Mar 31, 2014
To the Shareholders
The Directors present before you the Twenty First Annual Report
together with the Audited Statement of Accounts of the Company for the
year ended 31st March 2014.
FINANCIAL RESULTS :
2013-2014 2012-2013
Rupees Rupees
Profit/Loss before Finance Charges,
Depreciation and Taxation. 6,66,65,323 3,27,02,089
Less: Interes 1,98,29,262 2,08,91,702
Profit/Loss before Depreciation and
Taxation 4,68,36,061 1,18,10,387
Less:Depreciation 97,49,872 1,19,08,871
Profit/Loss for the year before
extraordinary item 3,70,86,189 (98,484)
Brought forward Loss from previous
year 9,44,85,279 9,43,94,322
Balance carried to Balance Sheet (5,73,99,090) (9,44,85,279)
DIVIDEND :
The Board of Directors regrets its inability to declare dividend in
view of carried forward loss.
WORKING:
The Company has registered a Net Profit of Rs.3.71 Crores. The carry
forward loss at present stands at Rs.5.74 Crores.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
Global Economic Condition
The world continues to go through a difficult economic situation.
Europe is still not out of difficulties. The United States is showing
signs of recovery. The growth has slowed down in China and India. In
addition inspite of Reserve Bank of India''s efforts the inflation is
not under control.
Overview of Indian Economy
The Indian economy witnessed a decline in GDP growth of 5% during the
year compared to a growth of 8.5% in the previous year. The mounting
fiscal deficit and high Current Account Deficit has impacted the
investment momentum in the Indian economy. To achieve a sustainable
growth, the country needs to push forward governance reforms and
innovative public-private partnerships to deliver rapid and inclusive
growth and an enabling environment for upgrading infrastructure.
Our business and Performance
The Company''s performance improved during the year. The Company
registered a profit before depreciation of Rs.4.68 Crores as compared
to a profit of Rs.1.18 Crore in the previous year. After providing for
depreciation the net profit was of Rs.3.71 Crores as compared to Loss
of Rs.0.01 Crore in the previous year. The Directors are hopeful of
still better performance during the current year.
1. Directors'' Responsibility Statement
Your Directors confirm:
(i) that in preparation of the annual accounts, the applicable
accounting standards have been followed;
(ii) that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that 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 ended 31st
March, 2014 and of the profit of the Company for that year;
(iii) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) that the Directors have prepared the annual accounts on a going
concern basis.
2. Corporate Governance
As per clause 49 of the Listing Agreement with The Stock Exchange, a
detailed Corporate Governance Report is annexed to the Directors''
Report.
3. Audit Committee
The Audit Committee consists of Shri Hrushikesh Deodhar, with financial
and accounting knowledge as Chairman and Shri Surendra Gupta and Shri
R.S.Arora as members. Shri Hrushikesh Deodhar, and Shri S.M.Gupta are
independent directors with independent judgment in the deliberation and
decisions of the Board.
4. Directors
Shri R.S.Arora retires by rotation and being eligible offers himself
for reappointment.
5. Auditors'' Report
The observations of the Auditors are self explanatory.
6. Auditors
M/s. Vinay Gudi & Associates, Chartered Accountants retire and are
eligible for re-appointment. M/s. Vinay Gudi & Associates have
informed that they are willing to act as Auditors, if appointed.
7. Particulars of Employees
The particulars of employees required to be given under provisions of
Section 217 (2A) of the Companies Act, 1956 - NIL.
8. Conservation of Energy
The information required under Section 217 (1) (e) of the Companies
Act, 1956, read with the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988 is given in Annexure ''A''
and forms part of the Report.
9. Foreign Exchange Earnings and Outgo:
The Company''s foreign exchange earnings during the year was Rs.Nil. The
Company incurred foreign exchange outgo amounting to Rs.19.61Lacs
during the year.
10. Acknowledgements:
Your Directors thank the Company''s clients, vendors, investors, and
bankers for their continued support during the year. Your Directors
place on record their appreciation of the contribution made by
employees at all levels.
For and on behalf of the Board of Directors
RUPINDER SINGH ARORA
Chairman
Mumbai, Dated : 12th August, 2014.
Corporate Office:
Arora House, 16, Golf Link,
Union Park, Khar (West),
Mumbai- 400 052.
