yoti Ltd.

Water • Power • Progress

65 YE.ARS

OF ENGINEERIN'G EXGELLENCE

th

annual report

2010'-11

BOARD OF DIRECTORS
Chairman & Managing Director Director Wholetime Director Director Director Director Director Director Associate Vice President (Legal) & Company Secretary AUDITORS Mr. Rahul Nanubhai Amin Mrs. Tejal Rahul Amin Ms. Keki Rambhai Patel Mr. Uresh Vivekchandra Desai Dr. Mahesh Haribhai Mehta Dr. Bhimsen Shivdaya'i Pathak Dr. Mylavarapu Ramamoorty Mr. Bharat Jayantilal Patel Mr. Suresh Singhal

Messrs V.H. Gandhi & Co. Chartered Accountants Central Bank of India Dena Bank Bank of Maharashtra Nanubhai Amin Marg Industrial Area P.O. Chemical Industries Vadodara - 390 003

BANKERS

REGISTERED OFFICE

CONTENTS Page No. Notice Directors' Report Auditors' Report Balance Sheet Profit and Loss Account Schedules to Balance sheet And Profit and Loss Account Cash Flow Statement 1

10 31 35 36 37

56

67th Annual Reporl
Dear Shareholder, Sub: Green Initiative in Corporate Governance - Electronic Mode of Service of Documents

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The Ministry of Corporate Affairs (MCA), Government of India, has by Circular Nos. 17/2011 dated 21st April, 2011 and 18/2011 dated 29th April, 2011 respectively, clarified that a Company will have complied with the provisions of the Companies Act, 1956, if service of notice(s) / document(s) to its shareholders has been made through electronic mode. The initiative by the Government is indeed commendable and your Company supports the same. We are sure, that as a responsible shareholder, you too will support this initiative. By registering yourself with the Company for e-communication, you will be able to receive such notice(s) I document(s), etc. promptly and without loss in postal transit. It is proposed that henceforth, documents like Notices of Meetings, Annual Reports, Directors' Report, Auditors' Report and other shareholder communication will be sent electronically to the e-mail address provided by you and made available to the Company by the Depositories viz. National Securities Depository Ltd (NSDL) I Central Depository Services (India) Limited (CDSL). As and when there are changes in your e-mail address, you are requested to keep your Depository Participant (DP) informed of the same. For shares held in physical form, shareholders can register their e-mail address with the Company at investorscell@jyotLcom Vadodara - 390 007. Please note that these documents will also be available on the Company's website-www.jyotLcom Kindly note that if you still wish to get a hard copy of the above documents, the Company will send the same, free of cost, upon receipt of a request from you. We are sure that you will whole-heartedly support this initiative of "Greener Environment" and co-operate with the Company to make it a success. Thanking you, Yours sincerely, For Jyoti Limited mentioning their name(s) and folio number or send the details to the Registrar and Share Transfer Agents MCS Ltd., Neelam Apartment, 88, Sampatrao Colony, Alkapuri,

S. Singhal
Associate Vice President (Legal) & Company Secretary

To receive. 2011.309 and 310 read with Schedule XIII and other applicable provisions. Vadodara-390 003. the consent of the Company be and is hereby accorded to increase the remuneration of Mr. Industrial Area.. 309 and 310 read with Schedule XIII and other applicable provisions. Patel. To consider and. 269. Chemical Industries. who retires by rotation and being eligible. 1956. 3. if thought fit. offers herself for re-appointment. To consider and. the 22nd September. Patel as Wholetime Director of the Company for a period of three years with effect from 30th July. to hold office from the conclusion of this Annual General Meeting until conclusion of next Annual General Meeting of the Company on a remuneration to be fixed by the Board of Directors of the Company. 1956 and as may be agreed to between the Board of Directors and Ms. consider and adopt the Audited Balance Sheet as at 31st March. 2. Keki R. who retires by rotation and being eligible. and such other approvals as may be necessary. Keki.Pathak. to transact the following business: ORDINARY BUSINESS 1. Managing Director of the Company with effect from 1"t April. Gandhi & Co. as approved by the Board of Directors at its meeting held on 30th June. read with Article 124 of the Articles of Association of the Company. 2010 under Section 260 of the Companies Act.O.m. To appoint a Director in place of Dr. 1956. with or without modification(s). 2011 at 9. To appoint MIs. as Auditors of the Company. Water • Power • Progress NOTICE NOTICE is hereby given that the SIXTY SEVENTH ANNUAL GENERAL MEETING of the Members of JYOTI LIMITED will be held at the Registered Office of the Company situated at Nanubhai Amin Marg. 2011 and as set out in the draft agreement submitted to this meeting which agreement is hereby specifically approved and sanctioned with liberty to the Board of Directors to alter and vary the terms and conditions of the said appointment and I or remuneration and perquisites so as not to exceed the limits of remuneration specified in Schedule XIII of the Companies Act. on THURSDAY. of the Companies Act. V. SPECIAL BUSINESS 6. 4. if thought fit. To appoint a Director in place of Mrs. the following Resolution as a Special Resolution: "RESOLVED THAT in accordance with the provisions of Sections 198.S. if thought fit. R. To declare Dividend on Equity Shares. B. with or without modification(s). Rahul Arnin. Amin." 7. the following Resolution as an Ordinary Resolution: "RESOLVED THAT Mr. Profit and Loss Account for the year ended on that date and the reports of Directors and Auditors thereon.Jyoti Ltd. 2011. be and is hereby appointed as a Director of the Company. the Company hereby approves the terms of re-appointment and remuneration of Ms. 5. to pass. who was appointed by the Board of Directors of the Company as an Additional Director on 28th October. of the Companies Act. to pass. to pass. the following Resolution as a Special Resolution: "RESOLVED THAT in partial modification of the Resolution passed at the 66th Annual General Meeting held on 23m September.00 a. To consider and. with or without modification(s). and subject to the approval of the Central Government and such other approvals as may be necessary. offers himself for re-appointment. 1 . PateL" 8. Bharat J. 2010 and in accordance with the provisions of Sections 198.H. P. if any. 269. Chartered Accountants. if any. 1956. Tejal R.

4. . 2011. therefore.Rahul Amin. 6. 7. 2011 as per details to be furnished by National Security Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). 2011 to 22nd September. and 12. The Company will not entertain any direct request from such members for deletion of lor change in such Bank details. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF I HERSELF AND SUCH A PROXY NEED NOT BE A MEMBER OF THE COMPANY. 7 and 8 of the Notice is annexed hereto. The Dividend.m.O.00 noon. at the Annual General Meeting. 2011. Office: Nanubhai Amin Marg Industrial Area P. 5. including any statutory modification(s) or re-enactment(s) thereof for the time being in force or any amendments or modifications that may hereafter be made thereto by the Central Government or as may be agreed to between the Board of Directors and Mr. All documents referred to in the Notice and Explanatory Statement will be available at the Registered Office of the Company for inspection by Members on all working days between 10. the dividend will be payable to those who are the beneficial owners of the shares after close of business hours on 7th September.67th Annual Report _ 2011 for the remainder of the tenure of his office on the terms and conditions including the remuneration as set out in draft agreement submitted to this meeting which agreement is hereby specifically approved and sanctioned with liberty to the Board of Directors to alter and vary the terms and conditions including the remuneration so as not to exceed the limits specified in Schedule XIII of the Companies Act. The Register of Members and Share Transfer Books of the Company will remain closed from 8th September. 1956. 2 2. 2011 By Order of the Board S. In respect of shares held in electronic form. if declared. Chemical Industries Vadodara-390 003 30th June. directly through their Depository Participants. (both days inclusive) for the purpose of payment of Dividend.Singhal Associate Vice President (Legal) & Company Secretary NOTES 1. 1956 in respect of items 6. 3. THE INSTRUMENT APPOINTING PROXY SHOULD BE DEPOSITED AT THE REGISTERED OFFICE OF THE COMPANY NOT LESS THAN FORTYEIGHT HOURS BEFORE THE COMMENCEMENT OF THE MEETING. Members may. give instructions regarding Bank Accounts in which they wish to receive dividend. The Securities and Exchange Board of India (SEBI) has made it mandatory for all Companies to use the Bank Account details furnished by the Depositories for depositing dividend through National Electronic Clearing Services (NECS) to investors where ECS and Bank details are available. The Explanatory Statement pursuant to Section 173(2) of the Companies Act. will be paid on Equity Shares of the Company to those shareholders holding shares in physical form and whose name appears on the Register of Members of the Company on 2200 September." Regd.00 a.

Members holding Share Certificates in the physical form are requested to dematerialise their shares by approaching any of the Depository Participants registered with SEBI. transfers. 0265-2339397. 2B should be sent to the Registrars MCS Limited at the above mentioned address. 14. 2314757. 12.com 10. The Shareholders are requested to avail of this facility. A profile of the Directors retiring by rotation and eligible for re-appointment are given in the Directors' Report. MCS Limited Neelam Apartment 88.Jyoti Ltd. Shareholders are entitled to nominate by filling up Form No. Sampatrao Colony Alkapuri Vadodara .390 007 Tel. under the signature of the sole/first joint holder. 11 . allotted by the Bank. which form part of this Annual Report. As you are aware. viz. Relevancy of questions and the order of speakers at the meeting will be decided by the Chairman. 13. Members are requested to intimate the Company/Registrar and Transfer Agents MCS Ltd. Accordingly.. a person in whom his / her shares in the Company shall vest in the event of his / her demise. 2011. so that the Bank Account No. The duly filled in and signed Nomination Form No.. Name and Address of the Bank can be printed on the dividend warrants: 1) 2) Name of Sole / First Joint holder and Folio No. To avoid the incidence of fraudulent encashment of dividend warrants. 2011 at least a week in advance so as to enable the Management to keep the information ready at the time of the Annual General Meeting. the following information. 3 . Particulars of Bank Account. demat requests. change of address intimation and other communications in relation thereto with respect to shares in electronic and physical form should be addressed to the Registrars directly at their following address quoting Folio No. all documents. Shareholders are requested to notify any change of address on or before 7thSeptember. Shareholders are requested to send their queries in respect of Financial Accounts of the Company for the year ended on 31st March. 15.2B. Full Name and Name of the Company as Unit : Jyoti Limited. The Company has appointed MCS Limited as its Registrars and Share Transfer Agents for rendering the entire range of services to the Shareholders of the Company. 9. whether Saving Account (SB) or Current Account (CA) Account No. vvater • Po wer • Progress 8. the Company's Shares have been dematerialised for all investors. 2350490 Fax: 0265-2341639 E-Mail: mcsltdbaroda@yahoo.. i) ii) iii) iv) v) Name of Bank Name of Branch Complete address of Bank with Pin Code Account type.

Finance and Internal Audit. 309 and 310 read together with Schedule XIII and other applicable provisions.f. Patel is a qualified Chartered Accountant from ICAI. 1956 and subject to the approval of the Shareholders of the Company. 2010. Item 7 In accordance with provisions of Sections 198. 2011. Keki R. He is well respected in market fraternity and has good reputation of picking undervalued small and midcap stocks. Patel holds office upto the date of this Annual General Meeting of the Company. Bharat J. 2011. The draft agreement to be entered by the Company with Ms. Patel as Wholetime Director of the Company for a period of three years with effect from 30th July. Your Directors feel that his joining the Board will be beneficial and in the interest of the Company. 1956. Bharat J. which is placed before this meeting and available for inspection by the Members. Ms.Patel as candidate for the Office of Director. the following principal terms and conditions: Duties and Powers The Wholetime Director shall perform the duties and exercise the powers assigned to her or vested in her by the Board of Directors and Chairman & Managing Director of the Company from time to time. contain inter-alia. Mr. Period of Appointment Three years with effect from 30tll July. Notice under Section 257 of the Companies Act. In last 10 years he has actively started managing his own proprietary investments. 2011. 1956 Item 6 At the Board Meeting held on 28th October. Patel was also approved by the Remuneration Committee at its meeting held on 30th June. has been received by the Company from a Member signifying his intention to propose Mr. Patel was appointed as an Additional Director of the Company w. Bharat J. Bharat J. accounting and capital market.e. 4 . Patel is in any way concerned or interested in the said Resolution. By virtue of the provisions of Section 260 of the Companies Act. Mr. if any. During his 20 years career as a broker he successfully increased the firm's market share and increased the net worth of the firms many a times. 2011. Keki R. Mr.26. Bharat J.67th Annual Report ANNEXURE TO NOTICE EXPLANATORY STATEMENT PURSUANT TO SECTION 173(2) OF THE COMPANIES ACT. He has wide range of experience in the field of finance. the Board of Directors of the Company at its meeting held on 30th June. Patel is a graduate in Commerce and has considerable experience in the areas of General Management. 2010. 1956 and Article 124 of the Articles of Association of the Company. He started his entrepreneur career as a member of the Bombay Stock Exchange in 1983. passed resolution for the re-appointment of Ms. Keki R. No other Director of the Company except Mr. The remuneration of Ms. 28th October. Salary ~ 1. Patel. She has been working with the Company in various capacities for the last 33 years. He was a house broker to renowned Corporate Houses.5001. of the Companies Act. 269. Keki R.(Rupees One Lakh Twenty Six Thousand Five Hundred Only) per month.

Patel is concerned or interested in the resolution as it relates to her own term of appointment / remuneration. In the absence of any such Rules. The Board recommends the adoption of this resolution. to the extent these either singly or together are not taxable under the Income Tax Act. may be treated as an abstract of the terms of Contract for the remuneration / re-appointment of Ms. Encashment of leave at the end of the tenure of the appointee. III. As long as Ms. Gratuity payable at the rate of half month's salary for each completed year of service.00 a. Keki R. The following shall not be included for the purpose of computation of the remuneration or perquisites as aforesaid: I. 1956. Keki R. Mr. perquisites shall be evaluated at actual costs. the appointee shall be paid remuneration by way of salary and perquisites specified above notwithstanding that in any Financial Year during the currency of her tenure. the appointee Ms.f. Keki R. 1956.00 noon on any working day upto the date of the Annual General Meeting. Minimum Remuneration Subject to the ceiling specified in Part II Section II of Schedule XIII of the Companies Act. Patel. II. The draft of the Agreement referred to above is open for inspection by the Members at the Registered Office of the Company between 10. and 12. she shall not be interested or otherwise concerned directly or indirectly in any Selling Agency of the Company in future without the prior approval of the Central Government. For the purpose of calculating the above ceilings. Ms.m. Patel shall also be entitled to perquisites and allowances equivalent to 40% of salary in accordance with rules of the Company. the tenure of office of the appointee is determined. The particulars set out above. Item 8 At the Annual General Meeting held on 23'd September. 2010 subject to the approval of the Central 5 . Provision of Car with driver for the use of Company's business and telephone facility at her residence and reimbursement of expenses including entertainment expenses will not be considered as perquisites. Rahul Amin was re-appointed as Managing Director of the Company w. Keki R. as Wholetime Director of the Company which is required to be given to every member under the provisions of Section 302 (2) of the Companies Act.e. Compensation If before the expiry of the Agreement. she shall be entitled to compensation for the loss of office subject to the provisions of Section 318 of the Companies Act. perquisites shall be evaluated as per Income Tax Rules. No other Director is concerned or interested in the said resolution. the Company has no profits or its profits are inadequate. wherever applicable. The Company's contribution to Provident Fund and Superannuation or Annuity Fund. 1956. 25th June. Patel functions as Wholetime Director.Jyoti Ltd. Perquisites and Allowances In addition to salary. 2010.

