Mar 31, 2015
Dear Members,
We present herewith the Annual Report and Audited Statements of
accounts of the Company for the year ended 31st March, 2015.
(Rs in Lacs)
Financial Results 2014-2015 2013-2014
Gross Turnover 12196.20 9351.88
Profit before Finance Cost, 1759.07 1022.48
Depreciation and Tax (EBIDTA)
Finance Cost 369.09 237.44
Depreciation 184.11 131.70
Taxation 402.70 955.90 212.93 582.07
Profit for the period 803.17 440.41
Balance brought forward 1776.06 1411.55
2579.23 1851.96
Appropriations
Transfer to General Reserve 50.00 50.00
Interim Dividend Paid 48.65 -
Distribution Tax on Interim Dividend 9.73 -
Contribution towards CSR 12.45 -
Net surplus in the Statement of Profit & Loss 2458.40 1801.96
2579.23 1851.96
OPERATIONS:
The Company achieved a turnover of 121.96 crores during the year as
against Rs 93.52 crores in previous year. The Company achieved EBIDTA
and net profit of Rs17.59 crores and Rs 8.03 crores respectively during
the year as against Rs .22 crores and Rs 4.40 crores in previous year.
Revenue as well as profitability of electrical motor division were
affected adversely due to de- growth in user industries and severe
competition. During the year instrument division was able to maintain
the revenue but profitability affected adversely due to severe
competition and imports. The revenue from real estate division
improved substantially during the year.
During the year, the Company transferred a sum of Rs 50 lacs to the
General Reserves.
There are no Companies which have become or ceased to be its
Subsidiaries, Joint Ventures or associate Companies.
INTERIM DIVIDEND:
The Company has paid interim dividend of Rs 1/- (10%) per equity share
during the year. The Board of Directors do not recommend any final
dividend and the interim dividend to be considered as the final
dividend, for the financial year 2014-15.
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:
As stipulated under Section 135 of the Companies Act, 2013 the Company
has constituted 'Corporate Social Responsibility Committee' (CSR
Committee) comprising of Shri Vishwambhar C. Saraf (DIN:00161381),
Shri Rajendra C. Saraf (DlN:00161412), and Shri Shyam Jatia
(DIN:00049457).
The Company has formulated a Corporate Social Responsibility policy.
The Annual Report on CSR activities is annexed as "Annexure A" and
forms part of this report and is also available at the website of the
Company i.e www.remigroup.com.
DIRECTORS:
All Independent Directors have given declarations that they meet the
criteria of independence as laid down under Section 149(6) of the Act
and Clause 49 of the Listing Agreement.
BRIEF DETAILS OF DIRECTORS SEEKING APPOINTMENT/RE-APPOINTMENT:
Shri Rajendra Saraf (DIN :00161412) retires by rotation and is to be
re-appointed.
Shri Rajendra C. Saraf (61) is a commerce graduate from the University
of Bombay. He hails from a family of business people of fifty years'
standing. After his college education, he joined his family business
and has received from his elders in the family very good training in
business management. He has more than 35 years of business experience.
CHANGES OF DIRECTORS AND KEY MANAGERIAL PERSONNEL DURING THE YEAR:
Smt. Archana Bajaj was appointed as Non-Executive Independent Director
of the Company w.e.f. 14.08.2014. Shri Ritvik Saraf, Chief Financial
Officer, has been designated as Key Managerial Personnel of the
Company.
BOARD MEETINGS:
During the year, five Board meetings were held, with gap between
Meetings not exceeding the period prescribed under the Act. Details of
Board and Committee meetings held during the year are given in the
Corporate Governance Report.
POLICY ON APPOINTMENT AND REMUNERATION OF DIRECTORS:
The Board has on the recommendation of the Nomination & Remuneration
Committee, formulated criteria for determining qualifications, positive
attributes and independence of a Director and also a policy for
remuneration of Directors, Key Managerial Personnel and senior
management. The details of criteria laid down and the Remuneration
Policy are given in the Corporate Governance Report.
