Mar 31, 2013
To , The Shareholders of Rajesh Malleables Ltd.
The Directors present herewith their Thirty First Annual Report
together with Audited Statement of Accounts of your Company for the
year ended 31st March 2013.
FINANCIAL RESULTS :
(31st March, 2013)(31st March, 2012)
(12 Months) Rs. (15 Months) Rs.
Revenue from operations/
discontinued operations
(Net of Excise Duty) 16,05,803 6,23,92,862
Other Income 11,48,554 55,925
Operating (Loss) /Profit (before
Interest, Depreciation and Tax) (1,63,924) 1,29,89,354
Interest 21,905 3,42,042
Profit/(Loss) Before Exceptional
Items & Prior Period Expense (1,85,829) 1,26,47,312
(Add)/ : Prior Period (Expenses)/Income (92.05.808)
(Add) : Provision for Income-
Tax & Deferred Tax
Loss)/Profit After Prior Period
Adjustments from continuing
operations (1,85,829) 34,41,504
Net (Loss)/ Profit for the year (1,85,829) 34,41,504
Add: (Loss) brought forward from
Previous Year (18,45,91,007) (18,80,32,511)
Balance carried to Balance Sheet (18,47,76,836) (18,45,91,007)
During the year under review the company has made Net loss of Rs.1.86
lacs as against Net Profit of Rs. 34.42 lacs during the previous period
of 15 months. The losses are mainly on account of settlement of dues of
retrenched workers for the gratuity dues which are not recurring
expenses in future. The management has already concentrated in setting
up new viable project and extended advance for procurement of land
however looking to the world wide recession, the management has slowed
down its plan to conserve the resources. Your Directors are hopeful
that the performance will improve gradually in years to come.
Your Directors regret their inability to recommend payment of dividend
in view of the performance in the year under review.
DEPOSITS :
During the year under review, the Company has not accepted any deposits
by invitation from public under the provisions of Section 58-A and 58AA
of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO :
The particulars regarding Conservation of Energy, Technology Absorption
and Foreign Exchange Earnings and Outgo pursuant to Section 217(1)(e)
of the Companies Act, 1956 read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 is given
in Annexure I and forming part of this report.
PARTICULARS OF EMPLOYEES :
There is no employee covered under Section 217 (2A) of the Companies
Act, 1956.
DIRECTORS :
Shri Himanshubhai D. Sanghavi retires by rotation, and being eligible
offer himself for reappointment.
DIRECTORS'' RESPONSIBILITY STATEMENT :
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors'' Responsibilities Statement, it is
hereby confirmed:
1) That in preparation of the accounts for the year ended 31st March,
2013, the applicable accounting standards have been followed;
2) That the Directors have selected such accounting policies and
applied them consistently and were 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 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 the Companies Act, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
4) That the Directors have prepared the accounts for the period ended
31st March, 2013 on a Âgoing concern basis.
AUDITORS & AUDITORS'' REPORT :
Mr. S. Mandawat & Co., Chartered Accountants, Ahmedabad, the Statutory
Auditors of the Company holds the office until the conclusion of the
ensuing Annual General Meeting. You are requested to re-appoint them
and fix their remuneration. The notes on the accounts referred to in
the Auditors'' Report are self explanatory and therefore do not call for
any further comments.
CORPORATE GOVERNANCE :
The corporate governance report along with auditor''s certificate
regarding compliance of the conditions of corporate governance as
stipulated in clause 49 of the listing agreement with the stock
exchanges is attached herewith.
RESUMPTION OF TRADING OF SECURITIES AT BSE :
It is our pleasure to intimate Shareholders that trading in securities
of the company at BSE has resumed during the year. Members will have
the opportunity of exit whenever they wish to.
ACKNOWLEDGMENT :
The Board of Directors place on record the appreciations for the
services rendered by its employees, Bankers and other authorities and
look forward to their continued support.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Place : Ahmedabad. ANUJ R MEHTA
Date : 28th May, 2013 MANAGING DIRECTOR
Dec 31, 2010
To The Shareholders of Rajesh Malleables Ltd.
The Directors present herewith their Twenty Nine Annual Report to
gather with Audited Statement of Accounts of your Company for the
period ended 31st December 2010
(2010-11) (2009-10)
FINANCIAL RESULTS 31-12-2010 31-03-2010
(9 Months)Rs. (12 Months)Rs.