Encashment of leave at the end of the Managing Director's tenure. Rahul Amin. The Central Government had given its approval for his term of appointment for a period of three years w. For the purpose of calculating the above ceilings. reimbursement of expenses including entertainment expenses will not be considered as perquisites. The following shall not be included for the purpose of computation of the Managing Director's remuneration or perquisites as aforesaid: i) ii) iii) The Company's contribution to Provident Fund and Superannuation or Annuity Fund. of the Companies Act.000/. 2011. In the absence of any such Rules. 2010 will remain unchanged. the Managing Director shall also be entitled to perquisites and allowances like accommodation (furnished or otherwise) or house rent allowance in lieu thereof. Taking into consideration the increased business activities of the Company and the responsibilities cast on Mr. The draft supplementary agreement to be entered by the Company with Mr. The remuneration of Mr. Rahul Amin and having regard to the Government's liberalised guidelines on managerial remuneration and in accordance with provisions of Sections 198. but the overall remuneration payable to all Wholetime Directors do not exceed the limits of 10% of the net profits as prescribed under Section 309 of the Companies Act.00. club fees and such other perquisites. All other terms and conditions of the Agreement as approved by the Members of the Company at its meeting held on 23'd September. Perquisites and Allowances In addition to salary. 309 and 310 read together with Schedule XIII and other applicable provisions.f. ------------------------------------- 6 . contains inter-alia the following terms and conditions.e. 1956. medical reimbursement. perquisites shall be evaluated at actual costs.50.(Rupees Eight Lakhs Fifty Thousand Only) per month. "Family" mentioned above means the spouse and dependent children of the Managing Director. furnishings and repairs of the house. 2010. medical insurance and leave travel concession for self and his family including dependents. perquisites shall be evaluated as per Income Tax Rules. The aggregate of aforesaid perquisites and allowances will be restricted to ~ 6.67th Annual Report Government. 269. Rahul Amin was also approved by the Remuneration Committee at its meeting held on 30th June.(Rupees Six Lakhs Only) per annum. Provision of car with driver for use of Company's business and telephone facility at the Managing Director's residence. reimbursement of expenditure or allowances in respect of maintenance. 25th June. the Board of Directors of the Company at its meeting held on 30th June. Salary ~ 8.000/. which is placed before this meeting and available for inspection by Members. Rahul Amin exceeds 5% of the net profits calculated under Section 198 of the Companies Act. 2011. electricity. 2011. 1956 and subject to the approval of the Shareholders of the Company and the Central Government. utilities such as gas.The Remuneration payable to Mr. to the extent these either singly or together are not taxable under the Income Tax Act. Rahul Amin. passed the resolution for increase in remuneration payable to Mr. if any. benefits and allowances in accordance with Rules of the Company. personal accident insurance. Managing Director of the Company with effect from 181 April. wherever applicable. Gratuity payable to the Managing Director at the rate of half month's salary for each completed year of service. 1956.

and 12.00 noon on any working day upto the date of the Annual General Meeting.Singhal Associate Vice President (Legal) & Company Secretary 7 . Tejal Amin. The Board recommends the adoption of this resolution. Regd. 1956. The draft of the Agreement referred to above is open for inspection by the Members at the Registered Office of the Company between 10. The particulars set out above. who are related to each other are interested in the resolution as it relates to his own/relative's term of remuneration. which is required to be given to every member as per the provisions of Section 302 (2) of the Companies Act.June. No other Director is concerned or interested in the said resolution.Rahul Amin and Mrs. 2011 By Order of the Board S. may be treated as an abstract of the variation in terms of Contract of appcintrnent/remuneration of Mr. Mr. c" Water • Power • Progress Minimum Remuneration The Managing Director shall be paid remuneration by way of salary and perquisites notwithstanding that in any Financial Year during the currency of tenure of the Managing Director. Office : Nanubhai Amin Marg Industrial Area P.m.00 a.O.Jyoti Ltd. Chemical Industries Vadodara-390 003 so. Rahul Amin. the Company has no profits or its profits are inadequate.

a Joint Venture Company in Sultanate of Oman.Engineering.00 1.C.404.883.As per the audited financial results for the year ended on 31st March.347. 3. J.65 1.279. if any .55 4.53 38. Export performance and net foreign exchange earned for the year ended on 31st March.L.30 4.40 33.856.The Company holds 49% Equity in Jyoti Sohar Switchgear L. (~ in Lakhs) Export Sales (in ~) Foreign Exchange earnings (in ~) 1.381. The Company has technical collaboration with: Jeumont Industry of France for high voltage Alternators with Cylindrical Rotor Generators. GSR 36(E)..46 451. General 1. for manufacturing of 12/17. U.521. Elmecon Ltd. Information Nature of Industry .01.48 292.186.81 4.521. 8 .. Interest and Tax Depreciation Profit before Interest and Tax Interest Profit before Tax Profit before Tax Net Profit after Tax Amount (~ in Lakhs) 38.819. Foreign investments or collaborators.65 2. Dated 16.65 1. 1956 as amended vide Notification No.67th Annual Report _ Statement in terms of Schedule XIII of the Companies Act.2002 relating to remuneration payable to Wholetime Director.728.71 1.01 26. The Company is in Financial performance based on given indicators .81 5.K. Date or expected date of commencement of commercial production operation since the year 1943.812. Particulars Sales Other Income Total Income Material Cost Staff Cost Manufacturing and Other Expenses Total Expenditure Profit before Depreciation. 2011.383.06 3.676. Turboinstitute of Slovenia for Hyde! Turbines. 2.5 KA Ring Main Unit and associated component. 2011.09 3.

III. Patel renders services as Wholetime Director of the Company. 2011. 2. Remuneration proposed .Ms. "Yater • Power • Progress Background Details . Comparative remuneration profile with respect to industry.186. overall improved business scenario and healthy order book position. the profile of Ms. She has been working with the Company in various capacities for the last 33 years.26. Patel is a graduate in Commerce and has considerable experience in the areas of General Management. the Wholetime Director does not have any other pecuniary relationship with the Company or relationship with the managerial personnel. 6.Salary ~ 1.paid as remuneration during the year ended on 31st March.31 259.5001. 4.85.Jyoti Ltd. Steps taken or proposed to be taken for improvement . The Company is making adequate profits.The Company has strengthened its Balance Sheet by increasing cash flows. 3. Finance and Internal Audit.30 2009-10 (~ Lakhs) 29. profile the position and person .Looking to the size of the Company. if any .Besides the remuneration proposed. Job profile and suitability .110. Expected increase in productivity and profits in measurable terms. With the streamlining operations. reducing interest cost and improving working capital management. Past Remuneration .18 807. the above said remuneration commensurate with the remuneration package paid to similar senior level appointees other Companies. Other information: 1. 9 . Information about the Wholetime Director: 1. the Company would grow at a faster rate in the coming years.383. size of the Company.per month and perquisites more particularly described in the explanatory statement herein before. Particulars Sales Other Income Net Profit 2010-11 (~ Lakhs) 38.3401.Ms. Pecuniary relationship directly or indirectly or relationship with the managerial personnel. Keki R.~ 19. Keki R. of R.53 1.20 3. Keki Patel and the responsibilities shouldered by her. II. is in 2. 5.48 292.

86 crores for the financial year under review as against ~ 12.22 208.89 2.14 1.30 1.50 3.883. The total income of the Company for the financial year under review was ~ 386.00 206. Based on above infusion.31 129.03 807. your Company has scaled new heights in terms of sales.186.221.64 1.81 1. FINANCIAL RESULTS (~ in Lakhs) 2010-11 Total Income Profit before Interest and Depreciation Less: Interest Profit before Depreciation Less: Depreciation Profit before Tax Provision for Taxation Balance of Profit for the year Balance brought forward from the previous year Amount available for appropriation Proposed Dividend Tax on proposed Dividend Transferred to General Reserve Balance Profit carried to Balance sheet OPERATIONS During the year. This was the mile-stone year for the Company as it delivered record financial and operating performance under challenging and stiff market conditions.07 crores for the previous financial year showing an increase of 25% and 47% respectively.85 21.676.12 1.65 310.521.80 1. It has also reduced the financial leverage of the Company and improved some of the norms of financial prudence.34 29.19 495.00 1. 2011.46 451.55 33.89 2009-10 29. The Profit before Tax was ~ 15.19 205. the financial position of the Company has been strengthened. FINANCE Your Directors are pleased to report that considering the performance of the Company and future potential of the business.150.66 2.22 crores by paying cash of ~ 7.22 crores and the Profit after Tax was ~ 11. The proceeds of these issues have been utilized for margin on capital expenditure and for long term working capital.068.02 240. The Company has come out of Corporate Debt Restructuring (CDR) in the current year by liquidating the recompense amount aggregating to ~ 15.46 2.70 crores for the previous year registering an increase of 31.00 25.150.856.973.01 4. profits and net worth.369.12 1.76 crores as against ~ 293.265.57 .67th Annual Report DIRECTORS' REPORT To The Members of Jyoti Limited Your Directors present this SIXTY SEVENTH ANNUAL REPORT and Audited Accounts for the year ended on 31st March.35 1.61 crores (50%) and by 10 Current Tax Deferred Tax 38.337. it has been possible for infusing long term funds by way of equity capital with share premium from various investors including convertible warrants issued to Promoter Group.69%.302.462.803.21 crores and ~ 8.

In order to ensure satisfactory testing of pumps at the Company before dispatch. too.128 equity shares of ( 10 each at a premium of ( 102. by paying full interest recompense amount. The Division has manufactured and supplied 124 Nos.. Gujarat. the Division has achieved a sales turnover of ( 57 crores which is 90% growth over the last financial year. The Power Group has also received an order from NTPC for 4 x 250 MW Nabinagar Thermal Power Project and Storm Water Pumping Project at Aravali. of large pumps for various irrigation.74. worth ( 80 crores for supply of 3 Nos. HYDEL During the year under review. The Division has shown turn around 5 years back when it received the prestigious order for 14 Nos.@~~!~. the Company was favourably considered for three more projects out of four in Phase-III of Godavari Lift Irrigation Scheme and received further orders for (235 crores including supply of the largest pump of 22 MW. the Division has developed a very good vendor base for castings. Ltd. The Division has a pending order position of ( 508 crores as on 31st March. This Division has recently commissioned two pumps for 500 MW . Government of Andhra Pradesh. before scheduled time and that. the Division is geared up for bidding in collaboration with globally leading Pump Manufacturers. in the year ahead. In view of the potential of hydro business in the country and the thrust of State Governments for increased hydro power generation. Hyderabad. To support the growth plans. a 4 MW captive power plant has been commissioned which ensures reliability and quality. Mumbai for Naval Dockyard which involves supply of 4 Nos. fabrications and sub-assemblies.. through IVRCl Ltd. The Division is proud of having commissioned 10 pumps in this financial year successfully. the Division is building up its 11 . This will facilitate a flexible and competitive financial environment for the Company which will lead to reduction in the interest and finance costs and pave way for further improvement in the profitability and ease in operations. The Division has geared up in terms of internal efficiency and productivity and has manufactured 21 turbines as against 6 turbines manufactured in the last financial year. The Division with its continued vision to be a leading player in the large pumping sector bagged another order in the current year from Sardar Sarovar Narmada Nigam limited. It will not be out of place to mention that the lending banks and CDR Empowered Group appreciated the Company getting out of CDR. The Division is also fully geared up for submitting their bids for 800 MW.Indira Gandhi Super Thermal Power Project by NTPC. The Power Group under this Division has actively penetrated in the market for supply of pumps both in 500 MW and 660 MW. Metallic Volute Pumps from Godavari Lift Irrigation Scheme. This captive power plant is being upgraded to test pumps and motors upto 8 MW. water supply and power projects. The Division is working with major infrastructure companies and has received another prestigious order worth ( 85 crores through Hindustan Construction Co.85 per share aggregating to (7. pumps of 20 cumecs each along with motors and other auxiliaries. Engineered Pumps and Projects Division (EPPD) has achieved a turnover of ( 241 crores which is 21% growth over the last Financial Year. Sea Water Pumps along with motors and other accessories. In view of the growing demand of power in the country.~!~ issuing 6. A total of 35 MW capacity power projects have been commissioned during the year in India and abroad. 2011 and expects further increase of 20%. DIVISIONAL PERFORMANCE ENGINEERED PUMPS & PROJECTS During the year under review.61 crores for the balance 50% of recompense amount. looking at the performance.

APDRP. With the continuous thrust of the Government on various electricity projects viz. the Company has entered into an agreement with ElMECON Ltd. In view of the increased requirement of motors and generators. the Company has total exports valued at ~ 13. The Division has a pending order position of ~ 57 crores as on 31st March.T. Czech Republic for large turbines. the Division has taken up a major upgradation of infrastructure and testing facilities which include Die-cast rotor plant. In the year. 2012. GSFC. The Company's major exports are to Sultanate of Oman for Switchgear and Vietnam and Indonesia for Hydel Turbines. the requirement of medium voltage switchgear is bound to grow and the Company is expecting to do better performance in the years to come. With this. CPCl. PREFERENTIAL ISSUE The Company issued 30. total order booking was for ~ 50. The Company is looking forward to enhance its export market in other countries. the Division shall be in a position to reduce the cost and increase the productivity during the next financial year. adding new test beds and purchase of Dynamometer. A major achievement in the year was orders of f 10 crores received from GETCO. The Company has already started the construction of building for RMU manufacturing set up and intends to enter in the market with this product by April. 2011 which includes the prestigious order received for six machines of 8 MW Francis Turbines.30 crores. the Division executed orders (including exports) worth ~ 48.5 KV Ring Main Unit (RMU) and associated components. The Division has an agreement with CKD Blansko Engineering.00. of H.T. a. The Division. which is approximately ~ 7 crores more than the previous year.000 Equity Shares of ~ 10 each at a premium of ~ 73 per Equity Share to an individual and corporate entities. among others.48 crores. U. IVRel. in order to meet the long term working capital requirements and for meeting the margin on capital expenditure. As reported last year. GETCO. Rajiv Gandhi Gramin Vij Yojana. enhancement of overhead cranes.. Independent Power Projects. KOTA TPS. etc. With increasing requirements of power in the country and support given by the Government of India to private developers for putting up Hydro Power Stations.67th Annual Report credentials and infrastructure to bid for turbines upto 50 MW. ROTATING ELECTRICAL MACHINES The Division has achieved a sales turnover of ~ 33 crores which is 83% growth over the previous year. GNFC. The Division is very well placed in Indonesia and has recently commissioned the first small hydro project in Indonesia. The Standard Rotating Electrical Machines have manufactured 760 Nos. has executed major orders received from. Motors and Generators with a percentage growth of 42% and 66% respectively over the previous financial year. of L.s. the Division has very good potential for growth. Vizag. MRPl. EXPORTS During the year under review.K. The Division is also keenly looking for business from other neighbouring countries and South Africa. Motors and Wind Mill Generators and the Heavy Rotating Electrical Machines have manufactured 126 Nos. SWITCHGEAR During the year under review. expansion of existing transmission and distribution network. HPCL.50 crores. IOCl. IFFCO. 12 . for engineering and design services to enable the Company to manufacture 12117. It successfully enhanced production by 60% and sales by 31% in this Financial Year.

