Mar 31, 2013
The Directors have pleasure in presenting the 20th Annual Report on the
operations of the Company and the Audited Statement of Accounts for the
year ended 31st March, 2013.
1. Financial Results and performance of the Company
Particulars Current year Previous year
2012-2013 2011-2012
(Rs.in Lacs) (Rs. in Lacs)
Net Sales* Other Income NIL 121.79
Profit before depreciation and Tax (3.87) 5.47
Less : Depreciation NIL NIL
Profit/(Loss) before Extra Ordinary
Item and Tax (3.87) 5.47
Profit/(Loss) before Tax (3.87) 5.7
Less: a) Current Income Tax NIL 11.15
(Loss) after Tax (3.87) 432
Less: Balance, being Loss brought
forward From Previous Year (344.50) (349.17)
Balance, being Profit/Loss
carried to Balance Sheet (348.37) (344.50)
During the year under review, the Company has not earned any income as
compared with the results of previous year during which the company had
earned a profit of Rs. 4,31,971.21/-. Though the operations of the
Company are yet to start, your Directors are very much positive to
revive the company. The Board is looking for further funding into the
Company to start business activities.
2. Dividend
The Board of Directors does not recommend any dividend for the
financial year 2012-2013.
3. Public Deposit
The Company has not accepted any deposits including fixed deposits from
the public under section 58A and 58AA of the Companies Act. 1956 read
with Companies (Acceptance of Deposit) Rules, 1975, during the
financial year.
4. Directors'' Responsibility Statement
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Director''s Responsibility Statement, it is
hereby confirmed:
That in preparation of the annual accounts for the financial year ended
31sl March, 2013 the applicable accounting standards had been followed
along with proper explanation relating to material departures;
That the Directors have consulted, in selection of the accounting
policies, the statutory auditors and applied them consistently and made
judgments and estimates that were reasonable and prudent so as to give
true and fair view of the state of affairs of the Company at end of the
financial year and of the profit or loss of the Company for the year
under review;
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 safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
That the annual accounts for the FY ended 3 Is1 March, 2013 have been
prepared on a ''going concern'' basis.
5. Directors
During the year under review Mrs. Anupma Agarwal, the executive
Director of the company retires by rotation at the ensuing Annual
General Meeting and, being eligible, offers herself for reappointment
to the Board of your Company.
6. Accounts and Auditors Report
The observations of the Auditors'' Report read together with the
relevant notes to the accounts are self-explanatory and therefore. do
not call any further comments.
7. Auditors
The Company''s auditors M/s. Gupta Jalan & Associates, Chartered
Accountants, retire at the conclusion of the ensuing Annual General
Meeting of the Company. They being eligible offer themselves for
re-appointment. A certificate has been received from the Auditors to
the effect that their appointment if made would be within the
prescribed limits under 224 (IB) of the Companies Act. 1956.
8. Personnel
During the year no employee, whether employed for the whole year or
part of the year, was drawing remuneration exceeding the limits as laid
down under Section 217 of the Companies Act, 1956. Therefore, the
information as required under Section 217(2A) of the Act. read with the
Companies (Particulars of Employees) Rules, 1975, is not being given.
9. Conservation of Energy and Technology Absorption
The Company''s (Disclosure of Particulars in the Report of the Board of
Directors'') Rules, 1998, require the disclosure of particulars
regarding Conservation of Energy in Form-A and Technology Absorption in
Form-B prescribed by the Rules. During the year the company was not
involved in any manufacturing activities, which require consumption of
energy or technology absorption.
10. Foreign Exchange Earnings & Outgo - NIL
11. Corporate Governance
Your Company has followed good corporate governance practices since
inception in accordance with the code of Corporate Governance. A
separate section on Corporate Governance and a Certificate from the
Auditors of the Company regarding compliance of conditions of Corporate
Governance as stipulated under Clause 49 of the Listing Agreements with
the Stock Exchanges forms part of the Annual Report.
12. Secretarial Compliance Certificate
The Company has obtained a compliance certificate from a practicing
Company Secretary and the same is annexed hereto and forms part of the
report.
