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Ucal Fuel Systems Ltd

BSE Code : 500464 | NSE Symbol : UCALFUEL | ISIN:INE139B01016| SECTOR : Auto Ancillaries |

NSE BSE
 
SMC down arrow

113.25

-0.20 (-0.18%) Volume 280564

20-Oct-2020 EOD

Prev. Close

113.45

Open Price

112.55

Bid Price (QTY)

113.25(123)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 114.50 - 112.55

52 wk High/Low 154.40 - 61.35

Key Stats

MARKET CAP (RS CR) 249.84
P/E 0
BOOK VALUE (RS) 141.8950701
DIV (%) 90
MARKET LOT 1
EPS (TTM) 0
PRICE/BOOK 0.796363114802817
DIV YIELD.(%) 7.97
FACE VALUE (RS) 10
DELIVERABLES (%) 69.02
4

News & Announcements

15-Sep-2020

Ucal Fuel Systems reports consolidated net loss of Rs 15.02 crore in the June 2020 quarter

15-Sep-2020

Ucal Fuel Systems Ltd - Ucal Fuel Systems Limited - Outcome of Board Meeting

14-Sep-2020

Ucal Fuel Systems Ltd - Outcome Of Board Meeting

14-Sep-2020

Ucal Fuel Systems Ltd - Results For The Quarter Ended 30Th June 2020

04-Sep-2020

Ucal Fuel Systems to discuss results

20-Jul-2020

Ucal Fuel Systems to announce Quarterly Result

23-Jan-2020

Ucal Fuel Systems to table results

23-Oct-2019

Ucal Fuel Systems to table results

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

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Share Holding

Category No. of shares Percentage
Total Foreign 202327 0.92
Total Institutions 26099 0.12
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 472552 2.14
Total Promoters 15553260 70.33
Total Public & others 5859387 26.50
Total 22113625 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Ucal Fuel Systems Ltd

UCAL Fuel Systems Limited engages in the manufacture and sale of carburetors, mechanical fuel pumps, and multipoint fuel injection parts to the auto industry in India. The company's products include 4 wheeler carburetors, fuel pumps, 2 wheeler carburetors, genset carburetors, oil pumps, throttle body assembly, delivery pipe assembly, air suction valves, fuel filters, electric throttle valves, and machined castings. It offers its products primarily to original equipment manufacturers. The company was incorporated in 1985 and is headquartered in Chennai, India. During the year 1997-1998, the company commenced the commercial production of Two Wheeler carburetor to TVS Suzuki Limited, Oil pump to Maruti Udyog Limited and in the same year the company installed capacity increased namely, two wheeler carburetors from 240,000 Nos to 400,000 Nos and Fuel Pumps from 120,000 Nos to 180,000 Nos. During the year 1998-1999, the company successfully launched Maruti Omini carburetors and in the same year, the installed capacity of two wheeler carburetors was increased from 400,000 Nos to 740,000 Nos and four wheeler carburetors from 360,000 Nos to 420,000 Nos. During the year 1998-1999, the company established third plant at Gurgaon, near Delhi and in the same year the company added a new product, namely Air suction Valve to its range. Air suction Valve a device used in four-stoke two wheelers manufactured by Hero Honda to meet emission norms. During the year1999-2000 the company commenced supplies of new model BS type carburetors for fitment to 4-stroke motorcycle 'FIERO' manufactured by TVS Suzuki Limited. During the year 2000-2001, the company commenced commercial production of Gurgaon plant and in the same year the company commenced supplies of new model of VM type carburetors for 4-stroke Yamaha Motor Crux motor -cycle and multi point fuel Injection parts such as Throttle Body and Delivery pipe Assembly to Mikuni Corporation, Japan. During the year the company supplied 100% of Hero Honda's requirement of Air Suction Valves (to meet emission norms) for producing 1 million motorcycles. During year 2001-2002, the company launched three products namely, Carburetors and Air Suction Valve for 110cc Motorcycles, New model BS type Carburetor for 4 stroke model Motorcycle, and Throttle Body for Electric Throttle Valve. During the year, the company purchased two Wind Electronic Generator situated at Nagercoil and in the same year the company increased the capacity of Choke Opener from 60,000 Nos to 100,000 Nos. During the year 2002-2003, the company increased the installed capacity of Piston Valves from 300,000 Nos to 420,000 Nos and Pressure Die Castings from 540 tons to 780 tons. During the year 2003-2004, the company further increased the installed capacities of Piston Valves from 420,000 to 500,000 and Pressure Die Castings from 780 tons to 1000 tons. During the year 2004-2005, the company supplied VM model carburetor to the Rear engine and front engine model of three wheeler passenger carriers of Bajaj Auto Limited and also the company developed the ASDI system for stroke three wheelers of Bajaj Auto Limited in technical assistance agreement with Orbite Engine Company, Australia. During the year the company increased the installed capacities of Throttle body assembly from 640,000 Nos to 760,000 Nos, Delivery pipe assembly from 600,000 Nos to 760,000 Nos and Fuel filter from 500,000 Nos to 600,000 Nos. During the year 2006-2007, the company set up a new plant at Maraimalai Nagar, and also commenced commercial production. During the year the company further increased the installed capacity of Throttle body assembly from 840,000 Nos to 1,000,000 Nos, Delivery pipe assembly from 840,000 Nos to 1,000,000 Nos and Fuel filter from 660,000 Nos to 720,000 Nos. During the year 2008-2009, Ucal Machine Tools Ltd, the wholly owned subsidiary of the Company, amalgamated with the company.

