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Taparia Tools Ltd. Directors Report
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You can view full text of the latest Director's Report for the company.
Market Cap. (Rs.) 5.62 Cr. P/BV 0.02 Book Value (Rs.) 178.13
52 Week High/Low (Rs.) 4/2 FV/ML 10/1 P/E(X) 0.08
Bookclosure 24/02/2024 EPS (Rs.) 47.65 Div Yield (%) 4,189.19
Year End :2014-03 
To the Members of Taparia Tools Limited,

The Directors have pleasure in presenting the 48th Annual Report on the operations of the Company together with the Audited Accounts for the year ended March 31, 2014.

FINANCIAL PERFORMANCE

                                                          (Rs. in lakhs)
                                               2013-14        2012-13

Revenue (Net)                                 26737.74       24195.98

Profit before interest
and depreciation                               2101.32        1747.17

Less: Interest                                  162.89         299.50

Gross Profit                                   1938.43        1447.67

Less : Depreciation                              85.12          66.65

Profit for the year
before tax                                     1853.31        1381.02
Less : Provision for taxation

Current Tax                                     675.25         442.34

Deferred Tax                                   (13.43)        (18.86)

Profit after tax                               1191.49         957.54

Add : Surplus brought
forward from previous year                     3217.32        2357.78

Profit available for
Appropriations                                 4408.81        3315.32

Less : General Reserve                          119.15          98.00

Surplus carried to
Balance Sheet                                  4289.66        3217.32

DIVIDEND

The Directors have not recommended any dividend for the year under review. The Company has retained the funds for expansion of the activities of the company by introduction of new product range and purchase of Machinery & Equipments etc.

REVIEW OF OPERATIONS

During the year under review, though the inflation rate was high and the economic growth was lower than expected and also a drought-hit agriculture output in some States, the Company's working during the year is satisfactory.

The Company's total revenue (Net of excise duty) were Rs. 26,737.74 Lakhs that represent an increase of 10.51% over the sales of Rs. 24,195.98 Lakhs in the previous year. Profit earned after tax is Rs. 1191.49 Lakhs in the current year against Rs. 957.54 Lakhs in the previous year.

Despite continuously rising cost of inputs and keen competition in hand tools market, the current results of the Company are satisfactory. The Company has revised its product prices w.e.f. 10th September, 2013 to cope with increased costs.

CORPORATE GOVERNANCE

The Company is committed to maintain the highest standards of Corporate Governance and adhere to the Corporate Governance requirements set out by SEBI. The Company has also implemented several best Corporate Governance practices as prevalent globally.

The Report on Corporate Governance as stipulated under Clause 49 of the Listing Agreement forms part of the Annual Report.

The requisite Certificate from the Auditors of the Company confirming compliance with the conditions of Corporate Governance as stipulated under the aforesaid Clause 49, is attached to this Report.

PERSONNEL

The industrial relations with employees continued to be satisfactory during the year under review. There was no employee drawing salary of more than Rs. 5,00,000/- per month or Rs. 60,00,000/- per annum. Hence, the requirement of a statement giving information and particulars of the employees as required under section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 as amended, is not applicable.

DIRECTORS

The Board is sad to inform the Members that Dr. M. G. Nathani, Executive Director, passed away on 29-03-2014. During his tenure as Executive Director, D r. M.G. Nathani greatly contributed to the progress of the Company and introduced many new and novel ideas for development and growth of the Company. The Board places on record its appreciation of the great contribution made by him to the growth and development of the Company. May his soul rest in peace.

Shri M.P .Taparia, Shri D.P. Taparia and Shri Virendraa Bangur, Directors of the Company retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment. Brief profile of the Directors is given in the Annexure to the Notice.

It is proposed to appoint Shri P. N. Shah, Shri M. V. Gore, Shri B. B. Ladda, Shri G. S. Manasawala and Shri Rajeev J. Mundra, as Independent Directors on the Board of the Company to hold office for 5 (five) consecutive years for a term up to the conclusion of the 53rd Annual General Meeting of the Company in the calendar year 2019. Brief profile of these Directors is given in the Annexure to the Notice.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to section 217(2AA) of the Companies Act, 1956, with respect to Directors' Responsibility Statement, it is hereby confirmed that:

1) In the preparation of the Annual Financial Statements, the applicable accounting standards have been followed along with proper explanation relating to material departures;

2) Selected appropriate 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 of the Company for the year under review;

3) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 and for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities;

4) The Annual Financial Statements have been prepared on a "going concern" basis.

AUDITORS

The Auditors, M/s. Batliboi and Purohit, Chartered Accountants, retire at the ensuing AGM and have confirmed their eligibility and willingness to accept office, if re-appointed.

The notes to the Accounts referred to in the Auditors' Report are self-explanatory and, therefore, do not call for any further comments.

COST AUDITORS

The Company has appointed M/s. CY and Associates,

Cost Accountants, as a Cost Auditors of the Company for the financial year 2014-15.

ENERGY, TECHNOLOGY & FOREIGN EXCHANGE

Information on conservation of energy, technology absorption, foreign exchange earnings and outgo required to be given pursuant to section 217(1)(e) of the Companies Act, 1956 read together with the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 is annexed hereto and forms part of this Report.

CONTRIBUTION TO REVENUE

Company has contributed the following amounts to the exchequer's revenues during the year:

                                       (Rs. in lakhs)

a) Excise Duty                              787.60

b) VAT/CST                                  866.98

c) Octroi and Municipal Taxes                47.82

d) Income Tax                               595.45

    Total                                  2297.85

ACKNOWLEDGEMENT

The Directors wish to convey their appreciation for the total commitment, dedication, hard work and enormous personal efforts as well as collective contribution put in by every employee of your Company in achieving the present performance of the Company.

The Directors would also like to thank the bankers, Central and State Governments, local authorities, customers, distributors, suppliers and all other business associates for the continuous and unstinted support given by them to the Company and their confidence in its management.

The Directors are thankful to the esteemed shareholders for their continued support and the confidence reposed in the Company and its management.

                               On behalf of the Board of Directors

                                                 H.N. Taparia
                                                 Chairman & 
Mumbai, 27th May, 2014                           Managing Director


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