Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 22nd Annual Report and
Audited Accounts for the year ended on 31st March 2014.
(Rs. in Lakhs) (Rs. In lakhs)
2013-14 2012-13
Turn Over & Other Income 5558.98 5272.30
Profit before interest & Depreciation 369.71 326.64
Interest & Finance Charges 191.04 146.64
Cash Profit 178.68 180.00
Depreciation 99.59 80.58
Profit for the year before Tax 79.09 99.42
Deferred Tax Charges (2.57) 25.78
M.A.T. 24.17 20.55
Tax adjustment for earlier years 0.12 -
M.A.T. Credit - (15.52)
Profit after Tax for the year 57.37 68.61
Add surplus opening 311.14 302.25
Amount available for appropriation 368.51 370.86
Dividend Re.0.085 per share of face
value Re. 1/- - 42.50
Tax on Dividend - 7.22
Transfer to General Reserve - 10.00
Surplus to be carried Over 368.51 311.14
DIVIDEND:
Due to pressure on profit margins and to conserve the resources for
future growth of the Company''s operations, your directors do not
recommend any dividend for the year under review.
OPERATIONS:
During the year under review turnover and other income of the Company
was Rs.5558.98 Lacs as compared to Rs. 5272.30 lacs during the previous
year showing an increase of 6.05%. Total exports during the year were
Rs. 1126.60 Lacs as compared to Rs. 1186.23 lacs during the previous
year. The export turnover was marginally low during the year under
review due to sluggish conditions in the International market.
Profits margin during the year under review were under pressure. Though
the sales and other income increased by 6.05%. Profit before tax was
lower as compared to previous year. Due to overall slowdown in Economy
and sluggish market conditions, the increased production cost could not
be passed to the customers.
Your directors are taking steps to further improve overall turnover
particularly export turnover and also implementing cost reduction
measures to improve profitability for the ensuing year 2014-15.
FINANCE:
Jammu & Kashmir Bank Limited sanctioned Term Loan of Rs. 324.51 Lacs to
finance the capital expenditure scheme of Rs. 432.68 Lacs. Due to
delay/non availability of required machines, your Directors prune down
the scheme to Rs. 300 Lacs and accordingly surrendered unutilized
portion of term loan amounting to Rs. 102.21 Lacs. A sum of Rs. 300
Lacs has been spent on the scheme.
Your Directors planning to submit fresh proposal for acquisition of
machines remained unacquired out of the earlier scheme and to acquire
few more machines to improve overall productivity and profitability of
the company.
During the year under review your company fully utilized the packing
credit facility of Rs. 200 Lacs sanctioned by the Jammu & Kashmir Bank
Limited.
FIXED DEPOSITS:
Your Company has not accepted any-deposit from the public under section
58A of the Companies Act 1956 and rules framed there under.
DIRECTORS:
Shri. N. P. Jhanwar, Director of the Company retires by rotation at the
forthcoming Annual General Meeting and being eligible, offers himself
for reappointment. In accordance with the provisions of Section 152 of
the Companies Act, 2013. Sh. P.C. Gupta, Shri. M.P. Rungta and Shri. S.
N. Maheshwari Director of the company will be appointed as an
Independent Directors for term of 5 years.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirements of Section 217 (2AA) of the Companies Act
1956 your Directors confirm as under.
1. That in the preparation of the Annual Accounts for the Financial
Year ended on 31st March 2014, the applicable accounting standards have
been followed along with proper explanation relating to material
departures, if any.
2. That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
responsible and prudent so as to give 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. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act of safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. That the Directors have prepared the Annual Accounts for the year
ended 31.03.2014 on going concern basis. A report on the Corporate
Governance code along with Auditor''s certificate regarding Compliance
of the Conditions of Corporate Governance as stipulated under Clause 49
of the Listing Agreement is annexed to this report.
CORPORATE GOVERNANCE:
A report on the Corporate Governance code along with Auditor''s
Certificate regarding Compliance of the conditions of Corporate
Governance as stipulated under clause 49 of the Listing Agreement is
annexed to this report.
AUDITORS:
M/s Doogar & Associates Chartered Accountants, Auditors of the Company
hold office until the conclusion of Twenty fifth Annual General Meeting
as per the provisions of section 141(3)(g) of Companies Act,
2013.Certificate from the Auditors have been received to the effect
that their reappointment, if made, would be with in the prescribed
limit under section 224 (1B) of the Companies Act, 1956.The observation
in the Auditor''s Report are dealt within the notes to account at
appropriate places and being self-explanatory need no other
explanations.
