Mar 31, 2014
Dear members,
The Directors are pleased lo present the 25th (Twenty Fifth) Annual
Report together with the Audited Accounts of your Company for the
financial year ended 3 1 st March, 2014.
The purpose of the Directors' Report is to provide shareholders with
certain statutory in ion nation about the Company, its Directors and
operations. The Performance and Operational Review, which forms part of
the Directors' Report, informs shareholders, and helps them assess how
the Directors have performed their duty to promote the success of the
Company.
Financial Results and Performance of the Company
The summarized working results for the financial year ended on 31st
March, 2014 as compared with the previous year are as under:-
(Rupees in Lacs)
Operating Results
Current year Previnus vear
2013 2014 2012-2013
Total Income 403.27 725.67
Total Expenses (563.31) (819.38)
Profit /(loss) Before depreciation (68.04} (93.71)
Depreciation (139.51) (202.44)
Prefit 7 (Loss) Before Extra Ordinary (207.55) (296.14)
item & interest
Interest - -
Profit 7 (Loss) Before Tax (207.55) (296,14)
Tax - -
Net Profit / (Loss) after Tax (207,55) (296.14)
Excess Provision written back - -
Net Profit / (Loss) carried tO Balance (207.55) (296.14)
Sheet
Performance and operational Review
The Board informs to you that the performance of your Company was not
satisfactory during the financial year even though settlement of
production level, working out of logistics with respect to movement of
finished products from factory, arrangement of raw materia is etc was
satisfactory' in comparison to previous financial year. The staff and
workers pus their sincere effort in the operation of tire plant and
achieving efficiency in the production level,
During the year, the company has achieved a sales turnover of Rs.
477.59 Lacs in the financial year ending 3 I st March 2014 as compared
to Rs. 717.39 Lacs in the year ended 31*" Match. 2013. The Company has
earned income of Rs. 495,27 Lacs in comparison to income of Rs. 725.67
Lacs during the previous financial year.
Your Directors have taken appropriate remedial action to mitigate the
adverse circumstances and are hopeful of better performance and resuIts
during the current year
Company is taking effective steps to improve iis production and sales
during the year under review.
Trading in the equity shares of the Company at BSE
We are very pleased io inform you final from the date of listing of
equity shares of the Company with the Bombay Stock Exchanges (w.e.f.
June, 2009) the equity shaves of the Corn pans- are regaining its
trading volume day by day on the bourses with the strenuous and
fruitful efforts of the Board of Directors and management of the
Company. This has provided an extra platform to the proposed investors
to invest in the Company and the existing investor more liquidity for
entry anti exit route in the Company.
Dividend
The Board of Director does not recommend any dividend for the financial
Year 201-3-2014 due to the loss for tine year.
Public Deposit
During the year the Company has no! accepted or invited any deposit
from the public within the meaning of section 58A and 58AA of the
Companies Act, 1956 read with Companies (Acceptance of Deposit) Rules,
1975, during the year under review.
Information about Energy Conservation, Technology Absorption and
Research & Development and Foreign Exchange earnings and outgo
(A) Cnergy Conservation ;
a) Energy conservation measure taken by the Company-:
i. To optimize steam transfer of autoclaves for pre-heating purpose,
ii. To control spillage of green mix and reuse it before getting it
dried, so that it can be used without adding extra inputs.
iii. By using certain anti-scaling and anti ami-deoxidizing chemicals
for boiler feed water to enhance boiler themial efficiency,
iv. Resetting of factory' shed sheeting in lime area to utilize
natural flow of wind efficiently id reduce number of exhaust fans,
b) Additional in vestment.'proposal being implemented for reduction of
consumption-
i. Second line of steam transfer within the autoclave has been com
pieled.
ii. To ensure proper insulation on all the autoclaves and boilers as
well, ill. Using of CFL.s in place of Halogen lights in plant areas.
iv. To utilize broken bricks (waste) powdefi as a raw material for in
house use or for other fly ash based indnsrries,
c) Impact of measures as mentioned above in consumption of energy and
on die cosl of production of goods.
Saving in energy consumption and waste material utilization will reduce
the production cost of the Company and would also help a bit against
global warming,
(B) Techmilogy absorption amt Research & Development.
