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Directors Report of Prashant India Ltd.

Mar 31, 2014

The Members

The directors have pleasure in presenting their Thirty First Annual report and the audited statement of accounts for the year ended on 31st March, 2014 together with the auditors report thereon.

FINANCIAL RESULTS

The summarized financial results for year end 31st March 2014 are as under

Rupees in lacs Particulars 2013-2014

Sales and other income 56.68

Total expenditure 140.10

Profit ( )/loss (-) after interest but before depreciation & taxation (83.42)

Exceptional item 0.00

Taxation 0.00

'' Net profit ( )/loss). (83.42)



DIVIDEND

In view of loses the directors do not recommend any dividend for the year ended 31st March 2014..

COMPANY PERFORMANCE

The company continues to operate in Textiles and Wind farm business. The Revenue from textile job work has decreased form Rs.132.48 Lacs in year ended 31.03.2014 to Rs.11.37 Lacs on account of competition and paucity of working capital. The revenue form power generation has however decreased form Rs.63.45 Lacs in year 31.03.2013 to Rs.28.40 Lacs in current year. The loss however has increased form Rs.65.25 Lacs to Rs.83.42 Lacs in current financial year.

The company has preferred an appeal in Gujarat High Court against BIFR order for winding up.

BOARD OF DIRECTORS:

There was no change in constitution of Board of Directors, Shri P.M.Gondalia retire by rotation at ensuing Annual General Meeting and he is eligible for reappoirrttne

AUDITORS:

M/s. Devendra Gheewala & Co., Chartered Accountants, retire at this Annual General Meeting and being eligible offer themselves for reappointment. Your Company has received a letter from them to the effect that their reappointment, if made, will be in accordance with the provisions of Section 224(1B) of the CompaniesAct, 1956. The Board of directors recommend their reappointment.

FIXED DEPOSITS: .

Your Company has not accepted any deposits from public.

STATUTORY INFORMATION :

(i) Information under 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:-

A. CONSERVATION OFENERGY

a) Energy conversation measures taken: None at present

b) Additional investment and proposals, if any, being implemented for reduction of consumption of energy: There are no proposals.

c) Impact of measures at (a) & (b) above for reduction of energy consumption and consequent impact on the cost of production of goods: Does not arise.

d) Total energy consumption and energy consumption per unit of production as per Form"A" to annexure in respect of industries specified in the schedule thereto: Not Applicable.

B. TECHNOLOGY ABSORPTION Form B

Research & Development (R&D)

1. Specific area in which R&D carried by the company : None at Present

2. Benefits derived as a result of the above R & D: Does not arise.

3. Future plan of action: At present it is not under consideration

4. Expenditure on R & D: Nil

Technology absorption, adaptation and innovation:

1. Efforts being made towards technology absorption, adaptation and innovation: None

2. Benefits derived as a result of the above efforts e.g. Product improvement cost, reduction, product development, import substitution etc.: None

3. Imported technology : Not applicable as technology has not been imported.

C. FOREIGN EXCHANGE EARNING AND OUTGO: Earning: Rs.Nil Outgo : Rs. nil

INFORMATION UNDER SECTION 217 (2A) OF THE COMPANIESACT, 1956 READ WITH THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES 1975 AS AMENDED UP TO DATE :

The company do not have any employee drawing salary in excess of limits prescribed under section 217(2a) of the companies act, 1956 read with the companies (particulars of employees) rules 1975 the particulars should be treated as nil

DIRECTORS'' RESPONSIBILITY STATEMENT

Your Directors confirm that:

(i) in the preparation of 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 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 financial year and of the loss of the company for the year.

(iii) the Directors has taken proper and sufficient care for the maintenance of adequate accounting records 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, and

(iv) the Directors had prepared the accounts on going concern basis.

INDUSTRIAL RELATIONS:

The industrial relations continued to be cordiaridg the year under review.

ACKNOWLEDGMENT:

The Directors express their sincere thanks to the employees, customers, suppliers, company''s bankers and members of the company for their continued support.

For & On Behalf of the Board of Directors

Place : Palsana sd/- Date : 20-06-2014 Chairman


Mar 31, 2012

The directors have pleasure in presenting their Twenty Ninth Annual report and the audited statement of accounts for the year ended on 31st March, 2012 together with the auditors report thereon.

