The Directors have pleasure in presenting the Twenty Eighth Annual
Report of the Company, together with the Audited Accounts for the
financial year ended 31st March, 2012.
Rs. in Lacs
Particulars 2011-12 2010-11
Total Revenues 8393.28 7162.77
Profit Before Interest, Depreciation and
Tax (PBIDT) 748.20 608.28
Interest 263.07 190.58
Depreciation 188.12 180.66
Profit Before Tax (PBT) 296.01 237.04
Provision for Tax 125.50 60.41
Excess Provisions Written Back 29.18 1.69
Provision for Deferred Taxation (10.38) 28.54
Profit After Tax (PAT) 152.71 146.40
Surplus Brought Forward 922.95 821.65
Balance Available for Appropriation 1075.66 968.05
Dividend 38.68 38.68
Tax on Dividend 6.27 6.42
Transfer to General Res. - -
Surplus Carried Forward 1030.71 922.95
During the year under review the sales increased to Rs. 8393.28 Lacs in
comparison to previous year''s Rs. 7162.77 Lacs an increased of 17.18%.
PBIDT increased by 23% and PBT increased by 25.30%. PAT increased by
The Directors are pleased to recommend a Dividend of 5 % per equity
share of Rs..1 each for the financial year ended 31st March 2012.
Your Company is listed with the Bombay Stock Exchange Limited at P J.
Towers, Dalal Street, Mumbai 400 001, bearing Scrip Code No. 509079 and
with the National Stock Exchange of India Limited at Exchange Plaza,
Bandra Kurla Complex, Bandra (E), Mumbai 400 051 bearing Scrip Code
GUFICBIO. The listing fees for the year 2012- 2013 has already been
paid by the Company.
During the year under review, your Company has not accepted any
deposits from the public.
DIRECTORS'' RESPONSIBILITY STATEMENT:
In terms of provisions of Section 217(2AA) of the Companies Act, your
Directors'' confirm that:
- In the preparation of the annual accounts, the applicable
accounting standards have been followed;
- Appropriate accounting policies have been selected and applied
consistently and judgments and estimates made 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 ended 31st March, 2012 and
of the profits of the Company for that period;
- 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 irregularities;
- The annual accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION AND ANALYSIS
A Report on Corporate Governance along with a Certificate from the
Auditors of the Company regarding compliances with the conditions of
Corporate Governance pursuant to Clause 49 of the Listing Agreement is
Management Discussion and Analysis Report, as required under the
Listing Agreements with the Stock Exchanges is given as a separate
statement, which forms part of this Annual Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGOES:
The information required 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 is annexed hereto and forms part
of this Report.
PARTICULARS OF EMPLOYEES:
There are no employees whose information is required to be given under
Section 2I7 (2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules, 1975 as amended.
As per the provisions of Companies Act, 1956 and Articles of
Association, Mr. Sharat S. Gandhi and Mr. Pranav J. Choksi retires by
rotation at the ensuing Annual General Meeting and being eligible
offers themselves for reappointment.
Comments given by the Auditors in their Audit Report when read together
with the notes to Accounts are self explanatory and needs no further
Your Directors wish to place on record their sincere appreciation for
the continuous support received from your Company''s customers, its
dealers and suppliers and from its bankers. Your directors also
acknowledge with gratitude the encouragement and support extended by
its valued shareholders.
For and on behalf of the Board of Directors,
Place: Mumbai Jayesh Choksi
Date: 10th July, 2012 Chairman & Managing Director