To The Members of Hisar Metal Industries Limited
The Directors have pleasure in presenting before you 22nd Annual Report
together with Audited Statement of Account of the Company for the year
ended 31st March, 2012.
Sales and Other receipts
(Net of excise duty) 1,97,77,83,035 1,45,52,28,532
Profit before depreciation and
Taxation 2,88,19,988 3,17,61,063
Less: depreciation 2,54,17,450 2,38,58,278
Profit after depreciation 34,02,538 79,02,785
Less:Provision for Taxation
Current Year 38,75,681 37,45,177
Deferred Tax (23,65,092) (10,87,693)
Previous Year Tax 46,020 (83,936)
Profit afterTaxation 18,45,929 53,29,237
Add profit brought forward 3,61,36,861 3,49,91,634
Profit available for appropriation 3,79,82,790 4,03,20,871
Dividend&Tax on dividend 41,84,010 41,84,010
Surplus carried to Balance Sheet 3,37,98,780 3,61,36,861
The Directors recommend a dividend of 10% per annum for the year ended
31 st March, 2012.
3. COMPANY''S BUSINESS GROWTHAND PROSPECTS
The company has been showing good performance. The turnover has
increased from Rs. 15926 Lac to Rs. 21625 Lac showing a growth of 36%.
The PAT has gone down from Rs. 53.29 Lac to Rs. 18.46 Lac mainly on
account of higher input cost and higher depreciation.
4. FIXED DEPOSITS
There was no such fixed deposit with the Company as matured and
remained unpaid at the end of the year.
5. PARTICULARS OF THE EMPLOYEES
None of the employees of the Company is covered under the provision of
Section 217 (2A) of the Companies Act, 1956.
6. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars prescribed by the Companies (Disclosures of Particulars
in the Report of the Board of the Directors) Rules, 1988 are given
inAnnexure which forms part of Directors Report.
7. COMPLIANCE OF GUIDELINES OF SEBI/STOCK EXCHANGE
We have duly complied with all the guidelines issued by SEBI/Stock
8. DIRECTORS'' RESPONSIBILITY STATEMENT
As required pursuant to the Companies (Amendment) Act, 2000, the Board
of Directors confirm as under:
a) That in the preparation of the annual accounts, the applicable
accounting standards have been followed along-with proper explanation
relating to material departures.
b) The directors had 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 and of the Profit of the
Company for that year.
c) That the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities, and
d) That the Directors had prepared the annual accounts on going concern
Mr. Rahul DevTayal, Mr. Sharat Jain and Mr. Ganesh Dutt being the
longest in office retire in this meeting and being eligible, offers
themself for re-appointment.
10. CORPORATE GOVERNANCE
Your Company has in all material aspects complied with the conditions
of Corporate Governance as contained in Clause 49 of the Listing
Agreement. A separate report each on Corporate Governance and
management discussion and analysis along-with Auditors certificate is
given elsewhere in this report as Annexure and forming part of this
The Auditors of the Company M/s Ram Sanjay & Company, Chartered
Accountants, Hisar retire at the conclusion of ensuing Annual General
Meeting and being eligible offer themselves for re-appointment.
Necessary Certificate pursuant to section 224(1 B) of the Companies
Act, 1956 has been obtained from the Auditors.
12. COST AUDITORS
The Company has approved the appointment of M/s Naveen Gupta & Company,
Cost Accountants, as Cost Auditor for conducting Cost Audit of the
Company for the financial year 2011-12
The properties and assets of the Company to the extent required are
The Board of Directors thank and deeply acknowledge the co-operation,
assistance and support provided by all the stakeholders viz workers,
shareholders, bankers, customers, dealers, vendors, Government and the
Registered Office : For and on behalf of the Board of Directors
Delhi Road, Hisar -
125 005 (Haryana) (M. P. JINDAL)
Dated : 27th August, 2012 CHAIRMAN