The Directors have pleasure in presenting their twentieth Annual
Report on the business operations and activities of the Company
together with the audited accounts for the Financial year ended 31st
Summarised Financial Results:
Particulars Year ended Year ended
Income from operations 4522.22 5103.77
Operating Profit 573.41 773.64
Less: Interest 75.16 108.56
Less: Depreciation 478.06 466.57
Profit before tax 20.19 198.51
Less: Provision for tax 76.73 123.61
Profit after tax 0.00 0.00
Add: Deferred tax Assests 72.26 63.48
Add: Income Tax for earlier year 0.16 4.56
Net Profit for the year 15.88 142.94
Add: Balance brought forward 1558.78 1415.84
Balance carried to balance sheet 1574.66 1558.78
For the financial year ended 31st March 2012 the Revenue from operation
of the Company decreased marginally to Rs 4522..22 Lacs as compared to
Rs.5103.77 Lacs in Previous Year. The Net Profit of the Company for the
year under review is of Rs. 15.88 Lacs as compared to previous year Net
Profit of Rs. 142.94 Lacs.
The Future of Indian Textile Industry is looking really bright. Your
Directors are planning to boost the Ready Fabric sales of your Company
with a Brand Name of Dhanlaxmi fabrics in local as well as export
market. Steps has already been taken to strengthen the Marketing cell.
The Export of Ready Fabrics worth Rs.63.27 lacs has already been done
in the year under review.
With a view to conserve resources the Board does not recommend any
dividend for the year 2011-2012.
In accordance with the provisions of the Companies Act 1956 and the
Articles Of Association of the Company, Shri Mahesh S. Jhawar and Shri
Mihir Mehta - Directors of the Company are liable to retire by rotation
and being eligible offer themselves for re-appointment at Annual
General Meeting. Your Directors recommend their re-appointment.
Brief profile of the Director''s proposed to be re-appointed is
annexed to the Notice of the ensuring Annual General Meeting.
Directors Responsibility Statement
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it is
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2012, the applicable accounting standards have been
followed along with proper explanation relating to material departures;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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
profit of the Company for the year under review;
(iii) That 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 accounts for the financial
year ended 31st March 2012 on a ''going concern'' basis.
The retiring Auditors M/s .S. G. Kabra & Co., Chartered Accountants,
Mumbai, have been appointed to hold office till the conclusion of the
next Annual General Meeting. They have furnished a certificate to the
effect that the proposed re-appointment, is in accordance with the
limits specified U/s. 224(1 B) of the Companies Act, 1956.
The Auditors have not made any qualification to the financial
statement, in their reports or relevant notes on accounts, which are
self explanatory and do not call for any comments under section 217 (3)
of the Companies Act, 1956.
As on 31.03.2012 the Company held no deposit in any form from anyone.
There was no deposit held by the Company as on 31.03.2012 which was
overdue or unclaimed by the depositors. For the present the broad of
directors have resolved not to accept any deposits from public,
shareholders and others.
A Report on Corporate Governance together with a Management Discussion
and Analysis report along with a Certificate from Mr.Ramesh Chandra
Mishra, Company Secretary in practice, regarding compliance of
requirements of Corporate Governance pursuant to clause 49 of the
Listing Agreement with the Stock Exchange are annexed hereto.
Particulars As Per Section 217 (2a) Of Companies Act, 1956:
During the year under review, none of the employees of the Company was
in receipt of remuneration aggregating Rs. 24,00,000/- or more per
annum, if employed throughout the year, or Rs. 2,00,000/- or more per
month, in case employed for part of the year. Hence, there are no
particulars to be annexed to this report as required under section 217
(2A) of the Companies Act, 1956 and the rules made there under.
The Balance Sheet as at 31st March, 2012 and the Statement of Profit &
Loss for the year ended on that date along with the Directors'' and
Auditors'' Report and Statement Pursuant to Section 212 of the
Companies Act, 1956 relating to Western Chlorides & Chemicals Pvt.
Ltd., Dhanesh Fabrics Pvt. Ltd.,DLF Fabrics Private Limited
Subsidiaries of the Company are attached to this report and shall be
treated as forming part of the report.
Conservation Of Energy, Technology Absorption And Foreign Exchange
Earnings And Outgo
Particulars as require under Section 217 (1)(e) of the Companies Act
1956 read with the Companies (Disclosure of particulars in the Report
of the Board of Directors) Rules 1988 are given in Annexure-1 to this
The Directors place on record their appreciation for co-operation and
support extended by the Government, Banks, Shareholders, and customers
for their continued support extended to the company at all times.
The Directors further express their deep appreciation to all employees
for commendable teamwork, high degree of professionalism and
enthusiastic effort displayed by them during the year
For and on behalf of the Board
Date: 30th May 2012 Ramautar S. Jhawar