13. Statement pursuant to Listing Agreements:
The Compan)''s securities are presently listed at Delhi Stock Exchange,
Bombay Stock Exchange, UP Stock Exchange- Kanpur. Jaipur
Stock''Exchange. Chennai Stock Exchange and Kolkata Stock Exchange. The
Company has paid Annual Listing Fees for the Bombay Stock Exchange.
The Company had sought, during last financial year, delisting form the
UP Stock Exchange - Kanpur, Jaipur Stock Exchange, Chennai Stock
Exchange and Kolkata Stock Exchange. After such delisting, the equity
shares of the Company will continue to remain listed on the Bombay
Stock Exchange and Delhi Stock Exchange. The Board is yet to decide for
further steps on this matter.
The Management''s Discussion and Analysis in compliance with Clause 49
of the Listing Agreements forming part of this Report is attached
hereto and forms part of this report.
14. Acknowledgement
Your Directors thank the Company''s bankers/ financial institutions,
creditors, stock exchanges, RTA, the shareholders and all other
stakeholders for the continued support and co-operation and assistance
extended by them to the Company and look forward for their continued
support.
For and On behalf of the
Board of Directors
For SUDEV INDUSTRIES LIMITED
Rajiv Agarwal Anupma Agarwal
Director Director
Place: New Delhi
Date: 31 08 2013
Mar 31, 2012
TO THE MEMBERS
The Directors have pleasure in presenting the 19th Annual Report on
the operations of the Company and the Audited Statement of Accounts for
the year ended 31st March, 2012.
1. Financial Results and performance of the Company
Particulars Current
year Previous
year
2011 - 2012 2010 - 2011
(Rs. in Lacs) (Rs. in Lacs)
Net Sales & Other Income 121.79 2.22
Profit before depreciation and Tax 5.47 0.42
Less : Depreciation NIL NIL
Profit/(Loss) before
Extra Ordinary Item and Tax 5.47 0.42
Profit/(Loss) before Tax 5.7 0.42
Less:
a) Current Income Tax 11.15 0.07
b) Current Fringe Benefit Tax NIL NIL
Profit/(Loss) after Tax 4.32 0.35
Less: Balance, being Loss brought
forward From Previous
Year (349.17) (349.17)
Balance, being Profit/Loss
carried to Balance
Sheet (344.50) (348.82)
During the year under review, the Company has earned a profit of Rs.
4,31,971.21/- as compared with the results of previous year during
which the company had earned a profit of Rs.34,598/-. Though the
operations of the Company are yet to start, your Directors are very
much positive to revive the company.
During the year under review, the Company has completed one time
settlement with its lending institutions UPFC and has paid all of their
dues by selling of its fixed assets. Now the Board of Directors is
looking to raise further funds to revive the company.
2. Dividend
The Board of Directors does not recommend any dividend for the
financial year 2011 - 2012.
3. Public Deposit
The Company has not accepted any deposits including fixed deposits from
the public under section 58A and 58AA of the Companies Act, 1956 read
with Companies (Acceptance of Deposit) Rules, 1975, during the
financial year.
4. Directors'' Responsibility Statement
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Director''s Responsibility Statement, it is
hereby confirmed:
That in preparation of the annual accounts for the financial year ended
31st March, 2012 the applicable accounting standards had been followed
along with proper explanation relating to material departures;
That the Directors have consulted, in selection of the accounting
policies, the statutory auditors and applied them consistently and made
judgments and estimates that were reasonable and prudent so as to give
true and fair view of the state of affairs of the Company at end of the
financial year and of the profit or loss of the Company for the year
under review;
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 safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
That the annual accounts for the FY ended 31st March, 2012 have been
prepared on a ''going concern'' basis.
5. Directors
During the year under review Mr. Naveen Khatri, the non-executive
Director of the company retires by rotation at the ensuing Annual
General Meeting and, being eligible, offers himself for reappointment
to the Board of your Company.
6. Accounts and Auditors Report
The observations of the Auditors'' Report read together with the
relevant notes to the accounts are self-explanatory and therefore, do
not call any further comments.
7. Auditors
The Company''s auditors M/s. Gupta Jalan & Associates, Chartered
Accountants, retire at the conclusion of the ensuing Annual General
Meeting of the Company. They being eligible offer themselves for
re-appointment. A certificate has been received from the Auditors to
the effect that their appointment if made would be within the
prescribed limits under 224 (1B) of the Companies Act, 1956.
