expansion Project: Your directors have pleasure in informing you
that during the year under review, The Company has successfully
expanded their New oil repacking division and Completed the additional
Go-down for its raw material / Finished Goods.
- Value Added Projects: The Aqua feed plant started its commercial
operation during the last quarter of the financial year 12-13. With the
starting of Corrtfnercial operation at unit Wani, your company has
become one of the major Aqua Feed processing units in Vidarbha region.
In addition to above, the Company had started their other valued added
products such as Soya Hi-Pro, Soya Flour etc. The quality of finished
products from the new unit has been well accepted in the Market within
the shortest span of time.
- Value Added Project Under Capex: As mentioned in last Annual Report
regarding the expansion of more business opportunity, your directors
have pleasure in informing you that the company has undertaken Powder
lecithin project which is a vertical Integration of existing plant /
projects. Which would become commercially operational in the current
financial year of 2013 -14 and will certainly offer long term economy
and will improve the commercial viability of the overall operation of
your company.
INSURANCE;
All the assets (Fixed/Current) of your Company are adequately insured.
INTEREST ON LOAN TO WHOLLY OWNED SUBSIDIARY:
During the financial year review, your company has further given loans
to its wholly owned subsidiary "RPL International FZE Sharjha" for
carrying out the trading business activity. For the Financial Year
2012-13 the company has charged interest @2.50% per annam above LIBOR
on the loans given to the subsidiary from time to time as per the terms
and conditions of the agreement.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS/OUTGOINGS:
Additional information in accordance with the provisions of Section 217
(l)(e) of the Companies Act, 1956, read with the Companies (Disclosure
of particulars in the Report of Board of Directors) Rules, 1988 and
forming part ofthe Director''s Report:
1. CONSERVATION OF ENERGY:
a) The Company closely monitors energy-consuming equipment and makes
optimum use of steam by reusing the condensates from Solvent Plant for
Boiler. The measures taken above for reduction in energy consumption
are expected to bring about a saving in cost of production. Total
energy consumption per unit of production is as follows:
"FORMB"
Form for disclosure of particulars in respect of Technology/Absorption,
Adaptation and Innovation.
A) RESEARCH AND DEVELOPMENT:
1. The Company is keeping a close watch on activities conducted by
SOPA for developing and identifying new, high yielding varieties of
Soya seeds. Besides this the company also carries out research &
development activities for developing various values added Soya based
health products.
2. The company associates with Soybean Processors Association of India
(SOPA) to make quality seeds available to the farmers.
3. Apart from the above, future R&D Plans of the Company shall consist
of reduction in Coal, Power and Hexane consumption per Ton of Raw
materials Processed by improving the production process and/or
expanding production capacity.
4. Expenditure on R&D.
Sr. PARTICULARS FINANCIAL YEAR
No. 2012-2013 2011-2012
Amount Amount
(Rs Lakh) (Rs Lakh)
I) Capital Nil Nil
ii) Recurring 0.059 0.061
iii) Total 0.059 0.061
iv) As % of turnover - -
B) TECHNOLOGY ABSORTIION AND INNOVATION:
No technology has been imported by the Company as yet.
D) PARTICULARS OF EMPLOYEES:
During the year no employee whether employed for the whole year or part
of the year was drawing remuneration exceeding the limit as laid down
under section 217 (2 A) of the Companies Act, 1956 read with the
companies (particulars of employees) Rules 1975 as amended.
E) PUBLIC DEPOSITS:
The Company has neither invited nor accepted any deposit during the
year within the meaning of section 58 (A) of the companies Act 1956
read with the companies (acceptance of deposit) Rules 1975.
F) AUDITORS:
1. The Auditors of the company M/S. V.N. Bhuwania & Co., Chartered
Accountants hold office until the conclusion of this Annual General
Meeting and being eligible offers themselves for reappointment. They
have furnished a certificate that their reappointment if made shall be
within the statutory limits specified in section 224(1) of the
Companies Act, 1956.
2. The Ministry of Corporate Affairs (MCA) vide its circular dated 2nd
May ,2011 mandated all the Listed Companies to get its cost accounting
records audited by the Cost Auditor who shall be the Cost Accountant,
holding valid certificate of practice under the provisions ofCost&Works
Accountant Act, 1959.
In this context the Company has appointed M/s SNM & Associates Cost
Accountants, Nagpur, for
a) Undertaking Cost Compliance for the Financial Year 2011-12. The Cost
Compliance report is attached herewith.
b) For conducting the Cost Audit for Financial Year 2012-13.
c) For conducting the Cost Audit for Financial Year 2013-14.
G) DIRECTOR''S RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217 (2 A A) of the Companies
Act, 1956 with respect to Director''s Responsibilities Statement, it is
hereby confirmed.
(i) That in preparation of the annual accounts for the financial year
ended 31 st March, 2013; the applicable accounting standards have been
followed along with proper explanation relating to material departures.
(ii) That the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a fane 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 the year under review.
(iii) That 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.
(iv) That the directors have prepared the accounts for the financial
year ended 31st March, 2013 on a ''going concern'' basis.
H) AUDIT COMMITTEE
The company has complied with the provisions of section 292A of the
Companies Act 1956 as regards formation of the Audit Committee. Its
composition and recommendations, if any, have been included in the
report of Corporate Governance which itself is a part of the Director''s
Report.
I) DISCLOSURE AS PER SCHEDULE XIIIOFTHE COMPANIES ACT 1956
The particulars of the remuneration paid to the directors of the
Company have been disclosed under the heading "Remuneration
Committee" which forms part of the Corporate Governance Report.
J) CORPORATE GOVERNANCE
The Company has been proactive in following the principles and practice
of good corporate governance. The company has taken adequate steps to
ensure that the conditions of corporate governance as stipulated in
Clause 49 of the Listing Agreement of the Stock Exchange are complied
with.
A separate statement on corporate governance is enclosed as a part of
the Annual Report along with the Auditor''s Certificate on its
compliance.
K) RELATED PARTY DISCLOSURE
Disclosure as required by the Accounting Standard-18"Related Party
Disclosure" is given inNoteNo. 44 in Notes to Accounts.
L) LISTING OF SHARES
During the period under review the Shares of the company are listed on
The Bombay Stock Exchange Limited and also on National Stock exchange
limited.
