Mar 31, 2015
The Directors have pleasure in presenting the Thirty Fifth Annual
Report together with the Audited Accounts of your Company for the year
ended 31st March 2015.
FINANCIAL RESULTS (Rs. In Lacs)
2014-15 2013-14
Profit before interest, depreciation and taxes 414.26 233.42
Less:
Interest 51.42 39.33
Depreciation 112.82 89.24
Profit before Tax 250.02 104.85
Add: Exceptional Items 25.86 47.65
Less: Provision for taxation
Current 99.59 30.90
Deferred (12.53) 14.63
Earlier Year 0.21 0.15
Profit after tax 188.61 106.82
Earning (Rs.) per share before Exceptional Items 5.04 1.83
Earning (Rs.) per share after Exceptional Items 5.84 3.31
The Company proposes to transfer whole amount of profit to the General
Reserves.
OPERATIONS
During the year under review the Company has been able to achieve a
turnover of Rs. 5563.08 Lacs as against the turnover of Rs. 4936.96
Lacs during 2013Â2014, an increase of 12.68%.
The Net Profit after tax as at Rs. 188.61 Lacs (Previous Year Rs.
106.82 Lacs) is after providing for interest of Rs 51.42 Lacs (Previous
Year Rs. 39.33 Lacs) and Depreciation of Rs 112.82 Lacs (Previous Year
Rs. 89.24 Lacs) increases by 76.57%.
Above Net profit after tax includes profit due to Exceptional items
i.e. refund from the excise department which amounts to Rs. 25.86 Lacs
during financial year 14-15 (Previous Year Rs. 47.65 Lacs which is due
to profit on sale of shares).
EXPORT
The Company's export was higher at Rs 3513.49 Lacs (including deemed
export of Rs. 53.11 Lacs ) in current year as compared to Rs. 2734.93
Lacs (including deemed export of Rs. 126.30 lacs ) in the previous
year.
DIVIDEND
The Board of Directors is not recommending any dividend for the year
2014-2015.
DIRECTORS
Mr. Sandeep Bapna retires by rotation and, being eligible, offers
himself for re-appointment. The Directors recommend Mr. Sandeep Bapna
for re-appointment.
Mr. K.J. Rathod has tendered his resignation and therefore ceased to be
director of the Company w.e.f. 30.07.2014. Board of Directors
expresses their sincere thanks and gratitude for services rendered to
the Company during his tenure as Director.
Mr. Sumit Kumar Vimal Chand Rathod has been appointed as Non Executive
Independent Director at 34th AGM of the Company held on dated
24.09.2014.
Mrs. Shilpa Bapna who was appointed as Additional Director w.e.f.
19-03-2015 pursuant to provisions of Section 149(1) of the Companies
Act, 2013 read with amended Clause 49 of the listing agreement now
proposed to be appointed as Director of the Company. The Directors also
recommends Mrs. Shilpa Bapna appointment.
Mr. Sandeep Bapna & Mr. Vinod Bafna, Whole Time Directors of the
Company has requested the Company that due to their pre-occupation in
other businesses it would not be possible for them to devote their
whole time in managing the substantial affairs of the Company. However
they express their consent to be associated with the company as
"Executive Director" instead of "Whole Time Director". The Board of
Directors considering their request recommends change in designation of
Mr. Sandeep Bapna and Mr. Vinod Bafna as "Executive Director" instead
of "Whole Time Director."
Declaration by Independent Directors
All Independent Directors have given declarations that they meet the
criteria of independence as laid down under Section 149(6) of the
Companies Act, 2013 and Clause 49 of the Listing Agreement.
Board evaluation
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out an evaluation of its
own performance, the directors individually as well as the evaluation
of the working of its Audit, Nomination & Remuneration Committees. The
manner in which the evaluation has been carried out has been explained
in the Corporate Governance Report.
