hawkins annual analysis

Topics: Board of directors, Non-executive director, Executive director Pages: 121 (10214 words) Published: February 20, 2014


HAWKINS COOKERS LIMITED ANNUAL REPORT 2012-13

CONTENTS
Page
Hawkins Corporate Performance: The Trends
Front Cover
A New Product Launched in July 2013
Inside Front Cover
Directors’ Report
2
Corporate Governance Report
6
Auditors’ Report
10
Balance Sheet
12
Statement of Profit & Loss
13
Cash Flow Statement
14
Notes to Financial Statements
15
A Delicious Recipe Featured on the Carton
Inside Back Cover
The Network of 706 Factory-trained
Back Cover
Hawkins Authorised Service Centres in India

BOARD OF DIRECTORS

J. M. Mukhi
Shishir K. Diwanji
Gerson da Cunha Gen. V. N. Sharma (Retd.) B. K. Khare

S. Dutta Choudhury
M. A. Teckchandani
K. K. Kaul

VICE-CHAIRMAN & CHIEF EXECUTIVE OFFICER
Executive Director – finance & administration
Executive Director – OperationS

(RETIRED MAY 31, 2013)

Brahm Vasudeva

CHAIRMAN

Company Secretary
Auditors

Hutoxi Bhesania
Deloitte Haskins & Sells

Registered Office
Solicitors

Maker Tower F 101, Cuffe Parade, Mumbai 400 005 India
Crawford Bayley & Co.

Tel: 2218 66 07
Fax: 2218 11 90

www.hawkinscookers.com

rEgistrar and Share Transfer Agent
Bankers

Link Intime India Pvt. Ltd.
Dena Bank

C-13, Pannalal Silk Mills Compound,
Punjab National Bank

L. B. Shastri Marg, Bhandup (West), Mumbai 400 078

The Saraswat Co-operative Bank Limited

Tel: 2596 38 38 / 2594 69 70
Fax: 2596 26 91

email: rnt.helpdesk@linkintime.co.in
Corporation Bank

1
D I R E C T O R S ’ R E P O R T T O S H A R E H O L D E R S

We have the honour to present our fifty-third Annual Report and Audited Statement of Accounts for the year ended March 31, 2013.

2012-13 Operations: Main Results

Once again, sales are the highest ever. Revenue from operations including excise duty in 2012-13 was `4,468.2 million (up 16.4% over previous year) and, net of excise duty, it was `4,247.2 million (up 15.6% over the previous year).

Profit before tax was `500.6 million (12.4% more than the previous year). Net profit after tax was `341.0 million (13.4% more than the previous year).

The net return on shareholders funds (net worth) was 64%.

Management Discussion and Analysis

As we had stated in our Directors’ Report to the Shareholders last year, 2011-12 was a year of severe shortage of supply of our pressure cookers relative to demand. We had written in the said report: “Management is working with full vigour to increase supply to match the growth in demand”. We are now pleased to report that the shortage of supply has been ended in 2012-13. We summarise hereinbelow how this has been achieved:

1• In our Jaunpur factory we signed an Agreement with 85% of the workers individually in August 2012. The said Agreement has been registered by the appropriate authority in Uttar Pradesh on October 20, 2012. The validity of the said Agreement and its registration has been upheld by the Honourable High Court at Allahabad in its Order dated January 15, 2013. Production of pressure cookers in Jaunpur factory in 2012-13 was 35% more than in the previous year.

2• In our Hoshiarpur factory, production had been restricted during the litigation started by the Company to protest the Order of the Punjab Pollution Control Board. As stated in our report last year, “The final judgement of the Honourable High Court was delivered on April 16, 2012, in which it instructed the Company to apply afresh for the required No Objection Certificate and Consents and also instructed PPCB to decide the matter on merit within three weeks of receiving the required information from the Company.” The NOC and Consents were received by the Company through PPCB’s

Orders dated October 22, 2012, and February 13,...
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