Mar 31, 2015
Dear Members.
The Directors are pleased to present the 30th Annual Report along with
the Company's Audited Financial Statement for the financial year ended
March 31,2015.
FINANCIAL RESULTS
(Rs. In Lacs]
Particulars 2014-15 2013-14
Sales & Other
Income 7,03 6,17
Total
Expenditure 61.30 23.19
Earning before Finance Cost,
Depreciations Tax [54.27] [17.02]
Less: Finance Cost 36.65 4.77
Depreciation & Amortization
Expenses 24.81 19,19
Profit/ (loss] before Tax
and extraordinary items [115.73] [40.98]
Exceptional & Extraordinary
items 2.81 6.58
Profit/ (Loss] before
Tax [118.54] [47.56]
Current
Tax - -
Profit/ (Loss] for the
Year [118.54] [47.56]
8asic & Diluted Earnings Per
Equity Shares of Face
Value of Rs. [2.30] [0.81]
10/- each,
DIVIDEND
The 8oard of Directors of the company has not recommended any dividend
for the financial year 2014-15.
BUSINESS REVIEW
The Company has resumed its manufacturing and trading activities during
the month of December 14,2014of the products mainly used in Hospital
hygiene Sector and other Sectors where hygiene is to be maintained. The
products are disposable new to the users and will take some time to
establish its presence in the market.
REVOCATION OF SUSPENSION OFLISTING ON BSE
Your Directors are pleased to inform that, the suspension of trading of
equity shares of the Company on 8SE Ltd, has been revoked with effect
from April 25,2014.
FIXED DEPOSIT
Outing the financial year 2014-15, your Company has not accepted any
deposit within the meaning of Sections 73 and 74 of the Companies Act;
2013 read together with the Companies (Acceptance of Deposits] Rules,
2014.
MATERIAL CHANGES OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR UNDER
REVIEW AND THE DATE OF THE REPORT
There have been no material changes which affects the financial
position of the Company had taken place during the time period between
end of the financial year under review and the date of the report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis forms an integral part of this
Report, as stipulated under Clause 49 of the Listing Agreement with
Stock Exchange, is set out in the Annexure forming part of Annual
Report marked as Annexure "A".
CORPORATE GOVERNMENTS
Corporate Governance is an ethically driven business process that is
committed to values aimed at enhancing an organizations brand and
reputation. The new Companies Act, 2013 and amended Listing Agreement
have strengthened the governance regime in the country. The Company is
in compliance with the governance requirements provided under the new
law and had proactively adopted many provisions of the new law, ahead
of time. The Company is committed to maintain the highest standards of
corporate governance and adhere to the corporate governance
requirements set out by SEB1. Report on Corporate Governance is forming
part of the Annual Report as Annexure "B".
A separate report on Corporate Governance is provided together with a
Certificate from the Statutory Auditors of the Company regarding
compliance of conditions of Corporate Governance as stipulated under
Clause 49 of the Equity Listing Agreement with the Stock Exchange. A
Certificate of the Chairman and MD of the Company in terms of
sub-clause IX of Clause 49 of Equity Listing Agreement, inter alia,
confirming the correctness of the financial statements and cash flow
statements, adequacy of the internal control measures and reporting of
matters to the Audit Committee, is also annexed.
EXTRACT OF THEANNUAL RETURN
Extract of Annual Return in Form No. MGT 9 is attached pursuant to
Section 134(3) to the Companies Act 2013asAnnexure "C".
BOARD MEETINGS
The details of the number of Board and Committee meetings of the
Company are set out in the Corporate Governance Report which forms part
of this Report.
DIRECTORS RESPONSIBILITY STATEMENT
Your Directors state that:
a) in the preparation of the annual accounts for the year ended March
31, 2015, the applicable accounting standards read with requirements
set out under Schedule 111 to the Act, have been followed and there are
no material departures from the same;
b) 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 31,2015 and of the profit of the Company for
the year ended on that date;
c) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
d) the Directors have prepared the annual accounts on a 'going concern'
basis;
e) the Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and are operating effectively; and
fj the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate and operating effectively
DISCLOSURE BY INDEPENDENT DIRECTORS
All Independent Directors have given declarations that they meet the
criteria of independence as laid down under section 149[6) of the
Companies Act, 2013 and Clause49 of the Listing Agreement.
