Home  »  Company  »  Eco Recycling  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Eco Recycling Ltd.

Mar 31, 2014

Dear Members,

The Directors present with pleasure the 20th Annual Report together with the Audited Statement of Accounts of the Company for the year ended March 31, 2014.

1. FINANCIAL RESULTS (Rs. in Lacs)

2013-2014 2012-2013

Total Income 2545.52 2231.40

Profit before Interest, 166.68 166.13

Depreciation & Tax

Less: Depreciation 28.58 18.12

Profit before Interest 138.10 148.01

and Tax

Interest 86.61 59.18

Profit before Tax 51.49 88.83

Less: Provision for 21.63 24.78

Income Tax

Profit after Tax 29.86 64.05

Add: Balance 112.95 148.89

brought forward Balance carried to 42.80 112.95

Balance Sheet

2. OPERATIONS

As compared to the last year, we are now seeing the impact of the e-waste (Management & Handling) Rules 2011 which became applicable in India w.e.f. 1st May, 2012. The Producers and Bulk Users prefer to dispose of their e-waste with the Registered Recyclers like Ecoreco. Your company is the only authorized recycler in the State of Maharashtra and the first company granted permission by the Central Pollution Control Board.

We are pleased to inform that the Mobile Data Destruction Services, started by Ecoreco in 2008 and Lamp Recycling on Wheels in 2010 are doing well and company plans to introduce more such facilities in the coming years. Your Board is of the view that all these put together will add substantial top line in the coming years and will benefit all the stakeholders.

During the year ended 31st March 2014, your Company achieved turnover of INR 2545.52 Lacs and net profit of INR 29.86 Lacs.

3. DIVIDEND

In order to conserve resources, no dividend has been declared for the year 2013-2014.

4. TRANSFERS TO RESERVES

During the year, the Company proposes to transfer INR 100 Lacs to General Reserve as per the Profit and Loss Account of the Company.

5. FUTURE PLANS

In continuation to your company''s nature of introducing innovative ideas in the market, your Board is pleased to inform that your company is now working on a very large plan of Reverse Logistic for the benefit of Original Equipment Manufacturer (OEM) to meet their obligation under E-waste (Management & Handling) Rules, 2011, more precisely defined as Extended Producers'' Responsibility (EPR).

The Company is already a Shareholder/ Promoter in Weee India Private Limited and Mr. B. K. Soni, Chairman and Managing Director of Eco Recycling Limited is already a major Shareholder/ Promoter in Reverse Logistics and Warehousing Private Limited and thus due to common management and for better business facilitation in interest of all the Companies, the Management of Eco Recycling Limited intends to exercise major control in Weee India Private Limited and Reverse Logistics and Warehousing Private Limited by holding Shares more than or equal to 51% in its paid-up capital including the shares already held by them in Compliance with law prevailing as may be discussed by Management of all the Companies.

6. DIRECTORS

In accordance with the Articles of Association of the Company and provisions of the Companies Act, 2013 at least two-thirds of our Directors shall be subject to retirement by rotation. One - third of these retiring Directors must retire from office at each Annual General Meeting of the Shareholders. The retiring Directors are eligible for re-election.

In accordance with the said provisions of the Companies Act, 2013 and Articles of Association of the Company, Mr. B. K. Soni, Chairman & Managing Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible offer himself for re-appointment.

7. AUDITORS

M/s. GMJ & Co, Chartered Accountants, Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting. The Company has also received a certificate from them under section 139 of the Companies Act, 2013. Your Directors recommend their re-appointment.

8. FIXED DEPOSIT

In terms of the provisions of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposit Rules), 1975, the Company has not accepted any fixed deposits during the year and as such, no amount of Principal or Interest was outstanding as of the Balance sheet date.

9. DIRECTORS'' RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanation obtained by them, your Directors make the following statement in terms of Section 217(2AA) of the Companies Act, 1956:

(i) that in the preparation of the Annual Accounts for the year ended March 31, 2014; the applicable accounting standards have been followed along with proper explanation relating to material departures, if any.

(ii) that 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 ended March 31,2014 and of the profit of the Company for that year.

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

(iv) that the Directors have prepared the Annual Accounts for the year ended March 31,2014, on a going concern basis.

10. CORPORATE GOVERNANCE

As required under clause 49 of the Listing Agreement with the Stock Exchange, the report on Corporate Governance is furnished as a part of the Directors'' Report and forms part of this report showing that the Company has taken appropriate steps and measures to comply with all the applicable mandatory provisions of Clause 49 of the Listing Agreement entered with the Stock Exchanges and section 292A of the companies Act 1956. Certificate from the Company''s Auditors regarding compliance is annexed hereto and forms part of this report .

