Dear Shareholders,
The Directors are pleased to present the 29th Annual Report together
with the Audited Statement of Accounts and the Auditors Report of your
company for the Year ended 31st March, 2011. The Financial highlights
for the year under review are given below:
FINANCIAL RESULTS
(Rs.in Lacs)
For the year ended 31st March, 2011 31st March, 2010
Total Income 5309.68 4787.89
Profit Before Depreciation 132.46 373.31
& Tax
Less - Depreciation 41.06 37.16
Profit Before Tax 91.40 336.15
Less - Provision for Tax -0.08 7.10
Profit After Tax 91.48 329.05
Add: Balance of Profits for 344.50 164.09
earlier years
Balance available for 435.98 493.14
Appropriation
APPROPRIATIONS
Dividend (including Dividend Tax) 0 115.74
General Reserve 0 32.90
Balance carried to Balance Sheet 435.98 344.50
PERFORMANCE
The Total Income for the financial year under review is Rs.5309.68 lacs
against Rs.4787.89 lacs in previous year registering a growth of about
10.90 %. The Net Profit generated by the company during the year under
review was Rs. 91.48 lacs as compared to Rs. 329.05 lacs during the
previous year registering a downfall of about 72.20%.
DIVIDEND
Due to growing requirement of funds in business activities, your
Directors do not propose any dividend for the FY 2010-11 (Previous Year
9% on equity share of Face Value of Re.1/-each).
DIRECTORS
During the year under review, Mr. Anil Jain and Mr.Lalit Garg have
resigned as Directors due to their pre occupation. Your Directors place
on record their appreciation for the services rendered by themselves
during their tenure as directors of the company.
The tenure of Mr. Bharat Kumar Sah, Whole Time Director will expire on
31/07/2011 and his re-appointment as a Whole Time Director for further
period of three years w.e.f. 01/08/2011, as approved by the Board of
Directors but subject to approval of the members.
Mr. Bharat Kumar Sah terms of re-appointment and remuneration are
detailed out in the explanatory statements accompanying in the notice
of the Annual General Meeting
Mr. Shyam Sunder Pandey was appointed as an Additional Director of the
Company w.e.f. 11/04/2011. He holds the office up to the date of
ensuing Annual General Meeting. The Company has received requisite
notice together with necessary deposit, as provided under Section 257
of the Companies Act, 1956, from a shareholder proposing the
appointment of Mr. Shyam Sunder Pandey as a Director of the Company at
the ensuing Annual General Meeting.
Mr. Rahul Anand Fulfagar, Director of the Company, retires by rotation
at the ensuing Annual General Meeting and is eligible for
re-appointment.
None of the Director of the Company are disqualified for being
appointed as Director as specified in Section 274 (1) (g) of the
Companies Act, 1956,
Necessary resolutions for the appointment or/re-appointment of the
aforesaid Directors have been included in the notice convening the
Annual General Meeting.
LISTING OF SHARES
Equity shares of the Company are listed with Calcutta Stock Exchange
and Interconnected Stock Exchange of India. Listing fees has already
been paid in pursuance to clause 38 of the listing agreement. Equity
shares of the company are also traded under permitted category at
Bombay Stock Exchange.
MANAGEMENT & DISCUSSION AND ANALYSIS
In compliance with the provision of clause 49 of the listing agreement
with the Stock Exchanges, detailed review of the operations,
performance and future outlook of the Company is annexed hereto.
AUDITORS & AUDITORS OBSERVATION
M/s Mohindra Arora & Co., Chartered Accountants, the auditors of the
company who hold office until the conclusion of the forthcoming Annual
General Meeting, being eligible, offer themselves for re-appointment,
if made, would be within the prescribed limits under Section 224 (1B)
of the Companies Act, 1956.
The observations of the Auditors as referred to in the Auditor''s Report
are suitably explained in the notes to the account.
FIXED DEPOSITS
The company has not accepted any public deposit and, as such, no amount
of principal or interest was outstanding on the date of Balance Sheet.
COMPLIANCE WITH THE ACCOUNTING STANDARDS
The Company prepares its accounts and other financial statements in
accordance with the relevant accounting principles and also complies
with the Accounting Standards issued by the Institute of Chartered
Accountants of India.
CORPORATE GOVERNANCE
A separate section on Corporate Governance is included in the Annual
Reports and the Certificate from Company''s auditors confirming the
compliance with the code of Corporate Governance as enumerated in
clause 49 of the listing of agreements with the Stock Exchange is
annexed hereto.
HRD INITIATIVES
Your Directors want to place on record their appreciation of the
contribution made by employees at all levels, who through their
steadfastness, solidarity and with their co-operation and support have
made it possible for the company to achieve the current status it
enjoys in the industry.
It is the endeavour of the company to create in its employees a sense
of belonging, and an environment that promotes openness, creativity and
innovation. All our manpower initiatives are implemented with the aim
of maximizing productivity and aligning organizational needs with
employee''s aspirations.
DIRECTORS RESPONSIBILITY STATEMENT
Your Directors confirm that:
(i) In the preparation of the annual accounts, the applicable
accounting standards had been followed;
(ii) The directors have selected such accounting policies and applied
them consistently and made judg- ments 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 31st March
2011 and of the profit of your company for that period;
(iii) The directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities;
(iv) The directors have prepared the annual accounts on a going concern
basis.
PARTICULARS OF EMPLOYEES
There is no employee drawing remuneration in excess of the limits
prescribed in Companies (Particulars of Employees) Rules, 1975 as
amended.
TECHNOLOGY, R&D AND FOREIGN EXCHANGE
The provisions of Section 217(1) (e) of The Companies Act, 1956, with
regard to conservation of energy and technology absorption are not
applicable to the company. The company has not incurred any expenditure
or earned any income in foreign exchange during the period under
review.
ACKNOWLEDGEMENT
The Directors wish to place on record their appreciation of the
contributions made by the employees at all levels, whose continued
commitment and dedication helped the company achieve better results.
The Directors also wish to thank customers, bankers, Central and State
Governments for their continued support. Finally your directors would
like to express their sincere & whole-hearted gratitude to all of you
for your faith in us and your Co-operation & never failing support.
For and on behalf of the Board of Directors
Bharat Kumar Sah
(Whole-time Director)
Date: 27/07/2011
Place: Kolkata
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