The particulars of the name and address of the Stock Exchange is as
follows:
Sr. Name of the Stock
Exchange where Address of the Listing Fees
No the shares of the company
is listed. Stock Exchange
1. The Bombay Stock Exchange
Limited P. J. Towers Paid for the
Dalai Street financial year
Mumbai - 400023 2013-14
2. The National Stock Exchange
Limited Exchange Plaza, Paid for the
Bandra Kurla financial year
Complex, Bandra 2013-14
(E) Mumbai-400051
M) DEMATERILIZATION OF COMPANY''S SHARES:
Your company has provided the facility to its share holders for
dematerialization of their shareholding by entering into an agreement
with The National Securities Depository limited (NSDL) and Central
Depository Services (India) limited (CDSL). The ISIN number allotted to
the company is (INE904G01038). Further the Annual custodian charges for
the financial year 2013-14 have been paid to NSDL and CDSL.
N) ACKNOWLEDGEMENT
Your Directors wish to thank and acknowledge the co-operation and the
assistance extended by the Government of India, Government of
Maharashtra, State Bank of India, Industrial Finance Branch Nagpur,
IDBI Wani, IDBI Dharampeth Branch Nagpur, Bank of India, Bank of
Baroda, Karur Vysya Bank, Vijay Bank and the company''s Shareholders.
Yours Directors also wish to place on record their deep sense of
appreciation for the dedicated services rendered by Executives, staff
and workers of the Company.
For and on behalf of the Board of Directors,
Place : Nagpur. (A. N. LONKAR)
Date : 16.05.2013 Chairman & Managing Director
Mar 31, 2012
The Director's have pleasure in presenting the 20th Annual Report
together with the Audited Accounts of the Company for the year ended 31
st March 2012.
FINANCIAL RESULTS:
Financial Year (Amount in Rs Lacs)
Particulars
2011-12 2010-11
Net Sales/Income from operations 79825.43 41690.22
Other Income 1085.53 43.13
Total Expenditure 75476.07 39200.72
Interest 2431.96 1077.54
Profit after interest but
before Depreciation and taxes 3002.93 1455.08
Depreciation 646.91 399.69
Provision for Taxation
(Including Deferred Tax) 638.78 341.02
Net profit After Current Year Tax 1717.24 714.37
Short Provision of Tax (Earlier Year) 41.94 -
Net Profit 1675.30 714.37
Transfer of profit to General Reserve - -
Paid Up Capital 5376.44 4116.44
Reserves Excluding
Revaluation Reserves 23576.80 18627.30
Earning Per Share (Basic) 1.79 3.24
Earning Per Share (Diluted) 1.68 2.87
Cash Earning Per Share (Basic) 2.21 5.28
Cash Earning Per Share (Diluted) 2.11 4.67
PERFORMANCE REVIEW:
During the year under review the company's net income from operations
is Rs 798.25 Crores as against Rs 416.90 Crores in the previous year.
Profit after interest but before depreciation and tax has increased
from Rs.14.55 Crores in year 2010-11 to Rs.15.48 Crores in year
2011-12. Your company has been successful in maintaining steady
performance both in terms of sales and profitability during the year
under review.
DIVIDEND:
In view of the expansion program being currently undertaken by the
company, your directors do not recommend any dividend for the current
year under review.
DIRECTORS:
Mr. A.N. Deshpande and Mr P.D. Mujumdar, the Directors of the company,
are liable to retire by rotation at the ensuing Annual General Meeting
and are being eligible, offers themselves for reappointment.
SUBSCRIPTION MONEY AGAINST THE ISSUE OF EQUITY SHARE WARRANTS:
1. The Company have issued and allotted 5 8 Lacs Equity Share Warrants
of Rs 10/- each at a premium of Rs.26/- per share warrants with a
rights to convert each share warrants into one equity share of Rs.10/-
each at a premium of Rs.26 per share to the promoters and persons other
than promoters on a preferential basis on 19th December 2009. On the
date of allotment the company had received 25% amount as subscription
money and the balance 75% was received during the financial year
2010-11. During the financial year under review, on 30th April
2011,5800000 equity shares of Rs. 10/- each at a premium of Rs.26/- per
share were issued and allotted upon conversion of 5800000 Equity share
warrants of Rs. 10/- each issued at a premium of Rs.26/- per share
warrants. These shares were listed on Bombay Stock Exchange.
2. During the financial year under review there was sub-division in
each of the company's Equity Share of Rs. 10/- (Rupees Ten Only) each
in the issued, subscribed and paid up capital of the Company into 2
(Two) Equity Shares of the Face Value of Rs. 5/- (Rupees Five Only)
each fully paid up.
3. Your Directors issued and allotted 100 Lacs Equity Share Warrants
of Rs 10/- each at a premium of Rs.26/- per share warrants with a
rights to convert each share warrants into one equity share of Rs.10/-
each at a premium of Rs.26 per share to the promoters and persons other
than promoters on a preferential basis on 03.12.2010. On the date of
issue the company had received 26 % amount aggregating to Rs. 932 Lacs
towards subscription money. The Balance subscription amount aggregating
to Rs. 2668 Lacs was supposed to be received within a period of 18
months from the date of allotment. During the financial year under
review, your company received the balance subscription amount
aggregating to Rs.2668.00 Lacs from the persons to whom the share
warrants were allotted. Pursuant to balance subscription received and
the sub-division of equity shares, the company allotted 1,36,00,000
equity shares of Rs.5/- each at a premium of Rs.13/- per share upon
conversion of 1,36,00,000 Equity share warrants (erstwhile 6800000
equity share warrants of Rs.10/- each at a premium of Rs.26/- per share
) and allotted the balance 6400000 equity shares of Rs.5/- each at a
premium of Rs. 13/- per share upon conversion of 6400000 equity share
warrants (erstwhile 3200000 equity share warrants of Rs.10/- each at a
premium of Rs.26/- per share) on 30th April 2012. Listing application
has been made to Bombay Stock Exchange and the National Stock Exchange
and is under process.
Subsequent to the allotment under 1 and 3 above, and sub division of
shares , the share capital of the company stands increased as at 31st
March 2012 to Rs.5376.44 Lacs represented by 10,75,28,780 Equity shares
ofRs. 5/- each.
The aforesaid issue to promoters and the persons other than the
promoters on preferential basis are being made to finance the Expansion
plans, forward integration projects and for augmenting working capital
requirements of the Company.
