Pitti Laminations Annual Report 2011-2012
Transcript of Pitti Laminations Annual Report 2011-2012
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UNIQUE
GLOBALLYPitti Laminations Limited 8 annuaL rePort, FY 2011-12
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GLOBALLY
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STARTING FY 2012-13, PITTILAMINATIONS WILL POSSESS
TOOLING, LAMINATION,CASTINGS AND MACHININGCAPABILITIES UNDER ONEROOF BECOMING POSSIBLYONE OF THE FEW COMPANIESGLOBALLY WITH VERTICALLYINTEGRATED FACILITIES.
KEY FINANCIALHIGHLIGHTS
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RS. 249.60 CR
F: 2011-12
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+HE +E ACHEED F +HE
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THE POWER OF POSSIBILITY
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AT PITTI, OUR
REVENUESINCREASED MORETHAN 60% IN THELAST TWO YEARSCOMPOUNDED.
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AT PITTI, OURRETURN ONAVERAGE
EMPLOYED CAPITALINCREASED 3.9 BPSTO 16.42% IN ACHALLENGINGFY 2011-12.
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Unique Globally
He had established a software company
which was later divested to a large
industrial group. Presently he is also the
Chairman and Managing Director of
Spectra Core Technologies Pvt Ltd, a
start up software company specializingin open source based
telecommunication solutions.
Shri G. Vijaya KumarShri G. Vijaya Kumar (56) was inducted
as an Independent Director on
28th August 2006. He is one of the
senior advocates of the Andhra Pradesh
High Court. He worked as standing
counsel for municipalities in the High
Court of Andhra Pradesh and Andhra
Pradesh Administrative Tribunal. He
was also the additional Central
Government standing counsel at the
Andhra Pradesh High Court.
Shri M. Gopalakrishna, IAS(Retd.)Shri M Gopalakrishna IAS (Retd) (73)
joined the Board as an Independent
Director effective 28th June 2007. He
held prestigious positions in the states
of Assam and Andhra Pradesh and the
Government of India.
A graduate in science and law, he
presented several papers at
International conferences on
energy, minerals, corporate
governance and rural development.
He has in-depth experience in the
corporate world and served as
founder Managing Director of
Godavari Fertilisers and Chemicals
Limited. He is also a Director in NSL
Textiles Ltd, Goldstone Infratech
Ltd, JOCIL Ltd, Kernex Micro
Systems (I) Ltd, Vijayashri Organics
Ltd, BGR Energy Systems Ltd,
Sentini Bio-Products Pvt. Ltd, Avra
Laboratories Pvt. Ltd, NSL
Renewable Power Pvt. Ltd, Arani
Power Systems Pvt. Ltd and
Nuzuveedu Seeds Pvt. Ltd.
Shri TSSN MurthyShri TSSN Murthy (67) is a
practicing Chartered Accountant
and a senior partner in M/s
Sankaran and Krishnan Chartered
Accountants. He is in-charge of its
Hyderabad office. He has
considerable experience in accountsand taxation. He joined Pitti
Laminations as an Independent
Director on 28th June 2007. He is
also the Chairman of the
Companys Audit Committee.
He has rich industrial knowledge and
experience. He is a Director of Moscow
Region Podar International Pvt. Ltd,
Premier Consultants Traders Pvt. Ltd,
Podar InfoTech and Entertainment Ltd,
Bajaj Auto Ltd and Ceat Ltd.
Shri N. R. GantiShri N R Ganti (63) has been the
independent Director since 16th
October 2002.
He is also the Chairman of the
Remuneration Committee of the
company. He is on the Board of the
Pitti Castings Pvt Ltd.
A post graduate in the Businessadministration, Shri N R Ganti started
his career in the field of Banking with
State Bank of India.
Having quit State Bank of India, he had
taken up management consultancy
services since then. As a corporate
investment advisor to a number of
companies, he gave productive advice
to the companies in organizing funds
through private placements andpreferential issues.
HELM
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STATUTORY
SECTION
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33> GI 2012 69.80 49.00 338970
11. FI 2012 75.95 60.20 1063663
12. $ 2012 83.95 71.00 430060
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10,001 - 20,000 237 2.31 3531620 2.62
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Industry Structure and Development Members are aware that the company had set a sales
target of 24000 MT for the just concluded year and it is
heartening to note that the company achieved sales of
25022 MT for 2011-2012 surpassing the target set by the
company. The companys export sales were 11828 MT as
against 6800 MT in the preceding year thereby constituting
a growth of 73.94%. Sale of stator frames forming part of
export turnover registered a smart rise of 71.14% at 1032
Nos. Domestic sales were lower by 2.05% at 13194 MT.
