Mar 31, 2014
To the Members of Taparia Tools Limited,
The Directors have pleasure in presenting the 48th Annual Report on the
operations of the Company together with the Audited Accounts for the
year ended March 31, 2014.
FINANCIAL PERFORMANCE
(Rs. in lakhs)
2013-14 2012-13
Revenue (Net) 26737.74 24195.98
Profit before interest
and depreciation 2101.32 1747.17
Less: Interest 162.89 299.50
Gross Profit 1938.43 1447.67
Less : Depreciation 85.12 66.65
Profit for the year
before tax 1853.31 1381.02
Less : Provision for taxation
Current Tax 675.25 442.34
Deferred Tax (13.43) (18.86)
Profit after tax 1191.49 957.54
Add : Surplus brought
forward from previous year 3217.32 2357.78
Profit available for
Appropriations 4408.81 3315.32
Less : General Reserve 119.15 98.00
Surplus carried to
Balance Sheet 4289.66 3217.32
DIVIDEND
The Directors have not recommended any dividend for the year under
review. The Company has retained the funds for expansion of the
activities of the company by introduction of new product range and
purchase of Machinery & Equipments etc.
REVIEW OF OPERATIONS
During the year under review, though the inflation rate was high and
the economic growth was lower than expected and also a drought-hit
agriculture output in some States, the Company''s working during the
year is satisfactory.
The Company''s total revenue (Net of excise duty) were Rs. 26,737.74 Lakhs
that represent an increase of 10.51% over the sales of Rs. 24,195.98
Lakhs in the previous year. Profit earned after tax is Rs. 1191.49 Lakhs
in the current year against Rs. 957.54 Lakhs in the previous year.
Despite continuously rising cost of inputs and keen competition in hand
tools market, the current results of the Company are satisfactory. The
Company has revised its product prices w.e.f. 10th September, 2013 to
cope with increased costs.
CORPORATE GOVERNANCE
The Company is committed to maintain the highest standards of Corporate
Governance and adhere to the Corporate Governance requirements set out
by SEBI. The Company has also implemented several best Corporate
Governance practices as prevalent globally.
The Report on Corporate Governance as stipulated under Clause 49 of the
Listing Agreement forms part of the Annual Report.
The requisite Certificate from the Auditors of the Company confirming
compliance with the conditions of Corporate Governance as stipulated
under the aforesaid Clause 49, is attached to this Report.
PERSONNEL
The industrial relations with employees continued to be satisfactory
during the year under review. There was no employee drawing salary of
more than Rs. 5,00,000/- per month or Rs. 60,00,000/- per annum. Hence, the
requirement of a statement giving information and particulars of the
employees as required under section 217 (2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules, 1975 as amended,
is not applicable.
DIRECTORS
The Board is sad to inform the Members that Dr. M. G. Nathani,
Executive Director, passed away on 29-03-2014. During his tenure as
Executive Director, D r. M.G. Nathani greatly contributed to the
progress of the Company and introduced many new and novel ideas for
development and growth of the Company. The Board places on record its
appreciation of the great contribution made by him to the growth and
development of the Company. May his soul rest in peace.
Shri M.P .Taparia, Shri D.P. Taparia and Shri Virendraa Bangur,
Directors of the Company retire by rotation at the ensuing Annual
General Meeting and being eligible, offer themselves for
re-appointment. Brief profile of the Directors is given in the Annexure
to the Notice.
It is proposed to appoint Shri P. N. Shah, Shri M. V. Gore, Shri B. B.
Ladda, Shri G. S. Manasawala and Shri Rajeev J. Mundra, as Independent
Directors on the Board of the Company to hold office for 5 (five)
consecutive years for a term up to the conclusion of the 53rd Annual
General Meeting of the Company in the calendar year 2019. Brief profile
of these Directors is given in the Annexure to the Notice.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) of the Companies Act, 1956, with respect
to Directors'' Responsibility Statement, it is hereby confirmed that:
1) In the preparation of the Annual Financial Statements, the
applicable accounting standards have been followed along with proper
explanation relating to material departures;
2) Selected appropriate 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 of the
Company for the year under review;
3) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 and for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities;
4) The Annual Financial Statements have been prepared on a "going
concern" basis.
AUDITORS
The Auditors, M/s. Batliboi and Purohit, Chartered Accountants, retire
at the ensuing AGM and have confirmed their eligibility and willingness
to accept office, if re-appointed.
