Mar 31, 2014
The Members,
The Directors have pleasure in placing before you the 19th Annual
Report of the Company along with the Audited Accounts for the year
ended 31st March, 2014:
FINANCIAL HIGHLIGHTS
Rs. In Lacs
PARTICULARS 2013-14 2012-13
Sales 361.13 326.09
Other Income 10.88 3.84
Profit before Finance cost, depreciation and tax 60.20 60.83
expenses
Finance Cost 15.59 18.61
Depreciation 27.22 27.33
Tax expenses (including deferred tax) 8.83 (3.26)
Profit after tax 8.56 18.73
Profit & Loss Account Balance B/f 15.56 (3.17)
Balance carried to the Balance Sheet 24.12 15.56
DIVIDEND
In view of the requirement of working capital for the Companies
activities, the Directors have not recommended any distribution of
dividend.
OPERATIONS
During the year under review the Company''s turnover has increased from
Rs. 326.09 Lacs to Rs. 361.13 Lacs. The Net Profit Before tax is Rs.
17.39 Lacs against the last year profit of Rs. 15.47 lacs.
CURRENT OUTLOOK & BUSINESS ACTIVITIES
Since the new plant is already commissioned, the Directors expect
better capacity utilization and consequently good growth in export as
well as local sales turnover. The demand for company''s products
continues to be good.
DIRECTORS
Mr. Amit N. Thakkar retires by rotation at the forthcoming Annual
General Meeting and being eligible, offers himself for re-appointment.
LISTING ON THE STOCK EXCHANGES
The Company''s shares are listed with Bombay Stock Exchange Ltd. and the
Company has paid the necessary listing fees for the Financial Year
2014-15.
MANAGEMENT''S DISCUSSION AND ANALYSIS REPORT
Management''s Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with Stock
Exchange, Mumbai, is included in this Annual Report.
CORPORATE GOVERNANCE
A separate report on Corporate Governance together with Certificate
from Practicing Chartered Accountant on its compliance is included
elsewhere in this Annual Report.
FIXED DEPOSITS
The Company has not accepted or renewed any Fixed Deposits within the
meaning of Section 58-A of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
Particulars of employees as required u/s 217 (2A) of the Companies Act,
1956 are not annexed since there are no employees drawing remuneration
of more than Rs.60,00,000/- per annum during the year under review, if
employed for full year or more than Rs. 5,00,000/- per month, if
employed for part of the year.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it is
hereby confirmed that:
i) in the preparation of the annual accounts for the year ended March
31, 2014, the applicable accounting standards read with requirements
set out under Schedule VI to the Companies Act, 1956, have been
followed and there are no material departures from the same;
ii) the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at March 31, 2014 and of the profit of the Company
for the year ended on that date;
iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
iv) That the directors have prepared the annual accounts on a ''going
concern'' basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO {Section 217 (1) (e)l
A. Conservation of Energy:
Your Company operation does not involve intensive energy consumption.
Despite not a heavy energy user, the Company acknowledges its
importance and hence adequate measures have been taken to reduce energy
consumptions wherever possible.
B. Research & Development Technology Absorption:
a) Particulars of Research and Developments:
As business and technologies are changing constantly, continuous
investments in research and development are of paramount importance. As
a result of research efforts, your Company has been able to develop
processes and methodologies that have resulted in constant improvement
in quality and productivity.
b) Particulars of Technology Absorption, Adoption and Innovation:
(i) The Company gets information on latest technology on
equipment/process, marketing etc. and this has been continuously
absorbed and adopted to suit to Company''s operations.
(ii) Benefits derived as a result of the above efforts e.g, product
improvement, cost reduction, product development, import substitution
etc.
c) Details of Technology- Not Applicable.
C. Foreign Exchange Earning and Outflow:
During the year under review; your Company earned a foreign exchange of
Rs. 1.62 Lac (PY 102.33 Lacs) and utilized foreign exchange worth Rs.