Mar 31, 2013
To the Shareholders
The Directors present before you the Twentieth Annual Report together
with the Audited Statement of Accounts of the Company for the year
ended 31 st March 2013.
FINANCIAL RESULTS:
2012-2013 2011-2012
Rupees Rupees
Profit/Loss before Finance
Charges, Depreciation and Taxation 3,27,02,089 (1,76,480)
Less: Interest 2,08,91,702 1,79,11,883
Profit/Loss before
Depreciation and Taxation 1,18,10,387 (1,80,88,363)
Less: Depreciation 1,19,08,871 1,17,59,716
Profit/Loss for the year
before extraordinary item (98,484) (2,98,48,079)
Less: Extradrdinary Item 3,02,46,000
Profit/Loss after tax (98,484) (6,00,94,079)
Brought forward Loss from previous year 9,43,94,322 3,43,00,243
Balance carried to Balance Sheet (9,44,92,806) (9,43,94,322)
DIVIDEND:
The Board of Directors regrets its inability to declare dividend in
view of carried forward loss and loss for the year. ''
WORKING:
The Company has registered a cash Profit before depreciation of
Rs.118.10 lacs.. After providing for Depreciation of Rs.119.09 Lacs the
Company registered a loss of Rs.0.98 lacs. The carry forward loss at
present stands at Rs.944.93 lacs.
1. Directors''Responsibility Statement
Your Directors confirm:
(i) that in preparation of the annual accounts, the applicable
accounting standards have been followed;
(ii) that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that 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 ended 31 st
March, 2013 and of the loss of the Company for that year; ''
(iii) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) that the Directors have prepared the annual accounts on a going
concern basis.
2. Corporate Governance
As per clause 49 of the Listing Agreement with The Stock Exchange, a
detailed Corporate Governance Report is annexed to the Directors''
Report.
3. Audit Committee
The Audit Committee consists of Shri Hrushikesh Deodhar, with financial
and accounting knowledge as Chairman and Shri Navin Marwah, Shri
Surendra Gupta and Shri R. S. Arora as members. Shri Hrushikesh
Deodhar, Shri Navin Marwah & Shri S.M.Gupta are independent directors
with independent judgment in the deliberation and decisions of the
Board.
4. Directors
Shri Surendra Gupta retires by rotation and being eligible offers
himself for reappointment.
The Board of Directors has appointed Shri Hrushikesh Deodhar as an
Adiitional Director, who holds office upto the datte of ensuing Annual
General Meeting. It is proposed to obtain approval of Shareholders at
the ensing Annual General Meeting for the appointment of Shri
Hrushikesh Deodhar as a Director liable to retire by rotation.
5.s Auditors''Report
The observations of the Auditors are self explanatory.
6. Auditors
M/s. Vinay Gudi & Associates, Chartered Accountants retire and are
eligible for re-appointment. M/s. Vinay Gudi & Associates have
informed that they are willing to act as Auditors, if appointed.
7. Particulars of Employees
The particulars of employees required to be given under provisions of
Section 217 (2A) of the Companies Act, 1956-NIL.
8. Conservation of Energy
The information required under Section 217 (1) (e) of the Companies
Act, 1956, read with the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988 is given in Annexure ''A
and forms part of the Report.
9. Foreign Exchange Earnings and Outgo:
The Company''s foreign exchange earnings during the year was Rs.93.31
Lacs. The Company incurred foreign exchange outgo amounting to Rs.
12.32 Lacs during the year.
10. Acknowledgements:
Your Directors thank the Company''s clients, vendors, investors, and
bankers for their continued support during the year. Your Directors
place on record their appreciation of the contribution made by
employees at all levels.
For and on behalf of the Board of Directors
RUPINDER SINGH ARORA
Mumbai,
Dated :14th August, 2013. Chairman
Corporate Office:
Arora House, 16, Golf Link,
Union Park, Khar
(West), Mumbai- 400 052.
Mar 31, 2012
To the Shareholders
The Directors present before you the Nineteenth Annual Report together
with the Audited Statement of Accounts of the Company for the year
ended 31st March 2012.
