Mar 31, 2014
The Directors have pleasure in presenting this 24th Annual Report together with the audited accounts of the Company for the year ended 31st March, 2014.
Financial Results 31.03.2014 31.03.2013
Sales & Other Income 47,17,61,751 38,96,20,731
Profit before Finance & Depreciation /Amortization 6,05,64,588 50,14,8771
Finance Cost 1,47,60,259 1,41,88,394
Depreciation & Amortization 45,97,171 47,75,393
Profit before Taxation 4,12,07,158 3,11,84,984
Excess Provision of IT of earlier years (2,39,944) 0
Provision for Taxation 1,36,00,000 1,05,50,000
Deferred Tax (5,90,996) (2,88,452)
Profit for the Year 2,84,38,098 2,09,23,435
The year under review was continued to be turbulent with challenging scenarios in the economic environment. Growing inflation, fiscal imbalances and resultant high interest rates continued to deter the sentiments. The Company''s performance was affected both in the domestic and the overseas market. Despite of the above situation the Company''s gross sales was increased by about 19% over the previous year''s sales of Rs.38,13,45,875/-. The exports amounted to Rs.22.44 Crores as against Rs.14.13 Crores during the previous year. Due to fluctuation in exchange rates the foreign exchange gain amounted to Rs.55,07 Lacs against gain of Rs.39.37 Lacs for the previous year . The Company has received export incentives of Rs.109.27 Lacs as against Rs.40.66 Lacs for the previous year. The Company has earned profit, after taxes, of Rs.2,84,38,098/ - against profit of Rs..2,09,23,435/- earned during the previous year.
The company has not accepted any public deposits and the amount borrowed by the Company is of exempted category within the meaning of Rule 2 (b) (xi) of the Companies (Acceptance of Deposits) Rules, 1975.
Particulars of Employees
There were no employees covered under Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 and hence particulars are not given. -
The Company''s project is continued to be financed partly by way of borrowings and credit facilities obtained from its bankers, State Bank of India.
Shri Rasmikant Valjibhai Bhalodia (DIN00020098) and Shri Rajeshkumar Govindlal Patel (DIN00022721) retire at the ensuing Annual General Meeting and eligible offer themselves for re-appointment. The Directors recommend their re- appointment.
Upon recommendation of the Remuneration Committee, the Board of Directors have reappointed Shri Bharatkumar Keshavji Ghodasara (DIN00032054) as Jt. Managing Director of the Company for a further period of three years with effect from 1sl April, 2014 subject to your approval in the general meeting. You are requested to consider his appointment as his continuous services are recommended.
Shri Jitendra Vrajlal Shah (DIN01028713), Shri Pradip Chunilal Khatani (DIN01786030), and Smt Jyotsnaben Sudhirbhai Patel (DIN00535817) are the persons of integrity and possessing relevant expertise and experience in the opinion of the Board of Directors their appointment as Independent Difectors of the Company would be advantageous to the company . Smt Jyotsnaben will also be woman Director and Independent Director. They also meet all the criteria laid down under the provisions of Section 149(6) of the Companies Act, 2013. The Board of Directors further feel that the association of these Independent Directors with the Company will be a guiding force to the Company for the betterment and good governance. The Board of Directors further proposes to appoint them for a period of five years. You are requested to consider their appointments.
The Directors confirm
a) that in the preparation of the annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the same.
b) that they 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 ended on 31st March, 2014.
c) that to the best of their knowledge and information, they 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; and
d) that they have prepared the annual accounts on a going concern basis.
The shares are continued to be enlisted with the BSE, i.e. The Bombay Stock Exchange Ltd, Mumbai. The Company has paid annual listing fees to the BSE.
As required under the provisions of Section 383A of the Companies Act, 1956, compliance certificate obtained from Shri R.S.Sharma & Associates practicing Company Secretary of Ahmedabad is attached herewith.
M/s J T Shah & Company, Chartered Accountants, retires as Auditors of the Company at the ensuing Annual General Meeting, but being eligible, offer themselves for their re-appointment.
The observations of the Auditors read with Notes to Financial Statements are self explanatory.
As required under the amended provisions of Clause 49 of the Listing Agreements, the Company has already implemented the code of corporate governance for the year under review. The CFO/CEO has reported necessary compliances. A separate report on corporate governance as well as Management Discussion and Analysis Report of the Company form part of this Annual Report. ,
Conservation of Energy, Technology Absorption etc.
The Company is conscious about conservation of energy and taken steps for optimum usage. Information pursuant to Section 217 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of J Directors) Rules, 1988 and the details of foreign exchange earnings and outgo are also given by way of an Annexure forming part of this Report.
Your Directors place on record of its appreciation of the co-operation and assistance received from Bankers of the Company. Your Directors wish to thank valued customers and suppliers of the Company for their co-operation.
Your Directors also appreciate the services rendered by staff members with their sincere and dedicated services provided to the Company.
By Order of the Board Regd Office: For GALAXY BEARINGS LTD T-18, Vikram Chambers Ashram Road Ahmedabad 380 009 V H Kansagara Date : 13.08.2014 Chairman & Mg Director DIN00015696