Mar 31, 2015
DEAR MEMBERS,
The Directors have pleasure in presenting their Report and Audited
Accounts of the Company for the year ended March 31,2015.
1. Financial Results:
Turnover:
Current Period (In Rs. ) Previous Year (In Rs.)
86,736,217 20,52,00,518
During the financial year 2014-15 the turnover of the company is lesser
as compare to the previous year. The financials for the financial year
2014-15 is as follows:-
PARTICULARS Current Period Previous Period
31.03.2015 31.03.2014
I . Revenue From Operations 86,736,217 205,200,518
II. Cost of Sales 98,494,141 268,534,186
III . Gross profit (I-II) (11,757,923) (63,333,668)
IV. Operating expenses:
(1) Selling and marketing 2,771,006 4,483,383
expenses
(2) Administrative expenses 14,024,681 374,410,400
(3) Depreciation and 326,889,822 141,583,529
amortization of assets
(4) Foreign currency exchange - -
gains(losses), net
Total Operating Expenses 343,685,509 520,477,312
V. (1) Results from operating (355,443,432) (583,810,980)
activities (III - IV)
(2) Gains / (Loss) on sale of 107,945
long-term investments
(3) Other Income 1,647,898 24,189,835
(4) Other expenses: -
(i) finance costs 11,137 179,525
(ii) Others - -
(5) Long Term Investment - 722,615,680
Written off
VI. Income before (353,806,671) (1,282,308,405)
income tax
(1) Current Income Tax - -
(2) Deferred Tax Liability / - -
(Asset)
VII. Net Profit After Tax (353,806,671) (1,282,308,405)
(3) Others - -
VIII. Profit for the (353,806,671) (1,282,308,405)
period (VI-VII)
2. Dividend:
Considering the losses from last few years the directors of company has
not recommended any dividend for the current Period.
3. Term Deposits:
During the Period under review, your Company has not accepted any
deposit under Section 58A of the Companies Act, 1956 read with
Companies (Acceptance of Deposits) Rules, 1975.
4. Information under Section 196-202 of Companies Act, 2013 and Rule
3-10 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014
None of the employees was in receipt of remuneration exceeding the
limit specified under section 196-202 of Companies Act, 2013
5. Directors
Pursuant to Section 152 of the Companies Act, 2013 (the ''Act'') and
under Article (Article No. if any) of the Company''s Articles of
Association, Mr. Sunil Jawaharlal Mandloi retires by rotation at the
ensuing 21st Annual General Meeting and, being eligible, offers himself
for re-appointment.
Mrs. Shailbala Sunil Mandloi has been appointed as a Non Executive
Independent director of the company, Pursuant to Sections 149, 150 and
152 of the Act, read with Companies (Appointment and qualification of
Directors) Rules, 2014 along with NOTE IV of the Act (including any
statutory modification(s) or re-enactment thereof for the time being in
force), the Independent Directors can hold office for a term of five
consecutive years on the Board of Directors of your Company.
During the year:
Mr. Ratan Lal Tamakhuwala the Director of the Company has been resigned
from the Directorship of the company with effect from 27th March,2015.
6. Director''s Responsibility Statement:
Pursuant to in terms of clause (c) of sub-section 3 of section 134 of
the Companies Act, 2013, the Directors, based on the representations
received from the Management, confirm:
That in the preparation of the annual accounts, the applicable
accounting standards have been followed.
That we 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 March 2015 and the profit / Loss of the
Company for that period.
That we 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 That we have
prepared the annual accounts on a going concern basis.
7. Auditors
The Board has proposed the appointment of M/S Arup & Associates,
Chartered as a Statutory Auditor of the Company until the conclusion of
Next Annual General Meeting of the company at a remuneration as the
Board of Directors may determine. "subject to the approval of the
shareholders in the Annual General Meeting of the company;
8. Conservation of Energy, Research and Development, Technology,
Absorption and Foreign Exchange Earning & Outgo
The information required under the Companies Act, 2013 with respect to
conservation of energy, technology absorption and foreign exchange
earnings/outgo is appended hereto as Annexure : "A" and it forms part
of this Report.
9. Employee Relations
The employee relations in the Company continued to be positive.
Information as per Section 217(2A) of the Companies Act, 1956 (the
''Act'') read with the Companies (Particulars of Employees) Rules, 1975
forms part of this Report. As per the provisions of Section
219(1)(b)(iv) of the Act, the Report and Accounts are being sent to the
shareholders of the Company excluding the statement on particulars of
employees under Section 217(2A) of the Act. Any shareholder interested
in obtaining a copy of the said statement may write to the Secretarial
Department at the Registered Office of the Company.