With its established in-house Research & Development Sand Blast has
built its reputation with customers, government authorities, national &
international market and in the society by utilizing up to 90% of fly
ash In the manufacturing of high quality bricks of strength 100 kg per
sq. cm and above.
a) Specific area in which research and development carried out by the
Company
I. To make utilization of broken bricks (waste) power as a raw material
for In house use or for other fly ash based industries,
li. Stabilizations of different raw materia! composition to get better
and economical product,
b) Benefit derived as result of above efforts:
The Research and Development works for the above are at the preliminary
stage only but the Company is very hopeful to get the favourable
results-
c) Future course of action
Work on above assumptions at different level and to get success and to
prove globalIy that Sand Plast India Limited is the pioneer in the
field of ash utilization.
(C) Foreign Exchange earnings and outgo
The company has not spent any foreign exchange outgo during the
financial year. There were no foreign exchange incoming during the
financial year.
Particulars of Employees
None of the employees are in receipt of remuneration in excess of the
limits prescribed under section 217(2A) of die Companies Act, 1956 read
wish the Companies (Particulars of Employees) Amendment Rules, 201 I,
as amended, therefore, no disclosure Is required.
Director1 & Responsibility Statement as per Section 217 (2AA) of the
Companies Act. 1956
Pursuant to the requirement under section 217 (2AA) of the Companies
Act'1956 with respect to director's responsibility statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2014, the applicable accounting standards have been
followed along with proper explanations relating to material
departures:
(ii) that the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
reasonable and prudent so as to give a true and fair view of the stale
of affairs of the company at the end of the financial year and of the
profit or loss, to be read with notes on accounts, of the company for
the year under review:
(iii) That the director have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguard of the assets of
the company' and for preventing and detecting fraud and other
irregularities;
(iv) That the directors, have prepared the accounts for the financial
year ended 31st March, 2014 on a "going concern" basis.
Board of Directors
At the AOM held on as a result of retirement by rotation Dr. Ram S.
Craig who retire by rotation and offer himself for re-appointment ns
the independent-director of the Company So the said AGM and being
eligible, offer himself for re-appointment.
Directors observation on Audit Report
Attention is invited to point no (vi) (a ) i.e. Note. No, 5 of the
Balance sheet of the company for the year, which state that the company
has filed Modified Draft Rehabilitation Scheme to Hon'ble BlFR dated
27th April, 2010 and Secured Creditors i.e. PNB and HIJDCO. The Company
has not provided interest on PNB dues amounting to Rs. 365.58 Lacs and
Rs. 5457.02 Lacs in respect of HIJDCO in lotality. as a result of the
same Secured liabilities and accumulated losses of the company are
understated by Rs. 3802.40 Lacs (including Current: year Interest Rs.
452,80)
With reference as per point no, (vi) (a) of the Auditor Report, the
dues of the financial institutions were rescheduled under
rehabilitation package pending with the honorable BTFBL.
Auditors
M/s D khantra Associates, Statutory Auditors of the company shall hold
office till the conclusion of the ensuing Annual General Meeting and
are eligible For re-appointment.
However the management of the Company is hopefal that the performance
of the Company will improve in near future.
Corporate Governance  Clause 49 of the Listing Agreement
Your Company has followed Good Corporate Governance Practices since
incept tot i and in acccordance with the code of Corporate Governance.
The detailed report on Corporate Governance along with the certificate
from Statutory Auditors in compliance as per Clause 40 of the Listing
Agreement is attached herewith as Annexure-I and forms parr of this
repoit.
Industrial Relation
Your company has taken significant step in developing human resource
and strengthening human resource systems. During the year under review,
industrial relation in the company continues to be cordial and
peaceful.
Acknowledgement
Your Directors wish to convey their appreciation to all suppliers,
promoters, lenders and governments for their invaluable supports and
look forward to continued supports in future. The Board of Directors
thanks to the appreciation of employees at all the levels for their
hard work, dedication and commitment which enable the company make
progress ahead.
By order of the Board of
Sand Plast (India) Limited
Sd/-
Date: 21st August, 2014 Rajesh Gupta
Place: New Delhi Managing Director
DIN: 01663485
ADD.: F-251, Janpath,
Priyadarshni Marg,
Shyam Nagar Extn,
Jaipur-302019
Rajasthan
Mar 31, 2013
Dear Shareholders,
The Directors are pleased to present the 24th (Twenty Fourth) Annual
Report together with the Audited Accounts of your Company for the
financial year ended 31sl March, 2013.
