Mar 31, 2015
Dear Members,
The Directors are pleased to present the 67th Annual Report of your
Company and the Audited Statement of Accounts for the year ended 31st
March, 2015.
FINANCIAL HIGHLIGHTS:
During the year under review, performance of your company as under :
Rs. in lacs
Particulars Year ended Year ended
31.03.2015 31.03.2014
Revenue 822 997
Operating Profit / (loss) (137) (124)
Interest (17) (8)
Depreciation and amortisation (15) (23)
Profit/(loss) before tax (105) (155)
Provision tax 34 49
Profit/(loss) after tax (71) (106)
STATE OF COMPANY AFFAIRS AND FUTURE OUTLOOK:
In spite of best efforts, the performance of the Company in terms of
revenue and profit had de-accelerated, both in personal care products
and trading division. While in the short period, it may be difficult to
have a quick turnaround, nonetheless efforts shall be made to re-align
work systems to ensure sustenance, with thrust to strive ahead in the
current financial years.
Your Company's initiatives in the area of sustainability, vision and
its growth path into the future, leveraging its corporate strategy of
creating multiple drivers of growth is slowing bearing fruit. The order
booking for the current year is encouraging when viewed against the
backdrop of the extremely challenging business context in which it was
achieved, namely, the continued economic slowdown, steep increase in
taxes/duties, gestation costs relating to the new FMCG businesses and
other investments. One of the sectors that has been affected in the
past years is FMCG, which is the fourth largest sector in the Indian
economy. Overall, the FMCG sector is witnessing a slowdown,
depreciating rupee has escalated raw material prices and this, in
twirl, has led the FMCG companies to make their endeavor to balance
both.
Your company has recently acquired an alcohol license at its plant in
Pondicherry as well and has invested in doubling capacity of alcohol
based products. This is to meet the grow- ing demand of hand
sanitizers, perfumes and other alcohol based products.
PERSONAL PRODUCTS DIVISION
Your Company's Personal Care Products business, continued to gain
consumer franchise during the year aided by a slew of new products
launches in the Hand Sanitizers, Hand Wash, Skin Care, Face Wash, etc.
The business continues to leverage the umbrella brands, namely,
"Himalaya Drug Company", "Bdel", "Apollo Pharmacy Company", "Spar"etc.,
segments and is focused on addressing various consumer benefits with
introduction of new variants. Buoyed by increasing consumer franchise
for your Company's brands, it is expected that the accelerated growth
the Brand businesses will be sustained in the years ahead. Your Company
will continue to rapidly scale-up product partnerships, invest in
manufacturing and distribution infrastructure to support larger scale
view of the growing demand for their products and maximize the benefits
of clients synergy.Apart from expanding the Company's existing in-house
domain solution capabilities, specific development continued to enhance
and strengthen its nexus globally.
Going forward, the Company will continue to review and reinforce its
strategies and action plans to rapidly scale up its global footprint.
It has build contracts with international clients and that should bear
fruit in the coming year.
TRADING DIVISION
Your company faced a challenging year in trading of industrial
products. The economic scenario, slowdown in infrastructure projects,
stiff competition and liquidity crisis in the market has lead to a huge
decline in turnover and profitability.
DIVIDEND:
The Directors do not recommend any dividend for the year ended 31st
March, 2015.
CHANGES IN SHARE CAPITAL:
The Company on 09th July 2014, had approval from Shareholders to allot
2,50,000 convertible Preferential warrants to the Promoter Group in
pursuance to passing of Resolutions by Postal Ballot. Subsequently, the
Company had allotted first tranche of 1,24,500 Equity shares by
conversion of Preferential warrants to Promoter JB Advani and Company
Pvt ltd. The Share Capital had increased from 26,14,178 to 27,38,678.
EXTRACT OF ANNUAL RETURN
The extract of Annual Return, in format MGT-9, for the Financial Year
2014-15 has been enclosed with this report.
NUMBER OF BOARD MEETINGS
During the Financial Year 2014-15, 7 meetings of the Board of Directors
of the Company were held.
Sl. Date Place Time
No.
