annual report 2012 - 2013 · increase of 2.44 %. the export turnover increased from rs.5059.55...

Annual Report2012 - 2013

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MAGNA ELECTRO CASTINGS LIMITED

1

Board of Directors

Sri. V. RajendranSri. J. VijayakumarSri. K. GnanasekaranSmt. R. NandiniDr. Jairam VaradarajSri. C.R. SwaminathanSri. N. Krishna Samaraj (Managing Director)

Auditors

M/s. S.Krishnamoorthy & CoChartered Accountants,(Registration No. 001496S)Coimbatore 641 006.

Bankers

1. Corporation Bank Industrial Finance Branch, 1604, Trichy Road, Coimbatore 641 018.

2. Indian Bank 31, Variety Hall Road, Coimbatore 641 001.

Company Secretary

Sri. R. Ravi

Registrars & Share Transfer Agents

S.K.D.C.Consultants LimitedKanapathy Towers, III Floor,1391/A-1, Sathy Road, Ganapathy,Coimbatore - 641 006.

Listing with Stock Exchanges

The Stock Exchange, Mumbai.

Contents Page No.

Notice

Directors' Report

Report on Corporate Governance

Auditors' Report

Balance Sheet

Profit and Loss Statement

Notes to the Financial Statement

Cash Flow Statement

Registered Office

43, (Old No.62) Balasundaram Road, Coimbatore 641 018.Phone : 91 422 2240109 Fax : 91 422 2246209

Factory

A. FOUNDRY DIVISION SF No.34 and 35 (Part), Coimbatore Pollachi Main Road, Mullipadi village, Tamaraikulam Post, Pollachi Taluk, Coimbatore District 642 109. Phone : 91 4259 259316 Fax : 91 4259 259451

B. WIND ENERGY DIVISION 1. Windmill 1 at Andhiyur Village, Pollachi Taluk 2. Windmill 2 at Ganapathipalayam village,

Pollachi Taluk 3. Windmill 3 at Kolumamkondan, Pushpathur, Palani Taluk

Internet

E-mail :

Website : www.magnacast.com

4. Windmill 4 at Thotathurai, Palani Taluk

[email protected]

2

3

5

11

19

24

25

26

27


NOTICE

NOTICE is hereby given that the 23rd Annual General Meeting of the Members of Magna Electro Castings Limited will be held at 3.30.P.M. on Wednesday, 25th September 2013, at Ardra Conference Center, North Huzur Road, Coimbatore -641 018, to transact the following business.

ORDINARY BUSINESS :

1. To receive, consider and adopt the audited Balance Sheet as at 31st March, 2013 and the Profit and Loss Account for the year ended on that date together with the Directors' Report and the Auditors' Report thereon.

2. To declare a dividend.

3. To appoint a Director in place of Sri.V.Rajendran, who retires by rotation and being eligible, offers himself for re-appointment.

4. To appoint a Director in place of Sri.K.Gnanasekaran, who retires by rotation and being eligible, offers himself for re-appointment.

5. To appoint Auditors and fix their remuneration. The present Auditors, M/s S.Krishnamoorthy & Co., are eligible for re-appointment.

By order of the Board

Coimbatore N.Krishna Samaraj30th May 2013 Managing Director

3

N O T E S

1. A MEMBER ENTITLED TO ATTEND AND VOTE IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF AND PROXY NEED NOT BE A MEMBER OF THE COMPANY. THE PROXIES TO BE EFFECTIVE, SHOULD BE DEPOSITED AT THE REGISTERED OFFICE OF THE COMPANY NOT LATER THAN 48 HOURS BEFORE THE SCHEDULED COMMENCEMENT OF THE MEETING.

2. The Register of Members of the Company will remain closed during the period from 17th September 2013 to 25th September 2013 (both days inclusive).

3. Dividend when approved will be paid to such of the members whose names appear in the Register of Members of the Company as on 25th September 2013. In respect of shares held in dematerialized form, the dividend will be paid on the basis of beneficial ownership as per the details furnished by the Depositories for this purpose at the end of business hours on 16th September 2013.

4. Members holding shares in physical form are requested to notify any change in their address/mandate/bank details to the Company's Registrar and Share Transfer Agents. Members holding shares in electronic form are requested to notify any change in their address/mandate/bank details to their respective Depository Participant(s).

4

5. The Company has paid the annual listing fees for the period 2013-2014 to the Stock Exchange, Mumbai, while the Coimbatore Stock Exchange, on which the shares of the Company has been listed, has ceased to be Recognized Stock Exchange , as per orders of the SEBI.

6. Those members who have not encashed dividend warrants of earlier years may return the time barred dividend warrants to the Company or its Registrars and Share transfer Agents for issue of fresh Demand drafts.

7. Pursuant to the provisions of Section 205A of the Companies Act, 1956, as amended, such dividend which remain unpaid/unclaimed for a period of seven years will be transferred to Investor Education and Protection Fund constituted by the Central Government under Section 205C of the Act. The amount lying in the unpaid dividend account of earlier years is furnished below:

Year Amount (Rs.)

2005-2006 2,92,201 2006-2007 2,84,820 2007-2008 2,02,244 2008-2009 1,81,110 2009-2010 2,43,760 2010-2011 2,67,002 2011-2012 2,93,090

The unclaimed dividend on Equity shares upto the year ended 31st March 2005 have been transferred to the Investor Education and Protection Fund Account. .

Shareholders who have still not encashed their dividend warrants are requested to claim the dividend from the Company at the earliest.

8. We invite all our members to visit our website at www.magnacast.com for a virtual tour of our factory and a review of our products and services.

9. Members are requested to bring along with their Annual Report their Client ID and DP ID Numbers for

easy identification of attendance at the Annual General Meeting.

10. The Ministry of Corporate Affairs has taken a Green Initiative in Corporate Governance by allowing paperless compliance by the companies. Accordingly your Company proposes to send notices / documents including Annual Reports electronically henceforth. Shareholders holding shares in Demat form and who have not yet registered their e-mail address are requested to register with their respective Depository Participant (DP) immediately. Shareholders holding shares in physical form are requested to register their email address with our Registrars & Share Transfer Agents, SKDC Consultants Ltd., Kanapathy Towers, 3rd Floor. 139/1A, Sathy Road, Ganapathy, Coimbatore - 641 006; email id : [email protected].


5

DIRECTORS' REPORTDear Shareholders,

Your Directors have pleasure in presenting the 23rd Annual Report and Audited Accounts of the Company for the year ended 31st March 2013.

FINANCIAL RESULTS

31-03- 2 013 31-03-2012

Total Revenue 8763.32 8558.96 Gross Profit before Interest, Depreciation and Income Tax 1457.49 1402.70 Interest 237.39 232.84 Depreciation 616.30 549.47 Profit before tax 603.80 620.39 Provision for Income tax 125.00 275.00 for Deferred tax (46.16) (80.62) for Prior Year Tax -- 8.02 Net Profit after tax adjustments 524.96 417.99 Proposed transfer to General Reserve 200.00 200.00 Proposed dividend 82.48 91.64

Provision for Corporate tax on Dividend 14.01 14.87 Balance brought forward 369.52 258.04

597.99 Surplus carried over 369.52

DIVIDEND

Your Directors are pleased to recommend, subject to the approval of the shareholders, a dividend at the rate of Rs 1.80 per share, i.e. at the rate of 18 % for the year on the paid-up equity share capital of the Company . The dividend is being reduced from 20% (Rs. 2/- per share ) paid last year in view of the prevailing subdued market conditions and the consequent drop in profits and also in order to conserve funds to meet the increased working capital requirements. The dividend, if approved, will absorb an amount of Rs.96.49 lakhs, inclusive of Corporate tax on Distribution of dividends.

OPERATIONS

The net turnover (exclusive of taxes and duties) increased from Rs.8321.74 lakhs to Rs.8524.33 lakhs, an increase of 2.44 %. The export turnover increased from Rs.5059.55 lakhs to Rs.5226.47 lakhs, an increase of 3.3%. The domestic turnover increased from Rs.3587.46 lakhs to Rs.3678.87 lakhs, an increase of 2.5%.

The availability of power was a major issue during this financial year also and the severe power cut imposed by the Tamil Nadu Generating and Distribution Co. Ltd ( TANGEDCO) affected the operations of the Company during the financial year under review. The Company had to resort to usage of high cost power through Diesel Generators, especially during the last quarter of the financial year, in order to meet the requirements of the customers.

The Profit before tax at Rs.603.80 lakhs shows a decrease of 2.70 % over the previous year's profit of Rs.620.39 lakhs, mainly because of increase in material cost, power cost and other overheads. The decrease in volume of sales during the last quarter of the financial year also forced the Company to manage its cash flows better through quicker realization of receivables, decrease in inventory levels and current liabilities and optimum utilization of its cash credit facilities.

(Rs. in lakhs)

6

OUTLOOK FOR CURRENT YEAR

The general recessionary trend, both in the international as well as the domestic markets, had a severe impact on the operations of the Company, especially during the last quarter of the financial year. The rate of growth appears to be slow, both in the developed and developing economies. Consequently the demand for castings has come down across all industries. However we are confident that the markets will improve by the third quarter of the financial year and that there will be no adverse impact on the turnover and profitability during this financial year.

