Mar 31, 2015
The Directors have pleasure in submitting their Thirty Eighth Annual
Report of the Company together with the Audited Statements of Accounts
for the year ended 31st March 2015.
1. FINANCIAL RESULTS
The Company's financial performance for the year under review, along
with previous year's figures, is given hereunder:
Particulars FYE March FYE March
31, 2015 31, 2014
Net Sales /Income from
Business Operations - -
Other Income 0.10 0.77
Total Income 0.10 0.77
Less Interest 0.41 0.00
Profit before Depreciation (11.08) (11.10)
Less Depreciation 0.88 0.66
Profit after depreciation
and Interest (11.95) (11.75)
Less Current Income Tax - -
Less Previous year adjustment
of Income Tax - -
Less Deferred Tax - -
Net Profit after Tax (11.95) (11.75)
Dividend (including Interim
if any and final ) - -
Net Profit after dividend
and Tax (11.95) (11.75)
Amount transferred
to General Reserve - -
Balance carried to
Balance Sheet (11.95) (11.75)
Earnings per share (Basic) (0.10) (0.09)
2. DIVIDEND
No Dividend was declared for the current financial year due to loss
incurred by the Company.
3. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION
FUND
The provisions of Section 125(2) of the Companies Act, 2013 do not
apply as there was no dividend declared and paid last year.
4. REVIEW OF BUSINESS OPERATIONS AND FUTURE PROSPECTS
During the year under review, the Company did not carry out any
production activity.
The management is in the process of working out possible business
alternatives which may be profitably pursued by the company.
5. MANAGEMENT'S DISCUSSION AND ANALYSIS REPORT
Management's Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges in India, is presented in Annexure I to this report
6. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL
POSITION OF THE COMPANY THAT OCCURRED BETWEEN THE END OF THE FINANCIAL
YEAR TO WHICH THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE
REPORT
No material changes and commitments affecting the financial position of
the Company occurred between the end of the financial year to which
this financial statements relate on the date of this report.
7. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
As the company has not carried on any production or related operational
activities, the information pertaining to conservation of energy,
technology absorption, foreign exchange earnings and outgo as required
under Section 134 (3)(m) of the Companies Act, 2013 read with Rule 8(3)
of the Companies (Accounts) Rules, 2014 is not applicable. The Company
has neither earned nor spent any foreign exchange during the reporting
period.
8. STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK
MANAGEMENT POLICY OF THE COMPANY
Considering the absence of production operations following closure of
its plant, the Company has not devised any risk management policy for
the time being.
9. DETAILS OF POLICY DEVELOPED AND IMPLEMENTED BY THE COMPANY ON ITS
CORPORATE SOCIAL RESPONSIBILITY INITIATIVES
The Company has not developed and implemented any Corporate Social
Responsibility initiatives as the said provisions are not applicable.
10. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS MADE UNDER SECTION
186 OF THE COMPANIES ACT, 2013
There were no loans, guarantees or investments made by the Company
under Section 186 of the Companies Act, 2013 during the year under
review and hence the said provision is not applicable.
11. PARTICULARS OF CONTRACTS OR ARRANGEMENTS MADE WITH RELATED PARTIES
There was no contract or arrangements made with related parties as
defined under Section 188 of the Companies Act, 2013 during the year
under review.
12. EXPLANATION OR COMMENTS ON QUALIFICATIONS, RESERVATIONS OR ADVERSE
REMARKS OR DISCLAIMERS MADE BY THE AUDITORS AND THE PRACTICING COMPANY
SECRETARY IN THEIR REPORTS
The Board has appointed Mr. M. Buha (Practicing Company Secretary, C.P.
No. 10487), to conduct the Secretarial Audit for the financial year
2014-15. The explanations /comments made by the Board relating to the
qualifications, reservations or adverse remarks made by the Statutory
Auditors and the Secretarial Auditor in their respective reports
furnished as Annexure II and III are attached to this report.
Secretarial Audit Report is given in Annexure IIIA.
