Directors Report of Triveni Glass Ltd.
Mar 31, 2016
Dear Stakeholders,
The Board of Directors of Your Company hereby present the 45th Annual Report for the Financial Year ended on 31st March 2016 together with the Audited Statement of Accounts for the said Financial Year.
FINANCIAL RESULTS
Financial summary for the Year ended on 31st march 2016 is given below:
(Figs in Rs. Lacs)
|
PARAMETERS |
F.Y. 2015-16 |
F.Y. 2014-15 |
|
Net Income from operations |
5678.75 |
4530.40 |
|
Other Income |
355.71 |
562.30 |
|
Total Income |
6034.46 |
5092.70 |
|
Expenditure |
5211.22 |
5616.40 |
|
PBIDT |
823.24 |
( 523.70) |
|
Depreciation |
72.06 |
492.22 |
|
Interest |
346.88 |
260.71 |
|
Net Profit / Loss |
404.30 |
(1276.63) |
|
Extra ordinary Items (Exchange Rate Fluctuation) |
81 |
700 |
|
Net profit from ordinary Activities |
485.30 |
(576.63) |
|
EPS |
3.85 |
(4.57) |
Financial Performance
The Financial performance of the company during the reporting period has improved over the previous year considering that 2nd plant of the company at Rajahmundry came into production only on 7th of February, 2016. The Gross revenue from operations was 5678.75 lacs as compared to Rs. 4530.40 lacs achieved during the previous year. The overall operations of the plant were satisfactory as the yield achieved was much better than last year. The company was able to sell its full production and therefore achieved a sales volume of 135.14 lacs square meters on 1 MM basis as against sales of 119.80 lacs square meters last year.
Against a net loss of Rs. 576.63 lacs during last year, the company was able to turn around and make a profit of Rs. 485.30 lacs mainly on account of higher yield and better sales realization. The overall market demand has been robust and it is expected to remain the same during 2016-17, therefore the management is hopeful that with two plants running, it will be able to achieve a substantial jump in the sales turnover during 2016-17. The exports during the year were Rs. 177.30 lacs as against last year exports of Rs. 173.20 lacs. This area is being given priority as export realization is higher than domestic realization. The trading activity of company did not pick up as the market is over supplied. Here also the company is exploring the market to import special products which are in demand.
PRODUCTION & SALES Production
The production figures for the Financial Year is as follows (Figure in Lac Sq. mtr.)
|
Product |
Location |
Financial Year 2016 |
Financial Year 2015 |
|
Figured & Wired Glass |
Rajahmundry |
134.36 |
112.80 |
The production during the year has been 19% higher than last year though Plant 1 was closed for most part of the year and started production only in February, 2016.
Sales
The sales during the year were good as the company was able to sell its full production and also liquidate part of the stocks, however the exports during the year remains more or less the same as last year due to robust domestic demand.
(Figures in lacs Sq. Mtr)
|
Product |
Financial Year-2016 |
Financial Year-2015 |
|
Sheet and Float Glass |
- |
- |
|
Figured & Wired Glass |
135.14 |
119.80 |
CAPITAL EXPENDITURE:
The Company incurred Capital Expenditure of Rs 129.23 lacs during the year which was mainly on account of setting up of the Pet Coke Plant and the Desulphurization plant as an alternate source of fuel as the supply of natural gas is not adequate to run both the plants. The cost of Pet coke fuel is low and will thus help in substantial cost saving for the company.
COST REDUCTION & PRODUCTIVITY IMPROVEMENT
Your Company has in place appropriate systems to monitor cost incurred in different areas of operation. Several initiatives have been taken to further reduce cost at all level of operation at Companyâs Rajahmundry Plant wherein significant savings in Manpower and energy costs have been achieved.
CAPITAL STRUCTURE
The Authorized Share Capital of the Company is Rs. 200,000,000 and Subscribed & Paid up share capital is Rs. 126,288,000. There was no change in the share capital made during the year under review.
PUBLIC DEPOSITS
The Company has not accepted any public deposits and as such, no amount on account of principal or interest on public deposits was outstanding as on the date of the balance sheet.
ANNUAL RETURN
Information pursuant to Section 134 (3) (a) of the Companies Act, 2013, the extract of Annual Return in Form -MGT-9 as provided under sub - section (3) of Section 92 is given in the Annexure 1 to this Report.
DIRECTORSâ & MEETINGS
Information pursuant to Section 134 (3) (b) of the Companies Act, 2013, the Board of Directors at present consists of Mr. Jitendra Kumar Agrawal, Managing Director, Mr. Anil Kumar Dhawan Director (Finance) and Independent Directors namely Mr. Peeyush Kumar Kesharwani and Mrs Jyoti Agarwal. The details of Meetings of the Company held in the year are given in Corporate Governance Compliance Report.
DIRECTORSâ RESPONSIBILITY STATEMENT
As required under section 134 (3) (c) of the Companies Act, 2013 regarding the Directorsâ Responsibility Statement, it is hereby stated:
i. In the preparation of annual accounts for the financial year ended March 31, 2016, the applicable accounting standards have been followed along with proper explanation relating to material departures.
ii. The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year ended on March 31st 2016 and of the profit or loss of the Company for that period.
iii. 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.
iv. The Directors have prepared the annual accounts on a going concern basis.
STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS
Statement pursuant to Section 134 (3) (d) of the Companies Act 2013 read with section 149 (6) of Companies Act 2013 is given in the Annexure 2& 3 to this Report.
COMPANYâS POLICY ON DIRECTORâS APPOINTMENT & REMUNERATION
Information pursuant to Section 134 (3) (e) of the Companies Act, 2013 read with subsection (3) of Section 178 is given under Corporate Governance Compliance Report.
AUDITORS &AUDITORSâ REPORT
The Auditors, M/s. Amit Ray & Co., Chartered Accountants, the existing statutory Auditors of the Company retire at the forthcoming, Annual General Meeting and being eligible, offer themselves for reappointment. The said Auditors have given consent for the appointment furnished the Certificate of their eligibility for re-appointment. Pursuant to the provisions of section 139 of the Companies Act, 2013 and the Rules framed there under, it is proposed to appoint Amit Ray & Co. as statutory auditors of the Company from the conclusion of the forthcoming AGM till the conclusion of next .
Cost Auditor''s details
The Central Government has approved the appointment of M/s Shishir Jaiswal & Co. Cost Accountants as Cost Auditors for conducting Cost Audit of the Company for the Financial Year 2015-16. The due date for filing the Cost Audit Reports for the Financial Year ended 31st March, 2016 is 30th December 2016.
The due date for filing the Cost Audit Report of the Company for the Financial Year ended 31st March, 2015 was 30th December,2015 and the Cost Audit Report was filed by the Cost Auditor M/s Shishir Jaiswal & Co Cost Accountants, on 27thFebruary 2016 in XBRL Mode as mandated by the Ministry of Corporate Affairs vide their circular no. 8/2012 dated 10th May, 2012.
SECRETARIAL AUDITORS
The Board of Directors of the Company have appointed Mr. Samarendra Roy, Practicing Company Secretary , as the Secretarial Auditor of the Company for the financial year 2015-16, in terms of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014. The Report of the Secretarial Audit is annexed herewith as Annexure 4 and forms an integral part of this Report. The comments mentioned in Secretarial Audit Report are self-explanatory.
RELATED PARTY TRANSACTIONS
Information pursuant to Section 134 (3) (h) of the Companies Act, 2013, read with Rule 8 of Companies (Accounts) Rule, 2014 is given in the Annexure 5 to this Report.
CORPORATE
Information pursuant to Section 134 (3) (i) of the Companies Act, 2013, the status of companyâs affairs are given below:
NOTICES & APPEALS Appeals
As informed to the members that the Company is before BIFR for rehabilitation and as part of rehabilitation scheme it was proposed to sell the Allahabad plant so as to settle the dues of the workers and Institutions and Bankers from the Sale proceeds of the plant. BIFR set up an Asset Sale Committee and made IDBI Bank, New Delhi as the operating Agency to take the sale process forward but for some reasons the sale of Allahabad plant could not materialize, in the meantime BIFR took a view that as there is no progress in the case, they ordered for winding up of the company. The Company being aggrieved filed an appeal before AAIFR to restrain BIFR from winding up of the company and subsequently the company filed an appeal for being delisted from BIFR, however as SASF withdraw the OTS package, the company could not get itself delisted from BIFR. Now the company has entered into a fresh OTS with SASF and payments are being made accordingly. In the meantime, the company has settled most of the dues of SBI and is making regular payments to Canara Bank so as to clear their dues by May, 2016. Also dues of more than 90% of the workers have been settled.
Debt Restructuring
During the year, a number of requests were made to SASF requesting them to give the company another chance to repay their dues by reinstating the earlier OTS package of October 2013 wherein a sum of Rs. 2400 Lacs was due by the company. The Board is pleased to inform the shareholders that SASF has ultimately sanctioned a OTS package for Rs. 3000 lacs as per their letter dated 05.01.2016. However as the same was not in conformity with the proposal of the company made to SASF, we have requested them to review the OTS package in line with our proposal. In the meantime, the company has made payment of Rs. 300 Lac in March, 2016 and proposed to make regular installment payments from April 2016. We have also given the assurance that as soon as we get a suitable buyer for the Allahabad property, we shall clear their full dues immediately. SASF in-principal have allowed us time to make the payment in installments, though their formal consent is awaited.
