Mar 31, 2014
Dear members,
We take pleasure to present the 22nd Annual Report on the business and
operations of your Company along with the Financial Statements for the
year ended on 31 March, 2014.
FINANCIAL RESULTS SUMMARY
During the year under review, the key financial indicators of the
Company are given below:
Particulars 2013-2014 2012-2013
(Rs.in lakhs) (Rs. in lakhs)
Total Revenue 17026.75 22990.77
Less: Expenses other than 17607.99 22894.19
Depreciation & Amortisation
Profit/(Loss) Before Depreciation, (581.24) 96.58
Amortisation, Exceptional &
Extraordinary Items and Tax
Less: Depreciation and Amortisation 59.77 60.84
expense
Profit/(Loss) Before Exceptional & (641.01) 35.74
Extraordinary Items And Tax
Add / (Less): Exceptional & Extraordinary --- ---
Items
Net Profit/(Loss) Before Tax (NPBT) (641.01) 35.74
Less: Tax expenses 5.42 12.92
Net Profit/(Loss) After Tax (NPAT) (646.43) 22.82
Add: Surplus brought forward from 1401.78 1401.62
previous year
Amount available for Appropriations 755.35 1424.44
Less: Appropriations:
Proposed Dividend --- 19.50
Tax on Proposed Dividend --- 3.16
General Reserve --- ---
Balance carried forward to Balance Sheet 755.35 1401.78
REVIEW OF PERFORMANCE
Your Company deals in healthcare products, for which the majority of
the raw material is imported. Due to the significant depreciation of
the INR in the last year, your company had to suffer a loss. Also your
company has discontinued some of the trading products due to the drop
in margins and as such the turnover for the year was lower than
previous year.
During the year under review, your Company earned a Total Income of
Rs.17026.75 lakhs as against Rs.22990.77 lakhs during the previous
year.
DIVIDEND
In view of the loss, your Directors regret their inability to declare
any dividend for the year.
MANAGEMENT DISCUSSION AND ANALYSIS
A detailed report on Industry Structure and Developments, operations,
performance, Business Outlook, Opportunities & Threats and Risks and
Concerns, in accordance with Clause 49 of the Listing Agreement, is
presented in a separate section forming a part of the Annual Report.
DIRECTORS
The Board consists of Executive and Non-Executive Director including
independent director who have wide and varied experience in different
disciplines of corporate functioning.
* In terms of Section 152 of the Companies Act, 2013, Mr. Anil V.
Choksi, Director of the Company is liable to retire by rotation at the
ensuing Annual General Meeting and being eligible offers himself for
re-appointment.
* Pursuant to the provisions of Section 161(1) of the Companies Act,
2013 and the Articles of Association of the Company, Mrs.
Shamanthakamaniprakash Sagarkatte was appointed as an Additional
Director designated as an Independent Director w.e.f. 28th June, 2014
and she shall hold office up to the date of the ensuing Annual General
Meeting. The Company has received requisite notice in writing from a
member proposing Mrs. Shamanthakamaniprakash Sagarkatte for appointment
as an Independent Director.
* In terms of Section 149 of the Companies Act, 2013, which has come
into force with effect from 1st April, 2014, an Independent Director
shall hold office for a term up to 5 (five) consecutive years on the
Board of a company and is not liable to retire by rotation.
In compliance with the provisions of Section 149, 152 read with
Schedule IV of the Act, the appointment of Mr. Sharadchandra Pendse,
Mr. Tushar Parikh, Mr. Himanshu Kishnadwala, Mr. Vikram Maniar and Mrs.
Shamanthakamaniprakash Sagarkatte as Independent Directors is being
placed before the Members in General Meeting for their approval. The
Company has received declarations from all the Independent Directors of
the Company confirming that they meet with the criteria of independence
as prescribed under sub-section (6) of Section 149 of the Companies
Act, 2013.
A brief resume of the Directors mentioned above has been annexed to the
notice of the 22nd Annual General Meeting. DIRECTORS'' RESPONSIBILITY
STATEMENT
As stipulated under section 217(2AA) of the Companies Act, 1956, the
Directors confirm 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 as on 31st March, 2014
and of the profit of the Company for that period;
iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv) The Directors have prepared the annual accounts on a going concern
basis.