PROJECTS IMPLEMENTED :

The Company commissioned the new Hunter Molding machine during the last quarter of the financial year. The machine is a new generation series machine with the latest advancements in Match Plate Molding technology. This machine will enable in the production of high quality molds more efficiently, with closer tolerances. With a high productivity ratio, this machine will enable the Company to offer its customers better quality castings.

During the year under review, the Company augmented its Diesel Power Generating capacity, with the installation of two 1500 KVA generators. Capable of parallel operation through an automatically computer controlled synchronized panel, the sets can provide 3000 KVA power. The total Diesel Power generating capacity now stands at 4400 KVA, which will enable the Company to become self sufficient in power. Consequently the Company will be in a position to become a reliable supplier of castings, meeting the delivery schedules of the customers without fail.

The Company is also modernizing its existing Sand Plant and the work is under progress . The work is expected to be completed by the first quarter of the current financial year 2013-14.

The Company has also acquired 1.5 acres of land, adjacent to its existing facility. This will enable the Company to expand its operations at a later date.

FUTURE EXPANSION PLANS

The investment made during the year under review in the new molding machine and sand plant is for technology upgradation and capacity enhancement to 1200MT per month. Consequent upon the upgradation of the furnaces at an approximate cost of Rs.200 lakhs, the Company's installed capacity will go up from the existing 900 MT per month to 1200 MT per month. The installation of the new furnaces will be taken up at an appropriate time.

QUALITY RECOGNITIONS

The products of the Company have been approved by Germanischer Lloyd ,one of the leading auditors for marine certification in the World, for use in marine applications.

Similarly the Company's facilities have been approved by Performance Review Institute, USA, one of the leading Third Party Auditors, as Accredited Manufacturer of Ductile and Gray Iron Castings, certification of which is mandatory for supply of castings for applications in locomotives, railway engines, etc in the USA.

The above recognitions will enable the Company to procure more export orders in future.

7


FINANCE

The Company has been sanctioned by Indian Bank a Term Loan of Rs.320 lakhs to part finance the capital expenditure program for purchase and installation of Diesel Generators during the current financial year.

The Company's long term debt stands at Rs. 1260 lakhs out of which Rs.370 lakhs pertains to the Wind Energy Division and the balance Rs.890 lakhs pertains to the Foundry Division.

LABOUR

The relationship between the management and the employees during the year under review has been cordial and productive.

DIRECTORS

Sri.V.Rajendran and Sri.K.Gnanasekaran , Directors, retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for re-election.

The Directors of the Company have furnished necessary declarations required in terms of Section 274(1)(g) of the Companies Act, 1956 and the same have been taken on record.

CORPORATE GOVERNANCE

As required under Clause 49 of the Listing Agreement with the Stock Exchanges, the report on Management Discussion and Analysis, Corporate Governance as well as Auditor's Certificate regarding compliance of conditions of Corporate Governance forms part of this Annual Report.

INFORMATION PURSUANT TO SEC.217(1)(e) OF THE COMPANIES ACT,1956

The information required under Sec.217(1)(e) of the Companies Act,1956 is appended hereto in Annexure I and forms part of this Report.

INFORMATION PURSUANT TO SEC.217(2A) OF THE COMPANIES ACT, 1956

None of the employees were in receipt of remuneration in excess of the limits prescribed in this regard.

DIRECTORS RESPONSIBILITY STATEMENT

In terms of Section 217(2AA) of the Companies Act, 1956, the Directors state that

i. In the preparation of the annual accounts, the applicable accounting standards have been followed.

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 of the Company for the year under review.

iii. The Directors have 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.

iv. The Directors have prepared the annual accounts on a going concern basis.

8

CEO/CFO CERTIFICATION

As required under Clause 49 of the Listing Agreement with the Stock Exchanges, the Managing Director and the Head of Finance have furnished necessary certificate to the Board on the financial statements presented.

AUDITORS

M/s S.Krishnamoorthy & Co, Chartered Accountants, retire at the ensuing Annual General Meeting and are eligible for re-appointment. The certificate required under Section 224(1B) of the Companies Act, 1956 has been furnished by them.

COST AUDITORS:

The Company has appointed M/s. SBK Associates, Cost Accountants, as Cost Auditors in terms of Section 233B(2) of the Companies Act, 1956 to audit the cost records and submit their compliance report for the year 2012-13. The Cost Audit Report for the year 2011-12 , which had to be filed before 31st January 2013 was filed on 29th January 2013.

ACKNOWLEDGEMENT

The Directors wish to place on record their appreciation of the support and co-operation extended by the Company's Bankers M/s Corporation Bank and Indian Bank, the various Government Agencies and in particular the Tamil Nadu Electricity Board and the employees of the Company at all levels.

We pray for the grace of the Almighty for further growth of the Company.

N.Krishna Samaraj Managing Director

V. RajendranDirector

Place: CoimbatoreDate : 30th May, 2013

On behalf of the Board of Directors


9

ANNEXURE-I TO DIRECTORS' REPORT

PARTICULARS PURSUANT TO SEC. 217 (1) (e) OF THE COMPANIES ACT, 1956 READ WITH COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988

Conservation of Energy:

Power Consumption (no of units) 2 0 12-13 2011-12

Total Electricity 98,67,280 100% 1,20,69,040 100%Own Generation-Windmill 89,18,524 90% 75,12,317 62%Purchased from TNEB 4,29,600 4% 10,48,845 9% Third party purchase 35,07,878 29% 5,19,156 6%

Technology absorption & Research & Development

Technology Absorption, Adaptation and Innovation:

1) Efforts made towards technology absorption, adaptation and innovation: - Only indigenous technology is being used , supported by in-house R& D activities.

2) Benefits derived as a result of the above efforts :

- Ensures development and delivery of new products with the latest technology- Meet customer targets on quality, price and delivery

3) Information of Imported Technology (imported during the last 5 years from the beginning

of the Financial Year)

a) Technology Imported Noneb) Year of Import N.A.c) Technology absorption N.A.

Foreign Exchange Earnings & Outgo:

Conservation of energy continues to be the focus of the Company. The details of electricity consumed per metric tonne of good castings produced over a five year period is given below:

The global economies, especially European and US, where the products of the Company are being sold, are witnessing severe recessionary trend over the last couple of years. In spite of this, the Company has been able to secure repeated orders from these markets. Exports form about 61% of the total turnover during the year under review. It is expected that the markets will recover by the end of the calendar year and that the in flow of orders will pick up.

2009

1630

Year

Number of units perTonne of good castings

2010

1650

2011

1650

2012

1743*

(* The increase in consumption of units is due to frequent power-shut downs)

2013

1724*

10

ANNEXURE 2 TO DIRECTORS' REPORT

5 Year Highlights (Rs. in lakhs)

Sales and Other Income

Operating Profit

Interest

Gross Profit

Depreciation

Taxation

Net Profit

Dividend (including dividend tax)

Retained Profit

Performance Parameters

Net Fixed Assets

Share Capital

Reserves

Net Worth

Return on Net Worth %

Borrowings

Debt Equity Ratio

Dividend (%)

Earnings per share (Rs.)

6405.29

958.94

200.59

758.35

390.69

212.56

155.10

80.41

74.69

2905.75

458.22

1601.05

2059.27

7.53

858.66

0.47

15

3.38

8558.96

1402.70

232.84

1169.86

549.47

202.39

418.00

106.51

311.76

3766.41

458.22

2385.31

2843.53

14.70

651.53

0.23

20

9.12

2012 2009Operating Results

The details of foreign exchange earnings and outgo are furnished below:

a) Earnings : Rs. 5226.47 lakhs b) Outgo : Rs 680.09 lakhs

4076.38

1102.11

134.00

968.11

413.67

224.94

329.50

106.86

222.64

3040.02

458.22

1804.81

2263.03

14.56

780.34

0.34

20

6.78

2010

6274.20

1212.72

174.33

1038.39

479.02

183.85

375.52

106.51

269.01

3519.48

458.22

2073.82

2532.04

14.83

900.96

0.36

20

8.20

2011

8763.32

1457.49

237.39

1220.10

616.30

78.84

524.96

96.49

428.47

4518.52

458.22

2837.65

3295.87

15.93

921.95

0.28

18

11.46

2013


11

REPORT ON CORPORATE GOVERNANCE

a. A brief statement on Company's philosophy on code of governance

In accordance with Clause 49 of the Listing Agreement with the Stock Exchanges, the report containing the details of Corporate Governance at Magna are furnished below:

Board of Directors

The composition of the Board of Directors of the Company is as under:

The corporate vision of Magna is to ensure that business is conducted in the best interest of all stake holders and that the corporate obligations are met in a fair and transparent manner. This is sought to be achieved through good Corporate Governance, which the Company is continuously improving upon to meet the standards and by being committed to ethical values in all its business activities.

b. Number of Board meetings held and attended by the Directors:

1. Four Meetings of the Board of directors were held during the year ended 31st March 2013 on (i) May 21,2012; (ii) July 31, 2012; (iii) October 31,2012; (iv) January 31, 2013 ; Attendance recorded of each of the Directors at the Board Meetings during the year ended 31st March 2013 as also of the Annual General Meeting is as follows:

Name of the Director No of Board Attendance at

Meetings attended the last AGM

Sri. V.Rajendran

Sri. N.Krishna Samaraj

Sri. J.Vijayakumar

Sri. K.Gnanasekaran

Smt. R.Nandini

Dr. Jairam Varadaraj

Sri. C.R. Swaminathan

2

4

3

3

3

2

4

No

Yes

Yes

Yes

Yes

No

Yes

Sl.No.