FINANCIAL RESULTS:
2011-2012 2010-2011
Rupees Rupees
Profit/Loss before Finance Charges,
Depreciation and Taxation (1,76,480) 2,77,14,813
Less:Interest 1,79,11,883 1,21,27,902
Profit/Loss before Depreciation
and Taxation (1,80,88,363) 1,55,86,911
Less: Depreciation 1,17,59,716 79,52,829
Profit/Loss for the year
before extraordinary item (2,98,48,079) 72,04,275
Less: Extraordinary Item 3,02,46,000 4,29,806
Profit/Loss after tax (6,00,94,079) 42,54,829
Brought forward Loss
from previous year 3,43,00,243 17,38,90,772
Balance carried to Balance Sheet (9,43,94,322) (3,43,00,243)
DIVIDEND:
The Board of Directors regrets its inability to declare dividend in
view of carried forward loss and loss for the year.
WORKING:
The Company has registered a net loss before extraordinary expenses at
Rs.298.48 lacs. After making a provision of Rs.302.46 lacs for payment
of Excise duty imposed retrospectively in the Union Budget the net loss
stands at Rs.600.94 lacs. The carried forward loss at present stands at
Rs.943.94 lacs.
1. Directors' Responsibility Statement
Your Directors confirm:
(i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed;
(ii) that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that 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 ended 31st
March, 2012 and of the loss of the Company for that year;
(iii) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) that the Directors have prepared the annual accounts on a going
concern basis.
2. Corporate Governance
As per clause 49 of the Listing Agreement with The Stock Exchange, a
detailed Corporate Governance Report is annexed to the Directors'
Report.
3. Audit Committee
The Audit Committee consists of Shri Navin Marwah, with financial and
accounting knowledge as Chairman and Shri S. M. Gupta and Shri
R.S.Arora as members. Shri Navin Marwah & Shri S.M.Gupta are
independent directors with independent judgment in the deliberation and
decisions of the Board.
4. Directors
Shri Navin Marwah retires by rotation and being eligible offers himself
for reappointment.
5. Auditors' Report
The observations of the Auditors are self explanatory.
6. Auditors
M/s. Vinay Gudi & Associates, Chartered Accountants retire and are
eligible for re-appointment. M/s. Vinay Gudi & Associates, have
informed that they are willing to act as Auditors, if appointed.
7. Particulars of Employees
The particulars of employees required to be given under provisions of
Section 217 (2A) of the Companies Act, 1956-NIL.
8. Conservation of Energy
The information required under Section 217 (1) (e) of the Companies
Act, 1956, read with the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988 is given in Annexure 'A'
and forms part of the Report.
9. Foreign Exchange Earnings and Outgo:
The Company's foreign exchange earnings during the year was Rs. 156.62
Lacs. The Company incurred foreign exchange outgo amounting to Rs.13.87
Lacs during the year.
10. Acknowledgements:
Your Directors thank the Company's clients, vendors, investors, and
bankers for their continued support during the year. Your Directors
place on record their appreciation of the contribution made by
employees at all levels.
For and on behalf of the Board of Directors
RUPINDER SINGH ARORA
Chairman
Mumbai, Dated :31st May, 2012.
Corporate Office:
Arora House, 16, Golf Link,
Union Park, Khar (West),
Mumbai- 400 052.
Mar 31, 2011
To the Shareholders
The Directors present before you the Eighteenth Annual Report together
with the Audited Statement of Accounts of the Company for the year
ended 31st March 2011.
FINANCIAL RESULTS :
2010-2011 2009-2010
Rupees Rupees
Profit/Loss before Finance Charges,
Depreciation and Taxation 2,77,14,813 1,19,14,499
Add / Less : Interest 1,21,27,902 77,43,913
Profit/Loss before Depreciation and
Taxation 1,55,86,911 41,70,586
Less:Depreciation 79,52,829 62,19,397
Profit/Loss for the year before
extraordinary item 72,04,275 (20,48,811)
Profit / Loss after tax 42,54,829 (20,48,811)
Brought forward Loss from previous year 17,38,90,772 (17,18,41,961)
Balance carried to Balance Sheet (3,43,00,243) (17,38,90,772)
DIVIDEND :
The Board of Directors regrets its inability to declare dividend in
view of carried forward loss and loss for the year.