COST AUDITORS:
M/s N.N. Sharma & Associates, Cost Accountants, has been appointed as
the Cost Auditors for conducting Cost Audit for the financial year
2013-14. The Cost Report to be filed within the stipulated period of
180 days of the close of the financial year.
The Board of Directors at its meeting held on 30th May 2014 reappointed
M/s N.N. Sharma & Associates, Cost Accountants as Cost Auditors for
conducting the Cost audit for the financial year 2014-15.
The Company has received a letter from them, stating that the
appointment, if made, within the limit prescribed under Section 224
(1B) of the Companies Act, 1956
CONSERVATION OF ENERGY, TECHNOLOGY, FOREIGN EXCHANGE EARNING AND OUT
GO:
The prescribed details as required under section 217 (1) (e) of the
Companies (Disclosure of Particulars in Report of Board of Directors)
Rule 1988 are set out in Annexure to the Director''s Report.
PERSONNEL:-
The relations between the management and the workers have remained
co-ordeal during the year. There was no employee drawing remuneration
beyond the Limits prescribed under section 217 (2A) of the Companies
Act 1956.
ACKNOWLEDGEMENT:-
Your Directors would like to express their gratitude for the assistance
and co-operation received from the Financial Institution, the Bank, and
Government Agencies during the year under review. Your Directors also
wish to place on record their deep sense of appreciation for the
devoted services of executives, staff and workers of the Company.
For and on Behalf of the Board of Directors
N.P. Jhanwar R.N. Maheshwari
Place: Faridabad Managing Director Executive Director
Date: 30.05.2014 DIN 00401788 DIN 00401993
Mar 31, 2013
The Members,
The Directors have pleasure in presenting the 21st Annual Report and
Audited Accounts for the year ended on 31st March 2013.
(Rs.in Lakhs) (Rs. In lakhs)
2012-13 2011-12
TurnOver& Other Income 5272.30 4696.81
Profit before interests Depreciation 326.64 309.00
Interests Finance Charges 146.64 131.24
Cash Profit 180.00 177.76
Depreciation 80.58 93.00
Profit for the year before Tax 99.42 84.76
Deferred Tax Charges 25.78 69.12
MAT 20.55 16.15
M.A.T Credit (15.52) (16.15)
Profit after Tax for the year 68.61 15.64
Add surplus opening 302.25 286.61
Amount available for appropriation 370.86 302.25
Dividend Re.0.085 per share of face
valueRe.1/- 42.50 -
Tax on Dividend 7.22 -
Transfer to General Reserve 10.00 -
Surplus to be carried Over 311.14 302.25
DIVIDEND:
Your directors pleased to recommend Dividend of 8.5% (Re.0.085 per
share of face value of Re. 1/- Jon the Paid up Share Capital of The
Company for the year ended on 31stMarch 2013.
OPERATIONS:
During the year under review turnover and other income of the Company
was Rs.5572.30 Lacs as compared to Rs4696.81 Lacs during the previous
year showing an increase of 12% .The Company performance on Exports
front during the year was better than previous year .The Total Exports
during the year was Rs. 1186.23 lacs as compared to Rs. 204.84 lacs in
previous year.
The profitability of the Company has also improved during the year
under review in line with the improvement in overall Turnover and other
Income.
Your directors are taking steps to further improve Turnover
particularly export turnover and implementing Cost reduction measures
to improve profitability for ensuing year 2013-14.
FINANCE:
Your Directors are pleased to inform you that up gradation/
modernization of existing unit having Capital expenditure of Rs. 432.68
for which Jammu S Kashmir Bank Limited has granted term loan of Rs
324.51 Lacs. The implementation of the same has already been started.
Till date a sum of Rs. 169.53 Lacs has been spent and Term Loan of
Rs.111.26 lacs has been availed. The Company is taking necessary steps
to fully implement the scheme at the earliest.
The Jammu S Kashmir bank Limited has sanctioned Packing Credit of
Rs.200 Lacs and Non L/C bill discounting facility of Rs 100 lacs for
export bills considering Company''s Export performance during the year
under review.
FIXED DEPOSITS:
Your Company has not accepted any-deposit from the public under section
58A of the Companies Act, 1956 and rules framed there under.
