| The Directors have pleasure in presenting Annual Report and the
Audited Accounts for the period ended 31.03.2011.
(Rs. In Lacs)
Financial Results
Year Year
ended ended
31.03.2011 31.03.2010
Sales & other Income 3353 4493.81
Profit before Depreciation,
interest & Tax (853) (172.78)
Depreciation 126 145.70
Interest 596 596.94
Deferred Tax Liability Nil (69.66)
Profit for the year (853) (845.76)
Profit/(Loss) brought forward
from previous year (1177) 194.44
Profit/ (Loss) after Tax
transferred to Balance Sheet (2030) (651.32)
OPERATIONS;
During the year ending 31.03.2011, the Company could achieve a turn
over of Rs. 3353.12 lacs as. compared to the turn over of Rs. 4345.74
lakhs during the year 2009 -10. This was mainly on account of
continuation of recessionary trends & lack of working capital.
Even though the Company has good orders in hand, the same cannot. be
fulfilled due to lack of working capital, which is on account of the
losses suffered by Company during previous years due to recessionary
conditions. However, Management is discussing with bankers for the same
and is quite hopeful about the results.
Also Management has taken steps to reduce over heads by reducing
employee strength and increasing the efficiency.
However, with the improvement in the demand pattern for Company's
products especially from the Indian clients, simultaneously with the
various cost control measures under taken, the Company incurred losses
of Rs.. 853 lakhs. However, these losses were mainly due to financial
expenses and depreciation of Rs. 719 lakhs.
Future Prospects
Management is also trying to increase the share of non-automobile
sectors such as Windmill Energy, Earth Moving, Equipment, Mining,
Hydraulics, Agriculture and export related customers and also has
developed various items for the same and consequently we got results as
below.
i) Turnover for the quarter ended 31.03.2011 was Rs. 828.69 lakhs.
ii) Turnover for the quarter ended 30.06.2011 is Rs.1000.48 lakhs
iii) Turnover for the quarter endedÝ30.09.2011 is Rs. 977.62 lakhs
Fixed Deposit
The Company has hot accepted any Fixed Deposits for the year ended 31st
March, 2011.
Particulars under Section 2l7(l)(e) of the Companies Act 1956:
The information as required under section 217(l)(e) of the Companies
Act, 1956 read with the Companies (Disclosure of Particulars in the
report of the Board of Directors) Rules, 1988 pertaining to energy
conservation, technology absorption and foreign exchange earnings and
outgo is given in the Annexure forming part of this report.
Directors
Mr. Sanjay Gaikwad and Mr. Rajiv Raje, Directors of the Company would
retire by rotation at the ensuing Annual General Meeting of the Company
anxl are eligible for the re-appointment.
During the year Mr. N. E. Narwade and Mr. Amish Patel were appointed as
additional directors of the company by the Board of Directors on August
13, 2011. By virtue of Section 260 of the Companies Act, 1956, he holds
office upto the date of the ensuing Annual General Meeting and is
eligible for appointment.
Mr. N. E. Narwade has been appointed by the Board as Whole Time
Director of the Company for a period of three years with, effect from
August 13, 2011. Necessary resolution has been proposed in notice of
the ensuing Annual General Meeting for his appointment and payment of
remuneration.
Mr. Chanclrashekhar Dhongde resigned as Managing Director of the
Company with effect from July 1, 2011. lie continues to be a director
of the Company.
Listing
The shares of the Company are listed on Bombay Stock Exchange Ltd.,
Delhi Stock Exchange Ltd. The Company has paid the necessary listing
fees for the year 2011- 12 to the Bombay Stock Exchange Ltd.
The Company's application for delisting is pending with the Delhi Stock
Exchange Ltd.
CORPORATE GOVERNANCE
Report on Management Discussion & Analysis and Corporate Governance
and' a certificate-from the Auditors of the Company regarding
compliance of conditions of Corporate Governance as stipulated under
Clause 49 of the Listing Agreement with the Stock Exchanges are
attached hereto and form part of this Report.
Particulars of Employees:
The Company does not have any employee whose particulars are required
to be given pursuant to the provisions of Section 217 (2.A) ol the
Companies Act, 1956 read with the Companies (particulars of Employees)
Rules, 1975.
Directors' Responsibility Statement
Pursuant to section 217(2 A A) of the Companies Act 1956 your Directors
confirm the following
a) that in the preparation of the annual accounts, die applicable
accounting standards have been followed and that no material departures
have been made from the same;
b) 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 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;
c) that the directors have-taken proper and sufficient care for
the-maintenance of adequate accounting record in accordance with the?
provisions of the Companies Act, 1956, for safeguarding the assets of
the Company and for preventing and ! detecting fraud and other
irregularities;
d) that the directors have prepared the annual accounts on a going
concern basis;
Auditors
The reference made by the Auditors in their report and notes to
Accounts are self- explanatory and require ho further explanation.
M/s. M.A. Parikh & Co. Chartered Accountants, Auditors of the Company,
retire at the ensuing Annual General Meeting and are eligible for
re-appointment
Industrial Relations,
The overall Industrial Relations in the Company have been cordial. Your
Company has received full cooperation and support of its personnel.
Your Directors thank them and expect the same support from them in the
years to come.
Acknowledgements;
The Board wishes to thank their customers, suppliers, Shareholders and
the Bankers of the Company for their support and co-operation.
For and on behalf of the Board
November 24,2011 Director Director |