11. PARTICULARS OF EMPLOYEES Since none of the employees of the Company was drawing remuneration in excess of limits laid down pursuant to Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, details therewith are not furnished.

12. PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO:

Information pursuant to Section 217 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the Report of the Board of Directors) A rule, 1988 is not required as your company is not a manufacturing company.

13. QUALIFICATION IN THE AUDITOR''S REPORT:

There are no qualifications in the Auditors Report regarding audited Accounts for the year ended March 31, 2014 except as follow:

The statutory Auditors have qualified that the Miscellaneous Expenditure lying in the Books of the Company as on 31/03/2014 ought to have been written off in the Financial Year ended 31/03/2010. In this regard, the Company here responds that it is a call taken by the Management to amortize the said Miscellaneous Expenditure.

14. NOMINATION AND REMUNERATION COMMITTEE -COMPANIES ACT 2013:

Pursuant to Section 178 of Companies Act, 2013 the Board of Directors of the Company has consented the change in nomenclature of existing Remuneration Committee to ''Nomination and Remuneration Committee'' as provided under Companies Act, 2013 and has also approved the revised terms of reference of the Nomination and Remuneration Committee as per the provisions of the Companies Act, 2013 (effective from 01/04/2014).

As per the said terms of reference approved by the Board the Nomination and Remuneration Committee shall formulate the criteria for determining the qualifications, positive attributes and independence of a director and recommend to the Board a policy , relating to the remuneration for the Director , KMP and other employees. The Company''s policy on Directors appointment and remuneration and other specifications as mentioned above will be disclosed in the Boards'' Report as provided under Section 134 (3) (e) once the same is formulated by the Committee.

15. ACKNOWLEDGMENT:

Your Directors take this opportunity to express their grateful appreciation for the excellent assistance and co- operation received from all the shareholders, customers, suppliers, bankers, Government authorities and all other business associates and their confidence in the management. Your Directors also wish to place on record their appreciation for the contribution made by the employees.

For and on behalf of the Board of Directors B. K. Soni Mumbai CMD September 02, 2014 Registered Office: 205, Centre Point, Next to Hotel Kohinoor, Andheri Kurla Road, Andheri East, Mumbai-400 059


Mar 31, 2013

The Members of ECO RECYCLING LIMITED

The Directors present with pleasure the 19th Annual Report together with the Audited Statement of Accounts of the Company for the year ended March 31, 2013.

1. FINANCIAL RESULTS

(Rs.in Lacs)

2012- 2011- 2013 2012

Total Income 2231.40 1757.34

Profit before Interest, 166.13 108.15

Depreciation & Tax

Less: Depreciation 18.12 11.40

Profit before Interest 148.01 97.00 and Tax

Interest 59.18 49.86

Profit before Tax 88.83 46.89

Less: Provision for 24.78 9.89

Income Tax

Profit after Tax 64.05 37.00

Add: Balance brought 148.89 261.88 forward

Balance carried to 212.94 298.88

Balance Sheet

2. OPERATIONS

This was the first year of operations since the E-waste (Management & Handling) Rules, 2011 became applicable in India. The Ministry had given one full year from May 11 to April 12 to all the generators of e-waste & other stakeholders to understand & implement the Rules. The Rules envisage that the generators will hand over their e-waste to the registered recyclers and also envisage that the producers will collect the used electrical & electronic equipment from the generators (under Extended Producers'' Responsibility) and facilitate reverse logistic to see that material gets recycled in an environment friendly manner. The above Rules are changing the trend towards environment friendly disposal in place of sale of e-waste to Kabadies.

It is pleasant to share that Eco Recycling Ltd is the only company in Maharashtra which is registered as an E-waste Recycler. Your Board is of the view that in the near future this industry will see a big boom and your company will be immensely benefitted.

During the year ended 31st March 2013, your Company achieved turnover of Rs. 2253 Lacs and net profit of Rs. 64 Lacs.

3. DIVIDEND

In order to conserve resources, no dividend has been declared for the year 2012–2013.

4. TRANSFERS TO RESERVES

During the year, the Company proposes to transfer Rs. 100 lacs to General Reserve as per the Profit and Loss Account of the Company.

5. FUTURE PLANS

Ecoreco is in the process of setting up another facility for recycling of home appliances near Bhiwandi, Maharashtra, with the kind support of NEDO, Mitsubishi Materials Corporation and Nippon Magnetic Dressing Co. Ltd. The unit is expected to be completely operational by end of 2013.

6. DIRECTORS

In accordance with the Articles of Association of the Company and provisions of the Companies Act, 1956 at least two- thirds of our Directors shall be subject to retirement by rotation. One - third of these retiring Directors must retire from office at each Annual General Meeting of the Shareholders. The retiring Directors are eligible for re-election.