Sales (Net of Excise Duty) 2,87,77,525 3,32,34,862
Other Income 1,23,02,654 2,14,104
Operating (Loss)/Profit (before
Interest, Depreciation and Tax) 95,95,911 (34,88,805)
Interest 98,912 81,325
Depreciation (Net) 3,47,351 5,97,396
(Loss)/Profit Before Exceptional ]
Items & Prior Period Expense 91,49,648 (41,67,526)
(Add)/Interest paid to statutory
dues --- (25,55,395)
Less : Waiver of Secured/
unsecured creditors --- 44,25,321
(Add)/Less: Prior Period Expenses (5842) (67945)
Less: Provision for Bad & Doubtful
Debts & Advances Written Back 1,45,696 43,79,553
(Add): Provision for Income-Tax &
Deferred Tax -- --
Profit/(Loss) After Prior Period
Adjustments 92,89,502 20,14,008
Add: (Loss) brought forward from
Previous Year (19,93,36,021) (19,93,36,021)
Balance carried to Balance Sheet (18,80,32,511) (19,73,22,013)
During the year under the review the company has made Net profit of Rs.
92.89 lacs during the period of 9 months as against Rs.20.14 lacs
during the period of 12 months. Your Directors are hopeful that the
performance will improve gradually in years to come.
At the board meeting held on 15/10/2010 at the time of review of
quarterly performance for the quarter ended on 30/09/2010. The board
member observed that net worth may be positive on account of recent
developments taken place and therefore your board member desired to
reduce accounting year of the company from 31/03/2011 to 31/12/2010 to
present true and fair view of positive net worth at the earliest. Your
Directors regret their inability to recommend payment of dividend in
view of the performance in the year under review
OPERATIONS
Your Directors are pleased to inform you that on account of continuous
and sincere affords of the entire management team. The net worth of the
company became positive and the revival of the company is sustainable.
The board of directors recommend to file an application to BIFR for
de-registration of case.
DEPOSITS
During the year under review, the Company has not accepted any deposits
by invitation from public under Section 58-A of the Companies Act,
1956.
CONSERVATION OF ENERGY,TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars regarding Conservation of Energy, Technology Absorption
and Foreign Exchange Earnings and Outgo pursuant to Section 217(1)(e)
of the Companies Act, 1956 read with the Companies (Disclosure of
Particulars in the report of Board of Directors) Rules, 1988 is given
in Annexure I and forming part of this report.
PARTICULARS OF EMPLOYEES
There is no employee covered under Section 217 (2A) of the Companies
Act, 1956.
DIRECTORS
Shri Himashu D. Sanghvi retires by rotation, and being eligible offer
himself for reappointment.
DIRECTORS'RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors' Responsibilities Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial Year
ended 31st December, 2010, the applicable accounting standards have
been followed.
(ii) That the Directors have selected such accounting policies and
applied them consistently and were 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 the
year under review.
(iii) That 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) That the directors had prepared the accounts for the period ended
31st December, 2010 on a 'going concern' basis.
AUDITORS & AUDITORS' REPORT
Mr. S.Mandawat & Co., Chartered Accountants, Ahmedabad, the Statutory
Auditors of the Company holds the office until the conclusion of the
ensuing Annual General Meeting. You are requested to re-appoint them
and fix their remuneration. The notes on the accounts referred to in
the Auditors' Report are self explanatory and therefore do not call for
any further comments.
CORPORATE GOVERNANCE
The corporate governance report along with auditor's certificate
regarding compliance of the conditions of corporate governance as
stipulated in clause 49 of the listing agreement with the stock
exchanges is attached herewith.
SUBSIDIARY COMPANY
A statement relating to Subsidiary Company, pursuant to Section 212 of
the Companies Act, 1956 is attached to the Balance Sheet.
ACKNOWLEDGMENT
The Board of Directors place on record the appreciations for the
services rendered by its employees, Financial Institutions, Bankers and
other authorities and look forward to their continued support.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Place: Ahmedabad.
Date: 8th January, 2011 ANUJR MEHTA
MANAGING DIRECTOR
Mar 31, 2010
The Directors present herewith their Twenty Eight Annual Report to
gather with Audited Statement of Accounts of your Company for the
period ended 31st March 2010.