10. Subsidiaries
To Closure of the Subsidiaries companies an application is to be made
U/s 560 of the companies Act to the Registrar of Companies, to strike
off the name of the Subsidiary Companies.
11. Trade Relations
Your Directors wish to record appreciation of the continued unstinted
support and co-operation from its Customers, suppliers of
goods/services, clearing and forwarding agents and all others
associated with it. Your Company will continue to build and maintain
strong association with its business partners.
Your Company also has a Policy on Prevention of Sexual Harassment which
is reviewed by the Internal Complaints Committee at regular intervals.
Your Company recognizes its responsibility and continues to provide a
safe working environment for women, free from sexual harassment and
discrimination and to boost their confidence, morale and performance.
12. Corporate Governance
As per clause 49 of the Listing Agreements entered into with the Stock
Exchanges, Corporate Governance Report with auditors'' certificate
thereon and Management Discussion and Analysis are attached and form
part of this report.
As per clause 55 of the Listing Agreements entered into with the Stock
Exchanges, a Business Responsibility Report is attached and forms part
of the annual report.
13. Acknowledgements
The Directors thank the Company''s customers, vendors, investors,
business associates, bankers for their support to the company. The
Directors appreciate and value the contributions made by every member
of the "Greenearth" family across the country.
For and On Behalf of the Board of Directors
SD/-
M. M. Damani
Managing Director
Place: Kolkata
Date: May 30, 2015
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting their Report and Audited
Accounts of the Company for the year ended March 31,2014.
1. Financial Results:
Turnover:
Current Period (In Rs. ) Previous Year (In Rs.)
20,52,00,518 46,98,89,460
During the financial year 2013-14 the turnover of the company is lesser
as compare to the previous year. The financials for the financial year
2013-14 is as follows:-
Current Period Previous Period
Ended Ended
PARTICULARS 31.03.2014 31.03.2013
(In Rs.) (In Rs.)
Total Revenue (a b c) 229,498,298 1,225,377,558
Sales (a) 205,200,518 469,889,460
Other Operating Revenue (b) - -
Other Income (c) 24,297,780 755,488,098
Profit from operations before
Depreciation, Interest & (417,929,671) (57,519,114)
Preliminary Exp. w/off.
Interest and financial charges 179,525 66,308
Depreciation 141,583,529 224,911,399
Preliminary Exp. w/off. - -
Profit after interest
and depreciation (559,692,725) (282,496,821)
Exceptional Items 722,615,680 -
Profit /loss beforetaxes (1,282,308,405) (282,496,821)
Tax Expenses - -
Net Profit / loss for
the Period (1,282,308,405) (282,496,821)
2. Dividend:
Considering the losses from last few years the directors of company has
not recommended any dividend for the current Period.
3. Term Deposits:
During the Period under review, your Company has not accepted any
deposit under Section 58A of the Companies Act, 1956 read with
Companies (Acceptance of Deposits) Rules, 1975.
4. Information under Section 217(2a) Of the Companies Act, 1956:
None of the employees was in receipt of remuneration exceeding the
limit specified under section 217(2A) of the Companies Act, 1956
5. Directors
Pursuant to Section 152 of the Companies Act, 2013 (the ''Act'') and
under Article (Article No., if any) of the Company''s Articles of
Association,Mr. Ratan Lal Tamakhuwala & Mr. Sunil Jawaharlal Mandloi
retires by rotation at the ensuing 20th Annual General Meeting and,
being eligible, offers himself for re-appointment.
Pursuant to Sections 149, 150 and 152 of the Act, read with Companies
(Appointment and qualification of Directors) Rules, 2014 along with
NOTE IV of the Act (including any statutory modification(s) or re-
enactment thereof for the time being in force), the Independent
Directors can hold office for a term of five consecutive years on the
Board of Directors of your Company.
6. Director''s Responsibility Statement:
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors,
based on the representations received from the Management, confirm:
That in the preparation of the annual accounts, the applicable
accounting standards have been followed.
That we 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 March 2014 and the profit / Loss of the
Company for that period.
That we 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 That we have
prepared the annual accounts on a going concern basis.
7. Auditors
The Board has proposed the appointment of M/S Arup &
Associates,Chartered as a New Statutory Auditor of the Company in place
of existing Auditor M/S M.Mukherjee & Associates,The Chartered
Accountant to fill up the Vacancy cause by death of Mr.M.M.Mukherjee ,
until the conclusion of Next Annual General Meeting of the company at a
remuneration as the Board of Directors may determine."subject to the
approval of the shareholders in the Annual General Meeting of the
company;
8. Conservation of Energy, Research and Development, Technology,
Absorption and Foreign Exchange Earning & Outgo
The information required under Section 217(1)(e) of the Companies Act,
1956 read with the Companies (Disclosure of Particulars in the Report
of the Directors) Rules, 1988 with respect to conservation of energy,
technology absorption and foreign exchange earnings/outgo is appended
hereto as Annexure and it forms part of this Report.
