Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the TWENTIETH ANNUAL REPORT
together with the Audited Accounts of the company for the financial
year ended 31st March, 2014.
FINANCIAL HIGHLIGHTS (Rs in Lakhs)
Particulars Year ended Year ended
31.03.2014 31.03.2013
Sales 958.28 329.00
Other Income 14.73 58.13
Profit before depreciation and tax 37.28 12.34
Depreciation 5.15 4.45
Net profit before tax 32.12 7.89
Prior period adjustments 0.00 0.00
Net profit/loss before Tax 32.12 7.89
Provision for taxation
a. Current (5.92) (2.02)
b. Differed Tax (0.26) (0.18)
Profit after tax 25.94 5.69
Deficit brought forward from the
previous year (17.36) (23.05)
Surplus/ (deficit) carried to balance sheet 8.58 (17.36)
OPERATIONS:
During the year under review, your company has achieved a total income
of Rs. 958.28 lakhs as against previous year''s income of Rs. 329.00
Lakhs and recorded a net profit of Rs. 25.94 Lakhs for the financial
year 2013-14 when compared to a net profit of Rs. 5.69 Lakhs during the
previous year.
During the financial year under review even though the ongoing severe
recession that the economy is witnessing in almost all the industries,
power problem in the joint state of Telangana and Andhra Pradesh,
frequent strike due to telangana issue and other factors beyond our
control, the Company is able to achieve a good turnover as Compared to
last financial year.
The Company is hopeful that this fiscal the Company will achieve good
turnover as the economy will witness upward trend and good business
despite of huge competition in wholesale prices and doing trading with
fewer margins to sustain in the market.
DIVIDEND:
Your Directors do not recommend any Dividend for the financial year
2013-2014 as the company has nominal profit in the business operations.
PARTICULARS OF EMPLOYEES:
Pursuant to Section 217(2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules 2011, as amended, no
employee of your Company is in receipt of remuneration exceeding Rs.
5,00,000/- per month or Rs. 60,00,000/- per annum during the financial
year.
DIRECTORS:
Mr. Sandeep Peeti, Managing Director of your company retires by
rotation at the ensuing Annual General Meeting. Being eligible for the
re-appointment, offers him for the re-appointment.
Pursuant to the provision of Section 149 and applicable provision of
the Companies Act, 2013 read with rules thereon all independent
directors of the company are seeking fresh appointment for 5
consecutive years commencing from ensuing Annual General Meeting.
DIRECTORS'' RESPONSIBILITY STATEMENT:
The Directors of your Company hereby report:
(I) that in the preparation of Annual Accounts for the financial year
ended 31st March, 2014, the applicable accounting standards have been
followed along with the proper explanation relating to material
departures, if any, there from;
(ii) that 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 at the end of the financial year ended 31st
March, 2014 and of the profit and loss of the company for that period:
(iii) that the directors have 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 have prepared the annual accounts on a going
concern basis.
FIXED DEPOSITS:
The Company has neither accepted nor renewed any deposits falling
within the provisions of Section 73 and 76 of the Companies Act, 2013
read with the Companies (Acceptance of Deposits) Rules, 2014 from the
its member and public during the Financial Year.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
A Statement giving details of Conservation of Energy, Technology
Absorption, Foreign Exchange Earnings and Outgo in accordance with the
provisions of Section 217(1)(e) of the Companies Act, 1956, read with
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules 1988, is set out in Form - ''A'' and Form - ''B'' which is
enclosed as Annexure - I to this report.
MANAGEMENT DISCUSSION & ANALYSIS
Pursuant to the provision of clause 49 of the listing agreement a
report on Management Discussion & Analysis is set out as an Annexure-II
to this report.
CORPORATE GOVERNANCE:
A separate report on Corporate Governance along with Auditor''s
Certificate on its compliance is enclosed as Annexure - III to this
report.
