Mar 31, 2014
Dear Members,
The Board of Directors present herewith the 21st Annual Report along
with Audited Accounts and Report of the Auditors thereon for the year
ended on 31st March 2013.
FINANCIAL RESULTS
[Rs. In Rs.]
YEAR ENDED YEAR ENDED
31/03/2014 31/03/2013
PARTICULARS AMT. RS. AMT. RS.
Total Income 23261974 14448536
Total Expenditure 20358895 13618918
Proflt/(Loss) Before Tax 2903079 829618
Less: Provision for Taxation 450000 Nil
Less: Deferred Tax 1844136 9961689
Profit/(Loss) After Tax 608943 10791307
Loss Brought Forward From Previous Year (93369983) (104161290)
Balance Transferred to Balance Sheet (92761040) (93369983)
OPERATIONS
The Sales of the Company was Rs. 221 Lakhs in the current year as
against last year Rs. 141 Lakhs. The profit before tax was Rs. 29.03
lakhs compared to profit before tax of Rs. 8.30 lakhs in the previous
year. However, due to deferred tax of Rs. 18.44 lakhs which is only a
book entry, the profit after tax become Rs. 6.08 lakhs. Your directors
are hopeful of achieving higher sales and higher profit in the next
year.
The company has decided to develop 70 plots of different carpet area
under a scheme known as 64 Park Avenue. Up to end on March 2014, 31
plots were booked. The company has decided to book sales as per
Guidance note on recognition of Revenue by Real Estate Developers
issued by ICAI. Your directors are hopeful to sale remaining plots in
near future.
DIVIDEND
In view of the accumulated losses, your directors do not propose
dividend for the year 2013-14.
DEPOSITS
There are no deposits which have been matured and claimed by the party
and remaining unpaid on the Balance Sheet date.
DIRECTORS
Shri Anupkumar Goswami and Shri Kishore Goswani Directors of the
company retire by rotation at the ensuing Annual General Meeting of the
company and being eligible offers themselves for reappointment.
The Company has three independent Directors, appointed under the
Listing Agreement, namely Mr. Rakesh Singh and Mr. Mukundrai Vadher,
who have diverse business/administrative experience and are making
significant contribution to the Company. It is proposed to appoint them
as Independent Directors, with a fixed tenure of upto five years each
at the ensuing Annual General Meeting of the Company, subject to
approval of the shareholders, in terms of Section 149 of Companies Act,
2013 (the Act). All abovementioned Independent Directors have also
given declarations that they meet the criteria of independence as
provided in sub-section 6 of Section 149 of the Act.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND
OUTGO
The particulars relating to Conservation of Energy, Technology
Absorption and Foreign Exchange Earning and Outgo, pursuant to Section
217(1)(e) of the Companies Act, 1956 are nil.
EMPLOYEES
There is no employee who is in receipt of remuneration exceeding the
limits specified under the Rules pursuant to the provisions of Section
217 (2A) of the Companies Act, 1956.
DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE
COMPANIES ACT, 1956.
The Directors hereby confirm:-
i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii) that the directors had 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 at the end of the financial year and of the
profit of the Company for that period;
iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv) that the directors had prepared the annual accounts on a going
concern basis, even though the company is passing through bad times and
has huge accumulated losses.
AUDITORS
As per the provisions of section 139 of the Companies Act, 2013 M/S
J.M.Parikh& Associates, Chartered Accountants, Ahmedabad auditors of
the Company, hold the office from the conclusion of this annual general
meeting until the conclusion of 25th Annual General Meeting subject to
ratification of Appointment at every Annual General Meeting.
Further the auditors have confirmed their willingness and eligibility
for appointment and have also confirmed that their appointment, if
made, will be within the limits under section 141 (3) (g) of the
Companies Act, 2013.
The Auditors have given several remarks in the CARO Report. The remarks
and the response of the Management are given as follows:
1. Clause 4 (vi)
The company is taking necessary steps to regulate the matters.
2. Clause 4 (x)
While there are accumulated losses and more than 50% of Net worth of
company is wiped out. The company has made a profit during the year
under report and immediately preceding previous year & the directors
are hopeful that over a period of time all the losses shall be wiped
out.
CORPORATE GOVERNANCE REPORT
A separate report on corporate governance is attached herewith which
may be considered as a part of Directors'' Report.
MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT
A separate report on "Management Discussions and Analysis" is attached
herewith which may be considered as a part of Directors'' Report.
ACKNOWLEDGMENTS
The Board of Directors place on record their appreciation for
co-operation received from its staff, bankers, various parties and
authorities during the year under review.
For and on behalf of the Board of Directors
SUVIDHA INFRAESTATE CORPORATION LIMITED
Place: Ahmedabad ASHOK KUMAR GOSWAMI
Date: 29/05/2014 Chairman
DIN 00289515
Mar 31, 2013
To The Members of SUVIDHA INFRAESTATE CORPORATION LIMITED
Gentlemen,
The Board of Directors present herewith the 21st Annual Report along
with Audited Accounts and Report of the Auditors thereon for the year
ended on 31st March 2013.
FINANCIAL RESULTS
[Rs. In Rs.]
YEAR ENDED YEAR ENDED
31/03/2013 31/03/2012
PARTICULARS AMT. RS. AMT. RS.
Total Income 14448536 319087
Total Expenditure 13618918 3665939
Profit/(Loss) Before Tax 829618 (3346852)
Less: Provision for Taxation Nil Nil
Less: Short Provision Of Income Tax Nil Nil
Less: Deferred Tax 9961689 Nil
Profit/(Loss) After Tax 10791307 (3346852)
Loss Brought Forward From Previous Year (104161290) (100814438)
Balance Transferred to Balance Sheet (93369983) (104161290)
OPERATIONS
The Sales of the Company was Rs. 141 Lakhs in the current year. After a
long time year company has made a profit of Rs. 8.29 Lakhs. Your
directors are hopeful of achieving higher sales and higher profit in
the next year.
