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Austin Engineering Company Ltd.

BSE Live

Apr 01, 16:00
28.80 4.70 (19.50%)
Volume
AVERAGE VOLUME
5-Day
1,200
10-Day
1,596
30-Day
1,414
185
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    24.10

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    28.80

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Austin Engineering Company is not listed on NSE

Annual Report

For Year :
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Director’s Report

Your Directors have pleasure in presenting the Twenty Eighth Annual Report with the audited accounts of the Company for the year ended 31st March, 2006. FINANCIAL RESULTS Rs.in lacs. 2005-2006 2004-2005 Gross profit before Interest, Depreciation and Tax 741.59 473.56 Less: Interest and Depreciation 245.71 253.59 Profit before Tax 495.88 219.97 Less: Provision for Taxation (107.00) (14.25) Fringe Benefit Tax (12.00) - Deferred Tax Assets (64.56) (68.71) Profit after Tax. 312.32 137.01 Excess Provi. Of I. Tax W.Back 8.00 - Profit for the year 320.32 137.01 Add : Balance brought forward from last year. 402.86 265.85 Profit available for appropriations 723.18 402.86 Appropriations : - Proposed Dividend 42.37 - - Provision for Tax on Proposed Dividend 5.94 - - Transfer To General Reserve 31.00 - Balance carried forwarded to next year 643.87 402.86 OPERATING RESULTS : The Company has faired well during the year under review. The sales of the Company has increased both in domestic and export segment. The Sales during the year were Rs.5740.74 Lacs as against Rs.4192.38 Lacs in the previous year. The sales thus registered an overall increase of 36.93% including an increase in export to the tune of 85.30% as compared to the last year export. The net profit of the Company is also increased from Rs.137.01 Lacs to Rs.312.31 Lacs registering the growth of about 127.90%. The prospect of the Company for the current year both in domestic and export segment is also good. The Company has recently installed One no. of Windmill at Kurunga, Dist: Jamnagar which will add to the profitability of the Company during the current year. The Company continued to launch a numbers of new and higher value added products which will further strengthen the Companys competitiveness in the future. DIVIDEND : In view of the Companys profitable performance, the Directors are pleased to recommend for approval of shareholders a dividend ofRs. 1.20 (Tax Free) per Equity share of the Company in respect of the financial year ended on 31st March, 2006. (Previous Year Rs. Nil). The said dividend shall be payable to those members whose names appear on the Register of member of the company on record date. FIXED DEPOSITS : There is no deposit outstanding/unpaid as at 31st March, 2006. DIRECTORS : In accordance with the provisions of the Companies Act, 1956, and Articles of Association of the Company, Mr.D.B.Nakum and Mr.K.J.Mehta, Directors of the Company retire by rotation at the ensuing annual general meeting and being eligible offer themselves for re-appointment. DIRECTORS RESPONSIBILITY STATEMENT : Pursuant to Section 217(2AA) of the Companies (Amendment) Act, 2000, your Directors confirm that: (a) In the preparation of the annual accounts, the applicable accounting standards have been followed. (b) Appropriate accounting policies have been selected and applied prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2006 and of the profit of the company for the year under review. (c) Proper and sufficient care has been taken 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 irregularities. (d) The annual accounts have been prepared on a going concern basis. AUDITORS : M/s. Dhirubhai Dand & Co. Chartered Accountants, the auditors of the Company retire at the conclusion of the ensuing Annual General Meeting. They are eligible for re-appointment and have furnished the certificate to the effect that their appointment, if made, will be in accordance with the limits specified under Section 224(8) of the Companies Act, 1956. COST AUDITORS : Pursuant to the provisions of section 233B of the Companies Act, 1956 necessary approval had been obtained from the Department of Company Affairs for the appointment of M/s. S. B. Parikh & Co. as Cost Auditors to Audit the Cost Accounts maintained by the Company for the year ended on 31st March, 2006. PREFERENTIAL ALLOTMENT OF EQUITY SHARES: The Company has allotted 2,56,000 nos. of equity shares on Preferential basis to the Promoters and Foreign Company @Rs.105/- per share including premium of Rs.95/- each in accordance with the prescribed guidelines. The Company has applied for Listing and trading approval to Mumbai Stock Exchange Limited. The Company has partly used the said fund for working capital facilities. PARTICULARS OF EMPLOYEES : The particulars of employees as required Under Section 217(2-A)of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules 1975 is given in the annexure appended hereto and forms part of this Report. As per the Provisions of Section 219 (1) (b) (iv) of the Companies Act, 1956, the report and accounts are being sent to the Shareholders of the Company, excluding the statement of particulars of employees under Section 217(2A) of the Act. Any share holder interested in obtaining a copy of the said statement may write to the Secretarial department at the Registered Office of the Company. SUBSIDIARY COMPANY : As required U/s. 212 of the Companies Act, 1956, the audited statement of Accounts for the year ended on 31st March, 2006 of Accurate Engineering Inc. U.S.A., the wholly owned subsidiary, together with the report of the Auditors and also the statement U/s. 212 of the Companies Act, 1956 are annexed. CORPORATE GOVERNANCE REPORT: A separate section on Corporate Governance and a Certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement with the Stock Exchanges are annexed to this report. MANAGEMENT DISCUSSION AND ANALYSIS STATEMENT: A Report on Management Discussion and Analysis Statement is separately annexed to this report. INDUSTRIAL RELATIONS : The industrial relation with workmen and staff continued to be extremely cordial during the year under review. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO: The particulars as prescribed under section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the report of Board of Directors) Rules 1988 are set out in an Annexure to this Report. ACKNOWLEDGMENT : The Directors wish to place on record their gratitude for the continued co-operation and patronage extended by the esteemed customers both in OEM and after market segments. The Directors would also like to place on record their sincere appreciation for the continued co-operation, guidance, support and assistance during the year under report by our Bankers, all the customers, suppliers of the Company including Government agencies. The Board of Directors also wish to express its appreciation for the efforts and contribution made by the employees at all levels during the year under report. On behalf of the Board of Directors. N C VADGAMA Chairman. Place : Patla, Dist.: Junagadh. Date : 29th June, 2006

Director’s Report