Mar 31, 2015
DEAR MEMBERS,
The Directors takes pleasure in presenting the 48th Annual report
together with the Audited Financial Statements and Auditors'' Report for
the financial year ended 31st March, 2015. The financial highlights for
the year under review are given below:
STATE OF AFFAIRS : (Rs. in Lacs)
2014-15 2013-14
Income 3564.45 3356.98
Profit before depreciation and tax 189.08 213.25
Less: Depreciation 118.02 138.06
Profit before Tax 71.06 75.19
Less :
Provision for Current Tax 30.00 20.00
Deferred Tax Liability/(Assets) (4.58) 2.13
(Excess)/Short
Provision of the earlier years (3.55) NIL
Profit after Tax 49.19 53.06
Add :
The amount brought forward from
the last year''s account 662.93 631.15
Total available 712.12 684.21
APPROPRIATIONS :
a) Proposed Dividend 11.34 11.34
b) Provision for Corporate
Tax On Dividend 2.27 1.93
General Reserve 8.00 8.00
c) Revaluation of Fixed Assets -Adjustment 23.74 -
d) Balance carried forward 666.77 662.94
TOTAL 712.12 684.21
DIVIDEND
Your directors are pleased to recommended a dividend of Rs. 1.50 per
share, aggregating to (15%) for the current year. The dividend payout,
if approved, will result in outflow of Rs. 13.61 Lacs inclusive of Rs.
2.27 Lacs for dividend tax.
PARTICULARS OF LOAN, GUARANTEES OR INVESTMENTS
Details of the Loan, Guarantees and investments covered under provision
of section 186 of the company Act, 2013:
15 Equity Shares of The Charotar Gas Sahkari mandali Ltd to Rs. 7500/-
VIGIL MECHANISM / WHISTLE BLOWER POLICY
As per the Section 177(9) of the Company Act, 2013 and Clause 49 of the
Listing Agreement and other applicable provisions, the Company has a
Vigil mechanism / whistle blower Policy to deal with instance of fraud
and mismanagement, if any. Further, a dedicated helpline has been set
up by the company in Line management. The helpline can be contacted to
report any suspected or confirmed incident of fraud/misconduct.
Details of the Policy are available on the company''s website.
DIRECTORS
In the AGM held on July 17, 2014 for the financial year ended March
2013-14, Member has appointed Shri Anil D. Gandhi, Director as
Independent Director of the company by the changing the terms and
condition of his appointment and removal.
In the Extraordinary General Meeting held on September 4, 2014, the
member of the company appointed the existing Independent Directors viz.
Shri Ashok Parikh, Shri K K Seksaria, Shri Knut Bovenkamp, Dr. Satish
Parekh and Shri M H Joshi as Independent Directors under the Act each
for a term of five years with the effect from September 4, 2014 under
the Company Act, 2013.
All independent Directors have given declarations that they meet the
criteria of Independence as laid down under section 149 (6) of Company
Act, 2013 and clause 49 of Listing Agreement.
The Member of the Company had at the aforesaid EGM also approved the
re-designated of Shri Suresh Amin as Chairman & Whole Time Director
form Managing Director and Shri Ashish Amin as Managing Director from
Jt. Managing Director without any variation in the terms and conditions
like remuneration, balance tenure and others relating to his
appointment as approved by the shareholders at their Annual General
Meeting held on 19th July, 2012.
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 detailed remuneration
policy is available on the company''s website.
BOARD OF DIRECTORS & AUDIT COMMITTEE MEETING
The Details of the meetings are given in Annexure-A
DIRECTOR''S RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the
information and explanations obtained by them, your directors make the
following statements in the terms of the section 134(3)(c) of the
Company Act, 2013:
1. That in the preparation of the Annual financial statements for the
year ended March 31, 2015, the applicable Accounting standards have
been followed along with proper explanation relating to material
departures, if any;
2. That such accounting policies have been selected and applied
consistently and judgment and estimates have been made that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company as at March 31, 2015 and of the profit of the
Company for the year ended on that date;
3. That Proper and sufficient care has been taken for maintenance of
adequate accounting records in accordance with provisions of the
Companies Act, 2013 and for safeguarding the assets of the Company for
preventing and detecting fraud and other irregularities;
4. That the Annual Accounts have been prepared on a going concern
basis;
5. That the proper internal financial controls were in place and that
the financial control were adequate and were operating effectively;
6. That the systems to ensure compliance with the provision of all
applicable laws were in place and were adequate and operating
effective.