The purpose of the Directors'' Report is to provide shareholders with
certain statutory information about the Company, its Directors and
operations. The Performance and Operational Review, which forms part of
the Directors'' Report, informs shareholders, and helps them assess
how the Directors have performed their duty to promote the success of
the Company.
Financial Results and Performance of the Company
The summarized working results for the financial year ended on 31st
March, 2013 as compared with the previous year are as under: -
(Rupees in Lacs)
Operating Results
Current year Previous year
2012-2013 2011-2012
Total Income 725.67 249.44
Total Expenses (819.38) (424.74)
Profit / (Loss) Before
Depreciation (93.71) (175.31)
Depreciation (202.44) (200.67)
Profit / (Loss) Before
Extra Ordinary Item &
Interest (296.14) (375.98)
Interest - -
Profit/(Loss) Before Tax (296.14) (375.98)
Tax - -
Net Profit / (Loss) after Tax (296.14) (375.98)
Excess Provision
written back - -
Net Profit / (Loss) carried to
Balance Sheet (296.14) (375.98)
Performance and Operational Review
The Board informs to you that the performance of your Company was not
satisfactory during the financial year even though settlement of
production level, working out of logistics with respect to movement of
finished products from factory, arrangement of raw materials etc was
satisfactory in comparison to previous financial year. The staff and
workers put their sincere effort in the operation of the plant and
achieving efficiency in the production level.
During the year, the company has achieved a sales turnover of Rs.
717.39 Lacs in the financial year ending 31 "March, 2013 as compared
to Rs. 234.03 Lacs in the year ended 31st March, 2012. The Company has
earned income of Rs. 725.67 Lacs in comparison to income of Rs. 249.44
Lacs during the previous financial year.
Your Directors have taken appropriate remedial action to mitigate the
adverse circumstances and are hopeful of better performance and results
during the current year
Future Prospects
Company is taking effective steps to improve its production and sales
during the year under review. Trading in the equity shares of the
Company at BSE
We are very pleased to inform you that from the date of listing of
equity shares of the Company with the Bombay Stock Exchanges (w.e.f.
June, 2009), the equity shares of the Company are regaining its trading
volume day by day on the bourses with the strenuous and fruitful
efforts of the Board of Directors and management of the Company. This
has provided an extra platform to the proposed investors to invest in
the Company and the existing investor more liquidity for entry and exit
route in the Company.
Dividend
The Board of Director does not recommend any dividend for the financial
Year 2012-2013 due to the loss for the year.
Public Deposit
During the year the Company has not accepted or invited any deposit
from the public within the meaning of Section 58A of the Companies Act,
1956 read with Companies (Acceptance of Deposit) Rules, 1975, during
the year under review.
Information about Energy Conservation. Technology Absorption and
Research & Development and Foreign Exchange earnings and outgo
(A) Energy Conserv ation:
a) Energy conservation measure taken by the Company-:
i. To optimize steam transfer of autoclaves for pre-heating purpose.
ii. To control spillage of green mix and reuse it before getting it
dried, so that it can be used without adding extra inputs.
iii. By using certain anti-scaling and anti anti-deoxidizing chemicals
for boiler feed water to enhance boiler thermal efficiency.
iv. Resetting of factory shed sheeting in lime area to utilize natural
flow of wind efficiently to reduce number of exhaust fans.
b) Additional investment/proposal being implemented for reduction of
consumption.
i. '' Second line of steam transfer within the autoclave has been
completed.
ii. To ensure proper insulation on all the autoclaves and boilers as
well.
iii. Using of CFLs in place of Halogen lights in plant areas.
iv. To utilize broken bricks (waste) powder as a raw material for in
house use or for other fly ash based industries.
c) Impact of measures as mentioned above in consumption of energy and
on the cost of production of goods.
Saving in energy consumption and waste material utilization will reduce
the production cost of the Company and would also help a bit against
global warming.
(B) Technology absorption and Research & Development.
With its established in-house research & Development, Sand Plast has
built its reputation with customers, government authorities, national &
international market and in the society by utilizing
up to 90% of fly ash in the manufacturing of high quality bricks of
strength 100 kg per sq. cm and above.
a) Specific area in which research and development carried out by the
Company
I. To make utilization of broken bricks (waste) power as a raw
material for in house use or for other fly ash based industries.
