Mar 31, 2013
TO, The Member of PACHELI ENTERPRISES LIMITED
The Directors present herewith their Annual Report of the Company
together with the Audited Annual Accounts of the Company for the year
ended 31st March, 2013.
1) FINANCIAL PERFORMANCE:
During the year the Company has gained a profit of Rs.3,40,639/-.
2) DIVIDEND:
With a view to conserve resources for the future expansion plans of the
Company, your Directors do not recommend any dividend for the year
ended 31st March, 2013.
3) FUTURE OUTLOOK:
The Company is looking for new business opportunities and planning to
explore the core areas of business.
4) CAPITAL RESTRUCTURING THROUGH CAPITAL REDUCTION a PREFERENTIAL
ALLOTMENT:
During the year under review, pursuant to the approval of shareholders
and approval of Hon''ble High Court vide its order dated 14th
September, 2012 for arrangement ,for reconstruction/ restructuring of
capital of the Company , the paid up capital of the Company has been
reduced from Rs.4,14,00,000/- divided into 41,40,000 Equity Shares of
Rs.10 each fully paid to Rs. 16,56,000 divided in to 1,65,600 Equity
Shares of Rs.10 each fully paid which capital had been lost and is
unrepresented by the available assets and to effect such Reduction by
setting off its Accumulated Losses in the Profit and Loss Account to
the extent of Rs. 3,97,44,000/- and further by way of issuing and
allotting 40,00,000 (Forty Lakhs) Equity Shares of the Company having
face value of Rs. 10.00 (Rupees Ten) each at a price of Rs. 10/-
(Rupees Ten) per equity share. Total Paid up Capital post restructuring
stood at Rs. 4,16,56,000/- as on 31st March 2013.
5) DIRECTOR''S RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to the Directors'' Responsibility Statement, it
is hereby confirmed that
(i) In the preparation of Annual Accounts for the financial year ended
31st March 2013, the applicable Accounting Standards had been followed
along with proper explanation relating to material departures.
(ii) The directors had selected such accounting policies and applied
them and made judgments and estimates that were reasonable and prudent
so as to give a true and fair view of the state of affairs of the
Company at the end of the financial year and of the profit or loss of
the Company for the year under review.
(iii) The directors had 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 fraud and other irregularities.
(iv) The directors had prepared the accounts on a going concern basis.
6) DIRECTORS:
Mr. Amrit Gandhi, as Director of the Company, who retires by rotation
and being eligible offers himself for re-appointment.
Ms. Vidya Chalke, as Director of the Company, who retires by rotation
and being eligible offers herself for re-appointment.
Mr. Padamchand Dhoot, Director of the Company retires by rotation has
expressed his unwillingness to get re-appointed.
7) AUDITOR''S OBSERVATIONS I QUALIFICATIONS :
The report of the Auditors of the Company for the year under reference
is self explanatory and do not call for any comments from Director.
8) DEPOSITS:
During the year under review, the Company did not accept any deposit
from the public within the meaning of Section 58Aof the Companies Act,
1956 read with the Companies (Acceptance of Deposits) Rule, 1975 as
amended.
9) AUDITORS:
M/s. Gowadia & Co., Chartered Accountants, as auditors of the Company
retire at the ensuing Annual General Meeting of the Company and being
eligible for re-appointment have offered themselves for re- appointment
M/s. Gowadia & Co., Chartered Accountants have confirmed that the
appointment, if made, will be in accordance with the limits prescribed
under Section 224(1 B) of the Companies Act, 1956.
10) PARTICULAR OF EMPLOYEES :
Pursuant to Section 217(2A) of the Companies Act, 1956, read with the
Companies (Particulars of Employees) Rules, 1975 as amended, your
Company has no person in its employment drawing salary within the
monetary ceiling prescribed under section 217 (2A) of the Companies
Act, 1956.
11) CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO:
There is no manufacturing or trading activities of the company. Further
there was no foreign exchange earnings and outgo during the year under
review. Hence, your directors have nothing to report under this head.
12) CORPORATE GOVERNANCE :
The disclosures as required under the Corporate Governance standards
have been furnished as a part of this report. The Company has been
practicing the principles of good corporate governance. In addition to
basic governance issues, the Board lays strong emphasis on
transparency, accountability and integrity.
13) LISTING OF SHARES:
The shares of the Company are listed at The Bombay Stock Exchange
Limited, Mumbai and applicable listing fees have been paid within the
prescribed time limits.