The proceeds of the issue will be/is/are utilized for capital
expenditure of the proposed expansion plans, for meeting working
capital requirements of the company and also for general corporate
purposes. The details of amount received through the balance
subscription money and the utilization of funds till 31st March 2012 is
as under.
Sr. No. Details of funds received from
preferential Allotment Amount in Rupee (Lacs)
1. Funds From balance 75 % subscription
against the allotment of
100 Lacs Equity Warrants of Rs. 10/-
each at a premium of
Rs. 26/-per share warrants Rs. 2688.00 Lacs
Total Funds from Preferential Issue Rs. 2688.00 Lacs
Sr.No. Details of funds utilized Amount in Rupee (Lacs)
1. Capital Expenditure on the Project Rs 2688.00 Lacs
Total Deployment ofFunds Rs. 2688.00 Lacs
SUB DIVISION OF EQUITY SHARE:
The equity shares of the Company are listed on Bombay Stock Exchange
Limited ('BSE') and at National Stock Exchange ('NSE') and are actively
traded on both the exchanges.
In order to improve the liquidity of the Company's shares in the stock
market and to make it more affordable to the small investors, your
directors considered it desirable to sub-divide each of nominal value
of the Equity Share of the Company from 1 (One) Equity Share of Rs.
10/- each into 2 (Two) equity shares of Rs.5/- each.
The sub division becomes effective from 20th June 2011 and pursuant to
the subdivision the New ISIN number allotted to the company is
INE904G01020.
BUSINESS OUTLOOK:
- Expansion Project: Your directors have pleasure in informing you
that during the year under review, the Solvent Extraction Plant and
Vegetable Oil Refinery become operational in Buldhana districts of
Maharashtra. With the starting of Extraction unit at Buldhana, your
company has become one of the major soya processing units in Vidarbha
region. The quality of finished products from the new unit has been
well accepted in the Market within the shortest span of time.
- Value Added Project: With a view to expand more business
opportunity, your directors have pleasure in informing you that the
company has undertaken various soya based value added projects which
would be commissioned in financial year 2012-13 and will certainly
offer long term economy and stability to the existing operations.
INSURANCE:
All the assets (Fixed/Current) of your Company are adequately insured.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS /OUTGOINGS:
Additional information in accordance with the provisions of Section 217
(l)(e) of the Companies Act, 1956, read with the Companies (Disclosure
of particulars in the Report of Board of Directors) Rules, 1988 and
forming part of the Director's Report:
1. CONSERVATION OF ENERGY:
a) The Company closely monitors energy-consuming equipment and makes
optimum use of steam by reusing the condensates from Solvent Plant for
Boiler. The measures taken above for reduction in energy consumption
are expected to bring about a saving in cost of production. Total
energy consumption per unit of A production is as follows:
"FORMA"
Form for Disclosure of Particulars with respect to Conservation of
energy.
A) POWER AND FUEL CONSUMPTION
Sr. PARTICULARS FINANCIAL YEAR
No. 2011-2012 2010-2011
1 Electricity
A) Purchased Units(K.W.H.) 810000 Units 4720206 Units
Total Amount (Rs.) Rs. 6403390 Rs. 27761300
Rate (Rs./Unit) Rs. 7.91/-
Per Unit Rs. 5.88
Per Units
B) Own Generation (Net of
Auxilliary) 50009 MW 46727 MW
2 Coal for generation of
steam (Usage in Boiler)
Quality of Coal used:"STEAM &
ROM"
Quantity (in Mt). 92325.252 55445.556
Total Cost (Rs.) Rs. 361643826.05 Rs. 175766135
Average Rate (Rs./Mt). 3917.06/Mt 3170.06/Mt
B) CONSUMPTION PERTON OF RAW MATERIAL PROCESSED (OIL SEEDS
PROCESSED)
Sr. PARTICULARS FINANCIAL YEAR
No. 2011-2012 2010-2011
Weight in MT (Seed Crushing) 287809.627 162073.337
1 Electricity (Units Per MT of Input) 67.69 43.39
2 Coal / Fuel Consumption
(In MT per MT of Input) 0.060 0.100
"FORM B"
Form for disclosure of particulars in respect of Technology/Absorption,
Adaptation and Innovation.
A) RESEARCH AND DEVELOPMENT:
1. The Company is keeping a close watch on activities conducted by
SOPA for developing and identifying new, high yielding varieties of
Soya seeds. Besides this the company also carries out research &
development activities for developing various values added Soya based
health products.
2. The company associates with Soybean Processors Association of India
(SOPA) to make quality seeds available to the farmers.
3. Apart from the above, future R&D Plans of the Company shall consist
of reduction in Coal, Power and Hexane consumption per Ton of Raw
materials Processed by improving the production process and/or
expanding production capacity.
4. Expenditure on R&D.
Sr. PARTICULARS FINANCIAL YEAR
No. 2011-2012 2010-2011
Amount Amount
(Rs Lakh) (Rs Lakh)
I) Capital Nil Nil
ii) Recurring 0.061 0.060
iii) Total 0.061 0.060
iv) As % of turnover - -
B) TECHNOLOGYABSORTIION AND INNOVATION:
No technology has been imported by the Company as yet.
C) FOREIGN EXCHANGE EARNINGS & OUTGOINGS:
Sr. Earning/ Foreign Amount Amount in
No. Outgoings Currency Foreign Indian Rupees Remarks
Currency (in Lacs)
(a) Earnings USD 1004800 553.51 Export Sales
(a) Earnings Euro 26208 16.77 Export Sales
Total Earnings 570.28
(a) Outgoings USD 23713 12.10 GDR Issue
Expenses,
Travelling
Expenses,
Professional Fees
(b) Outgoings Euro 8929.20 5.99 GDR Issue
Expenses,
Travelling
Expenses,
Professional Fees
Total Outgoings 18.09
D) PARTICULARS OF EMPLOYEES :
During the year no employee whether employed for the whole year or part
of the year was drawing remuneration exceeding the limit as laid down
under section 217 (2A) of the Companies Act, 1956 read with the
companies (particulars of employees) Rules 1975 as amended.
E) PUBLIC DEPOSITS:
The Company has neither invited nor accepted any deposit during the
year within the meaning of section 58 (A) of the companies Act 1956
read with the companies (acceptance of deposit) Rules 1975.
