Overview of an annual report Essay

Brand Stable

Notice to Stockholders

The 29ThursdayAnnual General Meeting was held on 31stJuly,2014 at T.Naagar, Chennai 017 where they transacted the undermentioned concern:

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Ordinary Business:

  1. Receive, consider and follow the fiscal statements of the Company for the twelvemonth ended 31stMarch 2014.
  2. Signing and corroborating the payment of interim dividends on equity portions for the fiscal twelvemonth 2013-14.
  3. Appointing a new Director in topographic point of Shri. K. S. Thanarajan, who retires by rotary motion and being eligible, offers himself for re-appointment.
  4. Resolved to name M/s. S. R. Batliboi & A ; Associates as Hearers and repairing their wage.

Particular Business:

  1. Appointing Shri. Balasubramanian Thenamuthan as an Independent Director.
  2. Appointing Shri. P. V. Vaidhyanathan as an Independent Director.
  3. Appointing Shri. N. Chandrashekaran as an Independent Director.
  4. Resolved to non make full the vacancy created by retirement of Shri. S. Thiagarajan.
  5. Resolved to name M/s. STR & A ; Associates, Cost Accountants as cost hearers by the Board of Directors of the Company.

Director’s Report

The 29Thursdayone-year director’s study had the undermentioned characteristics:

  1. Performance of the company

The company earned an income Rs. 250,202.99 hundred thousand in the twelvemonth 13-14 which is 15 % more than the old year’s entire income. It has earned a net net income of Rs. 8,168.57 which is an addition of 83 % over the old twelvemonth.

  1. Dividend

Dividends of the sum numbering Rs. 2.30/- per equity portion have been declared by the company in the current fiscal twelvemonth. The entire hard currency escape has been aggregated to Rs. 2,692.29 hundred thousand on history of dividend excepting dividend revenue enhancement for the current twelvemonth.

  1. Transportation to militias

An sum of Rs. 816.86 Lakhs has been proposed to be transferred to the general modesty out of the sum available for appropriations and an sum of Rs. 7,316.99 Lakhs is proposed to be kept in the Net income and Loss Account.

  1. Exports

The current twelvemonth recorded an export value of 20,638.46 hundred thousands stand foring 8.28 % of net gross from operations.

  1. Future Plan

The company made the acquisitions of Cattle Food Plant in Karur, Tamil Nadu and Jyothi Pvt. Ltd. , Andhra Pradesh to assist it beef up its presence and enable it to keep its numero uno place.

  1. Directors

Appointments/Inductions

The company’s Board of Directors appointed Shri. Balasubramanian Thenamuthan as an extra manager of the company w.e.f 23rdJanuary, 2014 as a Non-Executive and Independent Director till the day of the month of 31stof March 2019.

Re-Appointments

Shri. K. S. Thanarajan has been allowed to retire under the provisons of the companies Act,2013 with the Board of Directors corroborating his re-appointment.

Independent Directors

The Board of Directors have proposed the assignment of Shri. P. Vaidhyanathan and Shri. N. Chandrashekaran as Independent Directors of the company for five back-to-back old ages till the day of the month of 31stMarch, 2019 under the Section 149 of the Companies Act, 2013.

Retirements and Resignations

Shri. B. S. Mani has resigned from his station of Non-Executive Director w.e.f 23rdJanuary 2014 due to wellness grounds. Shri. S. Thiagarajan, the Non-Executive Director & A ; Independent manager is apt to retire.

  1. Directors’ Responsibility statement

On the footing of Companies Act,1956 & A ; 2013 and on the guidelines of SEBI, the directors’ confirmed that

  • The company has followed the prescribed accounting criterions as per Companies Rules, 2006.
  • The province of personal businesss of the company have been shown in the right manner by the usage of proper accounting policies.
  • Proper accounting records have been maintained in conformity with the Companies Act, 2013.
  • Accounting records have been prepared on a Traveling Concern footing.
  1. Corporate Governance Report & A ; Management Discussion Analysis

The Company has complied with all regulations with respect to Corporate Governance as prescribed under the Listing Agreement entered into with the stock exchanges.

  1. Fixed Deposits

As of 31stMarch, 2014, the entire fixed sedimentations from public outstanding and unclaimed was calculated to be Rs. 2.49 hundred thousand which further is segregated into Rs. 1.88 hundred thousand ( 7 histories of Fixed/Non Cumulative Deposits ) and Rs. 0.61 hundred thousand ( 2 histories of Cumulative sedimentations )

  1. Finance

The company ran its operation through adoptions which were decently maintained.

  1. Depository System

The Shares of the Company are tradable in electronic signifier through enabled connectivity with NSDL AND CDSL.

