Mar 31, 2010
The Directors have pleasure in presenting the Sixteenth Annual Report
together with the Audited Statement of Accounts for the year ended 31st
March, 2010.
FINANCIAL RESULTS:
The summarized financial results for the year ended 31 st March, 2010
are as under:
(Rs. in Lacs)
Particulars 2009-2010 2008-2009
1. Profit before Interest, Depreciation
and Tax 289.64 156.10
2. Interest 139.52 50.34
3. Depreciation 102.51 63.53
4. Profit (Loss) Before Tax 47.61 42.23
5. Provision for taxation 7.62 4.26
6. Deferred Tax - -
7. Fringe Benefit Tax 0.00 0.87
8. Profit (loss) after Tax 39.98 37.09
DIVIDEND :
To conserve the resources, your directors do not recommend dividend for
the financial year ended on 31.03.2010.
INCREASE IN PAID-UP SHARE CAPITAL OF THE COMPANY
During the year under review the paid up share capital of the Company
was increased due to following reasons:
- 2,35,200 No. of Equity Shares having nominal value of Rs. 10/- each
were issued at a premium of Rs. 415/- per equity shares to promoters
and non-promoters on preferential basis, as approved by the
shareholders in their Extra Ordinary General Meeting held on
05.03.2010.
- Nominal Value of the Equity Shares of the company has been
sub-divided from Rs. 10/- each to Rs. 1/- each.
- 3,50,26,650 No. of Equity Shares having nominal value of Rs. 1/- each
were issued as Bonus Shares on March 18, 2010 in the ratio of 3:4 i.e.
Three equity share for every four equity share held by the members of
the Company, as approved at the Extra Ordinary General Meeting held on
05.03.2010. A total amount of Rs. 3,50,26,650/- was capitalized for
this Bonus Issue of the Company. All the Bonus shares issued were
admitted for trading by the respective Stock Exchange(s) on which the
shares of the Company are listed.
DIRECTORS:
Mr. Nilkamal C. Nayak and Mr. Akshay V. Patel, Director of the Company
retires by rotation at this annual general meeting and being eligible,
offers him self for reappointment. The Board recommends his
reappointment.
FIXED DEPOSITS:
The company has not accepted the fixed deposits during the year under
report.
AUDITORS:
M/S Babubhai Patel & Co., Auditors of the Company retires at the
conclusion of this Annual General Meeting and being eligible, are
recommended for reappointment.
AUDITORS REPORT:
The Auditors report is self-explanatory and so far, there is no
negative remark by the Auditors.
COST AUDITORS:
The Company has reappointed M/s V. H. Shah, Cost Accountant as the Cost
Auditors of the Company relating to financial year 2010-11 as required
by the Central Government under Section 233B of the Companies Act,
1956.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 217 (2AA) of the Companies
Amendment Act, 2000 with respect to Director Responsibility Statement
it is hereby confirmed:
1. That in the preparation of the annual accounts for the financial
year ended 31st March, 2010 the applicable accounting standards had
been followed along with proper explanation relating to material
departures.
2. That the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that 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 of loss of the Company for the year under review.
3. That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision 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 had prepared the accounts for the financial year
ended 31st March, 2010 on a going concern basis.
CORPORATE GOVERNANCE:
As per Clause 49 of the Listing Agreement with the Stock Exchanges, a
separate section on Corporate Governance together with a certificate
from the Companys Auditors confirming compliance there to is set out
in the Annexure forming part of this report.
LISTING:
The shares of the Company are listed on Bombay Stock Exchange Limited
and Ahmedabad Stock Exchange Limited. The Company has paid the annual
listing fees for the year 2010-11.
MANAGEMENT DISCUSSION AND ANALYSIS:
The Management Discussion and Analysis Report is attached herewith and
forms part of the Director Report.
PARTICULARS OF THE EMPLOYEES:
The Company has no employee to whom the provision of Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975 apply and so it is not applicable to the
company.
CONSERVATION OF ENERGY, RESEARCH & DEVELOPMENT, TECHNOLOGY ABSORPTION
AND FOREIGN EXCHANGE EARNINGS AND OUT GO:
The additional information required under Section 217(1)(e) of the
Companies Act, 1956 relating to Conservation of energy, technology
absorption and foreign exchange earnings or outgoes is annexed herewith
and forming part of this report.
ACKNOWLEDGMENT:
The Directors wish to thank and deeply acknowledge the cooperation and
assistance received from the Bankers, Suppliers and shareholders. The
Director also wishes to place on record their appreciation of the
devoted services of employees of the Company.
Place: Piyaj, Gujarat For and on behalf of the Board
Date: 26.08.2010
Vinod M. Patel
Chairman & Managing Director