F) AUDITORS:
The Auditors of the company M/S. V.N. Bhuwania & Co., Chartered
Accountants hold office until the conclusion of this Annual General
Meeting and being eligible offers themselves for reappointment. They
have furnished a certificate that their reappointment if made shall be
within the statutory limits specified in section 224( 1) of the
Companies Act, 1956
G) DIRECTOR'S RESPONSIBILITY STATEMENT :
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Director's Responsibilities Statement, it is
hereby confirmed.
(i) That in the preparation of the annual accounts for the financial
year ended 31 st March, 2012; the applicable accounting standards have
been followed along with proper explanation relating to material
departures.
(ii) That the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 the year under review.
(iii) That 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.
(iv) That the directors have prepared the accounts for the financial
year ended 31st March, 2012 on a 'going concern' basis.
H) AUDIT COMMITTEE :
The company has complied with the provisions of section 292A of the
Companies Act 1956 as regards formation of the Audit Committee. Its
composition and recommendations if any have been included in the report
of Corporate Governance which itself is a part of the Director's
Report.
I) DISCLOSURE AS PER SCHEDULE XIII OF THE COMPANIES ACT 1956:
The particulars of the remuneration paid to the directors of the
Company have been disclosed under the heading "Remuneration
Committee" which forms part of the Corporate Governance Report.
J) CORPORATE GOVERNANCE
The Company has been proactive in following the principles and practice
of good corporate governance. The company has taken adequate steps to
ensure that the conditions of corporate governance as stipulated in
Clause 49 of the Listing Agreement of the Stock Exchange are complied
with.
A separate statement on corporate governance is enclosed as a part of
the Annual Report along with the Auditor's Certificate on its
compliance.
K) RELATED PARTY DISCLOSURE:
Disclosure as required by the Accounting Standard-18"Related Party
Disclosure" is given in Note No. 43.
L) LISTING OF SHARES:
Shares of the company are listed on The Bombay Stock Exchange Limited.
Further During the financial year under review, shares are also listed
on National Stock exchange limited and available for trading with
effect from 12th December 2011.
The company has applied to both the stock exchange for listing of
1,36,00,000 equity shares of Rs.5/- each issued and allotted in March
2012 at a premium of Rs. 13/- per share upon conversion of 1,36,00,000
Equity share warrants (erstwhile 6800000 equity share warrants of Rs.
10/- each at a premium of Rs.26/- per share) and the application is
under process as on 31st March 2012.
The particulars of the name and address of the Stock Exchange is as
follows.
Sr. Name of the Stock Exchange where Address of the Listing Fees
No the shares of the company is listed.Stock Exchange
1. The Bombay Stock Exchange Limited P. J. Towers Paid for the
Dalai Street financial year
Mumbai - 400023 2012-13
2. The National Stock Exchange Limited Exchange Plaza, Paid for the
Bandra Kurla financial year
Complex, Bandra 2012-13
(E) Mumbai-400051
M) DEMATERILIZATION OF COMPANY'S SHARES :
Your company has provided the facility to its share holders for
dematerialization of their shareholding by entering into an agreement
with The National Securities Depository limited (NSDL) and Central
Depository Services (India) limited (CDSL). The ISIN number allotted to
the company is (INE904G01020). Further the Annual custodian charges for
the financial year 2012-13 have been paid to NSDL and CDSL.
N) ACKNOWLEDGEMENT:
Your Directors wish to thank and acknowledge the co-operation and the
assistance extended by the Government of India, Government of
Maharashtra, State Bank of India, Industrial Finance Branch Nagpur,
IDBI Wani, IDBI Dharampeth Branch Nagpur, Bank of India Corporate
Banking Branch Nagpur, Bank of Baroda, Karur Vysya Bank, and the
Shareholders.
Yours Directors also wish to place on record their deep sense of
appreciation for the dedicated services rendered by Executives, staff
and workers of the Company.
For and on behalf of the Board of Directors,
(A. N. LONKAR) Place : Nagpur.
Chairman & Managing Director Date : 30.05.2012
Mar 31, 2011
Dear members,
The Director's have pleasure in presenting the 19th Annual Report
together with the Audited Accounts of the Company for the year ended 31
st March 2011.
FINANCIAL RESULTS:
FINANCIAL YEAR (Rs. in Lacs)
PARTICULARS 2010-2011 2009 - 2010
Net Sales/Income from operations 42800.97 36716.81
Other Income 43.78 10.33
Total Expenditure 40312.13 34940.76
Interest 1077.54 538.94
Profit after interest but before
Depreciation and taxes 1455.08 1247.44
Depreciation 399.69 137.25
Provision for Taxation (Including
Deferred Tax) 341.02 241.37
Net profit After Current YearTax 714.37 868.92
Short Provision of Tax (Earlier Year) - 3.74
Net profit 714.37 865.08
Transfer of profit to General Reserve - -
Paid Up Capital 4116.44 2027.30
Reserves Excluding Revaluation Reserves 18627.30 5617.16
Earning Per Share (Basic) 3.24 3.54
Earning Per Share (Diluted) 2.87 2.95
Cash Earning Per share (Basic) 5.28 4.63
Cash Earning Per Share (Diluted) 4.67 3.85
Dividend - -
PERFORMANCE REVIEW:
During the year under review the company's net income from operations
is Rs 428.01 Crores as against Rs 367.17 Crores in the previous year.
Profit after interest but before depreciation and tax has increased
from Rs. 12.47 Crores in year 2009-10 to Rs.14.55 Crores in year
2010-11. Your company has been successful in maintaining steady
performance both in terms of sales and profitability during the year
under review.
DIVIDEND:
In view of the expansion program being currently undertaken by the
company, your directors did not recommend any dividend for the current
year under review.
DIRECTORS:
Mr. S.R. Khankhoje and Mr Vishnu Bhagade, the Directors of the company,
are liable to retire by rotation at the ensuing Annual General Meeting
and are being eligible, offers themselves for reappointment.
SUBSCRIPTION MONEY AGAINSTTHE ISSUE OF EQUITY SHARE WARRANTS :
Your Directors issued and allotted 58 Lacs Equity Share Warrants of Rs
10/- each at a premium of Rs.26/- per share warrants with a rights to
convert each share warrants into one equity share of Rs.10/- each at a
premium of Rs.26 per share to the promoters and persons other than
promoters on a preferential basis on 19th December 2009. On the date of
allotment the company had received 25% amount as subscription money and
the balance 75% was supposed to be received within a period of 18
months from the date of allotment.