Ucal Fuel Systems Ltd Chairman Speech

Ucal Fuel Systems Ltd Company History

UCAL Fuel Systems Limited engages in the manufacture and sale of carburetors, mechanical fuel pumps, and multipoint fuel injection parts to the auto industry in India. The company's products include 4 wheeler carburetors, fuel pumps, 2 wheeler carburetors, genset carburetors, oil pumps, throttle body assembly, delivery pipe assembly, air suction valves, fuel filters, electric throttle valves, and machined castings. It offers its products primarily to original equipment manufacturers. The company was incorporated in 1985 and is headquartered in Chennai, India. During the year 1997-1998, the company commenced the commercial production of Two Wheeler carburetor to TVS Suzuki Limited, Oil pump to Maruti Udyog Limited and in the same year the company installed capacity increased namely, two wheeler carburetors from 240,000 Nos to 400,000 Nos and Fuel Pumps from 120,000 Nos to 180,000 Nos. During the year 1998-1999, the company successfully launched Maruti Omini carburetors and in the same year, the installed capacity of two wheeler carburetors was increased from 400,000 Nos to 740,000 Nos and four wheeler carburetors from 360,000 Nos to 420,000 Nos. During the year 1998-1999, the company established third plant at Gurgaon, near Delhi and in the same year the company added a new product, namely Air suction Valve to its range. Air suction Valve a device used in four-stoke two wheelers manufactured by Hero Honda to meet emission norms. During the year1999-2000 the company commenced supplies of new model BS type carburetors for fitment to 4-stroke motorcycle 'FIERO' manufactured by TVS Suzuki Limited. During the year 2000-2001, the company commenced commercial production of Gurgaon plant and in the same year the company commenced supplies of new model of VM type carburetors for 4-stroke Yamaha Motor Crux motor -cycle and multi point fuel Injection parts such as Throttle Body and Delivery pipe Assembly to Mikuni Corporation, Japan. During the year the company supplied 100% of Hero Honda's requirement of Air Suction Valves (to meet emission norms) for producing 1 million motorcycles. During year 2001-2002, the company launched three products namely, Carburetors and Air Suction Valve for 110cc Motorcycles, New model BS type Carburetor for 4 stroke model Motorcycle, and Throttle Body for Electric Throttle Valve. During the year, the company purchased two Wind Electronic Generator situated at Nagercoil and in the same year the company increased the capacity of Choke Opener from 60,000 Nos to 100,000 Nos. During the year 2002-2003, the company increased the installed capacity of Piston Valves from 300,000 Nos to 420,000 Nos and Pressure Die Castings from 540 tons to 780 tons. During the year 2003-2004, the company further increased the installed capacities of Piston Valves from 420,000 to 500,000 and Pressure Die Castings from 780 tons to 1000 tons. During the year 2004-2005, the company supplied VM model carburetor to the Rear engine and front engine model of three wheeler passenger carriers of Bajaj Auto Limited and also the company developed the ASDI system for stroke three wheelers of Bajaj Auto Limited in technical assistance agreement with Orbite Engine Company, Australia. During the year the company increased the installed capacities of Throttle body assembly from 640,000 Nos to 760,000 Nos, Delivery pipe assembly from 600,000 Nos to 760,000 Nos and Fuel filter from 500,000 Nos to 600,000 Nos. During the year 2006-2007, the company set up a new plant at Maraimalai Nagar, and also commenced commercial production. During the year the company further increased the installed capacity of Throttle body assembly from 840,000 Nos to 1,000,000 Nos, Delivery pipe assembly from 840,000 Nos to 1,000,000 Nos and Fuel filter from 660,000 Nos to 720,000 Nos. During the year 2008-2009, Ucal Machine Tools Ltd, the wholly owned subsidiary of the Company, amalgamated with the company.

Ucal Fuel Systems Ltd Directors Reports

The Directors hereby present the 33rd Annual Report together with the audited accounts of the company for the year ended 31st March 2019.

FINANCIAL HIGHLIGHTS

The performance of the company for the year ended 31st March 2019 is as follows:

(Rs. in lakhs)

Particulars For the year ended
31.03.2019 31.03.2018
Revenue from operations(Gross) 59,612.98 59,361.11
Net Revenue (Excluding Excise Duty) 59,612.98 57,667.19
Total Expenditure 49,934.85 47,840.66
Operating Income 9,678.13 9,826.53
Other Income 391.11 456.40
Profit before Interest, Depreciation, Tax and Exceptional items 10,069.24 10,282.93
Interest 2,295.15 2,220.90
Depreciation 1,768.39 1,838.15
Profit before Tax & Exceptional items 6,005.70 6,223.88
Exceptional items - 15,191.85
Profit/(Loss) before Tax 6,005.70 (8,967.97)
Tax Expense/(credit) 2,127.44 (3,035.70)
Profit/(Loss) after Tax 3,878.26 (5,932.27)
Balance of profit brought forward from last year 20,060.19 27,408.25
Amount available for appropriation 23,938.45 21,475.98
Appropriations
Transfer to general reserve - -
Dividend paid during the year (2,211.36) (1,105.68)
Tax on dividend (437.75) (225.09)
Other comprehensive Income/(Loss) 26.93 (85.02)
Balance profit carried to Balance Sheet 21,316.27 20,060.19