The company has decided to develop 70 plots of different carpet area
under a scheme known as 64 Park Avenue. Up to end on March 2013, 29
plots were booked. The company has decided to book sales as per
Guidance note on recognition of Revenue by Real Estate Developers
issued by ICAI. Your directors are hopeful to sale unbooked plots in
near future.
DIVIDEND
In view of the accumulated losses, your directors do not propose
dividend for the year 2012-13.
DEPOSITS
There are no deposits which have been matured and claimed by the party
and remaining unpaid on the Balance Sheet date.
DIRECTORS
Shri Ashokkumar Goswami and Shri Kamal K. Gajjar, Directors of the
company retire by rotation at the ensuing Annual General Meeting of the
company and being eligible offers themselves for reappointment.Your
directors commend the resolution.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND
OUTGO
The particulars relating to Conservation of Energy, Technology
Absorption and Foreign Exchange Earning and Outgo, pursuant to Section
217(1)(e) of the Companies Act, 1956 are nil.
EMPLOYEES
There is no employee who is in receipt of remuneration exceeding the
limits specified under the Rules pursuant to the provisions of Section
217 (2A) of the Companies Act, 1956.
DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE
COMPANIES ACT, 1956.
The Directors hereby confirm:- i) that in the preparation of the annual
accounts, the applicable accounting standards had been followed along
with proper explanation relating to material departures;
ii) that the directors had 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 at the end of the financial year and of the
profit of the Company for that period;
iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv) that the directors had prepared the annual accounts on a going
concern basis, even though the company is passing through bad times and
has huge accumulated losses.
AUDITORS
M/s J.M. Parikh & Associates, Chartered Accountants, Ahmedabad hold the
office as Auditors until the conclusion of the ensuing Annual General
Meeting and are recommended for reappointment. The company has received
certificate from the said auditors to the effect that their re
appointment. If made, would be within the prescribed limits u/s 224(1B)
of the Companies Act, 1956.
The Auditors have given several remarks in the CARO Report. The remarks
and the response of the Management are given as follows:
1. Clause 4 (vi)
The company is taking necessary steps to regulate the matters.
2. Clause 4 (x)
While there are accumulated losses and more than 50% of Net worth of
company is wiped out. The company has made a profit during the year
under report and the directors are hopeful that over a period of time
all the losses shall be wiped out.
CORPORATE GOVERNANCE REPORT
A separate report on corporate governance is attached herewith which
may be considered as a part of Directors'' Report.
MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT
A separate report on "Management Discussions and Analysis" is attached
herewith which may be considered as a part of Directors'' Report.
ACKNOWLEDGMENTS
The Board of Directors place on record their appreciation for co-
operation received from its staff, bankers, various parties and
authorities during the year under review.
For and on behalf of the Board of Directors
SUVIDHA INFRAESTATE CORPORATION LIMITED
Place: Ahmedabad. A. K. GOSWAMI
Date: 29/05/2013 CHAIRMAN
Mar 31, 2012
To The Members of SUVIDHAINFRAESTATE CORPORATION LIMITED
The Board of Directors present herewith the 20th Annual Report along
with Audited Accounts and Report of the Auditors thereon for the year
ended on 31st March 2012.
FINANCIAL RESULTS
[Rs. In lacs]
YEAR ENDED YEAR ENDED
31/03/2012 31/03/2011
PARTICULARS AMT. RS. AMT. RS.
Total Income 3.19 18.49
Total
Expenditure 36.66 92.60
Loss Before
Tax (33.47) (74.11)
Less:Provision for
Taxation Nil Nil
Less:Short Provision Of Income
Tax Nil Nil
(Loss) After Tax (33.47) (74.11)
Loss Brought Forward From Previous
Year (1008.14) (934.04)
balance Transferred to Balance Sheet (1041.61) (1008.14)
OPERATIONS
As you are aware, your company was formed for the purpose of carrying
out dairy business. However, the same business incurred a lot of
losses and therefore your directors decided to close down the said
business. Accordingly, the company has started its first business by
converting its existing land on which factory was situated into a
tradeable stock.The company has put up a scheme of selling smaller
plots of land and the response from the market is good. Your directors
are hopeful of better results in the coming years.
DIVIDEND
In view of the accumulated losses, your directors do not propose
dividend for the year 2011 -12.
DEPOSITS
There are no deposits which have been matured and claimed by the party
but has remained unpaid on the Balance Sheet date.
DIRECTORS
Shri Kishorekumar Goswami and Shri Anupkumar Goswami, Directors of the
company retire by rotation at the ensuing Annual General Meeting of the
company and being eligible offers themselves for reappointment.Your
directors commend the resolution.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND
OUTGO
The particulars relating to Conservation of Energy, Technology
Absorption and Foreign Exchange Earning and Outgo, pursuant to Section
217(1 )(e) of the Companies Act, 1956 are nil.
EMPLOYEES
There is no employee who is in receipt of remuneration exceeding the
limits specified under the Rules pursuant to the provisions of Section
217 (2A) of the Companies Act, 1956.
DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE
COMPANIES ACT, 1956.
The Directors hereby confirm:-
i) that in the preparation of the annual accounts, the applicable
accounting standards had
been followed along with proper explanation relating to material
departures;
ii) that the directors had 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 at the
end of the financial year and of the loss of the Company forthat
period;
iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv) that the directors had prepared the annual accounts on a going
concern basis, even though the company is passing through bad times and
has huge accumulated losses.
AUDITORS
M/s J.M. Parikh & Associates, Chartered Accountants, Ahmedabad hold the
office as Auditors until the conclusion of the ensuing Annual General
Meeting and are recommended for reappointment. The company has
received certificate from the said auditors to the effect that their re
appointment. If made, would be within the prescribed limits u/s 224(1
B) of the Companies Act, 1956. Auditors'' remarks are self explanatory.
CORPORATE GOVERNANCE REPORT
A separate report on corporate governance is attached herewith which
may be considered as a part of Directors''Report.
MANAGEMENT DISCUSSIONS ANDANALYSIS REPORT
A separate report on "Management Discussions and Analysis" is attached
herewith which may be considered as a part of Directors'' Report.
ACKNOWLEDGMENTS
The Board of Directors place on record their appreciation for co-
operation received from its staff, bankers, various parties and
authorities during the year under review.