CORPORATE GOVERNANCE
Report on Corporate Governance of your Company for the year under
review, as per the requirement of Clause 49 of the Listing Agreement,
has been placed under a separate section and forms a part of this
Annual Report.
PUBLIC DEPOSITS
During the year under review, your Company has repaid all outstanding
term deposit till May, 2014 along with interest thereon;
The provisions of Section 58A of the Companies Act, 1956 with regard to
interest payment have been complied with.
AUDITORS
M/s. Parikh & Amin Associates, Chartered Accountants, 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 a letter from them to the effect that their
appointment, if made, would be within the prescribed limits under
Section 141(3)(g) of the Companies Act, 2013 and that they are not
disqualified from being appointed as Statutory Auditors of the Company.
COST ACCOUNTING RECORDS
Your Company has appointed M/s. Y.S. Thakar & Associates, Cost
Accountants as the Cost Auditors of the Company for the financial year
2013-14 to conduct the audit of the cost records of your Company.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Details of energy conservation and absorption of technology along with
other information in accordance with the provisions of section
217(1)(e) the Companies Act, 1956, read with Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 are given
in the Annexure - I attached and forms part of this Report.
PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A)
In terms of the provisions of section 217 (2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975 as
amended, during the year under review, no employees of your Company
were in receipt of remuneration exceeding Rs.60 lakhs for the whole
year or Rs.5 lakhs per month during any part of the year.
FINANCES
The total long term borrowings of your Company as on 31s* March, 2014
is NIL, Cash and Cash Equivalent stood at Rs.160.73 lakhs and total
investments stood at NIL at the end of the year.
HEALTH AND SAFETY MEASURES
The standards of health of workers and safety measures to be taken as
provided by the Factories Act, 1948 and the rules framed there under
have been maintained by your Company.
ACKNOWLEDGEMENT
The Directors wish to convey their appreciation to all the employees of
your Company for their enormous personal efforts as well as their
collective contribution to the performance of your Company. The
Directors would also like to place on record their sincere thanks to
various authorities of the Central Government and State Governments,
Administration of the Union Territory of Dadra and Nagar Haveli for the
co-operation and support received from them, to Bank of Baroda,
official bankers of your Company and also to the Suppliers and the
Customers for their patronage of your Company''s products and to all the
shareholders for their support.
On behalf of Board of Directors
Sd/-
Place : MUMBAI Anil V. Choksi
Date : 6th May, 2014 Managing Director
Mar 31, 2013
To , The Members of CHOKSI IMAGING LIMITED,
The take pleasure to present the 21st Annual Report on the business and
operations of your Company along with the Financial Statements for the
year ended on 31st March, 2013.
FINANCIAL RESULTS SUMMARY
During the year under review, the key financial indicators of the
Company are given below:
Particulars 2012-2013 2011-2012
(Rs. in lakhs) (Rs. in lakhs)
Total Revenue 22990.77 18450.48
Less: Expenses other than Depreciation
& Amortisation 22894.19 18205.13
Profit Before Depreciation, Amortisation,
Exceptional & Extraordinary Items and Tax 96.58 245.35
Less: Depreciation and Amortisation expense 60.84 58.72
Profit Before Exceptional &
Extraordinary Items And Tax 35.74 186.63
Add / (Less): Exceptional &
Extraordinary Items
Net Profit Before Tax (NPBT) 35.74 186.63
Less: Tax expenses 12.92 59.99
Net Profit After Tax (NPAT) 22.82 126.64
Add: Surplus brought forward
from previous year 1401.62 1320.31
Amount available for Appropriations 1424.44 1446.95
Less: Appropriations:
Proposed Dividend 19.50 39.00
Tax on Proposed Dividend 3.16 6.33
General Reserve
Balance carried forward to Balance Sheet 1401.78 1401.62
REVIEW OF PERFORMANCE
Your Company is working hard towards expanding its network throughout
the length and breadth of India. Your Company has a presence in every
nook and corner of the country either through its Branch offices or
through its pan-India dealer network. During the year under review,
your Company earned a Total Income of Rs. 22990.77 lakhs as against Rs.
18450.48 lakhs during the previous year. Net Profit after Tax (NPAT)
for the current year stood at Rs. 22.82 lakhs as against Rs. 126.64 lakhs
during the previous year. Your Directors are continuously looking for
avenues for future growth of the Company in healthcare industry.
