Mar 31, 2014
To The Members
The Directors are glad to present the 22nd Annual Report together with
the Audited Financial Statements of the Company for the year ended
March 31, 2014.
FINANCIAL HIGHLIGHTS
(Rs. in lacs)
PARTICULARS COMPANY CONSOLIDATED
31.03.2014 31.03.2013 31.03.2014 31.03.2013
Gross Income 103.60 451.76 103.60 1159.00
Total Expenditure 163.46 530.53 163.46 1237.78
Depreciation 12.04 13.09 12.04 13.09
Net Profit/(Loss)
before taxes (71.90) (91.86) (71.90) (91.87)
Add Deferment
tax liability 4.18 (14.75) 4.18 (14.75)
Provision for
Income Tax - - - -
Net Profit/(Loss)
after tax. (67.72) (106.61) (67.72) (106.62)
REVIEW OF BUSINESS OPERATIONS
During the financial year under review, the company faced tough
competition in marketing its products. The printing and stationary
business being traditional could not even generate the revenue for
meeting its operation/ running costs had to be closed but continuing
with the trading and supply of the stationery to some of the existing
customers to recover the previous payments.
The statics given above shows that the company''s total turnover and
other income is Rs. 103.60 lacs against an expenditure of Rs. 175.50
lacs. Due to the above factor there has been a total loss amounting Rs
67.72 lacs as per Balance Sheet.
FUTURE PROSPECTS
As required under the Corporate Governance, the Management Discussion
and Analysis, forming part of this report, reflects the current status
of affairs of the business.
NATURE OF BUSINESS
There has been no change in the nature of business of the company
during the year.
SEGMENT REPORTING
Pursuant to the requirement of Accounting Standard 17 issued by the
Institute of Chartered Accountants of India is reported that besides,
trading of Computer paper. The company had developed the technology
Micro Algae for Fuel, Feed & Mitigation of Fuel gases and looking for
the suitable manufacturer for the transfer of the technology on
commercial basis. The company is engaged in trading business through
its subsidiary company in UAE.
SHARE CAPITAL
The Authorised Share Capital of the company consists of Rs.
80,00,00,000/- divided into 8,00,00,000 equity shares of Rs. 10/- each.
The Issued, Subscribed & Paid up Capital is Rs. 78,44,90,950/- divided
into 7,84,49,095 equity shares of Rs. 10/- each.
CORPORATE GOVERNANCE
A separate section on Corporate Governance forming part of the
Director''s Report and the certificate from the Practising Company
Secretary confirming compliance of Corporate Governance norms as
stipulated in Clause 49 of the Listing Agreement with the Indian Stock
Exchanges is included in the Annual Report as Annexure- A.
DIRECTORS
In terms of the Articles of the Association of the Company, Mr.Deepak
Kumar retires by rotation at the ensuing Annual General Meeting and he
being eligible offered himself for the Re-appointment.
In terms of the Articles of the Association of the Company, Mr.Rana
Watts retires by rotation at the ensuing Annual General Meeting and he
being eligible offered himself for the Re-appointment.
The Board appointed Mrs Rani Mondal as a woman director pursuant to the
provisions of Section 149(1) of the Companies act, 2013 and Clause 49of
the Listing agreement The Company has received requisite notice in
writing proposing Mrs Rani Mondal as a Woman director.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the Criteria of
Independence as prescribed both under Sub section (6) of Section 149 of
the Companies act, 2013 and under Clause 49 of the listing Agreement
with the Stock Exchanges.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to the provisions of sub section (2AA) of section 217 of the
Companies Act, the directors confirm that:
i. In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures.
ii. The Directors have selected such accounting policies and applied
them consistently and made judgements and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit or
loss of the Company for that period.
iii. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
iv The annual accounts have been prepared on a going concern basis.
v. Initiatives taken by the Company
The company could reach at the pre commercial stage for its already
developed algae technology and it is expected that with the
collaboration of financial partner or bank funding support, the project
in hand could take off with little although late but in near future.
Once the basic bottlenecks are removed.
The Company is also exploring various opportunities and alternatives
for business arrangement with other companies for growth of the Company
including by way of mergers and takeovers.