RELATED PARTY TRANSACTIONS
All related party transactions that were entered into during the
financial year were on at arm''s length basis and were in the ordinary
course of business.
All related party transactions were placed before the Audit Committee
as also the Board for approval. Prior approval of the board and Audit
Committee were obtained on a quarterly basis for the transactions which
were of a foreseen and repetitive nature if any.
The details are given in Annexure -B
AUDITORS
Thacker Butala Desai, Chartered Accountants, Navsari statutory auditor
of the company, appointed on 47th AGM and will retires on the
conclusion of the 50th Annual General Meeting i.e. for a period of
three (03) consecutive years (Subject to ratification by the Member at
every AGM during the term of their appointment). They have confirmed
their eligibility under section 141 of the Companies Act, 2013 and the
rules framed thereunder. Your directors have recommended ratification
of their appointment.
COST AUDITORS
Pursuant to provision of Section 148 of the Companies Act, 2013 read
with Companies (Cost Records and Audit) Amendment Rules, 2014, the cost
Audit records maintained by the Company. Your Directors had, on the
recommendation of Audit committee, appointed M/s Maulin Shah &
Associates, Cost and Works Accountant, Ahmedabad, to Audit the Cost
Accounts of the company for the financial year 2015-16 on remuneration
of Rs. 37,000/-(Rupees Thirty Seven Thousand Only) plus Service Tax if
any plus Out of Pocket Expense to carry on the Cost Audit. As required
under the Companies Act, 2013, the remuneration payable to the Cost
Auditor is required to be placed before the members in a general
Meeting for their ratification. Accordingly, a resolution seeking
member''s ratification for the remuneration payable to M/s Maulin Shah &
Associates, cost Auditors is included at item No. 5 of the notice
convening the Annual General Meeting.
SECRETARIAL AUDIT
Pursuant to provision of Section 204 of the Companies Act, 2013 and The
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, the company has appointed M/s. D G Bhimani and Associates, Anand
a firm of Company Secretaries in practice to undertake the Secretarial
Audit of the Company. The Report of the Secretarial Audit of the
Company is given herewith as Annexure - C
As, mentioned in the attached report by the Secretarial Auditor
regarding adverse remark, there are only few Shareholders whose
dividend is remain unclaimed and unpaid. Company will take immediate
action to comply the same.
Further, the Company is in process of developing new website and will
be ready within short time.
CORPORATE GOVERNANCE
Provision of Clause 49 of the Listing Agreement in Connection with
Corporate Governance are not applicable to the Company vide SEBI
circular dated September 15, 2014, since the paid-up capital of the
Company is less than Rs. 10 Crores and Net Worth of the Company is
below Rs. 25 Crores.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGH EXCHANGE EARNING
AND OUTGO
The information on Conservation of energy, technology absorption and
foreign exchange earning and outgo stipulated under Section 134(3)(m)
of the Companies Act, 2013 read with Rule, 8 of the Companies
(Accounts) Rules, 2014, is annexed herewith as Annexure-D
FIXED DEPOSIT
Your Company has not accepted any fixed deposits during the year.
DETAILS OF ORDER PASSED BY THE REGULATORS
There were no significant and material orders passed by the regulators
or courts or Tribunals Impacting the Going Concern Status and Company''s
Operation in the future.
