Mar 31, 2015
The Directors have pleasure in presenting their Twenty Third Report
together with the Audited Accounts of your Company for the year ended
31st March, 2015.
THE COMPANIES ACT, 2013
Your Company has been regular in keeping pace with the fast changes
introduced by the Companies Act, 2013 and initiated necessary changes
accordingly. Some of the important initiatives taken by your Company
are as under:
a. Re- constitution of the Committees of the Board.
b. Designation of Key Managerial Personnel (KMPs).
c. Establishment of Vigil Mechanism.
d. Recommendation for the appointment of the Independent Directors,
not liable to retire by rotation, who satisfy the criteria enumerated
in the Companies Act, 2013 and
e. Providing E-voting facility to members.
REVIEW OF PERFORMANCE
(In Lakhs)
2014-2015 2013-2014
Sales 18594.97 27970.65
Profit before tax 147.88 241.99
Profit after tax/Profit for the year 74.60 160.59
COMPANY'S PERFORMANCE
The Company is an agro based company and operates in two segments
namely Oil division and Agro division. The year under review witnessed
slowdown in the Indian economy which had an adverse impact on agro
industries which resulted in decrease in sales.
The segment wise revenue of your Company from operations for the fiscal
year 2014-15 is as follows:
Oil Division: Rs. 15763.49 Lakhs Agro Division: Rs. 2831.48 Lakhs
Highlights of performance of both the segments of the Company are
discussed in the Management Discussion and Analysis Report attached as
Annexure II to this report.
RESULTS OF OPERATIONS
Your Company generated a profit after tax from operations of Rs. 74.60
lakhs as compared with Rs. 160.59 lakhs in the previous year. Due to
downfall in the net profit, the earnings per share of the Company has
been reduced to Rs. 1.50 for the financial year 2014-15.
CURRENT YEAR'S WORKING
The working during the first quarter of the current year is encouraging
and it is expected that this trend will be maintained.
DIVIDEND
In order to increase internal generation of funds and with a view to
reducing finance costs, your directors have decided to skip dividend
for the year.
DIRECTORATE
At the Board Meeting held on 8th August, 2015, the Board of Directors
have re-appointed Mr. Jitendra Palnitkar, Mr. Ayushman Mehta, Mr.
Prakash Narvekar & Mr. Gautam Surana as Independent Directors of the
Company for a term of one year. The Company has received declarations
from all Independent Directors that they meet criteria of independence
as laid down under Section 149(6) of the Act and Clause 49 of the
Listing Agreement.
The Board at its meeting held on 14th October, 2014 appointed Mr.
Rakesh Singh as Additional Director and subsequently as Whole- Time
Director designated as "Works Director" of the Company's plant located
at Shikrapur for a period of two years with effect from 14th October,
2014, subject to the approval of the members in the ensuing Annual
General Meeting. Mr. Rakesh Singh retires at this AGM and offers
himself for re-appointment.
At the Board Meeting held on 1st July, 2015, the Board of Directors
approved re-appointment of Mr. Pradip P. Parakh as the Managing
Director of the Company for the further period of two years with effect
from 1st July, 2015, subject to the approval of members in the ensuing
general Meeting.
In accordance with the provisions of the Companies Act, 2013 and
Company's Article Association, Mr. Pradip P. Parakh retire by rotation
and offers himself for re-appointment. Necessary Resolutions for the
appointment/ re-appointment of directors are being proposed in the
Twenty Third Annual General Meeting.
The Company has received separate notice(s) together with requisite
amount, as per provisions of Section 160 of the Companies Act, 2013,
for the appointment of aforesaid directors on the Board of the Company.
In compliance with the clauses of Listing Agreement, brief resume,
expertise and details of other directorships, membership in committees
of other companies and shareholding in the Company of persons proposed
to be appointed as Directors are as under:
Name of Director DIN Age Date of Qualification
in Appointment
Years
Pradip Parakh 00053321 60 30/06/2005 B.Com
Jitendra Palnitkar 00053185 49 30/06/2005 B.Com,
LLB, C.A.
Ayushman Mehta 05233289 34 21/03/2012 M.Com
Prakash Narvekar 06773062 40 08/08/2014 B.Com
Gautam Surana 06923575 27 08/08/2014 Bachelor in
Foreign Trade,
M.B.A.
