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Perfect Circle India Director Report
BSE:505789 | IND:Others | ISIN code:INE222D01032 | SECT:General
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You can view full text of the Director's Report for Perfect Circle India Ltd.
Director Report
The Directors are pleased to present the Forty-Seventh Annual Report
on the business and operations, together with the Audited Accounts for
the year ended March 31, 2010.
Financial Highlights Year ended Year ended
March 31, 2010 March 31, 2009
(Rs Million) (Rs Million)
Sales 838.9 799.6
Profit before Depreciation
and Interest 162.1 112.2
Depreciation 46.2 49.5
Interest 42.3 46.5
Profit before Tax 73.7 16.3
Provision for Taxation 1.9 17.2
Profit after Tax 71.8 (0.9)
Balance Profit brought forward
from Last Balance Sheet (17.3) (16.4)
Profit available for Appropriation 54.5 (17.3)
APPROPRIATIONS
Transfer to General Reserve 7.2 0
Dividend Equity 10.0 0
Tax on Dividend 1.7 0
Profit Carried forward to Balance Sheet 35.6 (17.3)
Performance and Operations
The Indian economy registered a growth of 15.3% as against 6.7% in the
previous year which was contributed by Service Sector at 9.8%,
industrial growth of 3.9% and agriculture growth of 1.6%. Growth of
automotive industry was at 26.1% during the financial year under
review. However, the market started to recover from the middle of the
year. This has boosted the performance of your Company mainly in the
last two quarters.
The Sales turnover during the financial year under review was Rs. 838.9
Million as compared to Rs. 799.6 million in the previous year. The
competitive environment continues to put pressure on domestic and
export sales. Profit after interest but before depreciation and
taxation was Rs.119.9 million, as compared to Rs.65.7 million in
previous year.
The profitability of your Company during the financial year under
review has improved due to better planning and co- ordination with the
customers to save on freight cost, external rejections, saving in power
cost and various cost control measures. The Company has registered a
substantial profit during the financial year under review in spite of
slow down during part of the year.
Your Company was able to maintain sales even though there had been
shrunkage of replacement market due to longer engine life of new
generation vehicles. Your Company continues to focus on new development
in original equipment and export markets to enhance capacity
utilization to have over all cost competitive position in market.
Dividend
In view of the better performance of the Company, your Directors
recommend Dividend of Rs. 0.30 per equity share (previous year Rs. Nil
per equity share). The total outflow from proposed dividend will amount
to Rs.10.00 Million as against (Rs. Nil in the pervious year). This
dividend will be distributed to the shareholders whose names appear on
the Register of Members as on July 26, 2010.
Exports
Your Companys total export sales during the financial year under
review were Rs.235.7 million as compared to Rs.275.3 million in the
previous year due to recessionary conditions in the world economy. This
includes export sales of piston ring castings, which was at Rs.127.3
million during the financial year under review, as compared to Rs.143.3
million in the previous year.
Your Company continues to devote increasing efforts to build up the
export market and expects to achieve significant improvement in the
current year.
Environment, Health & Safety
Your Company is committed to maintain a pollution free environment in
and around the company premises. Your Company has changed the
Environment, Health and Safety policy and focus is given on a green
approach to make the processes environment friendly and safe for the
people.
Many programs were arranged by your Company for the awareness of the
people to understand the importance of environmental health and safety
in todays scenario during the Safety Week, Energy Conservation Week
and on the World Environment Day to improve the environmental and
safety performance of your Company.
Complying with environment laws and regulations and the safety norms,
your Company has been awarded ISO 14001:2004 & OHSAS 18001:2007
recertification for environmental safety and health of people working
in and around the premises of your Company.
Your Company sends its executives for various seminars & trainings to
learn best practices in industry and motivate them to follow those
practices to improve the working environment in your Company.
Your Company firmly believes that providing occupational health, safety
and preservation of the environment is an integral part of its business
/ operations and its social responsibility.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo
As 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, information relating to the foregoing matters
is given by way of an annexure to this report.
Fixed Deposits
The total fixed deposits as at the end of the year were Rs. 84.80
million, out of which deposits aggregating Rs.0.66 Million remain
unclaimed with the Company during the financial year under review.
Directors
Mrs Padmini Khare Kaicker has resigned and ceased to be the Director of
your Company with effect from February 8, 2010.
Mr Gurdeep Singh has resigned and ceased to be the Director of your
Company with effect from October 22, 2009.
The Board of Directors place on record their sincere appreciation for
the valuable services rendered by Mrs Padmini Khare Kaicker and Mr
Gurdeep Singh during their tenure as Directors of your Company.