EXTRACT OF ANNUAL RETURN
The details forming the part of the extract of the Annual Return in the
Form MGT-9 is attached herewith as Annexure -E
PARTICULARS OF EMPLOYEES
The information required pursuant to Section 197 of the Companies Act,
2013 read with Rule, 5 of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 in respect of the employees of the
company, will be provided upon request. In terms of the Section 136 of
the Companies Act, 2013 the Reports and Accounts are being sent to the
Members and other entitled thereto, excluding the information on
employees'' particular which is available for inspection by the members
at registered office of the Company during business hours on working
days of the Company up to the date of the ending Annul General Meeting.
If any member is interested in obtaining a copy thereof, such member
may write to the Compliance officer of the Company.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORK PLACE
(PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013.
The Company has safe and healthy work environment that enables its
employees to work without fear, prejudices, gender bias and Sexual
harassment and also set up guideline in line with the requirenment of
The Sexual Harassment of Women at workplace (Prevention, Prohibition &
Redressal) Act, 2013.
Company has not received any complaints during the financial year.
ACKNOWLEDGEMENT
Your Directors place on record their sincere appreciation for
overwhelming co-operation and assistance received from investors,
customers, business associates, bankers, as well as regulatory and
governmental authorities. Your Directors also thank the employees at
all levels, who, through their dedication, co-operation, support and
smart work, have enabled the Company to achieve growth.
By Order of the Board of Directors
S.H. AMIN
CHAIRMAN & WTD (DIN: 00525235)
Place: Vitthal Udyognagar
Date: May 8, 2015
Mar 31, 2014
The Members,
The Directors are pleased to present their report on the business and
operations of your Company together with the Audited Statement of
Accounts and the Auditors'' Report for the financial year ended 31st
March, 2014. The financial highlights for the year under review are
given below :
WORKING RESULTS :
Rupees in lacs
2013-14 2012-13
Income 3356.98 3951.20
Profit before depreciation and tax 213.25 298.79
Less: Depreciation 138.06 130.63
Profit before Tax 75.19 168.16
Less :
Provision for Current Tax 20.00 58.50
Deferred Tax Liability/(Assets) 2.13 -3.34
(Excess)/Short
Provision of the earlier years Nil 2.32
Profit after Tax 53.06 110.68
Add:
The amount brought forward from
the last year''s account 631.15 562.00
Total available 684.21 672.68
APPROPRIATIONS :
a) Proposed Dividend 11.34 22.68
b) Provision for Corporate
Tax On Dividend 1.93 3.85
c) General Reserve 8.00 15.00
d) Balance carried forward 662.94 631.15
TOTAL 684.21 672.68
DIVIDEND :
Your directors has recommended a dividend of Rs.1.50 per share,
aggregating to (15%) for the current year. The dividend payout, if
approved, will result in outflow of Rs. 13.27 Lacs inclusive of Rs.
1.93 Lacs for dividend tax.
REVIEW OF PERFORMANCE
Chains and Sprockets :
Due to the global recession, sales has been declined to Rs. 3238.30
Lacs as against Rs. 3811.23 Lacs of the previous year & Profit before
depreciation and tax stood at Rs. 213.25 Lacs in Current Financial
Year, a decrease of 28.63 percent over the preceding year. Profit after
tax for F.Y. 2013-14 was Rs. 53.06 lacs a decrease of 52.06 percent
over F.Y. 2012-13.
WIND MILL :
During the year the Wind Mill has generated 97464 Units. Against the
units generated at Lamba, Gujarat Electricity Board has given credit
for equal units in consumption every month.
DIRECTORS'' RESPONSIBILITY STATEMENT
In compliance of Section 217(2AA) of the Companies Act, 1956, your
Directors confirm that :
1 The applicable accounting standards were followed in the preparation
of annual accounts of the year ended 31st March, 2014 along with proper
explanation relating to material departure.
2 The accounting Policies are applied consistently to give a true and
fair view of the state of affairs of the company as on 31st March 2014
and of the profit of the Company for the year ended on that date.
3 Proper and sufficient care has been taken for maintenance of adequate
accounting records in accordance with provisions of the Companies Act,
1956 and for safeguarding the assets of the Company for preventing and
detecting fraud and other irregularities.