13. COMPANY'S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF
REMUNERATION AND DISCHARGE OF THEIR DUTIES
The Company's Policy relating to appointment of Directors, payment of
Managerial remuneration, Directors' qualifications, positive
attributes, independence of Directors and other related matters as
provided under Section 178(3) of the Companies Act, 2013 is set out
below:
- General understanding of the Company's business dynamics
- Educational and professional background
- Standing in the profession;
- Personal and professional ethics, integrity and values;
- Willingness to devote sufficient time and energy in carrying out his
duties and responsibilities effectively.
- Eligibility as per applicable laws, rules and regulations and the
Listing Agreement, including criteria of independence where applicable
- Remuneration to Directors is as recommended by the Nomination and
Remuneration Committee, approved by the Board / Shareholders as
applicable and within the limits specified under the Companies' Act,
2013 and the rules made there under. Due consideration is also given to
the existing size and complexity of the Company's operations and its
financial situation.
14. ANNUAL RETURN
The extracts of Annual Return pursuant to the provisions of Section 92
read with Rule 12 of the Companies (Management and Administration)
Rules, 2014 is furnished in Annexure IV attached to this Report.
15. NUMBER OF BOARD MEETINGS CONDUCTED DURING THE YEAR UNDER REVIEW
The Company had 5 Board meetings during the financial year under
review.
16. DIRECTORS RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(5) of the Companies
Act, 2013 the Board hereby submits its responsibility Statement:-
(a) in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
(b) the directors had 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 and
loss of the company for that period;
(c) 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;
(d) the directors had prepared the annual accounts on a going concern
basis;
(e) the directors had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
Internal financial control means the policies and procedures adopted by
the Company for ensuring the orderly and efficient conduct of its
business including adherence to Company's policies, the safeguarding of
its assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records and the timely
preparation of reliable financial information;
(f) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
17. SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES
The Company does not have any Subsidiary, Joint venture or Associate
Company.
18. DEPOSITS
The Company has neither accepted nor renewed any deposits during the
year under review.
19. DIRECTORS
Shri M. C. Nalwaya (DIN: 01977633) retires at this Annual General
Meeting and being eligible offers himself for re-appointment.
20. DECLARATION OF INDEPENDENT DIRECTORS
The Independent Directors have submitted their disclosures to the Board
that they fulfill all the requirements as stipulated in Section 149(6)
of the Companies Act, 2013 so as to qualify themselves to be appointed
as Independent Directors under the provisions of the Companies Act,
2013 and the relevant rules.
21. STATUTORY AUDITORS
M/s Ramanlal G. Shah & Co, Chartered Accountants, were appointed as
Statutory Auditors for a period of one year in the Annual General
Meeting held on September 27, 2014 (adjourned date) and will retire at
the ensuing Annual General Meeting. They have expressed their
willingness to continue in office if re-appointed. The Company has
received a certificate from the above Auditors to the effect that if
they are reappointed, it would be in accordance with the provisions of
Section 141 of the Companies Act, 2013. You are requested to appoint
them and authorize your Directors to fix their remuneration.
22. RISK MANAGEMENT POLICY
Members are requested to refer to paragraph '8' above.
23. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL
MECHANISM
The Audit Committee consists of the following members:
a. Shri Sumit Jhunjhunwala, Independent Director  Chairman of the
Committee
b. Shri H. A. Patel, Independent Director
c. Shri R. P. Ganti, Director
The Company has established a vigil mechanism and overseas through the
committee, the genuine concerns expressed by the employees and other
Directors. The Company has also provided adequate safeguards against
victimization of employees and Directors who express their concerns.
The Company has also provided direct access to the chairman of the
Audit Committee on reporting issues concerning the interests of co
employees and the Company.
24. SHARES
a. BUY BACK OF SECURITIES
The Company has not bought back any of its securities during the year
under review.
b. SWEAT EQUITY
The Company has not issued any Sweat Equity Shares during the year
under review.
c. BONUS SHARES
No Bonus Shares were issued during the year under review.
d. EMPLOYEES STOCK OPTION PLAN
The Company has not provided any Stock Option Scheme to the employees.