The initial promoters of the company retired from active management
after company obtained shareholders consent through special resolution
on 07.03.2011. Thereafter a court case was filed by existing
management, who alleged there in that outgoing directors/ promoters are
still representing themselves as promoters and are interfering in the
management of the company in spite of the undertaking given by new
management to take full responsibilities of all past, present and
future liabilities of the company.The honourable Court of, Civil Judge
(Sr. Division), SAS Nagar (Mohali), passed the orders on 31.05.2013
there by restricting permanently the previous management from
interfering in day to day business affairs of the company as well from
representing themselves as the promoters of the company.
DIVIDEND
In the wake of loss, your Board of Director''s did not recommend the
payment of Dividend for the financial year ended 31st march, 2014.
DEPOSITS
The company has not accepted any deposits from public during the year
under review.
LISTING
The Shares of the company are listed at "Bombay Stock Exchange (BSE)"
Mumbai. The listing fee to the stock exchanges has regularly been paid
by the Company.
HOLDING/ SUBSIDIARY COMPANY RELATIONSHIP
For the purpose of undertaking the overseas business activities, the
company floated a subsidiary in UAE in the name "BECKONS TRADING FZE"
in the financial year 2009-10. The operation of the subsidiary has been
wounded up whereas financials of subsidiary for the year 2013-14 are as
under:
Rs. in lacs)
PARTICULARS 31.03.14 31.03.13
Gross Income 0.00 707.24
Total Expenditure 0.00 707.25
Net Profit 0.00 (0.01)
FINANCIAL STATEMENT
As required under the listing agreement with the Stock Exchanges,
Consolidated Financial Statements of the Company is attached. In
accordance with the Statement of Accounting Standard on Consolidated
Financial Statements (AS 21)and the Accounting Standard on Accounting
for Investment in Associates (AS 23) and issued by the Institute of
Chartered Accountants of India, the subsidiaries, have been considered
in the Consolidated Financial Statements of the Company.
INDUSTRIAL RELATIONS
The Company maintained healthy, cordial and harmonious industrial
relations at all levels. The enthusiasm and unstinting efforts of
employees have enabled the Company to improve its position.
CASH FLOW STATEMENT
As required under clause 32 of the Listing Agreement, a cash flow
statement is appended.
PARTICULARS OF THE EMPLOYEES
The Company had no employee during the year, whose particulars are
required to be disclosed under Section 217(2A) of the Companies Act,
1956 , read with the Companies (Particulars of Employees) Rules 1975
amended from time to time.
NOTE ON ACCOUNTS
The observations of the auditors and notes on accounts are
self-explanatory. The Company has complied with the provisions of all
accounting standards which are applicable as on date.
AUDITORS
M/s. N. Kumar & Company, Chartered Accountants, the Statutory Auditors
of the Company, holds office till the conclusion of the 27th Annual
General Meeting (subject to the ratification at every Annual general
Meeting) .
The Company has received letter from them to the effect that their
re-appointment, if made, would be within the prescribed limits under
Section 141(3) (g) of the Companies Act, 2013 and that they are not
disqualified for re-appointment.
The Board recommends the appointment of M/s. N. Kumar & Company,
Chartered Accountants as the Statutory Auditors of the Company for the
year 2014-15, 2015-16, 2016-17, 2017-18, and 2018-19.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUT GO.
a) CONSERVATION OF ENERGY
i. Staggered Lighting System i.e. separate switches for separate
sections are provided so that only required areas are lighted.
ii. Conventional Lighting Equipment is being replaced by Energy Saving
Devices in a phased manner.
b) TECHNOLOGY ABSORPTION, ADOPTION AND INNOVATION
The Company has been involved in material cost reduction, improving the
quality of products. The wastage has been completely controlled by
making of the general stationery items and adding rolls from left-over
paper.
c) FOREIGN EXCHANGE EARNINGS & OUT GO
No information is required under this head.
ACKNOWLEDGEMENT
The Directors wish to convey their appreciation to all of the Company''s
employees for their enormous efforts and contribution to the Company''s
record performance. The Directors would also like to thank the
shareholders, customers, dealers, suppliers, bankers and all other
business associates for the continuous support given by them to the
Company and their confidence in its management.