II. Stabilizations of different raw material composition to get better
and economical product.
b) Benefit derived as result of above efforts:
The Research and Development works for the above are at the preliminary
stage only but the Company is very hopeful to get the favourable
results.
c) Future course of action
Work on above assumptions at different level and to get success and to
prove globally that Sand Plast India Limited is the pioneer in the
field of ash utilization.
Particulars of Employees
None of the employees are in receipt of remuneration in excess of
limits prescribed under Section 217 of the Companies Act, 1956 read
with the Companies (Particulars of Employees) Amendment Rules, 2011 as
amended, therefore, no disclosure is required.
Director''s Responsibility Statement as per Section 217 (2AA) of the
Companies Act. 1956 Pursuant to the requirement under section 217 (2AA)
of the Companies Act''1956 with respect to director''s responsibility
statement, it is hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st March, 2013, the applicable accounting standards have been
followed along with proper explanations relating to material
departures;
(ii) that the directors had selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 or loss, to be read with notes on accounts, of the company for
the year under review;
(iii) That the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the CSmpanies Act, 1956 for safeguard of the assets of
the company and for preventing and detecting fraud and other
irregularities;
(iv) That the directors have prepared the accounts for the financial
year ended 31s1 March'' 2013 on a "going concern" basis.
Board of Directors
At the AGM held on as a result of retirement by rotation Dr. Ram S.
Garg who retire by rotation and offer himself for re-appointment as the
independent-director of the Company in the said AGM and being eligible,
offer himself for re-appointment.
During the financial year 2012-13, Mr. Suresh Pukhraj Jain resigns from
the directorship of the company w.e.f 20lh February, 2013 after giving
his resignation letter.
Director''s observation on Audit Report
Attention is invited to point no (vi) (a) i.e. Note. No. 5 of the
Balance sheet of the company for the year, which state that the company
has filed Modified Draft Rehabilitation Scheme to Hon''ble BIFR dated
27th April, 2011 and Secured Creditors i.e. PNB and HUDCO. The Company
has not provided interest on PNB dues amounting to Rs. 365.38 Lacs and
Rs. 3437.02 Lacs in respect of HUDCO in totality, as a result of the
same Secured liabilities and accumulated losses of the company are
understated by Rs. 3802.40 Lacs (Including Current year Interest Rs.
452.80).
With reference as per point no. (vi) (a) of the Auditors Report, the
dues of the financial instiutions/banks were rescheduled under
rehabilitation package pending with the honorable BIFR.
Auditors
M/s D Khanna & Associates, Statutory Auditors of the company shall hold
office till the conclusion of the ensuing Annual General Meeting and
are eligible for re-appointment. The Company has received intimation to
this effect that their re-appointment, if made, would be within the
prescribed limits of Section 224 (IB) of the Companies Act'' 1956.
Management Discussions and Analysis
The Company has, over the years, relentlessly strived to achieve
leadership position in its field of business. It has been successful in
developing its own technical know-how including designing and
development of plant & machinery. It has further been able to achieve
use of fly ash including bottom ash and pond ash up to 90% in
manufacturing of high quality bricks of the strength of 100 kg per sq.
cm and above. The Hon''ble Supreme Court, through its judgment a few
years back, has directed that the traditional brick manufactures using
brick kilns to use 25% of the fly ash, as the raw material for the
purpose of making bricks within the National Capital Territory of Delhi
and had suggested adoption of technology "Mechanized Autoclaved Sand
Lime Fly Ash Bricks", the one pioneered by your Company. The Govt, of
India''s Notification has further made it obligatory for users to
specify fly ash products and has made it mandatory for thermal power
plants to utilize 100% of ash generated by them over the years.
Your company''s effort has accordingly been proved useful in the light
of apex court''s directive and also from the point of view of
directions of Govt, of India. Further the real estate business in NCR
and other part of the country is now growing up therefore directors are
hopeful that it will bring the opportunity to the Company since the
Company produces the "Mechanized Autoclaved Sand Lime Fly Ash
Bricks" which is one of the main component for the construction
industry and real estate business. Further the Company fully organized
although the sector of the product is totally un- organized like other
traditional brick manufacturer. The product of the Company is also
environment friendly and reduces the pollution therefore the Company
has also applied to CDM Executive Board for availing carbon credit and
same is pending with authorities. However there are also certain other
constraints attached with the Company like the plant is situated in NCT
of Delhi where there are advantages for the company.