COMPLIANCE CERTIFICATE
Your Company has obtained the necessary Compliance Certificate as
required in terms of Section 383A read with the Companies (Compliance
Certificate) Rules 2001 of the Companies Act, 1956 for the financial
year 2013-2014 from Mr. B L Chandrasekhar Sarma Practicing Company
Secretary same is given in ANNEXURE-IV
AUDITORS:
Pursuant to the provisions of Section 139(2) of the Companies Act,
2013, the Statutory Auditor M/s.MKA Associates, Chartered Accountant,
Hyderabad, as the Statutory Auditors of the Company to hold office from
conclusion of this Annual General Meeting for a period of 3 years in
accordance with the Act, subject to the ratification of shareholders at
every Annual General Meeting. The Company is in receipt of confirmation
from the Statutory Auditor that in the event of his re-appointment as
Statutory Auditor at the ensuing Annual General Meeting, such
appointment will be in accordance with the limits specified in Section
141 of the Companies Act, 2013.
The Notes on Financial Statements referred to in the Auditors'' Report
are self-explanatory and do not call for any further comments. There
are no qualifications in the report of the statutory auditors for the
year 2013-14.
LISTING FEE:
Your Company''s shares are listed on The BSE Limited. Your company is
regular in payment of the listing fee to the BSE Limited.
ACKNOWLEDGEMENTS:
Your Directors place on record, their appreciation for the co-operation
and support from the Bankers, Financial institutions, the Stockiest and
distributors, supplier and customers.
Your Directors would also like to place on record their sincere
appreciation and gratitude to the Shareholders, Central and State
Government agencies etc for their support and co-operation. Your
Directors express their heartfelt gratitude to the employees for their
exceptional commitment and loyalty to the company.
FOR AND ON BEHALF OF THE BOARD
Sd/- Sd/-
Place: Hyderabad SANDEEP PEETI RAJESH PITTY
Date: 31-07-2014 Chairman & Managing Director Whole time Director
Mar 31, 2011
The Members,
The Directors have pleasure in presenting the SEVENTEENTH ANNUAL
REPORT together with the Audited Accounts of the company for the
financial year ended 31st March, 2011.
FINANCIAL HIGHLIGHTS
PARTICULARS (Rs. In Lacks) (Rs. In Lacks)
Year ended 31.03.2011 Year ended 31.03.2010
Sales 752.12 632.35
Other Income 0.98 2.59
Profit before
depreciation and tax 18.47 7.65
Depreciation 4.43 6.86
Net profit/(Loss)before tax 14.04 0.80
Prior period adjustments (0.18) (0.15)
13.86 0.64
Provision for taxation
a. Current (2.94) (0.19)
b. Deferred Tax à Ã
(2.94) (0.19)
Profit/(Loss) after tax 10.91 0.45
Deficit brought forward
from the previous Year (25.54) (26.00)
Surplus/(Deficit) carried
to balance sheet (14.63) (25.55)
OPERATIONS:
During the year under review, your company has achieved a total income
of Rs. 753.10 Lakhs as against previous year's income of Rs. 634.94
Lakhs and recorded a net profit of Rs. 14.04 Lakhs for the financial
year 2010-11 Although your company projected more turnover as against
the previous year's turnover, your company recorded less profit on
account of huge competition in wholesale prices and doing trading with
less margin to sustain in the market and your company could not
increase the selling price of the finished goods due to severe
recession that the economy is witnessing in almost all the industries.
However things are restoring to normalcy and the industry is recovering
from the depression and your company would do better in the years to
come.
DIVIDEND:
Your Directors do not recommend any Dividend for the Financial year
2010-2011 as the profits are planned to be ploughed back into the
business operations..
PARTICULARS OF EMPLOYEES:
None of the Employees of the Company is drawing remuneration exceeding
limits prescribed U/s 217(2A) of the Companies Act, 1956 read with the
Companies (Particulars of Employees) Rules, 1975
DIRECTORS:
Mr. Rajesh Peeti, Director of your company retires by rotation at the
ensuing Annual General Meeting. Being eligible for the re-appointmem,
offers himself for the re-appointment.
