The Directors have pleasure in presenting the Forty Third annual
Report of the Company together with the audited accounts for the year
ended on March 31, 2014
FINANCIAL RESULTS: (Rupees in lacs)
Particular 2013-2014 2012-2013
1 Operating profit 736.78 648.10
2 Add :Profit on sale of assets 0 1.74
3 Total Profit 736.76 649.84
4 Less : Depreciation 44.47 44.58
5 Total profit for the year after
depreciation but before tax 692.29 605.26
6 Less : Provision for taxation 228.63 185.00
7 Less Provision for deferred tax assets /
liabilities -0.92 12.36
8 Profit after tax 464.58 407.90
9 Balance of profit brought forward from
previous year 1159.14 804.31
10 Profit available for appropriation 1623.72 1212.21
11 Less : Proposed dividend 10.50 10.50
12 Tax on proposed dividend 1.78 1.78
13 Transferred to general reserve 46.70 40.79
14 Net profit carried forward to balance sheet 1564.74 1159.14
Total Turn over during the year is Rs.2862.97 Lac (Previous Year Rs.
2410.09 Lac) showing increase of 18.79 % over the previous year. We
have made a Profit afler depreciation and interest of Rs.692.29 Lac
(Previous Year Profit of Rs. 605.26 Lac). Exports during the year was
Rs. 2795.22 laces as against Rs. 2325.22 Laces during Previous year
showing a growth of 20.21%.
During current year the exchange rate of rupee against US Dollars &
Euro has been stable compared to previous year. Also during the current
year our export sales are 97.63 % of our total sales
As in the past, during the coming year more focus will be on exports
with regular visits to customers and tapping new customers at trade
fairs and exhibitions.
Director''s Responsibility Statement: Your Board States that
I) In the preparation of the annual account for the year ended on 31st
March. 2014 the applicable, accounting standards had been followed and
there had been no material departures from the said standard.
II) The directors had selected such accounting policies and applied it
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 as at 31st March. 2014 and of the profits of the company
for the year ended on that day
III) The directors had taken proper and sufficient care for the
maintenance and adequate accounting statement 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) The directors had prepared annual accounts for the year ended 31st
March 2014 on a going concern basis.
The Board recommends 30% dividend (i.e. Rs. 0.60 per share of Rs. 2)
for the year ended 31st March, 2014
Mr. Naresh Kothari, Mr. Niranjan Unadkat. (Mrs.) T.N. Kothari, Mr.A.H.
Patel and Mr. M.D. Patel resigned during the year due to handing over
the management to others.
Mr. Vijay Aggarwal, Mr.Rajiv Aggarwal, Mr. Rajendra Prasad Sinha, Mr.
Ravikant Tilakraj Dhawan, Mr. Ankit Jain and Mr. Jayvant Mehta were
appointed as additional Directors during the year. Mr. Ramkisan
Amirchand Devidayal was appointed as additional Director on 14th May,
Mr. Vijay Aggarwal, Mr. Jayvant Mehta and Mr. Ramkisan Amirchand
Devidayal resigned due to their personal reasons.
The Company has received notice under section 160 of the Companies
Act,2013 for the appointment of Mr. Rajiv Aggarwal, Mr. Rajendra
Prasad Sinha, Mr. Ravikant Tilakraj Dhawan and Mr. Ankit Jain as
Directors of the Company. The Board recommend to appoint them.
PARTICULARS OF EMPLOYEES:
Information in accordance with the provisions of Section 217 (2A) of
the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules, 1975 as amended regarding employees is NIL
The company has not accepted deposits U/S 58 A of the Companies Act,
1956 during the year.
The observation of the Auditors, if any, is explained by way of
appropriate notes to the accounts.
Messrs Kanu Doshi Associates, the Auditors of your Company retire at
the ensuing Annual General Meeting and are eligible for re-appointment.
SECRETARIAL COMPLIANCE CERTIFICATE:
Secretarial Compliance Certificate of M/s Dinesh Mehta & Co., Company
Secretaries as required under the provision of section 383A(1) of the
companies Act,1956 is annexed herewith.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO:
A statement containing the necessary information in accordance with
Section 217 (i)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 is annexed hereto and marked annexure A to this report.
Your Directors convey their deep sense of gratitude to the employees
for their co-operation.
Village Billanwali, Baddi-173205 By Order of the Board
Dis Solan (Himachal Pradesh)
Date :08.08.2014 Rajiv Aggarwal
Chairman & Managing Director