The Directors have pleasure in presenting the Forty-Second Annual
Report of the Company together with the audited accounts for the Year
ended on March 31, 2013
FINANCIAL RESULTS: 2012-2013 2011-2012
Total Profit 64983792 57076469
Less :Loss/Profit on sale of assets 173818 201739
Operating Profit 64809974 56874730
Less: Depreciation 4457559 3581442
Operating Profit for
the Year after
before tax 60352415 53293288
Total Profit before Taxation(2 3 6) 60526233 53495027
Less: Provision For Taxation 18500000 17500000
Less :Provision for Deferred
Tax Assets/Liabilities 1236084 86136
Profit After Tax 40790149 35908891
Balance Of Profit Brought
Forward From Previous Year 80431306 68452242
Profit Available for Appropriation 40790149 35908891
Less: Proposed Dividend 1050000 17500000
Tax On Proposed dividend 178448 2838938
Transferred to General Reserve 4079015 3590890
Net Profit Carried
Forward to Balance Sheet 115913992 80431306
Total Turn over during the year is Rs.2410.09 Lac (Previous Year Rs.
2240.24 Lac) showing increase of 7.58 % over the previous year. We have
made a Profit after depreciation and interest of Rs.605.26 Laces (Pre-
vious Year Profit of Rs 534.95 Laces). Exports during the year was Rs.
2325.22 Laces as against Rs. 2137.70 Laces during Previous year
showing a growth of 8.77%.
During current year the exchange rate of rupee against US Dollars &
Euro has been stable compared to pervious year. Also during the current
year our export sales are 96.67 % of our total sales.
The slowdown in Italy, Germany, USA, economics which are our major
markets is likely to have bearing on our sales for next year. Our
efforts will be to maintain sales level in these markets and also try
to increase our sales by targeting other markets.
As in the past, during the coming year more focus will be on exports
with regular visits to customers and taping 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, 2013 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, 2013 and of the profits of the company
for the year ended on that day.
HI) 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 2013 on a going concern basis.
The Board recommends 30 % dividend (i e Rs 3.00 pr share) for the year
endued 31st March, 2013.
MrAH.PATEL and Mr M D PATEL, Directors shall retire pursuant to article
132 of the Articles of Association of the Company and are eligible for
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.
SECRATERIAL 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 EARN-
INGS 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
Place : VADODARA. Naresh Kothari
Date : 25-04-2013 Chairman & Managing Director