FINANCIAL RESULTS
(2009-10) (2008-09)
Rs. Rs.
Sales (Net of Excise Duty) 3,32,34,862 5,72,03,612
Other Income 2,14,104 41,907
Operating (Loss)/Profit (before (34,88,805) (33,93,090)
Interest, Depreciation and Tax)Ã
Interest 81,325 3,290
Depreciation (Net) 5,97,396 6,27,776
(Loss)/Profit Before Exceptional (41,67,526) (44,01,091)
Items & Prior Period Expense
(Add)lnterest paid to statutory (25,55,395) -
dues
Less: Waiver of 44,25,321 -
secured/unsecured creditors
(Add)/: Prior Period Expenses (67945) (1,50,687)
Less: Provision for Bad & 43,79,553 57,545
Doubtful Debts & Advances
Written .back
(Add): Provision for Income-Tax - (30,585)
& Deferred Tax
Profit/(Loss) After Prior Period 20,14,008 (45,24,818)
Adjustments
"Add: (Loss) brought forward (19,93,36,021) (19,48,11,203)
from Previous Year
Balance carried to
Balance Sheet (19,73,22,013) (19,93,36,021)
Your Directors regret their inability to recommend payment of dividend
in view of the performance in the year under review.
OPERATIONS
During the period under review, on account of decrease in finished
goods prices,higher input cost, damages & rejection ratio adversely
affected the production cost .The working of the company also affected
due to prevailing recessionary. The PB1DT level which was negative by
Rs. 34.88 lakh in FY 2009-10 has increased to Rs. 33.93 lakh in FY
2008-09.
DEPOSITS
During the year under review, the Company has not accepted any deposits
by invitation from public under Section 58-A of the Companies Act,
1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars regarding Conservation of Energy, Technology Absorption
and Foreign Exchange Earnings and Outgo pursuant to Section 217(l)(e)
of the Companies Act, 1956 read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 is given
in Annexure I and forming part of this report.
PARTICULARS OF EMPLOYEES
There is no employee covered under Section 217 (2 A) of the Companies
Act, 1956.
DIRECTORS
Shri Paresh H.Patel retires by rotation, and being eligible offer
himself for reappointment. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors Responsibilities Statement, it is
hereby confirmed:
1) That in preparation of the accounts for the financial year ended
31st March 2010, the applicable accounting standards have been
followed;
2) That the Directors have selected such accounting policies and
applied them consistently and were 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 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 the Companies Act, 1956 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
4) That the Directors have prepared the accounts for the financial year
ended 31st March, 2010 on a "going concern" basis.
AUDITORS & AUDITORS* REPORT
Mr. S. Mandawat & Co., Chartered Accountants, Ahmedabad, the Statutory
Auditors of the Company holds the office until the conclusion of the
ensuing Annual General Meeting. You are requested to re-appoint them
and fix their remuneration. The notes on the accounts referred to in
the Auditors Report are self explanatory and therefore do not call for
any further comments.
CORPORATE GOVERNANCE
The corporate governance report alongwith auditors certificate
regarding compliance of the conditions of corporate governance as
stipulated in clause 49 of the listing agreement with the stock
exchanges is attached herewith.
SUBSIDIARY COMPANY
A statement relating to Subsidiary Company, pursuant to Section 212 of
the Companies Act, 1956 is attached to the Balance Sheet.
ACKNOWLEDGMENT
The Board of Directors place on record the appreciations for the
services rendered by its employees, Financial Institutions, Bankers and
other authorities and look forward to their continued support.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
ANUJ R MEHTA
MANAGING DIRECTOR
Place: Ahmedabad.
Date: 11th AUGUST,2010
Mar 31, 2009
To The Shareholders of Rajesh Malleable Ltd.
The Directors present herewith their Twenty Seven Annual Report to
gather with Audited Statement of Accounts of your Company for the
period ended 31st March 2009
(2008-09) (2007-08)
FINANCIAL RESULTS 12 Months) (12 Months)
Rs. Rs.