DIVIDEND

The Board has out of the profits available for appropriation recommended a dividend of `9 per equity share for the financial year 2018-19 on the 2,21,13,625 equity shares of face value of Rs.10 each for the approval of the shareholders at the ensuing Annual General Meeting. The total dividend amount inclusive of distribution tax, surcharge and cess thereon would be `2,399.32 lakhs. The dividend, if approved by the shareholders, will be paid within the due date to all the eligible shareholders whose names appear in the register of members of the company as on the record date fixed for this purpose. The dividend declared is as per the dividend policy of the company. The dividend policy is disclosed in the website of the company www.ucalfuel.com, weblink:http://www.ucalfuel.com/policy-dividend.pdf.

TRANSFER TO GENERAL RESERVE

There has been no transfer to the general reserve of the company for the financial year 2018-19.

SHARE CAPITAL

The paid-up equity share capital of the company as on 31st March 2019 was `22,11,36,250. The company has not issued any share nor granted stock options or sweat equity during the financial year 2018-19.

FINANCIAL PERFORMANCE

The net revenue from the operations of the company stood at Rs.59,612.98 lakhs in the financial year 2018-19 as against Rs.57,667.19 lakhs in the financial year 2017-18 resulting in an increased revenue of 3.4%. This can be attributed to the increased offtake by the existing customers. The earnings before Interest, Tax and Depreciation (EBITDA) stood at Rs.10,069.24 lakhs in the financial year 2018-19 as against Rs.10,282.93 lakhs in the financial year 2017-18 due to marginal increase in various costs.

The exports stood at Rs.550 lakhs in the financial year 2018-19 as compared to Rs.1,263 lakhs in the financial year 2017-18. The exports were mainly to Europe for the diesel segment, but with Europe moving away from diesel segment due to environmental norms, the export customers had reduced their offtake which resulted in a drop in export. The spares sales of the company in the financial year 2018-19 stood at Rs.5,976 lakhs as against Rs.5,470 lakhs in the previous financial year. The offtake by the dealers and the OEMs increased in 2018-19 resulting in this 9.2% increase.

The Profit/(Loss) After Tax (PAT) for the financial year 2018-19 stood at Rs.3,878.26 lakhs as against the loss of Rs.5,932.27 lakhs of the previous financial year. The loss of the previous financial year was due to the write-off of advances and receivables from Ucal Holdings Inc (formerly Amtec Precision Products Inc,). The Company's earning per share is Rs.17.54 for the financial year 2018-19. The consolidated financial statements of the company show a profit of Rs.4,581.21 lakhs with an earning per share of `20.72.

To augment its capacity to meet the requirements of its customers, and to develop new products to cater to the BSVI emission norms, the company has spent Rs.3,854.95 lakhs in capital investment in the financial year 2018-19 as compared to Rs.3,182.08 lakhs spent in the financial year 2017-18. The company continues to lay emphasis on R&D and has spent Rs.1,374.98 lakhs in the financial year 2018-19 as against an amount of Rs.1,166.81 lakhs spent in the previous financial year.

DIRECTORS

Mr. Ram Ramamurthy (DIN:06955444) retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for reappointment. Necessary resolution for his reappointment has been set out in detail in the Notice convening the ensuing Annual General Meeting. The Board recommends his reappointment as Director of the company.

Mr. S. Balasubramanian (DIN: 02849971) was appointed Additional Director (non-executive and Independent category) in the Board meeting held on 21st May 2018, and his appointment was approved by the shareholders at the Annual General Meeting held on 29th September 2018.

Dr. M.S. Ananth (DIN:00482391) resigned from the Board on 4.11.2018. The Company has benefited greatly from his association and the Board places on record its sincere appreciation for the services rendered by him during his tenure as director.

Mr. S. Natarajan (DIN:00155988) and Dr. V. Sumantran (DIN:02153989) are seeking reappointment as Independent Directors for a second term of five years from the conclusion of this Annual General Meeting upto the conclusion of the 38th Annual General Meeting. Necessary resolutions for their reappointment has been set out in detail in the Notice convening the ensuing Annual General Meeting. The Board recommends their reappointment as Independent Directors of the company.

The information on Board meetings, committees of the Board, independent directors, Board diversity, remuneration policy, familiarization program for independent directors and Board evaluation are mentioned in the Corporate Governance Report.

Brief resume/details of Directors who are to be reappointed as mentioned herein has been furnished along with the explanatory statement in the Notice convening the ensuing Annual General Meeting.

DIRECTORS' RESPONSIBILITY STATEMENT

In terms of section 134(3)(c) read with section 134(5) of the Companies Act, 2013 the directors to the best of their knowledge and belief and according to information and explanation obtained by them confirm that,

(a) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to any material departures;

(b) Such accounting policies have been selected and applied consistently and such judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year 31st March 2019 and of the profit and loss of the company for the year ended 31st March 2019

(c) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) The annual accounts have been prepared on a "going concern" basis.

