Atul Ltd 2012-13

Atul Ltd | Annual Report 2012-13 Insurance 7KH &RPSDQ\ KDV WDNHQ DGHTXDWH LQVXUDQFH WR FRYHU WKH ULVNV WR LWV SHRSOH SODQW DQG PDFKLQHULHV EXLOGLQJV DQG RWKHU DVVHWV SURÀWV DQG WKLUG SDUWLHV Fixed Deposits )L[HG GHSRVLWV DPRXQWLQJ WR ` 0.06 cr as on March 31, ZHUH QRW FODLPHG E\ WKH GHSRVLWRUV 7KH À[HG GHSRVLWV which matured on or before March 31, 2006, but remained outstanding since then were transferred to the Investor Education and Protection Fund as required under Section 205 C of the Companies Act, 1956. Subsidiary Companies The Company has nine subsidiary companies namely, Atul %LRVFLHQFH /WG $WXO 5DMDVWKDQ 'DWH 3DOPV /WG '3' /WG $WXO 86$ ,QF $WXO (XURSH /WG $WXO 'HXWVFKODQG *PE+ $WXO &KLQD Ltd, Atul Brasil Quimicos Ltda and Ameer Trading Corporation Ltd. 3XUVXDQW WR WKH JHQHUDO H[HPSWLRQ JUDQWHG E\ WKH &HQWUDO *RYHUQPHQW GHWDLOV DV SURYLGHG XQGHU 6HFWLRQ RI WKH Companies Act, 1956 in respect of the subsidiary companies DUH QRW DWWDFKHG +RZHYHU WKH ,QYHVWRUV PD\ VHHN WKH FRSLHV of the Annual Reports and related detailed information of the subsidiary companies by writing to the Company Secretary at WKH 5HJLVWHUHG 2IÀFH Directors’ Responsibility Statement 3XUVXDQW WR 6HFWLRQ $$ RI WKH &RPSDQLHV $FW WKH 'LUHFWRUV FRQÀUP WKDW WR WKH EHVW RI WKHLU NQRZOHGJH DQG belief: L ,Q WKH SUHSDUDWLRQ RI WKH DQQXDO DFFRXQWV WKH applicable Accounting Standards were followed LL 6XFK $FFRXQWLQJ 3ROLFLHV ZHUH VHOHFWHG DQG DSSOLHG FRQVLVWHQWO\ DQG VXFK MXGJHPHQWV DQG HVWLPDWHV ZHUH made that were reasonable and prudent so as to give a true and fair view of the state of affairs of the &RPSDQ\ DV RQ 0DUFK DQG RI WKH SURÀW RI the Company for the year ended on that date LLL 3URSHU DQG VXIÀFLHQW FDUH ZDV WDNHQ WR PDLQWDLQ 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 LY 7KH DWWDFKHG DQQXDO DFFRXQWV IRU WKH \HDU HQGHG March 31, 2013 were prepared on a going concern basis. Directors 'U . $SDUDMLWKDQ UHVLJQHG IURP WKH %RDUG ZLWK HIIHFW IURP January 18, 2013. The Board places on record its appreciation for his valuable contribution as a Director. According to Article 134 of the Articles of Association of the &RPSDQ\ 'U 6 6 %DLMDO 0U 6 0 'DWWD DQG 0U 9 6 5DQJDQ retire by rotation and being eligible offer themselves for reappointment at the forthcoming Annual General Meeting $*0 VFKHGXOHG RQ -XO\ 0U 5 $ 6KDK MRLQHG WKH %RDUG DV DQ $GGLWLRQDO 'LUHFWRU 1RQ H[HFXWLYH ,QGHSHQGHQW ZLWK HIIHFW IURP -DQXDU\ 3ULRU WR WKLV KH ZDV $OWHUQDWH 'LUHFWRU WR 'U $SDUDMLWKDQ The term of Mr Shah as an Additional Director ceases in the ensuing AGM. Accordingly, his reappointment as a Director is proposed in the AGM Notice. 7KH FXUUHQW ÀYH \HDU WHUP RI 0U 6 6 /DOEKDL &KDLUPDQ DQG 0DQDJLQJ 'LUHFWRU H[SLUHV RQ -XQH 7KH UHDSSRLQWPHQW RI 0U /DOEKDL IRU DQRWKHU WHUP RI ÀYH \HDUV LV proposed in the AGM Notice. Auditors Dalal & Shah, the Statutory Auditors of the Company, will retire at the conclusion of the ensuing AGM. They have given their consent to continue to act as the Auditors for 2013-14, if reappointed. The relevant notes forming a part of the accounts are self H[SODQDWRU\ DQG JLYH IXOO LQIRUPDWLRQ DQG H[SODQDWLRQ LQ respect of the observations made by the Auditors in their Report. The Board appointed R Nanabhoy & Co as the Cost Auditors for 2013-14 on May 07, 2013. Acknowledgements 7KH %RDUG H[SUHVVHV LWV VLQFHUH WKDQNV WR DOO WKH FXVWRPHUV employees, investors, lenders, suppliers, regulatory and Government authori WLHV DQG WKH 6WRFN ([FKDQJHV IRU WKHLU continuing support. For and on behalf of the Board of Directors Mumbai Sunil S Lalbhai May 07, 2013 Chairman and Managing Director