Deposit Form Of Andhra Bank 3 Things You Probably Didn’t Know About Deposit Form Of Andhra Bank
Your Directors acquire amusement in presenting the Thirty Aboriginal Anniversary Address of the Aggregation calm with the Audited Accounts for the year concluded 31 st March, 2015.
Your Aggregation is the sole architect of Oxo–Alcohols in India. The Oxo–Alcohols abide of the afterward articles viz., 2 Ethyl Hexanol, Normal Butanol and Iso Butanol. Your Company is an accessory of The Andhra Sugars Ltd., and has its Regd. Arrangement at Tanuku.
OPERATIONAL AND FINANCIAL PERFORMANCE:
During the Banking Year 2014–15, the Plant produced 18,765 MTs (previous year 26,460 MTs), which works out to 26% (approx.) accommodation utilisation. Sales during the year were 19,101 MTs (previous year 29,157 MTs). Lower assembly was due to lower Propylene availability with HPCL as a consequence of blaze blow on 23rd August, 2013 in HPCL’s Cooling Tower, non–remunerative diplomacy prices of the products and Hudhud cyclone on 12th October, 2014. Aggregation had incurred a Net Blow of Rs.44.52 crores during the current Banking Year 2014–15 adjoin Rs.25.67 crores Net Blow incurred during the antecedent year.
Due to blow incurred during the year beneath report, your Directors are clumsy to acclaim any allotment for the Banking
CAPITAL & RESERVES:
Authorised and Paid–up Capital:
The Authorised Capital of the Aggregation is Rs.85 crores and the Paid–up Capital is Rs.84.97 crores.
The absolute Reserves position as on 31.3.2015 stood at Rs.58.55 crores adjoin Rs.105.19 crores in the antecedent year.
MANAGEMENT DISCUSSION AND ANALYSIS:
INDUSTRY STRUCTURE AND DEVELOPMENTS:
Company’s operations were afflicted for the accomplished year beneath analysis on anniversary of un–remunerative artefact prices. The artefact prices were absolute low for above allotment of the year, able-bodied beneath the capricious bulk of assembly itself. For assertive periods Propylene food by HPCL were additionally somewhat lower due to the abeyance of one of the artefact Condensers in the Propylene Recovery Assemblage of HPCL, damaged due to a Blaze blow earlier. A new alien Condenser was installed and commissioned during the aboriginal anniversary of April, 2015 which removed the aqueduct in Propylene assembly by HPCL. The aqueduct has arisen on a Force Maejure condition. HPCL acquire back accustomed college Propylene production, affair abounding calibration claim of our Company. Poor artefact prices and appropriately assemblage abeyance for abiding aeon during the year resulted in poor banking performance.
The Aggregation has adjourned with HPCL for afterlight in the base of Propylene appraisement accompanying to awkward prices on a short–term basis, in adjustment to abstain advanced aberration amid Propy–lene and artefact prices.
The Aggregation has taken up with the Government of India for burden of Anti–dumping Duty on both the capital products, 2–Ethyl Hexanol and Normal Butanol in appearance of the abrasion to the Company acquired by auctioning of these articles into India by exporting countries. At this stage, the Aggregation feels that it is acceptable that assertive Anti–dumping Duties will be levied on both the articles that may aftereffect in bigger achievement of the Company. HPCL has back accustomed abounding calibration operations of their Propylene Recovery Assemblage which will abetment your Company in operating the assemblage at abounding accommodation that can additionally contribute to bigger achievement of the Company.
OPPORTUNITIES AND THREATS:
The Aggregation is accepted to realise abounding accommodation in appearance of HPCL’s adequacy to accomplish their Propylene Recovery Assemblage at abounding accommodation which can accord for favourable performance of the Company. Accepted levying of Anti–dumping Duties additionally accord appear bigger achievement of the Company. However, all-embracing artefact prices, strengthening of Rupee adjoin Dollar may appulse the Company’s achievement to some extent.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Aggregation has centralized ascendancy systems able with the admeasurement of the business operations. A Chartered Accountants’ abutting is affianced to backpack centralized analysis accoutrement the absolute operations. The Analysis abutting submits centralized analysis address periodically with their suggestions and / or corrections. Analysis Committee alarmingly deliberates and reviews such internal analysis letters and ensures capability of the centralized ascendancy systems.
MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS:
As far as the Animal Resources is concerned, the employees are actuality accomplished to accommodated the Plant requirements from time to time by affective them in a absolute way and the automated relations abide to be affable throughout the year.
The absolute cardinal of advisers active as on 31.3.2015 is 268.
Your Aggregation has affected the raw absolute accumulation constraints faced due to blaze blow in supplier’s bounds during August, 2013. However, the Company’s achievement to a ample admeasurement is afflicted by All-embracing appeal and supply position and prices, awkward prices, barter fluctuations etc. All-embracing operations are accepted to advance in the coming years.
RISKS AND CONCERNS:
The Aggregation is depending for its above raw absolute i.e., Propylene from a distinct antecedent i.e., HPCL, Visakha Refinery. However, the accident is congenital in the activity evaluation. The awkward prices, barter fluctuations and middle–east political adherence is a above affair to the Company’s performance.
The statements anecdotic the Company’s outlook, estimates or predictions may be forward–looking statements based on assertive assumptions of approaching events. Absolute after-effects may differ materially from those bidding or implied, back the Company’s operations are afflicted by alien or centralized factors. Your Aggregation carefully monitors all above developments acceptable to affect the operations and will accede to accommodated the abeyant threats and to accretion from any accessible opportunities.
During the year beneath review, your Aggregation did not acquire any deposits aural the acceptation of accoutrement of the Companies Act, 2013 apprehend with the Companies (Acceptance of Deposits) Rules, 2014.
SAFETY, HEALTH AND ENVIRONMENT:
Your aggregation has been awarded the following:–
Silver Trophy in National Assurance Awards (NSA) –2012 for
Lowest Boilerplate Frequency Amount (2010, 2011, 2012) awarded by Directorate General, Factory Advice Services and Labour Institutes (DGFASLI), Mumbai / Faridabad.
Silver Trophy in National Assurance Awards (NSA) – 2012 for
Accident Free Year awarded by Directorate General, Factory Advice Services and Labour Institutes (DGFASLI), Mumbai / Faridabad.
Suraksha Puraskar (Bronze Trophy) in NSCI Awards –2014 for the appraisement year 2011, 2012, 2013 by National Assurance Council India (NSCI), Mumbai.
Safety of animal and Plant assets is of top antecedence of the Company. Continuous training of cadre at assorted levels on assurance and austere acquiescence of regulations is ensured which resulted in addition accident–free year. Your Aggregation has accustomed several action measures and a cardinal of environmental ascendancy systems to accommodate ecology appulse and ensures their abutting monitoring. It may be acclaimed that your Aggregation is consistently in the beginning and proactive in implementing ambiance aegis measures.
All the insurable assets of the Aggregation including Plant and Machinery, Buildings and Inventories are insured on reinstatement bulk basis.
The Equity Shares of your Aggregation are listed on the Bombay Stock Exchange. Listing fees has been paid.
EXTRACT OF ANNUAL RETURN:
The capacity basic allotment of the abstract of the Anniversary Return in Anatomy MGT–9, as appropriate beneath Breadth 92 of the Companies Act, 2013, is included in this Address as Annexure – “A” and forms an basic allotment of this report.
During the year beneath report, Sri Justice G Ramanujam (Retd.) retired as Director of the Aggregation from 10.9.2014.
IDBI Bank Ltd., withdrew Sri Anirudha Behera as its Nominee Director from the Board of the Aggregation from 31.10.2014 and in his abode Sri A Mallikarjun was nominated from 1.11.2014 who was additionally aloof from the Board of the Aggregation from 10.2.2015.
Dr.(Smt.) D Manjulatha was co–opted as Additional Director on the Board of the Aggregation w.e.f., 27.3.2015 on the recommendation of the Choice and Accomplishment Committee at its Affair captivated on 27.3.2015.
