The Directors have pleasure in presenting their Fourteenth Annual
Report together with the Audited Statement of Accounts of the Company
for the year ended 31st March 2005
Particulars As on 31st As On 31st
March 2006 March 2005
Net Profit/(Loss) before Tax 60,453 70,36,054
Less: Provision for Tax 5,83.537 21,57,864
Less: Deferred Tax (18,72,374) (8,86,930)
Profit after tax 13,49,290 57,65,120
Transfer to General Reserve - 35,00,000
Add: Previous year Bal. 4,39,44,760 4,16,79,640
Balance carried to 4,52,94,050 4,39,44,760
The Board of Directors have decided to plough back the profits earned
for the year ended March, 31, 2006 for development of the business of
the Company and hence they do not recommend any dividend for the year
Pursuant to Article 39 of the Articles of Associations of the Company,
Mr. Mustafa Pardawala & Mr Afzal Patel, Directors of the Company retire
by rotation at the forthcoming Annual General Meeting and being
eligible, offer themselves for re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT,
pursuant to Sec. 217(2AA) of the Companies Act. 1956.
(i) that in the preparation of annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures.
(ii) that the directors had selected such accounting policies and
applied them consistently and made judgements and estimated 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 and of the
profit or loss of the company for that period.
(iii) that the directors had 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) that the directors had prepared the annual accounts on a going
Pursuant to Clause 49 of the Listing Agreement, a separate report on
Corporate Governance and a Certificate from the Auditors of the Company
regarding compliance of the conditions of Corporate Governance are
annexed to the Directors Report.
DISCLOSURE UNDER THE STOCK EXCHANGE LISTING AGREEMENT;
In accordance with the amendec Listing Agreement with respective Stock
Exchanges, it is hereby confirmed that the Companys Shares are listed
at the Stock Exchanges at Mumbai and Bangalore.
FIXED DEPOSITS :
The Company has not accepted any deposits from the public within the
meaning of Section 58A of the Companies Act. 1956, read with The
Companies (Acceptance of Deposits) Rules, 1975.
PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information required under Rule 2 of the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 relating
to conservation of Energy and Technology Absorption forms part of this
report and is given by way of Annexure.
The details of Foreign Exchange earnings and outgo is given in Point
Nos. 11, 12 & 13 in Note 10 forming part of Accounts (Schedule 14) as
at March 31, 2006.
Mis. Anil Bansal & Associates, Chartered Accountants, Mumbai and M/s.
N. B. Shetty & Co., Chartered Accountants, Mumbai, Joint Statutory
Auditors of the Company, retire at the ensuing Annual General Meeting
and being eligible, offer themselves for re-appointment.
PARTICULARS OF EMPLOYEES :
The Company has no employees of the specified categories under Section
217 (2A) of the Companies Act, 1956, read with the Companies
(Particulars of Employees) Rules, 1975. as amended upto date.
Industrial Relations remained cordial in the Companys Plant without
any disruption in manufacturing activities.
The Board of Directors wishes to place on record its sincere
appreciation for due co-operation received from the Companys Bankers.
The Directors are also thankful to the employees at ail levels for
their continued support.
For and On behalf of the Board of Directors