  1. Auditors’ study

Following were the accounts provided for the comments of the Auditors.

  • The Company has used financess raised on short term footing from Bankss to buy Rs. 7,890.14 hundred thousand of certain fixed assets.
  • A centralized exchequer system is used to hive away all loans and adoptions in add-on to hard currency generated from operations. These loans are obtained through Bankss for both long-run and short-run intents.
  • Loans applied for in February/March 2014, would merely be drawn in the following fiscal twelvemonth, specifically in May/June 2014.
  1. Industrial Relations

Industrial dealingss remained peaceable in all subdivisions of the company throughout the twelvemonth.

  1. Conservation of Energy, Technology soaking up and Forex Outgo

The annexure attached to the study contains all specifics as per subdivision 217 ( 1 ) ( vitamin E ) of the Companies Act, 1956 and Companies Rules, 1988.

  1. Corporate Social Responsibility
  • Aid is provided to nearby small towns.
  • Financially authorising the small towns to do help of roads and better conveyance.
  • Free oculus cantonments have besides been organised in small towns like Edapadi, Rasipuram and Mecheri.
  1. Recognitions

Appreciation has been conveyed to the concern associates along with employess, members, bankers among others for their support and part to the Company.

Report on Corporate Administration

  1. Company’s doctrine on corporate administration

Company has committed itself to highest degrees of transparence, unity and answerability in their behavior of the concern. It emphasises focal point on its resources, strengths and schemes to accomplish its vison of trade name edifice and maximizing stockholders return. It besides has a strong bequest of transparent, ethical and just govenance patterns which it has accomplished through a peculiar codification of behavior for all Directors and Senior Managemnet Personnel.

  1. Board of Directors

The Company has 7 Directors which occupy the undermentioned places.

R.G.Chandramogan

Chairman and Managing manager

K.S.Thanarajan

Joint Managing Director

C.Sathyan

Executive Director

P.Vaidhyanathan

Human body

S.Thiagarajan

Human body

N.Chandrasekaran

Human body

B.Thenamuthan

Human body

S.Chandrasekar

Company Secretary

The Board has met eight times in the current twelvemonth. None of the Non-Executive Directors hold any equity portions of the Company. The Company follows an established hazard appraisal and minimising system. The Board has entree to all information refering to the Company.

The Board of Directors possess the undermentioned profiles and makings.

Profile of the Directors

Sr.no.

Name

Profile

Date of

Appointment

Shareholding in company

1

Shri. B. Thenamuthan

Masters Degree in Communication and news media. Pull offing Director of Karnataka News Publication

23rdJanuary 2014

Nothing

2

Shri. K. S. Thanarajan

PG in Economics.

28ThursdayJune 1995

10,33,000 equity portions

3

Shri. P. Vaidhyanathan

Member of ICAI. Associate member of ICSI and ICWAI.

29ThursdayMarch 1999

Nothing

4

Shri. N. Chandrashekaran

Mechanical Engineer

28ThursdayMarch 2005

Nothing

  1. Audit commission

The Committee plays an of import function in supervising the internal and the fiscal coverage system of the Company. It comprises of three members all of whom are Independent and Non-Executive Directors.

AUDIT COMMITTEE

P.Vaidhyanathan

S.Thiagarajan

B.Thanamuthan

The members have the undermentioned maps within the commission

  • Oversing of Company’s fiscal coverage procedure.
  • Passing of recommendations to the board with respect to assignment and re-appointment or even the remotion or replacing of hearers.
  • Blessing of payment to statuatory hearers for other services rendered by them.
  1. Nomination and Remuneration Committee

The Committee has three Non-Executive and Independent Directors.

NOMINATION AND REMUNERATION COMMITTEE

P.Vaidhyanathan

S.Thiagarajan

B.Thanamuthan

The undermentioned functions are fulfilled by this commission

  • Designation of people who are qualified to go Directors and appoint the same on these places.
  • Recommendation of such identified people to the Board or take the member by confer withing the Board.
  • Evaluation of every Director’s public presentation
  • Formulation f standards for finding makings, positive property and independency of Directors.
  • Formulation of policy associating to wage for Directors, cardinal managerial forces and other places.
  1. Shareholders’ / Investors’ Grievance Committee

It comprises of three members all of whom are Non-Executive and Independent Directors.

INVESTORS’ GRIEVANCE COMMITTEE

P.Vaidhyanathan

K.S.Thanarajan

R.G.Chandramogan

The Committee supervises the mechanism for redressal of shareholders’/investors’ grudges and ensures affable dealingss in the undermentioned two ways.

