CASTRON TECHNOLOGIES LIMITED
ANNUAL REPORT 2010-2011
CASTRON TECHNOLOGIES LIMITED
Your Directors have the pleasure in presenting their Annual Report together
with the audited accounts of the Company for the year ended 31st March,
FINANCIAL RESULTS YEAR ENDED YEAR ENDED
Profit/(Loss) for the year 13,941,216 13,641,719
Less :Provision for Income Tax 4,836,545 4,959,382
Add : Excess Provision for 32,715 -
income Tax For earlier
Less : Short Provision for IT for - 1034
Add: Asset/(Provision 252,385 19,439
for Deferred Tax)
Profit/(Loss) after Taxation 9,389,771 8,700,742
Balance of Profit brought forward 554,038 2,885,611
from last year
Total 9,943,809 11,586,359
Transfer to General Reserve 1,000,000 1,000,000
Proposed Dividend 6,860,000 8,575,000
Tax on Dividend 1,139,377 1,457,321
Balance carried to Balance Sheet 944,432 554,038
The Directors recommend for your consideration, at the ensuing annual
general meeting, payment of dividend of Rs. 4.00 per equity share of
Rs.10/- each on 1715000 shares for the year ended 31.03. 2011. The total
dividend outgo including tax thereon will be Rs. 7,999,377.
The dividend payout for the year under review has been recommended in
accordance with the company's policy of keeping in view the company's need
for capital and its growth plans. Your Directors believe this would be in
the long-term interest of the shareholders.
Sri Jiwan Ram Agarwalla retires by rotation at the ensuing annual general
meeting and being eligible offers himself for the re-appointment.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies Act,
1956 with respect to Directors Responsibility Statement it is hereby
i) That in the preparation of the annual accounts for the financial year
ended 31st March, 2011, the applicable accounting standards except as
stated in note No. 2(v) of Schedule 14 on notes on accounts, had been
followed along with proper explanation relating to material departures:
ii) That the directors had selected such accounting policies and applied
them consistently and made judgements and estimates that were reasonable
and prudent so as to give a true and fair view of the state of affairs of
the company at the end of the financial year and of the Profit of the
company for the year under review;
iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safe guarding the assets of the
company and for preventing and detecting fraud and other irregularities.
iv) That the directors had prepared the accounts for the financial year
ended 31st March, 2011 on a going concern basis.
Messrs ASHOK KEDIA & COMPANY, Chartered Accountants, the auditors of the
company retire at the forth coming Annual General Meeting of the company
and are eligible for re-appointment.
Observations by the auditors are explained in Note No. (2)(v) of schedule-
14 attached to the Balance Sheet.
PARTICULARS OF EMPLOYEES
None of the employees were in receipt of remuneration aggregating to
Rs.24,00,000/- or more per year of Rs. 2.00,000/- or more per month when
employed for part of the year.
CONSERVATION OF ENERGY
The company has installed sufficient energy saving devices and systems to
consume energy. The Company is making efforts to keep its staff and
workmen aware of energy conservation and is exploring alternative energy
systems wherever necessary.
As the Company is not using any imported technology, no information
regarding technology absorption is to be given.
FOREIGN EXCHANGE EARNINGS AND OUTGOINGS
a) Foreign exchange earnings : Rs. 6,318,000/-
b) Foreign exchange outgo : Rs. 64,992,845/-
The Directors are pleased to record appreciation for co-operation and
devotion of the employees of the company at all levels during the current
For and on behalf of the Board
Registered Office: Sri Jiwan Ram Agarwalla
14, Bentinck St, Director
Room No. 8, 1st Fl.