The Directors have pleasure in presenting the 24th Annual Report of
the Company and the Audited statement of accounts for the year ended
31st March, 2012.
01. FINANCIAL RESULTS:
(Amount in Rs.)
year ended year ended
a] Sales & Other Income 498383137 535572461
b) Profit before interest,
Depreciation & Tax 57570788 55501577
c) Less: - Interest and Finance Charges 14785074 11172831
Depreciation 8574334 7686261
d) Profit before Tax 34211380 36642485
e) Less : Provision for Tax Current
year 11500000 12000000
f) Less : Deferred Tax
Liabilities 1539534 500000
g) Less : Income Tax earlier year 728145 2468360
h) Profit after Tax 20443701 21674125
i) Profit brought forward from previous
year 2053353 4114439
j) Profit available for appropriations 22497054 25788564
k) Transferred to General Reserve 15000000 20000000
I) Proposed Dividend 3203200 3203200
m) Provision for Dividend Distribution
Tax 519639 532011
n) Balance carried to Balance Sheet 3774215 2053353
Your Directors are pleased to recommend Dividend at the rate of Rs.1/-
Per share( previousy ear Rs. 1- per share) for the year ended 31st
March, 2012 subject to approval of the members in the ensuing Annual
General Meeting .
During the year under review, the sales & other Income of Company
decreased from Rs.5355.72 lacs to Rs. 4983.83 lacs slightly due to
overall recession in the market & due to above, profit after Tax of the
Company for the year under review has also decreased slightly from Rs.
216.74 lacs to 204.44 lacs.
04. FUTURE OUTLOOK:
The growth outlook for the Indian economy in the near term remains
positive on account of inter-alia, the following factors: (a)
expectations that the industrial sector would remain buoyant; (b)
increase in corporate sales and profitability; (c) pick-up in order
books and capacity utilization as per different survey results; (d)
turnaround in exports with improving global conditions; (e) pick-up in
lead services indicators for transportation, telecommunication and
construction and;(f) revival in credit demand from the private sector.
Shri Manohar Singh Jain and Shri N.Chakraborty, retire by rotation and
being eligible, offers themselves for re-appointment. Mr. Vishwanathan
Iyer has been appointed as Executive Director of the Company.
06. DIRECTORS'' RESPONSIBILITY STATEMENT :
As stipulated in section 217 (2AA) of Companies Act,1956, your
Directors subscribe to the Directors'' Responsibility Statement and
confirm as under:
i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed alongwith proper explanation
relating to material departures;
ii) 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 and of the
profit of the Company for that period;
iii) that the Directors have taken proper and sufficient care of the
maintenance of adequate accounting records in accordance with the
provisionof this Act for safeguarding the assets of the company and for
preventing and detecting fraud and other irregularities;
iv) that the Directors have prepared the annual accounts on going
07. PUBLIC DEPOSIT:
During the year under review, your company has neither invited nor
accepted any deposit under the provisions of Section 58-A of the
Companies Act, 1956 and rules made there under.
No employee is in receipt of remuneration exceeding the limits set out
under section 217 (2A) of the Companies Act, 1956.
The Auditors M/s. Mahaveer M. Jain & Company, Chartered Accountants,
Indore shall cease to hold office at the end of the ensuing Annual
General Meeting and being eligible offers themselves for re-
10. CORPORATE GOVERNANCE :
Your Company has taken adequate steps to ensure that all mandatory
provisions of Corporate Governance as provided in the Listing
Agreement of the Stock Exchanges with whom the Company''s shares are
listed, are duly complied with. A Detailed report on Corporate
Governance and a certificate from the Auditor of the Company regarding
Compliance of conditions of Corporate Governance as required under
Clause 49 of the Listing agreement is attached to this report.
11. ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FORBGN EXCHANGE :
Information in accordance with the provisions of Section 217 (1)(e) of
the Companies Act, 1956 read with the Companies (Disclosures of
Particulars in the Report of Board of Director) Rules, 1988 is given in
the Annexure forming part of this report.
12. INDUSTRIAL RELATIONS :
Industrial relations of the Company remained cordial during the year.
13. SUBSIDIARY COMPANY :
M/s. Dimart Engineering Pvt. Ltd. is subsidiary of your Company. The
business operations of the said companies have not been commenced.
The Statement pursuant to Sector 212 of the Companies Act, 1956, in
respect of the Subsidiary Company, is separately annexed and forms part
of the Annual Report.
14. CONSOLIDATED FINANCIAL STATEMENTS:
The Directors also present the audited consolidated financial
statements incorporating the duly audited financial statements of the
subsidiary, viz M/s. Dimart Engineering Pvt. Ltd. and as prepared in
compliance with the accounting standards and listing agreement.
We wish to acknowledge the understanding & support and the services of
the workers, staff and executives of the Company, who have largely
contributed to the efficient operations & management of the operations
of the Company.
Your Directors also wish to place on record the valuable co-operation &
support received from the Bankers and Financial Institutions.
We would also like to express thanks to our Shareholders for their
confidence and understanding.
Regd Office For and On behalf of the Board
INDORE-452015 (M.P.) RAJENDRA SINGH JAIN
DATED : 25/08/2012 (MANAGING DIRECTOR)