Mar 31, 2014
Dear members,
The Directors hereby present their Twenty Fifth Annual Report and the
Audited Accounts for the year ended 31st March, 2014.
FINANCIAL RESULTS:
(Rupees in Lakhs)
Year ended Year ended
31-03-2014 31-03-2013
Sales and Other Income 29.73 431.24
Profit/(Loss) before Interest and (3.90) (116.99)
Depreciation
Less: Interest 0.85 28.49
Less: Depreciation 0.00 3.82
Profit/(Loss) before Tax (4.75) (149.30)
Provision for Taxation 0.00 0.00
Profit/(Loss) After Tax (4.75) (149.30)
Balance Brought Forward (336.82) (187.52)
Balance carried over (341.57) (336.82)
OPERATIONS:
As intimated last year, the Company stopped all its activities at its
plant and was successful in disposing off substantial stocks which
enabled repayment of loans obtained from Central Bank of India. During
the year too, a major part of the loans have been repaid. The Company
is now in the process of exploring new avenues to revive its
activities. Your Directors are confident of finding better avenues for
the growth and profitability of the Company in the near future.
DIVIDEND:
In view of the losses sustained by the Company, your Directors do not
recommend any dividend for the year under review.
DIRECTORS:
In accordance with the provisions of the Companies Act, 2013, Mr. Uttam
B. Jain, Director of the Company retires by rotation and being
eligible, offers himself for reappointment at the ensuing Annual
General Meeting. A brief profile of the Director is given in the
explanatory statement to the notice of the ensuing AGM.
As of the date of this Report, Mr. Jayesh Shah and Mr. Giriraj Kumar
Dammani are Independent Directors as per Clause 49 of the Listing
Agreement and were appointed under the Companies Act 1956 as Directors
liable to retire by rotation. In order to give effect to the applicable
provisions of sections 149 and 152 of the Companies Act, 2013, it is
proposed that these Directors be appointed as Independent Directors, to
hold office for, for a term up to 31st March, 2019.
The Company has received declarations from both the Independent
Directors of the Company confirming that they meet the criteria of
independence as prescribed under the applicable provisions of section
149 of the Act and under Clause 49 of the Listing Agreement with the
Stock Exchanges.
FIXED DEPOSITS:
The Company has neither invited nor accepted any deposits from public
during the year under review under the Companies (Acceptance of
Deposit) Rules, 1975 read with Section 58A of the Companies Act, 1956.
PARTICULARS OF EMPLOYEES:
Information in accordance with the provisions of Section 217 (2A) of
the Companies Act, 1956 read with Companies (Particulars of Employees)
(Amendment) Rules, 1975 as amended is not applicable.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO:
Information under Section 217( I )(e) read with the Companies
(Disclosure of particulars in report of the Board of Directors) Rule,
1988 are given in Annexure A to this Report.
AUDITORS:
The Auditors of the Company, M/s. Sadani & Singhi, Chartered
Accountants, having their office at Shridevi Shukla Apartment, Below
State Bank of India, Kamptee Line, Rajnandgaon (C.G.) bearing
registration No.004415C hold office until the conclusion of the ensuing
Annual General Meeting. The Company has received letter from them to
the effect that their appointment, if made, would be within the
prescribed limits under Section 141 (3)(g) of the Companies Act, 2013
and that they are not disqualified for re-appointment. Your Directors
recommend their re-appointment.
AUDITORS'' REPORT:
With regard to the remark of the Auditors concerning non-payment of
outstanding statutory liabilities with respect to Provident Fund, ESIC,
Sales-Tax etc., the Directors have to state that same could not be paid
in time due to paucity of funds. However, the Company has now paid all
the outstanding statutory liabilities except VAT and is making the
necessary arrangements to clear this liability as well.
With regard to the remark of the Auditors concerning default in
repayment of dues to the Bank, the Directors have to state that all the
liabilities have been paid by the Company in the month of April, 2014.
SECRETARIAL COMPLIANCE CERTIFICATE:
The Compliance Certificate received in accordance with the provisions
of section 383A(1) of the Companies Act, 1956 read with the Companies
(Compliance Certificate) Rules, 2001 is attached to the Directors''
Report as Annexure B.