AUDITORS:
Pursuant to the provisions of Section 139 of the Companies Act, 2013
and the Rules made thereunder, the appointment of the auditors M/s
Sundarlal, Desai & Kanodia, Chartered Accountants (Firm Registration
No. 110560W) shall be placed for ratification at every Annual General
Meeting. Accordingly, the appointment M/s Sundarlal, Desai & Kanodia,
Chartered Accountants (Firm Registration No. 110560W) as Auditors of
the Company, is placed for ratification by the shareholders. In this
regard, the Company has received a certificate from the auditors to the
effect that if they are reappointed, it would be in accordance with the
provisions of Section 141 of the Companies Act, 2013.
COST AUDITORS:
Pursuant to Section 148 of the Act, read with the Companies (Cost
Records and Audit) Amendment Rules, 2014, the cost audit records
maintained by the Company required to be audited by cost auditors. The
Board has on the recommendation of the Audit Committee, appointed M/s.
Kejriwal & Associates, Cost Accountants to audit the cost records of
the Company for the financial year 2015-16 on a remuneration of
Rs.50,000/- (Rupees Fifty Thousand only) subject to ratification by
members. Accordingly, a resolution seeking Member's ratification for
the remuneration payable to M/s. Kejriwal & Associates, Cost Auditors
is included in the Notice convening the Annual General Meeting.
SECRETARIAL AUDITOR:
Shri V.S.Iyer, Practicing Company Secretary, was appointed to conduct
the secretarial audit of the Company for the financial year 2014-15, as
required under Section 204 of the Companies Act, 2013 and Rules
thereunder. The secretarial audit report for FY 2014-15 forms part of
the Annual Report as "Annexure - B " to the Board's report. There is no
qualification, reservation or adverse remark in the report,
LOANS. GUARANTEES OR INVESTMENTS:
Details of Loans, Guarantees and Investments, if any covered under the
provisions of Section 186 of the Act are given in the notes to the
Financial Statements.
RELATED PARTY TRANSACTIONS AND POLICY ON RELATED PARTY TRANSACTIONS:
Pursuant to provisions of The Companies Act, 2013 and Clause 49 of the
Listing agreement, the Board has formulated Policy on Related Party
Transactions and the same is available on the website of the Company at
www.remigroup.com. All related party transactions that were entered
into during the financial year were on an arm's length basis and were
in the ordinary course of business. There were no material related
party transactions entered by the Company during the year and thus
disclosure in Form AOC-2 is not required.
None of the Non-Executive Directors has any pecuniary relationship or
transactions with the Company other than sitting fees .
Your Directors draw attention of the members to Note 1.7 to notes to
accounts which sets out related party disclosures.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION:
The details of conservation of energy, technology absorption, foreign
exchange earnings and outgo are as follows:
A) Conservation of energy:
i. the steps taken or impact on : All efforts are being made to
conservation of energy; conserve energy.
ii. the steps taken by the company : The Company has installed an
for utilising alternate sources Windmill.
of energy;
iii. the capital investment on energy :The Company makes investment on
conservation equipments; energy conservation equipments on
continuous basis.
(B) Technology absorption:
i. the efforts made towards : The Company does not have any
technology absorption; foreign collaboration for
manufacturing. The Company is
continuously modernizing its
production and testing
machineries and equipments.
ii. the benefits derived like : This is continuous process and
product improvement, cost the laboratory instruments are
reduction, product development or import substitution;
import substitutes.
iii. in case of imported technology
(imported during the last three
years reckoned from the beginning of
the financial year)
(a) the details of technology imported : N.A.
(b) the year of import : N.A.
(c) whether the technology been fully : N.A.
absorbed;
(d) if not fully absorbed, areas where : N.A.
absorption has not takenplace, and
the reasons thereof; and
iv. the expenditure incurred on Research : Rs.6,58,626/-
and Development
AUDIT COMMITTEE:
The Composition of the Audit Committee are stated in the Corporate
Governance Report.
RISK MANAGEMENT:
The Company has laid down a risk management policy identifying core
areas of Risk including, Business Risk. The senior management team
reviews and manages risks in a systematic manner, including regular
monitoring of exposures, proper advice from market experts, etc.
