The Directors have pleasure in presenting the Forty-First Annual
Report of the Company together with the audited accounts for the Year
ended on March 31, 2012
FINANCIAL RESULTS : 2011-2012 2010-2011
Total Profit 57076469 80513606
Less :Loss/Profit on sale of
assets 201739 278341
Profit on sale of land 0 52155872
Operating Profit 56874730 28079393
Less: Depreciation 3581442 2885939
Operating Profit for the Year
after depreciation but before tax 53293288 25193454
Total Profit before Taxation(2 3 6) 53495027 77627667
Less: Provision For Taxation 17500000 19000000
Less: Provision for Deferred
Tax Assets/Liabilities 86136 (385854)
Less: Short Provision of Tax 0 43674
Profit After Tax 35908891 58969847
Balance Of Profit Brought Forward
From Previous Year 68452242 35718318
Profit Available for Appropriation 35908891 94688165
Less: Proposed Dividend 17500000 17500000
Tax On Proposed dividend 2838938 2838938
Transferred to General Reserve 3590890 5896985
Net Profit Carried Forward to
Balance Sheet 80431306 68452242
Total Turn over during the year is Rs. 2240.24 Lac (Previous Year Rs.
1763.13 Lac) showing increase of 27.06 % over the previous year. We
have made a Profit after depreciation and interest of Rs. 532.93 Laces
(Previous Year Profit of Rs 251.93 Laces). Exports during the year was
Rs. 2137.70 Laces as against Rs. 1657.21 Laces during Previous year
showing a growth of 28.99 %.
During the current year the exchange rate of Rupee was weak against US
Dollar & Euros resulting in favourable realization on export sales
which constituted 96 % of our total sales.
During the coming year focus on export will be primary with regular
visits to customers for providing better service and also visiting
various fairs and exhibitions for taping of new customer.
Europe being our single largest market, we expect a little slow down
from our customers and hopefully would be able to cover any decline in
European market by enhancing and finding new customers in other market
specially more focused on North America and Far East Market.
Director''s Responsibility Statement: Your Board States that
I) In the preparation of the annual account for the year ended on 31st
March, 2012 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, 2012 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 2012 on a going concern basis.
The Board recommends 500 % dividend (i e Rs 50.00 Per Share) for the
year ended 31st March, 2012.
Mr.D.C.Daftari and Mrs.Tejas Kothari, Directors shall retire pursuant
to Article 132 of the Articles of Association of the Company and are
eligible for re-appointment.
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. AUDITORS'' REPORT:
The observation of the Auditors if any is explained by way of
appropriate notes to the accounts.
M/s 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.
for and on behalf of the Board
Chairman & Managing Director
Place : Kalali, VADODARA.
Date : 14-05-2012