Nomination & Remuneration Policy
The Board has, on the recommendation of the Nomination & Remuneration
Committee framed a policy for selection and appointment of Directors,
Senior Management and their remuneration. The Nomination & Remuneration
Policy is stated in the Corporate Governance Report.
Meetings
During the year seven Board Meetings and four Audit Committee Meetings
were convened and held. The details of dates of Board meetings,
Committee Meetings indicating the number of meetings attended by each
director are given in the Corporate Governance Report. The intervening
gap between the Meetings was within the period prescribed under the
Companies Act, 2013.
FIXED DEPOSITS
Your Company has not accepted any deposits within the meaning of
section 73 of the Companies Act, 2013 and the Companies (Acceptance of
Deposits) Rules, 2014.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the
notes to the Financial Statements.
CORPORATE SOCIAL RESPONSIBILITY
The provisions of Section 135 and Schedule VII of the Companies Act,
2013 regarding Corporate Social Responsibility are not attracted to the
Company. However the Board of Directors constantly reviews the areas
where the social expenditures for eradicating hunger and poverty,
promotion of education and medical aid can be made and will make the
suitable expenditures, as may be necessary.
VIGIL MECHANISM / WHISTLE BLOWER POLICY
In pursuant to the provisions of Section 177(9) & (10) of the Companies
Act, 2013, a Vigil Mechanism for directors and employees to report
genuine concerns has been established. This policy is also posted on
the website of the Company.
Internal Control System and its Adequacy
The Company is following a proper and adequate system of internal
control in respect of all its activities including safeguarding and
protecting its assets against loss from unauthorized use or
disposition. Further all transactions entered into by the Company are
duly authorized, recorded and reported correctly.
The internal control system is supplemented by an extensive programme
of audit, reviews by management and established policies, guidelines
and procedures. The system are designed to ensure that the financial
and other records are reliable for preparing financial statements and
other data and for maintaining accountability of assets.
RELATED PARTY TRANSACTIONS
All related party transactions that were entered during the financial
year were on an arm's length basis and were in the ordinary course of
business except the transaction which was entered into with M/s Harmony
Plastics Private Limited for leasing of its property situated at
Himmatnagar, Gujarat which was on an arm's length basis but not in the
ordinary course of business. There were no materially significant
related party transactions with the Company's Promoters, Directors,
Management or their relatives, which could have had a potential
conflict with the interests of the Company. Transactions with related
parties entered by the Company in the normal course of business are
periodically placed before the Audit Committee for its omnibus approval
and the particulars of contracts entered during the year as per Form
AOC-2 is enclosed as Annexure  B.
The Board of Directors of the Company has, on the recommendation of the
Audit Committee, adopted a policy to regulate transactions between the
Company and its Related Parties, in compliance with the applicable
provisions of the Companies Act, 2013, the Rules thereunder and the
Listing Agreement. The policy on Related Party Transactions as approved
by the Board is uploaded on the Company's website.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in Form
MGT-9 in annexed herewith as Annexure  C.
DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY
The Company has been addressing various risks impacting the Company and
the policy of the Company on risk management is provided elsewhere in
this Annual Report in Management Discussion and Analysis.
SHARE CAPITAL
The equity shares of the Company have been made available for
dematerialisation under the depository system operated by NSDL with
effect from 1st November 2001 and with CDSL from 30th October 2001.
This will facilitate the shareholders to maintain their holdings in
"electronic form".
The company's shares are listed on the BSE.
CORPORATE GOVERNANCE CODE
Pursuant to clause 49 of the listing agreement, a report on Corporate
Governance, along with Auditors certificate regarding compliance of
conditions of corporate governance and Management Discussion and
Analysis is separately given in this report.
PARTICULARS OF EMPLOYEES
In compliance with the provisions contained in Rule 5(2) and Rule 5(3)
of Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014, it is stated that there was no employee in the Company
drawing remuneration of Rs. 5,00,000/- or more per month, if employed
for part of the year or Rs. 60,00,000/- or more, if employed for the
whole year in the Company. Further the remuneration paid to all Key
Managerial Personnel was in accordance with remuneration policy adopted
by the company.
