| Dear Shareholders,
The are delighted to present 14th Annual Report on the business and
operations of the Company together with the Audited Accounts for the
year ended 31st March, 2013.
Your Company has taken many strategic steps during the year to
strengthen its financials and to achieve all round growth of the
business. The focus during the year was to accelerate growth through
widening of network expanding capacities to capitalise on the growth
opportunities besides optimum utilisation of the resources.
Consolidated Financial Statements pursuant to Clause 41 of the Listing
Agreement entered into with the Stock Exchanges and prepared in
accordance with the Accounting Standards prescribed by the Institute of
Chartered Accountants of India, are attached for your reference.
FINANCIAL RESULTS:
(Rs.)
2012-13 2011-12
Sales Revenue 611959135.23 1362657516.00
Other Income 1777543.88 2307658
(Increase)/ Decrease in Stock -56603008 -1205348
Less: Total expenditure 1706997201.32 1195691319
Loss/Profit before Depreciation,
and Tax (PBDIT) -1149863530.21 168068507.00
Less: Interest 88551452.30 71798212
Less: Depreciation 23004800.37 26140808
Loss/Profit before Tax -1261419782.88 70129487
Less: Provision for Taxation 1092394 16299375.33
Loss/Profit after Tax -1262512176.88 53830111.67
Less: right back from
General Reserve/transfer 110717676.00 5000000
Less: Dividend Distribution
& Tax thereon
Less: Dividend Paid
(Short Provision)
Balance carried forward
to Balance Sheet -824423071.21 327371429.67
Industry Structure and Developments:
Weighing industry is booming like fire in the forest, in today's wodd
although consciously or unconsciously we weigh most of the things from
the time we get up from the bed till we are off to sleep, starting from
your tooth paste how much to use till how many calories to consume in
our day. So these situations have created hyper growth in weighing
industry. Weighing industry is may be ranked among the necessaries of
life to every individual of human society. They enter into the
economical arrangements and daily concerns of every family. They are
necessary to every occupation to human industry. The demand for
weighing scales is expected to increase considering growth of user
industries viz. diversified with different kinds of software related to
various industries like healthcare, pharma, government, retail, gyms,
jewellery, etc.. There are a number of players in the Industry, many in
SSI Sector. Therefore, the Markets & Capacities are fragmented in the
Country.
Business Performance:
Our Company is engaged in manufacturing Weighing Scales, which has
utilizations in various industries healthcare, pharma, government,
retail, gyms, jewellery, etc. Since years the Company has served its
customers successfully. As market demand for the weighing scales is
increasing, opportunities for our Company is also growing high and our
competition in the market is becoming tough but we have confidence in
our high quality product to survive and grow in a competitive market.
Your Company Consolidated registering Sales of Rs. 611959135.23 as
against Rs. 1362657516.00 in the previous year. Consolidated. net
profit/Loss After Tax for the year has registered an decrease of Rs
-1262512176.88 as compared to Rs. 53830111.67 in the previous year.
Barring unforeseen circumstances, your Directors are confident of
achieving better results in the ensuing year.
Share Capital:
The paid up capital of the Company Rs.64,58,03,170 (Rupees Sixty Four
Crores Fifty Eight Lakhs Three Thousand One Hundred and
Seventy only).
Dividend:
Your Directors are not recommending a dividend for the year ended 31st
March, 2013.
Cash Flow Statement
In conformity with the provisions of Clause 32 of the Listing Agreement
with the Stock Exchange, the cash flow statement for the year ended
31st March, 2013 is annexed hereto.
Directors' Responsibility Statement: Pursuant to Section 217(2AA) of
the Companies Act, 1956, your Directors confirm the following: that in
the preparation of the annual accounts, the applicable accounting
standards have been followed and that no material departures have been
made from the same. they 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 of the Company for that year.
proper and sufficient care have been taken 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, the attached Statement of
Accounts for the year ended March 31,2013 have been prepared on a going
concern basis.
Public Deposits:
The deposits accepted by the Company are in accordance with the
provisions of Section 58A of the Companies Act, 1956 read with the
Company (Acceptance of Deposits) Rules, 1975 as amended. Subsidiary
Companies:
a. In accordance with the general circular issued by the Ministry of
Corporate Affairs, Government of India, the Balance Sheet, Profit and
Loss Account and other documents of the subsidiary companies are not
being attached with the related detailed information to any member of
the company who may be interested in obtaining the same. The annual
accounts of the subsidiary companies will also be kept open for
inspection at the Registered Office of the company. The Consolidated
Financial Statements presented by the company including the financial
results of its subsidiary companies.
b. A statement relating to subsidiary Company pursuant to Section 212
of the Companies Act, 1956 is annexed. The Audited Balance Sheet and
Profit and Loss Accounts of the Subsidiary Company, as on their
respective year ended on various dates as per the laws of the country
wherein this company is incorporated, are annexed.
Corporate Governance:
A Report on Corporate Governance along with a certificate from Nishant
Jawasa, Practicing Company Secretary regarding
compliance of the requirements of Corporate Governance, as also a
Management Discussion & Analysis Report pursuant to
Clause 49 of the Listing Agreement with the Stock exchange are annexed
hereto.
Directors:
In accordance with the provisions of the Companies Act, 1956 and the
Articles of Association of the Company Mrs. Santaben P Saraiya,
Director of the Company retires by rotation and being eligible, offers
himself for re-appointment.
During the Year Mr. Gaurav Sinha and Mr. Satish Mehta were appointed as
an Independent Director of the Company. Necessary Resolution is given
in the Notice for regularizing their appointment. A brief profile of
the above Directors, as required by Clause 49VIA of the Listing
Agreement with the Bombay Stock Exchange Limited, Mumbai is attached to
the Notice of the ensuing Annual General Meeting
Auditors:
M/s. A. B. Shah & Co., Chartered Accountants, the Statutory Auditors of
the Company.
Auditors' Comment:
The observations made by the Auditors in the Auditors' Reports read
with relevant notes given in the Notes on Accounts are self explanatory
and therefore do not call for any further comments under Section 217
(3) of the Companies Act, 1956. Practicing Company Secretary:
Mr. Rakesh Kapur & Nishant Jawasa, Practicing Company Secretary of the
Company has given his report on Secretarial Audit for the year.
Conservation of Energy, Technology Absorption, Foreign Exchange Earning
and Outgo:
The relevant data pursuant to Section 217(1) (e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of Board of Directors) Rules, 1988 is annexed hereto and forms part of
this report.
Particulars of employees:
During the year under review, none of the employees of the Company,
whether employed for the whole year or part thereof, was in receipt of
remuneration aggregating to or in excess of the limits specified under
Section 217(2A) of the Companies Act, 1956, read with the Companies
(Particulars of Employees) rules, 1975 as amended, and hence, no
particulars are required to be furnished in connection with the same.
Acknowledgements
Your Directors take this opportunity to express their gratitude for the
support and co-operation received during the year from the Investors,
Financial Institutions, Bankers, Statutory Authorities and all
organizations connected with its business. Your Directors also take
pleasure in commending the valuable contributions made by the employees
of the Company at all levels during the year.
For and on behalf of the Board
Pankaj Saraiya
Chairman & Managing Director)
Place: Mumbai
Dated: 30/05/2013
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