ANJANI SYNTHETICS LIMITED
ANNUAL REPORT 2011-2012
DIRECTOR`S REPORT
Dear Members,
Your Directors have great pleasure in presenting the 28th Annual Report
together with the Audited statements of Accounts of your Company for the
financial year ended on 31st March 2012.
FINANCIAL RESULTS: (Rupees in Lacs)
Particulars Financial Year Financial Year
2011-12 2010-11
Total Income including other
Income- Turnover 30029.02 28609.52
Financial Expenses 1019.11 725.06
Depreciation 224.42 228.25
Profit/(Loss) before Tax 451.67 482.32
Provision for Taxation 151.00 170.00
Net Profit/(Loss) after Tax & adjustments 299.10 313.18
Basic & Diluted earning per share (EPS) 2.77 0.29
OPERATIONS REVIEW:
The Company`s total income from operations and other Income during the
financial year ended 31st March 2012 is Rs.30029.02 Lacs as against
Rs.28609.52 Lacs of the previous year representing an increase of
approximately about 5% over the corresponding period of the previous year.
Net Profit of the Company for the year under review after considering
Depreciation and Provision for Tax and other adjustments is Rs.299.10 Lacs
as against Rs.313.18 Lacs of the previous year. The increase in turnover
during the financial year under review was on account of increased sales,
reduction in input costs, interest costs and overall efficiency in
operations at all levels.
With the growth of the Indian economy and the resulting increase in
turnover, incomes, the Company sees significant opportunities for growth in
its primary businesses. The Company`s mission is to build a class one
textile Company with the highest standards of professionalism, ethics and
customer service and to thereby contribute to and benefits from the growth
of the Indian economy.
DIVIDEND:
No dividend has been recommended in respect of the year ended 31st March,
2012 and the entire surplus be ploughed back to the business to meet the
needs for additional finance for capital expenditure.
FIXED DEPOSIT:
The Company has not accepted any deposit from the public pursuant to the
provisions of Section 58A of the Companies Act, 1956.
DIRECTORS:
At the ensuing Annual General Meeting Mr. Mahavirprasad S. Dalmia will
retire by rotation and being eligible and offers him-self for re-
appointment in the term of provision of Articles of Association of the
Company.
AUDITORS AND AUDITORS` REPORT:
M/s. Nahta Jain & Associates, Chartered Accountants of Ahmedabad Statutory
Auditors of the Company hold office until the conclusion of the ensuing
Annual General Meeting and are eligible for reappointment. The Shareholders
are requested to appoint the auditors of the Company and fix their
remuneration.
The Company has received a letter from them to the effect that their
reappointment, if made, would be within the prescribed limits under Section
224(1B) of the Companies Act, 1956 and that they are not disqualified for
reappointment
within the meaning of Section 226 of the said Act.
The Notes on Accounts referred to in the Auditors` Report are self-
explanatory and do not call for any further comments.
ADDITIONAL DISCLOSURES:
In line with the requirements of the Listing Agreement with the Stock
Exchanges and Accounting Standard of the Institute of Chartered Accountants
of India, your Company has made additional disclosures in the notes on
accounts for the year under review in respect of Related Party
Transactions, Deferred Tax Liability, etc.
CORPORATE GOVERNANCE REPORT:
Your Company perceives Corporate Governance as an endeavor for transparency
and a wholehearted approach towards continuous enhancement of shareholders`
value. Your Company has been complying with the conditions of Corporate
Governance as stipulated in Clause 49 of the Listing Agreement. Further,
the Board of Directors of your Company constituted a Committee known as
Corporate Governance Committee, which recommends the best practices in the
Corporate Governance.
A separate report on Corporate Governance along with Auditors` Certificate
on compliance with the Corporate Governance norms and stipulated in Clause
49 of the Listing Agreement, forming part of this report is annexed
herewith.
PARTICULARS OF EMPLOYEES:
Statutory statement showing particulars of employees under section 217,
sub-section (2A) of the Companies Act, 1956 read with the Companies
[Particulars of Employees Rules] 1975, as amended is not required to be
given as there were no employees coming within the purview of this section.
INSURANCE:
The assets of the Company are adequately insured against the loss of fire
and other risks which considered necessary by the management.
MANAGEMENT DISCUSSION AND ANALYSIS:
Industry structures relating to the Company`s activity is performing well
in economy. The Company has obtained various order (domestic and exports)
during the financial year 2011-12. Growth of the Industry is providing the
opportunity to over come the threat of increasing cost and competition for
the Industry. The Audit Committee of the Company has regularly reviewed
internal Control System of the company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING
AND OUTGO:
Information 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 relating to the foregoing matters is given
hereunder.
a) Conservation of energy : Rs. Nil
b) Technology absorption, research & development : Rs. Nil
c) FOREIGN EXCHANGE EARNINGS AND OUTGO: (Rs. in lacs)
Foreign Exchange Earnings during the year: Rs.3956.80
Foreign Exchange Outgo during the year: Rs. Nil
DIRECTORS` RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956,
the Directors of your Company 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 were 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;
iii) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records 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;
iv) the Directors have prepared the accounts on a "going concern basis".
APPRECIATION:
Your Directors would like to express their appreciation for the assistance
and co-operation received from the financial institutions, banks,
Government authorities, customers, vendors and members during the year
under review. Your Directors also wish to place on record their deep sense
of appreciation for the committed services by the executives, staff of the
Company.
On behalf of the board
FOR, ANJANI SYNTHETICS LIMITED
PLACE: AHMEDABAD [VASUDEV S. AGARWAL]
DATE : 11.08.2012 Chairman and MD |