DETAILS PERTAINING TO REMUNERATION AS REQUIRED UNDER SECTION 197 (12)
OF THE COMPANIES ACT, 2013 READ WITH RULE 5 (1) OF THE COMPANIES
(APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
(i) The percentage of increase in remuneration of each Director, Chief
Financial Officer and Company Secretary during the Financial Year
2014-2015, ratio of remuneration of each Director to the median
remuneration of the employees of the Company for the Financial Year
2014 Â 2015 and the comparison of remuneration of each Key Managerial
Personnel (KMP) against the performance of the Company are as under:
Remun- % increase
-eration in Remun-
paid (Rs. -eration
Sl.Name Designation In Lacs) in the
No. Financial
Year
2014-2015
2014- 2013-
2015 2014
1.B.H. Bapna Managing
Director - - N.A
2.Sandeep Bapna Whole Time
Director - - N.A
3.Vinod Bafna Whole Time
Director - - N.A
4.Shilpa Bapna Director - - N.A
5.Dinesh Kumar Jain CFO 7.84 6.52 20.24%
6.Niraj Khamesra Company
Secretary 1.50 NIL *N.A
Sl.Name Ratio Comparison
of remun- of the
-eration Remun-
of each -eration of
Director/ the KMP
to median against the
remun- perform-
-eration -ance of
of the
employees Company
1.B.H.Bapna Profit
N.A before Tax
2.Sandeep Bapna increased
N.A by 80.91%
3.Vinod Bafna & Profit
N.A after Tax
4.Shilpa Bapna increased
N.A by 76.57%
5.Dinesh Kumar Jain in Financial
N.A Year
6.Niraj Khamesra 2014 - 2015
N.A
* Mr. Niraj Khamesra, Company Secretary was appointed during the year
hence comparison of the Remuneration of the KMP against the performance
of the Company is not applicable.
(ii) The median remuneration of the employees of the Company during the
financial year was Rs.1,31,368/-
(iii) In the financial year, there was an increase of 7.71% in the
median remuneration of employees; (iv) There were 105 permanent
employees on the rolls of the Company as on March 31, 2015;
(v) a) Variations in the market capitalization of the Company : The
market capitalization as on March 31, 2015 was Rs. 700.91 lacs (Rs.
1582.70 lacs as on March 31, 2014)
b) Price Earnings ratio of the Company was 3.72 as at March 31, 2015
and was 14.80 as at March 31, 2014
(vi) Average percentage increase made in the salaries of employees
other than the managerial personnel in the last financial year i.e
2014-15 was 14.17% and percentage increase in the managerial
remuneration for the same financial year was 20.24%.
(vii) The ratio of the remuneration of the highest paid director to
that of employees who are not directors but receive remuneration in
excess of the highest paid director during the year  Not Applicable;
and
(viii) It is hereby affirmed that the remuneration paid is as per the
Remuneration Policy for Directors, Key Managerial Personnel and other
Employees.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 134 (5) of the Companies Act, 2013, Directors of
your Company hereby state and confirm that:
(a) In the preparation of the annual accounts for the year ended 31st
March, 2015, the applicable accounting standards have been followed
along with proper explanation relating to material departures;
(b) they have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable 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 period;
(c) they have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 2013 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;
(e) they have laid down internal financial controls in the company that
are adequate and were operating effectively;
(f) they have devised proper systems to ensure compliance with the
provisions of all applicable laws and these are adequate and are
operating effectively.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There are no significant material orders passed by the Regulators /
Courts which would impact the going concern status of the Company and
its future operations.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
CONSERVATION OF ENERGY
The Company has taken adequate steps for energy conservation.
Since the Companies does not fall under the list of industries, which
should furnish this information in Form A annexed to the aforesaid
Rules, the question of furnishing the same does not arise.
TECHNOLOGY ABSORPTION
Company is constantly taking steps to absorb better technology with a
view to reduce the cost of production and improve the product quality.