Mar 31, 2010
The Directors are pleased to present the 18th Annual Report together
with the Audited Financial Statements of the Company for the year
ended March 31, 2010.
FINANCIAL PERFORMANCE SUMMARY
(Rs. in lacs)
PARTICULARS COMPANY CONSOLIDATED
31.03.10 31.03.09 31.03.10
Gross Income 503.00 531.19 11556.75
Total Expenditure 496.92 517.24 10498.05
Depreciation 11.34 12.48 11.34
Net profit before taxes (5.26) 1.47 1047.36
Add Deferment tax liability 3.58 1.01 3.58
Provision for Income Tax - 1.99 -
Net Profit after tax. (1.68) 0.49 1050.94
OPERATIONAL PERFORMANCE
The above given statistics shows that the company alongwith its
subsidiary achieved a total turn over of Rs. 11556.75 lacs against an
expenditure of Rs. 10498.05 lLacs. The results from the overseas
business have been satisfactory and this lead to net profit after tax
to Rs. 1050.94 Lacs for the first time in the companys history. The
financial performance from the ongoing business of computer stationary
remained un-satifactory. In fact there has been a loss amounting Rs.
1.68 lacs. This has happened due to the vast and rapid changes in
information technology, the existing bussiness of continuous computer
stationary has come to a saturated stage. There are no chances of any
modification/renovations. The plant and machinery at times remained
idle due to non-availability of orders from the customers, ever the
orders received being for small quantity, the company could execute the
same in a very less time. As on date the fixed cost of operating the
plant and machinery for the production of continuous stationary at
corporate level scale is higher than the revenue earned. As the company
has entered into long term contracts and arrangements with Government
sectors whereat for billing and other purposes the continuous computer
stationary is being used, the management has decided to shift the
existing business in a small industrial house wherefrom the company
could serve its existing customers with the existing manpower and
infrastructures. As there is no fresh business expected from continuous
computer stationary in future, the existing assets shall be rendered
idle. Accordingly, it has been thought proper to seek the shareholders
approval under Section 293(1) (a) of the Act for shifting the existing
business to new premises so that the company could manage the existing
immovable assets which are have high cost but remaining in its best
interest.
Further, the company by way of its 100% overseas subsidiary has
achieved targeted results by doing the trading business. Although the
total turn over from the overseas business has been voluminous yet
being the trading business, the net margin could be very meager.
Again this year also the company continued with its Research &
Development work for improvements in its Algae technology on a limited
scale and partly completed the validation of scientific and engineering
principles for our novel design of PBR and algal cultivation. The
management believes that the competitive design of inexpensive PBR will
lead to the cheaper method of microalgal cultivation which is subject
to the validation for commercialization. The company has already
successfully operationalize the development of the measurement. Monitor
and validation (MMV) of Algae Technology at GOA to facilitate the
process of developing the technology to the satisfaction of carbon
emitters.
FUTURE PROSPECTS
As required under the Corporate Governance, the Management Discussion
and Analysis, forming part of this report, reflects the current state
of affairs of business.
SEGMENT REPORTING
Pursuant to the requirement of Accounting Standard 17 issued by the
Institute of Chartered Accountants of India is reported that besides ,
manufacturing of Computer paper, the company has been engaged in the
technology development of Micro algae for Fuel, Feed & Mitigation of
Flue gases. The long term objectives is to reduce the dependence on
Crude Oil particularly for transportation segment in India and
elsewhere by using Micro algae based technology without directly or
indirectly affecting food production and without any dependence on oil
subsidies. The company has very successfully established an overseas
trading business at UAE through its subsidiary company.
SHARE CAPITAL
The Authorised Share Capital of the company consists of Rs. 80,00,00,000/-
divided into 8,00,00,000 equity shares of Rs. 10/- each . The Issued,
Subscribed & Paidup Capital is Rs. 78,44,90,950/- in the following manners :
Rs. 19,79,38,000/- divided into 1,97,93,800 Equity Shares of Rs. 10/-
each and Rs. 8,80,24,950/- divided into 5,86,833 GDRs (1 GDR = 15 Equity
Shares) Rs. 49,85,28,000/- divided into 24,92,640 GDRs (1 GDR = 20 Equity
Shares)
CORPORATE GOVERNANCE
A separate section on Corporate Governance forming part of the
Directors Report and the certificate from the Practicing Company
Secretary confirming compliance of Corporate Governance norms as
stipulated in Clause 49 of the Listing Agreement with the Indian Stock
Exchanges is icluded in the Annual Report.
