To the Members of Taneja Aerospace and Aviation Limited
The Directors present herewith the Twenty-Third Annual Report and the
Audited Accounts for the year ended March 31, 2012.
(Rs. in Lakhs)
Particulars 2011-12 2010-11
Gross Income 5,227.73 4,232.62
Expenditure 4,006.32 3,040.94
Finance Charges 494.35 427.67
Depreciation 342.54 328.39
Profit/(Loss) before Tax 384.52 435.62
Provision for Taxation (including Deferred Tax) - 1.25
Prior Period Items 1.87 (7.94)
Profit/(Loss) after Tax and Prior Period Items 386.39 426.43
Your Directors do not recommend a dividend for the year ended on March
31, 2012, with a view to conserve resources.
The Company has continued to register significant growth in revenue
during the year. Revenues in all divisions increased during the year.
Mr. S. K. Newlay, Director of the Company, expired on March 5, 2012.
The Board of Directors express grief on the sad demise of Mr. S. K.
Newlay and place on record their appreciation for valuable services
rendered by him to the Company.
Mr. Khushroo Rustumji was appointed as an Additional Director of the
Company on May 15, 2012. He holds office upto the date of the ensuing
Annual General Meeting (AGM) of the Company and is eligible for
appointment. Members'' approval has been sought in the Notice
convening AGM for his appointment as a Director of the Company liable
to retire by rotation.
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Mr. Salil Taneja retires by
rotation and being eligible, offers himself, for re-appointment.
M/s Haresh Upendra & Co., Chartered Accountants retire as Statutory
Auditors of the Company at the conclusion of the forthcoming Annual
General Meeting and being eligible, offer themselves for
The Central Government has granted general exemption to the holding
companies from attaching the Annual Accounts of their subsidiary
companies. The Annual Accounts of subsidiary companies and other
relevant information shall be made available for inspection at the
Company''s Registered Office.
In accordance with the Accounting Standard (AS 21), the audited
consolidated financial statement of the Company forming part of this
report is attached hereto.
The Company has not accepted any deposits from the public during the
CORPORATE GOVERNANCE REPORT AND MANAGEMENT DISCUSSION AND ANALYSIS
Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange,
a separate section on Corporate Governance and Management Discussion &
Analysis together with a certificate from the Auditors of the Company
on compliance, forming part of the Directors'' Report is attached to
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars in respect of conservation of energy, technology
absorption, foreign exchange earnings and outgo, as required under
Section 217(1)(e) of the Companies Act, 1956 is given in Annexure I to
PARTICULARS OF EMPLOYEES
There is no employee whose particulars are required to be given under
Section 217(2A) of the Companies Act, 1956 read with notification dated
March 31, 2011 by Ministry of Corporate Affairs (MCA).
DIRECTORS'' RESPONSIBILITY STATEMENT
As required by Section 217(2AA) of the Companies Act, 1956, the
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, March 31,
2012 and of the profit of the Company for that period ;
iii. that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
iv. that the Directors have prepared the annual accounts on a going
The Directors express their appreciation for the continued support and
encouragement received from our Customers, Bankers, Shareholders,
Suppliers, Business Partners, Defence Research and Developmental
Organizations, Aviation Authorities, Indian Services and Central and
State Governments. The Directors express their gratitude and sincere
appreciation to all the employees of the Company for their
contribution, hard work and commitment.
For and on behalf of the Board of Directors
Pune Salil Taneja
July 24, 2012 Chairman