DIRECTORS
Mr. Ajay Kasat (D1N-05269584) was appointed as an additional Director
and in accordance with Section 196, 197 and 203 of the Companies Act,
2013 and the Articles of Association of the Company, Mr. Ajay Kasat
(DIN: OS 269584) was thereafter also designated as a Managing Director
of the Company w.e.f. Lath January, 2015 for The term of three years
subject to the approval of Members at the ensuing Annual General
Meeting Smt. Krishna Jajoo (DIN- 02590793) was appointed as Additional
Director of the Company we.f 15ftJanuary, 2015 and is being proposed
for appointment as non-Executive Director of the Company, liable to be
retiring by rotation subject to the approval of members.
Mr. Arpit Bangur (DIN 02600716) retires by rotation at ensuing Annual
General Meeting and being eligible, offer himself for reappoint.
8rief resume of Directors seeking appointment and re-appointment as
stipulated under clause 49 of Listing Agreement, has been provided as
Annexure to the Notice of AGM of the Company.
During the year under review, Mr. Beni Gopal Lahotl has resigned from
the directorship of the Company we.f. 20.01.2015. The Board
appreciates the services and the valuable support rendered by him
during the tenure of his directorship.
KEY MANAGERIAL PERSONNEL
The Key Managerial Personnel (KMP) in the Company as per Section 203 of
the Companies Act, 2013 are as follows:
Mr. AJAY KASAT: Managing Director(DIN: 05269584)
Mr. SACH1NSARM: Company Secretary CPAN:AXWPS3668P) with effect from
June 1,2015.
POLICY DN DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHERDETAHS
The Remuneration Policy of the Company is designed to attract, motivate
and retain manpower in a competitive and international market. The
policy reflects the Company's objectives for good corporate governance
as well as sustained long-term value creation for shareholders. The
Remuneration Policy applies to the Company's senior management,
including its Key Managerial Person and Board of Directors The
Nomination and Remuneration Policy for the members of Board and
Executive Managements available on the Company's website,
www.raajmedisafeindia.com.
EVALUATION DFBOARD. COMMITTEES AND INDIVIDUAL DIRECTORS:
The Company has devised a Policy for performance evaluation of
Independent and other Directors Board as a whole and committees thereof
which include criteria for performance evaluation of the executive and
non executive directors.
The Board of directors have formulated and adopted a policy on
appointment / remuneration of directors including criteria for
determining qualification, positive attributes, independence of the
directors and other matters. This policy also covers the performance
evaluation of all directors, Board, committees and Key Managerial
Personnel. An exclusive meeting of the Independent Director of the
Company has been held on 17th February, 2015 which was attended by all
the Independent Directors. They have reviewed the performance of the
non independent directors and the Board as a whole, performance of the
Chairperson and quality of information to the Board as provided under
Schedule IV of the Companies Act,2013.
The Policy for evaluation of performance of the Board of Directors is
available on the Company's website www.raajmedisafeindia.com.
AUDITDRS AND AIIQ1TDRS' REPORT
M/s. Nitin Vasant Garud & Co., Chartered Accountants, Ujjain, who are
the statutory auditors of the Company, hold office till the conclusion
of the forthcoming AGM and being eligible have consented and offered
them- selves for re-appointment. Pursuant to the provisions of section
139 of the Companies Act, 2013 and the Rules framed there under, it is
proposed to appoint M/s. Nitin Vasant Garud & Co., Chartered
Accountants, Ujjain as statutory auditors of the Company from the
conclusion of the forthcoming AGM till the conclusion of the thirty
fifth AGM to be held in the year 2020, subject to ratification of their
appointment at every AGM.
The Notes on financial statement referred to in the Auditors' Report
are self-explanatory and do not call for any further comments. The
Auditors' Report does not contain any qualification, reservation or
adverse remark.
SECRETERIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Companies Act, 2013
read with the Companies (Appointment and Remuneration of Managerial
Personnel] Rules, 2014, the Company has appointed Mr. Manish
Maheshwari, Practicing Company Secretary to conduct the Secretarial
Audit of the Company. The Secretarial Audit Report is annexed here with
to this Report and marked as Annexure "D".
Reply to the emphasis points in the Report is as under:
S. No. Emphasis Points Board's Reply
1. Company has not filed MGT 10 under Due to the uncertainty of
calculation of 2% of Section 93 of Companies Act, 2013 the top 10
shareholders, we are not able to file during the financial year. the
Form MGT 10. The Company was in process of filing MGTIO.
2. Company has not appointed Chief The Company has appointed Company
Financial Officer and Company Secretary on Junel, 2015.
