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जेके लक्ष्मी सीमेंट निदेशकों की रिपोर्ट, जेके लक्ष्मी सीमेंट निर्देशकों द्वारा रिपोर्ट

जेके लक्ष्मी सीमेंट

बीएसई: 500380  |  NSE: JKLAKSHMI  |  ISIN: INE786A01032  |  Cement - Major

खोजें जेके लक्ष्मी सीमेंट कनेक्शन Mar 17
निदेशकों की रिपोर्ट वर्षांत : Mar '18

DIRECTORS'' REPORT

Dear Shareholders,

The Directors are pleased to present the 78 th Annual Report together with the Audited Financial Statements of the Company for the Financial Year ended 31st March 2018.

FINANCIAL RESULTS

Rs, in Crore

2017-18

2016-17

Sales & Other Income

3582.29

3329.93

Profit before Interest & Depreciation

479.46

435.22

Profit before Depreciation

281.98

246.57

Profit / (Loss)after Tax

83.96

82.00

Transfer to Debenture

Redemption Reserve

-

35.00

Surplus brought forward

199.63

156.17

Amount available for appropriation

95.382

203.17

Appropriations

- Dividend paid during the year

(Pertaining to Previous Year)

10.63

3.54

Surplus carried to Balance Sheet

272.96

199.63

283.59

203.17

DIVIDEND

Your Directors are pleased to recommend a dividend of Rs, 0.75 per Equity Share of Rs, 5 each (15%) for the Financial Year ended 31st March 2018. The Dividend outgo subject to approval at the ensuing Annual General Meeting will be Rs, 8.83 Crore (inclusive of Dividend Distribution Tax of Rs, 1.81Crore).

PERFORMANCE

The Company has its manufacturing plants located in two distinctive markets namely East, comprising the states of Chhattisgarh, Odisha, Eastern & Central MP and Vidarbha region in Maharashtra; and North West, that mainly comprises Rajasthan, Gujarat, Haryana, Delhi, Punjab, Western UP Western MP and some parts of Maharashtra bordering Gujarat. Even though the Financial Year 2017-18 has been a relatively tough year for the Cement Industry on the whole and your Company was no exception; yet cement being a regional commodity the performance of the Company operating in multiple markets must be viewed with respect to the performance of the industry in those markets.

In East where the Company has entered in FY 2016. In the last Financial Year represented first full year of stabilized performance in these markets. The installed capacity of its Durg Plant for clinker and cement was increased by 22% and 39% respectively mainly due to in-house innovations and optimization of plant operating parameters without incurring any major capital investments. This capacity creation also got reflected in higher production and higher sales.

In terms of capacity utilization, growth in sales, and operational efficiencies, Durg plant is now amongst the best plant. With commissioning of Waste Heat Recovery Boiler of

7.50 MW capacity and expected commissioning of captive power plant of 20 MW capacity in Financial Year 2018-19; the power cost per MT of cement shall drastically be reduced and would make Durg plant amongst the most efficient plants in the cement industry. All these initiatives related to power shall lead to substantial savings when fully operationalized and stabilized.

Coming to the North - West part of the operations; where the Company''s manufacturing plants are in operation for quite some time; the focus in Financial Year 2017-18 had been on consolidation, both in terms of improving the efficiencies in manufacturing operations and in distribution. On power and fuel consumption from the Sirohi plant of the Company is one amongst the best in the industry and its associated grinding units at Kalol and Jharli too are leaders in power efficiency. The recently commissioned cement grinding unit at Surat is now fully stabilized and is continuously setting up new benchmarks on operational parameters. The Grinding units at Surat and Jharli are also producing Solar Power at much lower cost to partly meet their own consumption needs by utilizing the available space to install solar panels.

The demand situation in Northern & Western parts of India has rather been subdued in the concluded Financial Year as compared to a relatively better growth seen in Eastern & Central parts of India. As a consequence of this the production of clinker and cement sales have seen a marginal increase 3% and 6% respectively.

The Company has recently taken various initiatives to improvise its distribution partly aided by implementation of GST, such as increase in direct dispatches, enhancing the dispatches from Grinding Units, optimization of dumps which will result in lower logistic cost and thereby increasing the profitability margin of Company.

The Company''s EBIDTA stood at Rs, 479.46 Crore, which compares favorably with the EBIDTA of Rs, 435.22 in the previous Financial Year. Company''s net profit stood at Rs, 83.96 Crore as against a Profit of Rs, 82.00 Crore in the previous fiscal. PROGRESS OF THE PROJECTS & EXPANSIONS The Company is well on its way to complete all major growth related capital investments, as planned, by end of the Financial Year 2018-19. The 1.35 Million Tonnes per annum grinding unit at Surat, Gujarat had been commissioned and is now fully stabilized. The work on Company''s Grinding Unit project in Orissa with an annual capacity of 0.8 Million Tonne is progressing satisfactorily and is expected to be completed by fourth Quarter of Financial Year 2018-19.