8. Personnel
During the year no employee, whether employed for the whole year or
part of the year, was drawing remuneration exceeding the limits as laid
down under Section 217 of the Companies Act, 1956. Therefore, the
information as required under Section 217(2A) of the Act, read with the
Companies (Particulars of Employees) Rules, 1975, is not being given.
9. Conservation of Energy and Technology Absorption
The Company''s (Disclosure of Particulars in the Report of the Board of
Directors'') Rules, 1998, require the disclosure of particulars
regarding Conservation of Energy in Form-A and Technology Absorption in
Form-B prescribed by the Rules. During the year the company was not
involved in any manufacturing activities, which require consumption of
energy or technology absorption.
10. Foreign Exchange Earnings & Outgo - NIL
11. Corporate Governance
Your Company has followed good corporate governance practices since
inception in accordance with the code of Corporate Governance. A
separate section on Corporate Governance and a Certificate from the
Auditors of the Company regarding compliance of conditions of Corporate
Governance as stipulated under Clause 49 of the Listing Agreements with
the Stock Exchanges forms part of the Annual Report.
12. Secretarial Compliance Certificate
The Company has obtained a compliance certificate from a practicing
Company Secretary and the same is annexed hereto and forms part of the
report.
13. Statement pursuant to Listing Agreements:
The Company''s securities are presently listed at Delhi Stock Exchange,
Bombay Stock Exchange, UP Stock Exchange- Kanpur, Jaipur Stock
Exchange, Chennai Stock Exchange and Kolkata Stock Exchange. The
Company has paid Annual Listing Fees for the Bombay Stock Exchange and
Delhi Stock Exchange.
The Company is seeking delisting form the UP Stock Exchange - Kanpur,
Jaipur Stock Exchange, Chennai Stock Exchange and Kolkata Stock
Exchange. The Board has passed a resolution to the effect and is under
process of delisting its equity shares from the UP Stock Exchange -
Kanpur, Jaipur Stock Exchange, Chennai Stock Exchange and Kolkata Stock
Exchange except the Bombay Stock Exchange and Delhi Stock Exchange.
After such delisting, the equity shares of the Company will continue to
remain listed on the Bombay Stock Exchange and Delhi Stock Exchange.
The Management''s Discussion and Analysis in compliance with Clause 49
of the Listing Agreements forming part of this Report is attached
hereto and forms part of this report.
14. Acknowledgement
Your Directors thank all customers, bankers/ financial institutions,
creditors, stock exchanges, RTA, the shareholders and all other
stakeholders for the continued support and co-operation and assistance
extended by them to the Company and look forward for their continued
support.
For and On behalf of the
Board of Directors
For SUDEV INDUSTRIES LIMITED
Sd/- Sd/-
Rajiv Agarwal Anupma Agarwal
Director Director
Place: New Delhi
Date: 31/08/2012
Mar 31, 2011
TO THE MEMBERS
The Directors have pleasure in presenting the 18th Annual Report on
the operations of the company and the Audited Statement of Accounts for
the year ended 31st March, 2011.
1. Financial Results and performance of the Company
Particulars Current
year Previous
year
2010-2011 2009-2010
(Rs. in Lacs) (Rs. in Lacs)
Net Sales & Other Income 2.22 3.40
Profit before depreciation and Tax 0.42 (0.06)
Less : Depreciation NIL NIL
Profit/(Loss) before
Extra Ordinary Item and Tax 0.42 (0.06)
Profit/(Loss) before Tax 0.42 (0.06)
Less:
a) Current Income Tax 0.07 NIL
b) Current Fringe Benefit Tax NIL NIL
Profit/(Loss) after Tax 0.35 (0.06)
Less: Balance, being Loss brought
forward From Previous
Year (349.17) (349.10)
Balance, being Profit/Loss
carried to Balance
Sheet (348.82) (349.16)
During the year under review, the Company has earned a profit of
Rs.34,598/- as compared with the results of previous year during which
the company suffered a loss of Rs.6,186/-. Your Directors are very much
positive to revive and bring on top the manufacturing activities of the
company and adopt some new business lines and new avenues of earnings
in which the company can venture and produce good results and maximize
shareholders wealth.
