Mar 31, 2014
Dear Members
The Directors have pleasure in presenting the 29th Annual Report
together with Audited Accounts for the financial year ended 31st March,
2014:
Financial results and Appropriations: (In Lakhs)
PARTICULARS 2013-14 2012-13
Gross Income 724.63 906.75
Profit before Tax -38.91 60.94
Provision for Tax
Current 0.00 16.30
Deferred -12.91 3.02
Fringe Benefit Tax 0.00 0.00
Excess provision of Income 0.00 0.53
Tax relating to previous year 0.00 0.00
Written back 0.00 0.00
Profit after Tax -26.00 42.15
Surplus brought forward 0.00 46.23
Profit available for
Appropriation 0.00 88.38
Transfer to General Reserve 0.00 10.00
Dividend 0.00 22.43
Dividend Tax 0.00 3.81
Surplus carried forward 0.00 52.14
Despite best efforts the company could not generate profits for the
year.
1. Dividend:
Due to loss suffered during the year your directors are not
recommending payment of dividend.
2. Fixed Deposits:
The company has neither invited nor accepted any Fixed Deposits from
public during the financial year under review.
3. Directors:
Smt.Farah Kamal and Sri Akmal Hassan Razvi, Directors of the company
retire by rotation and being eligible offers themselves for
re-appointment.
4. Directors Responsibility Statement:
In accordance with the provisions of Section 217(2AA) of the Companies
Act. 1956, your directors hereby report:
(a) that in the preparation of Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(b) that the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
responsible and prudent so as to give a true and fair view of the state
of affairs of the company as at 31st March, 2014 and of Profit and Loss
account for the year ended as on that date,
(c) 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 safe guarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
(d) that the directors have prepared annual accounts on a going concern
basis.
5. Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
The requisite information with regard to Conservation of Energy,
Technology Absorbtion and Foreign Exchange Outgo and Earnings in terms
of Companies (Disclosure of Particulars in the report of Board of
Directors) Rules, 1988 are set out in separate statements attached
hereto (Annexures "A" & "B" respectively) and form part hereof.
6. Personnel:
Information in accordance with Sub-Section (2A) of Section 217 of the
Companies Act, 1956. read with the companies (Particulars of employees)
rules, 1975. and forming part of Director''s report for the year ended
31st March, 2014 is not applicable as there was no employee drawing
remuneration in excess of prescribed limits.
7. Auditors:
M/s K.S.Aiyar & Co., Chartered Accountants, retires at the forthcoming
Annual General meeting and are eligible for re-appointment. As required
under Section 224 of the Companies Act, 1956, the company has obtained
from them a confirmation to the effect that their re-appointment, if
made, would be in conformity with the limits prescribed in the said
section.
8. Corporate Governance and Compliance Certificate:
Separate notes on Corporate Governance and Management Discussion and
Analysis Report are set out as Annexure "C" and "D" respectively. A
certificate from the Auditors of the company regarding compliance of
conditions of Corporate Governance as stipulated under Clause 49 of the
Listing Agreement is attached to this report.
9. Listing Agreement Requirements:
(i) The securities of your company are listed at BSE Limited. The
company has paid the Annual Listing fee to these Stock Exchanges up to
date.
(ii) Trading in company''s securities has been suspended since 27th
March 2013 for non compliance of certain clauses of listing agreement.
The Company has since complied with and awaiting revocation from BSE
Ltd.
10. Buy Back of Shares
There was no buy back of shares during the year under review.
11. Acknowledgements:
Your directors take this opportunity to express their appreciation for
the co-operation received from State bank of India, ICICI Bank Limited,
the office of Central Government and the State Government at various
levels and others who have associated with the company.
Your company considers its employees as the most valuable asset and
believes that it is the people who are behind a strong and professional
organization. The Board wishes to place on record its sincere
appreciation for the contribution, devotion and dedicated efforts put
in by the employees at all levels in ensuring high levels of
performance and growth that your company has achieved during the year.
Appreciation is taken on record for the continued support being
extended by the Shareholders.
