Mar 31, 2014
Dear Members,
The Directors are pleased to present to you herewith the audited
accounts of the Company for the year ended 31st March, 2014.
(Rs. in Lacs)
Financial Results 2013-2014 2012-2013
Gross Turnover 4459.49 3211.00
Profit before Finance Cost,
Depreciation and Tax (EBIDTA) 247.21 337.69
Less: Finance Cost 79.98 80.60
Depreciation 53.05 52.33
Taxation 27.92 160.95 62.82 195.75
Net Profit 86.26 141.94
Balance brought forward 516.96 437.38
Profit available for appropriations 603.22 579.32
Appropriations
Transferred to General Revenue 10.00 50.00
Proposed Dividend 10.56 10.56
Tax on dividend 1.80 1.80
Net surplus in the Statement of
Profit & Loss 580.86 516.96
603.22 579.32
DIVIDEND:
Your Directors are pleased to recommend a dividend of Rs. 0.60 (6%) per
equity share for the year ended 31st March, 2014. The proposed dividend
including dividend distribution tax will absorb Rs. 12.36 Lakhs.
WORKING:
The working of the Company is adversely affected during the year due to
slow down in the economy and degrowth in capital goods industry in
which the Company Operates. In view of the new government at Centre and
its emphasis on investments in infrastructure and manufacturing will
revive business prospects of the Company in coming years. Secondly, the
Company had exposure in NSEL to the extent of Rs. 211.57 Lakhs out of
which it has written of Rs. 74.04 Lakhs being 25% of total exposure.
The Company is watching the developments in the said matter closely, in
view of the steps taken by EOW of Mumbai Police, legal case in the High
Court and steps taken by Govt.
DIRECTORS:
Shri Vishwambhar C. Saraf (DIN:00161381) and Shri Rishabh R. Saraf
(DIN:00161435) who retire by rotation and are to be re-appointed.
AUDITORS:
Pursuant to the provisions of Section 139 of the Companies Act, 2013
and the Rules made thereunder, the current auditors of the Company,
M/s. Shankarlal Jain & Associates, Chartered Accountants (Firm
Registration No. 109901W) are eligible to hold the office for a period
of three years, upto 2017.
The members are therefore requested to appoint M/s. Shankarlal Jain &
Associates, Chartered Accountants as auditors for three years from the
conclusion of the ensuing Annual General Meeting till the conclusion of
the 43rd Annual General Meeting, to be scheduled in 2017.
COST AUDITORS AND COST AUDIT REPORT:
As per the order of the Central Government, your Company carries out an
audit of its cost records. The due date for filing of the Cost Audit
Report and Cost Compliance Report with the Ministry of Corporate
affairs for the Financial year ended 31st March, 2013, was 180 days
from the Closure of the Company''s financial year. The Cost Audit Report
and Cost Compliance report for the financial year ended as on 31st
March, 2013 was filed in XBRL format within prescribed time limit.
The Central Government approved the appointment of M/s Kejriwal and
Associates, Cost Auditors for conducting Cost audit for the Financial
Year 2013-14.
CONSERVATION OF ENERGY:
All efforts for conservation of energy are being taken.
TECHNOLOGY ABSORPTION:
Technology absorption is complete.
PARTICULARS OF EMPLOYEES:
No employee of the Company was in receipt of remuneration equal to or
exceeding the prescribed limits.
DIRECTORS'' RESPONSIBILITY STATEMENT:
On the basis of compliance certificates received from the concerned
executives of the respective Divisions of the Company and subject to
disclosures in the annual accounts, as also on the basis of the
discussion with the Auditors of the Company from time to time, the
Directors state that:
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(ii) the directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit or
loss of the company for that period;
(iii) the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities; and
(iv) the directors have prepared the annual accounts on a going concern
basis.
ACKNOWLEDGEMENT
Your directors place on record their appreciation for the co-operation
received from Company''s customers, suppliers, bankers, stakeholders and
Govt. Agencies. The Directors also sincerely acknowledge the
contribution made by the employees at all levels.
ON BEHALF OF THE BOARD
Registered Office:
REMI House, Plot No.11, Cama Industrial Estate
Goregaon (E), Mumbai-400 063 VISHWAMBHAR C. SARAF
Dated :14th August, 2014. CHAIRMAN
Mar 31, 2013
To The Members of REMI PROCESS PLANT AND MACHINERY LIMITED
The Directors are pleased to present to you herewith the audited
accounts of the Company for the year ended 31st March, 2013.
(Rs.in Lacs)
Financial Results 2012-2013 2011-2012
Gross Turnover 3211.00 1794.96
Profit before Finance
Cost, Depreciation and 337.69 308.86
Tax (EBIDTA)
Less: Finance Cost 80.60 65.39
Depreciation 52.33 51.99
Taxation 62.82 195.75
64.24 181.62
Net Profit 141.94 127.24
Balance brought forward 437.38 372.41
Profit available for appropriations 579.32 499.65
Appropriations
Transferred to General Revenue 50.00 50.00
Proposed Dividend 10.56 10.56
Tax on dividend 1.80 1.71
Net surplus in the Statement of
Profit & Loss 516.96 437.38
579.32 499.65
DIVIDEND:
Your Directors are pleased to recommend a dividend of Rs. 0.60 (6%) per
equity share for the year ended 31st March 2013. The proposed dividend
including dividend distribution tax will absorb Rs.12.36 Lakhs.
