| Dear Members,
The Directors are pleased to present to you herewith the audited
accounts of the Company for the year ended 31st March, 2014.
(Rs. in Lacs)
Financial Results 2013-2014 2012-2013
Gross Turnover 4459.49 3211.00
Profit before Finance Cost,
Depreciation and Tax (EBIDTA) 247.21 337.69
Less: Finance Cost 79.98 80.60
Depreciation 53.05 52.33
Taxation 27.92 160.95 62.82 195.75
Net Profit 86.26 141.94
Balance brought forward 516.96 437.38
Profit available for appropriations 603.22 579.32
Appropriations
Transferred to General Revenue 10.00 50.00
Proposed Dividend 10.56 10.56
Tax on dividend 1.80 1.80
Net surplus in the Statement of
Profit & Loss 580.86 516.96
603.22 579.32
DIVIDEND:
Your Directors are pleased to recommend a dividend of Rs. 0.60 (6%) per
equity share for the year ended 31st March, 2014. The proposed dividend
including dividend distribution tax will absorb Rs. 12.36 Lakhs.
WORKING:
The working of the Company is adversely affected during the year due to
slow down in the economy and degrowth in capital goods industry in
which the Company Operates. In view of the new government at Centre and
its emphasis on investments in infrastructure and manufacturing will
revive business prospects of the Company in coming years. Secondly, the
Company had exposure in NSEL to the extent of Rs. 211.57 Lakhs out of
which it has written of Rs. 74.04 Lakhs being 25% of total exposure.
The Company is watching the developments in the said matter closely, in
view of the steps taken by EOW of Mumbai Police, legal case in the High
Court and steps taken by Govt.
DIRECTORS:
Shri Vishwambhar C. Saraf (DIN:00161381) and Shri Rishabh R. Saraf
(DIN:00161435) who retire by rotation and are to be re-appointed.
AUDITORS:
Pursuant to the provisions of Section 139 of the Companies Act, 2013
and the Rules made thereunder, the current auditors of the Company,
M/s. Shankarlal Jain & Associates, Chartered Accountants (Firm
Registration No. 109901W) are eligible to hold the office for a period
of three years, upto 2017.
The members are therefore requested to appoint M/s. Shankarlal Jain &
Associates, Chartered Accountants as auditors for three years from the
conclusion of the ensuing Annual General Meeting till the conclusion of
the 43rd Annual General Meeting, to be scheduled in 2017.
COST AUDITORS AND COST AUDIT REPORT:
As per the order of the Central Government, your Company carries out an
audit of its cost records. The due date for filing of the Cost Audit
Report and Cost Compliance Report with the Ministry of Corporate
affairs for the Financial year ended 31st March, 2013, was 180 days
from the Closure of the Company's financial year. The Cost Audit Report
and Cost Compliance report for the financial year ended as on 31st
March, 2013 was filed in XBRL format within prescribed time limit.
The Central Government approved the appointment of M/s Kejriwal and
Associates, Cost Auditors for conducting Cost audit for the Financial
Year 2013-14.
CONSERVATION OF ENERGY:
All efforts for conservation of energy are being taken.
TECHNOLOGY ABSORPTION:
Technology absorption is complete.
PARTICULARS OF EMPLOYEES:
No employee of the Company was in receipt of remuneration equal to or
exceeding the prescribed limits.
DIRECTORS' RESPONSIBILITY STATEMENT:
On the basis of compliance certificates received from the concerned
executives of the respective Divisions of the Company and subject to
disclosures in the annual accounts, as also on the basis of the
discussion with the Auditors of the Company from time to time, the
Directors state that:
(i) in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(ii) 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 a true and fair view of the state of affairs
of the company at the end of the financial year and of the profit or
loss of the company for that period;
(iii) the directors have taken proper and sufficient care for 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; and
(iv) the directors have prepared the annual accounts on a going concern
basis.
ACKNOWLEDGEMENT
Your directors place on record their appreciation for the co-operation
received from Company's customers, suppliers, bankers, stakeholders and
Govt. Agencies. The Directors also sincerely acknowledge the
contribution made by the employees at all levels.
ON BEHALF OF THE BOARD
Registered Office:
REMI House, Plot No.11, Cama Industrial Estate
Goregaon (E), Mumbai-400 063 VISHWAMBHAR C. SARAF
Dated :14th August, 2014. CHAIRMAN | 