The Directors have pleasure in presenting their Annual Report together
with the Audited Statement of Accounts for the Financial Year ended on
31st March, 2012.
(1) FINANCIAL AND WORKING RESULTS:
PARTICULARS 2011-2012 2010-2011
Income from Operation 410556737 410772571
Other Income 793951 614127
Total Income 411350688 411386698
Operating & Administrative Expenses 379006001 360642157
Operating Profit before Interest,
Depreciation & Tax 32344687 50744541
Interest and Financial Charges 4658369 4464848
Depreciation and Amortisation 17813755 15271986
Profit Before Extraordinary items Tax 9872563 31007707
Extraordinary items (4491671) (29762999)
Profit Before tax 5380892 1244708
Tax 1096725 314000
Deferred Tax (374681) (373119)
Profit After Tax 4658848 1303827
Surplus Brought Forward from Previous Year (1400562) (2704389)
Balance Carried to Balance Sheet 3258286 (1400562)
The company''s is expanding its business because of that the company
capex requirement is presently higher than the cash. Therefore, your
directors do not recommend any dividend for the year ended March
(2) INVESTORS''RELATIONS AND GRIEVANCES
The details regarding the investor complaints received and resolved
during the year are mentioned in the Report on Corporate Governance
annexed to this report.
PARTICULARS RELATING TO CONSERVATION OF ENERGY
A. CONSERVATION OF ENERGY
1. Energy Conservation Measure taken:
i) Maintained high power factor through the year.
2. Additional investment and proposal, if any, being implemented for
reduction and consumption of energy: ''
3. Impact of measure at (1) and (2) above for reduction of Energy
Consumption and consequent impact on production of goods,
i) Reduction in power consumption
B. FOREIGN EXCHANGE EARNING & OUTGO:
During the year, the Company has neither earned nor spent any foreign
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
A detailed analysis of the Company''s performance is mentioned in the
Management Discussion and Analysis Report, which form part of this
REPORT ON CORPORATE GOVERNANCE
Your company is committed to follow corporate governance practice in
accordance with Clause 49 of the Listing Agreement and follows the same
while conducting affairs of the Company. A Report on Corporate
Governance along with a certificate from the Practicing Company
Secretary of the Company regarding the compliance of conditions of
Corporate Governance as stipulated in Clause 49 of the Listing
Agreement forms part of the Annual Report.
Your Directors report that the company has not accepted any deposits
during the current financial year.
Your directors confirm that all the properties and insurable interests
of the Company, including buildings, plant & machinery and stocks have
been adequately insured.
In accordance with the provision of the Companies Act, 1956 and the
Article of Association of the Company, Shri Pravin Shah, Director
retire by rotation at the forthcoming Annual General Meeting of the
Company and being eligible offer themselves for reappointment.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, your
Directors confirm that:
(i) in the preparation of the accounts for the financial year ended
March 31, 2012; the applicable accounting standards have been followed
along with proper explanation relating to material departures, if any;
(ii) the accounting policies selected have been applied consistently
and judgments and estimates made are reasonable and prudent so as to
give a true and fair view of the state of affairs of the Company at the
end of the financial year and of the profit or loss of the Company for
the year under review;
(iii) proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Compahies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities and;
(iv) the annual accounts have been prepared on a going concern basis.
AUDITORS AND THEIR REPORT:
Comments of the auditors in their report and the notes forming part of
the accounts are self explanatory and need no comments.
M/s V.K Shastri & Co., Chartered Accountants, Vadodara, the Company''s
auditors will retire at the conclusion of the ensuing Annual General
Meeting and being eligible, offer themselves for reappointment.
The company has received a certificate from the auditors to the effect
that their re-appointment if made, would be in accordance with the
provisions of section 224(1 B) of the Companies Act, 1956.
The directors recommend the re-appointment of M/s V.K Shastri & Co.,
Chartered Accountants and shall seek the approval of the members at the
Annual General Meeting to authorize the Board to Directors to fix their
The strength of your Company lies in its team of its competent and
motivated personnel. This has made possible for your Company to make
significant improvements and progress in all areas of its working. The
Company has continued its endeavor to impart appropriate and relevant
training to its employees at various levels with a view to equip them
to take up the challenges ahead and to enhance their performance in the
overall interest of the Company.The industrial relations remained
cordial during the year.
PARTICULARS OF EMPLOYEES UNDER SECTION 217
There were no employees coming within the purview of the provisions of
section 217(2A) of the Companies Act, 1956, read with the Companies
(Particulars of Employees) Rules, 1975.
Your Directors express their grateful appreciation for the assistance
and cooperation received from the Banks, employees, shareholders and
all concerned towards performance of the Company during the year under
FOR AND ON BEHALF OF THE BOARD
Place : Vadodara Kiran Shah
Date : 31st July, 2012 Chairman