DIRECTORS' RESPONSIBILITY STATEMENT:
The Directors of your Company hereby report:
i). That in the preparation of Annual Accounts for the financial year
ended 31st March, 2011, the applicable accounting standards have been
followed along with the proper explanation relating to material
departures, if any, there from;
(ii) that 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 at the end of the financial year ended 31st
March, 2011 and of the profit and loss of the company for that period'
(iii) that the directors have 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 have prepared the annual accounts on a going
concern basis
FIXED DEPOSITS:
Your company has neither accepted nor renewed any deposits falling
within the provisions of Section 58A of the Companies Act, 1956 read
with the Companies (Acceptance of Depos its) Rules, 1975 from the
public during the financial year.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO-
A Statement giving details of Conservation of Energy. Technology
Absorption, Foreign Exchange Earnings and Outgo in accordance with the
provisions of Section 217(1)(e) of the Companies Act, 1956 read with
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules 1988. is se1 out in Form - 'A' and Form - 'B' which is
enclosed as Annexure -1 to this report
MANAGEMENT DISCUSSION & ANALYSIS
Pursuant to the provision of clause 49 of the listing agreement a
report on Management Discussion &
CORPORATE GOVERNANCE:
A separate report on Corporate Governance along with Auditor's
Certificate on its Compliance is enclosed as Annexure - III to this
report.
COMPLIANCE CERTIFICATE
Your Company has obtained the necessary Compliance Certificate as
required in terms of Section 383A read with the Companies (Compliance
Certificate) Rules 2001 of the Companies Act 1956 for the financial
year 2010-2011 from Mr. B L Chandrasekhar Sarma Practicing Company
Secretary same is given in ANNEXUREÃIV
AUDITORS:
M/s. MKA Associates, Chartered Accountants, the statutory auditors of
the company retire at the conclusion of ensuing Annual General meeting
and being eligible, offer themselves for re-appointment.
LISTING FEE:
Your Company's shares are listed on The Bombay Stock Exchange Limited.
Your company is regular in payment of the listing fee to the Bombay
Stock Exchange Limited.
ACKNOWLEDGEMENTS:
Your Directors place on record, their appreciation for the co-operation
and support from the Bankers, Financial institutions, the Stockiest and
distributors, supplier and customers Your Directors would also like to
place on record their sincere appreciation and gratitude to the
Shareholders, Central and State Government agencies etc for their
support and co-operation. Your Directors express their heartfelt
gratitude to the employees for their exceptional commitment and loyalty
to the company.
FOR AND ON BEHALF OF THE BOARD
Sd/- Sd/-
SANDEEP PEETI RAJESH PEETI
Chairman & Managing Executive Director
Director
Place: Hyderabad
Date : 25th August 2011
Mar 31, 2010
The Directors have pleasure in presenting the SIXTEENTH ANNUAL REPORT
together with the Audited Accounts of the company for the financial
year ended 31st March, 2010.
FINANCIAL HIGHLIGHTS
PARTICULARS (Rs. In Lacks) (Rs. In Lacks)
Year ended
31.03.2010 Year ended
31.03.2009
Sales 632.35 396.38
Other Income 2.59 4.99
Profit before depreciation and tax 7.65 (2.64)
Depreciation 6.86 5.47
Net profit/(Loss)before tax 0.80 (8.11)
Prior period adjustments 0.15 0.13
0.64 (8.24)
Provision for taxation
a. Current (0.19) -
b. Deferred Tax - -
c. Fring Benefit Tax - (0.19) (0.54) (0.54)
Profit/Loss after tax 0.45 (8.78)
Deficit brought forward from
the previous Year (26.00) (17.22)
Surplus/ (Deficit) carried to
balance sheet (25.55) (26.00)
OPERATIONS:
During the year under review, your company has achieved a total income
of Rs. 634.94 Lakhs as against previous years income of Rs. 401.37
Lakhs and recorded a net profit of Rs. 0.80 Lakhs for the financial
year 2009-10 when compared to a net loss of Rs. 8.11 Lakhs during the
previous year. Although your company projected more turnover as against
the previous years turnover, your company recorded less profit on
account of huge competition in wholesale prices and doing trading with
less margin to sustain in the market and your company could not
increase the selling price of the finished goods due to severe
recession that the economy is witnessing in almost all the industries.
