The Directors have pleasure in presenting the 27th Annual Report
together with the Audited Accounts for the financial year ended 31st
1. Financial results and Appropriations: (In Lakhs)
PARTICULARS 2011-12 2010-11
Gross Income 725.17 797.13
Profit before Tax -13.42 26.51
Provision for Tax
Current 0.00 10.00
Deferred -4.40 4.34
Fringe Benefit Tax 0.00 0.00
Excess provision of Income 0.00 0.00
Tax relating to previous year 0.00 0.00
Written back 0.21 0.21
Profit after Tax 21.08 21.08
Surplus brought forward 39.17 39.17
Profit available for Appropriation 60.24 60.24
Transfer to General Reserve 0.00 5.00
Dividend 0.00 0.00
Dividend Tax 0.00 0.00
Surplus carried forward 0.00 55.25
Due to steep escalation in input costs of metals especially copper and
other overheads there has been a loss of Rs. 13.42 lakhs before tax.
As there is no profit available for distribution, your directors do not
recommend payment of dividend for the year 2011-2012.
3. Fixed Deposits:
The Company has neither invited nor accepted any fixed Deposits from
the public during the financial year under review.
Smt. Farha Kamal and Sri Akmal Hassan Razvi Directors of the Company
retire by rotation and being eligible offer themselves for
5. Directors Responsibility Statement:
In accordance with the provisions of Section 217(2AA) of the Companies
Act, 1956, your Directors hereby report:
a) That in the preparation of Annual accounts the applicable accounting
standards has been followed along with proper explanation relating to
b) That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
responsible and prudent so as to give a true and fair view of the state
of affairs of the Company as at 31st March 2012 and of Profit and Loss
Account for the year ended as on that date.
c) 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 the safe guarding the assets
of the Company and for preventing and detecting fraud and other
d) That the directors have prepared annual accounts on a going concern
6. Conservation of Energy, technology Absorption and foreign Exchange
earnings and outgo:
The requisite information with regard to Conservation of Energy,
Technology absorption and Foreign Exchange outgo and earnings in terms
of Companies (Disclosure of Particulars in the report of Board of
Directors) Rules, 1988 are set out in separate statements attached
hereto (Annexure A & B respectively) and form part hereof.
Information in accordance with sub section (2A) of section 217 of the
Companies Act, 1956, read with the Companies (Particulars of employees
) Rules 1975 and forming part of Directors report for the year ended
31st March, 2012 is not applicable as there was no employee drawing
remuneration in excess of prescribed limits.
M/s. K. S. Aiyar & Co., Chartered Accountants retires at the forth
coming Annual General Meeting and are eligible for re appointment. As
required under Section 224 of the Companies Act, 1956, the company has
obtained from them a confirmation to the effect that their
re-appointment, if made, would be in conformity with the limits
prescribed in the said section.
9. Corporate Governance and Compliance Certificate:
Separate notes on Corporate Governance and Management Discussion and
Analysis report are set out as Annexure C and D respectively. A
certificate from the Auditors of the Company regarding compliance of
conditions of Corporate Governance as stipulated under Clause 49 of the
Listing Agreement is attached to this report
10. Listing Agreement Requirements:
(i) The securities of your Company are listed at BSE Limited. The
Company has paid the Annual Listing fees to the stock Exchange up to
(ii) Trading in company''s Securities has not been suspended for any
reason during the year under review.
11. Buy Back of Shares:
There was no buy back of shares during the year under review.
Your Directors thank ICICI Bank and State Bank of India for their
continued support Your Directors also thank Employees,- Share holders,
Customers, distributors and others associated with the Company for
their continued support.
On behalf of the Board
Mustafa Kamal Basha
Chairman & Managing Director
Date: 28th May, 2012