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Spectra Industries Directors Report, Spectra Ind Reports by Directors
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Spectra Industries
BSE: 513687|ISIN: INE848B01012|SECTOR: Auto Ancillaries
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VOLUME 151
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Directors Report Year End : Mar '13    « Mar 12
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
 
 Income
 
 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
 
                                             210.74              152.87
 
                                              44.53               27.10
 
 Add: Deferred Tax                             1.01               (0.65)
 
 Net Profit/(Loss)                            45.54               26.45
 for the year
 
 DIVIDEND
 
 The Directors do not recommend dividend for the financial year ended
 31st March 2013.
 
 INSURANCE
 
 All assets of the company are adequately insured.
 
 LISTING
 
 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.
 
 DIRECTORS
 
 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.
 
 CORPORATE GOVERNANCE
 
 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
 Report.
 
 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)
 Rules, 1975.
 
 AUDITORS
 
 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.
 
 INDUSTRIAL RELATIONS
 
 The industrial relations remained peaceful during the year.
 
 ACKNOWLEDGEMENT
 
 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
Source : Dion Global Solutions Limited
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