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Home > Equity Market > Birla Power Solutions Ltd.- Director's Reports >

Birla Power Solutions Ltd.- Director's Reports

Industry: Electric Equipment - Gensets/Turbines
BSE Code :517001
Business Group:Yash Birla Group
LTP (Rs.)
ISIN No :INE224B01024
Face Value/M Lot :1.00/1
P/E Ratio : 2.43
Market Cap : 10.68 Cr
You can view full text of the latest Director's Report for the company.
Year End : 03 / 2013
Dear Members,

The Directors have pleasure in presenting their Twenty Seventh Annual Report together with the audited statement of accounts of the Company for the financial year ended on 31st March, 2013.


(Rs. in lacs)

Standalone Consolidated For the For the For the For the year ended year ended year ended year ended 31.03.2013 31.03.2012 31.03.2013 31.03.2012

Sales & Other Income 39461.75 41961.81 70438.45 65,550.58

Profit before interest and depreciation 5125.09 5254.16 5084.58 5,048.65

Interest (Net) 2957.80 2,826.99 3658.37 2,829.73

Profit before depreciation 2167.29 2427.17 1426.23 2,218.92

Depreciation 353.65 364.25 353.65 364.25

Profit after depreciation but before Tax 988.31 861.19 1428.47 1,854.67

Provision for taxation 45.18 168.83 45.18 168.83

Adjustment of provision for earlier years 0.51 0.51

Tax adjustment for the earlier years 501.43 162.81 501.43 162.81

Profit after tax 441.70 529.55 881.80 1,522.52


During the financial year under review, the total revenue for the financial year ended 31st March, 2013 was Rs. 39461.75 lacs as against Rs. 41961.81 lacs during the previous financial year ended 31st March, 2012 showing a decrease of 6.34 %. Similarly, profit after tax for the same periods were Rs 441.70 lacs and Rs.529.55 lacs respectively showing a decrease of 20%. This is because of increase in cost of overheads,interest and tax adjustment of earlier years.


The consolidated Financial statements comprising the accounts, of your Company and its subsidiaries are appended in the Annual report. On a consolidated basis, the total turnover for the year financial year 2012-13 was Rs. 70438.45 lacs as against Rs 65550.58 Lacs during the financial year 2011-12 showing an increase of 7% and the profit after tax for the same periods were Rs. 881.80 Lacs and Rs. 1522.52 lacs respectively showing a decrease of 72.66%.


The Company has been dealing in portable power & power backup products and now has been to diversify its activities, by introducing power portable products in four different segments viz., Power & Power back up, Construction Industry, Agricultural Industry and Marine Industry. The Company also plans to introduce fuel efficient diesel operated products to the markets.


Keeping in view the tight liquidity position in the market and in order to conserve funds for working capital needs, your directors do not recommend any dividend for the Financial Year 2012-13.


During the current year, the Company has transferred Dividend (for the Year 2004-2005) amounting Rs.2,48,788/- to Investor Education and Protection Fund (IEPF), which was due and payable and remained unclaimed and unpaid for a period of seven years, as provided in Section 205C(2), of the Companies Act, 1956.


During the period under review, Mr. Manish Malani was appointed as an Additional Director by the Board of Directors of the Company on 07.11.2012, Mr. RamPrakash Mishra was appointed as an Additional Director by the Board of Directors of the Company on 14.08.2013 and Mr. Jignesh Mehta was appointed as an Additional Director by the Board of Directors of the Company on 14.08.2013. Their office expires at the ensuing Annual General Meeting. Pursuant to Section 257 of the Companies Act, 1956, a member has proposed his candidature for appoinment as a Director. Your Directors recommend their reappoinment. Mr. Mahinder Singh Arora resigned from the Board w.e.f. 27.09.2012, Mr. Y.P. Trivedi resigned from the Board w.e.f. 18.10.2012, Mr. Yashovardhan Birla resigned from the Board w.e.f. 27.12.2012, Mr. Upkar Singh Kohli resigned from the Board w.e.f. 06.05.2013, Mr. Rajesh Shah resigned from the Board w.e.f. 08.07.2013, Mr. P.V.R. Murthy resigned from the Board w.e.f. 14.08.2013. The Board placed on record its appreciation of the valuable services rendered by them.


During the year under review, the Company has disinvested shares of its subsidiary viz., Vijay Puranjay Minerals Private Limited and accordingly, the relation between Holding Company and Subsidiary has ceased. At present, the Company has two subsidiaries viz., Birla Urja Limited and Birla Power Solutions Limited FZE.


In terms of General Circular No. 2/2011 dated February 8, 2011, of the Ministry of Corporate Affairs, Government of India, the Company has availed the exemption from compliance with Section 212 of the Companies Act, 1956. Accordingly, the consolidated financial statements of the Company and its subsidiaries for the year ended 31st March, 2013 together with reports of Auditor thereon and the statement pursuant to Section 212 of the Companies Act, 1956 form part of the Annual Report.

Information required to be provided in respect of subsidiary companies has been disclosed separately in the Annual Report. The Financial Statements of the Subsidiary Companies are available for inspection by the shareholders at the Registered Office of the Company.


Your Company is following corporate governance norms of highest standards. As required under clause 49 of the listing agreement, a report on corporate governance forms part of this annual report.


In view of severe liquidity faced by the Company, the overdue fixed deposits & Interest thereon as on 31st March, 2013 was Rs. 5992.28 Lacs. Directors are endeavour to repay overdue deposits and interest thereon durig the year under review.


M/s Thakur Vaidynath Aiyar & Co. Chartered Accountants, Statutory Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting. They have expressed their willingness to be reappointed for a further term. And they confirmed that their appointment, if approved by the shareholders, will be in conformity with the provisions of Section 224 (1B) of the Companies Act, 1956.


The Company enjoyed harmonious relations with workmen and employees through out the period under review. Agreeement has been signed by the Company and Labour Union on 1st January, 2013 for the period of five years valid till 31st December, 2018.


The particulars of energy conservation as prescribed have not been provided, as the Company's industry is not specified in the schedule.

The Details regarding Technology Absorption as per Form 'B' are enclosed.


Information in accordance with the provisions of Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 as amended regarding employees is given in the annexure to the Directors Report.


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

- that in preparation of the annual accounts for the period ended on 31st March, 2013 the applicable accounting standards have been followed along with proper explanation relating to material departures;

- that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that 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 period ended on 31st March, 2013 and of the profit of the Company for that period;

- that the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

- that the directors had prepared the annual accounts for the period ended on 31st March, 2013 on a going concern basis.


Your Directors acknowledge with gratitude the continuing co- operation and assistance rendered by the Central Government, State Government, Financial Institutions, Banks, suppliers and other organisations in the working of the Company.

The Directors also wish to place on record their deep sense of appreciation for dedicated services rendered by officers, staff and workmen of the Company.

The Board takes this opportunity to express its gratitude for the continuous support received from shareholders.

For and on behalf of the Board Of Directors

Manish Malani Ramprakash Mishra

Director Director

Place: Mumbai

Date: 14th August, 2013

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