Dena Bank and Bank Recompense amount pursuant to the approval accorded by Corporate Debt Group. in aggregate.(i) (ii) in the preparation of the annual accounts. However. AUDITORS'REPORT The observations made in the Auditors' Report are self explanatory and are also clarified in the Notes forming part of the Accounts and therefore. the Report and Accounts are being sent to the shareholders excluding the aforesaid Annexure.000 Equity Warrants into 4. the applicable accounting standards have been followed by the Company. do not call for any further comments under Section 217(3) of the Companies Act.128 Equity Shares of ~ 102.28.00. 13 . 12%) (previous year Re.00.1956 and the Rules made thereunder. the relevant data pertaining to conservation of energy. Any Shareholder interested in obtaining copy of the same may write to the Company Secretary at the Registered Office. a Report on Corporate Governance and a Certificate from the Auditors of the Company are given in the Annexure-B and Annexure-C respectively which form part of this Report. 10%) on increased paid up capital of 1.1956 The Directors confirm that . Management Discussion and Analysis. CONSERVATION OF ENERGY. To exit from CDR System. in terms of Section 219(1 )(b)(iv) of the Companies Act. TECHNOLOGY EARNINGS AND OUTGO ABSORPTION AND FOREIGN EXCHANGE during the year under review. the Company issued 6. 1988. PARTICULARS OF EMPLOYEES The information required under Section 217 (2A) of the Companies Act. The Company also issued 10.70.992 Equity Shares of ~ 10 each for the Financial Year ended on 31st March. CORPORATE GOVERNANCE Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges. they exercised the option to convert. of ~ 10 each at a premium of Maharashtra for 50% of Restructuring Empowered DIVIDEND The Directors are pleased to recommend a dividend of ~ 1.74.85 per Equity Share to Central Bank of India.000 Equity Warrants with an option to subscribe to one fully paid up Equity Share of ~ 10 each for every Equity Warrant aggregating upto 10.Jyoti Ltd. technology absorption and foreign exchange earnings and outgo are given in Annexure-A forming part of this Report. DIRECTORS' RESPONSIBILITY STATEMENT UNDER SECTION 217(2AA) OF THE COMPANIES ACT.1956. 2011 and of the Profit of the Company for the year ended on that date. Out of this. 1956. 4. PUBLIC DEPOSITS Your Company has not accepted any deposits from the Public during the year under review. As required by the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules.70.000 Equity Shares of ~ 10 each during the year under review.e.20 per Equity Share (Le.000 Equity Shares at an exercise price of ~ 83 per Equity Share to Promoter and Promoter Group Entity.1 per Equity Share i. 2011. is given in the Annexure to this Report and forms part of the Report.71. such accounting policies have been selected and consistently applied and judgements and estimates made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March.

8. Ltd. 2010 and being eligible. Ltd. Urvi Holdings Pvt. During his 20 years career as a broker. Tee Ventures (India) Pvt. 3. 9.67th Annual Report _ (iii) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act. 15.S. Ltd. Finquest Financial Solutions Pvt. are given hereunder: Mr. is proposed to be appointed as Director at the ensuing Annual General Meeting. 1956. Ltd. 7. he successfully increased the firms market share and increased the net worth of the firms many a times. 58. offer themselves for re-appointment. He was a house-broker to renowned corporate houses. Sukhwant Properties Pvt. In accordance with the provisions of the Companies Act. Pasha Finance Pvt. Keki R.October. Bharat J. Ltd. 11. Superior Financial Consultancy Services Pvt. Pathak retire by rotation at the forthcoming Annual General Meeting and being eligible. Directorship held in other Companies are: 1. Pat Financial Consultants Pvt. 6. Tejal R. 14. Mrs. Patel has been appointed as an Additional Director by the Board of Directors at its meeting held on zs. Amin and Dr. Amin and Dr. 4. DIRECTORS Mr. . Mrs. Equitable Financial Consultancy Services Pvt. Accounting and Capital Market. Pathak as required under the Corporate Governance Code. 2. Patel. Bharat J.Ltd. Bombay Swadeshi Stores Ltd. Patel as Wholetime Director of the Company for a period of three years with effect from 30th July. B. In last 10 years he has actively started managing his own proprietary investments. Director Director Director Director Director Director Director Director Director Chairman Director Director Director Director Director 14 10. (iv) annual accounts have been prepared on a 'going .concern' basis. Bharat J. Ltd. Ltd. Ltd. Bharat J. The Remuneration Committee and the Board of Directors at their meeting held on 30th June. Pat Holdings Pvt. Ltd. Independent Estates Pvt. Fidelity Multitrade Pvt. Ltd. Patel. for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. 12. Brief details about Mr. Keki R. Mr. Patel has wide range of experience in the field of Finance. 2011 have approved the re-appointment of Ms. Patel. He started his entrepreneur career as a member of the Bombay Stock Exchange in 1983. 2011 subject to the approval of the Shareholders.S. 1956 and Articles of Association of the Company. 5. is a qualified Chartered Accountant from ICAI. He is well respected in market fraternity and has good reputation of picking under-valued small and mid cap stocks. Ltd. 13. Rubfila International Ltd. Ms. Pankaj Cotton Co. Pvt. B.Ltd. Tejal R. Gracious Properties Pvt.

3. CAE in 1973 and continued in that position till 1980.. Bhimsen Pathak. Keki R. Mrs. Finance and Internal Audit. She has been working with the Company in various capacities for the last 33 years. Keki R. She is the Managing Trustee of Navrachana Education Society which runs a number of reputed Schools in Vadodara. He has been Chairman of the SCientific Panel on Agricultural Engineering of ICAR for about 10 years. Dahlia Investments Pvt. Amin has already served the Company as a Wholetime Director for almost four years and was responsible for bringing about substantial improvement in the performance of the Company.Ltd. Navrachana Educational Resources Ltd. Patel is not a Member of any Committee of Directors of any Company. Tejal R. Stuttgart-Hohenheim. Ms. Dr. 77. 5. He was associated with the drafting of ICAR's coordinated project 'Energy Requirements of Agriculture' in 1970 and was the honorary coordinator of this project during initial period of its implementation. Tejal R. Amin is not a Member of any Committee of Directors of any other Company. Directorship held in other Companies are: 1. JSL Industries Ltd. Tejal R. Engg. He was closely associated with the drafting of the policy document on agricultural mechanisation of Ministry of Agriculture. 50. Tapovan Education Institute Wholetime Director Director Director Director Director Navrachana Educational Resources Ltd. is B. Insutech Industries Pvt. Bhimsen Pathak introduced the concept of energy being an essential input for modernising Indian agriculture.Sc. of Agricultural Engineering in the College of Agricultural Engineering (CAE) of PAU at Ludhiana. 1951. 4. Dr. Chief Editor of Journal of Agriculture Engineering and President of Indian Society of Agricultural Engineering (ISAE). Dr. he became the first Professor-cum-Head of the Dept. 2. West Germany. Bharat J. Bhimsen Pathak joined Sardar Patel Renewable Energy Research Institute (SPRERI) as its Director in 1997 and retired in the year 2010. From 1985 to 1990 he was FAO-UNDP Project Manager for the establishment of Agricultural Implements Research and Improvement Centre in Ethiopia. 1963. Early in 1967. Directorship held in other Companies are: 1. Bhimsen Pathak has worked as Consultant in many international programmes. is a Graduate in commerce and has considerable experience in the areas of General Management and Finance. Bhimsen Pathak joined Punjab Agricultural University (PAU) as Associate Professor in 1965 at Hissar Campus. He has patented the design of modular down draft gasifier and the rights have been transferred to SPRERI. Allahabad University.Mr. Director Ms. 57. Ltd. Mrs. Mrs. He is a Fellow of Indian Society of Agricultural Engineering. is a Graduate in Commerce and has considerable experience in the areas of General Management. Patel is not a Member of any Committee of Directors of any Company. Convenor of the Working Group on Energy of National Commission on Agriculture. Amin. Agri. Landwirtsch-Aftliche Hochschule. He took over as Dean. Doctorate in Agri. Dr. 15 . Patel. Dr. Engg. Government of India. CAE was awarded ICAR/UNDP Project Centre of Advanced Studies in Agricultural Engineering. During this period. He played the key role in developing programmes of research and post-graduate teaching in Agricultural Engineering. Indian Standards Institute and National Academy of Agricultural Sciences.

Vadodara. the existing Auditors have. Subject to the approval of the Central Government. CDR Cell and various State Governments for the valuable support extended to the Company.. your Company carries out an audit of cost records relating to Electric Motors and Power Driven Pumps every year. MIs. Amin Chairman & Managing Director Vadodara 30th June. Cost Accountants. Gangeya Green Tech Pvt. They also express their sincere thanks to the Bankers. Director _ Dr. APPRECIATION Your Directors place on record their appreciation for the excellent support the Company has received from its employees. Gandhi & Co. On Behalf of the Board of Directors Rahul N. 1956. Ltd. 2010 was filed on 25th September. the Company has appointed MIs. Parikh & Co. Chartered Accountants. As per the requirement of Central Government and pursuant to Section 233B of the Companies Act. AUDITORS The Members are requested to appoint Statutory Auditors at the ensuing Annual General Meeting to hold office from the conclusion of the said meeting until conclusion of the next Annual General Meeting. V. under Section 224 (1B) of the Companies Act. 1956. 2011 16 . S. as Cost Auditors to audit the cost records of the Company for the Financial Year 2011-12. The Cost Audit Reports for the Financial Year 2009-10 which was due to be filed with the Ministry of Corporate Affairs on or before 27111 September.67th Annual Report Directorship held in other Companies are: 1. customers and shareholders.B.H.. furnished Certificate of their eligibility for re-appointment. Bhimsen Pathak is not a Member of any Committee of Directors of any other Company. 2010.

etc. The technical competitiveness has been tackled through re-engineering product range extension with value addition in the core products. RMXprt. iv) Maintaining the power factor and improving voltage regulation have resulted in rebates in monthly energy bills. B. ANSYS-Mechnical. through up-gradation and improvement of various core product designs and processes. Increased use of advanced and latest state-of-the-art softwares like Prole.02 528. Benefits derived as a result of above R&D: Increasing competitiveness from the overseas MNCs and also. competitors' product range and market niche. v) Awareness about the need for energy conservation at all levels of employees is being created through posters. drive introduced in old machines to improve power factor and for saving energy.66 1.ANNEXURE 'A' TO DIRECTORS' REPORT Statement containing particulars pursuant to Companies (Disclosure of Particulars in the report of Board of Directors) Rules. have been partially overcome by the internal R&D work. new technologies! processes and new state-of-the-art software will be introduced with the help of in-house R&D development or. Expenditure on R&D : (~ in Lakhs) a) b) c) d) Capital Recurring Total Total R&D expenditure as percentage of total turnover 17 155. addition of new products to enhance the range with special focus on performance and cost effectiveness thus creating value addition by various means. Specific core areas in which R&D was carried out by the Company: Medium Voltage SWitchgear Rotating Electrical Machines (Motors and Generators) Hydraulic Turbines and Pumps. alongwith cost reduction will be the top priority. to some extent. TECHNOLOGY ABSORPTION (a) Research & Development 1. 4. hoarding.77 % . 3. Soft starters introduced in standard pump and heavy pump test facilities to avoid heavy starting power kicks for saving energy. A. Future Plan of Action : The future R&D activities will be directed towards the consolidation of existing product range through up-gradation. Maxwell. including Micro-Turbines Electronic Control System (including Automatic Voltage Regulators) Direct drive wind energy converter using Permanent Magnet Generator 2. CFX.C. from within the country. if necessary. Magnet and ThermNet for design / development and also improvement in performance parameters. CONSERVATION OF ENERGY: Energy Conservation Measures taken: i) A. ii) iii) Energy saver CFL lights in all offices instead of conventional tube lights. 1988 and forming part of Directors' Report. Considering the business potential. acquiring technologies from known external sources. Every effort for cost reduction has been made through Value Engineering.64 683.

the activities were directed towards up-gradation of existing switchgear to meet the latest IEC Standards. development and testing of large rating. 1250 and 2000Amp circuit breakers as per IEC 62271-110 and IEC62271-200 at PEHLA. of 415 Volts. (b) Rotating Electrical Machines Design. in the areas of applied research and use of alternative materials and processes. Design and development of larger rating. Adaptation and Innovation 1. Extensive use of CFD Analysis software has been the thrust area to improve efficiencies for all range of pumps. New product development and cost reduction in the existing designs. R&D is continuously carried out. cost reduction and Retrofitting and finally type-testing as per the latest version of IEC: 62271-100 was continued and successfully type tested at PEHLA Test Laboratory at Ratingen. In the rotating machines group. Germany. Development and successful commissioning of 12kV. 1250 Amp outdoor circuit breaker as per IEC 62271-110 and IEC62271-200 at PEHLA. 26. Development and successful ccmmlssioninq of 12kV. In addition. Efforts in brief. In the turbine group. 26. low speed. In addition. b) c) d) 2. low speed. with higher over-speed. Hydel generator for Vietnam. New products like Direct-drive Permanent MagnetWind Energy Generators are being planned. 630. (b) Technology Absorption. a) In the area of medium voltage switchgear. Type testing and recertification of 12kV.6kV and 11kV motors on demand. Germany and ERDA for domestic sale.67th Annual Report. 18 . 25kA retrofit solution for Fuji Electric make MOCS type HF515C-10NF. New Die casting plant for better productivity and Hydraulic Dynamometer for type-testing of motors has been planned. Process-time reduction through modular construction of rotors for larger rating motors. made towards technology absorption. adaptation and innovation. 1250Amp. major efforts toward design 1 development related to high head Francis turbine range and vertical Semi/Full Kaplan Turbine and use of CFD Analysis software package for evaluation of Hydraulic Performance and use of ANSYSMechanical software to evaluate structure design of Kaplan and Francis Turbines enabling cost effective turbine geometry/arrangement.4kA retrofit breaker for NGEF MOCS type EKU-5012 along with additional feature. Cost reduction designs of Wind Energy Generators.3kV. In the pump group. (a) Medium Voltage Switchgear Type testing and recertification of 12kV. Cost reduction designs through Value Engineering Analysis. major work was mainly directed towards indigenous development of larger rating motors and generators for various applications in core industries. 1250 and 630 Amp. Design and development of larger rating generators for Hydel Application. 6. Germany. processes and process-time reduction in the existing products are undertaken.4A. Wind Energy Generator 750kW 1 200 kW 1500/1000 RPM CTFG-450Lx dual speed Wind Induction Generator is developed and supplied. Benefits derived as a result of above efforts. 25kA. standardisation and extension of the existing range of pumps. the major effort was towards consolidation. 3. vertical/horizontal motors for Lift Irrigation Schemes.

we have collaborated with BRNO UNIVERSITY. 600 mm spherical design developed for 54 Bar test pressure. As a part of Model Development activity.71 lakhs 545. New design pumps 350 NC successfully manufactured for Ahmedabad Municipal Corporation. (iii) High head Francis turbine model design for head range upto 260 metres. engineering and testing of 500 mm spherical valve for maximum working pressure of 47 Bar is completed successfully. Karnataka. (d) Turbines Sr. New design pumps 300 HS pumps successfully designed for CNNL project. They also agreed to train our engineers for hydraulic turbine design during years 2010 -11 and 2011 12 in two batches. SF6 prototype Ring Main Unit is under development based on designs received under technical agreement with ELMECON Ltd. for Design development for 10 MW (Hydraulic/ Mechanical) of Vertical Francis Model of 110 MKW (Ns .K. \Vater • Prn-VL'" • Progress (c) Pumps KNNL model test was shown to client with specially built test rig.81 lakhs 19 . This is a prestigious large irrigation project designed 100% indigenously. No. The technology has been fully absorbed for 12 kV and 36 kV Vacuum Circuit Breakers. This will make our project proposals cost competitive. this team of trained engineers will enable effective project activities. Based on this module for Pelton project. Japan. 1 2 3 4 Project Name Manjandka HEP (Bhoruka) Vanala HEP Cikotok(Vietnam) Silau(lndonesia) Designation 2 x 1325 HF5000 kW 2 x 930 HF7500 kW 2 x 760 HF1600 kW 2 x 1335 P24100 kW Remark Largest diameter in Francis until now Highest power rating in Francis until now Francis design developed for Export Pelton design developed for Export Design. Establishing modernised test set up with sophisticated instrument for testing large pumps suitable for 660 MW Power Projects.45 lakhs Total Foreign Exchange used Total Foreign Exchange earned ~ 1381. 3. Foreign Exchange Earnings and Outgo: a) b) Exports Total Foreign Exchange used and earned i) Ii) ~ ~ 1347.Specific speed). The design is fully tested and released for future project requirements. U.. Considering present thrust in Hydel generation and increased demand. C.Jyoti Ltd. Technology imported and status of absorption (i) (ii) Vacuum Circuit Breakers from Toshiba Corporation.

