The Directors of your company have pleasure in presenting the 39th
Annual Report on the affair of the company together with the Audited
Accounts for the year ending 31 st March, 2012.
1. FINANCIAL RESULTS (Rupees in Lacs)
Operating Income 20809.00 18692.00
Profit before depreciation,
Interest & tax 785.26 418.24
Interest & Financial Expenses 456.76 147.89
Profit before depreciation & tax 328.50 270.35
Depreciation 105.93 80.83
Profit before tax 222.57 189.51
Provision for tax-Current Tax 0.00 61.20
Deferred Tax Liability 56.94 4.97
Profit after Tax 165.63 123.34
Prior year Tax adjustments (2.77) 0.00
Balance brought forward 150.31 156.97
Transfer to General Reserve 150.00 130.00
Balance carried over to Balance
Sheet 163.17 150.31
The Board of Directors do not recommend payment of dividend for the
year under review.
The company''s equity shares are listed at Ludhiana Stock Exchange
Association Limited, Feroze Gandhi Market, Ludhiana, The Delhi Stock
Exchange Association Limited, DSE House, 3/1, Asaf Ali Road, New Delhi
& The Stock Exchange Mumbai, Dalai Street, Mumbai. The listing fee dues
of the Stock Exchanges have been paid up to the financial year under
All activities relating to Company''s listed securities (Physical & in
Demat form) are being undertaken by M/s Skyline Financial Services
Private Limited w.e.f 01.04.2003. The Address & Contact Nos. are:
M/s Skyline Financial Services Pvt Ltd,
246,1 st Floor,Sant Nagar,
East of Kailash, NEWDELHI-110064.
TEL:26292682,26292683 FAX: 26292681 Emailemail@example.com
The members are advised to send their shares to R.T.A.
Sh. Sanjiv Garg has resigned w.e.f 03.10.2011 from the board of
directors of the company, the office of Sh. J.C Garg Chairman and
Managing Director of the Company has Vacated due to sad demise of Sh.
J.C Garg on 18/01/2012. The board places on record their sincere
appreciation for the valuable services rendered by outgoing directors.
Sh. Sushil Singla, Sh. Pawan Garg, Sh. Steven Soni retire by rotation
and being eligible have offered themselves for re-appointment.
In term of clause 49 of the listing Agreement with the stock Exchange,
the details of directors to be appointed/re-appointed are mentioned in
the accompanying Notice of the forthcoming Annual General Meeting.
DIRECTOR''S RESPONSIBILITYSTATEMENT .
Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 1956,
the Directors confimr-
i). That in the preparation of annual accounts, the applicable
accounting standard have been followed and wherever required proper
explanations relating to material departures have been given.
ii). That appropriate accounting policies have been selected and
applied consistently and the judgments and estimates made are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the company at theendofthe financial year
asat31.03.2012andoftheprofitsofthecompanyforthe year ended31.03.2012.
iii). That proper and sufficient care has been taken 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 annual accounts have been prepared on a going concern basis.
The company has put in place a system of Corporate Governance. A
Separate report on Corporate Governance forming part of the Annual
Report is annexed hereto. A Certificate from the Auditors of the
company regarding compliance of conditions of Corporate Governance as
stipulated under The Corporate Governance clause of the Listing
Agreement is annexed to the report on Corporate Governance.
M/s Dass Khanna & Co. Chartered Accountants, Ludhiana retires at the
conclusion of ensuing Annual General Meeting. They have indicated
their willingness to accept reappointment and have further confirmed
their eligibility u/s 224(1 B) of the
Companies Act, 1956.
The Auditor''s Report is self explanatory and therefore do not call for
any further comments.
The Board of Directors has appointed M/s Meenu & Associates, Cost
Accountants, Ludhiana as the Cost Auditors of the Company for the year
2012-13.The approval of the Central Government in this regard has also
been received. The Cost Auditors Report will be sent to the Central
Government as required under law.
During the year under review the company has neither accepted nor
intend to accept any public deposit within the provisions of section
58-A of the Companies Act, 1956 and rules made thereunder. There are no
outstanding / unclaimed deposit from the public.
The Industrial relations remained cordial through out the year and have
resulted in sustained growth of the company. PARTICULARS OF EMPLOYESS
Information pertaining to employees pursuant to section 217 (2A) of the
Companies Act, 1956 is nil.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO.
The information relating to Conservation of Energy, Technology
Absorption and Foreign Exchange Earning and Outgo as required under
Section 217 (1)(e) of The Companies Act, 1956 read with Companies
(Disclosure of Particulars in the report of Directors) Rules 1988 is
annexed and forms part of this report.
The Directors wish to extend their sincere thanks to the Punjab & Sind
Bank, Punjab State Power Corporation Limited, Container Corporation of
India, other State & Central Government Agencies, Suppliers and
Customers for their continued support and co-operation.
The Directors also wish to place on record their deep appreciation for
the services rendered by the workers & staff at all levels.
For and on behalf of the Board
Dato: 3/ 08/2012 Devinder Garg
Chairman & Managing Director