APIDC withdrew the choice of Smt. Anita Rajendra, I.A.S., and Sri K Rajendra Prasad as its Nominee Directors from the Board of the Aggregation w.e.f., 19.10.2014 and 29.5.2015 respectly. Further, it has nominated Smt. Y V Anuradha, I.A.S., and Sri Shamsher Singh Rawat, I.A.S., on the Board of the Aggregation and they acquire been co–opted as Additional Directors on the Board of the Aggregation w.e.f., 23.7.2015 on the advocacy of Choice and Accomplishment Committee at its affair captivated on 23.7.2015.
Your Directors abode on almanac their balmy acknowledgment for the admired advice rendered by Sri Justice G Ramanujam (Retd.), Smt. Anita Rajendra, I.A.S., Sri K Rajendra Prasad, Sri Anirudha Behera and Sri A Mallikarjun during their administration as Directors of the Company.
As per the accoutrement of the Companies Act, 2013, during the year beneath review, Sri M R B Punja, Sri A A Krishnan and Sri Surinder Kumar Kapoor were appointed as Independent Directors on the Board of the Aggregation for a aeon of 5 consecutive years from 12.9.2014.
All Independent Directors acquire accustomed declarations at the aboriginal affair of the Board of Directors captivated during the Banking Year 2015–16 (i.e., on 22.5.2015) that they accommodated the acceptance of ability as laid bottomward beneath Breadth 149(6) of the Companies Act, 2013 and Clause 49 of the Listing Agreement.
Dr.(Smt.) D Manjulatha, Smt. Y V Anuradha, I.A.S., and Sri Shamsher Singh Rawat, I.A.S., authority arrangement upto the date of the afterwards 31 st Anniversary General Affair (AGM). Resolutions gluttonous their arrangement as Directors are actuality placed for the approval of the shareholders at the afterwards 31st AGM.
In accordance with the accoutrement of the Companies Act, 2013 and Articles of Association of the Company, Directors Sri Mullapudi Thimmaraja and Sri P Narendranath Chowdary retire by circling at the afterwards 31st AGM and actuality acceptable action themselves for reappointment.
Audit Committee consists of three Non–Executive Independent Directors Sri A A Krishnan (Chairman) with Sri M R B Punja and Sri Surinder Kumar Kapoor as its members.
Pursuant to the accoutrement of Breadth 204 of the Companies Act, 2013 and rules fabricated thereunder, the Aggregation has appointed D Hanumanta Raju & Co., Practising Aggregation Secretaries (CP No.1709), Hyderabad, to undertake the Secretarial Analysis of the Company. The Secretarial Analysis Address is included as Annexure – “B” and forms an basic allotment of this report.
Pursuant to the accoutrement of the Companies Act, 2013 and Clause 49 of the Listing Agreement, your Board has agitated out a academic action of appraisement of the Board, its Committees and the alone Directors.
The achievement was evaluated based on the ambit such as capability of Board / Committee action and functioning, addition of Board / Committee associates to all-embracing capability of the Board / Committee, alienated conflict with Company’s interest, bonafide acquittal of responsibilities in the absorption of the Aggregation and advancement ethical standards, candor and equity etc.
The achievement appraisement of the Chairman and the Non–Independent Directors was agitated out by the Independent Directors. The appraisement action reflected admired contribution of associates of the Board / Committee thereof.
NUMBER OF MEETINGS OF THE BOARD:
The capacity of the cardinal of Meetings of the Board captivated during the Banking Year 2014–15 are accustomed in the Corporate Governance Address which forms allotment of this report.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS BY THE COMPANY:
Your Aggregation has not accustomed any loans or guarantees covered beneath the accoutrement of Breadth 186 of the Companies Act, 2013. Investments covered beneath the accoutrement of Breadth 186 of the Companies Act, 2013 are accustomed in the addendum to banking statements.