Place : Bangalore On behalf of the Board
Date 29th May 2014. Mustafa Kamal Basha
Chairman & Managing Director
Mar 31, 2013
To The Members
The Directors have pleasure in presenting the 28th Annual Report
together with Audited Accounts for the financial year ended 31st March,
2013:
Financial results and Appropriations:
(In Lakhs)
PARTICULARS 2012.13 2011.12
Gross Income 906.75 725.17
Profit before Tax 60.94 -13.42
Provision for Tax
Current 16.30 0.00
Deferred 3.02 -4.40
Fiinge Benefit Tax 0.00 0.00
Excess provision of Income 0.53 0.00
Tax relating to previous year 0.00 0.00
Written back 0.00 0.21
Profit after Tax 42.15 -9.01
Surplus brought forward 46.23 55.25
Profit available for Appropriation 88.38 46.23
Transfer to General Reserve 10.00 0.00
Dividend 22.43 0.00
Dividend Tax 3.81 0.00
Surplus carried forward 52.14 46.23
Due to the consistent efforts by the Management the Company could
generate proft before tax of Rs.60.94 lakhs during the year under
review.
1. Dividend:
Your Directors have pleasure in recommending dividend of 7.5% for the
year 2012-2013.
2. Fixed Deposits:
The company has neither invited nor accepted any Fixed Deposits from
public during the financial year under review.
3. Directors:
Dr.Mohd.Taha Matheen and Sri.Akmal Hassan Razvi, Directors of the
company retire by rotation and being eligible offers themselves for re-
appointment.
4. Directors Responsibility Statement:
In accordance with the provisions of Section 217(2AA) of the Companies
Act, 1956, your directors hereby report:
(a) that in the preparation of Annual Accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(b) that the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
responsible and prudent so as to give a true and fair view of die state
of affairs of the company as at 31s'' March, 2013 and of Profit and Loss
account for the year ended as on that date.
(c) mat 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 safe guarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
(d) that the directors have prepared annual accounts on a going concern
basis.
5. Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
The requisite information with regard to Conservation of Energy,
Technology Absorbtion and Foreign Exchange Outgo and Earnings in terms
of Companies (Disclosure of Particulars in the report of Board of
Directors) Rules, 1988 are set out in separate statements attached
hereto (Annexures "A" & "B" respectively) and form part hereof.
6. Personnel:
Information in accordance with Sub-Section (2A) of Section 217 of the
Companies Act, 1956, read with the companies (Particulars of employees)
rules, 1975, and forming part of Director''s report for the year ended
31st March, 2013 is not applicable as there was no employee drawing
remuneration in excess of prescribed limits.
7. Auditors:
M/s. K.S.Aiyar & Co., Chartered Accountants, retires at the forthcoming
Annual General meeting and are eligible for re-appointment. As required
under Section 224 of the Companies Act, 1956, the company has obtained
from them a confirmation to the effect that their re-appointment, if
made, would be in conformity with the limits prescribed in the said
section.
8. Corporate Governance and Compliance Certificate:
Separate notes on Corporate Governance and Management Discussion and
Analysis Report are set out as Annexure "C" and "D" respectively. A
certificate from the Auditors of the company regarding compliance of
conditions of Corporate Governance as stipulated under Clause 49 of the
Listing Agreement is attached to this report.
9. Listing Agreement Requirements:
(i) The securities of your company are listed at BSE Limited. The
company has paid the Annual Listing fee to these Stock Exchanges up to
date.
(ii) Trading in company''s securities has been suspended since 27th
March 2013 for non compliance of certain clauses of listing agreement.
The Company has since complied with and awaiting revocation of
suspension from BSE Ltd.
10. Buy Back of Shares
There was no buy back of shares during the year under review.
11. Acknowledgements:
Your directors take this opportunity to express tfieir appreciation for
the co-operation received from State bank of India, ICICI Bank Limited,
the office of Central Government and the State Government at various
levels and odiers who have associated wim the company.
Your company considers its employees as the most valuable asset and
believes that it is the people who are behind a strong and professional
organization. The Board wishes to place on record its sincere
appreciation for the contribution, devotion and dedicated efforts put
in by the employees at all levels in ensuring high levels of
performance and growth that your company has achieved during die year.