In accordance with the said provisions of the Companies Act, 1956 and Articles of Association of the Company, Raghavendra Rao Satya Veera Venkata Turlapati, Director of the Company retire by rotation at the ensuing Annual General Meeting and being eligible offer himself for re- appointment.

7. AUDITORS

M/s. GMJ & Co, Chartered Accountants, Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting. The Company has received letter from them to the effect that their appointment, if made, would be within the prescribed limits under Section 224(1-B) of the Companies Act, 1956. Your Directors recommend their re-appointment.

8. FIXED DEPOSIT

In terms of the provisions of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposit Rules), 1975, the Company has not accepted any fixed deposits during the year and as such, no amount of Principal or Interest was outstanding as of the Balance sheet date.

9. DIRECTORS'' RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanation obtained by them, your Directors make the following statement in terms of Section 217(2AA) of the

Companies Act, 1956:

(i) that in the preparation of the Annual Accounts for the year ended March 31, 2013; the applicable accounting standards have been followed along with proper explanation relating to material departures, if any.

(ii) that 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 ended March 31, 2013 and of the profit of the Company for that year.

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

(iv) that the Directors have prepared the Annual Accounts for the year ended March 31, 2013, on a going concern basis.

10. CORPORATE GOVERNANCE

As required under clause 49 of the Listing Agreement with the Stock Exchange, the report on Corporate Governance is furnished as a part of the Directors'' Report and forms part of this report showing that the Company has taken appropriate steps and measures to comply with all the applicable mandatory provisions of Clause 49 of the Listing Agreement entered with the Stock Exchanges and section 292A of the companies Act 1956. Certificate from the Company''s Auditors regarding compliance is annexed hereto and forms part of this report.

11. PARTICULARS OF EMPLOYEES

Since none of the employees of the Company was drawing remuneration in excess of limits laid down pursuant to Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, details therewith are not furnished.

12. PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO

Information pursuant to Section 217 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the Report of the Board of Directors) A rule, 1988 is not required as your company is not a manufacturing company.

13. QUALIFICATION IN THE AUDITOR''S REPORT:

There are no qualifications in the Auditors'' Report regarding audited Accounts for the year ended March 31, 2013 except as follow: The statutory Auditors have qualified that the Miscellaneous Expenditure lying in the Books of the Company as on 31/03/2013 ought to have been written off in the Financial Year ended 31/03/2010. In this regard, the Company here responds that it is a call taken by the Management to amortize the said Miscellaneous Expenditure.

For and on behalf of the Board of Directors

B. K. Soni

Mumbai CMD

August 14, 2013

Registered Office:

205, Centre Point,

Next to Hotel

Kohinoor, Andheri Kurla Road,

Andheri East, Mumbai–400 059


Mar 31, 2012

The Members of ECO RECYCLING LIMITED

The Directors present with pleasure the 18th Annual Report together with the Audited Statement of Accounts of the Company for the year ended March 31, 2012.

1. FINANCIAL RESULTS (Rs. in Lacs)

2011- 2010- 2012 2011

Total Income 1757.34 1676.37

Profit before Interest, 108.15 113.43 Depreciation & tax

Less: Depreciation 11.40 11.30

Profit before Interest 96.76 102.13 and Tax

Interest 49.86 16.58

Profit before Tax 46.90 85.55

Less: Provision for 9.89 15.26

Income Tax

Profit after Tax 37.01 70.29

Add: Balance brought 261.88 191.59 forward

Balance carried to 298.89 261.88 Balance Sheet

2. OPERATIONS

Your Directors are pleased to inform that during the year ended 31st March, 2012, the company added lots of new services to support environment conscious individuals & organizations to avail. Your company now provides "Recycling of Lamps on Wheels" and thereby avoids phosphor & mercury going in to air, water & soil to avoid environmental damages. "Recycling of e-waste on Wheels", the service which was introduced in the yester year is also catching attention of environmentalists, corporates, Government offices, NGOs etc. to promote better practices of recycling and spread awareness & educate in general to further promote such initiatives. Your company also carried out several initiatives of awareness through conferences, exhibitions, presentations in schools, collages, institutions, corporates, etc. for taking the message of organized recycling to the families & societies.

During the year ended 31st March 2012, your company achieved turnover of Rs. 1757.34 Lacs and net profit of Rs.46.90 Lacs.

3. DIVIDEND

In order to conserve resources, no dividend has been declared for the year 2011-2012.

4. TRANSFERS TO RESERVES

During the year, the Company proposes to transfer Rs. 150 lacs to General Reserve as per the Profit and Loss Account of the Company.