Secretary as per Section 203 of the As regards, appointment of CFO and
Internal Companies Act, 2013. Auditor, The Board submits that the
Company was closed down since 2010 and resumes its
3. Company has not appointed Internal production in the later part of
December 2014. Auditor as per section 138 of the However the Company
is in the process of Companies Act. 2013. appointment of CFO and
Internal Auditor.
4. Company has not published Notice of Due to Non operation of the
Company up to Board Meeting and Financial Results December 2014,
Company has not published as per Clause 41 of the Listing Notice of
Board Meeting and Financial Results Agreement with Stock Exchanges. as
per Clause 41 of the Listing Agreement with Stock Exchanges.
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES
During the financial year 2014-15, the Company has entered into
transactions with related parties as defined under Section 2(76) of the
Companies Act, 2013 read with Companies (Specification of Definitions
Details) Rules, 2014, which were in the ordinary course of business and
on arms' length basis and in accordance with the provisions of the
Companies Act, 2013, Rules issued there under and Clause 49 of the
Listing Agreement. During the financial year 2014-15, there were no
transactions with related parties which qualify as material
transactions under the Listing Agreement and the Companies Act.
In line with the requirements of the Companies Act, 2013 and Equity
Listing Agreement, the Company has formulated a Policy on Related Party
Transactions which is also available on Company's website at
www.raajmedisafeindia.com. The Policy intends to ensure that proper
reporting; approval and disclosure process are in place for all
transactions between the company and related parties , Therefore the
Company Is not required to furnish any particulars in the Forum AOC -2
PARTICULARS OF LOANS GIVEN, INVESTMENTS MADE, GUARENTEES GIVEN AND
SECURITIES PROVIDED
Pursuant to section 134 (3) (g) of the companies Act, 2013 particulars
of loans, guarantees or investments provided by the company under
section1B6 of the Act as at end of the Financial Year 2014-2015 are
disclosed in the Notes to the Financial statement attached with the
Board Report.
PARTICULARS OF EMPLOYEES
The information required pursuant to Section 197 read with Rule
Remuneration of Managerial Personnel) Rules, 2014 in respect of
employees of the company is as follows:
The company has one Managing Director and his remuneration Rs.50000 A
per month w.e.f. 1st January2015.
Further, no sitting fees have been paid to any director during the
year.
The particles of the employees who are covered by the provisions
contained in Rukes 5 (2)and rule 5(3) of companies (Appointment and
Remuneration of Manage ration of Managerial personnel) Rules, 2014 are:
a] Employed throughout the year Nil]
b] Employed for part of the year Nil
The Remuneration paid to all key management personnel was in accordance
with remuneration policy adopted by the company.
CONSERVATION OF ENERGY, TECNOLOGY ABSORPTION AND FORIEN EXCHANGE
EARINGS AND OUTGO
Details of conversion of energy, technology absorption and foreign
exchange earrings and outgo as stipulated under section 134 of
the Companies [Accounts] Rules,2014 is forming part of this report
Annexure "E".
Outing the year there were no foreign earnings as well as outgo.
RISK MANAGEMENT
In line with the regulatory requirements of Section l34[3] of Companies
act, 2013, The company has framed a Risk Management Polity to identify
and access the key business risk areas and to resolve the same risk
for smooth operations. A detailed exercise is being carried out reso1ve
the Same risk for and monitor all business risk sand suggests steps to
taken to controlee and mitigate the same through a properly defined
frame work.
INTERNAL FINANCIAL CONTROL According to section 134 [5] [e] of the
companies Act, 2013 the term internal financial controlee [IFC] means
the policies and procedures adopted by the company for ensuring the
orderly and efficient conduct of its business, including adherence to
companies' policies the safe guarding of its Assets, the preventing
and detection of frauds and error the accuracy and completeness of the
accounting records, and the timely preparation of reliable financial
information.
The company has Adequate system of internal controls to ensure that
all the assets are safeguarded and are productive. Necessary checks and
controls are in place to ensure that transactions are properly
verified, adequately authorized, correctly recorded and properly
reported.
SUBSIDIARIES. JOINT VENTURES AND ASSOCIATES COMPANIES
During the year under review, pursuant to the provisions of section
2(6), 2(87) the Company has no Subsidiaries, joint venture and any
associate Company.
INDUSTRIAL RELATIONS
Relation between the Management and its employees has been cordial.
Your Directors place on record their appreciation of the efficient and
loyal services rendered by the employees of the Company at all levels.
ACKNOWLEDGEMENT
The Directors wish to convey their appreciation for the co-operation
extended by bankers and various Government agencies. The Directors also
wish to thank the Shareholders, Employees, Customers and Suppliers for
their support and co-operation.