FINANCIAL RESULTS

The summarized financial results for year end 31st March 2012 are as under

Rupees in lacs

Particulars 2011-2012

Sales and other income 300.60

Total expenditure 383.78

Profit( )/loss(-) after interest but before depreciation & taxation (83.18)

Exceptional item 175.75

Taxation 0.00

Net profit( )/loss(-) (258.93)

DIVIDEND

In view of loses the directors do not recommend any dividend for the year ended 31st March 2012..

COMPANY PERFORMANCE

The company continues to operate in Textiles and Wind farm business. The Sales and other revenue for the year was Rs. 300.604 lacs which is higher than sales of Rs. 203.64 lacs in previous year. The company has incurred net loss of Rs. 258.93 lacs.

The company had been held sick industrial company within the meaning of the provisions of sec.3(1)(0) of the Sick Industrial Companies ( Special Provisions ) Act, 1985 by the BIFR on dt.20-09-2005 and has been held to be wound up u/s 20(1) of the said Act by the BIFR on dt. 14-09-2006. The said order has been upheld by AAIFR. The secured debts of company except for State Bank of India has been assigned to M/s Shantilon Private Limited and Ficon Shriram Capital Markets Limited. The details are given in balance sheet.

BOARD OF DIRECTORS:

There was no change in constitution of Board of Directors. Shri H.M.Gondalia retire by rotation at ensuing Annual General Meeting and he is eligible for reappointment.

AUDITORS :

M/s. Devendra Gheewala & Co., Chartered Accountants, retire at this Annual General Meeting and being eligible offer themselves for reappointment. Your Company has received a letter from them to the effect that their reappointment, if made, will be in accordance with the provisions of Section 224(1B) of the Companies Act, 1956. The Board of directors recommend their reappointment.

FIXED DEPOSITS :

Your Company has not accepted any deposits from public.

CORPORATE GOVERNANCE:

Certificate of the company secretary regarding compliance of the conditions of Corporate Governance as stipulated in clause 49 of the Listing Agreement with stock exchange, is enclosed..

STATUTORY INFORMATION :

(i) Information under 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:-

A. CONSERVATION OF ENERGY

a) Energy conversation measures taken: None at present

b) Additional investment and proposals, if any, being implemented for reduction of consumption of energy: There are no proposals.

c) Impact of measures at (a) & (b) above for reduction of energy consumption and consequent impact on the cost of production of goods: Does not arise.

d) Total energy consumption and energy consumption per unit of production as per Form "A" to Annexure in respect of industries specified in the schedule thereto: Not Applicable.

B. TECHNOLOGY ABSORPTION

Form B

Research & Development (R&D)

1. Specific area in which R&D carried by the company: None at Present

2. Benefits derived as a result of the above R&D: Does not arise.

3. Future plan of action: At present it is not under consideration

4. Expenditure on R & D: Nil

Technology absorption, adaptation and innovation:

1. Efforts being made towards technology absorption, adaptation and innovation: None

2. Benefits derived as a result of the above efforts e.g. Product improvement cost, reduction, product development, import substitution etc. : None

3. Imported technology : Not applicable as technology has not been imported.

C. FOREIGN EXCHANGE EARNING AND OUTGO:

Earnings or Expenditure in foreign exchange - Foreign travelling Rs. 52929/- (Euro 796.60) (Previous year Rs. Nil)

INFORMATION UNDER SECTION 217 (2A) OF THE COMPANIES ACT. 1956 REAL) WITH THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES 1975 AS AMENDED UP TO DATE :

The company do not have any employee drawing salary in excess of limits prescribed under section 217 (2a) of the companies act. 1956 read with the companies (particulars of employees) rules 1975 the particulars should be treated as nil

DIRECTORS, RESPONSIBILITY STATEMENT.

Your Directors confirm that:

(i) in the preparation of 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 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 financial year and of the loss of the company for the year.

(iii) the Directors has 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, and

(iv) the Directors had prepared the accounts on going concern basis.

INDUSTRIAL RELATIONS:

The industrial relations continued to be cordial during the year under review.