STATE BANK OF INDIA
As informed to the shareholders earlier that the principle amount due to State Bank of India under the OTS had been paid to them earlier and only the interest amount of Rs. 247 lacs remained due as on 31.03.2015, against which the company has made major payment during the current year and requested State Bank of India to waive off some portion of the balance interest dues which the Bank vide their note dated 29.03.2016 have agreed to waive off a sum of Rs. 41 Lacs & given a net demand of Rs. 135 lacs against which the company has made payment of Rs. 95 lacs in March 2016 and given the assurance to clear the balance amount of Rs. 40 Lacs in April 2016 which has since been paid and NOC obtained.
CANARA BANK
As mentioned earlier, a OTS settlement Rs. 610 lacs had been arrived at with them and after the down payment, the balance amount of Rs.486 Lacs had to be paid in six equal installments ending in May 2016. Accordingly regular installment payments have been made to them and as on 31.03.2016, only two installments amounting to Rs. 135 lacs remained to be paid.These have since been paid and NOC obtained.
HUMAN RELATIONS
The Human relations of the company at Rajahmundry unit remained cordial during the year.
ENVIRONMENT AND SAFETY
A lot of emphasis is placed on occupational, environment, health and safety of the employees of the Company. Several steps have been taken to conserve water by recycling it into useful purposes. A much greener environment has been created by using waste water and only those plants have been planted which make the environment clean and dust free. The Company recognizes employeesâ safety and is always inclined to improve on such standards.
GREEN INITIATIVE IN THE CORPORATE GOVERNANCE
In view of the ''Green Initiative in Corporate Governance'' introduced by the Ministry of Corporate Affairs vide its circular no. 17/2011 dated 21st April 2011, all shareholders of the Company are requested to register their e-mail IDs with the Company, so as to enable the company to send all notices/ reports/documents/ intimations and other correspondences etc. through e-mails, in the electronic mode instead of receiving physical copies of the same.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review, as stipulated under Listing Regulation with stock exchanges in India, is presented in a separate section forming part of the Annual Report.
CORPORATE GOVERNANCE
As required under Chapter IV and Schedule V of the SEBI (Listing Obligations& Disclosure Requirements), Regulations 2015 with the Stock Exchanges, Corporate Governance as well as the Statutory Auditorsâ Certificate regarding compliance of conditions of Corporate Governance forms part of the Annual Report.
Your Company has always practiced sound corporate governance and takes necessary actions at appropriate times for meeting stakeholdersâ expectations while continuing to comply with the mandatory provisions of corporate governance and it has been endeavor of your company to follow and implement the best practices in corporate governance, in letter and spirit.
APPRECIATION
Directors wish to place on record their deep thanks and gratitude to;
a) The Central and the State Government as well as their respective Departments and Development Authorities connected with the business of the Company, the Bankers of the Company as well as other Institutions for their co-operation and continued support.
b) The Shareholders, Suppliers and the Contractors for the trust and confidence reposed and to the Customers for their valued patronage.
c) The Board also takes this opportunity to express its sincere appreciation for the efforts put in by the officers and employees at all levels in achieving the results and hopes that they would continue their sincere and dedicated endeavor towards attainment of better working results during the current year.
RESERVE & SURPLUS
Information pursuant to Section 134 (3) (j) of the Companies Act, 2013 is that the Company has earned the profit during the current year of Rs 485.30 lacs as a result the accumulated losses of the company decreased from Rs 11494.31 lacs to 11009.01 lacs at the end of the year 31.03.2016.Captal Reserves of the company stood a Rs 221.86 lacs and Security Premium Account was Rs 4408.75 lacs.
DIVIDEND
Information pursuant to Section 134 (3) (k) of the Companies Act, 2013, in the view of huge accumulated losses in the balance sheet of your company and considering the fact that the company is in the stage of recovery from a sick company your directors are not in a position to recommend any dividend for the financial year ending March 2016.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
Information pursuant to Section 134 (3) (m) of the Companies Act, 2013, read with Rule 8 of Companies (Accounts) Rule, 2014 is given in the Annexure 6 to this Report.
RISK MANAGEMENT POLICY
Information pursuant to Section 134 (3) (n) of the Companies Act, 2013 is given in the Annexure 7 to this Report
CSR REPORT
Information pursuant to Section 134 (3) (o) of the Companies Act, 2013, read with Rule 8 of Companies (Accounts) Rule, 2014 is given in the Annexure 8 to this Report
Regd. Off: 1, Kanpur Road By order of The Board of Directors of Triveni Glass Limited
Allahabad - 211001 (U.P.) Sd/-
Place: Allahabad J.K. Agrawal
Date: 26.07.2016 Managing Director
DIN: 00452816
Mar 31, 2015
Dear Members,
The Board of Directors of Your Company hereby present 44th Annual
Report for the Financial Year ended on 31st March 2015 together with
the Audited Statement of Accounts for the said Financial Year.
FINANCIAL RESULTS
Financial summary for the Financial Year ended on 31st march 2015 is
given below:
(Figs in Rs. Lacs)
PARAMETERS F.Y. 2014-2015 F.Y. 2013-2014
Net Income from operations 4530.40 5181.29
Other Income 562.30 45.72
Total Income 5092.70 5227.01
Expenditure 5616.40 4272.88
PBIDT ( 523.70) 954.13
Depreciation 492.22 149.13
Interest 260.71 132.68
Net Profit / Loss (1276.63) 672.32
Exceptional Items (Exchange 700 5.49
Rate Fluctuation)
Net profit from ordinary Activities (576.63) 666.83
EPS (4.57) 5.28
Financial Performance
The Financial Performance of the company during the period under
reporting was not too good specially on account of the fact that only
one plant was in operation throughout the year as the second plant
could not be operated due to non availability of gas. As a result the
revenue from operations fell from Rs 5181.29 lacs to Rs 4530.40 lacs
during the current year. The overall operation of the plant was
satisfactory as it achieved a yield of nearly 80% during the year much
of it was contributed by the high yield of 86.01% achieved during the
last quarter of the financial year. The company was able to liquidate
substantial portion of its stocks and thereafter achieved a sales
volume of Rs 119.77 lacs square meter on 1 MM basis against production
of Rs 112.83 lacs square meter.
Against a net profit of Rs 666.83 lacs made last year there is a loss of
Rs 576.63 lacs during the current financial year mainly on account of
additional fuel bill of nearly Rs 400 lacs during the period October,
November and 1st week of December 2014 wherein there was no gas supply
to the plant from GAIL and hence company had to procure furnace oil at
market rates. This also affected the productivity during the quarter.
Besides the above there has been major increase in cost of Rs 343 lacs
on account of depreciation charged for the current year due to changes
in the mode of calculating depreciation as per the provisions of
Companies Act 2013. There was a further impact on account of reduction
in inventories of Rs 382 lacs while last year the same had increased by
Rs 583 lacs. Due to slackness of demand during the first and second
quarter of the year and also on account of slight decline in market
prices the realization was poor in the first two quarters but the same
picked up in the later part of the year and the company finished the
year with good realization. The exports during the year were Rs 173.22
lacs as compared to Rs 232.22 lacs in the previous year. The company did
not import any further material for trading due to the past bad
experience and only tried to sell the stocks in hand and was successful
in selling glass worth Rs 11.64 lacs during the year.
PRODUCTION & SALES
Production
The production figures for the Financial Year is as follows
(Figure in Lac Sq. mtr.)
Product Location Financial Year 2015
Figured & Wired Glass Rajahmundry 56.40
Product Financial Year 2014
Figured & Wired Glass 67.01
The production during the year was much lower than last year due to
operation of only one plant during the year. The Plant No 1 remain
closed for most parts of the year however due to better capacity
utilization and better yield the production level during the year was
reasonable. The company could not restart new plant due to shortage of
natural gas.
Sales
The sales during the year were good as the company besides being able
to sell the full production was able to liquidate substantial quantity
of stocks, however the export sales were lower due to lack of export
orders.
(Figures in lacs Sq. Mtr)
Product Financial Year-2015 Financial Year-2014
Sheet and Float Glass - -
Figured & Wired Glass 59.90 62.70
CAPITAL EXPENDITURE:
The Company incurred Capital Expenditure of Rs 218.08 lacs during the
year which was mainly on account of certain additions to the sand and
finished goods godown and capitalization of civil expense on Allahabad
plant on account of mirror plant which was not capitalize earlier as
the Plant and machinery was not installed.
COST REDUCTION & PRODUCTIVITY IMPROVEMENT
Your Company has in place appropriate systems to monitor cost incurred
in different areas of operation. Several initiatives have been taken
to further reduce cost at all level of operation at Company's
Rajahmundry Plant wherein significant savings in Manpower and energy
costs have been achieved.
CAPITAL STRUCTURE
The Authorised Share Capital of the Company is Rs. 200000000 and
Subscribed & Paid up share capital is Rs. 126290000. There was no
change in the share capital made during the year under review.
PUBLIC DEPOSITS
The Company has not accepted any public deposits and as such, no amount
on account of principal or interest on public deposits was outstanding
as on the date of the balance sheet.