(e) Proper internal financial controls to be followed by the company have been laid down and such internal financial controls are adequate and are operating effectively.

(f) Proper systems to ensure compliance with the provisions of all applicable laws have been devised and such systems are adequate and are operating efficiently.

AUDIT COMMITTEE

The audit committee conforms to the requirements of Section 177 of the Companies Act, 2013 and Regulation 18 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. With the resignation of Dr. M.S. Ananth from the board, the Audit Committee was reconstituted to include Mr. S. Balasubramanian. The members of the Audit Committee as on date of this report are Mr. S. Natarajan, Dr. V. Sumantran, Mr. S. Balasubramanian and Mr. Jayakar Krishnamurthy. Mr. S. Natarajan continues as the Chairman of the Audit committee. The committee met five times during the year. Detailed disclosure on the terms of reference and meetings are mentioned in the corporate governance report.

STATUTORY AUDITORS

M/s R. Subramanian and Company LLP, Chartered Accountants, Chennai (Registration Number: 004137S/S200041) were appointed statutory auditors of the company for a period of five consecutive years commencing from the conclusion of the 31st Annual General Meeting held on 28th September 2017 till the conclusion of the 36th Annual General meeting subject to the ratification of their appointment by the shareholders at the Annual General Meeting every year. However, as per the amendment in Section 40 of the Companies Amendment Act 2017, the ratification of the appointment of statutory auditor at the Annual General Meeting every year is not required. Hence the company has not put forth the resolution for the ratification of the appointment of Statutory Auditor in the notice to the Annual General Meeting from last financial year onwards. The emphasis of matter specified in the Independent auditor's report on the Standalone Financial Statements has been explained in Note No. 34, 39(c) of the notes to accounts.

SECRETARIAL AUDITOR

Pursuant to the provisions of section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the company had appointed M/s. P. Sriram & Associates, a firm of practising company secretaries as secretarial auditor of the company to undertake secretarial audit of the company for the financial year 2018-19. The report of the secretarial auditor is given in Annexure-I and forms part of this report. It does not contain any qualification, reservation, adverse remark or disclaimer. The Board of Directors have reappointed M/s. P. Sriram & Associates, as secretarial auditor for the financial year 2019-20. Necessary consent has been received from them to act as secretarial auditor.

INTERNAL AUDITORS

M/s. P. Chandrasekar, Chartered Accountants, continue as internal auditors of the company. Their scope of work is periodically reviewed and updated by the audit committee. It includes among other things a review of the operational efficiency, effectiveness of systems and controls in existence, review of the processes to safeguard the assets of the company and assessing the strength of the internal control in all areas. The internal auditor's report is discussed with the concerned stakeholders and corrective remedial action is taken on a regular basis in consultation with the audit committee. The internal auditors were present at the audit committee meetings as and when required.

COST AUDITOR

In terms of Section 148 of the Companies Act, 2013 (the Act) read with Companies (Cost Records and Audit) Rules, 2014, as amended, the Board of Directors have appointed Mr. L. Thriyambak, Cost Accountant as Cost Auditor for the financial year 2019-2020 on a remuneration of Rs.1,80,000 per annum subject to the remuneration being ratified by the shareholders at the ensuing Annual General Meeting. The audit committee had recommended his appointment and remuneration subject to the compliance of all the requirements as stipulated under the Act and circulars issued thereunder. As specified by the Central Government under Section 148(1) of the Companies Act, 2013, the cost records are required to be maintained by the Company and accordingly such accounts and records are made and maintained. Mr. L. Thriyambak has sent his consent for appointment as Cost Auditor for 2019-20.

SUBSIDIARY COMPANIES

The company has two wholly-owned subsidiaries.-.

Ucal Polymer Industries Limited (UPIL)-UPIL has recorded an increased revenue from operations of Rs.5,916.61 lakhs in the financial year 2018-19 as against Rs.4,975.69 lakhs in the financial year 2017-18. The increased revenue can be attributed to the increased offtake by the company which continues to be the major customer of UPIL. The net profit after tax stood at `728.29 lakhs in the financial year 2018-19. A dividend of 50% has been declared by UPIL for the financial year 2018-19. Transfer of business from other vendors of the company to UPIL continues and has provided the company an advantage in terms of prices, quality and timeliness of supplies. UPIL is also gearing up its facilities to meet the new business requirements of UCAL Fuel Systems Limited as per BSVI emission norms.

Ucal Holdings Inc., (UHI) (formerly Amtec Precision Products Inc,)- The name of the company has been changed from Amtec Precision Products Inc, to Ucal Holdings Inc., with effect from 14th November 2018. The revenue from operations of Ucal Holdings Inc was `27,783.57 lakhs in the financial year 2018-19 up from `23,899.04 lakhs in the financial year 2017-18 thereby recording an increase of 16.2% in terms of Indian Rupees due to exchange conversion rates, though in terms of US dollar, the revenue from operations was $41.07 million during financial year 2018-19 as compared to $36.84 million in the financial year 2017-18 recording an increase of 11.5%. Ucal Holdings Inc, has earned a net profit after tax of Rs.484 lakhs during the financial year 2018-19 as against a profit of Rs.306 lakhs in the financial year 2017-18. Both increased customer offtake and improvement in operations have contributed to this increased net profit.