14) ACKNOWLEDGEMENT:
We would like to thank the shareholder & customers for showing their
confidence, patience and support.
The Board would like to place on record its appreciation and thanks to
the Investors, Customers, Suppliers and Bankers for their support,
co-operation, guidance and the confidence reposed on the Company.
(FOR AND ON BEHALF OF THE BOARD)
For Pacheli Enterprises Ltd.
sd/-
Amrit Ghandhi
Director
Place : Mumbai
Dated : 30th May, 2013
Mar 31, 2012
To, The Members of Pacheli Enterprises Limited
The Directors present herewith their Annual Report of the Company
together with t Audited Annual Accounts of the Company for the year
ended 31st March, 2012.
FINANCIAL PERFORMANCE:
During the year the Company has gained a profit of Rs. 34,358/-.
DIVIDEND
The Directors do not recommend any dividend for the year ended 31st
March, 2012.
FUTURE OUTLOOK:
The Company is looking for new business opportunities and planning to
explore the core areas of business.
DIRECTOR,S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to the Directors, Responsibility Statement, it
is hereby confirmed that
(i) In the preparation of Annual Accounts for the financial year ended
31st March 2012, the applicable Accounting Standards had been followed
along with proper explanation relating to material departures;
(ii) The directors had selected such accounting policies and applied
them and made judgments and estimates that were reasonable and prudent
so as to give a true and fair view of the state of affairs of the
Company at the end of the financial year and of the profit or loss of
the Company for the year under review;
(iii) The directors had 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 fraud and other irregularities;
(iv) The directors had prepared the accounts on a going concern basis.
DIRECTORS
Mr. Vijay Pandhere, as Director of the Company, who retires by rotation
and being eligible offers himself for re-appointment.
Mr. Brijesh Maurya, as Director of the Company, who retires by rotation
and being eligible offers herself for re-appointment.
Mr. Ramesh Khetan, was appointed as Additional Director of the Company
with effect from July 31, 2012 and Mr. Ramavtar Shekhavat has resigned
from the Company with effect from July 31, 2012 as a Director of the
Company.
AUDITOR,S OBSERVATIONS / QUALIFICATIONS:
The report of the Auditors of the Company for the year under reference
is self explanatory and do not call for any comments from Director.
DEPOSITS:
During the year under review, the Company did not accept any deposit
from the public within the meaning of Section 58A of the Companies Act,
1956 read with the Companies (Acceptance of Deposits) Rule, 1975 as
amended.
AUDITORS:
M/s. Shyam C. Agrawal & Co., Chartered Accountants, as auditors of the
Company retire at the ensuing Annual General Meeting of the Company and
being eligible for re-appointment have offered themselves for
re-appointment
M/s. Shyam C. Agrawal & Co., Chartered Accountants have confirmed that
the appointment, if made, will be in accordance with the limits
prescribed under Section 224(1B) of the Companies Act, 1956.
PARTICULAR OF EMPLOYEES
Pursuant to Section 217(2A) of the Companies Act, 1956, read with the
Companies (Particulars of Employees) Rules, 1975 as amended, your
Company has no person in its employment drawing salary within the
monetary ceiling prescribed under section 217 (2A) of the Companies
Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO:
There is no manufacturing or trading activities of the company. Your
directors have noting to report under this head.
CORPORATE GOVERNANCE:
The disclosures as required under the Corporate Governance standards
have been furnished as a part of this report. The Company has been
practicing the principles of good corporate governance. In addition to
basic governance issues, the Board lays strong emphasis on
transparency, accountability and integrity.
LISTING OF SHARES:
The shares of the Company are listed at The Bombay Stock Exchange
Limited, Mumbai and applicable listing fees have been paid within the
prescribed time limits. During the year the Bombay stock Exchange had
revoked the suspension of the securities from trading and now the
securities are available for trading.
COMPLIANCE CERTIFICATE:
As required under section 383 A of the Companies Act, 1956, the Company
has obtained a Compliance Certificate from a Practicing Company
Secretary is annexed to this Annual Report.
ACKNOWLEDGEMENT:
We would like to thank the shareholder & customers for showing their
confidence, patience and support.
The Board would like to place on record its appreciation and thanks to
the Investors, Customers, Suppliers and Bankers for their support,
co-operation, guidance and the confidence reposed on the Company.