ANNUAL RETURN
Information pursuant to Section 134 (3) (a) of the Companies Act, 2013,
the extract of Annual Return as provided under sub - section (3) of
Section 92 is given in the Annexure 1 to this Report.
DIRECTORS & MEETINGS
Information pursuant to Section 134 (3) (b) of the Companies Act, 2013,
the Board of Directors at present consists of Mr. Jitendra Kumar
Agrawal, Managing Director, Mr. Anil Kumar Dhawan Director (Finance)
and Independent Directors namely Mr. Peeyush Kumar Kesharwani and Mrs
Jyoti Agarwal. The details of Meetings of the Company held in the year
are given in Corporate Governance Compliance Report
DIRECTORS' RESPONSIBILITY STATEMENT
As required under section 134 (3) (c) of the Companies Act, 2013
regarding the Directors' Responsibility Statement, it is hereby stated:
i. In the preparation of annual accounts for the financial year ended
March 31, 2015, the applicable accounting standards have been followed
along with proper explanation relating to material departures.
ii. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year ended on March 31st
2015 and of the profit or loss of the Company for that period.
iii. 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.
iv. The Directors have prepared the annual accounts on a going concern
basis.
STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS
Statement pursuant to Section 134 (3) (d) of the Companies Act 2013
read with section 149 (6) of Companies Act 2013 is given in the
Annexures 2,& 3 to this Report.
COMPANY'S POLICY ON DIRECTOR'S APPOINTMENT & REMUNERATION
Information pursuant to Section 134 (3) (e) of the Companies Act, 2013
read with subsection (3) of Section 178 is given under Corporate
Governance Compliance Report.
AUDITORS & AUDITORS' REPORT
The Auditors, M/s. Amit Ray & Co., Chartered Accountants, the existing
statutory Auditor of the Company retire at the forthcoming, Annual
General Meeting and being eligible, offer themselves for reappointment.
The said Auditors have given consent for the appointment furnished the
Certificate of their eligibility for re-appointment. Pursuant to the
provisions of section 139 of the Companies Act, 2013 and the Rules
framed there under, it is proposed to appoint Amit Ray & Co. as
statutory auditors of the Company from the conclusion of the forthcoming
AGM till the conclusion of next .
EXPLANATION TO THE AUDITORS' QUALIFICATION
As required under section 134 (3) (f) of the Companies Act, 2013,
explanation or comments by the Board on qualification, reservation and
adverse remark made by the Auditors
1. Qualification under points (vii) (a) & (b) of the Annexure to the
Auditors Report.
Auditor has qualified that Company has not paid the statutory dues as
mentioned under the said point.
As informed to all that Company is a sick Company and has been in
struggling phase. However the company has since deposited the
contributions towards Family Pension except the damages amount for
which it has filed an appeal before the PF Commissioner, New Delhi for
being waived off. The company has cleared substantial amount of the
other statutory dues during the year as a result the same came down
from Rs.302.19 lacs as on 31.3.2014 to Rs 198.11 lacs as on 31.3.2015.
The company is hopeful of clearing the balance dues during the year
2015-16.
Further regarding the disputed amounts pending before various
authorities, the liability was Rs.6351.21 lacs. In the major case
involving Rs. 4193 lacs our appeal before Central Excise Tribunal, New
Delhi was still pending. Against the remaining cases the company has
filed necessary appeals before the competent authorities and the same
are pending for decision. As regards point (xi) our comments are given
in the Auditors report itself.
2. Qualification under point (ix) of the Annexure to the Auditors
Report.
The Company replies to the Auditors Note on defaults to SASF and
Institution Bankers is give in note itself.
Cost Auditor's details
The Central Government has approved the appointment of M/s Shishir
Jaiswal & Co. Cost Accountants as Cost Auditors for conducting Cost
Audit of the Company for the Financial Year 2014-15. The due date for
filing the Cost Audit Reports for the Financial Year ended 31st March,
2015 is 30th December 2015.
The due date for filing the Cost Audit Report of the Company for the
Financial Year ended 31st March, 2014 was 30th September,2014 and the
Cost Audit Report was filed by the Cost Auditor M/s Shishir Jaiswal &
Co Cost Accountants, on 28th November 2014 in XBRL Mode as mandated by
the Ministry of Corporate Affairs vide their circular no. 8/2012 dated
10th May, 2012.
SECRETARIAL AUDITORS
The Board of Directors of the Company have appointed Mr. Samrendra Roy,
Practicing Company Secretary , as the Secretarial Auditor of the
Company for the financial year 2014-15, in terms of Section 204 of the
Companies Act, 2013 and the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014. The Report of the Secretarial Audit
is annexed herewith as Annexure 4 and forms an integral part of this
Report. The comments mentioned in Secretarial Audit Report are self
explanatory
RELATED PARTY TRANSACTIONS
Information pursuant to Section 134 (3) (h) of the Companies Act, 2013,
read with Rule 8 of Companies (Accounts) Rule, 2014 is given in the
Annexure 5 to this Report.
Corporate
Information pursuant to Section 134 (3) (i) of the Companies Act, 2013,
the states of companies affairs are given below
NOTICES & APPEALS
Appeals
As informed to the members that the Company is before BIFR for
rehabilitation as a part of rehabilitation it was proposed to sell the
Allahabad plant so as to settle the dues of the workers and
Institutions and Bankers from the Sale process of the plant BIFR set up
a Asset Sale Committee and made IDBI New Delhi the operating Agency to
take the sale proceeds forward but for some reasons the sale of
Allahabad plant could not materialize, in the mean time BIFR took a
view that as there is no progress in the case, they ordered for winding
up of the company. The Company being aggrieved filed an appeal before
AAIFR to restrain BIFR from winding up of the company and subsequently
the company filed an appeal for delisting from BIFR, however as SASF
withdraw the OTS package the company could not get itself delisted from
BIFR. The company also filed an appeal before BIFR requesting them to
direct SASF to restore the OTS Package and also not to take any action
against the company for recovery of their dues till the winding up
notice is adjudicated by the AAIFR Board. However BIFR did not consider
our request and dismissed our appeal. The company filed an appeal
before AAIFR who have directed BIFR to consider our appeal a fresh in
light of the submission made by us.
Debt Restructuring
As mentioned in the last Annual Report that SASF had served a notice
under section 13(2) of the Securitization and Reconstruction of
financial Assets and Enforcement of Security Investment 2001 on the
company in April 2013, but the company was successful in arriving at a
OTS settlement with SASF in Oct 2013, for a sum of RS 3550 lacs. The
company in right earnest and inspite of the Allahabad Plant not being
sold was able to arrange and pay SASF a sum of Rs 1155 lacs by
31.01.2015, but as the company had not been able to pay the full amount
as per terms of OTS, SASF choose to withdraw the OTS package vide its
letter dated 09.02.2015. We have requested them to restore the package
and have also take up the matter with BIFR/AIFR to prevail upon SASF to
Restore the package as the delay in making the payment has not been due
to any fault of the company, but that of the Asset Sale Committee
constituted by the operating agency, IDBI Bank, New Delhi, who have not
been able to sell the Allahabad Plant and have delayed the process
forcing SASF to withdraw the package. We are hopeful that once we are
able to locate a suitable buyer for the plant we shall be able to
negotiate and clear the SASF dues.
SBI Bank
The company has paid the full principal amount of Rs 1489 lacs by March
2014 and only the interest for the delay period amounting to Rs 327
lacs was outstanding to be paid. The company has paid a further sum of
Rs 80 lacs against the same and is making regular payments to them and
is confident to clear the balance amount once the buyer for Allahabad
plant is found.
CANARA Bank
As mentioned in the last Annual report that a settlement at Rs 590 lacs
had been arrived at with them but subsequently their Head office have
not approved the OTS and asked for substantial improvement in the
package. We have written to them that as the package was once finalized
and we also have made payment of Rs 59 lacs against the same they
should accepts the same. Till 31.03.2015 no headway could be made on
this, but in May 2015 after a lot of persuasion and discussion we were
able to arrive at a revised settlement of Rs 610 lacs. The sanction
letter is awaited.
HUMAN RELATIONS
The company on the basis of the agreement arrived of with the workers
in December 2014 took of the job of settling their dues and till
31.03.2015 and a sum of Rs 800 lacs had been paid to them and the
process was on and will aim to settle dues of all the workers by July -
August 2015 . The Human relations of the company at Rajhmundary unit
remained cordial during the year.
ENVIRONMENT AND SAFETY
A lot of emphasis is placed on occupational, environment, health and
safety of the employees of the Company. Several steps have been taken
to conserve water by recycling it into useful purposes. A much greener
environment has been created by using waste water and only those plants
have been planted which make the environment clean and dust free. The
Company recognizes employees' safety and is always inclined to improve
on such standards.
GREEN INITIATIVE IN THE CORPORATE GOVERNANCE
In view of the 'Green Initiative in Corporate Governance' introduced by
the Ministry of Corporate Affairs vide its circular no. 17/2011 dated
21st April 2011, all members of the Company are requested to register
their e-mail IDs with the Company, so as to enable the company to send
all notices/ reports/documents/ intimations and other correspondences
etc. through e-mails, in the electronic mode instead of receiving
physical copies of the same.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review, as
stipulated under clause 49 of the Listing Agreement with stock
exchanges in India, is presented in a separate section forming part of
the Annual Report.