The notes to the Accounts referred to in the Auditors'' Report are
self-explanatory and, therefore, do not call for any further comments.
COST AUDITORS
The Company has appointed M/s. CY and Associates,
Cost Accountants, as a Cost Auditors of the Company for the financial
year 2014-15.
ENERGY, TECHNOLOGY & FOREIGN EXCHANGE
Information on conservation of energy, technology absorption, foreign
exchange earnings and outgo required to be given pursuant to section
217(1)(e) of the Companies Act, 1956 read together with the Companies
(Disclosure of particulars in the Report of Board of Directors) Rules,
1988 is annexed hereto and forms part of this Report.
CONTRIBUTION TO REVENUE
Company has contributed the following amounts to the exchequer''s
revenues during the year:
(Rs. in lakhs)
a) Excise Duty 787.60
b) VAT/CST 866.98
c) Octroi and Municipal Taxes 47.82
d) Income Tax 595.45
Total 2297.85
ACKNOWLEDGEMENT
The Directors wish to convey their appreciation for the total
commitment, dedication, hard work and enormous personal efforts as well
as collective contribution put in by every employee of your Company in
achieving the present performance of the Company.
The Directors would also like to thank the bankers, Central and State
Governments, local authorities, customers, distributors, suppliers and
all other business associates for the continuous and unstinted support
given by them to the Company and their confidence in its management.
The Directors are thankful to the esteemed shareholders for their
continued support and the confidence reposed in the Company and its
management.
On behalf of the Board of Directors
H.N. Taparia
Chairman &
Mumbai, 27th May, 2014 Managing Director
Mar 31, 2013
To the Members of Taparia Tools Limited,
The Directors have pleasure in presenting the 47th Annual Report on
the operations of the Company together with the Audited Accounts for
the year ended March 31,2013.
FINANCIAL PERFORMANCE
[Rs. in lakhs]
2012-13 2011-12
Revenue (Net) 24195.98 22419.25
Profit before interest
and depreciation 1747.17 1397.19
Less: Interest 299.50 207.04
Gross Profit 1447.67 1190.15
Less: Depreciation 66.65 63.30
Profit for the year
before tax 1381.02 1126.85
Less: Provision for taxation
Current Tax 442.34 417.00
Deferred Tax (18.86) (17.57)
Profit after tax 957.54 727.42
Add: Surplus brought
forward from
previousyear 2357.78 1703.36
Profit available for
Appropriations 3315.32 2430.78
Less: General Reserve 98.00 73.00
Surplus carried to
Balance Sheet 3217.32 2357.78
DIVIDEND
The Directors have not recommended any dividend for the year under
review. The Company has retained the funds for expansion of the
activities of the company by introduction of new product range and
purchase of land for new development.
REVIEW OF OPERATIONS
During the year under review, though the inflation rate was high and
the economic growth was lower than expected and also a drought-hit
agriculture output in some States, the Company''s working during the
year is satisfactory.
The Company''s total revenue (Net of excise duty) were'' 24195.98 lakhs
that represent an increase of 7.92% over the sales of Rs. 22,419.25 lakhs
in the previous year. Profit earned after tax is X 957.54 lakhs in the
current year against Rs. 727.42 lakhs in the previous year.
Despite continuously rising cost of inputs and keen competition in hand
tools market, the current results of the Company are satisfactory. The
Company has revised its product prices w.e.f. 01st August 2012 to cope
with increased costs.
CORPORATE GOVERNANCE
The Company is committed to maintain the highest standards of Corporate
Governance and adhere to the Corporate Governance requirements set out
by SEBI. The Company has also implemented several best Corporate
Governance practices as prevalent globally.
The Report on Corporate Governance as stipulated under Clause 49 of the
Listing Agreement forms part of the Annual Report.
The requisite Certificate from the Auditors of the Company confirming
compliance with the conditions of Corporate Governance as stipulated
under the aforesaid Clause 49, is attached to this Report.
PERSONNEL
The industrial relations with employees continued to be satisfactory
during the year under review. There was no employee drawing salary of
more than Rs. 5,00,000/- per month or Rs. 60,00,000/- per annum. Hence, the
requirement of a statement giving information and particulars of the
employees as required under section 217 (2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules, 1975 as amended,
is not applicable.
DIRECTORS
Shri P.S. Krishnan was appointed as Additional Director of the Company
with effect from 03rd November, 2012. Under section 260 of the
Companies Act, 1956, Shri P.S. Krishnan will hold office upto the
forthcoming Annual General Meeting. As required by section 257 of the
Companies Act, 1956, the Company has received Notice from the
shareholder in writing signifying his intention to propose the
candidature of Shri P.S. Krishnan as Whole Time Director.