Shailesh Doshi 00399599 45 01/06/2006 B.Sc
Rakesh Singh 06987619 44 14/10/2014 B.A.
Geeta Kharade 07099681 32 20/02/2015 B.Com
Name of Director Directorship Membership No. of Shares
held in of Committees held in
other Cos. of other Companies
in India as Companies (including
on 31.03.2015 in which he those held
is a Director,by relatives)
as on
31.03.2015
Pradeep Parakh 1. Poona
Pulses
Pvt.Ltd. NIL NIL
Jitendra Palnitkar NIL NIL NIL
Ayushman Mehta Shree Vallabh
International
Pvt. Ltd. NIL NIL
Prakash Narvekar NIL NIL NIL
Gautam Surana NIL NIL NIL
Shailesh Doshi NIL NIL NIL
Rakesh Singh NIL NIL NIL
Geeta Kharade NIL NIL NIL
None of directors of the company has any inter-se personal relationship
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134 of the Companies Act, 2013, the Directors
confirm that:
a. in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
b. 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 and
loss of the company for that period;
c. 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;
d. the directors had prepared the annual accounts on a going concern
basis; and
e. the directors, in the case of a listed company, had laid down
internal financial controls to be followed by the company and that such
internal financial controls are adequate and were operating
effectively.
f. the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
STATUTORY AUDITORS
The term of Office of the Statutory Auditors M/s. M. Z. Gandhi & Co.,
Chartered Accountants (Firm Reg. No.117819W) expire at the conclusion
of the ensuing Annual General Meeting and, being eligible, offer
themselves for re-appointment. Your Company has received necessary
certificate from them confirming that their appointment, if made, will
be in accordance with the provisions of the Companies Act, 2013 and
rules made thereunder.
COST AUDITORS
Pursuant to Section 209 (1)(d) of the Companies Act, 1956, Cost Audit
Report for the financial year ended 31/03/2014 was submitted to the
Central Government on 27/10/2014.
SECRETARIAL AUDIT
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Board of Directors has appointed M/s.
Swapna Mande & Associates, Practicing Company Secretary, for conducting
Secretarial Audit of the Company for the financial year 2014-15. The
Secretarial Audit Report is annexed herewith as Annexure V. The
Secretarial Audit Report does not contain any qualification,
reservation or adverse remark.
EXTRACTS OF ANNUAL RETURN AND OTHER DISCLOSURES UNDER COMPANIES
(APPOINTMENT & REMUNERATION) RULES, 2014
The Extract of Annual Return in form no. MGT-9 as per Section 134(3)(a)
of the Companies Act, 2013 duly certified by the Practising Company
Secretary is annexed hereto as Annexure IV and forms part of this
report.
DISCLOSURE IN BOARD'S REPORT
During the year under review, the Company has not given any loan,
guarantee or provided security or made investment and has not conducted
any related party transactions pursuant to the provisions of the
Companies Act, 2013, hence information required to be disclosed as per
Section(s) 186 and 188 of the Companies Act, 2013 with relevant rules
framed thereunder is not applicable. The Disclosure in the Board Report
under Rule 5 of Companies (Appointment & Remuneration) Rules, 2014 is
also annexed hereto and forms part of this report.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has been employing 3 women employees in various cadres in
the organization. The Company has in place an Anti harassment policy in
line with the requirements of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013. An
Internal Complaints Committee has been set up to redress complaints
received regarding sexual harassment. All employees (permanent,
contractual, temporary, trainees) are covered under this policy.
During the year 2014-15, no complaints were received by the Company
related to sexual harassment.
RISK MANAGEMENT POLICY IMPLEMENTATION
Your Company's risk management is embedded in the business processes.
VIGIL MECHANISM
The Company has established a Vigil Mechanism that enables the
Directors and Employees to report genuine concerns. The Vigil Mechanism
provides for (a) adequate safeguards against victimization of persons
who use the Vigil Mechanism; and (b) direct access to the Chairperson
of the Audit Committee of the Board of Directors of the Company in
appropriate or exceptional cases.