158.26 Lacs (PY Rs. 113.35 Lacs).
SECRETARIAL COMPLIANCE REPORT
According to the provisions of section 383A of the Companies Act, 1956,
our Company has obtained the Secretarial Compliance Report from a
Company Secretary in whole time practice.
RESUBMSSION OF DIRECTORS ON AUDITORS QUALIFICATION:
The observations made in the Auditors'' Report are self explanatory and
the management is taking effective steps for the rectification.
AUDITORS
M/s. D. Kothary & Co., Chartered Accountants, the Statutory Auditors of
the Company retire at this Annual General Meeting and are eligible for
the reappointment as Auditors of the Company to hold the office from
the date of this Annual General Meeting until the conclusion of the
next Annual General Meeting. The Directors recommend reappointing M/s.
D. Kothary & Co., as auditors of the Company. A certificate has been
received from the Auditors to the effect that their reappointment, if
made, would be within the prescribed limits u/s. 224 (1B) of the
Companies Act, 1956.
ACKNOWLEDGEMENT
Your directors would like to express their sincere appreciation for the
assistance and cooperation received from bankers, employees, auditors
and consultants during the period under review. The Directors sincerely
appreciate the high degree of professionalism, commitment and
dedication displayed by employees at all levels. The Directors also
place on record their gratitude to the Members for their continued
support and confidence.
By Order of the Board
Navin G. Thakkar
Chairman & Managing Director
Place : Mumbai
Date : 28th May; 2014
Registered Office:
Gala No. 202, Krishna House,
Shailesh Udhyog Nagar,
Opp. Nicholas Garage, Sativali Road,
Waliv, Vasai (East)
Dist. Thane- 401208
Mar 31, 2013
The Members,
The Directors have pleasure in placing before you the 18th Annual
Report of the Company along with the Audited Accounts for the year
ended 31st March, 2013:
Rs Rs
FINANCIAL HIGHLIGHTS
ACCOUNTING YEAR 2012-2013 2011-2012
Sales 326.09 320.00
Other Income 3.84 8.03
Profit before Finance cost,
depreciation and tax 60.83 59.56
expenses
Finance Cost 18.61 17.36
Depreciation 27.33 26.98
Tax expenses (3.84) (6.39)
Profit after tax 18.73 21.60
Profit & Loss Account Balance B/f (3.17) (24.78)
Balance carried to the Balance Sheet 15.56 (3.17)
DIVIDEND
In view of the requirement of working capital for the companies
activities, the directors have not recommended any distribution of
dividend.
OPERATIONS
During the year under review the Company''s turnover has increase from
Rs. 320.00 Lacs to Rs. 326.09 Lacs. The Net Profit Before tax is Rs.
15.47 Lacs against the last year profit ofRs. 15.22 lacs.
CURRENT OUTLOOK & BUSINESS ACTIVITIES
Since the new plant is already commissioned, the Directors expect
better capacity utilization and consequently good growth in export as
well as local sales turnover. The demand for company''s products
continues to be good.
DIRECTORS
Mr. Kanaiyalal S. Thakkar retires by rotation at the forthcoming Annual
General Meeting and being eligible, offers himself for re-appointment.
LISTING ON THE STOCK EXCHANGES
The Company''s shares are listed with Bombay Stock Exchange Ltd. and the
Company has paid the necessary listing fees for the Financial Year
2013-14.
MANAGEMENT''S DISCUSSION AND ANALYSIS REPORT
Management''s Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with Stock
Exchange, Mumbai, is included in this Annual Report.
CORPORATE GOVERNANCE
A separate report on Corporate Governance together with Certificate
from Practicing Chartered Accountant on its compliance is included
elsewhere in this Annual Report.
