Amal Ltd 2014-15

Amal Ltd | Annual Report 2014-15 Directors’ Report Dear Members, The Board of Directors (Board) presents the Annual Report of Amal Ltd together with the audited statement of accounts for the year ended March 31, 2015. 01. Financial results ( ` in 000) 2014-15 2013-14 Revenue from operations 1,88,227 1,62,437 Other income 2,128 2,104 Total revenue 1,90,355 1,64,541 Profit | (Loss) from operations before tax and exceptional items (6,271) 4,284 Exceptional items: income | (expense) 503 24,884 Profit for the year after exceptional items (5,768) 29,168 Tax adjustments - - Profit after tax (5,768) 29,168 Balance brought forward (4,28,421) (4,57,589) Balance carried forward (4,34,189) (4,28,421) 02. Financial performance During 2014-15, net sales increased by 16% from ` 1,624 lacs to ` 1,882 lacs. The Company reported a loss of ` 63 lacs in 2014-15 against a profit of ` 43 lacs in 2013-14 from operations. 03. Dividend The Board regrets its inability to recommend dividends due to carried forward losses. 04. BIFR status Revised Draft Rehabilitation Scheme (DRS) submitted by the Company through IDBI Bank Ltd (Operating Agency) to the Board for Industrial and Financial Reconstruction (BIFR) was sanctioned by it as Modified Sanctioned Scheme (MS-13) on July 01, 2013. The Company has initiated actions as per MS-13. The Board has approved the proposed merger of the Company with Atul Ltd. A share swap ratio of 1 equity share of face value of ` 10 each fully paid up of Atul Ltd for every 50 Equity shares of the face value of ` 10 each fully paid up of Amal Ltd has been approved at its meeting held on December 05, 2014 subject to BIFR and other statutory approvals. The appointed date of the proposed Scheme is April 01, 2014. The Company is in the process of submitting the Modified Draft Rehabilitation Scheme (MDRS) covering the proposed merger to the BIFR through the Operating Agency for obtaining their approval. Upon approval of the Scheme by the BIFR, effect of the Scheme will be given in the books of account. 05. Conservation of energy, technology absorption, foreign exchange earnings and outgo This is given at page number 7. 06. Insurance The Company has taken adequate insurance to cover the risks to its people, plant and machineries, buildings and other assets, profits and third parties. 07. Risk Management The Management at various levels takes accountability for risk identification, appropriateness of risk analysis, and timeliness as well as adequacy of risk