The year marked record highs in respect of operating and
financial parameters and this can be traced to significant
surge in export operations, benefits of economies of scale
and dedicated efforts of Pitti team. The share of exports in
the year under review constitutes 60% of gross sales
turnover. The world renowned GE group is the largest
customer in terms of revenue generation. The list of domestic
clientele includes reputed engineering and electrical concerns
such as Siemens, Cummins, BHEL, Cromptons, ABB, Alstom,
Andritz and others. The fact that some of the customers have
been patronizing us ever since inception of the company
vindicates its values and commitment to quality deliverables.
In line with its aspirations of ongoing growth, Pitti
laminations Limited (PLL) is diversifying in to new activities
but closely aligned to its core business. The company is
contemplating to foray into castings business and thus
initiate the process of forward and backward integration.
This new line of business is proposed to be carried out in
Pitti Castings Private Limited (PCPL) which is being
converted into a subsidiary of the company.
The proposed subsidiary PCPL will acquire the assets of
castings division of Vaksh Steels Private Limited (VSPL). The
company has obtained necessary approvals from the
members for creation of subsidiary as well as for acquisition
of assets by the subsidiary company from VSPL through
postal ballot in January, 2012.
The business initiative in foraying into castings operations
will make the business spectrum further widened with a host
of products on offer truly making it an integrated businessmodel that combines a long-term perspective with focus on
a culture of operational excellence, responsible resource
utilization and creation of a platform for sustainable growth
to benefit all stakeholders.
Foreign ExchangeThe company is exposed to changes in foreign exchange
rates across its various business segments. Such exposures
are mostly off-set by suitable pass-through clauses built in
contracts with overseas clients.
As part of the frame work of the Risk Management Policy,
the company undertakes hedging operations in respect of
export receivables and import obligations in a judicious
manner. Close monitoring is done to mitigate the risk factors
arising out of the foreign exchange fluctuations.
During the year under review, the company incurred a loss of
Rs. 1.84 crores on account of foreign exchange fluctuations
as against a gain of Rs. 0.45 crores in the previous fiscal.
Opportunities and Strengths
Our products are an inseparable part to the capital goodsindustries, power and transportation (especially railways)
sectors. The industrial growth of any nation in fact initially
manifests in the growth and development of the above
sectors. Our company, being a preferred vendor to many
clientele in such industries, naturally enjoys an advantageous
position.
As part of the business strategy plans, the company is
progressively broad-basing its range of products in order to
Unique Globally
ManagementDiscussionandAnalysis Report
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FINANCIAL
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F> @? $>:001859
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44 ">?@? ">
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? 2.17 36.04 18.71
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48 ">?@? ">
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I, @ 13491700 ( @
J 94,41,700) EJ @ .10/- 1349.17 944.17
@ (8300 @ .5/- ) 0.42 0.42
= 1349.59 944.59
#= 2.1 hAE CAIA!
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49+? G=@==J
#$E $ fI#A#CIA! AE"E# (Contd.) @ J ? 31 #, 2012
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B. G &" A@? ? J 230.00 200.00
780.00 550.00
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5 ">?@? ">
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5+? G=@==J
#$E $ fI#A#CIA! AE"E# (Contd.) @ J ? 31 #, 2012
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= 7526.27 6934.85
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= 1654.84 737.82
#=:
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) "@? A== B?< J= ? =J ?=>? @ .85.63 = == #'2013
) "@? ?= B?< @ C@>> J= ? =J ?=>? @ .68.75 = == ?J'2016.
) "@? AA C= "., J= ? =J ?=>? @ .20.00 = == #J'2013
) "@? " & F?? "., J= ? >@?=J ?=>? @ .7.46 = == ?'2016
) > @ J>? ? =@:
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) "@? !@< B?< J= ? >@?=J ?=>? @ .0.40 = ?= @ ? == #J'2013) "@? A B?< J= ? >@?=J ?=>? @ .0.36 = ?= @ ? == $@>'2014
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(Rs. in lacs)
A A
@@@ 31 "/@, 2012 31 "/@, 2011
@ B?
