The Directors have pleasure in presenting the 25th Annual Report and
the Audited Financial Statements of the Company for the financial year
ended 31st March, 2012.
The financial results of the Company for the financial year ended 31st
March, 2012 are as follows:
(Rs. in Lacs)
No. Particulars 2011-2012 2010-2011
1. Net Sales /Income from Operations 20737.51 16733.43
2. Other Income 232.35 199.61
3. Total Expenditure 19109.03 15542.96
4. Interest 556.03 397.70
5. Gross Profit after Interest but .
before Depreciation & Tax Items 1304.80 992.38
6. Depreciation 162.95 143.32
7. Profit before Tax 1141.85 849.06
8. Tax Expense 404.94 294.83
9. Net Profit after Tax 736.91 554.23
10. Paid up Equity Share Capital 1046.38 946.38
11. Reserves (Excluding Revaluation
Reserves) 11829.77 10823.45
12. Earning Per Share (Basic) Rs. 7.33 6.39
13. Earning Per Share (Diluted) Rs. 7.33 6.21
14. Dividend 10% 10%
During the year under review, the Company achieved a turnover of Rs.
20737.51 Lacs as against Rs. 16733.43 Lacs in the previous year
registering an increase of 23.92%. Gross profit after interest but
before depreciation and tax has increase to Rs. 1304.80 Lacs as
compared to Rs. 992.38 Lacs in the previous year. Net profit after Tax
has increase to Rs. 736.91 Lacs from Rs. 554.23 in the previous year,
showing an increase of 32.96 %.
Your Directors have recommended a Final Dividend of Rs.1.00/- i.e. @
10% per paid-up equity share of Rs. 10/- each for the financial year
ended 31st March, 2012.
SHARE CAPITAL Authorized Share Capital
During the year the authorized share capital of the Company was
increased from Rs. 170,000,000/- (Rupees Seventeen Crores) to Rs.
250,000,000/- (Rupees Twenty Five Crores) divided into 20,000,000
Equity Shares of Rs.10/- each and 500,000 Preference Shares of Rs.
Issued and paid-up Share Capital
During the year under review the Company allotted 1,000,000 Equity
Shares to warrant holders on exercising the right attached to the
warrants as a result paid-up Equity Share Capital of the Company has
increased to Rs.104,638,480/-
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
to the best of their knowledge and belief confirm that:
a. In the preparation of the Annual Accounts, the applicable
Accounting Standards have been followed.
b. Appropriate accounting policies have been selected and applied
consistently, and have 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 as at 31st March, 2012 and of the profit of the Company
for the financial year ended 31st March, 2012.
c. Proper and sufficient care has been taken 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 irregularities.
d. The Annual Accounts have been prepared on a going concern basis.
Mr. A. Sahasranaman, Mr. Shashank and Mr. Ramesh Bhatia retire by
rotation at the ensuing Annual General Meeting and are eligible for
Details of the Directors seeking re-appointment as required under
Clause 49 of the Listing Agreements entered into with the Stock
Exchanges are provided in the Corporate Governance Report forming part
of this Report.
As required by Clause-49 of the Listing Agreement a Report on Corporate
Governance along with a Certificate of Corporate Governance from the
Auditors is annexed to this Report.
MANAGEMENT DISCUSSION & ANALYSIS
The Management Discussion and Analysis Report forms part of this Annual
As required under the provisions of Section 212 of the Companies Act,
1956, the Audited Accounts together with Directors'' Report and
Auditors'' Report of the Subsidiary Companies are appended and form part
of the Annual Report. The statement pursuant to Section 212 of the
Companies Act, 1956 is annexed to this Report.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the requirements of the Clause-32 of the Listing
agreement with the Stock Exchanges and AS-21 presented by ICAI, the
Consolidated Financial Statements of the Company and its subsidiaries
are annexed and forms part of this Annual Report.
The Company''s securities are listed at the following Stock Exchanges in
1. The Bombay Stock Exchange Limited
2. The National Stock Exchange of India Limited
The Annual Listing fee for the Financial Year 2012 - 2013 has already
been paid to both the above mentioned Stock Exchanges. PUBLIC DEPOSIT
The Company has neither invited/ nor accepted any deposits during the
year within the meaning of Section 58A of the Companies Act, 1956, read
with Companies (Acceptance of Deposit) Rules, 1975.
CASH FLOW STATEMENT
As required by Clause-32 of the Listing Agreement a Cash Flow Statement
is annexed and forms part of this Annual Report. AUDITORS AND
The Auditors of the Company, M/s Sushil Poddar & Co., Chartered
Accountants hold office until the conclusion of this Annual General
Meeting, and being eligible offer themselves for reappointment. They
have furnished a certificate that their reappointment if made shall be
within the statutory limits specified in Section 224(1B) of the
Companies Act, 1956.
The Auditors observations in the Audit Report have been explained by
the Company in detail in Notes to the Financial Statements which forms
part of the Annual Report.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information in accordance with the provision of Section 217(1)(e) of
the Companies Act, 1956, read with Companies (Disclosure of Particulars
in the Report of Board of Directors) Rules, 1988 regarding Conservation
of Energy, Technology Absorption and Foreign Exchange Earnings and
outgo is given in the annexure (A) forming part of this report.
PARTICULARS OF EMPLOYEES:
During the year no employee whether employed for the whole year or part
of the year, was drawing remuneration exceeding the limits as laid down
under Section 217(2A) of the Companies Act, 1956, read with the
Companies (Particulars of Employees) Rules, 1975, as amended.
Your Directors place on record their gratitude to the valued customers,
suppliers, bankers and shareholders for the assistance, co-operations
and encouragement they extended to the Company.
Your Directors also wish to place on record their deep sense of
appreciation for the commitment displayed by all the employees of the
Company resulting in the successful performance of the Company during
For and on behalf of the Board
Snehdeep Aggarwal Ramesh Bhatia
New Delhi, 30th May, 2012 Managing Director Director