2. Dividend
The Board of Directors does not recommend any dividend for the year
2010-2011.
3. Public Deposit
The Company has not accepted any deposits including fixed deposits from
the public under section 58A and 58AA of the Companies Act, 1956 read
with Companies (Acceptance of Deposit) Rules, 1975, during the
financial year.
4. Directors'' Responsibility Statement
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to Director''s Responsibility Statement, it is
hereby confirmed:
That in the preparation of the annual accounts for the financial year
ended 31st March, 2011 the applicable accounting standards had been
followed along with proper explanation relating to material departures;
That the Directors have in selection of the accounting policies have
consulted the statutory auditors and applied them consistently and made
judgments and estimates that were reasonable and prudent so as to give
true and fair view of the state of affairs of the Company at end of the
financial year and of the profit or loss of the Company for the year
under review;
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 safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities; and
That the annual accounts for the FY ended 31st March, 2011 have been
prepared on a ''going concern'' basis.
5. Directors
During the year under review Mr. Rajiv Agarwal, Director of the company
retires by rotation at the ensuing Annual General Meeting and, being
eligible, offer himself for reappointment to the Board of your Company.
6. Accounts and Auditors Report
The observations of the Auditors'' Report read together with the
relevant notes to the accounts are self-explanatory and therefore, do
not call any further comments.
7. Auditors
The Company''s auditors M/s. Gupta Jalan & Associates, Chartered
Accountants, retire at the conclusion of the ensuing Annual General
Meeting of the Company. They being eligible offer themselves for
re-appointment. A certificate has been received from the Auditors to
the effect that their appointment if made would be within the
prescribed limits under 224 (1B) of the Companies Act, 1956.
8. Personnel
During the year no employee, whether employed for the whole year or
part of the year, was drawing remuneration exceeding the limits as laid
down under Section 217 of the Companies Act, 1956. Therefore, the
information as required under Section 217(2A) of the Act, read with the
Companies (Particulars of Employees) Rules, 1975, is not being given.
9. Conservation of Energy and Technology Absorption
The Company''s (Disclosure of Particulars in the Report of the Board of
Directors'') Rules, 1998, require the disclosure of particulars
regarding Conservation of Energy in Form-A and Technology Absorption in
Form-B prescribed by the Rules. During the year the company was not
involved in any manufacturing activities, which require consumption of
energy or technology absorption.
10. Foreign Exchange Earnings & Outgo - NIL
11. Corporate Governance
Your Company has followed good corporate governance practices since
inception in accordance with the code of Corporate Governance. A
separate section on Corporate Governance and a Certificate from the
Auditors of the Company regarding compliance of conditions of Corporate
Governance as stipulated under Clause 49 of the Listing Agreements with
the Stock Exchanges forms part of the Annual Report.
12. Secretarial Compliance Certificate
The Company has obtained a compliance certificate from a practicing
Company Secretary and the same is annexed hereto and forms part of the
report.
13. Statement pursuant to Listing Agreements:
The Company''s securities are presently listed at Delhi Stock Exchange,
Bombay Stock Exchange, UP Stock Exchange- Kanpur, Jaipur Stock
Exchange, Chennai Stock Exchange and Kolkata Stock Exchange. The
Company has paid Annual
Listing Fees for the Bombay Stock Exchange and Delhi Stock Exchange.
However the Company has not paid the listing fees for the other stock
exchanges.
The Management''s Discussion and Analysis in compliance with Clause 49
of the Listing Agreements forming part of this Report is attached
hereto and forms part of this report.
14. Acknowledgement
Your directors take this opportunity to thank our customers, bankers,
and all the shareholders for the co-operation and assistance extended
to the Company and look forward to their continued support.
For and On behalf of the
Board of Directors
For SUDEV INDUSTRIES LIMITED
Sd/- Sd/-
Rajiv Agarwal Anupma Agarwal
Director Director
Place: New Delhi
Date: 30/08/2011
Mar 31, 2010
The Directors have pleasure in presenting the 17th Annual Report on
the operations of the company and the Audited Statement of Accounts for
the year ended 31st March, 2010.