FOREIGN EXCHANGE EARNINGS AND OUT GO
The Foreign Exchange Earnings and Out-go during the year has been as
follows:
Earnings : Rs. 346,037,566/- (previous year Rs. 260,862,602/-)
Outgo : Rs. 21,383,182/- (previous year Rs. 21,163,499/-)
AUDIT OBSERVATIONS
As regards the Auditors report the points raised therein have been
adequately explained in the Notes to the Accounts and as such the
directors have no further comments to offer.
AUDITORS
i) Statutory Auditors:
The Auditors, M/s Om Prakash S Chaplot & Co. (Firm Regn. No. 000127C)
have been appointed as statutory auditors of the company at the last
Annual General Meeting held on 24.09.2014 for a period of three years
subject to ratification by members at every consequent Annual General
Meeting. Therefore, ratification of appointment of Statutory Auditors
is being sought from the members of the Company at the ensuing AGM.
ii) Secretarial Auditors:
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and The Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, the Company has appointed Siddhi Jain &
Associates (CP No. 11779), Company Secretaries to undertake the
secretarial audit of the company. The Secretarial Audit Report is
annexed herewith as 'Annexure A'.
iii) Internal Auditors:
M/s Rajesh Suthar & Associates, Chartered Accountants performs the
duties of internal auditors of the company and their report is reviewed
by the audit committee from time to time.
ACKNOWLEDGMENT
Your Directors take this opportunity to place on record their sincere
appreciation for the cooperation received from Government and
Commercial Banks. They also sincerely appreciate efficient and loyal
services rendered by the Employees of the Company at all levels
throughout during the year.
Registered Office: For and on behalf of Board of Directors
207 (A) Mewar Industrial Area
Road No.11, Madri, sd/- sd/-
Udaipur - 313003 (Raj.) B.H. BAPNA VINOD BAFNA
Managing Director Director
Udaipur, the 26th May 2015 DIN - 00594590 DIN - 00736144
Mar 31, 2014
To The Members
The Directors have pleasure in presenting the Thirty Fourth Annual
Report with the Audited Accounts of your Company for the year ended
31st March 2014.
FINANCIAL RESULTS
(Rs. In Lakhs)
2013-14 2012-13
Profit before interest, depreciation and taxes 229.14 317.92
Less:
Interest 39.33 87.50
Depreciation 89.24 96.63
Profit before Tax 100.57 133.79
Add: Exceptional Items 51.93 86.64
Less: Provision for taxation
Current 30.90 51.37
Deferred 14.63 (10.30)
Earlier Year 0.14 (0.86)
Profit after tax 106.82 180.22
Earning (Rs.) per share before Exceptional Items 1.70 2.90
Earning (Rs.) per share after Exceptional Items 3.31 5.58
OPERATIONS
During the year under review the Company has been able to achieve a
turnover of Rs.4936.96 Lacs as against the turnover ofRs. 4457.23 Lacs
during 2012-2013, an increase of 10.76%.
The Net Profit after tax as at Rs. 106.82 Lacs (Previous Year Rs.
180.22 Lacs) is after providing for interest of Rs 39.33 Lacs (Previous
Year Rs. 87.50 Lacs) and Depreciation of Rs 89.24 Lacs (Previous Year
Rs. 96.63 Lacs) decreases by 40.73%.
Above Net profit after tax includes profit due to Exceptional items
i.e. Profit on sale of Shares & Profit on sale of fixed assets which
amounts to Rs. 51.93 lacs during financial year 13-14 (Previous
Rs.86.64 Lacs).
EXPORT
The Company''s export was lower at Rs 2734.93 Lacs (including deemed
export of Rs.126.3 lacs ) in current year as compared to Rs. 3007.52
Lacs (including deemed export of Rs. 782.08 lacs ) in the previous
year.
