| The Directors have pleasure in presenting their 49th Annual Report
together with the Audited a:counts of the Company for the financial
year ended 31st March 2009.
FINANCIAL RESULTS
(Rs. in lacs)
F.Y. 2009 F.Y. 2008
Sales and other Income 44871.02 31,225.75
Profit after financial charges but
before depreciation 3143.03 2,738.44
Less: Depreciation 1288.87 874.49
Profit during the year 1854.16 1,863.95
Provision for Taxation (800.00) (430.00)
Provision for Fringe Benefit Tax (48.12) (45.23)
Profit after Tax transferred to
General Reserve 1006.04 1,388.72
THE YEAR IN RETROSPECT & FUTURE PROSPECTS : -
Your Companys sales and other income increased to Rs.44871.02 Lac from
Rs.31225.75 in preceding year i.e registered a growth of 43.70%.
Companys overall profitability i.e Profit before tax and depreciation
enhanced to Rs.3143.03 lac as compared to Rs.2738.44 lac. Due to tax
provision of Rs.800 lac as compared to Rs.430 lac in the preceding year
the Net Profit (PAT) for the year remained at Rs. 1006.04 lac.
DIVIDEND : -
The Board of Directors has decided not to recommend dividend for the
year 2008-09 with a view to consolidate its financial strength.
PERSONNEL: -
None of the employees is drawing salary in excess of Rs. 2,00,000/- per
month or Rs.24, 00,000/- per annum and as such particulars in
accordance with the provision of Section 217(2A) of the Companies Act,
1956 are not furnished.
DIRECTORS RESPONSIBILITY STATEMENT: -
The Mandatory accounting standards have been followed.
The accounting policies are reasonable and prudent and are consistently
followed to give a true and fair view of the state of affairs of the
Company. Proper and sufficient care has been taken for maintenance of
adequate accounting records for safeguarding the assets of the Company
and for preventing / detecting fraud and other irregularities.
The Annual Accounts have been prepared on going concern basis..
AUDITORS : -
The terms of M/s P.C.Bafna & Company, Chartered Accountants, as
Auditors expires at the conclusion of the Annual General Meeting and
they are eligible for re-appointment. The Auditors has given
certificate to the effect that re-appointment, if made, will be within
the prescribed limits specified under section 224 (IB) of the Companies
Act 1956.
COST AUDIT: -
Pursuant to the Section 233-B, the Central government has directed to
carry audit of the Companys Cost account records in respect of
Engineering and Fertilizers Divisions. Accordingly your Directors have
appointed M/s S. Chander and Associates, Cost Accountant to conduct
cost audit for the year ended March 2009.
ACKNOWLEDGEMENT: -
Your Directors take this opportunity to place on record their due
appreciation of the valuable contribution and the spirit of dedication
of the employees at all levels during the year. The Directors also
express their deep gratitude for the business assistance, co-operation
and support extended to your Company by customers, Distributors,
Suppliers/ Service Providers, Financial Institutions, Banks, various
Governmental Organizations/Agencies and Shareholders and look forward
for their continued support and Co-operation in future also.
PUBLIC DEPOSIT: -
The Company has not accepted any deposit within the meaning of Section
58 A of the Companies Act, 1956 and the rules made thereunder.
COMPLIANCE REPORT
The Company has taken Compliance Report from practicing Company
Secretary for the F.Y ended 31st March 2009 as per Section 383 A of the
Companies Act, 1956.
Conservation of energy, technology absorption, foreign exchange earning
& outgo: -
a). Conservation of Energy: -
Information relating to Energy consumption and conservation as required
under Rule 2 of the Companies (Disclosure of particulars in the report
of Board of Directors) Rules 1989 is given in Annexure -1 forming part
of this report.
b). Technology Absorption and Research & Development: -
The Company has Research &Development Section recognized by the
Department of Science & Technology and step has been taken during the
period for: -
Improvement in product quality.
Reduction in raw material consumption.
Improvement in cost effectiveness.
c). Foreign Exchange Earning & Outgo: -
Earnings : Rs.5187.11 lac.
Outgo : Rs. 690.63 lac.
Registered Office : FOR AND ON BEHALF OF THE BOARD
Hathkhoj Village,
Industrial Area, B.R.JAIN VUCMIN
Bhilai (C.G.) CHAIRMAN MANAGING DIRECTOR
Place: Bhilai
Date: 03.09.2009
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