WORKING:
The working of the Company has improved during the year.
DIRECTORS:
As provided in Section 255 of the Companies Act, 1956, Shri Rajendra C.
Saraf and Shri Rishabh R. Saraf retire by rotation and are to be
re-appointed. Mr. Detlef Ernst Hans Klatt, Additional Director, is also
to be appointed.
AUDITORS:
The Auditors M/s. Shankarlal Jain & Associates, Chartered Accountants,
are to be re-appointed. They have expressed their willingness to accept
the re-appointment. In terms of Section 224A of the Companies Act,
1956, their re-appointment needs to be made by the members and their
remuneration has to be fixed.
CONSERVATION OF ENERGY:
All efforts for conservation of energy are being taken.
TECHNOLOGY ABSORPTION:
Technology absorption is complete.
FOREIGN EXCHANGE EARNING AND OUTGO:
Earnings Rs. 2.18 Lacs
Outgo Rs.523.79 Lacs
PARTICULARS OF EMPLOYEES:
No employee of the Company was in receipt of remuneration equal to or
exceeding the prescribed limits.
DIRECTORS'' RESPONSIBILITY STATEMENT:
On the basis of compliance certificates received from the concerned
executives of the respective Divisions of the Company and subject to
disclosures in the annual accounts, as also on the basis of the
discussion with the Auditors of the Company from time to time, the
Directors state that:
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(ii) the directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit or
loss of the company for that period;
(iii) the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities; and
(iv) the directors have prepared the annual accounts on a going concern
basis.
ACKNOWLEDGEMENT
Your directors place on record their appreciation for the co-operation
received from Company''s customers, suppliers, bankers, stakeholders and
Govt. Agencies. The Directors also sincerely acknowledge the
contribution made by the employees at all levels.
ON BEHALF OF THE BOARD
Registered Office:
REMI House,
Plot No.11, Cama Industrial Estate Sd/-
Goregaon (E), Mumbai-400 063 VISHWAMBHAR C. SARAF
Dated : 13th August , 2013. CHAIRMAN
Mar 31, 2010
The Directors are pleased present to you herewith the audited accounts
of the Company for the year ended 31st March, 2010.
(Rs. In Lacs)
Financial Results 2009-2010 2008-2009
Gross Turnover 2407.70 1683.54
Gross Profit 347.37 154.01
Less: Depreciation 41.33 29.31
Taxation 94.54 135.87 42.15 71.46
Add: Excess retirement
provision written 0.00 4.36
back
Net Profit 211.50 86.91
Balance brought forward 205.03 163.71
Profit available for appropriations 416.53 250.62
Appropriations
Transferred to General Revenue 50.00 25.00
Proposed Dividend 17.60 17.60
Tax on Distribution of dividend 2.92 2.99
Balance carried to Balance Sheet 346.01 205.03
416.53 250.62
DIVIDEND
Your Directors are pleased to recommend a dividend of Re.1/- (10%) per
equity share for the year ended 31st March 2010. The proposed dividend
including dividend distribution tax will absorb Rs20.52 lakhs.
OPERATION/ PROSPECTS
Your Companys turnover has ncreased by about 50% and the G.P by about
100% mainly due to supply of special mixing equipments for
metallurgical process. The Company is keen to develop such markete to
obtain regular and long term benefits. Your Company has procured land
in Palghar and has constructed its factory building there, to expand
its manufacturing operations to meet the growing demand of the Indian
economy.
INFORMATION PURSUANT TO SECTION 217 OF THE COMPANIES ACT, 1956:
SUB-SECTION (1)(e):
A. CONSERVATION OF ENERGY:
All efforts for conservation of energy are being taken.
B. TECHNOLOGY ABSORPTION:
Technology absorption is complete.
C. FOREIGN EXCHANGE EARNING AND OUTGO:
Foreign Exchange Earnings Rs.7.46 Lacs
Foreign Exchange Outgo Rs.36.37 Lacs
SUB-SECTION (2A):
The particulars of employee who received remuneration above Rs.24 Lacs
in this year are given below.
(i) Name : Rajendra C. Saraf- He is a relative of a
Director, Shri Vishwambhar C. Saraf
(ii) Designation : Managing Director
(iii) Remuneration : Rs.36.20 Lacs
(iv) Nature of
employment : Contractual for 3 (Three) years
(v) Other terms and
Conditions : -
(vi) Nature of Duties : Entire Management of the Company
(vii) Qualification : Bachelor of Commerce
(viii) Experience : More that 30 years
(ix) Date of
commencement : 19th November, 1983
(x) Age : 56 years
(xi) Last employment : None
(xii) Percentage of
equity shares : 0.02% (400 Shares)
held
SUB-SECTION (2AA): DIRECTORS RESPONSIBILITY STATEMENT
your Directors state:
(i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(ii) that the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at the end of the financial year and of the
profit or loss of the company for that period;
(iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
(iv) that the directors had prepared the annual accounts on a going
concern basis.
ACKNOWLEDGEMENT
Your directors place on record their appreciation for the co-operation
received from Companies customers, suppliers, bankers, stakeholders and
Govt. Agencies. The Directors also sincerely acknowledge the
contribution made by the employees at all levels.
Registered Office: ON BEHALF OF THE BOARD
Remi House, Plot No.11,
Cama Industrial Estate
Goregaon (E), Mumbai-400 063 VISHWAMBHAR C. SARAF
Dated : 12th August, 2010. CHAIRMAN
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