The Directors have pleasure in submitting their Annual Report and
audited Statements of Accounts for the year ended 31st March, 2012.
FINANCIAL RESULTS 2011-12
Sales and other Income 1658.77
Profit before Interest and
Less : Interest 26.92
Profit before Tax 16.29
Tax Expense 4.24
(Including Deferred Tax and written
Profit after tax 12.05
Balance as per last account 47.50
Amount available for appropriations 59.55
Dividend on Preference Shares 5.35
Balance carried to Balance Sheet 54.20
During the year under review, despite higher volumes and higher
turnover the profit was lower at Rs.16.29 lacs due to lower margins and
poor off take of Deoiled Meals during off season. Heavy inventory had
to be carried forward to new season. Lower Interest earning also had an
adverse impact on profitability.
The new season have started with high expectations and with improved
margins. Management expects this trend to continue in off season as
rupee parity to dollar should hold the prices firm.
Your Directors recommend a dividend of Rs. 5,34,623/- (including Rs.
74,623/- Tax on Dividend) on 5000 Preference Shares of Rs. 100/- each
of I and II series @ 10% and 30000 Preference Shares of Rs. 100/- each
of Series-I @ 12% for the financial year 2011-12 .
With a view to conserve cash, your Directors do not recommend any
dividend on Equity Shares for the year.
The company is not accepting deposits from public, but has accepted
deposits from friends, relatives and business associates and has filed
statement in lieu of advertisement. There was no unclaimed deposit as
LISTING OF SHARES
Company''s equity shares continued to be listed with Bombay and
U.P. Stock Exchanges.
CONSERVATION OF ENERGY:
Information required in Form A is not being given as our unit does
not fall under specified industry mentioned in the relevant schedule.
The Company''s plant has been designed on the continuous process
technology of M/s. Extraktions Technik, Gmbh, Germany. No expenditure
has been incurred on in-house research and development.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
There was no foreign exchange earnings and outgo during the year under
Two of your directors namely Mr.Dinesh Khandelwal and Mr.Ashok Gupta
will retire by rotation at the ensuing Annual General Meeting and being
eligible, offer themselves for re-appointment.
DIRECTORS'' RESPONSIBILITY STATEMENT:
In terms of provisions of Section 217(2AA) of the Companies (Act) 1956,
your Directors confirm as under:
(i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed alongwith proper explanation
relating to material departures.
(ii) that 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.
(iii) that 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
(iv) that the Directors had prepared the annual accounts on a going
i) Industrial relations remained cordial through out the year.
ii) There was no employee getting monthly remuneration of maximum
permissible limit prescribed under Section 217 (2A) of the Companies
Act, 1956 during the year which needed disclosure.
The Auditors, M/s. P.L. Tandon & Co., Chartered Accountants, Kanpur
will retire at the ensuing Annual General Meeting and-are eligible for
re-appointment. They have furnished a certificate to this effect.
SECRETARIAL COMPLIANCE CERTIFICATE:
In terms of Section 383 A of the Act, Secretarial Compliance
Certificate issued by a Practicing Company Secretary is annexed hereto
as part of Directors'' Report.
Your Directors wish to place on record their appreciation for support
and co-operation received from The Federal Bank Ltd. and to all
employees for their sincere and hard work.
By Order of the Board of Directors
For KHANDELWAL EXTRACTIONS LIMITED
V. N. KHANDELWAL
Date : 30th May, 2012