To, The Members
The Directors have pleasure in presenting the Twenty Fifth Annual
Report together with the Audited Statement of Accounts of the Company
for the year ended 31st March, 2012.
FINANCIAL RESULTS :
(Rs. in lacs) (Rs. in lacs)
31st March, 2012 31st March, 2011
Net Sales/Income from
Excise & Sales Tax
Gross Proft/(Loss) before
Depreciation & Interest 5.48 53.12
Less : Depreciation 1.54 3.02
: Interest 24.01 5.01
Less : Prior years
adjustments 0.15 0.00
Net Proft/(Loss) before Tax (20.22) 45.09
Less : Taxation
Proft/ (Loss) after Tax (20.22) 45.09
Add/(Less) Proft /Loss
Brought Forward (265.94) (311.03)
Balance Carried to
Balance Sheet (286.16) (265.94)
During the year under review the Company has recorded a total Income of
Rs. 823.62 Lacs as compared to Rs. 1313.79 Lacs for the previous year
and Net Loss of Rs. 20.22 Lacs for the year as compared to a Proft of
Rs. 45.09 Lacs in the previous year.
Your Company with the help of in house research has succeeded in the
development of high pressure evaporators producing low pressure steam.
Such evaporators have already been installed in the plant and as a
result of this the Company will be able to achieve the targeted
production and also lower the cost of production . It will now be
possible to manufacture upto 90% of the Capacity.
As a result of all these factors the turnover and proftability will be
improved and barring unforeseen circumstances your Directors are
optimistic about the current year. With this the Company is totally
compliant with the water pollution norms as ''zero'' discharge as per the
Gujarat Pollution Control Board
In view of the accumulated losses, your Directors do not recommend any
Mr. Manoj Kumar Chauhan retires by rotation and being eligible offers
himself for re appointment.
FIXED DEPOSIT :
The Company has not accepted any Deposit, which attracts the provisions
of Section 58A of the Companies Act, 1956.
The present statutory auditors M/s K. M. Kapadia & Associates,
Chartered Accountants retire at the close of this Annual General
Meeting and are eligible for re appointment. The Company has received
the consent and eligibility certifcate from them. The Directors
therefore recommend the re appointment of M/s K. M. Kapadia &
Associates, Chartered Accountants as Auditors of the Company.
PARTICULARS OF EMPLOYEES :
None of the employees of the Company draws remuneration more than the
limits prescribed under Section 217 (2A) of the Companies Act, 1956.
DIRECTORS'' RESPONSIBILITY STATEMENT :
Pursuant to Section 217 (2AA) of the Companies (Amendment) Act, 2000
the Directors confrm that:
i) In the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanations relating to
ii) The Directors have selected such accounting polices 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 fnancial year and of the Proft & Loss
of the Company for that period.
iii) The Directors have taken proper and suffcient 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 detecting fraud and other irregularities to the best of
their knowledge and ability.
iv) The Directors have prepared the annual accounts on a going concern
COMPLIANCE CERTIFICATE :
The Compliance Certifcate dated 8th June, 2012 in terms of Section 383
A of the Companies Act, 1956 issued by Mrs. Grishma Khandwala, Company
Secretary in Whole time practice is attached.
CORPORATE GOVERNANCE :
Pursuant to Clause 49 to the Listing Agreement with the Stock Exchange
a Management Discussion and Analysis, Corporate Governance Report and
Auditors'' Certifcate regarding compliance of conditions of Corporate
Governance form part of this Report.
INDUSTRIAL RELATIONS :
The relations with the employees have remained cordial.
Your Board of Directors would like to place on record its sincere
appreciation for the whole hearted support and contributions made by
Auditors, Banks, Financial Institutions, Suppliers and other Business
Associates towards the conduct of the operations of the Company.
For and on behalf of the Board of Directors
SUMISH S. MODY ASHA S.MODY
MANAGING DIRECTOR DIRECTOR
Place : Mumbai
Dated : 31st July, 2012