9. Employee Relations
The employee relations in the Company continued to be positive.
Information as per Section 217(2A) of the Companies Act, 1956 (the
''Act'') read with the Companies (Particulars of Employees) Rules, 1975
forms part of this Report. As per the provisions of Section
219(1)(b)(iv) of the Act, the Report and Accounts are being sent to the
shareholders of the Company excluding the statement on particulars of
employees under Section 217(2A) of the Act. Any shareholder interested
in obtaining a copy of the said statement may write to the Secretarial
Department at the Registered Office of the Company.
10. Subsidiaries
To Closure of the Subsidiaries companies an application is to be made
U/s 560 of the companies Act to the Registrar of Companies, to strike
off the name of the Subsidiary Companies.
11. Trade Relations
Your Directors wish to record appreciation of the continued unstinted
support and co-operation from its Customers, suppliers of
goods/services, clearing and forwarding agents and all others
associated with it. Your Company will continue to build and maintain
strong association with its business partners.
Your Company also has a Policy on Prevention of Sexual Harassment which
is reviewed by the Internal Complaints Committee at regular intervals.
Your Company recognizes its responsibility and continues to provide a
safe working environment for women, free from sexual harassment and
discrimination and to boost their confidence, morale and performance.
12. Corporate Governance
A report on Corporate Governance, along with a certificate from the
Statutory Auditors and a certificate from the Managing Director has
been included in the Annual Report, detailing the compliances of
corporate governance norms as enumerated in Clause 49 of the Listing
Agreement with the stock exchange.
13. Acknowledgements
The Directors thank the Company''s customers, vendors, investors,
business associates, bankers for their support to the company. The
Directors appreciate and value the contributions made by every member
of the "Greenearth" family across the country.
For and On Behalf of the Board of Directors
SD/-
M. M. Damani
Managing Director
Place: Kolkata
Date: June 24, 2014
Mar 31, 2013
To , The Members
The Directors have pleasure in presenting their 19th Report for 15
months period starting from 01.01.2012 to 31.03.2013 on the business
and operations of the company and the accounts for the 15 months period
ended on 31st March, 2013.
1. Performance of the Company:
a) Revenue from operations: (Rs. In Lakhs)
Current Period (In Rs.) Previous Period (In Rs.)
4698.89 1513.26
During the Period, almost all customer segments of the company saw a
lower production level as compared to its optimum level.
During this Period, the turnover of Rs. 4698.89 Lakhs is much higher
than previous period which is Rs. 1513.26 Lakhs.
PARTICULARS
Current Period Previous Period
31.03.2013 (Rs.) 31.12.2011 (Rs.)
I. Revenue From Operations 469,889,460 151,326,305
II. Cost of Sales 503,278,533 290,240,502
III. Gross profit (I-II) (33,389,073) (138,914,197)
IV. Operating expenses:
(1) Selling and marketing expenses 7,917,723 3,150,107
(2) Administrative expenses 771,700,416 661,917,379
(3) Depreciation and
amortization of assets 224,911,399 1,107,579,210
(4) Foreign currency exchange
gains(losses), net
Total Operating Expenses 1,004,529,539 1,772,646,696
V. (1) Results from
operating activities (III - IV) (1,037,918,612) (1,911,560,893)
(2) Gains / (Loss) on sale of
long-term investments (962,891)
(3) Other Income 755,488,098 136,061,438
(4) Other expenses:
(i) finance costs 66,308 61,113,843
(ii) Others
VI. Income before income tax (282,496,821) (1,837,576,189)
(1) Current Income Tax
(2) Deferred Tax Liability / (Asset) (11,185,320)
VII. Net Profit After Tax (282,496,821) (1,826,390,869)
(3) Others
VIII. Profit for the period (VI-VII) (282,496,821) (1,826,390,869)
IX. Earnings per equity share:
(1) Basic (0.97) (6.29)
b) Financial Restructuring:
Referring the previous and current financial Period results, the entire
net worth of the Company has got eroded. The accumulated losses of
company during the reporting period is Rs. 419.58 crores (P.Y.
Accumulated Loss Rs.391.33 crores) and has incurred a cash loss of Rs.