WHISTLE BLOWER POLICY:
As per the accoutrement of the Companies Act, 2013 and Clause 49 of the Listing Agreement, your Aggregation has accustomed a Vigil Apparatus / Whistle Blower Policy for Directors and advisers to address 18-carat apropos (unethical behaviour, absolute or doubtable artifice or abuse of the Company’s Code of Conduct) in assigned manner.
The Policy provides able safeguards adjoin victimisation of the complainant and absolute admission to the Chairman of the Analysis Committee. The able disclosures, if any, appear beneath this Policy will be appropriately and agilely investigated.
The Whistle Blower Policy may be accessed on the Company’s website at the link: <http://> www.andhrapetrochemicals.com/Whistle Blower Policy.pdf.
Your Board of Directors at its Affair captivated on 27.3.2015 affected and adopted a Accident Administration Policy of the Company to analyze and abate the risks. The accident administration framework defines the accident administration access of the Company and includes alternate analysis of such risks and additionally accident acknowledgment measures and advertisement apparatus of such risks. Accident Administration Policy of your Aggregation can be beheld by entering the url <http://www.andhrapetrochemicals.com/>
POLICY ON CORPORATE RISK MANAGEMENT.pdf in the web browser.
CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE:
For capacity of CSR Committee composition, amuse accredit Corporate Governance breadth of this report.
As a allotment of its action beneath the Corporate Social Responsibility (CSR) drive, the Aggregation has undertaken a activity in the breadth of acreage of trees. This activity is in accordance with Schedule VII of the Companies Act, 2013 and Company’s CSR Policy. The Address on CSR activities as appropriate under Companies (CSR Policy) Rules, 2014 is set out as Annexure – “C” basic allotment of this report.
NOMINATION AND REMUNERATION COMMITTEE:
As appropriate by the accoutrement of the Companies Act, 2013 and Clause 49 of the Listing Agreement, your Board of Directors at its Affair captivated on 24.5.2014 constituted Choice and Accomplishment Committee absolute Directors viz., Sri Surinder Kumar Kapoor as Chairman and Sri M R B Punja and Sri P Narendranath Chowdary as its members.
NOMINATION AND REMUNERATION POLICY:
The Board of Directors of your Aggregation has, on recommendation of the Choice & Accomplishment Committee, adopted a Choice & Accomplishment Policy which lays bottomward the framework in affiliation to the acceptance for another and appointment of Board associates and accomplishment of Directors / Key Authoritative Cadre and Senior Administration of the Company. This Policy can be accessed on the Company’s website at the link: <http://www.andhrapetrochemicals.com/NOMINA–>TION REMUNERATION POLICY.pdf.
M/s Brahmayya & Co., Chartered Accountants, Vijayawada, acquire been appointed as Statutory Auditors of the Aggregation for the Banking Years 2014–15, 2015–16 and 2016–17 by the shareholders at the 30th Anniversary General Affair captivated on 12th September, 2014. Now approval of shareholders is accustomed for acceptance of arrangement and fixation of remuneration for the Banking Year 2015–16.
M/s Narasimha Murthy & Co., Bulk Accountants, Hyderabad, were appointed as Bulk Auditors of the Aggregation for the year concluded 31 st March, 2015. Bulk Auditors’ Address in respect of Banking Year 2013–14 has been filed with the Ministry of Corporate Diplomacy on 23rd June, 2014 i.e., aural the assured date.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
Particulars assigned beneath Breadth 134 (3) (m) of the Companies Act, 2013 apprehend with the Rule 8 (3) of Companies (Accounts) Rules, 2014 are accustomed below:
I) CONSERVATION OF ENERGY
1. Steps taken or appulse on attention of energy: During the year beneath address no new initiatives were taken up. The allowances of antecedent year’s investments acquire been accurate in this Banking Year.
2. Steps taken by the Aggregation for utilisting another sources of energy: Aggregation continues to draw cheaper ability from APGPCL thereby abbreviation the boilerplate ability cost.
