To The Members of J. L. Morison (India) Limited
The Directors'' have great pleasure in presenting the 77th Annual
Report and Statement of Accounts of the Company for the financial year
ended on 31st March, 2012.
Financial highlights (Rs. in Lacs)
Sr. No. Particulars 2011-12 2010-11
1 Total Revenue (Net) 10,741.67 10,149.43
2 Profit before finance cost,
depreciation and amortisation
expenses & tax 235.21 241.71
3 Finance cost 121.59 150.16
4 Depreciation and amortisation
expenses 83.70 83.31
5 Profit before exceptional items
and tax 29.92 8.24
6 Provision for Tax 20.27 7.41
7 Profit after Tax 9.65 0.83
8 Balance of profit as per last
Balance Sheet 40.26 55.29
9 Proposed dividend 13.65 13.65
10 Dividend Tax 2.21 2.21
11 Transfer to General Reserve - -
12 Transfer to Statement of
Profit and Loss 34.05 40.26
Considering the financial position of the Company, your Directors
recommend a dividend of Rs. 1/- (10%) per share (Previous year- 1/- (10%)
The year under review, was a year of consolidation and growth for the
Company. The strategy adopted last year of different division focused
on different set of consumer''s need, has paid dividend and with dear
focus on the expanded portfolio has proved to be a good exercise which
resulted into increase in turnover growth as compared to previous
The Company has forayed in developing own brands for a long term
sustenance and growth. The Company introduced air fresheners, under its
Life Style Division with the brand name Seasons which comes in five
fragrances viz. Sandalwood, Lime, Jasmine, Lavender and Rose. The
initial market response is encouraging for this brand.
Life Style Division also introduced F5 Male and Female Deodorant Body
Spray. It comes in 3 variants for Male viz. Ctrl, Enter and Insert and
3 variants for Female viz. Shift, Home and Esc.
Life Style Division also extended the portfolio of Coty by launching
London Variant and planning to launch Berlin and VIP in the Indian
Market. This will strengthen the brands presence and help JLM in
Moreover, JLM also successfully launched Bigen Men''s Speedy and Bigen
Men''s Beard which received a good response from the market. The
coming year Hoyu has plans to invest in brand building which will
ensure growth for the brand as well as JLM.
Zero Gravity which was extended into personal care and grooming
products last year was revamped this year and has been launched in a
new Avatar. It has got a positive review from the market and got good
response from Modern Trade outlets.
JLM''s Own Brand Division has focused on developing Baby range products
especially catering in the age group of 0-3 years. It has re-grouped
into 3 sub-categories viz.:
1. BABY NEEDS: Regular Feeder, Designer Feeder, Mini Feeder, Spoon
Feeder, Royal Feeder, Wide Mouth Feeder and Softie Teats Range.
2. MASTI TIME: Cool Buddy, Tooth Buddy, Poochie Cup, Sippe Cup, Softie
Sippie Cup, Soft Touch Powder Puff and Baby on Board.
3. HEALTH AND HYGIENE: Sparkle Feeder, Nipple Cleaning Brush, Comb,
Baby Soap and Soothing Talc.
During the year the sales of EMOFORM - the toothpaste for sensitive
teeth and gum care recorded a good growth. This division has further
extended to cater the need of dentist requirement by introducing own
brands which includes Dental consumables and an innovative tooth
whitening pen Morison Happy Smile. Dentists have accepted this
product with open arms and have appreciated the positive contribution
for dentists by introducing such innovative products.
During the year ended 31st March, 2012, the Company has not accepted or
renewed any public deposits within the meaning of section 58 A and 58
AA of the Companies Act, 1956 and rules framed there under.
The Company has made an application to the Central Government for
seeking exemption from appointment of cost auditor for the financial
years 2009-10, 2010-11 and 2011-12 and same has been approved by the
the Central Government.
Particulars of Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings and Outgo
In view of the nature of business activities currently being carried out
by the Company, your Directors have nothing to report as required under
the Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules, 1988 with respect to Conservation of Energy and
During the Financial year 2011-12, total foreign exchange used and
earned was Rs. 4322.66 Lacs (previous year Rs. 4,547.17 Lacs) and Rs. nil
(previous yearRs. 163.20 Lacs) respectively.
Particulars of Employees
During the year under review, there were no employees in respect of
whom information under section 217(2A)''6f the Companies Act, 1956 is
required to be given in the Directors'' Report.
Mr. Sanjay Kothari was appointed as an Additional Director of the
Company by the Board w.e.f. 5lh August, 2011 and pursuant to the
provisions of Section 260 of the Companies Act, 1956 holds office upto
the date of ensuing Annual General Meeting of the Company. The Company
has received a notice under section 257 of the Companies Act, 1956 in
writing alongwith necessary deposit, proposing his candidature for the
office of Director of the Company.
Mr. Raghu Mody and Mr. Shamsunder Aggarwal, Directors of the Company
retire by rotation and being eligible, offer themselves for
Your Directors recommend the appointment of Mr. Sanjay Kothari and
reappointment of Mr. Raghu Mody and Mr. Shamsunder Aggarwal as
Directors of the Company at the ensuing Annual General Meeting ofthe
M/s. Haribhakti & Co., Chartered Accountants, Mumbai, the Statutory
Auditors of your Company hold office as such upto the conclusion of the
ensuing Annual General Meeting and being eligible, offer themselves for
re-appointment. They have also confirmed that their re-appointment, if
made, will be in accordance with the provision of section 224 (1B)
ofthe Companies Act, 1956.
Your Directors recommend the re-appointment of M/s. Haribhakti
& Co., Chartered Accountants, as Statutory Auditors of the Company to
hold office as such from the conclusion of ensuing Annual General
Meeting till the conclusion of next Annual General Meeting and to audit
financial accounts of the Company for the financial year 2012 -13.
The Company''s shares are listed at BSE Limited, The Calcutta Stock
Exchange Association Limited and the Bangalore Stock Exchange and the
Annual Listing Fees for the year 2012 - 13 has been paid to all the
Secretarial Compliance Certificate
As required under the provisions of section 383A of the Companies Act,
1956, Secretarial Compliance Certificate received from M/s. Manish Ghia
& Associates, Practicing Company Secretaries, Mumbai for the financial
year 2011-12 is annexed herewith and forms part of this Annual Report.
As required under Clause 49 of the Listing Agreement entered into with
various stock exchanges, Management Discussion & Analysis Report and
Corporate Governance Report are annexed herewith and form part of this
Directors'' Responsibility Statement
In accordance with the provisions of section 217(2AA) of the Companies
Act, 1956 and on the basis of the information placed on record, the
Directors of the Company would like to state that:
I. the applicable accounting standards have been followed and whenever
required, proper explanations relating to material departures have been
II. 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 as at 31st March, 2012 and of the Profit of the Company
for the year ended on that date;
III. proper and sufficient care has been taken 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;
IV. the Accounts have been prepared on a going concern basis.
Your Directors acknowledge the support given by the Shareholders,
Bankers, Trade Partners and Employees and look forward for their
For and on behalf of the Board of Directors
Place : Mumbai Raghu Mody
Date : 18th May, 2012 Chairman