FINANCIAL RESULTS
Rs in lacs
2009-10 2008-09
Sales NIL NIL
Other Income 3.40 NIL
Gross Profit/ (Loss)
before Depreciation 3.40 (1.26)
Less: Depreciation NIL NIL
Profit/ (Loss) before Tax 3.40 (1.26)
Provision for Tax NIL NIL
Balance in Profit/Loss A/c (349.10) (347.83)
Profit/ (Loss) carried to
Balance Sheet (349.16) (349.10)
GENERAL REVIEW AND PROSPECTS
During the year under review, the Company did not carry out any
manufacturing operations as the assets of the company are in the
possession of UP Financial Corporation (UPFC), the financial
institution. The Directors have worked out for a one time settlement
with UPFC and plan to make the payment in current financial year.
DIVIDEND
Due to continued losses and no activity in the company, the Directors
regret to recommend any dividend.
PARTICULARS OF EMPLOYEES
During the year no employee, whether employed for the whole year or
part of the year, was drawing remuneration exceeding the limits as laid
down under Section 217 of the Companies Act, 1956. Therefore, the
information as required under Section 217(2A) of the Act, read with the
Companies (Particulars of Employees) Rules, 1975, is not being given.
PUBLIC DEPOSIT
Your Company has not received any deposits from Public under Section
58A of the Companies Act, 1956.
DIRECTORS
Mr. Shrish Kant Srivastava, Director of the Company, is retiring by
rotation at this Annual General Meeting and being eligible offers
himself for reappointment.
DIRECTORSÂ RESPONSIBILITY STATEMENTS
Directors Responsibility Statements as required under Section 217(2AA)
of the Companies Act, 1956 is as follows:
(i) In preparation of the annual accounts as on 31st March, 2010, the
applicable accounting standards issued by the Institute of Chartered
Accountants of India as applicable to the company have been followed.
(ii) The accounting policies were selected and applied consistently and
the judgments and estimates were made 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 ended on 31st March, 2010 and
of the Loss of the company for the period ended on 31st March, 2010.
(iii) Proper and sufficient care was taken 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) Annual accounts were prepared on a going concern basis.
AUDITORS
The companyÂs Auditors M/S GUPTA JALAN & ASSOCIATES, Chartered
Accountants retire and are eligible for re-appointment. The company has
received letter from the auditors to the effect that their
re-appointment if made, would be within the limits specified under
Section 224(1B) of the Companies Act, 1956.
AUDITORS REPORT
As regards the observations in the AuditorÂs in their Report of 27th
May, 2010 these are self explanatory and therefore, do not call for
further comments.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
During the year the company was not involved in any manufacturing
activities, which require consumption of energy or technology
absorption.
FOREIGN EXCHANGE EARNINGS & OUTGO - NIL
CORPORATE GOVERNANCE
A separate section on Corporate Governance and a Certificate from the
Auditors of the Company regarding compliance of conditions of Corporate
Governance as stipulated under Clause 49 of the Listing Agreement with
the Stock Exchange forms part of the Annual Report.
No Management Discussion and Analysis Report is being annexed hereto as
there was no manufacturing activity in the company because of the
taking over of the possession of the assets of the company by UP
Financial Corporation, the financing Institution.
LISTING AGREEMENTS
The securities of the Company are listed on Delhi Stock Exchange,
Bombay Stock Exchange, UP Stock Exchange- Kanpur, Jaipur Stock
Exchange, Chennai Stock Exchange and Kolkata Stock Exchange.
The Company has paid Annual Listing Fees for the Bombay Stock Exchange
and Delhi Stock Exchange. However the Company has not paid the listing
fees for the other stock exchanges.
ACKNOWLEDGEMENT
On behalf of the Board of Directors and on my own behalf, we take this
opportunity to thank our customers, bankers, and all the shareholders
for the co-operation and assistance extended to the Company and look
forward to their continued support.
For and On behalf of the Board of Directors
For SUDEV INDUSTRIES LTD.
