Mar 31, 2012
To the Members:
The Directors have pleasure in presenting 28th Annual Report of your
company together with the Audited Accounts for the year ended 31st
March 2012.
FINANCIAL RESULTS :
The financial results of the company for the year under review are
summarized below:
(Rs.in Lacs)
Year Ended Year Ended
31st March
2012 31st March
2011
Sales and Other Income 0.94 224.33
Gross Profit/(Loss) before
Depreciation and Interest (16.80) (941.43)
Less: Depreciation 5.99 5.99
Interest 0.05 455.41
Net Profit before Tax and
Extra Ordinary Items (22.8460) (1402.83)
Prior period Adjustment
Provision for Tax
Add / (Less) : Deferred Tax
Current Tax - -
Fringe Benefit Tax - -
Net Profit / (Loss) after Tax (22.8460) (1402.83)
Net Profit and Loss A/c b/f (3438.48) (2035.65)
Balance carried forward
to Balance Sheet (3461.32) (3438.48)
OPERATIONS
Performance under review was poor as plants at factory at Plot No. 32
VRDIC Vithoba Industrial Complex Village Lohop Post Mazgaon was not
operational.
Because of defaults in payments to State Bank of India Overseas Branch
against working capital loan accounts were NPA and are in negotiation
for OTS.
FINANCE
During the year 2011-2012 the account with State Bank of India are
considered as NPA because of default in making the payment.
PERSONNEL & INDUSTRIAL RELATIONS
Relations with employees were in general cordial and congenial
atmosphere prevailed.
DIRECTORS
In accordance with the Articles of Association of the Company and
provisions of the Companies Act 1956 Mrs. Indresh Bala is liable to
retire by rotation and being eligible offer herself for
re-appointment. Your Directors recommend her re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217(2AA)
OF THE COMPANIES ACT 1956
The Directors state that -
(i) in the preparation of the annual accounts the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(ii) the directors had selected such accounting policies and applied
them consistently and made judgment 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 covered under this
Report and of the loss of the Company for the year;
(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 directors had prepared the annual accounts on a 'going
concern' basis.
CORPORATE GOVERNANCE
Your company and its Board of Directors have complied with Corporate
Governance to the extent set out inthe enclosed report pursuance to
Clause 49 of the Listing Agreement. Management Discussion and Analysis
forms pat of this report. Auditors Certificate for compliance of the
conditions of Corporate Governance is also attached to the report.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNING
AND OUTGO:
a. CONSERVATION OF ENERGY
The Company's operations do not involve substantial consumption of
power in comparison to cost of production. However regulatory measures
are there to ensure that the consumption of power within the norms.
b. TECHNOLOGY ABSORPTION
The company has fully absorbed the technical know-how received form
Germany.
c. FOREIGN EXCHANGE EARNING AND OUTGO.
Foreign exchange earnings of the company during the year 2011-12 were X
NIL (Previous Year X Nil) while outgoings were X NIL (previous Year f
NIL).
AUDITORS
M/s. Aniket Kulkarni & Associates Chartered Accountants Mumbai hold
their office until the conclusion of the ensuring Annual General
Meeting and are eligible for reappointment. The members are requested
to re-appoint them as Auditors of the Company till the conclusion of
the next Annual General Meeting.
FIXED DEPOSIT
During the financial year under consideration the Company had not
accepted nor renewed any deposit form public within the meaning of
Section 58-A of the Companies Act 1956.
PARTICULARS OF EMPLOYEES
There is no employee in the company whose particulars are required to
be given under Section 217(2A) of the Companies Act 1956 read with
Companies [Particulars of Employees} Rule 1975.
ACKNOWLEDGEMENTS
Your Directors' acknowledge the co-operation received from various
Government agencies Bank Customers Suppliers and Employees during
the year.