5. FUTURE PLANS

It is really very pleasant to inform that in the previous year, the Central Government notified E-waste (Management & Handling) Rules, 2011 on 11th May, 2011 to be effective from 1st May, 2012 (already in force). With the implementation of the above Rules, we anticipate a big rise in the volume of recycling of electrical & electronic waste going for organized recycling. The Rules have proposed that the producers of the respective electrical & electronic items will be liable to implement Extended Producers' Responsibility (EPR) principle. As per the EPR principle, producers will be liable to establish reverse logistic & warehousing chain for collection of discarded (end of life) equipment from the consumers and will also be responsible to tie up with the authorized recyclers for getting these end of life equipment recycled in an environment friendly manner.

We are pleased to inform that Eco Recycling Ltd, the first company authorized for recycling of e-waste in the country has taken several steps to avail of this growing opportunity by implementing expansion plan to enhance its capacity & capability. Eco Recycling Ltd is working on a plan of Reverse Logistic & Warehousing in collaboration with a bunch of Producers; the plan has envisaged covering the major cities of the country to facilitate individual consumers & large consumers to get rid of their end of life equipment for recycling in an environment friendly manner.

We are also pleased to inform that the project of Precious Metal recovery undertaken by Eco Recycling Ltd with the financial assistance from DSIR (Department of Scientific & Industrial Research), Government of India has shown excellent results and in all probabilities the same will be commercialized in this calendar year. We are also pleased to inform that in the previous year your company's in house R&D Facility was also recognized by the Department and by virtue of that your company is able to save on number of indirect & direct taxes.

6. DIRECTORS

In accordance with the Articles of Association of the Company and provisions of the Companies Act, 1956 at least two- thirds of our Directors shall be subject to retirement by rotation. One- third of these retiring Directors must retire from office at each Annual General Meeting of the Shareholders. The retiring Directors are eligible for re-election.

In accordance with the said provisions of the Companies Act, 1956 and Articles of Association of the Company, Mrs. Aruna Soni , Director of the Company retire by rotation at the ensuing Annual General Meeting and being eligible offer herself for re-appointment.

7. AUDITORS

M/s. GMJ & Company, Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting. The Company has received letter from them to the effect that their appointment, if made, would be within the prescribed limits under Section 224(1-B) of the Companies Act, 1956. Your Directors recommend their re-appointment.

8. FIXED DEPOSIT

In terms of the provisions of Section 58A of the Companies Act, 1956 read with the Companies (Acceptance of Deposit Rules), 1975, the Company has not accepted any fixed deposits during the year and as such, no amount of Principal or Interest was outstanding as of the Balance sheet date.

9. DIRECTORS' RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanation obtained by them, your Directors make the following statement in terms of Section 217(2AA) of the Companies Act, 1956:

(i) that in the preparation of the Annual Accounts for the year ended March 31, 2012; the applicable accounting standards have been followed along with proper explanation relating to material departures, if any.

(ii) that 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 ended March 31, 2012 and of the profit of the Company for that year.

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

(iv) that the Directors have prepared the Annual Accounts for the year ended March 31, 2012, on a going concern basis.

10. CORPORATE GOVERNANCE

As required under clause 49 of the Listing Agreement with the Stock Exchange, the report on Corporate Governance is furnished as a part of the Directors' Report and forms part of this report showing that the Company has taken appropriate steps and measures to comply with all the applicable mandatory provisions of Clause 49 of the Listing Agreement entered with the Stock Exchanges and section 292A of the companies Act 1956. Certificate from the Company's Auditors regarding compliance is annexed hereto and forms part of this report.

11. PARTICULARS OF EMPLOYEES

Since none of the employees of the Company was drawing remuneration in excess of limits laid down pursuant to Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, details therewith are not furnished.

12. PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO

Information pursuant to Section 217 (1)

(e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the Report of the Board of Directors) A rule, 1988 is not required as your company is not a manufacturing company

13. REMUNERATION TO MRS. ARUNA SONI

Board of Director in consultation with remuneration committee of the Company had passed a resolution on March 31, 2011 for payment of Remuneration of Rs. 50,000/- to Mrs. Aruna Soni, Executive Director of the Company for the services rendered by her for a period with effect from April 01, 2011 till March 31, 2014 i.e., for a period of 3 years. At the forthcoming Annual General Meeting of the Company the members' approval is requested by the Company in this regard.

For and on behalf of the Board of Directors

B. K. Soni

Mumbai CMD

July 30, 2012

Registered Office:

205, Centre Point, Next to Hotel Kohinoor, Andheri Kurla Road,

Andheri East, Mumbai-400 059

 
Subscribe now to get personal finance updates in your inbox!