PERFORMANCE EVALUATION OF INDEPENDENT DIRECTORS. BOARD. COMMITTEES AND
DIRECTORS:
Pursuant to the provisions of the Act and Clause 49 of the Listing
Agreement, the Board had carried out performance evaluation of its own,
the Board Committees and of the Individual directors. Independent
Directors at a separate meeting evaluated performance of the Non-
Independent Directors, Board as a whole and of the Chairman of the
Board. The manner in which the evaluation has been carried out has been
detailed in the Corporate Governance Report.
DEPOSITS:
The Company has not accepted any deposits from the public falling
within the purview of Section 73 of the Act, read with the Companies
(Acceptance of Deposits) Rules, 2014.
INTERNAL CONTROL SYSTEM:
The Company has in place adequate internal financial controls with
reference to financial statements. The internal financial controls are
adequate and are operating effectively.
SIGNIFICANT AND MATERIAL ORDERS:
There are no significant and material orders passed by the regulators
or courts or tribunals impacting the going concern status and Company's
operations in future.
VIGIL MECHANISM:
The Company has set up vigil mechanism viz. Whistle Blower Policy to
enable the employees and Directors to report genuine concerns and
irregularities, if any in the Company, noticed by them. The same is
posted on the website of the Company.
EXTRACT OF THE ANNUAL RETURN
The extract of the Annual Return in form MGT-9 is annexed herewith as
"Annexure - C ".
MANAGERIAL REMUNERATION AND PARTICULARS OF EMPLOYEES:
The information required pursuant to Section 197 read with Rule, 5(1)
of The Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 in respect of employees of the Company, will be provided
upon request. In terms of Section 136 of the Act, the Report and
Accounts are being sent to the Members and others entitled thereto,
excluding the information on employees' particulars which is available
for inspection by the Members at the Registered Office of the Company
during business hours on working days of the Company up to the date of
the ensuing Annual General Meeting.
No employee of the Company was in receipt of remuneration equal to or
exceeding the prescribed limits pursuant to Section 197(12) of the
Companies Act, 2013 read with Rule 5 (2) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2014.
DIRECTORSÂRESPONSIBILITYSTATEMENT:
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your Directors confirm
that:
a. in the preparation of the annual accounts for the year ended 31st
March 2015, the applicable Accounting Standards have been followed
along with proper explanation relating to material departures, if any;
b. the Directors have selected 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 2015 and
of the profit of the Company for that period;
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/ financial
statements on a going concern basis;
e. that proper internal financial controls were in place and that the
financial controls are adequate and were operating effectively ; and
f. that the Directors have devised proper systems to ensure compliance
with the provisions of all applicable laws and that such systems were
adequate and operating effectively.
APPRECIATION:
Your Directors place on record their sincere thanks for the financial
support from its bankers and Govt. Departments. They also place on
record their appreciation for the dedicated services of the executives,
staff and workers of the Company. Your Directors also appreciate the
faith you have reposed in the Company and are confident that the
Company can depend upon your continued support in its endeavour to
grow.
ON BEHALF OF THE BOARD
Registered Office:
REMI House, Plot No.11,
Cama Industrial Estate, Goregaon (East), Sd/-
Mumbai - 400 063 VISHWAMBHAR C. SARAF
CHAIRMAN
Dated: 14th August, 2015 (DIN:00161381)
Mar 31, 2014
The Members,
REMI ELEKTROTECHNIK LIMITED
Dear Shareholders,
We present herewith the Annual Report and Audited Statements of
accounts of the Company for the year ended 31st March, 2014.
(Rs. in Lacs)
Financial Results 2013-2014 2012-2013
Gross Turnover 9351.88 11287.14
Profit before Finance Cost,
Depreciation and 1022.48 1234.91
Tax(EBIDTA)
Finance Cost 237.44 296.67
Depreciation 131.70 103.94
Taxation 212.93 582.07 272.39 673.00
Profit for the period 440.41 561.91
Balance brought forward 1411.55 899.64
1851.96 1461.55
Appropriations
Transfer to General Reserve 50.00 50.00
Net surplus in the Statement
of Profit & Loss 1801.96 1411.55
1851.96 1461.55
OPERATIONS:
The Laboratory Instrument Division''s revenue increased to Rs.50.04 Crores
during the year from Rs.43.25 Crores in previous year but margins were
affected adversely due to slow down in the industry and competition.
Revenue as well as profitability of the Electrical Motor Division of
the Company were affected adversely for last two years due to de-growth
in user industries and severe competition.
