To The Members of York Exports Ltd;
The Directors have pleasure in presenting their 30th Annual Report of
the company together with the Audited Financial Statements for the year
FINANCIAL RESULTS (Rs. In Lacs.)
Current Year Previous Year
Turnover (including export
incentives) 1121.95 1135.06
Other Income 46.32 20.31
Profit before Dep. & Tax 71.24 104.91
Less: Provision for depreciation 66.09 74.58
Profit 5.15 30.33
Provision for Taxation 1.01 6.00
Profit after Tax 4.14 24.33
Add: Balance B/F from previous
year 314.55 290.49
Add: Provision of Taxation for
earlier Year 0.85 -0.27
Balance carried to Balance Sheet 319.54 314.55
During the year under review, the company has achieved a sales turnover
of Rs. 1121.95 Lacs as compared to Rs.1135.06 Lacs for the previous
year. The company has earned a profit of Rs.4.14 Lacs as compared to
profit of Rs.24.33 Lacs for the previous year. Your directors expect
better results in future.
Your directors have decided to conserve the resources for future
requirements and hence do not recommend any dividend for the year under
ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
Information in accordance with the provision of sec 217 (I) (e) of the
Companies Act, 1956 read together with the Companies (Disclosures of
Particulars in the Report of Board of Directors) Rules, 1988 regarding
conservation of energy, technology and foreign exchange is given in the
statement annexed hereto and forms part of this report.
During the period under review your company has not accepted any
deposits from public pursuant to the provisions of section 58-A of the
companies Act, 1956.
DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of section 217 (2AA) of the Companies
Act, 1956 the Directors confirm that:
i) In the preparation of the annual Financial Statements, the
applicable accounting standards have been followed along with proper
explanation relating to the material departures.
ii) Such accounting policies, judgments and estimates are applied
consistently 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 and of the profit of company for that period.
ui) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions crt Yne
Companies Act, 1956 for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
iv) The annual accounts have been prepared on a going concern basis.
Matters giving strength to corporate governance are being reviewed /
finalized by the company in consultation with Auditors & Corporate
SECRETARIAL COMPLIANCE CERTIFICATE
In accordance with the provisions of section 383A (1), of the Companies
Act, 1956 a compliance certificate from a practicing Company Secretary
is given in the annexure and form part of this report.
M/s Nanda & Bhatia, Chartered Accountants, the statutory auditors of
the company retire at the conclusion of forthcoming Annual General
Meeting and are eligible for re-appointment. The company has received a
certificate u/s 224 (1-B) of the Companies Act, 1956 from the retiring
Auditors of the company that their re-appointment if made, shall be
within prescribed limits.
The comments of the auditors have been explained in the notes on
accounts. The company has ascertained the accrued liability on account
of gratuity payable and shall be provided in the current financial year
Industrial relations continued to remain cordial throughout the year
and the Directors express their appreciation towards the workmen for
their co-operation and hope for continued cordial relations in the
years to come.
LISTING OF SHARES
The equity shares of the company are listed on 1. Ludhiana Stock
Exchange Limited, Ludhiana 2. Delhi Stock Exchange Limited, New Delhi.
3. Bombay Stock Exchange Ltd; Mumbai 4. Jaipur Stock Exchange Limited,
The company has made compliance of the listing agreement including
payment of annual listing fee.
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company, Sh.Ashwani Dhawan and Sh.Anil
Kumar Bansal, retire by rotation and being eligible offer themselves
PARTICULARS OF EMPLOYEES
None of the employees of the company was in receipt of a remuneration
of Rs.24,00,000/- or above during the year under consideration nor was
any employee of the company paid a salary of Rs. 2,00,000/- or more per
month during any part of the year. None of the employees of the company
was drawing remuneration in excess of that drawn by any director and
holds by himself or along with his spouse and dependent children more
that two percent of the equity shares of the company.
The board expresses its appreciation for the valuable assistance,
co-operation and support received from Company''s Bankers, Central and
State Government Authorities and Shareholders.
By Order of the Board
For York Exports Ltd
Place: New Delhi Ashwani Dhawan Gian Chand Dhawan
Dated: 25.07.2012 Director Managing Director