| Dear Members,
The Directors are pleased to present their Thirty Third Annual Report
together with the Audited Accounts of the Company for the year ended
31st March 2014.
01. SUMMARIZED OPERATIONAL RESULTS:
For the For the
Year ended Year ended
31.03.2014 31.03.2013
Rs. Rs.
Sales (Net) 4,51,73,803 7,62,68,085
Profit / (Loss) before Depreciation 45,52,109 (6,33,113)
Depreciation 8,87,791 9,53,457
Profit / (Loss) for the year 36,64,318 (15,86,570)
Provision for Tax Nil Nil
02. DIVIDEND:
In absence of sufficient profits, your Directors regret their inability
to recommend dividend this year and regret for the same.
03. REVIEW OF CURRENT PERFORMANCE:
On account of general depressed market conditions for metal industries,
Company's operation were adversely affected during the year and due to
this Company's turnover marginally decrease from 762.68 lacs to 451.74
lacs. During the year Company has written off old balances of Creditors
and due to this, the Company has ended the financial year with a profit
of 36.64 Lacs.
04. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the requirements under Section 217 (2AA) of the Companies
Act, 1956, with respect to Directors' Responsibility Statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2014, the applicable accounting standards have been
followed along with proper explanation relating to material departures
wherever necessary;
(ii) That the Directors have selected such accounting policies and
applied them consistently and made judgements and estimates that were
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 and of the
profit of the Company for the year under review.
(iii) That the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safe guarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) That the Directors have prepared the accounts for the financial
year ended 31st March, 2014 on a 'Going Concern' basis.
05. AUDITORS REPORT:
The notes on Financial Statement referred to in the Auditors Report are
self explanatory and do not call for any further comments..
06. AUDITORS:
M/s. Chokshi & Chokshi, Chartered Accountants, Mumbai, the Auditors of
the Company, shall retire at the ensuing Annual General Meeting and is
eligible for re-appointment.
According to the Section 139(1) of the Companies Act, 2013 and Rule
3(7) of the Companies (Audit and Auditors) Rules, 2014 which has become
effective from 1st April, 2014, the Auditor Appointed at the ensuing
Thirty Third Annual General Meeting shall hold office from the
conclusion of Thirty Third Annual General Meeting till the conclusion
of Thirty Sixth Annual General Meeting of the Company.
The Company has also obtained consent from the firm to act as Statutory
Auditor of the Company.
07. DELISTING OF EQUITY SHARES
During the year, the Company's Equity Shares have been delisted from
the Vadodara Stock Exchange Ltd., Vadodara and also from the Ahmedabad
Stock Exchange Ltd, Ahmedabad pursuant to SEBI (Delisting of Equity
Shares) Regulations 2009.
The said delisting was as per the voluntary basis. The Equity Shares of
the Company at present listed at The Bombay Stock Exchange Ltd (BSE).
08. FIXED DEPOSITS:
The Company has not accepted any deposits as defined under Section 58A
of the Companies Act 1956 read with Companies Acceptance of Deposits
Rules 1972.
09. AUDIT COMMITTEE
During the year the Audit Committee Meetings were held as per the
provisions of Listing Agreements with the Stock Exchanges. The details
about the functioning of the committee are enumerated in the Corporate
Governance forming part of this report.
10. CORPORATE GOVERNANCE
In pursuance to Clause 49 of the Listing Agreements with the Stock
Exchanges, Corporate Governance Report and Management Discussion and
Analysis Report are given elsewhere and form part of this Report.
11. PERSONNEL:
None of the employees of the Company was in receipt of remuneration,
for the financial year ended 31.03.2014 as prescribed under Companies
(Particulars of Employees) Rule, 1975 and hence information as required
under section 217(2A) read with Companies (Particulars of Employees)
Rule, 1975 is not applicable.
12. INSURANCE:
All Moveable and Fixed Assets are adequately insured.
13. DISCLOSURES:
(a) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS/OUTGO:
During the year your Company has made trading activities,the
particulars prescribed by the Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 are not furnished in the
Annexure, the information on this aspect may be treated as NIL
(b) ENVIRONMENTAL CONTROL AND ABATEMENT OF POLLUTION:
Your Company is Engineering Company and hence, information on this
aspect may be treated as "NIL".
14. ACKNOWLEDGEMENT:
Your Directors wish to place on record their sincere thanks for the
valuable assistance and guidance given by the Central Government and
State Government from time to time. Your Directors also wish to note
the dedicated services of all the officers and employees of the
Company.
Regd. Office
95/1 Bharuch Palej Road,
Bholav Dist.(Bharuch) (KANTILAL B. PATEL)
Gujarat - 392 001. CHAIRMAN AND MANAGING DIRECTOR
Bharuch
Date : 29th May, 2014
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