25. ACKNOWLEDGEMENTS
Your Directors place on record their sincere thanks to bankers,
business associates, consultants, and various Government Authorities
for their continued support extended to your Companies activities
during the year under review. Your Directors also acknowledge
gratefully the shareholders for their support and confidence reposed on
your Company.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
R. P. Ganti M. C. Nalwaya
Director Director
Date: 30th July 2015
Place: Mumbai
Mar 31, 2014
Dear Members,
The Directors have pleasure in submitting the Thirty Seventh Annual
Report of the Company along with the Audited Accounts of the Company
for the year ended 31st March 2014.
This report and the accompanying financial statements have been
prepared as per provisions of the Companies'' Act, 1956 as the
provisions of the Companies'' Act, 2013 in this regard will be
applicable from the financial year beginning April 1,2014.
FINANCIAL RESULTS
The Financial Results of the Company are as under:
Rs in Lacs
Particulars FYE March FYE March
31, 2014 31,2013
TurnoverIncome from Operations 0.77 15.11
Profit/ (Loss) from Operations before
Interest and Depreciation (11.27) 3.26
Interest - -
Depreciation 0.66 0.66
Profit / (Loss) after Provision for Tax (11.75) 1.71
Loss Brought Forward (2003.08) (2004.78)
Balance Carried to Balance Sheet (2014.83) (2003.08)
DIVIDEND
In view of losses for the year as well as accumulated losses of the
past years, your Directors do not recommend any dividend for the year
under review.
OPERATIONS
During the year under review the company has not carried on any
production activities.
FUTURE PROSPECTS
The management is in the process of working out possible business
alternatives which may be profitably pursued by the company.
SAFETY, HEALTH AND ENVIRONMENT
As no production is being carried out, there is no generation of any
effluent.
INSURANCE
Properties of the Company are adequately insured as required.
DIRECTORS'' RESPONSBILITY STATEMENT
Your Directors confirm that:
i. In the preparation of the Annual Accounts, the applicable Accounting
Standards have been followed.
ii. The directors have selected such accounting policies as mentioned
in Note No.13 of the Annual Accounts and applied them consistently and
such judgments and estimates have been made that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at 31sl March, 2014 and loss of the Company for the
financial year ended on that date;
iii. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
aforesaidAct for safeguarding the assets of the Company and for
preventing & detecting fraud and other irregularities;
iv. The annual accounts have been prepared on a ''going concern''
basis.
CORPORATE GOVERNANCE
Your Company has taken adequate steps to ensure that all mandatory
provisions of ''Corporate Governance'' as provided in the Listing
Agreement with Stock Exchanges in which the Company''s Shares are
listed are duly complied with.
A separate report on Corporate Governance and Management Discussion &
Analysis are annexed hereto along with Auditors'' Certificate
confirming compliance with clause - 49 of the Listing Agreement.
DIRECTORS
Shri R. P Ganti retires by rotation and being eligible, offers himself
for re-appointment. Shri Sumit Jhunjhunwala and Shri H. A. Patel are
being proposed to be re-appointed as Independent Directors in terms of
the applicable provisions of the Companies'' Act, 2013. The Board
recommends their re-appointment.
AUDITOR''S REPORT
As regards to the remarks in the Auditor''s Report in paragraph titled
''Basis for qualified opinion'' we invite your attention to the
paragraphs on ''Operations'' and ''Future Prospects'' above.
In respect of the remarks on deferred taxation, as a matter of
prudence, the management has decided not to recognize any deferred tax
asset for the time being till there is virtual certainty of the same
getting reversed (i.e. utilized).
In respect of the remarks on non-provision of interest, the management
is in discussions with the lenders concerned for obtaining concession /
waivers.
AUDITORS
Messrs. Ramanlal G. Shah & Company, Chartered Accountants, theAuditors
of the Company, will retire at the ensuing Annual General Meeting. They
have expressed their willingness to continue in office if re-appointed.