DIRECTORS:
Shri Rang Nath Maheshwari and Shri. Satya Narayan Maheshwari, Directors
of the Company retire by rotation at the forthcoming Annual General
Meeting and being eligible, offers themselves for reappointment.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirements of Section 217 (2AA) of the Companies Act,
1956 your Directors confirm as under.
1. That in the preparation of the Annual Accounts for the Financial
Year ended on 31st March 2013, the applicable accounting standards have
been followed along with proper explanation relating to material
departures, if any.
2. That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
responsible and prudent so as to give 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. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act of safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. That the Directors have prepared the Annual Accounts for the year
ended 31.03.13 on going concern basis. A report on the Corporate
Governance code alongwith Auditor''s certificate regarding Compliance of
the Conditions of Corporate Governance as stipulated under Clause 49 of
the Listing Agreement is annexed to this report.
CORPORATE GOVERNANCE:
A report on the Corporate Governance code along with Auditor''s
Certificate regarding Compliance of the conditions of Corporate
Governance as stipulated under clause 49 of the Listing Agreement is
annexed to this report.
AUDITORS:
M/s Doogar & Associates Chartered Accountants, Auditors of the Company
hold office until the conclusion of the ensuing Annual General Meeting
and are recommended for reappointment. Certificate from the Auditors
have been received to the effect that their reappointment, if made,
would be with in the prescribed limit under section 224 (1 B) of the
Companies Act 1956.The observation in the Auditor''s Report are dealt
within the notes to account at appropriate places and being self-
explanatory need no other explanations.
COST AUDITORS:
M/s N.N.Sharma& Associates, CostAccountants, has been appointed as the
Cost Auditors for conducting Cost Audit forthe financial year 2012-13.
The Cost report be filed within the stipulated period of 180 days of
the close of the financial year.
The Board of Directors at its meeting held on 30th May 2013 reappointed
M/s N.N.Sharma & Associates, CostAccountants as Cost Auditors for
conducting the Cost audit for the year 2013-14.
The Company has received a letter from them, stating that the
appointment, if made, within the limit prescribed under Section 224
(1B)ofthe Companies Act, 1956
CONSERVATION OF ENERGY, TECHNOLOGY, FOREIGN EXCHANGE EARNING AND OUT
GO:
The prescribed details as required under section 217 (1) (e) of the
Companies (Disclosure of Particulars in Report of Board of Directors)
Rule 1988 are set out in Annexure to the Director''s Report.
PERSONNEL:-
The relations between the management and the workers have remained
co-ordeal during the year. There was no employee drawing remuneration
beyond the Limits prescribed under section 217 (2A) of the Companies
Act 1956.
ACKNOWLEDGEMENT:-
Your Directors would like to express their gratitude for the assistance
and co-operation received from the Financial Institution, the Bank, and
Government Agencies during the year under review. Your Directors also
wish to place on record their deep sense of appreciation for the
devoted services of executives, staff and workers of the Company.
For and on Behalf of the Board of Directors
N.P.Jhanwar R.N.Maheshwari
Place: Faridabad Managing Director Executive Director
Date : 30.05.2013 DIN 00401788 DIN 00403174
Mar 31, 2012
The Directors have pleasure in presenting the 20th Annual Report and
Audited Accounts for the year ended on 31st March2012.
(Rs.in Lakhs) (Rs. In lakhs)
2011-12 2010-11
Turn Over & Other Income 4496.82 5520.18
Profit before interest & Depreciation 309.00 341.39
Interest & Finance Charges 131.24 131.64
Cash Profit 177.76 209.75
Depreciation 93.00 89.90
Profit for the year before Tax 84.76 119.85
Deferred Tax Charges 69.12 20.88
M.A.T 16.15 23.89
M.A.T Credit (16.15) (23.89)
Profit after Tax 15.64 98.97
OPERATIONS:
During the year under review turnover and other income of the Company
was Rs.4496.82 Lacs as compared to Rs.5520.18 Lacs during the previous
year. During the year Exports Sales has decreased due to global slow
down particularly in U.S. and Europeans Countries which has led to
overall decrease in the turnover of the Company. The profitability
during the year was also under pressure, the overall cost has increased
but could not be passed on to the customers due to sluggish market
conditions. However, your Directors are taking remedial steps to
improve turnover and profitability during the year.
DIVIDEND:
In order to conserve the resources for the Growth of Companys
Operations your Directors do not recommend any Dividend for the year
under review.