2010 ** Appointed as Additional Director w. Amin Chairman & Managing Director Ms. 2011.S. by following professionally acknowledged good governance policies.42. 6. Amin Mr. 24th January.of Shares) 9.113 200 550 50 50 1. J. Patel has been appointed as an Additional Director of the Company w. 261t1 July.R. No.574 50 - - 15 - - Ceased to be Director w. Mr. 8. The Board held nine meetings during the Financial Year 2010-11 on 24thApril. * Executive Non-Executive Independent Independent Independent Independent Independent Independent 1 5 1 1 1 - 6. Sr. of other Directorships Committee Memberships Existing Share holding in the Company (No.e. 28th October.2010 (b) Meetings held in Financial Year 2010-11 and Attendance of Directors The Board meets at least once in a quarter to consider amongst other business. R.67th Annual Report ANNEXURE '8' TO DIRECTORS' REPORT Report on Corporate Governance (A) Corporate Governance Philosophy The Company aims at conducting its business efficiently. (8) Board of Directors (a) Composition of the Board of Directors As on date of this Report. R. 2010.376 1. 12th August. 7thSeptember.H. Pathak Mr. 3. 28thOctober. 9. M. 2010.N. Bharat J. 28th October. B. the quarterly performance of the Company and Financial Results. 2011 and 30th March. Mr. Ramamoorty Executive 5 - 2. U.f. 2010. 10thJune.e. Dalal" Mr. 2010. 29th October. M. 2010. Patel Wholetime Director Mrs. 7.19. 2nd March. Mehta Dr. 5. T. Name of Directors Executive/ Non-Executive No. thus meeting its obligations to all stakeholders in a balanced and accountable manner. K. Desai Dr.f. 20 .V.f. K.L.369 6. the strength of the Board is eight Directors comprising two Executive Directors including the Chairman & Managing Director and six Non-Executive Directors. B.82. 2010. 2011. 4. Pate!" Dr. 2010.e.

L. of Meetings attended Mr. 7th September. B.f. 2010 2011 ** Appointed The terms of reference specified by the Board to the Audit Committee are in conformity with clause 49 of the Listing Agreement and the Companies Act.S.V.S_Pathak was inducted as Member of the Remuneration Committee. K. 2011. 12th August. M. Mr. 28th October. (b) Remuneration Committee of three Independent Directors. 2011 and Dr. 24th January. he has ceased to be Member of Audit Committee. Dalal* Dr. 29tM October. Pathak Mr. 2010 and consequently he has ceased to be Member of Remuneration Committee. R. 1956. (C) Committee of Directors (a) Audit Committee The Audit Committee consists of four Directors out of which three are Independent Directors.Pathak'" Ceased to be a Member as a Member of the Committee of the Committee w. Dalal has resigned from the Board w. Desai Dr. w. Six Audit Committee meetings were held during the Financial Year 2010-11 on 24th April.e. B. 2010.L.e. Mr.No.H. of each Director at these meetings were as follows: Attendance at last AGM Present Present Present Not Present Present Present Not Present Name of Directors Mr. 4. . Members of Audit Committee and the attendance of each Director at these No. 29th October.B. Amin Mr.V.H. Patel WhoJetime Director Mrs.R. Amin Mr.R. No.f. The Audit Committee was reconstituted on 24th January. 2. U. 5. 2010 ** Appointed as Additional Director w. 8. Ceased to be Director w.S. 3. 5. No. 6.Jyoti Ltd~ The attendance Sr.e. K. Desai (Chairman) Mr. 28th October.e. R.f.f_ 29th October.e. 10th June. J. The Remuneration Committee was reconstituted on 24th January.N. T. B. K. 2. 2010 and 24th January.N. 2011 and Dr. U. B. 4.KLDalal has resigned from the Board w. 9.S. Dalal' Mr. 2010.e. 1.f. M.l. The composition of the Audit Committee meetings were as follows: Sr. 29th October. 1. Amin Chairman & Managing Ms. 7. 2010. of Board Meetings attended Director 9 8 9 4 9 7 7 Pater" 3 5 2010 Not Present Dr. 2010 and consequently. M.Pathak was inducted as Member of the Audit Committee.f. 2010. Mehta Dr. Mehta Dr. 6 6 3 5 - 3. Ramamoorty . K. The Remuneration Committee consists 21 .

L. Keki R. K.85. U.e.e. * ceased to be Director w. 5. K. Desai Dr.L. Mr. 2010 ** Appointed as Chairman of the Committee w.340 18. of Meetings attended 1 1 1 4. The employment of Mr. K.000 10.Dalal has resigned from the Board w.679 @ 19.f.B. The Committee consists of three Independent Directors. R.65. 2011 and Dr. (c) Service Contract. B. Amin Mr. T.f. 8.679 Mr.000 14.f.37. Mehta Dr. Patel Wholetime Director Mrs. Dalal (Chairman) Mr.H. if any Nil Shareholders I Investors Grievance Committee Shareholders / Investors Grievance Committee was constituted by the Board to monitor the redressal of the Shareholders / Investors grievances. 241h January. 29th October.000 88. The Shareholders/Investors Grievance Committee was reconstituted on 24th January. 2010 @ 1. Amin and Ms. Notice Period and Severance fees.000 14.59 lakhs for previous year 2009-1 0 as the Central Government's approval was received in the year 2010-11. Name No.R.e. Mehta Dr.37. B. M.V.019 3.39. 28th October.H. 2.e. Patel are contractual. Pathak was inducted as Member of the Shareholders/Investors Grievance Committee. 29th October. The Composition of the Remuneration Committee and the attendance of each Director at this meeting was as follows: Sr.S. 2010 •• appointed as Additional Director w. B. 2. 7. 2010. 1. Desai Dr.f.340 - - 19. - - 6.000 1.000 18. Ramamoorty Total 18.67th Annual Report _ During the financial year ended on 31st March.J. 3. 2011 one Remuneration Committee meeting was held on 'l O" June.000 8.000 6.K. Pathak Mr.000 10.000 14.000 1.000 8.019 - includes arrears of ~ 35. U. 29th October. 2.S.Pathak** * No.57.S. M. - * Ceased to be a Member of the Committee w.No.R.V. - 1. 2011 Remuneration paid to Oirectors for the Financial Year 2010-11 Sr.58. 22 . Members of Remuneration Committee Mr. Sitting Salary and other Fees Perquisites Commission - Total 1.51. 1. 9. M. Amin Chairman & Managing Director Ms.000 18.L.N.Patel** Dr.000 14.65.000 6. Rahul N. Dalal* Mr. Stock option details.85. 2010 and consequently he has ceased to be Member of Shareholders /Investors Grievance Committee. 4.e.f.

Mehta Dr. Suresh Singhal.L. 2010.S.Jyoti Ltd. . (E) Annual General Meetings The Annual General Meetings of the Company (AGMs) have been held at the following places in the last three years. 2011.00 a. A 12th August. * Ceased to be a Member of the Committee w. The Committee held four meetings during the Financial Year 2010-11 on 24111 pril.H. No. K.rn. Dalal (Chairman)* Mr.Vater • POWt~T • Prugress The Committee looks into redressal of Shareholders I Investors complaints in the matter of share transfer. There were no pending transfers as on 31st March.O.O. Industrial Area P.m. Industrial Area P. All the complaints I queries have been resolved to the satisfaction of the Shareholders. Associate Vice President (Legal) and Company Secretary had been appointed as Compliance Officer to monitor the share transfer process and liaise with the Regulatory Authorities. Members of Shareholders I Investors Grievance Committee Mr. J As required by the Listing Agreement executed with the Stock Exchanges.e. (1ST) 2009 Thursday 24th September. 2.V. Mr. non-receipt of dividend. Chemical Industries Vadodara . Industrial Area P. 24111 January.390 003 Jyoti Limited Nanubhai Amin Marg. 2010 and 24111anuary. 4. annual report etc. 2010. 1. Chemical Industries Vadodara . (1ST) 23 . (1ST) 2010 Thursday 23rd September.00 a.eJ. For the year 2008 Venue Jyoti Limited Nanubhai Amin Marg. The composition of Shareholders I Investors Grievance Committee and attendance of the Directors at these meetings were as follows:Sr. 29thOctober. 2011 8 complaints and 482 queries were received during the year under review. 2011. 2009 9. 2010 ** Appointed as Chairman of the Committee w. M. Pathak** No. of Meetings attended 2 4 3 - 3. 2010 9.m. (D) Subsidiary Company The Company has no Subsidiary Company. 28th October. Chemical Industries Vadodara . Desai Dr.f.390 003 Day and date Thursday 25111 September. B.".O.390 003 Jyoti Limited Nanubhai Amin Marg. 2008 Time 9. U.00 a. The status report of shareholders complaints and redressal thereof is prepared and placed before Shareholders / Investors Grievance Committee.

Other Information The Company has its own web site http://www. (1ST) Wednesday 30th March.jyotLcom on which other related information is available. The Register of Contract for the transactions in which Directors are interested is placed before the Board regularly for its approval. Vadodara. Chemical Industries Vadodara .30 a.O. These results are also placed on Company's web site. (G) Means of Communication (a) Financial Results The quarterly and half-yearly Unaudited Financial Results and the Annual Audited Financial Results are published in Indian Express. Ahmedabad. Financial Express. The Company has complied with all the requirements of the Listing Agreement with the Stock Exchanges as well as Regulations and Guidelines of SEBI.30 a. SEBI or any Statutory Authorities or any matter related to Capital Markets.2010 Time 10. including the Special Resolutions were duly passed by the Shareholders with the requisite majority in each case. No penalties or strictures have been imposed by SEBI. P. (b) 24 . No Resolution requiring Postal Ballot was required/ placed at the above Meetings.rn. Venue Jyoti Limited Nanubhai Amin Marg Industrial Area. Mumbai and Economic Times. (b) CEO I CFO Certification The Chairman and Managing Director and Vice President (Finance) looking after finance have certified to the Board compliance in respect of all matters specified in sub-clause V of clause 49 of the Listing Agreement. (1ST) Note:All the Resolutions set out in the respective Notices for the above Meetings. (F) Disclosures (a) Disclosures on materially significant related party transactions There were no materially significant related party transactions that may have potential conflict with the Company at large.rn.67th Annual Report Details of the Extraordinary General meeting of Members held during the year 2010-11 for obtaining approval for issue of Preferential Shares.O.390 003 Day and date Tuesday 24th August. Ahmedabad.2011 9. Economic Times. penalties. Chemical Industries Vadodara .390003 Jyotl Limited Nanubhai Amin Marg Industrial Area. (c) Details of Non·Compliance by the Company. P. Stock Exchanges or any Statutory Authorities on matters relating to Capital Markets during the last three years. stricture imposed on the Company by the Stock Exchanges.

390 003 (b) Financial Calendar Indicative calendar of events for the year 2011-12 (April to March). 8th September. 2012 (c) Book Closure The Company's Register of Members and Share Transfer Books will remain closed for the purpose of Annual General Meeting and Dividend.. 2011 at 9. is as under: Fourth Quarter (year 2010-11) Results First Quarter Results Annual General Meeting Second Quarter Results Third Quarter Results 5th May. Jyoti Limited Nanubhai Amin Marg. Chemical Industries. ~Vater • Power • Progress (H) (I) Management Discussion and Analysis Report The Management Discussion and Analysis Report forms part of the Annual Report. Phiroze Jeejeebhoy Towers Dalal Street Mumbai . 2011 January/February.m. (e) listing on Stock Exchanges The Company's Equity Shares are listed on the Stock Exchanges located at: • Mumbai • Vadodara (Listing Fees have been paid till date to both the Stock Exchanges) Address of the Stock Exchanges:The Stock Exchange-Mumbai 25th Floor. 2011 to 2200 September. of the Company's Equity Shares in Demat form Depositories Connectivity 25 . 2011 (both days inclusive) (d) Dividend Dividend would be paid on or after 22nd September. if any. excluding Extra Ordinary General Meetings. 2011. Fortune Towers. Sayajiganj Vadodara . 22ndSeptember.400 001 The Vadodara Stock Exchange ltd..Jyoti Ltd. Dalal Street. date and time Venue Thursday. Industrial Area P. Vadodara .390 005 SSE 504076 VSE 4076 INE 511 D01012 NSDL and CDSL Stock Code of the Company ISIN No. 2011 July/August 2011 22ndSeptember. General Shareholders' Information (a) Annual General Meeting Day.2011 October/November.O. .00 a.

2010 May.55 68.57 18038.91. October.50 75.92 0.85 0.75 92.80 18690.28.00 - .778 Percentage % Number of Shares 15.41.39.12 19768.227 1.28 2.20 85..91 2.27 20267.99 18027.25 79.00 86.20 100.821 3.08.40 100.95 of ~ 10 each (~) 58.95 0.09.21 0.15 16318. Indian 4.074 62. shares traded SSE High Low High 18047.48 17295.15 85.05 1.643 1.00 1501 1001 2001 3001 4001 5001 - 95.08 0. 2011) Category Number of Shareholders 500 1000 2000 3000 4000 5000 22. December. 2011 Equity Shares Sr.859 1. No.90. February. 2010 July.59. 4. Public Insurance Bodies Percentage (%) 19. 2010 August. 5.26. 2010 June.62 17792.20 83.67th Annual Report (I) Market Price Data The Market Price of the Company's year 2010-11 was as follows : Year 2010-11 Month April. 1.992 Percentage % 8.125 1.55 21108.26. 7.600 1.86 17919.50 102.30 93.10000 Total 10001 and above 26 . 8.00 Private Corporate NRls/Foreign Total Any Other .58 17819.50 125.85 87.30 97.990 65 Companies 8. of Equity Shares held 34.14 0. 2.05 118. No.35 110.00.07.50.39 17395.40 March.98 20854.71.23 4.889 3.10 69.749 495 227 83 41 33 57 93 23.85 92. 2010 2010 201O 2010 2011 2011 2010 September.67 2.74 100.24 0.16 in Mumbai Stock Exchange SENSEX Low 17276.43 0.00 94.80 15960.90 105.823 1.55 89. January.96 18954. 2011 (9) Shareholding Pattern as on 31st March.820 4.92 2.59 - Category Promoters Friends Mutual Sanks. 6.56.86 17536.875 2.17 during the (~) 73.64 20552.12.187 56.84 36.17 0.681 Company 7. 3.03 20664.ls.28.35 0.50 74.992 & Relatives Funds & UTI F.Directors (h) Distribution of Shareholding (as on 31st March.85 93.45.25 33.62 18237.82 19074. November.71.56 18475.58 81.29.305 1.97 19575.