Place: Ghaziabad Sd/- Sd/-
Date: 31st August, 2010 Rajiv Agarwal Anupma Agarwal
Director Director
Mar 31, 2009
The Directors are presenting the Annual Report and the audited,
accounts for the year ended on 31st March, 2009.
FINANCIAL RESULTS
Rs in lacs
2008-09 2007-08
Sales NIL NIL
Other Income NIL 0.53
Gross Profit/ (Loss) before Depreciation (1.26) (2.36)
Less: Depreciation NIL NIL
Profit/ (Loss) before Tax (1.26) (2.35)
Provision for Tax NIL NIL
Balance in Profit/Loss A/c (347.83) (345.48)
Profit/ (Loss) carried to Balance Sheet (349.10) (347.83)
GENERAL REVIEW AND PROSPECTS
During the year under review, the Company did not carry out any
manufacturing operations as the assets of the company are in the
possession of UP Financial Corporation (UPFC), the financial
institution. The Directors have worked out for a one time settlement
with UPFC and plan to make the payment in current financial year. They
are also exploring the possibility of selling the unit to repay the
liabilities of the financing institution.
DIVIDEND
Due to continued losses and no activity in the company, the Directors
regret to recommend any dividend.
PARTICULARS OF EMPLOYEES
Information required as per section 217(2A) of the Companies Act, 1956
read with Companies (Particulars of Employees) Rules 1975 forming part
of this report for the year ended 31st March, 2009 is NIL.
PUBLIC DEPOSIT
The company has not accepted any public deposits during the year or in
earlier years.
DIRECTORS
Mrs. Anupama Aggarwal , Director of the Company, who is retiring by
rotation at this Annual General Meeting and being eligible offers
herself for reappointment.
Mr Naveen Khatri who was appointed as an Additional Director of the
Company in November, 2008 and in respect of whom the Company has
received a notice in writing from a member signifying his intention to
propose the candidature of Mr. Naveen Khatri for the office of director
in terms of Section 257 of the Companies Act, 1956.
DIRECTORS RESPONSIBILITY STATEMENTS
Directors Responsibility Statements as required under Section 217(2AA)
of the Companies Act, 1956 is as follows:
(i) In preparation of the annual accounts as on 31.03.09, the
applicable accounting standards issued by the Institute of Chartered
Accountants of India as applicable to the company has been followed.
(ii) The accounting policies were selected and applied consistently and
the judgement and estimates were made 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 ended on 31.03.2009 and of the
Loss of the company for the period ended on 31.03.2009.
(iii) Proper and sufficient care was taken 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) Annual accounts were prepared on a going concern basis.
AUDITORS
The companys Auditors M/S GUPTA JALAN & ASSOCIATES, Chartered
Accountants retire and are eligible for re-appointment. The company has
received letter from the auditors to the effect that their
re-appointment if made, would be within the limits specified under
Section 224(1B) of the Companies Act, 1956. Members are requested to
appoint the auditors for the year ended 31.03.2010.
AUDITORS REPORT
As regards the observations in the Auditors in his Report of even date
these are self explanatory and therefore, do not call for further
comments.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
During the year the company was not involved in any manufacturing
activities, which require consumption of energy.
FOREIGN EXCHANGE EARNINGS & OUTGO - NIL
CORPORATE GOVERNANCE
During the year under report, your company is required to implement the
requirements of code of corporate governance in accordance with clause
49 of the listing agreement with the stock exchanges and has complied
accordingly to the best of its ability, as detailed in a report on
Corporate Governance issued as part of the annual report.
No management Discussion and Analysis Report is being annexed hereto as
there was no manufacturing activity in the company because of the
taking over of the possession of the assets of the company by UP
Financial Corporation, the financing Institution.
LISTING AGREEMENTS
The securities of the Company are listed on Delhi Stock Exchange,
Bombay Stock Exchange, UP Stock Exchange- Kanpur, Jaipur Stock
Exchange, Chennai Stock Exchange and Kolkata Stock Exchange.
The Company has paid Annual Listing Fees for the Bombay Stock Exchange
and Delhi Stock Exchange. However the Company has not paid the listing
fees for the other stock exchanges.
ACKNOWLEDGEMENT
Your directors acknowledge with gratitude the cooperation and
assistance received from Shareholders, Patterns and all those
associated with the company during the year under review.