CONSOLIDATED FINANCIAL STATEMENTS

The consolidated financial statements for the year ended 31st March 2019 of the company and its subsidiaries together with the auditor's report thereon are enclosed. The statement pursuant to sub section(3) of Section 129 of the Companies Act, 2013 read with Rule 5 of Companies (Accounts) Rules, 2014 in the prescribed form AOC-1 relating to the subsidiary companies is given in Annexure-II.

The consolidated results of the company and its subsidiaries show that a net profit after tax of Rs.4,581 lakhs has been achieved during the financial year 2018-19 as against Rs.10,122 lakhs in the financial year 2017-18. The consolidated financial statements of 2018-19 have been prepared taking into account the audited financial statements of all the subsidiary companies for the financial year 2018-19 and all adjustments have been given effect to in the consolidated statements.

In terms of section 136 of the Companies Act, 2013 the company has not attached the financial statements of the subsidiary companies. However, the financial information of the subsidiary companies is disclosed in the annual report. The annual accounts, reports and other documents of the subsidiary companies will be available for inspection during business hours, by any shareholder of the company at the registered office of the company and also at the registered office of the concerned subsidiary and has also been posted on the website of the company www.ucalfuel.com. The annual accounts, reports and other documents of the subsidiary companies will be dispatched to the shareholders upon receipt of a request from them.

CORPORATE SOCIAL RESPONSIBILITY (CSR)

The company's CSR activities are in the field of education, sports, health, sanitation and preservation of culture and heritage. As per Section 135 of the Companies Act, 2013, the CSR Policy was formulated by the CSR Committee and thereafter approved by the Board. The CSR policy is displayed on the website of the company www.ucalfuel.com, weblink: http://www.ucalfuel.com/policy-csrp.pdf. With the resignation of Dr. M.S. Ananth from the Board, Mr. S. Balasubramanian has been inducted into the CSR committee. Mr. S. Balasubramanian is the chairman of the committee and Mr. Ram Ramamurthy and Mr. Jayakar Krishnamurthy are the other members of the committee. The company has contributed towards CSR upto the financial year 2017-18. For the financial year 2018-19 there was no contribution towards CSR as the Company's average net Profit for the last three financial years calculated pursuant to section 135 of Companies Act, 2013 on a Standalone basis is negative. The report on corporate social responsibility activities forms part of the Board's Report and is given in Annexure-III.

PUBLIC DEPOSITS

During the financial year 2018-19, the company has not accepted any deposits from the public within the meaning of Section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules 2014 and there is no outstanding amount on account of principal or interest on deposits from public as on date.

INTERNAL CONTROL SYSTEMS AND ADEQUACY

The company has an efficient internal control system commensurate with its size and nature of business to safeguard the assets of the company and to ensure effective utilisation of resources. These controls ensure that transactions are completed on time and in an accurate manner and by following proper procedures and systems. The internal auditors cover a wide area of operations and this is being continuously reviewed by the audit committee. Internal audit is conducted on a quarterly basis by a team of internal auditors and the reports together with the action taken reports are reviewed by the audit committee periodically. A system of management controls is also in place to ensure higher levels of efficiency and to keep the organisation competitive. All the critical functions of the company i.e., Sourcing and Procurement, Manufacturing, Costing, Finance, Dispatch and Sales are handled through Oracle system which is well-integrated. Checks and controls have been built into the system to handle the transactions. Existing internal controls provide adequate assurance to the management for all the transactions covering operations, inventory, fixed assets, financial records and compliance to statuary requirements. The systems and controls are reviewed periodically to ensure their effectiveness. The Board has adopted various policies like Material Subsidiary Policy, Whistle Blower Policy, Related Party Transactions Policy to safeguard the assets of the company, to ensure timely information and to prevent and detect frauds and errors.

ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE, EARNINGS AND OUTGO

Information required under Section 134(3)(m)of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules 2014, on energy conservation, technology absorption, foreign exchange earnings and outgo is given in Annexure-IV.

EXTRACT OF ANNUAL RETURN

An extract of Annual Return in form MGT–9 is given in Annexure-V and forms part of this report.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013

Particulars of loans and advances given, guarantees given, securities provided and investments made are provided in the Note Nos.4,11,44 and 3 of the notes to accounts of the Standalone Financial Statements.

MATERIAL CHANGES AND COMMITMENTS

No material changes and commitments in the operations of the company affecting the financial position of the company have occurred between the end of the financial year of the company to which the financial statements relate and the date of the Board's report.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

The company did not enter into any material transaction with any related party which may have potential conflict with the interest of company at large during the financial year 2018-19 as per Section 188 of Companies Act, 2013. All transactions entered into with related parties were at an arm's length basis and in the ordinary course of business. Form AOC-2 as required under Section 134(3)(h) of the Companies Act, 2013 read with Rule 8(2) of the Companies (Accounts) Rules 2014, is given in Annexure-VI and forms part of this report. The company's related party transactions have been entered in to for meeting the requirements of operations and at an arm's length basis and in the ordinary course of business.

CHANGE IN NATURE OF BUSINESS

There was no change in the nature of business of the company during the year under review.