CORPORATE GOVERNANCE:
A detailed Report on Corporate Governance prepared in compliance with
the provisions stipulated under Clause 49 of the Listing Agreement with
the Stock Exchange is given in Annexure C to this Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
The Management Discussion and Analysis Report as required under the
Listing Agreement with the Stock Exchange is provided in Annexure D and
forms a part of the Annual Report.
DIRECTORS'' RESPONSIBILITY STATEMENT:
As required under Section 217(2AA) of the Companies Act, 1956, your
Directors confirm that:
(a) in the preparation of the annual accounts, the applicable
accounting standards have been followed;
(b) appropriate accounting policies have been selected and applied
consistently and that judgments and estimates made are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at March 31, 2014 and of its losses for the year ended
on that date;
(c) proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Act for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities.
(d) the annual accounts have been prepared on a going concern basis.
ACKNOWLEDGEMENT:
Your directors would like to place on record their gratitude for the
continuous support and co-operation received from the Central Bank of
India, the Central and State Government departments, customers and
suppliers. We also convey our heartfelt thanks to the Shareholders for
their unfailing trust, confidence and encouragement. The Directors
place on record their appreciation of the contribution made by the
employees and the management.
FOR AND ON BEHALF OF THE BOARD,
Place: Mumbai (GUNWANTRAJ M. SINGHVI)
Date: 11th August, 2014 Managing Director
DIN: 00218731
Mar 31, 2012
To The Members of Pratik Panels Limited
The Directors hereby present their Twenty Third Annual Report and the
Audited Accounts for the year ended 31st March. 2012.
FINANCIAL RESULTS:
(Rupees in Lakhs)
Year ended Year ended
31-03-2012 31-03-2011
Sales and Other Income 295.52 251.41
Profit/(Loss) before
Interest and Depreciation 19.76 11.88
Less: Interest 33.62 34.90
Less: Depreciation 6.12 8.77
Profit/(Loss) before Tax (19.98) (31.79)
Provision for Taxation 0.00 0.00
Profit/(Loss) After Tax (19.98) (31.79)
Balance Brought Forward (167.54) (135.75)
Balance carried over (187.52) (167.54)
OPERATIONS:
The Company is not able to overcome the financial setback due to
continued export market slump scenario combine with domestic market is
also facing bleak scenario and company is not able to turn back from
making losses due to interest burden The management is trying to
overcome this continued slump situation.
DIVIDEND:
In view of the losses sustained by the Company, your Directors could
not recommend any dividend for the year under review.
FIXED DEPOSITS:
The Company has neither invited nor accepted any deposits from public
during the year under review under the Companies (Acceptance of
Deposit) Rules, 1975 read with Section 58A of the Companies Act, 1956.
INDUSTRIAL RELATIONS:
The Company has been continuously attempting to improve employee skills
and productivity. Industrial relations generally remained cordial and
satisfactory.
PARTICULARS OF EMPLOYEES:
Information in accordance with the provisions of Section 217 (2A) of
the Companies Act, 1956 read with Companies (Particulars of Employees)
(Amendment) Rules, 1975 as amended is not applicable.
CONSERVATION OF ENERGY, TECHNOLOGY ABSQRPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO:
Information under Section 217( I )(e) read with the Companies
(Disclosure of particulars in report of the Board of Directors) Rule,
1988 are given in AnnexureA to this Report.
AUDITORS:
Auditors, M/s. Sadani & Singhi, Chartered Accountants,Shridevi Shukla
Appartment Below State Bank of India, Kamptee Line, Rajnandgaon (C.G)
bearing registration No 73007 hold office until the conclusion of the
ensuing Annual General Meeting. The Company has received letter from
them to the effect that their appointment, if made, would be within the
prescribed limits under Section 224( 1-B) of the Companies Act, 1956.
Your Directors recommend their re-appointment
AUDITORS'REPORT:
The observation made by the Auditors of the Company in their report
read with the notes on Accounts, are self-explanatory and do not
require any further clarification.
SECRETARIAL COMPLIANCE CERTIFICATE
The Compliance Certificate received in accordance with the provisions
of section 383A (1) of the Act read with the Companies (Compliance
Certificate) Rules 2001 being attached to the Directors Report as
Annexure B.
CORPORATE GOVERNANCE:
A detailed Report on Corporate Governance prepared on compliance with
the provisions stipulated under Clause 49 of the Listing Agreements
with the Stock Exchanges is given in Annexure C to this Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management Discussion and Analysis Report as required under the Listing
Agreement with the Stock Exchanges is provided in Annexure D and forms
a part of the Annual Report.