For and on behalf of Board of Directors
Sd/-
Place: Sikandrabad Rajiv Agarwal
Date: 31.08.2009 Director
Mar 31, 2008
The Directors are presenting the Annual Report and the audited
accounts for the year ended on 31st March, 2008.
FINANCIAL RESULTS
Rs in lacs
2007-08 2006-07
Sales NIL NIL
Other Income NIL NIL
Gross Profit/ (Loss) before Depreciation (2.36) (2.98)
Less: Depreciation (----) (11.99)
Profit/ (Loss) before Tax (2.36) (14.98)
Provision for Tax NIL NIL
Balance in Profit/Loss A/c (345.48) (330.49)
Profit/ (Loss) carried to Balance Sheet (347.83) (345.48)
GENERAL REVIEW AND PROSPECTS
During the year under review, the Company did not carry out any
operations as the assets of the company are in the possession of UP
Financial Corporation (UPFC), the financial institution. The Directors
are still working for a one time settlement with UPFC. They are also
exploring the possibility of selling the unit to repay the liabilities
of the financing institution after arriving at a one time settlement.
The directors are also exploring other avenues to make the company
operational.
DIVIDEND
Due to continued losses and no activity in the company, the Directors
regret to recommend any dividend.
PARTICULARS OF EMPLOYEES
Information required as per section 217(2 A) of the Companies Act,
1956 read with Companies (Particulars of Employees) Rules 1975 forming
part of this report for the year ended 31st March, 2007 is NIL.
PUBLIC DEPOSIT
The company has not accepted any public deposits during the year or in
earlier years.
DIRECTORS
Pursuant to the provisions of section 255 and 256 of the Companies
Act, 1956 Mr. Rajiv Agarwal, Director retires at this Annual General
Meeting and being eligible offers himself for reappointment.
DIRECTORS RESPONSIBILITY STATEMENTS
Directors Responsibility Statements as required under Section
217(2AA) of the Companies Act, 1956 is as follows:
(i) In preparation of the annual accounts as on 31.03.08 the
applicable accounting standards issued by the Institute of Chartered
Accountants of India as applicable to the company has been followed.
(ii) The accounting policies were selected and applied consistently
and the judgement and estimates were made 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 ended on 31.03.2008 and
of the Loss of the company for the period ended on 31.03.2008.
(iii) Proper and sufficient care was taken 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) Annual accounts were prepared on a going concern basis.
AUDITORS
The companys Auditors M/S GUPTA JALAN & ASSOCIATES, Chartered
Accountants retire and are eligible for re-appointment. The company
has received letter from the auditors to the effect that their
re-appointment if made, would be within the limits specified under
Section 224(1B) of the Companies Act, 1956. Members are requested to
appoint the auditors for the year ended 31.03.2009.
AUDITORS REPORT
As regards the observations in the Auditors in his Report of even
date these are self explanatory and therefore, do not call for further
comments.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION
During the year the company was not involved in any manufacturing
activities, which require consumption of energy.
FOREIGN EXCHANGE EARNINGS & OUTGO - NIL
CORPORATE GOVERNANCE
During the year under report, your company is required to implement
the requirements of code of corporate governance in accordance with
clause 49 of the listing agreement with the stock exchanges and has
complied accordingly to the best of its ability, as detailed in a
report on Corporate Governance issued as part of the annual report.
No management Discussion and Analysis Report is being annexed hereto
as there was no manufacturing activity in the company because of the
taking over of the possession of the assets of the company by UP
Financial Corporation, the financing Institution.
ACKNOWLEDGEMENT
Your directors acknowledge with gratitude the cooperation and
assistance received from Shareholders, Patterns and all those
associated with the company during the year under review.
