| The Directors have pleasure in presenting the 1ST Annual Report for the
financial year ended 31st March, 2011.
FINANCIAL HIGHLIGHTS
(Amount in Rupees)
Particulars 2010-2011 2009-2010
Total Income 46,09,36,497.32 25,10,54,561.63
Total Expenditure 42,30,94,879.19 24,24,81,646.54
Profit Before Tax 3,78,41,618.13 85,72,915.09
Profit After Tax 3,30,13,746.13 55,00,364.09
Balance brought forward
from previous year 88,46,66,225.28 28,94,596.97
Profit Available for Appropriation 91,76,79,971.41 83,94,961.06
Dividend 62,65,000.00 20,20,000.00
Dividend Tax 10,16,340.00 3,35,497.00
Balance carried to Balance Sheet 91,03,98,631.41 60,39,464.06
FINANCIAL PERFORMANCE
The Company's gross income for the financial year ended 31st March,
2011 was Rs. 46,09,36,497.32 as against Rs. 25,10,54,561.63 in the
previous year. The Profit before Tax for the year was Rs.
3,78,41,618.13 as against Rs. 85,72,915.09 in the previous year. The
Profit after Tax for the year was Rs. 3,30,13,746.13 as against Rs.
55,00,364.09 in the previous year.
DIVIDEND
Your Directors have recommended a dividend of 5% (Re. 0.50 per share)
on increased capital aggregating to Rs. 62,65,000/- for the financial
year ended 31st March, 2011, which, if approved at the ensuing Annual
General Meeting, will be paid to (i) all those equity shareholders
whose names appear in the Register of Members as on Book Closure and
(ii) to those whose names appear as beneficial owner, in the list to be
furnished by the National Securities Depository Ltd. and Central
Depository Services (India) Ltd. as on Book Closure for the purpose.
SCHEME OF AMALGAMATION
Jagati Cokes Pvt. Ltd. has been amalgamated with the Company w.e.f. 1st
April, 2010. The Hon'ble High Court at Calcutta has approved the
Scheme of Amalgamation by its order dat. 17th May, 2012. The delay in
approval of the Scheme by the Hon'ble High Court has delayed the
finalization of the Audited Account for the year ended 31st March,
2011.
DIRECTORS
The following changes have taken place amongst the Board of Directors
since the date of last Annual General Meeting -
i. Mr. Hansraj Jain was appointed as an Additional Director w.e.f.
10th February, 2011 to hold office up to forthcoming AGM. But he
resigned on 13th February, 2012.
ii. Mr. Raghunath Adhya resigned as Non - Executive Independent
Director w.e.f. 14th November, 2011 due to personal reason.
iii. Mr. Partha Majumder - Whole Time Director of the Company was
re-appointed w.e.f. 1st December, 2011 by the Board of Directors at
their meeting held on 14th November, 2011.
iv. In terms of the provision of the Companies Act, 1956, Mr. Ajay
Kumar Jain - Managing Director and Mr. Navin Kumar Jain - Director of
the Company, retire by rotation and being eligible offer themselves for
re-appointment at the ensuing Annual General Meeting. A brief resume of
the Directors retiring by rotation at the ensuing Annual General
Meeting, nature of their expertise in specific functional areas and
names of companies in which they hold directorship / membership /
chairmanship of the Committees of the Board, as stipulated under Clause
49 of the Listing Agreement with the Stock Exchanges, is given in the
section on Corporate Governance elsewhere in the Annual Report.
DIRECTORS' RESPONSIBILITY STATEMENTS
As required under Section 217(2AA) of the Companies Act, 1956, your
Directors confirm having:
- followed in preparation of the Annual Accounts, the applicable
accounting standards and that no material departures have been made
from the same;
- 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 your Company at
the end of the financial year and the profit of your company for that
period;
- 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 aspects of your Company and for
preventing and detecting fraud and other irregularities; and
- prepared the annual accounts on a going concern basis.
CORPORATE GOVERNANCE
Your Directors re-affirm their commitment to the Corporate Governance
Report as prescribed by Securities & Exchange Board of India (SEBI). A
separate section on Corporate Governance together with Certificate from
a Practicing Company Secretary regarding compliance of the Corporate
Governance requirements as stipulated under Clause 49 of the Listing
Agreement with the Stock Exchange(s) forms a part of the Annual Report.
FIXED DEPOSIT
Your Company has not accepted any fixed deposits from public as defined
U/S 58A of the Companies Act, 1956. As such, no amount of principal or
interest is outstanding as on the balance sheet date.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNIGS OUTGO
The details as required under Section 217(1) (e) of the Companies Act,
1956 read with Companies (Disclosures of particulars in report of the
Board of the Directors) Rules, 1988 are given in the Annexure forming
part of this Report.
PARTICULARS OF THE EMPLOYEES
There are no employees drawing salary exceeding the limits specified
U/S 217(2A) of the Companies Act, 1956.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management's Discussions and Analysis Report forming part of the
Directors' Report for the year under review as stipulated under Clause
49 of the Listing Agreement with the Stock Exchange(s) forms a part of
the Annual Report. The report provides strategic direction and more
detailed analysis on the performance of business and its outlook.
AUDITORS
M/s. P. D. Rungta & Co, Chartered Accountants, Statutory Auditors of
the Company hold office until the conclusion of the ensuing Annual
General Meeting and are eligible for re-appointment. The Company has
received letter from M/s. P. D. Rungta & Co, Chartered Accountants, to
the effect that their appointment, if made, would be within the
prescribed limits under Section 224(1 B) of the Companies Act, 1956,
and that they are not disqualified for such appointment within the
meaning of Section 226 of the Companies Act, 1956.
The Directors of the Company have proposed the re-appointment of M/s.
P. D. Rungta & Co as Statutory Auditors at the ensuing Annual General
Meeting.
The observations and comments given by Auditors in their report read
together with notes to Accounts are self explanatory and hence do not
call for any further comments under Section 217 of the Companies Act,
1956.
HUMAN RESOURCES
The Human Resource function constantly endeavors on high performance.
Your Company is continuing its emphasis on training and alignment.
ACKNOWLEDGEMENTS
Your Directors would like to express their sincere appreciation of the
co-operation and assistance received from shareholders, bankers,
regulatory bodies and other business constituents. Your Directors also
wish to place on record their deep sense of appreciation for the
commitment displayed by all executives, officers and staff, resulting
in the successful performance of the Company during the year.
For and on behalf of the Board of Directors
Sd/- Sd/-
Place : Kolkata Ajay Kumar Jain Navin Kumar Jain
Date : 11th June, 2012 Managing Director Director |