Sales (Net of Excise Duty) 5,72,03,612 5,04,18,397
Other come 41,907 1,33,35,655
Operating (Loss)/Profit
(before Interest, Depreciation and Tax) (33,93,090) (2,87,21,190)
Interest 3,80,225 11,59,667
Depreciation (Net) 6,27,776 6,47,387
(Loss)/Profit Before Exceptional
Items & Prior Period Expense (44,01,091) (3,05,28,244)
(Add)/Less: Prior Period Expenses (1,50,687) (1,11,531)
(Add)/Less: Provision for
Bad & Doubtful Debts & Advances 57,545 1,67,89,805
(Add)/Less: Provision for
Income-Tax & Deferred Tax 30,585 --
(Loss)/Profit After Prior
Period Adjustments (45,24,818) (1,36,89,805)
Add: (Loss) brought forward
from Previous Year (19,48,11,203) (18,11,84,295)
Balance carried to Balance Sheet (19,93,36,021) (19,48,11,203)
Your Directors regret their inability to recommend payment of dividend
in view of the performance in the year under review.
OPERATIONS
During the period under review, the company has shown improvement in
its operational and financial performance. The PBIDT level which was
negative by Rs.305.28 lakh in FY 2007-2008 has reduced to Rs.44.01 lakh
in FY 2008-2009.. The above reduction is after taking in account the
thin operations from 6th October,2008 to 28th February,2009. It could
be observed from above that your Company is able to reduced input cost,
production cost and to great extent. The steel industry specially
galvanized pipe sector has already shown signs of improvements and your
Directors are confident that Company would be able to reduce its
accumulated losses substantially in years to come as Company has
reduced its financial cost and wage cost significantly.
DEPOSITS
During the year under review, the Company has not accepted any deposits
by invitation from public under Section 58-A of the Companies Act,
1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO.
The particulars regarding Conservation of Energy, Technology Absorption
and Foreign Exchange Earnings and Outgo pursuant to Section 217(1)(e)
of the Companies Act, 1956 read with the Companies (Disclosure of
Particulars in the report of Board of Directors) Rules, 1988 is given
in Annexure I and forming part of this report.
PARTICULARS OF EMPLOYEES
There is no employee covered under Section 217 (2A) of the Companies
Act, 1956.
DIRECTORS
Shree Himanshubhai Sanghavi retires by rotation, and being eligible
offer himself for reappointment.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors' Responsibilities Statement, it
is hereby confirmed:
(i) That in the preparation of the accounts for the financial period
ended 31st March, 2009, the applicable accounting standards have been
followed.
(ii) That the Directors have selected such accounting policies and
applied them consistently and were 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 the
year under review.
(iii) That the directors had 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) That the directors had prepared the accounts for the financial
period ended 31st March, 2009 on a gorging concern' basis.
AUDITORS & AUDITORS' REPORT
Mr. S.Mandawat & Co., Chartered Accountants, Ahmedabad, the Statutory
Auditors of the Company holds the office until the conclusion of the
ensuing Annual General Meeting. You are requested to re-appoint them
and fix their remuneration. The notes on the accounts referred to in
the Auditors' Report are self explanatory and therefore do not call for
any further comments.
CORPORATE GOVERNANCE
The corporate governance report along with auditor's certificate
regarding compliance of the conditions of corporate governance as
stipulated in clause 49 of the listing agreement with the stock
exchanges is attached herewith.
SUBSIDIARY COMPANY
A statement relating to Subsidiary Company, pursuant to Section 212 of
the Companies Act, 1956 is attached to the Balance Sheet.
ACKNOWLEDGMENT
The Board of Directors place on record the appreciations for the
services rendered by its employees, Financial Institutions, Bankers and
other authorities and look forward to their continued support.
Place: Ahmedabad.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Date: 12th August, 2009
ANUJ R MEHTA
MANAGING DIRECTOR
Mar 31, 2008
To The Shareholders of Rajesh Malleables Ltd.
The Directors present herewith their Twenty Six Annual Report to
gather with Audited Statement of Accounts of your Company for the
period ended 31st March 2008.
(2007-08) (2006-07)
FINANCIAL RESULTS (12 Months) (12 Months)
Rs. Rs.
