The Members,
The Directors have pleasure in presenting their Twenty Third Report on
the affairs of the Company, together with the Financial Statements for
the year ended 31st March, 2011.
1. FINANCIAL RESULTS :
(Rs. In lacs)
Year ended Period ended
31st March, 31st March,
2011 2010
(12 months) (6 Months)
Gross Revenue (Incl. Excise duty) 15685.54 6990.38
Profit before interest, Depreciation 1706.81 867.68
and Tax
Less : Interest 193.28 66.68
Less : Depreciation 398.63 211.66
Profit before Taxation 1114.90 589.34
Less : Provision for Weaith Tax 0.33 --
Profit after taxation 1114.57 589.34
Add: Profit Brought forward from 2546.43 2008.74
previous year
Less: Adjustment Consequent to -- 51.65
adoption of Accounting Standard-15
Less : Short provision for FBT for 0.11 --
earlier years
Profit/(Losses) carried to the 3660.89 2546.43
Balance sheet
2. DIVIDEND :
The business of the Company is expanding and therefore to retain the
resources for the working capital requirements of the Company and
normal capital expenditure, the Board of Directors express their
inability to recommend dividend for the year ended 31st March, 2011.
The Company has made capital expenditure of Rs.7.70 crores during the
year under report from its internal accruals and proposes to incur
further capital expenditure of Rs. 8 to 10 crores during the current
year from its internal accruals. This will save interest cost to the
Company.
4. FINANCE :-
The Company has obtained Working Capital Limits during the year under
review from Axis Bank Ltd.
5. DEPOSITS:-
The Company has accepted Fixed Deposits during the year under Report
without inviting Fixed Deposits from public as permitted under the
provisions of Companies (Acceptance) of Deposits) Rules, 1975 and
Section 58 of the Companies Act, 1956. No Fixed Deposit is outstanding
for payment as on the date of this Report.
6. CORPORATE GOVERNANCE :-
As required by Clause 49 of the Listing Agreement, a Corporate
Governance Report is attached as Annexure A to this Report. Certificate
of Auditors regarding compliance of the conditions of Corporate
Governance as stipulated in Clause 49 of the Listing Agreement of the
Stock Exchanges is also attached in Annexure A and forms part of this
Report.
7. DIRECTOR''S RESPONSIBILITY STATEMENT :-
A Director''s Responsibility Statement as required under section
217(2AA) of the Companies Act, 1956 is given below :-
i) Directors have followed the applicable accounting standards in the
preparation of the Annual Accounts and proper explanations relating to
material departures have been given in Schedule S of Notes on Accounts
forming part of the accompanying Accounts.
ii) Directors have selected the Accounting Policies as given in
Schedule S of Notes on Accounts and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a
true and fair view of the state of affairs of the Company as at 31 st
March, 2011 and of the Profits of the Company for the period ended on
that date.
iii) Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 for safeguarding the assets of the
Company and for preventing and detecting of fraud and other
irregularities.
iv) Directors have prepared the Annual Accounts for the year ended 31st
March, 2011 on a going concern basis.
8. AUDITORS AND AUDITORS'' REPORT :¦
The Auditors M/s. B L Sarda & Associates, who hold office until the
conclusion of the ensuing Annual General Meeting have furnished
certificate under Section 224(1) of the Companies Act, 1956 for their
eligibility for reappointment. The proposal for their re-appointment
will be set out in the ensuing Notice of the Annual General Meeting.
The Auditors without qualifying their opinion, have drawn attention to
Note no. B.9 of Schedule S of Notes of Accounts regarding non provision
for taxation under Section 115JB of the Income Tax Act, 1961, based on
expert opinion.
As the said note is self explanatory the Directors do not have any
further comment to offer.
9. PARTICULARS OF EMPLOYEES :-
Information in accordance with the provisions of section 217(2A) of the
Companies Act, 1956 read with Companies (particulars of employees)
Rules, 1975 are not applicable to the Company as Company has not
employed any person drawing a salary of Rs.60,00,000/- in a year or
Rs.5,00,000/- per month if employed for part of the year.
10. CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO :-
A) Conservation of Energy :-
The Company is not covered under the list of industries specified in
the Schedule to furnish the information in Form A under Rule 2 of the
Companies (Disclosures of Particulars in the Report of Board of
Directors) Rules 1988. The manufacturing operations of the Company are
not power intensive. However, Company makes every possible effort to
conserve the energy.
B) Technology absorption:-
The Company does not have any technical collaboration. The Company uses
the latest technology and process available in the printing and
packaging industry. Accordingly, the Company has the latest equipments
and its personnel are trained from time to time on the uses, operation
and maintenance of such sophisticated equipments.
11. ACKNOWLEDGEMENT :-
The Directors wish to place on record their appreciation of the
continuous support received by the Company from Banks, Central/State
Government Departments, it customers, suppliers and shareholders. The
Directors express their appreciation for the dedication and commitment
shown by the employees at all levels.
By Order of the Board of Directors
(R V Maheshwari)
Chairman & Managing Director
Mumbai, 11th August, 2011
Registered Office :
L-31 MIDC Tarapur Industrial Area
Boisar 401 506, Dist. Thane.
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