By order of the Board.
FOR RAAJ MEDISAFE INDIA LIMITED
Place: Pithampur
Sd/- Sd/-
Date : August 12, 201S AJAY KASAT ARPIT BANGUR
MANAGING DIRECTOR CHAIRMAN
DIN:05269SB4 DIN:02600716
Mar 31, 2014
Dear Members,
Directors are pleased to submit their 29th Annual Report on the
business and operations of the Company along with audited Balance Sheet
& Profit and Loss Account for the year ended 31st March, 2014,
FINANCIAL RESULTS
Financial results of the company for the year under review along with
figures for previous year are as follows:
(Rs in Lacs)
For the year For the year
Particulars ended ended
31.03.2014 31.03.2013
Sales and Other Income 6.17 0,00
Operating Profit/(Loss) before Interest,
Depreciation, and Tax (17,02) (3.30)
Less; Interest 4.77 1.19
Profit/(Loss) before Depreciation (22.79) (4.49)
Depreciation 19.18 19.17
Profits Loss) before exceptional and
extraordinary items and tax (40.97) (23.66)
Less: Extra Ordinary Expenses 6.53 18.25
Profit/(Loss) before Tax (47.55) (41.92)
Tax 0.00 0.00
Net Profit/(Loss) after Tax (17.55) (41.92)
Which has been carried to Balance Sheet
DIVINDEND
In view of losses, the directors regret their inability to recommend
any dividend on Equity shares for the year ended 31st March 2014.
SHARE CAPITAL & LISTING
Your Directors are pleased to announce that your Company has obtained
trading approval of Equity shares of the Company at the Stock Exchange,
Mumbai.
The company has obtained connectivity with National Depository Services
Limited (NSDL.) to provide facilities to all members, investors and
shareholders and to hold the shares in dematerialised form.
DIRECTORS
In accordance with Section 152 of the Companies Act, 2013 and the
Articles of Association of the Company, Shri Arpit Bangurwill retire by
rotation at the ensuing Annual General Meeting and is eligible for
re-appointment.
Pursuant to Section 149 of the Companies Act, 2013, the Board at its
matting field on 29th May 2014, recommended appaintment of Mr. Rajesh
Kumar Gupta, Vijendra Kumar Sood and Mr. Narendra Bahadur Singh as
independent Directors of the Company, not liable to retire by rotation
for a period of five years from the 29th Annual General Meeting subject
to approval of the Members of the Company.
The Company has received declarations from all the independent
Directors of the Company confirming that they meet with the criteria of
independence as prescribed both under sub section(6) of Section 149 or
the Ad as well as under clause 49 of the Listing Agreement with the
Stock Exchanges.
PUBLIC DEPOSITS
During the year, the Company has not accepted any public deposits
within the meaning of Section 58 A of the Companies Act, 1956 and the
rules made there under.
AUDITORS
M/s. Nitin Vasant Gacud & Co., Chartered Accountants, Ujjain, Statutory
Auditors of the Company, hold office till the conclusion of the ensuing
Annual General Meeting and are eligible for re-appointment.
The Company has received letter from them to the effect that their
re-appointment, if made, would be within the prescribed limits under
Section 141(3)(g)ofthe Companies Act, 2013 and that they are not
disqualified for re-appointment.
The Audit Committee and the Board of Directors recommended the
re-appointment of M/s. Nitin Vasant Garud & Co., Chartered Accountants,
Ujjain as the Auditors of the Company for the fiscal year ending on
March 31,2015.
AUDITORS' REPORT
The Board has duly reviewed the Statutory Auditors' Report on the
Accounts. The observations appearing in the Auditors' Report, does not
call for any further explanation/clarification by the Board of
Directors.
DECLARATION PURSUANT TO SECTION 217(3AA)
In pursuant to Provision contained in Section 217(2AA) of the Companies
act, 1956, Directors of the Company Confirm That.
I. In the preparation of the annual acoounts, applicable accounting
standards have been followed.
II. Accounting Policies selected were applied consistently. Reasonable
and Prudent judgments and estimates were made so as to give a true and
fair view of the state of affairs of the Company as at 31 st March 2014
and profit & loss account of the Company for the year ended on that
date.
III . Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with provisions of Companies
act, 1956 for, safeguarding the assets of the Company and for
preventing and detecting frauds of the Company and other
irregularities.