5.67 crores (P.Y. Cash loss Rs.72.91 crores) and as such company falls
within the definition of "sick industrial company" within the meaning
of section 3(1)(o) of Sick Industrial Companies (Special Provisions)
Act, 1985 (SICA). Consequently, for its rehabilitation, company''s case
is being pursued under the adjudication of Appellate Authority for
Industrial and Financial Reconstruction (AAIFR).. Also, the company is
under the process of continuous negotiations and one time settlement
schemes with its bankers for revival of company. The management will
take all possible steps for revival of the company.
c. Dividend:
In view of losses the directors of company has not recommended any
dividend for the current Period.
d. Term Deposits:
During the Period under review, your Company has not accepted any
deposit under Section 58A of the Companies Act, 1956 read with
Companies (Acceptance of Deposits) Rules, 1975.
e. Information under Section 217(2a) Of the Companies Act, 1956:
None of the employees was in receipt of remuneration exceeding the
limit specified under section 217(2A) of the Companies Act, 1956.
f. Directors:
Mr. Ratan Lal Tamakhuwala and Mr. Sunil Mandloi, Directors of the
Company, retires by rotation and being eligible, offers himself for
re-appointment at the ensuing Annual General Meeting of the Company.
The Board has accepted the resignation of Mr. Om Prakash Singh who was
appointed as a Director of the Company w.e.f. 19.01.2012 And Resigned
on 04.01.2013.
g. Director''s Responsibility Statement As Required Under Section
217(2aa) Of The Companies Act, 1956 (As Amended)
Your Directors state:
a. that in the preparation of the annual accounts, the applicable
accounting standards have been followed
b. that we 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 March 2013 and the profit / Loss of the
Company for the period of 15 (fifteen) months ended on that date.
c. that we 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
d. that we have prepared the accounts for stated period on a going
concern basis.
h. Auditors
M/S. M. Mukherjee & Associates, Chartered Accountants have been
re-appointed to hold office as Auditors of the Company for the
financial year 2012 Â 2013 from the conclusion of this Annual General
Meeting until the conclusion of the next Annual General Meeting at the
remuneration as may be decided upon by the board of directors.
i. Conservation of Energy, Research & Development, Technology,
Absorption and Foreign Exchange Earning & Outgo
The information pertaining to conservation of energy, technology
absorption, foreign exchange earnings and outgo, as required under
section 217(1)(e) of the Companies Act, 1956 read with Companies
(Disclosure of Particulars in the report of the Board of Directors)
Rules, 1988 is given as per Annexure ''A'' and forms part of Director''s
Report.
j. Acknowledgements
The Directors thank the Company''s customers, vendors, investors,
business associates, bankers for their support to the company. The
Directors appreciate and value the contributions made by every member
of the "Greenearth" family across the country.
For and on behalf of the Board of Director
Sd/-
Place: Kolkata M.M. Damani
Date: 03.09.2013 Managing Director
Dec 31, 2011
The Directors have pleasure in presenting their 18th Annual report on
the business and operations of the company and the accounts for the
financial Period ended 31st December, 2011:
1. Performance of the Company:
a) Turnover:
Current Year(ln Rs.) Previous Year (In Rs.)
151,326,305 1,950,109,722
During the Period, almost all customer segments of the company saw a
lower production level.
During this Period the turnover of Rs. 151,326,305 is much lesser than
previous year which is Rs. 1,950,109,722.
Particulars PERIOD ENDED YEAR ENDED ON
31STDEC 2011 31ST MARCH 2011
(In Rs.) (In Rs.)
Gross sales 444,786,090 1,950,109,722
Less: Sales Return 293,459,785 -
Net Sales 151,326,305 1,950,109,722
Other income 135,098,547 21,318,184
Increase/(Decrease) in stocks (117,256,055) (528,452,819)
Total income 169,168,797 1,442,975,087
Operating Expenditure 837,176,899 3,736,184,667
Profit from operations before
Depreciation, Interest &
Preliminary Exp. w/off. (668,008,102) (2,293,209,580)
Interest and financial charges 61,113,843 345,517,805
Depreciation 154,392,782 326,509,098
Preliminary Exp. w/off. 8,75,033 8,75,033
Profit after interest and
depreciation (884,389,760) (2,966,111,516)
Exceptional Items
(Impairment Loss) 953,186,427 -
Profit/loss before taxes (1,837,576,188) (2,966,111,516)
Tax Expenses (Deferred
Tax Assets) 11,185,320 37,786,090
Net Profit / loss for the
Period (1,826,390,868) (2,928,325,426)
b) Financial Restructuring:
As per the current financial Period results, The Management of the
Company May decided to file an application in BIFR.
Erosion of Net worth - Reference to Board for Industrial and financial
Reconstruction (BIFR) - On Account of Losses incurred during the Period
under review and also with carried forward losses of past years, the
entire net worth of the Company has got eroded at the end of the period
on 31st December, 2011. Therefore, Company is required under the
provisions
of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) to
make a reference to" the Board for Industrial & Financial
Re-construction (BIFR) for determination whether the| Company is a Sick
Industrial Company or not and Company will shortly file the same.
