The Directors have pleasure in submitting the Twenty Sixth Annual
Report and audited statement of accounts of the Company for the year
ended 31st March, 2006.
The financial results of the operation during the year under review are
as under :-
PARTICULARS CURRENT YEAR PREVIOUS YEAR
Profit before Finance Charges, &
Depreciation 25,702,859 37,245,094
Less : Finance Charges, 4,485,017 858,821
Depreciation 6,204,088 10,689,105 6,005,483 14,593,693
Profit for the year; 15,013,754 6,204,088 22,651,401
Add : Prior Period / Exceptional
Items - 44,176,884
Less : Paid / provision of tax (1,449,960) -
Profit after tax 13,563,794 66,828,285
Add : Reduction in Equity Share
Capital - 52,290,400
Add : Balance being Profit(Loss)
brought forward from last year 53,066,631 (66,052,054)
Balance being Profit(Loss)
carried over to 66,630,425 53,066,631
During the year the company has achieved a turnover of Rs. 3379.43 Lacs
as against Rs. 2890.44 Lacs during last year and earned profit of Rs.
150.13 lacs as against a profit of Rs. 226.51 lacs during last year.
Industrial relations during the year remained cordial all levels of the
Company . The management appreciate the whole hearted cooperation given
by the employees of the Company.
PARTICULARS OF EMPLOYEES :
Regarding particulars in terms of Section 217 (2A) of the Companies
Act, 1956 read with relevant rules, none of the employees was in
receipts of or entiled to receive emoluments amounting to and in
aggregate to Rs. 1,200,000.00 or more per annum if employed for the
year or Rs. 1,00,000.00 or more per month if employed for any part of
Particulars in respect of conservation of energy etc :
(A) Conservation of Energy :
(i) The Company is making regular efforts for energy conservation.
(ii) Information regarding energy consumption in Form - A annexed
(B) Technology Absorption :
No Efforts have been made in Technology Absorption
(C) Foreign Exchange earning and outgo:
Particulars regarding foreign exchange earning and out go as per
Schedule 18 of Balance Sheet.
DIRECTORS RESPONSIBILITY STATEMENT :
Pursuant to the requirement under section 217(2AA) of the Compnies Act.
1956. with respect to Directors Responsibility statement, it is hereby
(i) That in the preparation of the accounts for the financial year
under review, the applicable accounting standards have been followed
along with proper explanation relating to metarial departure, if any;
(ii) That the Directors have selected such accounting policies and
applied them consistantly and need judgments and estimates that were
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 compnay for the year under review.
(iii) That the Directors have taken proper and sufficient care for the
mantenance of adequate accounting records in accordance with the
provisions of Companies Act, 1956 for the safe guarding the asset of
the Company and for preventing and detecting fraud and other
(iv) That the Directors have prepared the annual accounts on a going
concern basis .
Mr. Himanshu Sangal and Mr. Amit Sangal has been appointed as Managing
Director and Director, respectively of the Company for a period of five
years w. e. f. 1st Oct. 2006. Further it has been decided to increase
the remuneration of the both the directors w. e. f. 1st July, 2006 .
The Company has not accepted any deposits attracting the provision of
Section 58-A of the Companies Act. 1956.
The Auditors in their report have referred to the notes forming part of
the accounts. The said notes are self explanatory and do not require
M /S Shiam & Co., Chartered Accountants, Muzaffarnagar, Auditors of the
Company retire at the conclusion of this meeting and are eligible for
Your Directors acknowledge with gratitude the co - coperation and
assitance given by the financial institutional banks during the year
Your Directors wish to place on records their appreciation of the
sincere and efficient services rendered by the staff and workers of the
Company for its sucess.
Your Directors recormmend that the annual accounts may be passed by