Mar 31, 2013
To, The Shareholder of M/s. Ratan Glitter Industries Ltd. Mumbai.
The Directors have pleasure in placing before you their Twenty Eighth
Annual Report of the Company together with the Audited Statement of
Accounts for the year ended on 31st March 2013.
FINANCIAL RESULTS
(Amt in Rs in Lakhs)
Particulars Current Year Previous Year
2011-2012 2011-2012
Sales / Turnover (467.53) 751.00
Profit/Loss before interest &
epreciation &taxation (672.58) 302.14
Less: Interest 22.89 16.58
Profit/Loss before depreciation &
taxation (649.69) 285.56
Less: Depreciation 243.66 279.25
Profit/Loss before provision for
taxation. (406.03) 6.30
Less: Provision for taxation 0.00 1.01
Net Profit/ Loss carried over
to General Reserve (406.03) 5.29
WORKING RESULTS
During the year under report, the turnover of the Company has reduced
considerably to Rs. 4.67 Crores as against Rs. 7.51 Crores during the
previous year, resulting in Loss of Rs. 4.06 Crores as against Profit
of Rs. 5.29 Lacs. The company has not made any provision for Interest
payable on the outstanding loan amount of Bank of Baroda as the account
has been declared as Non Performing Assets. Bank of Baroda has also
initiated recovery proceedings against the company in the Debts
Recovery Tribunal, Mumbai, subsequent to which bank has taken over the
possession of the Factory unit of the Company including Plant &
Machinery, Land and Factory Bldg on 29-01-2013. When the factory unit
was under the possession of the bank there were huge thefts taken place
whereby costly imported machineries and parts of machineries, raw
materials, finished goods, consumables etc. were stolen and cumulative
loss on account of theft, on rough estimate would be more than Rs. 15
Crores. The company is coordinating with the bank and Police Dept. to
find out the exact loss. However the actual loss could be ascertained
only after a detailed and independent survey and valuation taken. The
Company intends to file necessary claim suite against the Bank in the
appropriate uourt of law against the bank for the machineries etc.
stolen from the factory when the possession was with the bank. The bank
has not taken adequate care to safe guard the factory while it was
under their possession/control. However the bank has lodged insurance
claim with Insurance Company for the loss on account of theft occurred
at the factory.
DIVIDEND
Due to loss suffered by the Company the Directors do not recommend any
dividend for the year 2012-2013.
EMPLOYEES
The statement giving the requisite particulars of Employees pursuant to
Sec. 217 (2A) of the Companies Act, 1956 is not applicable as there is
no employee to whom this provision apply.
LISTING FEES
The Annual Listing fees for the Year 2012-2013 has been paid to Bombay
Stock Exchange.
DIRECTORS:
All the Directors of the company continue to serve on the Board of the
Company.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNING AND OUT GO.
The particulars as prescribed under Sub-Section (1) (e) of Section 217
of the Companies Act, 1956 read with Companies (Disclosure of
particulars in the Report of Board of Directors) Rules 1988 are given
in Annexure A.
DIRECTORS RESPONSIBILITY STATEMENT: -
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors
confirm that: -
i) In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures; if any,
ii) They have selected such accounting policies and applied them
consistently and made judgements and estimates 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 2013 and of the profit of the Company for
the year ended on that date;
iii) They 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.
iv) They have prepared the annual accounts on a going concern basis
COMPLIANCE CERTIFICATE
Pursuant to Section 383A as amended of the Companies Act, 1956
compliance certificate is attached to this report.
AUDITORS
JAYESH SHETH & CO., Chartered Accountant, the Retiring Auditor is
eligible for reappointment, offer himself for reappointment. You are
requested to appoint an Auditor and to fix his remuneration for the
coming year.
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation for the
devoted services rendered by the members of the staff.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
PLACE: MUMBAI.
DATE : 24-08-2013 Sd/-
CHAIRMAN
Mar 31, 2012
The Shareholders M/s. Ratan Glitter Industries Ltd. Mumbai.
The Directors have pleasure in placing before you their Twenty Seventh
Annual Report of the Company together with the Audited Statement of
Accounts for the year ended on 31st March 2012.
FINANCIAL RESULTS (Amt Rs)
Particulars Current Year Previous Year
2011-2012 2010-2011
(Rs.) (Rs.)
Sales / Turnover 7,29,91,518 4,05,78,609
Profit before interest & depreciation
& taxation 3,02,14,981 92,20,285
Interest 16,58,421 68,83,511
Profit before depreciation & taxation 2,85,56,560 23,36,774
Depreciation 2,79,25,944 2,43,21,296
Profit before provision for taxation 6,30,616 (2,19,84,522)
Provision for taxation 1,01,000 NIL
Net Profit/ Loss carried over to
General Reserve 5,29,616 (2,19,84,522)
WORKING RESULTS
During the year under report, the turnover of the Company has
substantially increased from Rs. 4.06 Crores in the previous year to
Rs. 7.30 Crores, resulting in Net Profit of Rs. 5.29 Lacs as against
loss of Rs. 2.20 Crores. The company has not made any provision for
Interest payable on the outstanding loan amount of Bank of Baroda as
the account has been declared as Non Performing Assets. Bank of Baroda
has also initiated recovery proceedings against the company in the
Debts Recovery Tribunal, Mumbai. However the Company hopes to tide
over the financial difficulties by raising funds through other sources
to pay off the liabilities of BOB and has already drawn up an
aggressive Marketing strategy to increase sales and turnover and
expects improved performance in the period ahead. The Company''s
products continue to be well received in the market. The Company is
also planning to export its products and Directors have also undertaken
export promotional visits to various overseas Countries.