Appreciation is taken on record for the continued support being
extended by the Shareholders.
Place : Bangalore On behalf of the Board
Date 30* May 2013. Mustafa Kamal Basha
Chairman & Managing Director
Mar 31, 2012
The Directors have pleasure in presenting the 27th Annual Report
together with the Audited Accounts for the financial year ended 31st
March, 2012.
1. Financial results and Appropriations: (In Lakhs)
PARTICULARS 2011-12 2010-11
Gross Income 725.17 797.13
Profit before Tax -13.42 26.51
Provision for Tax
Current 0.00 10.00
Deferred -4.40 4.34
Fringe Benefit Tax 0.00 0.00
Excess provision of Income 0.00 0.00
Tax relating to previous year 0.00 0.00
Written back 0.21 0.21
Profit after Tax 21.08 21.08
Surplus brought forward 39.17 39.17
Profit available for Appropriation 60.24 60.24
Transfer to General Reserve 0.00 5.00
Dividend 0.00 0.00
Dividend Tax 0.00 0.00
Surplus carried forward 0.00 55.25
Due to steep escalation in input costs of metals especially copper and
other overheads there has been a loss of Rs. 13.42 lakhs before tax.
2. Dividend:
As there is no profit available for distribution, your directors do not
recommend payment of dividend for the year 2011-2012.
3. Fixed Deposits:
The Company has neither invited nor accepted any fixed Deposits from
the public during the financial year under review.
4. Directors:
Smt. Farha Kamal and Sri Akmal Hassan Razvi Directors of the Company
retire by rotation and being eligible offer themselves for
reappointment.
5. Directors Responsibility Statement:
In accordance with the provisions of Section 217(2AA) of the Companies
Act, 1956, your Directors hereby report:
a) That in the preparation of Annual accounts the applicable accounting
standards has been followed along with proper explanation relating to
material departures;
b) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
responsible and prudent so as to give a true and fair view of the state
of affairs of the Company as at 31st March 2012 and of Profit and Loss
Account for the year ended as on that date.
c) 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 the safe guarding the assets
of the Company and for preventing and detecting fraud and other
irregularities;
d) That the directors have prepared annual accounts on a going concern
basis.
6. Conservation of Energy, technology Absorption and foreign Exchange
earnings and outgo:
The requisite information with regard to Conservation of Energy,
Technology absorption and Foreign Exchange outgo and earnings in terms
of Companies (Disclosure of Particulars in the report of Board of
Directors) Rules, 1988 are set out in separate statements attached
hereto (Annexure "A" & "B" respectively) and form part hereof.
7. Personnel:
Information in accordance with sub section (2A) of section 217 of the
Companies Act, 1956, read with the Companies (Particulars of employees
) Rules 1975 and forming part of Directors report for the year ended
31st March, 2012 is not applicable as there was no employee drawing
remuneration in excess of prescribed limits.
8. Auditors:
M/s. K. S. Aiyar & Co., Chartered Accountants retires at the forth
coming Annual General Meeting and are eligible for re appointment. As
required under Section 224 of the Companies Act, 1956, the company has
obtained from them a confirmation to the effect that their
re-appointment, if made, would be in conformity with the limits
prescribed in the said section.
9. Corporate Governance and Compliance Certificate:
Separate notes on Corporate Governance and Management Discussion and
Analysis report are set out as Annexure "C" and "D" respectively. A
certificate from the Auditors of the Company regarding compliance of
conditions of Corporate Governance as stipulated under Clause 49 of the
Listing Agreement is attached to this report
10. Listing Agreement Requirements:
(i) The securities of your Company are listed at BSE Limited. The
Company has paid the Annual Listing fees to the stock Exchange up to
date.
(ii) Trading in company's Securities has not been suspended for any
reason during the year under review.
11. Buy Back of Shares:
There was no buy back of shares during the year under review.
12. Acknowledgements:
Your Directors thank ICICI Bank and State Bank of India for their
continued support Your Directors also thank Employees,- Share holders,
Customers, distributors and others associated with the Company for
their continued support.