If an order declaring the Company as Sick Industrial Company is passed,
BIFR will appoint an Operating Agency to examine and recommend the
measures for revival of the Sick Company. The management will take all
possible steps for revival of the Unit.
2. Dividend:
In view of losses the directors of company has not recommended any
dividend for the current Period.
3. Term Deposits:
During the Period under review, your Company has not accepted any
deposit under Section 58Ao1j the Companies Act, 1956 read with
Companies (Acceptance of Deposits) Rules, 1975.
4. Information under Section 217(2a) Of the Companies Act, 1956:
None of the employees was in receipt of remuneration exceeding the
limit specified under section 217(2A)of the Companies Act, 1956.
5. Directors:
Mr. Ratan Lai Tamakhuwala and Mr. M. M .Damani, Directors of the
Company, retire by rotation and! being eligible, offer themselves for
re-appointment at the ensuing Annual General Meeting of the Company.
The Board has accepted the resignation of Mr. Janaki Ram Ajjarapu who
was appointed] as an Additional Directorof the Company w.e.f.
November24,2011.
6. Directors Responsibility Statement As Required Under Section
217(2aa) Of The Companies Act 1956 (As Amended)
Your Directors state:
a. that in the preparation of the annual accounts, the applicable
accounting standards have, been followed
b. that we have selected such accounting policies and applied them
consistently and madel judgements and estimates that are reasonable and
prudent so as to give a true and fairvie of the state of affairs of
the company at the end of December 2011 and the profit / Loss of the
Company for that period.
c. that we 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
d. that we have prepared the annual accounts on a going concern basis.
7. Auditors
M/S. M. M. Mukherjee & Associates, Chartered Accountants have been
re-appointed to hold office, as Auditors of the Company for the
financial year 2012- 2013from the conclusion of this Annual1 General
Meeting until the conclusion of the next Annual General Meeting at the
remuneration as may be decided upon by the board of directors.
8. Conservation of Energy, Research & Development, Technology,
Absorption and Foreign Exchange Earning & Outgo
The information pertaining to conservation of energy, technology
absorption, foreign exchange] earnings and outgo, as required under
section 217(1)(e) of the Companies Act, 1956 read with. Companies
(Disclosure of Particulars in the report of the Board of Directors)
Rules, 1988 is given as per Annexure And forms part of Director''s
Report.
9. Acknowledgements
The Directors thank the Company''s customers, vendors, investors,
business associates, bankers for their support to the company. The
Directors appreciate and value the contributions made by every member
of the Greenheart family across the country.
Piece: Mumbai By Order of the Board of Directors
pate: January 19,2012 Sd/-
Sunil Jawaharlal Mandloi
Managing Director
Mar 31, 2011
The members
The Directors have pleasure in presenting their 17th Annual report on
the business and operations of the company and the accounts forthe
financial year ended 31st March, 2011:
1. Performance of the Company:
a) Turnover:
Current Year (In Rs.) Previous Year
(In Rs.)
1,950,109,722 2,716,148,662
During the Year, almost all customer segments of the company saw a
lower production level.
During this year the turnover of Rs. 1,950,109,722 is much lesser than
previous year which is Rs. 2,716,148,662
Particulars Year Ended Year Ended
31.03.2011 31.03.2010
(In Rs.) (In Rs.)
Income from sales/operations 1,950,109,722 2,71,61,48,662
Otherincome 22,618,414 3,41,22,197
Increase/(Decrease) in stocks (528,452,819) (7,66,96,309)
Total income 1,444,275,316 2,67,35,74,551
Operating Expenditure 3,737,484,897 2,23,21,03,486
Profit from operations before
Depreciation,
Interest & Preliminary Exp, w/off. (2,315,827,995) 40,73,48,866
Interest and financial charges 345,517,805 25,35,48,939
Depreciation 326,509,098 26,07,15,663
Preliminary Exp. w/off. 875,033 8,75,033
Profit after interest and depreciation (2,966,111,516) (7,36,68,570)
Exceptional Items
Profit/loss before taxes (2,966,111,516) (7,36,68,570)
Tax Expenses 37,786,090 2,73,50,073
Net Profit / loss for the year 2,928,325,426 (4,63,18,497)
b) Financial Restructuring:
As per the current year financial results, Company has not decided for
any type of restructuring forthis current year.
2. Dividend:
In vieA/v of losses the directors of company has not recommended any
dividend for the current year.
3. Term Deposits:
During the year under review, your Company has not accepted any deposit
under Section 58A of the Companies Act, 1956 read with Companies
(Acceptance of Deposits) Rules, 1975.