1 17.05.2014 Ador House- Mumbai 12.00 pm
2 18.07.2014 Ador House- Mumbai 12.00 pm
3 29.07.2014 Ador House - Mumbai 2.00 pm
4 11.11.2014 Ador House - Mumbai 2.00 pm
5 03.02.2015 Ador House - Mumbai 4.30 pm
6 30.03.2015 Ador House - Mumbai 12.00 pm
7 31.03.2015 Ador House - Mumbai 1.30 pm
RELATED PARTY TRANSACTIONS
The particulars of contracts or arrangements are transactions at arms
length basis with related parties referred to in Section 188(1) of the
Companies Act 2013 for the Financial Year 2014-15.
Sl. Particulars JB Advani Ador Welding
No. & Co Ltd
(in Rs.) (in Rs.)
1 Advance towards
preferential
warrants 25,71,938 -
2 Purchase of
traded Goods - 65,49,551
3 Re-imbursment
of Expenses - 1,60,122
4 Royalty Payment 22,257
5 Interest received
on deposit - 8,400
6 Sale of Mfg/
traded goods - 36,046
CONSERVATION OF ENERGY
Energy consumption by the Company is not significant. In spite,
continuous efforts are made to improve the methods and techniques of
application.
FOREIGN EXCHANGE EARNINGS AND OUT GO
There were no foreign exchange earnings during the year, as the
customers exported the products manufactured by the Company.
DIRECTORS
In accordance with the provisions of Article 49 of the Articles of
Association of the Company, Mrs. N. Malkani Nagpal, Director of the
Company, retire by rotation at the forthcoming Annual General Meeting
and being eligible seek re- appointment.
DIRECTORS RESPONSIBILITY STATEMENT
As required by Section 134(5) of the Companies Act, 2013, your
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 accounting policies are reasonable and applied them
consistently and made judgments and estimates that are rational 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) Proper and sufficient care has been taken for 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 Annual Accounts have been prepared on a going concern basis;
(e) the Company had laid down internal financial controls to be
followed and that such internal financial controls are adequate and
were operating effectively.
(f) the proper system is maintained to ensure compliance with the
provisions of all applicable laws and that such systems were adequate
and operating effectively.
STATUTORY AUDITORS
The Company's Auditors M/s. Amarnath Kamath and Associates, Chartered
Accountants, Bangalore, retire and are eligible for re-appointment.
Further, the Members are also requested to authorise the Board of
Directors to appoint branch auditors for the current year to audit the
accounts of the Company's branch offices and fix their remuneration.
SECRETARIAL AUDIT REPORT
As per Section 204(1) of the Companies Act,2013 the Secretarial Audit
Report Certificate obtained from practicing Company Secretary is
annexed herewith.
PARTICULARS OF EMPLOYEES
No employee is drawing remuneration of more than Rs. 2,00,000/-
(Rupees two lakhs only) per month, requiring disclosure under Section
134 of the Companies Act, 2013 read with the Particulars of Employees
Rules, 1975.
ACKNOWLEDGEMENT
Your Directors wish to acknowledge the support extended by the,
Customers, Suppliers, Group Companies Government Agencies, Banks,
Employees and Shareholders and during the year.
For and on behalf of the Board
Mumbai DEEP A LALVANI
30th April,2015 Chairman
Mar 31, 2014
Dear Members,
The Directors are pleased to present the 66th Annual Report of your
Company and the Audited Statement of Accounts for the year ended 31st
March, 2014.
FINANCIAL RESULTS:
(Rs. in lacs)
Particulars Year ended Year ended
31.03.2014 31.03.2013
Sales and Other Income
Revenue 997 1164
Operating Profit / (loss) (124) (38)
Interest (8) (6)
Depreciation and amortisation (23) (20)
Profit/(loss) before tax (155) (64)
Provision tax 49 19
Profit/(loss) after tax (106) (45)
DIVIDEND:
The Directors do not recommend any dividend for the year ended 31st
March, 2014.
SHARE CAPITAL:
During the year 2013-14, the Authorised Share Capital of the Company
was increased to Rs.5 crores with consequential changes in the
Memorandum and Articles of Association of the Company.
SHARE WARRANTS:
During the year 2014, the Company has sought the approval of share
holders for preferential issue of share warrants to the promoter. Since
necessary approvals from statutory authorities was not received before
the close of the year, the same was withdrawn.
OPERATIONS:
In spite of best efforts, the performance of the Company in terms of
revenue and profit had de-accelerated, both in personal care products
and trading division. While in the short period, it may be difficult to
have a quick turnaround, nonetheless efforts shall be made to realign
work systems to ensure sustenance, with thrust to strive ahead in the
current financial years.
