The Directors have pleasure in presenting the Thirtieth Annual Report
of the Company Together with the Audited Statements of Accounts for the
year ended 31st March, 2012.
For the year For the year
31st March, 2012 31st March, 2011
Gross Income 1,11,89,992.00 1,14,08,995.00
Profit before Depreciation 98,09,260.00 1,10,48,901.00
Less : Depreciation (Net) 5,97,878 NIL
Profit before Taxation 92,11,382.00 1,10,48,901.00
Less : Provision for Tax
Deferred Tax 48,142.00 NIL
Current Tax 18,50,000.00 13,98,749.00
Fringe Benefit Tax NIL NIL
Profit after Tax 74,09,524.00 96,50,152.00
Less : Prior Period Taxes 9,49,429.00 NIL
Balance brought forward 2,41,95,244.00 1,49,83,540.00
Profit available for
appropriation 3,06,55,339.00 2,46,33,692.00
Proposed Dividend 3,76,000.00 3,76,000.00
Tax on Proposed Dividend 60,997.00 62,449.00
Balance carried forward
to next year 3,02,18,342.00 2,41,95,243.00
During the year the review, Your Company earned an income of Rs.
1,11,89,992 against Rs. 1,14,08,995 in the previous Year. The Company
earned profit after Tax of Rs. 64,60,095 as compared to profit after
Tax of Rs. 96,50,152 in the previous Year.
Considering the robust performance during the year and the sound
financial position of the Company, the Board of Directors have
recommended payment of a dividend of 2% i.e. 0.20 Paise per share on
18,80,000 Equity Share of Rs. 10/- each, for the year ended 31st March,
2012, for approval of the Members. The dividend will entail an outflow
of Rs. 4,36,997/- (including Dividend Tax of Rs. 60,997/-) on the paid
up equity share capital of Rs. 1,88,00,000/-.
Director''s Responsibility Statement:
In compliance with Section 217(2AA) of the Companies Act, 1956, as
amended by the Companies (Amendment) Act, 2000, your Directors confirm:
1. That the applicable Accounting Standards have been followed in the
preparation of Annual Accounts along with proper explanations relating
to material departures, if any.
2. That the accounting policies have been selected and applied
consistently and such judgments and estimates made are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as on 31st March, 2012 and the Profit & Loss Account for
the year ended on that date.
3. That proper and sufficient care has been taken for 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.
4. That the Annual Accounts have been prepared on a going concern
Foreign Exchange Earnings and Outgo :
Your Company does not undertake any activities involving Foreign
currency Earnings and Outgo .
SHRI JAYPRAKASH R. SHETH, Director of the Company retires by rotation
and being eligible offers himself for reappointment.
None of the Directors of the Company are disqualified for being
appointed as Directors in terms of Section 274 (1)(g) of the Companies
M/s. Rajesh Thakkar & Associates, Auditors of the Company retire at the
conclusion of ensuing Annual General Meeting and are eligible, offer
themselves, for reappointment.
The Company has received letter from them to the effect that their
re-appointment, if made would be within the prescribed limits under
Section 224(1B) of the Companies Act, 1956 and that they are not
disqualified for such re-appointment within the meaning of Section 226
of the said Act.
The notes referred to by the Auditors in their report are
self-explanatory and hence, do not require any further explanation.
Your Directors wish to place on record their grateful thanks to the
Banks, various Government Authorities and the Promoters for their
valuable assistance and cooperation and for the trust and confidence
posed in the Company by the Shareholders.
For and on behalf of Board
JIGNESH R. SHETH
Date : 30th May, 2012