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52 ">?@? ">
#$E $ fI#A#CIA! AE"E# (Contd.) @ J ? 31 #, 2012
#= 2.9 fIED AE
(Rs. in lacs)
G@= B= D>@/=< # =
%/@/@ A / A=? 6476.23 1527.76 L 8003.99 2338.89 441.37 L 2780.26 5223.73 4137.34
%: E:>? 88.17 8.61 L 96.78 47.40 2.58 L 49.98 46.80 40.77
F?: & F: 159.01 5.53 L 164.54 51.02 10.16 L 61.17 103.36 107.99
% LC@> 282.71 42.05 L 324.76 182.06 43.44 L 225.50 99.26 100.65
:= 500.23 26.70 L 526.93 125.89 44.81 L 170.70 356.23 374.34
=/ 9830.06 1632.26 11462.32 3185.14 628.21 3813.34 7648.97 6644.92
I/ =@ I< %@=@ 388.41 35.48
#= 2.11 $hE #$#-C*E# AE
FD A@ C@-@. +? ?< " 101.59 85.00
= 101.59 85.00
#= 2.12 C*E# I#E"E#
1000 EJ @ D=@>? C B?< "., .10/- (@)
(#
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53+? G=@==J
#$E $ fI#A#CIA! AE"E# (Contd.) @ J ? 31 #, 2012
#= 2.14 ADE ECEIAB!E (+?, @? @@)
?? @ @ ? >@? 64.49 431.65
11253.86 6323.09
= 11318.35 6754.74
#= 2.15 CAh A#D BA# BA!A#CE
C = =/@?@ 2219.17 251.71
A? @ = ( ?@) 550.00 L
B=? @>, ?= ., 1253.01 1070.10
A? I?@> ? @ 376.98 414.15
? 146.19 152.30
"@? ? ? @ >=@J 12.32 11.39
= 4557.67 1899.65
#=:
=@? >@?J C? ">, ?? ==@>?.
#= 2.17 $hE C*E# AE
I? A @? D@ 36.04 18.71
= 36.04 18.71
(Rs. in lacs)
A A
@@@ 31 "/@, 2012 31 "/@, 2011
>= 5556.84 2767.09
@< ? @ 1464.86 2541.97
F? @@ 1160.07 1655.56
@ ? 613.44 492.15
@@= & 1181.96 756.53
452.20 292.53
= 10429.37 8505.83
#= 2.13 I#E#$IE ( =@ @ @ @ $ == =)
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55+? G=@==J
#$E $ fI#A#CIA! AE"E# (Contd.) @ J ? 31 #, 2012
#= 2.22 fI#A#CE C$
(Rs. in lacs)
@@ 2011-12 2010-11
I? @? > "@? 199.64 222.60
I? @? @
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56 ">?@? ">
#$E $ fI#A#CIA! AE"E# (Contd.) @ J ? 31 #, 2012
#= 2.26 C$#I#GE# !IABI!IIE #$ $IDED f$
A) C=> ? C@>?J ?@
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57+? G=@==J
#$E $ fI#A#CIA! AE"E# (Contd.) @ J ? 31 #, 2012
#= 2.27 E"!$EE BE#EfI !A# (Contd.)
;=
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58 ">?@? ">
#$E $ fI#A#CIA! AE"E# (Contd.) @ J ? 31 #, 2012
#= 2.30 DEAI! $f $ I# $CE(Rs. in lacs)
D@>=< I
>? 1464.86
(2541.97)= 1464.86
(2541.97)
#=: F ?
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6 ">?@? ">
#$E $ fI#A#CIA! AE"E# (Contd.) @ J ? 31 #, 2012
#= 2.37 DEfEED A(Rs. in lacs)
. #=. @@ D@@ F C@@?J @ @ C ? @? 441 A @ C@>? A, 1956 ? ? ? @ ?J
?@@? J C?= G@. @>?J @= ?@ @ > @ @J.
#= 2.39
$@ > ? J ? @= = >@ ? J? >@?.
#= 2.40 "IC$, "A!! A#D "EDI*" E#EIE DEE!$"E# AC, 2006 (""ED)
D=@ @? 22 @ #@, >== ? #> E? D=@>? A, 2006 (##ED A.)
31.03.2012.
?@>@? ? ? ? @ ?@ @ ? J @= ? >@ ? >== ?
@? @ ?@>@? == @>?J.
(Rs. in lacs)
. #=. D@>=< 2011-12 2010-11
1 ?= >@? @ = ? ##ED 186.69 386.972 I? ? @ = @ ? ##ED
@? @ >@?, ? 3.08 13.77
3 J>? > @ = ( I?) J@?
@? J ? J. 1121.34 374.20
4 J>? > @ = ( ? ?) J@?
@? J ? @ J L L
5 I? @ = @ ? ##ED 10.91 8.35
6 I? & J= @ = @ ? ##ED A.,
@ J>? =J >. L L
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NOTES
Unique Globally
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#$E
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A Product
www.kalajyhi.m
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