FIXED DEPOSITS
The Company has not accepted or renewed any Fixed Deposits within the
meaning of Section 5 8-A of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
Particulars of employees as required u/s 217 (2A) of the Companies Act,
1956 are not annexed since there are no employees drawing remuneration
of more than Rs.60,00,000/- per annum during the year under review, if
employed for full year or more than Rs. 5,00,000/- per month, if
employed for part of the year.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it is
hereby confirmed that:
i) in the preparation of the annual accounts for the year ended March
31, 2012, the applicable accounting standards read with requirements
set out under Schedule VI to the Companies Act, 1956, have been
followed and there are no material departures from the same;
ii) the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at March 31, 2013 and of the profit of the Company
for the year ended on that date;
iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
iv) That the directors have prepared the annual accounts on a ''going
concern'' basis.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE
EARNINGS AND OUTGO (Section 217 (DM}
A. Conservation of Energy:
Your Company operation does not involve intensive energy consumption.
Despite not a heavy energy user, the Company acknowledges its
importance and hence adequate measures have been taken to reduce energy
consumptions wherever possible.
B. Research & Development Technology Absorption:
a) Particulars of Research and Developments:
As business and technologies are changing constantly, continuous
investments in research and development are of paramount importance. As
a result of research efforts, your company has been able to develop
processes and methodologies that have resulted in constant improvement
in quality and productivity.
b) Particulars of Technology Absorption, Adoption and Innovation:
(i) The Company gets information on latest technology on
equipment/process, marketing etc. and this has been continuously
absorbed and adopted to suit to Company''s operations.
(ii) Benefits derived as a result of the above efforts e.g, product
improvement, cost reduction, product development, import substitution
etc.
c) Details of Technology- Not Applicable.
C. Foreign Exchange Earning and Outflow:
During the year under review; your Company earned a foreign exchange of
Rs. 38.39 Lac''s and utilized foreign exchange worth Rs. 113.36 Lacs.
SECRETARIAL COMPLIANCE REPORT
According to the provisions of section 383A of the Companies Act, 1956,
our Company has obtained the Secretarial Compliance Report from a
Company Secretary in whole time practice.
RESUBMISSION OF DIRECTORS ON AUDITOR''S QUALIFICATION;
The observations made in the Auditors'' Report are self explanatory and
the management is taking effective steps for the rectification.
AUDITORS
M/s. D. Kothary & Co., Chartered Accountants, the Statutory Auditors of
the Company retire at this Annual General Meeting and are eligible for
the reappointment as Auditors of the Company to hold the office from
the date of this Annual General Meeting until the conclusion of the
next Annual General Meeting. The Directors recommend reappointing M/s.
D. Kothary & Co., as auditors of the Company. A certificate has been
received from the Auditors to the effect that their reappointment, if
made, would be within the prescribed limits u/s. 224 (IB) of the
Companies Act, 1956.
ACKNOWLEDGEMENT
Your directors would like to express their sincere appreciation for the
assistance and cooperation received from bankers, employees, auditors
and consultants during the period under review. The Directors sincerely
appreciate the high degree of professionalism, commitment and
dedication displayed by employees at all levels. The Directors also
place on record their gratitude to the Members for their continued
support and confidence.
By Order of the Board
Sd/-
Navin G. Thakkar
Chairman & Managing Director
Place : Mumbai
Date :30th May 2013
Registered Office:
Gala No. 202, Krishna House, ShaileshUdhyogNagar, Opp. Nicholas Garage,
Sativali Road, Waliv, Vasai (East)Dist. Thane- 401208
Mar 31, 2012
The Directors have pleasure in placing before you the 17th Annual
Report of the Company along with the Audited Accounts for the year
ended 31st March, 2012:
Rs Rs
FINANCIAL HIGHLIGHTS (In Lakhs) (In Lakhs)
ACCOUNTING YEAR 2011-2012 2010-2011
Sales 320.00 330.31
Other Income 8.03 17.25
Profit before Finance cost,
depredation and tax 59.56 55.55
expenses
Finance Cost 17.36 12.32
Depreciation 26.98 27.69
Tax expenses (6.39) (3.41)
Profit after tax 21.60 18,96
Profit & Loss Account Balance B/f (24.78) (43.74)
Balance carried to the Balance Sheet (3,17) (24.78)
DIVIDEND
In view of the requirement of working capital for the companies
activities, the directors have not recommended any distribution of
dividend.