DEPOSITS
Your Company has not accepted any deposits from the public as envisaged
under Section 73 to Section 76 of the Companies Act, 2013 read with
Companies (Acceptance of Deposit) Rules, 2014.
ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
Conservation of Energy: - The conservation measures have been
implemented wherever possible. The Company is making sincere efforts
towards conservation of energy through improved operational methods and
by all possible means. The Information as per Companies (Disclosure of
particulars in the Report of Board of Directors) Rules, 1988 relating
to conservation of energy is forming part of this report and annexed as
Annexure I.
Technology Absorption - The Company has not availed of imported
technology but has setup Laboratory and Quality Control Department to
ensure the quality of different products manufactured. The Company has
carried out Research & Development in process developments to minimize
energy consumption.
Foreign Exchange earnings and outgo - During the year under review, no
foreign exchange earnings were earned (Previous Year Rs. NIL) and the
foreign exchange outgo was Rs. 2739.02 lakhs (Previous Year Rs. 6198.18
lakhs).
PARTICULARS OF EMPLOYEES
None of the employees of the Company was in receipt of remuneration as
specified in Section 134 of the Companies Act, 2013, read with
Companies (Particulars of Employees) Rules, 1975 & hence no details are
required to be furnished.
PERSONNEL
The Industrial Relation scenario continued to be cordial the company
regards its employees as a great asset & accords high priority to
training & development of employees. The number of employees as on
March 31, 2015 was 15. The information required pursuant to section 157
of the Companies Act, 2013 read with rule 5 of the Companies
(Appointment & Remuneration of Managerial Personnel ) Rule, 2014 in
respect of employees of the companies is available for inspection by
the members at the registered office of the company during business
hours on working days upto the date of ensuing Annual General Meeting.
HEALTH AND SAFETY PERFORMANCE
Awareness for health and safety is being created.
CORPORATE GOVERNANCE
The report on Corporate Governance alongwith statutory auditor's
certificate thereon and the report on Management's discussion and
Analysis in accordance with clause 49 of the Listing Agreement entered
with the Stock Exchanges, are forming part of this Report as Annexures
II and Annexure III.
CREDIT RATING
ICRA Limited, credit rating agency, has, after periodic surveillance,
retained the long term and short term ratings for the Company at
[ICRA]BBB (pronounced as ICRA triple B plus) and [ICRA]A2 (pronounced
as ICRA A two), respectively, on the credit facilities extended to the
Company by bank(s). The outlook on the long term rating is stable.
CASH FLOW STATEMENT
Cash flow statement as required under Clause 32 of the listing
agreement is attached to and forms part of the Balance Sheet.
ACKNOWLEDGEMENTS
The Directors wish to convey their appreciation to all of the Company's
employees for their enormous personal efforts as well as their
collective contribution to the Company's record performance. The
Directors would also like to thank the shareholders, customers,
dealers, suppliers, bankers, Government and all other business
associates for the continuous support given by them to the Company and
their confidence in the management.
For and on behalf of the Board of Directors
Sd/-
PRADIP P. PARAKH
CHAIRMAN & MANAGING DIRECTOR
(DIN: 00053321)
Place: Pune
Date : 8th August, 2015
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting their Twenty Second Report
together with the Audited Accounts of your Company for the year ended
31st March, 2014.
REVIEW OF PERFORMANCE
(Rs. In Lakhs)
2013-2014 2012-2013
Sales 27970.65 36422.99
Profit before tax 241.99 373.78
Profit after tax/Profit for the year 160.59 258.72
COMPANY''S PERFORMANCE
The Company is an agro based company and operates into two segments
viz. Oil division and Agro division. The year under review witnessed
slowdown in the Indian economy which had an adverse impact on agro
industries which resulted in decrease in sales.
The segment wise revenue of your Company from operations for the fiscal
year 2013-14 is as follows:
Oil Division: Rs. 17431.71 Lakhs Agro Division: Rs. 10538.94 Lakhs
Highlights of performance of both the segments of the Company are
discussed in the Management Discussion and Analysis Report attached as
Annexure II to this report.
RESULTS OF OPERATIONS
Your Company generated a profit after tax from operations of Rs. 160.59
lakhs as compared with Rs. 258.72 lakhs in the previous year. Due to
downfall in the net profit, the earnings per share of the Company has
been reduced to Rs. 2.81 for the financial year 2013-14.