1

2

3

4

5

6

7

Name

Sri.V.Rajendran

Sri.J.Vijayakumar

Sri. N. Krishna Samaraj

Sri. K.Gnanasekaran

Smt.R.Nandini

Dr.Jairam Varadaraj

Sri. C.R. Swaminathan

Director/Chairman

Director

Director

Managing Director

Director

Director

Director

Director

Promoter/Executive/Non Executive/Independent/Non-Independent

Non-Executive/Independent

Non-Executive/Non Independent

Promoter &Executive/Non Independent

Non executive/Independent

Non Executive/Independent



No. of other companies

in which he is a

Director

2

4

4

2

2

8

5

Committee in which he is a

member/Chairman in

other companies

Nil / Nil

1 / Nil

Nil / Nil

1 / 1

Nil / Nil

6 / Nil

4 / 2

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Name of the member No of meetings held Attendance

Sri.J.Vijayakumar (Chairman) 4 4Sri.V.Rajendran 4 2Sri.N.Krishna Samaraj 4 4Sri.R.Ravi 4 4

Brief Note on Directors seeking appointment/ reappointment at the ensuing AGM

Sri.V.Rajendran, aged 66, is an engineering graduate with more than 30 years of experience in the foundry industry. He is the Managing Partner of V.R.Foundries, Coimbatore, one of the leading and oldest foundries in the region. He is on the Board of other companies. He holds 5000 shares in the Company.

Sri.K.Gnanasekaran, aged 57, is a Chartered Accountant and Financial Analyst. He is associated with various industries as a Financial Consultant. He does not hold any shares in the Company.

c. Audit Committee

The Audit Committee consists of four Directors and is chaired by Sri. V.Rajendran. The Audit committee meetings were held on (i) May 21,2012; (ii) July 31,2012; (iii) October 31,2012; (iv) January 31, 2013.

The Company Secretary acts as the Secretary to the Audit Committee.

The terms of reference of the Audit Committee covers the various matters specified in Clause 49 of the Listing Agreement.

Composition, name of members, meetings and attendance during the year:

Name of the member No of meetings held Attendance

Sri. V.Rajendran (Chairman) 4 2Sri.J.Vijayakumar 4 3Sri.K.Gnanasekaran 4 3 Smt.R.Nandini 4 3

d. Shareholders Grievance Committee:

The Shareholders Grievance Committee comprises of three directors. The Committee is chaired by Mr.J.Vijayakumar. Mr. R.Ravi , Company Secretary is the Compliance Officer. The Committee meetings were held on (i) May 21,2012; (ii) July 31, 2012; (iii ) October 31,2012 ; (iv) January 31,2013.

Composition, name of members, meetings and attendance during the year:

e. Remuneration Committee

The Remuneration Committee comprises of Mr.V.Rajendran, Chairman of the Committee, Mr.K.Gnanasekaran and Dr. Jairam Varadaraj. There was no meeting of the Committee during the period under review.


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j. General shareholder information

i. AGM date, time and venue

ii. Financial calendar

iii. Book Closure date

iv. Dividend payment date

v. Listing on Stock Exchanges

25th September 2013 at 03.30 P.M.Ardra Conference CenterNorth Huzur RoadCoimbatore 641 018

1st April to 31st March

17th September 2013 to 25th September 2013(Both days inclusive)

On or after 25th September 2013, within 30 days from the date of AGM

Coimbatore and Mumbai

h. Details of Special Resolution passed in the last three AGM's

Year

201020112012

Special Resolutions

NilAppointment and payment of remuneration to the Managing DirectorNil

Year

201020112012

Location

Ardra Conference Centre, CoimbatoreArdra Conference Centre, CoimbatoreArdra Conference Centre, Coimbatore

Date

22.9.201024.8.201129.8.2012

Time

3.30 P.M. 3.30 P.M. 3.30 P.M.

The Company pays remuneration to Managing Director by way of salary, perquisites and commission as approved by the members of the Company. The Non-executive Directors are not paid any remuneration except by way of sitting fees for attending Board Meetings/Committee Meetings.

f. Disclosure

a. Disclosures on materially significant related party transactions i.e. transactions of the company of material nature, with its promoters, the directors or the management, their subsidiaries or relatives etc that may have potential conflict with the interest of the company at large.

None of the transactions with any of the related parties were in conflict with the interest of the company.

b. Details of non-compliance by the company, penalties, strictures imposed on the company by Stock exchange or SEBI or any statutory authority, on any matter related to capital market during the last three years.

None.

g. General Body Meetings

Location and time, where the last three AGM's were held.

i. Means of Communication

The Company is regularly publishing quarterly unaudited and audited financial results and notice advertisements in The Business Line and Malaimalar (vernacular language). The Company is posting the quarterly results and other statutory information in the Company's website www.magnacast.com.

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x. Shareholding pattern as on 31st March, 2013

Category No of shares held % of share holding

ix. The Stock market during the year at the Stock Exchange, Mumbai is furnished below. (in rupees)

Month

Apr 2012May 2012Jun 2012Jul 2012Aug 2012Sep 2012Oct 2012Nov 2012Dec 2012Jan 2013Feb 2013Mar 2013

High Low

vi. Stock Code

Stock Exchange, Mumbai

vii. Registrars and Share Transfer Agents for both Dematerialised and physical shares

viii.Share Transfer system

517449

M/s SKDC Consultants LimitedKanapathy Towers, III Floor,1391/A-1, Sathy Road, Ganapathy,Coimbatore 641 006

Share transfers are registered and returned within a period of 30 days from the date of receipt, if the documents are clear in all respects, by the Share Transfer Committee which meets at regular intervals.

xi. Distribution of shareholding as on 31st March, 2013

No. of Holders Share holding (Range) % of Holders No. of Shares % of Shares

Upto 500

500-1000

1001-2000

2001-3000

3001-4000

4001-5000

5001-10000

10001 and above

Total

3,262

143

110

153

16

17

26

57

3,784

62.80 62.80 65.90 64.30 69.00 71.40 74.30 74.15 71.80 81.00 77.85 77.25

54.00 51.80 53.00 57.05 60.15 61.80 64.60 64.00 65.60 63.00 62.50 54.40

10,86,627 6,95,965 600

4,27,588 18,97,909 4,20,506 53,005

45,82,200

Indian Promoters - persons holding 5% or more - othersMutual Funds and UTIPrivate Corporate bodiesIndian PublicNRIs/ OCBsDirectors & Relatives

Grand Total

23.71 15.19 0.01 9.33 41.42 9.18 1.16

100.00

86.20

3.78

2.91

4.04

0.42

0.45

0.69

1.51

100.00

4,74,745

1,15,728

1,69,400

3,84,948

57,641

81,323

1,95,345

31,03,070

45,82,200

10.36

2.53

3.70

8.40

1.26

1.77

4.26

67.72

100.00


15

xii. Dematerialisation of shareholding and liquidity

xiii. Outstanding GDR/ADR/Warrants or any convertible instruments, conversion date and impact on equity

xiv. Plant location

xv. Address for Correspondence and Registered office

Number of shares dematerialized : 36,76,739Percentage : 80.24%(Promoters have completely dematerialized their shareholdings)

Not Applicable

SF No.34 and 35 PartCoimbatore Pollachi Main Road, Mullipadi Village, Tamaraikulam Post, Pollachi Taluk, Coimbatore District, Pin: 642 109

43 (Old No.62), Balasundaram RoadCoimbatore 641 018, Tamil Nadu

Coimbatore 30th May 2013 Managing Director

N. Krishna Samaraj

k) Code of Conduct:

As provided under clause 49 of the Listing Agreement with the Stock Exchanges, the Board of Directors of the Company have laid down the Code of Conduct for the Directors and the senior management personnel. A declaration has been received from the Managing Director to the effect that the Directors and senior management personnel have confirmed compliance with the said Code of Conduct.

By order of the Board

V. RajendranDirector

16

Compliance certificate from the Auditors of the Company

ToThe Members of M/s. Magna Electro Castings Limited

We have examined the compliance of conditions of Corporate Governance by Magna Electro Castings Limited for the year ended 31.03.2013, as stipulated in clause 49 of the listing agreement of the said company, with the stock exchanges.

The compliance of conditions of Corporate Governance is the responsibility of the management. Our examination has been limited to a review of the procedures and implementations thereof, adopted by the Company for ensuring compliance with the conditions of the Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.

In our opinion and to the best of our information and according to the explanations given to us, and based on the representations made by the Directors and the Management, we certify that the company has complied with the conditions of Corporate Governance as stipulated in clause 49 of the above mentioned listing Agreement.