During the financial year under review your company received balance
75% subscription aggregating to Rs. 15.66 crores. However the allotment
of 58 Lacs equity shares of the company is made on 30th April 2011. As
the allotment is made after 31 st March 2011, there is no impact on
capital of the company.
Further Your Directors issued and allotted 100 Lacs Equity Share
Warrants of Rs 10/- each at a premium of Rs.26/- per share warrants
with a rights to convert each share warrants into one equity share of
Rs.10/- each at a premium of Rs.26 per share to the promoters and
persons other than promoters on a preferential basis on 03.12.2010 On
the date of allotment the company had received 25% amount as
subscription money.
The aforesaid issue to promoters and the persons other than the
promoters on preferential basis is being made to finance the Expansion
plans, forward integration projects and for augmenting working capital
requirements of the Company.
The proceeds of the issue will be/is utilized for capital expenditure
of the proposed expansion plans, for meeting working capital
requirements of the company and also for general corporate purposes.
The details of amount received through the balance subscription money
and the utilization of funds till 31 st March 2011 is as under.
Sr* Details of funds received from preferential Amount in Rupee
No Allotment (lacs)
1 Funds From balance 75% subscription against the
allotment of 58 Lacs Equity Warrants of Rs.10/-
each at a premium of Rs.26/-
per share warrants Rs. 1566.00
2 Funds From 25% subscription against the allotment
of 100 Lacs Equity Warrants of Rs.10/- each at a
premium of Rs.26/- per share warrants Rs.900.00
Total Funds from Preferential Issue Rs. 2466.00
Sr. Amount in Rupee
Details of funds uti lzed
No. (Lacs)
1 Capital Expenditure on the Project Rs. 1045.20
2 General Corporate Purpose/Working Capital Rs.1420.80
Total Deployment of Funds Rs. 2466.00
ISSUE OF GLOBAL DEPOSITARY RECEIPTS (GDRs):
Pursuant to the approvals obtained by the company and in accordance
with the applicable law including the Foreign Currency Convertible
Bonds and Ordinary Shares (Through Depository Receipts Mechanism )
Scheme, 1993 as amended the Global Depository Receipts(GDR) Offer of
the company for 1044571 GDRs opened for subscription on 24.02.2011 at a
price of USD 30.63 per GDR representing 20 equity shares. The pricing
of the GDR as per the pricing formula prescribed under Clause 5(4)(D)
of the Foreign Currency Convertible Bonds and Ordinary Shares (Through
Depository Receipts Mechanism ) Scheme, 1993 as amended was Rs. 70 /-
per equity share and the relevant date for this purpose was 24.02.2011.
Upon opening the GDR issue for USD 31995209.73 was fully subscribed and
the company received USD 31995209.73 towards the subscription money.
Upon receipt of the subscription money, the Issue Committee at its
meeting held on 01.03.2011, issued and allotted 20891420 fully paid
equity shares @ Rs. 10/- each at a premium of Rs.60/- per share to the
Bank of New York Mellon (being the depository) in the lieu of the
Global Depository Receipts issued. The GDR's are listed at the
Luxembourg Stock Exchange.
The board intends to use the proceeds raised through the GDR issue for
future expansion, modernization of existing facilities, augmenting
working capital requirement, acquisition in India/abroad, investments
into subsidiary company, import of capital goods and other associated
cost and activities. On the balance sheet date the board has not yet
finalized the specific allocation for each area of activity in India
and Abroad. The proposed plans may result outlay in foreign currency.
The specific outlay in foreign currency and residual remittance of
proceeds in India cannot be quantified as on balance sheet date. The
proceeds received from the GDR issue are for the time being parked in
the form of Short Term Deposit with overseas bank. The fixed deposit is
initially recorded at the exchange rate prevalent on the date of
transaction and the same is translated according to the exchange rate
prevalent on the balance sheet date. The company has recognized the
resultant exchange rate difference in the "Foreign Currency Translation
Reserve A/c".
GDR Issue expenses : GDR issue expenses are adjusted against Securities
Premium in accordance with Section 78 of the Companies Act, 1956.
Security Premium Account: The security premium account is recorded at
the rate prevalent on the date of allotment of GDRs.
BUSINESS OUTLOOK:
Power Project : vour Directors have pleasure in informing that the
Co-generation captive power plant with a capacity of 10 MYV, which was
successfully commissioned during the last financial year, has now
commenced the commercial operation from 02.09.2010 Although the plant
was ready for commercial power generation the generation could not be
started from April 2010 as the MSEDCL has provided the power
transmission line in September 2010 for power evacuation.
During the financial year under review the sales revenue generated from
power plant represents only six months operations whereas the expenses
for the full financial year is charged to revenue in compliance with
the provisions of Companies Act and applicable accounting standards.
The company expects long term economy through the use of captive power
and steam in its overall operations.
Expansion Project: The Directors are pleased to inform you that the
company's expansion project of New Soya Solvent Extraction Plant & Oil
Refinery along with Lecithin plant and other value added products at
Taluka- Malkapur, Dist- Buldhana (M.S) is in full swing and the
commercial production is expected to start by June 2011.
Marketing and Brand Building : During the current year under review,
your Company has started selling of whole wheat chakki atta under the
Brand name "MEJWANI" in various pack size. Presently, in the first
phase the brand is launched in Vidarbha Region and would be launched in
the rest part of Maharashtra in the coming financial year. The company
is taking rigorous efforts in marketing and brand building of Refined
Soya oil and Atta. The refined oil brand "RASOYA" is now well
established in market and the proportion of branded oil sales is
increasing year after year through the strong distribution network. The
company has undertaken plan for extensive promotional, marketing and
brand building exercise through electronic and print media.
Incorporation of wholly owned subsidiary company at Sharjha FZE :
During the year your company has formed its wholly owned subsidiary
company at Free zone establishment Sharjha, UAE under the name "RPL
International Trade FZE" with an object to do trading in edible oil and
other soya value added products. The commercial activity of the
subsidiary company is expected to start from July 2011.
INSURANCE:
All the assets (Fixed/Current) of your Company are adequately insured.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS /OUTGOINGS:
Additional information in accordance with the provisions of 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 and forming part of the Director's Report:
1. CONSERVATION OF ENERGY:
a) The Company closely monitors energy-consuming equipment and makes
optimum use of steam by reusing the condensates from Solvent Plant for
Boiler. The measures taken above for reduction in energy consumption
are expected to bring about a saving in cost of production. Total
energy consumption per unit of production is as follows:
A) RESEARCH AND DEVELOPMENT:
1. The Company is keeping a close watch on activities conducted by
SOPA for developing and identifying new, high yielding varieties of
Soya seeds. Besides this the company also carries out research &
development activities for developing various Value added Soya based
health products.
