To The Members of SHIRPUR GOLD REFINERY LIMITED
The Directors take pleasure in presenting the 27th Annual Report of
the Company together with Audited Statement of Accounts for the year
ended March 31, 2012.
Particulars For the year ended
31st March, 2012 31st March, 2011
Revenue from Operations 25546.97 1980.00
Other Revenue 43.58 17.36
Total Revenue 25590.55 1997.36
Total Expenses 25444.89 2043.30
Operating Profit/ (Loss) 145.66 (45.94)
Finance Cost 140.11 23.91
Depreciation 162.84 163.48
Amortisation Expenses 1.27 1.27
Profit/ (Loss) before Tax (158.56) (234.60)
Deferred Tax Assets 16.99 13.02
Profit / (Loss) after Tax (141.57) (221.58)
Balance Brought Forward
from Previous Year (323.01) (101.43)
Balance Carried To Balance
Sheet (464.58) (323.01)
In view of the losses during the year, your Directors have not
recommended any dividend on Equity Shares for the year under review.
TURNOVER & PROFITS
The Directors inform you that during the financial year ended 31st
March 2012, the sales increased from Rs. 1980 Millions to Rs.25546.97
Millions showing a substantial increase of 1190.25% over previous year.
Your Company has seen the turnaround during this year and has
registered operating profit of Rs.145.66 Millions as against operating
loss of Rs.45.94 Millions in the previous year. The Loss before tax stood
at Rs. 158.56 Millions as against Rs. 234.60 Millions in the previous year
which shows a reduction in loss by 32.41%.
Your company''s products viz., Gold Bars are well established in the
market. The Company has introduced new product Gold Jewellery which
is also well accepted in domestic as well as international markets. The
products of your Company meet the stringent quality standards of
purity, weighment, shape, size and aesthetic look. The efficient
performance of the Company has resulted in a turnover of Rs.25546.97
Millions in FY 2012. Despite fuctuating and rising prices, the demand
for gold continues to rise since it is considered as the best
investment and has customs and traditional values in Indian society.
Considering the Gold consumption, your company has planned to spread
its marketing network throughout India. During the last quarter of the
financial year under review, your company has successfully started
exports. As per the customs notification, the Company is also permitted
to import gold dore directly from the mines which would result in cost
During the year under review, your Company has not accepted or renewed
any deposits within the meaning of Section 58A of the Companies Act,
1956 and rules made there under.
Your Company is committed to maintain the highest standards of
Corporate Governance. Your Directors adhere to the stipulations set out
in the Listing Agreement(s) with the Stock Exchanges. Report on
Corporate Governance as stipulated under the Listing Agreement(s) with
Stock Exchanges as also a Management Discussion and Analysis Report
forms part of the Annual Report.
Certificate from the Statutory Auditors of the Company, M/s. B. S.
Sharma & Co., Chartered Accountants, Mumbai, confirming compliance with
the provisions of Corporate Governance as stipulated in Clause 49, is
annexed to the said Corporate Governance Report.
Mr. Amit Goenka, Mr. Anish Goel and Mr. V. K. Agarawal continue to
remain Directors of the Company. As per the provisions of the Companies
Act, 1956 read with Article 89 of the Articles of Association, Mr. V.
K. Agarawal retires by rotation and being eligible, offers himself for
re-appointment at the ensuing Annual General Meeting.
During the year under review, Mr. Sriprakash Goenka, resigned as
Non-Executive Independent Director of your Company with effect from 9th
May, 2012. Your Board places on record its deep appreciation for the
contributions made by Mr. Sriprakash Goenka during his tenure as the
Director of the Company.
Mr. Hemendra N. Shah was appointed as Non-Executive Independent
Director with effect from 9th May, 2012. However, the office of
Directorship of Mr. Hemendra N. Shah was vacated due to his untimely
death on 12th May, 2012.
Mr. Manoj Agarwal was appointed as an Additional Director, with effect
from 28th June 2012. Pursuant to the provisions of Section 260 of the
Companies Act, 1956, Mr. Manoj Agarwal hold office up to conclusion of
the ensuing Annual General Meeting of the Company. The Company has
received appropriate notices under Section 257 of the Companies Act,
1956 along with requisite deposits, proposing the candidature of Mr.
Manoj Agarwal for the office of Director.
Brief Profle of the Director proposed to be appointed/re-appointed has
been included in the Report on the Corporate Governance forming part of
the Annual Report.
AUDITORS & AUDITORS'' REPORT
Statutory Auditors, M/s. B. S. Sharma & Co., Chartered Accountants,
having Firm Registration No. 128249W, hold office until the conclusion
of the ensuing Annual General Meeting and are eligible, for
The Company has received communication from the Statutory Auditors
confirming that their appointment if made would be within limits
prescribed under Section 224(1)(b) of the Companies Act, 1956 and they
are not disqualified for re-appointment within the meaning of Section
226 of the said Act.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
I. Energy Conservation and Technology Absorption :
Details of energy conservation, technology absorption by the Company
along with the information in accordance with the provisions of Section
217(1)(e) of the Companies Act, 1956 has been given in Annexure - A.
II. Foreign Exchange Earning and Outgo :
Particulars of Foreign exchange earnings and outgo during the year
under review are given in Note No.35 & 36 to the Notes to the Accounts
forming part of Annual Accounts.
PARTICULARS OF EMPLOYEES
There is no employee drawing the salary in excess of the limits
prescribed under Section 217(2A) of the Companies Act, 1956 read with
the Companies (Particulars of Employees) Rules, 1975 and hence, the
information in this regard is NIL.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the requirement of Section 217(2AA) of the Companies Act,
1956, and based on representations received from the operating
management, the Directors hereby confirm that :-
(i) in the preparation of the Annual Accounts for the year ended March
31, 2012, the applicable Accounting Standards have been followed and
there are no material departures;
(ii) they have selected such accounting policies in consultation with
the Statutory Auditors 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 the end of the
Financial year and of the loss of the Company for the financial year;
(iii) they 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; and
(iv) they have prepared the Annual Accounts on a going concern basis.
Your Board takes this opportunity to place on record their appreciation
for the dedication and commitment of employees shown at all levels
which have contributed to the success of your Company. Your Directors
also express their gratitude for the valuable support and co-operation
extended by various Government Authorities, Bankers, Financial
Institutions and various stake holders.
For and on behalf of the Board
Place : Mumbai Amit Goenka
Date : 28th June 2012 Chairman