For and on behalf of the Board
of Directors SUVIDHA INFRAESTATE
CORPORATION LIMITED
Place: Ahmedabad K. K. GOSWAMI
Date: 10/08/2012 Director
Mar 31, 2011
The Members of
SUVIDHA INFRAESTATE CORPORATION LIMITED
[FORMERLY KNOWN AS DAIRYFIELD LIMITED]
Gentlemen,
The Board of Directors present herewith the Nineteenth Annual Report
along with Audited Accounts and Report of the Auditors thereon for the
year ended on 31st March 2011.
FINANCIAL RESULTS
YEAR ENDED YEAR ENDED
31/03/2011 31/03/2010
PARTICULARS AMT. RS. AMT. RS.
Total Income 6412074 745278
Total Expenditure 13822664 1144260
Loss Before Tax (7410590) (398982)
Less: Provision for Taxation Nil Nil
Less: Short Provision Of Income Tax Nil (66952)
(Loss) After Tax (7410590) (465934)
Loss Brought Forward From Previous Year (93403848) (92937914)
Balance Transferred to Balance Sheet (100814438) (93403848)
OPERATIONS
As you are aware, your company was formed for the purpose of carrying
out dairy business. However, the same business incurred a lot of
losses and therefore your director decided to close down the said
business. Accordingly, the company has started its first business by
converting its existing land on which factory was situated into a
tradable stock. The company has put up a scheme of selling smaller
plots of land and the response from the market is good. Your directors
are hopeful of better results in the coming years.
CHANGE IN NAME
The name of the company was "Dairyfield Limited". "The directors decided
to change its name to "Suvidha Infraestate Corporation Limited".
CHANGE IN REGISTERED OFFICE OF THE COMPANY
During the year under review the registered office of the company was
shifted from 21, National Chambers,2nd Floor, complex,Opp. Devashish
School,Bodakdev,Ahmedabad,Gujarat.
CHANGE IN OBJECT CLAUSE OF THE COMPANY
The company has changed its object clause to the business of real
estate and infrastructure activities.
SALE OF ASSET AND TRANSFER OF LAND FROM FIXED ASSETS TO INVENTORY
The company has disposed off all its assets except motor car and
land. The company has transferred its land from fixed asset to stock in
trade.
DIVIDEND
In view of the accumulated losses, your directors do not propose
dividend for the year 2010-11.
DEPOSITS
There are no deposits which have been matured and claimed by the party
but has remained unpaid on the Balance Sheet date.
DIRECTORS
Shri Rakeshsinh Raghuvansinh and Shri Mukundrai P.Vadher, Directors of
the company retire by rotation at the ensuing Annual General Meeting of
the company and being eligible offers themselves for reappointment. Your
directors commend the resolution.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND
OUTGO
The particulars relating to Conservation of Energy, Technology
Absorption and Foreign Exchange Earning and Outgo, pursuant to Section
217(1)(e) of the Companies Act, 1956 are nil.
EMPLOYEES
There is no employee who is in receipt of remuneration exceeding the
limits specified under the Rules pursuant to the provisions of Section
217 (2A) of the Companies Act, 1956.
DIRECTORS'' RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE
COMPANIES ACT, 1956.
The Directors hereby confirm:- i) that in the preparation of the annual
accounts, the applicable accounting standards had been followed along
with proper explanation relating to material departures;
ii) that the directors had 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 at the end of the financial year and of the
loss of the Company for that period;
iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv) that the directors had prepared the annual accounts on a going
concern basis, even though the company is passing through bad times and
has huge accumulated losses.
AUDITORS
M/s J.M. Parikh & Associates, Chartered Accountants, Ahmedabad hold the
office as Auditors until the conclusion of the ensuing Annual General
Meeting and are recommended for reappointment. The company has received
certificate from the said auditors to the effect that their re
appointment. If made, would be within the prescribed limits u/s 224(1B)
of the Companies Act, 1956. Auditors'' remarks are self explanatory.
CORPORATE GOVERNANCE REPORT
A separate report on corporate governance is attached herewith which
may be considered as a part of Directors'' Report.
MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT
A separate report on "Management Discussions and Analysis" is attached
herewith which may be considered as a part of Directors'' Report.
ACKNOWLEDGMENTS
The Board of Directors place on record their appreciation for co-
operation received from its staff, bankers, various parties and
authorities during the year under review.
For and on behalf of the Board of Directors
SUVIDHA INFRAESTATE CORPORATION LIMITED
(Formerly known as Dairyfield Limited)
Place: Ahmedabad. A. K. GOSWAMI
Date: 20/07/2011 CHAIRMAN
Mar 31, 2010
The Board of Directors present herewith the Eighteenth Annual Report
along with Audited Accounts and Report of the Auditors thereon for the
year ended on 31st March 2010.
FINANCIAL RESULTS
YEAR ENDED YEAR ENDED
31/03/2010 31/03/2009
PARTICULARS AMT. RS. AMT. RS.
Total Income 745278 1002128
Total Expenditure 1144260 1800353
Net Profit / (Loss) Before Tax (398982) (798225)
Provision for Taxation Nil Nil
Short Provision Of Income Tax (66952) Nil
Profit / (Loss) After Tax (465934) (798225)
Loss Brought Forward From
Previous Year (92937914) (92139689)
Balance Transferred to
Balance Sheet (93403848) (92937914)
OPERATIONS
As you are aware, your company was formed for the purpose of carrying
out dairy business. However, the same business incurred a lot of
losses and therefore your director decided to close down the said
business.Your directors are evaluating various other business offers
and shall inform you about the next line of business.Although,the
company is not carrying out any business presently the accounts of the
company are prepared on going concern basis .
DIVIDEND
In view of the accumulated losses, your directors do not propose
dividend for the year 2009-10.
DEPOSITS
There are no deposits which have been matured and claimed by the party
but has remained unpaid on the Balance Sheet date.
