The Directors are pleased to present the Eighteenth Annual Report and
Audited Accounts for the Year ended March 31st, 2012.
(Rs. In Lacs)
Total Income 7945.91 5668.95
Total Expenditure 7193.32 5338.54
Profit before Interest & Depreciation 752.59 637.92
Interest 123.41 95.41
Depreciation 332.17 307.51
Profit Before Tax 297.01 235.00
Provision for taxation
a) Current tax 59.43 46.84
b) Deferred tax (3.66) 19.72
Profit after Tax 241.24 168.44
Balance brought forward from earlier year 565.05 444.18
Profit available for appropriation 806.29 612.62
Dividend on Equity Shares 40.93
Dividend Distribution Tax 6.64
Balance Carried to Balance Sheet 806.29 565.05
To enable the company to augment and conserve money for long term
working capital requirement, the Board of Directors do not recommend
Dividend in this year.
Ihe Operations of the Company are elaborated in the annexed Management
Discussion and Analysis Report.
In terms of clause 49, of the listing agreement, the Corporate
Governance report is annexed as Annexure A forming part of this
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management discussion and Analysis Report as required under clause 49
of the listing agreement is annexed as Annexure B forming part of
The Company did not take any Fixed Deposits from the public and no
fixed deposits were outstanding or unclaimed as on March 31,2012.
LISTING OF SHARES:
The equity shares of the company are listed on the Stock Exchange,
Mumbai. (BSE code 531921) the listing fees for the year 2012-13 have
been duly paid.
The Company remains committed to Developing and fostering a culture of
participation, engagement and accountability, and takes pride in the
initiative and team-work, and in the spirit of excellence, demonstrated
by all its employees; they have displayed exemplary team-work,
result-orientation, and motivation; and also a sense of accomplishment
from their contribution to the Company''s goals.
COST AUDITORS :
In Compliance with the Central Government''s order No.52/26/CAB-2010
dated June 30, 2011, the Board has appointed M/s. Vinayak Kulkarni,
Cost Accountants, Mumbai to carry out the cost audit in respect of
insecticide products of the Company for the financial year 2011-12.
The Due date for filing of the Cost Audit Reports for the financial
year 2011-12 is September 30, 2012.
DIRECTOR''S RESPONSIBILITY STATEMENT:
Pursuant to section 217 (2AA) of the Companies Act, 1956, the Board of
Directors of the Company hereby state and confirm that:
1. In the preparation of annual accounts for the year ended, March 31,
2012 the applicable Accounting Standards have been followed. There are
no material departures from the applicable accounting standards;
2. The Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that are 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 under review and of the
profit of the Company for that year;
3. 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 safeguarding the assets of
the Company and for preventing and detecting fraud and other
4. The Directors have prepared Annual accounts for the year ended
March 31, 2012 on a going concern basis.
Mr. Jawahar D. Patil , Mr. Bhavin Shah, Mr. Lalit Agarwal and Mr.
Rajkumar Mehta retires by rotation at the forth coming Annual General
Meeting and being eligible offer themselves for re-appointment.
Bituminex Cochin Pvt Ltd (BCPL) is a wholly owned subsidiary of Agarwal
Industrial Corporation Ltd.
CONSOLIDATED FINANCIAL STATEMENTS:
In accordance with Accounting Standard 21, issued by the Institute of
Chartered Accountants of India, Consolidated Financial Statements have
been provided in the Annual Report. These Statements provide financial
information about your Company and its subsidiary companies as a single
economic entity. The Consolidated Financial Statements form part of
this Annual Report.
Ministry of Corporate Affairs (MCA) vide circular No.51/12/2007-CL-III
dated 8 February 2011 has given general exemption with regard to
attaching of the balance Sheet, profit and loss account and other
documents of its subsidiary companies subjects to fulfillments of
conditions mentioned therein. The summary of the key financial of the
company''s subsidiaries is included in this annual report.
The annual accounts of the subsidiary companies and the related
detailed information will be made available to the members of the
company and its subsidiary company, seeking such information at any
point of time. The annual accounts of the subsidiary company will be
kept for inspection by any member of the company at its registered
office and also at the registered office of the concerned subsidiary
CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION, FOREIGN EXCHANGE
EARNING AND OUTGO:
(A) Conservation of Energy and Technology Absorption:
The information required to be given U/s 217(i)(e) of the Companies
Act, 1956 read with Companies (Disclosure ofparticulars in the report
of Board of Directors) Rules, 1988 are as under :
1) Conservation of Energy:
a) Measures :
(i) Electrical Energy :
(a) Reducing the maximum demand by evenly distributing the loads
throughout the day and increasing efficiency of plant and equipments.
(b) Improving power factor by optimum choice of power factor
(c) Monitoring the overall energy consumption.
b) Additional Investments and proposals, if any, being implemented for
reduction of consumption of energy.
The Company is reviewing various proposals for reduction in consumption
c) Impact of measures (a) and (b) above for reduction of energy
consumption and Consequent impact on cost of production of goods are as
under- Total energy consumption -
Power and Consumption
Total Amount (Rs. Lacs) 2.18
Rate/Unit (Rs.) 5.91
b). Own generation (Through D.G.Set)
Diesel Oil Consumed (Ltrs) 902
Total Amount (Rs.) 41,115
Avg. Per Ltr. (Rs.) 45.58
2) Technology Absorption:
The Company has not imported any Technology. The Company has not yet
established separate Research & Development facilities.
3) Foreign Exchange Earnings and Outgo:
The observation made in the Auditor''s Report, read together with the
relevant notes thereon are self-explanatory and hence, do not call for
any comments under section 217 of the Companies Act, 1956.
Your Company''s Auditors M/s. RASHMI AGARWAL Chartered Accountants, hold
office until the conclusion of the forthcoming Annual General Meeting.
They have shown their willingness to accept the office as Statutory
Auditors, if appointed. Your Company has received a written certificate
from the Auditors to the effect that their re-appointment, if made,
would be within the prescribe limit under section 224(1B) of the
Companies Act, 1956.
INTERNAL CONTROL SYSTEMS & ITS ADEQUACY :
The Company has adequate internal control systems and procedures in
place for effective and smooth conduct of business and to meet
exigencies of operation and growth. The key business processes have
been documented. The transactions are recorded and reported in
conformity with generally accepted accounting practices. The Internal
Control systems and procedure ensure reliability of financial
reporting, Compliance with the company''s policies and practices,
governmental regulations and statues. Internal audit is conducted by
Independent firm of Auditors. Internal Auditors regularly check the
adequacy of the system, their observations are reviewed by the
management and remedial measures, as necessary, are taken.
PARTICULARS OF EMPLOYEES:
There are no employees of the Company for whom the provisions of
section 217(2A) of the Companies Act, 1956 are applicable.
The Board of Directors express their sincere appreciation for the
contribution and commitment of the employees of the company and for the
excellent support provided by the shareholders, customers,
distributors, suppliers, bankers and other service providers during the
financial year under review.
Place: Mumbai. For and on behalf of the Board of Directors