CURRENT YEAR''S WORKING
The working during the first quarter of the current year is encouraging
and it is expected that this trend will be maintained.
DIVIDEND
In order to increase internal generation of funds and with a view to
reducing finance costs, your directors have decided to skip dividend
for the year.
TRANSFER TO RESERVES
The Company proposed to transfer Rs. 10,00,000/- (Rs.Ten Laks only) to
the general reserve out of the amount available for the appropriation.
DIRECTORATE
At the Board Meeting held on 25th July, 2014, the Board of Directors
approved the reappointment of Mr. Shailesh C. Doshi as a Whole-time
Director of the Company, designated as "Works Director" of the
Company''s factory located at Kurkumbh for a further period of one year
with effect from 1st June, 2014, subject to the approval of the members
in the ensuing General Meeting. During the period under review, Mr.
Mahendra S. Mehta and Mr. Pankaj C. Baldota resigned form the Board of
Directors of the Company.
Mr. Gautam S. Surana and Mr. Prakash M. Narvekar were appointed as
Additional Directors (Independent Category) who in terms of the
Companies Act, 2013 hold office till the ensuing Annual General
Meeting. It is also proposed to appoint Mr. Jitendra H. Palnitkar and
Mr. Ayushman Mehta as independent directors for a tenure of one year.
Mr. Shailesh C. Doshi retires by rotation at the ensuing Annual General
Meeting and he is eligible for reappointment. The term of office of Mr.
Pradip P. Parakh, Managing Director of the Company, has been varied to
make the tenure of his term of office liable for retirement by
rotation. Necessary resolutions for the appointment of Directors,
re-appointment and variation in the terms are being proposed in the
notice convening the Twenty Second Annual General Meeting.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
confirm that:
(i) in the preparation of the said financial statements, the applicable
accounting standards have been followed and that there are no material
departures;
(ii) they have, in the selection of the accounting policies, consulted
the Statutory Auditors and have 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 if the Company at 31st
March, 2014 and of the profit of the Company for that year;
(iii) they 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;
(iv) they have prepared the annual accounts on a going concern basis.
STATUTORY AUDITORS
The term of Office of the Statutory Auditors M/s. M. Z. Gandhi & Co.,
Chartered Accountants (Firm Reg. No.117819W) expire at the conclusion
of the ensuing Annual General Meeting and, being eligible, offer
themselves for re-appointment. Your Company has received necessary
certificate from them confirming that their appointment, if made, will
be in accordance with the provisions of the Companies Act, 1956.
COST AUDITORS
The Company has reappointed M/s. M.R. Pandit & Co., Cost Accountants
(Partnership Firm no. 00268) as cost auditors of the Company to conduct
cost audit of the cost accounting records maintained by the Company
relating to the financial year 2013-14 pursuant to the Companies Act,
1956 and subject to the Central Government''s order directing the same.
DEPOSITS
The Company has not accepted any deposits from the public as envisaged
under Section 58A of the Companies Act 1956 and the rules made there
under.
INFORMATION UNDER SECTION 217 OF THE COMPANIES ACTS, 1956.
l Conservation of Energy: - The conservation measures have been
implemented wherever possible. The Company is making sincere efforts
towards conservation of energy through improved operational methods and
by all possible means. The Information as required under section
217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars in the Report of Board of Directors)
Rules,1988 are forming part of this report and are annexed as Annexure
I.
l Technology Absorption  The Company has not availed of imported
technology but has setup Laboratory and Quality Control Department to
ensure the quality of different products manufactured. The Company has
carried out Research & Development in process developments to minimize
energy consumption.
l Foreign Exchange earnings and outgo  During the year under review,
no foreign exchange earnings were earned (Previous Year Rs. NIL) and
the foreign exchange outgo was Rs. 6198.18 lakhs (Previous Year Rs.
20767.96 lakhs).
PARTICULARS OF EMPLOYEES
None of the employees of the Company was in receipt of remuneration as
specified in Section 217 (2A) of the Companies Act, 2013 and the rules
made there under and hence no details are required to be furnished.
HEALTH AND SAFETY PERFORMANCE
Awareness for health and safety is being created.