CORPORATE GOVERNANCE
As required under Clause 49 of the Listing Agreement with the Stock
Exchanges, Corporate Governance as well as the Statutory Auditors'
Certificate regarding compliance of conditions of Corporate Governance
forms part of the Annual Report.
Your Company has always practiced sound corporate governance and takes
necessary actions at appropriate times for meeting stakeholders'
expectations while continuing to comply with the mandatory provisions
of corporate governance and it has been endeavor of your company to
follow and implement the best practices in corporate governance, in
letter and spirit.
APPRECIATION
Directors wish to place on record their deep thanks and gratitude to;
a) The Central and the State Government as well as their respective
Departments and Development Authorities connected with the business of
the Company, the Bankers of the Company as well as other Institutions
for their co-operation and continued support.
b) The Shareholders, Suppliers and the Contractors for the trust and
confidence reposed and to the Customers for their valued patronage.
c) The Board also takes this opportunity to express its sincere
appreciation for the efforts put in by the officers and employees at
all levels in achieving the results and hopes that they would continue
their sincere and dedicated endeavor towards attainment of better
working results during the current year.
RESERVE & SURPLUS
Information pursuant to Section 134 (3) (j) of the Companies Act, 2013
is that the Company has incurred loss during the current year of Rs
576.63 lacs as a result the accumulated losses of the company increased
from Rs 10917.68 lacs to 11494.31 lacs at the end of the year
31.03.2015.Captal Reserves of the company stood a Rs 221.86 lacs and
Security Premium Account was Rs 4408.75 lacs.
DIVIDEND
Information pursuant to Section 134 (3) (k) of the Companies Act, 2013,
in the view of huge accumulated losses in the balance sheet of your
company and considering the fact that the company is in the stage of
recovery from a sick company your directors are not in a position to
recommend any dividend for the financial year ending March 2015.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information pursuant to Section 134 (3) (m) of the Companies Act, 2013,
read with Rule 8 of Companies (Accounts) Rule, 2014 is given in the
Annexure 6 to this Report.
RISK MANAGEMENT POLICY
Information pursuant to Section 134 (3) (n) of the Companies Act, 2013
is given in the Annexure 7 to this Report
CSR REPORT
Information pursuant to Section 134 (3) (o) of the Companies Act, 2013,
read with Rule 8 of Companies (Accounts) Rule, 2014 is given in the
Annexure 8 to this Report
Regd. Off: 1, Kanpur Road By order of The Board of Directors of Triveni
Glass Limited
Allahabad - 211001 (U.P.) Sd/
J.K. Agrawal
Place: Allahabad Managing Director
Date: 30.10.2015 DIN: 00452816
Mar 31, 2014
Dear Stakeholders,
The Board of Directors of Your Company hereby present 43rd Annual
Report for the Financial Year ended on 31st March 2014 together with
the Audited Statement of Accounts for the said Financial Year.
FINANCIAL RESULTS
Financial summary for the Financial Year ended on 31st march 2014 is
given below:
(Figs in Rs. Lacs)
PARAMETERS F.Y. 2013-2014 F.Y. 2012-2013
Net Income from operations 5181.29 5502.03
Other Income 45.72 267.34
Total Income 5227.01 5769.37
Expenditure 4554.69 5695.77
PBIDT 954.13 330.05
Depreciation 149.13 144.44
Interest 132.68 112.01
Net Profit / Loss 672.32 73.60
Exceptional Items (Exchange 5.49 3.71
Rate Fluctuation)
Net profit from ordinary Activities 666.83 69.89
EPS 5.28 0.59
Financial Performance
Financial Performance of the Company during the period under reporting
was better than previous year if seen from in terms of profitability
yet the total income for the period declined to Rs. 5227.01 Lacs in
comparison to Rs. 5769.37 Lacs in the previous accounting year. During
the current year Company has registered approximately 9 times increase
in the Profit and 8 times increase in the Earning per share. The net
profit for the year under review was Rs. 666.83 against the profit of
Rs. 69.89 Lacs during the previous year.
The net income from the operations was Rs. 5181.29 which was 5.83%
lower than the net income for the previous accounting year. Other
income for the period has declined by approximately 83%. The decrease
in the income from operation was due to decrease in the demand on
account of slow dwon. The total expenditure for the period under
review decreased by 24.66% however depreciation and finance cost
increased by 3.46% and 18.45%. The increase in the depreciation was due
extra depreciation charged on additions of Rs. 182.4 Lacs made during
the year in machinery and furniture. The finance cost increased on
account of increase in borrowings.
PRODUCTION & SALES
Production
The production figures for the Financial Year is as follows
(Figure in Lac Sq. mtr.)
Product Location Financial Year 2014 Financial Year 2013
Figured & Wired Rajahmundry 67.01 67.43
Glass
The production of Wired Glass decreased by 3.35% the running unit of
the Company at Rajahmundry showed no improvement due to the closure of
G II Plant for more than six months during the year and also due to
lower capacity utilization of the plants due to slowdown in demand.
Sales
The sales volume at Rajahmundry during the year dropped on account of
slowdown in demand and entry of new players with additional capacities.
(Figures in lacs Sq. Mtr)
Product Financial Year-2014 Financial Year-2013
Sheet and Float Glass - -
Figured & Wired Glass 62.70 69.80
The exports during the year increased by 77.42% to Rs. 232.12 Lacs as
compared to Rs. 130.83 Lacs during the previous year.
CAPITAL EXPENDITURE:
The Company incurred Capital Expenditure of Rs 172 lacs during the year
mainly on account of re- fabricating of the GII Plant which had
outlived its life and it had become mandatory to carry out major
repairs and rebuild the furnace so as to bring the plant back into
production.
COST REDUCTION & PRODUCTIVITY IMPROVEMENT
Your Company has in place appropriate systems to monitor cost incurred
in different areas of operation. Several initiatives have been taken
to further reduce cost at all level of operation at Company''s
Rajahmundry Plant wherein significant savings in Manpower and energy
costs have been achieved.
DIVIDEND
In the view huge accumulated losses in the balance sheet of your
company and considering the fact that company is in the stage of
recovery from the sick Company Your Directors are not in a position to
recommend any Dividend for the Financial Year ending March, 2014.
CAPITAL STRUCTURE
The Authorised Share Capital of the Company is Rs. 200000000 and
Subscribed & Paid up share capital is Rs. 126290000. There was no
change in the share capital made during the year under review.
RESERVE & SURPLUS
Company has incurred huge losses in the past and the accumulated losses
in beginning of the year was Rs. 11584.1 Lacs and at the end of the
Financial were Rs. 10917.68 Lacs. Capital reserves of Company stood at
Rs. 221.86 and Security Premium Account was at Rs. 4408.75 Lacs.
DIRECTORS
The Board of Directors at present consists of Mr. J.K. Agrawal Managing
Director, Mr. A.K. Dhawan Director (Finance), and three Independent
Directors namely Dr. Kamlesh Narain Agarwala, Mr. Ashoka Kumar Rastogi
and Mr. Peeyush Kumar Kesharwani.
In accordance with the requirements of the Companies Act, 2013 and the
Company''s Articles of Association, Mr. J.K Agrawal the Mnaging Director
of the Company who not retire by rotation and being eligible to offer
himself for reappointment is proposed to be re-appointed at the ensuing
Annual General Meeting.
The Company had, pursuant to the provisions of clause 49 of the Listing
Agreements entered into with Stock Exchanges, appointed Mr. K.N
Agarwala, Mr. A.K Rastogi and Mr. P.K Kesharwani as Independent
Directors of the Company. The Companies Act, 2013 provides for
appointment of Independent Directors. Section 149(10) of the Companies
Act, 2013 (effective April 1, 2014) provides that Independent Directors
shall hold the office for a term of up to five consecutive years on the
Board of a Company; and shall be eligible for re-appointment on passing
a Special Resolution by the Shareholders of the Company.
At Triveni Glass Limited, the Independent Directors were not appointed
as the directors liable to retire by rotation under the provisions of
the erstwhile Companies Act, 1956. Section 149(11) of the Companies
Act, 2013 states that no Independent Director shall be eligible for
more than two consecutive terms of five years. Section 149(13) states
that the provisions of retirement by rotation as defined in 152(6) and
(7) of the Act shall not apply to such Independent Directors. Further
in terms of revised clause 49 of the Listing Agreement which shall be
effective from 1st Day of October 2014 existing Independent Director
who have been on the Board of the Company for 5 years or more may be
appointed for a term of 5 consecutive years by passing special
resolution at the Meeting of Shareholders of the Company. Therefore it
is proposed to re-appoint Independent Directors not to retire by
rotation and also to fix their tenure. Resolution in respect of this
has been placed in the notice to the Annual General Meeting. Brief
resume of Director proposed to be appointed, nature of their experience
in their specific functional areas, name of the Companies in which they
hold directorship and membership / chairmanship of the Board
Committees, Shareholding as stipulated under Clause 49 of the Listing
agreement with the stock exchanges forms part of the Notice.
PUBLIC DEPOSITS
The Company has not accepted any public deposits and as such, no amount
on account of principal or interest on public deposits was outstanding
as on the date of the balance sheet.