4 The Annual Accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE :
Provision of clause 49 of Listing Agreement in connection with
Corporate Governance are not applicable to the company, since the paid
up capital of the Company is less than Rs. 3.00 crores as well as the
net worth of Company is below Rs.25 Crores.
CREDIT RATING :
The Company has rating from SME Rating Agency of India limited as MSME
3, which indicates security of the Company as "Above Average".
DISCLOSURE AS PER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE
REPORT OF BOARD OF DIRECTORS) RULES, 1988.
The required particulars are set out in the Annexure forming part of
the report.
FIXED DEPOSITS :
Your Company has not accepted any fixed deposits and, as such, no
amount of principal or interest was outstanding as at the balance sheet
date. There was no deposit, which had matured and remained unpaid at
the close of the year.
PARTICULARS OF EMPLOYEES :
There are no employees, as required to be included in accordance with
Section 217 (2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975, as amended in 1988.
PERSONNEL :
The Strength of your Company lies in its team of highly competent and
highly motivated personnel and because of these industrial relations
during the year has been cordial. Your Directors wish to place on
record their appreciation for the devoted services rendered by the
employees.
DIRECTORS :
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company, Shri Suresh H Amin, Shri Ashish
S Amin and Shri Anil D Gandhi will retire by ration at the ensuing
Annual General Meeting and they being eligible offers themselves for
re-appointment.
AUDITORS :
Thacker Butala Desai, Chartered Accountants, Auditors of the company,
retire at the conclusion of the Annual General Meeting and being
eligible, offer themselves for re-appointment.
ACKNOWLEDGMENT
Your Directors place on record their appreciation for overwhelming
co-operation and assistance received from investors, customers,
business associates, bankers, as well as regulatory and governmental
authorities. Your Directors also thank the employees at all levels,
who, through their dedication, co-operation, support and smart work,
have enabled the Company to achieve growth.
By Order of the Board
Sushila S. Patel
Chairperson
Place : Vithal Udyognagar
Date: 30th April, 2014
Mar 31, 2012
The Directors are pleased to present their report on the business and
operations of your Company together with the Audited Statement of
Accounts and the Auditors' Report for the financial year ended 31st
March-2012. The financial highlights for the year under review are
given below:
WORKING RESULTS:
Rupees in lacs
2011-12 2010-11
Income 3874.21 3384.78
Profit Before Depreciation &
Tax 318.36 274.41
Less: Depreciation 129.98 115.33
Profit before Tax 188.38 159.08
Less: Provision for Taxation 71.67 53.62
Deferred Tax Assets -10.58 -1.33
(Excess) / Short
Provision of the earlier years 0.81 6.24
Profit after Tax 128.10 100.55
Add:
a) The amount brought
forward from the
last Year's account 475.26 -416.16
Total available 603.36 516.71
APPROPRIATIONS:
a) Proposed Dividend 22.68 22.68
b) Provision for Corporate
Tax On Dividend 3.68 3.77
c) General Reserve 15.00 15.00
d) Balance carried forward 562.00 475.26
Total 603.36 516.71
DIVIDEND:
Your directors has recommended a dividend of Rs. 3 per share,
aggregating to (30%) for the current year. The dividend payout, if
approved, will result in outflow of Rs. 26.36 Lacs inclusive of Rs.
3.68 Lacs for dividend tax.
PRODUCTION:
Chains and Sprockets:
The year under review has been another landmark year for your Company
with all time high production and sales. For the first time in the
history of the Company, Company has achieved sales target to Rs.
3828.55 Lacs as against Rs. 3337.88 Lacs of the previous year & profit
before tax has reached to Rs. 188.38 Lacs as against Rs. 159.08 Lacs
for the previous year.
WIND MILL:
During the year the Wind Mill has generated 82940 Units. Against the
units generated at Lamba, Gujarat Electricity Board has given credit
for equal units in consumption every month.
