Your Directors have great pleasure in presenting the Twenty-Ninth Annual Report
together with the Audited statements of Accounts of your Company for the financial year
ended on 31st March 2013.
|FINANCIAL RESULTS :
(Rupees in Lacs)
||Financial Year 2012-13
||Financial Year 2011-12
|Revenue from operations (Gross)
|Less: Excise duty
|Revenue from operations (Net)
|(a) Cost of materials consumed
|(b) Purchases of stock-in-trade
|(c) Changes in inventories of FG, WIP & Stock-in-Trade
|(d) Employee benefits expense
|(e) Finance costs
|(f) Depreciation and amortization expense
|(g) Other expenses
|Profit/ (Loss) before tax
|(a) Current tax expense
|(b) Deferred tax
|(c) Prior Period Adjustment
|Profit / (Loss) for the year
|Earnings per share (face value Rs.10/-) Basic & Diluted
The Company`s total revenue from operations during the financial year ended 31st March
2013 were Rs.32502.58 Lacs as against Rs.30029.02 Lacs of the previous year representing
an increase of approximately about 8.24% over the corresponding period of the previous
year with total expenses of Rs.32109.79 lacs (previous year of Rs.29577.35 lacs). The
Company has made Net Profit of Rs.261.18 Lacs as against Rs.299.10 Lacs of the previous
year after considering Depreciation and Provision for Tax and other adjustments
representing a decrease of approximately about 12.68% over the corresponding period of the
previous year. The EPS of the Company for the year 2012- 2013 is Rs.2.42. The decrease in
profitability is mainly due to increase in the input cost especially raw material cost
without increase in the selling price owing to market pressures.
No dividend has been recommended in respect of the year ended 31st March, 2013 and the
entire surplus be ploughed back to the business to meet the needs for additional finance
for capital expenditure.
The Company has not accepted any deposit from the public pursuant to the provisions of
Section 58A of the Companies
At the ensuing Annual General Meeting Mr. Manoj Lunia will retire by rotation and being
eligible and offers him-self for reappointment in the term of provision of Articles of
Association of the Company.
AUDITORS AND AUDITORS` REPORT:
M/s. Nahta Jain & Associates, Chartered Accountants of Ahmedabad Statutory
Auditors of the Company hold office until the conclusion of the ensuing Annual General
Meeting and are eligible for reappointment. The Shareholders are requested to appoint the
auditors of the Company and fix their remuneration.
The Company has received a letter from them to the effect that their reappointment, if
made, would be within the prescribed limits under Section 224(1B) of the Companies Act,
1956 and that they are not disqualified for reappointment within the meaning of Section
226 of the said Act.
The Notes on Accounts referred to in the Auditors` Report are self-explanatory and do
not call for any further comments.
In line with the requirements of the Listing Agreement with the Stock Exchanges and
Accounting Standard of the Institute of Chartered Accountants of India, your Company has
made additional disclosures in the notes on accounts for the year under review in respect
of Related Party Transactions, Deferred Tax Liability, etc.
CORPORATE GOVERNANCE REPORT:
Your Company perceives Corporate Governance as an endeavor for transparency and a
wholehearted approach towards continuous enhancement of shareholders` value. Your Company
has been complying with the conditions of Corporate Governance as stipulated in Clause 49
of the Listing Agreement. Further, the Board of Directors of your Company constituted a
Committee known as Corporate Governance Committee, which recommends the best practices in
the Corporate Governance.
A separate report on Corporate Governance along with Auditors` Certificate on
compliance with the Corporate Governance norms and stipulated in Clause 49 of the Listing
Agreement, forming part of this report is annexed herewith.
PARTICULARS OF EMPLOYEES:
The statement showing particulars of employees under section 217(2A) of the Companies
Act, 1956, read with the companies (Particulars of Employees) Rules, 1975, as amended, is
not required to be given as there were no employees coming within the purview of this
The Company has made necessary arrangements for adequate insuring of interests in
MANAGEMENT DISCUSSION AND ANALYSIS:
Industry structures relating to the Company`s activity is performing well in economy.
The Company has obtained various order (domestic and exports) during the financial year
2012-13. Growth of the Industry is providing the opportunity to over come the threat of
increasing cost and competition for the Industry. The Audit Committee of the Company has
regularly reviewed internal Control System of the company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:
Information pursuant to Section 217(1)(e) of the Companies Act 1956 read with the
Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988
relating to the foregoing matters is given hereunder.
|a) Conservation of energy
||: Rs. 1559.97 lacs
|b) Technology absorption, research & development
||: Rs. NIL
|c) FOREIGN EXCHANGE EARNINGS AND OUTGO
||: (Rs. in lacs)
|Foreign Exchange Earnings during the year
||: Rs. 1512.89
|Foreign Exchange Outgo during the year
||: Rs. Nil
DIRECTORS` RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, the
Directors of your Company confirm that:
i) in the preparation of the annual accounts, 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 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 that period;
iii) the Directors have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act, 1956
for safeguarding the assets of the company and for preventing and detecting fraud and
iv) the Directors have prepared the accounts on a "going concern basis".
Your Directors acknowledge their unmatched valuable contribution and appreciate the
co-operation received from the bankers, customers and financial institutions for their
continued assistance and support extended to the Company.
Your Directors also express their appreciation to all the employees of the Company for
their sustained contribution throughout the period.
Yours Directors wish to thank the shareholders for their continued support,
encouragement and the confidence reposed in the Management.
||BY ORDER OF THE BOARD
||FOR, ANJANI SYNTHETICS LIMITED
|PLACE : AHMEDABAD
||[VASUDEV S. AGARWAL]
|DATE : 28.05.2013
||Chairman and MD