4. Information under Section 217(2a) Of the Companies Act, 1956:
None of the employees was in receipt of remuneration exceeding the
limit specified under section 217(2A) of the Companies Act, 1956.
5. Directors:
Mr. Ratan Lai Tamakhuwala and Mr. M. M .Damani, Directors of the
Company, retires by rotation and being eligible, offers himself for
re-appointment at the ensuing Annual General Meeting of the Company,
Mr. Bimal Kumar Goenka , Managing Director of the Company had resigned
as Director w.e.f. July 25,2011.
Mr. Sunil Kumar Mandloi have been appointed as an Additional Director
as on May 13, 2011; and appointed as a Managing Director of the Company
w.e.f. July 25,2011.
Mr. Rajnish Mishra have been appointed as a director of the Company
w.e.f. September 01,2011
6. Director''s Responsibility Statement As Required Under Section
217(2aa) Of The Companies Act, 1956 (As Amended)
Your Directors state:
a. that in the preparation of the annual accounts, the applicable
accounting standards have been followed
b. that we 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 2010-2011 and the profit/
Loss of the Company for that year.
c. that we 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
d. that we have prepared the annual accounts on a going concern basis.
7. Auditors
M/S T. N. DATTA & Associates, Chartered Accountants, the Statutory
Auditors of the Company, retires at the ensuring Annual General Meeting
of the Company. They have expressed their inability for the
reappointment as a Statutory Auditors of the Company at the ensuring
Annual General Meeting of the Company because of pre-occupation. Board
has proposed the name of M/SM. Mukherjee & Associates, for the
appointment as a Statutory Auditor of the Company, for the approval of
the Shareholders of the Company at the Annual General Meeting of the
Company, in place of retiring Auditor M/S T N. Datta& Associates.
8. Conservation of Energy, Research & Development, Technology,
Absorption and Foreign Exchange Earning & Outgo
The information pertaining to conservation of energy, technology
absorption, foreign exchange earnings and outgo, as required under
section 217(1)(e) of the Companies Act, 1956 read with Companies
(Disclosure of
Patjiculars in the report of the Board of Directors) Rules, 1988 is
given as per Annexure ''A'' and forms part of Director''s Report.
9. Acknowledgements
The Directors thank the Company''s customers, vendors, investors,
business associates, bankers for their support to the company. The
Directors appreciate and value the contributions made by every member
of the "Greenearth" family across the country.
For and on behalf of the Board of Director
Sd/-
Place: Mumbai Sunil Kumar Mandloi
Date: 03.09.2011 Managing Director
Mar 31, 2010
The Directors have pleasure in presenting their 16th Annual report on
the business and operations of the company and the accounts for the
financial year ended 31st March, 2010
1. Performance of the Company :
a) Turnover:
Current Year (In Rs.) Previous Year (In Rs.)
2,71,61,48,662 4,41,49,27,935
During the Year, almost all customer segments of the company saw a
lower production level.
During this year the turnover of Rs. 27,161.49 lacs is much lesser than
previous year which is Rs. 44,149.28 lacs.
Particulars Year ended Year ended
on 31st March 2010 31st March 2009
(InRs.) (In Rs.)
Income from sales / operations 2,71,61,48,662 4,41,49,27,935
Other income 3,41,22,197 3,94,44,082
Increase/ (Decrease) in stocks (7,66,96,309) 20,27,76,698
Total income 2,67,35,74,551 4,65,71,48,715
Operating Expenditure 2,23,21,03,486 3,32,26,34,378
Profit from operations before
Depreciation, Interest & 40,73,48,866 1,29,50,70,255
Preliminary Exp. w/off.
Interest and financial charges 25,35,48,939 30,06,53,249
Depreciation 26,07,15,663 33,94,70,321
Preliminary Exp. w/off. 8,75,033 8,75,033
Profit after interest and
depreciation (7,36,68,570) 69,34,70,321
Exceptional Items - -
Profit/loss before taxes (7,36,68,570) 69,34,70,321
Tax Expenses 2,73,50,073 (24,09,76,711)
Net Profit / loss for the year (4,63,18,497) 45,25,39,023
b) Financial Restructuring :
As per the current year financial results, Company has not decided for
any type of restructuring for this current year.
2. Dividend:
In view of losses the directors of company has not recommended any
dividend for the current year.
3. Term Deposits:
During the year under review, your Company has not accepted any deposit
under Section 58A of the Companies Act, 1956 read with Companies
(Acceptance of Deposits) Rules, 1975.
4. Information Under Section 217(2a) Of The Companies Act, 1956:
None of the employees was in receipt of remuneration exceeding the
limit specified under section 217(2A) of the Companies Act, 1956.