However the management of the Company is hopeful that the performance
of the Company will improve in near future.
Corporate Governance - Clause 49 of the Listing Agreement
Your Company has followed Good Corporate Governance Practices since
inception and in accordance with the code of Corporate Governance. The
detailed report on Corporate Governance along with the certificate from
Statutory Auditors in compliance as per Clause 49 of the Listing
Agreement is attached herewith as Annexure-I and forms part of this
report.
Industrial Relation
Your company has taken significant step in developing human resource
and strengthening human resource systems. During the year under review,
industrial relation in the company continues to be cordial and
peaceful.
Acknowledgement
Your Directors wish to convey their appreciation to all suppliers,
promoters, lenders and governments for their invaluable supports and
look forward to continued supports in future. The Board of Directors
thanks to the appreciation of employees at all the levels for their
hard work, dedication and commitment which enable the company make
progress ahead.
For and on behalf of the Board of Directors
Sd/-
Place: New Delhi Rajesh Gupta
Dated: 14th August, 2013 (Chairman)
Mar 31, 2011
Dear Shareholders,
The Directors are pleased to present the 22 (Twenty Second) Annual
Report together with the Audited Accounts of your Company for the
financial year ended 31st March' 2011
Operating Results (Rupees in Lacs)
Current year Previous year
Total Income 288.44 1935.50
Total Expenses 675.16 969.99
Less: Prior Period Expenses 0.00 3.05
Less: Misc. Exp written Off 0.00 0.00
Less: Provision for FBT 0.00 0.00
Profit / (Loss) carried to
Balance Sheet (386.72) 962.46
Performance and Operational Review
The Board informs to you that the performance of your Company was not
satisfactory during the financial year even though settlement of
production level, working out of logistics with respect to movement of
finished products from factory, arrangement of raw materials etc. was
satisfactory in comparison to previous financial year. The staff and
workers put their sincere effort in the operation of the plant and
achieving efficiency in the production level.
During the year, the company has Achieved a sales turnover of Rs.
286.46 Lacs as compared to Rs. 551.16 Lacs in the previous year ended
31st March, 2010. The Company has earned income of Rs. 288.44 Lacs in
comparison to income of Rs 1935.50 Lacs during the previous financial
year.
Trading in the equity shares of the Company at BSE
We are very pleased to inform you that from the date of re-listing of
equity shares of the Company with the Bombay Stock Exchanges (w.e.f
June, 2009), the equity shares of the Company are regaining its trading
volume day by day on the bourses with the strenuous and fruitful
efforts of the Board of Directors and management of the Company. This
has provided an extra platform to the proposed investors to invest in
the Company and the existing investor more liquidity for entry and exit
route in the Company.
Future Plans
The Company is hopeful of creating a niche for similar projects and
from the projects manufactured by it with a higher price fixation for
its good quality products and hopes that it would bear the fruits of
its efforts over the past two decades in near future. Your company's
unit at New Delhi is pollution free and is a unit likely to save carbon
emissions to the atmosphere vis-ÃÂ -vis traditional brick kilns.
Dividend
The Board of Director does not recommend any dividend for the financial
Year 2010-2011.
Deposit
During the year the Company has not accepted or invited any deposit
from the public within the meaning of Section 58A of the Companies Act,
1956 and rules made there under.
Information about Energy Conservation, Technology Absorption and
Research & Development and Foreign Exchange earning and outgo
(A) Energy Conservation :
a) Energy conservation measure taken by the Company-:
I. To optimize steam transfer of autoclaves for pre-heating purpose.
II. To control spillage of green mix and reuse it before getting it
dried, so that it can be used without adding extra inputs.
III. By using certain anti-scaling and anti anti-deoxidizing chemicals
for boiler feed water to enhance boiler thermal efficiency.
IV. Resetting of factory shed sheeting in lime area to utilize natural
flow of wind efficiency to reduce number of exhaust fans.
b) Additional investment/proposal being implemented for reduction of
consumption.
i. Second line of steam transfer within the autoclave has been
started.
ii. To ensure proper insulation on all the autoclaves and boilers as
well.
iii. Using of CFLs in place of Halogen lights in plant areas.
iv. To utilize broken bricks (waste) powder as a raw material for in
house use or for other fly ash based industries.
c) Impact of measures as mentioned above in consumption of energy and
on the cost of production of goods.
