economic progress, demand for tiles will continue
to increase over the foreseeable future.
Further, growing urbanisation, gravitation to the
aesthetic, increasing aspiration towards brands
and deeper penetration of distribution networks
of organised players is expected to increase the
offtake of branded products.
Growth drivers for the current year
Your Company’s growth will be driven by a
prudent volume-value play that will strengthen
business profitability and facilitate in providing
superior shareholder value.
Recent addition:
The 5.60 MSM capacity addition
in 2013-14 will be operational for the entire
2014-15 making a meaningful contribution to the
Company’s growth target.
Capacity augmentation:
Your Company is
adding 4.50 MSM at Jaxx and 3 MSM capacity at
Cosa units. Your Company is also analyzing the
prospects of and studying the opportunities for
adding capacity in the tile segment which would
materialise in 2014-15.
Directors
Pursuant to the provisions of section 161 (1) of the
Companies Act 2013 and articles of association
of the Company, Mr. Sandeep Singhal – was
appointed as an additional director, designated
as independent director, by the Board of directors
in its meeting held on 8th October 2013, upto
the conclusion of the ensuing Annual General
Meeting of the Company. The appointment of
Mr. Sandeep Singhal, as an Independent Director
of the Company, is subject to the approval of the
members. The Company has received requisite
notice in writing from a member proposing
Mr. Sandeep Singhal for appointment as an
Independent Director.
Mr. R. K. Bhargava and Mr. D. P. Bagchi, Directors
of the Company, will retire by rotation at the
forthcoming Annual General Meeting and being
eligible, offer themselves for reappointment.
The Board recommends for their re-appointment.
The Company has received declarations from all
independent directors of the Company confirming
that they meet the criteria of independence as
prescribed under section 149(6) of the Companies
Act 2013 and under clause 49 of the Listing
Agreement.
Auditors and their observations
M/s O P Bagla & Co., Chartered Accountants,
the auditors of the Company would retire at the
ensuing Annual General Meeting. The Company
has received a letter from them that their re-
appointment, if made, would be within the
prescribed limits under section 141(3) (g) of the
Companies Act 2013 and they are not disqualified
for re-appointment.
The Board of Directors recommends the re-
appointment of M/s O.P.Bagla & Company as
Statutory Auditors from the Conclusion of ensuing
Annual General Meeting till the Conclusion of
next Annual General Meeting.
The notes on financial statements referred to in
the Auditor’s report are self-explanatory and do
not call for any further comments.
Cost Auditors and their observations
The Board of Directors on the recommendation
of the Audit Committee appointed M/s. G T &
Co. Cost Accountants, as the Cost Auditors of the
Company for the Financial Year 2014-15. M/s. G
T & Co. have confirmed that their appointment is
within the limits of the Section 141(3) (g) of the
Companies Act, 2013 and have also certified that
they are free from any disqualifications.
The Audit Committee has also received a
certificate from the Cost Auditor certifying their
independence and arm’s length relationship with
the Company. Pursuant to Cost Audit (Report)
Rules 2001, the Compliance certificate for the
financial year 2012-13 was filed on 04.09.2013
vide SRN S22118764 on the Ministry of Corporate
Affairs website.
Particulars of Employees
In terms of the provisions of Section 217(2A)
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Kajaria Ceramics Limited
