Your Directors have pleasure in presenting their report for the year ended 31st March2014 together with the Balance sheet as at 31 st March 2014 and the Profit and Lossaccount for the year ended on that date.
| || || ||Rupees |
|SI. No. ||Particulars ||Audited financial Statement for the year ended March 31st 2014 ||Audited financial Statement for the year ended March 31st 2013 |
|1. ||Sales ||617495433 ||539769103 |
|2. ||Profit before Interest Depreciation Extraordinary Items and Tax ||5499670 ||6715968 |
|3. ||Interest ||2148832 ||1690606 |
|4. ||Depreciation ||280207 ||365677 |
|5. ||Profit before Extraordinary items and Tax ||3070631 ||4659685 |
|6. ||Provision for taxation & Deferred Tax ||958000 ||1446000 |
|7. ||Profit after Extraordinary item and Tax ||2112631 ||3213685 |
|8. ||Dividend Proposed ||- ||2189280 |
|9. ||Share Capital ||36468500 ||36468500 |
|10. ||Reserves & Surplus ||34384091 ||32271460 |
During the year 2013-2014 the Company has earned a net profit after tax of Rs 21.13Lakhs as against Rs. 32.14 Lakhs earned in the previous year. On the sales front theCompany has achieved a turnover of about Rs. 6175 Lakhs during the year 2013-2014 asagainst Rs. 5398 Lakhs achieved in 2012-2013.
In order to conserve resources the board of directors have decided not to declare anydividend for the current fiscal. The profits retained by the company during the financialyear 2013-14 has been carried over to the Reserves and Surplus Account.
The Company has pursuant to the provisions of clause 49 of the Listing Agreemententered into with the Stock Exchange has appointed Mr. Narendra Kumar Lunawath Mr.NirmalAnraj Gadhiya and Mr.Chidambaram Chettiar Ramasamy Chettiar as Independent Directors ofthe Company. The Company has received declarations from the appointee independentdirectors that they meet the criteria of independence as prescribed both undersub-section (6) of Section 149 of the Companies Act 2013 and under the said clause 49. Inaccordance with the provisions of section 149(4) and section 152 (5) of the CompaniesAct2013 the above persons are being appointed as Independent Directors to hold office asper their tenure of appointment mentioned in the Notice of the forthcoming AGM of theCompany.
Mr.Nand Kishore Sonthalia is retiring at this meeting by rotation and being eligibleoffer himself for reappointment.
M/s. R.R.More & Co. Chartered Accountant retire at this meeting and beingeligible are proposed for reappointment. They also expressed their willingness to continuein office if reappointed at the ensuing annual general meeting.
During the year under review the Company has not accepted any Fixed deposits from thePublic.
PARTICULARS AS REQUIRED UNDER SECTION 217(1)(E) OF THE COMPANIES ACT 1956
Conservation of Energy Technology Absorption and Foreign Exchange inflow & Outgo:
Prescribed particulars under Section 217(1)(e) of the Companies Act 1956 are furnishedas follows.
INFORMATION AS PER SEC.217 (1) (e) READ WITH COMPANIES (DISCLOSURE OF PARTICULARS INTHE REPORT OF THE BOARD OF DIRECTORS) RULES 1988 AND FORMING PART OF THE DIRECTORS'REPORT FOR THE YEAR ENDED 31 ST MARCH 2014
A. CONSERVATION OF ENERGY
a. Energy conservation measures taken
b. Total energy consumption and energy consumption per unit of production as per Form
A- Not Applicable.
B. TECHNOLOGY ABSORBPTION
a. As per Form B-Not applicable
b. Research and Development (R&D)
i. Specific areas in which Research and Development carried out by the Company -NIL
ii. Benefits derived as a result of the above Research and Development -NIL
iv. Expenditure on Research and Development at present Percentage of the turnover- NIL
d. Total Research and Development as a percentage of Turnover.
|Technology Absorption Adoption and Innovation || |
|i. Efforts made ||-NIL |
|ii. Benefits derived || |
|1. Production Improvement || |
|2. Cost reduction || |
|3. Import substitution || |
|iii. Technology imported ||-NIL |
|Year of Report ||-NIL |
|Has technology been fully absorbed ||-NIL |
|If not fully absorbed areas where this has not been reasons therefore and future plans of action ||-NIL |
C. FOREIGN EXCHANGE EARNINGS AND OUTGO-
(i) Activities relating to Exports Initiatives taken to increase Exports Developmentsof new Export Market for products and Services and Export Plans:
The Company has not undertaken any export activities.
(ii) Total Foreign Exchange used and earned:
| ||In Rs. ||In Rs |
| ||2013-14 ||2012-2013 |
|Earnings in Foreign Exchange ||- ||- |
|Expenditure in Foreign Currency ||- ||- |
|CIF Value of Imports ||91027719 ||56585622 |
None of the employees of the Company is in receipt of salary in excess of the limitslaid down in section 217(2A) read with Companies (Particulars of Employees) Rules 1975 asamended.
Director's Responsibility Statement:
Pursuant to the provisions of Section 217(2AA) of the Companies Act 1956 yourDirectors confirm that
- in the preparation of the annual accounts for the financial year ended 31 st March2014 the applicable accounting standards have been followed along with proper explanationrelated to material departures if any.
- they have selected such accounting policies and applied them consistently and madejudgements and estimates that are reasonable and prudent so as to give a true and fairview of the State of affairs of the Company as on 31st March 2014 and of the profit andloss of the company for that period.
- proper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act 2013 for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities.
- the annual accounts are prepared on a going concern basis.
Pursuant to Clause 49 of the Listing agreement with the Stock Exchanges CorporateGovernance Report and Auditors' Certificate regarding Compliance of the same are made partof this Annual Report.
In Accordance with provisions of the Companies Act 1956 /2013 Act and companies(certificate) Rules 2001 the company has obtained a Certificate from M/s. LakshmmiSubramanian & Associates. Chennai Secretary In the Whole time practice confirmingthat the Company has complied with all the provisions of the Companies Act 1956/2013.
The Directors acknowledge with gratitude and wish to place on record their appreciationfor the Valuable support and kind co-operation extended to the Company by the Company'sBankers Financial Institution Government Authorities Shareholders and the Employees.
| ||For and behalf of the Board of Directors |
| ||Sd/- |
|Place: Chennai ||Govind Prasad |
|Date: 30.07.2014 ||Chairman-cum-Managing Director |