| Dear Shareholders,
The Directors have pleasure in presenting the 31st Annual Report
together with Audited Accounts and Auditor's Report on the business and
operations of the Company for the financial year ended March 31, 2014.
FINANCIAL HIGHLIGHTS
A summarized position of the profits/losses and taxation for the year
under review as compared to the previous years is given below:
(Rs in crores)
Year Year Year
Particulars 2013-14 2012-13 2011-12
Total Income 369.78 345.68 264.31
(including Exceptional Items)
Less: Operating, Administrative 362.90 340.70 260.44
& other Exp.
Earning before interest and 6.88 4.98 3.87
depreciation
Less: i) Interest 4.15 2.73 2.74
ii) Depreciation 0,51 0,23 0.15
Profit before Tax 2.22 2.02 0.98
Less: provision for Tax
i) Current (0.85) (0.72) (0.20)
ii) MATcredit entitlement - - 0.01
iii) Deferred tax assets 0.02 0.00 0.01
credit/(charge)
iv) Provision for tax - 0.07 -
relating to prior years
Profit after Tax
Add: Balance of Profit as per 1.35 1.37 0.80
last Balance 5heet
Balance available for 4.53 5.31 6.06
appropriation
Less: Appropriation
i) Proposed Dividend - Final 0.10 0.10 0.10
ii) Tax on Dividend 0.02 0.02 0.02
iii) Transfer to General Reserves 1.00 2.00 2.00
Balance carried over to 3.41 3.19 3.94
Balance Sheet
EPS (of Rs 10/- each) 1.28 1.29 0.75
NetWorth 25.01 23.78 22.53
Year Year
Particulars 2010-11 2009-10
Total Income 441,64 365.88
(including Exceptional Items)
Less: Operating, Administrative & other Exp. 436.68 361.02
4.Earning before interest and depreciation 4.96 4.86
Less: i) Interest 2.17 1.13
ii) Depreciation 0.20 0.17
Profit before Tax 2.59 3,56
Less: provision for Tax
I) Current (0.97) (1.34)
ii)MATcredit entitlement - -
iii) Deferred tax assets credit/(charge) 0.03 0.01
iv) Provision for tax relating to prior years - -
Profit after Tax
Add: Balance of Profit as per last Balance Sheet 1.65 2.19
Balance available for appropriation 5.84 5.55
Less: Appropriation
i)Proposed Dividend - Final 0.62 0.31
ii)Tax on Dividend 0.10 0.05
iii)Transfer to General Reserves 0.50 1.00
Balance carried over to Balance Sheet 4.62 4.19
EPS (of Rs 10/- each) 2.13 7.00
NetWorth 21.21 9.43
PERFORMANCE HIGHLIGHTS
In the competitive and challenging business environment, the overall
performance of your Company's net profit after tax has reduced to Rs.
1.35 crores fromRs. 1.37 Crores, as achieved during the Financial year
2013-14.The lower net profit has been due to increase expenses on
account of volatile market conditions and also due to sharp
depreciation of Indian currency vis-a-vis the foreign Currencies. The
Company reported the net revenue ofRs. 369.78 crores, an increase of
6.97% over F/y 2013. The earning per share (Basic & Diluted) as on
March 31, 2014 stood at Rs.1.28.
DIVIDEND
Having regard to the overall performance of the Company and the
positive outlook for the future, the Board of directors recommended a
final dividend of Rs. 0.10 per equity share of Rs. 10 each for the year
ended on March 31, 2014. The dividend payout, if approved, will result
in outflow of Rs.12, 37,854/- inclusive of Rs. 1, 79,814/- as Dividend
Distribution Tax (previous year . Rs. 12,29,680/-). The final dividend,
if approved, will be paid within 30 days of declaration.
MANUFACTURING UNIT
The Company has commenced commercial production in its Manufacturing
Unit at Abu Road, Rajasthan for manufacturing of non-ferrous metal
alloys w.e.f. September 26, 2012.
Phase 1 has been started with the production capacity of 4800 metric
ton of copper, brass, zinc, & aluminum ingots. We have also started
ZAMC activity like ZAM C2, ZAMC3, ZAMAC5 & special alloys on the order
basis and also establishing a process for copper & copper alloys on
order basis. By the beginning of next fiscal, the Company has planned
to start phase II with the additional capacity of another 4800 metric
ton.
DIRECTORS
In accordance with the provisions of the Companies Act, 2013, and the
Company's Article of Association, Mr. Mudit Rastogi retire by rotation
and are eligible for - reappointment.
A brief profile of Mr. Mudit Rastogi are provided in the report on
Corporate Governance forming part of the Annual Report.
DIRECTORS RESPONSBIL1TY STATEMENT .
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors,
based on the representations received from the Operating Management,
Confirm that-
i. in the preparation of the Annual Accounts for the Financial year
2013-14, the applicable Accounting Standards have been followed and
that there are no material departures;
ii. they have, in the selection of the Accounting Policies, consulted
the Statutory Auditors and have 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 of the Company for that period;
iii. they have taken proper and sufficient care to the best of their
knowledge and ability for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act 1956,for
safeguarding for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act,1956 for
safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities;
iv. they have prepared the annual accounts on a going concern basis.