DIRECTORSÃ RESPONSIBILITY STATEMENT:
As required under Section 217 (2AA) of the Companies Act, 1956, your
Directors confirm that:
(a) in the preparation of the annual accounts, the applicable accounting
standards have been followed;
(b) appropriate accounting policies have been selected and applied
consistently and that judgments and estimates made are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at March 31,2012 and of its losses for the year ended on
that date;
(c) proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Act for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities.
(d) the annual accounts have been prepared on a going concern basis.
ACKNOWLEDGEMENT:
Your directors would like to place on record their gratitude for the
continuous support and co-operation received from Central Bank of
India, the Central and State Government departments, customers and
suppliers. We also convey our heartfelt thanks to the Shareholders for
their unfailing trust, confidence and encouragement. The Directors
place on record their appreciation of the contribution made by the
employees and the management.
Place: Raipur
Dated: 31st May, 2012. FOR AND ON BEHALF OF THE BOARD
(GUNWANTRAJ M. SINGHVI)
Managing Director
Mar 31, 2011
The Members,
The Directors hereby present their Twenty Second Annual Report and the
Audited Accounts for the year ended 31st March, 2011.
FINANCIAL RESULTS:
(Rupees in Lakhs)
Year ended Year ended
31-03-2011 31-03-2010
Sales and Other Income 251.41 215.39
Profit/(Loss) before Interest
and Depreciation 11.88 19 10
Less: Interest 34.09 43.30
Less: Depreciation 8.77 8.78
ProfitV(Loss) before Tax (31.79) (32.98)
Provision for Taxation 0.00 0.26
Profit/(Loss) After Tax (31.79) (33 24)
Balance Brought Forward (135.75) (102.51)
Balance carried over (167.54) (135.75)
OPERATIONS:
The Company has some setback due to continued slack in Exports due to
slack in USA & European market but the company has done goods progress
in domestic market. The Company has put up two CNC machines and one
Laser machine to enhance scope both in Domestic & Export market.
DIVIDEND:
In view of the losses sustained by the Company, your Directors have not
recommended any dividend for the year under review.
FIXED DEPOSITS
The Company has neither invited nor accepted any deposits from public
during the year under review under the Companies (Acceptance of
Deposit) Rules, 1975 read with Section 58A of the Companies Act, 1956.
INDUSTRIAL RELATIONS:
The Company has been continuously attempting to improve employee skills
and productivity. Industrial relations generally remained cordial and
satisfactory.
PARTICULARS OF EMPLOYEES
Information in accordance with the provisions of Section 217 (2A) of
the Companies Act, 1956 read with Companies (Particulars of Employees)
(Amendment) Rules, 1975 as amended is not applicable.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO:
Information under Section 217(1)(e) read with the Companies (Disclosure
of particulars in report of the Board of Directors) Rule, 1988 are
given in Annexure A to this Report.
AUDITORS
Auditors, M/s. Sadani & Singhi, Chartered Accountants, retire and offer
themselves for re-appointment.
AUDITORS' REPORT:
The observation made by the Auditors of the Company in their report
read with the notes on Accounts, are self-explanatory and do not
require any further clarification.
SECRETARIAL COMPLIANCE CERTIFICATE
The Compliance Certificate received in accordance with the provisions
of section 383A (1) of the Act read with the Companies (Compliance
Certificate) Rules 2001 being attached to the Directors Report as
Annexure B.
CORPORATE GOVERNANCE:
A detailed Report on Corporate Governance prepared on compliance with
the provisions stipulated under Clause 49 of the Listing Agreements
with the Stock Exchanges is given in Annexure C to this Report
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management Discussion and Analysis Report as required under the Listing
Agreement with the Stock Exchanges is provided in Annexure D and forms
a part of this report.
DIRECTORS' RESPONSIBILITY STATEMENT:
As required under Section 217 (2AA) of the Companies Act, 1956, your
Directors confirm that:
(a) in the preparation of the annual accounts, the applicable
accounting standards have been followed;
(b) appropriate accounting policies have been selected and applied
consistently and that judgments and estimates made are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at March 31,2011 and of its losses for the year ended on
that date;
(c) proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Act for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities.
(d) the annual accounts have been prepared on a going concern basis.
