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Auto Pins (India) Ltd.

BSE: 531994 Sector: Auto
NSE: N.A. ISIN Code: INE706C01028
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Auto Pins (India) Ltd. (AUTOPINSI) - Director Report

Company director report

DIRECTORS' REPORT

To

The Members

Your Directors have great pleasure in presenting the Annual Report together with theAudited Statement of Annual Accounts for the Year ended 30th June 2013.

FINANCIAL RESULTS

The working results for the year under review are:

30.06.2013 30.06.2012
Revenue 168965075.00 224031334.00
Profit for the year before Depreciation and taxation 12849523.03 54027977.00
Less: Depreciation 10586068.00 10486953.00
Provision for Taxation 0.00 0.00
MAT Credit 0.00 0.00
Deferred Tax 0.00 0.00
Profit After Tax 2263455.03 43541024.00
Add: Profit/Loss Brought Forward from Previous Years -65162745.00 -108703769.00
Balance Carried to Balance Sheet -62899290.00 -65152745.00

PERFORMANCE

The over all performance for the 12 months was not satisfactory as the Turnover of theCompany has shown a downfall from earlier Rs. 1743.49 Lac to Rs. 1548.02 Lac as comparedto the previous year's turnover and Other Income also got reduced from Rs. 496.81 Lac toRs. 141.63 Lac. Although the Company has strived hard to achieve desirable profits duringthe financial year but could only make it up to Rs. 22.63 Lac during the year. Howeveryour Directors are confident that the Company will do better in future as the recessionaryperiod of the Indian economy seems to be over and the company is trying its level best toimprove its performance.

DIRECTORS

Mr. Subhash Jain Director of the Company retires by rotation and being eligible offershimself for re-appointment.

EXPORTS

The company has earned export income during the financial year.

DIVIDEND

As the company has not earned sufficient profit during the year So the Directors arenot in the position to recommend any dividend for the year 2012-13.

AUDITORS

M/S Sanjay Rawal & Co. Chartered Accountants the Auditors of the Company willretire at the conclusion of the ensuing Annual General Meeting. They are eligible forreappointment.

CORPORATE GOVERNANCE REPORT

In consonance with core values of the Company to enhance the wealth of shareholderswith commitment to the customers employees and society your directors attach muchsignificance to good corporate governance.

Pursuant to clause 49 of the said listing agreement (a) Management discussion andanalysis (b) The report of the Directors on the practice prevalent on corporategovernance in the Company and (c) Certificate from the Practicing Company Secretary oncompliance of mandatory requirement of corporate governance are given as an annexure tothis report.

LISTING

The Company's Shares are listed on the Bombay Stock Exchange. The address of the StockExchange is:

BOMBAY STOCK EXCHANGE LIMITED P.J. TOWER DALAL STREET MUMBAI-400001.

PARTICULARS OF EMPLOYEE

The company does not have any employees to whom the Provisions of Section 217 (2A) ofthe Companies Act 1956 read with the companies (Particulars of Employee Rules 1975) apply.

CONSERVATION OF ENERGY. RESEARCH AND DEVELOPMENT. TECHNOLOGY. ABSORPTION AND FORIAGNEXCHANGE EARNING AND OUTGO.

Particulars relating to Conservation of energy Research and Development TechnologyAbsorption do not become applicable to the company and details of Foreign Exchangeearnings and outgo are as follows:

Foreign Exchange Earnings: 1582433.00
(In Indian Rupees)
Foreign Exchange Outgo : Nil
(In Indian Rupees)

DIRECTOR'S RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217 (2AA) of the Companies Act 1956 withrespect to Director's Responsibility Statement it is hereby confirmed;

(i) The financial statement has been prepared in accordance with the accountingstandard issued by the Institute of Chartered Accountants of India and also therequirements of the Companies act 1956 to the extent applicable to the Company. Therehave been no material departures from prescribed accounting standard while preparing thesefinancial statements;

(ii) The Board of Directors has selected the accounting policies described in the notesto the accounts which have been consistently applied except where otherwise stated. Theestimates and judgments relating to the financial statements have been made on a prudentbasis in order that the financial statements reflect in a true and fair manner the stateof affairs of the Company as at June 30 2013 and the profit of the Company for the yearended on that date;

(iii) The board of directors and management has taken proper and sufficient care forthe maintenance of adequate accounting records in accordance with the provisions of theCompanies Act 1956 for the safeguarding the assets of the Company and for preventing anddetecting fraud and other irregularities;

(iv) The annual account has been prepared on the historical cost conventions as agoing concern and on the accrual basis.

DEPOSITS

During the year under review the company has not accepted any deposits

APPRECIATION

Your Directors wish to place on record their deep appreciation for the continuedcooperation and support given by financial institution Bank Customers and shareholdersof the company. They also acknowledge their deep appreciation for the contribution made bythe employees at all levels to the operations of the company.

For and on behalf of the Board Auto Pins (India) Limited

(RAJBIR SJWGH)

(MANAGING DIRECTOR)

Dated: 31.10.2013

Place: New Delhi.

 

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