Revenue from the Commercial real estate project at Andheri (West),
Mumbai, was adversely affected during the year due to decline in demand
of commercial real estate. The Company is hopeful that the demand will
pick up for the project due to its strategic location and start of
operation of Metro railway in the area.
CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:
As stipulated under Section 135 of the Companies Act, 2013 the Company
has constituted ''Corporate Social Responsibility Committee'' (CSR
Committee) comprising of Shri Vishwambhar Saraf(DIN:00161381), Shri
Rajendra Saraf(DIN:00161412), and Shri Shyam Jatia(DIN:00049457).
DIRECTORS:
Shri Rajendra Saraf (DIN :00161412) retires by rotation and is to be
re-appointed.
AUDITORS:
Pursuant to the provisions of section 139 of the Companies Act, 2013
and the Rules made thereunder, the current auditors of the Company, M/s
Sundarlal, Desai & Kanodia, Chartered Accountants (Firm Registration
No.110560W) are eligible to hold the office for a period of three
years, upto 2017.
The members are therefore requested to appoint M/s Sundarlal, Desai &
Kanodia, Chartered Accountants as auditors for three years from the
conclusion of the ensuing Annual General Meeting till the conclusion of
the 37th Annual General Meeting, to be scheduled in 2017.
COST COMPLIANCE REPORT:
The Cost Compliance Report for financial year ended as on 31st March ,
2013 was filed in XBRL format within prescribed time limit.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION:
All efforts are being made to conserve energy. The Company is
continuously modernizing and improving its products in quality and is
having ISO 9001/2000, ISO 13485-2003 and WHOGMP Certification.
FOREIGN EXCHANGE OUTGO/ EARNINGS INCLUDING DEEMED EXPORTS:
Earnings Rs.390.75 Lacs (including deemed exports & supplies to SEZ)
Outgo Rs.92.50 Lacs
PARTICULARS OF EMPLOYEES:
No employee of the Company was in receipt of remuneration equal to or
exceeding the prescribed limits.
DIRECTORS'' RESPONSIBILITY STATEMENT:
On the basis of compliance certificates received from the concerned
executives of the respective Divisions of the Company and subject to
disclosures in the annual accounts, as also on the basis of the
discussion with the Statutory Auditors of the Company from time to
time, the Directors state that:
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(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 at the end of the financial year and of the profit or
loss 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; and
(iv) the directors have prepared the annual accounts on a going concern
basis.
APPRECIATION:
Your Directors place on record their sincere thanks for the financial
support from its bankers and Govt. Departments. They also place on
record their appreciation for the dedicated services of the executives,
staff and workers of the Company. Your Directors also appreciate the
faith you have reposed in the Company and are confident that the
Company can depend upon your continued support in its endeavour to
grow.
Registered Office: 0N BEHALF 0F THE B0ARD
REMI House, PlotNo.11,
Cama Industrial Estate,
Goregaon (East), Mumbai - 400 063 VISHWAMBHAR C. SARAF
Dated: 14th August, 2014 CHAIRMAN
Mar 31, 2013
To The Members of REMI ELEKTROTECHNIK LIMITED
Dear Shareholders,
The present herewith the Annual Report and Audited Statements of
accounts of the Company for the year ended 31st March, 2013.
(Rs.in Lacs)
Financial Results 2012 Â 2013 2011 Â 2012
Gross Turnover 11287.14 7230.88
Profit before Finance Cost,
Depreciation and 1234.91 820.42
Tax (EBIDTA)
Finance Cost 296.67 345.11
Depreciation 103.94 97.55
Taxation 272.39 673.00
124.58 567.24
Profit for the period 561.91 253.18
Balance brought forward 899.64 696.46
1461.55 949.64
Appropriations
Transfer to General Reserve 50.00 50.00
Net surplus in the Statemen
of Profit & Loss 1411.55 899.64
1461.55 949.64
OPERATIONS:
The Company already started construction of Commercial Office Complex
on its plot at Andheri (West), Mumbai, lying vacant after shifting
manufacturing activities to Vasai, Dist. Thane. The Company has got
sanction of construction loan of Rs.45 Crores from State Bank of India
for the said project. The Company has received booking of about 40% of
the total saleable area and the project is likely to be completed by
end of 2014.