Your Company''s initiatives in the area of sustainability, vision and
its growth path into the future, leveraging its corporate strategy of
creating multiple drivers of growth is slowly bearing fruit. The order
booking for the current year is encouraging when viewed against the
backdrop of the extremely challenging business context in which it was
achieved, namely, the continued economic slowdown, steep increase in
taxes/duties, gestation costs relating to the new FMCG businesses and
other investments. One of the sectors that has been affected in the
past years is FMCG, which is the fourth largest sector in the Indian
economy. Overall , the FMCG sector is witnessing a slowdown,
depreciating rupee has escalated raw material prices and this, in turn,
has led the FMCG companies to make their endeavor to balance both.
PERSONAL PRODUCTS DIVISION:
Your Company''s Personal Care Products business, continued to gain
consumer franchise during the year aided by a slew of new products
launches in the Hand Sanitizers, Hand Wash, Skin Care, Face Wash, etc.
The business continues to leverage the umbrella brands, namely, "Bdel",
"Apollo Pharmacy Company", "Ãuchan"etc., segments and is focused on
addressing various consumer benefits with the introduction of new
variants. Buoyed by increasing consumer franchise for your Company''s
brands, it is expected that the accelerated growth of the Brand
businesses will be sustained in the years ahead. Your Company will
continue to rapidly scale-up product partnerships, invest in
manufacturing and distribution infrastructure to support larger scale
in view of the growing demand for their products and maximize the
benefits of clients synergy. Apart from expanding the Company''s
existing in-house domain solution, capabilities, specific development
continued to enhance and strengthen its nexus globally.
Going forward, the Company will continue to review and reinforce its
strategies and action plans to rapidly scale up its global footprint.
It has build contracts with international clients and that should bear
fruit in the coming year.
TRADING DIVISION:
Your company faced a challenging year in trading of industrial
products. The economic scenario, slowdown in infrastructure projects,
stiff competition and liquidity crisis in the market has lead to a huge
decline in turnover and profitability.
CONSERVATION OF ENERGY:
Energy consumption by the Company is not significant. In spite,
continuous efforts are made to improve the methods and techniques of
application.
FOREIGN EXCHANGE EARNINGS AND OUT GO:
There were no foreign exchange earnings during the year, as the
customers exported the products manufactured by the Company.
DIRECTORS:
In accordance with the provisions of Article 49 of the Articles of
Association of the Company, Mr. Aditya T Malkani Director of the
Company, retire by rotation at the forthcoming Annual General Meeting
and being eligible seek re-appointment.
The Company had, pursuant to provisions of Clause 49 of the Listing
Agreements, appoint Mr.Navroze S.Marshall as Independent Director of
the Company.
As per Section 149(4) of the Companies Act, 2013 which came into effect
from April 1, 2014, every listed public company is required to have at
least one-third of the total number of directors as Independent
Director. Mr.Navroze.S.Marshall who was co-opted as an Additional
Director of the Company by the Board with effect from 31st January 2014
and holds the office up to the date of the forthcoming Annual General
Meeting, seek appointment as Independent Director.
DIRECTORS RESPONSIBILITY STATEMENT:
As required by Section 134(5) of the Companies Act, 2013, your
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 accounting policies are reasonable and applied them
consistently and made judgments and estimates that are rational 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) Proper and sufficient care has been taken for 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 Annual Accounts have been prepared on a going concern basis;
(e) the Company had laid down internal financial controls to be
followed and that such internal financial controls are adequate and
were operating effectively.
(f) the proper system is maintained to ensure compliance with the
provisions of all applicable laws and that such systems were adequate
and operating effectively.
STATUTORY AUDITORS:
The Company''s Auditors M/s. Amarnath Kamath and Associates, Chartered
Accountants, Bangalore, retire and are eligible for re-appointment.
Further, the Members are also requested to authorise the Board of
Directors to appoint branch auditors for the current year to audit the
accounts of the Company''s branch offices and fix their remuneration.
SECRETARIAL COMPLIANCE CERTIFICATE
As per Section 383A of the Companies Act, 1956 the Secretarial
Compliance Certificate obtained from practicing Company Secretary is
annexed herewith.