DIRECTORS
Mr. R.L. Mehta (holding DIN 00886730), Mr. Dinesh Mohanlal Sanghvi
(holding DIN 00074575), Mr. Anik Shah (holding DIN 02424922) are
proposed to be reappointed as Non Executive Independent Directors.
It is further stated that they possesses appropriate balance of skills,
expertise and knowledge and are qualified for appointment as
Independent Directors.
Your Directors recommend the appointment of Mr. R.L. Mehta (holding DIN
00886730), Mr. Dinesh Mohanlal Sanghvi (holding DIN 00074575), Mr. Anik
Shah (holding DIN 02424922) as Independent Directors.
Mr. Sandeep Bapna (holding DIN 00594608) and Mr. Vinod Bafna (holding
DIN 00736144) are also proposed to be reappointed as Whole Time
Directors for a period of 5 years w.e.f24/09/2014.
Your Directors also recommends the appointment of same.
DIVIDEND
The Board of Directors is not recommending any dividend for the year
2013-14.
DEPOSITS
The Company has not accepted any deposits within the meaning of section
58A of the Company Act, 1956 and the rules made there under.
SHARE CAPITAL
The equity shares of the Company have been made available for
dematerialisation under the depository system operated by NSDL with
effect from 1st November 2001 and with CDSL from 30th October 2001.
This will facilitate the shareholders to maintain their holdings in
"electronic form".
The company''s shares are listed on the BSE.
CORPORATE GOVERNANCE CODE
Pursuant to clause 49 of the listing agreement, a report on Corporate
Governance, along with Auditors certificate regarding compliance of
conditions of corporate governance and Management Discussion and
Analysis is separately given in this report.
PERSONNEL
In compliance with Section 217(2A) of the Companies Act, 1956 read
together with the Companies (Particulars of Employees) Rules, 1975 as
amended, it is stated that there was no employee in the Company drawing
remuneration of Rs. 5,00,000/- or more per month, if employed for part
of the year or Rs. 60,00,000/- or more, if employed for the whole year
in the Company.
DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 217 (2A) of the Companies Act, 1956 the
directors hereby confirm that:
(a) In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departure;
(b) The Directors have selected such accounting policies and applied
them consistently and made judgment and estimates that are reasonable
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 period;
(c) 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 to the best of their knowledge and abilities;
(d) The Directors have prepared the annual accounts on a going concern
basis.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
CONSERVATION OF ENERGY
The Company has taken adequate steps for energy conservation.
In our opinion the Company is not covered in the list contained in Form
''A'' of Annexure of the Companies (Disclosure of particulars in the
report of Board of Directors) Rules 1988.
TECHNOLOGY ABSORPTION
Company is constantly taking steps to absorb better technology with a
view to reduce the cost of production and improve the product quality.
FOREIGN EXCHANGE EARNINGS AND OUT GO
The Foreign Exchange Earnings and Out-go during the year has been as
follows:
Earnings : Rs. 260,862,602/- (previous year Rs. 222,544,188/-)
Outgo : Rs. 21,163,499/- (previous year Rs. 15,276,350/-)
AUDITOR''S REPORT
As regards the Auditors report the points raised therein have been
adequately explained in the Notes to the Accounts and as such the
directors have no further comments to offer.
COST AUDITORS
The Board of Directors have appointed M/s M.S.Mehta & Associates as the
Cost Auditor of the Company for the Financial Year 2013-14.
AUDITORS
M/s. Om Prakash S. Chaplot & Co., Chartered Accountants, retire at the
ensuing Annual General Meeting and being eligible, offer themselves for
reappointment.
SECRETERIAL COMPLIANCE CERTIFICATE
Secretarial Compliance Certificate obtained from M/s. K. K. Sahlot &
Co., Company Secretary, pursuant to Section 383(A) of the Companies
Act, 1956 is being attached herewith.
ACKNOWLEDGMENT
Your Directors take this opportunity to place on record their sincere
appreciation for the cooperation received from Government and
Commercial Banks. They also sincerely appreciate efficient and loyal
services rendered by the Employees of the Company at all levels
throughout during the year.