WORKING:
The Company has registered a net profit of Rs.42,54,829/-. As per BIFR
Order the paid up capital was reduce by Rs.13,53,35,700/- which was
adjusted against the carried forward loss of Rs.17,38,90,772/-. This
reduced the carried forward loss and the carried forward loss at
present stands at Rs.3,43,00,243/-
MANAGEMENT DISCUSSION AND ANALYSIS REPORT : Global Economic Condition
In recent times, the economic crisis and its repercussions have
accelerated the shift of economic power from the developed to the
emerging nations.
The major challenges the world economy is facing now is managing the
shift in balance of power from the developed to emerging economies.
Overview of Indian Economy
The Indian economy witnessed a higher growth in GDP of 8.5% for the
year 2010-2011 over a growth of 8% in 2009-2010. A strong rebound in
agriculture and continued momentum in some sectors of manufacturing and
construction enabled the economy to achieve a higher growth in
2010-2011. Economic growth was supported on the demand side, by
increased private consumption during the year, and accelerated
investment in the first three quarters of 2010-2011. Consumer durables,
Automobile sector and engineering goods were the main contributors to
this growth. In 2011-2012, the projected growth rate is in the range of
8% to 8.5%.
Aided by its young demographic profile, India is regarded as one of the
youngest economies in the world with considerable opportunities as a
consumer market and a manufacturing hub. To achieve a sustainable
growth, the country needs to push forward governance reforms and
innovative public-private partnerships to deliver rapid and inclusive
growth and an enabling environment for upgrading infrastructure.
Our business and Performance
BIFR vide its Order of 14th November, 2010 reduced the Paid up Capital
of the Company by 90% and directed the promoter to invest Rs. 8.55
Crores in the Capital of the Company. The Paid up Capital now stands at
Rs.10.05 Crores. The Company is manufacturer of Polyester Staple Fibre
out of Polyester Waste. The Company achieved Sales Turnover of Rs.
25.39 Crores as compared to Rs. 15.05 Crores of the previous year. The
Company registered a profit of Rs. 42.55 lacs as compared to a loss of
Rs. 20.49 lacs.
1. Directors' Responsibility Statement
Your Directors confirm :
(i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed;
(ii) that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that 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 ended 31st
March, 2011 and of the profit of the Company for that year;
(iii) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) that the Directors have prepared the annual accounts on a going
concern basis.
2. Corporate Governance
As per clause 49 of the Listing Agreement with The Stock Exchange, a
detailed Corporate Governance Report is annexed to the Directors'
Report.
3. Audit Committee
The Audit Committee consists of Shri Navin Marwah, with financial and
accounting knowledge as Chairman and Shri S. M. Gupta and Shri
R.S.Arora as members. Shri Navin Marwah & Shri S.M.Gupta are
independent directors with independent judgment in the deliberation and
decisions of the Board.
4. Directors
Shri Surendra Gupta retires by rotation and being eligible offers
himself for reappointment.
5. Auditors' Report
The observations of the Auditors are self explanatory.
6. Auditors
M/s. A. T. Jain & Co., the retiring Auditors have shown unwillingness
to continue as Auditors of the Company due to other pressing
commitments. It is therefore proposed to appoint M/s.Vinay Gudi &
Associates, Chartered Accountants as Auditors for the current year.
M/s.Vinay Gudi & Associates, have informed that they are willing to act
as Auditors, if appointed.
7. Particulars of Employees
The particulars of employees required to be given under provisions of
Section 217 (2A) of the Companies Act, 1956 Ã NIL.
8. Conservation of Energy
The information required under Section 217 (1) (e) of the Companies
Act, 1956, read with the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988 is given in Annexure 'A'
and forms part of the Report.
9. Foreign Exchange Earnings and Outgo:
The Company's has no foreign exchange earnings during the year was
Rs.179.57 Lacs. The Company incurred foreign exchange outgo amounting
to Rs.377.98 Lacs during the year.
10. Acknowledgements:
Your Directors thank the Company's clients, vendors, investors and
bankers for their continued support during the year. Your Directors
place on record their appreciation of the contribution made by
employees at all levels.
For and on behalf of the Board of Directors
RUPINDER SINGH ARORA
Chairman
Mumbai, Dated : 17th June, 2011.
Corporate Office:
Arora House, 16, Golf Link,
Union Park, Khar (West),
Mumbai- 400 052.