PARTICULARS OF EMPLOYEES:
No employee is drawing remuneration of more than Rs. 2,00,000/-
(Rupees two lakhs only) per month, requiring disclosure under Section
134 of the Companies Act, 2013 read with the Particulars of Employees
Rules, 1975.
ACKNOWLEDGEMENT
Your Directors wish to acknowledge and place on record their
co-operation and support extended by the, Customers, Suppliers, Group
Companies, Government Agencies, Banks, Employees and Shareholders and
look forward to their continued co-operation during the year.
For and on behalf of the Board
Mumbai DEEP A LALVANI
17th May,2014 Chairman
Mar 31, 2013
The Directors are pleased to present the 65th Annual Report of your
Company and the Audited Statement of Accounts for the year ended 31st
March, 2013.
FINANCIAL RESULTS
(Rs. in lacs)
Particulars Year ended Year ended
31.03.2013 31.03.2012
Revenue 1164 1139
Operating profit/(loss) (38) 22
Interest (6) (3)
Depreciation and amortization (20) (17)
Profit/(loss) before tax (64) 2
Provision tax 19 2
Profit/(loss) after tax (45) 4
DIVIDEND
The Directors do not recommend any dividend for the year ended 31st
March, 2013.
OPERATIONS
In spite of best efforts, the performance of the Company in terms of
revenue and profit had de-accelerated, both in personal care products
and trading division. While in the short period, it may be difficult to
have a quick turnaround, nonetheless efforts shall be made to realign
work systems to ensure sustenance, with thrust to strive ahead in the
current financial year.
Personal Products Division
The Company has strengthened its product development and customer base.
In the year under review, it added three more customers to its product
portfolio. Furthermore, development of new products such as healing
cream, variants of body spray, hand sanitizers and hand wash (under own
brand of Influence range) have been initiated. Unfortunately, slowdown
in the export market coupled with adverse financial impact on the
customers, have largely shrunk demand in comparison to earlier years.
Trading Division
Your company continues to hold a dominant share of trading in
industrial products in South India. Economic scenario, stiff
competition and liquidity crisis in the market have lead to huge
decline in turnover and profitability.
CONSERVATION OF ENERGY
Energy consumption by the Company is not significant. Inspite,
continuous efforts are made to improve the methods and techniques of
application.
FOREIGN EXCHANGE EARNINGS AND OUTGO
There were no foreign exchange earnings during the year, as the
customers exported products manufactured by the Company.
DIRECTORS
In accordance with the provisions of Article 49 of the Articles of
Association of the Company, Mr.A T Maikani and Ms. Aruna B Advani
Directors of the Company, retire by rotation at the forthcoming Annual
General Meeting and being eligible seek re-appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required by Section 217(2A) of the Companies Act, 1956, your
Directors'' confirm that:
a. The applicable accounting standards have been followed.
b. The accounting policies are reasonable, prudent and are
consistently followed to give a true and fair view of the state of
affairs of the Company.
c. Proper and sufficient care has been taken for maintenance of
adequate accounting records, for safeguarding the assets of the Company
and for preventing/detecting fraud and other irregularities.
d. The annual accounts have been prepared on a going concern basis.
STATUTORY AUDITORS
The Company''s Statutory Auditors M/s. Amarnath Kamath and Associates,
Chartered Accountants, Bangalore, retire and are eligible for
re-appointment. Further, the Members are also requested to authorize
the Board of Directors to appoint Branch Auditors for the current year
to audit the accounts of the Company''s branch offices and fix their
remuneration.
SECRETRIAL COMPLIANCE CERTIFICATE
As per Section 383A of the Companies Act, 1956 the Secretarial
Compliance Certificate obtained from practicing Company Secretary is
annexed herewith.
PARTICULARS OF EMPLOYEES
No employee is drawing remuneration of more than Rs. 2,00,000/- (Rupees
two lakhs only) per month, requiring disclosure under Section 217(2A)
of the Companies Act, 1956 read with the Particulars of Employees
Rules, 1975.
ACKNOWLEDGEMENT
Your Directors wish to acknowledge the support extended by Group
Companies, Customers, Suppliers, Government Agencies, Banks, Employees
and Shareholders during the year.
On behalf of the Board
For Ador Multiproduct Limited
Mumbai DEEP A. LALVANI
26th April,2013 Chairman
Mar 31, 2012
The Directors are pleased to present the 64th Annual Report and the
performance of the Company for the year ended 31st March, 2012.