Laboratory Instrument Division"s revenue increased to Rs.43.25 Crores
during the year from Rs.35.82 Crores in previous year but margins were
affected adversely due to slow down in the industry and competition.
The income as well as profitability of the Electrical Motor Division of
the Company were affected adversely due to de-growth in user industries
and severe competition.
DIRECTORS:
As provided in Section 255 of the Companies Act, 1956, Shri Rajendra C.
Saraf, Shri Sunil Saraf and Shri Ashish Kanodia retire by rotation and
are to be re-appointed.
AUDITORS:
The Auditors M/s. Sundarlal, Desai & Kanodia, Chartered Accountants,
are to be re-appointed. They have expressed their willingness to
accept the re-appointment. In terms of Section 224A of the Companies
Act, 1956, their re-appointment needs to be made by the members and
their remuneration has to be fixed.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION:
All efforts are being made to conserve energy. The Company is
continuously modernizing and improving its products in quality and is
having ISO 9001/2000, ISO 13485-2003 and WHOGMP Certification.
FOREIGN EXCHANGE OUTGO/ EARNINGS INCLUDING DEEMED EXPORTS:
Earnings ` 397.70 Lacs (including deemed exports & supplies to SEZ)
Outgo ` 118.40 Lacs
PARTICULARS OF EMPLOYEES:
No employee of the Company was in receipt of remuneration equal to or
exceeding the prescribed limits.
DIRECTORS" RESPONSIBILITY STATEMENT:
On the basis of compliance certificates received from the concerned
executives of the respective Divisions of the Company and subject to
disclosures in the annual accounts, as also on the basis of the
discussion with the Statutory Auditors of the Company from time to
time, the Directors state that:
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(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 at the end of the financial year and of the profit or
loss 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; and
(iv) the directors have prepared the annual accounts on a going concern
basis.
APPRECIATION:
Your Directors place on record their sincere thanks for the financial
support from State Bank of India and SIDBI. They also place on record
their appreciation for the dedicated services of the executives, staff
and workers of the Company. Your Directors also appreciate the faith
you have reposed in the Company and are confident that the Company can
depend upon your continued support in its endeavour to grow.
ON BEHALF OF THE BOARD
Registered Office:
REMI House, Plot No.11, Sd/-
Cama Industrial Estate,
Goregaon (East), Mumbai  400 063 VISHWAMBHAR C. SARAF
Dated: 13th August, 2013 CHAIRMAN
Mar 31, 2012
To The Members of REMI ELEKTROTECHNIK LIMITED
The present herewith the Annual Report and Audited Statements of
accounts of the Company for the year ended 31st March, 2012.
(Rs. in Lacs)
Financial Results 2011-2012 2010-2011
Gross Turnover 7230.88 7541.90
Profit before Finance Cost,
Depreciation 820.42 710.03
and Tax (EBIDTA)
Finance Cost 345.11 184.38
Depreciation 97.55 97.42
Taxation 124.58 567.24 143.52 425.32
Profit for the period 253.18 284.71
Balance brought forward 696.46 51176
949.64 796.46
Appropriations
Transfer to General Reserve 50.00 100.00
Balance carried to Balance Sheet 899.64 696.46
949.64 796.46
OPERATIONS:
The sales of the products of the Company during the year are less due
to stiff competition and the recessional trend. The increase in the
input cost and the loss of business in international bid for domestic
supply of laboratory instruments have also contributed to the reduced
net sales. Profit for the year has also gone down as a consequence.
The Company has already developed new type of laboratory products which
are generally imported in the country and upgraded existing laboratory
products as new models. It has also planned to start production of
Flame Proof Motors and Mounton Gear Boxes. These will reflect in the
profitability of the current financial year 2012-13.
DIRECTORS:
As provided in Section 255 of the Companies Act, 1956, Shri Harkishan
Zaveri, Shri Ritvik V. Saraf and Shri Vishwambhar C. Saraf retire by
rotation and being eligible, offer themselves for re-election.