By Order of the Board
For EPIC ENZYMES
PHARMACEUTICALS AND
INDUSTRIAL CHEMICALS LIMITED
Place : Mohali P. K. MAHAJAN
Date : 29th June 2012 Chairman & Managing Director
Mar 31, 2011
To The Members:
The Directors have pleasure in presenting 27th Annual Report of your
company together with the Audited Accounts for the year ended 31st
March, 2011.
FINANCIAL RESULTS :
The financial results of the company for the year under review are
summarized below:
(Rs. in Lacs)
Year Ended Year Ended
31st March, 2011 31st March, 2010
Sales and Other Income 224.33 28.18
Gross Profit/(Loss) before
Depreciation and Interest (941.43) (39.08)
Less: Depreciation 5.99 41.31
Interest 455.41 26.31
Net Profit / (Loss) before
Tax and Extra Ordinary Items (1402.83) (106.70)
Prior period Adjustment - -
Provision for Tax
Add / (Less) : Deferred Tax - -
Current Tax - -
Fringe Benefit Tax - -
Net Profit/(Loss) after Tax (1402.83) (106.70)
Balance in Profit and Loss
A/c b/f (2035.65) (1928.95)
Balance carried forward to
Balance Sheet (3438.48) (2.35.65)
OPERATIONS
Performance under review was poor as plants at factory at Plot No. 32,
VRDIC, Vithoba Industrial Complex, Village Lohop, Post Mazgaon was
badly corroded & could not be repaired due to liquidity crisis & plant
could not be operated at its rated capacity. Company has made a net
loss of Rs. 1402.83 lacs {previous year losses Rs. 106.70 lacs}.
Because of defaults in payments to State Bank of India, Overseas Branch
against working capital and to IDBI against term loan, both accounts
were NPA. Management of your company has successfully negotiated with
IDBI for One Time Settlement and has arranged the funds to make the
payment by selling the fixed assets of Plant & Machinery & Building.
The sale of assets was approved in the board meeting of 10th April,
2011 after receipt of scrutiny report of postal ballets from
scrutinizer M/s. Makarand M. Joshi & Co. the practicing Company
Secretary.
Because of default in payment of principal amount & interest M/s. State
Bank of India have filed a case in Debt Recovery Tribunal and Court on
28.03.2011 have passed an order against the Company. Your management on
receipt of order is considering to file an appeal with the Debt
Recovery Appellate Tribunal against the order.
Your Company have been allocated land in GIDC Dahej, Gujarat and will
consider to set up manufacturing facilities after finalizing an
amicable settlement with State Bank of India.
FINANCE
During the year 2010-11 the account with State Bank of India are
considered as NPA because of default in making the payment. Management
have successfully negotiated and finalized the One Time Settlement with
Industrial Development Bank of India and have obtained No due
certificate after full payment to IDBI.
PERSONNEL & INDUSTRIAL RELATIONS
Relations with employees were in general cordial and congenial
atmosphere prevailed.
DIRECTORS
In accordance with the Articles of Association of the Company and
provisions of the Companies Act, 1956, Mr. Subhash Kumar is liable to
retire by rotation and being eligible, offer him self for
re-appointment. Your Directors recommend his re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217(2AA)
OF THE COMPANIES ACT, 1956
The Directors state that -
(i) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(ii) the directors had selected such accounting policies and applied
them consistently and made judgment 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 covered under this
Report and of the loss of the Company for the year;
(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 directors had prepared the annual accounts on a 'going
concern' basis.
CORPORATE GOVERNANCE
Your company and its Board of Directors have complied with Corporate
Governance to the extent set out in the enclosed report pursuance to
Clause 49 of the Listing Agreement. Management Discussion and Analysis
forms pat of this report. Auditors Certificate for compliance of the
conditions of Corporate Governance is also attached to the report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO:
a. CONSERVATION OF ENERGY
The Company's operations do not involve substantial consumption of
power in comparison to cost of production. However, regulatory measures
are there to ensure that the consumption of power within the norms.
b. TECHNOLOGY ABSORPTION
The Company has fully absorbed the technical know-how received from
Germany.
c. FOREIGN EXCHANGE EARNING AND OUTGO.
