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Aankit Granites Ltd.
Market Cap. (Rs.) 0.00 Cr. P/BV 0.00 Book Value (Rs.) 7.23
52 Week High/Low (Rs.) 10/2 FV/ML 10/100 P/E(X) 0.00
Bookclosure 19/09/2009 EPS (Rs.) 0.00 Div Yield (%) 0.00
DIRECTOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2012-03 The Directors are pleased to present their Report on the business and operations of your Company together with the Audited Statement of Accounts for the year ended 31st March, 2012:

FINANCIAL RESULTS:

Performance of the Company for the Financial Year 2011-12 is summarized
as below
                                                    
                                                   (Rupees in Lacs)

Particulars                            31.03.2012        31.03.2011

Gross Income                               891.97            752.58

Expenditure Other than Depreciation        836.61            720.80

Profit Before Depreciation                  55.36             31.78

Less Depreciation                           15.81             15.28

Profit After Depreciation                   39.55             16.50

Less: Income Tax                            10.00              5.00

Prior Period Tax Adjustments                24.68              5.55

Prior Period Adjustments (Net)               6.88              0.51

Profit after Tax and Prior Period
Adjustment                                  (2.01)             5.44
DIVIDEND:

In view of the carried forward losses, the Board of Directors' expresses their inability to recommend any dividend for the year.

MANAGEMENT DISCUSSION & ANALYSIS:

Operations & Performance:

Production/Purchase for the year: 83,879 Sqm

Dispatches for the year :              74,124    Sqm
Sales Value for the year in Rs.: 8,60,95,438 Rs.

Your Company continues to carry on its business with the focus on exports. As against the revenue of Rs. 7.53 Crores in the previous year, the Company has achieved overly revenue of Rs. 8.92 Crores. Operating profits increased from Rs. 31.78 Lakhs to Rs 55.36 Lakhs. Global competition with supplies coming from China has been the primary concern and is responsible for reduced growth. The market in the United States seems to have shut its door for the granite products. Recession in Europe continues to haunt the granite industry with the vagaries of construction business. Having passed the most difficult situation in the past, your Directors are infusing all out efforts to ensure continued operations and look for better opportunities in the days to come.

OUTLOOK:

The exposure of the Management to the business being carried out by the Company and the experience earned by the Core Team coupled with the requisite infrastructure for operations, network of market globally, collectively constitute the unique core strength for your Company.

Relentless efforts continued by the Company on implementing austerity measures and cost cutting uniformly. With uncertainties and global recession, your Directors will focus on achieving better profitability by garnering all the resources at their disposal. The Directors hope that the situation will change to offer the Company better market opportunities.

INTERNAL CONTROL SYSTEMS:

Your Company has in place adequate systems of Internal Controls which are commensurate with the size of its operations and it is properly designed to protect and safeguard the assets of the Company. There is a proper system for recording the transactions, which ensures that each transaction is properly authorized and executed according to the norms. Reorganization of some of the key positions was implemented during the year under report and your Directors are of the view that this will help the Company to great extent.

INDUSTRIAL RELATIONS:

Your Company continued to extend the training programmes at various levels in order to optimize the productivity. The Company continues to have about 160 personnel including casuals.

PUBLIC DEPOSITS:

The Company has not accepted any fixed deposits.

DIRECTORS:

Mrs. Urmila Rani, Director of the Company retires by rotation and being eligible, offers herself for re-appointment.

AUDIT COMMITTEE:

Audit Committee constituted by the Board of Directors with requisite composition to fall in line with the prevailing laws continued to discharge its functions during the year under report.

CORPORATE GOVERNANCE:

As per the provisions of the Listing Agreement with the Stock Exchange, a Report on Corporate Governance has been given in the Annexure I hereto.

AUDITORS:

Messrs R Singhvi & Associates, Chartered Accountants, Bangalore, the retiring Auditors of the Company hold office until the conclusion of the forthcoming Annual General Meeting and are eligible for re-appointment.

AUDITORS' REPORT ; Attention is drawn to the Auditors' Report and the following explanation is furnished:

1. Note No. 4 :

Regarding appointment of full time Company Secretary.

The explanation provided under Schedule 'O' II (18) regarding the aforesaid item is self-explanatory.

PARTICULARS OF EMPLOYEES:

Statement pursuant to Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Amendment Rules, 2011.'

There were no employees drawing remuneration in excess of Rs.5 lakhs per month or Rs.60 lakhs per annum.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956, with respect to Directors Responsibility Statement, it is hereby confirmed:

i) That in the preparation of the accounts for the financial year ended 31st March 2012, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii) That the Directors have followed such accounting policies, standards as prescribed by ICAI 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) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act. 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv) That the Directors have prepared the accounts for the financial year ended 31st March, 2012 on a "going concern" basis.

OTHER STATUTORY DISCLOSURES:

In terms of Section 217(1)(e) of the Companies Act, 1956 following particulars are furnished:

Energy Conservation/Technology Absorption :

Your Company continues to put in the best efforts to conserve and efficiently utilize energy wherever possible.

Technology Absorption. Adaptation and Innovation :

The machinery being sophisticated with built-in technology, the quality of the products manufactured is on par with the international standards. From time to time, the core technical personnel are imparted the latest technology.

Foreign Exchange Transactions :

Foreign Exchange Earnings Rs. 587.73 Lakhs

Foreign Exchange Outgo Rs. 70.47 Lakhs

ACKNOWLEDGEMENT:

The Board of Directors wish to thank all the Shareholders, Government Authorities, Financial Institutions, Bankers, Suppliers, Customers and all the Employees for their continued assistance, support, cooperation and direction to the Company during the year under review.

                                             By Order of the Board
                                       For AANKIT GRANITES LIMITED

                                                  DR. ADARSH KUMAR
                                                 MANAGING DIRECTOR 

                                                       URMILA RANI
                                                          DIRECTOR
Place : Bangalore  
Date  : 30-05-2012
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Achiievers Equities Ltd (AEL) Member of NSE, BSE and MCX-SX
Reg. Office: 32/A, Diamond Harbour Road, Shakerbazar, Kolkata 700008 Tel: 033 2445 6442/66063000 Fax: 033 6606 3041
Email: info@achiieversequitiesltd.com , customer.care@achiieversequitiesltd.com
NSE Registration Nos.: NSE (Cash) : INB231395832 ; NSE (F&O) : INF231395832 ; NSE (Currency) : INE231395832 ; BSE (Cash) : INB011395838 ; BSE (F&O) : INF011395838 ; BSE(Currency) : INE011395838 | DSE Registration Nos. : INB051395839 | USE Registration Nos. : INE271395837
Achievers Commercial Pvt Ltd (ACPL) Members of MCX, ACE and NSEL. | SEBI Registration No. INZ000050830 | ACE: ACEL/TMC/CORP/0194 | NSEL: 40020 | SCORES
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