2. The company associates with SOPA to make quality seeds available to
the farmers.
3. Apart from the above, future R&D Plans of the Company shall consist
of reduction in Coal, Power and Hexane consumption per Ton of Raw
materials Processed by improving the production process and/or
expanding production capacity.
4. Expenditure on R&D.
Sr FINANCIAL YEAR
(Rs. in Lacs)
PARTICULARS
No 2010-2011 2009 - 2010
1. Capital Nil Nil
2. Recurring 0.060 0.057
3. Total 0.060 0.057
4 As % of turnover - -
B) TECHNOLOGY ABSORPTION AND INNOVATION : No technology has been
imported by the Company as yet.
D) PARTICULARS OF EMPLOYEES :
During the year no employee whether employed for the whole year or part
of the year was drawing remuneration exceeding the limit as laid down
under section 217 (2A) of the Companies Act, 1956 read with the
companies (particulars of employees) Rules 1975 as amended.
E) PUBLIC DEPOSITS:
The Company has neither invited nor accepted any deposit during the
year within the meaning of section 58 (A) of the companies Act 1956
read with the companies (acceptance of deposit) Rules 1975.
F) AUDITORS:
The Auditors of the company M/S. V.N. Bhuwania & Co., Chartered
Accountants hold office until the conclusion of this Annual General
Meeting and being eligible offers themselves for reappointment. They
have furnished a certificate that their reappointment if made shall be
within the statutory limits specified in section 224(1) of the
CompaniesAct, 1956.
G) DIRECTOR'S RESPONSIBILITY STATEMENT :
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Director's Responsibilities Statement, it is
hereby confirmed.
(i) That in the preparation of the annual accounts for the financial
year ended 31 st March, 2011, the applicable accounting standards have
been followed along with proper explanation relating to material
departures.
(ii) That the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of tne state
of affairs of the Company at the end of the financial year and of the
profit or loss of the Company for the year under review.
(iii) That 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.
(iv) That the directors have prepared the accounts for the financial
year ended 31st March, 2011 on a 'going concern' basis.
H) AUDIT COMMITTEE
The company has complied with the provisions of section 292Aof the
CompaniesAct 1956 as regards formation of the Audit Committee. Its
composition and recommendations if any have been included in the report
of Corporate Governance which itself is a part of the Director's
Report.
I) DISCLOSUREASPERSCHEDULEXIIIOFTHECOMPANIESACT1956
The particulars of the remuneration paid to the directors of the
Company have been disclosed under the heading "Remuneration Committee"
which forms part of the Corporate Governance Report.
J) CORPORATE GOVERNANCE
The Company has been proactive in following the principles and practice
of good corporate governance. The company has taken adequate steps to
ensure that the conditions of corporate governance as stipulated in
Clause 49 of the Listing Agreement of the Stock Exchange are complied
with.
A separate statement on corporate governance is enclosed as a part of
the Annual Report along with the Auditor's Certificate on its
compliance.
K) RELATED PARTY DISCLOSURE
Disclosure as required by the Accounting Standard-18"Related Party
Disclosure" is given in Schedule "1" (Point No. 14) Notes to Accounts.
L) LISTING OF SHARES
During the year the company listed 20891420 number oi' equity shares
representing 1044571 number of Global Depositary Receipts Subsequent to
the allotment the total paid up share capital of the company now listed
or. Bombav Stock Exchange is Rs, 411643900 represented by 41164390
Equity shares of Rs.10/- each The Shares of thr company continue to De
listed on The Bomoay Stock Exchange Limited. Listing fees for the
financial year 2011 -12 has been paid to the Bombay Stock Exchange
limited in advance. The particulars of the name and address of tne
Stock Exchange is as follows.
Sr. Name of the Stock Exchange
where Address of the
No. the shares of the company
is listed Stock Exchange Listing Fees
1. The Bombay Stock Exchange
Limited P.J. Towers Daial
Street Paid for the
financial
Mumbai - 400023 year 2011-12
M) DEMATERILIZATION OF COMPANY'S SHARES
Your company has provided the facility to its share holders for
dematerialization of their shareholding by entering into an agreement
with The National Securities Depository limited (NSDL) and Central
Depository Services (India) limited (CDSL). The ISIN number allotted to
the company is (INE904G01012). Further the Annual custodian charges for
the financial year 2011 -12 have been paid to NSDL and CDSL.
N) ACKNOWLEDGEMENT
Your Directors wish to thank and acknowledge the co-operation and the
assistance extended by the Government of India, Government of
Maharashtra, State Bank of India, Industrial Finance Branch Nagpur,
IDBI Wani, IDBI Dharampeth Branch Nagpur, Bank of India Corporate
Banking Branch Nagpur, Bank of Baroda, Karur Vysya Bank, Technology
Development Board, New Delhi; Ministry of food processing Industry and
the Shareholders.
Yours Directors also wish to place on record their deep sense of
appreciation for the dedicated services rendered by Executives, staff
and workers of the Company.
For and on behalf of the Board of Directors of
Rasoya Proteins Ltd.,
Place: Nagpur (A.N.LONKAR)
Date: 30th May 2011 Chairman & Managing Director
Mar 31, 2010
The Directors have pleasure in presenting the 18th Annual Report
together with the Audited Accounts of the Company for the year ended 31
st March 2010.
FINANCIAL RESULTS :
FINANCIAL YEAR (Rs. in Lacs)
PARTICULARS 2009 - 2010 2008 - 2009
Net Sales/Income from operations 37005.06 28833.40
Other Income 10.33 37.25
Total Expenditure 35767.95 27226.91
Interest 393.32 559.31
Profit after interest but before
Depreciation and taxes 1247.40 1084.43
Depreciation 233.40 130.46
Provision for Taxation (Including
Deferred Tax and FBT) 241.38 226.30
Net profit After Current Year Tax 772.66 727.67
Short Provision of Tax (Earlier Year) 3.74 137.39
Net profit 768.92 590.28
Transfer of profit to General Reserve 0.00 0.00
Paid Up Capital 2027.30 1357.30
Reserves Excluding Revaluation Reserves 5617.16 3108.04
Earning Per Share (Basic) 3.54 4.35
Earning Per Share (Diluted) 2.95 4.35
Cash Earning Per share (Basic) 4.63 5.31
Cash Earning Per Share (Diluted) 3.85 5.31
Dividend Nil 10.00%
PERFORMANCE REVIEW:
During the year under review the company achieved turnover of Rs 370.05
Crores as against Rs 288.33 Crores in the previous year. Profit after
interest but before depreciation and tax has increased from Rs. 10.84
Crores in year 2008-09 to Rs. 12.47 Crores in year 2009-10. Your
company has been successful in maintaining steady performance both in
terms of sales and profitability during the year under review.