Mar 31, 2010
The Directors present before you the Seventeenth Annual Report
together with the Audited Statement of Accounts of the Company for the
year ended 31st March, 2010.
2009-2010 2008-2009
Rupees Rupees
FINANCIAL RESULTS:
Profit/(Loss) before Finance Charges,
Depreciation and Taxation 1,19,14,499 (1,68,03,713)
Less: Interest 77,43,913 71,16,435
Profit/(Loss) before
Depreciation and Taxation 41,70,586 (2,39,20,148)
Less: Depreciation 62,19,397 82,13,183
Profit/(Loss) before Extra Ordinary Item (20,48,811) (3,21,33,331)
Less: Current Tax - -
Fringe Benefit Tax - 1,57,092
Deferred Tax - -
Profit/(Loss) after Tax (20,48,811) (3,22,90,423)
Brought forward Loss from previous year (17,18,41,961) (13,95,51,538)
Balance carried to Balance Sheet (17,38,90,772) (17,18,41,961)
DIVIDEND:
The Board of Directors regrets their inability to declare dividend in
view of carried forward loss and loss for the year.
WORKING:
The Company has suffered a loss of Rs. 20,48,811/-. The carried forward
loss is Rs. 17,38,90,772/- as against Rs. 17,18,41,961/- brought
forward from previous year. The Company has made a cash profit of
Rs.41,70,586/- during the year against cash loss of Rs. 2,39,20,148/-
during the previous year.
Management Discussion and Analysis Report:
Based on the Order of the Honorable CESTAT Northern Bench the Company
has stopped charging the Excise Duty on the Finished Products. This has
resulted in Company posting a cash profit.
Your Company is adding capacity by installing new machinery which will
not only increase the production but will also bring down the cost per
unit.
The BIFR declared the Company a Sick Unit on 2nd July, 2009. The
Company has submitted a Rehabilitation Scheme to BIFR and expects the
approval for the same very soon.
1. Directors Responsibility Statement
Your Directors confirm:
(i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed;
(ii) that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that 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 ended 31st
March, 2010 and of the loss of the Company for that year;
(iii) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) that the Directors have prepared the annual accounts on a going
concern basis.
2. Corporate Governance
As per clause 49 of the Listing Agreement with The Stock Exchange, a
detailed Corporate Governance Report is annexed to the Directors
Report.
3. Audit Committee
The Audit Committee consists of Shri Navin Marwah, with financial and
accounting knowledge as Chairman and Shri S. M. Gupta and Shri
R.S.Arora as members. Shri Navin Marwah & Shri S.M.Gupta are
independent directors with independent judgment in the deliberation and
decisions of the Board.
4. Directors
Shri Navin Marwah retires by rotation and, being eligible, offers
himself for re-appointment.
5. Auditors Report
The observations of the Auditors are self explanatory.
6. Auditors
M/s A.M. Joshi & Co. the retiring Auditors have shown unwillingness to
continue as Auditors of the Company due to other pressing commitments.
It is therefore proposed to appoint M/s. A.T. Jain & Co., Chartered
Accountants as Auditors for the current year. M/s. AT. Jain & Co. have
informed that they are willing to act as Auditors, if appointed.
7. Particulars of Employees
The particulars of employees required to be given under provisions of
Section 217 (2A) of the Companies Act, 1956 - NIL.
8. Conservation of Energy
The information required under Section 217 (1) (e) of the Companies
Act, 1956, read with the Companies (Disclosure of Particulars in the
Report of the Board of Directors) Rules, 1988 is given in Annexure A
and forms part of the Report.
9. Foreign Exchange Earning and Outgo:
The Company has no foreign exchange earnings during the year. The
Company incurred foreign exchange outgo amounting to
Rs.1,17,00,552/-during the year.
10. Acknowledgements:
Your Directors thank the Companys clients, vendors, investors and
bankers for their continued support during the year. Your Directors
place on record their appreciation of the contribution made by
employees at all levels.
For and on behalf of the Board of Directors
RUPINDER SINGH ARORA
Chairman
Mumbai, Dated : 21st May, 2010.
Corporate Office :
Arora House, 16, Golf Link,
Union Park, Khar (West),
Mumbai-400 052.