7.50 MW Waste Heat Recovery Project at Durg has been successfully commissioned in November 2017 and is generating power at rated capacity. The Company has already enhanced its Cement Capacity at Durg Plant from 1.80 Million Tonnes to 2.70 Million Tonnes and Clinker Capacity from 1.49 Million Tonnes to 1.95 Million Tonnes at a nominal Capital expenditure of '' 50 Crore only.

Udaipur Cement Works Limited (UCWL), Company''s Subsidiary had successfully started commercial production and with this commissioning, the Company''s overall operating capacity including that of UCWL stands increased to 12.5 Million Tonnes as on 31stMarch 2018.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

Pursuant to Section 152 of the Companies Act, 2013, Dr. Shailendra Chouksey retires by rotation at the ensuing Annual General Meeting (AGM) and being eligible offers himself for re-appointment. The Board recommends his reappointment.

All the Independent Directors of the Company have given requisite declarations confirming that they meet the criteria of independence as provided in Section 149(6) of the Companies Act, 2013 and Regulation 16 of SEBI (Listing

Obligations & Disclosure Requirements) Regulations, 2015.

There has been no change in the Directors and Key Managerial Personnel of the Company in terms of the provisions of the Companies Act 2013, during the year under review.

CONSERVATION OF ENERGY ETC.

The details as required under Section 134(3)(m) read with the Companies (Accounts) Rules, 2014 are annexed to this Report as Annexure ''B'' and forms part of it.

CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements of your Company for the Financial Year 2017-18 have been prepared in accordance with the Companies Act, 2013 (Act) read with the Rules made there under and applicable Indian Accounting Standards. The Audited consolidated financial statements together with Auditors'' Report form part of the Annual Report.

In compliance with Section 129(3) of the Act and Rule 8 of the Companies (Accounts) Rules, 2014, a report on the performance and financial position of each of the subsidiaries and associate included in the consolidated financial statements is presented in a separate section in the Annual Report. Please refer AOC-1 annexed to the financial statements in the Annual Report.

Pursuant to the provisions of Section 136 of the Act, the financial statements and consolidated financial statements along with relevant documents of the Company and separate audited accounts in respect of subsidiaries are available on the website of the Company.

During the Financial Year under review, no company has become or ceased to be your Company''s subsidiary or joint venture or associate.

DEPOSITS

Pursuant to the approval of members by means of a Special Resolution passed at the Annual General Meeting held on 4*1 September 2014, the Company has continued to accept deposits from the public, in accordance with the provisions of the Companies Act, 2013 (Act) and the Rules made there under.

The Particulars in respect of the deposits covered under Chapter V of the said Act, for the Financial Year ended 31st March 2018 are: (a) Accepted during the year - Rs, 24.63 Crore; (b) Remained unclaimed as at the end of the year -Rs, 0.22 Crore; (c) Default in repayment of deposits or payment of interest thereon at the beginning of the year and at the end of the year - Nil and (d) Details of deposits which are not in compliance with the requirements of Chapter V of the said Act- Nil.

AUDITORS (a) Statutory Auditors and their Report

M/s S.S. Kothari Mehta & Co., Chartered Accountants, were appointed as Statutory Auditors of the Company to hold office from the conclusion of the 77 th Annual General Meeting (AGM) held on 7 th September 2017 until the conclusion of the 80 th AGM to be held in the year 2020, subject to ratification by the Members at every subsequent AGM to be held during their said term in accordance with the provisions of the Companies Act, 2013. However, pursuant to the Companies (Amendment) Act, 2017, the requirement of ratification of appointment of the Auditors on yearly basis has been dispensed with. The observations of the Auditors in their report on Accounts and the Financial Statements, read with the relevant notes are self-explanatory.

(b) Secretarial Auditor and Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Companies Act 2013, the Board of Directors appointed Shri Namo Narain Agarwal, Company Secretary in Practice, as Secretarial Auditor to carry out Secretarial Audit of the Company for the Financial Year 2017-18. The Report given by him for the said Financial Year in the prescribed format is annexed to this Report as Annexure ''C''. The Secretarial Audit Report does not contain any qualifications, reservations or adverse remarks.

(c) Cost Auditor and Cost Audit Report

M/s R.J. Goel & Co., Cost Accountants, conducted the Audit of cost records of the Company for the Financial Year ended 31st March 2017 and as required, Cost Audit Report was duly filed with Ministry of Corporate Affairs, Government of India.

The Audit of the Cost Accounts of the Company for the Financial Year ended 31st March 2018 is being conducted by the said firm and the Report will be duly filed.

CORPORATE SOCIAL RESPONSIBILITY

The Company is in the forefront of fostering a socially responsible corporate climate. Towards this end, a number of initiatives have been taken to improve the quality of living standards of the communities and people residing around the Company''s plants.

Company''s focus areas include ''protection of environment and conservation of natural resources, health care, education, skill development, water and sanitation, plantation and Green Cover Rehabilitation and rural development among others. Please also see details given in Principle 4 to the Company''s Sustainability & Business Responsibility Report for the Financial Year 2017-18.