As required by the guidance note issued by the Institute of Chartered Accountants of India, we have to state that based on the representation given by the Registrars of the Company to the Investors' Grievance Committee as on March 31, 2013, there were no investors' grievance matters against the Company remaining pending for more than 30 days.

We further state that, such compliance is neither an assurance as to the future viability of the Company, nor the efficiency or effectiveness with which the management has conducted the affairs of the Company.

For S. Krishnamoorthy & Co.Chartered Accountants

(Registration No. 001496S)

K.N. SreedharanPartner, Auditor

Membership No. 12026Place: CoimbatoreDate : 30th May 2013


17

MANAGEMENT DISCUSSION AND ANALYSIS

Overview:

Magna's mission is to emerge as a preferred destination for value added castings, providing assured quality, cost effective and timely delivered products to its customers. This is sought to be achieved by striving for excellence in all facets of its business operations.

The financial statements presented here have been prepared in compliance with the requirements of the Companies Act, 1956 and the Generally Accepted Accounting Principles. There are no material deviations from the prescribed accounting standards.

Industry structure and developments

The global casting industry registered a growth of 7.5 % in 2011-12 as production of castings touched 99 Million tons. During the same period the Indian casting industry witnessed a growth rate of 10.4% over the previous year, which is quite creditable considering the fact that most of the developed and developing economies and emerging markets are facing contraction in growth rate. It is expected that over the next few years that there will be increasing focus on Green Foundries for sustainable growth, which in effect means increased automation, productivity and adhering to clean environmental practices.

Opportunities and Threats

The export of castings from India during 2011-12 increased by almost 30% while in 2012-13, it is expected to reduce to 10%. Hence the export market throws up a huge potential for growth.. While India currently ranks third in the world rankings of castings production, after China and USA, it should be noted that other producers like Japan, Brazil and Korea are also in the fray and hence do pose stiff competition. Magna as one of the leading exporters of castings will take up this challenge and focus on this niche market, as even a growth rate of 5% will result in substantial demand for castings.

Environment, Safety and Energy Conservation Policy:

The Company is aware of its responsibility, as a Corporate Citizen, to protect the environment. In fact environment, safety and energy conservation are the key areas which the Company is focusing on. Minimization of emissions, optimum use of raw materials, energy sources and continuous recycling of materials like sand and conservation of scarce natural resources are the key areas which the Company is working to protect the environment.

Risks and concerns

The Company reviews its risk profile from time to time and accordingly takes appropriate action to counter the risks. Some of the areas which are reviewed are the asset profile, product liability risks, safety of its employees and environment issues.

Internal control systems and their adequacy

The Company has a comprehensive and adequate system of internal controls in place, commensurate to its size and volume of business. The internal control systems are reviewed periodically and covers all functional areas and activities of the Company.

18

The Audit Committee of the Board of Directors of the Company also meets every quarter to review the reports of the Internal Audit and ensure that the internal control and systems are adequate and that all statutory requirements are complied with. The Committee also suggests if any remedial measures are to be taken.

Corporate Social Responsibility:

The Company, aware of its responsibility to the society as a Corporate citizen, is constantly engaged in CSR initiatives. The primary areas where the Company is focusing are Afforestation, literacy and health care.

Personnel

The Company enjoys the support of a well knit and committed team of employees at all levels. The Company focuses on maintaining a good work culture with work discipline in order to attract and retain the young talented team of employees. The Company focuses on the skills of its employees and continuous training programmes are undertaken to enable the employees to sharpen their skills.

Cautionary statement

The views expressed herein may be forward looking within the legal frame-work, but the actual results may differ from what has been expressed due to various factors. The information given herein is based on information available with the Company and its judgment. This judgment depends upon the Company's perception. Any investment by shareholders/investors should therefore be based on their individual analysis.


19

INDEPENDENT AUDITOR'S REPORT

To The Members of MAGNA ELECTRO CASTINGS LIMITED.

Report on the Financial Statements

We have audited the accompanying financial statements of Magna Electro Castings Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013;

b) in the case of Statement of Profit and Loss , the profit for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS' REPORT(Referred to in Paragraph 1 of our Report on Other Legal and Regulatory Requirements)

i. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) Fixed assets have been physically verified by the management at periodic intervals. Verification of Fixed Assets, in our opinion, is reasonable having regard to the size of the company and nature of its assets. No material discrepancies have been noticed on such verification.

(c) There is no disposal of substantial part of fixed assets during the year.

ii. (a) Physical verification of inventory has been conducted at reasonable intervals by the management. In respect of inventory lying with the third parties, these have been confirmed by them. In our opinion the frequency of verification is reasonable.

(b) The procedure of physical verification of the inventories followed by the Management are reasonable and adequate in relation to the size of the Company and nature of its business.

(c) The company has maintained proper records of inventories and no material discrepancies were noticed on physical verification of inventories as compared to book records.

20

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books

c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account.

d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement comply with the Accounting Standards referred to in subsection (3C) of section 211 of the Companies Act, 1956; and

e) on the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

For S.Krishnamoorthy & Co. Chartered Accountants(Registration No. 001496S)

K.N. SREEDHARAN Place: Coimbatore Partner, Auditor Date: 30.05.2013 Membership No.12026

S l . No.

1

2

3

4

Name of the Statute

Period to which the Amount relates

Nature of the Demand

Amountdisputed

Rs.

AmountpaidRs.

Forum wheredispute is pending

Income Tax Act, 1961

Income Tax Act, 1961

Income TaxAct, 1961

Central Excise Act, 1944

Asst Year 2007-08

Asst Year 2008-09

Asst Year2009-10

Nov'05 to Dec'06

Regular

Regular

Regular

Excise duty

Nil

Nil

7,00,000

Nil

ITAT

ITAT

ITAT

Commissioner of Central Excise

(Appeals)

4,32,198

20,65,720

68,48,860

8,07,267


21

iii. During the year, the company has neither granted loans to nor taken any loans from companies, firms or other parties covered in the Register maintained under sec.301 of the Companies Act.

iv. There is an adequate internal control system commensurate with the size of the company and the nature of its business for the purchase of inventory, fixed assets and for the sale of goods and services. During the course of our audit, no major weakness has been noticed in the internal control system.

v. (a) To the best of our knowledge and belief, and according to the information and explanations given to us, we are of the opinion that the transaction that need to be entered into the register in pursuance of section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion and according to the information and explanation given to us , the transactions made in pursuance of such contract or arrangement have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

vi. The company has not accepted any deposit from the public during the year.

vii. The company has an adequate Internal Audit system commensurate with the size and nature of its business.

viii. We have broadly reviewed the books of accounts maintained by the company pursuant to the rules made by the Central Government for the maintenance of the cost records under section 209(1)(d) of the Companies Act, 1956 and are of the opinion that prima facie the prescribed accounts and records have been maintained. We have not however, made a detailed examination of the records with a view to determining whether they are accurate or complete.

ix. (a) The company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-Tax, Sales Tax, Wealth Tax, Service Tax, Custom duty, Excise duty, Cess and other statutory dues. According to the Information and explanations given to us, no undisputed arrears of statutory dues were outstanding as at 31st March, 2013 for a period of more than six months from the date they become payable.

(b) According to the records of the company, the following are disputed statutory dues remaining unpaid:

x. There are no accumulated losses at the end of the financial year 31st March 2013. The company has not incurred any cash loss during the financial year covered by our audit and in the immediately preceding financial year.

xi. In our opinion and according to the information and explanation given to us the company has not defaulted in repayment of its dues to financial institution or bank.

xii. During the year, the company has not granted any loans and advances on the basis of security or by way of pledge of shares, debentures or other securities.

xiii. The provisions of Special Statues applicable to Chit Fund, Nidhi or Mutual Benefit Fund/ Societies are not applicable to the company.

xiv. The company is not dealing or trading in shares, securities, debentures or other investments.

xv. The company has not given any guarantee for loans taken by others from banks and financial institutions.

xvi. The term loans obtained by the company have been applied for the purpose for which they were raised.

xvii. According to the information and explanations given to us and on an overall examination of the Source and Application of the funds of the company, we report that funds raised on short-term basis have not been used for long-term investments by the company.

xviii. The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

xix. In our opinion and according to the information and explanations given to us the company has not issued any secured debentures during the period covered by our report.

xx. The company has not raised any funds through public issue during the year.

xxi. To the best of knowledge and belief and according to the information and explanations given to us no frauds on or by the company has been noticed or reported during the year.

For S.Krishnamoorthy & Co. Chartered Accountants

(Registration No. 001496S)

K.N.SreedharanPlace: Coimbatore Partner, AuditorDate: 30.05.2013 Membership No.12026

22


23

FINANCIAL STATEMENTS

24

BALANCE SHEET AS AT 31st MARCH 2013

Particulars

12

34

5678

9

10

1112131415

(Amount in Rs.)