IV. Annual accounts of the Company have been prepared on Going Concern
basis,
CORPORATE GOVERANCE
Your Company is committed to follow the guidelines of SEBl and Stock
exchanges from time to time. Your Company implemented all of its major
stipulation as applicable to foe Company. The Statutory Auditors'
certificate in accordance with clause 49 of Listing agreement and
report on Corporate Governance is annexed to and forming part of the
Directors Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A Management discussion and Analysis Report have been attached and
forms part foe Directors' Report.
PARTICULARS OF EMPLOYEES
There were no employees during foe current year drawing the
remuneration more than foe limit prescribed under section 217(2A) of
the Companies Act, 1956 read with Companies(Particulars of
Employees)Rules, 1975.
INSURANCE
The Buildings, Plant & Machinery, Stocks, Stores and Spares of the
Company are adequately insured against various risks including
machinery break down.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUT GO
The details required under section 217 (1) (e) of The Companies Act,
1956 are given in the Annexure and forms part of this report.
ACKNOWLEDGEMENT
Your Directors wish to place on record their sincere appreciation for
the continued co-operation and support given to foe Company by its
Customers, Shareholders, Bankers, and Central & State Governments
including all those associated with foe Company.
For & On Behalf of the Board of Directors
Sd/-
ARPIT BANGUR
Place : Pithampur CHAIRMAN
Date : 29th May 2014
Mar 31, 2012
The Directors are pleased to submit their 27th Annual Report on the
business and operations of the Company along with audited Balance
Sheets & Profit and Loss Account for the year ended 31st March, 2012.
FINANCIAL RESULTS
Financial results of the company for the year under review along with
figures for previous year are as follows:
(Rs. in Lacs)
For the For the year
year ended ended
Particulars 31.03.2012 31.03.2011
Sales and Other Income 4.43 3.69
Operating Profit before
Interest, Depreciation and Tax (156.61) (22.83)
Less : Interest 13.37 0.09
Profit before Depreciation (169.98) (22.92)
Depreciation 20.61 21.51
Profit before tax (190.59) (44.43)
Net Profit After Tax (190.59) (44.43)
Add. Balance brought forward (436.47) (392.04)
Balance carried to Balance Sheet (627.06) (436.47)
DIVIDEND
The Board of Directors decided not to recommend any dividend on Equity
shares for the year ended 31st March 2012.
DIRECTORS
In accordance with Section 256 of the Companies Act, 1956 and the
Articles of Association of the Company, Shri R.K. Jain and Shri
Himanshu Sharma will retire by rotation at the ensuing Annual General
Meeting and are eligible for re-appointment.
Sarvashri Braham Swaroop Jajoo, Rajesh Kumar Gupta, Vijendra Kumar Sood
and Narendra Bahadur Singh were appointed as Additional Directors of
the Company on 8th September, 2011 and their term of office expires on
the date of ensuing Annual General Meeting. The Company has received
notices under Section 257 of the Companies Act, 1956 from the
shareholders for the appointment of the aforesaid Directors. The Board
recommends their appointment as Directors of the Company.
PUBLIC DEPOSITS
During the year, the Company has not accepted any public deposits
within the meaning of Section 58 A of the Companies Act, 1956 and the
rules made there under.
AUDITOR AND THEIR REPORT
Comments of the auditors in their report for the period ended 31st
March, 2012, are self explanatory and need no comments.
M/s Nitin Vasant Garud & Co., Chartered Accountants, Ujjain, will
retire at the conclusion of ensuing Annual General Meeting. The Board
proposed their re-appointment as Statutory Auditor to audit the
accounts of the Company for the year 2012-13. You are requested to
consider their re-appointment.
DECLARATION PURSUANT TO 217(2AA)
In pursuant to Provision contained in Section 217(2AA) of the Companies
act, 1956, Directors of the Company Confirm That:
I. In the preparation of the annual accounts, applicable accounting
standards have been followed.
II. Accounting Policies selected were applied consistently. Reasonable
and Prudent judgments and estimates were made so as to give a true and
fair view of the state of affairs of the Company as at 31st March 2012
and profit & loss account of the Company for the year ended on that
date.
III. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with provisions of Companies
act, 1956 for safeguarding the assets of the Company and for preventing
and detecting frauds of the Company and other irregularities.
IV. Annual accounts of the Company have been prepared on Going Concern
basis.
CORPORATE GOVERNANCE
Your Company is committed to follow the guidelines of SEBI and Stock
exchanges form time to time Your Company implemented all of its major
stipulation as applicable to the Company. The Statutory Auditor''s
certificate in accordance with clause 49 of Listing agreement and
report on Corporate Governance is annexed to and forming part of the
Directors Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A Management discussion and Analysis Report have been attached and
forms part the Directors Report.