FINANCIAL RESULTS
(Rs.in lacs)
Year ended Year ended
31.03.2012 31.03.2011
Sates and Other Income
(net Excise Duty) 1097.66 1100.33
Profit before Interest,
Depreciation
and Tax 20.67 48.22
Less: Depreciation
and Amortisation 14.88 15.10
Interest 3.71 0.93
Profit after Interest and
Depreciation 2.08 32.19
less. Provision for Tax 0.39 11.10
Deferred Tax (1-53) (1.18)
Taxation of earlier years (0.39) (0.15)
Profit for the year 3.61 22.42
Balance of earlier year's 84.55 62.13
88.16 84.55
DIVIDEND
In view of the marginal profit, your Directors do not recommend any
dividend for the year ended 31st March, 2012.
OPERATIONS
Personal Products Division
During the financial year under review, the Company entered in to
agreements with two organizations - SPAR HYPERMARKET' and 'ANGLO
FRECH DRUGS COMPANY - for manufacture of their branded personal care
products.
The Company also developed certain new range of personal care products
and test marketed the same, which has been well received in the market.
Further, the 'Influence' range of personal care products comprising
body sprays, hand sanitizers, shampoos, body lotion, talcum powder and
shower gel have received good response and initial orders are being
received.
Trading Division
Having established itself as one of the largest distributors in South
India, your Company is positioned for high growth market segments in
other regions. The Company has been appointed as distributor of
Grind well Norton Limited. This gives leverage in addition to other
complimentary products of the welding industry.
CONSERVATION OF ENERGY
Energy consumption by the Company is not significant. In spite,
continuous efforts are made to improve the methods and techniques of
application.
FOREIGN EXCHANGE EARNINGS AND OUTGO
There were no foreign exchange earnings during the year, as the
customers exported the products manufactured by the Company.
DIRECTORS
In accordance with the provisions of Article 49 of the Articles of
Association of the Company, Mr. H.P. Ledwani and Mr. R.A. Mirchandani -
Directors of the Company, retire by rotation at the forthcoming Annual
General Meeting and being eligible offer themselves for re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT
As required by Section 217(2AA) of the Companies Act, 1956, your
Directors confirm that: -
a. The applicable accounting standards have been followed.
b. The accounting policies are reasonable, prudent and are
consistently followed to give a true and fair view of the state of
affairs of the Company.
c. Proper and sufficient care has been taken for maintenance of
adequate accounting records, for safeguarding the assets of the Company
and for preventing/detecting fraud and other irregularities.
d. The annual accounts have been prepared on a going concern basis.
AUDITORS
The Company's Auditors M/s. Amarnath Kamath and Associates,
Chartered' Accountants, Bangalore, retire and are eligible for
re-appointment. Further, the Members are also requested to authorise
the Board of Directors to appoint branch auditors for the current year
to audit the accounts of the Company's branch offices and fix their
remuneration.
SECRETARIAL COMPLIANCE CERTIFICATE
As per Section 383A of the Companies Act, 1956 the Secretarial
Compliance Certificate obtained from practicing Company Secretary is
annexed herewith.
PARTICULARS OF EMPLOYEES
No employee is drawing remuneration of more than Rs 2,00,000/- (Rupees
two lakhs only) per month, requiring disclosure under Section 217(2A)
of the Companies Act, 1956 read with the Particulars of j Employees
Rules, 1975.
ACKNOWLEDGEMENT
Your Directors wish to acknowledge the support extended by Group
Companies, Customers, Suppliers, Government Agencies, Banks, Employees
and Shareholders during the year.
For and on behalf of the Board
Bangalore DEEP A. LALVANI
27th April,2012 Chairman
Mar 31, 2011
The Directors are pleased to present the 63rd Annual Report of your
Company and the Audited Statement of Accounts for the year ended 31st
March, 2011.
FINANCIAL RESULTS
(Rs. in lacs)
Year ended Year ended
31.03.2011 31.03.2010
Sales and Other Income
(net of Excise Duty) 1,100.33 1,247.38
Profit before Interest,
Depreciation and Tax 48.22 75.96
Less: depreciation 15.10 13.51
Interest 0.93 2.24
Profit after Interest and Depreciation 32.19 60.21
Less: Provision for Current Tax 11.10 19.00
Deferred Tax (1.18) (0.95)
Taxation relates to earlier years (0.15) -
Net Profit for the year 22.42 42.16
Balance brought forward from
previous year 62.13 48.28
84.55 90.44
Appropriations:
Proposed Dividend - 24.28
Tax on above dividend distribution - 4.03
Transfer to General Reserve - -
Balance carried Balance Sheet 84.55 62.13
84.55 90.44
DIVIDEND
As resources have to be conserved for deployment in the business,
Directors do not recommend any dividend for the year 31st March, 2011.