Registered Office: By order of the Board of Directors
207 (A) Mewar Industrial Area
Road No.11, Madri, sd/_ sd/-
Udaipur 313003 VINOD BAFNA B.H. BAPNA
Director Managing Director
Udaipur, the 29th May 2014 DIN - 00736144 DIN - 00594590
Mar 31, 2012
To The Members
The Directors have pleasure in presenting the Thirty Second Annual
Report with the Audited Accounts of your Company for the year ended
31st March 2012.
FINANCIAL RESULTS (Rs. In Lakhs)
2011-12 2010-2011
Profit before interest,
depreciation and taxes 314.67 310.74
Less:
Interest 80.37 71.36
Depreciation 117.12 132.62
Profit before Tax 117.18 106.76
Less :
Taxation 36.73 32.54
Profit after tax 80.45 74.22
Earning per Equity Share 2.49 2.31
OPERATIONS
During the year under review the Company has been able to achieve a
turnover of Rs.3659.51 Lacs as against the turnover of Rs. 2951.10 Lacs
during 2010-2011, an increase of24.05%.
The Net Profit after tax as at Rs. 80.45 Lacs (Previous Year Rs. 74.22
Lacs) is after providing for interest of Rs 80.37 Lacs (Previous Year
Rs. 71.36 Lacs) and Depreciation of Rs 117.12 Lacs (Previous Year Rs.
132.62 Lacs) an increase of 8.39%.
EXPORT
The Company's export was higher at Rs 1779.15 Lacs (including deemed
export of Rs.246.01 lacs) in current year as compared to Rs. 1118.52
Lacs (including deemed export of Rs.414.89 lacs ) in the previous year.
DIRECTORS
In accordance with the provisions of the Company's Act, 1956 and
Articles of Association of the Company Mr. K. J.Rathod and Mr. Vinod
Bapna, Directors retire by rotation, and both Mr. K. J.Rathod and Mr.
Vinod Bapna are being eligible offer themselves for reappointment.
DIVIDEND
The Board of Directors is not recommending any dividend for the year
2011-12.
DEPOSITS
The Company has not accepted any deposits within the meaning of section
58 A of the Company's act 1956 and the rules made there under.
SHARE CAPITAL
The equity shares of the Company have been made available for
dematerialisation under the depository system operated by NSDL with
effect from 1st November 2001 and with CDSL from 30th October 2001.
This will facilitate the shareholders to maintain their holdings in
"electronic form".
The company's shares are listed on the BSE.
CORPORATE GOVERNANCE CODE
Pursuant to clause 49 of the listing agreement, a report on corporate
governance, along with Auditors certificate regarding compliance of
conditions of corporate governance and Management Discussion and
Analysis is separately given in this report.
PERSONNEL
In compliance with Section 217(2A) of the Companies Act, 1956 read
together with the Companies (Particulars of Employees) Rules, 1975 as
amended, it is stated that there was no employee in the Company drawing
remuneration of Rs. 5,00,000/- or more per month, if employed for part
of the year or Rs. 60,00,000/- or more, if employed for the whole year
in the Company.
DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 217 (2 A) of the Companies Act, the directors
hereby confirm that:
(a) In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departure;
(b) The directors have selected such accounting policies and applied
them consistently and made judgment and estimates that are reasonable
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 period;
(c) The directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities
to the best of their knowledge and abilities;
(d) The directors have prepared the annual accounts on a going concern
basis.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO CONSERVATION OF ENERGY
The Company has taken adequate steps for energy conservation.
In our opinion the Company is not covered in the list contained in Form
A' of Annexure of the Companies (Disclosure of particulars in the
report of Board of Directors) Rules 1988.
TECHNOLOGY ABSORPTION
Company is constantly taking steps to absorb better technology with a
view to reduce the cost of production and improve the product quality.
Company is also regularly carrying R & D activities for improvements.