DIRECTORS
Shri Ashokkumar Goswami and Shri Kamal Gajjar Goswami, Directors of the
company retire by rotation at the ensuing Annual General Meeting of the
company and being eligible offers themselves for reappointment.Your
directors commend the resolution.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND
OUTGO
The particulars relating to Conservation of Energy, Technology
Absorption and Foreign Exchange Earning and Outgo, pursuant to Section
217(1)(e) of the Companies Act, 1956 are nil.
EMPLOYEES
There is no employee who is in receipt of remuneration exceeding the
limits specified under the Rules pursuant to the provisions of Section
217 (2A) of the Companies Act, 1956.
DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE
COMPANIES ACT, 1956.
The Directors hereby confirm:- i) that in the preparation of the annual
accounts, the applicable accounting standards had been followed along
with proper explanation relating to material departures;
ii) that the directors had 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 at the end of the financial year and of the
loss of the Company for that period;
iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this
Act for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities;
iv) that the directors had prepared the annual accounts on a going
concern basis, even though the company is passing through bad times and
has huge accumulated losses and has stopped production.
AUDITORS
M/s J.M. Parikh & Associates, Chartered Accountants, Ahmedabad hold the
office as Auditors until the conclusion of the ensuing Annual General
Meeting and are recommended for reappointment. The company has
received certificate from the said auditors to the effect that their re
appointment. If made, would be within the prescribed limits u/s
224(1B) of the Companies Act, 1956. Auditors remarks are self
explanatory.
CORPORATE GOVERNANCE REPORT
A separate report on corporate governance is attached herewith which
may be considered as a part of Directors Report.
MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT
A separate report on "Management Discussions and Analysis" is attached
herewith which may be considered as a part of Directors Report.
ACKNOWLEDGMENTS
The Board of Directors place on record their appreciation for co-
operation received from its staff, bankers, various parties and
authorities during the year under review.
For and on behalf of the Board of Directors
DAIRYFIELD LIMITED
A. K. GOSWAMI
CHAIRMAN
Place: Ahmedabad.
Date: 28/05/2010
Mar 31, 2009
The Board of Directors present herewith the Seventeenth Annual Report
along with Audited Accounts and Report of the Auditors thereon for the
year ended on 31st March 2009.
FINANCIAL RESULTS
PARTICULARS Year ended Year ended
31/03/2009 31/03/2008
Amount Rs. Amount Rs.
Total Income 1002128 15709027
Total Expenditure 1800353 18504042
Net Profit / (Loss) Before Tax (798225) (2795015)
Provision for Taxation Nil Nil
Deferred Tax Nil Nil
Profit / (Loss) After Tax (798225) (2795015)
Loss Brought Forward From Previous Year (92139689) (89344674)
Balance Transferred to Balance Sheet (92937914) (92139689)
OPERATIONS
During the year, your company could not carry out any commercial
operations. Your directors have decided to exit the dairy business and
to enter in to a new business. They are evaluating various offers and
shall come back to you once they decide on a good business model
suitable to the company.
DIVIDEND
In view of the accumulated losses, your directors do not propose
dividend for the year 2008-09.
DEPOSITS
There are no deposits which have been matured and claimed by the party
but has remained unpaid on the Balance Sheet date.
DIRECTORS
Shri Kishore Goswami and Shri Anup kumar Goswami, Directors of the
company retire by rotation at the ensuing Annual General Meeting of the
company and being eligible offers themselves for reappointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND
OUTGO
The particulars relating to Conservation of Energy, Technology
Absorption and Foreign Exchange Earning and Outgo, pursuant to Section
217(l)(e) of the Companies Act, 1956 are nil.
EMPLOYEES
There is no employee who is in receipt of remuneration exceeding the
limits specified under the Rules pursuant to the provisions of Section
217 (2A) of the Companies Act, 1956. ¦
DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE
COMPANIES ACT, 1956.
The Directors hereby confirm :-
i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii) that the directors had 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 at the end of the financial year and of the
loss of the Company for that period;
iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv) that the directors had prepared the annual accounts on a going
concern basis, even though the company is passing through bad times and
has huge accumulated losses and has stopped production.
AUDITORS
M/s J.M. Parikh & Associates, Chartered Accountants, Ahmedabad hold the
office as Auditors until the conclusion of the ensuing Annual General
Meeting and are recommended for reappointment. The company has received
certificate from the said auditors to the effect that their re
appointment. If made, would be within the prescribed limits u/s 224(1B)
of the Companies Act,1956. Auditors remarks are self explanatory.
CORPORATE GOVERNANCE REPORT
A separate report on corporate governance is attached herewith which
may be considered as a part of Directors Report.
MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT
A separate report on "Management Discussions and Analysis" is attached
herewith which may be considered as a part of Directors Report.
ACKNOWLEDGMENTS
The Board of Directors place on record their appreciation for co-
operation received from its staff, bankers, various parties and
authorities during the year under review.
For and on behalf of the Board of Directors
DAIRYFIELD LIMITED
Place: Ahmedabad. A. K. GOSWAMI
Date : 30/07/2009 CHAIRMAN
Mar 31, 2008
The Board of Directors present herewith the Sixteenth Annual Report
along with Audited Accounts and Report of the Auditors thereon for the
year ended on 3ist March 2008.
FINANCIAL RESULTS
PARTICULARS Year ended Year ended
31/03/2008 31/03/2007
Amount Rs. Amount Rs.
Total Income 15709027 3533042
Total Expenditure 18504042 3569986
Net Profit / (Loss) Before Tax (2795015) (36944)
Provision for Taxation Nil Nil
Deffered Tax Nil Nil
Profit / (Loss) After Tax (2795015) (36944)
Loss Brought Forward From
Previous Year (89344674) (89307730)
Balance Transferred to Balance
Sheet (92139689) (89344674)
OPERATIONS
The directors during the year have sold of some of the assets. The
amount received from the sale of these assets will be used by the
directors to clear of its remaining debts. Also the directors of the
company are planning to enter in to a new line of business soon.
This year your directors have written off various credit balances which
were remaining unclaimed in the books of the company for many years.
DIVIDEND
In view of the accumulated losses, your directors do not propose
dividend for the year 2007-08.
DEPOSITS
There are no deposits which have been matured and claimed by the party
but has remained unpaid on the Balance Sheet date.
