The Directors have pleasure in placing before you the 17th Annual
Report of the Company along with the Audited Accounts for the year
ended 31st March, 2012:
FINANCIAL HIGHLIGHTS (In Lakhs) (In Lakhs)
ACCOUNTING YEAR 2011-2012 2010-2011
Sales 320.00 330.31
Other Income 8.03 17.25
Profit before Finance cost,
depredation and tax 59.56 55.55
Finance Cost 17.36 12.32
Depreciation 26.98 27.69
Tax expenses (6.39) (3.41)
Profit after tax 21.60 18,96
Profit & Loss Account Balance B/f (24.78) (43.74)
Balance carried to the Balance Sheet (3,17) (24.78)
In view of the requirement of working capital for the companies
activities, the directors have not recommended any distribution of
During the year under review the Company''s turnover has decreased from
Rs. 330.31 Lacs to Rs. 320.00 Lacs. The Net Profit Before tax is Rs.
15.22 Lacs against the last year profit of Rs. 15.54 lacs. ¦
CURRENT OUTLOOK & BUSINESS ACTIVITIES
Since the new plant is already commissioned, the Directors expect
better capacity utilization and consequently good growth in export as
well as local sales turnover. The demand for company''s products
continues to be good.
Mr. Kanaiyalal S. Thakkar retires by rotation at the forthcoming Annual
General Meeting and being eligible, offers himself for re-appointment.
LISTING ON THE STOCK EXCHANGES
The Company''s shares are listed with Bombay Stock Exchange Ltd. and the
Company has paid the necessary listing fees for the Financial Year
MANAGEMENT''S DISCUSSION AND ANALYSIS REPORT
Management''s Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with Stock
Exchange, Mumbai, is included in this Annual Report.
A separate report on Corporate Governance together with Certificate
from Practicing Chartered Accountant on its compliance is included
elsewhere in this Annual Report.
The Company has not accepted or renewed any Fixed Deposits within the
meaning of Section 58-A of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
Particulars of employees as required u/s 217 (2A) of the Companies Act,
1956 are not annexed since there are no employees drawing remuneration
of more than Rs.60,00,000/- per annum during the year under review, if
employed for full year or more than Rs. 5,00,000/- per month, if
employed for part of the year.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it is
hereby confirmed that:
i) in the preparation of the annual accounts for the year ended March
31, 2012, the applicable accounting standards read with requirements
set out under Schedule VI to the Companies Act, 1956, have been followed
and there are no material departures from the same;
ii) the Directors have 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 as at March 31, 2012 and of the profit of the Company
for the year ended on that date;
iii) the Directors have 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
iv) That the directors have prepared the annual accounts on a ''going
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION.
1 A. Conservation of Energy:
Your Company operation does not involve intensive energy consumption.
Despite not a heavy energy user, the Company acknowledges its
importance and hence adequate measures have been taken to reduce energy
consumptions wherever possible.
B. Research & Development Technology Absorption:
a) Particulars of Research and Developments:
As business and technologies are changing constantly, continuous
investments in research and development are of paramount importance. As
a result of research efforts, your company has been able to develop
processes and methodologies that have resulted in constant improvement
in quality and productivity.
b) Particulars of Technology Absorption, Adoption and Innovation:
(i) The Company gets information on latest technology on
equipment/process, marketing etc. and this has been company''s
operations, continuously absorbed and adopted to suit to Company''s
(ii) Benefits derived as a result of the above efforts e.g, product
improvement, cost reduction, product development, import substitution
c) Details of Technology - Not Applicable.
C. Foreign Exchange Earning and Outflow:
During the year under review; your Company earned a foreign exchange of
Rs. 103.22 Lacs and utilized foreign exchange worth Rs. 64.78 Lacs.
SECRETARIAL COMPLIANCE REPORT
According to the provisions of section 383A of the Companies Act, 1956,
our Company has obtained the Secretarial Compliance Report from a
Company Secretary in whole time practice
RESUBMSSION OF DIRECTORS ON AUDITOR''S OULIFIC ATION:
The observations made in the Auditors'' Report are self explanatory and
the management is taking effective steps for the rectification.
M/s. D. Kothary & Co., Chartered Accountants, the Statutory Auditors of
the Company retire at this Annual General Meeting and are eligible for
the reappointment as Auditors of the Company to hold the office from
the date of this Annual General Meeting until the conclusion of the
next Annual General Meeting. The Directors recommend reappointing M/s.
D. Kothary & Co., as auditors of the Company. A certificate has been
received from the Auditors to the effect that their reappointment, if
made, would be within the prescribed limits u/s. 224 (1B) of the
Companies Act, 1956.
Your directors would like to express their sincere appreciation for the
assistance and cooperation received from bankers, employees, auditors
and consultants during the period under review. The Directors sincerely
appreciate the high degree of professionalism, commitment and
dedication displayed by employees at all levels. The Directors also
place on record their gratitude to the Members for their continued
support and confidence.
By Order of the Board
Chairman & Managing Director
Place : Mumbai.
Date :28th August; 2012
Gala No. 202, Krishna House, Shailesh UdhyogNagar,
Opp. Nicholas Garage, Sativali Road,
Waliv, Vasai (East), Dist. Thane-401208