FINANCE:
Your Directors are pleased to inform you that the Company has taken up
up gradation /modernization of existing unit having Capital Expenditure
of Rs.432.68 Lac under TUF Scheme. Jammu & Kashmir Bank Ltd has
sanctioned a Term Loan of Rs 324.51 Lac to part finance the Project.
The Company is taking steps to implement the Scheme at the earliest.
The Company got listing approval of 250 Lac Equity Shares issued
pursuant to the order of Honable BIFR on 31.03.2006, from Bombay,
Delhi, Ahmadabad and Jaipur Stock Exchanges. The Company is taking
necessary steps to restart the Trading of Equity Shares.
FIXED DEPOSITS:
Your Company has not accepted any-deposit from the public under Section
58A of the Companies Act 1956 and rules framed there under.
DIRECTORS:
Shri M.P.Rungta and Shri N.PJhanwar, Directors of the Company retire by
rotation at the forthcoming Annual General Meeting and being eligible,
offers themselves for reappointment.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirements of Section 217 (2AA) of the Companies Act
1956 your Directors confirm as under.
1. That in the preparation of the Annual Accounts for the Financial
Year ended on 31st March 2012, the applicable Accounting Standards
have been followed along with proper explanation relating to material
departures, if any.
2. That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
responsible and prudent so as to give 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. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act of safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. That the Directors have prepared the Annual Accounts for the year
ended 31.03.12 on going concern basis. A report on the Corporate
Governance code along with Auditors certificate regarding Compliance
of the Conditions of Corporate Governance as stipulated under Clause 49
of the Listing Agreement is annexed to this report.
CORPORATE GOVERNANCE:
A report on the Corporate Governance code along with Auditors
Certificate regarding Compliance of the conditions of Corporate
Governance as stipulated under clause 49 of the Listing Agreement is
annexed to this report.
AUDITORS :
M/s Doogar & Associates Chartered Accountants, Auditors of the Company
hold office until the conclusion of the ensuing Annual General Meeting
and are recommended for reappointment. Certificate from the Auditors
have been received to the effect that their reappointment, if made,
would be with in the prescribed limit under section 224 (1 B) OF The
Companies Act 1956.The observation in the Auditors Report are dealt
within the notes to account at appropriate places and being self-
explanatory need no other explanations.
CONSERVATION OF ENERGY, TECHNOLOGY, FOREIGN EXCHANGE EARNING AND OUT
GO:
The prescribed details as required under section 217 (1) (e) of the
Companies (Disclosure of Particulars in Report of Board of Directors)
Rule 1988 are set out in Annexure to the Directors Report.
PERSONNEL:-
The relations between the management and the workers have remained
co-ordeal during the year. There was no employee drawing remuneration
beyond the Limits prescribed under section 217 (2A) of the Companies
Act 1956.
ACKNOWLEDGEMENT:-
Your Directors would like to express their gratitude for the assistance
and co-operation received from the Financial Institution, the Bank, and
Government Agencies during the year under review. Your Directors also
wish to place on record their deep sense of appreciation for the
devoted services of executives, staff and workers of the Company.
For and on Behalf of the Board of Directors
N.PJhanwar R.N.Maheshwari
Place: Faridabad Managing Director Executive Director
Date: 14.08.2012 DIN 00401788 DIN 00401993
Mar 31, 2011
The Members.
The Directors have pleasure in presenting the 19th Annual Report and
Audited Accounts tor the year ended on 31st March 2011.
Rs.in Lakhs Rs. In lakhs
2010-2011 2009-2010
Turn Over & Other Income 5520.18 4525.09
Profit before interest & Depreciation 341.39 309.57
Interest & Finance Charges 131.64 113.00
Cash Profit 209.75 196.57
Depreciation 89.90 98.86
Profit for the year before Tax 119.85 97.71
Deferred Tax Charges 20.88 19.51
M.A.T 23.89 15.10
M.A.TCredit (23.89) (15.10)
Profit after Tax 98.97 78.20
OPERATION:-
During the year under review the Turn Over and other income of the
company increased to Rs.5520.18 Lakhs as compared to Rs.4525.09 Lakhs
in the previous year showing an increase of 21.99% During the year
under review margins have improved due to cost control measures taken
by the management. During the year Export Sales was better as compared
to previous year.
DIVIDEND:
In order to conserve the resources for the Growth of Company's
Operations your Directors do not recommend any Dividend for the year
under review.