DIRECTORS
During the year under review, the Board of Director of the company
remained duly constituted in accordance of the provisions of the
Companies Act, 1956 and in terms of the listing regulations. Further
in terms of the provisions of Section 256 of Companies Act, 1956, Mr.
Amritpal Singh Malhotra & Mr. H.S. Anand, Director retire by rotation.
Mr. Amritpal Singh Malhotra & H.S. Anand, being eligible has offered
for the reappointment as Director on the Board of the Company.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the provisions of sub section (2AA) of section 217 of the
Companies Act, 1956, the Directors confirm that :
i. In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures.
ii. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit or
loss of the Company for that period.
iii. The Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the company and
for preventing and detecting fraud and other irregularities.
iv. The annual accounts have been prepared on a going concern basis.
DIVIDEND
In the wake of maginal profits and requirement of fund for expansionary
business, your Board of Directors do not recommended the payment of
Dividend for the Financial year ended 31st March, 2010.
PUBLIC DEPOSITS
The company has neither accepted any deposit from the public nor
renewed any deposit within the meaning of Section 58A of the Companies
Act, 1956 and the rules framed there under, during the year under
review.
HOLDING/SUBSIDIARY COMPANY RELATIONSHIP
For the purpose of undertaking the overseas business activities, the
company floated a subsidiary in UAE in the name ÃBECKONS TRADING FZEÃ
in the financial y ear. Financials of subsidiary are as under:
(Rs. in lacs)
PARTICULARS 31.03.10 31.03.09
Gross Income 11053.75 -
Total Expenditure 10001.13 -
Net Profit 1052.62 -
FINANCIAL STATEMENT
As required under the Listing agreement with the Stock Exchanges,
Consolidated Financial Statements of the Company is attached. In
accordance with the Statement of Accounting Standard on Consolidated
Financial Statements (AS 21) and the Accounting Standard on Accounting
for Investments in Associates (AS 23) and issued by the Institute of
Chartered Accountants of India, the subsidiaries, have been considered
in the Consolidated Financial Statements of the Company.
PARTICULARS OF THE EMPLOYEES
The Company had no employee during the year, whose particulars are
required to be disclosed under Section 217(2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules 1975.
NOTE ON ACCOUNTS
The observations of the auditors and notes on accounts are self
explanatory. The Company has complied with the provisions of all
accounting standards which are applicable as on date.
AUDITORS
M/s. N. Kumar & Company, Chartered Accountants, the Statutory Auditors
of your Company retire at the ensuing Annual General Meeting and being
eligible, offer themselves for re-appointment. The Company has received
a certificate from them as required under Section 224 (1B) of the
Companies Act, 1956. The Board recommends the appointment of M/s.
N.Kumar & Company, Chartered Accountants as the statutory Auditors of
the Company.
PARTICULAR OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS AND OUT GO.
a) CONSERVATION OF ENERGY
i. Staggered Lighting System i.e. separate switches for separate
sections are provided so that only required areas are lighted.
ii. Conventional Lighting Equipment is being replaced by Energy Saving
Devices in a phased manner.
b) Technology Absorption, Adoption and Innovation
The company has been involved in material cost reduction, improving the
quality of products. The wastage has been completely controlled by
making of the general stationery items and adding rolls from left-over
paper.
c) Foreign Exchange Earnings & Outgo.
No information is required under this head
ACKNOWLEDGMENT
The Directors wish to convey their appreciation to all of the Companys
employees for their enormous efforts and contribution to the Companys
record performance. The Directors would also like to thanks the
shareholders, customers, dealers, suppliers, bankers and all the other
business associates for the continuous support given by them to the
Company and their confidence in its management.
Place : Mohali GURMEET SINGH
Date : 26.08.2010 Chairman cum Managing Director
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