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Directors Report of Ratan Glitter Industries Ltd.

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

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