To The Members,
The Directors present the 35 th Annual Report and the Audited Accounts
for the year ended 31st March,
Year ended Year ended
Profit before Depreciation 359. 64 382.15
Depreciation 17.41 17.53
Profit before Tax 342.23 364.62
Provision for Tax 72.99 38.17
Profit after Tax 269.24 326.45
Balance brought forward 330.89 574.44
Balance available tor appropriation 620.13 900.89
Transfer to General Reserve 350.00 550.00
Balance carried to Balance Sheet 270.13 350.89
Operations The sales income tor the year was Rs. 11496.85 lacs compared
to Rs. 7381.71 lacs in the previous year, but the operating margins
were under pressure due to adverse market conditions and steep increase
in the input cost of raw material and fuel, The profit before
depreciation for the year was Rs. 359.64 lacs compared to ? 382.15 lacs
in the previous year. The net profit for the year after tax expenses of
Rs. 72.99 lacs was Rs. 269.24 lacs as compared to Rs. 326.45 lacs after
tax expense of Rs. 38.17 lacs in the previous year. The Directors do
not recommend any dividend tor the year.
Director''s Responsibility Statement
Pursuant to Section 217 (2AA) of the Companies Act, 1956 the Directors
i) in preparation of annual accounts the applicable accounting
standards have been followed,
ii) the accounting policies have been selected and applied consistently
and the judgement and estimates
made 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 and of the profit or loss of
the Company for that period, iii) proper and sufficient care has been
taken for maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities,
iv) the annual accounts have been prepared on a going concern basis.
Conservation of Energy,Technology Absorption, Forex Earnings and Outgo
Information Pursuant to Section 271 (1) (e) of the Companies Act, 1956
read with Companies (Disclosure Df particulars in the Report of Board
of Directors ) Rules, 1988 is annexed to the report.
The Ministry of Corporate Affairs has issued industry specific Cost
Audit Order No. 52/26 / CAB/2010 dated 30th June, 2011. Accordingly in
terms of the above order and pursuant to provisions of Section 233 B of
the Companies Act, 1956, your Directors have appointed Mr. Vinod
Himmattal Shah, Cost Accountant, as the Cost Auditor of the Company.
Mr. Amal Dhru retires by rotation and being eligible offer himself for
The Company has not accepted deposits from the public.
Particulars of Employees
The information required under Section 217(2A) of the Companies Act,
1955, read with the Rules framed there under is annexed to the report.
The Auditors M/s G K Chokshi & Co. Chartered Accountants retire at the
conclusion of ensuing Annual General Meeting and being eligible have
offered themselves for re-appointment. The Board recommends for their
re-appointment as Auditors of the Company for the year 2012-2013 to
hold office until the conclusion of the next Annual General Meeting.
For and on behalf of the Board
Chairman & Managing Director
May 30, 2012