To,
The Members,
We have pleasure in presenting to you the Annual Report along with the audited accounts
for the year ended on 31st March 2013.
FINANCIAL RESULTS
(Amount in Rs.)
Sr. No. |
Particulars |
31.03.2013 |
31.03.2012 |
1. |
Income |
19,489,000 |
238,348,232 |
2. |
Total expenditure |
19,740,425 |
239,953,524 |
3. |
Profit/(Loss) before tax |
(251,425) |
(1,605,292) |
Add: Prior period income |
|
|
Profit before tax after prior period item |
(251,425) |
(1605292) |
4. |
Current Tax |
|
|
Deferred tax liabilities |
332,761 |
(292,156) |
5. |
Profit after tax |
(584,186) |
(1,313,136) |
DIVIDEND
Keeping in mind the expansion plans of the Company and also to conserve the resources
and to utilize the resources for the new industry at Nardhana, Dist. Dhule, the Board of
Directors does not recommend a dividend for the financial year 2012-13.
REVIEW OF OPERATION AND FUTURE PROSPECTS
During the year under review the sales turnover is Rs. 19,489,,000/- as compared to
previous years of Rs.238,348,232/- and net loss of Rs.5,84,186 /- as compared to previous
year profit of Rs. 13,13,136/-.
The Company is planned to shift its whole operations to its new project location at
MIDC, Nardhana Industrial Area, Dist. Dhule and close its activities from Pithampur Dist.
Dhar. As the company have only assets of building and land at the Pithampur Dist. Dhar.
The plant and machinery are turned into scrap and these are written down fully in the
financial year. Also the company is not received any subsidy etc. therefore the Company is
not in a position to compete with others due to its increase cost of production.
In the process of shifting, the Company has already purchased land situated at MIDC,
Nardhana Industrial Area, Dist. Dhule and taking off possession from MIDC Authorities. The
power and water has reached to the site and the Company will start building construction
activity their. The company is in process to do joint collaboration with a Russian steel
industry for its Nardhana Project.
The year 2012-13 has been eventful for the Company in multiple facets. Your Board of
Directors has expected huge opportunities in the business of infrastructure and
construction activities.
DIRECTORS
Shri Rajen Navnital and Shri Giriraj Prasad Sharma are being liable for retire by
rotation and offer them self to appoint further as Director of the Company.
The brief particulars of all Directors, for which approval of members for their
appointment or re-appointment are sought, have been provided in the Notice of Annual
General Meeting pursuant to Clause 49 of the Listing Agreement relating to Corporate
Governance.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Sec 217(2AA) of Companies Act, 1956, the directors state
that:
That in preparation of the annual accounts, the applicable accounting standards have
been followed along with proper explanations relating to material departures, if any.
That 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 true and
fair view of the state of affairs of the company at the end of the financial year and of
the profit of the company for that period.
That the directors have taken proper and sufficient care of 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.
That the directors have prepared the annual accounts on a going concern basis.
DEPOSITS
The company has not accepted any deposit from the public attracting the provisions of
Sec 58A of the Companies Act 1956.
AUDITORS
The retiring Auditors, M/s. Ashish Vyas & Co, Chartered Accountants, Dewas, being
eligible, offer themselves for appointment. They have furnished a certificate to the
effect that their appointment if made, would be within the prescribed limits under Sec 224
(1B) of the Companies Act 1956.
AUDITORS' REPORT
Report of the auditors and their observations and notes to the accounts of the company
for the year under review are attached herewith which are self-explanatory and do not
require further explanation.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION & FOREIGN
EXCHANGE EARNING AND OUTGO
This information required to be given under section 217 (1) (c) of the Companies Act,
1956 read with the Companies (Disclosure of particulars in the Report of the Director)
Rules 1988 is annexed herewith.
PARTICULARS OF EMPLOYEES
The information required under Sec 217(2A) of the Companies Act 1956 is not given as
there was no employee in receipt of remuneration during the year, exceeding the limits
prescribed by the Companies (Particulars of Employees) Rules, 1975 as revised.
LISTING
Your Company continues to be listed on the Stock Exchange, Mumbai where the Company's
shares are being traded. The Company has paid Listing fees for the year 2012-13.
CORPORATE GOVERNANCE
Your Company believes that Corporate Governance is a voluntary code of self discipline.
In line with this policy, the Board of Directors strongly believes that it is very
important that the company follows healthy Corporate Governance practices and reports to
shareholders the progress made on the various measures undertaken. Therefore, your
directors have been reporting the initiatives on Corporate Governance measures adopted by
your company.
MANAGEMENT DISCUSSION AND ANALYSIS
Management discussion and analysis Report is provided in separate section and forming
part of this report.
ACKNOWLEDGEMENT
The company has developed a very cordial, warm and close relationship with the
investors, various Government and Semi-Government Departments, Banks and Financial
Institutions, Customers, Suppliers and other service providers. The Board of Directors
wish to gratefully acknowledge the co-operation, assistance and guidance received from all
of them. The company could make the progress it has in these years due to the dedication
and creativity of its staff at all levels. The Board of Directors wishes to place on
record its warm appreciation for these efforts.
|
For and on behalf of the Board of Directors |
|
Sd/- |
Sd/- |
|
Suresh Sharma |
Sachin Sharma |
Place: Indore (M.P.) |
Director |
Managing Director |
Date: 02/09/2013. |
|
|
|