For and on behalf of the Board
For PACHELI ENTERPRISES LIMITED
Sd/- Sd/-
Managing Director Director
Place: Mumbai
Date: August 31, 2012
Mar 31, 2011
To The Members of Pacheli Enterprises Limited
The Directors present here by their Annual Report of the Company
together with the Audited Annual Accounts of the Company for the year
ended 31st March, 2011.
FINANCIAL PERFORMANCE:
During the year the Company has gained a profit of Rs.61,000.
DIVIDEND
The Directors do not recommend any dividend for the year ended 31st
March, 2011.
CHANGE OF NAME AND OBJECTS OF THE COMPANY
During the year the Company has changed its name from Mandsaur Ferro
Alloys Limited to Pacheli Enterprise Limited pursuant to the change in
the objects clause of the Memorandum of Association of the Company.
SH5FTING OF REGISTERED OFFICE OF THE COMPANY
The Company has shifted the registered office from the State of Madhya
Pradesh to the State of Maharashtra vide the Company Law Bench, Madhya
Pradesh order dated 30th June, 2011. Presently the registered office is
situated under the jurisdiction of the Registrar of Companies, Mumbai,
Maharashtra.
FUTURE OUTLOOK:
The intention of the new promoters is to enter into new line of
business of Providing Loan for Housing and Business Purposes for which
the strategy and plans are being put in place. Members will be briefed
about the same as and when the same take concrete shape.
DIRECTOR''S RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to the Directors'' Responsibility Statement, it
is hereby confirmed that
(i) In the preparation of Annual Accounts for the financial year ended
31M March 2011, the applicable Accounting Standards had been followed
along with proper explanation relating to material departures;
(ii) The directors had selected such accounting policies and applied
them and made judgments and estimates that were reasonable and prudent
so as to give a true and fair via the state of affairs of the Company
at the end of the financial year and of the profit to the company for
the year under review;
(iii) The directors had 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 other irregularities;
(iv) The directors had prepared the accounts on a going concern basis.
DIRECTORS
Mr. Santosh Mohite, as Director of the Company, who retires by rotation
and being eligible offers himself for re-appointment.
Mrs. Vidya Chalke, as Director of the Company, who retires by rotation
and being eligible offers herself for re-appointment.
AUDITOR''S OBSERVATIONS/QUALIFICATIONS:
The report of the Auditors of the Company for the year under reference
is self explanatory and do not call for any comments from Director.
DEPOSITS:
During the year under review, the Company did not accept any deposit
from the public within the meaning of Section 58A of the Companies Act,
1956 read with the Companies (Acceptance of Deposits) Rule, 1975 as
amended.
AUDITORS:
M/s. Shyam C. Agrawal & Co., Chartered Accountants, Mumbai, as auditors
of the Company retire at the ensuing Annual General Meeting of the
Company and being eligible for re-appointment have offered themselves
for re-appointment
M/s. Shyam C. Agrawal & Co., Chartered Accountants have confirmed that
the appointment if made, will be n accordance with the limits
prescribed under Section 224(1 B) of the Companies A,,:, 1956.
PARTICULAR OF EMPLOYEES
Pursuant to Section 217(2A) of the Companies Act, 1956, read with the
Companies (Particulars of Employees) Rules, 1975 as amended, your
Company has no person in its employment drawing salary within the
monetary ceiling prescribed under section 217 (2A) of the Companies
Act, 1956.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO:
There is no manufacturing or trading activities of the company. Your
directors have noting to report under this head.
CORPORATE GOVERNANCE:
The disclosures as required under the Corporate Governance standards
have been furnished as a part of this report. The Company has been
practicing the principles of good corporate governance. In addition
to basic governance issues, the Board lays strong emphasis on
transparency and ability and integrity.
LISTING OF SHARES:
The shares of the Company are listed at The Bombay Stock Exchange
Limited, Mumbai and Madhya Pradesh Stock Exchange applicable listing
fees have been paid within the prescribed time limits._ The trading
in shares of the Company is suspended. Management is taking due efforts
regularize the compliances so that trading of the shares of the Company
commences.
ACKNOWLEDGEMENT:
We would like to thank share holder & customers for showing their
confidence, patience and support.
The Board would like to place on record its appreciation and thanks to
the Investors, Customers, Suppliers and Bankers for their support,
co-operation, guidance and the confidence reposed on the Company.