PARTICULARS OF EMPLOYEES
There were no employees during the current year drawing the
remuneration more than the limit prescribed under section 217(2A) of
the Companies Act, 1956 read with Companies (Particulars of Employees)
Rules, 1975.
INSURANCE
The Buildings, Plant & Machinery, Stocks, Stores and Spares of the
Company are adequately insured against various risks including
machinery break down.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUT GO
The details required under section 217 (1) (e) of The Companies Act,
1956 are given in the Annexure and forms part of this report.
ACKNOWLEDGEMENT
Your Directors wish to place on record their sincere appreciation for
the continued co- operation and support given to the Company by its
Customers, Shareholders, Bankers, and Central & State Governments
including all those associated with the Company.
For & On Behalf of the Board of Directors
Sd/-
Place : Indore RAJESH KUMAR GUPTA
Date : 21st July 2012 (CHAIRMAN)
Mar 31, 2009
The Directors have pleasure in presenting the 24th Annual Report
together with Audited Statement of Accounts of the Company for the year
ended 31st March, 2009.
FINANCIAL RESULTS
(Rs. in lacs)
As at As at
31.3. 2009 31.3.2008
Sales and Other Income 635.30 410.21
Operating Profit before Interest,
Depreciation and Tax 48.85 21.27
Less Interest 17.51 25.02
Profit before Depreciation 31.34 (3.75)
Depreciation 22.66 23.12
Profit before tax 8.68 (26.87)
Profit after tax 7.64 (26.87)
Add. Balance brought forward (329.74) (302.87)
Balance carried to Balance Sheet (322.10) (329.74)
OPERATIONS
Post the recent economic meltdown and as the markets are reviving
again, the companys operations are also following an upward trend.
Turnover and operations of the Company have increased to Rs. 635.30
Lacs as compared to Rs. 410.21 Lacs. This has resulted in an increased
profit before interest, Depreciation and Taxes of Rs. 48.85 Lacs as
compared to 21.27 Lacs in the previous year. The positive are clue to a
shift of the companys activities from being purely manufacturing based
to more trading activities.
DIRECTORS
Director Shri Manoj Dhandia and Shri S. Rakyan retire by rotation and
being eligible offer themselves for re- appointment.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956, your
Directors state as under :
(i) that in the preparation of the Annual Accounts, the applicable
standards have been followed and there has been no material departure ;
(ii) that the Directors have made every effort to keep the operations
going inspite of volatile and depressive economic scenario and market.
(iii) that the Directors have selected such accounting policies and
applied them consistently and made judgements 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
Loss of the Company for that period;
(iv) 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 fraud and other irregularities
to the best of their knowledge and ability;
(v) that the Directors have prepared the Annual Accounts on a going
concern basis.
AUDITORS AND AUDITORS REPORT
M/s Dharmesh & Co Chartered Accountants retire at the conclusion of the
ensuing Annual General Meeting. now M/s N. Parik & Associates
Chartered Accountants Indore They have signified their willingness to
accept appointment and have further confirmed their eligibility under
section 224 (1-B) of the Companies Act, 1956
Observations made in the Auditors Report are self-explanatory and are
suitably explained in the notes on Accounts.
PUBLIC DEPOSITS
During the year, the Company has not accepted any public deposits
within the meaning of Section 58 A of the Companies Act, 1956 and the
rules made thereunder.
INSURANCE
The Buildings, Plant & Machinery, Stocks, Stores and Spares of the
Company are adequately insured against various risks including
machinery break down.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUT GO the details required under section 217 (1) (e) of
The Companies Act, 1956 are given in the Annexure and forms part of
this report.
HUMAN RESOURCES
Your Directors wish to place on record that their sense of appreciation
towards the employees of the company for their devoted services and
sustained efforts in keeping the operations going and maintaining the
best of efficiency and giving their best, for optimum output of
production even though the operations been faced various adverse
marketing factors and erratic supplies of raw materials due to external
factors.
ACKNOWLEDGEMENT
Your Directors wish to place on record their sincere appreciation for
the continued co-operation and support given to the Company by its
Customers, Shareholders, Bankers, Central & State Governments including
all those associated with the Company.
For and on behalf of Board of Directors
Sd/-
Place : Pithampur M. C. DHANDIA
Date : 14th August, 2009 (CHAIRMAN)