SHARE CAPITAL
In December 2009, the Company had issued 2,79,717 warrants to the
Promoter Group in pursuance of resolution passed at the Extraordinary
General Meeting of the Company. These warrants have been duly converted
into Equity Shares within the stipulated period of eighteen months from
the date of allotment
OPERATIONS
Personal Products Division
During the financial year 2010-2011, the Company developed its own
range of personal care products and test marketed the same. The
Influence range of personal care products comprise body sprays, hand
sanitizers, shampoo, body lotion, talcum powder and shower gel. The
brand has received a good initial response and some initial orders have
started coming in. The coming financial year brings with it a lot of
promise in this niche segment. The company has also bagged exclusive
marketing & distribution contracts with two leading Briitish firms to
market their premium products in India. This fills the space of the
premium mens grooming products category and the bath category. The
initial response has been positive and the company aims to build
creditability in this high growth segment.
Trading Division
Having established itself as one of the largest distributors in the
South, your Company is now expected to further penetrate the market in
high growth segments. The Company is also planning to expand its reach
geographically in the Tamil Nadu region which should bring in
additional revenue.
The past year has been tough year for the trading division, margins
have been squeezed and customers loyalty has diminished. The company is
rejuvenating the team and policies to ensure we gain new customers and
improve margins.
EMPLOYEES
Motivated employees are an asset to the Company. The quality of
manpower and productivity is being continuously monitored and enhanced
through training and development.
CONSERVATION OF ENERGY
Energy consumption by the Company is not significant. In spite,
continuous efforts are made to improve the methods and techniques of
application.
RESEARCH AND DEVELOPMENT
The Company has plans to spend on Research and Development during the
current year. The Company has already invested a little bit in R & D
and further plans to build on this platform. Demand for natural and
paraben free products will be focus for the R & D this year.
FOREIGN EXCHANGE EARNINGS AND OUT GO
There were no foreign exchange earnings during the year, as the
customers exported the products manufactured by the Company.
DIRECTORS
In accordance with the provisions of Article 49 of the Articles of
Association of the Company, Ms. Aruna B. Advani and Mrs. N. Malkani
Nagpal - Directors of the Company, retire by rotation at the
forthcoming Annual General Meeting and being eligible they seek
re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT
As required by Section 217(2AA) of the Companies Act, 1956, your
Directors confirm that: -
a The applicable accounting standards have been followed.
b. The accounting policies are reasonable, prudent and are
consistently followed to give a true and fair view of the state of
affairs of the Company.
c. Proper and sufficient care has been taken for maintenance of
adequate accounting records, for safeguarding the assets of the Company
and for preventing/detecting fraud and other irregularities.
d. The annual accounts have been prepared on an ongoing concern basis.
AUDITORS
The Companys Auditors M/s. Amarnath Kamath & Associates, Chartered
Accountants, Bangalore, retire and are eligible for re-appointment.
Members are also requested to authorise the Board of Directors
inconsultation with Companys statutory auditiors to appoint Branch
Auditors for the current year to audit the accounts of the Companys
Branch Offices and fix their remuneration.
SECRETRIAL COMPLIANCE CERTIFICATE
As per Sec. 383A of the Companies Act, 1956 the Secretrial Compliance
Certificate obtained from Practising Comany Secterary is annexed
herewith.
PARTICULARS OF EMPLOYEES
No employee is drawing remuneration of more than Rs. 2,00,000/- (Rupees
two lakhs only) per month, requiring disclosure under Section 217(2A)
of the Companies Act, 1956 read with the Particulars of Employees
Rules, 1975.
ACKNOWLEDGEMENT
Your Directors wish to acknowledge and place on record their
appreciation for the excellent co-operation and support extended by the
Customers, Suppliers, Government Agencies, Banks, Employees,
Shareholders and look forward to their continued support.