However things are restoring to normalcy and the industry is recovering
from the depression and your company would do better in the years to
come.
DIVIDEND:
Your Directors do not recommend any Dividend for the Financial year
2009-2010 as the profits are planned to be ploughed back into the
business operations..
PARTICULARS OF EMPLOYEES:
Pursuant to Section 217(2A) of the Companies Act, 1956 read with
Companies (Particulars of Employees) Rules 1975, as amended, no
employee of your Company is in receipt of remuneration exceeding
Rs.2,00,000/- per month or Rs.24,00,000/- per annum during the
financial year.
DIRECTORS:
Mr. Rajeev Peeti, Director of your company retires by rotation at the
ensuing Annual General Meeting. Being eligible for the re-appointment,
offers himself for the re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT:
The Directors of your Company hereby report:
i). That in the preparation of Annual Accounts for the financial year
ended 31st March, 2010, the applicable accounting standards have been
followed along with the proper explanation relating to material
departures, if any, there from;
(ii) that 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 at the end of the financial year ended 31st
March, 2010 and of the profit and loss of the company for that period:
(iii) that the directors have 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 have prepared the annual accounts on a going
concern basis.
FIXED DEPOSITS:
Your company has neither accepted nor renewed any deposits falling
within the provisions of Section 58A of the Companies Act, 1956 read
with the Companies (Acceptance of Depos its) Rules, 1975 from the
public during the financial year.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
A Statement giving details of Conservation of Energy, Technology
Absorption, Foreign Exchange Earnings and Outgo in accordance with the
provisions of Section 217(1)(e) of the Companies Act, 1956, read with
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules 1988, is set out in Form - A and Form - 8 which is
enclosed as Annexure -1 to this report.
MANAGEMENT DISCUSSION & ANALYSIS
Pursuant to the provision of clause 49 of the listing agreement a
report on Management Discussion & Analysis is set out as an Annexure-II
to this report.
CORPORATE GOVERNANCE:
A separate report on Corporate Governance along with Auditors
Certificate on its compliance is enclosed as Annexure - III to this
report.
COMPLIANCE CERTIFICATE
Your Company has obtained the necessary Compliance Certificate as
required in terms of Section 383A read with the Companies (Compliance
Certificate) Rules 2001 of the Companies Act, 1956 for the financial
year 2009-2010 from Mr. B L Chandrasekhar Sarma Practicing Company
Secretary same is given in ANNEXURE - IV
AUDITORS:
M/s. MKA Assbciates, Chartered Accountants, the statutory auditors of
the company retire at the conclusion of ensuing Annual General meeting
and being eligible, offer themselves for re-appointment.
REVOCATION OF SUSPENSION
Our Board of Directors with immense pleasure informs to the share
holders that the trading in the Equity Shares of the Company is allowed
in the Bombay Stock Exchange. The Company script is revoked from
suspension from Bombay Stock Exchange Limited.
LISTING FEE:
Your Companys shares are listed on The Bombay Stock Exchange Limited.
Your company is regular in payment of the listing fee to the Bombay
Stock Exchange Limited.
ACKNOWLEDGEMENTS:
Your Directors place on record, their appreciation for the co-operation
and support from the Bankers, Financial institutions, the Stockiest and
distributors, supplier and customers.
Your Directors would also like to place on record their sincere
appreciation and gratitude to the Shareholders, Central and State
Government agencies etc for their support and co-operation. Your
Directors express their heartfelt gratitude to the employees for their
exceptional commitment and loyalty to the company.
FOR AND ON BEHALF OF THE BOARD
Sd/-
Place: Hyderabad SANDEEP PEETI
Date : 01st August 2010 Chairman & Managing Director