ACKNOWLEDGEMENT:
Your directors would like to place on record their gratitude for the
continuous support and co-operation received from Central Bank of
India, the Central and State Government departments, customers and
suppliers. We also convey our heartfelt thanks to the Shareholders for
their unfailing trust, confidence and encouragement. The Directors
place on record their appreciation of the contribution made by the
employees and the management.
FOR AND ON BEHALF OF THE BOARD,
GUNWANTRAJ M. SINGHVI
Place: MUMBAI MANAGING DIRECTOR
Dated: 26th April, 2011.
Mar 31, 2010
The Directors hereby present their Twenty First Annual Report and the
Audited Accounts for the year ended 31st March, 2010.
FINANCIAL RESULTS:
(Rupees in Lakhs)
Year ended Year ended
31-03-2010 31-03-2009
Sales and Other Income 215.39 375.02
Profit/(Loss) before
Interest and Depreciation 19.10 (3.30)
Less: Interest 43.30 62.98
Less: Depreciation 8.78 7.58
Profit/(Loss) before Tax (32.98) (73.86)
Provision for Taxation 0.26 0.28
Profit/(Loss) After Tax (33.24) (74.14)
Balance Brought Forward (102.51) (28.37)
Balance carried over (135.75) (102.51)
OPERATIONS
Recessionary trend is world economy has effected companys export drive
very hard and the company is trying very hard to keep financial from
going down words.
DIVIDEND :
In view of the losses sustained by the Company, your Directors have not
recommended any dividend for the year under review.
FIXED DEPOSITS :
The Company has neither invited nor accepted any deposits from public
during the year under review under the Companies (Acceptance of
Deposit) Rules, 1975 read with Section 58A of the Companies Act. 1956.
INDUSTRIAL RELATIONS :
The Company has been continuously attempting to improve employee skills
and productivity, industrial relations generally remained cordial and
satisfactory.
PARTICULARS OF EMPLOYEES:
Information in accordance with the provisions of Section 217 (2A) of
the Companies Act, 1956 read with Companies (Particulars of Employees)
(Amendment) Rules, 1975 as amended is not applicable as none of the
employees is entitled to a remuneration of Rs. 24 lacs or more per year
or Rs. 2 lacs or more per month.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO:
Information under Section 217(1)(e) read with the Companies (Disclosure
of particulars in report of the Board of Directors) Rule. 1988 are
given in Annexure A to this Recall.
AUDITORS:
Auditors, M/s. Sadani & Singni, Chartered Accountants, retire and offer
themselves for re-appointment.
AUDITORS REPORT:
The observation made by the Auditors of the Company in their report
read with the notes on Accounts, are self-explanatory and do not
require any further clarification.
SECRETARIAL COMPLIANCE CERTIFICATE :
The Compliance Certificate received in accordance with the provisions
of section 383A(1) of the Act read with the Companies (Compliance
Certificate) Rules 2001 being attached to the Directors Report as
Annexure B. The said Compliance Certificate is self explanatory and
needs no comments.
CORPORATE GOVERNANCE:
A detailed Report on Corporate Governance prepared on compliance with
the provisions stipulated under Clause 49 of the Listing Agreements
with the Stock Exchanges is given in Annexure C to this Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Management Discussion and Analysis Report as required under the Listing
Agreement with the Stock Exchanges is provided in Annexure D and forms
a part of this report.
DIRECTORS RESPONSIBILITY STATEMENT:
As required under Section 217 (2AA) of the Companies Act, 1956, your
Directors confirm that:
(a) in the preparation of the annual accounts, the applicable
accounting standards have been followed;
(b) appropriate accounting policies have been selected and applied
consistently and that judgments and estimates made are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company as at March 31, 2010 and of its profit for the year ended
on that date;
(c) proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Act for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities.
(d) the annual accounts have been prepared on a going concern basis.
ACKNOWLEDGEMENT:
Your directors would like to place on record their gratitude for the
continuous support and co-operation received from Central Bank of
India, the Central and State Government departments, customers and
suppliers. We also convey our heartfelt thanks to the Shareholders for
their unfailing trust, confidence and encouragement. The Directors
place on record their appreciation of the contribution made by the
employees and the management.
Place: Raipur FOR AND ON BEHALF OF THE BOARD,
Dated: 31stMay, 2010
JASWANTRAJ M. SINGHVI
EXECUTIVE DIRECTOR