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Gujarat Automotive Gears Directors Report, Guj Auto Gears Reports by Directors
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Gujarat Automotive Gears
BSE: 505712|ISIN: INE705G01013|SECTOR: Auto Ancillaries
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Directors Report Year End : Mar '13    « Mar 12
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
                                        Rs.           Rs.
 
 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
 depreciation but
 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
 
 
 OPERATIONS:
 
 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
 irregularities.
 
 iv) The directors had prepared annual accounts for the year ended 31st
 March 2013 on a going concern basis.
 
 DIVIDEND:
 
 The Board recommends 30 % dividend (i e Rs 3.00 pr share) for the year
 endued 31st March, 2013.
 
 DIRECTORS:
 
 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
 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
 
 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.
 
 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.
 
 ACKNOWLEDGEMENT:
 
 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
Source : Dion Global Solutions Limited
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