AUDITORS & AUDITORS'' REPORT
The Auditors, M/s. Amit Ray & Co., Chartered Accountants, the existing
statutory Auditor of the Company retire at the forthcoming, Annual
General Meeting and being eligible, offer themselves for reappointment.
The said Auditors have given consent for the appointment furnished the
Certificate of their eligibility for re-appointment.
Pursuant to the provisions of section 139 of the Companies Act, 2013
and the Rules framed there under, it is proposed to appoint Amit Ray &
Co. as statutory auditors of the Company from the conclusion of the
forthcoming AGM till the conclusion of next
Explanation to the Auditors'' Qualification
3. Qualification regarding Depreciation under point No. 2 of the
Auditors Report of even date Auditor has qualified that Depreciation
amounting to Rs.647.15 lacs has not been provided in accounts for Float
Glass Plant.
In this regard Your Directors explained the auditor that the Float
Glass Plant was under closure since September 2006 therefore the
Depreciation was not provided.
4. Qualification under points (ix) (a) & (b) of the Annexure to the
Auditors Report.
Auditor has qualified that Company has not paid the statutory dues as
mentioned under the said point. As informed to all that Company is
sick Company and has been in struggling phase the company has since
deposited the contributions towards Family Pension except the interest
and damages. The company has cleared substantial amount of the other
statutory dues during the year as a result the same came down from
Rs.492 lacs as on 31.3.2014 to Rs.302 lacs as on 31.3.2014. The company
is hopeful of clearing the balance dues during the year 2014-15.
Further regarding the disputed amounts pending before various
authorities, the liability was Rs.6463.34 lacs. Our appeal before
Central Excise Tribunal, New Delhi was still pending. Against the
remaining cases the company has filed necessary appeals before the
competent authorities and the same are pending for decision. As regards
point (xi) our comments are given in the Auditors report itself.
Cost Auditor''s details
The Central Government has approved the appointment of M/s Shishir
Jaiswal & Co. Cost Accountants as Cost Auditors for conducting Cost
Audit of the Company for the Financial Year 2013-14.
The due date for filing the Cost Audit Reports for the Financial Year
ended 31st March, 2014 is 30th September, 2014.
The due date for filing the Cost Audit Report of the Company for the
Financial Year ended 31st March, 2013 was 30th September,2013 and the
Cost Audit Report was filed by the Cost Auditor M/s Shishir Jaiswal &
Co Cost Accountants, on 30th November 2013 in XBRL Mode as mandated by
the Ministry of Corporate Affairs vide their circular no. 8/2012 dated
10th May, 2012.
NOTICES & APPEALS Appeals
As informed to the members in the last Annual Report, that the Company
on the appeal filled by the Company AIFR ordered the BIFR to constitute
a Asset Sale Committee to sale the Allahabad plant however due to
various reasons the asset sale committee could not be constituted and,
therefore the sale could not take place. Similarly in case of SBI the
company successfully got the scheme extended to 15.3.2014 and cleared
the principal dues and now as at 31.3.2014 only the interest balance of
Rs.327 lacs are due. As regards Canara Bank with great difficulty we
were able to get a OTS scheme sanctioned for Rs.590 lacs which needs to
be paid by June 2014, but their formal approval letter is awaited.
Debt Restructuring
Company has received a notice under section 13 (2) of Securitization
and Reconstruction of Financial Assets and Enforcement of Security
Interest 2002 given by SASF in April 2013. The company with great
efforts was able to get OTS scheme sanctioned from SASF in October
2013, with additional interest for the period of delay and fixed
Rs.3550 Lacs as the total amount to be paid by the company by November
2, 2013. However, as we could not pay the amount by the date, and we
requested SASF to allow us further time to settle the dues. The notice
issued under section 13(2) in April 2013 by SASF is in abatement in
view of the revised OTS scheme sanctioned by them.
Further State Bank of India had given OTS package to Company which was
valid till 30th November 2012. On expiry of the period, they had
indicated that the package will be withdrawn. However on follow- up
with them, they extended the package upto March 2013 and further upto
March 2014. The Company was able to settle and pay their principal dues
of Rs.1489 lacs in full by January 2014 and requested them to allow us
time to pay the balance interest dues of Rs. 327 lacs by April 2014
end. The company was eventually able to arrive at OTS settlement with
Canara Bank in March 2014 at Rs.590 lacs which is payable by June 2014.
The Bank''s formal sanction letter is awaited.
As mentioned earlier with a buyer being found and with revival of talks
with SASF, SBI and Canara Bank, the management expects the settlement
of dues of the Institutional / Bankers to take place soon.
HUMAN RELATIONS
As mentioned earlier, the company has decided to settle the legitimate
dues of the Allahabad plant workers to avoid any dispute with them and
a number of workers have taken their full and final dues. The company
would be in a position to settle the dues of all the workers once the
sale of Allahabad plant is finalized. The human relations at the
company''s Rajahmundry unit remained cordial.
ENVIRONMENT AND SAFETY
A lot of emphasis is placed on occupational, environment, health and
safety of the employees of the Company. Several steps have been taken
to conserve water by recycling it into useful purposes. A much greener
environment has been created by using waste water and only those plants
have been planted which make the environment clean and dust free. The
Company recognizes employees'' safety and is always inclined to improve
on such standards.
GREEN INITIATIVE IN THE CORPORATE GOVERNANCE
In view of the ''Green Initiative in Corporate Governance'' introduced by
the Ministry of Corporate Affairs vide its circular no. 17/2011 dated
21st April 2011, all members of the Company are requested to register
their e-mail IDs with the Company, so as to enable the company to send
all notices/ reports/documents/ intimations and other correspondences
etc. through e-mails, in the electronic mode instead of receiving
physical copies of the same.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review, as
stipulated under clause 49 of the Listing Agreement with stock
exchanges in India, is presented in a separate section forming part of
the Annual Report.
CORPORATE GOVERNANCE
As required under Clause 49 of the Listing Agreement with the Stock
Exchanges, Corporate Governance as well as the Statutory Auditors''
Certificate regarding compliance of conditions of Corporate Governance
forms part of the Annual Report.
Your Company has always practiced sound corporate governance and takes
necessary actions at appropriate times for meeting stakeholders''
expectations while continuing to comply with the mandatory provisions
of corporate governance and it has been endeavor of your company to
follow and implement the best practices in corporate governance, in
letter and spirit.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information pursuant to Section 217(1) (e) of the Companies Act, 1956,
read with Companies (Disclosure of particulars in the Report of the
Directors) Rules, 1988 is given in the Annexure to this Report.
PARTICULARS OF EMPLOYEES
During the period under review, the company does not have any employee
who is covered under Section 217(2A) of the Companies Act, 1956.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required under section 217(2AA) of the Companies Act, 1956 regarding
the Directors'' Responsibility Statement, it is hereby stated:
i. In the preparation of annual accounts for the financial year ended
March 31, 2014, the applicable accounting standards have been followed
along with proper explanation relating to material departures.
ii. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year ended on March 31st
2014 and of the profit or loss of the Company for that period.
iii. 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.
iv. The Directors have prepared the annual accounts on a going concern
basis.
APPRECIATION
Directors wish to place on record their deep thanks and gratitude to;
a) The Central and the State Government as well as their respective
Departments and Development Authorities connected with the business of
the Company, the Bankers of the Company as well as other Institutions
for their co-operation and continued support.
b) The Shareholders, Suppliers and the Contractors for the trust and
confidence reposed and to the Customers for their valued patronage.
c) The Board also takes this opportunity to express its sincere
appreciation for the efforts put in by the officers and employees at
all levels in achieving the results and hopes that they would continue
their sincere and dedicated endeavor towards attainment of better
working results during the current year.
Regd. Off: 1, Kanpur Road By order of The Board of Directors of Triveni
Glass Limited
Allahabad  211001 (U.P.) Sd/-
J.K. Agrawal
Place: Allahabad Managing Director
Date: 30.08.2014 DIN: 00452816
Mar 31, 2013
TO THE MEMBERS,
The Directors hereby present their 42nd Annual Report together with the
Audited Statement of Accounts for the year ended 31st March 2013.
As informed to the members in the last Annual report, the Company had
sold its Meerut unit and settled part of the dues of Institutions and
Banks. In order to repay back the balance dues of the Institutions and
Banks, it was decided to sell off the Allahabad unit of the Company.
BIFR initially agreed to the proposal and appointed an Operating Agency
M/s IDBI Bank Ltd, New Delhi. The Operating Agency was given the task
of constituting an Assets Sales Committee which would handle the sale
of the Allahabad Plant. The Assets Sales Committee floated tenders
twice for sale of the plant, but for some reason or the other, the sale
could not materialize. As in subsequent BIFR meetings, no headway could
be made in putting-up the unit for sale for a third time, the company
decided to file a fresh MA before the BIFR requesting them once again
to give permission for sale of the plant in lots or as a whole. The
Misc Application before BIFR came up for hearing on 10.05.2012 wherein
BIFR passed orders detrimental to the interest of the Company and
therefore the company had no option but to file an appeal before the
Hon''ble AIFFR seeking stay of the BIFR order and permission for sale of
the Allahabad unit.