FINANCE:
During the year under review your Company received intimation from
Nodal Agency for sanction of capital and interest subsidy under
Technology Up-gradation Fund (TUF) on second term loan of Rs.116 Lakh.
Accordingly credit of Rs.7.92 Lakh on account of Capital Subsidy and
Rs.16.22 Lakh on account of Interest Subsidy has been taken in the
accounts. Your company has since received full amount of Capital
Subsidy and Interest Subsidy up to 31.03.2011 on both the Term Loans.
During the year under review your Company received sanction of Term
Loan of Rs.170 Lakh to finance Capital Expenditure scheme of Rs.284
Lakhs out of which Rs. 105.00 Lakhs has been incurred up to 31.03.2011
and the Term Loan of Rs.77.20 Lakhs has been disbursed by the bank up
to that date.
Your Directors have decided not to purchases balance machines under the
scheme as the company's case fall under the ineligible period of
29.06.2010 to 27.04.2011 and is not entitled for TUFS Capital and
Interest Subsidy. Company has already approached its Bankers to cancel
the undisbursed loan of Rs.92.80 Lakhs and re-fix the Term Loan
repayment installments.
Ministry of Textiles has now announced restoration of TUF scheme from
28.04.2011 to 31.03.2012. your Directors considering to submit fresh
proposal under TUF scheme for procurement of Technologically up graded
Textile Machines.
The company has regularly paid interest on working capital and Term
Loans. As on 31.03.2011. there is no over dues on account of Term Loans
installments.
FIXED DEPOSITS:
Your Company has not accepted any-deposit from the public under section
58A of the Companies Act 1956 and rules framed there under.
DIRECTORS:
Shri S.N. Maheshwari and Shri P.C. Gupta, Directors of the Company
retire by rotation at the forthcoming Annual General Meeting and being
eligible, offers themselves for reappointment.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirements of Section 217 (2AA) of the Companies Act
1956 your Directors confirm as under.
1. That in the preparation of the Annual Accounts for the Financial
Year ended on 31 st March 2011. the applicable accounting standards
have been followed along with proper explanation relating to material
departures, if any.
2. That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
responsible and prudent so as to give 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. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act of safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. That the Directors have prepared the Annual Accounts for the year
ended 31.03.11 on going concern basis. A report on the Corporate
Governance code along with Auditor's certificate regarding Compliance
of the Conditions of Corporate Governance as stipulated under Clause 49
of the Listing Agreement is annexed to this report.
CORPORATE GOVERNANCE
A report on the Corporate Governance code along with Auditor's
Certificate regarding Compliance of the conditions of Corporate
Governance as stipulated under clause 49 of the Listing Agreement is
annexed to this report.
AUDITORS:
Mis Doogar & Associates Chartered Accountants, Auditors of the Company
hold office until the conclusion of the ensuing Annual General Meeting
and are recommended for reappointment. Certificate from the Auditors
have been received to the effect that their reappointment, if made,
would be with in the prescribed limit under section 224 (1 B) OF The
Companies Act 1956.
The observation in the Auditor's Report are dealt within the notes to
account at appropriate places and being self- explanatory need no other
explanations.
CONSERVATION OF ENERGY, TECHNOLOGY, FOREIGN EXCHANGE EARNING AND OUT
GO:
The prescribed details as required under section 217 (1) (e) of the
Companies (Disclosure of Particulars in Report of Board of Directors)
Rule 1988 are set out in Annexure to the Director's Report.
PERSONNEL:-
The relations between the management and the workers have remained
co-ordeal during the year. There was no employee drawing remuneration
beyond the Limits prescribed under section 217 (2A) of the Companies
Act 1956.
ACKNOWLEDGEMENT:-
Your Directors would like to express their gratitude for the assistance
and co-operation received from the Financial Institution, the Bank, and
Government Agencies during the year under review. Your Directors also
wish to place on record their deep sense of appreciation for the
devoted services of executives, staff and workers of the Company.
For and on Behalf of the Board of Directors
N.P.Jhanwar R.N.Maheshwari
Managing Director Executive Director
DIN 00401788 DIN 00403174
Place: Faridabad
Date : 08.08.2011
Mar 31, 2010
The Directors have pleasure in presenting the 18th Annual Report and
Audited Accounts for the year ended on 31st March2010.
