To,The Members of JSL Industries Limited
The Directors have pleasure in presenting 46th ANNUAL REPORT of the
Company together with the Audited Statement of Accounts of the Company
for the year ended 31st March, 2012.
(Rs in Lacs)
Total Income 5943.82 4728.99
Profit before Interest &
Depreciation 585.79 338.40
Less : Finance Cost 148.39 76.93
Profit before Depreciation 437.40 261.47
Less Depreciation 78.71 43.22
Profit before Taxation 358.69 218.25
Provision for Taxation - Current Tax 67.00 47.00
Deferred Tax (62.54) (26.60)
Previous Year Tax 12.56 -
Balance of Profit for the year 341.67 197.85
Balance of brought forward
from the previous year 51.91 54.05
Balance of Profit available
for appropriation 393.58 251.91
Less Transferred to General Reserve 250.00 200.00
Balance of Profit carried to
Balance sheet 143.58 51.91
Considering the need to conserve the financial resources for future
growth of the business, your Directors do not recommend any dividend.
REVIEW OF PERFORMANCE Operations
In the year 2011-12 Engineering and Manufacturing Sector has seen many
ups and down including power sector. However, your Company has
maintained a steady growth owing to the measures taken from
time-to-time with flexibility to adapt to the changes in the market,
and these measures have lead to a growth of 26% over the last year.
The total income of the Company for the financial year under review was
Rs 5943.82 Lacs as against Rs 4729.00 Lacs for the previous year
registering an increase of 26%. The Profit before Tax was Rs 358.69 Lacs
and the Profit after Tax was Rs 341.67 Lacs for the financial year under
review as against Rs 218.25 Lacs and Rs 197.86 Lacs for the previous
financial year showing an increase of 64% and 73% respectively over the
previous financial year.
The Company has pending orders worth Rs 14.25 Crores at the beginning of
the Current year i.e. April 2012.
During the year under review your Company installed one more Wind Mill
Turbine of capacity 250 KW at Bakodi Village, Tal. Kalyanpur, Dist.
Jamnagar, Gujarat. This is in addition to the first machine
commissioned by the company in March 2011. The generated Electricity
from the two machines shall be used for captive consumption. This will
meet approximately 30% electricity demand of the company.
DIVISIONAL PERFORMANCE Instrument Transformer Division
During the year under review the Instrument Transformer division has
almost doubled its production/ sales. This Division achieved net sales
of Rs 27.90 Crores against Rs 14.16 Crores of previous year.
The year has been very good and we could achieve this performance
because of our faster deliveries of the CTs/PTs to meet the urgent
requirement of customers and prominently from Solar Power Sector.
Gujarat State has established a 600 MW Solar Power Generation capacity
and we have contributed about 400 Nos outdoor 66 kV CTs/PTs for this
We have added 11 kV 0.5S Class outdoor Metering Unit to our portfolio.
The Company has already established the manufacturing facilities for
CTs/PTs up to 245 kV Class.
With this added facility the Company is now able to produce more than
500 nos. outdoor CTs/PTs per month.
Further, capacity addition to the manufacturing facilities for Indoor
CTs/PTs has been carried out during the year under review and this will
double the capacity of production of Indoor CTs/ PTs enabling the
Company to offer faster delivery and higher volume to the customers
with better quality and aesthetic appearance.
In the current year we have plans to add 11 kV Metering Unit with 0.2S
Class of accuracy, the prototype of which has been successfully tested
We also intend to add 33kV Metering Unit to our product range in the
The above development has opened a new area of business for the
The prospects of Instrument Transformer Division this year looks very
good and the Company should be able to achieve good growth this year
The Major Achievements of Instrument Transformer Division in the year
1) Supply of record 3500 Nos. 66kV CTs/PTs to GETCO & other Private
2) Supply of 940 Nos. 11 kV CT/PT Metering Units to PGVCL.
3) Supply of 66kV CTs/PTs to Solar and Wind Power Sector through
customers other than GETCO.
4) Design, Manufacturing and supply of 606 Nos. 33 kV Indoor CTs/PTs to
Private Sector Company. Switchgear Division
During the year under review the Switchgear Division achieved a net
sales turnover of Rs 18.03 Crores. DOL Starter sales have been very
We have engineered the starters to improve upon its performance and
We are adding new Dealers in untapped areas in our fold to increase
business of switchgear.
In the current year we have plans to develop Air Break Starters.
We are expecting a good business in the current year for LT
Switchboards. Few tenders are under finalization and the company is
well placed to get these tenders converted into orders in its favor.
Motor and Pumps Division
During the year under review the Motor and Pumps Division has achieved
a net sales of Rs 9.68 Crores.
Our plan to take the range of motors up to 250 frame for TEFC and SPDP
motors has started paying dividends.
We have taken-up revamping of our Mono-block Pumps which will have cost
effective design with better performance and aesthetics.
We expect to complete it in the current year for taking full advantage
in the next year.
Use of Information Technology
The Company is continuously making use of Information Technology and in
this direction, the SAP system has become fully operational, which was
installed in the year 2010-11.
Your Company has not accepted any Deposits to which the provisions of
Section 58A of the Companies Act. 1956 are applicable.
PARTICULARS OF EMPLOYEES
As required by provisions of Section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of employees) Rules, 1975 as amended
the names and other particulars are not applicable.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to provisions under Section 217(2AA) of the Companies Act,
1956 with respect to Director''s Responsibility Statement, the Board
of Directors hereby confirms that:
1. In the preparation of annual accounts, the applicable accounting
standards have been followed and given proper explanation relating to
2. Appropriate accounting policies have been selected and applied them
consistently and made judgments and estimates which 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 or loss
of the Company for the year under review;
3. Proper and sufficient care has been taken 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;
4. The annual accounts have been prepared on a going concern basis.
At the forthcoming Annual General Meeting, Mr. R.N. Amin and Dr. K.K.
Thakkar retire by rotation as per the provisions of the Companies Act,
1956, and the Articles of Association of the Company, and being
eligible offer themselves for reappointment.
Dr. K K Thakkar has been reappointed as Corporate Advisor for a period
of one year w.e.f. 1st April, 2012 subject to approval of shareholders
at the forthcoming Annual General Meeting. The Board recommends the
proposed special resolution for your approval.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO.
The information required under Section 217(1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of the Board of Directors) Rules, 1988 with respect to Conservation of
Energy, Technology Absorption, Foreign Exchange Earnings and outgo are
as per attached Annexure A, which forms part of this report.
A Compliance Certificate issued by M/s J J Gandhi & Co. Practicing
Company Secretaries, Vadodara, pursuant to provisions of Section 383A
of the Companies Act, 1956 read with the Companies (Compliance
Certificate) Rules, 2001, is attached to this Report Annexure B.
M/s Amin Parikh & Co, Chartered Accountants, Vadodara, the existing
statutory Auditors of the Company, retires at the ensuing Annual
General Meeting of the Company but are eligible for reappointment.
Directors recommend their re-appointment.
As per Section 217(3) of the Companies Act, 1956 the notes/ comments of
Auditors referred to in the Auditors'' Report are self explanatory and
give complete information.
CORPORATE GOVERNANCE REPORT
As per clause 49 of the Listing Agreement with the Bombay Stock
Exchange Limited, the requirement of Corporate Governance Report is not
applicable as the paid up capital of the Company is less than X 3.00
Your Directors wish to place on record their appreciation for the
continuous support received from its Suppliers, Customers, Bankers and
Employees during the year under review.
On behalf of the Board of Directors
Place : Mogar Rahul N. Amin
Date : 12th May, 2012 Chairman