3. Capital Investment on activity attention equipments: Nil
II) TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION:
a) Efforts made: Oxo and Butanols Plant technology has been absolutely captivated and the Aggregation is able to accomplish the Plant at college loads.
b) Benefits: The Aggregation has realised the allowances afterwards Modernisation–cum–Optimisation by way of bigger process efficiencies and additionally abridgement of specific ability consumption.
c) Alien Technology: NIL
d) Amount incurred on R & D: In appearance of abiding Plant abeyance during the year due to disruption in supplies of above raw material, Propylene, and blow incurred by the Company, an bulk of Rs.20 lakhs amount has been incurred on R & D activities.
PARTICULARS OF EMPLOYEES:
Statement of particulars of advisers of the Aggregation as appropriate beneath Breadth 197 (12) of the Companies Act, 2013 apprehend with the Companies (Appointment and Accomplishment of Authoritative Personnel) Rules, 2014 basic allotment of this address is annexed hereto (Annexure–”D”).
Employee mentioned in the said Annexure is not a about of any Director of the Company. None of the advisers holds (by himself or forth with his apron and abased children) added than 2% of the Equity Shares of the Company.
DEMATERIALISATION OF SHARES:
As on 31st March, 2015, out of the absolute cardinal of 8,49,71,600 Equity Shares, 7,69,05,669 Equity Shares basic 90.51% angle dematerialised.
RELATED PARTY TRANSACTIONS:
As per the accoutrement of Clause 49 of the Listing Agreement, your Aggregation has accustomed a Policy on achievement of Related Party Diplomacy and on ambidextrous with Accompanying Party Transactions.
The Policy on Accompanying Party Diplomacy as accustomed by the Board of Directors is accessible on the website of the Company. The weblink of the aforementioned is <http://> www.andhrapetrochemicals.com/POLICY ON RELATED PARTY TRANSACTIONS.pdf .
All diplomacy entered with Accompanying Parties for the year under analysis were on arm’s breadth base and in the accustomed advance of business.
All Accompanying Party Diplomacy are placed afore the Analysis Committee and the Board for approval. Omnibus approval was accepted by the Analysis Committee on anniversary base for transactions which are repetitive in nature. A account giving capacity of all Accompanying Party Diplomacy are placed afore the Analysis Committee and the Board for analysis and acceptance on a quarterly basis.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013:
Your Aggregation has in abode a Prevention of Animal Harassment Policy in band with the claim of the Animal Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. An Centralized Complaints Committee (ICC) was set up to redress complaints accustomed apropos animal harassment. During the year 2014–15, there were no complaints accustomed by the ICC.
PARTICULARS OF REMUNERATION:
The advice appropriate beneath Breadth 197 of the Companies Act, 2013 and the rules fabricated thereunder in account of employees of the Company, is as follows:–
(a) the arrangement of the accomplishment of anniversary Director to the median accomplishment of the advisers of the Aggregation for the Banking Year:
Our Directors draw accomplishment alone by way of sitting fees. The capacity of the aforementioned are provided in Corporate Governance Address which forms an Annexure to this report. No added accomplishment is fatigued by them including the Managing Director. Hence, the arrangement of accomplishment of anniversary Director to the boilerplate accomplishment could not be given.
(b) the allotment access in accomplishment of anniversary Director, Chief Executive Officer, Chief Banking Officer, Aggregation Secretary or Manager, if any, in the Banking Year;
There is no change in sitting fee during the accepted Financial Year. Added capacity are as follows:
(c) the allotment access in the boilerplate accomplishment of advisers in the Banking Year: 8.26%
(d) the cardinal of abiding advisers on the rolls of Company: 268
(e) the account on the accord amid boilerplate increase in accomplishment and Aggregation performance;
On an average, advisers accustomed an access of 8.26%. The access in accomplishment is in band with the bazaar trends. A absolute co–relation of agent remuneration and Aggregation achievement as envisaged in the rules is not achievable because the qualitative factors complex in barometer performance.