AUDITORS:
The retiring Auditors M/s. Sundarlal, Desai & Kanodia, Chartered
Accountants, are eligible for re- appointment and have expressed their
willingness to accept the re-appointment. In terms of Section 224A of
the Companies Act, 1956, their re-appointment needs to be approved by
the members and their remuneration has to be fixed.
AUDITORS" REPORT:
The Auditors" Report to the Shareholders does not contain any
reservation, qualification or adverse remark.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION:
All efforts are being made to conserve energy. The Company is
continuously modernizing and improving its products in quality and is
having ISO 9001/2000, ISO 13485-2003 and WHOGMP Certification.
FOREIGN EXCHANGE OUTGO/ EARNINGS INCLUDING DEEMED EXPORTS:
Earnings Rs. 157.91 Lacs (including deemed exports & supplies to SEZ)
Outgo Rs. 71.73 Lacs
PARTICULARS OF EMPLOYEES:
No employee of the Company was in receipt of remuneration equal to or
exceeding the prescribed limits.
DIRECTORS" RESPONSIBILITY STATEMENT:
On the basis of compliance certificates received from the concerned
executives of the respective Divisions of the Company and subject to
disclosures in the annual accounts, as also on the basis of the
discussion with the Statutory Auditors of the Company from time to
time, we state that:
(i) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(ii) 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 that period;
(iii) 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) the directors had prepared the annual accounts on a going concern
basis.
APPRECIATION:
Your Directors place on record their sincere thanks for the financial
support from State Bank of India and SIDBI. They also place on record
their appreciation for the dedicated services of the executives, staff
and workers of the Company. Your Directors also appreciate the faith
you have reposed in the Company and are confident that the Company can
depend upon your continued support in its endeavour to grow.
Registered Office: ON BEHALF OF THE BOARD
REMI House, Plot No.11,
Cama Industrial Estate,
Goregaon (EastX Mumbai - 400 063 VISHWAMBHAR C. SARAF
Dated: 14th August, 2012 CHAIRMAN
Mar 31, 2011
Dear Shareholders,
We present herewith the Annual Report and Audited Statements of
accounts of the Company for the year ended 31st March, 2011.
(Rs in Lacs)
Financial Results 2010 2011 2009 2010
Net Sales 6952.41 5484.62
Other Income 23.45 111.81
6975.86 5596.43
Profit before Interest &
Depreciation 664.47 631.33
Interest 138.82 125.34
Depreciation 97.42 236.24 90.23 215.57
Gross Profit 428.23 415.76
Provision for Taxation 125.00 120.00
Provision for Deferred
Taxation/ (Credit) 18.66 27.02
Net Profit 284.57 268.74
Excess/(Short) provision of
taxation of earlier 0.13 (3.25)
years
Balance brought forward 511.76 296.27
796.46 561.76
Transfer to General Reserve 100.00 50.00
Balance carried to
Balance Sheet 696.46 511.76
796.46 561.76
OPERATIONS:
The Sales of both the divisions of the Company, (1) Instrument Division
and (2) Motor Division, increased, whereby the total sales of the
Company grew from Rs.5484.62 Lacs to Rs.6952.41 Lacs, having growth of more
than 25% from the previous year due to major contribution of the
Laboratory Division, Marketing and product development efforts. Net
profit after tax increased from Rs.265.48 Lacs to Rs.284.71 Lacs. However,
the operating profit has gone up from Rs.303.94 Lacs to Rs.404.78 Lacs, a
growth of more that 33%. But the Other Income has come down from
Rs.111.81Lacs (which includes extraordinary items of Rs.93.35 Lacs) to
Rs.23.45 Lacs, having a growth of Rs.4.98 Lacs without any extraordinary
items.
Thus the working of the Company for the year is having an overall
growth, as compared to the previous year.
INFORMATION PURSUANT TO SECTION 217 OF THE COMPANIES ACT 1956: Sub-Sec.
(1)(e) :
A. CONSERVATION OF ENERGY:
All efforts are being made to conserve energy.
B. TECHNOLOGY ABSORPTION:
The Company is continuously modernizing and improving its products in
quality and is having ISO 9001/2000, ISO 13485-2003 and WHOGMP
Certification.