DIVIDEND
The Directors recommend a final dividend on total paid up capital of
the company at the rate of Rs. 0.50/- (5 percent) Per fully paid up
equity share of Rs. 10/- each for the financial year ended 31st March,
2013, which would amount to a total of Rs. 19.50/- lakh exclusive of
Dividend Distribution Tax.
The dividend is subject to the approval of shareholders at the ensuing
Annual General Meeting and shall be paid to those members whose name
appear in the register of members as on the book closure date.
The Register of Members and share transfer book will remain closed from
Friday, 2nd August, 2013 to Saturday, 10th August, 2013 (both days
inclusive).
MANAGEMENT DISCUSSION AND ANALYSIS
A detailed report on Industry Structure and Developments, operations,
performance, Business Outlook, Opportunities & Threats and Risks and
Concerns, in accordance with Clause 49 of the Listing Agreement, is
presented in a separate section forming a part of the Annual Report.
DIRECTORS
In accordance with requirement of the Companies Act, 1956, Mr. Samir
Choksi and Mr. Tushar Parikh are liable to retirement by rotation and
being eligible, offer themselves for re-appointment.
Approval of shareholders is also being sought for appointment of Mr.
Gaurav Choksi as a Whole-Time Director of the Company, for a period of
3 years with effect from 1st July, 2013.
A brief resume of the Directors mentioned above has been annexed to the
notice of the 21st Annual General Meeting.
The Board recommends their re-appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT
As stipulated under section 217(2AA) of the Companies Act, 1956, the
Directors confirm 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 as on 31st March, 2013
and of the profit of the Company for that period;
iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv) The Directors have prepared the annual accounts on a going concern
basis.
CORPORATE GOVERNANCE
Report on Corporate Governance of your Company for the year under
review, as per the requirement of Clause 49 of the Listing Agreement,
has been placed under a separate section and forms a part of this
Annual Report.
PUBLIC DEPOSITS
During the year under review, your Company discontinued renewal of the
existing public deposits and acceptance of any further public deposits
under section 58A of the Companies Act, 1956. 81 (No.s) Deposits
aggregating to Rs. 142.37 lakhs were repaid on account of maturity.
The provisions of Section 58A of the Companies Act, 1956 with regard to
interest payment have been complied with.
AUDITORS
The Statutory Auditors of your Company M/s. Parikh & Amin Associates,
Chartered Accountants, Mumbai hold the office till the conclusion of
the ensuing Annual General Meeting have furnished a certificate under
section 224(1B) of the Companies Act, 1956 to the effect that their
appointment, if made, would be within the prescribed limits . They have
confirmed their willingness to accept the office, if re-appointed and
it is proposed that they be re-appointed.
COST ACCOUNTING RECORDS
The Ministry of Corporate Affairs (MCA) issued notification no. GSR
429(E) dated 3rd June, 2011 notifying The Companies (Cost Accounting
Records) Rules, 2011. According to the aforementioned notification,
your Company is now required to maintain cost records pertaining to per
unit cost of production, cost of sales and margins for each of its
products to enable company to make optimum utilisation of available
resources. These records, at the end of the financial year, are to be
reconciled with the audited financial statements and a Compliance
Report is to be obtained from a Cost Accountant and file the same with
the MCA.
In compliance with the above, your Company has appointed M/s. Y.R.
Doshi & Associates, Cost Accountants, to maintain the cost records and
issue Compliance Report.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Details of energy conservation and absorption of technology along with
other information in accordance with the provisions of section
217(1)(e) the Companies Act, 1956, read with Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 are given
in the Annexure - I attached and forms part of this Report.
PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A)
In terms of the provisions of section 217 (2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975 as
amended, during the year under review, no employees of your Company
were in receipt of remuneration exceeding Rs. 60 lakhs for the whole year
or Rs. 5 lakhs per month during any part of the year.
FINANCES
The total long term borrowings of your Company as on 31st March, 2013
stood at Rs. 0.86 lakhs, Cash and Cash Equivalent stood at Rs. 124.57 lakhs
and total investments stood at NIL at the end of the year.
HEALTH AND SAFETY MEASURES
The standards of health of workers and safety measures to be taken as
provided by the Factories Act, 1948 and the rules framed there under
have been maintained by your Company.