Rs.in Lakhs Rs. In lakhs
2009-10 2008-09
Turn Over & Other Income 4525.09 3834.04
Profit before interest
& Depreciation 309.57 307.00
Interest & Finance Charges 113.00 133.69
Cash Profit 196.57 173.31
Depreciation 98.86 112.98
Profit for the year before Tax 97.71 60.33
Deferred Tax Charges 19.51 17.37
M.A.T&FBT 15.10 7.89
MAT Credit (15.10) (6.21)
Profit after Tax 78.20 41.28
OPERATION:-
During the year under review the Turn over and other income of the
company increased to Rs.4525.09 Lakhs as compared to Rs.3834.04 Lakhs
in the previous year showing an increase of 16.78%. During the year
under review margins have improved due to cost control measures taken
by the management. Export sales during the year was under pressure due
to slowdown in the U.S. and European economies.
DIVIDEND:
In order to conserve the resources for the growth of Companys
Operations, your Directors do not recommend any Dividend for the year
under review.
FINANCE:
During the year under review, your company received intimation from
Nodal Agency for sanction of Capital and Interset subsidy under
Technology up-gradation fund (TUF) on Term Loan of Rs. 275 Lacs.
Accordingly credit of Rs. 26 Lacs on account of Capital Subsidy and
Rs.36.03 Lacs on account of Interest subsidy has been taken in the
accounts. The company has regularly paid Interest on Working Capital &
Term Loans. As on 31.03.2010 there is no over dues on account of Term
Loan installment and interest.
FIXED DEPOSITS:
Your Company has not accepted any fixed deposit from the public under
section 58A of the Companies Act 1956 and rules framed there under.
DIRECTORS:
Shri R.N. Maheshwari, Director of the Company retire by rotation at the
forthcoming Annual General Meeting and being eligible, offers himself
for reappointment.
Shri M.P. Rungta, has been inducted as Additional Director on the Board
to hold office in the forth coming Annual General Meeting. The
appointment requires Share holders approval and the same in included
in the notice. A notice has been received from the member (s) under
section 257 of the Companies Act 1956, signifying their intention to
move the resolution for the appointment of Shri. MP. Rungta, as
Director of the Company, liable to retire by rotation.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirements of Section 217 (2AA)of the Companies Act
1956 your Directors confirm as under.
1. That in the preparation of the Annual Accounts for the Financial
Year ended on 31 st March 2010, the applicable accounting standards
have been followed along with proper explanation relating to material
departures, if any.
2. That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
responsible and prudent so as to give 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. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act of safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. That the Directors have prepared the Annual Accounts for the year
ended 31.03.10 on going concern basis. A report on the Corporate
Governance code along with Auditors certificate regarding Compliance
of the Conditions of Corporate Governance as stipulated under Clause 49
of the Listing Agreement is annexed to this report.
CORPORATE GOVERNANCE
A report on the Corporate Governance code along with Auditors
Certificate regarding Compliance of the conditions of Corporate
Governance as stipulated under clause 49 of the Listing Agreement is
annexed to this report.
AUDITORS :
Mis Doogar & Associates Chartered Accountants, Auditors of the Company
hold office until the conclusion of the ensuing Annual General Meeting
and are recommended for reappointment. Certificate from the Auditors
have been received to the effect that their reappointment, if made,
would be with in the prescribed limit under section 224 (1 B) OF The
Companies Act 1956.
The observation in the Auditors Report are dealt within the notes to
account at appropriate places and being self-explanatory need no other
explanations.
CONSERVATION OF ENERGY, TECHNOLOGY, FOREIGN EXCHANGE EARNING AND OUT
GO:
The prescribed details as required under section 217 (1) (e) of the
Companies (Disclosure of Particulars in Report of Board of Directors)
Rule 1988 are set out in Annexure to the Directors Report.
PERSONNEL:-
The relations between the management and the workers have remained
co-ordeal during the year. There was no employee drawing remuneration
beyond the Limits prescribed under section 217 (2A) of the Companies
Act 1956.
ACKNOWLEDGEMENT:-
Your Directors would like to express their gratitude for the assistance
and co-operation received from the Financial Institution, the Bank, and
Government Agencies during the year under review. Your Directors also
wish to place on record their deep sense of appreciation for the
devoted services of executives, staff and workers of the Company.
For and on Behalf of the Board of Directors
N.P.Jhanwar R.N.Maheshwari
Place: Faridabad Managing Director Executive Director
Date : 11.08.2010 DIN 00401788 DIN 00403174
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