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BSE: 531562 | NSE: PUSHPSONS IN | ISIN:
Market Cap: [Rs.Cr.] 4.19 | Face Value: [Rs.] 10
Industry: Textiles - Processing
Your Directors are pleased to present the 19th Annual Report together with the auditedStatements of Accounts for the year ended 31st March 2013.
Year 2013 witnessed a turbulent business environment that moderated growth and therewere challenges with inflation, deceleration growth and worsening investment climate whichimpacted consumer sentiments. The global economic environment was confronted with Eurozonesovereign debt crises, fluctuating global commodity prices and adverse market conditionsprevailing in Europe and USA, etc.
The revenue from operations for the year under review was Rs 179.24 Lacs (Previous yearRs. 284.37). The net profit for the year is Rs. 0.75 Lacs (Previous year net loss was Rs.11.34 Lacs) after depreciation of Rs. 13.54 Lacs (Previous year Rs.13.14 Lacs).
The directors do not recommend any payment of dividend in view of the accumulatedlosses.
ANALYSIS AND REVIEW
(a) Industry Structure and Development
Your company is engaged in the exports and manufacturing oftextiles made-ups and isdirectly linked with demand in the international market.
(b) Opportunity and Threats
Your company is doing regular efforts for cost reduction and to improve the efficiencyand productivity. Once the global demand recession is over, the opportunities for exportsshould increase and to take full advantage. There are challenges, which in the short term,will moderate growth- inflation, high interest rates, depreciating rupee.
The company hopes to be benefited from their continuous efforts and expects an increasein demand in the Indian and Exports markets.
(d) Risks and Concern
The company has to meet the stiff competition, exchange rate fluctuation, uncertaincustomer schedules, aggressive pricing strategy of competitors and changing technology.
(e) Human Resources/Industrial Relations
It is the company's belief that Human Resources is the driving force towards progressand success of a Company. The company seeks to motivate and retain its professionals byoffering reasonable compensation and opportunity to grow in the organization. The totalpermanent employee's strength was Twenty (no. 20) as on 31st March, 2013. The Industrialrelations remained cordial during the year.
Shri Pankaj Jain and Shri S. B. L. Jain, Directors of the Company retire by rotation atthe ensuing Annual General Meeting and being eligible, offer themselves for reappointment.
M/s. R. Verma & Associates, Chartered Accountants, Statutory Auditors of theCompany retire at the conclusion of the ensuing Annual General Meeting, and beingeligible, offer themselves for re-appointment of the company as a statutory auditor.
Your Company has always strived to comply with the appropriate standards for goodcorporate governance and It has taken adequate steps to ensure that all mandatoryprovisions of Corporate Governance as prescribed under the Listing Agreements with StockExchanges are complied with.
A separate report on Corporate Governance along with a Certificate of Compliance fromthe Auditors, form part of this Report.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors confirm that:
1. in the preparation of the annual accounts, the applicable accounting standards havebeen followed and that there are no material departures.
2. they had selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of the affairs of the Company at the end of the financial year and of theprofit of the Company for the year ended 31st March, 2013.
3. they had taken proper and sufficient care for the maintenance of adequate accountingrecords in accordance with the provisions of the Company Act, 1956 for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities.
4. they had prepared the annual accounts on a going concern basis.
PARTICULARS OF EMPLOYEES
Particulars of employees in receipt of the remuneration in excess of the amountspecified in Section 217 (2A) of the Companies Act, 1956 read with Companies (Particularsof Employees Rules, 1975) as amended from time to time do not apply to the Company asthere was no employee in receipt of remuneration in excess of specified amount during theyear.
The Company has not accepted any deposits from public during the year.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND OUTGO
Information under section 217(1)(e) of the Companies Act, 1956, read with the Companies(Disclosure of particulars in the Report of Board of Directors) Rules, 1988 is givenbelow:
A. CONSERVATION OF ENERGY
The Company continues its policy of giving priority to energy conservation measuresincluding regular review of energy generation and consumption and effective control onutilization of energy.
During the year under report, Company has consumed 89487 (Previous Year 107706) unitsof power (KWH).
B. TECHNOLOGY ABSORPTION
Your Directors are of the opinion that the company has already opted for latesttechnology for producing Carpets, Durries and made-ups. Hence information specified inForm B is not applicable.
C. FOREIGN EXCHAGE EARNING AND OUTGO:
The exports on FOB basis are Rs. 148.53 Lacs (Previous year was Rs.255.47 Lacs). Theexpenses in foreign exchange on Exhibition Expenses is Rs. 7.17 Lacs (Previous year wasRs. 14.35 Lacs)
Your directors wish to place on record its sincere appreciation for wholehearted timelysupport and contribution provided by your Company's Bankers Indian Overseas Bank and allthe vendors and dedication and commitment of the employees at all levels.
Your directors also take this opportunity to thank all the valued customers who haveappreciated our products and patronized them.
Your directors convey their grateful thanks to the Government Authorities (Central& State), Business Associates & Shareholders, for their continued assistance,co-operation and patronage given by them.
|For and on Behalf of the Board|
|New Delhi||Dr. M. R. Jain|
|18th May, 2013||Chairman|
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M R Jain , Chairman & Managing Director
Pankaj Jain , Director
Dinesh Jain , Whole-time Director
R N Bansal , Director
Company Head Office / Quarters:
Beetal Fin.&Computer Ser.P Ltd
Beetal House 3rd Flr,Behind Local Shp Cen,Nr Dada Harsukh Das ,New Delhi - 110062
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