The Directors have pleasure in presenting the 21st Annual Report of
the Company along with the Audited Statements of Accounts for the year
ended 31st March, 2012.
1. Financial Results :
The financial results for the year are as under:- in Lacs
PARTICULARS 2011-12 2010-11
Turnover 8557.71 13616.40
Profit Before Depreciation,
Finance Cost & Tax 2893.32 2496.72
Less : Finance Cost 1507.50 931.24
Profit before Depreciation & Tax 1385.81 1565.48
Less : Depreciation 932.26 642.49
Profit after depreciation but
before exceptional items 453.55 922.99
a) Exceptional Items - Expenses -- 458.57
b) Deferred Tax Asset - Income 33.12 53.98
Profit after exceptional items but
before Tax 486.67 518.41
Less : Provision for tax :
a) Current 77.00 90.00
b) Deferred (Net of adjustment) -- --
Profit after Tax (PAT) 409.67 428.41
Balance brought forward from
Previous Year 2385.73 2191.71
Profit available for distribution 2795.40 2620.11
Earnings per share (Rupees) - Basic 2.04 2.13
Dividend - % -- 5%
The performance of the Company has been comprehensively covered in the
Management Discussion and Analysis Report.
With a view to plough back the Profits, Board of Directors do not
recommend the payment of dividend for the financial year 2011-12.
3. Expansion & Modernization Forward integration
Ambai Hydro Power Project of 3.50 MW at Kalammawadi (Dist-Kolhapur)
Your company has started setting up of Hydro Power Project of 3.50 MW
capacity at Kalammawadi, Tal. Radhangari, Dist Kolhapur (Maharashtra).
4. Report on Corporate Governance and Management Discussion & Analysis
The Company has complied with clause 49 of the Listing Agreement
pursuant to SEBI guidelines, Accordingly, report on Corporate
Governance and Management Discussion & Analysis are enclosed and forms
part of this Report.
Adequate insurance cover has been taken for the properties of the
Company including building, plant & machineries and stock.
In accordance with the provisions of the Companies Act 1956, and
Articles of Association of the Company Mr. Sanjay Dnyandeo Patil and
Mr. Dhiraj Shivajirao Patil retires by rotation and are eligible for
During the year Mr. Vijay Madanlal Navandhar and Mr. Rajendra Prabhakar
Kinkar , Directors of the Company opted to resign from the Board of
Directors. Board of Directors in its meeting held on 26th Nov. 2011,
approved their resignation.
During the year Mr. Neehal Mahamulal Pathan and Mr. Ranjeet Dinkarrao
Patil are appointed as additional Directors of the Company on 22nd
June, 2012. Notice have been received from shareholders proposing the
candidature of Mr. Mr.Neehal Mahamulal Pathan and Mr.Ranjeet Dinkarrao
Moreshwar G.Deshpande, the Statutory Auditors of the company, will
retire at the ensuing Annual General Meeting of the company and being
eligible, offer themselves for re-appointment.
8. Cost Auditors
The Central Government had directed an audit of the cost accounts
maintained by the Company. For conducting the cost audit for the
financial year ended on March 31,2013, the Central Government has
approved the appointment of Shri. S.V.Vhatte, Cost Accountant, Solapur.
9. Directors Responsibility Statement:
On the basis of compliance certificate received from the concerned
officials of the Company and subject to disclosure in the Annual
Accounts & on the basis of the discussion with the Statutory Auditors
of the Company from time to time, we state :
i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed and proper explanations
provided relating to material departures, if any ;
ii) that the Directors have selected appropriate accounting policies
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 March 31 , 2012 and of the profit of
the Company for the year ended on that date.
iii) that the Directors have taken proper and sufficient care to ensure
the 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, if any.
iv) that the Directors have prepared the annual accounts on a going
10. Conservation of Energy, Technology Absorption, Foreign Earnings
A statement giving details of conservation of energy, technology
absorption, foreign exchange earnings and outgo, in accordance with the
Companies (Disclosure of Particulars in the Report of Board of
Directors) Rules 1988 is annexed and marked Annexure ''A'' and forms part
of this Report.
11. Cash Flow Analysis
In conformity with the provisions of clause 32 of the Listing Agreement
the Cash Flow Statement for the year ended 31st March, 2012 is annexed
12. Listing of Equity Shares
The Equity Shares of the Company are presently listed on Bombay Stock
Exchange Limited, (BSE). The Company has duly paid the listing fees to
Bombay Stock Exchange Limited for the financial year 2012-2013.
13. Depository System
As the members are aware, your Company''s shares are tradable
compulsorily in electronic form and your Company has established
connectivity with both the depositors, i.e. National Securities
Depositories Limited (NSDL) and Central Depository Services (India)
Limited (CDSL). In view of the numerous advantages offered by the
Depository system, members are requested to avail of the facility of
dematerialization of the Company shares on either of the Depositories
14. Particulars of Employees:
The statement of particulars of employees required under Section
217(2A) of the Companies Act, 1956 reads with the Companies
(Particulars of Employees) Rules 1975. As no any employees is receiving
salary more than limits prescribed under this section, separate
statement is not attached.
Your directors wish to place on record their appreciation to employees
at all levels for their hard work, dedication and commitment. The
enthusiasm and unstinting efforts of the employees have enabled the
Company to remain at the forefront of the Industry despite increased
competition from several existing and new players.
The Board desires to place on record its appreciation for the support
and co-operation that the Company received from all the customers,
investors, marketing agents, clearing and forwarding agents, financial
institutions, banker''s, insurance companies, consultants, advisors and
shareholders for their continued support. The company has always looked
upon them as partners in its progress and has happily shared with them
rewards of growth.
Your Directors are grateful to Government of India, Ministry of
Commerce, Ministry of Textiles, Port Authorities and various
authorities from Central and State Government for their co-operation
and support. Your Directors look forward for their continued support.
On behalf of the Board
Vadgaon : 416 112
Date : 14th August, 2012 CHAIRMAN & MANAGING DIRECTOR