As per our report annexedfor S.Krishnamoorthy & Co.Chartered AccountantsRegistration No. 001496S

K.N.SreedharanMembership No. : 12026PartnerAuditor

Coimbatore

30th May 2013

R. RaviCompany Secretary

N.Krishna SamarajManaging Director

DirectorV. Rajendran

Note No. 31.03.201231.03.2013

I. EQUITY AND LIABILITIES 1 Shareholders’ funds (a) Share capital (b) Reserves and surplus

2 Non-current liabilities (a) Long-term borrowings (b) Deferred tax liabilities (Net)

3 Current liabilities (a) Short-term borrowings (b) Trade payables (c) Other current liabilities (d) Short-term provisions

TOTALII. ASSETS 1 Non-current assets (a) Fixed assets (i) Tangible assets (ii) Intangible assets (iii) Capital work-in-progress (b) Long-term loans and advances

2 Current assets (a) Inventories (b) Trade receivables (c) Cash and cash equivalents (d) Short-term loans and advances (e) Other current assets

TOTAL

See accompanying notes to the financial statements

4,58,22,00028,13,77,66532,71,99,665

8,32,92,0785,22,90,499

13,55,82,577

8,68,39,73110,21,27,421

4,76,40,0811,48,04,055

25,14,11,288

71,41,93,530

43,51,38,2578,63,083 -

1,58,51,7601,33,01,155

46,51,54,255

4,25,69,04314,80,71,651

60,86,4104,36,44,283

86,67,88824,90,39,275

71,41,93,530

4,58,22,00023,85,30,93828,43,52,938

6,51,53,0125,69,06,868

12,20,59,880

10,27,48,09810,16,79,242

4,85,31,7422,56,39,550

27,85,98,632

68,50,11,450

37,66,41,752

- 1,13,29,703

38,79,71,455

5,30,55,82519,23,02,444

77,02,6923,54,45,330

85,33,70429,70,39,995

68,50,11,450



Coimbatore

30th May 2013





25

PROFIT & LOSS STATEMENT FOR THE YEAR ENDED 31st MARCH 2013

Particulars Note No. 31.03.201231.03.2013

See accompanying notes to the financial statements

Revenue from operations

Other Income

Total Revenue

Expenses:

Cost of materials consumed

Changes in inventories of finished goods, work in progress and Stock - In - Trade

Employee benefits expenses

Finance Costs

Depreciation and amortization expense

Other expenses

Total expenses

Profit before Tax

Tax expenses:

1 Current Tax

2 Prior Year Income Tax

3 Deferred Tax Liability - Reversed

Profit for the period from continuing operations

Earnings per equity share of Rs.10 each

(1) Basic

(2) Diluted

86,68,27,196

95,04,697

87,63,31,893

32,99,83,029

24,55,380

6,68,19,732

2,37,38,708

6,16,29,729

33,13,25,257

81,59,51,835

6,03,80,058

1,25,00,000

-

(4,616,369)

5,24,96,427

11.46

11.46

85,07,35,672

51,60,213

85,58,95,885

31,87,43,453

1,11,34,593

5,66,51,242

2,32,84,006

5,49,47,286

32,90,96,463

79,38,57,043

6,20,38,842

2,75,00,000

8,01,544

(8,062,955)

4,18,00,253

9.12

9.12

16

17

18

19

20

21

22

(Amount in Rs.)

Revenue

26

A: Cash flow from operating activities:Net Profit before tax and extra ordinary itemsAdjustments for:DepreciationInterest receivedInterest paidLoss of foreign currency translationLoss on sale of Fixed Assets

Operating profit before working capital changesAdjustments for:Trade & Other receivablesInventoriesTrade payables

Cash generated from operationsDirect taxes paid

Net cash from operating activities (A)

B: Cash flow from investing activities:Purchase of fixed assetsSale of fixed assetsInterest received

Net cash used in investing activities (B)

C: Cash flow from financing activitiesProceeds from long term borrowingsDividend paidInterest paidLoss on Foreign Exchange Fluctuation

Net cash used in financing activities (C)

Net increase/(decrease) in cash and cash equivalents (A)+(B)+(C)Cash and cash equivalents (Opening balance)

Cash and cash (C) balance

2012-13Rs.

2011-12 Rs.

CASH FLOW STATEMENT

6,03,80,058

8,42,98,346

14,46,78,404

19,15,45,979 (2,38,37,209)

16,77,08,770

(14,26,49,139)96,60,67210,70,092

(13,19,18,375)

(29,94,518)(1,06,90,627)(2,37,21,533)

0

(3,74,06,678)

16,16,28377,02,693

60,86,410

(Rs. in lakhs)

6,16,29,730(1,070,092)2,37,21,533

17,175 0

3,39,26,2081,04,86,782

24,54,586

54,947,289(443,242)

23,067,227 216,782

0

(18,879,477)9,237,892

(6,400,486)

62,038,842

77,788,056

13,98,26,898

(1,60,42,071)

12,37,84,827(1,13,23,745)

11,24,61,082

(7,96,40,648)0

4,43,242

(7,91,97,406)

21,00,322(1,07,14,215)(2,30,67,227)

0

(3,16,81,120)

15,82,556 61,20,137

77,02,693

4,68,67,576



Coimbatore

30th May 2013




27

1. Basis of preparation

The financial statements of the Company have been prepared under the historical cost convention and on

mercantile basis as a going concern in accordance with the applicable accounting standards notified under the

Companies (Accounting Standards) and the relevant provisions of the Companies Act,1956.

The accounting policies adopted in the preparation of the financial statements are consistent with the those of the

previous year.

2. Summary of significant accounting policies

(a) Fixed Assets :Fixed Assets are stated at cost,net of cenvat, and includes all direct and indirect expenses and allocable

borrowing costs relating thereto .

Depreciation on fixed assets has been calculated on straight line basis at the rates prescribed under

Schedule XIV to the Companies Act, 1956, prorated to the number of days used during the year in accordance

with the provisions of Section 205(2)(b) of the Act. In respect of assets costing Rs. 5000/- or less, hundred

percent depreciation is provided.

( b) Borrowing CostsBorrowing costs directly attributable to the acquisition of an asset that necessarily takes a substantial period

of time to get ready for its intended use are capitalised as part of the cost of the respective asset. All other

borrowing costs are expensed in the period they occur. Borrowing costs includes interest and other ancillary

costs, if any, that the Company incurs in connection with the borrowing of funds for acquisition of assets.

(c) InventoriesInventories are valued at lower of cost and net realisable valueCost is determined as under:Raw materials and components are valued using Weighted Average Cost.Finished goods Cost inclusive of excise duty, wherever applicable.Semi finished goods cost is taken as cost of the materials and other cost of manufacture upto the various

stages of completion.Stores and spares are valued at cost on First in First out basis.

(d) Revenue recognition:Revenue from sale of goods is recognised when all the significant risks and rewards of ownership of goods

have been passed on to the buyer, usually on delivery of goods. Sales are accounted net of duties and taxes.

Material consumption is net of Cenvat.Excise duty in respect of goods manufactured other than what is in

stock at the close of the year is accounted at the time of removal of goods from the factory for sale.

Value of Power generated by Wind Energy Generators and exported to to the Grid is treated as reduction in

power charges to the extent it is adjusted in the bills by the TNEB and the excess, if any, as sale of energy to

the TNEB.

(e) Foreign Currency transactions:Foreign currency transactions are recorded at the rate of exchange prevailing on the date of respective

transactions. Resultant gain or loss at the time of realisation /payment /restatement is charged to the

statement of Profit and Loss. The carrying value of foreign currency assets and liabilities are restated at the

year end rates.

NOTES TO THE FINANCIAL STATEMENTS


28


(f) Impairment of Assets:Impairment in the value of fixed assets is recognised to the extent that the recoverable amount of an asset is

less than its carrying value and is charged to the statement of Profit and Loss, as prescribed in AS 28.

(g) Retirement and other employee benefits:Contributions to the provident fund are charged to the statement of Profit and Loss for the year when the

contributions are due for payment.

The Company has set up an Employees Group Gratuity Trust Fund under Group Gratuity (cash accumulation)

Scheme of Life Insurance Corporation of India. The cost of providing benefits under this plan is determined on

the basis of actuarial valuation at each year end.

The Company also provides benefits in the form of leave encashment and medical reimbursement which are

recognised in the statement of Profit and Loss.

(h) Taxation:Tax expense comprises of current and deferred tax.

Provision for taxation is made in terms of the Income Tax Act,1961 in respect of of income liable to tax at either

special or normal rates, in accordance with the Accounting Standard 22.

Deferred income taxes reflects the impact of current year timing difference between taxable income and

accounting income for the year and reversal of timing difference for the earlier years.Deferred tax is measured

using the tax rates as at the reporting date.

Minimum Alternate tax (MAT) paid in a year is charged to the statement of Profit and Loss as current tax. MAT

credit is recognised as an asset only to the extent that the Company will pay normal income tax during the

specified period. The said asset is created by way of a credit to the statement of Profit and loss and shown as

MAT credit Entitlement. The Company reviews the MAT credit entitlement asset every year and writes down

the asset to the extent the Company does not have convincing evidence that it will pay normal tax during the

specified period.

(i) Segment reporting:Identification of segmentsThe Company's operating busineses are organised and managed separately according to the nature of

business. The Company at present has two operating segments namely Foundry division and Wind Energy

division.Inter segment transfersThe Company generally accounts for intersegment transfers at cost.