OPERATIONS
During the year under review the Company's turnover has decreased from
Rs. 330.31 Lacs to Rs. 320.00 Lacs. The Net Profit Before tax is Rs.
15.22 Lacs against the last year profit of Rs. 15.54 lacs. æ
CURRENT OUTLOOK & BUSINESS ACTIVITIES
Since the new plant is already commissioned, the Directors expect
better capacity utilization and consequently good growth in export as
well as local sales turnover. The demand for company's products
continues to be good.
DIRECTORS
Mr. Kanaiyalal S. Thakkar retires by rotation at the forthcoming Annual
General Meeting and being eligible, offers himself for re-appointment.
LISTING ON THE STOCK EXCHANGES
The Company's shares are listed with Bombay Stock Exchange Ltd. and the
Company has paid the necessary listing fees for the Financial Year
2012-13.
MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT
Management's Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with Stock
Exchange, Mumbai, is included in this Annual Report.
CORPORATE GOVERNANCE
A separate report on Corporate Governance together with Certificate
from Practicing Chartered Accountant on its compliance is included
elsewhere in this Annual Report.
FIXED DEPOSITS
The Company has not accepted or renewed any Fixed Deposits within the
meaning of Section 58-A of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
Particulars of employees as required u/s 217 (2A) of the Companies Act,
1956 are not annexed since there are no employees drawing remuneration
of more than Rs.60,00,000/- per annum during the year under review, if
employed for full year or more than Rs. 5,00,000/- per month, if
employed for part of the year.
DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, it is
hereby confirmed that:
i) in the preparation of the annual accounts for the year ended March
31, 2012, the applicable accounting standards read with requirements
set out under Schedule VI to the Companies Act, 1956, have been followed
and there are no material departures from the same;
ii) the Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at March 31, 2012 and of the profit of the Company
for the year ended on that date;
iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
iv) That the directors have prepared the annual accounts on a 'going
concern' basis.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION.
1 A. Conservation of Energy:
Your Company operation does not involve intensive energy consumption.
Despite not a heavy energy user, the Company acknowledges its
importance and hence adequate measures have been taken to reduce energy
consumptions wherever possible.
B. Research & Development Technology Absorption:
a) Particulars of Research and Developments:
As business and technologies are changing constantly, continuous
investments in research and development are of paramount importance. As
a result of research efforts, your company has been able to develop
processes and methodologies that have resulted in constant improvement
in quality and productivity.
b) Particulars of Technology Absorption, Adoption and Innovation:
(i) The Company gets information on latest technology on
equipment/process, marketing etc. and this has been company's
operations, continuously absorbed and adopted to suit to Company's
operations.
(ii) Benefits derived as a result of the above efforts e.g, product
improvement, cost reduction, product development, import substitution
etc.
c) Details of Technology - Not Applicable.
C. Foreign Exchange Earning and Outflow:
During the year under review; your Company earned a foreign exchange of
Rs. 103.22 Lacs and utilized foreign exchange worth Rs. 64.78 Lacs.
SECRETARIAL COMPLIANCE REPORT
According to the provisions of section 383A of the Companies Act, 1956,
our Company has obtained the Secretarial Compliance Report from a
Company Secretary in whole time practice
RESUBMSSION OF DIRECTORS ON AUDITOR'S OULIFIC ATION:
The observations made in the Auditors' Report are self explanatory and
the management is taking effective steps for the rectification.