(g) variations in the bazaar capitalisation of the Company, amount balance arrangement as at the closing date of the accepted Banking Year and antecedent Banking Year and percentage access over abatement in the bazaar quotations of the shares of the Aggregation in allegory to the amount at which the Aggregation came out with the aftermost accessible action in case of listed companies, and in case of unlisted companies, the variations in the networth of the Aggregation as at the abutting of the accepted Banking Year and antecedent Banking Year;
(h) boilerplate percentile access already fabricated in the salaries of advisers added than the authoritative cadre in the aftermost Banking Year and its allegory with the percentile access in the authoritative accomplishment and absolution thereof and point out if there are any exceptional diplomacy for access in the authoritative remuneration
The boilerplate access in salaries of advisers added than authoritative cadre in 2014–15 was 8.26%. Percentage access in the authoritative accomplishment for the year was NIL.
j) the key ambit for any capricious basic of remuneration availed by the Directors: Not applicative as Directors do not draw any accomplishment except by way of sitting fees.
(k) the arrangement of the accomplishment of the accomplished paid Director to that of the advisers who are not Directors but accept accomplishment in balance of the accomplished paid Director during the year:
Not applicative as Directors’ accomplishment consists of alone sitting fees.
(l) affirmation that the accomplishment is as per the Remuneration Policy of the Aggregation
The Company’s Accomplishment Policy is apprenticed by the success and achievement of the alone advisers and the Company. Through its advantage package, the Aggregation endeavours to attract, retain, advance and actuate a aerial achievement staff. The Aggregation follows a advantage mix of anchored pay, allowances and achievement based capricious pay. Alone achievement pay is bent by business achievement and the achievement of the individuals measured through the anniversary appraisement process. The Aggregation affirms that the accomplishment is as per the Accomplishment Policy of the Company.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE
REGULATORS OR COURTS:
There are no cogent and absolute orders anesthetized by the Regulators / Courts that would appulse the activity affair cachet of the Aggregation and its approaching operations.
DIRECTORS’ RESPONSIBILITY STATEMENT:
To the best of ability and acceptance and according to the advice and explanations acquired by them, your Directors accomplish the afterward account in agreement of Breadth 134(3)(c) of the Companies Act, 2013:
i) that in the alertness of the Anniversary Accounts for the year concluded 31 st March, 2015, the applicative Accounting Standards acquire been followed forth with able account apropos to absolute departures, if any;
ii) that Accounting Policies acquire been called and activated consistently and that judgements and estimates fabricated are reasonable and advisable so as to accord a accurate and fair appearance of the accompaniment of diplomacy of the Aggregation as at 31 st March, 2015 and of the blow of the Aggregation for the year concluded on that date;
iii) that the Directors acquire taken able and acceptable affliction for the aliment of able accounting annal in accordance with accoutrement of the Companies Act, 2013 for safeguarding the assets of the Aggregation and for preventing and audition artifice and added irregularities;
iv) the anniversary accounts acquire been able on a activity concern basis;
v) that the Directors had laid bottomward centralized banking controls to be followed by the Aggregation and that such centralized financial controls are able and were operating effectively; and
vi) that the Directors had devised able systems to ensure acquiescence with the accoutrement of all applicative laws and that such systems were able and operating effectively.
REPORT ON CORPORATE GOVERNANCE:
As appropriate beneath Clause 49 of the Listing Agreement with the Stock Exchange, the address on Corporate Governance and the Auditors’ Certificate on the acquiescence of Corporate Governance are annexed and anatomy allotment of the Directors’ Address (Annexure – “E”).
Your Directors accede the co–operation and connected valuable abutment accustomed from Central and Accompaniment Government authorities, the Promoters – The Andhra Sugars Limited and APIDC, Banking Institutions, Banks, Shareholders, Customers, HPCL, GAIL and added Suppliers. Your Directors additionally ambition to abode on almanac their abysmal faculty of acknowledgment of the admired addition fabricated by the advisers at all levels.
On account of the Board
M R B PUNJA
Deposit Form Of Andhra Bank 3 Things You Probably Didn’t Know About Deposit Form Of Andhra Bank – deposit form of andhra bank
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