(j) Earnings per shareBasic earnings per share are calculated by dividing the net profit or loss for the period by the weighted average

number of equity shares outstanding during the period.


29

Particulars 31.03.201231.03.2013

(Amount in Rs.)

Share holder's Funds:

1. Share Capital Authorised 50,00,000 Equity Shares of Rs.10/- each

Issued, Subscribed and Paid Up: 45,82,200 Equity Shares of Rs.10/- each fully paid up

Non-current Liabilities:

3. Long Term Borrowings: Secured Loan Term Loan - From Banks : i) Indian Bank : Rs.320 Lakhs 44,76,137

73,21,000

5,00,00,000

4,58,22,000

1,55,92,300

-

5,00,00,000

4,58,22,000

Shareholders holding more than 5 % shares:

Mr. N Krishna Samaraj Mr. Ajeya Vel Narayanaswamy

2. Reserves and Surplus

Capital Reserve Government of Tamilnadu) (Subsidy from Opening Balance

General Reserve Opening Balance Additions during the year

Surplus: Balance in Statement of Profit & Loss Opening Balance Add : Net profit for the year

Less : Transfer to General Reserve Proposed Dividend Tax on Dividend

22,00,00,000

5,97,99,66528,13,77,665

15,78,000

18,00,00,000 2,00,00,000

2,58,03,7814,18,00,252

6,76,04,033 2,00,00,000

91,64,400 14,86,695

20,00,00,000

3,69,52,93823,85,30,938

Reconciliation of number of shares outstandingOpening BalanceChanges during the yearClosing Balance

Shares

Shares

45,82,200 Shares Nil

45,82,200 Shares

Shares 4,83,100 Shares

Shares 4,36,000 Shares

Repayment : 60 monthly instalments of Rs.6,67,000/- each, commencing from March 2011. Rate of Interest - 12.20%.

ii) Indian Bank : Rs.425 Lakhs Repayment : 48 monthly instalments of Rs.7,08,335/- each, commencing from November 2012. Rate of Interest - 12.45%

45,82,200 Nil

45,82,200

6,69,0504,43,000

20,00,00,0002,00,00,000

3,69,52,9385,24,96,427

8,94,49,3652,00,00,000

82,47,96014,01,740

15,78,000



30

Particulars 31.03.201231.03.2013

(Amount in Rs.)

iii) Indian Bank : Rs. 320 Lakhs

iv) Corporation Bank : Rs.290.85 Lakhs

2,07,70,660

2,40,000

-

33,23,428

3,15,50,511

-

Repayment : 60 monthly instalments of Rs.3,68,000/- each, commencing from November 2013. Rate of Interest - 12.45%

Repayment : 20 quarterly instalments of Rs.2,56,000/- each, commencing from September 2011. Rate of Interest - 13.00%

v) Corporation Bank : Rs.550 LakhsRepayment : 20 quarterly instalments of Rs.27,50,000/- each, commencing from June 2010. Rate of Interest - 13.20%

2,27,66,784

2,22,91,146(Supplier's credit in Foreign currency through Letter of Credit with Indian Bank is for purchase of Machinery from USA. The total principal amount is USD 4,07,740/- The loan carries a weighted average interest rate of 1.34% per annum. The loan is repayable over a three year period from the date of shipment namely 28.06.2012 with the option of premature closure.)

Note : All the above Loans & Suppliers Credits are Secured by paripasu charge by hypothecation of the entire fixed assets and current assets of the Company, in favour of both the banks.There is no

default in repayment of Principal and Interest.continuing

vi) Supplier's Credit

7,78,65,727 5,04,66,239

vii) Unsecured Loan: Other Loans & advances : Supplier's Credit

(Supplier's credit in Foreign currency is for purchase of machinery from Italy. The total principal amount is Euro 339150 The loan carries a weighted average interest rate of 1.75% per annum. The loan with interest is repayable in six half yearly installments commencing from 18.02.2012)

viii) Hire purchase Loan i) Kotak Mahindra Bank Ltd -Car -Rs. 5,00,000/- (Secured on the hypothecation of Car. Repayable in 30 monthly instalments of diminishing value, commencing from January 2012.)

ii) Kotak Mahindra Bank Ltd -Tempo -Rs. 6,50,000/- (Secured on the hypothecation of Tempo. Repayable in 36 monthly instalments of diminishing value, commencing from October 2011.)

iii) Kotak Mahindra Bank Ltd -Car -Rs. 5,00,000/- (Secured on the hypothecation of Car. Repayable in 36 monthly instalments of diminishing value, commencing from June 2012.)

Note : There is no continuing default in repayment of Principal and Interest

1,42,38,98451,06,637

1,74,38880,824

2,73,40131,029

-2,07,861

54,26,351 1,46,86,773

8,32,92,078 6,51,53,012


31

Particulars 31.03.201231.03.2013

(Amount in Rs.)

4. Deferred Tax Liabilities (Net) Opening Add / (Less): Provided / (Reversed) during the year Closing

Current Liabilities: 5. Short Term Borrowings i) Secured Loan: a) Corporation Bank CC A/c

6. Trade Payables: Due to Micro, Small and Medium Enterprises Due to Others

7. Other current liabilities i) Current maturities of long term debt ii) Unpaid Dividends : iii) Other payables : a) Statutory Liabilities Payable: b) Advance from customers c) Capital Goods Suppliers

8. Short-term provisions a) Provision for employee benefits Provision for Gratuity Provision for Leave Benefits b) Others Proposed Dividend Tax on Dividend Provision for Income Tax (Net)

5,69,06,868 (46,16,369)

2,89,86210,18,37,559

4,27,70,99317,64,227

15,50,0445,72,7449,82,073

9,88,95712,77,730

82,47,96014,01,74028,87,668

5,22,90,499

8,68,39,731

10,21,27,421

4,76,40,081

1,48,04,055

6,49,69,823 (80,62,955)

23,06,3609,93,72,882

4,20,07,17517,24,695

15,73,5174,98,231

27,28,124

15,62,00715,34,727

91,64,40014,86,695

1,18,91,721

5,69,06,868

10,27,48,098

10,16,79,242

4,85,31,742

2,56,39,550

(Secured by paripassu charge on the entire current assets viz, Inventories and Book Debts with Indian Bank.Repayable on Demand. Rate of Interest - 12.60%. Period & amount of default - NIL)


32

9. F

ixed

Ass

ets

I T

ang

ible

Ass

ets

L

and

B

uild

ings

P

lant

& E

quip

men

ts

O

ffice

Equ

ipm

ents

F

urni

ture

& F

ixtu

res

V

ehic

les

C

ompu

ters

T

ota

l

II I

ntan

gibl

e A

sset

s

III C

apita

l Wor

k in

Pro

gres

s

Tota

l

P

revi

ou

s ye

ar

Gro

ss B

lock

As

on1.

4.20

12

Rs.

Add

ition

sdu

ring

the

year

Rs.

Sal

esdu

ring

the

year

Rs.

Tota

l

Rs.

As

on1.

4.20

12

Rs.

For t

heYe

ar

Rs.

With

draw

n

Rs.

As

on

31.0

3.20

13

Rs.

As

on

31.0

3.20

13

Rs.

As

on31

.03.

2012

Rs.

Dep

reci

atio

nN

et B

lock

Pa

rtic

ula

rs

30,5

4,86

6

14,7

4,24

,938

51,3

3,84

,642

37,1

8,31

2

73,7

3,31

6

60,0

9,23

5

1,16

,68,

717

69,2

6,34

,026 -

-

69,2

6,34

,026

59,1

2,37

,850

1,55

,72,

495

1,34

,17,

033

9,46

,70,

014

4,04

,493

1,31

,838

10,6

9,03

2

2,37

,850

12,5

5,02

,755

12,9

4,62

4 -

12,6

7,97

,379

10,1

3,96

,176

-

-

82,0

9,93

5 -

-

14,5

0,73

7 -

96,6

0,67

2 - -

96,6

0,67

2 -

1,86

,27,

361

16,0

8,41

,971

59,9

8,44

,721

41,2

2,80

5

75,0

5,15

4

56,2

7,53

0

1,19

,06,

567

80,8

4,76

,109

12,9

4,62

4 -

80,9

7,70

,733

69,2

6,34

,026

-

2,65

,76,

888

27,0

4,30

,286

14,3

8,60

4

29,5

9,59

9

31,8

4,43

1

1,14

,02,

466

31,5

9,92

,274 -

-

31,5

9,92

,274

26,1

0,44

,988

-

50,1

3,96

9

5,49

,62,

446

1,84

,265

4,69

,852

5,47

,589

20,0

67

6,11

,98,

188

4,31

,541

-

6,16

,29,

729

5,49

,47,

286

-

-

26,2

7,48

8 -

-

12,2

5,12

2 -

38,5

2,61

0 - -

38,5

2,61

0 -

-

3,15

,90,

857

32,2

7,65

,244

16,2

2,86

9

34,2

9,45

1

25,0

6,89

8

1,14

,22,

533

37,3

3,37

,852

4,31

,541

-

37,3

7,69

,393

31,5

9,92

,274

1,86

,27,

361

12,9

2,51

,114

27,7

0,79

,477

24,9

9,93

6

40,7

5,70

3

31,2

0,63

2

4,84

,034

43,5

1,38

,257

8,63

,083

1,58

,51,

760

45,1

8,53

,100

37,6

6,41

,752

30,5

4,86

6

12,0

8,48

,050

24,2

9,54

,356

22,7

9,70

8

44,1

3,71

7

28,2

4,80

4

2,66

,251

37,6

6,41

,752 -

-

37,6

6,41

,752

35,1

9,48

,390

No

n C

urr

en

t A

ss

ets


33

Particulars 31.03.201231.03.2013

(Amount in Rs.)

