The Directors have the pleasure in presenting the 22nd Annual Report
together with Audited Accounts of the Company for the year ended on
31st March, 2012.
The performance of the Company for the financial year ended 31st March,
2012 is summarized below:
(Rs. in Lacs)
PARTICULARS Current Year Previous Year
Total Income 30821.78 27782.78
Profit before Interest,
Depreciation & Taxes 2531.75 1949.36
Less: Interest 1346.66 930.70
Profit before depreciation 1185.09 1018.66
Less: Depreciation 362.16 277.14
Profit/(Loss) 822.93 741.52
Provision for Taxation 264.44 245.55
Net Profit/(loss) 558.49 495.97
Add: Balance Brought Forward 679.58 695.08
Profit available for Appropriation 1238.07 1191.05
Proposed Dividend 74.40 74.40
Corporate Dividend Tax 12.07 12.07
Transferred to General Reserve 500.00 400.00
Transferred to Contingency Reserve - 25.00
Balance Carried over to Balance
Sheet 651.60 679.58
YEAR IN RETROSPECT
The Company has achieved total Turnover of Rs. 30821.78 lacs and Profit
before Tax Rs. 822.93 lacs and Profit after Tax Rs. 558.49 lacs.
During the year the Company has undertaken expansion of capacity for
manufacture of PVC/HDPE pipes & fittings and Drip Irrigation.
Your directors are pleased to recommend a dividend of 15% for the year
ended 31st March, 2012 on 49603520 equity shares of Rs. 1/- each
aggregating to Rs. 74.40 lacs.
The Company has complied with the mandatory provisions on Corporate
Governance as prescribed in the Listing Agreement with the Stock
Exchanges. A separate report on Corporate Governance is included as a
part of the Annual Report along with the Auditors'' Certificate on its
SECRETARIAL COMPLIANCE CERTIFICATE
In pursuance of Section 383A of the Companies Act, 1956, a certificate
issued by Company Secretary in Whole time practice is enclosed herewith
and forming part of this report.
DIRECTORS'' RESPONSIBILITY STATEMENT
Your Directors hereby confirm that: -
1. In the preparation of Annual Accounts, the applicable accounting
standards have been followed along with the proper explanation relating
to material departures.
2. The Directors have selected such accounting policies and applied
them consistently and have made judgment and estimates that are
reasonable and prudent so as to give true and fair view of the state of
affairs of the Company as at end of the financial year ended 31st
March, 2012 and of the Profit and Loss Account of the Company for that
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, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
4. The Directors have prepared the Annual Accounts for the year ended
31st March, 2012 on a going concern basis.
Pursuant to High court order at Indore Bench dated 01.11.2011 and
Certificate of Registration of Order with Registrar of Companies for
above order on the Scheme of Amalgamation of Companies dated 27.02.2012
being effective date of the scheme, Sakam Trading Private Limited
became holding company of your company as shareholding in the company
of Kriti Corporate Services Private Limited, Kriti Auto Accessories
Private Limited and Kasta Pipes Private Limited (Transferor Companies)
are Merged with Sakam Trading Private Limited (Transferee Company).
All the above companies belong to the same promoter group.
Kriti Auto & Engineering Plastics Private Limited, wholly owned
subsidiary of the company, achieved gross turnover of Rs.2431.90 lacs
representing a profit after tax of Rs. 17.96 lacs.
The statement pursuant to Section 212 of the Companies Act, 1956
containing the details of the Company''s subsidiary is attached.
AUDITORS AND AUDITOR REPORT
M/s. R. D. Asawa & Co., Chartered Accountant, Indore the Auditors of
the Company retire at the conclusion of the ensuing Annual General
Meeting and being eligible offer themselves for re-appointment.
Mr. Manoj Fadnis and Mr. Rakesh Kalra, retire by rotation at the 22nd
Annual General Meeting and being eligible offers themselves for
The company has not received/accepted any deposits from public during
the year under review.
PARTICULARS OF EMPLOYEES
The Company does not have on its roll any employee drawing remuneration
attracting provisions of section 217(2A) of the Companies Act, 1956
read with the Companies (Particulars of Employees) Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS & OUTGO
Information as per section 217(1)(e) read with Companies
(Disclosure of Particulars in the report of the Board of Directors)
Rules, 1988 is annexed hereto and forms part of this report.
Your directors'' wish to place on record their appreciation for the
contribution made by the company''s workforce at all levels of
operations for the success and progress of the company.
Your Directors place on record their appreciation of the co-operation
and assistance extended by the Central/State Government and Banks. The
Directors also convey their sincere thanks for the continued support
given to the Company by the esteemed shareholders, suppliers, dealers
and valued customers.
FOR & ON BEHALF OF THE BOARD,
Date: 28th July, 2012