Mar 31, 2009
The Directors have pleasure to present the 17th Annual Report along
with audited accounts of the Company for the period ended 31 st March,
2009.
FINANCIAL DATA
Rs. Rs.
Current Year Previous Year
(2008-2009) (2007-2008)
Total Revenue 6.38,130,772 718,467,536
Profit before interest,
Depreciation and tax 15,583,441 142,762,22
Less: interest(net 106,174,495 67,853,647
-Depreciation 15,492,221 10,808,682
Profit/Loss before tax (187,631,650) 64,099,900
Less:- Provision for tax (6,888,846) 12,980,441
Profit/(Loss) after tax (180,742,804) 51,119,459
Add:-Excess Provision for Tax
of earlier year (s)
written back - (3,525,545)
Profit/(Loss) carried to the
Balance Sheet (180,742,804) 47,593,914
BUSINESS REVIEW:
MANUFACTURING:
As the members are aware, your Company is in the business of
manufacturing and trading of paint brushes etc. Due to global recession
which has grossly affected the housing, infrastructure and reality
sector in the economy has in turn, negatively impacted the
manufacturing business line of the Company during the last fiscal. Your
directors would like to inform you that the management is hopeful and
positive that the Company would definitely do better in the coming
period(s) as the markets globally is now showing signs of economic
recovery.
Your Company is ope rationalizing through its manufacturing plant in
Pantnagar, Uttarakhand and is the leading paint brush manufacturing
Company in India. The management is realigning its manufacturing
expansion plans in the light of present economic condition and would
take suitable decisions in the best interest of the Company.
TRADING DIVISION
In the trading division your Company has deferred its plan(s) of
expansion as the global recession has majorly effected the retail
sector. Your Company holds the distributor rights for leading brands of
the world in trading segment and hopeful that this business line would
revive soon as the market is recovering and demand for niche products
is picking up.
COMPANY BRANDED SALONS /ACADEMIES:
Your Directors wish to inform you that due to global recession and
current slowdown in the market the management had during the year
decided to close down the operations of the following salons due to
high rentals and other input costs which had contributed towards their
operational unviability in the current scenario. Following is the
details of the salons/academies which have been closed down:
o Keune the salon at Infinity Towers, DLF Phase III, Gurgaon
o Keune the salon at MGF City Centre Mall, Rajouri Garden, New Delhi
o Keune the salon at TDI Mall, Rajouri Garden, New Delhi
o Keune the salon at North Square Mali, Pitampura, New Delhi-110034
o Scratch the Academy at IIIrd Floor, E-5, Part-II, R.K Jewellers
Building, New Delhi-110048
Your directors wish to inform you that following salons/academies are
operational as on date: o Keune the salon at Greater Kailash -1 (M
Block market), New Delhi o Keune the saton at MGF Metropolitan Mall,
Gurgaon, Haryana, o Keune the salon at J-12/I4, Rajouri Garden, New
Delhi o Keune the salon at Mariplex Mall, Kalyani Nagar, Putie
o Keune The Academy, E-5, South Extension, Part-II. IInd Floor,
R.K.Jewellers Building, New Delhi-110048
BROADBASING OF EQUITY CAPITAL
Your Company has duly cancelled 35,50,000 convertible warrants of Rs.
325 per warrant on 21.52.2008 on which Rs. 12.50 per warrant has been
paid. The Company has forfeited the paid up amount of Rs. 12.50 per
warrant on 35,50,000 convertible warrants and transferred the amount to
reserve.
Your Company has duly got in principle, listing and trading approval
from the respective stock exchange(s) for listing of 39,10,000
underlying equity shares in regard to GDR issue of USD 12 million dt.
31.7.2008.
Your directors confirm that the increase in paid up equity share
capital took place in accordance with and in conformity to SEB1
Guidelines and DSE directives.
TRADING OF EQUITY SHARES
The Equity shares of your Company are traded at Bombay Stock Exchange
(BSE) under the Indonext portal and are listed on Delhi Stock Exchange,
Madras Stock Exchange, Cochin Stock Exchange, Calcutta Stock Exchange,
Ahmedabad Stock Exchange respectively..
DIVIDEND
The Board of Directors of your Company have not recommended any
dividend for the year ended 31st March 2009.
DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company, Mr. R. N, Suri retire by
rotation at the ensuing Annual General Meeting and is eligible for
reappointment.
Mr. Rohit Sood has been appointed as wholetime director of the Company
w.e.f. 13.2.2009.
During the year Mr. Pawan Sabharwal and Mr. Sundeep Chhabra has
resigned as director of the Company w.e.f. 6th September, 2008. The
Board of Directors show their sincere appreciation for the services
given by Mr. Pawan Sabharwal and Mr. Sundeep Chhabra during their
tenure.
Mr. Anuj Chowdhry has resigned as director of the Company w.e.f.l0th
December 2008. The Board of Directors show their sincere appreciation
for the services given by Mr. Anuj Chowdhry during his tenure.
Mr. V Swaminathan has been appointed as additional director of the
Company w.e.f 29.12.2008
Mr. Dinesh Gulati has resigned as director of the Company w.e.f. 13th
February 2009. The Board of Directors show their sincere appreciation
for the services given by Mr. Dinesh Gulati during his tenure.
FIXED DEPOSITS
The Company has not accepted any deposit covered by Companies
(Acceptance of Deposit) Rules, 1975 during the year under review.
AUDITORS
M/s Saxena & Saxena, Chartered Accountants, who had been the auditors
of the Company, have confirmed their eligibility to be re-appointed as
Auditors of the Company at the ensuing Annual General Meeting. The
Board of Directors recommends re-appointment of M/s Saxena & Saxena,
Chartered Accountants, as Auditors of the Company for the approval of
the Members and to fix their remuneration.
OPPORTUNITIES, THREATS AND FUTURE OUTLOOK
Your Company is well poised to expand its operations and performance in
accordance with its business plan. Your Company will explore
possibilities for new business opportunities. The overall economic
scenario continues to be subdued in the short term perspective and as
such, till the overall economy gets an upward momentum the pressure on
yield would remain. However the Budget of 2009-10 has provided various
stimuli for industrial growth in the country and various measures
announced are expected to provide positive impact on many industrial
sectors in the country.
HUMAN RESOURCES
One of the biggest challenges faced by any organization is talent
acquisition and retention, Depending on the competencies required
potential employees are sources from various sectors. To attract and
motivate the best of talent, we create a congenial work environment
that rewards and recognizes our performers.
Brushman firmly believes that its human resources are the key to
business success. We promote a culture that is open and performance
driven built on fostering interdependence, commitment and excellence.
In our vision to live upto the aspirations of our employees and
customer base we are creating an environment where all its employees
can fulfil their dreams along with meeting organizational objectives.
BUSINESS AND QUALITY EXCELLENCE
During the year to broaden and deepen the quality journey across the
organization we have deployed full -time quality resources to functions
like marketing, HR, Legal, Finance and Accounts, Public Relations and
Corporate Communication and IT.
Brushnmit would strive to instil trust in its valued customers,
employees, stakeholders, government agencies, foreign principals and
suppliers, bankers and various other agencies associated with it. Your
Company would provide par excellence service to its customers which
would in turn to unprecedented growth of the Company in the years to
come.
Quality is of paramount importance and your Company strives to further
improve our systems and processes. We arc constantly checking the
quality processes with the reality checks and we are providing training
to our new employees to build an overall quality culture rather than
creating processes that just meet certification requirements,
SUBSIDIARY COMPANIES
During the year under review your Company has following subsidiaries:
1. Bodyline International Private limited
2. High Street Lifestyle Brands Limited
3. Headstart Fashions Limited
4. Scratch Nails Limited
5. Toni & Guy (India) Limited
6. Spaone Beauty and Wellness Limited
DIRECTORS RESPONSIBILITY STATEMENT
As required under section 217 (2AA) of the Companies Act, 1956 your
Directors state:
(i) That in preparation of the Annual Accounts the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
(ii) we 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 2008-2009 and of the
profit or loss of the company for that period;
(iii) we 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) we have prepared the annual accounts on a going concern basis.
PARTICULARS OF EMPLOYEES
As required by the provisions of Section 217(2A) of the Companies Act,
1956 read with Companies (Particulars of Employees) Rules 1975, there
are no employees in your Company whose names are to be mentioned in the
Directors report.