Shri G. S. Manasawala, Shri B.B. Ladda and Shri Rajeev J. Mundra,
Directors of the Company retire by rotation at the ensuing Annual
General Meeting and being eligible, offer themselves for
re-appointment. Brief profile of the Directors is given in the Annexure
to the Notice.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) of the Companies Act, 1956, with respect
to Directors'' Responsibility Statement, it is hereby confirmed that:
1) In the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
2) Selected appropriate 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 of the
Company for the year under review;
3) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 1956 and for safeguarding the assets of the Company and
for preventing and detecting frauds and other irregularities;
4) The Annual Accounts have been prepared on a "going concern" basis.
AUDITORS
Themembers are requested to appoint Statutory Auditors for the current
financial year and to fix their remuneration.
M/s. Batliboi and Purohit, Chartered Accountants, the present Auditors,
have under section 224 (IB) of the Companies Act, 1956, furnished their
Eligibility Certificate for reappointment.
The notes to the Accounts referred to in the Auditors'' Report are
self-explanatory and, therefore, do not call for any further comments.
ENERGY, TECHNOLOGY & FOREIGN EXCHANGE
Information on conservation of energy, technology absorption, foreign
exchange earnings and outgo required to be given pursuant to section
217(l)(e) of the Companies Act, 1956 read together with the Companies
(Disclosure of particulars in the Report of Board of Directors) Rules,
1988 is annexed hereto and forms part of this Report.
CONTRIBUTION TO REVENUE
Company has contributed the following amounts to the exchequer''s
revenues during the year:
[Rs. in lakhs)
a) Excise Duty 748.46
b) VAT/CST 787.49
c) Octroi and Municipal Taxes 60.86
d) Income Tax 420.00
Total 2016.81
ACKNOWLEDGEMENT
The Directors wish to convey their appreciation for the total
commitment, dedication, hard work and enormous personal efforts as well
as collective contribution put in by every employee of your Company in
achieving the present performance of the Company.
The Directors would also like to thank the bankers, Central and State
Governments, local authorities, customers, distributors, suppliers and
all other business associates for the continuous and unstinted support
given by them to the Company and their confidence in its management.
The Directors are thankful to the esteemed shareholders for their
continued support and the confidence reposed in the Company and its
management.
On behalf of the Board of Directors
H.N. Taparia
Chairman &
Mumbai, 30th May, 2013 Managing Director
Mar 31, 2010
The Directors have pleasure in presenting the 44th Annual Report on
the business and operations of the Company together with the Financial
Accounts for the year ended March 31, 2010.
FINANCIAL RESULTS
[Rupees in lakhs)
Current Previous
year Year
Sales [Net] 14484.82 11834.40
Profit before interest and
depreciation 1020.91 729.37
Interest 75.26 31.58
Gross Profit 945.65 697.79
Depreciation 59.00 52.68
Profit for the year 886.65 645.11
before tax
Less: Provision for taxation
Current Tax 300.45 246.00
Previous year - 1.31
Deferred Tax 2.71 [1.32]
Fringe Benefit Tax - 4.50
Profit after tax 583.49 394.62
Add: Surplus brought forward from
previous year 659.43 304.81
Profit available for Appropriations: 1242.92 699.43
Less:
General Reserve 60.00 40.00
Surplus carried to Balance Sheet 1182.92 659.43
DIVIDEND
The Directors have not recommended any dividend for the year under
review due to sizeable capital expenditure for implementation of the
SAP software and retaining the profits for future developments/
projects.
REVIEW OF OPERATIONS
The Indian economy witnessed challenging times because of high cost of
credit and fall in capital markets that stoked the sluggishness in the
economy. However, stimulus packages were announced by the Government
together with the initiatives for overall development of the economy.
The manufacturing industry also benefited on account of the measures
adopted by the Government.
The concepts of Total Productive Maintenance (TPM] and World Class
Productivity Practices and-Management, adopted and implemented in the
past have been reflected in the improvements during the year. Apart
from improved quality of products, it has resulted in a pleasant
working atmosphere on the shop floor.
Looking to the growing business volumes and ever-increasing need of
sophistication in production and administration processes the Company
has implemented leveraging the latest technology in its day-to-day
operations. The Company has invested a considerable sum in the
implementation of latest E.R.P. system i.e. S.A.P.