Non - Current Assets: 10. Long-term loans and advances (Unsecured, considered good) i) Capital Advances ii) Security Deposits

Current Assets: 11. Inventories i) Raw materials & bought out components at cost ii) Work in progress at cost iii) Finished goods at cost iv) Stores, consumables and spares at cost

12. Trade Receivables - (Unsecured, considered good) i) Outstanding for a period exceeding six months from the date they are due for payment ii) Others.

13. Cash & cash equivalents: i) Balance with banks: In current account ii) Cash on hand iii) Others: In Unpaid Dividend account In Term Deposit with Banks

14. Short term Loans & Advances: (Unsecured, considered good) i) Loans & Advances to Related Parties: ii) Others: a) Advance Income Tax, IT Refund Due & TDS b) Recoverable from Government Agencies c) Prepaid Expenses d) Advance to suppliers e) Staff advance

15. Other current Assets: Export Incentive Receivable Electricity Charges Receivable

35,15,54997,85,606

1,61,84,5611,08,44,264

61,19,12094,21,098

56,11,41114,24,60,240

5,75,69418,216

17,64,22737,28,273

1,87,6023,54,80,538

28,34,79244,61,054

6,80,297

50,25,42936,42,459

1,33,01,155

4,25,69,043

14,80,71,651

60,86,410

-

4,36,44,283

86,67,888

35,16,23778,13,466

1,88,48,0901,64,47,002

29,71,7621,47,88,971

55,15,24318,67,87,201

3,74,092 3,746

17,24,69556,00,159

1,21,0572,50,78,894

19,33,12572,19,09110,93,163

60,32,61925,01,085

1,13,29,703

5,30,55,825

19,23,02,444

77,02,692

-

3,54,45,330

85,33,704



34

Particulars 31.03.201231.03.2013

(Amount in Rs.)

16. Revenue from Operations a) Sale of products: Export Sales: Castings Patterns

Domestic Sales: Castings Patterns

b) Other operating revenues: Sale of Waste, Scrap & Others Electricity Generation Export incentive

Less: Excise Duty Education cess

Total17. Other Income: Interest Income Received from Bank Received from Others Rent Received Agricultural Income Net Gain on foreign currency translation: Exchange rate fluctuation

18. Cost of materials consumed: Raw Material Consumed Opening Stock Purchases of Raw Materials Freight & Cartage

Less: Closing Stock

19. Changes in inventories of WIP & Finished goods. Opening Stock of WIP Less: Closing Stock of WIP

Opening Stock of Finished goods Less: Closing Stock of Finished goods

20. Employee benefits expense: Salary, Wages & Bonus Staff & Labour Welfare Employer's Contribution to ESI Employer's Contribution to PF Gratuity Contribution

52,26,46,919

36,78,86,700

89,05,33,619

1,43,94,99190,49,28,610

3,81,01,414

86,68,27,196

95,04,697

32,99,83,029

56,02,738

(31,47,358)

24,55,380

6,68,19,732

50,44,47,76015,07,073

35,66,06,60321,39,820

18,83,13825,01,085

1,41,77,000

3,15,80,0109,46,797

1,34,9963,08,2461,14,000

800

46,02,171

1,88,44,57131,04,04,145

83,42,82733,75,91,543

1,88,48,090

2,49,71,9731,64,47,002

55,81,38429,71,762

4,38,48,1661,00,22,534

8,92,22413,60,791

5,27,527

52,18,57,8117,89,108

36,71,92,8776,93,823

19,43,79417,87,879

1,06,63,318

3,69,91,65511,09,759

3,29,2407,40,8525,35,500

-

78,99,105

1,88,48,09032,06,75,816

66,43,68434,61,67,590

1,61,84,561

1,64,47,0021,08,44,264

29,71,76261,19,120

5,03,75,7371,26,07,479

7,77,09715,74,29614,85,123

50,59,54,833

35,87,46,423

86,47,01,256

1,85,61,22388,32,62,479

3,25,26,807

85,07,35,672

51,60,213

31,87,43,453

85,24,971

26,09,622

1,11,34,593

5,66,51,242


35

Particulars 31.03.201231.03.2013

(Amount in Rs.)

21. Finance Costs: Interest on Bank Loans Interest on Bills Discounting of Bills Hire Purchase Charges Bank Charges Net (Gain) / Loss on foreign currency translation: Exchange rate fluctuation

22. Other expenses: Labour Charges Machining Charges Processing Charges Pattern Making Charges

Consumption of stores and spare parts: Opening Stock Purchases of Stores

Less: Closing Stock Total Power & fuel : Electricity charges (Net of WTG Generation Rs 5,39,74,151/- Rs. 3,36,82,170/-) Previous Year Fuel Expenses

Rent

Repairs to Buildings

Repairs to Machinery

Insurance

Rates & Taxes, excluding taxes on income

Carriage Outwards

Packing Material

Payment to Auditors Audit fees Taxation matters Service Tax

Miscellaneous Expenses

Total

1,24,26,86776,47,166

1,33,76735,13,733

17,175

1,47,88,9711,47,43,2712,95,32,242

94,21,098

4,04,97,743

2,96,29,879

4,00,000 60,000 56,856

2,37,38,708

1,14,17,6158,61,69,7503,64,08,035

21,77,682

2,01,11,144

7,01,27,622

5,08,072

51,20,290

3,32,33,272

44,83,923

8,38,930

66,07,378

2,13,31,701

5,16,856

3,22,72,987

33,13,25,257

1,39,76,53353,91,444

5,70,36531,28,884

2,16,779

1,28,95,7892,96,45,0924,25,40,8811,47,88,971

4,28,89,536

2,03,76,428

3,00,000 24,000 39,552

2,32,84,006

1,27,82,2879,01,95,2884,18,97,192

20,28,928

2,77,51,910

6,32,65,964

5,83,131

21,15,710

2,94,16,100

27,88,648

3,72,548

95,13,384

2,13,31,090

3,63,552

2,46,90,731

32,90,96,463


STATUTORY AND OTHER INFORMATION:

23. Value and Percentage of consumption:a. Raw materials Imported 2,31,52,830 3,78,98,926

(7.02%) (11.89%) Indigenous 30,68,30,199 28,08,44,527 (92.98%) (88.11%) b. Stores consumables Imported 26,80,980 29,34,166

(14.20%) (10.57%) Indigenous 1,74,30,164 2,48,17,744 (85,80) (89.43%)

24. Machinery spares imported and consumed has been charged to Repairs to Machinery account.

25. Raw Material consumption details:

Steel Scrap 5051.99 14,85,28,660 6001.84 17,12,67,261Fe Si Mg 120.53 1,77,01,308 157.50 1,87,60,340Pigiron 689.31 2,40,67,919 571.59 2,32,06,916Graphite 163.50 1,07,61,792 187.50 1,11,79,887Others - 12,89,23,350 - 9,43,29,049

26. Value of Imports calculated on C.I.F.basis Plant & Machinery 3,68,15,266 3,12,21,367 Machinery spares 31,74,546 33,49,040 Raw materials 2,60,51,925 3,95,88,489

27. Contingent Liabilities :

ii. On account of Capital Contracts to be executed Rs.158.52 Lakhs

iii.

iv.

The Income Tax Department has raised demand for Rs.4,32,198/- for the Assessment year 2007-08 and penalty of Rs.4,03,920/- for the Assessment year 2007-08. For the Assessment year 2008-09 the Department has a raised a demand for Rs.68,48,860/-. For the Assessment year 2009-10 the Department has raised a demand of Rs. 20,65,720/-. The Company has gone on appeal in respect of the above demands. No Provision has been made in the books of accounts as the Company is confident of getting a favorable verdict in its favour.

The Cental Excise Department has adjusted a sum of Rs.8,07,267/- from the rebate claimed towards penalty for alleged wrong availment of Cenvat credit, after our appeal before the Commissioner Appeals Coimbatore was rejected. The Company has disputed this and has preferred an appeal before the Central Excise Tribunal at Chennai.

28. Disclosure pertaining to Micro, Small and Medium Enterprises (as per information available with the Company)

Sl. No.

1.

2.

3.

4.

5.

6.

7.

Rs.

23,06,360

--

-

-

-

-

Particulars

Principal Amount due as at 31 March 2013

Interest due on (1) above and unpaid as at 31 March 2013

Interest paid to the supplier

Payments made to the supplier beyond the appointed day

during the year

Interest due and payable for the period of delay.