Saving in energy consumption and waste material utilization will reduce
the production cost of the Company and would also help a bit against
global warming.
(B) Technology absorption and Research & Development.
With its established in-house research & Development, Sand Plast has
built its reputation with customers, government authorities, national &
international market and in the society by utilizing up to 90% of fly
ash in the manufacturing of high quality bricks of strength 100 kg per
sq. cm and above.
a) Specific area in which research and development carried out by the
Company
I. To make utilization of broken bricks (waste) power as a raw
material for in house use or for other fly ash based industries.
II. Stabilizations of different raw material composition to get better
and economical product.
b) Benefit derived as result of above efforts :
The Research and Development works for the above are at the preliminary
stage only but the Company is very hopeful to get the favorable results
(c) Future course of action
Work on above assumptions at different level and to get success and to
prove globally that Sand Plast India Limited is the pioneer in the
field of ash utilization.
(C) Foreign Exchange earning and outgo
The company has not spent any foreign exchange outgo during the
financial year. There were no foreign exchange incoming during the
financial year.
Particulars of Employees
There were no employees drawing remuneration in excess of limits
prescribed under Section 217 (2a).
Director's Responsibility Statement as per Section 217 (2AA) of the
Companies Act, 1956
Pursuant to the requirement under section 217 (2AA) of the Companies
Act'1956 with respect to director's responsibility statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31st March' 2011, the applicable accounting standards have been
followed.
(ii) that the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 or loss, to be read with notes on accounts, of the company for
the year under review.
(iii) That the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act' 1956 for safeguard of the assets of
the company and for preventing and detecting fraud and other
irregularities.
(iv) That the directors have prepared the accounts for the financial
year ended 31st March' 2011 on a "going concern basis.
Board of Directors
At the AGM held on 30th September, 2010 as a result of retirement by
rotation, Mr. Shivcharan Manikrao Parvatkar who retired by rotation and
offered himself for re-appointment, as the independent-director of the
Company in the said AGM. Further, in accordance with the Articles of
Association of the Company, Mr. Suresh Pukhraj Jain, being longest in
the office retires from office by rotation in the ensuing AGM and being
eligible, offer himself for re-appointment.
Directors observation on Audit Report
With reference to Point no. (vi) (a) of Auditor's Report regarding
rescheduled amount of secured creditors in the light of submitted
Modified Draft Rehabilitation Scheme (MDRS) with the BIFR. The Board of
Directors clarify that the management is positive on the approval of
MDRS and more specially on one time settlement proposal with both
secured creditors namely HUDCO & PNB on the basis of equality and
taking same guideline/norms followed by the same secured creditors in
the case of another sick company namely M/s Punjab Wool combers
Limited, registered with BIFR under reference no. 341/2001, in which
case the same secured creditors has settled their dues much below of
their principal outstanding.
Auditors
M/s D Khanna & Associates, Statutory Auditors of the company shall hold
office till the conclusion of the ensuing Annual General Meeting and
are eligible for re-appointment. The Company has received intimation to
this effect that their re-appointment, if made, would be within the
prescribed limits of Section 224 (1) of the Companies Act, 1956.
Management Discussions and Analysis
The Company has, over the years, relentlessly strived to achieve
leadership position in its field of business. It has been successful in
developing its own technical know-how including designing and
development of plant & machinery. It has further been able to achieve
use of fly ash including bottom ash and pond ash up to 90% in
manufacturing of high quality bricks of the strength of 100 kg per sq.
cm and above. The Hon'ble Supreme Court, through its judgment a few
years back, has directed that the traditional brick manufactures using
brick kilns to use 25% of the fly ash, as the raw material for the
purpose of making bricks within the National Capital Territory of Delhi
and had suggested adoption of technology "fly ash sand lime bricks",
the one pioneered by your Company. The Govt. of India's Notification
has further made it obligatory for users to specify fly ash products
and has made it mandatory for thermal power plants to utilize 100% of
ash generated by them over the years.
