Mar 31, 2014
The Members,
The directors have pleasure in presenting the 54th Annual Report on
the business and operations of your company together with the Audited
Statement of Accounts of the Company for the year ended 31st March,
2014.
1. FINANCIAL RESULTS
Your Company''s performance for the financial year ending 31st March
2014 is stated below:
Particular For the year For the year
ended on ended on
March 31, 2014 March 31, 2013
Profit / (Loss) before tax (59,84,313) 70,87,667
Less: Provision for tax  22,75,000
Less: Deferred Tax Assets /
(Liabilities) 16,78,293 (54,947)
Net profit/ (Loss) for the year
after tax (43,06,020) 47,57,720
Less: Losses brought down from
earlier year (10,21,357) (57,79,077)
Balance Losses carried to
Balance Sheet (53,27,377) (10,21,357)
2. WORKING
The company''s working suffered a setback because of the introduction
of the Local Body Tax on Incoming material in Navi Mumbai from April
2013.
The high dependency on the Automobile sector also added to the
depressed working because of severe recession in the auto sector and
delayed payments.
The company is now shifting its focus on tapping new sectors and also
adding new machinery for making value added products.
The current year also does not look very encouraging however the
management is making earnest efforts by tapping new markets and new
products.
3. DIRECTORS
Mr. Hemant Murarka who was an appointed as an Independent additional
director of the company effective from May 30, 2014 and holds office
upto the forthcoming AGM. He is proposed to be reappointed as an
independent director upto May 29, 2019.
As per the provisions of section 149 and other applicable provisions if
any of the Companies Act 2013, Mr. N. G. Khaitan, Mr. PL. Dabral and
Mr. K. S. shikari are proposed to be appointed as an independent
director of the company for a period of 5 consecutive years commencing
from 30th September, 2014. In the opinion of the Board, they fulfill
the conditions specified in the Act and the Rules made thereunder for
appointment as independent directors and are independent of the
management.
Mrs. Manju Devi Jajodia is due for retirement by rotation and is
eligible for re-appointment.
Mr. Avinash Jajodia was reappointed as Chairman and Managing Director
Your approval for their appointments as Directors have been sought in
the Notice convening the Annual General Meeting of the Company
4. PARTICULARS OF EMPLOYEE
During the year under review the Company had no employees whose
particulars are required to be mentioned pursuant to the provisions of
Section 217(2A) of the Companies Act, 1956 read with the rules there
under.
5. AUDIT OBSERVATION
As regards observation of the Auditors, attention is drawn towards the
Notes on accounts to the Annual Accounts which is self-explanatory.
6. AUDITORS
M/s. A. J. Mehta & Associates, Chartered Accountants, the present
auditors retire at the conclusion of the ensuing Annual General Meeting
and have express their unwillingness to be re-appointed for a further
term. A notice has been received from a shareholder pursuant to section
140, read with section 115 of the Companies Act, 2013, proposing a
resolution for appointment of M/s. Mahendra Kumbhat & Associates,
Chartered Accountants as auditors of the company. The subject
resolution is appearing as item No. 3 of the notice convening the
Annual General Meeting which forms part of this Annual Report. M/s.
Mahendra Kumbhat & Associates, Chartered Accountants have also given
their consent to act as auditors, if appointed and confirmed that the
appointment , if made, would be in compliance of section 141 of the
Companies Act, 2013, read with the Companies (Audit & Auditors) Rules,
2014.
7. DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956 after due
enquiry and on the basis of the information from the operating
management and relying upon the report of the Auditors, regarding
compliance with Accounting Standards, the Directors confirm that;
a. in the preparation of the annual accounts, the applicable accounting
standards had been followed along with appropriate explanation relating
to material departures.
b. the accounting policies have been consistently applied and are
reasonable and prudent judgments and estimates have been made so as to
give a true and fair view of the state of affairs of the company at the
end of the financial year and of the profit of the company for that
year.
c. proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of this
Act 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.
8. PARTICULARS OF ENERGY CONSUMPTION, FOREIGN EXCHANGE AND OUTGOINGS
As required under 217(1)(e) of the Companies Act, 1956 read with
Companies (Disclosure of particulars in the Report of the Board of
Directors) Rules, 1988 the relevant information is given below;
CONSERVATION OF ENERGY
The Company''s operations involve low energy consumption. Wherever
possible, energy conservation measures are being implemented.
RESEARCH AND DEVELOPMENT
The Company has no specific Research and Development Programme.
FOREIGN EXCHANGE EARINGS/OUTGOINGS.
Foreign Exchange earning through Export aggregate to Rs. 288.88 lakhs
(Previous Year Rs. 576.83 lakhs). Particulars of foreign Exchange earned
and utilized during the year is given in notes of the account.
9. LISTING AGREEMENT COMPLIANCE
The Company''s securities is listed at The Stock Exchange, Mumbai. The
outstanding listing fee payable to the stock exchanges as on March
31,2014 Rs. Nil.