In the meantime, a number of buyers have come forward to buy the Plant
and Machinery and the Plant as a whole which will help the company to
finalize the sale once we get the necessary permission for sale.
After a lot of follow up even at High Court Level as the AAIFR Board
had been dismantled , we were eventually able to get a favourable order
from Hon''ble AIFFR on 19.3.2013 wherein they remanded back our case to
BIFR for reconsideration. BIFR on 21.3.2013 accepted the recommendation
of AIFFR and passed orders to Operating Agency to take steps for sale
of the Allahabad Plant as per BIFR guidelines .The Operating Agency has
started the process for reconstituting the sale committee ,etc.
In the mean while SASF on 16.4.2013 gave Notice under section 13(2) of
the Securitisation and Reconstruction of the Financial Assets 8t
Enforcement of Security Interest Act, 2002. The company is in talks
with SASF for extension of the OTS scheme and things should materialize
soon.
The salient features of the Company''s performance in different areas
during the year are given below
1 FINANCIAL RESULTS :
2013 2012
Rs. In Rs. In Rs. In
PARAMETERS: Rs. In
lakhs lakhs lakhs lakhs
Income from Sales & Other
Income: 6397.82 5384.69
lncrease/(decrease)
in Finished good
stocks: 76.64 25.39
Net Income: 6321.18 5355.78
PBIDT 331.50 31.33
Depreciation 144.14 134.90
Interest 112.01 84.86
Net Profit (-) Loss 75.05 (188.43)
Cumulative Loss:
Balance as per last Account (11654.40) (11392.77)
Previous years Adjustment (5.16) (73.02)
Adjustment of Provision of
deferred tax
Loss carried to Balance
Sheet (11584.51) (11654.22)
2 PRODUCTION :
The production figures in the constituent units of the Company are
given below: The production at Rajahmundry showed no improvement due to
closure of Gil plant for cold repairs for 4 months and then closure of
Gl plant in Febi2 for cold repairs.
Figures in lakh sq. mtr. on 2 mm basis
Product Location 2013 2012
Sheet Glass Allahabad
Figured & Wired Glass
Rajahmundry 69.33 70.15
3. MARKETING/SALES
The volume of sales handled by the Company in different product
segments is indicated as below.
The sales volume at Rajamundry was more or less same as last year due
to no improvement in production.
Figures in lakhs Sq. Mtr. Product Quantity Sold
2013 2012
Sheet & Float Glass (2mm)
Figures & Wired Glass (3mm) 69.80 69.59
In financial terms, exports during the year were to Rs. 130.83 Lacs
compared to Rs. 160.12 lacs during the previous year.
4. DIVIDEND:
Your Directors are not in a position to recommend any Dividend for the
Financial Year ending March, 2013 due to accumulated losses of the
company.
5. CAPITAL EXPENDITURE:
The Company incurred Capital Expenditure of Rs 385.84 lacs during the
year mainly on account of refabricating of the Gl Plant which had
become very old and required major repairs.
6. DEBT RESTRUCTURING:
As informed earlier, IDBI had sanctioned an OTS package which was valid
till February 2011 and on request of the company had extended the
package upto July 2011. However the sale of Allahabad plant could not
materialize. IDBI withdrew the OTS package in October 2011. The Company
again approached IDBI for revival of the package by allowing extension
of time upto March 2013, but IDBI did not consider our request and in
fact has given the Company a Notice under section 13(2) of the
Securitisation Act. The company is in talks with SASF for extension of
the OTS scheme and we expect things to materialize soon.
As regards SBI , they had given OTS package which was valid till 30th
November 2012. On expiry of the period, they had indicated that the
package will be withdrawn. However on follow-up with them, they
extended the package upto March 2013.We have again requested them to
extend the package for a further period of 6 months as now with the
BIFR permission for sale we can sell the plant and pay off their dues.
As regards Canara Bank, they did not approve any of our OTS proposals,
but in the BIFR hearing held on 21.3.2013 they have agreed that the
sale proceeds of Allahabad Plant be deposited in a ''No Lien'' Account
and disbursed to all the stake holders as per directions of BIFR.
As mentioned earlier with a buyer being found and revival of talks with
SASF & SBI, the management expects the matter to be resolved soon.
7, AUDITORS'' REPORT:
As regards point No. 2 of the Auditors Report of even date,
Depreciation for the Float plant has not been provided since September
2006 as the same was under closure. As regards point no. 3, as SBI has
already extended their OTS proposal till 31.3.13 and we have requested
for further extension of 6 months time from them and we are in talks
with SASF to extend the OTS package, and as also in the company''s Debt
restructuring scheme submitted to BIFR the company has requested for
waiver of interest on all institutional/Bank loans and on all others
statutory dues, no interest has been provided during the year. As
regards points (ix) (a) & (b) of the Annexure to the Auditors Report of
even date, the company could not deposit the contributions towards
Family Pension and all other statutory dues due to paucity of funds and
due to the Allahabad Plants remaining closed and Rajahmundry unit
facing fund crunch. However, the company was able to settle some of the
Statutory dues during the year and is in the process of paying the
remaining statutory dues from the present surplus and eventually from
the sale proceeds of Allahabad unit. As regards the disputed amounts
pending before various authorities, the liability again went up to
Rs.6391.29 lacs with the Commissioner Central Excise Allahabad
reconfirming demand of Rs 2296 lacs with penalty. We have filed an
appeal before Central Excise Tribunal, New Delhi. Against the
remaining cases the company has filed necessary appeals before the
competent authorities and the same are pending for decision.
8. COST REDUCTION & PRODUCTIVITY IMPROVEMENT:
Your Company has in place appropriate systems to monitor cost incurred
in different areas of operation. Several initiatives have been taken to
further reduce cost at all level of operation at Company''s Rajahmundry
Plant wherein significant savings in Manpower and energy costs have
been achieved.
9. HUMAN RELATIONS:
As mentioned earlier, the company has decided to settle the legitimate
dues of the Allahabad plant workers to avoid any dispute with them and
a number of workers have taken their full and final dues. The company
would be in a position to settle the dues of all the workers once the
sale of Allahabad plant is finalized. The human relations at the
company''s Rajahmundry unit remained cordial.
10. DIRECTORS:
The Board of Directors at present consists of Mr.J.K.Agrawal Managing
Director, Mr.A.K.Dhawan Director (Finance), and three Independent
Directors namely Dr.Kamlesh Narain Agarwala, Mr.Ashoka Kumar Rastogi
and Mr.Peeyush Kumar Kesharwani.
The Company has greatly benefited from induction of these Independent
Directors and with their joining, the Audit Committee for the Board of
Directors and the Remuneration Committee have been reconstructed and
their meetings are held regularly.
11. AUDITORS:
The Auditors, Messrs Amit Ray & Co., Chartered Accountants, retire at
the forthcoming, Annual General Meeting and being eligible, offer
themselves for reappointment.
12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Information pursuant to Section 217(1) (e) of the Companies Act, 1956,
read with Companies (Disclosure of particulars in the Report of the
Directors) Rules, 1988 is set out in statements hereto and form part of
this report.
13. ENVIRONMENT AND SAFETY:
A lot of emphasis is placed on occupational, environment, health and
safety of the employees of the Company. Several steps have been taken
to conserve water by recycling it into useful purposes. A much greener
environment has been created by using waste water and only those plants
have been planted which make the environment clean and dust free. The
Company recognizes employees'' safety and is always inclined to improve
on such standards.
14. DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217 (2AA)
OF THE COMPANIES ACT, 1956:
The Directors hereby confirm that:
(i) In the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
relating to any material departure.
(ii) They have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company at the end of the financial year and of the profit or loss
of the Company for that period.
(iii) They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provision of this
Act for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities.
(iv) The annual accounts have been prepared on a going concern basis.
15. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Corporate Governance and Management Discussion and Analysis Report are
set out as separate Annexures to this Report.
Place: Allahabad On behalf of the Board
Date: The 29th Day of May 2013 Mr.J K Agrawal
Managing Director
Mr.A K Dhawan
Director Finance
Dr.Kamlesh Narain Agarwala
Director
Mr.Ashoka Kumar Rastogi
Director
Mr.Peeyush Kumar Kesharwani
Director
Mar 31, 2012
TO THE MEMBERS,
The Directors hereby present their 41st Annual Report together with the
Audited Statement of Accounts for the year ended 31st March 2012.
As informed to the members in the last Annual report that the Company
had sold its Meerut unit and settled part of the dues of Institution
and Bankers. In order to repay back the balance dues of the
Institutions and Bankers it was decided to sell off the Allahabad unit
of the Company. BIFR initially agreed to the proposal and appointed an
Operating Agency M/s IDBI Bank Ltd, New Delhi. The Operating Agency was
given the task of constituting an Assets Sales Committee which would
handle the sale of the Allahabad Plant. The Assets Sales Committee
floated tenders twice for sale of the plant, but for some reason or the
other the sale could not materialize. As in subsequent BIFR meetings no
headway could be made in putting-up the unit for sale for a third time,
the company decided to file a fresh MA before the BIFR requesting them
once again to give permission for sale of the plant in lots or as a
whole. The Misc Application came up for hearing on 10.05.2012 wherein
BIFR passed orders detrimental to the Interest of the Company and
therefore the company had no option but to file an appeal before the
Hon'ble AIFFR seeking stay of the BIFR order and permission for sale of
the Allahabad unit.