Form - B: Particulars with respect to Technology Absorption
A. Technology Absorption
I. Efforts in brief towards Technology Adoption and Innovation
Localization of Inner parts of Paint Brushes, Developed in house
development of paint brushes:
plastic handles instead of wooden handles.
use of mono filament instead of Animal Hair.
2. Benefits derived as a results of above efforts e.g. Product
Improvement, Cost Reduction, Product Development, Import Substitution
etc,
Cost Effectiveness Uninterrupted Supply of Finished Goods New Developed
Product(s) are more quality efficient and standardized.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A separate report on Management Discussion and Analysis is attached as
a part of this Report.
REPORT ON CORPORATE GOVERNANCE
A separate report on Corporate Governance is attached as a part of this
Report.
ACKNOWLEDGEMENT
The Directors place on record their appreciation for the faith and
trust reposed by the Bankers, Shareholders and all other business
associates. The directors wish to thank their principals, viz. Denman
International Ltd., U.K. and Keune Hairecosmetics, Holland for their
continued support, guidance and commitment to Indian market and
investment in the equity of your Company. Your directors also wish to
thank alt those individuals/entities/corporate bodies/financial
institutions, who have invested in the equity of your Company and have
reposed their faith in the management and the vision of the management.
The Directors also appreciate the support and contributions made by the
employees during the year.
On behalf of the Hoard
FOR BRUSHMAN (INDIA) LIMITED
Place; New Delhi
Date: 01.09.2009
KAPIL KUMAR ROHIT SOOD
MANAGING DHtECTOR WHOLETIME DIRECTOR
Mar 31, 2000
The Directors have pleasure in presenting its Eighth Annual Report,
together with the Audited Accounts of the Company for the year ended
31st March, 2000.
Financial Results : (Rs. in lacs)
Particulars Year Ended Year Ended
31.3.2000 31.3.99
Net Sales 415.17 323.10
Profit before Depreciation & Taxation 13.70 (0.68)
Depreciation 4.28 2.53
Profit before Taxation 9.42 (3.21)
Provision for Taxation 1.20 -
Net Profit 8.22 (3.21)
Dividend:
Your Directors do not recommend any dividend for the year ended on
31.3.2000 due to further requirement of funds for the working of the
company.
Fixed Deposits:
Your Company has not accepted any Fixed Deposits from public during the
year.
Auditors Report:
The notes on the statement of accounts referred to the Auditors have
been suitably explained by way of notes to the accounts.
Particulars of Employees:
There is no employee with the Company whose particulars are required to
be disclosed under Section 217 (2A) of the Companies Act, 1956 read
with Companies (particulars of employees) Rules, 1975
Conservation of Energy, Technology Absorption & Foreign Exchange
Earnings & Outgo :
A. Conservation of Energy
Power factor is being monitored continuously and load distribution is
being properly organised.
B. The Company is not using imported technology, however emphasis is
on continuous improvement of quality & Development of new skills of
production indigenously.
C. Foreign Exchange Earnings & Outgo.
During the year 1999-2000 the company has earned Rs. Nil and spend Rs.
2,85,000/- on foreign travel.
Directors:
In accordance with the provisions of the Companies Act, 1956 and
Articles of Association of the Company, Smt. Komal Gulati retires by
rotation and being eligible offers herself for re-appointment.
Auditors:
Your Companys auditors M/s MEHRA WADHWA & Co., Chartered Accountants
are not re-appointed and in their place M/s Saxena & Sexena, Chartered
Accountants be appointed. The retiring Auditors have informed the
Company that they have no representation to make for notifying the
members of the Company relating to the special Notice, M/s Saxena &
Sexena, Chartered Accountants being eligible, offer themselves for
appointment.
Listing of Shares:
Your Companys share are listed in Delhi Stock Exchange only, As you
had already passed the resolution for delisting of shares from
Ahmedabad, Calcutta, Cochin and Madras Stock Exchange. The formal
delisting is still awaiting from these Stock Exchanges.
Acknowledgment:
The Directors express their gratitude to the Banks and various other
Government agencies for the co-operation extended to the company. The
Directors also wish to place or record their sincere appreciation for
the co-operation of the workers and staff members of the company at all
levels.
By Order of Board
for BRUSHMAN (INDIA) LIMITED
Sd/-
KAPIL KUMAR
CHAIRMAN
Place : NEW DELHI
Dated : 1st SEPTEMBER,2000
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