Your company's effort has accordingly been proved useful in the light
of apex court's directive and also from the point of view of directions
of Govt. of India. Further the real estate business in NCR and other
part of the country is now growing up therefore directors are hopeful
that it will bring the opportunity to the Company since the Company
produces the flyash bricks which is one of the main component for the
construction industry and real estate business. Further the Company
fully organized although the sector of the product is totally
un-organized like other traditional brick manufacturer. The product of
the Company is also environment friendly and reduces the pollution
therefore the Company has also applied to CDM Executive Board for
availing carbon credit and same is pending with authorities. Further
the Company is also in discussion with the NTPC Badarpur for
establishing a plant for manufacturing of flyash bricks. However there
are also certain other constraints attached with the Company like the
plant is situated in NCT of Delhi where there are some difficulties are
associated for transportation of finished goods and raw materials.
However the management of the Company is hopeful that the performance
of the Company will improve in near future.
Corporate Governance - Clause 49 of the Listing Agreement
The report on Corporate Governance along with the Auditor's Report on
its compliance as per clause 49 of the Listing Agreement is attached
herewith as Annexure-I.
Industrial Relation
Your company has taken significant step in developing human resource
and strengthening human resource systems. During the year under review,
industrial relation in the company continues to be cordial and
peaceful.
Acknowledgement
Your Directors wish to convey their appreciation to all suppliers,
promoters, lenders and governments for their invaluable supports and
look forward to continued supports in future. The Board of Directors
thanks to the appreciation of employees at all the levels for their
hard work, dedication and commitment which enable the company make
progress ahead.
For and on behalf of the
Board of Directors
Sd/- Sd/-
S.M. Parvatkar Rajesh Gupta
Director Managing
Director
Place: Mumbai
Dated: 30th May, 2011
Mar 31, 2010
The Directors are pleased to present the 21st (Twenty First) Annual
Report together with the Audited Accounts of your Company for the
financial year ended 31El March 2010
Operating Results (Rupees in lacs)
Current year Previous year
Total Income 1935.50 1007.42
Total Expenses 969.99 46.81
Less: Prior Period Expenses 3.05 2.85
Less: Misc. Exp written Off 0.00 3.24
Less: Provision for FBT 0.00 1.30
Profit / (Loss) carried to
Balance Sheet 962.46 253.22
Performance and Operational Review
The Board is pleased to inform you that the performance of your Company
was satisfactory during the financial year. Settlement of production
level, working out of logistics with respect to movement of finished
products from factory, arrangement of raw materials etc was also
satisfactory in compare to previous financial year. The staff and
workers put their sincere effort in the operation of the plant and
achieving efficiency in the production level.
During the year the company has recorded a growth of 39.25% with sales
of 551.16 Lacs in the financial year ending 31s,March, 2010 comparing
to Rs. 395.82 Lacs in the year ended 31st March, 2009. The Company has
earned income of Rs. 962.46 Lacs in comparison to income of Rs 253.22
Lacs during the previous financial year.
Trading in the equity shares of the Company at BSE
We are very pleased to inform you that with the strenuous and fruitful
efforts of the Board of Directors and management of the Company the
equity shares of the Company has been listed with the Bombay Stock
Exchange (BSE) and the trading in the equity shares of the Company has
been commenced at BSE w.e.f June,2009. This will provide an extra
platform for the proposed investors to invest in the Company and the
existing investor a more liquidity for entry and exit route in the
Company.
Future Plans
The Company is hopeful of creating a niche for similar projects and
from the projects manufactured by it with a higher price fixation for
its good quality products and hopes that it would bear the fruits of
its efforts over the past two decades in near future. Your companys
unit at New Delhi is pollution free and is a unit likely to save carbon
emissions to the atmosphere vis-a-vis traditional brick kilns.
Dividend
The Board of Director does not recommend any dividend for the financial
Year 2009-2010.
Deposit
During the year the Company has not accepted or invited any deposit
from the public within the meaning of Section 58A of the Companies Act,
1956 and rules made there under.
Information about Energy Conservation, Technology Absorption and
Research & Development and Foreign Exchange earning and outgo
(A) Energy Conservation:
a) Energy conservation measure taken by the Company-:
i) To optimize steam transfer of autoclaves for pre-heating purpose.
j) To control spillage of green mix and reuse it before getting it
dried, so that it can be used without
adding extra inputs. k) By using certain anti-scaling and anti
anti-deoxidizing chemicals for boiler feed water to enhance boiler
thermal efficiency. I) Resetting of factory shed sheeting in lime area
to utilize natural flow of wind efficiency to reduce number of exhaust
fans.
b) Additional investment/proposal being implemented for reduction of
consumption.
i. Second line of steam transfer within the autoclave has been started.
ii. To ensure proper insulation on all the autoclaves and boilers as
well. iii. Using of CFLs in place of Halogen lights in plant areas.
iv. To utilize broken bricks (waste) powder as a raw material for in
house use or for other fly ash based industries.
c) Impact of measures as mentioned above in consumption of energy and
on the cost of production of goods.