FOREIGN EXCHANGE EARNINGS AND OUT GO
The Foreign Exchange Earnings and Out-go during the year has been as
follows:
Earnings :Rs. 153,313,665/- (previous year Rs. 70,362,740/-)
Outgo :Rs. 47,194/- (previous year Rs. 380,679/-)
AUDITOR'S REPORT
As regards the Auditors report the points raised therein have been
adequately explained in the notes to the accounts and as such the
directors have no further comments to offer.
AUDITORS
M/s. Rajesh Suthar & Associates, Chartered Accountants, were appointed
as the Statutory Auditors of the Company in the Thirty First Annual
General Meeting held on 22nd September, 2011, in terms of Section 224A
of the Companies Act, 1956. The Auditors shall hold office till the
conclusion of the ensuing Annual General Meeting.
M/s Rajesh Suthar & Associates has informed vide letter dated 25th May,
2012 that they would not like to be considered for re-appointment as
Auditors of the Company at the ensuing Annual General Meeting. In view
of the above, the Board of Directors of your Company has recommended
the appointment of M/s Om Prakash S Chaplot & Co., Chartered
Accountants, with the approval of the Members in the ensuing Annual
General Meeting (AGM) as the new Statutory Auditors of the Company who
will hold office till the conclusion of the next Annual General
Meeting.
SECRETERIAL COMPLIANCE CERTIFICATE
Secretarial Compliance Certificate obtained from M/s K.K.Sahlot & Co.
Company secretary, pursuant to Section 3 83 (A) of the Companies Act,
1956 is being attached herewith.
ACKNOWLEDGMENT
Your Directors take this opportunity to place on records their sincere
appreciation for the cooperation received from Government and
Commercial Banks. They also sincerely appreciate efficient and loyal
services rendered by the Employees of the Company at all levels
throughout during the year.
The Directors also place on record their sincere thanks to the retiring
auditors M/s. Rajesh Suthar and Associates for the services rendered by
them during their long association with the Company
By Order of the Board of Directors
207(A) Mewar Industrial Area
Udaipur 313 003
VINOD BAPNA B.H. BAPNA
Udaipur, the 29th May 2012 Director Managing Director
Mar 31, 2010
The Directors have pleasure in presenting the Thirtieth Annual Report
with the Audited Accounts of your Company for the year ended 31st March
2010.
FINANCIAL RESULTS (Rs. In Lakhs)
2009-10 2008-2009
Profit before interest,
depreciation and taxes 384.90 176.15
Less:
Interest 56.42 22.80
Depreciation 211.96 53.28
Profit before Tax 116.52 100.07
Provision for taxation
Current 82.94 25.00
Deferred -37.00 5.70
Fringe benefit tax 0.00 0.24
Profit after tax 70.58 69.12
Prior Years Tax Liability 0.20 0.99
Balance brought forward from
last year 356.41 288.28
Balance available for
appropriation 426.79 356.41
Balance carried to Balance
Sheet 426.79 356.41
OPERATIONS
During the year under review the Company has been able to achieve a
turnover of Rs.2577.01 Lacs as against the turnover of Rs.2421.07 Lacs
during 2008-2009, an increase of 6.44%.
The Net Profit after tax as at Rs. 70.58 Lacs (Previous Year Rs. 69.12
Lacs) is after providing for interest of Rs 56.42 Lacs (inclusive of
Rs. 19.15 Lacs Target plus incentive related to earlier year) (Pervious
Year Rs. 69.12 Lacs) (Previous Year Rs. 22.80 Lacs) and Depreciation of
Rs 211.96 Lacs (Previous Year Rs. 53.28 Lacs) an increase of 2.11%.
During the year Company has changed its depreciation policy from
existing SLM to WDV method. This has resulted into charging of addi-
tional depreciation during the year to the etxent of Rs. 125.97 Lacs
and consequently profit has been reduced to that extent.
