DIRECTORSYour Directors have pleasure in presenting their TWENTY SIXTH ANNUAL REPORT togetherwith the Audited Accounts of the Company for the year ended on 31st day ofMarch 2011.
FINANCIAL HIGHLIGHTS:
(Rs. in Lacs)
| For the year ended on 31.03.2011 | For the year ended on 31.03.2010 |
| Turnover | 2316.12 | 2018.70 |
| Other Income | (0.06) | 32.54 |
| Increase / Decrease in Stock | 141.53 | (5.28) |
| Total Income | 2457.59 | 2056.52 |
| Total Expenditure | 2438.00 | 2085.62 |
| Profit / (Loss) before Taxation | 19.59 | (29.10) |
| Provision for Tax | 2.55 | — |
| Profit / (Loss) after Taxation | 17.04 | (29.10) |
| Balance b/f from Previous Year | 1.76 | 36.95 |
| Deferred Tax | (11.71) | (6.08) |
| Balance Carried to Balance Sheet | 7.09 | 1.76 |
OPERATIONAL REVIEW:
The Sales for the period ended 31.03.2011 were at Rs 2316.12 lacs as against Rs.2018.70Lac for the previous year. The Profit After Tax is Rs 17.04 Lacs against Rs.(29.10) Lacfor the previous year.
FUTURE OUTLOOK:
In the wake of ongoing economic scenario the outlook of the company is to sustainitself against domestic as well as world crisis and to maintain itself in prevailingmarket condition, competition and to emerge as niche player in the market through constantendeavour to excel and improve its position in the market.
DIVIDEND:
In view of the revival of the company’s operation, your Directors have decided notto recommend any dividend on account for the year under operation.
MANAGEMENT DISCUSSION AND ANALYSIS:
As required by clause 49 of the Listing Agreement with the Stock Exchange, a ManagementDiscussion and Analysis Report are appended.
DIRECTORS:
Mr. Ashok Shah retires by rotation at the ensuing Annual General Meeting and beingeligible offers himself for re-appointment. Your Directors recommends his re-appointment.
PERSONNEL:
There were no employees during the year or part of the year drawing remuneration, whichfalls within the preview of the provisions of Section 217 (2A) of the Companies Act 1956.
AUDITORS’ REPORT:
The observation made in the Auditors’ Report read together with relevant notesthereon are self explanatory and hence do not call, any further comments under Section 217of the Companies Act 1956.
AUDITORS:
The Auditors M/s Sandip Doshi & Co., Chartered Accountants, Mumbai hold the officeuntil the conclusion of ensuing Annual General Meeting. Your company has receivedcertificate from the Auditors U/S 224(1B) of the Companies Act, 1956 to the effect thattheir reappointment if made, will be within the limit prescribed.
FIXED DEPOSITS:
The Company has not invited / accepted / renewed any fixed deposits as per theprovisions of Section 58 A of the Companies Act 1956 from the public during the year underreview.
CORPORATE GOVERNANCE:
A separate report on the Corporate Governance and Management Discussion & Analysisis attached as a part of the Annual Report. The Auditors’ Certificate regardingcompliance of the conditions of Corporate Governance is also annexed.
DIRECTORS’ RESPONSIBILITY STATEMENT:
In terms of Section 217 (2AA) of the Companies Act 1956, the directors would like tostate that:
i) In the preparation of the Annual Accounts, the applicable accounting standards havebeen followed along with proper explanation relating to material departures;
ii) The Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe profit of the Company for the year under review.
iii) The Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities;
iv) The Directors have prepared the Annual Accounts on a going concern basis.
CONSERVATION OF ENERGY, ABSORPTION OF TECHNOLOGY & FOREIGN EXCHANGE EARNINGS ANDOUTGO:
Information relating to Conservation of Energy, Technology absorption and ForeignExchange Earning and Outgo as stipulated under Section 217 (1) (e) of the Companies Act1956 read with the Companies (Disclosure of Particulars in the Report of Board ofDirectors) Rules 1988 is set out in the separate statement, attached to this report &forms part of it.
ACKNOWLEDGEMENTS:
Your Company & its Directors wish to extend their sincerest thanks to the Bankers,State Government, Customers, Suppliers and Staff for their continuous co-operation &guidance.
| By the Order of the Board of Directors |
| For GLOBUS CORPOORATION LIMITED |
| Date: 12th August, 2011 | Mr. Mit M. Shah |
| Place: Mumbai | Whole Time Director |
ANNEXURE TO DIRECTORS’ REPORT
Information as per Section 217 (1) (e) of the Companies Act 1956 read with theCompanies (Disclosure of Particulars in the Report of the Board of Directors) Rules 1988.
A. CONSERVATION OF ENERGY
The capacity of the plant utilized partially, so there was no need to use Generator.
FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY.
| Particulars | 31-03-2011 | 31.03.2010 |
| 1. Electricity | | |
| a. Purchased Units | 92114 | 79525 |
| Total Amount in Rs. | 779903 | 671502 |
| Average Rate | 8.46 | 8.44 |
| b. Own Generation | — | — |
| Unit per litre of Diesel | — | — |
| Cost per unit | — | — |
| 2. Coal Specify quality where used | — | — |
| Quantity (Tonnes) | — | — |
| Total Cost | — | — |
| Average Cost | — | — |
| 3. Furnace Oil | — | — |
| Quantity (Lits) | — | — |
| Total Amount | — | — |
| Average Rate | — | — |
B. TECHNOLOGY ABSORPTION
Indigenous technology is used. Continuous efforts are being made to improve the qualityof Conductors in terms of Conductivity, Resistance, etc. by R&D team.
C. FOREIGN EXCHANGE EARING AND OUTGO:
Total Foreign Exchange Used: NIL
Total Foreign Exchange Earned: NIL
| By the Order of the Board of Directors |
| For GLOBUS CORPOORATION LIMITED |
| Date: 12th August, 2011 | Mr. Mit M. Shah |
| Place: Mumbai | Whole Time Director |