The directors have pleasure in presenting the 27th Annual Report
together with audited statement of accounts for the financial year
ended 31st March, 2012.
The automobile market remained stagnant during the year and sales of
our main customer Maruti Suzuki India Limited is went down. Maruti
Suzuki India Ltd sold in domestic market a total of 10,06,316 vehicles
in 2011-12. The total sales numbers in 2011-12 was lower by 11.20% over
preceding financial year. Maruti Suzuki''s domestic sale in 2010-11
was 11,32,739 vehicles.
During the year, your company has installed 7 new injection Moulding
machines for manufacturing of automotive components at Manesar plant.
During the year the Manesar Plant of the company has met with an
accident causing two causalities. Company has paid a compensation of
Rs.5 lacs each to the families of the deceased. Company has all
industrial risk policy in force for the period of accident. Company has
lodged a claim with the insurance company.
During the year your company forayed into the business of Volvo.
Financial Performance (Rs. In Lacs) (Rs. In Lacs)
Income from operation (net of excise) 15235.05 15905.71
Other Income 220.48 1069.17
Profit (before financial charges,
depreciation and tax) 1612.51 2853.45
Financial charges 480.02 470.74
Depreciation 1179.51 1153.50
Profit before tax (47.02) 1229.21
Provision for tax (after adjustment of
deferred tax) 53.10 405.41
Profit after tax (100.12) 823.80
The turnover of the company has decreased by 4.22% approx. i.e. from
Rs. 15905.71 Lacs in 2010-11 to Rs. 15235.05 Lacs in current year.
Company has incurred a pretax loss of Rs.47.02 lacs as compared to
profit of Rs.1,229.21 lacs of last year.
The company is expanding and needs to preserve resources therefore for
abundant prudence, the board of your Company has decided not to
recommend any dividend.
DIRECTORS'' RESPONSIBILITY STATEMENT:
In compliance with Section 217 (2AA) of the Companies Act, 1956 as
amended by the Companies Amendment Act, 2000, the directors of your
company subject to notes appended to accounts and auditors'' report,
- That in preparation of annual accounts for the financial year ended
31st March, 2012, the applicable accounting standards have been
followed and that there are no material departures.
- That such accounting policies have been selected and applied
consistently and such judgments and estimates made are reasonable and
prudent so as to give & fair view of the state of affairs of the
company at the end of the financial year as at 31st March, 2012 and of
the profit of the Company for the year ended 31st March, 2012.
- That 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.
- That the annual accounts have been prepared on a going concern
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company, Mr. R.L. Gaggar and Mr.
Masayuki Kamiya and Mr. R. Krishnan retire by rotation and being
eligible offer themselves for reappointment.
The Equity Shares of the company are listed at Bombay Stock Exchange.
The company has paid listing fees to the stock exchange for the year
M/s Goel Garg & Company, Chartered Accountants, the statutory auditors
of the company retire at the conclusion of ensuing Annual General
Meeting of the company and being eligible, offer themselves for
The observation of the auditors is self explanatory and / or is
suitably explained in the notes to the accounts.
Pursuant to Clause 49 of the Listing Agreement with the Stock
Exchanges, Reports on Corporate Governance and ManagementAnalysis &
Discussion Report have been included in this annual report as a
separate section (forming part of Directors'' Report) along with the
Your company has not accepted any deposit u/s 58A of the Companies Act,
1956 & rules made thereunder.
PARTICULARS OF EMPLOYEES
Details of employee of the company as specified by section 217(2A) of
the companies Act, 1956 read with the Companies (Particulars of
Employee) Rules, 1975 as amended by Companies (Particulars of
Employees) Rules, 2002 are annexed hereto as Annexure-II and form part
of the report.
Information pursuant to section 217(1)(e) of the Companies Act, 1956
read with the Companies (Disclosure of Particulars in the report of
Board of Directors) Rules, 1988 is furnished hereunder:
A. CONSERVATION OF ENERGY
Continuous overhauling of equipments and awareness amongst employees
has helped to avoid wastage of energy. New investments have been made
to monitor consumption of energy at various levels.
Series of steps have been taken to identify areas of excess consumption
of power and checks have been strengthened at these points.
Data regarding energy consumed is given hereunder:
Power & Fuel Consumption 2011-12 2010-11
(a) Purchase units 96,28,794 1,04,96,647
Total Cost (Rs. In lacs) 837.34 806.39
Rate per units 8.70 7.68
(b) Own Generation-D.G. Set
Units generated 14,15,182 10, 64,666
Fuel Cost (Rs. In Lacs) 171.43 130.38
Fuel cost per unit 12.11 12.25
2. Coal NIL NIL
3. Furnace Oil NIL NIL
4. Other / Internal generation NIL NIL
B. TECHNOLOGY ABSORPTION
A statement giving details of technology absorption in accordance with
the above Rules is annexed hereto as Annexure I and forms part of the
C. FOREIGN EXCHANGE EARNING & OUTGO Rs. In Lacs
Total foreign exchange earning 100.50
Total foreign exchange outgo 1583.81
The Company is not involved in any type of activity hazardous to
environment and does not discharge any trade effluents (solid, liquid
or gaseous) causing pollutions. As an environment conscious responsible
corporate citizen, your company has implemented GSCM (Green Supply
Chain Management) standards and is IS014001 certified holder. The
company has also achieved ISO18001-OHSAS certification for occupational
health and safety.
Your Directors take this opportunity to gratefully acknowledge the
valuable co-operation and assistance extended by Maruti Suzuki India
Ltd., Suzuki Motors Corporation, Japan, Government of India, Government
of Haryana and the Company''s bankers for their continued support and
guidance. Your directors also wish to place on record their sincere
appreciation of the dedication and efforts shown by all employees of
the company and are thankful to the shareholders for their continued
patronage, trust and confidence in the company.
For and on behalf of the Board of Directors
Place : Gurgaon Sd/-
Date : 11.06.2012 Executive Chairman