DIRECTORS
Shri Rakeshsinh Raghuvansinh and Shri Mukundrai P Vadher, Directors of
the company retire by rotation at the ensuing Annual General Meeting of
the company and being eligible offers themselves for reappointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND
OUTGO
The particulars relating to Conservation of Energy, Technology
Absorption and Foreign Exchange Earning and Outgo, pursuant to Section
217(l)(e) of the Companies Act, 1956 are nil.
EMPLOYEES
There is no employee who is in receipt of remuneration exceeding the
limits specified under the Rules pursuant to the provisions of Section
217 (2A) of the Companies Act, 1956.
DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE
COMPANIES ACT, 1956.
The Directors hereby confirm:-
i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii) that the directors had 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 at the end of the financial year and of the
profit or loss of the Company for that period;
iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv) that the directors had prepared the annual accounts on a going
concern basis, even though the company is passing through bad times and
has huge accumulated losses and has stopped production.
AUDITORS
M/s Jatin Parikh & Associates, Chartered Accountants, Ahmedabad have
indicated their unwillingness to continue as the auditors of the
company for the next year.
Your directors are proposing the name of J.M. Parikh & Associates,
Chartered Accountants, Ahmedabad as statutory auditors for the next
year. If appointed, they shall hold the office until the conclusion of
next Annual General Meeting.
You are requested to appoint the auditors and to fix their
remuneration. The auditors remarks are self explanatory.
CORPORATE GOVERNANCE REPORT
A separate report on corporate governance is attached herewith which
may be considered as a part of Directors Report.
MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT
A separate report on "Management Discussions and Analysis" is attached
herewith which may be considered as a part of Directors Report.
ACKNOWLEDGMENTS
The Board of Directors place on record their appreciation for co-
operation received from its staff, bankers, various parties and
authorities during the year under review.
For and on behalf of the Board of Directors
DAIRYFIELD LIMITED
Place: Ahmedabad. A. K. GOSWAMI
Date : 01/05/2008 CHAIRMAN
Mar 31, 2007
The Board of Directors present herewith the Fifteenth Annual Report
along with Audited Accounts and Report of the Auditors thereon for the
year ended on 31st March 2007.
FINANCIAL RESULTS
PARTICULARS Year ended Year ended
31/03/2007 31/03/2006
Amount Rs. Amount Rs.
Total Income 3533042 45066434
Total Expenditure 3569986 26780063
Profit/(Loss)before Tax (36944) 18286371
Less : Provision for Taxes NIL NIL
Less : Deferred tax NIL NIL
Less : Provision for FBT NIL 7480
Profit/(Loss) after tax (36944) 18278891
Add: Balance B/F from last year (89307730) (107586621)
Balance Transferred toBalance Sheet (89344674) (89307730)
OPERATIONS
During the year the company could not carryout any commercial
operations due to adverse market conditions and shortage of working
capital. Your directors are exploring various alternatives and are
hopeful of starting commercial operations in the next year.
As you are aware your directors have started restructuring the
financial assets of the company. In the last year the directors brought
additional funds in the company and entered in to one time settlement
with IDBI. As a result of which the loan of IDBI was repaid and unpaid
interest provided on the loan was return back.
This year your directors have written off various credit balances which
were remaining unclaimed in the books of the company for more than 3
years. Your directors also reduced current assets of the company and
from the money received the unsecured loans were paid off. Thus during
the year the size of the Balance Sheet was streamlined to the tune of
Rs.48 Lacs. In the previous year the auditors had qualified their
report by making various adverse remarks. We have cleared almost all
the adverse remarks this year.
Your directors intend to sale some of the Plant and Machinery and from
those dues clear the debts and liabilities. Your directors also intend
to start a new line of business shortly.
DIVIDEND
In view of the accumulated losses, your directors do not propose
dividend for the year 2006-07.
DEPOSITS
The company has not borrowed any funds from the public as on the
Balance Sheet date.
DIRECTORS
Shri Ashokkumar Goswami and Shri Kamal K. Gajjar , Directors of the
company retire by rotation at the ensuing Annual General Meeting of the
company and being eligible offers themselves for reappointment.
During the year Shri Nandkumar Goswami resigned from the post of
Chairman. He was the founder promoter of the company and associated
closely with the company. Your directors place a warm vote of thanks
to him for the services rendered by him during his tenure.
Shri Hemendrasinh Jhala, director of the company also resigned during
the year. The board places on record its warm appreciation for services
rendered by .Mr.Jhala during his tenure as a director.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND
OUTGO
The particulars relating to Conservation of Energy, Technology
Absorption and Foreign Exchange Earning and Outgo, pursuant to Section
217(l)(e) of the Companies Act, 1956 are nil.
EMPLOYEES
There is no employee who is in receipt of remuneration exceeding the
limits specified under the Rules pursuant to the provisions of Section
217 (2A) of the Companies Act, 1956.
DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE
COMPANIES ACT, 1956.
The Directors hereby confirm:-
i) that in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii) that the directors had 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 at the end of the financial year and of the
profit or loss of the Company for that period;
iii) that the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv) that the directors had prepared the annual accounts on a going
concern basis, even though the company is passing through bad times and
has huge accumulated losses and has stopped production.
AUDITORS
Jatin Parikh & Associates, Chartered Accountants, hold the office as
Auditors until the conclusion of the ensuing Annual General Meeting and
are recommended for re- appointment. The Company has received
certificate from the said auditors to the effect that their
re-appointment, if made, would be within the prescribed limits u/s
224(16) of the Companies Act, 1956. Auditors remarks are self
explanatory.
CORPORATE GOVERNANCE REPORT
A separate report on corporate governance is attached herewith which
may be considered as a part of Directors Report.
MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT
A separate report on "Management Discussions and Analysis" is attached
herewith which may be considered as a part of Directors Report.
ACKNOWLEDGMENTS
The Board of Directors place on record their appreciation for co-
operation received from its staff, bankers, various parties and
authorities during the year under review.