The Company has received a letter from them to the effect that their
re-appointment, if made, would be within the prescribed limits under
Section 141 of the Companies Act, 2013 and that they are not
disqualified for re-appointment. You are requested to appoint them and
authorize your Directors to fix their remuneration
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
As the company has not carried on any production or related operational
activities, the requirements of Section 217(1) (e) of the Companies
Act, 1956 read with the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988 are not applicable. The
company has also neither earned nor spent any amount of foreign
exchange.
PARTICULARS OF EMPLOYEES
Statement showing particulars under Section 217 (2A) of the Companies
Act, 1956 as amended, read with the Companies (Particulars of
Employees) Rules, 1975 for the year ended 31st March, 2014 is not given
as no employee has drawn remuneration in excess of the ceiling
prescribed under the said Rules.
ACKNOWLEDGMENT
Your Directors wish to express their sincere thanks to Auditors,
Government, Banks and other stakeholders for their continued
co-operation.
For and on behalf of the Board
R. P. Ganti M. C. Nalwaya K. Mukhopadyay H. A. Patel S. Jhunjhunwala
Director Director Director Director Director
Mar 31, 2013
To the Members of the Company for the year ended 31st March 2013
The Directors have pleasure in submitting the Thirty Sixth Annual
Report of the Company along with the Audited Accounts of the Company
for the year ended 31st March 2013
FINANCIAL RESULTS
The Financial Results of the Company are as under:
Particulars FYE March 31, 2013 FYE March 31, 2012
Turnoverincome
from Operations 15.11 8.48
Profit/ (Loss) from
Operations before Interest and
Depreciation 326 0.89
Interest - -
Depreciation 0.66 0.66
Profit / (Loss) after
Provision for Tax 1.71 0.23
Loss Brought Forward (2,004.78) (1,903.52)
Add: Write-back /
write-off / adjustment of old
credit / debit balances - (101.50)
Balance Carried to
Balance Sheet (2,003.08) (2,004.78)
DIVIDEND
In view of losses for the year as well as accumulated losses of the
past years, your Directors do not recommend any dividend for the year
under review.
OPERATIONS
During the year under review the company has not carried on any
production activities.
FUTURE PROSPECTS
The management is in the process of working out possible business
alternatives which may be profitably pursued by the company.
SAFETY, HEALTH AND ENVIRONMENT
As no production is being carried out, there is no generation of any
effluent.
INSURANCE
Properties of the Company are adequately insured as required.
DIRECTORS'' RESPONSIBILITY STATEMENT
Your Directors confirm that:
i. In the preparation of the Annual Accounts, the applicable
Accounting Standards have been followed.
ii. The directors have selected such accounting policies as mentioned
in Note No.14 of the Annual Accounts and applied them consistently and
such judgments and estimates have been made that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at 31s March, 2013 and loss of the Company for the
financial year ended on that date;
iii. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance
with the provisions of the aforesaid Act for safeguarding the assets of
the Company and for preventing & detecting fraud and other
irregularities;
iv. The annual accounts have been prepared on a ''going concern''
basis.
CORPORATE GOVERNANCE
Your Company has taken adequate steps to ensure that all mandatory
provisions of ''Corporate Governance'' as provided in the Listing
Agreement with Stock Exchanges in which the Company''s Shares are listed
are duly complied with.
A separate report on Corporate Governance and Management Discussion &
Analysis are annexed hereto along with Auditors'' Certificate
confirming compliance with clause - 49 of the Listing Agreement.
DIRECTORS
Shri K. Mukhopadyay and Shri M. C. Nalwaya retire by rotation and being
eligible, offer themselves for re- appointment. The Board recommends
their re-appointment.
AUDITOR''S REPORT
As regards the remarks in the Auditor''s Report in paragraph titled
''Basis for qualified opinion'', we invite your attention to the
paragraphs on ''Operations'' and ''Future Prospects'' above.
In respect of the remarks on deferred taxation, as a matter of
prudence, the management has decided not to recognize any deferred tax
asset for the time being till there is virtual certainty of the same
getting reversed (i.e. utilized).