REGULATORY/COURT ORDERS

During the year 2018-19 no significant and material orders were passed by the courts, regulators or tribunals affecting the going concern status of the company and its future operations.

NAMES OF COMPANIES WHICH HAVE BECOME OR CEASED TO BE COMPANY'S SUBSIDIARIES, JOINT VENTURES OR ASSOCIATE COMPANIES DURING THE YEAR

No company has become or ceased to be the company's subsidiary, joint venture or associate company during the financial year 2018-2019.

PARTICULARS OF EMPLOYEES

Mr. Jayakar Krishnamurthy, Chairman and Managing Director, Mr. Ram Ramamurthy, Whole-time Director and Chief Financial Officer, Ms. Rekha Raghunathan, Director and Company Secretary hold the office of key managerial personnel of the company. The Information required pursuant to Section 197 of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment & Remuneration of Managerial Personnel) Rules, 2014 in respect of directors, key managerial personnel and employees are given in Annexure-VII.

INDUSTRIAL RELATIONS

During the year cordial and healthy relations were maintained with all sections/levels of employees.

WHISTLE BLOWER POLICY

The company has a whistle blower policy to deal with instances of fraud and mismanagement. The details are explained in the Corporate Governance Report and are also posted on the company's website www.ucalfuel.com.

SEXUAL HARASSMENT POLICY

The company has in place a policy for prevention of sexual harassment. An internal committee has been set up at each plant to redress sexual harassment complaints. All employees are covered under this policy. No complaint was received during the financial year 2018-19.

RISK MANAGEMENT POLICY

Key business risks are identified and reviewed on a regular basis. A strategy development committee has been formed to strategise on ways to mitigate the various risks. The necessary actions and precautions are taken on time to deal with various risks associated with the company and the Board discusses the same from time to time. The details are given in Corporate Governance Report.

PREVENTION OF INSIDER TRADING

The company has framed a code of conduct for prevention of insider trading based on SEBI (prohibition of insider trading) Regulations, 2015. This code is applicable to all the board members/employees/officers of the company. This ensures prevention of dealing with shares by people who have access to unpublished price sensitive information.

CORPORATE GOVERNANCE

The company adheres to all the requirements of the code of corporate governance as stipulated in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. A report on corporate governance along with certification of the Chairman and Managing Director and the Whole-time Director and Chief Financial Officer is attached in Annexure-VIII. Certificate from the Statutory Auditor regarding compliance of the conditions of corporate governance as stipulated by SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is given in Annexure-IX. The Management Discussion and Analysis Report is attached in Annexure-X.

STATEMENT ON COMPLIANCE TO APPLICABLE SECRETARIAL STANDARD

The company has complied with all the applicable secretarial standards as issued by the Institute of Company Secretaries of India during the year 2018-19.

ACKNOWLEDGEMENT

The Board thanks all its employees, customers, bankers, vendors, suppliers and governmental agencies for their continued support. The Board is grateful to the shareholders for their continued trust and confidence in the company.

For and on behalf of the Board
Place: Chennai JAYAKAR KRISHNAMURTHY
Date: 31st August 2019 CHAIRMAN AND MANAGING DIRECTOR

ANNEXURE - II TO BOARD'S REPORT

STATEMENT CONTAINING THE SALIENT FEATURES OF THE FINANCIAL STATEMENT OF SUBSIDIARIES / ASSOCIATE COMPANIES / JOINT VENTURES-FORM AOC-1

Statement pursuant to first proviso to subsection(3) of section 129 of the Companies Act 2013, read with Rule 5 of Companies (Accounts) Rules, 2014 in the prescribed Form AOC-1 relating to subsidiary companies.

(Rs. in lakhs)
UPIL UHI (formerly Amtec Precision Products, Inc)
Reporting Period 31st March, 2019 31st March, 2019
Reporting Currency INR INR
Exchange Rate
Share Capital 163.52 20877.28
Reserves & Surplus 4159.88 (28,091.87)
Total Assets* 5,837.26 14,614.02
Total Liabilities** 1,513.86 21,828.61
Investments - -
Turnover 5,916.61 27,783.57
Profit before taxation 1102.40 707.67
Provision for taxation 374.11 223.31
Profit after taxation 728.29 484.36
% of Proposed Dividend 50% -
% of Shareholding 100% 100%
Country India USA

*(Non Current Assets + Current Assets)

**(Non Current Liabilities + Current Liabilities)

Notes:-

1. There are no subsidiaries which are yet to commence operations.

2. No subsidiaries have been liquidated or sold during the year.

3. Indian Rupee equivalent of the figures given in foreign currencies in the accounts of the subsidiary companies, are based on the exchange rates as on 31st March, 2019 for the Balance Sheet and average rate for Income/Expenditure.

REKHA RAGHUNATHAN RAM RAMAMURTHY JAYAKAR KRISHNAMURTHY
Place : Chennai DIRECTOR AND COMPANY SECRETARY WHOLE-TIME DIRECTOR AND CHIEF FINANCIAL OFFICER CHAIRMAN AND MANAGING DIRECTOR
Date : 31st August 2019

ANNEXURE – IV TO BOARD'S REPORT

CONSERVATION OF ENERGY/ TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO (Information pursuant to section 134(3)(m) of the Companies Act,2013 read with Rules 8 of the Companies (Accounts) Rule 2014.)

