Download - Sujana Group

SUJANA METAL PRODUCTS LIMITED
17. Promoter Group Companies:
Pursuant to intimation from promoters, names
of Promoters and Companies comprising the
“Group” as defined in the Monopolies and
Restrictive Trade Practices (“MRTP”) Act,
1969, have been disclosed on page No. 37 in
the Annual Report of the Company.
18. Statutory Auditors:
Your Company’s Statutory Auditors M/s.
Deloitte Haskins & Sells, Chartered
Accountants, Hyderabad, who retire at the
ensuing Annual General Meeting of your
Company, being eligible, offer themselves for
reappointment.
Your Board of Directors recommended the
appointment of M/s. Deloitte Haskins & Sell,
Chartered Accountants, Hyderabad, as
Statutory Auditors of your Company. Your
approval for such appointment is solicited.
Your Company has received a letter from
M/s. Deloitte Haskins & Sells, Chartered
Accountants, Hyderabad, to the effect that
their appointment as Statutory Auditors, if
made, would be within the prescribed limits
under Section 224(1B) of the Companies Act,
1956 and they are not disqualified for such
appointment.
19. Cash Flow Analysis
In conformity with the provisions of clause
32 of the listing agreement, the cash flow
statement for the period ended 31st March,
2011 is included in the annual account.
20. Personnel
The relations with employees continued to
be cordial throughout the year. The Board
appreciates the willing co-operation and team
spirit displayed by the Management Cadre
and other employees of the Company.
Information required to be furnished under
Section 217 (2A) of the Companies Act,
1956 read with the Companies (Particulars
of Employees) Rules, 1975 as amended is
annexed to this report.
21. Human Resource Management:
With the size of expansion going in the
Company, human resources assume greater
importance and have a significant place in
the Organizational Structure. Your Company
has been able to create a favorable work
environment that encourages innovation
and merit. Your Company has put in place
a scalable recruitment and human resource
management. The efforts of your Company
in the area of employee management and
HR practices have proved effective in Human
Resource Management. Emphasis is given
to the overall development of the personality
of individual employee. Welfare schemes are
run in the factories. for employees and their
families.
22. Dividend:
As per the terms of issue of Cumulative
Redeemable Preference Shares (CRPS) vide
letter No:2592/SASF/CBO and 5938/SASF/
CBO dated 28.06.2005 and 29.10.2005
respectively, your Company is required to pay
the dividend of Rs. 25.08 Lakhs (Previous
year Rs.35.32 Lakhs) which represents 1%
on 3531625 (on 19.11.2009, 20,38,260 CRPS
which was issued in the name of Stressed
Assets Stabilization Fund(SASF), Mumbai
redeemed as the terms and conditions
as mentioned in the letters No: SASF/
Sujana Metal/No:706 dated:25.06.2008
and SASF/SMPL(Sujana)/ No.2(2008-09)
dated:06.12.2008 issued by Stressed Assets
Stabilisation Fund have been fulfilled with
the issue and allotment of 1,27,48,571 equity
shares of Rs.5/- each to SASF) Cumulative
Redeemable Preference Shares(CRPS) of
Rs.100/- each to the holders of Cumulative
Redeemable Preference Shares for the
period under review, Further your Company
also provided a provision of dividend tax to
the extent of Rs.4.16 Lakhs (Previous year
Rs.6.00 Lakhs)
23. Quality and Safety:
Your Company accords high priority to quality,
safety, training, development, health and
environment. The Company endeavours
to ensure continuous compliance and
improvements in this regard.
24. Insurance:
All the properties and insurable assets of the
: : 22 : :