The case is listed for hearing 01.11.2012 wherein we expect to get a
favourable decision in our favour.
In the mean time a numbers of Buyers have come forward to buy the Plant
and Machinery and the plant as a whole which will help the company to
finalize the sale once we get the necessary permission for sale.
The company's case before Supreme Court pertaining to 50 workers of
Plant 1 covered under the Arbitration award is also moving in favour of
the company and we expect a favourable decision on 29.12.2012 when the
case is listed for final disposal.
The salient features of the Company's performance in different areas
during the year are given below.
1. FINANCIAL RESULTS :
2012 2011
Rs.In Rs.In Rs.In Rs.In
PARAMETERS: lakhs lakhs lakhs lakhs
Income from Sales &
Other Income: 5384.69 3886.98
lncrease/(decrease) in
Finished good
stocks: (25.39) 125.14
Net Income: 5355.78 4012.12
PBIDT 31.33 (1120.42)
Depreciation 134.90 133.97
Interest 84.86 364.46
Net Profit(-) Loss (188.43) (1618.85)
Cumulative Loss:
Balance as per last Account (11392.77) (9741.81)
Previous years Adjustment (73.02) (32.11)
Adjustment of Provision of
deferred tax
Loss carried to
Balance Sheet (11654.22) (11392.77)
2. PRODUCTION:
The production figures in the constituent units of the Company are
given below: The Rajamudry unit production Jumped by a whooping 70.85 %
during the year.
Figures in lakh sq. mtr. on 2 mm basis
Product Location 2012 2011
Sheet Glass Allahabad - 1.75
Figured & Wired
Glass Rajahmundry 70.15 41.06
3. MARKETING/SALES
The volume of sales handled by the Company in different product
segments is indicated as below. The sales volume at Rajamundry grew by
a handsome 76.64% during the year.
Figures in lakhs Sq. Mtr. Product Quantity Sold
2012 2011
Sheet & Float Glass (2mm) Figures & Wired Glass (3mm) 69.59 39.40
In financial terms, exports during the year also grew significantly to
Rs. 160.12 Lacs compared to Rs. 10.88 lacs during the previous year.
4. DIVIDEND:
Your Directors are not in a position to recommend any Dividend for the
Financial Year ending March, 2012 due to accumulated losses of the
company.
5. CAPITAL EXPENDITURE:
The Company did not incur any capital expenditure during the year.
6. DEBT RESTRUCTURING:
As informed earlier IDBI had sanctioned an OTS package which was valid
till February 2011 and on request of the company had extended the
package upto July 2011. However since the sale of Allahabad plant could
not materialize. IDBI withdrew the OTS package in October 2011. The
Company again approached IDBI for revival of the package by allowing
extension of time upto March 2013. We are confident of getting
favourable response.
As regards SBI , they had given OTS package which was valid till 30th
November 2011. On expirty of the period they had indicated that the
package will be withdrawn. However on follow-up with them they have
extended the package upto March 2013.
As regards Canara Bank, they did not approve any of our proposals
submitted by us and therefore the company has requested AAIFR to pass
suitable order directing Canara Bank to fall in line with other secured
creditors.
7. AUDITORS' REPORT:
As regards point No. 4 of the Auditors Report of even date,
Depreciation for the Float plant has not been provided since September
2006 as the same was under closure. As regards point no. 5, as SBI has
already extended their OTS proposal and SASF has in principal agreed to
extend the OTS package, and since the company's Debt restructuring
scheme submitted to BIFR the company has requested for waiver of
interest on all institutional/Bank loans and on all others statutory
dues, no interest has been provided during the year. As regards point
(ix) (a) & (b) of the Annexure to the Auditors Report of even date, the
company could not deposit the contributions towards Family Pension and
other statutory dues due to paucity of funds and due to the Allahabad
Plants remaining closed and Rajahmundry unit facing fund crunch.
However the company was
Plants remaining closed and Rajahmundry unit facing fund crunch.
However the company was able to settle some of the Statutory Dues
during the year. It is proposed to pay all.the remaining statutory dues
from the sale proceeds of Allahabad unit. As regards the disputed
amounts pending before various authorities, the liability came down
substantially to Rs.2234.58 lacks from Rs.4345.76 lacks with a major
case being remanded back by the Central Excise Tribunal New Delhi to
the Commissioner Central Excise Allahabad for reassessment. Against the
remaining cases the company has filed necessary appeals before the
competent authorities and the same are pending for Judgment.
8. COST REDUCTION & PRODUCTIVITY IMPROVEMENT:
Your Company has in place appropriate systems to monitor costs incurred
in different areas of operation. Several initiatives have been taken to
further reduce costs at all level of operation at Company's Rajahmundry
Plant wherein significant savings in Manpower and energy costs have
been achieved.
9. HUMAN RELATIONS:
As mentioned earlier the company has decided to settle the legitimate
dues of the Allahabad plant workers to avoid any dispute with them and
a number of workers have taken their full and final dues. The company
would be in a position to settle the dues of all the workers once the
sale of Allahabad plant is finalized. The Human relations at the
company's Rajahmundry unit remained cordial.
10. DIRECTORS:
The Board of Directors at present consists of Mr.J.K.Agrawal Managing
Director, Mr.A.K.Dhawan Director Finance, and three Independent
Directors Dr.Kamlesh Narain Agarwala, Mr.Ashoka Kumar Rastogi and
Mr.Peeyush Kumar Kesharwani.
The Company has greatly benefited from induction of these Independent
Directors and with their joining the Audit Committee for the Board of
Directors and the Remuneration Committee have been reconstructed and
their meetings are held regularly.
11. AUDITORS:
The Auditors, Messrs Amit Ray & Co., Chartered Accountants, retire at
the forthcoming, Annual General Meeting and being eligible, offer
themselves for reappointment.
12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO: V
Information pursuant to Section 217(1) (e) of the Companies Act, 1956,
read with Companies (Disclosure of particulars in the Report of the
Directors) Rules, 1988 is set out in statements hereto and form part of
this report.
13. ENVIRONMENT AND SAFETY:
A lot of emphasis is placed on occupational environment health and
safety of the employees of the Company. Several steps have been taken
to conserve water by recycling it into useful purposes. A much greener
environment has been created by using waste water and only those plants
have been planted which make the environment clean and dust free. The
Company recognizes employees' safety and is always inclined to improve
on such standards.
14. DIRECTORS' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217 (2AA)
OF THE COMPANIES ACT, 1956:
The Directors hereby confirm that:
(i) In the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
relating to any material departure.
(ii) They have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company at the end of the financial year and of the profit or loss
of the Company for that period.
(iii) They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provision of this
Act for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities.
(iv) The annual accounts have been prepared on a going concern basis.
15 CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Corporate Governance and Management Discussion and Analysis Report are
set out as separate Annexure to this Report.
Place: Allahabad On behalf of the Board
Date: The 27th October 2012
Mr.J K Agrawal Managing Director
Mr.A K Dhawan Director Finance
Dr.Kamlesh Narain Agarwala Director
Mr.Ashoka Kumar Rastogi Director
Mr.Peeyush Kumar Kesharwani Director
Mar 31, 2010
The Directors hereby present their 39th Annual Report together with the
Audited Statement of Accounts for the year ended 31st March 2010.
During the year under review, the Management had decided to commission
the Plant No.4 and the same was ultimately commissioned on 15th August
2009 but due to high oil prices and low yield and poor realization the
Plant was found unviable and ultimately it was closed down on 10th
October 2009. The management after considering the market conditions
and the Companys fund situation ultimately decided to sell off some of
its facilities like Meerut and the Allahabad Plants to enable it to
repay back the loans of the Institutions and Banks and also settle the
dues of workers and other creditors. In this direction the Company was
able to finalize the sale of the Meerut unit with M/s.Nipro Glass
Corporation, Japan and finally the necessary agreements were entered
into and all formalities completed & the unit was sold off to M/s.Nipro
Glass Corporation for Rs.2000 lacs which was utilized for payment to
the Institutions and Bankers against part of the OTS package sanctioned
by them. The company is looking out for a suitable buyer for the
Allahabad facilities so that the balance dues of the Institutions,
Banks and Other Creditors can be settled once for all. and in this
process Companys carry forward losses would be written off and the net
worth of the Company would eventually become positive. The company
would then be a debt free company and would concentrate on running the
2 plants at Rajahmundry and would go in for further expansion there.
The operations of the Rajamundry and Meerut were satisfactory during
the year but due to closure of the G II plant on account of repairs the
turnover suffered at Rajahmundry. The production at Meerut was much
lower than the previous year due to technical constraints.
As mentioned earlier the Company has approached BIFR under the
provisions of SICA Act and the company has been duly registered as case
no.54/2008 on 24.12.2008. Finally the company has been declared Sick
vide BIFR order dt.4.3.10. The company is in the process of submitting
the Draft Restructuring Proposal before BIFR for their consideration
and approval
The salient features of the Companys performance in different areas
during the year are given below.
