The Members of Shri Jagdamba Polymers Limited Ahmedabad
The Directors hereby present the 28th Annual Report together with
Audited Statement of Accounts for the year ended on 31st March'' 2012
which they trust, will meet with your approval.
1. FINANCIAL RESULTS:
Year Ended Year Ended
(Rs. in Lacs) (Rs. in Lacs)
Profit before Interest,
Depreciation & Taxes 97.19 453.70
Finance Cost 269.93 171.43
Depreciation 176.95 105.47
Current Tax Provision 50.00 39.00
Deferred Tax Provision 34.82 16.75
Total 531.70 332.65
Net Profit after Tax 165.49 121.05
Add: Balance of profit brought
forward from previous year 507.52 402.68
Balance Profit available for
appropriation 673.01 523.73
Less. (1) Proposed Dividend 8.76 8.76
(2) Prov. for Tax on
Dividend 1.42 1.45
Less: Transferred to
General Reserve 6.00 6.00
Balance carried to Balance Sheet 656.83 507.52
The total sales and other income during the year have been Rs. 5361.19
Lacs compared to Rs. 3862.98 Lacs in the previous year. The Company''s
Profit for the year before depreciation, interest and taxation has been
Rs. 697.19 Lacs (P.Y. Rs. 453.70 Lacs) and the Net Profit after
interest, depreciation, prior period adjustments & taxes are Rs. 165.49
Lacs (P.Y. Rs. 121.05 Lacs).
Your Directors are pleased to recommend a dividend of Rs. 1.00 per
share equivalent to 10 % (ten percent) on the paid up share capital of
the company for the year ended 31.03.2012 (previous year Rs.1.00 per
share) to the Equity Shareholders. The dividend will be paid when
declared by the shareholders in accordance with the law. The dividend
will be free of tax in the hands of the shareholders. However, the
Company will have to pay dividend distribution tax as prescribed under
the Income Tax Act, 1961.
During the year the Company had taken Rs. 98.85 lacs as Term Loan and
repaid Rs. 244.19 Lacs against Term loan.
5. FIXED DEPOSITS:
The Company has not invited any deposits from the public during the
year under review.
The properties of the Company stand adequately insured against risks of
fire, strike, riot, earthquake, explosion and malicious damage.
Shri Kiran B. Patel and Shri B. S. Saini, retire by rotation and being
eligible, offers themselves for reappointment. The Board recommends for
Shri Vikas Agrawal is proposed to be appointed as a Director of the
Company. The Board recommends for his appointment.
8. SECRETARIAL COMPLIANCE REPORT:
As per the Companies (Amendment) Act 2000, every Company having paid up
capital more than Rs. 10.00 Lacs but less than Rs. 500.00 Lacs will be
required to get its Statutory Registers audited by the practicing
Company Secretary and to obtain Secretarial Compliance Report. Since
the paid up capital of the Company is more than Rs.10.00 Lacs, the
Statutory Registers are audited by M/s. Jalan Alkesh & Associates,
practicing Company Secretary, whose Secretarial Compliance Report is
attached herewith which is self explanatory.
9. DIRECTOR''S RESPONSIBILITY STATEMENT:
Pursuant to section 217 (2AA) of the Companies (Amendment) Act, 2000,
the Directors confirm that,
1. In the preparation of the Annual Accounts for the year ended on
31st March'' 2012, the applicable accounting standards have been
followed and there has been no material departure.
2. 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 the year under review.
3. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act for safeguarding the assets of the
Company and preventing and detecting fraud and other irregularities.
4. The Directors have prepared the annual accounts for the year ended
on 31st March'' 2012 on a going concern basis.
10. PARTICULARS OF EMPLOYEES:
The Company has no employee in the category specified under section
217(2A) of the Companies Act, 1956, read with the Companies
(Particulars of Employees) Rules, 1975, as amended.
The Equity Shares of the Company are listed on Ahmedabad and Bombay
Stock exchange. The Company is regular in payment of listing fees.
The Auditors M/s. G.C. Surana & Co., Chartered Accountants, Ahmedabad
hold office until the conclusion of the ensuing Annual General Meeting
and are eligible for reappointment. The Company has received a
certificate from the Auditors to the effect that their reappointment if
made, would be within the prescribed limits under section 224 (IB) of
the Companies Act, 1956 and the auditors are not disqualified for
reappointment within the meaning of Section 226 of the said act. The
Notes on Financial Statements referred to in the Auditor''s Report are
Self-explanatory and do not call for any further comments.
13. CONSERVATION OF ENERGY, TECHNOLOGY ABSORBTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
B. Research & Development:
The Company has no specific Research & Development Department. However,
the Company has quality control department to check the quality of
products manufactured. The company has also got the certification of
ISO 9001:2008 which applies quality system with in line and standards
C. Foreign Exchange Earnings and Expenditure:
The Company has earned foreign exchange of Rs. 3720.75 Lacs (previous
year Rs. 2714.53 Lacs) during the year under review. There has been
outgo of foreign exchange of Rs. 1506.42 Lacs (P.Y. Rs. 804.76 Lacs)
as provided in the notes to accounts.
14. DEMATERIALISATION OF SHARES:
The ISIN for the equity shares is INE564J01018. As on 31st March, 2012
total 8,03,100 equity shares of the Company have been dematerialized.
Members of the company are requested to dematerialize their shares.
15. CORPORATE GOVERNANCE:
Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchanges, Management Discussion & Analysis, Corporate Governance
Report and Auditor''s Certificate regarding compliance to conditions of
corporate governance are made part of this Annual Report.
16. MATERIAL CHANGES AND COMMITMENTS:
There are no material changes and commitments, if any, affecting the
financial position of the Company subsequent to the date of the Balance
sheet and up to the date of the report.
Your Directors acknowledge the continued support and cooperation
received from the Central Government, Shareholders, Banks and other
Lenders, suppliers and Dealers.
The Board also wishes to record its sincere appreciation of the total
commitment, dedication and hard work, put in by every member of
By order of the Board of Directors
(Chairman cum Managing Director)
Place : Ahmedabad
Date : 31/07/2012