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Hyderabad Flextech Director Report
BSE:522219 | IND:Others | ISIN code:INE113C01019 | SECT:General
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You can view full text of the Director's Report for Hyderabad Flextech Ltd.[Merged.
Director Report
The Directors present their 17th Annual Report for the year 2008-09(9
Months) together with the Balance Sheet as at 31st March, 2009 and the
Profit & Loss Account for the year ended on that date.
1. FINANCIAL RESULTS :
(Rs.lakhs)
2008-09 2007-08
(9 Months) (15 Months)
Operational Income 227.98 235.40
Other Income 14.43 104.50
Total Income 242.41 339.90
Operating Profit/(Loss) 6.29 (26.33)
Depreciation & Interest 93.81 159.78
Profit/(Loss) for the year (87.52) (100.22)
2. OPERATIONS:
During the year under review, the company has recorded an operational
income of Rs. 227.98 lacs (for 9 months as against the income of Rs.
235.40 lacs for 2007-08 15 months). However, your company has suffered
a loss of Rs 87.52 lacs on its operations for (he year under review
against the loss of Rs. 100.22 lacs for 2007-08. Further, the Export
market is still not encouraging due to stiffer competition in the
international market. The domestic sales have contributed Rs 69.80 lacs
in the total sales for the year under review.
3. DIRECTORS:
In accordance with the provisions of Companies Act, 1956 and the
Companys Articles of Association, Dr.Abid Hussian and Sri J.S.Krishna
Murthy retire by rotation and, being eligible, offer themselves for
re-appointment.
4. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act. 1956. with respect to Directors Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2009, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
loss of the company for the year under review.
(iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March. 2009 on a going concern basis.
5. MERGER WITH M/s KEERTHI INDUSTRIES LIMITED:
As you are aware, your Company is in the process implementing scheme of
merger with M/ s. Keerthi Industries Limited (the transferee company).
The merger petition is pending before the Honble High Court of Andhra
Pradesh for its approval.
6. REPLY TO AUDITORS QUALIFICATIONS: STATUTORY PAYMENTS - PF, TDS &
ESI:
Regarding delay in payment of PF, TDS & ESI contributions your
Directors would like to inform you that the payments were delayed due
to liquidity issues. Further, the payments to the aforesaid Departments
are paid for the year under review.
The company has extended unsecured loan Rs. 9.00 lacs to M/s. Hyderabad
Bottling Company Ltd. (HBCL), where some of the Directors of the
company are the majoriy, for its urgent requirements. In fact, HBCL has
invested an amount oi Rs. 268.34 lacs in the 9% redeemable preference
shares issued by the company in the year 2001 on which the company has
not been able to pay any dividend so far. In view of the above, your
Directors are of the opinion that the small loan extended to HBCL is
not pejudicial to the interest of the company.
Compliance of AS-15
As regards the Auditors qualification in the compliance of AS-15 your
directors would like to clarify that the company is in the process of
merging with M/s. Keerthi Industries Ltd and the effective date of
merger is taken as 1st April. 2007. The compliance will be ensured in
the merged entity during the current year (Post merger).
7. AUDITORS:
M/s.Brahmayya & Co., Chartered Accountants. Hyderabad, the present
Auditors, retire at the ensuing Annual General Meeting, and are
eligible for re-appointment.
8. PERSONNEL:
Employer-Employee relations remained cordial during the year under
review. Your Directors place on record their sincere appreciation of
the contribution made by the employees of the Company at all levels. As
regards, information pursuant to Section 217(2AA) of the Companies Ae(,
1956 read with Companies (Particulars of Employees) Rules. 1975 (as
amended), there are no employees governed by the said provisions.
9. ADDITIONAL INFORMATION:
Information pursuant to Section 217(e)&(2A) of the Companies Act, 1956
read with Companies (Disclosure of Particulars in the Report of Board
of Directors) Rules. 1988 is annexed herewith.
10. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Industry Structure and Developments:
Your Company is one of the few companies specialized in manufacturing
flexible printed circuit boards in India. The flexible PCBs being sold
by the Company in India is an import substitute. The PCB industry
purely depends on electronic industry. The Electronic Industry is
looking up and doing well giving a scope for PCB industiy to expand.
Opportunities and Threats:
Spreading into domestic market, as an import substitute is a major
opportunity for the Company. However due to fall in exports, there is a
constraint on DTA eligibility. Therefore, the Company would have to
make DTA sales by paying full Excise Duty, which is an additional
burden on the margins. The company has been following this system
through out the year under review.
Segment or product-wise performance:
Segment or product-wise performance is not required to be given as the
Company has only one business segment and one product during the
financial year under review.
Outlook:
The company is expecting to improve its prospects by concentrating on
the domestic sales, which are encouraging comparatively.
Risks and concerns:
The machinery being Fourteen years old, requires thorough overhauling
and replacement of certain high cost spares. Further, to be more cost
effective, the plant needs to be modernized to match the latent
technology.
Internal control systems and their adequacy:
The company has adequate internal control systems. Further, the Company
also has independent internal auditors, who conduct periodical audit
and their report is taken into account by the Management as well as the
Statutory Auditors.
Financial/operational performance:
This has been already discussed elsewhere in this Report.
Human Resources/Industrial Relations:
The company enjoys very cordial industrial relations and there is very
low employee/labour turnover in the company. You will be happy to note
that ever since the inception of the Company, there were no strikes,
lockouts, lay- offs, retrenchments, etc.
11. ACKNOWLEDGEMENTS:
Your Directors take this opportunity to thank all the Central and State
Government authorities, the Department of Electronics, the Central
Excise and Customs officials and officials of STPI for their whole
hearted co- operation. Your Directors place on record their
appreciation for the valuable support given by State Bank of India.
On behalf of the Board
J.S. Rao J. Triveni
Managing Director Director
Place : Hyderabad
Date : 2nd September, 2009
Months) together with the Balance Sheet as at 31st March, 2009 and the
Profit & Loss Account for the year ended on that date.
1. FINANCIAL RESULTS :
(Rs.lakhs)
2008-09 2007-08
(9 Months) (15 Months)
Operational Income 227.98 235.40
Other Income 14.43 104.50
Total Income 242.41 339.90
Operating Profit/(Loss) 6.29 (26.33)
Depreciation & Interest 93.81 159.78
Profit/(Loss) for the year (87.52) (100.22)
2. OPERATIONS:
During the year under review, the company has recorded an operational
income of Rs. 227.98 lacs (for 9 months as against the income of Rs.
235.40 lacs for 2007-08 15 months). However, your company has suffered
a loss of Rs 87.52 lacs on its operations for (he year under review
against the loss of Rs. 100.22 lacs for 2007-08. Further, the Export
market is still not encouraging due to stiffer competition in the
international market. The domestic sales have contributed Rs 69.80 lacs
in the total sales for the year under review.
3. DIRECTORS:
In accordance with the provisions of Companies Act, 1956 and the
Companys Articles of Association, Dr.Abid Hussian and Sri J.S.Krishna
Murthy retire by rotation and, being eligible, offer themselves for
re-appointment.
4. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act. 1956. with respect to Directors Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2009, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
loss of the company for the year under review.
(iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March. 2009 on a going concern basis.
5. MERGER WITH M/s KEERTHI INDUSTRIES LIMITED:
As you are aware, your Company is in the process implementing scheme of
merger with M/ s. Keerthi Industries Limited (the transferee company).
The merger petition is pending before the Honble High Court of Andhra
Pradesh for its approval.
6. REPLY TO AUDITORS QUALIFICATIONS: STATUTORY PAYMENTS - PF, TDS &
ESI:
Regarding delay in payment of PF, TDS & ESI contributions your
Directors would like to inform you that the payments were delayed due
to liquidity issues. Further, the payments to the aforesaid Departments
are paid for the year under review.