In respect of the remarks on non-provision of interest, the management
is in discussions with the lenders concerned for obtaining concession /
waivers.
AUDITORS
Messrs. Ramanlal G. Shah & Company, Chartered Accountants, Auditors of
the Company, retire at this Annual General Meeting and are eligible for
re-appointment. You are requested to appoint them and authorize your
Directors to fix their remuneration
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
As the company has not carried on any production or related operational
activities, the requirements of Section 217(1) (e) of the Companies
Act, 1956 read with the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988 are not applicable. The
company has also neither earned nor spent any amount of foreign
exchange.
PARTICULARS OF EMPLOYEES Statement showing particulars under Section 217
(2A) of the Companies Act, 1956 as amended, read with the Companies
(Particulars of Employees) Rules, 1975 for the year ended 31st March,
2013 is not given as no employee has drawn remuneration in excess of
the ceiling prescribed under the said Rules.
ACKNOWLEDGMENT
Your Directors wish to express their sincere thanks to Auditors,
Government, Banks and other stakeholders for their continued
co-operation.
For and on behalf of the Board
R. P. Ganti M. C. Nalwaya K. Mukhopadyay H. A. Patel S. Jhunj
hunwala
Director Director Director Director Director
Mar 31, 2011
To the Members of the Company for the year ended 31 st March 2011
The Directors have pleasure in submitting the Thirty Fourth Annual
Report of the Company along with the Audited Accounts of the Company
for the year ended 31st March 2011
FINANCIAL RESULTS
The Financial Results of the Company are as under: (Rs. in Lakhs)
Particulars FYE March FYE March
31,2011 31,2010
TurnoverIncome from Operations 11.30 4.81
Profit/(Loss) from Operations before (9.88) (14.83)
interest and Depreciation
Loss on Sale of Assets (Land) (588.75) -
Interest - -
Depreciation 2.76 9.90
Profit / (Loss) After Provision for Tax (683.58) (24.73)
Loss Brought Forward (1853.21) (1828.48)
Balance Carried to Balance Sheet (2536.79) (1853.21)
DIVIDEND
In view of losses for the year as well as accumulated losses of the
past years, your Directors do not recommend any dividend for the year
under review.
OPERATIONS
During the year under review the company has not carried on any
production activities.
In view of the continuing non viability of MEK business, the management
had decided to liquidate all saleable assets of the company. After
obtaining shareholder approval as per Sec 293 (1) (a) of The Companies
Act, 1956, the management had been able to dispose off the plant
facilities at Dhanora in the year ended March 31,2009. During the year
under review, the management has also been able to negotiate and
implement sale of the factory land and related facilities at village
Dhanora for a gross consideration of Rs 4.3 Cr. The funds received from
the sale of the property have been primarily utilized for settling a
part of the overdue loan liabilities of the company.
FUTURE PROSPECTS
The management is in the process of working out possible business
alternatives which may be profitably pursued by the company.
SAFETY, HEALTH AND ENVIRONMENT
As no production is being carried out, there is no generation of any
effluent. Adequate measures have been put in place to ensure safety of
the plant.
INSURANCE
Properties of the Company are adequately insured as required.
DIRECTORS' RESPONSBILITY STATEMENT
Your Directors confirm that:
i. In the preparation of the Annual Accounts, the applicable
Accounting Standards have been followed.
ii. The directors have selected such accounting policies as mentioned
in Schedule No. 17 of the Annual Accounts and applied them consistently
and such judgments and estimates have been made that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at 31st March, 2011 and loss of the Company for the
financial year ended on that date;
iii. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
aforesaid Act for safeguarding the assets of the Company and for
preventing & detecting fraud and other irregularities;
iv. The annual accounts have been prepared on a 'going concern' basis.
CORPORATE GOVERNANCE
Your Company has taken adequate steps to ensure that all mandatory
provisions of 'Corporate Governance' as provided in the Listing
Agreement with Stock Exchanges in which the Company's Shares are listed
are duly complied with.