Sales (Net of Excise Duty) 5,04,18,397 8,18,16,337
Other Income 1,33,35,655 2,41,05,496
Operating (Loss)/Profit
(before Interest,
Depreciation and Tax) (2,87,21,190) (1,48,42,906)
Interest 11,59,667 18,85,998
Depreciation (Net) 6,47,387 6,87,104
(Loss)/Profit Before Exceptional
Items & Prior Period Expense (3,05,28,244) (1,74,16,008)
(Add)/Less: Prior Period
Expenses 1,11,531 (36,422)
(Add)/Less: Provision for Bad
& Doubtful Debts & Advances 1,67,89,805 (6,43,754)
(Add)/Less: Provision for
Income-Tax & Deferred Tax -- 664433
(Loss)/Profit After Prior Period
Adjustments (1,36,26,908) (1,74,31,751)
Add: (Loss) brought forward from
Previous Year (18,11,84,295) (16,35,13,000)
Add: Debit Balance of General
Reserve -- (2,39,544)
Balance carried to Balance Sheet (19,48,11,203) (18,11,84,295)
Your Directors regret their inability to recommend payment of dividend
in view of the performance in the year under review.
OPERATIONS
During the period under review, it was proved one of the worst in the
history of the Company. Higher input and labour cost, damages of
substantial quantity of fittings while processing due to hard material
and over all higher rejection ratio adversely affected the production
cost. The working of the company also affected due to prevailing
recessionary & competitive trend in the pipe fitting industry in
particular. The company has suffered huge losses during the period.
However with a view to capture the losses company has entered in to a
venture by which part of the losses are recovered from the said party.
The company has implemented major portion of sanctioned scheme by
AAIFR, however the balance scheme could not be implemented and company
requested for M.R.S., by inducting co-promoter. The said request is
under consideration
DEPOSITS
During the year under review, the Company has not accepted any deposits
by invitation from public under Section 58-A of the Companies Act,
1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars regarding Conservation of Energy, Technology Absorption
and Foreign Exchange Earnings and Outgo pursuant to Section 217(1)(e)
of the Companies Act, 1956 read with the Companies (Disclosure of
Particulars in the report of Board of Directors) Rules, 1988 is given
in Annexure I and forming part of this report.
PARTICULARS OF EMPLOYEES
There is no employee covered under Section 217 (2A) of the Companies
Act, 1956.
DIRECTORS
Mr. Yashwant Patel retired on 14-03-2008. The company is grateful to
him for providing leadership since the year 2003.
Mr. Himanshu Sanghavi, has been appointed as a director in place of Mr.
Yash want Patel since 14-03-2008.
Mr. Paresh Patel retires by rotation, and being eligible offer himself
for reappointment.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Directors' Responsibilities Statement, it
is hereby confirmed:
(i) that in the preparation of the annual accounts for the financial
period ended 31st March, 2008, the applicable accounting standards have
been followed except for non-provision of Interest on Secured and
Unsecured Loans aggregating to Rs.726.17 lacs.
(ii) that the accounting policies have been applied consistently
subject to deviations as mentioned in above and adjustments and
estimated that have been made for preparation of the accounts 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 period and of the
profit or loss of the Company for the period under review.
(iii) that the directors had 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) that the directors had prepared the accounts for
the financial period ended 31st March, 2008 on a 'going concern' basis.
AUDITORS & AUDITORS' REPORT
Mr. Subhas k. Madawat, Chartered Accountants, Ahmedabad, the Statutory
Auditors of the Company holds the office until the conclusion of the
ensuing Annual General Meeting. You are requested to re-appoint them
and fix their remuneration. The notes on the accounts referred to in
the Auditors' Report are self explanatory and therefore do not call for
any further comments.
CORPORATE GOVERNANCE
The corporate governance report along with auditor's certificate
regarding compliance of the conditions of corporate governance as
stipulated in clause 49 of the listing agreement with the stock
exchanges is attached herewith.
SUBSIDIARY COMPANY
A statement relating to Subsidiary Company, pursuant to Section 212 of
the Companies Act, 1956 is attached to the Balance Sheet.
ACKNOWLEDGMENT
The Board of Directors place on record the appreciations for the
services rendered by its employees, Financial Institutions, Bankers and
other authorities and look forward to their continued support.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Place: Ahmedabad.
ANUJ R MEHTA
Date: 14th August, 2008
MANAGING DIRECTOR