DIVIDEND:
The company has launched further expansion programme, broadly discussed
under "Future Outlook", for solvent extraction and vegetable oil
refinery at Malkapur Dist. Buldhana (MS) and as such the Directors did
not recommend any dividend for the current year under review.
CHANGE IN COMPOSITION OF THE BOARD OF DIRECTORS:
Your Directors propose to appoint Mr. P. D. Mujumdar as an Independent
non Executive Director and also propose to appoint Mr. Sameer Damle as
an Executive Director of the company in the forthcoming Annual General
Meeting of the company.
PREFERENTIAL ALLOTEMENT
Your Directors issued and allotted 67 Lacs Equity Shares of Rs 10/-
each at a premium of Rs.26/- per share and 58 Lacs Equity Share
Warrants of Rs 10/- each at a premium of Rs.26/- per share warrants
with a rights to convert each share warrants into one equity share of
Rs. 10/- each at a premium of Rs.26 per share to the promoters and
persons other than promoters on a preferential basis on 19th December
2009.
Subsequent to the allotment, the share capital of the company stands
increased as at 31st March 2010 to Rs.2027.30 Lacs represented by
2,02,72,970 Equity shares of Rs. 10/- each. The newly issued shares
have been listed on Bombay Stock Exchange.
The aforesaid issue to promoters and the persons other than promoters
on preferential basis is being made to finance the Expansion plans,
forward integration projects and for augmenting working capital
requirements of the Company.
The proceeds of the issue will be/is utilized for initial capital
expenditure of the proposed expansion plans, for meeting working
capital requirements of the company and also for general corporate
purposes. The details of amount received through preferential allotment
and the utilization of funds till 31 st March 2010 is as under.
Sr. Amount in Rupee
No. Details of funds received from
preferential Allotment Remarks (Lacs)
1 Funds From allotment of 67 Lakh
Equity Shares of Rs.10/- each
at a premium of Rs.26/- per share Rs. 2412.00
2 Funds From allotment of 58 Lacs
Equity Warrants 25% of
of Rs. 10/- each at a premium
of Rs.26/- Rs. 2088.00
per share warrants Lacs is Received Rs.522.00
Total Funds from Preferential Issue Rs. 2934.00
Sr. Amount in Rupee
No Details of funds utilized Remarks (Lacs)
1 Total Expenditure incurred on
the projects including Land,
Building, Plant and Machineries,
Advances to suppliers and
Preliminary Expenses and Project
Appraisal Rs. 1430.21
2 Deployment in Working Capital Rs. 1503.79
Total Deployment of Funds Rs. 2934.00
DIRECTORS:
Mr. Ashok Deshpande, the Director of the company, is liable to retire
by rotation at the ensuing Annual General Meeting and being eligible,
offers himself for reappointment.
BUSINESS OUTLOOK:
Expansion Project: The Directors are pleased to inform you that the
company is expanding its soya processing capacities by setting up a new
soya solvent extraction plant & oil refinery along with Lecithin plant
and other value added products. The plant will be located at Taluka-
Malkapur, Dist- Buldhana (M.S) and will have crushing capacity of 1000
TPD with refining capacity of 150 TPD. The plant will be based on the
latest technology available in the industry and will commence
commercial production by April 2011. With expansion the company intends
to strengthen its position in export market for De-oiled Cake and
enhance the market share in domestic edible oil market.
Power Project: Your Directors have pleasure in informing that the
Co-generation captive power plant with a capacity of 10 MW is
successfully commissioned during the year and the Plant is ready to
generate 10 MW power. For power transmission MSEDCL has allotted the
Substation at Wani and the Power transmission line from companys power
project to the MSEDCL substation at Wani is also complete in all
respects. The company has received all requisite approvals/ sanctions
from various Government Agencies for generation and distribution of
power.
As informed earlier the company has entered into Power Purchase
Agreement with TATA Power Trading Company Mumbai for power sale of 7.5
MW and the remaining 2.5 MW shall be consumed as captive consumption.
The grid transmission from substation to Main grid is ready except for
Railway crossing which is being done by MSEDCL. We are hopeful that the
work will be completed by end of May 2010. Once the ROB Work is over
company can immediately start the power generation and evacuate the
power through the transmission line.
Marketing and Brand Building: Your Company has taken rigorous efforts
in marketing and brand building of Refined Soya oil under the brand
name "RASOYA". The refining process has also been improved
significantly to produce best and consistent quality of refined oil.
With consistent efforts in marketing and brand building coupled with
maintaining high quality, your companys market share in soya edible
oil segment has increased considerably giving better margins to your
company.
Proposed Cotton Spinning Unit: Your directors have dropped the
diversification project of 100% cotton spinning unit proposed earlier
to be set up in Yavatmal district in view of discouraging scenario in
domestic as well as international Textile Sector.
INSURANCE:
All the assets (Fixed/Current) of your Company are adequately insured.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS /OUTGOINGS:
Additional information in accordance with the provisions of Section 217
(l)(e) of the Companies Act, 1956, read with the Companies (Disclosure
of particulars in the Report of Board of Directors) Rules, 1988 and
forming part of the Directors Report:
1. CONSERVATION OF ENERGY:
a) The Company closely monitors energy-consuming equipment and makes
optimum use of steam by reusing the condensates from Solvent Plant for
Boiler. The measures taken above for reduction in energy consumption
are expected to bring about a saving in cost of production. Total
energy consumption per unit of production is as follows:
"FORM A"
Form for Disclosure of Particulars with respect to Conservation of
energy
A) POWER AND FUEL CONSUMPTION
Sr FINANCIAL YEAR
No PARTICULARS 2009-2010 2008-2009
1 Electricity
a) Purchased units (K.W.H). 65481 Units 5482349 Units
Total amount (Rs). Rs. 30368903 Rs. 24780505
Rate (Rs./Unit). Rs. 5.15 Per Unit Rs.4.52 Per Unit
b) Own Generation Nil Nil
2 Coal for generation of steam
(Usage in Boiler) Quality of Coal used:
"STEAM & ROM"Quantity (in MT). 13586.320 11150.120
Total Cost (Rs.). Rs. 34834855.24 Rs. 34298315.91
Average Rate (Rs. /MT). Rs. 2563.97 /Mt. Rs.3076.049 /Mt.