DIVIDEND
In order to conserve resources your Directors do not recommend any
dividend for the year 2011-2012.
EMPLOYEES
The statement giving the requisite particulars of Employees pursuant to
Sec. 217 (2A) of the Companies Act, 1956 is not applicable as there is
no employee to whom this provision apply.
LISTING FEES
The Annual Listing fees for the Year 2011-2012 has been paid to Bombay
Stock Exchange.
DIRECTORS:
All the Directors of the company continue to serve on the Board of the
Company.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNING AND OUT GO.
The particulars as prescribed under Sub-Section (1) (e) of Section 217
of the Companies Act, 1956 read with Companies (Disclosure of
particulars in the Report of Board of Directors) Rules 1988 are given
in Annexure A.
DIRECTORS RESPONSIBILITY STATEMENT: -
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors
confirm that: -
i) In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures; if any,
ii) They have selected such accounting policies and applied them
consistently and made judgements and estimates 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 2012 and of the profit of the Company for
the year ended on that date;
iii) They 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.
iv) They have prepared the annual accounts on a going concern basis
COMPLIANCE CERTIFICATE
Pursuant to Section 383A as amended of the Companies Act, 1956
compliance certificate is attached to this report.
AUDITORS
JAYESH SHETH & CO., Chartered Accountant, the Retiring Auditor is
eligible for reappointment, offer himself for reappointment. You are
requested to appoint an Auditor and to fix his remuneration for the
coming year.
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation for the
devoted services rendered by the members of the staff.
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
PLACE : MUMBAI.
DATE : 07-09-2012 CHAIRMAN
Mar 31, 2010
The Directors have pleasure in placing before you their Twenty Fifth
Annual Report of the Company together with the Audited Statement of
Accounts for the year ended on 31st March 2010.
FINANCIAL RESULTS (Rs in Lakh)
Current Previous
Particulars Year 2009- Year 2008-
2010 (Rs) 2009 (Rs)
Turnover 449.03 252.95
Profit before interest & depreciation &
taxation 104.88 37.48
Interest 75.41 17.25
Profit before depreciation &
taxation 29.47 20.23
Depreciation 300.56 13.03
Profit before provision for
taxation -271,09 7.20
Provision for taxation 0 2.53
Net Profit/ (Loss) carried over
to Balance Sheet -271.09 4.67
OPERATION
During the year under report, the turnover of the Company has gone up
to Rs. 449.03 Lacs as against Rs.252.95 Lacs in the previous year.
However, though there is an operational profit of Rs. 29.47 Lacs
before allowing depreciation, finally there is loss of Rs. -271.09 Lacs
due to claim of depreciation of Rs. 300.56 Lacs. The Company has drawn
up an aggressive marketing strategy to increase the sale of its
products both local as well as exports. The company expects to have
improved performance in the period ahead as the products of the company
continue to be well received in the market.
DIVIDEND
In order to conserve resources your Directors do not recommend any
dividend for the year 2009- 2010.
EMPLOYEES
The statement giving the requisite particulars of Employees pursuant to
Sec. 217 (2A) of the Companies Act, 1956 is not applicable as there is
no employee for whom these provisions apply.
LISTING FEES
The Annual Listing fees for the Year 2009-2010 has been paid to Bombay
Stock Exchange.
DIRECTORS:
All the Directors of the company continue to serve on the Board of the
Company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE
EARNING AND OUT GO.
The particulars as prescribed under Sub-Section (1) (e) of Section 217
of the Companies Act, 1956 read with Companies (Disclosure of
particulars in the Report of Board of Directors) Rules 1988 are given
in Annexure A.
DIRECTORS RESPONSIBILITY STATEMENT: -
Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors
confirm that: -
i) In the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures; if any,
ii) They 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 as at 31st March 2010 and of the loss of the Company for
the year ended on that date;
iii) They 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.
iv) They have prepared the annual accounts on a going concern basis
COMPLIANCE CERTIFICATE
Pursuant to Section 383A as amended of the Companies Act, 1956
compliance certificate is attached to this report.
AUDITORS
M/s. Jayesh Sheth & Co., Chartered Accountant, the Auditors of the
Company, retire at the ensuing Annual General Meeting.
The Board of Directors of the Company proposes to appoint M/s. Jayesh
Sheth & Co., Chartered Accountants, as auditors of the Company. They
have given their consent informing that their appointment, if made,
would be within the limits prescribed under section 224 (1B) of the
Companies Act, 1956. The Board of Directors recommend to the members
for the appointment of M/s. Jayesh Sheth & Co., Chartered Accountants,
as auditors of the Company for the year 2010 - 2011.
ACKNOWLEDGEMENT
Your Directors wish to place on record their appreciation for the
devoted services rendered by the members of the staff.
For and on behalf of the Board of Directors
RATAN .GLITTER INDUSTRIES LTD.
Place :- Mumbai
Date :-14.08.2010 CHAIRMAN