We have pleasure in presenting to you the Annual Report along with the audited accountsfor the year ended on 31st March 2011
| || || ||(Amount in Rs.) |
|Sr. No. ||Particulars ||31.03.2012 ||31.03.2011 |
|1. ||REVENUE ||224,189,153 ||519,904,704 |
|2. ||Total expenditure ||229,857,497 ||520,020,537 |
|3. ||Profit/(Loss) before tax ||(5,668,344) ||(115,833) |
|. ||Provision for Taxation || || |
| ||Provision of FBT || || |
| ||Provision for Deferred tax liabilities ||24,068 ||578,495 |
|5. ||Profit after tax ||(5,692,412) ||(694,328) |
In view of the losses incurred during the year your Board do not recommend any dividendfor the year.
REVIEW OF OPERATION AND FUTURE PROSPECTS
During the year under review the sales turnover is reduced and touched as low of Rs.224,189,153/- as compared to previous years turnover Rs. 519,904,704/-. The Company hasconcentrated its goal of consolidating and strengthening its marketing network, deliveringquality products and cutting cost wherever possible. The net Loss after tax is Rs.5,692,412/- has been increased due to adjustment of previous Year losses, increase cost ofmaterial and variation in the labour policy.
The Company is planned to shift its whole operations to its new project location atMIDC, Nardhana Industrial Area, Dist. Dhule. As the companys plant and machinery atpresent location are turned into scrap and these are written down fully. The only assetleft at the present location is land and building. Further more the governments is notprovided any subsidy or exemption to the industry and in this recession time it is verydifficult for the company to compete with others due to its increase cost of material.
Your Company is undertaking continuous endeavors for expansion of its domestic andoverseas customers by implementing new facilities. For establishing manufacturingfacilities, your Company has started work for its Nardhana Plant. The Company has alreadypurchased land situated at MIDC, Nardhana Industrial Area, Dist. Dhule and taking offpossession from MIDC Authorities. The power reached and water is still waiting to the siteand the Company will start building construction activity there. The company expects tostart production activity there in the current financial year 2011-12.
Shri Rajen Navnitlal and Shri Hemant Kokatay are being liable for retire byrotation and offer themselves to appoint further as Directors of the Company.
The brief particulars of all directors, for which approval of members for theirappointment or re-appointment are sought, have been provided in the Notice of AnnualGeneral Meeting pursuant to Clause 49 of the Listing Agreement relating to CorporateGovernance.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of Sec 217(2AA) of Companies Act, 1956, the directors statethat:
that in preparation of the annual accounts, the applicable accounting standards havebeen followed along with proper explanations relating to material departures, if any.
that the directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give true andfair view of the state of affairs of the company at the end of the financial year and ofthe profit of the company for that period.
that the directors have taken proper and sufficient care of the maintenance of adequateaccounting records in accordance with the provisions of this act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities.
that the directors have prepared the annual accounts on a going concern basis.
The company has not accepted any deposit from the public attracting the provisions ofSec 58A of the Companies Act 1956.
The retiring Auditors, M/s Ashish Vyas & Co. Chartered Accountants, Dewas,being eligible, offer themselves for reappointment. They have furnished a certificate tothe effect that their reappointment if made, would be within the prescribed limits underSec 224(1B) of the Companies Act 1956.
Report of the auditors and their observations and notes to the accounts of the companyfor the year under review are attached herewith which are self-explanatory and do notrequire further explanation.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION & FOREIGNEXCHANGE EARNING AND OUTGO
This information required to be given under section 217 (1) (c) of the Companies Act,1956 read with the Companies (Disclosure of particulars in the Report of the Director)Rules 1988 is annexed herewith.
PARTICULARS OF EMPLOYEES
The information required under Sec 217(2A) of the Companies Act 1956 is not given asthere was no employee in receipt of remuneration during the year, exceeding the limitsprescribed by the Companies (Particulars of Employees) Rules, 1975 as revised.
Your Company continues to be listed on the Stock Exchange, Mumbai where theCompanys shares are being traded. The Company has paid Listing Fees for the year2012-13.
Your Company is committed in following the highest standards of Corporate Governance.In this pursuit, your Company has a structure of corporate governance in place thatensures compliance of the provisions of Clause 49 of the Listing Agreement.
For fiscal 2012 the compliance report is provided in the Corporate Governance Reportsection of this annual report.
MANAGEMENT DISCUSSION AND ANALYSIS
Pursuant to clause 49 of the Listing Agreement, Management discussion and analysisReport which forms part of this report is annexed.
The company has developed a very cordial, warm and close relationship with theinvestors, various government and semi-government departments, banks and financialinstitutions, customers, suppliers and other service providers. The Board of Directorswish to gratefully acknowledge the co-operation, assistance and guidance received from allof them. The company could make the progress it has in these years due to the dedicationand creativity of its staff at all levels. The Board of Directors wishes to place onrecord its warm appreciation for these efforts.
|Date: 01-09-2012 ||For and on behalf of the Board of Directors |
|Place: Mumbai ||Sd/- |
| ||Suresh Sharma |
| ||Managing Director |