10. COMPLIANCE CERTIFICATE
In accordance with requirement of Section 383A of the Companies Act,
1956, Certificate from a Practising Company Secretary, is enclosed
certifying that all secretarial compliance in respect of the Company
for the year ended March 31,2014 have been complied with the Marked as
Annexure - A''
11. ACKNOWLEDGEMENT
Your Directors would like to place on record the sincere thanks for the
valuable assistance and co-operation received from various agencies of
the Government as well as from the Company''s Bankers, Shareholders
and other business associates. Your directors also wish to place on
record their appreciation for the committed services of all the
employees of the company.
For & On behalf of the Board
Avinash Jajodia
Chairman & Managing Director
Place : Mumbai
Date : 9th August, 2014
Mar 31, 2011
The Members,
The Directors have pleasure in presenting the 51 st Annual Report on
the business and operations of your company together with the Audited
Statement of Accounts of the Company for the year ended 31 st March,
2011.
1. FINANCIAL RESULTS
Your Company's performance for the financial year ending 31 st March
2011 is stated below:
particular For the year For the year
ended on ended on
March 31,2011 March 31,2010
Rs. Rs.
Profit before tax 72,78,628 46,13,307
Less: Provision for tax and FBT 34,00,000 16,25,000
Less: Deferred Tax (4,76,524) 4,52,626
Add: Excess Provision for I.T. - 4,09,040
written back
Less: Prior Period Adjustment (3,84,171) (2,94,498)
- Debit (net)
Net profit for the year after tax 39,70,981 26,50,224
Less: Losses brought down from earlier (1,67,28,673) (1,93,78,876)
year
Balance Losses carried to Balance Sheet (1,27,57,692) (1,67,28,673)
2. WORKING
The company's working results have been as expected encouraging.
Turnover and profits have been higher. Howeverthe margins on company's
product continue to be under pressure. Efforts in the export markets
have resulted in increased volume of exports and the company
established their product name in new markets.
The current year is expected to maintain the growth rate as per
previous year.
3. DIRECTORS
In accordance with the requirements of the Companies Act, 1956 and the
Articles of Association of the Company, Shri. P. L. Dabral retires by
rotation, and offers himself for re-appointment.
None of the directors are disqualified from being appointed or from
holding office as Directors, as stipulated under section 274 of the
Companies Act, 1956.
During the year Shri. 0 V Kuruvilla resigned from the Board of
Directors w.e.f. 30th April 2011. Shri. K. S. Shikari has been
appointed as additional director of the company w.e.f. 6th August,
2011.
4. PARTICULARS OF EMPLOYEES
During the year under review the Company had no employee whose
particulars are required to be mentioned pursuant to the provisions of
Section 217(2A) of the Companies Act, 1956 read with the rules there
under.
5. AUDIT OBSERVATION
As regards observation of the Auditors, attention is drawn towards the
Schedule 19 & 20 Notes on accounts to the Annual Accounts which is
self-explanatory.
6. AUDITORS
M/s. A. J. Mehta & Associates, Chartered Accountants, present auditors
of the Company retire at the forth coming Annual General Meeting and
being eligible, offer themselves for re-appointment. The Company has
received a letter from the retiring Auditors to the effect that their
appointment, if carried out, would be within the prescribed limits
under Section 224(1 B) of the Companies Act, 1956. Members are
requested to appoint them as Auditors.
7. DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956 after due
enquiry and on the basis of the information from the operating
management and relying upon the report of the Auditors, regarding
compliance with Accounting Standards, the Directors confirm that;
a. in the preparation of the annual accounts, the applicable
accounting standards had been followed along with appropriate
explanation relating to material departures.
b. the accounting policies have been consistently applied and are
reasonable and prudent judgments and estimates have been made so as to
give a true and fair view of the state of affairs of the company at the
end of the financial year and of the profit of the company for that
year.
c. proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of this
Act 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.
8. PARTICULARS OF ENERGY CONSUMPTION, FOREIGN EXCHANGE AND OUTGOINGS
As required under 217(1 )(e) of the Companies Act, 1956 read with
Companies (Disclosure of particulars in the Report of the Board of
Directors) Rules, 1988 the relevant information is given below;
CONSERVATION OF ENERGY
The Company's operations involve low energy consumption. Wherever
possible, energy conservation measures are being implemented.
RESEARCH AND DEVELOPMENT
The Company has no specific Research and Development Programme.
FOREIGN EXCHANGE EARINGS/OUTGOINGS.
Foreign Exchange earning through Export aggregate to 878.41 lacs
(Previous Year 200.92 lacs). Particulars of foreign Exchange earned and
utilized during the year is given in Schedule "20" of the account.
9. LISTING AGREEMENT COMPLIANCE
The Company's securities is listed at The Stock Exchange, Mumbai. The
outstanding listing fee payable to the stock exchanges as on March 31,
2011 Rs. Nil.
10. COMPLIANCE CERTIFICATE
In accordance with requirement of Section 383A of the Companies Act,
1956, Certificate from a Practising Company Secretary, is enclosed
certifying that all secretarial compliance in respect of the Company
for the year ended March 31, 2011 have been complied with the Marked as
Annexure - 'A'
11. ACKNOWLEDGEMENT
Your Directors would like to place on record the sincere thanks for the
valuable assistance and co-operation received from various agencies of
the Government as well as from the Company's Bankers, Shareholders and
other business associates. Your directors also wish to place on record
their appreciation for the committed services of all the employees of
the company.
