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Gujarat Automotive Gears Directors Report, Guj Auto Gears Reports by Directors
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Gujarat Automotive Gears
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Directors Report Year End : Mar '14    « Mar 13
Dear Members,
 
 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
                                                     Rs.             Rs.
 
 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
 
 OPERATIONS:
 
 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
 irregularities.
 
 IV) The directors had prepared annual accounts for the year ended 31st
 March 2014 on a going concern basis.
 
 DIVIDEND:
 
 The Board recommends 30% dividend (i.e. Rs. 0.60 per share of Rs. 2)
 for the year ended 31st March, 2014
 
 DIRECTORS:
 
 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,
 2014
 
 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
 
 PUBLIC DEPOSITS:
 
 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.
 
 AUDITORS:
 
 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.
 
 ACKNOWLEDGEMENT:
 
 Your Directors convey their deep sense of gratitude to the employees
 for their co-operation.
 
 
 Registered Office:
 
 Village Billanwali, Baddi-173205                  By Order of the Board
 Dis Solan (Himachal Pradesh)
 
 Date :08.08.2014                                         Rajiv Aggarwal
                                            Chairman & Managing Director
Source : Dion Global Solutions Limited
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