The have pleasure in presenting to you the Annual Report along with the
audited accounts for the year ended on 31st March 2012.
(Amount in Rs.)
Sr. Particulars 31.03.2012 31.03.2011
1. Income 239,537,668 490,086,334
2. Total expenditure
(i) Cost of Goods Sold 239,537,668 490,364,679
(ii) Administrative Expenses 177,102 189,659
(iii) Depreciation 207,827 247,347
3. Profit/(Loss) before tax (1,565,772) (715,351)
Add: Prior period income -
Profit before tax after prior period (1,565,772) (715,351)
4. Provision for Taxation - -
Provision of FBT - -
Provision for Deferred tax liabilities 3,945 (292,156)
Profit after tax (1,569,717) (423,195)
Keeping in mind the expansion plans of the Company and also to conserve
the resources of the Company and to utilize the resources for the new
industry at Nardhana, Dist. Dhule, the Board of Directors does not
recommend a dividend for the financial year 2011-12.
REVIEW OF OPERATION AND FUTURE PROSPECTS
During the year under review the sales turnover of Rs. 238,348,232/- as
compared to previous years of Rs. 510,981,711/- and net loss of
Rs.1,569,717 /- as compared to previous year profit of Rs. 423,195/-.
The Company is planned to shift its whole operations to its new project
location at MIDC, Nardhana Industrial Area, Dist. Dhule and close its
activities from Pithampur Dist. Dhar. As the company have only assets
of building and land at the Pithampur Dist. Dhar. The plant and
machinery are turned into scrap and these are written down fully in the
financial year. Also the company is not received any subsidy etc.
therefore the Company is not in a position to compete with others due
to its increase cost of production.
In the process of shifting, the Company has already purchased land
situated at MIDC, Nardhana Industrial Area, Dist. Dhule and taking off
possession from MIDC Authorities. The power and water has reached to
the site and the Company will start building construction activity
their. The company is in process to do joint collaboration with a
Russian steel industry for its Nardhana Project.
The year 2011-12 has been eventful for the Company in multiple facets.
Your Board of Directors has expected huge opportunities in the business
of infrastructure and construction activities.
Shri Sachin Sharma and Shri Hemant Kokatay are being liable for retire
by rotation and offer them self to appoint further as Director of the
The brief particulars of all Directors, for which approval of members
for their appointment or re-appointment are sought, have been provided
in the Notice of Annual General Meeting pursuant to Clause 49 of the
Listing Agreement relating to Corporate Governance.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Sec 217(2AA) of Companies Act, 1956, the
directors state that:
that in preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanations relating to
material departures, if any.
that the directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give 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 that period.
that the directors have taken proper and sufficient care of 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.
that the directors have prepared the annual accounts on a going concern
The company has not accepted any deposit from the public attracting the
provisions of Sec 58A of the Companies Act 1956.
The retiring Auditors, M/s. Ashish Vyas & Co, Chartered Accountants,
Dewas, being eligible, offer themselves for appointment. They have
furnished a certificate to the effect that their appointment if made,
would be within the prescribed limits under Sec 224(1 B) of the
Companies Act 1956.
Report of the auditors and their observations and notes to the accounts
of the company for the year under review are attached herewith which
are self-explanatory and do not require further explanation.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, ADAPTATION AND
INNOVATION & FOREIGN EXCHANGE EARNING AND OUTGO
This information required to be given under section 217 (1) (c) of the
Companies Act, 1956 read with the Companies (Disclosure of particulars
in the Report of the Director) Rules 1988 is annexed herewith.
PARTICULARS OF EMPLOYEES
The information required under Sec 217(2A) of the Companies Act 1956 is
not given as there was no employee in receipt of remuneration during
the year, exceeding the limits prescribed by the Companies (Particulars
of Employees) Rules, 1975 as revised.
Your Company continues to be listed on the Stock Exchange, Mumbai where
the Company''s shares are being traded. The Company has paid Listing
fees for the year 2012-13.
Your Company believes that Corporate Governance is a voluntary code of
self discipline. In line with this policy, the Board of Directors
strongly believes that it is very important that the company follows
healthy Corporate Governance practices and reports to shareholders the
progress made on the various measures undertaken. Therefore, your
directors have been reporting the initiatives on Corporate Governance
measures adopted by your company.
MANAGEMENT DISCUSSION AND ANALYSIS
Management discussion and analysis Report is provided in separate
section and forming part of this report.
The company has developed a very cordial, warm and close relationship
with the investors, various Government and Semi-Government Departments,
Banks and Financial Institutions, Customers, Suppliers and other
service providers. The Board of Directors wish to gratefully
acknowledge the co-operation, assistance and guidance received from all
of them. The company could make the progress it has in these years due
to the dedication and creativity of its staff at all levels. The Board
of Directors wishes to place on record its warm appreciation for these
For and on behalf of the Board of Directors
Suresh Sharma Sachin Sharma
Director Managing Director
Place: Indore (M.P.)