For the year ended on 31st March 2014
The Shareholders of
Filtron Engineers Limited
Your Directors present the Annual Report together with the audited accounts for theyear ended 31st March 2014.
1. FINANCIAL RESULTS & OPERATIONS :
| || ||(Rs. In Lacs) |
|Particulars ||2013-2014 ||2012-2013 |
|Profit / (Loss) before exceptional and extraordinary items and tax ||0.81 ||11.19 |
|Exceptional items ||NIL ||10.65 |
|Profit / (Loss) before extraordinary items and tax ||0.81 ||0.53 |
|Extraordinary Items ||NIL ||NIL |
|Profit / (Loss) before tax ||0.81 ||0.53 |
|Less: Tax Expense: || || |
|(a) Current tax ||NIL ||NIL |
|(b) MAT credit ||0.16 ||0.11 |
|(c) Current tax expense relating to prior years ||NIL ||NIL |
|(d) Deferred tax || || |
|Net current tax expense ||NIL ||NIL |
| ||0.16 ||0.11 |
|Profit / (Loss) from continuing operations ||0.65 ||0.42 |
|Profit / (Loss) for the year ||0.65 ||0.42 |
The profit for the year ended 31st March 2014 after providing depreciation comes toRs. 65451.59/-.
During the Financial Year under this report the Company has satisfactorily executedLocal & Export order worth Rs 699.090 lakhs in the previous year 642.44 Lacs)
The Company Shares are now demated with NSDL and CDSL. The BSE has issued a noticedated 4th July 2014 revoking the suspension of trading of equity shares of the Companyw.e.f. 11th July 2014. Pursuant to same the trading of securities of the Company isresumed in "T" group.
Your Directors feel that it is prudent to plough back the profits for future growth ofthe Company and do not recommend any dividend for the year ended 31st March 2014.
In accordance with the provisions of the Companies Act 2013 Mr. Yashwantrao RamchandraMali Director of the company is due to retire by rotation and being eligible haveoffered himself for reappointment. Members are requested to reappoint him as the Directorof the Company liable to retire by rotation.
5. INFORMATION AS PER SECTION 217(1)(e) OF THE COMPANIES ACT 1956 READ WITH THECOMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF DIRECTORS) RULES 1988 AND FORMINGPART OF THE DIRECTORS REPORT FOR THE YEAR ENDED ON 31ST MARCH 2014.
a) CONSERVATION OF ENERGY:
Your company has successfully maintained energy efficient lighting has been at a lowlevel it also implemented the plan to utilize energy efficient welding sets in theFactory. The company is making all efforts for better utilizations of energy whereeverpossible. The company is not being a specified industry under (Disclosure of particularsin the Report of the Board of directors) rules 1988 the details regarding consumption ofelectricity fuel oil etc. is not annexed.
b) RESEARCH & DEVELOPMENT :
The Company undertakes turnkey project works. The plants commissioned and installed atCustomer's site. This activity involves peculiar designing work which entails highprecision and continuous R & D.
c) TECHNOLOGY ABSORPTION:
Required technology is absorbed adapted wherever necessary to keep the Companycompetitive.
d) FOREIGN EXCHANGE EARNING AND OUTGO:
| || ||(All figures in Rs.) |
|Particulars ||2013-2014 ||2012-2013 |
|Expenditure in foreign currency: || || |
|Gain Due to Fluctuation ||1037153.00 ||746109.00 |
|Loss Due to Fluctuation ||(717557.00) ||(72763) |
|Earnings in Foreign Exchange || || |
|Export of goods calculated on FOB basis ||29242085.00 ||35478692.00 |
6 EMPLOYEES RELATIONS :
Relations between the employees and the management continued to be cordial throughoutthe year under report. Information as required under the provisions of sections 217(2A) ofthe companies act 1956 read with the companies (particulars of employees) Rules 1975has not been annexed since there are no employees to whom the said provisions areapplicable.
7 AUDITORS :
M/s. A.A. Bhat & Co. Chartered accountants will retire at the conclusion of theensuing Annual general meeting and are eligible for re-appointment. The board requests youto reappoint them and fix their remuneration for the year 2014-2015.
