Gujarat Wedge Wire Screens Ltd. के निदेशक की रिपोर्ट

Mar 31, 2014

The Members

The Directors present to you the 35th Annual Report together with the Audited Accounts of your Company for the year ended 31st March 2014.

FINANCIAL RESULTS :

The summarised result of your Company for the year under review are furnished below:

( Rs. in Lacs)

2013-2014 2012-2013

Sales 387.96 351.49

Operating Profit 12.62 15.83

Less : Interest & Finance Charges 6.98 7.65

Profit prior to depreciation 5.64 8.18

Less : Depreciation 3.25 5.75

Profit for the year 2.39 2.43

Less : Provision for Taxation NIL NIL

Add : Deferred taxation NIL NIL

Profit After tax 2.39 (2.43)

OPERATIONS :

The Sales for the year 2013-14 increased by about 10% but the overall profit remained the same mainly because of heavy pressure on margin due to the inconsistent working of the Coal washeries and Iron Ore plants in the private sector. However, things have started looking better in the current year and your company expects to do better in the time period.

DIVIDEND :

Due to inaequate profits the Company regrets its inability to pay dividend on the Equity as well as dividend on the Preference shares.

FIXED DEPOSIT :

The Company has neither invited nor accepted any deposit under Section 58A of the Companies Act, 1956.

DISCLOSURE OF SPECIFIED PARTICULARS:

The information regarding conservation of Energy, Technology absorption and Foreign Exchange earning and outgo as required under the provisions of 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 and forming part of the Report, is annexed hereto as Annexure A. The Company has no employee of the category mentioned in Section 217 (2A) of Companies Act, 1956.

DIRECTORS:

Shri S. L. Mehta retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for reappointment.

DIRECTORS'' RESPONSIBILITY STATEMENT:

As required under Section 217(2AA) of the Companies Act, 1956, the Directors hereby confirm that:

In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

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 31st March 2014 and of the profit of the Company for that period;

The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the Act for safe guarding the assets of the company and for preventing and detecting fraud and other irregulaties.

The Directors have prepared the annual accounts on a going concern basis

CORPORATE GOVERNANCE:

The requirements of Clause 49 of the Listing agreement are not applicable to the Company. COMPLIANCE CERTIFICATE:

The Compliance certificate in terms of Section 383A of the Companies Act, 1956. issued by practising Company Secretary, Vadodara is annexed to this report as Annexure B.

AUDITORS:

M/s. Shah Sanghvi & Co. Chartered Accountants, the Auditors of the Company retire and are eligible for re-appointment from whom the company has received a letter in terms of Section 224 (1 B) of the Companies Act, 1956 regarding their eligibility to reappoint as auditors of the company.

ACKNOWLEDGEMENT:

Your Board places on record its appreciation for the assistance and co-operation rendered by Bankers, various Government Authorities etc, Your Directors also record their appreciation and thank the staff and workers for their dedicated services.

For and on behalf of the Board of Directors

Place : KOLKATA Avnish Mehta G. S. Jha

Date : 30-5-2014 Director Managing Director

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Mar 31, 2013

To The Members

The Directors present to you the 34th Annual Report together with the Audited Accounts of your Company for the year ended 31st March 2013.

FINANCIAL RESULTS :

The summarised result of your Company for the year under review are furnished below:

(Rs.in Lacs)

2012-2013 2011-2012

Sales 351.49 271.83

Operating Profit 15.83 (12.60)

Less : Interest & Finance Charges 7.65 7.55

Profit prior to depreciation 8.18 (20.15)

Less : Depreciation 5.75 5.96

Profit for the year 2.43 (26.11)

Less : Provision for Taxation NIL NIL

Add : Deferred taxation NIL (2.18)

Profit After tax (2.43) (23.93)

OPERATIONS :

The sales of the Company has shown an increase of about 29% thereby earning profit. With the total order booking in the current year of more than 160 lacs till August, 2013, the Company hopes to maintain the sales and profit in the current year also.

Exploring new markets and improving the present one through the supply of better quality product has been an ongoing process with your company.