The Board of Directors of your Company has in its meeting held on
November 4, 2009 has appointed Mr Pravesh Kumar Srivastava as Director
of the Company in the casual vacancy caused by the resignation of Mr
Gurdeep Singh. Mr Pravesh Kumar Srivastava was appointed as the
Managing Director of your Company with effect from 1st January 2010.
The Board of Directors of your Company has in its meeting held on
February 8, 2010 appointed Mr Raman Kaicker as a Director of the
Company in the casual vacancy caused by the resignation of Mrs Padmini
Khare Kaicker.
In accordance with the Article 123 of the Articles of Association of
the Company, Mr Ranjit Barthakur and Mr M K Goyal retire by rotation at
the ensuing Annual General Meeting and being eligible, offer themselves
for reappointment.
Directors Responsibility Statement
Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000,
the Directors confirm that:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed;
2. Appropriate accounting policies have been selected and applied
consistently, and they have 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 as at March 31, 2010 and of the Profit and
Loss Account for the year ended March 31, 2010;
3. Proper and sufficient care has been taken 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;
4. The annual accounts have been prepared on a going concern basis.
Your Companys Internal Auditors have conducted periodic audit to
provide reasonable assurance that the Companys established policies
and procedures have been followed. The Audit Committee of the Board
meets once in a quarter with Internal Auditors to review internal
control financial reporting issues.
Corporate Governance
Your Company is committed to good Corporate Governance practices. Your
Company also conforms to practising good Corporate Governance norms. A
report on the Corporate Governance forms a part of this Report.
Auditors
M/s Price Waterhouse & Co., Chartered Accountants, Auditors of your
Company, will retire at the conclusion of the ensuing Annual General
Meeting and are eligible for reappointment. The Company has received a
Certificate from them that the proposed reappointment, if made, will be
in accordance with the limits specified under sub-section (1B) of
Section 224 of the Companies Act, 1956.
Particulars of Employees
The information required under Section 217(2A) of the Companies Act,
1956 and the rules framed there under is annexed hereto and forms part
of the report.
Acknowledgement
Your Directors wish to sincerely thank esteemed customers, suppliers,
shareholders, financial institutions, bankers, deposit holders of the
Company and the Government / Local Authorities for their continued
support, co-operation and encouragement.
Your Directors further wish to express their appreciation to all the
employees for their outstanding contribution to the operations of the
Company during the year.
For and on behalf of the Board
Place: Pune CS Patel
Date : May 19, 2010 Chairman
on the business and operations, together with the Audited Accounts for
the year ended March 31, 2010.
Financial Highlights Year ended Year ended
March 31, 2010 March 31, 2009
(Rs Million) (Rs Million)
Sales 838.9 799.6
Profit before Depreciation
and Interest 162.1 112.2
Depreciation 46.2 49.5
Interest 42.3 46.5
Profit before Tax 73.7 16.3
Provision for Taxation 1.9 17.2
Profit after Tax 71.8 (0.9)
Balance Profit brought forward
from Last Balance Sheet (17.3) (16.4)
Profit available for Appropriation 54.5 (17.3)
APPROPRIATIONS
Transfer to General Reserve 7.2 0
Dividend Equity 10.0 0
Tax on Dividend 1.7 0
Profit Carried forward to Balance Sheet 35.6 (17.3)
Performance and Operations
The Indian economy registered a growth of 15.3% as against 6.7% in the
previous year which was contributed by Service Sector at 9.8%,
industrial growth of 3.9% and agriculture growth of 1.6%. Growth of
automotive industry was at 26.1% during the financial year under
review. However, the market started to recover from the middle of the
year. This has boosted the performance of your Company mainly in the
last two quarters.
The Sales turnover during the financial year under review was Rs. 838.9
Million as compared to Rs. 799.6 million in the previous year. The
competitive environment continues to put pressure on domestic and
export sales. Profit after interest but before depreciation and
taxation was Rs.119.9 million, as compared to Rs.65.7 million in
previous year.
The profitability of your Company during the financial year under
review has improved due to better planning and co- ordination with the
customers to save on freight cost, external rejections, saving in power
cost and various cost control measures. The Company has registered a
substantial profit during the financial year under review in spite of
slow down during part of the year.
Your Company was able to maintain sales even though there had been
shrunkage of replacement market due to longer engine life of new
generation vehicles. Your Company continues to focus on new development
in original equipment and export markets to enhance capacity
utilization to have over all cost competitive position in market.
Dividend
In view of the better performance of the Company, your Directors
recommend Dividend of Rs. 0.30 per equity share (previous year Rs. Nil
per equity share). The total outflow from proposed dividend will amount
to Rs.10.00 Million as against (Rs. Nil in the pervious year). This
dividend will be distributed to the shareholders whose names appear on
the Register of Members as on July 26, 2010.
