The Directors are pleased to present their Twenty First Annual Report
for the Nine month period ended 31-03-2016.
FINANCIAL RESULTS :
(Rs.in Lacs) (Rs. in Lacs)
( 9 Months )
Turnover 490.44 297.33
Increase / Decrease in Stock
Total Revenues 490.44 297.33
Profit /Loss before
Interest and Depreciation 138.12 70.73
Interest 17.56 19.83
Profit/Loss before Depreciation 138.12 70.73
Depreciation 85.13 50.68
Net Profit/Loss before taxation 52.99 20.00
Provision for taxation 8.89 5.98
Profit/Loss after tax 38.80 13.99
OPERATIONS AND FUTURE PROSPECTS:
The operations of the company have improved year on year and is
expected to further improve in the current year with commencement of
operations of the expansion of the Bangalore facility.
M/s S. Janardhan & Associates, Chartered Accountants, Bangalore, the
auditors of the company, retire at this Annual General Meeting and are
eligible for re appointment.
MANAGEMENT CLARIFICATIONS TO AUDITORS REPORT :
With regard to the qualifications made by the Auditors in para (vii) of
their Annexure Report, your directors wish to mention as follows.
a) The liability to the principals are under dispute. If the liability
is determined in their favour, the TDS amounts will be remitted.
Dues from M/s.Vasanth Color Laboratories: The Company has had a carry
forward non-fund based transaction with Vasanth Color Laboratories Ltd,
which is being repaid during the current financial year
Board of Directors : The Company is exempted from the provisions of
Clause 49 of the Listing Agreement regarding minimum number of
independent directors on the Board as well a Audit Committee.
Fixed Deposits : The Company has not accepted any fixed deposits from
the public during the year.
Directors responsibility statement pursuant to Sec.217 (2AA) of the
Companies Act, 2013.
1. In the preparation of the annual accounts, the applicable
accounting standards have been followed and there are no material
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 2015 - 16 and of the
loss of the company for the same 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 safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
4. The Directors have prepared the annual accounts on a going concern
basis. Particulars of Employees under Section 217 (2A) :
During the year, there were no employees who were in receipt of
remuneration in excess of the limits prescribed under the above
Information under Sec.217 (l)(e) of the Companies Act, 2013
Conservation of Energy : 1 These are not applicable to
Technology Absorption : I to the Company
Foreign Exchange Earnings : - Nil -
Foreign Exchange out go - Nil -
MANAGEMENT DISCUSSION AND ANALYSIS.
A report on the Management discussion and analysis as required under
clause 51 of the Listing Agreement is attached herewith (Annexure I)
A report on the corporate governance is attached herewith as required
by the amended clause 49 of the listing agreement (Annexure - II).
The required shareholder information is furnished in Annexure - III to
The Directors wish to place on record their appreciation for the
continued support received from their customers, bankers and employees
of the Company.
Bangalore By Order of the Board
Date: 18.05.2015 Sd/-
Chairman & Managing Director