For and on behalf of the Board of Directors
DAIRYFIELD LIMITED
Place: Ahmeda.bad. A. K. GOSWAMI
Date : 17/08/2007 CHAIRMAN
Mar 31, 2006
The Board of Directors present herewith the Fourteenth Annual Report
along with Audited Accounts and Report of the Auditors thereon for the
year ended on 31st March 2006.
FINANCIAL RESULTS
PARTICULARS Year ended Year ended
31/03/2006 31/03/2005
Amount Rs. Amount Rs.
Total Income 45066434 12000
Total Expenditure 26780063 3503575
Profit/(Loss)before Tax 18286371 (3491575)
Less : Provision for Taxes NIL NIL
Less : Deferred tax NIL NIL
Less : Provision for FBT 7480 NIL
Profit/(Loss) after tax 18278891 (3491575)
Add: Balance B/F from last year (107586621) (104095046)
Balance Transferred to Balance Sheet (89307730) (107586621)
OPERATIONS
During the year the company could not carryout any commercial
operations due to adverse market conditions and shortage of working
capital. Your directors are exploring various alternatives and are
hopeful of starting commercial operations in the next year.
During the year your directors entered into one time settlement with
IDBI. As per the conditions of the settlement the principal amount of
the loan was repaid. Certain interest amount which the company had
provided for but not paid has been written back in the books of account
on this settlement.
DIVIDEND
In view of the accumulated losses, your directors do not propose
dividend for the year 2005-06.
DEPOSITS:
During the year under review the Company has not expected any deposits
by invita tion from public under section 58-A of the Companys Act
1956.
DIRECTORS
Shri Hemantsinh N. Jhala, Shri Kamal K. Gajjar, Shri Rakeshsmh
Raghuvansinh and Shri Mukundrai P. Vadher were appointed additional
directors of the company. They occupy the offices till the completion
of ensuing Annual General Meeting and being eligible offer themselves
for reappointment.
Shri Kishorkumar Goswami and Shri Anupkumar Goswami, Directors of the
company retire by rotation at the ensuing Annual General Meeting of the
company and being eligible offers themselves for reappointment. Your
directors recommend the resolutions.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EARN- INGS AND
OUTGO
The particulars relating to Conservation of Energy, Technology
Absorption and Foreign Exchange Earning and Outgo, pursuant to Section
217(l)(e) of the Companies Act, 1956 are nil.
EMPLOYEES
There is no employee who is in receipt of remuneration exceeding the
limits specified under the Rules pursuant to the provisions of Section
217 (2A) of the Companies Act, 1956.
DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217(2AA) OF THE
COMPANIES ACT, 1956.
The Directors hereby confirm:-
i) That in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii) That the directors had 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 at the end of the financial year and of the
profit or loss of the Company for that period;
iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
iv) That the directors had prepared the annual accounts on a going
concern basis, even though the company is passing through bad times and
has huge accumu- lated losses and has stopped production.
AUDITORS
Jatin Parikh & Associates, Chartered Accountants, hold the office as
Auditors until the conclusion of the ensuing Annual General Meeting and
are recommended for re- ap- pointment. The Company has received
certificate from the said auditors to the effect that their
re-appointment, if made, would be within the prescribed limits u/s
224(1B) of the Companies Act, 1956. Auditors remarks are self
explanatory.
CORPORATE GOVERNANCE REPORT
A separate report on corporate governance is attached herewith which
may be consid- ered as a part of Directors Report.
MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT
A separate report on "management discussions and analysis" is attached
herewith which may be considered as a part of Directors Report.
ACKNOWLEDGMENTS
The Board of Directors place on record their appreciation for co-
operation received from various parties and authorities during the year
under review.
For and on behalf of the Board of Directors
DAIRYFIELD LIMITED
Place: Ahmedabad. A. K. GOSWAMI K. K. GOSWAMI
Date : 31/08/2006 DIRECTOR DIRECTOR
Mar 31, 1999
The Board of Directors present herewith the Seventh Annual Report along
with Audited Accounts and Report of the Auditors thereon for the year
ended on 31st March 1999.
FINANCIAL RESULTS
(Rs. in lacs)
1998-99 1997-98
PARTICULARS Amount Amount
(Rs. in lacs) (Rs. in lacs)
Net Profit/(Loss) before Depreciation (42.84) 45.04
and Interest
Less : Depreciation (20.01) (19.59)
Less : Financial Charges (100.45) (76.32)
Net Loss after Depreciation (163.30) (50.87)
and Financial Charges
Less : Provision for Taxation NIL NIL
Amount of Loss transferred to (163.30) (50.87)
Balance Sheet
OPERATIONS
During the year under review the company improved its sales from Rs.
689.02 Lacs to Rs. 1005.29 Lacs showing an increase of 45.86%. The
company has also substantially reduced to expenses. However, there is
a heavy burden of interest. As a result of this the company has
incurred losses.
The directors are considering various steps to liquidate the borrowings
so that the interest burden can be reduced. If the interest burden is
eliminated than the company can move to the path of recovery.
The performance of the company in the current year is also encouraging
and the company is likely to post higher sales and profit figures.
DIVIDEND
In view of the losses incurred by the company, the directors do not
propose dividend for the year ended on 31st March, 1999.
DIRECTORS
Mr. Kishor Kumar Goswami and Mr. Anup Kumar Goswami retire by rotation
and being eligible, offer themselves for re-appointment.
INSURANCE
All the fixed assets of the company are adequately insured as on the
date of the report.
DEPOSITS
There are no deposits on the date of report which have matured but have
remain unpaid.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS AND
OUTGO
The particulars relating to Conservation of Energy, Technology
Absorption and Foreign Exchange Earning and Outgo, pursuant to Section
217(1)(e) of the Companies Act, 1956 are attached herewith which may be
considered as a part of the Directors' Report.
EMPLOYEES
There is no employee who is in receipt of the remuneration exceeding
the limits specified under the Rules Pursuant to the Provisions of
Section 217 (2A) of the Companies Act, 1956.
AUDITORS
Venkatraman S. Iyer, Chartered Accountant holds the office as Auditor
until the conclusion of the ensuing Annual General Meeting and are
recommended for re-appointment. The Company has received certificate
from the said auditors to the effect that their re-appointment, if
made, would be within the prescribed limits u/s 224(1B) of the
Companies Act, 1956.
