The Directors are pleased to present the 13th Annual Report together
with the Audited Accounts of the Company for the year ended March 31st,
The Financial results for the year ended March 31st, 2008 are
summarized as under:
(Rs. in lacs)
Total Income 10659.63 7668.70
Profit (Loss) before Interest,
depreciation and taxes 729.48 462.72
Less : Interest & Finance Charges 178.96 103.26
Less : Depreciation 270.65 216.42
Profit Before Tax 279.86 143.04
Less : Payment/ Provision for tax and FBT 76.41 15.93
Less: Deferred Tax Credit 8.92 26.39
Profit (Loss) After Tax 194.54 100.72
Excess/(Short) Provision of earlier year 0.70 0.00
Net Profit for the year 195.24 100.72
In view of the results, the Board of Directors is unable to recommend
any dividend for the year 2007-2008.
The company had good year in terms of turnover as well as profit during
the year, its Total income increased to Rs. 10659.63 lacs as against
Rs. 7668.70 lacs in previous year. During the year company has reported
Net Profit of Rs. 195.24 lacs as against Net Profit of Rs. 100.72 lacs
in the previous year.
The Company expects that market condition will improve in the coming
year and perform reasonably well.
The companys shares are listed on Mumbai (BSE) and Ahmedabad (ASE)
Stock Exchanges; the company has paid necessary listing fees for the
During the year Mr. Ajay C Shah, Mr. Pankaj Gandhi and Mr. Sandeep M
Shah were appointed as additional Directors by the Board under section
260 of the companies Act 1956. They holds the office upto the date of
ensuing Annual General Meeting of the Company and are eligible for
re-appointment as directors of the Company. The Company has received
notices under section 257 of the Companies Act 1956 proposing their
candidatures for appointment as directors of the company, subject to
retire by rotation.
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the company, Mr. Mangilal Bohra and Mr.
Kishore Gandhi retires by rotation and being eligible, offers himself
In terms of Section 217 (2AA) of the Companies Act, 1956 the Directors
would like to state that:
1. In the preparation of the Annual Accounts, the applicable
accounting standards have been followed alongwith proper explanation
relating to material departures;
2. The Directors have selected such accounting policies 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 financial year and of the profit or
loss of the company for the period;
3. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguards in accordance with the provisions
of this Act for safeguarding the assets of the company and for
preventing and detecting frauds and other irregularities;
4. The Directors have prepared the Annual Accounts on a going concern
During the year Company has not accepted any deposits under Section
58-A of the Companies Act, 1956.
PARTICULARS REQUIRED TO BE FURNISHED BY THE COMPANIES (DISCLOSURE OF
PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988
The Company has no activities relating to conservation of energy or
technology absorption. There has been no foreign exchange earning or
outgo during the year under review.
PARTICULARS OF EMPLOYEES COVERED UNDER THE (PARTICULARS OF EMPLOYEES)
The company does not have any employee in the category as specified
under Section 217 (2A) of the Companies Act, 1956.
AUDITORS AND AUDITORSREPORT
M/s Raman M Jain & Co., Chartered Accountants, retires as auditors of
the company at the ensuing Annual General Meeting and are eligible for
The notes to the accounts referred to in the Auditors Reports are self
explanatory, and, therefore do not call for any further comments.
Your Directors record their appreciation for the valuable services
rendered by all the employees of the company, their gratitude to the
Banks and to the Members of the Company for their support.
For and on behalf of Board of Directors
Place : Ahmedabad Lalit Kumar Gandhi Nisha Kalyan
Date : September 4, 2008 Managing Director Whole Time Director