AUDITORS
M/s. D. Kothary & Co., Chartered Accountants, the Statutory Auditors of
the Company retire at this Annual General Meeting and are eligible for
the reappointment as Auditors of the Company to hold the office from
the date of this Annual General Meeting until the conclusion of the
next Annual General Meeting. The Directors recommend reappointing M/s.
D. Kothary & Co., as auditors of the Company. A certificate has been
received from the Auditors to the effect that their reappointment, if
made, would be within the prescribed limits u/s. 224 (1B) of the
Companies Act, 1956.
ACKNOWLEDGEMENT
Your directors would like to express their sincere appreciation for the
assistance and cooperation received from bankers, employees, auditors
and consultants during the period under review. The Directors sincerely
appreciate the high degree of professionalism, commitment and
dedication displayed by employees at all levels. The Directors also
place on record their gratitude to the Members for their continued
support and confidence.
By Order of the Board
Sd/-
Navin G.Thakkar
Chairman & Managing Director
Place : Mumbai.
Date :28th August; 2012
Registered Office:
Gala No. 202, Krishna House, Shailesh UdhyogNagar,
Opp. Nicholas Garage, Sativali Road,
Waliv, Vasai (East), Dist. Thane-401208
Mar 31, 2011
The directors have pleasure in placing before you the 6th Annual
Report of the Company along with the Audited Accounts for the year
ended 31st March, 2011:
FINANCIAL HIGHLIGHTS
Rs. Rs.
(In Lakhs) (In Lakhs)
ACCOUNTING YEAR 2010-2011 2009-2010
Sales 330.31 333.56
Other Income 17.25 18.28
Profit before interest,
depreciation and 55.55 58.91
taxation
Interest 12.32 15.15
Depreciation 27.69 28.09
Provision for taxation (net) 3.41 (5.30)
Profit after tax 18.96 10.38
Profit & Loss Account Balance B/f (43.74) (54.25)
Excess provision of income tax & FBT 0.14
Balance carried to the Balance Sheet (24.78) (43.74)
DIVIDEND
In view of the requirement of working capital for the Companies
activities, the directors have not recommended am distribution of
dividend.
OPERATIONS
During the year under review the Company's turnover has decreased from
Rs. 333.56 Lacs to Rs 33031 Lacs, The Net Profit Before tax is Rs.
15.54 Lacs against the last year profit of Rs. 15.68 lacs
CURRENT OUTLOOK & BUSINESS ACTTVITIES
Since the new plant is already commissioned, the Directors expect
better capacity utilization and consequently good growth in export as
well as local sales turnover. The demand tor company's products
continues to be good.
DIRECTORS
Mr. Pradeep C. Gaglani retires by rotation at the forthcoming Annual
General Meeting and being eligible, offers himself for re-appointment.
LISTING ON THE STOCK EXCHANGES
The Company's shares are listed with Bombay Stock Exchange Ltd. and the
Company has paid the necessary listing fees for the financial Year
2011-12
MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT
Managements Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with Stock
Exchange, Mumbai, is included in this Annual Report
CORPORATE GOVERNANCE
A separate report on Corporate Governance together with Certificate
from Practicing Chartered Accountant on its compliance is included
elsewhere in this Annual Report.
FIXED DEPOSITS
The Company has not accepted or renewed any Fixed Deposits within the
meaning of Section 58-A of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
Particulars of employees as required u/s 217 (2A) of the Companies Act,
1956 are not annexed since there are no employees drawing remuneration
of more than Rs.60,00,000/- per annum during the year under review, if
employed for full year or more than Rs. 5.00,000/- per month, if
employed for part of the year.
DIRECTORS RESPONSIBILITY STATEMENT
The Directors confirm that in the preparation of the annual accounts
for the year ended 31st March 2011 -
i) The applicable accounting standards have been followed along with
proper explanations relating to material departures, if any.
ii) That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates 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 and of the
profit or loss of the Company for the period ended 31st March. 2011.
iii) That the directors had taken proper and sufficient care 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.
iv) That the directors had prepared the annual accounts on a going
concern basis.