ACKNOWLEDGEMENT
The Directors wish to convey their appreciation to all the employees of
your Company for their enormous personal efforts as well as their
collective contribution to the performance of your Company. The
Directors would also like to place on record their sincere thanks to
various authorities of the Central Government and State Governments,
Administration of the Union Territory of Dadra and Nagar Haveli for the
co-operation and support received from them, to Bank of Baroda,
official bankers of your Company and also to the Suppliers and the
Customers for their patronage of your Company''s products and to all the
shareholders for their support.
For and on behalf of the Board of Directors
Sd/-
Place : MUMBAI Sharadchandra Pendse
Dated : 27th May, 2013. Chairman
Mar 31, 2012
To The Members of CHOKSI IMAGING LIMITED,
The Board of Directors are pleased to present the 20th Annual Report on
the business and operations of your Company along with the financial
statements for the year ended on 31st March, 2012.
FINANCIAL RESULTS SUMMARY
During the year under review, the key financial indicators of the
Company are given below:
Particulars 2011-2012 2010-2011
(Rs. lakhs) (Rs. lakhs)
Total Revenue 18450.48 17115.11
Less: Expenses other than Depreciation
& Amortisation 18205.13 16528.42
Profit Before Depreciation,
Amortisation, Exceptional & 245.35 586.69
Extraordinary Items and Tax
Less: Depreciation and Amortisation
expense 58.72 51.68
Profit Before Exceptional &
Extraordinary Items And Tax 186.63 535.01
Add / (Less): Exceptional &
Extraordinary Items -- --
Net Profit Before Tax (NPBT) 186.63 535.01
Less: Tax expenses 59.99 194.51
Net Profit After Tax (NPAT) 126.64 340.50
Add: Surplus brought forward from
previous year 1320.31 1066.03
Amount available for Appropriations 1446.95 1406.53
Less: Appropriations:
Proposed Dividend 39.00 58.50
Tax on Proposed Dividend 6.33 9.72
General Reserve -- 18.00
Balance carried forward to Balance Sheet 1401.62 1320.31
The above figures have been arrived at in accordance with the Revised
Schedule VI to the Companies Act, 1956, as notified by the Ministry of
Corporate Affairs.
REVIEW OF PERFORMANCE
Your Company is working hard towards expanding its network throughout
the length and breadth of India and also outside India. Your Company
has a presence in every nook and corner of the country either through
its Branch offices or through its pan-India dealer network. During the
year under review, your Company earned a Total Income of Rs. 18450.48
lakhs as against Rs. 17115.11 lakhs during the previous year. Net Profit
After Tax (NPAT) for the current year stood at Rs. 126.64 lakhs as
against Rs. 340.50 lakhs during the previous year. The main reason for
decline in NPAT in the current year is due to depreciation of the Rupee
against the US Dollar.
DIVIDEND
The Directors recommend a dividend on total paid up capital of the
company at the rate of Rs. 1/- (10 per cent) per fully paid up equity
share of Rs. 10/- each for the financial year ended 31st March, 2012,
which would amount to a total of Rs. 39 lakhs, exclusive of Dividend
Distribution Tax.
The dividend is subject to the approval of shareholders at the ensuing
Annual General Meeting.
MANAGEMENT DISCUSSION AND ANALYSIS
A detailed report on Industry Structure and Developments, Product-wise
Performance, Business Outlook, Opportunities & Threats and Risks and
Concerns, in accordance with Clause 49 of the Listing Agreement, is
presented in a separate section forming a part of the Annual Report.
DIRECTORS
In accordance with section 256 of the Companies Act, 1956 read with the
Articles of Association of the Company, Mr. Sharadchandra Pendse and
Mr. Himanshu Kishnadwala are liable to retirement by rotation and being
eligible, offer themselves for re-appointment.
A brief resume of the Directors mentioned above has been annexed to the
notice of the 20th Annual General Meeting.
The Board recommends their re-appointment.
DIRECTORS' RESPONSIBILITY STATEMENT
As stipulated under section 217(2AA) of the Companies Act, 1956, the
Directors confirm 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 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 as on 31st March, 2012
and of the profit of the Company for that period;
iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv) the Directors have prepared the annual accounts on a going concern
basis.
CORPORATE GOVERNANCE
Report on Corporate Governance of your Company for the year under
review, as per the requirement of Clause 49 of the Listing Agreement,
has been placed under a separate section and forms a part of this
Annual Report.