390 007 Tel. Plant Locations The Company's Plants (Main Plant.Jyoti Ltd.com Website http://www. Vadodara . : 0265-2339397. Sampatrao COlony.30..49. The Company has appointed MCS Ltd. Chairman & Managing Director of the Company. I. are transferable through depository system.com (n) Address for Investor Correspondence JYOTI LIMITED Company Law Department Nanubhai Amin Marg.jyoti.84. 2011 representing 87. (a Promoter Group Entity) with an option to subscribe to one fully paid up Equity Share of ~ 10 each for every Equity Warrant aggregating upto 8. hereby declare that the Board Members and Senior Management Personnel have affirmed compliance with the Code of Conduct for the year ended 3151 March.80.192 Shares were in dematerialised form as on 31st March. likely to impact on Equity The Company had issued 8. Dematerialisation of Shares The Equity Shares of the Company are traded compulsorily in the dematerialised form. Alkapuri. 2011 27 .com Shareholders holding shares in Demat Mode should address all their correspondence to their respective Depository Participants.. in compliance with Securities and Exchange Board of India's requirement.COMPLIANCE WITH THE CODe OF CONDUCT In accordance with clause 49 of the Listing Agreement with the Stock Exchanges.000 Equity Warrants into Equity Shares of the Company and the balance 5.390 003 Gujarat (India) Phone 0265 .f.000 Equity Warrants are still to be converted. DECLARATION .2350490 Fax: 0265-2341639 E-mail: mcsltdbaroda@yahoo. 2011. Amin Chairman & Managing Director Vadodara 30th June. Switchgear Plant and ECS Division) are located at Vadodara.48% of the total Shares. .000 Equity Warrants to Insutech Industries Pvt. 2010.e.3054444 Fax: ++91-265-2281871/2280671 E-Mail secretary@jyoti.O. The Company has entered into an agreement with both National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) whereby the Shareholders have the option to dematerialise their shares with Depositories. Demat ISIN Number in NSDL and CDSL for Equity Shares is INE 511 001012.e.000 Equity shares at an exercise price of ~ 83 per Equity Share.50. 88. Industrial Area.) MCS Limited Neelam Apartment. P.2314757. 1.-'\er • l'rogl'('~~ (i) 0) (k) (I) Share Transfer Process The Company's shares being in compulsory demat list. Amin. (m) Registrar & Share Transfer Agents: (For both Physical & Electronic Transfer etc.80. \\'aLcr • POI.. 1st April. Ltd. Outstanding GDRs I ADRS/ Warrants or any Convertible Instruments. 2003. have exercised the option to convert 3. The Equity Warrants will have a currency period of not exceeding 18 months from the date of allotment of Equity Warrants i. Ltd. as its Share Transfer Agent for both physical and demat segment of Equity Shares w. Chemical Industries Vadodara . Out of which Insutech Industries Pvt. For JYOTI LIMITED Rahul N. Rahul N. 7th September.

No. 2011 28 . In our opinion.: 103047W Vijay H.H. The compliance of conditions of corporate governance is the responsibility of the Management. and to the best of our information. Our examination was limited to procedures and implementation thereof. For V. we certify that the Company has complied with conditions of corporate governance as stipulated in the above mentioned Listing Agreement. Gandhi Proprietor M. 2011 as stipulated in Clause 49 of the Listing Agreement of the said Company with stock exchanges.67th Annual Report ANNEXURE 'C' TO DIRECTORS' REPORT CERTIFICATE OF COMPLIANCE We have examined the compliance of conditions of corporate governance by Jyoti Limited for the year ended on 31s1 March. 35581 Vadodara 30tl1 June. It is neither an audit nor an expression of opinion on the financial statements of the Company. We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company. adopted by the Company for ensuring the compliance of the conditions of corporate governance. and according to the explanations given to us and the representations made by the Directors and the Management.Gandhi & Co. Chartered Accountants Firm Reg. No.

Fertilisers. where a stronger business potential has been established. Paper. Established in 1943. Cement. is serving the vital fields of national and international economy such as: Power (Thermal. infrastructure projects are likely to gather further momentum. The Government of India has announced increased focus on investment in infrastrudure sector. All Divisions are ISO 9001 certified. The Government also envisages significant capacity addition in the coming years thereby creating a huge demand for supply of power generation equipments. Chemicals and Petro-chemicals It also undertakes turnkey contracts involving civil and electrification projects. A large number of independent Power Companies are also setting up Power Plants. The growth in the Indian electrical industry seems sustainable as most of the transmission and distribution projects are in full swing. Opportunities and Threats With India's ever growing requirements of power and water and addition of their capacity planned by the Government. According to the Indian Electrical and Electronics Manufacturers' Association (IEEMA). The Company has a major presence in the small Hydro and large Lift Irrigation sectors. Rotating Electrical Machines (REM) and Switchgear and Switchboards. which would result in increased capacity of generation in the years to come. So. Water and Power are the two key drivers of any economy and India needs to do much in these sectors to catch up with the developed and emerging economies. there exists substantial opportunity for the Company as its products are geared up for this sector. revival of housing projects and other projects helped the industrial growth. Policy initiatives to speed up power sector development. This would result in further intensification of competition leading to price pressures. With financial year 2011-12 being the last year of the current five-year plan. today Jyoti Ltd. driving growth for electrical equipment. is a leading engineering Company offering high quality products and services to clients in India and in the international market. there are certain policy decisions by the Centre for possible Infrastructure Developments like Irrigation and Power which govern investment in these sectors. 29 . the electrical equipments sector recorded growth of 14% in actual terms. Mainly. Also. Hydel Systems. new international players are making a thrust in the Indian market by creation of additional manufacturing capacities. The Company has achieved the record turnover of ~ 384 crores for the year under review due to robust growth witnessed in the Water and Power sectors. The economic growth planned by the nodal agencies of the Government will be a yard stick for the investment in infrastructure sectors. Transmission and Distribution Agriculture. the target of adding 120 gigawatt of power capacity in India during the 12th plan period (2012-17). With the globalisation. will offer immense opportunities for this sector. long term outlook for the industry is good. it has 4 Divisions: Engineered Pumps and Project Division (EPPD). Sugar. providing irrigation through pumping systems Water Supply and Sewerage Schemes Defence-particularly Naval and Marine Establishments Core Industries like Steel. Outlook Power and Water sector continues to be the priority sector for the Government. Water • Power oj Pn'b-ress Management Discussion and Analysis Industry Structure and Developments Jyoti Ltd.Jyoti Ltd. There is a stringent need for improving per capita energy consumption because of population growth and widening gap between demand and supply of power. Opportunities also lie in exports of electrical equipments as India's share in global exports of these equipments are merely 1%. Hydel and Nuclear) Generation. In India. with this in mind. the two sectors in which it mainly operates.

increasing the productivity through latest state-of-art techniques and processes are pre-requisites for restoring health and normal growth of any industry. The Company is positive on outcome of all these efforts and is confident of achieving better performance in the future. A large number of internal as well as external training programmes were conducted to enhance the skill and knowledge of all categories of employees. Various HR initiatives have been taken to align HR Policies of the Company with the growth projections of the Company.83 crores if abnormal and non-recurring interest recompense amount. although the Company's equipments are delivered to the site.86 crores (47% increase over previous year). While the inventory has remained under control. 30 .22 crores (25% increase over previous year) and PAT of ( 11. The Audit Committee of the Board of Directors reviews the Internal Audit Reports. the Company achieved EBIDTA margin of ( 46. need right perspective and understanding for the working capital management by the Company. etc. The Company continued its efforts to face a challenging business environment by building the capability of its human resources through various initiatives in development and training of employees at all levels. Secondly. the Company continued to have cordial and harmonious relations with its employees. Pre-audits are carried out for certain important transactions. Internal Control Systems The Company has strengthened its Internal Control and Audit aspects by appointing outside agency for Internal Audit of certain important aspects of operations. The Company is also working on cost reduction and improving operational efficiency in various ways sikh as new vendor development. The PBT margin would have been better by ( 9. Thus.67th Annual Report Risk and Concerns The competition is expected to be more aggressive leading to price pressures. The Company focuses on building an organisation through induction and development of talent to meet current and future needs. coupled with equity infusion. Segment-wise Performance This is not applicable to the Company as there is only one identified reportable segment. has strengthened financial position of the Company. apart from usual transactional verifications.83 crores (32% increase over previous year). the sundry debtors have gone up. acquisition of versatile and latest technologically advanced equiprnents. the erection and commissioning of such contracts are delayed beyond six months due to various reasons beyond the Company's control. It is surmised that sustained investment in infrastructure. 2011. Uncertainty in Global economic growth coupled with inflationary pressures is expected to impact the growth rate in India and consequently the Company's operations. It needs to be mentioned that the Company is in capital goods industry having EPC contracts undertaken for large irrigation projects and small and medium hydro projects. The Company has a total manpower of 950 as on 31st March. The improvement in the profitability. provided in the year under review. many a times. Human Resource The Company considers its employees as its valuable assets. is excluded. PBT margin of ( 15. Financial Performance and Operational Efficiency On the net sales of ( 383. There are adequate checks and controls to ensure compliance of various statutes. wherein most of the sales (about 40% 45%) are achieved in the last quarter of January to March every year. R&D efforts on material cost saving.01 crores (52% increase over last year). therefore. Long execution period of large Irrigation Projects with extended cycle time of cash flows is another area of concern. During the year under review. the performance has been encouraging. These aspects of the Company's business. stability of Government policies.

. 35581 31 . 2004 (together the 'Order'). Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements.. 2011 from being appointed as director in terms 'ot clause (g) of Sub section (1) of Section 274 of the Companies Act. Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the Accounting Standards referred to in Section 211 (3C) of the Companies Act. 2. . we report that none of the directors is disqualified as at 31st March. An audit includes exarnininq. as well as evaluating the overatt financial statement presentation. Power . of the Cash Flows for the year ended on that date.. H.directors of the Company as at : 31st March. proper books of account as required by law have been kept by the company so far as appears from our examination of those books.: 103047W 1 e) f) Vadodara 30th June. 2011 and taken on record by the Board of Directors of the Comp. . 2003. as at 31 st March. In our opinion. The Balance Sheet. give the information required by the Companies Act. 2011. Further to our comments in the annexure referred to above. 4. of the state of affairs of the Company as at 31 sf March. On the basis of written representations received from the. No. 1956. Progress AUDITORS' REPORT 1. on a test basls. 2011 Vijay H. 3. Gandhi Proprietor MwNo. and iii) in the case of the Cash Flow Statement. 2011. Gandhi & Co. As required by the Companies (Auditors' Report) Order. Profit & Loss Account and CaSh Flow Statement dealt with by this report are in agreement with the books of accounts. .. evidence supporting the amounts and disclosures in the financial statements. 1956. to the extent applicable. in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: i) in the case of the Balance Sheet. we report that: a) b) c) d) We have obtained an the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit. we give in the annexure a statement on the matters specified in Paragraphs 4 and 5 of the said Order. the said accounts read together with the notes thereon. These financial statements are the responsibility of the Company's management. 1956. the Balance Sheet. Chartered Accountants Firm Req. To the Members of JYOTI LIMITED We have audited the attached Balance Sheet of Jyoti Limited. In our opinion.' -.Jyoti Ltd.' ~ ~~ \tVater . of the profit of the Company for the year ended on that date. it) in the case of the Profit and Loss Account. issued by the Central Government of India in terms of Section 227(4A) of the Companies Act. as amended by the Companies (Auditor's Report) (Amendment) Order. In our opinion and to the best of our information and according to the explanation given to us. the Profit and Loss Account of the Company for the year ended on that date and also the Cash Flow Statement for the year ended on that date annexed thereto. Our responsibility is to express an opinion on these financial statements based on our audit. For V.. 1956. An audrt also includes assessing the accounting principles used and significant estimates made by the management.any. We beJieve that our audit provides a reasonable basis for our opinion. We conducted our audit in accordance with auditing standards generally accepted in India.

(v) (a) (b) The particulars of contracts or arrangements referred to in Section 301 of the Companies Act. In our opinion the same is reasonable having regard to the size of the Company and the nature. 1956 and the rules framed thereunder} where applicable} have been duly complied by the Company. there is an adequate internal control system commensurate with the size of the Company and the nature of its business. As informed to us. In our opinion and according to the information and explanations given to us. firms or other parties covered in the register maintained under Section 301 of the Companies Act. • (vi) In our opinion and as per information and explanations given to us. (c) (ii) (a) No substantial part of fixed assets has been disposed off during the year. to us.. the Company has not taken any loans. (c) (iii) (a) (b) (iv) In our opinion and according to the information and explanations given to us. secured or unsecured from companies. The Company is maintaining proper records of inventory. the directives issued by the Reserve Bank of India and the provisions of Sections 58A and 58AA or any other relevant provisions of the Companies Act. (b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. No material discrepancies have been noticed on physical verification of stocks. Hence. 1956 have been so entered in the register required to be maintained under that section. secured or unsecured to companies. the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. (viii) We have broadly reviewed the books of account and records maintained by the Company relating to manufacture of Electric Motors & Generators and Power Driven Pumps. pursuant to 32 . According to the information and explanations given to us. including quantitative details and situation of Fixed Assets. According to the information and explanations given. we state that :(i) (a) (b) ----------~------~--------------------------~-and in terms of the information The Company has maintained proper records showing full particulars. Fixed Assets have been physicaUy verified by the management during the year as per the phased programme of physical verification of fixed assets. provision of sub clauses 4 (iii) (1) & (g) are not applicable to the Company. there is a scope for increasing the coverage so as to be commensurate with its size and nature of its business. for the purchase of inventory. firms or other parties covered in the register maintained under Section 301 of the Companies Act. of its fixecLassets. The inventory (except those lying with contractor and at Site) has been physically verified during the ·year by the management at reasonable intervals. (c) & (d) are not applicable to the Company.67th Annual Reoort ~ Annexure referred to in Paragraph 3 of our Auditors' Report of even date on the Financial Statements for the year ended on 315t March. No material discrepancies were noticed on such venftcatlon. (vii) In our opinion the Company has an internal audit system. . 1956. fixed assets and for the sale of goods and services and there is no continuing failure to correct major weaknesses in internal control system . 2011 of Jyoti Limited. Hence. the Company has not granted any loans. On the basis of such checks as we considered appropriate and explanations given to us. provisions of sub clauses 4 (iii) (b). However. the programme is such that aU the fixed assets will get physically verified in three years time. 1956.

Custom Duty. Income tax. 1961 (Income Tax) Income Tax Act. 31. Sales tax. 1961 (Income Tax) Wealth Tax Act. Service tax. We have. Income tax. We are informed that there are no undisputed statutory dues as at the year end. Name of the Statute no & Nature of Dues 1 2 (b) Total Demand (~ Lakhs) • 87. 10 Central Sales Tax Act. Cess and any other statutory dues applicable to it.20 • 1. (~ Lakhs) Sr. undisputed statutory dues including Provident Fund. it is generally regular in depositing with appropriate authorities. 1957 (Wealth Tax) Wealth Tax Act. Custom Duty. April.04 To Commissioner of Central Excise & Customs (Appeals) Nov.Jyoti Ltd. the order made by the Central Government for the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Companies Act. 1956 and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. Dec. (ix) (a) According to the records of the Company. According to the records of the Company the following dues of Sales tax.04 • 0. 1961 (Income Tax) Income Tax Act.09 1. 1957 (Wealth Tax) The Finance Act. The Company has not incurred cash losses during the financial year covered by our audit and in the immediately preceding financial year.00 • 22. the Central Government has not prescribed the maintenance of cost records for any other product of the Company. Wealth tax.1956 ( Central Sales Tax) * Note :. To the best of our knowledge and according to information and explanations given to us.60 Period 1989-90 1994-95 1995-96 1996-97 2000-01 1992-93 1993-94 1994-95 Forum where dispute is pending Commissioner of Income Tax (Appeals) Commissioner of Income Tax (Appeals) Commissioner of Income Tax (Appeals) Income Tax Appellate Tribunal Income Tax Appellate Tribunal Income Tax Appellate Tribunal Income Tax Appellate Tribunal Income Tax Appellate Tribunal Income Tax Act.53 ·20.16 3.05 To Assistant Commissioner of Central March.81 (x) The Company does not have any accumulated losses as per Balance Sheet as at the end of the financial year. outstanding for a period of more than six months from the date they became payable.09 2006-07 Joint Commissioner of Commercial Taxes (Appeals). 1961 (Income Tax ) Income Tax Act. Cess have been deposited as under.38 • 11. not made a detailed examination of the records with a view of determining whether they are accurate or complete. however. Investor Education and Protection Fund. 1961 (Income Tax) Income Tax Act.10 Excise & Customs & Service Tax.31 • 12. Excise Duty. 1957 (Wealth Tax) Wealth Tax Act. Service tax.Amount deposited.10 Excise & Customs. 33 . 1994 ( Service Tax ) 3 4 5 6 7 8 9 April. Excise Duty. Employee' State Insurance.19 9.08 To Additional Commissioner of Central March.18 • 1. Wealth tax.

at the price which is not prejudicial to the interest of the Company. 15 of Schedule 18. In our opinion and based on information and explanations given to us by the management. Refer Note No. debentures and other securities. The Company has not raised any funds through Public issue during the year. (xv) (xvi) (xvii) According to the information and explanations given to us.35581 Vadodara 30th June. and on an overall examination of Balance Sheet of the Company. H. (xix) (xx) (xxi) The Company has not issued debentures during the year. For V. Gandhi Proprietor M. The provisions of any Specified Statute applicable to Chit fund or a Nidhi I Mutual Benefit Fund I Societies are not applicable to the Company under clause 4(xiii) of the said Order. no fraud on or by the Company has been noticed or reported during the course of our audit.67th Annual Report (xi) (xii) (xiii) (xiv) _ The Company has not defaulted in repayment of dues to any financial institution. The Company has not granted any loans and advances on the basis of security by way of pledge of shares. the Company has made preferential allotment of Equity Shares to the parties and companies covered in the register maintained under Section 301 of the Companies Act. bank or debenture holders. Accordingly. In our opinion. No. securities.No. Chartered Accountants Firm Reg. debentures and other investments. we report that funds raised on short-term basis have not been used for long-term investment. Gandhi & Co. 2011 34 . The Company has not given any guarantee for loans taken by others from bank or financial institutions. (xviil) According to the information and explanations given to us. the provisions of clause 4 (xiv) of the Order are not applicable to the Company. the term loans have been applied for the purpose of which they were raised. the Company is not dealing in or trading in shares. 1956. As per information and explanations given to us.: 103047W Vijay H.