EXPORT
The Companys export was higher at Rs. 1152.70 Lacs (including deemed
export of Rs. 499.90 Lacs) in current year as compared to Rs. 982.21
Lacs (including deemed export of Rs. 71.65 Lacs) in the previous year.
DIRECTORS
In accordance with the provisions of the Companys Act, 1956 and
Articles of Association of the Company Mr. R.L. Mehta and Mr. Anik
Shah, Directors retire by rotation, and both Mr. R.L. Mehta and Mr.
Anik Shah are being eligible offer themselves for reappointment.
DIVIDEND
The Board of Directors is not recommending any dividend for the year
2009-10.
DEPOSITS
The Company has not accepted any deposits within the meaning of section
58A of the Companys act 1956 and the rules made there under.
SHARE CAPITAL
The equity shares of the Company have been made available for
dematerialisation under the deposi- tory system operated by NSDL with
effect from 1 st November 2001 and with CDSL from 30th October 2001.
This will facilitate the shareholders to maintain their holdings in
"electronic form".
The companys shares are listed on the BSE.
CORPORATE GOVERNANCE CODE
Pursuant to clause 49 of the listing agreement, a report on corporate
governance, along with Auditors certificate regarding compliance of
conditions of corporate governance and Management Discussion and
Analysis is separately given in this report.
PERSONNEL
In compliance with Section 217(2A) of the Companies Act, 1956 read
together with the Companies (Particulars of Employees) Rules, 1975 as
amended, it is stated that there was no employee in the Company drawing
remuneration of Rs. 2,00,000/- or more per month, if employed for part
of the year or Rs. 24,00,000/- or more, if employed for the whole year
in the Company.
DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 217 (2A) of the Companies Act, the directors
hereby confirm that:
(a) In the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departure;
(b) The directors have selected such accounting policies and applied
them consistently and made judgment and estimates that are reasonable
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 period;
(c) The directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of Companies Act, 1956 for safe guarding the assets of the
Company and for preventing and detecting fraud and other irregularities
to the best of their knowledge and abilities;
(d) The directors have prepared the annual accounts on a going concern
basis.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTlON AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
CONSERVATION OF ENERGY
The Company has taken adequate steps for energy conservation.
In our opinion the Company is not covered in the list contained in Form
A ot Annexure of the Companies (Disclosure of particulars in the
report of Board of Directors) Rules 1988.
TECHNOLOGY ABSORPTION
At present the Company does not have a long-term strategic plan for
Research and Development. However, the Company is constantly taking
steps to absorb better technology with a view to reduce the cost of
production and improve the product quality.
FOREIGN EXCHANGE EARNINGS AND OUT GO
The Foreign Exchange Earnings and Out-go during the year has been as
follows:
Earnings : Rs. 65,279,694/- (previous year Rs. 91,055,896/-)
Outgo : Rs. 12,488,386/- (previous year Rs. 6,247,048/-)
AUDITORS REPORT
As regards the Auditors report the points raised therein have been
adequately explained in the notes to the accounts and as such the
directors have no further comments to offer.
AUDITORS
Your auditors M/s Rajesh Suthar & Associates, Chartered Accountants
retire and are eligible for re- appointment. The Company has received
certificate from the Auditors to the effect that if re-appointed, their
appointment shall be in accordance with Section 224(1 B) of the
Companies Act, 1956. The Board recommends their re-appointment.
SECRETERIAL COMPLIANCE CERTIFICATE
Secreterial Compliance Certificate obtained from M/s. K.K. Sahlot & Co.
Company secretary, persuant to section 383 (A) of the companies Act,
1956 is being attached herewith.
ACKNOWLEDGMENT
Your Directors take this opportunity to place on records their sincere
appreciation for the cooperation received from Government and
Commercial Banks. They also sincerely appreciate efficient and loyal
services rendered by the Employees of the Company at all levels
throughout during the year.
By order of Board of Directors
207-A, Mewar Industrial Area
Udaipur-313 003 B.H. BAPNA
Managing Director
Udaipur, the 29th May 2010
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