DIVIDEND :

Due to inadequate profits the Company regrets its inability to pay dividend on the Equity as well as dividend on the Preference shares.

FIXED DEPOSIT :

The Company has neither invited nor accepted any deposit under Section 58A of the Companies Act, 1956.

DISCLOSURE OF SPECIFIED PARTICULARS:

The information regarding conservation of Energy, Technology absorption and Foreign Exchange earning and outgo as required under the provisions of 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 and forming part of the Report, is annexed hereto as Annexure A. The Company has no employee of the category mentioned in Section 217 (2A) of Companies Act, 1956.

DIRECTORS:

Shri Priyadarshan Mehta retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for reappointment.

DIRECTORS RESPONSIBILITY STATEMENT:

As required under Section 217(2AA) of the Companies Act, 1956, the Directors hereby confirm that:

In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

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 31st March 2013 and of the profit of the Company for that period;

The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the Act for safe guarding the assets of the company and detecting fraud and other reregulates.

The Directors have prepared the annual accounts on a going concern basis CORPORATE GOVERNANCE:

The requirements of Clause 49 of the Listing agreement are not applicable to the Company.

COMPLIANCE CERTIFICATE:

The Compliance certificate in terms of Section 383A of the Companies Act, 1956. issued by practicing Company Secretary, Vadodara is annexed to this report as Annexure B.

AUDITORS:

M/s. Shah Sanghvi & Co. Chartered Accountants, the Auditors of the Company retire and are eligible for re-appointment from whom the company has received a letter in terms of Section 224 (1 B) of the Companies Act, 1956 regarding their eligibility to reappoint as auditors of the company.

ACKNOWLEDGEMENT:

Your Board places on record its appreciation for the assistance and co-operation rendered by Bankers, various Government Authorities etc, Your Directors also record their appreciation and thank the staff and workers for their dedicated services.

For and on behalf of the Board of Directors

Place: KOLKATA Avnish Mehta G. S. Jha

Date : July 5, 2013 Director Managing Director

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Mar 31, 2012

The Directors present to you the 33rd Annual Report together with the Audited Accounts of your Company for the year ended 31st March 2012.

FINANCIAL RESULTS :

The summarised result of your Company for the year under review are furnished below:

(Rs.in Lacs) 2011-2012 2010-2011

Sales 271.83 383.47

Operating Profit (12.60) 24.15

Less : Interest & Finance Charges 7.55 7.48

Profit prior to depreciation (20.15) 16.67

Less : Depreciation 5.96 12.26

Profit for the year (26.11) 4.41

Less : Provision for Taxation NIL 3.40

Add : Deferred taxation (2.18) (1.68)

Less : Fringe Benefit Tax --- ---

Profit After tax (23.93) 2.69

Operations

The Sales of the Company has shown decline mainly due to serious financial crisis and production loss in iron ore and coal mines of Private Sector. Nevertheless, the Company hopes to make good the losses in the current year as it has order bookings of more than Rs. 200 lacs.

Your Company continues to explore new markets for Wedge Wire Screeens.

DIVIDEND:

The Company regrets its in availability to pay dividend on preference shares due to losses in current year.

FIXED DEPOSITS:

The Company has neither invited nor accepted any deposits under Section 58A of the Companies Act, 1956.

DISCLOSURE OF SPECIFIED PARTICULARS:

The information regarding conservation of Energy, Technology absorption and Foreign Exchange earning and outgo as required under the provisions of 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 and forming part of the Report, is annexed hereto as Annexure A. The Company has no employee of the category mentioned in Section 217 (2A) of Companies Act, 1956.

DIRECTORS:

Shri Avnish Mehta retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for reappointment.

DIRECTORS RESPONSIBILITY STATEMENT:

As required under Section 217(2AA) of the Companies Act, 1956, the Directors hereby confirm that:

i). in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are 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 period;

iii) the Directors have taken proper care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv) the Directors have prepared the annual accounts on a going concern basis CORPORATE GOVERNANCE:

The requirements of Clause 49 of the Listing agreement are not applicable to the Company. COMPLIANCE CERTIFICATE:

The Compliance certificate in terms of Section 383A of the Companies Act, 1956. issued by practising Company Secretary, Vadodara is annexed to this report as Annexure B.

