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Naval Technoplast Industries Ltd.

BSE: 532014 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Naval Technoplast Industries Ltd. (NAVALTECHNOPLAS) - Director Report

Company director report

DIRECTORS

To,

The Members,

Your Directors have pleasure in placing before you the 19th Annual Report and AuditedAccounts for the financial year ended on 31st March, 2011

FINANCIAL RESULTS:

The summarised financial results of the Company have been given below :

Rs. in Lacs
Particulars Current Year Previous Year
(2010-2011) (2009-2010)
Sales 2277.04 1776.18
Operating Profit 244.19 233.36
Less : Financial Charges 115.36 111.58
Profit before Depreciation and Tax 128.83 121.78
Less : Depreciation 104.31 86.57
Profit before Tax 24.52 35.21
Less : Provision for Taxation 4.56 5.59
Less : Deferred Tax Liability 2.85 10.98
Add : Prior period Taxation 0.00 0.00
Profit after Tax 17.11 18.64
Add : Profit Brought forward 124.07 111.75
Profit available for appropriation 141.18 130.39
Appropriation of Profit:
Transfer to Proposed Divided - 5.40
Proposed Dividend Corporate Tax - 0.92
Balance carried to Balance Sheet 141.18 124.07
141.18 130.39

PERFORMANCE OF THE COMPANY & FUTURE PROSPECTS :

The over all performance of the company for the year under review is satisfactory andencouraging. The Company has gained Goodwill in the market by introducing effectivechanges in the product line and also in the quality of the product by continuous andcareful product and design study. The current year under review has reflected manypositive results compared to previous year. The turnover of the Company during the yearunder review has recorded an increase and also operating profit of the company hasincreased. Profit before tax has been reduced as compared to previous year on account ofhigh financial charges and depreciation.

DIVIDEND :

In view of conservation of resources, your directors do not recommend any payment ofdividend for the financial year under review.

DEPOSTTS :

The Company has not accepted any deposits with in the meaning of Section 58A of theCompanies Act 1956.

DIRECTORS :

Shri Mahavir Agrawal and Shri Pavankishor Tibrewala, Directors of the Company areretiring by rotation and being eligible, offer themselves for re-appointment

CORPORATE GOVERNANCE REPORT:

Your Company attaches considerable significant to good corporate Governernce as animportant step towards building investor's confidence, improve investor's protection andmaximize long term shareholder value person to the Clause 49 of the listing agreemententered with the Stock Exchanges, a Corporate Governance report and Auditors Certificatesregarding the compliance of conditions of Corporate Governance are made part of the AnnualReport

DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to Section 217 (2AA) of the Companies Act, the Directors confirm that:

1 in the preparation of the annual accounts, the applicable accounting standards havebeen followed;

2 Appropriate accounting policies have been selected and applied consistently andjudgments and estimates made that are reasonable and prudent so as to give true and fairview of the state of affairs of the Company at the end of the financial year and of theprofit of the Company for that period;

3 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 & for preventing & detecting fraud & otherirregularities.

4 The accounts have been prepared on going concern basis.

INSURANCE:

The Company has taken adequate insurance to cover its assets.

LISTING:

Company's Securities are listed with the Stock Exchanges at Ahmedabad and Mumbai.Company has paid the listing fees for the year 2011-2012 to both the Stock Exchanges.

EMPLOYEES :

As there are no employees drawing remuneration more than the limit prescribed underSection 217(2A) of the Companies Act, 1956, and the Companies (Particulars of Employees)Rules, 1975, as amended, from time to time, statement under section 217(2A) is notrequired.

AUDITORS OBSERVATIONS :

The observation of the auditors in their report are explained in the notes to theaccounts written which is explanatory.

AUDITORS:

The Company's Auditors M/s. B.M SARAF & Co., Chartered Accountants will retire atthe ensuing Annual General Meeting and being eligible offer themselves for re-appointmentThe Members are requested to appoint auditors for the current year and fix remuneration.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

Particulars to be given in respect of the above activity under the Companies(Disclosure of Particulars in report of Directors) Rules, 1988 is given in the annexure tothis report.

INDUSTRIAL RELATIONS :

The industrial relations have remained cordial in general throughout the year underreview.

APPRECIATION:

The Board of Directors wish to place on record their deep appreciation and gratitudefor the services rendered by the workers, staff and executives of the company. Board ofDirectors also convey their gratitude to the Investing Shareholders, Customers, Suppliers,Banks, Financial Institutions and various Private and Government Agencies for theircontinued co-operation and confidence reposed in the Company.

By order of the board
Place: Ahmedabad For NAVAL TECHNOPLAST INDUSTRIES LIMITED
Date : 31.08.2011 Managing Director

ANNEXURE TO THE DIRECTORS' REPORT

Information under Section 217 (1) (e) of the Companies Act 1956 read with the Companies(Disclosure of particulars in the Report of Board of Directors) Rules 1988. and formingpart of the Director's Report for the year ended 31st March, 2010.

A Conservation of Energy :

a) Energy conservation measures are taken:

The Company has taken measures and applied control system to monitor day to day powerconsumption, to endeavor to ensure the optimal use of energy with minimum extent possiblewastage as far as possible. The day to day consumption is monitored and various ways andmeans are adopted to reduce the power consumption in an effort to save energy. The officearea is designed in such a way that during day time not much artificial lighting isnecessary in the office.

b) Additional investment and proposals, if any, being implemented for reduction ofconsumption of energy and other raw materials.

Company is continuously monitoring and making effort for optimum utilization ofequipments which ensures to conserve energy during routine operations itself. There is nospecific investment plan for energy conservation.

c) Impact of the measures at (a) and (b) above for reduction of energy consumption andconsequent impact on the cost of production of goods.

Impact of the measures mentioned here in above in point (a) and (b) certainly reducesthe energy consumption and consequent impact on the cost of production.

d) Total energy consumption and energy consumption per unit of production as per Form Aof the Annexure: Furnishing of these particulars is not applicable to this Company, as itis not carrying on any business which is listed in the Schedule to the Companies(Disclosure of Particulars in the Report of Board of Directors) Rules, 1988.

B Technology Absorption :

Form - B : -form for disclosure of particulars with respect to absorption

1 Research and Development (R&D)

a Specific areas in which R & D is being carried out by the Company :

• R&D Department is continuously developing purposeful and acceptable productwith narrow tolerances.

b Benefit derived as a result above R&D:

• Marketability of our product have improved.

c Future plan of action:

• The company has nothing to report under this clause.

d Expenditure on R&D :

• R&D expenses can not be segregated.

2 Technology Absorption, adoption and innovation :

a Efforts in brief made towards technology absorption, adoption and innovation

• Company has always been making best effort towards technology absorption,adaption and innovation to improve the quality.

b Benefits accruing as a result of above

• It improves the quality of company's products being manufactured ami reduces thecost of production.

c Details of technology imported (during the last 5 years.)

1. Technology imported : N.A.

2. Year of import : N.A.

3. Has technology been fully absorbed : N.A.

4. if not absorbed, areas where this has not taken place, reasons there for and futureplan of action : N.A.

C Foreign Exchange Earnings and Outgo :

The information on foreign exchange earnings and outgo during the year is furnished inthe Notes forming part of accounts.