| Dear Members,
The Directors are pleased to present their 42nd Annual Report together
with the Audited Statement of accounts for the Financial Year ended 31
st March, 2014.
FINANCIAL RESULTS 2013-14 2012-13
Rs. Rs.
Profit before depreciation and interest 5,567,517 2,662,071
Less: Depreciation 5,256,046 7,345,535
Interest 1,365,047 1,568,222
Profit / (Loss) before taxes and deferred
tax assets / (1,053,576) (6,251,686)
liabilities
Add: Prior period Income Tax Asst. Year (8,115) -
Add / (Less): Deferred Tax 911,892 3,289,618
Less: Provision for Fringe Benefit Tax -
Less: Provision for Tax -
Profit / (Loss) after Tax (149,799) (2,962,068)
Add: Balance brought forward from last year 14,734,427 18,042,845
Distributable Profit 14,584,628 15,080,777
APPROPRIATIONS
- Proposed Dividend 400,000 300,000
- Corporate Dividend Tax 67,980 46,350
- Statutory Reserve - -
- Balance carried to Balance Sheet 14,116,648 14,734,427
14,584,628 15,080,777
PERFORMANCE
During the year under report, the turnover increased to Rs. 624.53
lakhs from Rs. 566.95 lakhs in the previous year. Your Directors regret
to inform that, your Company has suffered loss of Rs. 1.50 lakhs after
depreciation and taxes as against loss of Rs. 29.62 lakhs in the
previous year. The continued ban on mining in Goa and continued overall
recession has affected company's turnover which has further affected
the profitability. Your Directors are exploring different avenues for
betterment of company's turnover.
Your Directors are making various efforts to improve the performance of
the Company in situation of severe competition and are optimistic about
posting better results in the ensuing year.
DIVIDEND
Your Directors recommend a dividend of Re. 1.00 per share.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to section 217(2AA) of the Companies Act, 1956, your Directors
confirm that:-
a) in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
b) 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 financial year and of the loss of the Company for
that year;
c) 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;
d) the Directors have prepared the annual accounts on a going concern
basis.
DIRECTORS
Shri Ashok P. Panvelkar and Smt Binita S. Poy Raiturcar retire by
rotation at the forthcoming Annual General Meeting and are eligible for
re-appointment.
In terms of Section 149, 152, Schedule IV and other applicable
provisions, if any, of the Companies Act, 2013 read with Companies
(Appointment and Qualification of Directors) Rules, 2014, the
Independent Directors can hold office for a term of upto five (5)
consecutive years on the Board of your Company and are not liable to
retire by rotation. Accordingly, it is proposed to appoint Shri Manohar
S. Usgaonkar, Shri Sudin Manohar Usgaonkar and Shri Nitin Anant
Kunkolienkar as Independent Director of your Company upto five (5)
consecutive years for the term upto to the conclusion of the 47th
Annual General Meeting in the calendar year 2019.
AUDITORS
M/s S. S. Dalvi & Co., Chartered Accountants, the Auditors of the
Company retire at the ensuing Annual General Meeting and being eligible
offer themselves for re-appointment.
COMPLIANCE CERTIFICATE
Secretarial Compliance Certificate pursuant to Section 383 A (1) of the
Companies Act, 1956 is enclosed and marked as Annexure A.
PARTICULARS OF EMPLOYEES
None of the employees of the Company were in receipt of remuneration in
excess of the limits prescribed under Section 17(2A) of the Companies
Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
The management continues its focus on energy conservation. Continuous
monitoring of the fuel consumption, and the monitoring optimization of
electrical energy consumption in all activities are being done. The
Company is making efforts to acquire improved technology at its plant.
During the year there is no foreign exchange earnings but outgo is on
account of import of raw material (Ref note no. 34-35).
ACKNOWLEDGEMENT
Your Directors place on record their gratitude to the Government of
Goa, Financial Institutions, Banks, Statutory Auditors, and valued
customers for the continued assistance, support, co-operation and
encouragement they extended to the Company. Your Directors appreciate
the excellent contribution made by the employees of the Company at all
levels.
For and on behalf of the Board of Directors
(Sanjay A. Poy Raiturcar)
Date : July 28, 2014 Chairman & Managing Director
Place: Panaji, Goa. (DIN 00358326)
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