To The Members,
The Directors have pleasure in presenting the NINETEENTH ANNUAL REPORT
and Audited Accounts of your company for the year ended 31st March,
Financial Performance In Lakhs
Particulars 2012-13 2011-12
Revenue From Operations (Net) 546.24 583.59
Earnings before Interest
Depreciation and Tax (9.28) 72.09
Less: Finance Costs (41.46) (32.86)
Depredation (36.30) (36.80)
Add: Other Income 7.82 20.87
Profit / (Loss) Before Tax (79.22) 23.31
Less: Tax Expense
Net Current Tax - 0.19
Deferred Tax 4.36 10.38
Short provision for tax of previous year 0.01 0.02
Profit / (Loss) After Tax (63.59) 12.73
Add: Surplus brought forward
from previous years 206.00 193.27
Surplus Carried Forward 122,39 206.00
The directors do not recommend any dividend for the year ended 31st
- Your Company recorded a Net Revenue of Rs.546.24 Lakhs as compared to
''583.59 Lakhs in the previous year, thus showing a decrease of 6.4%,
It made Loss after tax of Rs.83.59 Lakhs as compared to Profit of Rs. 12.73
Lakhs in the previous year.
A wholly-owned subsidiary under the name Accumax Rings Limited has
been incorporated in the month of, April 2013. The subsidiary has been
established to focus on the Forged Rings segment Of your Company and
thus your Company will transfer all its segmental assets and
liabilities pertaining to the Forged Rings to the wholly-owned
subsidiary. Your Company will thereafter focus on the Agriculture
Equipments & Trading business.
Shri Shashikant Bhalodi and Shri Sanjay Patel retire by rotation and
being eligible, offer themselves for re- appointment.
Directors'' Responsibility Statement
Pursuant to the requirement under Section 21.7(2AA) of the Companies
Act, 1956, with respect to Directors''
Responsibility Statement, it is hereby confirmed that.
* the Annual Accounts for the year ended 31st March, 2013 have been
prepared in accordance with all the applicable Accounting Standards
except AS-15 Employee Benefits to the extent mentioned in Note-H of
Statement on Significant Accounting Policies;.
- such Accounting Policies have been selected and applied consistently
supported by management 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 pf the
Company for that - period; .
- proper and -sufficient care had been taken 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; .
- the Accounts for the year ended 31st March, 2013 have been prepared
on a going concern basis. Corporate Governance .
The Company has been pro-active in following the principles and
practices of good Corporate Governance. The Company has taken adequate
steps to ensure that the conditions of Corporate Governance as
stipulated in Clause 49 of the Listing Agreements with the Stock
Exchanges are complied within letter and spirit. A certificate
regarding compliance of conditions of corporate governance is appended
to this report.
Audit Committee .
Pursuant to. the provisions of Section 292A of the Companies Act, 1956
and Clause 49 of the Listing _ '' Agreement the Audit Committee
comprises of the following Directors:
Mr. Marioj H. Shah ''
Mr.- Bharat T. Shah .
Mr. Ajay R. Patel
The Audit Committee of the Board of Directors reviews, acts and reports
to the Board with respect to various auditing and accounting matters.
Auditor and Auditor''s Report .
Arun M. Kothari, Chartered Accountant, the Auditor of the Company will
retire at the conclusion of the ensuing Annual General Meeting and is
eligible for re-appointment for F.Y. 2013-14. Arun M. Kothari has
indicated his willingness to act as such and has confirmed that his
re-appointment, if made, would be within the limits specified under
Section 224(1-B) of the Companies Act, 1956. .
The observation made by. the Auditor in his report with regards to
Accounting Standard 15 Employee Benefits has been clarified- in the
relevant Note-H of Statement on Significant Accounting Policies forming
part of the financial statements, which is self-explanatory.
Conservation of energy, Technology absorption and Foreign exchange
earnings and outgo Your Company has given utmost priority for
conversation of energy and shall continue to do the same in future.
c. Technology Absorption .
The Company has not taken any new technology in particular or entered
into any technology agreement during the period hence the information
required .is not applicable. ''
The technology .used by the Company is indigenously developed and no
technology has been-imported.
Your company has taken due care so as not to disturb the ecological
balance of the region. The company has also planted a number of trees
in the surrounding area so as to keep the environment pollution-free.
Particulars of Employees
There are no employees whose details are required to be mentioned as
per Section 217(2A) of the Companies Act, 1956.
Acknowledgement . .
Your directors wish to express their appreciation to all the employees
of the Company for their excellent support and co-operation in
achieving the Organizational Goals during the period .under review, the
Board wishes to thank the Government, Company''s Bankers and all other
Institutions connected with the company who have extended their support
to the company during its operations.
For and on behalf of the Board,
Jayantilal D. Patel Manoj H. Shah
Chairman & Managing Director Director
Rajkot, 28th May, 2013