Pitti Laminations Annual Report 2011-2012

8/13/2019 Pitti Laminations Annual Report 2011-2012

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UNIQUE

GLOBALLYPitti Laminations Limited 8 annuaL rePort, FY 2011-12


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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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F: 2010-11

RS. 251.77 CR

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RS. 249.60 CR

F: 2011-12

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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


22/68

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STATUTORY

SECTION


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11. FI 2012 75.95 60.20 1063663

12. $ 2012 83.95 71.00 430060

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37/68

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


38/68

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(Rs. in lacs)

A A

@@@ 31 "/@, 2012 31 "/@, 2011

@ B?


54/68

52 ">?@? ">


#= 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

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55/68

53+? G=@==J


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(2541.97)= 1464.86

(2541.97)

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5 I? @ = @ ? ##ED 10.91 8.35

6 I? & J= @ = @ ? ##ED A.,

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63/68


64/68


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NOTES

Unique Globally


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#$E


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A Product

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Documents

Pitti Laminations Annual Report 2011-2012