39.31.50.01.289 41.55.00. H.03.03.56.5?_.71.943 1.458 10.39.019 35.813 27. J. Pathak Vadodara 30th June.71.72. Fixed Assets (a) Gross Block (b) Less: Depreciation (c) Net Block (d) Capital Work-In-Progress 2. II APPLICATION OF FUNDS 1. 35581 Vadodara 30th June.12.57.747 31.69.46.981 37.22.548 13.24. 3.246 7.699 1.392 12.640 52. 2011 Ajay Kamdar Vice President (Finance) SUresh Singhal Associate Vice President (Legal) & Company Secretary 35 ~!.48.03.13.400 1.76.52. S.35.515 2. Amin U.323 72.60.08.32.?§.12. R.00.80.21.376 Notes on Accounts As per our Report attached For V.22.88.500 94.69.429 42.81. M.87.68.: 103047W Vijay H.044 1.279 1.11. BALANCE SHEET as at 31st March.89.09.55.35.330 1.12.52.990 1.89.662 17. T.43.829 65.52.34. Loan Funds (a) Secured Loans (b) Unsecured Loans (c) Deferred Payment Credits Guaranteed by the Banks Deferred Tax Liabilities (Net) As at 31-03-2010 ~ ~ 2 17.8_24 Rahul N.26.33.39.276 73.67. K.39.06.64.301 33.469 91. Chartered Accountants Firm Reg.920 1. 2011 .192 25.97.41. No.840 18 1.43. Investments Current Assets.06.09.63. No.05.193 3.20.824 3 4 1.07.30.369 1.56.03.97. B.55. Desai B.81.67.~2. H.381 2.98.28.36.110 70.33.55.677 1.051 3.01.97.15.12.34.858 1.Jyoti Ltd.48.61.52. Patel Ms.18. 2011 As at 31-03-2011 Schedule SOURCES OF FUNDS 1.076 1. Loans and Advances (a) Inventories (b) Sundry Debtors (c) Cash and Bank Balances (d) Loans and Advances Less : Current Liabilities and Provisions (a) Current Liabilities (b) Provisions Net Current Assets 5 1.90.703 1. R.66. Gandhi & Co.19. Patel Dr.46.98.40.64.298 39. Amin Chairman & Managing Director Directors Mrs. Shareholders' Funds (a) Share Capital (b) Equity Warrants (c) Reserves and Surplus 2.33.86.415 1.13.00._19~ 1.24.70.02. Gandhi Proprietor M.015 6 7 8 9 10 11 1. V. Mehta Dr.34.436 1.43.77.23.71.909 20.60.18.129 1.83.52.278 12.14.68.76.19.

31.114 2.: 103047W Vijay H.95.74.37.462 (Refer Schedule 18 . Components and Others Manufacturing.88.02. 14) Depreciation ~ 4.439 11.47.04.38. M.76.10.65. Mehta Dr.74.Note No.743 20. Gandhi & Co.698 3.902 28.18.51.34.059 3.570 4.38.05.879 ~ 2.929 2. 12) Profit after Taxation Balance brought forward Profit available for appropriation Proposed Dividend Tax on Dividend General Reserve Balance carried to Balance Sheet Earnings per share (Basic & Diluted) (in ~) Notes on Accounts As per our Report attached For V.180 2. V.81.864 21. R.Note No.577 13 14 15 16 2.76.156 3.83.99.823 65. No.511 4. _ 2009-2010 ~ 3.11.819 (3. Pathak Vadodara 30th June.29. H.07.970 47.70.76.54.501 29. S.624 11.06.4) (Increase) / Decrease in Stock Profit before Taxation Provision for : Current Tax Deferred Tax (Refer Schedule 18 .52.35.35.03.185 17 3.000 2. Selling and General Expenses Research and Development Expenses Interest Charges (Refer Schedule 18 .71.54.64.51.59.381 13.30.82.89.398) 3. 35581 Vadodara 30th June. Amin U.27. B.19.00.68.463 23.72.78.50.08 2.17. Administrative. H.12.19.83.98. 2011 2010-2011 Schedule INCOME Sales.22 Ms.938 11.04.Gross Less : Excise Duty Net Sales Other Income EXPENDITURE Consumption of Raw Materials.21.790 33.67th Annual Report PROFIT AND LOSS ACCOUNT for the year ended on 31st March.47.818 18.62.63. Patel .80.49.717 11.94.49.226 2. T.19.05.078 2.65. 2011 Ajay Kamdar Vice President (Finance) Suresh Singhal Associate Vice President (Legal) & Company Secretary 18 Rahul N. J.647 Less: Transferred from Revaluation Reserve ~ 8.93.463 6.50.56.02. Amin Chairman & Managing Director Directors Mrs.59.00. Chartered Accountants Firm Reg. 2011 36 .135 7.92. R.86.19.554 12 2.497 2.82.69.8.40.421 15.48.440 12.516 2. Gandhi Proprietor M. K.000 25. Patel Dr.29.21.90.338 4.70.60.93.10.057 2.Note No.159 4.89.544 8.83. Desai B.09.03.87.81.00.28.951 1.86.82.91.146 .98.84.65. No. Contracts and Service Income .22.08.393 5.

841 1.864 Equity Shares of \ 10 each) Notes: The above includes: 1) 34.58. 11.48.00.28.58.67. 15) 2) 6.71.743 Profit and Loss Account 20.58.04.000 Shares alloted as fully paid-up Bonus Shares by Capitalisation of General Reserve 17.44.RESERVES AND SURPLUS 4.379 1.58.68.920 12.000 25.Note No.97.303 8.128 Equity Shares issued during the year at a premium of ~ 102.36. 15) General Reserve As per last Balance Sheet Add: Transfer from Profit & Loss Account 34.74.640 SCHEDULE 2 .29.00.85 per Share (Refer Schedule 18. 15) 3) 6.50.06.199 25.Note No.146 94.Jyoti Ltd.97.84.4~~58 _.12.000 34.43.Note No.992 Equity Shares of ~ 10 each (Previous Year 1.04.841 8.65!743 29.38!462 4.000 25.70.000 Issued.25.98.065 66.326 32.59.00.48.00.06.64.26.SHARE CAPITAL Authorised 2.462 4.35.000 25.84. Subscribed and Paid up 1.00.326 29.89.01 . vvater • Power • Progress SCHEDULES To Balance Sheet and Profit and Loss Account As at 31-03-2011 \ As at 31-03-2010 ~ SCHEDULE 1 .463 52.000 34.00.000 Equity Shares of ~ 10 each 25.65.58.00.199 25.326 Revaluation Reserve As per last Balance Sheet Less: Deduction/Adjustment during the year Capital Reserve Capital Redemption Reserve Share Premium Account As per last Balance Sheet Add: Addition during the year (Refer Schedule 18.89.per Share (Refer Schedule 18.00.50.00.391 4.50.000 Equity Shares issued during the year at a premium of ~ 73/.04.00.829 --- 37 .97.38.00.43.

27. The term loan from Technical Development Board is secured by first charge on the assets created for Wind Turbine Project both.semi finished and finished goods.907 91.000 1.53.90.00. present and future.00.00. Dist. From Banks Term Loans ii 2.33.03.SECURED LOANS 1.66.07.57.662 26.24.246 From Technical Development Board Interest Accrued Notes :1) The term loans. Further.67.422 76.61.27.67th Annual Report As at 31-03-2011 As at 31-03-2010 ~ SCHEDULE 3 .29.44.000 2.92.330 38 . all in the State of Gujarat. Vadodara. cash credit facilities. Cash Credit on above (Since paid) ~ 41. Dist.78. 3. Gorwa.60.000 1. secured by the personal 2) 3) SCHEDULE 4 .330 7. furniture.000 3. Other Loans 14.265 1.07.32. bills receivables and book debts. office equipments and all other movable and immovable properties.42.64.90.50. Anand and Moje Sama in registration District and Sub-District of Vadodara.64. Mogar. consumable stores and spares.323 17. these facilities are also guarantee of Promoter Directors.975 2. (except those created in favour of Technical Development Board) both present and future of the Company situated at Kasba.75. Dist.323 5.21.UNSECURED LOANS 1.interest accrued and due thereon and non-fund based facilities are secured by a first charge created in favour of consortium banks. fixtures. Vadodara.65.50.61. on the stocks of raw materials.555 58.00. Short Term Loans From Banks From Others 2.784 2.

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94.360 10.00.000 1.86.67th Annual Report SCHEDULE 6 .64. Kirloskar Electric Co. Mather & Platt Pumps Ltd.130 200 900 360 500 40 8 500 620 2 30 9 50 1.700 2.400 578 11.000 10 10.163 32. Voltas Ltd.000 11.000 500 10. AREVA T&D India Ltd. Face Value As at 31-03-2011 As at 31-03-2010 ~ ~ ~ 2.020 1. ABB Ltd.838 Ltd. Advance Bio-Coal (India) Ltd.694 1. KSB Pumps Ltd. Kirloskar Brothers Ltd.500 40 .000 1. Larsen and Toubro Ltd.23.000 1. Best & Crompton Engg. r ~" Shares Quoted SLM Maneklal Industries Ltd. 10 50 1.694 1.67.67.500 10.64.288 437 500 78 77 5.000 30. Mather & Platt Fire Systems Ltd. Ltd.000 1.700 2. S & S Power Switchgear Ltd.163 32.056 546 4.000 6.795 6.360· 10.050 50 335 50 350 10 100 300 600 100 2 10 1 10 2 2 10 10 2 10 10 10 10 2 10 2 10 2 2 10 10 10 790 5. Government 6/7 Years National Savings Certificates (~ 1.19. Unquoted Jyoti Sohar SWitchgear LLC @ (1 RO each).000 1.360 deposited with Government) Sardar Sarovar Narmada Nigam Ltd.000 11.64.000 500 10. Ltd. Unquoted Engineering Raw Materials Consumers' Corpn.288 437 500 78 77 5.64.64.000 1.94.000 6.64. WPIL Ltd.19.729 6. Suzlon Energy Ltd. MPIL Corporation Ltd.056 546 4.819 58 869 261 7.000 1.360 1. UltraTech Cement Ltd.819 58 261 7. Comp-U-Learn Tech India Ltd. Elpro International Ltd.795 6.400 578 11. II OTHER INVESTMENTS Securities (Unquoted) A.000 10 32.47.73.00. Ltd.000 86.73.729 6.000 86. International Pumps & Projects Ltd.000 1. LONG TERM INVESTMENTS TRADE INVESTMENTS Quoted JSL Industries Ltd. Crompton Greaves Ltd.360 B.969 790 5.360 10.00. Easun Reyrolle Ltd.INVESTMENTS (at cost) Nos.000 30. Siemens Ltd. Alternative Energy Industries 10 2.000 32.24.

39.86.990 SCHEDULE 8 .19.298 Market Value ~ 50.64.07.18.460) 1.61.Operative Bank Ltd.32.00.89.34.000 1. valued and certified by the Management) Raw Materials and Components Work-in-progress Finished Goods 11.19.48.00.34.600 1.52.63.08.41.829 42.97.02.63.000 10 25 25 As at 31-03-2011 ~ 6.500 11.55. Ltd.000 2.58.18.Jyoti Ltd" Nos.219 39.969 (34.64. Others (Unquoted) Gujarat Small Industries Baroda Industrial Development Corp.62. C.77.838) 1.34.429 Aggregate Cost and Market Value of Investments a) Quoted Investments b) Unquoted Investments Cost ~ 34.000 1. Uma Co.951 28.78. CONSIDERED GOOD Over Six Months Others 54. Gujarat State Financial Corporation Co-Operative Bank of Baroda Ltd.500 11.600 1.56.00.13.00.10.52.241 1. Face Value ~ 100 1.18.SUNDRY DEBTORS UNSECURED.90.34.000 2.32.34.163 2.165) 60 132 100 100 440 Total Face Value Equity investments in this Company carry certain restrictions on transfer of shares that are normally provided for in joint venture agreement.000 1.19.13.26.100 1.18.460 (1.375 3.19.951 1.46.94.981 38.17.INVENTORIES (As verified.429 (1.288 1.100 1.396 24.000 1.69.49.47. SCHEDULE 7 .693 1.943 11.192 41 .702 (50.298) * @ As at 31-03-2010 ~ 6.

13.501 9.21.13.70.098 28.94.54.16.000 37.50.000 10.949) With Scheduled Banks In Current Accounts In Fixed Deposit Accounts [Pledged with Government Departments ~ 10.677 42 .68.30. CONSIDERED GOOD Advances recoverable in cash or in kind or for value to be received Advances to Staff Advance Payments of Income-tax (Net of Provisions ~ 13.Others Advances from Customers and Others Interest accrued but not due Unclaimed Dividend (Refer Schedule 18 .32.70.76.00.73.86.56.41.48.46.26.42.16.99.220 1.91.39.29.CURRENT LIABILITIES AND PROVISIONS Current Liabilities Sundry Creditors . Previous Year ~ 2.LOANS AND ADVANCES UNSECURED.77.28.422 5.792 27.470 7.67rt1 Annual Report-----------------As at 31-03-2011 As at 31-03-2010 ~ SCHEDULE 9 .83.550 11.60.81.27.250 19.436 1.54.Note No.30.04.756 23.127 12.842 6.05.207 10. 18) Provisions Proposed Dividend Tax on Dividend Employee Benefits 1.739 33.43.80.52.979.051 21.356 3.641 13.29.790 33..02.969.71.753 12.624 11.48. Op. Bank Ltd.CASH AND BANK BALANCES Cash (including Cheques on hand ~ 44.359 ~ 2.23.13.05.209 1.399 80.864 21.34.000 25.33.813 SCHEDULE 10 .18.430 30. (Previous Year ~ 19.220 5.33.90.05.392 2.21.47.40.815 24.381 SCHEDULE 11 .25..90.13.548 1.03.81.71.72.79. Jaipur Uttar Pradesh State Land Development Co.167 6.81.000) and with Scheduled Banks against Margin for guarantees/letters of credit given by the Banks ~ 22.000.00. (Previous Year ~ 10.97.29.044 1.47.22.99.26.56.700) 25.47.15.43.301 10.97.11.000 10.88.949 1.43.107)] In Fixed Deposit Accounts Rajasthan Rajya Sahkari Bhoomi Vikas Bank Ltd.Micro and Small Enterprises .129 1. Lucknow 67.109 1.84.

