Your Directors have pleasure in presenting the Annual Report of the Company togetherwith the Audited Accounts for the financial year ended on 31st March 2011.
1. Financial Results
(Rs. in lacs)
|Particulars ||2010-11 ||2009-10 |
|Profit (Loss) before Depreciation ||37.05 ||37.44 |
|Depreciation ||33.46 ||33.01 |
|Profit (Loss) before Tax ||3.59 ||4.43 |
|Provision for Tax ||(3.38) ||0.21 |
|Profit (Loss) after Tax ||6.97 ||4.64 |
During the current year your company has achieved a reasonable level ofgrowth. We are hoping that the phenomenal growth shall be achieved during the next comingyears.
On account of accumulated losses, your directors did not recommend any Dividend.
3. Future Prospects:
During the year under review, Company has concentrated mainly on exports throughmerchant exporters. Company has good enquiries on hand, which are quite prospective.Company has put more emphasis on quality control comparable to international standardalong with quality measures for pollution control. In the times to come, your Directorsare quite hopeful of wiping out of loss through achieving better sales target and costconservative measures even though not compromising on quality standard of the product.
Mr. J. K. Patel, Director of the company retires at the ensuring Annual General meetingand eligible for re-appointment.
Your directors' wish to place on record their appreciation for the contribution togrowth of the business made by employees at all levels. Information as required pursuantto section 217(2A) of the companies Act, 1956 has not been given, as it is not applicable.
M/s H K Shah & Co., Chartered Accountants, Ahmedabad, Auditor of the Company retireat the conclusion of ensuing Annual General Meeting and being eligible, offer themselvesfor Re-appointment.
During the year, Company has not accepted inter corporate Deposits, which falls underSection 58A of Companies Act, 1956.
8. Energy. Technology And Foreign Exchange
The additional information required to be disclosed in terms of notification No.1029dated 31st December, 1998 issued by the Department of Company Affairs, Ministryof Finance is not applicable.
9. Directors' Responsibility Statement
Pursuant to Section 217(2A) of Companies Act, 1956, the Directors confirm that:
i. In the preparation of Annual Accounts, appropriate accounting standard have beenfollowed.
ii. Appropriate accounting policies have been selected and applied consistently andjudgments and estimates made that are reasonable and prudent so as to give true and fairview of state of affairs of the company at the end of financial year ended 31st March,2009.
iii. Proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and otherirregularities.
iv. The Annual Accounts have been prepared on going concern basis.
10. Auditor's Qualification
Auditors have qualified their report to the members of the Company. In this connectiondirectors of the Company have discussed the same at arm's length on the recommendation ofaudit committee and have imitated to take necessary action so as to show fair view ofstate of affairs of the company in the coming financial year.
11. Report on Corporate Governance
Compliance Report on Corporate Governance is a part of Annual Report is annexedherewith.
Your Directors wish to place on record their appreciation of the whole heartedco-operation extended to company from various departments of the central and stategovernments, company' bankers and financial institutions and employees of the company andlook forward for the same cordial relationship in coming years.
|PLACE: AHMEDABAD ||FOR AND ON BEHALF OF THE BOARD |
|DATE : 22/08/2011 || |
| ||CHAIRMAN |