The Directors have great pleasures in presenting you the Twenty-second
Annual Report of the Company together with the Audited Accounts for the
year ended on March 31,2012.
FINANCIAL RESULTS :
The Operating results of your Company for the period under review are
as follows : (Rs. in Lacs)
Particulars Current Year Previous Year
ended 31.03.2012 ended 31.03.2011
Sales/Turnover 6225.32 5335.37
Profit before Interest,
Depreciation & Tax 340.90 412.76
Less: Interest 78.46 149.09
Profit before Depreciation
and Tax 262.44 263.67
for the year 151.60 143.79
Profit before tax 110.84 119.88
deferred tax 35.22 44.16
Exceptional items 0.75 3.49
Net profit for the
year after tax 74.86 72.23
Balance brought forward
from previous year 68.80 38.71
PROFIT available for
appropriation 143.66 110.94
Transfer to General Reserve 1.89 0.00
Dividend Tax 7.68 5.00
Dividend on equity 47.35 36.14
Balance carried forward
to Balance-Sheet 86.74 68.80
Your Directors recommend dividend of Rs 0.25 per share (2.5%) of face
value of Rs 10 each out of the current year''s profit.
During the year, the company has achieved sales of Rs. 6225.32 lacs as
compared to the last year figure of Rs. 5335.37 lacs i.e.increase of
16%. The cash profit (i.e. profit before depreciation), due to margin
pressure, remained at Rs 262.44 lacs and the net profit was Rs 74.86
lacs as compared to Rs 72.23 lacs in previous year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT :
As mentioned in our previous year report the use of aluminium is
increasing day by day. Along with manufacturing alyminium utensils
there is great scope in manufacturing aluminium sheets of different
gauges. The consumption of aluminium foils & coils is on rise as
packaging materials in Pharmacy & Food processing industries. Being a
light metal its sheets is also used in making of aircrafts, steamers,
buses and vehicles.
Your directors are pleased to state that the company has been able
complete its backward integration expansion by installing Caster Plant
of manufacturing Aluminium Ingots from Aluminium scraps. With this your
company is the only company in the country to manufacture from
Aluminium scraps to finished Aluminium household utensils of export
quality. The company has pending order for four months. This year the
company will achieve higher export turnover. The Backward integration
facility will help the company to increase its margin.
ISSUE OF SHARES :
The Company has further issued 44,85,000 equity shares during the year
2011-12, on preferential basis, to finance its expansion project.
Mr Satish K Shah, Director, retires by rotation at the ensuing Annual
General Meeting and, being eligible, offer himself for reappointment.
Mrs Chetna S Shah and Mr Jagdish K Gandhi, Directors also retire by
rotation but not willing re- appointment and the Board do not intent to
make any appointment in their place.
CORPORATE GOVERNANCE :
The detailed report on Corporate Governance for the financial year from
1.4.2011 to 31.3.2012 on the line of requirements of Listing Agreement
and SEBI appears in the annexure I to the Directors Report and forms a
part of this Annual Report.
AUDITORS AND AUDIT REPORT :
M/s R. R. Mandali & Co. Chartered Accountants, the Auditors of the
Company retire at the conclusion of the ensuing Annual General Meeting
& being eligible offer themselves for re-appointment. Your Directors
recommend their appointment. ''
The observations made by the Auditors'' in their report are
self-explanatory and therefore, do not call for any comments.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO :
A statement giving details of conservation of energy, technology
absorption, foreign exchange earnings and outgo, as prescribed under
section 217 (1) (e) of the Companies Act, 1956 read with Companies
(Disclosure of particulars in the Report of Board of Directors) Rules,
1988 is annexed hereto as Annexure A and forms part of this
The Company has not accepted any deposits coming under the provisions
of Section 58A of the Companies Act, 1956 read with Companies
(Acceptance of deposits) Rules 1975.
All the properties of the Company have been adequately insured.
PARTICULARS OF EMPLOYEES UNDER SECTION 217(2A):
None of the employees is in receipt of the remuneration specified in
Section 217(2A) of the Companies Act, 1956 read with the Companies
(Particulars of Employees) Rules 1988, as amended.
DIRECTORS'' RESPONSIBILITY STATEMENT:
As required under Section 217 (2AA) of the Companies Act, 1956 your
directors'' confirm that:
i. In the preparation of the annual accounts, the applicable
accounting standards have been followed.
ii. The Directors had selected such 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 at the end of the financial year as on March 31, 2012
and of the profit of the Company for that period.
The Directors have taken proper and sufficient care for 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.
iii. The Directors have prepared the annual accounts on a going concern
Your Directors take this opportunity to express their deep sense of
gratitude for the valuable assistance and co-operation extended by the
Government Authorities, Bankers, vendors, customers, advisors, the
general public and for the valued contribution, efforts and dedication
shown by the Company employees, officers, and the executives at all
levels. Your Directors also sincerely acknowledge the confidence and
faith reposed by the shareholders of the Company.
For and on behalf of the Board
Date : 04.09.2012 SATISH K SHAH
Place : Mahiyal MANAGING DIRECTOR