Saving in energy consumption and waste material utilization will reduce
the production cost of the Company and would also help a bit against
global warming.
(B) Technology absorption and Research & Development.
With its established in-house research & Development, Sand Plast has
built its reputation with customers, government authorities, national &
international market and in the society by utilizing up to 90% of fly
ash in the manufacturing of high quality bricks of strength 100 kg per
sq. cm and above.
a) Specific area in which research and development carried out by the
Company
I. To make utilization of broken bricks (waste) power as a raw
material for in house use or for other fly ash based industries.
II. Stabilizations of different raw material composition to get better
and economical product.
b) Benefit derived as result of above efforts :
The Research and Development works for the above are at the preliminary
stage only but the Company is very hopeful to get the favourable
results
(c) Future course of action
Work on above assumptions at different level and to get success and to
prove globally that Sand Plast India Limited is the pioneer in the
field of ash utilization.
(C) Foreign Exchange earning and outgo
The company has not spent any foreign exchange outgo during the
financial year. There were no foreign exchange incoming during the
financial year.
Particulars of Employees
There were no employees drawing remuneration in excess of limits
prescribed under Section 217 (2a).
Directors Responsibility Statement as per Section 217 (2AA) of the
Companies Act, 1956
Pursuant to the requirement under section 217 (2AA) of the Companies
Act1956 with respect to directors responsibility statement, it is
hereby confirmed:
(i) That in the preparation of the accounts for the financial year
ended 31sl March 2010, the applicable accounting standards have been
followed.
(ii) that the directors have selected such accounting policies and
applied them consistently and made judgments and estimates that were
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 or loss, to be read with notes on accounts, of the company for
the year under review.
(iii) That the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act 1956 for safeguard of the assets of
the company and for preventing and detecting fraud and other
irregularities.
(iv) That the directors have prepared the accounts for the financial
year ended 31st March 2010 on a "going concern" basis. i
Board of Directors
During the financial year Mr. Mehmood Pracha was ceased to be a
director of the Company at the AGM held on 28,h August, 2009 as a
result of retirement by rotation. Mr. Suresh Pukhraj Jain was appointed
as the independent- director of the Company in the said-AGM. Further In
accordance with the Articles of Association of the Company, Mr.
Shivcharan Manikrao Parvatkar, being longest in the office retires from
office by rotation in the ensuing AGM and being eligible, offer himself
for re-appointment.
Directors observation on Audit Report
With reference to Point no. (vi) (a) of Auditors Report regarding
rescheduled amount of secured creditors in the light of submitted
Modified Draft Rehabilitation Scheme with the BIFR. In this respect the
Board of Directors clarify that the management is positive on the
approval of MDRS and more specially on one time settlement proposal
with both secured creditors namely HUDCO & PNB on the basis of equality
and taking same guideline/norms followed by the same secured creditors
in the case of another sick company namely M/s Punjab Wool combers
Limited, registered with BIFR under reference no.341/2001, in which
case the same secured creditors has settled their dues much below of
their principal outstanding.
Auditors
M/s D Khanna & Associates, Statutory Auditors of the company shall hold
office till the conclusion of the ensuing Annual General Meeting and
are eligible for re-appointment. The Company has received intimation to
this effect that their re-appointment, if made, would be within the
prescribed limits of Section 224 (1) of the Companies Act 1956.
Acknowledgement
Your Directors wish to convey their appreciation to all suppliers,
promoters, lenders and governments for their invaluable supports and
look forward to continued supports in future. The Board of Directors
thanks to the appreciation . of employees at all the levels for their
hard work, dedication and commitment which enable the company make
progress ahead.
For and on behalf of the Board of Directors
Sd/- Sd/-
S.M. Parvatkar Rajesh Gupta
Director Managing Director
Place : Mumbai
Dated : 28thMay, 2010
Mar 31, 2000
Not Available