The Company has received letter from M/s. A.A. Bhat & Co. Chartered accountants tothe effect that their re-appointment if made would be within the prescribed limits underSection 141(3)(g) of the Companies Act 2013 and that they are not disqualified from beingappointed as the Statutory Auditor of the Company.
8. DIRECTORS RESPOSIBILITY STATEMENT :
Pursuant to the requirements under the section 217(2AA) of the Companies Act 1956 withrespect to director's responsibility statement for the year ended on 31st March 2014 thedirectors of the company do state as under:
1. In preparation of the annual accounts for the financial year ended on 31st March2014 the applicable accounting standards have been followed along with proper explanationrelating to material departures. Also necessary disclosures are made in the notes to theaccounts.
2. That the directors have selected such accounting policies and applied themconsistently so as to give a true & fair view of the state of affairs of the companyat the end of the financial year and of the profit of the company for the year underreview.
3. That the directors have taken proper and sufficient care for the maintenance of theadequate accounting records in accordance with provisions of the act for safeguarding theassets of the company and for preventing and detecting fraud and other regularities
4. That the directors have prepared the accounts for the financial year ended on 31stMarch 2014 on going concern basis.
9. OBSERVATION IN AUDITOR'S REPORT :
In respect to observations made by the auditors regarding the internal audit system ofthe Company in their report on 24th May 2014 the board of directors would like to statethat steps are being taken for implementation of internal audit.
10. ACKNOWLEDGMENT :
The directors place on record their appreciation for the whole hearted and sincereco-operation received by the company during the year from employees customers suppliersbusiness associates consultants shareholders bankers and various government authoritiesat all levels.
| ||on behalf of Board of Directors |
| ||of Filtron Engineers Limited |
|Place : Pune ||SADANAND HEGDE |
|Date : 29rd August 2014 ||Chairman and Managing Director |
| ||DIN : 00195106 |
Register under the Companies Act 1956
1. Register of Charges-u/s 143
2. Register of Members -u/s 150
3. Minutes Book for Board and General Meetings - u/s 193
4. Register of particulars of contract in which the Directors are interested u/s - 301
5. Register of Directors and Managing Director Manager and Secretary u/s - 303
6. Register of Directors' shareholdings u/s 307
7. Share Transfer Register
8. Register of Investments u/s 372A
Forms and Returns as filed by the Company with the Registrar of Companies RegionalDirector Central Government or other authorities during the financial year ending on 31stMarch 2014.
Forms filed with ROC
|Sr.No ||Form no./ Return ||Filed u/s ||Date of Filing/ registration ||Filed within Time ||If delay whether additional fee paid |
|1 ||Form 32 - Appointment of Mr. Venkat Giri as Whole Time Director w.e.f 8th July 2013 ||303 ||24/07/2013 ||Yes ||NA |
|2 ||Form - 66 for Compliance Certificate for the year ended 31st March 2013 ||383A ||02/12/2013 ||No ||Yes |
|3 ||Form - 23AC & ACA for filing Balance sheet and Profit loss account of the Company for year ended 31st March 2013 ||220 ||13/12/2013 ||No ||Yes |
|4 ||Form - 20B for Annual Return as at the Annual General Meeting held on 28th September 2013 ||159 ||27/11/2013 ||Yes ||NA |
|5 ||Form 23 - For appointment of Mr. Venkat Giri as Whole -Time Director of the Company in the Board meeting held on 9th July 2013 ||192 ||24/07/2013 ||Yes ||NA |
|6. ||Form 8 for creation of charge dated 13th February 2014 in favour of Bank of Maharashtra amounting to Rs. 3150000/- ||125 ||12/05/2014 ||No ||Yes |
|7. ||Form 25C for appointment of Mr. Venkat Giri as Whole -Time Director of the Company w.e.f. 8th July 2013 ||269 ||06/08/2013 ||Yes ||NA |
| ||For Makarand M. Joshi & Co. |
| ||Company Secretaries |
|Place : Mumbai || |
|Date : 09-08-2014 || |