The Company has a requisite CSR Policy in accordance with the provisions of the Companies Act 2013 and rules made there under. The contents of the CSR Policy are disclosed on the website of the Company.

The Annual Report on the CSR activities undertaken by the Company during the Financial Year under review, in the prescribed format, is annexed to this Report as Annexure ''D.'' PARTICULARS OF REMUNERATION

Disclosure of the ratio of the remuneration of each director to the median employee''s remuneration and other requisite details pursuant to Section 197(12) of the Companies Act, 2013 (Act) read with Rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, is annexed to this Report as Annexure ''E''. Further, Particulars of Employees pursuant to Rule 5(2) & (3) of the above Rules, form part of this Report. However, in terms of provisions of Section 136 of the said Act, the Report and Accounts are being sent to all the members of the Company and others entitled thereto, excluding the said particulars of employees. The said information is available for inspection at the Registered Office of the Company during business hours on working days of the Company up to the ensuing Annual General Meeting. Any member interested in obtaining such particulars may write to the Company Secretary. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS During the Financial Year under review, there were no significant and material orders passed by the Regulators or Courts or Tribunals which would impact the going concern status of the Company and its future operations.

CHANGE IN THE NATURE OF BUSINESS

During the year under review, there was no change in the nature of business.

SUSTAINABILITY & BUSINESS RESPONSIBILITY REPORT

Pursuant to Regulation 34(2)(f) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, the Sustainability & Business Responsibility Report of the Company for the Financial Year 2017-18 ended 31st March 2018 in the prescribed format, giving an overview of the initiatives taken by the Company from an environmental, social and governance perspective is given in a separate section of the Annual Report and forms a part of it.

The Company''s first Sustainability Report covering financial years 2014-16 based on the Global Reporting Initiatives, G4 framework, including all aspects of our sustainability activities is available on the Company''s Website at www.jklakshmicement. com/ www.jklakshmisustainability.com.

CORPORATE GOVERNANCE

Your Company reaffirms its commitment to the highest standards of corporate governance practices. Pursuant to Regulation 34 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, Corporate Governance Report and Auditors Certificate regarding compliance of conditions of Corporate Governance are made a part of this Report. The Corporate Governance Report also covers the following:

(a) Particulars of the four Board Meetings held during the Financial Year under review.

(b) Policy on Nomination and Remuneration of Directors, Key Managerial Personnel and Senior Management including, inter alia, criteria for determining qualifications, positive attributes, independence of a director, etc.

(c) The manner in which formal annual evaluation has been made by the Board of its own performance and that of its Committees and individual Directors.

(d) The details with respect to composition of Audit Committee and establishment of Vigil Mechanism.

(e) Details regarding Risk Management.

(f) Dividend Distribution Policy.

COMPLIANCE OF SECRETARIAL STANDARDS

Based on the Secretarial Audit Report of the Secretarial Auditor, the Company has duly complied with the applicable Secretarial Standards on Meetings of Board of Directors and General Meetings.

DIRECTORS'' RESPONSIBILITY STATEMENT

As required under Section 134(3)(c) of the Companies Act, 2013, your Directors state that:-

(a) in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

(b) the accounting policies have been selected and applied consistently and judgments and estimates made are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period;

(c) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the said Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(d) the annual accounts have been prepared on a going concern basis;

(e) the internal financial controls to be followed by the Company have been laid down and that such internal financial controls are adequate and were operating effectively; and

(f) the proper systems to ensure compliance with the provisions of all applicable laws have been devised and that such systems were adequate and operating effectively.

ACKNOWLEDGEMENTS

Your Directors wish to place on record and acknowledge their appreciation for the continued support and valuable co-operation received from the Financial Institutions, Banks, Government Authorities, Dealers, Suppliers, Business Associates and Company''s valued Customers and the esteemed Shareholders for the faith they continue to repose in the Company.

The Directors also express their gratitude to the Team JK Lakshmi for their significant efforts and collective contribution to enable the Company maintain steady progress.

On behalf of the Board of Directors

Vinita Singhania

Vice Chairman & Managing Director

place: New Delhi Dr. Shailendra Chouksey

Date: 16 May 2018 Whole-time Director

स्रोत: रेलीगरे टेचनोवा

न्यूज़ फ़्लैश

  • MARKET CUES : FIIs ने कैश में `1008 Cr की बिकवाली की
  • MARKET CUES : DIIs ने कैश में `538 Cr की खरीदारी की
  • MARKET CUES : FIIs ने F&O में `379 Cr की खरीदारी की
  • MARKET CUES : इंडेक्स फ्यूचर्स में `656 Cr की बिकवाली की
  • MARKET CUES : इंडेक्स ऑप्शंस में `1075 Cr की खरीदारी की
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  • MS ON BPCL : Overweight रेटिंग, लक्ष्य `571/Sh
  • CS ON AARTI IND : Outperform रेटिंग, लक्ष्य `980/Sh
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  • NOMURA ON ESSAR CASE : बैंकों की अब 90% तक रकम की रिकवरी संभव

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