DIRECTORS' RESPONSIBILITY STATEMENT
In compliance of Section 217(2AA) of the Companies Act, 1956, your
Directors confirms that:
1. The applicable accounting standards were followed in the preparation
of annual accounts of the year ended 31st March, 2012 along with proper
explanation relating to material departure.
2. The accounting Policies are applied consistently to give a true and
fair view of the state of affairs of the company as on 31st March 2012
and of the profit of the Company for the year ended on that date.
3. Proper and sufficient care has been taken for maintenance of adequate
accounting records in accordance with provisions of the Companies Act,
1956 and for safeguarding the assets of the Company for preventing and
detecting fraud and other irregularities.
4. The Annual Accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE:
Provision of clause 49 of Listing Agreement in connection with
Corporate Governance are not applicable, to the company, since the paid
up capital of the Company is less than Rs. 3.00 crores as well as the
net worth of Company is below Rs. 25 Crores.
CREDIT RATING:
During the year, as per the terms of RBI guidelines, the Company has
got rating from SME Rating Agency of India limited as MSME 3, which
indicates security of the Company as "Above Average".
DISCLOSURE AS PER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE
REPORT OF BOARD OF DIRECTORS) RULES, 1988.
The required particulars are set out in the Annexure forming part of
the report.
FIXED DEPOSITS:
Your Company has not accepted any fixed deposits and, as such, no
amount of principal or interest was outstanding as at the Balance Sheet
date. There was no deposit, which had matured and remained unpaid at
the close of the year.
PARTICULARS OF EMPLOYEES:
There are no employees, as required to be included in accordance with
Section 217 (2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975, as amended in 1988.
PERSONNEL :
The Strength of your Company lies in its team of highly competent and
highly motivated personnel and because of these industrial relations
during the year has been cordial. Your Directors wish to place on
record their appreciation for the devoted services rendered by the
employees.
DIRECTORS:
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company, Shri. K.K Seksaria and Shri
Ashok Krishnadas will retire by ration at the ensuing Annual General
Meeting and they being eligible offers themselves for re-appointment.
AUDITORS:
Thacker Butala Desai, Chartered Accountants, Auditors of the company,
retire at the conclusion of the Annual General Meeting and being
eligible, offer themselves for re-appointment.
ACKNOWLEDGEMENT
Your Directors place on record their appreciation for overwhelming co-
operation and assistance received from investors, customers, business
associates, bankers, as well as regulatory and governmental
authorities. Your Directors also thank the employees at all levels,
who, through their dedication, co-operation, support and smart work,
have enabled the Company to achieve growth.
By Order of the Board
Sushila S. Patel
Chairperson
Place : Vithal Udyognagar
Date : 11th May-2012
Mar 31, 2011
The Directors are pleased to present their report on the business and
operations of your Company together with the Audited Statement of
Accounts and the Auditors Report for the financial year ended 31st
March-2011. The financial highlights for the year under review are
given below:
WORKING RESULTS:
Rupees in lacs
2010-11 2009-10
Income 3384.78 2940.76
Profit Before Depreciation & Tax 274.57 313.59
Less: Depreciation 115.33 99.73
Profit before Tax 159.24 213.86
Less: Provision for Taxation 53.78 80.14
Deferred Tax Assets -1.33 -6.54
Profit after Tax 106.79 140.26
Add:
a) The amount brought
forward from the
last Years account 416.16 327.56
b) (Excess) / Short Provision of the
earlier years -6.24 3.72
Total available 516.71 471.54
APPROPRIATIONS:
a) Proposed Dividend 22.68 30.24
b) Provision for Corporate
Tax On Dividend 3.77 5.14
c) General Reserve 15.00 20.00
d) Balance carried forward 475.26 416.16
516.71 471.54
DIVIDEND :
Your directors has recommended a dividend of Rs. 3.00 per share,
aggregating to (30 %) for the current year. The dividend payout, if
approved, will result in outflow of Rs. 26.45 Lacs inclusive of Rs.