C. FOREIGN EXCHANGE OUTGO/ EARNINGS INCLUDING DEEMED EXPORTS:
Outgo - Rs.24.54 Lacs
Earnings - Rs.236.61 Lacs (including deemed exports & supplies to SEZ)
Sub-Sec. (2A) :
No employee of the Company was in receipt of remuneration equal to or
exceeding the prescribed limits.
Sub-Sec. (2AA) :
Your Directors state:
(i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(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 that period;
(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.
APPRECIATION:
Your Directors place on record their sincere thanks for the financial
support from State Bank of India and SIDBI. They also place on record
their appreciation for the dedicated services of the executives, staff
and workers of the Company. Your Directors also appreciate the faith
you have reposed in the Company and are confident that the Company can
depend upon your continued support in its endeavour to grow.
ON BEHALF OF THE BOARD
Registered Office:
REMI House, Plot No.11,
Sd/-
Cama Industrial Estate,
Goregaon (East), Mumbai 400 063
VISHWAMBHAR C. SARAF
Dated: 12th August, 2011 CHAIRMAN
Mar 31, 2010
We present herewith the Annual Report and Audited Statements of
accounts of the Company for the year ended 31st March, 2010.
(Rs. in Lacs)
Financial Results 2009-2010 2008 - 2009
Net Sales 5484.62 4806.28
Other Income 111.81 45.54
5596.43 4851.82
Profit before Interest & Depreciation 631.33 416.80
Interest 125.34 163.69
Depreciation 90.23 215.57 84.41 248.10
Gross Profit 415.76 168.70
Provision for Taxation 120.00 41.25
Provision for Deferred Taxation/ (Credit) 27.02 20.61
Net Profit 268.74 106.84
Excess/(Short) provision of taxation
of earlier (3.25) 2.70
years
Balance brought forward 296.27 236.73
561.76 346.27
Transfer to General Reserve 50.00 50.00
Balance carried to Balance Sheet 511.76 296.27
561.76 346.27
OPERATIONS:
The Company has changed its name to Remi Elektrotechnik Limited during
the year.
The working of the Company during the year was satisfactory. Net Sales
increased by more than 14% and net profit increased by 150% as compared
to previous year. With growth in economy, we expect growth in demand of
our products to continue.
INFORMATION PURSUANT TO SECTION 217 OF THE COMPANIES ACT 1956: Sub-Sec.
(1)(e):
A CONSERVATION OF ENERGY:
All efforts are being made to conserve energy.
B. TECHNOLOGY ABSORPTION:
The Company is continuously modernizing and improving its products in
quality and is having ISO 9001/2000, ISO 13485-2003 and WHOGMP
Certification.
C. FOREIGN EXCHANGE OUTGO/ EARNINGS INCLUDING DEEMED EXPORTS:
Outgo - Rs.74.96Lacs
Earnings - Rs 157.18 Lacs (including deemed exports & supplies to SEZ)
Sub-Sec. (2A) :
The particulars of employee who received remuneration above Rs.24 Lacs
in this year are given below.
(i) Name
Vishwambhar C. Saraf- He is a relative of Directors, Shri Rajendra C.
Saraf and Shri Ritvik V. Saraf.
(ii) Designation : Managing Director
(iii) Remuneration : Rs.32.45 Lacs
(iv) Nature of employment : Contractual for 3(Three)years
(v) Other terms and Conditions -
(vi) Nature of Duties Entire Management of the
Company
(vii) Qualification : B. Com. Mumbai University
(viii) Experience : More than 49 years
(ix) Date of commencement : 31st October, 1991
(x) Age : 71 years
(xi) Last employment : None
(xii) Percentage of equity shares held : 0.0% (100 Shares)
Sub-Sec. (2AA) :
Your Directors state:
(i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(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 that period;
(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.
APPRECIATION:
Your Directors place on record their sincere thanks for the financial
support from State Bank of India and SIDBI. They also place on record
their appreciation for the dedicated services of the executives, staff
and workers of the Company. Your Directors also appreciate the faith
you have reposed in the Company and are confident that the Company can
depend upon your continued support in its endeavour to grow.
Registered Office: ON BEHALF 0F THE BOARD
REMI House, Plot No.11,
Cama Industrial Estate,
Goregaon (East), Mumbai - 400 063 VISHWAMBHAR C. SARAF
Dated: 12th AUGUST, 2010 CHAIRMAN