The Directors are pleased to present before you the Twentieth Annual
Report together with the Audited Statement of Accounts of the Company
for the Year ended on31stMarch,2012.
(Rs. in lacs)
March 31,2012 March 31,2011
Sales & Operational Income 5491.11 4773.82
Profit before Interest, 179.97 160.16
Depreciation and Tax
Less : Interest 84.31 33.92
Depreciation/Amortization 58.56 37.91
Tax 10.00 20.03
- 152.87 91.86
Add : Deferred Tax 27.10 68.30
-- (0.65) -- 7.96
Net Profit/(Loss) 26.45 76.26
for the year
The Directors do not recommend dividend for the financial year ended
31st March, 2012.
All the Company''s assets are adequately insured.
The Equity Shares of the Company are listed on The Bombay Stock
Exchange Limited. The Company has paid the Annual Listing Fees for the
Shri Sanjeev Chirania and Shri Jaidev Gupta retire by rotation and
being eligible offer themselves for reappointment.
Brief resume of the above directors, their expertise in specific
functional areas and name of companies in which they hold directorship
and 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
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 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, 2012 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
(Import of Materials) Rs. Nil
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(1 B) of the Companies Act, 1956 furnished
certificate of their eligibility for reappointment. Shareholders are
requested to appoint Auditors and fix their remuneration.
The industrial relations at Company''s plant at Murbad 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: 30th May,2012 Chairman