The Directors have pleasure in presenting the Twenty-Fifth Annual
Report together with Audited Statements of Accounts for the year ended
31st March, 2013.
PARTICULARS AS AT 31/03/2013 AS AT 31/03/2012
(In Rs.) (In Lacs) (In Rs.) (In Lacs)
Sales 4339.52 2102.06
Other Income 0 81.75
Profit/(Loss) before Taxation 1.067 1.01
Provision of Current Tax 0.33 0
Net Profit after Tax 0.35 1.01
Balance Carried to Balance Sheet 0.35 1.01
Your directors do not recommend payment of dividend with a view to
plough back the profits for future business expansion.
REVIEW OF OPERATIONS:
The turnover of the Company has increased to Rs. 4339.52 lacs during
the current financial year as compared to Rs. 2102.06 lacs in the
previous year, which registered an increase of 106%. The profit before
interest, depreciation and tax has marginally improved from Rs. 1.01 in
lacs in the year 2011-12 to Rs. 1.06 during the current year i.e. a
growth of 5.39%. The future outlook of the Company''s business is dealt
within the management discussion and analysis.
COMPLIANCE OF CODE OF CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the Listing Agreement, a Report on Corporate
Governance is given as Annexure ''A'' to this Report.
The Company has not accepted any loans or deposits from the public in
terms of Section 58A of the Companies Act, 1956 and Rules framed under
the Companies (Acceptance of Deposits) Rules, 1975.
RESEARCH AND DEVELOPMENT:
The company doesn''t have any research & development activity to be
During the year Mr. Raj Kumar have resigned from the Board of Directors
of the Company w.e.f. 20/06/2012 and Mr. Girdhar Bansal resigned from
the Board of Directors of the Company w.e.f. 21/06/2013 and same was
accepted by the Board of Directors. Mr. Rajesh Sharma and Mr. Sanjeev
Kumar were appointed as the Additional Directors of the company with
effect from 21/06/2013 till ensuing Annual General Meeting.
Mr. Rajesh Sharma and Mr. Sanjeev Kumar are being appointed as the
Directors in the Annual General Meeting with the approval of the
M/S. Nitin Mittal & Co, Chartered Accountant, the statutory auditors of
the company till the next ensuing Annual General Meeting.
Your company is pleased to inform that the relations with employees
including workmen at all levels continue to be warm and cordial.
DIRECTORS'' RESPONSIBILITY STATEMENT:
In terms of Sec 217 (2AA) of the Companies Act, 1956, your Directors
1. That in the preparation of the Annual Accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departure.
2. That 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 and of the
loss of the company for that period.
3. That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. That the directors had prepared the annual accounts on a going
COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF
DIRECTORS) RULES, 1988:
Information in accordance with the provisions of Section 217(l)(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 below:
Our Company is committed to the conversation of the resources. There is
no wastage of energy and the working groups formed by the company for
this purpose, continuously monitor the consumption of various forms of
energy and evaluate the option available for energy conservation.
Investments will be made, when required, for any activity identified as
a source for helping us to achieve further energy savings. The Company
is not using any foreign technology.
The Board of Directors would like to record their appreciation of the
continued support and co-operation received from the Government of
India, Andhra Pradesh and the Financial Institutions. The Directors
would also like to thank all the esteemed Customers, Dealers,
Suppliers, and Auditors of the Company.
The Directors also wish to place on record their sincere appreciation
of the employees at all levels for their dedicated contribution towards
the growth of the Company.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
FOR CROITRE INDUSTRIES LIMITED