To, The Members
The Directors have pleasure in presenting the 19th Annual Report for
the year ended on 31s1 March 2012.
Financial Results (Rs. In Lacs)
Gross sales 3516.65 3164.23
Profit / (Loss) Before Tax (18.99) (51.95)
Provision for Taxation
(including fringe Benefit tax) -- --
Deferred Tax (3.50) (0.48)
Profit/(Loss) After Tax (22.49) (52.43)
Opening Balance Profit / (Loss) Account (4.31) 48.12
Tax on Dividend -- --
Add : Current Year Profit / (Loss) (18.99) (51.95)
Add : Differed Tax Liability (3.50) (0.48)
Balance Carried to Balance Sheet (26.80) (4.31)
In view of loss during the year under review, the Board of Directors do
not recommend any dividend for the financial year 2011 -12.
The Company has achieved turnover of Rs. 3516.65 lacs and incurred a
loss of Rs. 22.49 lacs during the year under review compared to
turnover of Rs. 3164.23 lacs and loss of Rs. 52.43 lacs earned during
the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS
A report on Management Discussion and Analysis (MDA), which forms part
of the report, inter alia, deals adequately with the operation as also
current and future outlook of the company.
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange,
a separate section titled Corporate Governance Report is attached to
this Annual Report.
The Managing Director and Whole Time Director who look after Finance
functions have submitted a certificate to the Board regarding the
financial statements and other matters as required under Clause 49(V)
of the Listing Agreement.
Shri Nilesh Desai, Shri Daxesh B. Shah and Shri Kaushik R. Patel retire
by rotation at the ensuing Annual General Meeting and being eligible,
offer themselves for reappointment.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required by Section 217(2AA) of the Companies Act 1956, the
Directors state and confirm:
1. That in preparation of the annual accounts for the year ended 31sl
March, 2012 the applicable accounting standards have been followed.
2. That the directors have selected such accounting policies and
applied them 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 at the end of the financial year viz.
March31 ,2012and of the loss oftheCompanyforthatperiod.
3. That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. That the Directors have prepared the aforesaid annual accounts on a
going concern basis.
The Audit Committee of the Company has recommended the appointment of
M/s. Harish S. Patel & Co, Chartered Accountants, Ahmedabad who retire
at the conclusion of the ensuring Annual General Meeting. The Auditors
have offered themselves for appointment. The Board recommends their
appointment by the members. They have submitted certificate regarding
their eligibility for appointment under Section 224( 1 -B) of the
Companies Act, 1956.
PARTICULARS OF EMPLOYEE
The Company has not paid any remuneration attracting the provisions of
Section 217(2A) of the Company Act, 1956, read with Companies
(Particulars of employees) Rules, 1975.
The Company has not accepted any deposited from public.
All fixed assets and movable assets of the Company are adequately
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNING &
The particulars as required U/s .217(1)(e) of the Company Act, 1956
read with The Companies (Disclosure of Particulars in the Report of
Board of Directors) Rules, 1988 relating to Conservation of Energy,
Technology Absorption and Foreign Exchange Earnings and Outgo are given
in the annexure forming part of this report.
Your Directors are thankful to the officers, staff and workers of the
Company and Banks for their continued co-operation and contribution
extended in the progress of the Company.
Date : 27/08/2012 By Order of the Board
Place : Ahmedabad For, HIPOLIN LIMITED
ANNEXURE TO DIRECTORS'' REPORT
Details as required U/s.217(1) (e) of the Companies Act, 1956 read with
The Companies (Disclosure of particulars in the Report of the Board of
Directors) Rules, 1988.
(A) Conservation of energy
The Company had not incur much amount on electricity, as most of the
products of the company are mixing of various ingredients. The
percentage of electricity expenses is very negligible to total
expenses. However, the company ensures conservation at all possible
levels. The Company has been generating the electricity by way of non
conventional source of energy from the Company''s wind turbine
(B) Technology absorption
The Company has established a well-equipped Quality Control Laboratory
and Research and Development Laboratory. The Research & Development
Laboratory does not require any sophisticated instruments.
The Company has adopted indigenously available technology for its
production process. The Company has not adopted any foreign
(C) Foreign Exchange Earnings and out go
(Rs. in lacs) (Rs.in lacs)
Foreign Exchange earnings NIL 5.98
Foreign Exchange outgo NIL NIL
Date : 27/08/2012 By Order of the Board
Place: Ahmedabad For, HIPOLIN LIMITED
Bhupendra J. Shah Chairman