3.77 Lacs for dividend tax.
PRODUCTION:
Chains and Sprockets :
The year under review has been another landmark year for your Company
with all time high production and sales. For the first time in the
history of the Company, Company has achieved sales target to Rs.3384.78
Lacs as against Rs. 2940.76 Lacs of the previous year but profit before
tax has been reduced to 159.24 Lacs as against Rs.213.86 Lacs for the
previous due to increase in the cost of Raw Materials and Reduction in
selling price due to reverse auction manipulation resorted by some of
the companies. During the year company also made additions in plant &
machinery & extension of factory shed for atomization in production
cycle time.
WIND MILL :
During the year the Wind Mill has generated 127866 Units. Against the
units generated at Lamba, Gujarat Electricity Board has given credit
for equal units in consumption every month.
DIRECTORS RESPONSIBILITY STATEMENT
Persuant to Section 217(2AA) of the Companies Act, 1956, your Directors
confirm that:
1 the applicable accounting standards were followed in the preparation
of annual accounts for the year ended 31st March, 2011 along with
proper explanation relating to material departure.
2 the accounting Policies are applied consistently to give a true and
fair view of the state of affairs of the Company as on 31st March, 2011
and of the Profit of the Company for the year ended on that date.
3 proper and sufficient care has been taken for maintenance of adequate
accounting records in accordance with provisions of the Companies Act,
1956 and for safeguarding the assets of the Company for preventing and
detecting fraud and other irregularities.
4 the Annual Accounts have been prepared on a "going concern" basis.
CORPORATE GOVERNANCE
Provisions of clause 49 of Listing Agreement in connection with
Corporate Governance are not applicable to the Company, since the paid
up capital of the Company is less than Rs.3.00 crores as well as the
net worth of Company is below Rs.25.00 crores.
DISCLOSURE AS PER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE
REPORT OF BOARD OF DIRECTORS) RULES, 1988.
The required particulars are set out in the Annexure forming part of
the report.
FIXED DEPOSITS:
Your Company has not accepted any fixed deposits and, as such, no
amount of principal or interest was outstanding as at the balance sheet
date. There was no deposit, which had matured and remained unpaid at
the close of the year.
PARTICULARS OF EMPLOYEES:
There are no employees, as required to be included in accordance with
Section 217 (2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975, as amended in 1988.
PERSONNEL:
The Strength of your Company lies in its team of highly competent and
highly motivated personnel and because of these industrial relations
during the year has been cordial. Your Directors wish to place on
record their appreciation for the devoted services rendered by the
employees.
DIRECTORS:
With deep hearfelt, it is to state that Shri Suryakant M. Patel,
Director of the Company expired on 8th November, 2010. The Board of
Directors, places on record the contribution made by Shri Suryakant M.
Patel, during
his tenure of about four decades for the growth and development of the
company and members of the Board pray to the God for ultimate peace to
the departed soul of Shri Suryakant Patel.
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company, Shri Anil. Gandhi and Smt.
Daksha S. Amin will retire by rotation at the ensuing Annual General
Meeting and they being eligible offer themselves for re-appointment.
AUDITORS:
Thacker Butala Desai, Chartered Accountants, Auditors of the company
retire at the conclusion of the Annual General Meeting and being
eligible, offer themselves for re-appointment.
ACKNOWLEDGEMENT:
Your Directors place on record their appreciation for overwhelming
co-operation and assistance received from investors, customers,
business associates, bankers, as well as regulatory and governmental
authorities. Your Directors also thank the employees at all levels,
who, through their dedication, co-operation, support and smart work,
have enabled the Company to achieve growth.
On behalf of the Board
SUSHILA S. PATEL
CHAIRPERSON
Place: V.V.NAGAR.