AUDITORS:

M/s. Shah Sanghvi & Co. Chartered Accountants, the Auditors of the Company retire and are eligible for re-appointment from whom the company has received a letter in terms of Section 224 (1 B) of the Companies Act, 1956 regarding their eligibility to reappoint as auditors of the company.

ACKNOWLEDGEMENT:

Your Board places on record its appreciation for the assistance and co-operation rendered by Bankers, various Government Authorities etc, Your Directors also record their appreciation and thank the staff and workers for their dedicated services.

For and on behalf of the Board of Directors

Place : VADODARA Avnish Mehta G. S. Jha

Date : 1st September, 2012 Director Managing Director

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Mar 31, 2010

The Directors present to you the 31st Annual Report together with the Audited Accounts of your Company for the year ended 31st March 2010.

FINANCIAL RESULTS :

The summarised result of your Company for the year under review are furnished below: (Rs. in Lacs)

2009-2010 2008-2009 Sales 330.30 370.35

Operating Profit 24.61 18.18

Less : Interest & Finance Charges 9.54 10.29

Profit prior to depreciation 15.07 7.89

Less : Depreciation 11.84 10.60

Profit for the year 3.23 (2.71)

Less : Provision for Taxation 1.92 --

Add : Deferred taxation (1.28) (0.08)

Less : Fringe Benefit Tax --- 1.64

Profit After tax 2.59 (4.27)



OPERATIONS :

Your Company has strived hard in increasing its profitability, in spite of the continuous recessionary scenario in the wedge wire industry. Even though there is some decrease in turn over of the Company during the year under review from Rs.370 lacs to Rs.330 lacs, the Company has achieved profit of Rs.3.23 lacs With compared to loss of Rs.2.71 lacs mainly because of better product mix and reduction in overall cost of the Company.

Your Company intends to explore the possibility of identifying use of Companys products in other industries.

DIVIDEND:

In absence of adequacy of profit, directors have not recommended any dividend on the equity shares. Dividend on 6% Preference Shares will be paid annually.

FDfED DEPOSITS:

The Company has neither invited nor accepted any deposits under Section 58A of the Companies Act, 1956.

DISCLOSURE OF SPECIFIED PARTICULARS:

The information regarding conservation of Energy, Technology absorption and Foreign Exchange earning and outgo as required under the provisions of 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 and forming part of the Report, is annexed hereto as Annexure A. The Company has no employee of the category mentioned in Section 217 (2A) of Companies Act, 1956.

DIRECTORS:

Shri Priyadarshan Mehta retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for reappointment,

DIRECTORS RESPONSIBILITY STATEMENT:

As required under Section 217(2AA) of the Companies Act, 1956, the Directors hereby confirm that:

i). in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are 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 period;

iii) the Directors have taken proper care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv) the Directors have prepared the annual accounts on a going concern basis

CORPORATE GOVERNANCE:

The requirements of Clause 49 of the Listing agreement are not applicable to the Company.

COMPLIANCE CERTIFICATE:

The Compliance certificate in terms of Section 383A of the Companies Act, 1956. issued by practising Company Secretary, Vadodara is annexed to this report as Annexure B.

AUDITORS:

M/s. Shah Sanghvi & Co. Chartered Accountants, the Auditors of the Company retire and are eligible for re-appointment from whom the company has received a letter in terms of Section 224 (1 B) of the Companies Act, 1956 regarding their eligibility to reappoint as auditors of the company.

ACKNOWLEDGEMENT:

Your Board places on record its appreciation for the assistance and co-operation rendered by Bankers, various Government Authorities etc, Your Directors also record their appreciation and thank the staff and workers for their dedicated services.

For and on behalf of the Board of Directors

Place : KOLKATA Avnish Mehta G. S. Jha

Date : 31st August, 2010 Director Managing Director