TO THE MEMBERS
The Directors are pleased to present before you the Twenty First Annual
Report together with the Audited Statement of Accounts of the Company
for the year ended on 31st March, 2013.
FINANCIAL RESULTS (Rs. in lacs)
Particulars Year ended Year ended
March 31, 2013 March 31, 2012
Sales & Operational 7722.12 5491.11
Profit before Interest, 255.27 179.97
Depreciation and Tax
Less : Interest 123.51 84.31
Depreciation /Amortisation 60.67 58.56
Tax 26.56 10.00
Add: Deferred Tax 1.01 (0.65)
Net Profit/(Loss) 45.54 26.45
for the year
The Directors do not recommend dividend for the financial year ended
31st March 2013.
All assets of the company are adequately insured.
The Equity Shares of the Company are listed on the BSE Ltd. The Company
has paid the annual listing fees for the F.Y. 2013-14.
Mr. Bharat Bhushan Gupta and Mr. C. J. Kotcher retire by rotation and
being eligible, offer themselves for re- appointment.
Brief resume of the above directors, their expertise in specific
functional areas and name of companies in which they hold
directorship/membership/chairmanship of committees, as stipulated under
clause 49 of the listing agreement are given in the section on
corporate governance in the Annual Report.
A separate section on Corporate Governance and a certificate from the
Auditors of the Company regarding compliance of conditions of Corporate
Governance as stipulated under clause 49 of the listing agreement with
the Stock Exchange are attached to this Report and forms part of this
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors
confirm the following:
(i) That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(ii) 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 a 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 the period under review.
(iii) That the directors have taken proper and sufficient care for 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;
(iv) That the Directors have prepared the annual accounts for the
financial year ended 31st March, 2013 on a going concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
1. Steps are taken to conserve energy at all levels. Lights and power
were switched off whenever not required.
2. There was no technology import during the year under review.
3. Earnings in foreign currency Rs. Nil
4. Expenditure in foreign currency Rs. 50,46,938/-
(Import of Materials)
PARTICULARS OF EMPLOYEES
The Company does not have any employee whose particulars are required
to be given pursuant to the provisions of Section 217(2A) of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
M/s. D. K. Roongta & Co., Chartered Accountants, the Auditors of the
Company would retire at the forthcoming Annual General Meeting. They
have under Section 224(1B) of the Companies Act, 1956 furnished
certificate of their eligibility for re-appointment. Shareholders are
requested to appoint Auditors and fix their remuneration.
The industrial relations remained peaceful during the year.
The Directors place on record their sincere appreciation for the
co-operation and support extended by Shareholders, Customers, Bankers,
Vendors and Employees at all levels.
For and on behalf of the Board
Place: Mumbai BHARAT BHUSHAN GUPTA
Date: 30.05.2013 Chairman