  • Redressal of grudges through transportation of portions, non-receipt of one-year study, non-receipt of declared dividends, etc.
  • Size up the public presentation of the Registrar & A ; Share Transfer Agent and recommends steps for overall betterment of the quality of service.
  1. Other Committees

A. Share Transfer Committee

The Committee comprises three members as shown below.

SHARE TRANSFER COMMITTEE

P.Vaidhyanathan

S.Thiagarajan

K.S.Thanarajan

This Committee carries out the undermentioned maps.

  • Transfer/Transmission/Split/Sub-division/Consolidation of portions.
  • Issue of duplicate portion certifications.
  • Registration of Power of Attorneys.
  • Dematerialisation/Rematerialisation of portions.

B. Sub-Committee

This Committee comprises of four members of the Board as below.

SUB COMMITTEE

K.S.Thanarajan

R.G.Chandramogan

B.Thanamuthan

C.Sathyan

The Committee performs the undermentioned maps.

  • Reviewing of fund place of the Company, borrowing financess for the intent of concern, negotiate and finalise the footings of loaner adoptions.
  • Reviewing the hazard direction policy of the Company Management.
  • Exerting all powers and making things delegated by the Board of Directors from time-to-time.

C. Core Committee

Harmonizing to SEBI Regulations, the commission comprises of three members.

CORE COMMITTEE

R.G.Chandramogan

C.Sathyan

K.S.Thanarajan

D. CSR Committee

In conformity to Section 135 of Companies Act 2013, the Company has three members in this commission.

CSR COMMITTEE

R.G.Chandramogan

K.Thiagarajan

K.S.Thanarajan

The Committee carries out the undermentioned maps.

  • Formulation and recommendation of a CSR policy to the Board.
  • Recommendation of the sum of outgo required to transport out CSR activities.
  • Monitoring of CSR policy of the company from clip to clip.
  1. Disclosures
  • No important minutess of the Company are traveling against the policies of the Company.
  • No punishments as such have been imposed on the Company as it has been in conformity with all ordinances imposed on it.
  • The Company has besides fulfilled the non-mandatory demands like a Nomination and Remuneration Committee and a Whistle-Blower policy.
  1. Meanss of Communication

The Company maintains its web site and discloses all information like quarterly consequences through the web site merely.

Management Discussion & A ; Analysis

  1. Overview

Hatsun Agro Product Limited is in the concern of production and sale of milk and milk merchandises and Ice pick. The Company prepares fiscal statements in conformity with the accounting criterions and accepts duty for the unity and and objectiveness of the fiscal statements.

  1. General Economic Scenario and Industry Structure

Thankss to the reforms and polcies implemented by the Government to control rising prices and better growing rate, there is a possibility of the growing rate to travel back to 8 % from 4.7 % in 13-14. India occupies a 17 % of portion in milk and milk merchandises in the universe possessing about 133MT of milk in the twelvemonth 12-13.

  1. Opportunities

Milk is the individual largest agricultural trade good in value with it organizing a regular portion of the dietetic programme in add-on to the higher disposable income, greater consciousness to wellness and nutrition has created greener grazing lands for the Company.

  1. Menaces

At the minute, the organized dairy industry holds merely 28 % of the milk produced in the state which shows the deficiency of control of the Company on the production and distribution of milk. Infrastructure installations like good roads, uninterrupted power supply and equal conveyance supply are missing in the state on an efficient degree doing a less than efficient end product for the Company.

  1. Internal Control System and their Adequacy

The CEO and CFO enfranchisement subdivision of the Corporate Governance Report discusses the adequateness of the Company’s internal control system and processs.

  1. Information Technology

Successful execution of SAP ERP systems and besides the online MIS system, which has contributed in centralising the operations of the Company. The hardware and web substructure have been invariably upgraded to remain updated with the latest technological betterments thereby enabling an betterment of bandwidth and decrease of operation costs.

  1. Material Developments in Human Resources

The Human Resources section is considered as a important portion of the Company and the Company focuses to pull, retain and develop endowment as a resource. The employees are ever kept abreast of the current concern state of affairs through changeless communicating which has helped the company to construct common trust and assurance among the employees.

  1. Forward Looking Statements

The company has made certain frontward looking statements which highlight the Company’s aims. But, these aims might change a small from those mentioned in the statements but nil would travel against the company policy. The investors have hence been asked to do their ain independent appraisals and opinions by sing all relevant factors before doing an investing determination.

  1. Independent Auditors’ Report

The independent auditors’ study covers the undermentioned points.

  • Report on fiscal statements
  • Management’s Responsibility for the fiscal statements
  • Auditor’s duty
  • Opinion
  • Other legal and regulative demands study