B) CONSUMPTION PER TON OF RAW MATERIALS PROCESSED (OIL SEEDS PROCESSED)
Sr FINANCIAL YEAR
No. PARTICULARS 2009 - 2010 2008 - 2009
Weight in Mt. (seed Crushing) 135195.755Mt 120897.537Mt
1. Electricity
(Units per MT of Input) 43.39 units per Mt 45.34 units per Mt
of seed crushing of seed crushing
2. Coal/Fuel Consumption
(In MT per MT of Input) 0.100 Mt 0.092 Mt
per Mt of crushing per Mt of crushing
"FORMB" Form for disclosure of particulars in respect of
Technology/Absorption, Adaptation and Innovation.
A) RESEARCH AND DEVELOPMENT:
1. The Company is keeping a close watch on activities conducted by
SOPA for developing and identifying new, high yielding varieties of
Soya seeds. Besides this the company also carries out research &
development activities for developing various Value added Soya based
health products.
2. The company associates with SOPA to make quality seeds available to
the farmers.
3. Apart from the above, future R&D Plans of the Company shall consist
of reduction in Coal, Power and Hexane consumption per Ton of Raw
materials Processed by improving the production process and/or
expanding production capacity.
4. Expenditure on R&D.
Sr FINANCIAL YEAR (Rs. in Lacs)
No PARTICULARS 2009 - 2010 2008 - 2009
1. Capital Nil Nil
2. Recurring 0.057 0.028
3. Total 0.057 0.028
4. As % of turnover - -
B) TECHNOLOGY ABSORPTION AND INNOVATION : No technology has been
imported by the Company as yet.
D) PARTICULARS OF EMPLOYEES :
During the year no employee whether employed for the whole year or part
of the year was drawing remuneration exceeding the limit as laid down
under section 217 (2A) of the Companies Act, 1956 read with the
companies (particulars of employees) Rules 1975 as amended.
E) PUBLIC DEPOSITS :
The Company has neither invited nor accepted any deposit during the
year within the meaning of section 58 (A) of the companies Act 1956
read with the companies (acceptance of deposit) Rules 1975.
F) AUDITORS:
The Auditors of the company M/S. V.N. Bhuwania & Co., Chartered
Accountants hold office until the conclusion of this Annual General
Meeting and being eligible offers themselves for reappointment. They
have furnished a certificate that their reappointment if made shall be
within the statutory limits specified in section 224(1) of the
Companies Act, 1956.
G) DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors Responsibilities Statement, it is
hereby confirmed.
(i) That in the preparation of the annual accounts for the financial
year ended 31st March, 2010, the applicable accounting standards have
been followed along with proper explanation relating to material
departures.
(ii) That the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 the year under review.
(iii) That 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.
(iv) That the directors have prepared the accounts for the financial
year ended 31 st March, 2010 on a going concern basis.
H) AUDIT COMMITTEE
The company has complied with the provisions of section 292A of the
Companies Act 1956 as regards formation of the Audit Committee. Its
composition and recommendations if any have been included in the report
of Corporate Governance which itself is a part of the Directors
Report.
I) DISCLOSURE AS PER SCHEDULE XIII OF THE COMPANIES ACT 1956
The particulars of the remuneration paid to the directors of the
Company have been disclosed under the heading "Remuneration Committee"
which forms part of the Corporate Governance Report.
J) CORPORATE GOVERNANCE
The Company has been proactive in following the principles and practice
of good corporate governance. The company has taken adequate steps to
ensure that the conditions of corporate governance as stipulated in
Clause 49 of the Listing Agreement of the Stock Exchange are complied
with.
A separate statement on corporate governance is enclosed as a part of
the Annual Report along with the Auditors Certificate on its
compliance.
K) RELATED PARTY DISCLOSURE
Disclosure as required by the Accounting Standard-18"Related Party
Disclosure" is given in Schedule "W" (Point No. 13) Notes to Accounts.
L) LISTING OF SHARES
During the year the company listed additional 67 Lacs equity shares of
the company issued to the promoters and the persons other than
promoters on preferential basis. Subsequent to the allotment the total
share capital of the company now listed on Bombay Stock Exchange is
Rs.2027.30 Lacs represented by 2,02,72,970 Equity shares of Rs. 10/-
each.
The Shares of the company continue to be listed on The Bombay Stock
Exchange Limited. Listing fees for the financial year 2010-11 has been
paid to the Bombay Stock Exchange limited in advance. The particulars
of the name and address of the Stock Exchange is as follows.
Sr. Name of the Stock Exchange where Address of the Listing fees
No. the shares of the company is listed. Stock Exchange
1. The Bombay Stock Exchange Limited P.J. Towers Paid for
Dalal Street the financial
Mumbai - 400023 year 2010-11
M) DEMATERILIZATION OF COMPANYS SHARES
Your company has provided the facility to its share holders for
dematerialization of their shareholding by entering into an agreement
with The National Securities Depository limited (NSDL) and Central
Depository Services (India) limited (CDSL). The ISIN number allotted to
the company is (INE904G01012). Further the Annual custodian charges for
the financial year 2010-11 have been paid to NSDL and CDSL.
N) ACKNOWLEDGEMENT
Your Directors wish to thank and acknowledge the co-operation and the
assistance extended by the Government of India, Government of
Maharashtra, State Bank of India, Industrial Finance Branch Nagpur,
IDBI Wani, IDBI Dharampeth Branch Nagpur, Bank of India Corporate
Banking Branch Nagpur, Bank of Baroda, Karur Vysya Bank, Technology
Development Board, New Delhi; Ministry of food processing Industry and
the Shareholders.
Yours Directors also wish to place on record their deep sense of
appreciation for the dedicated services rendered by Executives, staff
and workers of the Company.
For and on behalf of the Board of Directors of
Rasoya Proteins Ltd.,
Place: Nagpur (A.N. LONKAR)
Date: 14th May 2010 Managing Director
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