A CONSERVATION OF ENERGY

a The steps taken or impact on conservation of energy

During the year 2018-19 improvements have been made for Energy Conservation in shop floor lighting, office area lighting, air-conditioning, compressor and Vacuum pump. The installation of LED lights was implemented by replacing the metal halide lamp thereby saving up to 0.65 lakh units of power in financial year 2018-19. Transparent sheets on roof tops to avoid usage of lights during day time were introduced thereby saving up to 0.10 lakh units of power in financial year 2018-19. Conventional duct type air-conditioning systems were replaced by more efficient split air-conditioners. This resulted in a saving of 1 lakh units of power during financial year 2018-19. Efficiency improvement in compressor, modification of pipelines led to a savings of upto 4.37 lakh units of power in the financial year 2018-19. Overall there was a cost-saving of around Rs.53 lakhs in the financial year 2018-19 as a result of the above energy conservation measures.

b. Steps taken by the company for using alternate source of energy

Power was not purchased from alternate sources during the financial year 2018-19. The windmills operated efficiently and generated 17.24 lakh units during financial year 2018-19.

c. The capital investments on energy conservation requirements

There was no major capital investment on energy conservation measures during the financial year 2018-19.

B. TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION

1. Efforts made in brief towards technology absorption, adaptation and innovation

The company has fully absorbed the technologies in the domain areas of carburettors, air suction valves and pumps and is continuously improving its knowledge in these areas for adapting this to meet the demands of new customers, new applications through innovative features in the product. The increased product range and new Customer additions have been due to the company's initiative and continued focus on R&D. The company is innovating new technologies and products to comply with BSVI emission norms. New technologies has been developed in the domain areas of pumps, air-fuel management system and products that are required for after treatment devices for the various applications of 2-Wheelers, passenger cars, commercial vehicles. Considering the developments in the electrical vehicle, the company is focused on the development of electrical and electronic products and R&D is upgrading its facilities to test and validate such products also.

2. Benefits derived as a result of the above efforts

• The company has been able to address the market requirements through innovative engineering solutions in terms of performance and emission norms

• Customer demands are met by offering a range of products

• New business opportunities have been created through technical demonstration of the company's capability and technical support

• The company is able to approach newer customers and markets for various applications through a good value proposition

• Customer expectations are met through innovative engineering solutions in terms of performance, emission targets

• Development of products for the existing and new customers for their various applications

• Improvements in manufacturing process and quality through product design changes

• Product cost reduction through validation of parts from new sources, value engineering

• Building knowledge repository within the organization

• Development, validation of parts catering to the fuel compatibility requirements of the customers The new developments through indigenous efforts include

• Constant Depression (CD) carburettor for the premium segment (200cc engine) for a Two-Wheeler manufacturer

• Variable Depression (VD) carburettor for the Three-Wheeler segment

• Constant Depression (CD) carburettor for the motorcycle segment

• Variable Depression (VD) carburettor for the motorcycle and scooter segment

• Fuel filter development for passenger car segment

3. In case of imported technology (imported during the last three years reckoned from the beginning of the financial year) the following information may be furnished - Not applicable

4. Expenditure on R&D

Particulars Rs. In lakhs
a. Capital 164.35
b. Revenue (recurring) includes amount transferred to Deferred revenue expenses 1,210.63
c. Total 1,374.98
d. Total R&D expenditure as a percentage of total turnover 2.31%

C. FOREIGN EXCHANGE EARNINGS AND OUTGO

The earnings of foreign exchange was on account of export of carburettors, MPFI parts and pumps during the year. The foreign exchange outgo was mainly on account of purchase of components, capital goods and foreign travel. During the financial year 2018-19, the total foreign exchange outgo was Rs.1765 lakhs while the foreign exchange earned was Rs.550 lakhs resulting in a net foreign exchange outgo of Rs.1,215 lakhs

For and on behalf of the Board
Place : Chennai JAYAKAR KRISHNAMURTHY
Date : 31st August 2019 CHAIRMAN AND MANAGING DIRECTOR

ANNEXURE VI TO BOARD'S REPORT

FORM NO. AOC-2

[Pursuant to clause (h) of Sub-section (3) of Section 134 of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014]

Form for disclosure of particulars of contracts/arrangements entered into by the company with related parties referred to in Sub-section (1) of Section 188 of the Companies Act, 2013, including certain arm's length transactions under third proviso thereto.

1. Details of contracts or arrangements or transactions not at arm's length basis

Not Applicable. The company has not entered into any contract or arrangement or transactions which are not at arm's length basis.

2 Details of material contracts or arrangement or transactions at arm's length basis. (a) Name(s) of the related party and nature of relationship

Details of transactions with the related parties are provided in Note No 42 (1) & (2) to the Standalone Accounts for the Financial year 2018-19.

(b) Nature of contracts/arrangements/transactions

Details of transactions with the related parties are provided in Note No 42 (3) to the Standalone Accounts for the Financial year 2018-19 It may be seen from the relevant notes that the total value of transactions with all related parties are less than 10% of the total income of the Financial Year 2018-19 and hence, none of them are material in nature. Hence, the details required in paras (a) to (e) to be furnished in respect of material related party transactions are not applicable and hence not furnished.

