Your Directors have pleasure in presenting the Thirty Fourth - Annual Report togetherwith the Audited Statements of Account of the Company for the year ended 31st March, 2013.
The Financial Performance of the Company for the year ended 31st March, 2013 issummarized below.
| || |
(Rupees in Lakhs)
| ||31-03-2013 ||31-03-2012 |
|Sales and Other Income ||3,025.28 ||2,446.69 |
|Profit before Depreciation. Interest and Tax ||171.32 ||250.56 |
|Less : Depreciation ||76.27 ||80.12 |
|Interest ||64.67 ||56.92 |
|Profit before tax ||30.38 ||113.52 |
|Less: Income Tax ||2.10 ||37.61 |
|Profit after tax ||28.28 ||75.91 |
|Profit brought forward from earlier Year adjusted ||119.39 ||43.48 |
|Balance Profit carried forward ||147.67 ||119.39 |
The Total turnover of the company during the year under review was Rs. 3025.28 Lacs ascompared to Rs. 2446.69 Lacs in the year 2012.The decrease in profit after tax from Rs.75.91 Lakhs to Rs. 28.28 Lakhs is on account of increase in cost of production mainly.
In order to conserve the financial resources of the company, your Board of Directorsregret their inability to declare dividend for the year ended 31st March 2013.
Retirement by Rotation
In accordance with the provisions of the Companies Act 1956, Br. Karan Singh Chauhanand Mr. Narpatmal Singhvi Directors of the Company are due for retirement by rotation andbeing eligible offer themselves for reappointment.
DIRECTOR'S RESPONSIBILITY STATEMENT:
Pursuant to the requirements under Section 217(2AA) of the Companies Act, 1956, theBoard of Directors with respect to Director's Responsibility Statement hereby confirmsthat:
(a) in preparation of the annual accounts, for the year ended on 31st March, 2013, theapplicable accounting standards have been followed in the preparation of the finalaccounts and that there are no other material departures.
(b) the Accounting policies have been selected and applied consistently and suchjudgments and estimates made are reasonable and prudent so as to give a true and fair viewof the state of affairs of the Company as at 31st March, 2013 and of the profit of thecompany for the year ended on that date.
(c) proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of Companies Act, 1956 forsafeguarding the asset of company and for preventing and detecting fraud and otherirregularities; and
(d) the annual accounts have been prepared on a going concern basis.
PARTICULARS UNDER SECTION 217(2A) OF THE COMPANIES ACT, 1956:
There are no employees who are in receipt of remuneration exceeding the ceiling limitprescribed under the Companies (Particulars of Employees) Rules 1975 calling forfurnishing their particulars.
CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:
(1) Conservation of Energy, Technology, Absorption: -
Information in accordance with the provisions of Section-217(1) (e) of the CompaniesAct, 1956 read with Companies (Disclosure of Particulars in the Report of Board ofDirectors) Rules 1988, regarding conservation of energy and technology absorption is asfollows:
1. Consumption of Coal
| || || |
Consumption of Coal (in Rs.)
Average/M.T (in Rs.)
|NAME OF PROCESS ||UNIT ||CURRENT YEAR ||PREVIOUS YEAR ||CURRENT YEAR ||PREVIOUS YEAR : ||CURRENT YEAR ||PREVIOUS YEAR |
|Rolling ||M.T ||13269 ||13229 ||13136310 ||11906100 ||990 ||900 |
|Full Forging ||M.T ||1397 ||1708 ||1417955 ||1588440 ||1015 ||930 |
|Partial Forging ||M.T ||2172 ||1902 ||2046628 ||1605031 ||942 ||844 |
| ||TOTAL ||16838 ||16839 ||16600893 ||15099571 || || |
2. Consumption of Power
| || || |
Consumption of Power (in Rs.)
Average/M.T (in Rs.)
|NAME OF PROCESS ||UNIT ||CURRENT YEAR ||PREVIOUS YEAR ||CURRENT YEAR ||PREVIOUS YEAR ||CURRENT YEAR ||PREVIOUS YEAR |
|Rolling ||M.T ||13269 ||13229 ||9263671 ||7381782 ||698 ||558 |
|Full Forging ||M.T ||1397 ||1708 ||873125 ||871080 ||625 ||510 |
|Partial Forging ||M.T ||2172 ||1902 ||695040 ||452222 ||320 ||238 |
| ||TOTAL ||16838 ||16839 ||10831836 ||8705064 || || |
The electrical Consumption of Rolling, forging and other activities have beenbifurcated on practical estimate as separate measurement of consumptions are not feasible.
|3. High Speed Diesel (For Generator) || |
|Power Generation ||NIL |
|Foreign Exchange Earning and Outgo:- || |
The required information is respect of Foreign Exchange earnings and outgo for the yearended 31st March, 2013
|Foreign Exchange earning : Rs. Nil ||(Previous Year: Rs. 5,36,985/-) |
|Foreign Exchange outgo : Rs. 19,48,955/- ||(Previous Year: Rs. 2,24,23,449/-) |
M/s. Sanghvi Sanghvi & Sanghvi, Chartered Accountants will retire at theforthcoming Annual General Meeting and are eligible for reappointment. The company hasreceived certificate from them stating their reappointment, if made would be within theprescribed limit under section 224(1-B) of the Companies Act, 1956.The members arerequested to appoint the auditors and fix their remuneration.
Report on Corporate Governance as stipulated under clause 49 of the Listing Agreementwith the Stock Exchange forms part of the Annual Report.
A certificate from the Auditors of the Company regarding compliance of the conditionsof Corporate Governance as stipulated under clause 49 of the Listing Agreement is annexedto this Report.
Audit Committee/ Remuneration Committee/Shareholders Committee:
The Board of Directors has constituted three committees i.e. Audit Committee/Remuneration Committee/ Shareholders Committee as per the requirements of CorporateGovernance under Listing Agreement. The majority of members of these Committees areindependent & non executives.
The Company has not accepted deposits from public and hence directives issued by theReserve Bank of India and the provisions of Section 58A ,58AA or any other relevantprovisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits)Rules,1975 are not applicable for the year under audit.
Your Directors record their gratitude to the Banks, Financial Institutions, GovernmentDepartments, Vendors and all the clients of the company for the unstinted support receivedfrom them during the year.
The Directors would also like to place on record their appreciation for the dedicatedefforts and services put in by employees of the Company.
| ||For and on Behalf of the Board of Directors |
|Place: Mumbai ||(Hemant Ranawat) ||(Vinit Ranawat) |
|Date: 30th May, 2013 ||Executive Director ||Director |