For and on behalf of the Board
For PACHELI ENTERPRISES LIMITED
Sd/-
Chairman
Place: Mumbai
Date : 29th July, 2011
Mar 31, 2010
The Directors present herewith their Annual Report of the Company
together with the Audited Annual Accounts of the Company for the year
ended 31st March, 2010.
FINANCIAL PERFORMANCE:
During the year the Company has suffered a loss of Rs. 18,25,324.
DIVIDEND
The Directors do not recommend any dividend for the year ended 31 st
March, 2010.
PROSPECTS IN THE COMING YEAR:
With the induction of new Directors on the Board, the Company is
proposing to enter into new areas of business such as Trading in
various goods and commodities, entering into Infrastructure ventures
with the associate companies. The existing market is prospective in the
Trading and Infrastructure activities and the Company will take the
benefit by utilizing its resources in optimum level.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to the Directors Responsibility Statement, it
is hereby confirmed:
(i) that in the preparation of Annual Accounts for the financial year
ended 31st March 2010, 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 and made judgments and estimates that were reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year and of the profit or loss
of the Company for the year under review;
(iii) that the directors had 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 fraud and other irregularities;
(iv) that the directors had prepared the accounts on a going concern
basis.
DIRECTORS
During the year, the Board had appointed Shri. Padamchand Dhoot, Shri.
Santosh Mohite, Smt. Vidya Chalke, Shri. Ramavtar Shekhawat, Shri.
Vijay Pandhere and Shri. Brijesh Mourya as an Additional Directotrs on
the Board.
During the year, the Company had appointed Shri. Padamchand Dhoot as a
Managing Director w.e.f. 17th August, 2010 subject to the approval of
the members and such other authorities as may be required.
Retirement of Director :
Mr. Suneel Parikh, Mr. Navneet Parikh, Mr. Vinod. K Jain and Mr. Pankaj
Jain, who retires by rotation and in respect of change in control of
management of the Company, they does not offer themselves for
re-appointment.
AUDITORS OBSERVATIONS/QUALIFICATIONS:
The report of the Auditors of the Company for the year under reference
is self explanatory and do not call for any comments from Director.
DEPOSITS:
During the year under review, the Company did not accept any deposit
from the public within the meaning of Section 58A of the Companies Act,
1956 read with the Companies (Acceptance of Deposits) Rule, 1975 as
amended.
AUDITORS:
In terms of provisions of the Companies Act, 1956, members are
requested to appoint the Auditors of the Company.
PARTICULAR OF EMPLOYEES:
Pursuant to Section 217(2A) of the Companies Act, 1956, read with the
Companies (Particulars of Employees) Rules, 1975 as amended, your
Company has no person in its employment drawing salary within the
monetary ceiling prescribed under section 217 (2A) of the Companies
Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO:
There is no manufacturing or trading activities of the company. Your
directors have noting to report under this head.
CORPORATE GOVERNANCE:
The disclosures as required under the Corporate Governance standards
have been furnished as a part of this report. The Company has been
practicing the principles of good corporate governance. In addition to
basic governance issues, the Board lays strong emphasis on
transparency, accountability and integrity.
LISTING OF SHARES:
The shares of the Company are listed at The Bombay Stock Exchange
Limited, Mumbai and applicable listing fees have been paid within the
prescribed time limits.
ACKNOWLEDGEMENT:
Your Directors wish to place on record their appreciation for the
continued support from the Shareholders, Investors, Customers,
Suppliers and Bankers. Your Directors place on record their
appreciation of the consistent contribution made by employees at all
levels through their hard work, dedication, solidarity cooperation and
acknowledge that their supports had enabled the Company to achieve new
heights of success.
For and on behalf of the Board
Managing Director
Place: Mumbai
Date : 17th August, 2010
Mar 31, 2002
Your Directors have the pleasure in presenting their thirteenth Annual
Report together with the Audited Accounts for the year ended 31st
March, 2002.
