TO THE MEMBERS OF
CONART ENGINEERS LIMITED
The Directors have pleasure in presenting their Thirty-Ninth Annual Report and theAudited Statement of Accounts for the Financial year ended March 31, 2013.
| || ||(Rupees In Lakhs) |
| ||2012-13 ||2011-12 |
|Gross revenue ||2445.99 ||2652.15 |
|Total expenditure ||2474.99 ||2520.59 |
|Operating Profit ||-29 ||131.56 |
|Other Income ||59.87 ||45.84 |
|Profit Before Interest and Depreciation ||30.87 ||177.40 |
|Interest ||21.12 ||19.87 |
|Depreciation ||46.96 ||47.83 |
|Profit Before Tax ||-37.21 ||109.70 |
|Provision for Taxation || || |
|(a) Current ||15.06 ||(28.41) |
|(b) Deferred Tax earlier year written Back ||0.00 ||0.00 |
|(c) Deferred Tax ||-28.57 ||2.57 |
|(d) Fringe Benefit ||0.00 ||0.00 |
|(e) Prior Year Tax Adjustment ||0.00 ||0.00 |
|Profit after Tax ||-23.6 ||78.72 |
|Balance Brought forward from earlier year ||860.04 ||779.80 |
|Amount available for appropriations ||836.44 ||858.53 |
|Appropriation || || |
|Transfer to General Reserve ||0.00 ||0.00 |
|Proposed Dividend ||0.00 ||0.00 |
|Tax on Proposed Dividend ||0.00 ||0.00 |
|Balance carried to Balance sheet ||860.04 ||779.80 |
Your company has affected by the downturn in global & national economy thus leadingto reduced turnover and drop in profitablity. The increase in price of Materials andLabour continues to marginally affect the profits of your company. Your company isaggressively marketing to increase orders and increase turnover. Your directors arepursuing various strategies to ensure a promising future. This includes recentdiversification in the field of Project Management services.
In the current Budget the Government has earmarked huge funds for development ofinfrastructure. The Government is also committed to boost the Indian economy for overallgrowth. The company continues to receive inquiries for new projects from existingcustomers as well as through customer references. All these factors are positiveindicators for your company.
NEW STANDARD ADOPTED:
Your company has successfully renewed its accreditation as an ISO 9001:2008 companyfrom Joint Accreditation System of Australia and New Zealand (JAS-ANZ).Your Directors areconfident that a bright future lies ahead for your company.
The Board of Directors do not recommend dividend this year.
87.64% of the equity shares of the company are dematerialised as on 31stMarch, 2013.
In accordance with the provisions of the Companies Act, 1956 and in accordance with theArticles of Association of the Company, Mr. Harshad B. Jhaveri and Mr. Chandrakant R.Patel retire by rotation and being eligible for the reappointment have offered themselvesfor reappointment.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, your Director confirmfollowing. The applicable Accounting Standards have been followed in the preparation ofthe Annual Accounts and proper explanation has been furnished, relating to materialdepartures.
Accounting policies have been selected and applied consistently and reasonably, andprudent judgments and estimates have been made so as to give a true and fair view of thestate of affairs of the Company at the end of the financial year and of the profit of theCompany 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, 1956 for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities. TheAnnual Accounts for the year ended on 31st March, 2013 have been prepared on a goingconcern basis.
A separate report on corporate Governance is furnished along with this report and theAuditors Certificate regarding the compliance of the said code is annexed there to.
The Company has not accepted any deposits from the public / directors.
PARTICULARS OF EMPLOYEES:
The Company has no employee drawing remuneration equal to or more than the limitsprescribed U/S 217(2A) of the Companies Act, 1956
CONSERVATION OF ENERGY
The Company has taken the required steps and has been consistently exercising necessaryvigilance in the direction of Energy conservation, which is of paramount importance.
FOREIGN EXCHANGE EARNINGS AND OUTGO
During the financial year 12-13, total foreign exchange used and earned was Nil
The Company is continuously upgrading its Machinery in consonance with the latesttechnology in the construction industry.
M/s. Govind Prasad & Co. Chartered Accountants, the Auditors of the Company holdoffice till the conclusion of this ensuing Annual General Meeting and are eligible forreappointment. The Company has received a letter from M/s Govind Prasad & Co.Chartered Accountant to the effect that their appointment as Auditors, if made would bewithin the limits under Section 224(1B) of the Companies Act, 1956.
LISTING OF SHARES
The companies Equity Shares are presently listed on Mumbai Stock Exchange.
The Board wishes to place on record its gratitude to the Companys bankers,consultants, auditors and various Government authorities for their valuable support andguidance. The Board also places on record its sincere gratitude to all stakeholdersincluding shareholders, valued clients, architect, consultant, contractors, suppliers andwell wishers for their goodwill, patronage and wholehearted support. The Board alsorecords the concentrated efforts put in and the valuable contribution made by the staff atall levels of your Company and looks forward to their unwavering commitment and teamworkfor the all-round progress of the Company.
| ||On behalf of the Board of Directors |
| ||For CONART ENGINEERS LIMITED |
|Place: Mumbai ||(Mr. Jitendra S. Sura) |
|Date: 30th May, 2013 ||Chairman / Managing Director |