TO THE MEMBERS
The directors are pleased to present before you the twenty Second
Annual Report together with the Audited Statement of Accounts of the
Company for the year ended on 31st March, 2014.
(Rs. in lacs)
Particulars Year ended Year ended
March 31, 2014 March 31, 2013
Sales & operational
Income 6948.64 7722.12
Profit before Interest,
Depreciation and Tax 84.12 255.27
Less : Interest 139.05 123.51
Depreciation/Amortisation 52.49 60.67
Tax - 191.54 26.56 210.74
Deferred tax (1.02) 1.01
Net Profit/(Loss) for
the year (108.44) 45.54
Your Company has not accepted any deposits from the public during the
year under review.
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. 2014-15.
Mr. Jaidev Gupta, director of the Company, retires at the ensuing
Annual General Meeting and is eligible for re-appointment.
As per Section 149(4) of the Companies Act, 2013 (''Act''), which came
into force with effect from April 1, 2014, every listed public company
is required to have at least one-third of the total number of directors
as Independent directors.
In compliance with the provisions of Section 149 of the Act, read with
Schedule IV of the Act, the necessary resolutions for the appointment
of Mr. p. S. Chandok, Mr. A. M. Arondekar, Mr. Sanjeev Chirania and Mr.
C. J. Kotcher as Independent directors of the Company are being placed
before the Members at the ensuing Annual General Meeting for their
In accordance with the provisions of Section 149 of the Act, these
directors are being appointed as Independent directors to hold office as
per their tenure of appointment mentioned in the Notice of the
forthcoming Annual General Meeting (AGM) of the Company.
A separate section on Corporate Governance and a certifcate 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
loss of the Company for the period under review.
iii. That the directors have taken proper and suffcient 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, 2014 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. 60,86,664/- Import purchases
(on CIF Value)
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 (Firm Reg. no.108871W),
the Auditors of the Company would retire at the forthcoming Annual
General Meeting. pursuant to the provisions of Section 139 of the
Companies Act, 2013 and the Rules framed thereunder, it is proposed to
appoint M/s. d. K. Roongta & Co as statutory auditors of the Company
from the conclusion of the forthcoming AGM till the conclusion of the
The industrial relations at Company''s plants at Murbad and Mira Road
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
BHARAT BHUSHAN GUPTA