PUBLIC DEPOSITS
During the year under review, your Company discontinued renewal of the
existing public deposits and acceptance of any further public deposits
under section 58A of the Companies Act, 1956. Five Deposits aggregating
to Rs. 1.80 lakhs were repaid on account of maturity. Also, your Company
has received three Deposits aggregating Rs. 1 lakh for Premature
Repayments, which were repaid as per the terms of Companies (Acceptance
of Deposits) Rules, 1975.
The provisions of Section 58A of the Companies Act, 1956 with regard to
interest payment have been complied with.
AUDITORS
The Statutory Auditors of your Company, M/s. Parikh & Amin Associates,
Chartered Accountants, Mumbai hold the office till the conclusion of
the ensuing Annual General Meeting have furnished a certificate under
section 224(1B) of the Companies Act, 1956 to the effect that their
appointment, if made, would be within the prescribed limits . They have
confirmed their willingness to accept the office, if re-appointed and
it is proposed that they be re-appointed.
COST ACCOUNTING RECORDS
The Ministry of Corporate Affairs (MCA) issued notification no. GSR
429(E) dated 3rd June, 2011 notifying The Companies (Cost Accounting
Records) Rules, 2011. According to the aforementioned notification,
your Company is now required to maintain cost records pertaining to per
unit cost of production, cost of sales and margins for each of its
products to enable company to make optimum utilisation of available
resources. These records, at the end of the financial year, are to be
reconciled with the audited financial statements and a Compliance
Report is to be obtained from a Cost Accountant and file the same with
the MCA.
In compliance with the above, your Company has appointed M/s. Y.R.
Doshi & Associates, Cost Accountants, to maintain the cost records and
issue Compliance Report.
DEMATERIALISATION OF SHARES, SHARE REGISTRY AND LISTING DETAILS
Your Company has issued 39 lakh equity shares of Rs. 10 each, all of
which are listed on the Bombay Stock Exchange. Your Company has paid
the annual listing fees for the financial year 2012-13
As on 31st March, 2012 out of the total number of equity shares,
3481700 shares are held in dematerialised form, which represents 89.27
per cent of the total listed shares of your Company.
In accordance with SEBI circular No. D&CC / FITTC / CIR-15 / 2002 dated
27th December, 2002, your Company has appointed M/s. Adroit Corporate
Services Private Limited, a Category I Registrar and Share Transfer
Agent registered with SEBI, to look after works and matters related to
share registry, in co- ordination with the Secretarial Department of
your Company.
The Directors request all the shareholders holding shares in physical
form to get their shareholding converted into dematerialised form
through their Bankers or Depository Participants at the earliest to
avail benefits of dematerialisation, as trading in the shares of your
Company on the Stock Exchange is only permitted in dematerialised form
as per rules of the Securities and Exchange Board of India (SEBI).
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Details of energy conservation and absorption of technology along with
other information in accordance with the provisions of section
217(1)(e) the Companies Act, 1956, read with Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 are given
in the Annexure - I attached and forms part of this Report.
PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A)
In terms of the provisions of section 217 (2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975 as
amended, during the year under review, no employees of your Company
were in receipt of remuneration exceeding Rs. 60 lakhs for the whole year
or Rs. 5 lakhs per month during any part of the year.
FINANCES
The total long term borrowings of your Company as on 31st March, 2012
stood at Rs. 44.36 lakhs, Cash and Cash Equivalent stood at Rs. 173.05
lakhs and total investments stood at NIL at the end of the year.
HEALTH AND SAFETY MEASURES
The standards of health of workers and safety measures to be taken as
provided by the Factories Act, 1948 and the rules framed there under
have been maintained by your Company.
ACKNOWLEDGMENT
The Directors wish to convey their appreciation to all the employees of
your Company for their enormous personal efforts as well as their
collective contribution to the performance of your Company. The
Directors would also like to place on record their sincere thanks to
various authorities of the Central Government and State Governments,
Administration of the Union Territory of Dadra and Nagar Haveli for the
co-operation and support received from them, to Bank of Baroda,
official bankers of your Company and also to the Suppliers and the
Customers for their patronage of your Company's products and to all the
shareholders for their support.