(c) Amount paid as advances, if any: NIL

For and on behalf of the Board
Place : Chennai JAYAKAR KRISHNAMURTHY
Date : 31st August 2019 CHAIRMAN AND MANAGING DIRECTOR

ANNEXURE - VII TO BOARD'S REPORT

PARTICULARS OF EMPLOYEES

A. The information required under Section197 of the Act read with rule 5 (1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given below :

(i) The ratio of the remuneration of each director to the median remuneration of the employees of the company for the financial year:

Executive Directors Ratio to median remuneration
Mr. Jayakar Krishnamurthy 58.69
Mr. Ram Ramamurthy 6.71

Ms. Rekha Raghunathan does not draw any remuneration as director of the company Non-executive directors

The non-executive directors do not draw any remuneration from the company except sitting fees for attending the meetings of the board and the committees of the Board.

(ii) The percentage increase in remuneration of each director, chief financial officer, company secretary or manager, if any, in the financial year:

Directors, Chief Financial Officer and Company Secretary % increase in remuneration in the financial year
Mr. Jayakar Krishnamurthy - Chairman and Managing Director 9%
Mr. Ram Ramamurthy - Whole-time Director and Chief Financial Officer 21%
Ms. Rekha Raghunathan - Director and Company Secretary Nil

(iii) The percentage increase in the median remuneration of employees in the financial year – 0%

(iv) The number of permanent employees on the rolls of company – 969

(v) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration.

There is no increase in the salaries of employees other than the managerial personnel. The remuneration of the Chairman and Managing Director is increased as per the approval of the Central Government and the remuneration of the Whole-Time Director is increased as per the approval of the shareholders.

(vi) Affirmation that the remuneration is as per the remuneration policy of the company.

The company affirms that the remuneration is as per the remuneration policy of the company.

B. Statement of Particulars of Employees as per rule 5(2) and (3)

(i) Designation of the employee Chairman and Managing Director Chief Executive Officer
(ii) Remuneration received ` 2,83,63,333 Rs.99,32,544
(iii) Nature of employment, whether contractual or otherwise Permanent Permanent
(iv) Qualifications and experience of the employee MBA-Finance - Duke University B. Sc (Maths) B. Tech (Production Technology) Master of Science (Manufacturing Systems Engineering)
33 years experience 34 years experience
(v) Date of commencement of employment 01.09.2001 23.08.2013
(vi) The age of such employee 58 years 57 years
(vii) The last employment held by such employee before joining the company Director Mascon Information Technologies Limited formerly known as Martek Holdings Inc. President (Special Projects) – Sundaram Clayton Limited
(viii) The percentage of equity shares held by the employee in the company 1.60% NIL
(ix) whether any such employee is a relative of any director or manager of the company and if so, name of such director or manager No No
The employee, if employed throughout the financial year, was in receipt of remuneration for that year which, in the aggregate, was not less than one crore rupees Yes Yes
The employee, if employed for a part of the financial year, was in receipt of remuneration for any part of that year, at a rate which, in the aggregate, was not less than five lakh rupees per month Not Applicable Not Applicable
The employee, if employed throughout the financial year or part thereof, was in receipt of remuneration in that year which, in the aggregate, or as the case may be, at a rate which, in the aggregate, is in excess of that drawn by the managing director or whole-time director or manager and holds by himself or along with his spouse and dependent children, not less than two percent of the equity shares of the company. Not Applicable Not Applicable

   

Ucal Fuel Systems Ltd Company Background

Jayakar KrishnamurthyJayakar Krishnamurthy
Incorporation Year1985
Registered OfficeRaheja Towers 177 Anna Salai,Delta Wing-Unit 705
Chennai,Tamil Nadu-600002
Telephone91-044-42208111,Managing Director
Fax91-044-28605020
Company SecretaryRekha Raghunathan
AuditorR Subramanian & Co LLP
Face Value10
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarIntegrated Enterprises (I) Ltd
Kences Tower,2nd Floor No 1,Ramakrishna Street,Chennai - 600 017

Ucal Fuel Systems Ltd Company Management

Director NameDirector DesignationYear
Jayakar Krishnamurthy Chairman & Managing Director 2019
S Natrajan Independent Director 2019
Rekha Raghunathan Director & Company Secretary 2019
Ram Ramamurthy Whole Time Director & CFO 2019
S Balasubramanian Independent Director 2019

Ucal Fuel Systems Ltd Listing Information

Listing Information
BSESMALLCA
BSEALLCAP
GOODSSERVI

Ucal Fuel Systems Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sale of Products NA 000592.7221
Other Operating revenue NA 0003.4077
Excise Duty NA 0000
Adjustment NA 0000
Fuel Filter No 0000
Oil Pumps No 0000
Pumps-Fuel No 0000
Machined Castings No 0000
Machined Parts No 0000
Auto Parts No 0000
Electric Throttle Valve No 0000
Generator Carburettors No 0000
Carburettors-4 Wheeler No 0000
Delivery Pipe Assembly No 0000
Throttle Body Assembly No 0000
Two Wheeler ASV No 0000
Two Wheeler Carburettors No 0000
Vacuum Pump No 0000

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