To, The Members,
The Directors have pleasure in presenting the Twenty-First Annual
Report together with the audited statements of accounts for the year
ended 30th June 2012.
The financial results for the year ended 30 June 2012 are briefly
(Rs. In lacs)
Sales and Other Income 3071.82 3110.19
Operating Profit (Before Interest,
Depreciation and -168.09 -188.61
Add: Exceptional Item (Waiver of Interest) 0.00 1143.83
Less: Interest and other financial charges 273.63 134.30
Depreciation 11.17 20.67
Profit before Tax -452.89 800.25
Less: Provision for Diminution in Value of -17.32 -17.32
Provision for Impairment Loss on Assets 00.00 -146.75
Provision for Deferred Tax Asset 30.55 0.00
Profit after Tax/(Loss) -439.66 636.18
*Figures of the previous periods / year have been regrouped and
reclassified, wherever necessary to conform to the classi fication of
the cur rent period.
The year 2011-12 has been a stable year for the Company as during the
year, your Company achieved a turnover of Rs. 3071.82 lacs including
other income. Your Company incurred a loss ofRs.439.66 lacs comprising
mainly interest & financial charges, diminution in value of investment
and depreciation. FY 2012 has been a year of lower growth for the
domestic economy resulting primarily from high commodity and oil
prices. After consolidation of the electronics business, and seeing the
scope and potential, your Company had diversified into manufacture of
LED, Halogen & Induction Lighting Products with the advanced technology
and in house R&D. The management feels confident and committed to
achieve higher turnover during the current year.
The Directors do not recommend any dividend for the year under review.
The Company is committed to maintain the standards of Corporate
Governance and adhere to the Corporate Governance requirements set out
by SEBI. The report on Corporate Governance and Management Discussion &
Analysis Report as stipulated under Clause 49 of the Listing Agreement
forms part of the Annual Report.
The requisite Certificate from the Auditors of the Company confirming
compliance with the conditions of Corporate Governance as stipulated
under the aforesaid Clause 49, is attached to this Report.
Your Company has not accepted any fixed deposit from the public during
the year under review.
Dr. Smt. Rochana Bharati, Director of the Company, is retiring by
rotation and, being eligible, has offered herself for reappointment.
Members are requested to appoint the Director.
Mr. Kannan Ranganathan, Director of the Company is retiring by rotation
and, being eligible, has offered himself for reappointment. Members
are requested to appoint the Director.
None of the Directors are disqualified from being appointed as
Directors as specified in terms of Section 274(1) (g) of the Companies
Information as per Section 217(1) read with Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 is given
in the annexure to this report.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to Directors Responsibility Statement, it is
hereby confirmed that:
- In preparation of annual accounts, the applicable Accounting
Standards have been followed and there was no material departure from
the said standards.
- The accounting policies selected and applied are consistent and the
judgements and estimates made are reasonable and prudent so as to give
true and fair view of the state of affairs and of the profit/loss of
the Company at the end of the year.
- Adequate accounting records as per the provisions of the Companies
Act, 1956 have been maintained and proper and sufficient care has been
taken for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities.
- The annual accounts are prepared on Going Concern Basis.
As per the directions of Hon''ble BIFR, your Company has prepared a
revised Draft Rehabilitation Scheme (DRS) and has submitted the same to
the IDBI Limited, the operating agency for their consideration.
COMMENTS ON THE OBSERVATIONS OF THE AUDITORS
1. The Board of Directors have taken the necessary steps and appointed
an internal auditor commensurate to the size & business of the Company.
2. The company has submitted a Draft Rehabilitation Scheme (DRS) with
the Hon''ble BIFR. Once the same is approved, the company will take the
necessary steps to pay the pending statutory dues.
The Auditors of the Company, M/s. HMA 8t Associates, Chartered
Accountants, Pune retire at the ensuing Annual General Meeting. They
are eligible and willing for reappointment.
Your Directors place on record their appreciation for the continued
support of Company''s Bankers, Financial Institution, its suppliers and
customers and all the members of staff and workers for their continued
support and cooperation at all levels.
For and on behalf of the Board of Directors.
Place: Nasik. Sd/
Date: 30 August, 2012 (ARVIND BHARATI)
64-B-l, M.I.D.C. Area, Satpur,