To, All the Shareholders,
The Directors have pleasure in presenting the Eighteenth Annual Report
of the company together with the Audited financial accounts for the
financial year ended on 31st March 2012.
Rs. (in Lacs)
Particulars 2011-2012 2010-2011
Sales 5280.48 3475.59
Profit before Depreciation & Tax 277.53 321.61
Profit before Tax 186.72 232.82
Provision for Tax (Current & Deferred Tax) 64.96 82.82
Net Profit 121.75 150.00
Dividend NIL NIL
Balance b/f from the previous year 441.43 291.43
Transferred to General Reserve NIL NIL
Transferred to Reserve & Surplus 563.18 441.43
Your Company has achieved turnover of Rs. 5280.48 Lacs as against Rs.
3475.59 Lacs In the previous year The Net Profit of the Company is Rs
121.75 Lacs as against Rs. 150.00 Lacs in the previous year.
As per Article 107 and 108 of Article of Association of the Company
Shri Rakesh Akar and Shri Radhe Shyam Mangal, Directors of the Company
are liable to retire by rotation in the forthcoming Annual General
Meeting and being eligible, offer themselves for reappointment.
Directors Responsibility Statement
Pursuant to section 217 (2AA) of the Companies Act, 1956, your
Directors hereby confirm that:
a) in the preparation of Annual Accounts of the Company, the applicable
Accounting Standards have been followed along with proper explanation
relating to material departures from the same, if there any.
b) 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 & fair view of the state of affairs of
the Company at the end of the financial year ended March 31st, 2012 and
of the Profit of the Company for the year ended on that date.
c) 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
d) the Directors have prepared the Annual Accounts of the Company on a
going concern basic.
PARTICULARS OF EMPLOYEES REQUIRED UNDER SECTION 217 (2A) OF THE
COMPANIES ACT, 1956
None of the Employee of the Company has been paid such remuneration
which attracts the provisions of Section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Rules, 1975,
hence requirement of disclosure under section 217(2A) of the Companies
Act, 1956 read with the Companies (Particulars of Employees) Rules,
1975 doesn''t arise.
Auditor and Auditor''s Report
M/s A. Bafna & Company, Chartered Accountants, Jaipur holds office
until the conclusion of the ensuing Annual General Meeting and being
eligible and offer themselves for re-appointment. The Company has
received a letter from the Auditors to the effect that their
appointment, if made would be within the prescribed limit u/s224
(1B)of the Companies Act, 1956 and also that they are not otherwise
disqualified within the meaning of section 226 (3) of the Companies Act,
Notes on Accounts and significant Accounting Policies are self
explanatory hence not require any further clarification.
The Company has incorporated a subsidiary Company in the name of
Swastik Polyblend Private Limited in the State of New Delhi as on
To conserve the resources of the Company for its future growth, the
Board of Directors of the Company are not recommending any dividend for
the financial year 2011-2012.
During the year ended March 31st 2012, your Company has not accepted
any deposits from the public.
The company will install 3 new machines for manufacturing of PU
footwear and 2 Machines of PVC Air Blowing Machines for manufacturing
of PVC Footwear for which additional factory building, with built-up
area of about 15000 sq. Its., will be constructed during the financial
Management Discussion and Analysis
A detailed review of operational performance and future outlook of the
Company is given under the Management Discussion and Analysis Report
which forms part of this Report,
CONSERVATION OF ENERGY. TECHNOLOGY, FOREIGN EXCHANGE EARNINGS AND OUTGO
Information in accordance with the provisions of section 217 (1) (e) of
the Companies Act. 1956 read. I with the Companies (Disclosure of
particulars in the Report of Board of Directors) Rules, 1988 are given
in Annexure B to this report.
The Directors of your Company acknowledge a deep sense of gratitude for
the continued support extended by Investors, Customers, Business
Associates, Bankers and Vendors. Yours Directors place on record their
appreciation for the significant contribution made by the employees at
all levels through their hard work and dedication.
The Directors also thanks the various Government and Regulatory
Authorities and last but not the least the Shareholders for their
patronage, support and faith in the company. The Board looks forward to
their continued '' support in the years to come.
By the order of the Board
For Lawreshwar Polymers Limited
PLACE: Jaipur (Ramesh Chand Agarwal)
DATED: 30.05.2012 Chairman