79.858 3.OTHER INCOME Income from Investments (Gross) On Trade Investments On Other Investments ~ 34. Wages.04.668 44.82.595 1.635 21.MANUFACTURING.24.000 43 .908 86.908 7.497 Interest Profit on Sale of Fixed Assets Miscellaneous Income Profit on Sale of Investment Party Plot Income Bad debts earlier written off now realised Use of Trade Mark Difference in Foreign Exchange SCHEDULE 13 -CONSUMPTION OF RAW MATERIALS.35.30.22.18.736 3.03. ADMINISTRATIVE.49.119 21.05.60.59.05.21.09.90. Telephones and Telex Loss on Disposal of Fixed Assets Cash Discount Benefits 2.85.613 15.32.15.92.14.478 15.150 32. COMPONENTS AND OTHERS Opening Stock Add : Purchases Less : Closing Stock 11.638 2.660 1.593 3.666 16.19.71.Jyoti Ltd.41.000 ~ 32.67.746 2.52.925 32.36.622 2.93. " "Vater • Power • Progress 2010-2011 2009-2010 ~ SCHEDULE 12 .432 14.21.396 2.43.114 88.10.27. Postage.951 2.49.14.362 ~ 1.478 2.046 73.56.565 22.87.998 4.57.10.04.764 2.40.25.42.73.16.898 24.049 9.69. Bonus.24.24.39.64.77.76.922 42.063 64.378 2.49.71.24.513 89.90.69.884 88.606 40.774 11.15.970 SCHEDULE 14 .18.381 13.995 80. Family Pension.318 1.30.82.47.355 17.412 1.24.66.10.698 61.21.13.894 53.47.13.84.618 1.930 1.728 19.154 62.344 1.14. Gratuity and Other Contribution to Provident.324 51.888 2.38.382 13. Superannuation and Other Funds Employees' Welfare Stores Consumed Repairs and Maintenance to : Buildings Machinery Others Rates and Taxes Insurance Excise Duty Fees and Royalty Publicity Commission Freight and Forwarding Charges Rent: Paid Less: Received Stationery.70.64.95.78.32.42.81 .55.165 2.145 67.191 6.26.472 1.13.20.70.462 70.06.401 16.20.34.92.93. SELLING AND GENERAL EXPENSES Power and Fuel Salaries.01.43.691 42.903 64.38.34.27.94.900 30.396 2.366 11.110 62.823 5.77.78.94.46.563 4.861 1.42.429 34.

24.410 3.98.38.338 28.598 32.21.51.83.21.919 4.082 2.41.82.051 14.48.82. Gratuity and Other Benefits Contribution to Provident.77..030 2.925 2.516.RESEARCH AND DEVELOPMENT EXPENSES Material Consumption Salaries.59..42.433 9.64.426 44.INTEREST CHARGES Interest .23.29.207 9.163 2.77.000 11.88.79.57.74.466 91.46..62. Wages.000 4.79.07.375 3.000 ~ 1.61.53.328 2. -_.73.10.49.19.61.93.13.69.594 28. Bonus.47. Family Pension. Superannuation and Other Funds Power and Fuel Others 41.84.644 3.80.57.000 5._- ~ .70.03.398 ) ----.41.393 70. _-------- 30. SCHEDULE 17 ..000 17.992 (3.67th Annual fhJJJort 2010-2011 _ 2009-2010 ~ Audit Fees and Expenses Statutory Auditors : Audit Fees In Other Capacity For Expenses Audit Fees In Other Capacity For Expenses Legal and Professional Fees Travelling Directors' Fees Membership Fees and Subscriptions Charity and Donation Bad Debts Written Off Financial Charges Miscellaneous Expenses Cost Auditors: ~ ~ 2.54.159 SCHEDULE 15 .88.83.500 10.76.286 5.929 44 .832 7.57.33.62.989 3.69.02.64.54.270 1.56.31.000 ~ t ~ 70.375 3.772 47.61.902 47.82.10.63.75.69.395 1. ---_.63.11.086 1.661 65.19.658 18.12.(INCREASE) I DECREASE Opening Stock Work-In-progress Finished Goods Less: Closing Stock Work-In-progress Finished Goods IN STOCK 24.590 32.04.24.77.17.523 24.38.86.060 4.46.594 4.75.766 88.09. .24.On others .818 SCHEDULE 16 .29.99.01.617 2.410 ~ 20.506 48.Recompense amount (one time) 4. -----.032 _.75.394 5.28.34.413 21.500 3..57.40.407 9.000 9.On fixed loans .219 27.273 5.47.18.82.81.383 1.829 30.168 2..13. 2.51.47.50.80.219 27.

(f4 Jyoti Ltdw
'r"......,..·
I\!i~' } \-~ .~~,.

SCHEDULE18 1.

NOTESON ACCOUNTS

Significant Accounting Policies: (A) Sales (i) (ii) Sales are accounted on dispatch of goods. Net Sales exclude amounts recovered towards sales tax, octroi, freight and is net of discounts. Erection and Commissioning Income is recognised as revenue, generally, to the extent of completion of erection work as assessed or as and when it becomes due as per terms of contracts. Repairs and Service Income is recognised as revenue after the service is rendered.

(iii)

(8)

Accounting of Claims and Subsidies (i) Claims receivable are accounted at the time of lodgement, depending on the certainty of receipt and claims payable are accounted at the time of acceptance.

(iO Excise duty / Duty Drawback refund claims are accounted as and when accrued. (iii) Investment subsidy not specifically related to the fixed assets is credited to Capital Reserve and retained till the requisite conditions are fulfilled. (C) Fixed Assets, Depreciation and Impairment loss (i) Fixed Assets are stated at cost of acquisition (net of cenvat wherever applicable and expenditure incurred including interest on borrowing and financial cost) / construction except certain land and building which were revalued at market value and are stated at revalued Cost. Depreciation is provided : a) b)
(iii)

(ii)

In respect of assets acquired upto June, 1986 on straight-line method in accordance with Circular No.1/86 issued by the Department of Company Affairs. In respect of assets acquired after 1st July, 1986 on straight-line method at the rates specified in Schedule XIV of the Companies Act, 1956.

Intangible Fixed Assets: Over their estimated economic life, in accordance with Accounting Standard on 'Intangible Assets' (AS-26)

(iv) An amount representing the difference between depreciation on Revalued Assets and on Original Cost of Assets is transferred from Revaluation Reserve to Profit and Loss Account. (v) Cost of Lease-hold land is not amortised. (vi) In case, the recoverable amount of the fixed assets is lower than its carrying amount, a provision is made for the impairment loss. (D) Investments Long term Investments are stated at cost with an appropriate provision for permanent diminution in value. (E) Inventories All Inventories are valued at lower of cost and net realizable value. Raw Materials and Components are valued at lower of cost determined on weighted average basis and net realizable value.

45

67th Annual Report
Work in process is valued at lower of cost and net realizable value. Finished Goods is valued at lower of cost including excise payable thereon and net realizable value. (F) Deferred Revenue Expenditure Debenture / Share Issue Expenses Debenture issue expenses and Share issue expenses are charged out in the year in which they are incurred. (G) Retirement Benefits (i)
(ii)

Retirement benefits to employees are provided as follows: Gratuity payable to employees is provided on the basis of actuarial valuations. Superannuation payable to certain employees is provided / paid to Superannuation Trust Fund as per Superannuation Scheme.

Gratuity Superannuation

(iii) Company's contributions payable to Provident Fund and Family Pension Fund are charged to Profit and Loss account. (iv) The Company extends the benefit of encashment of leave to its employees while in service as well as on retirement. However, it does not have any defined Retirement Benefit Scheme in this regard. Though encashment is at the discretion of the management for the leave accumulated while in service as well as on retirement, it is provided for during the year on the basis of actuarial valuations. (H) R&D Expenses

All revenue expenses related to R&D including expenses in relation to development of product / processes are charged to the Profit & Loss Account in the year in which it is incurred. (I) Foreign Currency Transactions (i) (ii)
(J)

Monetary assets and liabilities related to foreign currency transactions remaining unsettled at the end of the year are translated at year end exchange rates. The difference in translation of monetary assets and liabilities and realized gains and losses on foreign exchange transaction are recognized in the Profit & Loss Account.

Deferred Tax Deferred Tax Assets and Liabilities are recognised in accordance with Accounting Standard (AS) - 22 on Accounting tor Taxes on Income, issued by The Institute of Chartered Accountants of India.

(K)

Provisions, Contingent Liabilities and Contingent Assets (a) Provisions are recognized when the Company has present legal or constructive obligation, as a result of past events, for which it is probable that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made for the amount of the obligation. (b) Contingent Liabilities are disclosed after careful evaluation by the Management of facts and legal aspects of the matter involved. (c) Contingent Assets are neither recognized nor disclosed in the financial statement.

46

Jyoti Ltd.
(~\ Watl.!r • Power • Progress

2010-11 (~ Lakhs) 2. 3. Estimated value of Capital contracts yet to be executed and not provided Contingent liabilities not provided for: Bills/Cheques discounted with scheduled banks Income Tax Wealth Tax Service Tax Central Sales Tax 857.54

2009-10 (~ Lakhs) 452.14

360.71 153.40 2.43 13.85 31.81

572.91 189.02 6.44 1.60

4. 5.

An amount of ~ 8,38,462 representing difference between Depreciation on Revalued Assets and on original cost of assets is transferred from Revaluation Reserve to Profit & Loss Account. Managerial Remuneration: a) Salaries and Perquisites paid/payable to Chairman & Managing Director and Wholetime Director i) Salaries and Gratuity ii) Contribution to Provident and Superannuation Fund iii) Perquisites
*

2010-11 (t Lakhs)

2009-10 (~ Lakhs)

117.09 31.66 8.76 157.51"

71.68 15.60 2.66 89.94 NIL 2009-10 807.20 129,84,864 6.22

Includes arrears of t 43.89 lakhs. NIL 2010-11 (A) 1186.30 146,84,284 8.08

b) 6.

Commissions paid / payable to Managerial persons

Earning Per Share Net Profit available for equity shareholders (~ Lakhs)

No. of Equtiy Shares / Weighted Average number of (B) equity shares used as denominator for calculating EPS Earning per share (Basic and diluted) (in t) Face value of t 10 per share 7. 8. (AlB)

Net Gain on account of foreign exchange fluctuation t 10,39,197 (Previous Year Gain t 2,95,453) has been accounted for in the Profit & Loss Account. Based on information / documents available with the Company, Sundry Creditors include:
(t Lakhs)

a) b) c)

Amounts due to Small Scale Undertakings (Total Amount) Amount Overdue on account of principal and / or interest Amount Outstanding together with interest for more than 45 days

156.46 7.90 7.90

As per requirement of Section 22 of Micro, Small & Medium Enterprises Development Act, 2006 following information is disclosed to the extent identifiable. (t Lakhs) (a) (i) The principal amount remaining unpaid to any supplier at the end of accounting year 156.46 0.78

(ii) The interest due on above

47

2011 Present value of Defined Benefit Obligation at beginning of the year Current Service Cost Interest Cost Settlement Cost Past Service Cost Employer Contributions Acturies ( Gains) / Losses Benefits Payments Present value of Defined Benefit Obligation at the end of the year Actuarial Assumptions 7.44 (370. therefore.55) 648.60) 87. 2011 Funded status [ surplus / (Deficit) 1 Net Asset I (Liability) as at 31st March.31 57.38 (19.67 33.67 (200. Disclosures for defined benefit plans based on actuarial reports as on 31st March.00 (238.19) 914.42) 238.67) (200.88) (804.19 .95 33.90 15.93% 0. The Company is engaged in manufacturing of engineering goods only and.52 200. 2011 (~ Lakhs) 2010-11 2009-10 Gratuity Leave Gratuity Leave Fund EncashFund Encashment ment Expenses recognized in the Statement of 55.84 67.00% 7.47 161.95) 53.66 13.45 72.67th Annual Report (b) (c) (d) Amount of interest paid by the buyer in terms of Section 18 of the Act The amounts of payment made to the supplier beyond the due date The amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the due date during the year) but without adding the interest specified under the Act.66 57.84 67.78 38.81) 194.93% 9.00% 7.91 45.90 15.66 (7.07 (648.52% 9.40) 200.12) 238.a. 2011 Fair Value of plan asstes as at 31st March.23 (4.88) (804.19) (648.27) (150.81) (22.42) (238.45 44.(110.66 13.26 370. 9.00% 6.42 110.09 45.23 178.88 804.67) 914.00) 7.00% 7.00% 6.88 200. 48 .44 Profit & Loss Current Service Cost Interest Cost Employer Contributions Expected return on plan assets Net Actuaries ( Gains) I Losses Past Service Cost Settlement Cost Total Expenses Net Asset I ( Liability ) recognised in the Balance Sheet as at 31st March. 2011 Present value of Defined Benefit Obligation as at 31st March.42 (90.) 10.51 (21. there is only one reportable segment in accordance with Accounting Standard (AS 17).33 38.00% 6.07) 66.67 Discount Rate Expected rate of return on plan assets Rate of escalation in salary (p.45 72.00% 6.42 (7.92 894.52% 0.00% 7. 2011 Change in Obligation during the Year ended 31st March.42 55.29 1018.

05) (-) (-) - - - - - - 157.22 202. Rahul Nanubhai Amin Ms.1S) 12.S9 (20S. ~!~: JSL Industries Ltd.18 "Related Parties Disclosures" issued by the Institute of Chartered Accountants of India are as follows: List of Related Parties with whom transactions have taken place during the year (c) (d) Joint Venture Key Management Personnel Chairman & Managing Director Wholetime Director Non-Executive Director - Jyoti Sohar Switchgear L. As required by Accounting Standard AS . VRS and Depreciation has been recognized to the Profit & Loss Account. Tejal Rahul Amin (~ Lakhs) Key Management Personnel (-) (-) (e) Transactions with related parties during the year 2010-11 Nature of Transactions Purchases Sales Associate Companies/Firm 835.C. Ltd 11.Receivables 12.l.36 (-) (-) - 92. 2010 (~ lakhs) (S1. The Deferred Tax Assets and Liabilities comprise of the following: As at 31st March. Super Annuation.35 lakhs for the year on account of Leave Pay.69 (90. Insutech Industries Pvt.Payables . 2011 (~ lakhs) Deferred Tax Assets Less: Deferred Tax Liabilities Deferred Tax Assets (Net) 177. Keki Rambhai Patel Mrs.34) 144.65 (23. Gratuity.61 (496.79) (-) 168.03) 49 .86 (7.79 (39.94) (-) (-) Joint Venture Managerial Remuneration / Sitting fees Rent Outstandings .46 (65S. - (-) 974.0S) 5.15 ) - Net Deferred Tax Asset / Liability of ~ 25.35) As at 31st March.42 (233.47) 34.-----------------(a) (b) Subsidiaries Company Associate Companies/Firm @ ~~!~.14 ) 0. Mr.57 (25.63 (5.