CORPORATE GOVERNANCE
As per clause 49 of the Listing Agreement entered with the Stock
Exchange, the report on Corporate Governance alongwith statutory
auditor''s certificate thereon and the report on Management''s discussion
and Analysis are forming part of this Report and are annexed as
Annexure II and Annexure III.
CREDIT RATING
ICRA Limited has reaffirmed the [ICRA]BBB (pronounced as ICRA triple B
plus) rating assigned to the long term based cash credit facilities and
has revised the outlook on the long term rating to ''Stable'' from
''Positive''. ICRA Limited has also reaffirmed the short term rating
assigned to non fund based facilities to [ICRA]A2 (pronounced as ICRA A
two).
CASH FLOW STATEMENT
As required under Clause 32 of the listing agreement, a cash flow
statement is attached to and forms part of the Balance Sheet.
ACKNOWLEDGEMENTS
The Directors wish to convey their appreciation to all of the Company''s
employees for their enormous personal efforts as well as their
collective contribution to the Company''s record performance. The
Directors would also like to thank the shareholders, customers,
dealers, suppliers, bankers, Government and all other business
associates for the continuous support given by them to the Company and
their confidence in the management.
For and on behalf of the Board of Directors
Sd/-
PRADIP P. PARAKH
CHAIRMAN & MANAGING DIRECTOR
Regd Office:
103/104, Hadapsar Industrial Estate,
Pune  411013
Tel: 020-26816020, 26816024
Fax: 020-26816021
CIN: L15313PN1993PLC070263
Place: Pune
Date: 8th August, 2014
Mar 31, 2013
The Directors have pleasure in presenting the Twenty First Report
together with the Audited Accounts of your Company for the year ended
31st March, 2013.
REVIEW OF PERFORMANCE
(Rs. In Lakhs)
2012-2013 2011-2012
Sales 36422.99 27990.17
Profit before tax 373.78 335.92
Profit after tax 258.78 225.92
COMPANY''S PERFORMANCE
The Company is an agro based company and operates into two segment viz.
oil division and agro division. The year under review witnessed
slowdown in the Indian economy which had an adverse impact on agro
industries. Inspite of the above, your Company increased its sales by Rs.
8432.82 lakhs during the fiscal year 2012-13 as compared to the fiscal
year 2011-12.
The segment wise revenue of your Company from operations for the fiscal
year 2012-13 is as follows :
Oil Division : Rs. 12803.02 Lakhs
Agro Division : Rs. 23619.97 Lakhs
Highlights of performance of both the segments of the Company are
discussed in the Management Discussion and Analysis Report attached as
Annexure II to this report.
RESULTS OF OPERATIONS
Your Company generated a profit after tax from operations of Rs. 258.78
lakhs as compared with Rs. 225.92 lakhs in the previous year. The
earnings per share increased from Rs. 3.95 to Rs. 4.53 which showed an
enhancement by 14.80%.
CURRENT YEAR''S WORKING
The first quarter of the current year resulted in a turnover of Rs.
6643.37 lakhs as compared with Rs. 4799.87 lakhs in the corresponding
quarter of the previous year. Profit for the period also showed a
significant increase in comparison with the corresponding quarter of
previous year. Your Directors hope to maintain the trend for the rest
of the financial year.
DIVIDEND
The Directors have recommended a Final Dividend of Re. 0.90 per Equity
Share equivalent to 9% for the financial year 2012-13 subject to the
approval of members. The final dividend will absorb an amount of Rs.
51,37,200/-, excluding Dividend Distribution Tax.
TRANSFER TO RESERVES
The Company proposed to transfer Rs. 15,00,000/- to the general reserve
out of the amount available for the appropriation.
DIRECTORATE
At the Board Meeting held on 24th May, 2013, the Board of Directors
approved the reappointment of Mr. Pradip P. Parakh as the Managing
Director of the Company for the further period of two years with effect
from1st June, 2013, subject to the approval of the members in the
ensuing General Meeting. Mr. Pankaj C. Baldota was also reappointed as
the Whole-time Director of the Company, designated as "Works Director"
of the Company''s factory located at Shikrapur, with effect from 1st
June, 2013 for a further period of two years, subject to the approval
of the members in the ensuing General Meeting.
