| The Directors take pleasure in presenting herewith Seventeenth Annual
Report and the Audited Accounts for the year ended 31st March, 2011.
FINANCIAL RESULTS :
(Rs. in Lacs)
Particulars 2010-2011 2009-2010
Profit before Interest, Depreciation and Tax 429.24 289.64
Interest 287.53 139.52
Depreciation 140.10 102.51
Profit (Loss) Before Tax 1.61 47.61
Provision for taxation ---- 7.62
Less : Short Provision of Earlier (I.T) 8.65 ---
Deferred Tax ---- ---
Profit (loss) after Tax (7_05) 39.98
REVIEW OF PERFORMANCE :
The year was very tough for the company. Company has achieved turnover
as Rs.34.54 Crores against the turnover of Rs.20.42 Crores for the
previous year. However company has incurred Loss of Rs.7.05 Lacs as
compared to the Profit of Rs.39.98 Lacs for the previous year. Company
has taken Credit facilities from the Bank for the set up and expansion
of Laminate Unit and also for the Expansion of the Paper Unit of the
company which resulted in to the heavy finance and interest cost to the
company. Expansion of the project has been delayed due to the financial
crises. Companies Laminate Unit and Paper Unit were remained closed
from 20/05/2011 to 25/07/2011 due to financial crises. However at
present the company is in stable situation and promoters are trying to
revive the company.
DIVIDEND :
The Directors, regret their inability to recommend any dividend for the
year, due to inadequate profit.
PUBLIC DEPOSITS :
During the year, the Company has not accepted ant deposits from the
public or otherwise in terms of Section 58A of the Companies Act, 1956,
read with Companies (Acceptance of Deposit) Rules, 1975.
DIRECTORS :
At the forthcoming Annual General Meeting, Mr. Vinod M. Patel and Mr.
Viral V. Patel, will retire by rotation pursuant to the provisions of
the articles of the associations of the Company being eligible, they
offers themselves for reappointment. The Board recommends his
reappointment.
AUDITORS :
M/S Babubhai Patel & Co., Chartered Accountants of the Company retires
at this Annual General Meeting and being eligible, are recommended
their re-appointment as auditors of the company for the period from the
conclusion of this Annual General Meeting up to the date of the next
Annual General Meeting.
AUDITORS REPORT:
The observations of the Auditors in their Report and Notes attached to
the Accounts are Self-Explanatory and do not require any Further
Clarifications.
COST AUDITORS :
The Company has reappointed M/s V. H. Shah., Cost Accountant as the
Cost Auditors of the Company relating to financial year 2011-12 as
required by the Central Government under Section 233B of the Companies
Act, 1956.
DIRECTORS RESPONSIBILITY ST A TEMENT :
In Compliance of Section 217 (2AA) of the Companies Amendment Act, 1956
as amended by the Companies (Amendment) Act, 2000, the Directors of
your Companies confirm:
1. That the applicable accounting standards had been followed in the
preparation of final accounts and that there are no material
departures.
2. That such accounting polices have been selected are applied
consistently judgments and estimates made are reasonable and prudent so
as to give a true and fair view of the state affairs of your Company as
at March 31, 2011.
3. That proper and sufficient care has been taken for the maintenance
of adequate accounting records in accordance with the provision of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities and.
4. That the annual accounts have been prepared on going concern basis.
CORPORA TE GOVERNANCE & MANAGEMENT DISCUSSION AND ANAL YSIS :
A separate section on Corporate Governance and a Certificate from
Auditors of the company regarding compliance of conditions of Corporate
Governance as stipulated under clause 49 of the Listing Agreement
together with the Management Discussion and Analysis of the financial
position of the company from part of the Annual Report.
LISTING :
The shares of the Company are listed on Bombay Stock Exchange Limited
(BSE) and Ahmedabad Stock Exchange Limited (ASE). The Company has paid
the annual listing fees for the year 2011-12.
PARTICULARS OF THE EMPLOYEES :
Company has no employee who were in receipt of the remuneration of Rs.
60,00,000/- in the aggregate, if employed for the year and in receipt
of the monthly remuneration of Rs.5,00,000/- p.m. if employed for a
part of the year as per the provision of Section 217 (2A) of the
Companies Act, 1956 read with the Companies (particulars of Employ ees)
Rules, 1975. Hence the information required under S-217(2A) of t he
Companies Act, 1956 being not applicable are not given in this report.
CONSERVATION OF ENERGY , TECHNOLOGY ABSORPTION , RESEARCH & DEVELOPMENT
AND FOREIGN EXCHANGE EARNINGS AND OUT GO :
The additional information required under Section 217(1)(e) of the
Companies Act, 1956 relating to Conservation of energy, technology
absorption, research & development and foreign exchange earnings or
outgoes is annexed herewith and forming part of this report.
ACKNOWLEDGMENT :
Your company & Directors wish to place on record their appreciation of
the assistance and co-operation extended by Investors, Bankers,
Customers, Business Associates, Suppliers and Government. We are deeply
grateful to shareholders for their continued faith, confidence and
support to the company. The Director wishes to place on record its
appreciation of sincere and dedicated work of employees at all levels,
which has largely contributed to the present growth of the Company.
Dated: 12th Aug., 2011 For and on behalf of the Board
Place: PIYAJ
(VINOD M. P A TEL)
CHAIRMAN | 