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Techno Forge
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Download Annual Report PDF Format 2013
Directors Report Year End : Mar '13    Mar 12
To, The Members,
 
 The Directors are pleased to present the Thirty Fourth Annual Report
 and the Audited Accounts of the Company for the year ended on 31st
 March, 2013.
 
 1. FINANCIAL RESULTS                             [Rupees in Lacs]
 
 Particulars                           For the 
                                       year ended       For the 
                                                        year ended 
                                       31.03.2013       31.03.2012
 
 Total Income                          2323.30           2576.27 
 
 Increase /(Decrease in stock)          288.51            -30.18
 
 Expenditure                           2128.04           2073.52
 
 Finance Charges                        242.64            222.67
 
 Gross Prom after interest but before   239.13             249.9
 
 depreciation and taxation
 
 Depreciation                           116.68             93.78
 
 Profit before provisions and writeoffs 122.45            156.12
 
 Tax Expenses
 
 Current Tax                             25.00             32.00
 
 Deferred Tax                            42.82             31.18
 
 Profit after tax                        54.63             92.31
 
 Less: Short provision (Income Tax)          0              2.56
 
 Profit (Loss) for the period            54.63             89.74
 
 Profit carried to Balance Sheet        580.49            525.87
 
 
 2. DIVIDEND
 
 With a view to conserve the resources & retaining them for future
 prospects, your directors do not recommend any dividend for the
 financial year 2012-13.
 
 3.  OPERATIONS
 
 During the year, the company has achieved sales turnover of Rs. 2Z95.37
 Lacs as compared to previous year of Rs. 2559.20 Lacs against projected
 targets as per CME Data given to Bank.  This is due to market has go
 down slowly our company has reduced around 10.30% of sales as compare
 to previous year. Further international market has witnessed slowdown.
 So. export unit of India also turn into local market and which has
 increased the competition.
 
 During the year the Company made allotment of 201300 equity shares to
 the promoter on preferential basis at Rs. 20V- per share including
 premium of Rs. 10/- per share and the proceeds of the allotment have
 been towards margin money required from the Bankers and being applied
 for required funds towards ongoing projects and working capital.
 
 4. Forging Press Project
 
 Company has invested in new international technology for increasing
 production diveriication and cost reduction to sustain in domestic and
 international market
 
 5. DIRECTORS
 
 At the ensuing Annual General Meeting, Mr. Hemant Chheda, Director of
 the Company shall retire by rotation and are being eligible
 offerthemsetves for re-appointment.
 
 6. PUBLIC DEPOSITS
 
 The Company has neither accepted norrenewed any Public Deposits during
 the year underreview.
 
 8.  AUDITORS
 
 M/s. Majithia & Associates, Chartered Accountants, Mumbaj, will retire
 at the ensuing Annual General Meeting and are eligible for
 reappointment. They have forwarded a certificate to the Company stating
 that the appointment, if made, will be within the limit specified in
 Section 224(18) of the Companies Act, 1956. The members are requested
 to appoint the auditors and fix their remuneration.
 
 Management reply to auditors observation to the Auditors Report:
 
 Minor delay in payment of Excise Duty, Cess, Service Tax, Income Tax,
 Provident Fund, Employees'' State Insurance, and Professional Tax etc
 will be taken care of in future. Default in repayment of dues to
 financial institutions was because of slowdown in the business & non
 recovery of funds from market
 
 Compliance Certificate under section 383A of the Companies Act:
 
 The Company has obtained Compliance Certificate under section 383A of
 Companies Act, 1956 from M/s. Kashyap Shah & Co., Practicing Company
 Secretaries, Vadodara and the same is attached in Annexure to this
 report.
 
 09.  CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE*
 EARNINGS AND OUTGO
 
 a) Conversion of Fuel
 
 The Company has invested in press technology instead of hammer to make
 less pollution and up to par with international standard.
 
 b) New Workshop machining of Shaft.
 
 With the installation of this new workshop used as balancing equipment
 will result in to overall increase in turnover by 20% appx.
 
 c) Foreign Exchange Earning and outgo
 
 1.  Foreign Exchange expenditure: Rs. 3.13,10,561/-
 
 2.  Foreign Exchange earned: Rs. 1.39,70,399/-
 
 10.  PARTICULARS OF EMPLOYEES
 
 The Company did not have any employee falling within the scope of
 sub-section [2AJ of Section 217 of the Companies Act, 1956.
 
 11. DISCLOSURE OF PARTICULARS
 
 Particulars required to be furnished under the Companies (Disclosure of
 Particulars in the report of Board of Directors) Rules 1988 to the
 extent applicable to the Company are given in the Annexure which forms
 part of this report
 
 12.  CORPORATE GOVERNANCE
 
 The report on Corporate Governance pursuant to clause 49 of the listing
 agreement with Bombay Stock Exchange Ltd.. along with the certificate
 of M/s. Majithia & Associates.. Chartered Accountants, Mumbai,
 Statutory Auditors of the Company form part of this report and attached
 to this report.
 
 13. DIRECTORS'' RESPONSIBILITY STATEMENT.
 
 In accordance with the Companies (Amendment) Act. 2000, the Directors
 state that:
 
 a. In the preparation of the annual accounts for tf.e year the
 applicable Accounting Standards have been followed and there are no
 material departures.
 
 b. Accounting Policies have been consistently applied. The Directors
 have made judgments and estimates that are reasonable and prudent so as
 to give a true and fair view of the state of affairs ofthe Company as
 on 31st March, 2013 and the profit and loss of the Companyforthe
 accounting year ended on that date;
 
 c. Proper and sufficient care for maintenance of adequate accounting
 records has been taken in accordance with the provision of the Act so
 as to safeguard the assets of the Company and to prevent and detect
 fraud and other irregularities:
 
 d. The annual accounts have been prepared on a going concern basis.
 
 14.  ACKNOWLEDGEMENT
 
 Your Directors acknowledges the support received from ali its Business
 Associates, Bankers, depositors, shareholders and other business
 constituents.
 
 Your Directors also wish to record their appreciation of the
 contribution made by employees during this challenging year.
 
 Regd. Office:                       By Order of the Board,
 
 1022, GIDC IndustrialArea,          For Techno Forge Limited
 
 odi- Ankksshwar-393 002.            [Ashok M. Kapasij
 
 29.05.2013                          Chairman
Source : Dion Global Solutions Limited
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