90 crores are being utilized for capital expenditure and long term working capital requirements. the balance amount of ~ 982.31 14. Out of total ~ 1521. 19.000 equity shares to Promoter Group Company @ f 83 per share (including premium of ~ 73 per share) by part conversion of existing equity warrants and (c) 6. under preferential allotment basis as per SEBI Regulations. 2011 in respect of these assets are as follows :(~ Lakhs) DUE Within One Year Later than One Year but Not later than Five Years TOTAL (b) Operating Lease Obligations : ( i) Where the Company is a Lessee : The Company has taken various commercial premises under operating lease or leave and licence agreements.19 3. Creditors and Advances are subject to reconciliation.15 I (b) . (a) Finance Lease Obligations: The Company has acquired certain hardwarss under finance lease. (b) 3. 18.85 per share) for liquidating part recompense amount of f 7. 2010. at their meeting held on 7U'iSeptember.51 lakhs by cash payment of ~ 760. There are no amounts due and outstanding to be credited to Investor Education & Protection Fund as at 31st March. Lease Payments are recognised in the Profit & Loss Account.47 105. (a) (b) 17.45 55. 2011 62. (a) 1.85 per share (including premium of ~ 102. Loans and Advances have values on realization in the ordinary course of business at least equal to the amount at which they are stated.74.- 16.000 equity shares to Promoter @ ~ 83 per share (including premium of ~ 73 per share) by full conversion of existing equity warrants.69 lakhs.88 12. 30. The balance proceeds of ~ 3.61 crores to exit from CDR System.41 Total Minimum Lease Payment outstanding as on 31st March.20.67th Annual Report----------------13. The Board of Directors. based on revised guidelines of CDR Authorities.43 Interest Not Due 9. Components and Others'. 2011.000 equity shares @ ~ 83 per share ( including premium of ~ 73 per share) to various parties. 2011. The figures of previous year are regrouped ( rearranged wherever necessary. Minimum lease payments outstanding as on 31st March. The Company has finally exited from CDR System by liquidating interest recompense amount of ~ 1521. 50 .00. These proceeds have been utilized for capital expenditure and long term working capital requirements. (a) The Board of Directors. Excise duty on finished goods stock has been accounted / included in the Profit & Loss Account under the head 'Consumption of Raw Materials.75 lakhs and by issue of equity shares for the balance amount of ~ 760.50.:.75 lakhs to the lenders. under preferential allotment basis as per SEBI Regulations. In the opinion of the Board. The management does not expect any material difference affecting the financial statements on reconciliation. have allotted. The accounts of Debtors. has been provided in interest account in FY 2010-11.26 52. 117. 15.128 equity shares to various Banks @ ~ 112. ~ In Lakhs Payable not later than one year 24. Current Assets. have allotted.51 lakhs.28 Present Value of Minimum Lease Payments 53. at their meeting held on 30th March.

31 (14.22 (3.05) 18.74 (272.48 (29. 1956 (As certified by the Management) Quantity Nos.62 (48.667.94 (1.622.35 (142.219.601 (1.915.T M.'. M.149 (75.13) 2.98 (542.Jyoti Ltd.T Nos. 495.042 (6.45 (438. .83 ) 4.50 ) 64.506.Ferrous Metals Pipes Stampings Copper Wires.06) 846. Spares and Others (55.76 (703.32) 23.328.66 ) 38. Rods etc.10) 1.50) 995. Additional information pursuant to the provision of paragraphs 3 & 4 of Part II of Schedule VI to the Companies Act.22 (1.43 (5.307.127) 251 (375 ) 53.48 ) 356.T Mtrs.13) 1.039.528.28 (18.667. Ball Bearings Components and Others Stores Consumed Imported 705 (800) 8.793 ) ii) BASIC RAW MATERIALS CONSUMED Quantity Value (\ lakhs) M. Circuit Breakers upto 132KV Relays On-off Service Butterfly Valves (2 ) Components.383 ) 1350 (909) 247 (179 ) 26.07) 4.110. Strips.60 ) Ferrous and Non .128.31 ) Value does not include Excise Duty recovered ~ 11.05 ) 51 .04.981.94 (602.T.38 ) 406. Water • Power • Progress 20.070.383.078) 554 (361 ) 971 (548) 21 (11 ) Value (\ lakhs) 6.124.38 (3.147) - Indigenous (-) 138.04. i) SALES BY CLASS OF GOODS Pumps and Pumpsets Rotating Electric Machines Generating Sets Switchboards H.059 (Previous Year \ 7.400 (20.72.59.

03) Switchboards (.12 (1.38) (.23.) (60.T.000 (2.) (.000) 4 1.921 ) (2 ) (0.601 (1.000 (1.34 (14 ) (13.) (.64) Hydro-generating sets 33.728) 90.958 ) 2.16 ) (.) No.15. 124.. ) (.284 ) 1 (3) 111.55.600) 50.) (61. ACTUAL PRODUCTION AND OPENING AND CLOSING STOCK Product Unit Installed Capacity * Actual Production Stock OPENING Nos.) No.160) 4.372 (1.28) 48 156.) (. 52 .) (.) (.'0 L (*) Quantity includes captive consumption .127) 1.11 (1 )(111.12 ) Rotating Electric Machines .54.21. 50 (50) (2 ) (2 ) (41.) (.46 134 (77) (116. IWV 'tWA No. 7 (~ lakhs) 8 (~ lakhs) 6 13.376 (72.000 ) 4.57.000 (12.) On-off service Butterfly Valves Vacuum Contactors and panels Spares for Different Products No.000 (1.600) 4.64 (1. 2 Pumps WHP 3 2.575 (1. 400 (200) 50 (110) (.35 (134 )(124.46) 1 26.19 83.) (. circuit breakers upto36 KV Relays No.991 ) 5 14 (5) CLOSING Nos.96 ) i \$ 1 .19 ) (.) H.) 61..24.67th Annual Report iii) INSTALLED CAPACITY.) (.) (.010) 1.) (.81 ) 7 3. 63.84 (.) (. (.00.000 (25.800 (2.) (.678 (1.856 (19.

79) 100.80) (~ lakhs) 3.10 (451.79 (32.347.77) (~ lakhs) 54.450.13) (Previous year's figures are shown in brackets) 53 .393.942.21 ) 88.10 (61.79 (20.F.I.51 ) 888.80) 34.00 (100.145.40 (192.B Value of Exports b) Dividend Received (~ lakhs) 1.26 (97.Jyoti Ltd. BASIS Raw Materials Capital Goods (~ lakhs) 3.97 (425.74 (2.10) v) EXPENDITURE IN FOREIGN CURRENCIES Travelling Expenses Interest and Financial Charges Others 490.047. • Powel' • Progress iv) IMPORTS CALCULATED ON C.04 ) 23.00) vi) RAW MATERIALS CONSUMED a) b) Imported Indigenous vii) EARNINGS IN FOREIGN EXCHANGE a) F.26 ) (123.50 ) % to Total Consumption 11.174.873.46 ) 27.71 (1.69 (19.66 (325.O.

40.415 70.03.95.554 2.98.38.13.440 12.97.703 41.38.840 4.500 ~ Total Liabilities Total Assets Paid up Capital Equity Warrants Reserves and Surplus Secured Loans Unsecured Loans Deferred Payment Credits Guaranteed by the Banks Net Fixed Assets Capital Work in Progress Investments Net Current Assets iv) Performance Turnover Total Expenditure Profit Before Tax Balance Profit after Tax of the Company 2.00.98.86.55.71.54.298 1.27.81.60.2011 As at 31-03-2011 As at 31-03-2010 General Business Profile _ Registration No.29.48.67.570 54 .81.19.35.330 1. Balance Sheet Date ~ ii) Capital raised during the year Public Issue Right Issue Bonus Issue Private Placement Preferential Allotment Equity Warrants iii) Position of Mobilisation and Deployment of Funds 3.246 7.20.97.662 17.41.93.97.07.500 94.34.12.06.69.81.114 8.577 3.501 12.48. State code No.35.89.429 1.64.95.699 3.07.32.858 1.68.12.280 1.909 20.920 1.09.22.15.00.829 91.01.61.03.21.57.90.76.22.323 72.35.156 11.49.369 1.21.43. Balance Sheet Abstract and Company's i) Registration Details : 363 4 31.640 52.71.34.22.458 10.717 2.22.92.r 67th Annual Reporl 21.65.33.80.21.629 17.67.09.501 2.14.86.19.015 1.97.18.421 15.92.80.629 3.

T. B. Patel Dr. No.08 12% of the Company As at 31-03-2010 ~ 6. 3. Pathak Vadodara 30th June. Mehta Dr. 2011 Ajay Karndar Vice President (Finance) Rahul N. K. Gandhi & Co. S. Desai Ms. R. H. Gandhi Proprietor M. Amin Chairman & Managing Director Directors Mrs. Amln U. Chartered Accountants Firm Reg.. 2011 B. J. R. 2. H. T. M. V.22 10% Product Description Pumps Rotating Electric Machines Switchboards H. 4. . No. Progress \-Vater • Power As at 31~O3~2011 ~ Earning per Share Dividend Rate v) Generic Names of Four Principal Products/Services I. 356401000 360401000/360400300 360308000 360301000 8.C. Code No.T. 1. As per our Report attached For V. Circuit Breakers upto 36 KV Note: Figures for the previous year are regrouped/rearranged wherever necessary.@Jyoti " Ltd. Patel Suresh Singhal Associate Vice President (Legal) & Company Secretary 55 . 35581 Vadodara 30th June.: 103047W Vijay H.

168 (1.530.52. CASH FLOW FROM INVESTING ACTIVITIES 1. 4.35.049 ) (34. 4.67. in Working Capital (3.425) 1.03.34.61.18.946 869 1.73.97.381 ) (16. 5.114 Depreciation Interest charged to Profit & Loss Accounts Gratuity Provision charged to Profit & Loss Account Interest Received Dividend Received Loss on Sale of Fixed Assets (Net) Gratuity J Contribution Paid Profit on sale of investments Provision for diminution in value of Investments Inventories Trade payable Trade receivable Loans and Advances (42. 3.416 (1.21.789 ) (47.472) 3.953 ) 17.91.780 (2.418 Operating profit before change in working capital Movement 1.947) 79.55.66.29.319) 20. 3.11.14.451 B. 5.381 2.87.83.574 17.94.08.92.72.38.58.51.338 1.251 (4.20.21.906) 15.989) 22.45. 4.40.30. 9.31.42.67.472 15.861 7.049 34.989) 1.26.91.00.22.07. 7. 2.66.60.381 (41.959) 29.354 (3.38.185 28.505) 1.80.61. for 4.21.86.94. CASH FLOW FROM OPERATING ACTIVITIES Net Profit before tax and non-recurring items Adjustments 1.99.950 NET CASH UTILISED IN INVESTING ACTIVITIES 56 .995) (4.925. Purchase of Fixed Assets Proceeds from Sale of Fixed Assets Sale of Investments Interest Received Dividend Received Profit on sale of investments (44.08. 2.24.37.14.82.908 62.08.66.69.44.14.21 .12.142 (1.83.76. 3.88.42. 6.27.723 ) 76.956 (1.267 29.938) (20.65.r 67th Annual Reporl CASH FLOW STATEMENT for the year ended 31st March.51.69.001 Net change in working capital Cash Generated from Operations Direct Taxes Paid (Net) NET CASH INFLOW FROM OPERATING ACTIVITIES (32.47. 2.02.156 12.24.516 1.54.50.63.87.76.71.044 ) (23.95.90.83.226 18. 6.304 3. 2011 2010-2011 _ 2009-2010 A. 8.762) (7.558 45.908) (62.323 ) (25.861 ) 10.81.

39.88. 4.34.813 Note: i) Previous year figures are regrouped wherever necessary. 6.330 (15.42. 2011 Ajay Kamdar Vice President (Finance) Suresh Singhal Associate Vice President (Legal) & Company Secretary Rahul N.55.813 37.488 25.158) (1.54.288) 31.50.50.72. J.60. Patel Ms. 3.Jyoti Ltd.789 1. S.29.127 7.64.71. K. 2.562 25. 2010~2011 2009-2010 ~ C.72.91. V. H.251 24. Proceeds from Issue of Equity Warrants/Equity Shares Proceeds from Deferred Payment Creditors (Net) Proceeds from Secured Loans (Net) Proceeds from Unsecured Loans (Net) Interest Paid Dividendi Dividend Tax Paid 37. Amin Chairman & Managing Director Directors Mrs.37.38.41. 5.18.32.96. B.74.301 ~ (46. Patel Dr.058 9. M. Desai B.00. 35581 Vadodara 30th June. R. Gandhi Proprietor M. Chartered Accountants Firm Reg. Amin U. Gandhi & Co.379) 28. Pathak Vadodara 30th June.122 12.42.50. R.06.328) 46. No. 2011 57 .845 (40.82. T.18.22. CASH FLOW FROM FINANCIAL ACTIVITIES 1. H. No.11.993 (31.46. Mehta Dr.: 103047W Vijay H.47. ii) Figures in brackets indicate negative figures.289) NET CASH GENERATED IN FINANCIAL ACTIVITIES NET INCREASE I (DECREASE) IN CASH AND CASH EQUIVALENTS (A + B + C) Cash and Cash Equivalents as at 01/04/2010 Cash and Cash Equivalents as at 31/03/2011 20.22. As per our Report attached For V.54.

2011. . Vadodara . : No.. P. _ _ Folio No'/Client 10 No.00 a.m. P. of Shares : Note: day of 2011. Signature : Name: are allowed to attend the Meeting. P. the 22nd September.__ Folio No'/Client 10 No. Chemical Industries.390 003. hereby record my presence at the SIXTY SEVENTH ANNUAL GENERAL MEETING of the Company to be held at Jyoti Ltd. Vadodara . : Notes: 1. . Vadodara .O.ATTENDANCE SLIP Regd. Affix One Rupee Revenue --------------Signature: _ Stamp This Proxy Form duly completed must be received at the Registered Office of the Company. Industrial Area. Only Shareholders/Proxies/Representatives Shareholders/Proxy desiring to attend the Meeting must complete this Attendance Slip and hand it over at the enterance duly signed. Chemical Industries. PROXY FORM Regd. hereby appoint of of in the District of in the District of ---------- __ as my/our Proxy to attend and vote for me/us and on my/our behalf at the SIXTY SEVENTH ANNUAL GENERAL MEETING of the Company to be held on THURSDAY. IANe of __ in the District of ------------------- -------------(or failing him) being Member/Members of the above named Company. . Industrial Area.O.O. 3. Signed this.390 003 at least FORTYEIGHT HOURS before the time for holding the aforesaid Meeting. Shareholders/Proxy desiring to attend the Meeting should bring his/her copy of the Annual Report for reference at the Meeting. Chemical Industries. 2011 and at any adjournment thereof. Office: Nanubhai Amin Marg. on THURSDAY. 2. Industrial Area. Vadodara 390 003 at 9. the 22nd September. Industrial Area. P. Nanubhai Amin Marg. Chemical Industries. Office: Nanubhai Arnin Marg.390 003. Nanubhai Amin Marg.O. I. Proxy need not be a member.

'Jyoti' Research & Development Develop Technology R&D Objectives Enhance Product Performance Increase Productivity Model Development Cycle Successfully develop and implement green technology (Hydro & Wind) & become a key player in India by 2020. a tool for faster and cost effective product development. Establish world class hydro machinery test laboratory to develop pump and turbine models. Extensive utilization of engineering analysis and simulation as. Initial Sizing and Design Engineering analysis and simulation Manufacturing of Model on CNC machines Experiments I Validation Prototype .

Book-Post To. the 22nd September. Industrial Area. 67th ANNUAL REPORT 2010·11 N u:. Vadodara-390 003. Nanubhai Amin Marg.com http://www.c: III III -'" ~ 0.jyoti. 2011 at the Registered Office. Industrial Area.' 0> . please return to . Nanubhai Amin Marg. Chemical Industries. P. Vadodara . . (India) E.com 67th Annual General Meeting on Thursday.Mail: Website: jyotiltd@jyoti.O. (0 N N L() N ex) If undelivered. Chemical Industries..O.390 003. P.

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