Interest accrued and remaining unpaid as at 31 March 2013

Amount of further interest remaining due and payable in succeeding year.

Rs.

2,89,862

--

-

-

-

-

36

M.Tons M.Tons


Particulars 31.03.201231.03.2013

(Amount in Rs.)

31. Details of dividend remitted during the year in foreign currency.a. Amount in Rupees Rs. 8,12,400 Rs. 8,43,600b. No. of Non-residents 12 13c. No. of equity shares held by above 4,06,200 Rs. 4,21,800 Rs.

32. The Company has carried out an exercise to ascertain the impairment, if any, in the carrying values of its fixed assets. This has not revealed any impairment during the year.

33. Deferred tax:

Deferred Tax Workings

Particulars

Deferred Tax Liability-Depreciation

Deferred Tax Asset-Bonus

Total

Op.Balance

5,81,00,123

(11,93,255)

5,69,06,868

Provided

-

-

-

Reversed

51,91,614

(5,75,245)

46,16,369

Cl. Balance

5,29,08,509

(6,18,010)

5,22,90,499

during the year

Foundry DivisionRs.

Wind Energy DivisionRs.

34. Segment information:

Particulars

PRIMARY - BUSINESS SEGMENT

Total Rs.

Foundry DivisionRs.


Total Rs.

31.03.2013 31.03.2012

Segment Results

1. REVENUE Sales

Wind Energy Generation Other Income Total Revenue

2. EXPENDITURE

Finance CostsDepreciation Other Expenses

Total Expenditure

Profit before Tax Less : Prior year Taxation Provision for Income Tax Deferred Tax Liability / (Asset)

Net Profit after Tax

85,24,32,205

2,38,99,68887,63,31,893

1,80,99,0633,92,59,833

77,51,72,285

83,25,31,181

4,38,00,712

5,39,74,151

5,39,74,151

56,39,6452,23,69,897

93,85,263

3,73,94,805

1,65,79,346

85,24,32,2055,39,74,1512,38,99,688

93,03,06,044

2,37,38,7086,16,29,730

78,45,57,548

86,99,25,986

6,03,80,058

- 1,25,00,000 (46,16,369)

5,24,96,427

83,21,74,449

51,60,21383,73,34,662

1,59,39,0393,25,77,302

74,23,36,760

79,08,53,101

6,53,42,785

3,36,82,170

3,36,82,170

76,44,9672,23,69,987

69,71,159

3,69,86,113

33,03,943

83,21,74,4493,36,82,170

51,60,21387,10,16,832

2,35,84,0065,49,47,289

74,93,07,919

82,78,39,214

6,20,38,842

8,01,5442,75,00,000(80,62,955)

4,18,00,253

37

29. Earnings in Foreign exchangeFOB Value of Exports Rs. 52,26,46,919 50,59,54,813

30. Expenditure in Foreign currency Travelling Expenses Rs. 8,32,076 Rs. 14,08,347 Subscription R s . 10,240 Rs. 6,901

ISO Expenses Rs. 3,12,873 -

Particulars 31.03.201231.03.2013

(Amount in Rs.)NOTES TO THE FINANCIAL STATEMENTS


38

Foundry DivisionRs.


Particulars

PRIMARY - BUSINESS SEGMENT

Total Rs.

Foundry DivisionRs.


Total Rs.

31.03.2013 31.03.2012

3. SEGMENT ASSETS

Segment Liabilities Unallocable Liabilities

4. Total Liabilities

5. Capital Expenditure

49,80,52,990

28,12,74,311

12,67,97,379

21,61,40,540

3,86,25,000

0

71,41,93,530

33,47,03,56637,94,90,164

71,41,93,530

12,67,97,379

46,88,70,909

28,99,56,602

10,13,81,703

21,61,40,540

5,37,95,041

0

68,50,11,449

34,37,51,64334,12,59,806

68,50,11,449

10,13,81,703

35. SECONDARY-GEOGRAPHICAL SEGMENT

Geographical segment has been identified as secondary segment based on segment revenue.

Domestic Sales 32,97,85,286 32,62,19,617

Export Sales to USA 47,00,25,261 45,69,64,885

Export Sales to Europe 5,26,21,658 4,89,89,947

Total 85,24,32,205 83,21,74,449

Note : All the Fixed assets are located in India and are as detailed in Schedule 5.

36. Related party disclosures:

A. Names of the related parties and Descriptions of relationship

1. Key management personnel Mr. N. Krishna Samaraj, Managing Director

2. Relatives of Key Management personnel Smt. N.Muthulakshmi - Mother

3. Other related parties Samrajyaa and company

Magna Digitech India Pvt. Ltd.

Elgi Equipments Ltd.

Ran.b a Castings Ltd.

1.

2.

3.

4.

Particulars 31.03.201231.03.2013


39

B. Transactions with related parties :

37. Earnings per share

(a) Net profit after tax Rs. 5 ,24,96,427 4,18,00,253

(b) Weighted average no. equity shares of

Rs.10 each outstanding during the year 4 5,82,200 45,82,200

(c) Basic or diluted earnings per share (a/b) Rs. 11.46 9.1 2

38. The Power Generated by the Wind Energy Generators during the year and fed into the TNEB Grid are as detailed below.

98,33,231

5,57,62,030

82,82,832

3,61,83,255

No. of Units Generated

Value in Rs.

39. The Company has not entered into any foreign exchange derivative transactions.

40. Figures for the previous year have been reclassified / regrouped wherever necessary.

Sri.N.Krishna SamarajManagerial Remuneration

Smt.N.MuthulakshmiRent paid and Amenities

Samrajyaa And CompanyMachining Charges Paid

Rent Received

Magna Digitech India Private LimitedData Conversion Charges Paid

Elgi Equipments Ltd.Sale of Castings

Purchase of Goods

Ranba Castings Ltd.Sale of Rawmaterials

OutstandingsPayablesReceivables

30,33,899

5,08,072

5,61,17,358

5,35,500

13,01,500

9,90,885

-

3,36,419

87,09,94912,10,770

32,65,202

5,83,131

6,62,56,385

1,14,000

8,86,074

-

2,87,791

2,33,338

1,45,91,8934,343

Particulars 31.03.201231.03.2013



40

41. Employee Benefits:

Defined Benefit Plans : Gratuity :Liability recognized in the Balance Sheet

a) Present Value of Obligations as at 01.04.2013

Interest Cost Current Service Cost Benefit Paid Actuarial (gain)/loss on obligations Present value of obligations as at 31.03.2013

b) Fair Value of Plan Assets

As at 01.04.2013 Expected return on plan assets Contributions Benefit paid Actuarial gain (loss) Fair value of plan assets Funded Status Net Asset/(Liability) recognized in balance sheet

c) Actuarial gain/loss recognised as on 31.03.2013

Acutarial gain (loss) - Obligations Acutarial gain (loss) - Plan Assets Total (gain) / loss for the year Actuarial (gain) / loss recognised

d) Expenses during the year

Current Service Cost Interest Cost Expected Return on Plan Assets Net Actuarial (Gain)/Loss

e) Prinicpal Actuarial Assumptions

Discounting Rate Salary Escalation

50,65,197

4,05,2165,71,073

(10,90,154)7,56,444

57,07,776

40,31,8924,47,761

20,00,000(10,90,154)

Nil53,89,499(3,18,277)

Nil

(7,56,444)Nil

7,56,4447,56,444

5,71,0734,05,216

(4,47,761)7,56,444

8.00%6.50%

42,83,190

3,42,6554,31,646

(4,58,815)4,66,521

50,65,197

22,41,5852,49,122

20,00,000(4,58,815)

nil40,31,892

(10,33,305)

40,31,892

(4,66,521)nil

4,66,5214,66,521

40,31,6463,42,655

(2,49,122)4,66,521

8.00%6.50%

The above figures are based on valuation done by the Life Insurance Corporation of India.

Particulars 31.03.201231.03.2013




Coimbatore

30th May 2013





TURNOVER9,000

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

Ru

pe

es

in

La

kh

s

2008-09 2010-11YearTotal TO Export TO

2012-13

5226.47

8524.328321.74

3888.58

1992.39

2009-10

6206.27

4089.28

PROFIT BEFORE TAX700

600

500

400

300

200

100

0

Ru

pe

es

in

La

kh

s

2012-132008-09

603.80620.39554.45

Year2010-11

Series 1

376.66

2009-10

3,500

3,000

2,500

2,000

1,500

1,000

500

0

Ru

pe

es

in

La

kh

s

2012-13

3295.872,843.53

Year2008-09 2010-11

2,263.03

Series 12009-10

2,059.27

BOOK VALUE

Va

lue

In

Ru

pe

es

2012-13

71.41

Year2008-09 2010-11

55.26

Series 12009-10

49.3944.94

2011-12

6077.79

3169.25

559.36

2011-12

2011-12

2,532.04

2011-12

62.05

STATEMENT OF NET WORTH

80.00

70.00

60.00

50.00

40.00

30.00

20.00

10.00

0.00

5059.55

annual report 2012 - 2013 · increase of 2.44 %. the export turnover increased from rs.5059.55...

Documents