ACKNOWLEDGMENT:

The Directors express their sincere thanks to the employees, customers, suppliers, company's bankers and members of the company for their continued support.

For & On Behalf of the Board of Directors

Sd- Chairman

Place : Palsana Date : 20-07-2012


Mar 31, 2010

The directors have pleasure in presenting their Twenty Sixth Annual report and the audited statement of accounts for the year ended on 31st March, 2010 together with the auditors report thereon.

FINANCIAL RESULTS

The summarized financial results for year end 3 Ist March 2010 are as under

Rupees in lacs

Particulars 2009-10 2008-09

Sales and other income 209.13 97.89

Total expenditure 201.19 100.21

Profit.(+)/loss (-) after interest but before depreciation & 7.94 (2.32) taxation

Depreciation 104.08 104.03

Taxation 0.00 0.08

Net profit (+)/loss (-) (96.14) (106.43)



DIVIDEND

In view of loses the directors do not recommend any dividend for the year ended 31st March 2010..

COMPANY PERFORMANCE

The company continues to operate in Textiles and Wind farm business. The turn over in textile business was Rs.160.34 lacs since in on account of lack of working capital the company was forced to resort to Job Work . The income form power generation from wind farm was Rs.44.90 lacs.

The company has been declared sick company by Board of Industrial and. Financial Reeonstruction(BIFR) and management is making efforts remaining Banks/ FIS for settlement with bank and revival of company.

BOARD OF DIRECTORS:

There was no change in constitution of Board of Directors. Shri H.B Malavia retire by rotation at ensuing Annual General Meeting and they are eligible for reappointment.

AUDITORS :

M/s. Devendra Gheewala & Co., Chartered Accountants, retire at this Annua! General Meeting and being eligible offer themselves for reappointment. Your Company has received a letter from them to the effect that their reappointment, if made, will be in accordance with the provisions of Section 224(IB) of the Companies Act. 1956. The Board of directors recommend their reappointment.

FIXED DEPOSITS :

Your Company has not accepted any deposits from public.

STATUTORY INFORMATION :

(i) Information under 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:-

A. CONSERVATION OF ENERGY

a) Energy conversation measures taken: None at present

b) Additional investment and proposals, if any, being implemented for reduction of consumption of energy: There are no proposals.

c) Impact of measures at (a) & (b) above for reduction of energy consumption and consequent impact on the cost of production of goods: Does not arise.

d) Total energy consumption and energy consumption per unit of production as per Form"A to annexure in respect of industries specified in the schedule thereto: Not Applicable.

B. TECHNOLOGY ABSORPTION

Form B

Research & Development (R & D)

1. Specific area in which R&D carried by the company: None at Present

2. Benefits derived as a result of the above R&D: Does not arise.

3. Future plan of action: At present it is not under consideration

4. Expenditure on R & D: Nil

Technology absorption, adaptation and innovation:

1. Efforts being made towards technology absorption, adaptation and innovation: None

2. Benefits derived as a result of the above efforts e.g. Product improvement cost, reduction, product development, import substitution etc. : None

3. Imported technology : Not applicable as technology has not been imported.

C. FOREIGN EXCHANGE EARNING AND OUTGO:

Earning: Rs.Nil Outgo : Rs. NIL

INFORMATION UNDER SECTION 217 (2A) OF THE COMPANIES ACT, 1956 READ WITH THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES 1975 AS AMENDED UP TO DATE :

The company do not have any employee drawing salary in excess of limits prescribed under section 217 (2a) of the companies act, 1956 read with the companies (particulars of employees) rules 1975 the particulars should be treated as nil

DIRECTORS RESPONSIBILITY STATEMENT.

Your Directors confirm that:

(i) in the preparation of 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 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 financial year and of the loss of the company for the year.

(iii) the Directors has 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, and

(iv) the Directors had prepared the accounts on going concern basis.

INDUSTRIAL RELATIONS:

The industrial relations continued to be cordial during the year under review.

ACKNOWLEDGMENT: The Directors express their sincere thanks to the employees, customers, suppliers, companys bankers and members of the company for their continued support.

For & On Behalf of the Board of Directors

Place : Palsana Sd-

Date : 20-07-2010 Chairman

 
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