HINAFIL INDIA LIMITED
ANNUAL REPORT 2011-2012
Your directors have pleasure in presenting their Annual Report to gather
with Audited Balance Sheet and Profit and Loss Account for the year ended
on 31st March 2012.
1. FNANCIAL RESULTS: Rs. in `000
Particulars Year ended Year ended
Revenue from Operations 14,868.65 14,913.77
Total Expenditure 15,047.94 27,296.42
Profit Before Taxation -179.29 -12382.65
Provision for Tax
Fringe benefit Tax 0.00 4,010.93
for earlier Years 0.00 0.00
Net Profit after Taxation -16393.58 -16393.58
Since the company has incurred losses during financial year under review,
your directors express their inability to recommend any dividend during the
During the year under review the company's turnover has increased form
Rs.8553374/- to Rs. 14868515/-
4. PARTICULARS OF EMPLOYEES:
Employees whose particulars are required to be disclosed under section
217(2A) of The Companies Act 1956.
There were no employees in the company drawing salary more than
Rs.2,00,000/- p.m. during the financial year ended 31st March 2010.
Ms Kaneez Fatima Shaikh retires by rotation and being eligible offered
herself for reappointment.
M/s Ramesh Gautam and Company, Chartered Accountants and Statutory Auditors
of company retire at this Annual General Meeting and are eligible for
reappointment. The directors recommend reappointing M/s Ramesh Gautam & Co.
Chartered Accountant as auditors and to fix their remuneration. A
certificate has been received form Auditors to the effect that their
appointment if made would be within the prescribed limits u/s 224(1B) of
The Companies Act 1956.
7. DIRECTORS SUBMISSIONS ON AUDITORS QUALIFICATION:
Auditors observations mentioned in the Auditors rep[ort are self
explanatory. Company is taking necessary steps to resolve these
observations at the earliest.
8. CONVERSION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING
AND OUTGO [Section 217(1)(e)]:
A. Conservation of Energy
Adequate measures have been taken to avoid wastage of energy. The necessary
measures have been planned to cut down the consumption of energy per Kg. of
processing of material. The requirement for disclosure with respect to
conservation of energy is not applicable to the company.
B. Technology Absorption:
The company does not have any Separate research and Development Department.
C. Foreign Exchange Earning and Outgo:
Foreign Exchange Earned : Nil
Foreign Exchange Used : Nil
9. FIXED DEPOSIT:
The company has not accepted Fixed deposit within the meaning of section
58-A of The Companies Act 1956.
10. LISTING ON STOCK EXCHANGES:
The equity Shares are listed on following stock Exchanges in India
1. Vadodra Stock Exchange Limited Fortune Towers Sayaji Gunj Vadodra 390005
2. The Ahmedabad Stock Exchange Ltd, Kamdhanu Cpmplex, Panjrapole Ahmedabad
3. Bomaby Stock Exchange Limited, P J Towers, Dalal Street, Mumbai 400021
11. DIRECTORS RESPONSIBILITY STATEMENT U/S 217(2AA) OF THE COMPANIES ACT
The Directors confirm that in preparation of Annual Accounts for the year
ended 31st March 2012:-
1. the applicable accounting standards had been followed along with proper
explanation relating to material departures if any
2. The Directors had selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the
company at the end of financial year and of the loss of the company for the
year ended 31st March 2012.
3. The directors has taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities, and
4. The directors had prepared the accounts on going concern basis.
Your directors would like to express their sincere appreciation for the
assistance and co operation received from our bankers, auditors and
consultants during the period under review. The Directors sincerely
appreciate the high degree of professionalism, commitment and dedication
displayed by employees for their continued support and confidence.
For & On Behalf of the Board
Badrul Haq Shaikh
Date : 24.08.2012
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
1. Overall Review
The Growth rate has been on the upward trend as compared to the previous
year with favorable market conditions which reflect the positive market.
2. Financial Review
During the year the company has carried out trading and manufacturing
activities and generating sales and other income was Rs.14868657/-
3. Risk and Concern
Bullish trend in market will effect volume and however profitability shall
be controlled by stiff competition and high cost.
4. Internal Control System and their adequacy
The internal control system is looked after by Directors themselves, who
also looked after the day to day affairs to ensure compliance of guide
lines and policies, adhere to the management instructions and policies to
ensure improvements in the system. The Internal Audit reports are regularly
reviewed by the management.
5. Environmental Issues
As the company takes adequate care that the matter relating to produce any
harmful gases and the liquid effluents are properly processed and no
environmental issues are created.
6. Financial Performance with Respect to Operation Performance
The Company has all the plans for tight budgetary control on key
operational performance indication with judicious deployment of funds
without resorting to any kind borrowing where ever possible.
7. Cautionary Statement
Statement in this report on Management Discussion and Analysis may be
forward looking statements within the meaning of applicable security laws
or regulations. These statements are based on certain assumptions and
expectations of future events. Actual results could however, differ
materially, from those expressed or implied. Important factors that could
make a difference to the company's operations include global and domestic
demand supply conditions, finished goods prices, raw material cost and
availability and changes in government regulation and tax structure,
economic development within India and the countries with which the company
has business contacts and other factors such as litigation and industrial
The Company assumes no responsibility in respect of forward - looking
statements, which may be amended or modified in future on the basis of
subsequent developments, information or events.
By order of Board of Directors of
Hinafil India Limited
Date : 24.09.2012