5. Directors:
Shri Sunil Jawaharlal Mandloi, Director of the Company, retires by
rotation and being eligible, offers himself for re-appointment at the
ensuing Annual General Meeting.
Shri Rishi Raj Agarwal resigned as director of the Company on 17th
August, 2010. The Board places on record their deep appreciation for
the services rendered by Shri Rishi Raj Agarwal during his tenure on
the Board.
Shri M. M. Damani, and Shri Ratan Lai Tamakhuwala, were appointed as
additional directors of the Company during the year. They will hold his
office as such till the ensuing Annual General Meeting. The Company has
received a Notice under Section 257 of the said act from a shareholder
proposing the candidature of the said Additional Directors for the
office of Director of the Company.
Shri Bimai Kumar Goenka was also appointed as the Additional Director
and subsequently as Managing Director of the Company the members
approval for which is sort in the ensuing Annual General Meeting and he
will not be liable to retire by rotation.
6. Directors Responsibility Statement As Required Under Section
217(2aa) Of The Companies Act, 1 956 (As Amended)
Your Directors state:
a. that in the preparation of the annual accounts, the applicable
accounting standards have been followed
b. that we 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 2009-2010 and the profit /
Loss of the Company for that year.
c. that we 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
d. that we have prepared the annual accounts on a going concern basis.
7. Auditors
M/s T.N. DATTA & Associates, Chartered Accountants, the Statutory
Auditors of the Company, retire at the ensuing Annual General Meeting
and being eligible, offer themselves for re-appointment. The Company
has received Letters from M/s .T.N. Datta & Associates, Chartered
Accountants to the effect their appointment, if made, would be within
the prescribed limits under Section 224(1 B) of the Companies Act,
1956. Members are requested to appoint auditors for the current year
and to authorize the Board to fix their remuneration.
8. Auditors Report
Most of the adverse remarks and qualifications in the Auditors Report
are due to non availability of documents and information all of which
were destroyed due to an accident and is beyond the control of the
company and its directors. Your directors are of the view that Notes to
the Accounts adequately provide the necessary information and answer
the observations of the Auditors in their Report.
9. Conservation of Energy, Research & Development, Technology,
Absorption and Foreign Exchange Earning & Outgo
The information pertaining to conservation of energy, technology
absorption, foreign exchange earnings and outgo, as required under
section 217(1 )(e) of the Companies Act, 1956 read with Companies
(Disclosure of particulars in the report of the Board of Directors)
Rules, 1988 is given as per Annexure A and forms part of Directors
Report.
10. Acknowledgements
The Directors thank the Companys customers, vendors, investors,
business associates, bankers for their support to the company. The
Directors appreciate and value the contributions made by every member
of the "Greenearth" family across the country.
For and on behalf of the Board of Director
Sd/-
Place: Mumbai Bimal Kumar Goenka
Date : 05.09.10 Managing Director
Mar 31, 2009
The Directors are pleased to present herewith 15th Annual Report and
the Audited Accounts for the Financial Year ended 31st March, 2009.
INITIAL PUBLIC OFFER
During the year 2008-09, your company entered the Capital Market with
Initial Public Offer (IPO) and the Company issued 7,260,000 Equity
Shares of Rs.10 /- each at a premium of Rs. 186 /- per share by way of
Public issue and 2,740,000 Equity Shares through Private Equity in
Pre-IPO Placement for an aggregate amount of Rs. 196 Crores. As a
result of this public issue your Companys paid up capital has
increased from Rs. 19.02 Crores to Rs. 29.02 Crores. Your companys
share were listed on the ÂBombay Stock Exchange Limited (BSE) and
National Stock Exchange (India) Limited (NSE) on 4th September, 2008.
The amount raised from the Public Issue is being utilized for the
objects of issue as specified in the Red Herring Prospectus.
SUB DIVISION OF SHARES
On 18th July, 2009 your company has sub-divided the existing equity
share of face value of Rs. 10/- each of the Company into 10 equity
shares of Re 1/- each.
FINANCIAL RESULTS
Particulars Year Ended Year Ended
31st March,2009 31st March, 2008
(Rs. In lacs) (Rs. In lacs)
Income from Operations 44,149.28 22,966.60
Other Income 394.44 642.29
Total Income 44,543.72 23,608.89
Operating Expenditure 31207.33 15,268.11
Profit before depreciation, interest and tax 13,336.39 8,340.78
Interest and Finance Charges 3,006.53 827.97
Depreciation 3,394.70 1,829.29
Profit before Taxes 6,935.16 5,683.52
Provision for Taxes 2,409.77 2,036.95
Net Profit for the year 4,525.39 3,646.57
Balance Brought Forward from previous years 4,691.78 1,267.84
Amount available for appropriation 9,217.16 4,914.41
Appropriation:
Interim Dividend / Provision for Proposed
Dividend 290.30 190.30
Tax on Dividends 49.33 32.34
Balance carried to Balance Sheet 8877.53 4,691.77
DIVIDEND
The Company has given an interim dividend @ 10% on paid-up equity share
capital of the company for the financial year ended 2008-09. No further
dividend is payable for the year and the interim dividend is to be
treated as final dividend.