Date : 28th April-2011
Mar 31, 2010
The Directors are pleased to present their report on the business and
operations of your Company togethe r with the Audited Statement of
Accounts and the Auditors Report for the financial year ended 31st
March-2010. The financial highlights for the year under review are
given below:
WORKING RESULTS:
Rupees in lacs
2009-10 2008-09
Income 2940.76 3317.15
Profit Before Depreciation & Tax 313.59 376.71
Less: Depreciation 99.73 103.39
Profit before Tax 213.86 273.32
Less: Provision for Taxation 80.14 105.71
Fringe Benefit Tax 0.00 4.31
Deferred Tax Assets -6.54 -12.22
Profit after Tax 140.26 175.52
Add:
a) The amount brought forward
from the
last Years account 327.56 217.87
b) Excess / Short Provision
of the
earlier years 3.72 10.45
Total available 471.54 382.94
APPROPRIATIONS :
a) Proposed Dividend 30.24 30.24
b) Provision for Corporate
Tax On Dividend 5.14 5.14
c) General Reserve 20.00 20.00
d) Balance carried forward 416.16 327.56
471.54 382.94
DIVIDEND :
Your directors has recommended a dividend of Rs. 4.00 per share,
aggregating to (40 %) for the current year. The dividend payout, if
approved, will result in outflow of Rs. 35.38 Lacs inclusive of Rs.
5.14 Lacs for dividend tax.
PRODUCTION:
Chains and Sprockets :
Sales & other income for the year amounted to Rs.2940.76 Lacs against
Rs.3317.15 Lacs for the previous due to recession in the overall
Engineering Industries.
WIND MILL :
During the year the Wind Mill has generated 167155 Units. Against the
units generated at Lamba, Madhya Gujarat Vij Co. Ltd., has given credit
for equal units in consumption every month.
DIRECTORS RESPONSIBILITY STATEMENT
Pe rsuant to Se ction 217(2AA) of the Companies Act, 1956, your
Directors confirm that:
1 the applicable accounting standards were followed in the preparation
of annual accounts for the year ended 31st March-2010.
2 the accounting Policies are applied consistently to give a true and
fair view of the state of affairs of the Company as on 31st March-2010
and of the Profit of the Company for the year ended on that date.
3 proper and sufficient care has been taken for maintenance of adequate
accounting records in accordance with provisions of the Companies
Act,1956 and for safeguarding the assets of the Company for preventing
and detecting fraud and other irregularities.
4 the Annual Accounts have been prepared on a Ãgoing concernà basis.
CORPORATE GOVERNANCE
Provisions of clause 49 of Listing Agreement in connection with
Corporate Governance are not applicable to the Company, since the paid
up capital of the Company is less than Rs.3.00 crore as well as the net
worth of Company is below Rs.25.00 crores.
DISCLOSURE AS PER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE
REPORT OF BOARD OF DIRECTORS) RULES, 1988.
The required particulars are set out in the Annexure forming part of
the report.
FIXED DEPOSITS:
Your Company has not accepted any fixed deposits and, as such, no
amount of principal or interest was outstanding as at the balance sheet
date. There was no deposit, which had matured and remained unpaid at
the close of the year.
PARTICULARS OF EMPLOYEES:
There are no employees, as required to be included in accordance with
Section 217 (2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975, as amended in 1988.
PERSONNEL:
The Strength of your Company lies in its team of highly competent and
highly motivated personnel and because of these industrial relations
during the year has been cordial. Your Directors wish to place on
record their appreciation for the devoted services rendered by the
employees.
DIRECTORS:
In accordance with the provisions of the
Companies Act, 1956 and Articles of Association of the Company, Smt. S.
S. Patel, K.K.Seksaria and Shri. B. D. Patel retire by rotation at the
ensuing Annual General Meeting and they being eligible offers
themselves for re-appointment.
AUDITORS:
Thacker Butala Desai, Auditors of the company retire at the conclusion
of the Annual General Meeting and being eligible, offer themselves for
re-appointment.
ACKNOWLEDGEMENT:
Your Directors place on record their appreciation for overwhelming
co-operation and assistance received from investors, customers,
business associates, bankers, as well as regulatory and governmental
authorities. Your Directors also thank the employees at all levels,
who, through their dedication, co-operation, support and smart work,
have enabled the Company to achieve growth.
On behalf of the Board
SUSHILA S. PATEL
CHAIRPERSON
Place: V.V.NAGAR
Date : 23rd April-2010