For and on behalf of the Board
DEEP A LALVANI
Chairman
Bangalore
30th April, 2011
Mar 31, 2010
The Directors present the 62nd Annual Report of your Company and the
Audited Statement of Accounts for the year ended 31st March, 2010 .
FINANCIAL RESULTS
( Rs. in lacs)
Year ended Year ended
31.03.2010 31.03.2009
Sales and Other Income
(net Excise Duty) 1247.38 1066.90
Profit before Interest,
Depreciation and Tax 75.96 69.85
Less : Depreciation 13.51 13.21
Interest 2.24 2.01
Profit after Interest and Depreciation 60.21 54.63
Less: Provision for Current Tax 19.00 19.00
Provision for Fringe Benefit Tax - 1.56
Deferred Tax (0.95) (3.37)
Net Profit for the year 42.16 37.42
Balance brought forward from
previous year 48.28 10.86
90.44 48.28
Appropriations:
Proposed Dividend 24.28 -
Tax 6n above dividend distribution 4.03 -
Transfer to General Reserve
Balance carried Balance Sheet 62.13 48.28
90.44 48.28
DIVIDEND
The Directors are pleased to recommend a dividend of rupee one per
share for the year ended 31st March, 2010. (Previous year - NIL).
SHARE CAPITAL
In December, 2009 the Company issued 2,79,717 convertible equity
warrants to the Promoter Group. 93,239 Warrants were converted into
equal number of equity shares of Rs. 10/- each on 30th March, 2010 and
the premium of Rs. 6/- per share has been credited to Share Premium
account. Consequently the paid up share capital has increased Rs.
2,42,77,000/- comprising of 24,27,700 equity shares of Rs. 10/- each.
OPERATIONS
1 Personal Products Division
The increasing interest in International brands in the Indian market
has opened opportunities for manufacturing and marketing. Prospects
with local players, retailers and international brands therefore, look
bright. Your company has started marketing its own brand of bath
products under the name Influence. This brand is currently being test
marketing in the hospitality industry and certain niche retail
segments.
Your company has also shown considerable growth in the alcohol based
product segment and is expected further grow in the current year.
Increase in capacities will also meet the growing demands in the
shampoo and lotion segments.
Pondicher/y unit is able to meet the demand requirement as well as
certain export market.
TRADING DIVISION
Having established itself as one of the largest distributors in the
South, your Company is now expected to further penetrate the market in
high growth segments. The Company is also planning to expand its reach
geographically in the Tamil Nadu region which should bring in
additional revenue.
CONSERVATION OF ENERGY
Optimum use of energy through continuous improving methodology has been
adhered to. However, the consumption of energy by the Company is
non-significant.
RESEARCH AND DEVELOPMENT
The Company has plans to spend on Research and Development during the
current year.
FOREIGN EXCHANGE EARNINGS AND OUT GO
There was no Foreign Exchange earnings during the year since the
Customers exported the products manufactured by the Company in their
names.
DIRECTORS
In accordance with the provisions of the Article 49 of the Articles of
Association of the Company, Mr. Aditya T. Malkani, Director of the
company, retires by rotation at the forthcoming Annual General Meeting
and being eligible offer himself for re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT: -
As required by Section 217(2AA) of the Companies Act, 1956, your
Directors confirm that: -
a. In the preparation of the annual accounts, the applicable
accounting standards have been followed;
b. They 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 profit of the
company for that year;
c. They have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities;
d. They have prepared the annual accounts on a going concern basis.
AUDITORS
The C ipanys Auditors M/s. Amarnath Kamath & Associates., Chartered
Accountants, Bangalore, retire and are eligible for re-appointment.
Members are also requested to authorise the Board of Directors to
appoint Branch Auditors for the current year to audit the accounts of
the Companys Branch Offices and fix their remuneration.
PARTICULARS OF EMPLOYEES
No employee is drawing the remuneration of more than Rs. 2 lacs per
month requiring disclosure under section 217(2A) of the Companies Act,
1956 (Particulars of Employees) Rules, 1975.
ACKNOWLEDGEMENT
Your Directors wish to acknowledge and place on record their
appreciation for the excellent co-operation and support extended by the
Customers, Suppliers, Group companies, Government Agencies, Banks,
Employees of the Company and Shareholders and look forward to their
continued support.
For and on behalf of the Board
Bangalore DEEP A LALVANI
29thApril,2010 Chairman
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