A separate report on Corporate Governance and Management Discussion &
Analysis are annexed hereto along with Auditors' Certificate confirming
compliance with clause - 49 of the Listing Agreement.
DIRECTORS
Shri H A Patel and Shri A S Bhargava retire by rotation and being
eligible, offer themselves for re- appointment. You are requested to
reappoint them.
Shri M C Nalwaya was appointed as additional director w.e.f November
12, 2010, and being eligible offers himself for reappointment. You are
requested to appoint him.
AUDITOR'S REPORT
As regards to the remarks in the Auditor's Report at para '1', we
invite your attention to the paragraphs on 'Operations' and 'Future
Prospects' above.
In respect of the remarks on deferred taxation, as a matter of
prudence, the management has decided not to recognize any deferred tax
asset for the time being till there is virtual certainty of the same
getting reversed (i.e. utilized)
AUDITORS
Messrs. Ramanlal G. Shah & Company, Chartered Accountants, Auditors of
the Company, retire at this Annual General Meeting and are eligible for
re-appointment. You are requested to appoint them and authorize your
Directors to fix their remuneration
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS ANDOUTGO
As the company has not carried on any production or related operational
activities, the requirements of Section 217(1) (e) of the Companies
Act, 1956 read with the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988 are not applicable. The
company has also neither earned nor spent any amount of foreign
exchange.
PARTICULARS OF EMPLOYEES
Statement showing particulars under Section 217 (2A) of the Companies
Act, 1956 as amended, read with the Companies (Particulars of
Employees) Rules, 1975 for the year ended 31st March, 2011 is not given
as no employee has drawn remuneration in excess of the ceiling
prescribed under the said Rules.
ACKNOWLEDGMENT
Your Directors wish to express their sincere thanks to Auditors,
Government, Banks and other stake holders for their continued
co-operation.
For and on behalf of the Board
R.P.Ganti S. Jhunjhunwala K. Mukhopadyay H. A. Patel M.C. Nalwaya
Director Director Director Director Director
Mar 31, 2010
The Directors have pleasure in submitting the Thirty Third Annual
Report of the Company along with the Audited Accounts of the Company
for the year ended 31st March 2010
FINANCIAL RESULTS
The Financial Results of the Company are as follows:
Particulars FYE March 31, 2010 FYE March 31, 2009
Tumover/Income from Operations 4.81 7.22
Profit/ (Loss) from Operations
before Interest and Depreciation (14.83) (312.88)
Loss on Sale of Plant - (635.22)
interest 0.00 0.00
Depreciation 9.90 10.62
Profit / (Loss) (24.73) (1001,34)
Loss Brought Forward (1828.48) (827.01)
Balance Carried to Balance Sheet (1853.21) (1828.45)
DIVIDEND
In view of losses for the year as well as accumulated losses of the
past years, your Directors do not recommend any dividend for the year
under review.
OPERATIONS
During the year under review the company has not carried on any
production activities.
In view of the continuing non viability of MEK business, the management
decided to liquidate all saleable assets of the company. After
obtaining shareholder approval as per Sec 293 (1) (a) of The Companies
Act, 1956, the management had been able to dispose off the plant
facilities at Dhanora for a gross consideration of US$ 1162000. A major
portion of the funds received, after meeting expenses of dismantling,
shipping and incidentals, had been utilized for settling a part of the
loan liabilities of the company. The management has also been able to
negotiate sale of the factory land and related facilities at village
Dhanora for a gross consideration of Rs 4.3 Cr. The sale of the
property is being effected in the ensuing year after completion of
legal and other requirements.
FUTURE PROSPECTS
The management is in the process of working out possible business
alternatives which may be profitably pursued by the company.
SAFETY, HEALTH AND ENVIRONMENT
As no production is being carried out, there is no generation of any
effluent. Adequate measures have been put in place to ensure safety of
the plant.
INSURANCE
All the properties and insurable interests of the Company are
adequately insured.
DIRECTORS RESPONSBILITY STATEMENT
Your Directors confirm that: i. in the preparation of the Annual
Accounts, the applicable Accounting Standards have been followed. ii.
