Your Directors have pleasure presenting the 21st Annual Report alongwithAudited Accounts for the year ended 31st March 2014.
(Rs. In lacs)
| ||(31.03.2014) ||(31.03.2013) |
|Operational Receipts ||1988.65 ||1710.55 |
|Other Income ||9.52 ||8.35 |
|Profit/(Loss) on Sale of Fixed Assets ||- ||(2.33) |
|Profit before Depreciation Interest & Tax ||440.82 ||399.60 |
|Depreciation ||159.01 ||141.86 |
|Interest ||119.01 ||113.29 |
|Provision for tax ||32.57 ||33.71 |
|MAT Credit b/f ||- ||1.29 |
|Income Tax Earlier year ||35.11 ||- |
|Deferred Tax Liability for Current Year ||(11.34) ||7.23 |
|MAT Credit entiltement ||(10.05) ||- |
|Net Profit ||116.51 ||102.22 |
|Balance brought forward ||1062.90 ||960.68 |
|Balance carried to Balance Sheet ||1179.41 ||1062.90 |
The turnover for the year under review was Rs.1988.64 Lacs as compared to Rs. 1710.55Lacs in the previous year. The Company recorded a profit before depreciation interest andtax of Rs. 440.82 Lacs during the year as against profit of Rs. 399.60 Lacs in theprevious year and recorded a profit after tax of Rs. 116.51 Lacs during the year asagainst the profit of Rs. 102.22 Lacs during the previous year.
Under the unprecedented economy subdued at 4.7% (The Hindu ND May 30 2014) Companytook measures to improve the volumes and as a result was able to post positiveperformance. Major capability additions and expansions were for a third consecutive yearpostponed in view of current economic uncertainty.
ISSUE OF EQUITY SHARES ON PREFERENTIAL BASIS:
During the period under review Company has issued 300000 equity shares pursuant tospecial resolution passed in the Extra Ordinary General Meeting held on 19.12.2013 issuedto Body Corporate (Promoter and Promoter Group) and which were duly allotted on 02.01.2014and obtained in-principal approval and listing approval from of Bombay Stock Exchange andgot trading approval from BSE.
No change in control in the company will occur due to this preferential allotment.
In order to conserve the resources of the Company and retain internal accruals forfunding growth and maximising capacity so that Company generates a good return forshareholders in the long run the Board of Directors do not propose dividend for the yearended 2013-14.
The Company has not invited/accepted public deposit within the meaning of section 58Aof the Companies Act 1956 and rules made thereunder during the year under review.
Mrs. Stela Choksi Executive Promoter Whole-time Directors of the Company retire byrotation and being eligible offer herself for re-appointment. Board recommends herreappointment as director of the Company. Further as per the provision of section 149 and152 of the Companies Act 2013 Mr. Sudarshan Shastri Mr. Pradip Karmakar Mr. N.K. Maniand Mr. Satish Chandra Joshi Independent non-executive directors of the Company hasre-appointed for a period of 5 years commencing from 01st October 2014 to 30thSeptember 2019 further resignation of Mrs. Himika Varma has been accepted by Board fromthe office of Joint Managing Director w.e.f. 01st day of September 2014.
DIRECTOR'S RESPONSIBILITY STATEMENT
Pursuant to section 217 (2AA) of the Companies Act 1956 the Directors confirm that:-
(i) In the preparation of the annual accounts the applicable accounting standards havebeen followed and that there are no material departures.
(ii) They have in the selection of the accounting policies consulted the statutoryauditors and have applied them consistently and made judgments and estimates that arereasonable and prudent so as to give a true and fair view of the state of affairs of theCompany at the end of the financial year and of the profit of the Company for that period.
(iii) They have taken proper and sufficient care to the best of their knowledge andability for the maintenance of adequate accounting records in accordance with theprovisions of the Companies Act 1956 for safeguarding the assets of the Company and forpreventing and detecting fraud and other irregularities.
(iv) They have prepared the annual accounts on a going concern basis.
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS:
Report on Corporate Governance and Management Discussion and Analysis Report in termsof Clause 49 of the Listing Agreement are annexed and form part of this Annual Report. Acertificate from the Auditors confirming compliance with the conditions of CorporateGovernance is also annexed.
The Company's shares are presently held in both electronic and physical modes.
PARTICULARS OF EMPLOYEES
There was no employee in the Company who was employed throughout the financial year orfor part of the financial year was in receipt of remuneration whose particulars if soemployed are required to be included in the report of Directors in accordance with theprovisions of Section 217 (2A) of the Companies Act 1956 read with the Companies(Particulars of employees) Rules 1975.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNINGS ANDOUTGO:
The requisite particulars required to be furnished under Section 217(a) (e) of theCompanies Act 1956 regarding energy conservation technology absorption and R & D arenot applicable since the Company is not engaged in any manufacturing or processingactivities.
FOREIGN EXCHANGE EARNINGS AND OUTGO
|Foreign Exchange outgo : ||a. Imports Rs. 5144417/- |
| ||b. Travelling and Membership fees: Rs. 671530/- |
|Foreign Exchange Earnings: ||Rs. 3773177/- |
The Auditors in their report have referred to the Notes forming part of the Account;the notes are self explanatory and need no comments. M/s. Prateek Jain & Co. CharteredAccountants Indore Statutory Auditors of the Company retire at the ensuring AnnualGeneral Meeting of the Company and being eligible offer themselves for reappointment.
The Auditors in their report have referred to the Notes forming part of the Account;the notes are self explanatory and need no comments
The Directors acknowledge with gratitude the co-operation and confidence reposed by theCompany's Bankers Shareholders Customers and Suppliers. Your Directors also wish toplace on record their sincere appreciation of devoted services rendered by the employeesof the Company for its success.
| || |
FOR AND ON BEHALF OF THE BOARD
|Place : Indore ||VYANGESH CHOKSI ||SUDARSHAN SHASTRI |
|Date : 01/09/2014 ||Whole time Director ||Director |
| ||DIN: 00154926 ||DIN: 00155105 |