In accordance with the provisions of the Companies Act, 1956 and the
Company''s Article of Association, Mr. Jitendra H. Palnitkar and Mr.
Ayushman Mehta retire by rotation and being eligible, offer themselves
for re-appointment. Necessary resolutions for the appointment/
re-appointment of directors are being proposed in the notice convening
the Twenty First Annual General Meeting.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors
confirm that :
(i) in the preparation of the said financial statements, the applicable
accounting standards have been followed and that there are no material
departures;
(ii) they have, in the selection of the accounting policies, consulted
the Statutory Auditors and have 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 if the Company at 31st
March, 2013 and of the profit of the Company for that year;
(iii) they 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;
(iv) they have prepared the annual accounts on a going concern basis.
STATUTORY AUDITORS
The term of Office of the Statutory Auditors M/s. M. Z. Gandhi & Co.,
Chartered Accountants (Firm Reg. No.117819W) expire at the conclusion
of the ensuing Annual General Meeting and, being eligible, offer
themselves for re-appointment. Your Company has received necessary
certificate from them confirming that their appointment, if made, will
be in accordance with the provisions of Section 224(1B) of the
Companies Act, 1956.
COST AUDITORS
The Company has reappointed M/s. M.R. Pandit & Co., Cost Accountants
(Partnership Firm no. 00268) as cost auditors of the Company to conduct
cost audit of the cost accounting records maintained by the Company
relating to the financial year 2013-14 pursuant to the Companies Act,
1956 and subject to the Central Government''s order directing the same.
DEPOSITS
The Company has not accepted any deposits from the public as envisaged
under Section 58A of the Companies Act 1956 and the rules made there
under.
INFORMATION UNDER SECTION 217 OF THE COMPANIES ACT, 1956
l Conservation of Energy: - The conservation measures have been
implemented wherever possible. The Company is making sincere efforts
towards conservation of energy through improved operational methods and
by all possible means. The Information as required under section
217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 are forming part of this report and are annexed as Annexure I.
l Technology Absorption  The Company is taking care of advancement in
technology from time to time. The Company has setup Laboratory and
Quality Control Department to ensure the quality of different products
manufactured. The Company has carried out Research & Development in
process developments to minimize energy consumption.
l Foreign Exchange earnings and outgo  During the year under review,
no foreign exchange earnings were earned (Previous Year NIL) and the
foreign exchange outgo was Rs. 20767.96 lakhs (Previous Year Rs. 8736.47
lakhs).
PARTICULARS OF EMPLOYEES
None of the employees of the Company was in receipt of remuneration as
specified in Section 217(2A) of the Companies Act, 1956 and the rules
made there under and hence no details are required to be furnished.
HEALTH AND SAFETY PERFORMANCE
Awareness for health and safety is being created.
CORPORATE GOVERNANCE
As per clause 49 of the Listing Agreement entered with the Stock
Exchange, the report on Corporate Governance alongwith statutory
auditor''s certificate thereon and the report on Management''s discussion
and Analysis are forming part of this Report and are annexed as
Annexure II and Annexure III.
CHIEF FINANCIAL OFFICER
Mr. Abhijit Rathod has been appointed as Chief Financial Officer of the
Company with effect from 24th May, 2013. Mr. Abhijit Rathod has 11
years of experience and has been with the Company since 2002. He has
been working in fields of marketing, sales and finance of the Company
till day. He is a Masters in Business Administration in the stream of
marketing.
CREDIT RATING
ICRA Limited has reaffirmed the [ICRA] BBB (Pronounced as ICRA triple
B) rating assigned to the long term based cash-credit facility and has
revised the outlook on the long term rating to ''Positive'' from
''Stable''. ICRA Limited has also upgraded the short term rating assigned
to non-fund based facilities to [ICRA] A2 (Pronounded as ICRA A two)
from [ICRA] A3 (Pronounced as ICRA A three Plus).
CASH FLOW STATEMENT
As required under Clause 32 of the listing agreement, a cash flow
statement is attached to and forms part of the balance sheet.
