The Directors have pleasure in presenting this Twenty Fifth Annual
Report on the affairs of the Company together with the Audited
Statements of Accounts for the year ended on 31st March, 2012.
FINANCIAL RESULTS:
(Rs in Lakhs)
Year ended Year ended
31.03.2012 31.03.2011
Sales for the year 9,159.83 8,215.36
Profit before Interest & finance charges,
depreciation & taxation 1,280.54 970.13
Less: Interest & finance Charges 63.67 29.31
Operating profit before depreciation & taxation 1,216.87 940.82
Less: Depreciation, amortization & impairment
of asset 134.68 136.98
Profit before taxation 1,082.19 803.84
Provision for taxation 230.00 169.47
Profit after taxation 852.19 634.37
Add: Balance brought forward 7,720.66 7,377.18
Profit available for appropriation 8,572.85 8,011.55
Less: Appropriation:
Transfer to General Reserve 55.00 -
Interim Dividend 274.41 249.46
Tax on Interim Dividend 44.51 41.43
Proposed Dividend 99.78 -
Provision for Tax on Proposed Dividend 16.19 -
Balance carried forward to Balance Sheet 8,082.96 7,720.66
OPERATIONS:
The operations of the Company have shown considerable improvement as
compared to the previous year. The Company has achieved a turnover of
Rs9,159.83 Lakhs during the year under report as compared to Rs8,215.36
Lakhs during the previous year reflecting a growth of 11.50% over the
previous year. The profits of the Company have also shown a remarkable
increase with the Company earning a net profit of Rs852.19 Lakhs after
tax as compared to a net profit after tax of Rs634.37 Lakhs for the
previous year registering an increase of 34.34%.
DEPOSITS:
The Company has not invited/accepted any deposit from the public during
the year ended 31st March, 2012. There were no unclaimed or unpaid
deposits as on 31st March, 2012.
DIVIDEND:
The Board consider the payment of Interim Dividend @ Rs1.10/- per share
(11%) has decided to recommend final dividend @ Rs0.40 per share (4%),
thus giving a total dividend of Rs1.50 per share (15%) for the year
under report.
The dividend payout for the year under review has been formulated in
accordance with shareholders'' aspiration and the Company''s policy to
pay sustainable dividend linked to long term growth objectives of the
Company to be met by internal cash accruals.
SUBSIDIARY COMPANIES:
In accordance with the General Circular no. 2/2011 File no.
51/12/2007-CL-III dated 8th February, 2011 issued by the Ministry of
Corporate Affairs, Government of India, granting general exemption to
the companies under Section 212(8) of the Companies Act, 1956, the
Balance Sheet, Profit and Loss Account and other Reports and statements
of the subsidiary companies are not being attached with the Balance
Sheet of the Company. The Company will make available the annual
accounts of the subsidiary companies and the related detailed
information to any shareholder of the Company seeking such information
at any point of time. The annual accounts of the subsidiary companies
are also available for inspection by any shareholder at the Registered
Office of the Company and that of the respective subsidiary companies.
The Consolidated Financial Statements of the Company and all the
subsidiaries duly audited by the statutory auditors of the Company are
presented in the Annual Report of the Company. A summary of the
financial information of the subsidiary companies is also attached to
the Annual Report of the Company.
DEMATERIALISATION:
More than 97% of the shares of the Company are in dematerialized form.
Your Directors request all the members who have not yet got their
holdings dematerialized to do so to enable easy trading of the shares
as the shares of the Company are compulsorily traded in dematerialized
form.
DIRECTORS:
As per the provisions of Section 256 of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Manhar R. Bhansali,
Director of the Company, retire by rotation at the forthcoming Annual
General Meeting and, being eligible, offer themselves for
re-appointment. Your Directors recommend their re-appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to the requirement under section 217(2AA) of the Companies
Act, 1956 with respect to Directors'' Responsibility Statement, it is
hereby confirmed:
(i) that in the preparation of the annual accounts for the financial
year ended 31st March, 2012, the applicable accounting standards had
been followed along with proper explanation relating to material
departures;
(ii) 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 or loss of the Company for the year under review;
(iii) 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 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) that the directors had prepared the accounts for the financial
year ended 31st March, 2012 on a ''going concern'' basis.
AUDITORS:
M/s. Pulindra Patel & Co., Chartered Accountants, hold office until the
conclusion of the ensuing Annual General Meeting and being eligible for
re-appointment, have furnished their eligibility certificate to the
effect that reappointment, if made, would be within the limits
prescribed under Section 224(1B) of the Companies Act, 1956 and that
they are not disqualified for re-appointment within the meaning of
Section 226 of the said Act. The Board recommends their re-appointment.
REPORT ON CORPORATE GOVERNANCE:
A separate report on Corporate Governance is attached to this report
along with Statutory Auditors'' certificate on its compliance.
(A) CONSERVATION OF ENERGY, (B) TECHNOLOGY ABSORPTION, (C) FOREIGN
EXCHANGE EARNINGS AND OUTGO:
Particulars as prescribed under Section 217(1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 are as furnished herein below:
A. CONSERVATION OF ENERGY:
As the Gems & Jewellery Industry is not covered by the Schedule
prescribed by the said Rules, disclosure of particulars on conservation
of energy is not applicable to the Company.
B. TECHNOLOGY ABSORPTION:
The particulars regarding absorption of technology are annexed in the
prescribed Form B of the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO:
The Company''s main line of business is manufacturing and exporting
studded gold jewellery. The Company has achieved Export Turnover of
Rs9,159.83 Lakhs during the year under report, 2011-2012, as compared to
Rs8,215.36 Lakhs in the previous year, 2010-2011.
(Rs in Lakhs)
Particulars 2011-2012 2010-2011
Total Foreign Exchange
Received 8,572.02 7,187.92
Total Foreign Exchange used:
i) Raw Materials 3,345.90 2,752.44
ii) Consumable Stores 15.22 7.71
iii) Capital Goods 28.79 20.82
iv) Foreign Travels 15.83 11.10
v) Others 19.32 26.13
PARTICULARS OF EMPLOYEES:
None of the employees has received remuneration/ salary exceeding the
limit as stated in Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975 as amended.
ACKNOWLEDGEMENTS:
Your Directors take this opportunity to place on record their
appreciation and sincere gratitude to Government of India, Government
of Maharashtra, SEEPZ (SEZ) Authorities and the Bankers to the Company
for their valuable support and look forward to their continued
co-operation in the years to come.
Your Directors acknowledge the support and co-operation received from
the employees and all those who have helped in the day-to-day
management.
For and on behalf of the Board of Directors
Place: Mumbai MANHAR R. BHANSALI
Dated: 26th May, 2012 CHAIRMAN |