SECRETARIAL COMPLIANCE REPORT
According to the provisions of section 383A of the Companies Act,
1956,, our Company has obtained the Secretarial Compliance Report from
a Company Secretary in whole time practice and attached with this
report.
RESUBMSSION OF DIRECTORS ON AUDITOR'S OULIHCATION:
The observations made in the Auditors' Report are self explanatory and
the management is taking effective steps for the rectification.
AUDITORS
M/s. D. Kothary & Co., Chartered Accountants, the Statutory Auditors of
the Company retire at this Annual General Meeting and are eligible for
the reappointment as Auditors of the Company to hold the office from
the date this Annual General Meeting until the conclusion of the next
Annual General Meeting. The Directors recommend reappointing M/s. D.
Kothary & Co., as auditors of the Company. A certificate has been
received from the Auditors to the effect that their reappointment, if
made, would be within the prescribed limits u/s. 224 (IB) of the
Companies Act, 1956
ACKNOWLEDGEMENT
Your directors would like to express their sincere appreciation for the
assistance and cooperation received from bankers, employees auditors
and consultants during the period under review. The Directors sincerely
appreciate the high degree of professionalism, commitment and
dedication displayed by employees at all levels. The Directors also
place on record their gratitude to the Members tor their continued
support and confidence.
By Order of the Board
Navin G.Thakkar
Chairman &. Managing Director
Place : Mumbai.
Date : 27th August; 2011
Registered Office:
Gala No, 202, Shailesh Udhyog Nagar,
Opp. Nicholas Garage, Sativali Road
Waliv, Vasai (East)
Dist. Thane- -101208
Mar 31, 2010
The directors have pleasure in placing before you the 15th Annual
Report of the Company along with the Audited Accounts for the year
ended 31st March, 2010:
FINANCIAL HIGHLIGHTS Rs. Rs.
(In Lakhs) (In Lakhs)
ACCOUNTING YEAR 2009-2010 2008-2009
Sales 333.56 250.02
Other Income 18.28 24.47
Profit before interest, depreciation
and taxation 58.91 (72.41)
Interest 15.15 10.99
Depreciation 28.09 29.21
Provision for taxation (net) (5.30) (19.40)
Profit after tax 10,38 (93.21)
Profit & Loss Account on A/c of Demerger - 117.21
of Software Division
Profit and Loss Account balance B/f (54.25) (78.25)
Balance carried to the Balance Sheet (43.74) (54.25)
DIVIDEND
In view of the requirement of working capital for the companies
activities, the directors have not recommended any distribution of
dividend.
OPERATIONS
During the year under review the Companys turnover has increased from
250.02 Lacs to 333.56 Lacs. The Net Profit Before Interest,
Depreciation and Tax is Rs. 58.91 Lacs against the last year loss of
Rs. (72.41) Lacs.
CURRENT OUTLOOK & BUSINESS ACTIVITIES
Since the new plant is already commissioned, the Directors expect
better capacity-Aitilization and consequently good growth in exports as
well as local sales turnover. The demand for companys products
continues to be good.
DIRECTORS
Mr. Samir N. Thakkar retires by rotation at the forthcoming Annual
General Meeting and being eligible, offers himself for re-appointment.
LISTING ON THE STOCK EXCHANGES
The Companys shares are listed with Bombay Stock Exchange Ltd. and the
Company has paid the necessary listing fees for the Financial Year
2010-11.
MANAGEMENTS DISCUSSION AND ANALYSIS REPORT
Managements Discussion and Analysis Report for the year
under review, as stipulated under Clause 49 of the Listing
Agreement with Stock Exchange, Mumbai, is included in this
Annual.Report.
CORPORATE GOVERNANCE
A separate report on Corporate Governance together with Certificate
from Practicing Company Secretary on its compliance is included
elsewhere in this Annual Report.