For and on behalf of Board of Directors
Sd/- Sd/-
Place: Sikandrabad Rajiv Agarwal
Date : 31.08.2008 Director
Sep 30, 1995
To
The Members of Sudev Industries Limited
The Directors are presenting Third Annual Report of the Company for the period ended 30th September, 1995
FINANCIAL RESULTS
Current Year
(Rs. in Lacs)
-------------
Turnover 416.98
Other Income 0.04
------
417.02
------
Gross Profit before Depreciation 23.70
Less: Depreciation 0.35
------
Profit before Tax 23.35
Provision for taxation 0.00
Profit after Tax -Carried to
Balance Sheet 23.35
SHARE CAPITAL
To part finance the project, the company came out with a Public Issue of 30,00,000 Equity Shares of Rs. 10/- each at a par aggregating Rs. 300.00 lacs in 1994. The allotment was completed on 27th July, 1994. The shares have since been listed at Delhi, Bombay, Jaipur Kanpur (U.P.), Calcutta and Madras Stock Exchanges.
The Directors express their gratitude to the shareholders for their confidence and support in making the Public Issue a success. The Directors also take this opportunity to express their deepsense of appreciation to all the agencies connected with the issue including Lead Managers, Co-Managers, Registrar to the Issue and advisors to the
Issue.
PROGRESS OF THE PROJECT
Due to unforeseen circumstances there has been some delay in the implementation of the project. Your Directors are hopeful that the project will be fully implemented by January 1996.
DIRECTORS
During the year Shri B K Verma resigned from the Board. The Board place on record its appreciation for the valuable services rendered by them during their tenure with the Company.
Sh.O.P. Agarwal, Director expired in August, 1994. Your Directors express their deep sorrow for the untimely death of Sh.O.P. Agarwal and also take this opportunity to express their gratitude for his guidance during his tenure as Director.
Shri LokKumar, Smt. Anupma Agarwal and Shri G. Ramarathnam were appointed as additional Directors on 12/09/1994, 28/12/1994 and 26/06/1995 respectively. They cease to be Directors under Section 260 of the Companies Act, 1956 at the ensuing general meeting and are eligible, for re-appointment.
Shri Y. K Jain and Shri G.P. Agarwal Directors of the Company, retire by rotation at the ensuing General Meeting and, being eligible, offer themselves for re-appointment.
FIXED DEPOSIT
The Company has neither invited nor accepted deposits from the public during the year and as such there are no unpaid or unclaimed deposits lying with the Company.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EARNINGS AND OUT GO
Pursuant to Section 217(1) (e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, the following information is provided:
(a) Conservation of Energy
The projects still in the implementation stage.
(b) Technology Absorption
It is in the process of absorption.
(c) Foreign Exchange Earnings and Outgoings
1) Foreign Exchange Earnings NIL
2) Foreign Exchange Outgo Rs. 41,506
AUDITORS
M/S Manoj Aggarwal & Associates, Chartered Accountants, retire at the conclusion of the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. The Company has received a certificate from them pursuant to Section 224 (1B) of the Companies Act,
1956 confirming their eligibility for re-appointment.
AUDITORS' REPORT
In respect of the observation made by the Auditors in their Report, your Directors wish to state as under:
Reference to Auditors Report(Point No.)
(1) The technical Know -Howfee is again under discussion with collaborators and hence the liability has not been provided.
(2) It is self explanatory.
PERSONNEL
The Directors would like to place on record their sincere appreciation for the devotion and sense of commitment shown by the employees at all levels.
No particulars of employees as per Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 need to be furnished as none of the employees of your company was drawing remuneration in excess of the limits specified in above Section.
STATEMENT UNDER CLAUSE 43 OF THE LISTING AGREEMENT:
As required by Clause 43 of the listing agreement, performance of the Company vis-a-vis projections made in the prospectus in respect of its Public Issue is mentioned below:
A) Utilisation of Funds
The Company has used the funds for the purpose for which it was raised after making suitable revision in the investment programme due to change in the financing pattern of the project.
B) Profitability
Particulars As projected in Actuals for the
prospectus dated year 1994-95
13/04/1995 for
the year 1994-95
---------------- ---------------
Sales (Rs./Lacs) 762.80 416.98
Profit before Tax
(Rs./Lacs) 58.00 23.35
Profit after Tax
(Rs./Lacs) 38.78 23.35
The actual results were below expectations mainly due to delay in the implementation of the project on account of unforseen circumstances.
ACKNOWLEDGEMENT
The Directors with to place on record their appreciation for the whole hearted support and the co-operation extended by all associated with the commercial operations of the Company.
Mar 31, 1994
Information not Reported
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