OPERATIONS
The performance of your company during the year under review has been
encouraging. During the year under review, Turnover and Net Profit for
the year was Rs. 44,149.28 Lacs and Rs. 4525.40 Lacs as compared to the
previous year Rs. 22,966.60 Lacs and Rs. 3646.57 Lacs respectively thus
recording an increase in Turnover as well as profit by 92.23% and
24.10% respectively.
The increase in the Turnover is due to better capacity utilization,
good customer relationship and introduction of new machineries in the
business.
FUTURE EXPANSION PLANS
Playing on the high demand from steel sector and coke industrys import
dependency, your Companys major future plan is to increase its
capacity and benefit from supply deficit in the market. Thus it plans
to increase its capacity to 11,25,000 MTPA by 2011. This will enable
the company to be amongst the top most coke player in the market. To
integrate its business, the company plans to acquire coal mines across
geographies and has been looking for prospective coal mines in
Australia and Mozambique. Low ash quality coking coal play an important
role in the coke business and its easy availability will only ensure
revenue stability and growth. In order to move up the value chain, your
Company plans to enter Pig Iron production which requires one-half of
Coke and remaining content of iron ore as raw material. Thus with coal
mines, coke manufacturing facilities and pig iron manufacturing, your
Company will be an integrated business operation. This will enable the
company to mitigate supply concerns and benefit from demand prospects.
DIRECTORS
Pursuant to the provisions of Section 260 of the Companies Act, 1956
and Article 82(1) of the Articles of Association of the Company, Mr.
Prem Ranjan Kumar Chaurasia, Mr. Alok Bansal and Mr. Sunil Mandloi were
appointed as Additional Directors on the Board of Directors of the
Company. The Company has received a notice along with a deposit in
terms of Section 257 of the Companies Act, 1956, from a member,
proposing their candidature for the office of Director of the Company.
SUBSIDIARIES
The Report of Directors and Statement of Accounts of subsidiary Global
Astra Pte Limited, Singapore and Astra Mining Limitada, Mozambique
together with the Auditors Report thereon, are attached. The requisite
statement pursuant to Section 212 of the Companies Act, 1956, related
to these subsidiary Companies is also attached herewith.
EXPANSION
Riding high on capacity additions, your Company has grown its operating
level by 114% since 2008 and is planning to expand by another 200% to
11,25,000 MTPA in the next two years. This will enable the company to
be amongst the top most coke player in the market and tap the high
demand expectation in the coke industry.
CORPORATE GOVERNANCE
Pursuant to Clause 49 of the Listing Agreement, a report on compliance
of Corporate Governance is made as a part of the Annual Report.
DIRECTORS RESPONSIBILITY STATEMENT
As required under Section 217(2AA) of the Companies Act, 1956, your
Directors would like to confirm that:
1. In the preparation of the Annual Accounts, the applicable
Accounting Standards have been followed.
2. 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.
3. 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.
4. The Directors have prepared the Annual Accounts on a going concern
basis.
PARTICULARS OF EMPLOYEES
Particulars of employees as required to be furnished pursuant to
Section 217(2A) of the Companies Act, 1956, read with the rules there
under, form part of this Report. However, as per the provisions of
Section 219(1)(b)(iv) of the Companies Act, 1956,the reports and
accounts are being sent to all the shareholders of your Company
excluding the statement of particulars of employees. Any shareholder
interested in obtaining a copy, may write to the Company Secretary of
your Company.
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION and FOREIGN EXCHANGE
Information required under Section 217(1)(e) read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules,
1988 is given in the Annexure forming part of this Report.
DEPOSITS
The Company has not accepted any deposit nor has it any outstanding
deposit as defined under Section 58A of the Companies Act, 1956.
AUDITORS
The Auditors M/s. T.N. Datta and Associates, Chartered Accountants,
retire at the forthcoming Annual General Meeting and being eligible,
offer themselves for re-appointment.
ACKNOWLEDGEMENTS
The Directors thank the Companys customers, vendors, investors,
business associates, bankers for their support to the company. The
Directors appreciate and value the contributions made by every member
of the "Austral" family across the country.
By order of the Board of Directors
Place:Mumbai Ratan Lal Tamakhuwala
Dated:28:11:2009 chiarman