On behalf of the Board
Mustafa Kamal Basha
Chairman & Managing Director
Place: Bangalore
Date: 28th May, 2012
Mar 31, 2011
DIRECTOR'S REPORT TO THE SHAREHOLDERS
To
The Members
The Directors have pleasure in presenting the 26th Annual Report
together with the Audited Accounts for the financial year ended 31st
March, 2011.
1. Financial results and Appropriations: ( In Lakhs)
PARTICULARS 2010-11 2009-10
Gross Income 797.13 722.31
Profit before Tax 26.51 63.12
Provision for Tax
Current 10.00 21.10
Deferred -4.34 -1.23
Fringe Benefit Tax 0.00 0.00
Excess provision of Income 0.00 0.00
Tax relating to previous year 0.00 0.00
Written back 0.21 0.00
Profit after Tax 21.08 43.25
Surplus brought forward 39.17 47.06
Profit available for Appropriation 60.24 90.41
Transfer to General Reserve 5.00 25.00
Dividend 0.00 22.43
Dividend Tax 0.00 3.81
Surplus carried forward 55.25 39.17
Though the gross income has increased during the year the profit before
Tax has decreased from Rs.63.12 lacs to Rs.26.51 lacs mainly because of
of steep escalation in input costs of metals especially copper. The
price of the product remaining unchanged there has been a decline in
the margins.
2. Dividend:
As the profit after tax is not adequate to cover the dividend payable
if any declared and as your directors desire to conseve the profits for
future activities, no dividend is recommended for the year 2010-2011.
3. Fixed Deposits:
The Company has neither invited nor accepted any fixed Deposits from
the public during the Financial year under review.
4. Directors:
Sri Akmal Hassan Razvi and Dr. Mohd.Taha Matheen, Directors of the
Company retire by rotation and being eligible offer themselves for
reappointment.
5. Directors Responsibility Statement:
In accordance with the provisions of Section 217(2AA) of the Companies
Act, 1956, your Directors hereby report:
a) That in the preparation of Annual accounts the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
b) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
responsible and prudent so as to give a true and fair view of the state
of affairs of the Company as at 31st March 2011 and of Profit and Loss
Account for the year ended as on that date.
c) 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 the safe guarding the assets
of the Company and for preventing and detecting fraud and other
irregularities;
d) That the directors have prepared annual accountants on a going
concern basis.
6. Conservation of Energy, technology Absorption and foreign Exchange
earnings and outgo:
The requisite information with regard to Conversation of Energy ,
Technology absorption and Foreign Exchange outgo and earnings in terms
of Companies(Disclosure of Particulars in the report of Board of
Directors) Rules,1988 are set out in separate statements attached
hereto ( annexureA"&"B" respectively) and form part hereof.
7. Personnel:
Information in accordance with sub section (2A) of section 217 of the
Companies Act,1956, read with the Companies (Particulars of employees )
Rules 1975,and forming part of Director's report for the year ended
31st march , 2011 is not applicable as there was no employee drawing
remuneration in excess of prescribed limits.
8. Auditors:
M/s K S. Aiyar & Co., Chartered Accountants retires at the forth coming
Annual General Meeting and are eligible for re appointment. As required
under Section 224 of the Companies Act, 1956, the company has obtained
from them a confirmation to the effect that their re-appointment, if
made , would be in conformity with the limits prescribed in the said
section.
9. Corporate Governance and Compliance Certificate:
Separate notes on Corporate Governance and Management Discussion and
Analysis report are set out as annexure"C" and"D" respectively. A
certificate from the Auditors of the Company regarding compliance of
conditions of Corporate Governance as stipulated under Clause 49 of the
Listing Agreement is attached to this report.
10. Listing Agreement Requirements:
(I) The securities of your Company are listed at BSE Limited. The
Company has paid the Annual Listing fees to the stock Exchange up to
date.
(ii) Trading in company's Securities has not been suspended for any
reason during the year under review.
11. Buy Back of Shares:
There was no buy back of shares during the year under review.
12. Acknowledgments :
Your Directors thank ICICI Bank and State Bank of India for their
continued support. Your Directors also thank Employees, Share holders,
Customers, distributors and others associated with the Company for
their continued support.
