The Directors have pleasure in presenting the 28th Annual Report
together with audited accounts for the financial year ended 31st March,
1. FINANCIAL RESULTS
The financial performance of the company for the period under review
was as follows:
Particulars 2011-2012 2010-2011
Total Income 6422.96 5870.37
Total Expenditure 6103.40 5431.33
Profit before depreciation, tax and 319.56 439.04
prior period items
Less: Depreciation 44.87 52.97
Less: Prior period items Nil Nil
Profit/(Loss) for the year before tax 274 68 386 07
Profit/ (Loss) after tax 267 18 379 71
The operations of the Company are improving day by day and the
management is very aggressively striving to achieve the full production
capacity. The production of the company has increased marginally this
year and full capacity is still to be achieved. The management is
taking all necessary steps including various modifications in the plant
to ensure the full and efficient running of the plant.
Your Directors feel that this current year is going to be better for
the company as we are striving hard to achieve the full production
3. FIXED DEPOSITS
The Company has not accepted any fixed deposits during the financial
year under review.
The Board of the Company is duly constituted; there has been no change
in the composition dunng the year. There are 7 (seven) Non-executive
Director out of which 4 (four) are independent and 1 (one) Executive
In accordance with the provisions of the Companies Act and the Articles
of Association of the Company, Mr. Sanjeev Jalan, Mr. Sharwn Kanodia
and Mr. Amit Chaudhary, Directors retires by rotation at the ensuing
Annual General Meeting and being eligible offers themselves for
re-appointment. Mr. Sandeep Kanoria is reappointed as Managing Director
of the Company for a further period of five years.
M/s V K Jindal & Co. Chartered Accountants are statutory Auditor of the
Company. M/s Jindal & Co. have expressed their unwillingness to be
re-appointed as Auditors of the Company, on their retirement at the
forthcoming Annual General Meeting. The Board records its appreciation
for the assistance and guidance provided by them during their long
tenure with the Company. The Board recommends the appointment of Mr.
Ritesh Bajoria & Co. Chartered Accountants, as Auditors of the Company
from the conclusion of this Annual General Meeting of the Company on
such remuneration as may be fixed by the Board of Directors of the
6. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
Particulars under Section 217(l)(e) of the Companies Act, 1956 to the
extent applicable to the Company regarding conservation of energy,
technology and foreign exchange earning and outgo is given as Annexure
(I) to the Report.
7. PARTICULARS OF EMPLOYEES
The Company does not have any of its employees drawing remuneration
attracting the provisions of Section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules, 1975.
8. MANAGEMENT''S DISCUSSION AND ANALYSIS REPORT
A comprehensive Management''s Discussion and Analysis Report is made a
part of this Annual Report.
9. CORPORATE GOVERNANCE
Pursuant to the clause 49 of the Listing agreement with the stock
exchanges, Corporate Governance Report is made a part of this Annual
10. DIRECTORS'' RESPONSIBILITY STATEMENT
The Board of Directors states:
a) That in the preparation of the annual accounts, the applicable
accounting standards have been followed.
b) 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 profit of
the Company for that period.
c) That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 safeguarding the assets of the
Company and for preventing and detecting fraud and other
d) That the Directors had prepared the annual accounts on a going
Your Directors express their special thanks to the Customers,
Suppliers, Members, and Employees for their continued support. Your
directors also gratefully acknowledge the co- operation and assistance
received from Bank of Baroda, Central and State Government authorities
for their continued support and valuable assistance.
FOR AND ON BEHALF OF BOARD OF DIRECTORS
Place: Pune (Ramesh Chaudhary)
Date: 03.09.2012 CHAIRMAN