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JMP Castings
BSE: 531159|SECTOR: Castings & Forgings
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Directors Report Year End : Mar '07    Mar 03
The directors of your Company wish to present the 17th Annual Report on
 the Company together with Audited Statement of Accounts and Auditors
 Report thereon for the year ended 31st March, 2007, The financial year
 2006-07 has ended by leaving a profit of Rs. 22.22 Lakhs as against
 last year profit of Rs. 10.42 lakhs. Though there is decrease in
 production, but margin decline in sales due to change in product mix,
 being more emphasis on production of motor vehicle parts.
 
 THE YEAR IN REVIEW.
 
 PRODUCTION.
 
 Product Name                         2006-07              2005-06
 
 C.I Castings                            101               63
 S G Iron Castings                       229               55
 M. V. Parts.                            812              1042
 Total (M.T):                           1142              1160
 
 The sales during the current year was Rs.. 577 Lakhs (previous year Rs.
 594 Lakhs ). The company is in negotiation with more customers in
 castings and M.V component segment as a result of which the sales are
 likely to improve in next year.
 
 FINANCIAL
 
 The company has obtained a secured loan against property for Rs.45.00
 Lakhs from the Punjab National bank, Jalandhar, being utilized as
 working capital for the promotion of sales, the company has decided
 to concentrate more on finished auto parts segments.
 
 FUTURE OUT LOOK
 
 Despite of the adverse market scenario, as aforesaid, your Company
 proposes to increase the business of castings, machined castings and M.
 V. Parts by exploring new more customers and new areas for which, steps
 have already been taken up. Thus, a increase in business of your
 company is anticipated in the next financial year.
 
 STOCK EXCHANGES & LISTING FEES.
 
 The shareholder may note that your company is listed with Ludhiana
 Stock Exchange. The Stock Exchange.  Mumbai. The Ahmedabad Stock
 Exchange, Calcutta Stock Exchange and Delhi Stock Exchange. The arrears
 of listing fees shall be paid in short time.
 
 DIVIDEND
 
 In view of marginal profit to the company, the Board of Directors were
 unable to recommend payment of dividend this year.
 
 ENERGY CONSERVATION AND TECHNOLOGY ABSORPTION.
 
 Due importance has been given to energy conservation and development
 programs. The statutory details in respect of energy conservation and
 foreign exchange) outgo pursuant to Rule 2 of Companies ( Disclosure of
 Particulars in Report of Directors). Rule 1988 are annexed to the
 Report.
 
 DIRECTORS.
 
 In accordance with the provisions of Companies Act, 1956 and Companys
 Articles of Association, S/Sh.  Manoj Kapoor, Arun Kapoor, & Mr. Ashok
 Sareen directors of the Company are to retire by rotation and being
 eligible has offered themselves for reappointment.
 
 MANAGMENTS CONDUCT:
 
 During the financial year, all the members of the board & the members
 of the senior Management had complied with the code of conduct
 formulated by the Board. The declaration for the same has been given by
 the Managing Director of the Company and is annexed herewith as
 
 Annex-1.
 
 OPPORTUNITY AND THREATS: With the increase in demand of castings and
 auto components sector the company is getting inquiries of its products
 from all segments especially tractor, automobile and pipe fitting
 industry. So. the company is looking for a better future. The products
 of the company are highly price sensitive due to great fluctuations in
 the prices of raw materials and electricity prices. Against the upward
 trend of costs, your company is not getting the price to substantiate
 this increase in cost. However, your company is striving for cutting in
 the costs wherever best can be possible.  RISKS AND CONCERNS:
 
 The volatility in raw material, electricity and wages rates in the
 state as well as in the country has a bearing on the profitability of
 the company. Finished goods prices are not increasing in direct
 relation to the increase in costs. However, the company negotiates on
 regular intervals with its customers to increase prices of finished
 goods. Your company has made a move through the chamber of commerce and
 industry to the central government to reduce the customs duty on
 imported scraps and pig iron to overcome this problem.
 
 RESPONSIBILITY STATEMENT
 
 In compliance of recently introduced Section 217(2AA) in the Companies
 Act, 1956, your directors state that:
 
 i. In the preparation of the annual account, the applicable accounts
 standards had been followed along with proper explanation to material
 departures.
 
 ii. 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 financial year and of the profit of the
 company for the period.
 
 iii. The Directors had taken proper and sufficient care for the
 maintenance of adequate accounting records in accordance with the
 provisions of the Companies Act, 1956 for safeguarding the assets of
 the company and for preventing and detecting fraud and other
 irregularities.
 
 iv That the Directors had prepared the annual accounts on a going
 concern basis.  ADEQUACY OF INTERNAL CONTROLS: Your company has
 installed adequate internal controls system in combination with the
 delegation of powers. The control systems are also supported by
 internal audits and management reviews with documented policies and
 procedures.
 
 CORPORATE GOVERNANCE
 
 The Company has complied with the requirements regarding Corporate
 Governance as required under Clause 49 of the Listing Agreement entered
 into with the Stock Exchanges, where the Companys shares are listed. A
 report on the Corporate Governance in this regard is made a part of
 this Annual Report and a Certificate from the Company Secretary of the
 Company regarding compliance of the conditions of the Corporate
 Governance is attached to this report.
 
 INDUSTRIAL RELATIONS AND PARTICULARS OF EMPLOYEES.
 
 The Company continues to maintain good industrial relations with the
 employees. The Board places on record its appreciation of their
 devotion to the Companys objectives.  None of the Companys employee
 comes under the provisions of Section 217 (2A) of the Companies Act
 read with the Companies (Particulars of Employees) Rules 1975. as
 amended. The number of employees as on 31.03.2007 were 79.
 
 AUDITORS.
 
 M/s Ashwani Gupta and Associates. Chartered Accountants. Jalandhar will
 hold office until the conclusion of 16th Annual General Meeting. Being
 eligible they offered themselves for reappointment. So, they are
 recommended for reappointment from the conclusion of the 17lh Annual
 General Meeting to the 18lh Annual General Meeting. The certificate
 with regards to their appointment has been received so far and the
 appointment, it made, would be within the limits prescribed under
 section 224(1B) of the Companies Act, 1956.
 
 AUDITORS REPORT
 
 The observation and suggestions pointed out by the auditors in their
 report and in notes on accounts for this period also contain reasons
 thereof, which are self explanatory, such as the management expect full
 recovery from debtors, is in search of customers for old stock, the
 management promises employees dues to be deposited regularly in future.
 
 DEMATER1ALIZAT1QN OF SECURITIES.
 
 Securities & Exchange Board of India has directed that
 dematerialization of the equity shares of your company is compulsory
 for listing of shares. Therefore, your Company has already submitted an
 application to NSDL and CDSL and is in process for executing necessary
 agreement and for has appointed Registrar & Transfer Agent for
 dematerialization of its securities.
 
 ACKNOWLEDGEMENT
 
 Your Directors wish to record their thanks to the Shareholders, banks
 government authorities and to the staff for the continued support and
 good will.
 
 Place: Jalandhar                         For & on behalf of the Board
 Date : July 28 2007.                     Rajinder Kapoor, Mg. Director
Source : Dion Global Solutions Limited
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