During the year under review, the Companys total sales were Rs.
14484.82 lakhs net of excise duty that represents an increase of 22.40%
over the sale of Rs. 11834.40 lakhs net of excise duty in the previous
year.
Profit earned aftertax increased to Rs. 583.49 lakhs in the current
year against Rs. 394.62 lakhs in the previous year.
After the success of the Bigger Distributors Get-together held last
year, this year also the Company organized the second tier
Distributors Get-together wherein different Distributors from all
over India gathered at Companys Plant at Nashik. This event gave an
opportunity to everyone associated with Taparia Tools to come together
and spontaneously fortifying the sense of belongingness of the
Distributors with Taparia Tools.
CORPORATE GOVERNANCE
Your Directors reaffirm their continued commitment to good corporate
governance practices. Your Company complied with all the provisions of
Clause 49 of the Listing Agreement with the BSE relating to corporate
governance.
A separate section on corporate governance together with a certificate
from your Companys Statutory Auditors forms a part of this Annual
Report.
PERSONNEL
The industrial relations with employees continued to be cordial and
satisfactory during the year under review. The new wage Agreement is
due w.e.f from 20-02-2010, negotiations with workmen are under
progress.
There was no employee drawing salary of more than Rs. 2,00,000/- per
month or Rs. 24,00,000/- per annum. Hence, the requirement of a
statement giving information and particulars of the employees as
required under section 217 (2A]ofthe Companies Act, 1956 read with
Companies [Particulars of Employees] Rules, 1975 as amended, is not
applicable.
DIRECTORS
Shri R.N.R. Malani, Independent Director, resigned from the Board
w.e.f. 30th January 2010. The Directors wish to place on record their
appreciation for the contribution made during his long tenure as a
Director of the Company.
Shri Rajeev J. Mundra was appointed as Additional Director of the
Company with effect from 30th January 2010. Under section 260 of the
Companies Act, 1956, Shri Rajeev J. Mundra will hold office upto the
forthcoming Annual General Meeting. As required by section 257 of the
Companies Act, 1956 the Company has received notices from the
shareholders in writing signifying their intention to propose the
candidatures of Shri Rajeev J. Mundra as Non Executive Independent
Director of the Company.
Shri B.B.Ladda, Shri G.S. Manasawala and Shri J.K. Taparia, Directors
of the Company retire by rotation and being eligible, offer themselves
for re-appointments.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to section 217(2 AA) of the Companies Act, 1956, with respect
to Directors Responsibility Statement, it is hereby confirmed that:
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
2. 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 of
the Company for the year under review;
3. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 and for safeguarding the assets
of the Company and for preventing and detecting frauds and other
irregularities;
4. The Directors have prepared the annual accounts on a "going concern
basis".
AUDITORS
The members are requested to appoint Statutory Auditors for the current
financial year and to fix their remuneration. M/s. Batliboi and
Purohit, Chartered Accountants, the present Auditors, have under
section 224 [1B) of the Companies Act, 1956, furnished their
Eligibility Certificate dated 10-08-2010 for reappointment.
The notes to the accounts referred to in the Auditors Report are
self-explanatory and, therefore, do not call for any further comments.
ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE
Information on conservation of energy, technology absorption, foreign
exchange earnings and outgo required to be given pursuant to section
217[1 ] [e] of the Companies Act, 1956 read together with the Companies
[Disclosure of particulars in the Report of Board of Directors) Rules,
1988 is annexed hereto and forms part of this Report.
CONTRIBUTION TO REVENUE
Company has contributed the following amounts to the exchequers
revenues during the year;
(Rs.in Lakhs]
a) Excise Duty 500.00
b) VAT/CST 483.74
c) Octroi & Municipal Taxes 63.46
d) Income Tax, Fringe Benefit Tax, etc. 300.45
Total 1347.65
ACKNOWLEDGMENT
The Directors wish to convey their appreciation for the total
commitment, dedication, hard work and enormous personal efforts as well
as collective contribution put in by every employee of your Company in
achieving the present performance of the Company.
The Directors would also like to thank the bankers, Central & State
Governments, local authorities, customers, distributors, suppliers and
all other business associates for the continuous and unstinted support
given by them to the Company and their confidence in its management.
Lastly, your Directors are deeply grateful for the confidence and faith
shown by the shareholders of the Company in them.
On behalf of the Board of Directors
Mumbai, 13th August 2010
H.N. Taparia
Chairman &
Managing Director