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Hinafil India Ltd.

BSE: 526779 Sector: Industrials
NSE: N.A. ISIN Code: INE120F01025
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Hinafil India Ltd. (HINAFILINDIA) - Director Report

Company director report

HINAFIL INDIA LIMITED ANNUAL REPORT 2011-2012 DIRECTOR'S REPORT Dear Members 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 31.03.2012 31.03.2011 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 Short/excess Provision for earlier Years 0.00 0.00 Net Profit after Taxation -16393.58 -16393.58 2. DIVIDEND: Since the company has incurred losses during financial year under review, your directors express their inability to recommend any dividend during the year. 3. OPERATIONS: 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. 5. DIRECTORS: Ms Kaneez Fatima Shaikh retires by rotation and being eligible offered herself for reappointment. 6. AUDITORS: 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 15 3. Bomaby Stock Exchange Limited, P J Towers, Dalal Street, Mumbai 400021 11. DIRECTORS RESPONSIBILITY STATEMENT U/S 217(2AA) OF THE COMPANIES ACT 1956: 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. 12. ACKNOWLEDGEMENT: 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 Sd/- Badrul Haq Shaikh Director Sd/- Kaneez Shaikh Director Place: Mumbai 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 relations. 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 Sd/- Managing Director Place: Vapi Date : 24.09.2012