The directors have selected such accounting policies as mentioned in
Schedule No.17 of the Annual Accounts and applied them consistently and
such judgements and estimates have been made that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at 31st March. 2010, loss of the Company for the
financial year ended on that date; iii. Proper and sufficient care has
been taken for the maintenance of adequate accounting records in
accordance with the provisions of the aforesaid Act for safeguarding
the assets of the Company and for preventing & detecting fraud and
other irregularities; jv. The annual accounts have been prepared on,a
going concern basis.:
CORPORATE GOVERNANCE
Your Company has taken adequate steps to ensure that all mandatory
provisions of Corporate Governance as provided in the Listing
Agreement with Stock Exchanges in which the Companys Shares are listed
are duly complied with.
A separate report on Corporate Governance and Management Discussion &
Analysis are annexed hereto along with Auditors Certificate confirming
compliance with clause - 49 of the Listing Agreement. "
DIRECTORS
Shri Sumit Jhunjhunwala and Shri K. Mukhopadhyay retire by rotation and
being eligible, offer themselves for re-appointment. You are requested
to reappoint them.
Shri P. K. Chatterjee, Non-Executive director has resigned on
22-5-2009.
AUDITORS REPORT
As regards to the remarks in the Auditors Report at para 1, we
invite your attention to the paragraphs on Operations and Future
Prospects above.
In respect of the remarks on deferred taxation, as a matter of
prudence, the management has decided not to recognize any deferred tax
asset for the time being tilt there is virtual certainity of the same
getting reversed (I.e. utilized)
AUDITORS
Messrs. Ramanlat G. Shah & Company, Chartered Accountants. Auditors of
the Company, retire at this Annual General Meeting and are eligible for
re-appointment. You are requested to appoint mem and authorize your
Directors to fix their remuneration CONSERVATION OF ENERGY, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
As the company has not carried on any production or related operational
activities, the requirements of Section 217(1) (e) of the Companies
Act, 1956 .read with the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988 are not applicable. The
company has neither earned nor spent any amount of foreign exchange, as
far as normal production activities are concerned.
PARTICULARS OF EMPLOYEES
Statement showing particulars under Section 217 (2A) of the Companies
Act, 1956 as amended, read with the Companies (Particulars of
Employees) Rules, 1975 for the year ended 31st March, 2010 is not given
as no employee has drawn remuneration in excess of the ceiling
prescribed under the said Rules. ACKNOWLEDGMENT
Your Directors wish to express their sincere thanks to Auditors,
Government, Financial Institutions and Banks for their continued
co-operation.
For and on behalf of the Board .
R. P. Ganti H.A. Patei K. Mukhopadrtyay S. Jhunjhunwala
Director Director Director Director
Mar 31, 2009
The Directors have pleasure in submitting the Thirty Second Annual
Report of the Company along with the Audited Accounts of the Company
for the year ended 31st March 2009
FINANCIAL RESULTS
The Financial Results of the Company are as follows:
Particulars FYE March 31, 2009 FYE March 31, 2008
Tumover Income from Operations 7.22 17.25
Profit/ (Loss) from Operations
before Interest and Depreciation (312.88) (73.72)
Loss on Sale of Plant (635.22) -
Interest 0.00 3.48
Depreciation 10.62 133.84
Profit / (Loss) (1001.34) (211.32)
Loss Brought Forward (827.01) (615.99)
Balance Carried to Balance Sheet (1828.45) (827.32)
DIVIDEND
In view of losses for the year as well accumulated losses of the past
years, your Directors do not recommend any dividend for the year under
review.
OPERATIONS
During the year under review the company has not carried on any
production activities.
In view of the continuing non viability of MEK business, the management
decided to liquidate all saleable assets of the company. After
obtaining shareholder approval as per Sec 293 (1) (a) of The Companies
Act, 1956, the management has been able to dispose off the plant
facilities at Dhanora for a gross consideration of US$ 1162000. A major
portion of the funds received, after meeting expenses of dismantling,
shipping and incidentals of plant, have been utilized for settling a
part of the loan liabilities of the company.