ACKNOWLEDGEMENTS
The Directors wish to convey their appreciation to all of the Company''s
employees for their enormous personal efforts as well as their
collective contribution to the Company''s record performance. The
Directors would also like to thank the shareholders, customers,
dealers, suppliers, bankers, Government and all other business
associates for the continuous support given by them to the Company and
their confidence in the management.
For and on behalf of the Board of Directors
Sd/-
PRADIP P. PARAKH
CHAIRMAN & MANAGING DIRECTOR
Place : Pune
Date : 3rd August, 2013
Mar 31, 2010
The Directors have pleasure In presenting the Eighteenth Annual Report
together with the Audited Accounts of your company for the year ended
31 st March 2010
REVIEW OF PERFORMANCE
(Rs.ln Lakhs)
2009-2010 2008-2009
Sales 36606.25 35899.94
Profit before tax 347.17 303.16
Profit after tax 237.17 203.16
OPERATIONS
The operations have resulted in a sales turnover of Rs.36606.25
compared with Rs. 35899.94 in the previous year. Profit after tax at
Rs.237.17 Lakhs has shown a significant increase compared with Rs.
203.16 Lakhs in the previous year. The results are an outcome of
stringent cost and quality control and increased patronage for the
companys products. These results have been achieved despite
inflationary trends during the latter part of the period. Your
Directors have decided to maintain the rate of dividend at 9% on the
paid up equity share capital.
CURRENT YEARS WORKING:
In continuation of the trend, the company has turned in excellent
results during the first quarter of the current year. If this trend is
maintained, your company is set to scale new heights in future.
DIRECTORATE
During the period under review, Mr Sanjeev Garg was co opted to the
board of directors as additional director who In terms of S. 260 of the
Companies Act 1956 holds office till the ensuing annual general
meeting. Mr.Shailesh C.Doshi was re-appointed as works director of the
company, subject to the approval of the members in general meeting.
Mr.Pankaj C. Baldota and Mr.Rajendra D.Shetiya retire by rotation and
are eligible for re-appointment. Necessary resolutions for the
appointment/ re-appointment of directors is being proposed in the
notice convening the Eighteenth Annual General Meeting.
DIRECTORS RESPONSIBILITY STATEMENT
While preparing the annual financial statements, the Company has
adhered to the following:
(i) In the preparation of the said financial statements the company has
followed the applicable accounting standards referred to in Section 211
(3-C) of the Companies Act, 1956
(ii) Company has followed the said Accounting Standards and applied
them consistently and has 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 31 st March 2010 and of the profit of
the company for that period;
(iii) 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) The directors have prepared the financial statements on a going
concern basis."
AUDITORS
The term of Office of the auditor M/s. M. Z. Gandhi & Co., Chartered
Accountants expire at the conclusion of the ensuing Annual General
Meeting and they are eligible for reappointment.
DEPOSITS
The company has not accepted any deposits from the public as envisaged
under Section 58A of the Companies Act 1956 and the rules made there
under.
INFORMATION UNDER SECTION 217 0F THE COMPANIES ACTS, 1956.
-Conservation of Energy: - Please see annexure- A
-Technology Absorption - Not applicable
-Foreign Exchange earnings and outgo
Foreign Exchange Earnings : Rs. Nil
CIFValue of imports : Rs. 15234.35 Lakhs
PARTICULARS OF EMPLOYEES
None of the employees of the company was in receipt of remuneration as
specified in Section 217(2A) of the Companies Act, 1956 and the rules
made there under.
HEALTH AND SAFETY PERFORMANCE
Awareness for health and safety is being created.
CORPORATE GOVERNANCE
The report on Managements discussion and Analysis and Report on
Corporate Governance are forming part of this Report and are annexed as
Annexure II and Annexure III. As required by the listing agreement, an
Auditors Report on Corporate Governance is also attached to the said
report
CASH FLOW STATEMENT
As required under Clause 32 of the listing agreement, a cash flow
statement is attached to the Balance Sheet along with the auditors
certificate.
ACKNOWLEDGEMENTS
The Directors acknowledge with thanks the help and co-operation
rendered by the Bankers of the company, Employees of the company at all
levels and also the support of the shareholders of the company.
For and on behalf of the Board of Directors
Place: Pune PRADIP P. PARAKH
Date: 24th July 2010 CHAIRMAN & MANAGING DIRECTOR
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