| Dear Members,
The Directors have the pleasure in presenting the 20th Annual Report
on the business and operations of the Company for the year ended
31-03-2014 together with the audited accounts for the year ended
31-03-2014.
FINANCIAL RESULTS: (Rs. In Lacs)
PARTICULARS 2013-14 2012-13
Gross Turnover (Net of Excise) 11,515.02 10,272.37
Other Income 3.35 11.69
Net Profit 221.64 402.38
Less: Depreciation 213.48 222.11
Profit/Loss before Tax 8.16 180.27
Provision for Tax 1.50 38.58
Prior Period Adjustment - -
Profit/Loss after Tax 6.66 141.69
Proposed Dividend - -
Dividend Distribution Tax - -
Deferred Tax Liability 160.99 -
Amount brought forward from last year's account 1,162.76 1,021.07
MAT Credit Benefit - -
Balance carried to Balance Sheet 1008.43 1,162.76
DIVIDEND
In view of inadequacy of profit for the year under review, your
Directors do not recommend dividend on the Equity Shares for the year
under Review.
REVIEW OF OPERATIONS
The turnover for the financial year 2013-2014 is Rs. 11515.02 Lacs
against Rs. 10,272.37 Lacs for the financial year 2012-2013.
DIRECTORS
In accordance with the provision of the Companies Act, 2013 and the
Articles of the Company, Mr. Umashankar Manikrao Singh and Mr.
Amalaprasad Parasnath Mishra, are be and is hereby appointed as an
Independent Director of the Company with effect from 30th September,
2014 up to 29th September, 2019.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
the Director's confirm that:
1. In preparation of annual accounts applicable Accounting Standards
have been followed with proper explanation relating to material
departures.
2. That 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 2014 and of
the profit or loss of the company for that period.
3. 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.
4. The directors had prepared the annual accounts on a going concern
basis for the Financial Year ended 31st March, 2014.
AUDIT COMMITTEE
The composition of Audit Committee is as given in the Report on
Corporate Governance
SHAREHOLDERS'/INVESTOR GRIEVANCE COMMITTEE
The composition of Shareholders'/Investor Grievance Committee is as
given in the Report on Corporate Governance
REMUNERATION COMMITTEE
The composition of Remuneration Committee is as given in the Report on
Corporate Governance
REPORT ON CORPORATE GOVERNANCE
Pursuant to Clause 49 if the Listing Agreement with the Stock
Exchanges, Management Discussion and Analysis Report and Corporate
Governance Report are made as a part of this Annual Report.
SAFETY, HEALTH AND ENVIRONMENT
Sustained and meticulous efforts continue to be exercised by the
Company at all plants of the Company, towards greener production and
environment conservation. The Company perseveres in its efforts to
indoctrinate safe and environmentally accountable behavior in every
employee, as well as venders, by rigid compulsory annual training and
refresher courses, as well as frequent awareness programs, Mock drills
of emergency preparedness are regularly conducted at all the plants
showing Company's commitment toward safety, not only of its own men and
plants, but also of the society at large.
Safety records, at all plants showed considerable improvement and
accident statistics showed downward trend. This was made possible by
strict adherence to laid down procedures and following of international
guidelines, involvement of workers in all safety matters has been
encouraged by their participation in shop floor safety meeting.
The health of employees and the environment in and around the plant
area have been given due care and attention. The Company continued to
comply with the prescribed industrial safety environment protection and
pollution control regulation at its production plant, through periodic
checks of the system involved and constant monitoring to meet the
standards set by the pollution control authorities etc.
INDUSTRIAL RELATIONS & HUMAN RESOURCES MANAGEMENT
The Company recognizes that in a people-intensive business, major gains
can be scored in the area productivity management. In view of this,
the Company strengthened its people management through
performance-linked incentives, amenities, training, multi-skilling and
career path identification.
The Company is of firm belief that good human Resource Management would
ensure success though high performance HR strategy and plans of the
company are deeply imbedded with the organizational goal is set to
increase the production capacity of the various plants and rationalize
the manpower through scientific study. All the operational goals of the
top management emanate from the business plan. The goal of Chairman is
shared with his subordinates who in turn share their goal with their
respective subordinates and so on. Regular visits by HR team are being
made to all plants to meet the employees and also interaction meeting
are conducted to get their feedback, based on which HR polices are
improved continuously. The process has resulted in better employees'
relationship.
The Company lays due emphasis on all round development of its human
resource. Hence training of the employees is aimed at systemic
development of knowledge, skill, aptitude and team work. Training is
designed for the development of personal skills necessary for the
performance of the present job and to prepare them for future growth.
Individual development is given top priority to groom high caliber
manpower.
ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
The particulars required under Section 217(1)(e) of the Companies Act,
1956, read with the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules 1988, regarding conservation of energy,
technology absorption and foreign exchange earnings and outgo are given
in the Annexure forming part of this Report.
EMPLOYEES
None of the employees drew remuneration of Rs. 60,00,000/- or more per
annum Rs. 5,00,000/- or more per month during the year under review.
This information is furnished as required under Section 217 (2A) of
Companies Act, 1956, read with the Companies (Particulars of Employees)
Rules, 1975
FIXED DEPOSITS:
The Company has not invited/received any fixed deposits from the public
during the year under Report.
INSURANCE:
The properties, stock, assets of your Company are adequately insured.
AUDITORS
M/s DMKH & Co. Chartered Accountants, Statutory Auditors of the
Company, holds office to hold office for a period of Three years from
F.Y.2014-2015 Annual General Meeting to the Conclusion of F.Y.2016-201
7 Annual General Meeting of the Company and fix their remuneration and
is eligible for reappointment. The Company has received a letter from
M/s. DMKH & Co. Chartered Accountants to the effect that their
reappointment as Auditors, if made, would be within the limits under
Section 139 of the Companies Act, 2013.
AUDITORS, REPORT AND NOTES TO ACCOUNTS
The Board has duly reviewed the Statutory Auditors' Report on the
Accounts. The observation appearing in the Auditors' Report, including
the Sub-Judice matter are self-explanatory and do not call for any
further explanation/clarification by the Board of Directors under
Section 217(3) of the Companies Act, 1956.
EMPLOYEE RELATIONS
The management employee relations continue to be cordial the Board is
committed to strengthen the same and to work towards ensuring health,
safety, welfare and a healthy working environment for its employees.
ACKNOWLEDGEMENT:
Your Directors place on record their appreciation of the assistance and
support extended by Bankers, Consultants, Customers, Suppliers, Service
Providers, Government Department, Solicitors, Shareholders and
Employees of the Company.
For and on Behalf of the Board of Directors
For Rishabhdev Technocable Limited
-sd-
Sunil B. Golchha
Chairman & Managing Director
DIN : 00318899
Date : 30.05.2014
Place : Mumbai
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