FIXED DEPOSITS
The Company has not accepted or renewed any Fixed Deposits within the
meaning of Section 58-A of the CompaniesAct, 1956.
PARTICULARS OF EMPLOYEES
Particulars of employees as required u/s 217 (2A) of the Companies Act,
1956 are not annexed since there are no employees drawing remuneration
of more than Rs.24,00,000/- per annum during the year under review, if
employed for full year or more than Rs. 2,00,000/- per month, if
employed for part of the year.
DIRECTORS RESPONSIBILITY STATEMENT
The Directors confirm that in the preparation of the annual accounts for
the year ended 31st March 2010-
i) The applicable accounting standards have been followed along with
proper explanations relating to material departures, if any.
ii) That the directors had selected such accounting policies and applied
them consistently and made judgments and estimates 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 and of the profit or
loss of the Company for the period ended 3 lst March, 2010.
iii) That the directors had taken proper and sufficient care 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.
iv) That the directors had prepared the annual accounts on a going
concern basis.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE
EARNINGS AND OUTGO (Section 217 (I)(e))
A. Conservation of Energy:
Your Company operation does not involve intensive energy consumption.
Despite not a heavy energy user, the company acknowledges its
importance and hence adequate measures have been taken to reduce energy
consumptions wherever possible.
B. Research & Development Technology Absorption:
a) Particulars of Research and Developments:
As business and technologies are changing constantly, continuous
investments in research and development are of paramount importance. As
a result of research efforts, your company has been able to develop
processes and methodologies that have resulted in constant improvement
in quality and productivity.
b) Particulars of Technology Absorption, Adoption and Innovation:
(i) The company gets information on latest technology on equipment/process,
marketing etc. and this has been continuously absorbed and adopted to suit
to companys operations.
(ii) Benefits derived as a result of the above efforts e.g, product
improvement, cost reduction, product development, import substitution etc.
C. Foreign Exchange Earning and Outflow:
During the year under review; your company earned a foreign exchange of
Rs. 197.15 Lacs and utilized foreign exchange worth Rs.80.01 Lacs.
SECRETARIAL COMPLIANCE REPORT
According to the provisions of section 383A of the Companies Act, 1956,
our company has obtained the Secretarial Compliance Report from a
Company Secretary in whole time practice and attached with this report.
RESUBMSSION OF DIRECTORS ON AUDITORS QULIFICATION:
The observations made in the Auditors Report in clause (i) (a) & (vii)
are self explanatory and the management is taking effective steps for
the rectification and therefore, do not call for any further comments
under section 217 of the Companies (Amendment) Act, 2000.
AUDITORS
M/s. D. Kothary & Co., Chartered Accountants, the Statutory Auditors of
the Company retire at this Annual General Meeting and are eligible for
the reappointment as Auditors of the company to hold the office from
the date of this Annual General Meeting until the conclusion of the
next Annual General Meeting. The Directors recommend reappointing M/s.
D. Kothary & Co., as auditors of the Company. A certificate has been
received from the Auditors to the effect that their reappointment, if
made, would be within the prescribed limits u/s. 224 (IB) of the
Companies Act, 1956.
ACKNOWLEDGEMENT
Your directors would 1 jk-e to express their sincere appreciation for
the assistance and cooperation received from bankers, employees,
auditors and consultants during the period under review. The Directors
sincerely appreciate the high degree of professionalism, commitment and
dedication displayed by employees at all levels. The Directors also
place on record their gratitude to the Members for their continued
support and confidence.
By Order of the Board
Sd/-
Navin G.Thakkar
Chairman & Managing Director
Place : Mumbai.
Date :30th August 2010
Registered Office:
GalaNo. 202, Krishna House,
Shailesh UdhyogNagar,
Opp. Nicholas Garage,
Sativali Road, Waliv,
Vasai (East), Dist.
Thane-401208
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