For & On behalf of the Board
Alok Jajodia
Chairman
Place. Mumbai
Date : 6th August, 2011
Mar 31, 2010
The Directors have pleasure in presenting the 50th Annual Report on
the business and operations Of your company together with the Audited
Statement of Accounts of the Company for the year ended 31st
March, 2010.
1. FINANCIAL RESULTS
Your Companys performance for the financial year ending 31 st March
2010 is stated below:
Particular For the year For the year
ended on ended on
March 31,2010 March 31,2009
Profit before tax 46,13,307 46,02,124
Less: Provision fortax and FBT 16,25,000 23,10,000
Less: Deferred Tax 4,52,626 (19,50,622)
Add: Excess Provision for I.T.
written back 4,09,040 15,00,000
Less: Prior Period Adjustment-
Debit (net) (2,94,498) (1,50,843)
Net profit for the year after tax 26,50,223 55,91,903
Less: Losses brought down from
earlier year (1,93,78,896) (2,49,70,799)
Balance Losses carried to
Balance Sheet (1,67,28,673) (1,93,78,896)
2. WORKING
The companys working result is not as per expectations. This is mainly
due to severe pressure on the margins of companys products. Raw
material prices continued to rise without any corresponding increase in
the selling price of the finished products.
The company has been able to enter into new markets for exports but the
prices are not remunerative. Even then efforts to establish companys
brand image continues and shall be beneficial in the long run.
The current years working is expected to be encouraging.
3. DIRECTORS
In accordance with the requirements of the Companies Act, 1956 and the
Articles of Association of the Company, Shri N. G. Khaitan and Smt
Manju Devi Jajodia retire by rotation, and offer themselves for
re-appointment.
None of the Directors are disqualified from being appointed or from
holding office as Directors, as stipulated under section 274 of the
Companies Act, 1956.
4. PARTICULARS OF EMPLOYEES
During the year under review the Company had no employee whose
particulars are required to be mentioned pursuant to the provisions of
Section 217(2A) of the Companies Act, 1956 read with the rules there
under.
5. AUDIT OBSERVATION
As regards observation of the Auditors, attention is drawn towards the
Schedule 19 & 20 Notes on accounts to the Annual Accounts which is
self-explanatory.
6. AUDITORS
M/s. A. J. Mehta & Associates, Chartered Accountants, present auditors
of the Company retire at the forth coming Annual General Meeting and
being eligible, offer themselves for re-appointment. The Company has
received a letter from the retiring Auditors to the effect that their
appointment, if carried out, would be within the prescribed limits
under Section 224(1 B) of the Companies Act, 1956. Members are
requested to appoint them as Auditors.
7. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956 after due
enquiry and on the basis of the information from the operating
management and relying upon the report of the Auditors, regarding
compliance with Accounting Standards, the Directors confirm that;
a. in the preparation of the annual accounts, the applicable
accounting standards had been followed along with appropriate
explanations relating to material departures.
b. the accounting policies have been consistently applied and are
reasonable and prudent judgments and estimates have been made so as to
give a true and fair view of the state of affairs of the company at the
end of the financial year and of the profit of the company for that
year.
c. proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of this
Act 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.
8. PARTICULARS OF ENERGY CONSUMPTION, FOREIGN EXCHANGE AND OUTGOINGS
As required under 217(1) (e) of the Companies Act, 1956 read with
Companies (Disclosure of particulars in the Report of the Board of
Directors) Rules, 1988 the relevant information is given below;
CONSERVATION OF ENERGY
The Companys operations involve low energy consumption. Wherever
possible, energy conservation measures are being implemented.
RESEARCH AND DEVELOPMENT
The Company has no specific Research and Development Programme.
FOREIGN EXCHANGE EARINGS/OUTGOINGS.
Foreign Exchange earning through Export aggregate to 200.92 lacs
(Previous Year 380.90 lacs). Particulars of foreign Exchange earned and
utilized during the year is given in Schedule "20" of the account.
9. LISTING AGREEMENT COMPLIANCE
The Companys securities is listed at The Bombay Stock Exchange Ltd.,
Mumbai. The outstanding listing fee payable to the stock exchanges as
on March 31,2010 was 7 Nil.
10. COMPLIANCE CERTIFICATE
In accordance with requirement of Section 383A of the Companies Act,
1956, Certificate from a Practising Company Secretary, is enclosed
certifying that all secretarial compliance in respect of the Company
for the year ended March 31, 2010 have been complied with and Marked as
Annexure - A
11. ACKNOWLEDGEMENT
Your Directors would like to place on record their sincere thanks for
the valuable assistance and co-operation received from various agencies
of the Government as well as from the Companys Bankers, Shareholders
and other business associates. Your directors also wish to place on
record their appreciation for the committed services of all the
employees of the company.
For & On behalf of the Board
Alok Jajodia
Chairman
Place: Mumbai
Date: 31 st July, 2010
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article