The Directors have the pleasure in presenting the 28th Annual Report
and the Audited Accounts of the Company for the year ended 31st March,
(Rs. in lacs)
Total Turnover 98,014.81 83,829.28
Other Income 86.51 516.19
Profit Before Interest,
Depreciation and Taxation 18,468.83 14,738.31
Less : 1. Interest 5,904.12 3,386.90
2. Depreciation 2,333.49 1,927.72
Profit Before Taxation 10,317.73 9,939.88
(Rs.in lacs) 2012 2011
Less : Provision for Taxation
Current Tax 2,087.39 2,331.14
Deferred Tax 873.75 807.31
Less: Income Tax paid
for earlier year 46.48 126.02
Profit after Taxation 7,310.11 6,675.41
Add : Balance of Profit
from earlier years 18,496.65 13,193.74
Amount available for
Appropriations 25,806.76 19,869.16
Less : Dividend (Proposed) 662.48 662.48
Tax on distributed Profits 107.47 110.03
Transfer to General Reserve 800.00 600.00
Balance carried forward 24,236.81 18,496.65
COMPANY PERFORMANCE AND BUSINESS OVERVIEW
Financial year 2011-12 witnessed another year of high inflation and
interest rate regime, decelerating growth along with slowdown in
international market and investment climate affecting businesses
environment resulting in moderated growth.
Your Company achieved a total turnover of Rs. 98,014.81 lacs for the year
ended 31st March, 2012 as against Rs. 83,829.28 lacs in the previous
year, with EBIDTA at Rs. 18,468.83 lacs against an EBIDTA of Rs. 14,738.31
in the previous year and has earned a net profit of Rs. 7,310.11 lacs
versus Rs. 6,675.41 lacs in the previous year. This represents a growth
of 16.92% in turnover, 25.31% in EBIDTA and 9.51% in terms of net
Highlights of performance and business overview are discussed in detail
in Management Discussion and Analysis forms part of this Annual Report.
Your Company had declared and paid an interim Dividend of 10% for the
financial year ended 31st March, 2012 in February, 2012 absorbing an
amount of Rs. 331.24 lacs (excluding Dividend Distribution tax of Rs. 53.74
lacs). The Company is pleased to report that the Board has recommended
a final dividend of 10 % for the financial year ended 31st March, 2012.
The final dividend will absorb an amount of Rs. 331.24 lacs (excluding
Dividend Distribution tax of Rs. 53.74 lacs). The total dividend outflow
for the year 31st March, 2012 aggregating Rs. 662.48 lacs (excluding
Dividend Distribution tax of Rs. 107.48 lacs) represents 20 % of the
Company''s paid-up share capital.
The Board reaffirms its commitment to the good corporate governance
practices, which they see as fundamental to discharging their
stewardship responsibilities. The Board strives to provide the right
leadership, strategic oversight and focuses on its resources, strength
and strategies to achieve and maintain sustainable growth and to create
long-term value to all of the Company''s Stakeholders.
A corporate Governance Report is annexed to Directors'' Report and
Auditors Certificate regarding compliance of the Corporate Governance
is made part of Annual Report.
The Company has not accepted any deposit within the meaning of Section
58A of the Companies Act, 1956 and rules made thereunder.
Mr. Ernest Robin Cornelius, Director of the Company retires from the
Board by rotation in accordance with the provisions of Companies Act,
1956 and the Articles of Association of the Company and being eligible,
offers himself for re-appointment.
The particulars of the Director proposed to be re-appointed are given
in the Corporate Governance Report as annexed to the Directors'' Report
and forms part of Annual Report.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956, with respect to Directors'' Responsibility Statement, it is
hereby confirmed that;
i) In the preparation of the accounts for the financial year ended 31st
March, 2012, the applicable Accounting Standards have been followed
along with proper explanation relating to material departures;
ii) The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that were
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) The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provision of the Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting fraud and other
iv) The Directors have prepared the accounts for the financial year
ended 31st March, 2012 on a ''going concern'' basis.
particulars OF EMPLOYEES
A statement showing the particulars pursuant to Section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules, 1975 as amended vide Companies (Particulars of Employees)
(Amendment) Rules, 2011 is annexed to this report and forms integral
part of this report.
particulars OF ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE AND OUTGO
Particulars with respect to conservation of energy, technology
absorption and foreign exchange earnings and outgo, as per 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 and forming part of the Directors'' Report for the year ended 31st
March, 2012, are annexed to this report.
CORPORATE SOCIAL OBJECTIVES
Corporate social Responsibility continues to be an important factor in
the activities of the Company, as Corporate Citizen. The Company is
committed to a sustainable development and constantly making efforts to
carry out initiative that benefits the communities interacting with us
during the course of business.
M/s. Vishal H. Shah & Associates, Chartered Accountants, the Statutory
Auditors of the Company retire at the conclusion of the ensuing Annual
General Meeting and are eligible for re-appointment. They have
furnished a certificate pursuant to Section 224(1) of the Companies
Act, 1956 regarding their eligibility for re-appointment and your
Directors recommend the re-appointment.
The Directors take this opportunity to thank the Shareholders,
Financial Institutions, Banks, Customers, Suppliers, Regulators,
Government Authorities - Central and State Government & Local.
The Directors also wish to place on record their appreciation of the
employees at all levels for their hard work, dedication and commitment.
For and behalf of the Board of Director
(Chairman and Managing Director)
PLACE : MUMBAI
DATED : 6th August, 2012