AUDITORS
M/s K. N. Gutgutia & Co., Chartered Accountants, who are the statutory
auditors of the Company hold office until the conclusion of the ensuing
Annual General Meeting and are eligible for re -appointment. Pursuant
to provisions of Section 139 of the Companies Act, 2013 and rules
framed there under, it is proposed to appoint K.N.Gutgutia as statutory
auditors of the Company from the conclusion of the ensuing AGM till the
conclusion of the 34th AGM to be held in the year 2017, subject to .
annual ratification by members at Annual General Meeting.
ACCOUNTS & AUDIT
The Audit Report as given by M/s K. N. Gutgutia & Co., Chartered
Accountants, is annexed to the Financial Statements of the company. The
observations of Auditors in their report are self explanatory and do
not require elucidation. There were no qualification remarks in the
audit report.
CASH FLOW ANALYSIS
The Cash Flow Statement for the year, under reference in terms of
Clause 32 of the Listing Agreement entered by the Company with the
Stock Exchanges, is annexed with the Annual Accounts of the Company.
PUBLIC DEPOSITS
The Company has invited and accepted fixed deposits within the meaning
of Companies (Acceptance of Deposits) Rules, 1975 from the public
during the year. The Total amount due to the depositors as at the end
of the financial year is Rs. 6.88 Crores.
The Company has maintained Liquid Assets as per Rule 3Aof the Companies
(Acceptance of Deposits) Rules, 1975.
ISO 9001:2008 CERTIFICATION
The implementation of ISO 9001:2008 was found up to mark in the
Surveillance Audit conducted by the Certifying Authority.
PARTICULARS OF EMPLOYEES
During the year under review, no employee, whether employed for the
whole or part of the year, was drawing remuneration exceeding the
limits as laid down u/s. 217 (2A) of the Companies Act, 1956, read with
Companies (Particulars of Employees) Rules, 1975 as amended. Hence the
details required under5ection 217 (2A) are not given.
CORPORATE GOVERNANCE
In Compliance with the requirements of Clause 49 of the Listing
Agreement with the Stock Exchange, a separate report on Corporate
Governance along with auditors certificate on its compliance as
attached as Annexure -1 and forms integral Part of this Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis of financial condition and
results of operation of the Company for the year under review, as
required under clause 49 of the Listing Agreement with the stock
exchanges, is given separately under the head "Management Discussion &
Analysis Report" in Annual Report.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION
Details of energy conservation and research and development activities
undertaken by the company along with the information in accordance with
the provision of section 217(l)(e) of the companies Act, 1956, read
with the companies ' (Disclosure of Particulars in the Report of the
Board of Directors) Rules, 1988, are given in Annexure 'A' to the
Directors' Report.
DEPOSITORY SYSTEMS
As on March 31, 2014, 99.01 of the Company's paid-up capital
representing 10476515 Equity Shares is in dematerialized form with both
the depositories as compared to 98.52 % representing 10423945 equity
shares for the previous year ending March 31, 2014.
The Company has established connectivity with both depositories -
National Securities Depository Limited (N5DL) and Central Depository
Services (India) Limited (CDSL) through RTA i.e. M/s. Skyline Financial
Services Pvt. Ltd.
The Company has paid custodial fees for the financial year 2013-14 to
NSDL and CDSL on the basis of numbers of beneficial accounts maintained
by them as on March 31, 2014.
BUSINESS GOALS
In view of the growth opportunities in domestic market and proactively
observing the cost pressure of the market, your company has made
extensive growth better production, increased operational efficiency
and improved trading techniques _ Your Company has a conservative
estimate of growth of its business of 15.20% during the financial year
2015-16. The Company is coming in the positions to utilize the
opportunities for business expansion in the coming years. The
Manufacturing Unit & two more branches are showing the path of future
growth and success of the Company. The Company is planning to increase
its total number of business units by opening new branches.
The Company is fully equipped with the capacity to meet the demand of
its customers for the current year and finalized plan for capacity
expansion to meet future demand of the industry.
ACKNOWLEDGEMENT
The Directors thank the Company's employees, customers, vendors,
investors, bankers and other business associates for their continuing
support to the Company.
The Directors wish to express their gratitude for the assistance and co
-operation received from Oriental Bank of Commerce and other Government
and semi Government authorities Corporations and Institution, SEB1,
Stock Exchanges, Custodian, Regulatory/Statutory Authorities, and
Registrars Si Share Transfer Agent for their co-operation.
The Directors also thank all the shareholders and investors for
reposing continued confidence in the Company.
The Directors also wish to place on record their deep sense of
appreciation for the devoted services of all the employees of ' the
Company and their great efforts for the progress of the Company.
For & on behalf of Board of Directors of
ASEEM GLOBAL LIMITED
Sd/-
Place: Delhi Tanuj Rastogi
Date:01/09/2014 Chairman & Managing Director | 