Annexure to Directors' Report - Information under section 217(1)(e) of
The Companies Act, 1956 read with Companies (Disclosure of Particulars
in the Report of Board of Directors) Rules, 1988.
A. CONSERVATION OF ENERGY
a. Energy conservation measures taken : The Company has taken
various steps to conserve
energy in the earlier
years. As a result of
this the plant of the
Company has optimized in
saving energy.
Accordingly, no fresh
measures were taken
during the year for
conservation of energy.
b. Additional investments and proposals, As the Company has already
if any, being implemented for reduction made substantial investment
of consumption of energy for conservation of energy,
no additional investments
are being proposed.
c. Impact of the measures at (a) & Not Applicable
(a) above the reduction of energy
consumption and consequent impact
on the cost of production of goods.
d. Total energy consumption and energy Given Below
consumption per unit of production
as per Form-A of the annexure in
respect of industries specified in
the schedule.
B. TECHNOLOGY ABSORPTION Given Below
Efforts made in technology absorption
as per Form-B of the annexure.
FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO
ABSORPTION, RESEARCH AND DEVELOPMENT (R & D)
1. Specific areas in which R & D : As the company has carried
forward losses, there are no
plans for R & D
2. Benefits derived as a result : Nil
of the above R & D,
3. Future plan of action. : There is no future
plan for R & D
at present.
4. Expenditure on R & D.
a. Capital : Nil
b. Recurring : Nil
d. Total : Nil
d. Total R & D expenditure : N.A
as a percentage of total
turnover.
Technology Absorption, adaptation
and innovation.
1. Efforts, in brief, made : Nil
towards technology
absorption, adaptation and
innovation.
2. Benefits, derived as a result : Nil
of the above efforts e.g.
product improvements, cost
reduction, product
development, import
substitution etc.
3. In case of imported : N.A
technology (Imported during
last 5 years reckoned from
the beginning of the financial
year) following information
may be furnished.
a. Technology imported : N.A
b. Year of import : N.A
c. Has technology been fully : N.A
absorbed ?
d. If not fully absorbed : N.A
areas where this has not
taken place, reasons
therefore and future plan
of action.
C. FOREIGN EXCHANGE EARNINGS AND OUT-GO
1. Activities relating to : Nil
exports, initiatives taken to
increase exports, development
of new export markets for
products and services and
export plan.
2. Total foreign exchange used : Nil
3. Total foreign exchange earned : Nil
Mar 31, 1997
The Board of Directors present herewith the Fifth Annual Report along
with Audited Accounts and Report of the Auditors thereon for the year
ended on 31st March 1997.
FINANCIAL RESULTS
(Rs. in Lacs)
Current Year Previous Year
PARTICULARS 1-4-96 to 1-4-95 to
31-3-97 31-3-98
Net Profit/Loss before Depreciation and Interest (11.86) (48.53)
Less : Depreciation 19.24 42.39
Less : Financial Charges 63.65 34.85
Net Loss after Depreciation and Financial Charges (94.75) (125.77)
Less : Provision for Taxation NIL NIL
Amount of Loss transferred to Balance Sheet (94.75) (125.77)
OPERATIONS
The Company has achieved turn over of Rs. 5,55,66,378 against Rs.
8,68,39,210 of previous year. The Company has started full-fledged
operations after April-97. Hence its effect will be reflected there
after.
As per the projection, the company could not achieve sales and
profitability as the company had received loan from IDBI too late.
Besides the company could not complete the Powder Plant and achieve
projected target.
AUTHORISED SHARE CAPITAL :
Your Directors propose to increase Authorised Share Capital from Rs.10.00 crores to Rs. 11.00 crores to meet the requirement of further
business development and also, if required, to enlist equity shares of
the company on National Stock Exchange. Your Directors also proposed
to raise further equity capital by Rs. 2,10,40,000/- (Rupees two crore
ten lacs forty thousand only) from promoters of the company subject to
necessary approvals during current bearish trend in capital market.
DIVIDEND
In view of the loss incurred by the company, your Directors do not
propose any dividend for the year ended on 31st March, 1997.
DIRECTORS
Mrs. Waveney Polson and Mr. Nandkumar Goswami retire by rotation and
being eligible, offer themselves for re-appointment.
Mr. R. D. Patel and Dr. K.K. Iya resigned from Directorship during the
year 1996-97. Your Directors appreciate the services provided by Mr.
R.D. Patel and Dr. K.K. Iya during their tenure of Directorship.
Mr. Anup K. Goswami has been appointed as an additional Director during
year. The Company has received a proposal from a member to regularise
him as a Director liable to retire by rotation.
INSURANCE
All the fixed assets of the company are adequately insured as on the
date of the report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREGIN EARNINGS AND
OUTGO
The particulars relating to Conservation of Energy,Technology Absorption and Foreign Exchange Earning and Outgo, pursuant to Section 217(1)(e) of the Companies Act, 1956 are attached herewith (ANNEXURE I) which may be considered as a part of the Directors' Report.
EMPLOYEES
There is no employee who is in receipt of the remuneration exceeding the limits specified under the Rules Pursuant to the Provisions of Section 217(2A) of the Companies Act, 1956.
AUDITORS
Venkatraman S. Iyer, Chartered Accountants hold the office as Auditors
until the conclusion of the ensuing Annual General Meeting and are
recommended for re-appointment. The Company has received certificate
from the said auditors to the effect that their re-appointment, if made, would be within the prescribed limits u/s 224(1B) of the Companies Act, 1956.
A. CONSERVATION OF ENERGY :
a. Energy conservation measures taken : There were no significant
energy conservation
measures upto 31-03-1997.
b. Additional investments and proposals,
if any, being implemented for reduction
of consumption of energy
c. Impact of the measures at (a) & (a)
above the reduction of energy
consumption and consequent impact
on the cost of production of goods.
d. Total energy consumption and energy
consumption per unit of production as
per Form-A of the annexure in respect
of industries specified in the schedule.