1. FINANCIAL RESULTS :
2010 2009
Rs. In Rs. In Rs. In Rs. In
PARAMETERS: lakhs lakhs lakhs lakhs
Income from Sales & Other Income: 3635.47 3960.38
lncrease/(decrease) in Finished
good
stocks: (299.84) (442.27)
Net Income: 3335.63 3518.11
PBIDT 1045.71 (499.60)
Depreciation 148.23 224.36
Interest 3.75 1129.84
Net Profit (-) Loss 893.73 (1853.80)
Cumulative Loss:
Balance as per last Account (10402.42) (8304.34)
Previous years Adjustment (233.12) (68.58)
Adjustment of Provision of
deferred tax - (175.70)
Loss carried to Balance Sheet 9741.77 10402.42
2. PRODUCTION :
The production figures in the constituent units of the Company are
given below :
Figures in lakh sq. mtr. on 2 mm basis
except figured and wired glass which is on 3 mm basis and neutral glass
tube is in MT
Product Location 2010 2009
Float Glass Allahabad - -
Sheet Glass Allahabad 1.75 -
Reflective Glass Allahabad - -
Figured & Wired Glass Allahabad - -
Rajahmundry 25.14 25.00
Neutral Glass Tubes Meerut 2337.94 MT 3015.89 MT
3. MARKETING/SALES
The volume of sales handled by the Company in different product
segments is indicated as below.
Figures in lakhs Sq. Mtr.
Product Quantity Sold
2010 2009
Sheet & Float Glass (2mm) 1.75 -
Figures & Wired Glass (3mm) 26.01 25.27
Neutral Glass Tube (MT) 2549.17 3263.66
Reflective Glass (2MM) - -
Float Glass (2mm) - -
In financial terms, exports during the year amounted to Rs. Nil
compared to Rs. Nil during the previous year.
4. DIVIDEND : -
Your Directors are not in a position to recommend any Dividend for the
Financial Year ending March, 2010.
5. CAPITAL EXPENDITURE :
The Company incurred Capital Expenditure of Rs.91.01 lakhs during the
year.
6. DEBT RESTRUCTURING :
With .the decision taken by the management to sell off the Meerut
facilities the company approached the institutions and other consortium
bankers for sanctioning OTS proposal to the company in order to settle
their dues once for all. The Board is pleased to inform that IDBI
(SASF) has already sanctioned a OTS package to the company vide their
letter BY SASF (TGL)/3075 Dt. 10.2.10 as per which their dues have been
settled at Rs.4000 lacs which is payable by 28.2.2011. The company from
the sale proceeds of Meerut unit has already paid IDBI (SASF) Rs.1440
lacs and balance will be paid from the sale proceeds of the Allahabad
unit. Similarly State Bank of India has in principal approved OTS
package vide their letter no.SASF(TGL)/3075 dated 10.2.10 for Rs.1489
lacs out of which Rs.400 lacs has been paid and balance is payable by
31.3.2011. HSBC another consortium bank has also settled their dues for
Rs.15 lacs and the same have been paid to them as a result No amount is
due to them. We have approached Canara Bank also with a OTS proposal
which as on date is still under their consideration. The Board is
confident that with the above restructuring exercise the companys net
worth will become positive and the Company would be able to wipe off
its accumulated losses in the next 2 years time.
7. AUDITORSREPORT:
As regards point No. 4 of the Auditors Report of even date,
Depreciation for the Float plant has not been provided since September
2006 as the same was under closure. As regards point no. (5) as already
an OTS proposal, has been submitted by the Company to the Bank and it
is under their consideration no interest has been provided during the
year as regards point (ix) (a) & (c) of the Annexure to the Auditors
Report of even date, the company could not deposit the contributions
towards Family Pension and other-statutory dues due to paucity of funds
due to the Allahabad Plants remaining closed and Rajahmundry unit
facing fund crunch. It is proposed to pay all the statutory dues from
the sale proceeds of Allahabad unit. As regards the disputed dues
company has filed necessary appeals before the competent authorities
and the same are pending for judgment.
8. COST REDUCTION & PRODUCTIVITY IMPROVEMENT:
Your Company has in place appropriate systems to monitor costs incurred
in different areas of operations. Several initiatives have been taken
to further reduce costs at all level of operation especially at the
Companys Rajahmundry and Meerut Plants wherein significant savings in
Manpower and energy costs have been achieved.
9. HUMAN RESOURCES:
As mentioned earlier the company has ultimately decided to settle the
legimate dues of the Allahabad plant workers to avoid any further
alteration with them. The Human Relations at the Companys Rajahmundry
and Meerut units remained cordial.
10. DIRECTORS:
Sri GC Agarwal retires by rotation and being eligible, offers himself
for reappointment. During the year no Audit Committee Meeting could be
held as the minimum requirement of 3 members in the Committee could not
be met. The company was able to inductan independent Director
Dr .Kamlesh Narayan Agarwala who has vast experience in the banking
sector and company would definitely benefit from his expert knowledge
and guidance. The company is making all efforts to induct another
independent Director on the Board so that the Audit Committee can be
constituted to comply with the requirements of corporate governance .
11. AUDITORS:
The Auditors, Messrs Amit Ray & Co., Chartered Accountants, retire at
the forthcoming, Annual General Meeting and being eligible, offer
themselves for reappointment.
12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Information pursuant to Section 217(1)(e) of the Companies Act, 1956,
read with Companies (Disclosure of particulars in the Report of the
Directors) Rules, 1988 is set out in statements hereto and form part of
this report.
13. ENVIRONMENT AND SAFETY:
A lot of emphasis is placed on occupational environment health and
safety of the employees of the Company. Several steps have been taken
to conserve water by recycling it into useful purposes. A much greener
environment has been created by using waste water and those plants have
been planted which make the environment clean and dust free. The
Company recognizes employees safety and is always inclined to improve
on such standards.
14. DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217 (2AA)
OF THE COMPANIES ACT, 1956:
The Directors hereby confirm that:
(i) In the preparation of the Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
relating to any material departure.
(ii) They have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company at the end of the financial year and of the profit or loss
of the Company for that period.
(iii) They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provision of this
Act for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities.
(iv) The annual accounts have been prepared on a going concern basis.
15. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Corporate Governance and Management Discussion and Analysis Report are
set out as separate Annexure to this Report.
INFORMATION AS PER SECTION 217(1)(e) READ WITH COMPANIES (DISCLOSURE OF
PARTICULARS IN THE REPORT OF DIRECTORS) RULES, 1988 AND FORMING PART OF
THE DIRECTORS REPORT FOR THE YEAR ENDED 31st MARCH, 2010 :
1. CONSERVATION OF ENERGY
I. Mandrel M/C Motor of 5HP to be replaced by 1.5 low rpm (950 rpm)
along with timing belt and timing pulley, with this there will be
saving of electricity and also improvement in tolerance of Outer dia.
and Wall Thickness.
II. Installation of Oxygen Gen Set by which there will be consistent
availability of good quality of Oxygen resulting into improvement in
efficiency of Glazing machines by 5 to 6%. Cost wise also it would be
approx 60% of existing cost of Oxygen which is being purchased from
market.
III. Installed injector blower 40 HP for exhaust of flue gases, which
gives the better consumption in furnace resulting fuel efficiency and
saving 1% oil.
IV. Stopped using vaporizer (3.5 KWH) of LPG and start taking vapors
directly from the LPG bullets together.
V. Stop continuous running of sand elevator. Due to installation of
small storage bin between the conveyor and the elevator reduced the
running hrs by 50%, resulted in saving of 1 KWH.
VI. Cold repair done for RFO oil saving, resulted in saving of oil
from 4.2 MT to 3.7 MT i.e. 0.5 MT/Day
VII. Barrier wall putted during the cold repair further increase the
efficiency of furnace and improved the quality.
VIII. Repaired old PLM epergy meter for the plant,to control the
energy distribution and uses.
IX. In G-ll the gas temp control has been made by improving
temperature control of leher, resulting in saving in gas consumption
and better glass yield.
X. After repairing and redesigning of G-ll Furnace the gas consumption
has reduced substantially.
II. TECHNOLOGY ABSORPTION:
Efforts made in technology absorption as per form B of the Annexure to
the Rules. 1.Research and Development
a.) Installation of liquid oxygen bullet in place of oxygen genset,
which will give consistent firing and good control of temperature,
resulting LPG saving.
b.) Small mixture machine introduced in the batch for mixing of minor
ingredients, which gives the good mixing of batch and better melting
and reduction if unmelted stones.
c.) Introduction of graphite roller in place of asbestos/steel roller,
resulted in visual quality of final product.
d.) Installed final cutting of tube by water spray system, resulted
removing of chilling unit and saving of 4 KW and also the consistency
of quality of cutting.
e.) Technology for re-engraving of roller for some designs developed in
house leading to saving in fuel cost.
f.) Developed technology to reuse of old debituse and cost of energy
has been reduced.
III. FUTURE PLAN OF ACTION FOR ENERGY CONSERVATION:
1. Updation of reversal system from relay to PLC module.
2. Installation of energy meter in colony to control electricity
consumption.
3. Installation of Central AC system in place of window ACs, which are
taking more energy.
4. LCD light in the offices and in corridors.
Place : Allahabad On behalf of the Board
Date: The 20th August 2010
J K Agrawal Managing Director
Dr. G C Agrawal Director
A K Dhawan Director (Finance)
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