Foreign Exchange Earnings of the Company during the year 2010-11 were
Rs. NIL (Previous Year Rs. 93091/-) while outgoings were Rs. NIL
(Previous Year Rs. NIL).
AUDITORS
M/s. Aniket Kulkarni & Associates, Chartered Accountants, Mumbai hold
their office until the conclusion of the ensuring Annual General
Meeting and are eligible for reappointment. The members are requested
to re-appoint them as Auditors of the Company till the conclusion of
the next Annual General Meeting.
FIXED DEPOSIT
During the financial year under consideration, the Company had not
accepted nor renewed any deposit form public within the meaning of
Section 58-A of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
There is no employee in the company whose particulars are required to
be given under Section 217(2A) of the Companies Act, 1956 read with
Companies [Particulars of Employees] Rule, 1975.
ACKNOWLEDGEMENTS
Your Directors' acknowledge the co-operation received from various
Government Agencies, Bank, Customers, Suppliers and Employees during
the year.
By Order of the Board
For EPIC ENZYMES, PHARMACEUTICALS AND
INDUSTRIAL CHEMICALS LIMITED
P. K. MAHAJAN
Chairman & Managing Director
Place : Navi Mumbai,
Date : 23rd June, 2011.
Mar 31, 2010
The Directors have pleasure in presenting 26th Annual Report of your
company together with the Audited Accounts for the year ended 31st
March 2010.
FINANCIAL RESULTS :
The financial results of the company for the year under review are
summarized below:
(Rs. in Lacs)
Year Ended Year Ended
31st March, 2010 31st March, 2009
Sales and Other Income 28.18 210.78
Gross Profit/(Loss) before
Depreciation and Interest (39.08) (143.18)
Less: Depreciation 41.31 41.53
Interest 26.31 27.41
Net Profit / (Loss) before Tax
and Extra Ordinary Items (106.70) (212.12)
Prior period Adjustment - 1.20
Provision for Tax
Add/ (Less) : Deferred Tax - -
Current Tax - -
Fringe Benefit Tax - 0.42
Net Profit / (Loss) after Tax (106.70) (213.73)
Balance in Profit and Loss A/c b/f (1,928.95) (1,715.22)
Balance carried forward to
Balance Sheet (2,035.65) (1,928.95)
OPERATIONS
Performance under review was much below the expected level as adequate
Working Capital was not available and the factory at Plot No. 32,
VRDIC, Vithoba Industrial Complex, Village Lohop, Post Mazgaon was
badly corroded due to liquidity crisis. The plant could not be repaired
and operated at its rated capacity. Company has made a net loss of Rs.
106.70 lacs {previous year Rs. 213.73 lacs}.
Because of defaults in payments to State Bank of India, Overseas Branch
against working capital and to IDBI against term loan, both accounts
are NPA. Management of your company has successfully negotiated with
IDBI for a One Time Settlement and has arranged the funds to make the
payment. Management of your company is in positive negotiation with
State Bank of India for One Time settlement against the working capital
loan.
Management of your company have sent Notice of Voting through Postal
Ballot against the resolution passed on 22nd February 2010 for the sale
of assets at factory situated at Plot No. 32, VRDIC, Vithoba Industrial
Complex, Village Lohop, Post Mazgaon and the office building situated
at 514, Persipolis, Sector 17 Vashi, Navi Mumbai-400703.
With the sale of assets the management of the company has decided to:-
. Clear its current liabilities - Banks, Institutions and Government
. Expand its capacities in the subsidiary unit, Mahakrishna Chemicals
located at Panoli for new products in the coming months.
. Set up a new manufacturing unit in Gujarat, with new products, which
will include fine chemicals for the agrochemicals, pharmaceutical and
petrochemical markets.