Exports
Your Companys total export sales during the financial year under
review were Rs.235.7 million as compared to Rs.275.3 million in the
previous year due to recessionary conditions in the world economy. This
includes export sales of piston ring castings, which was at Rs.127.3
million during the financial year under review, as compared to Rs.143.3
million in the previous year.
Your Company continues to devote increasing efforts to build up the
export market and expects to achieve significant improvement in the
current year.
Environment, Health & Safety
Your Company is committed to maintain a pollution free environment in
and around the company premises. Your Company has changed the
Environment, Health and Safety policy and focus is given on a green
approach to make the processes environment friendly and safe for the
people.
Many programs were arranged by your Company for the awareness of the
people to understand the importance of environmental health and safety
in todays scenario during the Safety Week, Energy Conservation Week
and on the World Environment Day to improve the environmental and
safety performance of your Company.
Complying with environment laws and regulations and the safety norms,
your Company has been awarded ISO 14001:2004 & OHSAS 18001:2007
recertification for environmental safety and health of people working
in and around the premises of your Company.
Your Company sends its executives for various seminars & trainings to
learn best practices in industry and motivate them to follow those
practices to improve the working environment in your Company.
Your Company firmly believes that providing occupational health, safety
and preservation of the environment is an integral part of its business
/ operations and its social responsibility.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo
As 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, information relating to the foregoing matters
is given by way of an annexure to this report.
Fixed Deposits
The total fixed deposits as at the end of the year were Rs. 84.80
million, out of which deposits aggregating Rs.0.66 Million remain
unclaimed with the Company during the financial year under review.
Directors
Mrs Padmini Khare Kaicker has resigned and ceased to be the Director of
your Company with effect from February 8, 2010.
Mr Gurdeep Singh has resigned and ceased to be the Director of your
Company with effect from October 22, 2009.
The Board of Directors place on record their sincere appreciation for
the valuable services rendered by Mrs Padmini Khare Kaicker and Mr
Gurdeep Singh during their tenure as Directors of your Company.
The Board of Directors of your Company has in its meeting held on
November 4, 2009 has appointed Mr Pravesh Kumar Srivastava as Director
of the Company in the casual vacancy caused by the resignation of Mr
Gurdeep Singh. Mr Pravesh Kumar Srivastava was appointed as the
Managing Director of your Company with effect from 1st January 2010.
The Board of Directors of your Company has in its meeting held on
February 8, 2010 appointed Mr Raman Kaicker as a Director of the
Company in the casual vacancy caused by the resignation of Mrs Padmini
Khare Kaicker.
In accordance with the Article 123 of the Articles of Association of
the Company, Mr Ranjit Barthakur and Mr M K Goyal retire by rotation at
the ensuing Annual General Meeting and being eligible, offer themselves
for reappointment.
Directors Responsibility Statement
Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000,
the Directors confirm that:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed;
2. Appropriate accounting policies have been selected and applied
consistently, and they have 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 as at March 31, 2010 and of the Profit and
Loss Account for the year ended March 31, 2010;
3. Proper and sufficient care has been taken 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;
4. The annual accounts have been prepared on a going concern basis.
Your Companys Internal Auditors have conducted periodic audit to
provide reasonable assurance that the Companys established policies
and procedures have been followed. The Audit Committee of the Board
meets once in a quarter with Internal Auditors to review internal
control financial reporting issues.
Corporate Governance
Your Company is committed to good Corporate Governance practices. Your
Company also conforms to practising good Corporate Governance norms. A
report on the Corporate Governance forms a part of this Report.
Auditors
M/s Price Waterhouse & Co., Chartered Accountants, Auditors of your
Company, will retire at the conclusion of the ensuing Annual General
Meeting and are eligible for reappointment. The Company has received a
Certificate from them that the proposed reappointment, if made, will be
in accordance with the limits specified under sub-section (1B) of
Section 224 of the Companies Act, 1956.
Particulars of Employees
The information required under Section 217(2A) of the Companies Act,
1956 and the rules framed there under is annexed hereto and forms part
of the report.
Acknowledgement
Your Directors wish to sincerely thank esteemed customers, suppliers,
shareholders, financial institutions, bankers, deposit holders of the
Company and the Government / Local Authorities for their continued
support, co-operation and encouragement.
Your Directors further wish to express their appreciation to all the
employees for their outstanding contribution to the operations of the
Company during the year.
For and on behalf of the Board
Place: Pune CS Patel
Date : May 19, 2010 Chairman
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Cash Flow Statement
Half Yearly Results
Capital Structure
Chairman's Speech
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Locations
Dividends
Splits
Competitors
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