B. TECHNOLOGY ABSORPTION :
Efforts made in technology : Given Below
absorption as per Form-B of the annexure.
FORM-B
(See rule 2)
FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO
ABSORPTION, RESEARCH AND DEVELOPMENT (R & D)
1. Specific areas in which R&D
carried out by the company. : Nil
2. Benefits derived as a result of
the above R&D, : Nil
3. Future plan of action : There is no future plan for R & D
4. Expenditure on R & D.
a. Capital : Nil
b. Recurring : Nil
c. Total : Nil
d. Total R & D expenditure as a
percentage of total : N.A.
turnover. Technology Absorption,
adaptation and innovation.
1. Efforts, in brief, made towards
technology : Nil
absorption, adaptation and
innovation.
2. Benefits, derived as a result of
the above efforts : Nil
e.g. product improvements, cost
reduction, product development
import substitution etc.
3. In case of imported technology : Nil
(Imported during last 5 years reckoned
from the beginning of the financial year)
following information may be furnished.
a. Technology imported : Nil
b. Year of import : N.A.
c. Has technology been fully : N.A.
absorbed?
d. If not fully absorbed areas
where this has not taken place,
reasons therefore and futur
plan of action. : N.A.
C. FOREIGN EXCHANGE EARNINGS AND OUTGO :
1. Activities relating to exports, initiatives taken to : Nil
increase exports, development of new export
markets for products and services and export plan.
2. Total foreign exchange used : Nil
3. Total foreign exchange earned : Nil
Mar 31, 1996
The Board of Directors present herewith the Fourth Annual Report along with Audited Accounts and Report of the Auditors thereon for the year ended on 31st March 1996.
FINANCIAL RESULTS
OPERATIONS
The Company has achieved turn over of Rs. 8,68,39,210 against Rs.25,51,356 of previous year. The Company has started full-fledged
operations after April-96. Hence its effect will be reflected there
after.
performance Vs Projection (Rs. in lacs)
Particulars Performance Projection
Sales 851.70 3979.00
Total Expenditure 90.13 2995.32
Interest 34.85 84.45
Depreciation 42.39 68.40
As per the projection, the company could not achieve sales and
profitability as the company had received loan from IDBI late. Besides the company could realised the processed of Public Issue by May, 1996 hence the company could not complete the Powder Plant and achieve projected target.
PUBLIC ISSUE
Your Directors are pleased to advise you that Public Issue of
30,00,000/- equity shares of Rs.10/- each for cash at par aggregating
to Rs. 3,00,00,000/- has been subscribed by 0.96 times. Equity shares
of the company have been listed on Ahmedabad, Bombay, Delhi & Madras
Stock Exchanges.
DIVIDEND
In view of the loss incurred by the company, your Directors do not
propose any dividend for the year ended on 31st March, 1996.
INSURANCE
All the fixed assets of the company are adequately insured as on the
date of the report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EARNINGS
AND OUTGOES
The particulars relating to Conservation of Energy, Technology
Absorption and Foreign Exchange Earning and Outgo, pursuant to
Section 217(1)(e) of the Companies Act, 1956 are attached herewith
(ANNEXURE I) which may be considered as a part of the Directors'
Report.
ACKNOWLEDGEMENTS
The Board of Directors places on record their appreciation for
co-operation received from various Departments of Govt., Financial
Institutions, Banks, parties, authorities etc. during the year under
review. Your Directors also place on record their deep sense of
appreciation for the dedicated services received from employees of
the company.
ANNEXURE - 1
Annexure to Directors' Report - Information under section 217(1)(e)
of The Companies Act, 1956 read with Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988.
A. CONSERVATION OF ENERGY
a. Energy conservation : There were no significant
measures taken energy conservation measures
upto 31-03-1996.
b. Additional investments and proposals,
if any, being implemented for
reduction of consumption of energy
c. Impact of the measures at (a) & (a)
above the reduction of energy
consumption and consequent impact
on the cost of production of goods.
d. Total energy consumption and energy
consumption per unit of production as
per Form-A of the annexure in respect
of industries specified in the schedule.
B. TECHNOLOGY ABSORPTION
Efforts made in technology : Given Below
absorption as per Form-B of
the annexure.
FORM-B
(See rule 2)
FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO ABSORPTION,
RESEARCH AND DEVELOPMENT (R & D)
1. Specific areas in which R&D : Nil
carried out by the company.
2. Benefits derived as a result : Nil
of the above R&D,
3. Future plan of action. : There is no future
plan for R & D
4. Expenditure on R & D.
a. Capital : Nil
b. Recurring : Nil
c. Total : Nil
d. Total R & D expenditure : N.A
as a percentage of total
turnover.
Technology Absorption, adaptation
and innovation.
1. Efforts, in brief, made : Nil
towards technology
absorption, adaptation and
innovation.
2. Benefits, derived as a result : Nil
of the above efforts. e.g.
product improvements, cost
reduction, product
development, import substitution etc.
3. In case of imported : Nil
technology (Imported during
last 5 years reckoned from
the beginning of the financial
year) following information
may be furnished.
a. Technology imported : Nil
b. Year of import : N.A
c. Has technology been fully : N.A
absorbed ?
d. If not fully absorbed : N.A
areas where this has not
taken place, reasons
therefore and future plan
of action.
C. FOREIGN EXCHANGE EARNINGS AND OUT-GO
1. Activities relating to : Nil
exports, initiatives taken to
increase exports, development
of new export markets for
products and services and
export plan.
2. Total foreign exchange used : Nil
3. Total foreign exchange earned : Nil
Mar 31, 1993
Your Directors have pleasure in presenting herewith their report and the audited accounts of the company for the year ended 31st March 1993.
ACCOUNTS
There is a loss of Rs.1,28,942/- for the year ended 31st March 1993. inview of the debit balance in profit and loss Account, no dividend is being recommended.
Mar 31, 1992
Your Directors have pleasure in presenting herewith their report and the audited accounts of the company for the year ended 31st March 1992.
Accounts
There is a profit before tax of rs.5,64,547 during the year under review. In view of the debit balance in Profit and Loss account no dividend is being recommended.