On behalf of the Board
Mustafa Kamal Basha
Chairman& Managing Director
Place: Bangalore
Date: 30th May, 2011
Mar 31, 2010
The Directors have pleasure in presenting the 25th Annual Report
together with the Audited Accounts for the financial year ended
31 st March, 2010.
1. Financial results and Appropriations: (In Lakhs)
PARTICULARS 2009-10 2008-09
Gross Income 722.31 810.98
Profit before Tax 63.12 10.38
Provision for Tax
Current 21.10 5.50
Deferred -1.23 -10.85
Fringe Benefit Tax 0.00 2.86
Excess provision of 0.00 -81
Income
Tax relating to 0.00 0.00
previous year
Written back 0.00 0.00
Profit after Tax 43.25 13.68
Surplus brought forward 47.16 39.48
Pro lit available for 90.41 53.16
Appropriation
Transfer to General 25.00 6.00
Reserve
Dividend 22.43 0.00
Dividend Tax 3.81 0.00
Surplus carried forward 39.17 47.16
Though the gross income has decreased dining the year the net profit
after Tax has increased from Rs. 13.68 lacs to Rs. 43.25 lacs mainly
because of various cost control measures taken by the management.
2. Dividend:
Your Directors have recommended declaration of dividend at 7.5% for the
year 2009-10
3. Fixed Deposits:
The Company has neither invited nor accepted any fixed Deposits from
the public during the Financial year under review.
4. Directors:
Sri Akmal Hassan Razvi and Mrs.Faraha kamal, Directors of the Company
retire by rotation and being eligible offer themselves for
reappointment.
5. Directors Responsibility Statement:
In accordance with the provisions of Section 217(2AA) of the Companies
Act, 1956, your Directors hereby report:
a) That in the provision of Annual accounts the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
b) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that arc
responsible and prudent so as to give a true and fair view of the state
of affairs of the Company as at 31st March 2010 and of Profit and Loss
Account for the year ended as on that date.
c) 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 the safe guarding the assets
of the Company and for preventing and detecting fraud and other
irregularities; ,
d) That Ihe directors have prepared annual accountants on a going
concern basis.
6. Conservation of Energy, technology Absorption and foreign Exchange
earnings and outgo:
The requisite information with regard to Conversation of Energy ,
Technology absorption and Foreign Exchange outgo and earnings in terms
of Companics(Disclosure of Particulars in the report of Board of
Directors) Rules, 1988 are set out in separate statements attached
hereto ( annexure"A"&"B" respectively) and form part hereof.
7. Personnel:
Information in accordance with sub section (2A) of section 217 of the
Companies Act, 1956, read with the Companies (Particulars of employees
) Rules 1975,and forming pari of Directors report for the year ended
31 st march , 2010 is not applicable as there was no employee drawing
remuneration in excess of prescribed limits.
8. Auditors:
M/s K S. Aiyar & Co., Chartered Accountants retires at the forth coming
Annual General Meeting and are eligible for re appointment. As required
under Section 224 of the Companies Act, 1956, the company has obtained
from (hem a confirmation to he effect that their re-appointment, if
made . would be in conformity with the limits prescribed in the said
section.
9. Corporate Governance and Compliance Certificate:
Separate notes on Corporate Governance and Management Discussion and
Analysis report are set out as annexure "C" and "D" respectively. A
certificate from the Auditors of the Company regarding compliance of
conditions of Corporate Governance as stipulated under Clause 49 of the
Listing Agreement is attached to this report.
10. Listing Agreement Requirements:
(i) The securities of your Company are listed at BSE Limited. The
Company has paid the Annual Listing fees to the stock Exchange up to
date.
(ii) Trailing in company s Securities has not been suspended for any
reason during the year under review.
11. Buy Back of Shares:
There was no buy back of shares during the year under review.
12. Acknowledgments:
Your Directors thank 1CICI Bank and State Bank of India for (heir
continued support. Your Directors also thank Employees, Share holders.
Customers, distributors and others associated with the Company for
their continued support.
On behalf of the Board
Mustafa Kamal Basha
Chairman& Managing Director
Place: Bangalore
Date: 28th May, 2010
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