The company has extended unsecured loan Rs. 9.00 lacs to M/s. Hyderabad
Bottling Company Ltd. (HBCL), where some of the Directors of the
company are the majoriy, for its urgent requirements. In fact, HBCL has
invested an amount oi Rs. 268.34 lacs in the 9% redeemable preference
shares issued by the company in the year 2001 on which the company has
not been able to pay any dividend so far. In view of the above, your
Directors are of the opinion that the small loan extended to HBCL is
not pejudicial to the interest of the company.
Compliance of AS-15
As regards the Auditors qualification in the compliance of AS-15 your
directors would like to clarify that the company is in the process of
merging with M/s. Keerthi Industries Ltd and the effective date of
merger is taken as 1st April. 2007. The compliance will be ensured in
the merged entity during the current year (Post merger).
7. AUDITORS:
M/s.Brahmayya & Co., Chartered Accountants. Hyderabad, the present
Auditors, retire at the ensuing Annual General Meeting, and are
eligible for re-appointment.
8. PERSONNEL:
Employer-Employee relations remained cordial during the year under
review. Your Directors place on record their sincere appreciation of
the contribution made by the employees of the Company at all levels. As
regards, information pursuant to Section 217(2AA) of the Companies Ae(,
1956 read with Companies (Particulars of Employees) Rules. 1975 (as
amended), there are no employees governed by the said provisions.
9. ADDITIONAL INFORMATION:
Information pursuant to Section 217(e)&(2A) of the Companies Act, 1956
read with Companies (Disclosure of Particulars in the Report of Board
of Directors) Rules. 1988 is annexed herewith.
10. MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Industry Structure and Developments:
Your Company is one of the few companies specialized in manufacturing
flexible printed circuit boards in India. The flexible PCBs being sold
by the Company in India is an import substitute. The PCB industry
purely depends on electronic industry. The Electronic Industry is
looking up and doing well giving a scope for PCB industiy to expand.
Opportunities and Threats:
Spreading into domestic market, as an import substitute is a major
opportunity for the Company. However due to fall in exports, there is a
constraint on DTA eligibility. Therefore, the Company would have to
make DTA sales by paying full Excise Duty, which is an additional
burden on the margins. The company has been following this system
through out the year under review.
Segment or product-wise performance:
Segment or product-wise performance is not required to be given as the
Company has only one business segment and one product during the
financial year under review.
Outlook:
The company is expecting to improve its prospects by concentrating on
the domestic sales, which are encouraging comparatively.
Risks and concerns:
The machinery being Fourteen years old, requires thorough overhauling
and replacement of certain high cost spares. Further, to be more cost
effective, the plant needs to be modernized to match the latent
technology.
Internal control systems and their adequacy:
The company has adequate internal control systems. Further, the Company
also has independent internal auditors, who conduct periodical audit
and their report is taken into account by the Management as well as the
Statutory Auditors.
Financial/operational performance:
This has been already discussed elsewhere in this Report.
Human Resources/Industrial Relations:
The company enjoys very cordial industrial relations and there is very
low employee/labour turnover in the company. You will be happy to note
that ever since the inception of the Company, there were no strikes,
lockouts, lay- offs, retrenchments, etc.
11. ACKNOWLEDGEMENTS:
Your Directors take this opportunity to thank all the Central and State
Government authorities, the Department of Electronics, the Central
Excise and Customs officials and officials of STPI for their whole
hearted co- operation. Your Directors place on record their
appreciation for the valuable support given by State Bank of India.
On behalf of the Board
J.S. Rao J. Triveni
Managing Director Director
Place : Hyderabad
Date : 2nd September, 2009
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Hyderabad Flextech Ltd.[Merged. Quick Links
Stock Summary
Cash Flow Statement
Half Yearly Results
Capital Structure
Chairman's Speech
Company History
Locations
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Splits
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Cash Flow Statement
Half Yearly Results
Capital Structure
Chairman's Speech
Company History
Locations
Dividends
Splits
Competitors
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