. Change the business model, which will include trading under
registrations of several products in the International Market.
FINANCE
During the year 2009-10 the account with State Bank of India as well as
with IDBI are considered as NPA because of default in making the
payment. Management have successfully negotiated and finalized the One
Time Settlement with Industrial development Bank of India and
negotiations are positive for One Time Settlement with State Bank of
India, Overseas branch.
PERSONNEL & INDUSTRIAL RELATIONS
Relations with all employees including the recognized unions were in
general cordial and congenial atmosphere prevailed. Your Directors
acknowledge with gratitude the committed efforts of the employees at
all levels and their satisfying contribution in management and company
affairs.
DIRECTORS
Ms. Anu Mahajan and Mr. Pulkit Mahajan resigned from the Directorship
of the Company with effect from 16th September, 2009. The Board places
on record its appreciation of valuable services rendered by them.
In accordance with the Articles & Association of the Company and
provisions of the Companies Act, 1956 Mr. Pradeepkumar Shrinivas
Mahajan, retire by rotation at the ensuing Annual General Meeting and
being eligible, offer themselves for re-election. Your Directors
recommend their re-appointment.
Ms. Indresh Bala and Mr. Subash Kumar were appointed as Additional
Director of the Company with effect from 15th September, 2009 in
pursuance of Board of Directors resolution of that date.
According to the provisions of the Section 260 of the Companies Act,
1956 the above Directors hold office upto the date of the subsequent
Annual General Meeting. As required by Section 257 of the Companies
Act, 1956 a notice has been received from a Member signifying his
intention to propose the appointment of Ms. Indresh Bala and Mr. Subash
Kumar as Directors at the forthcoming Annual General Meeting. Members
are requested to approve their appointment.
DIRECTORS RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217(2AA)
OF THE COMPANIES ACT, 1956
The Directors state that -
(i) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(ii) the directors had selected such accounting policies and applied
them consistently and made judgment. 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 covered under this
Report and of the loss of the Company for the year;
(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 directors had prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE
Your company and its Board of Directors have complied with Corporate
Governance to the extent set out in the enclosed report pursuance to
Clause 49 of the Listing Agreement. Management Discussion and Analysis
forms part of this report. Auditors Certificate for compliance of the
conditions of Corporate Governance is also attached to the report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO:
a. CONSERVATION OF ENERGY
The companys operations do not involve substantial consumption of
power in comparison to cost of production. However, regulatory measures
are there to ensure that the consumption of power is within the norms.
b. TECHNOLOGY ABSORPTION
The company has fully absorbed the technical know-how received from
Germany.
c. FOREIGN EXCHANGE EARNING AND OUTGO.
Foreign exchange earnings of the company during the year 2009-10 were
Rs.93, 091 (Previous Year Rs.NIL) while outgoings were Rs.NIL (Previous
Year Rs.0.23 Lacks).
AUDITORS
M/s. Sundaram Seshan & Associates, Chartered Accountants, Navi Mumbai
hold their office until the conclusion of the ensuing Annual General
Meeting and are eligible for reappointment. The members are requested
to re- appoint them as Auditors of the Company till the conclusion of
the next Annual General Meeting.
FIXED DEPOSIT
During the financial year under consideration, the Company had not
accepted nor renewed any deposit from public within the meaning of
Section 58-A of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES
There is no employee in the company whose particulars are required to
be given under Section 217(2A) of the Companies Act, 1956 read with
Companies [Particulars of Employees] Rule, 1975.
ACKNOWLEDGEMENTS
Your Directors acknowledge the co-operation received from various
Government agencies, Bank, Customers, Suppliers and Employees during
the year.
By Order of the Board
For EPIC ENZYMES, PHARMACEUTICALS AND
INDUSTRIAL CHEMICALS LIMITED
Place : Navi Mumbai, P. K. MAHAJAN
Date : 14th June, 2010. Chairman & Managing Director