FUTURE PROSPECTS
The management is in the process of working out possible business
alternatives which can be profitably pursued by the company.
SAFETY, HEALTH AND ENVIRONMENT
As no production is being carried out, there is no generation of any
effluent. Adequate measures have been put in place to ensure safety of
the plant.
INSURANCE
All the properties and insurable interests of the Company are
adequately insured. DIRECTORS RESPONSBILITY STATEMENT
Your Directors confirm that: i. In the preparation of the Annual
Accounts, the applicable Accounting Standards have been followed. ii.
The directors have selected such accounting policies as mentioned in
Schedule No.17 of the Annual Accounts and applied them consistently and
such judgements and estimates have been made that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at 31st March, 2009, loss of the Company for the
financial year ended on that date;
iii. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
aforesaid Act for safeguarding the assets of the Company and for
preventing & detecting fraud and other irregularities;
iv. the annual accounts have been prepared on a going concern basis.
CORPORATE GOVERNANCE
Your Company has taken adequate steps to ensure that all mandatory
provisions of Corporate Governance as provided in the Listing Agreement
with Stock Exchanges which the Companys Shares are listed are duly
complied with. A separate report on Corporate Governance and
Management Discussion & Analysis are-annexed hereto along with
Auditors Certificate confirming compliance with clause - 49 of the
Listing Agreement. DIRECTORS
Shri R. P. Ganti retires by rotation and being eligible, offers himself
for re-appointment. You are requested to reappoint him Shri Kalyan
Mukhopadhyay ShrrSumit Jhunjhunwala Shri Hasmukh A Patefrwere appointed
as Additional Directors on 05-12- 2008 and Shri Anand Swamp Bhargva was
appointed as an Additional Director on 27-04-2009. They hold the office
up to the ensuing 32nd Annual GeneraL.meeting.-The company has
received-a notice in writing from a member proposing their candidature.
You are requested to appoint them
Shri R.K. Chatterjee Non-Executive director has resigned on 22-5-2009 Ã
Shri V.B. Dalai Non Executive Independent director has resigned on
27-07-2008
Shri B L Jhunjhunwala Non- Executive Independent director expired on
17-07-2008. The Board of Directors wishes to place on record its deep
appreciation for the guidance and critical inputs provided by Shri
Jhunjhunwala during his tenure on the Board. The Directors also convey
their heartfelt condolences to the bereaved family. AUDITORS REPORT
As regards tn tha remarks in tho AuditotVReport/at para T, we invite
your attention to the paragraphs on Operations and Future Prospects
above. In respect of the remarks on deferred taxation, as a matter of
prudence, the management has decided not to recognize any deferred tax
asset for the time being till there is virtual certainity of the same
getting reversed (i.e. utilized)
AUDITORS
Messrs. Ramanlal G. Shah & Company, Chartered Accountants, Auditors of
the Company, retire at this Annual General Meeting and are eligible for
re-appointment. You are requested to appoint them and authorize your
Directors to fix their remuneration .
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO As the company has not carried on any production or
related operational activities, the requirements of Section 217(1) (e)
of the Companies Act, 1956 read with the Companies (Disclosure of
Particulars in the Report of the Board of Directors) Rules, 1988 are
not applicable. The company has neither earned nor spent any amount of
foreign exchange, as far as normal production activities are concerned.
The Company received a gross consideration of US$ 1162000 from the sale
of plant to a foreign buyer.
PARTICULARS OF EMPLOYEES
Statement showing particulars under Section 217 (2A) of the Companies
Act, 1956 as amended, read with the Companies (Particulars of
Employees) Rules, 1975 for the year ended 31st March, 2009 is not given
as no employee has drawn remuneration in excess of the ceiling
prescribed under the said Rules. ACKNOWLEDGMENT
Your Directors wish to express their sincere thanks to Auditors,
Government, Financial Institutions and Banks for their continued
co-operation.
For and on behalf of the Board
R. P. Ganti H. A. Patel Kalyan Mukhopadhyay
Director Director Director
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