For and on behalf of the Board of Directors
Sd/-
Place: Mumbai Sharadchandra Pendse
Date : 12th May, 2012 Chairman
Mar 31, 2010
The Directors are pleased to present the 18th Annual Report of the
Company along with the Audited Annual Accounts for the year ended 31st
March 2010.
The Directors are pleased to report significant increase in the
turnover and profitability of the Company as indicated by the key
financials given below:
FINANCIAL RESULTS
2009-2010 2008-2009
(Rs. in
lakhs) (Rs. in
lakhs)
Gross Profit 799.78 460.69
Less: Depreciation 46.89 37.16
Profit before tax 752.89 423.53
Provision for tax 257.68 153.21
(Including Deferred tax,
Wealth Tax and FBT)
Net Profit 495.21 270.32
Add : Prior Period Adj. Net of Tax - -
Less: Short Provision of Tax 16.34 2.42
Add: Surplus brought forward 728.11 534.52
Profit available for Appropriation 1206.98 802.42
APPROPRIATION
Proposed Dividend 78.00 50.70
Tax on proposed Dividend 12.95 8.61
General Reserve 50.00 15.00
Balance carried to balance sheet 1066.03 728.11
DIVIDEND
Your Directors have pleasure in recommending a Dividend of Rs.1.5 and a
Special Dividend of Rs.0.50, totaling to Rs.2.0 per share on the equity
share capital of the Company for the Financial Year 2009 - 2010. If
approved the dividend will absorb an amount of Rs.90.95 Lakhs
(including dividend distribution tax). The dividend pay out for the
year would be 18.37 % of the Net Profits for the year.
DIRECTORS
In accordance with the provisions of Articles of Association of the
Company and Companies Act, 1956 Mr. Suresh V. Choksi, Mr. Samir K.
Choksi and Mr. Tushar M. Parikh retire by rotation and being eligible,
offer themselves, for re-appointment.
"DIRECTORS RESPONSIBILITY STATEMENT":
As stipulated in 217(2AA) of Companies Act, 1956, your Directors
subscribe to the Directors Responsibility Statement and confirm as
under:
i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
ii) that 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) 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 the assets of the company and
for preventing and detecting fraud and other irregularities;
iv) that the Directors have prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE
The Corporate Governance Report is annexed herewith at Annexure III.
AUDITORS
The Auditors of the Company M/s. Parikh & Amin Associates, retire at
this Annual General Meeting and are eligible for re appointment. They
have confirmed their willingness to accept the office, if re-appointed.
DEMAT AND LISTING DETAILS
The total number of Equity Shares held in dematerialized form as on
31s! March, 2010 are 3,411,510 which represents 87.47 % of the total
paid up Equity Shares of the Company.
The Equity Shares of the Company are listed on the Stock Exchange at
Mumbai.
The Company has paid the annual listing fees to these exchanges till
31s1 March, 2010.
All those Shareholders holding shares in physical form are requested to
please get their shareholding converted in Demat form through their
Bankers/Depository Participants at the earliest. This is necessary as
any trading in Equity Shares of the Company is only permitted in de-mat
form as per SEBI Rules.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information in accordance with the provisions of Section 217(1 )(e) of
the Companies Act, 1956 read with Companies (Disclosures of particulars
in the Report of Board of Directors) Rules, 1988 pertaining to
conservation of energy, technology absorption, foreign exchange
earnings and outgo, are given in the Annexure "I" to this Report.
PARTICULARS OF EMPLOYEES
Information in accordance with the provisions of section 217(2A) of the
Companies Act, 1956, read with Companies (Particulars of Employees)
Rules, 1975, as amended and forming part of Directors Report for the
year ended 31st March, 2010 has been provided in Annexure "II" to this
Report.
ACKNOWLEDGEMENT
The Board of Directors would like to place on record their sincere
thanks for the co operation and support received from various agencies
of the Central and State Governments, Administration of Dadra and Nager
Haveli and also Bank of Baroda, Suppliers, Customers for their
patronage of the companys products and all the shareholders for their
support. The Directors also take this opportunity to place on record
their appreciation for the dedication and sense of commitment shown by
all the employees of the company at all levels and their wholehearted
efforts and impressive contribution towards the growth of the company.
For and on behalf of the Board of Directors
Place :MUMBAI
Dated :11th August,2010. Sharadchandra Pendse
Chairman
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