FINANCIAL RESULTS :
For the Year For tee Year
ended 31.3.2002 ended 31.3.2001
(Rs. In Lacs) (Rs. In Lacs)
1. Sales & Other Income - 2.59
2. Gross Profit before interest
Depreciation and Taxes (-)4.14 (-)3.85
3. Interest 0.01
4. Depreciation - 22.67
5. Net Profit before taxes (-)4.15 (-)26.52
6. Net Profit after taxes
(Carried to Balance Sheet) (-)4.15 (-) 26.52
7. Loss on Auction Sale of
Fixed Assets by M.P.E.B. 135.89
8. Net Loss for the year 140.04 26.52
The companys plant has remained closed throughout the year. The entire
assets of the company including land, building and all moveeble and
immovadle assets had been seized by the M.P. Electricity Board against
to dues under dispute. All the Assets have since been auctioned on
25.5.2001 fora consideration of Rs. 45.00 Lacs (Rs. Fourty five lacs
only). The company has lodged protest against the said auction under
advice of its legal advisor and is taking legal action in the matter.
As a result of the sale of the companys Assets as mentioned above the
company has suffered a great set back. A civil suit has since been
filed in the District Court at Mandsaur against the auction sale of the
Companys Assets carried out bye the M.P. Electricity Board.
DIVIDEND:
In view of the losses and circumstances mentioned above your directors
regret their inability to declare any dividend for the year.
PUBLIC DEPOSITS :
The company has neither invited nor accepted any deposits from the
public during the year.
DIRECTORS:
Shri Pankaj Jain retires by rotation and is eligible for reappointment.
PARTICULARS OF EMPLOYEES:
No employee was in receipt of remuneration during the year reqruired to
be disclosed under section 217 (2A) of the companies Act, 1956.
PARTICULARS U/S 217 (1) (E) OF THE COMPANIES ACT, 1956
The particulars to be disclosed as required U/s 217 (1) (e) of the
Companies Act, 1956 read with Disclosure of particulars in the Report
of the Board of Directors Rules, 1988 are detailed in annexure to this
report.
AUDITORS:
You are requested to appoint auditors and fix their remuneration. The
retiring auditors M/s C.H Padliya & Co. are eligible for reappointment.
DIRECTORS RESPONSIBILITY STATEMENT U/S 217 (2AA) OF THE COMPANIES ACT,
1956
As required under provisions of section 217 (2AA) of the companies act,
1956, your directors have to state: (I) That in the preparation of the
annual accounts, the applicable accounting standards had been followed
alongwith proper explanation relating to material departures.
(II) that the directors had selected such accounting policies and
applied them consistently and made judgements 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 the
profit or loss of the company for that period.
(III) that the directors had taken proper and sufficient care for the
maintainance of adequats 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 had prepared the annual accounts on a going
concern basis.
There being no business activity being carried out by the company
corporate governance report Is not furnished.
FOR & ON BEHALF OF THE BOARD
PLACE: BOTALGANJ,
DISTT. MANOSAUR (M.P.) (V.K. JAIN)
DATED: 13TH AUGUST, 2002 (CHAIRMAN & MANAGING DIRECTOR.)
ANNEXURE TO DIRECTORS REPORT FOR THE YEAR 2001-2002 PARTICULARS U/S 217
(1) (E) OF THE COMPANIES ACT, 1956
(A) CONSERVATION OF EMERGY
(A) ENERGY CONSERVATION MAEASURS TAKEN.
The Company plant remained closed throughout the year.
(B) ADDITIONAL INVESTMENT AND PROPOSALS, IF ANY, BEING IMPLEMENTED FOR
REDUCTION OF CONSUMPTION OF ENERGY.
The companys plant has since been closed.
(C) IMPACT OF MEASURES (A) AND (B) ABOVE FOR REDUCTION OF ENERGY
CONSUMPTION AND CONSEQUENT IMPACT ON THE COST OF PRODUCTION OF GOODS.
No production activity during the year.
(D) TOTAL ENERGY CONSUMPTION AND ENERGY CONSUMPTION PER UNIT OF
PRODUCTION POWER AND FUEL CONSUMPTION
Current Year 31.03.2001 Previous Year
31.03.2000
1. Electricity
(a) Purchased Units (In lacs) Nil Nil
Total Amount (Rs. in lacs) Nil Nil
Rate per Unit (Rs.) Nil Nil
(b) Own Generation:
i)Through Diesel Generator Unit Nil Nil
Unit per Itr. of Diesel Oil Nil Nil
Cost per Unit Nil Nil
ii)Through steam turbine/generator units Nil Nil
Units per ltr. of Fuel Oil/Gas Nil Nil
Cost per Unit Nil Nil
2. Coal
Quantity (Tonnes) Nil Nil
Total Cost Nil Nil
Average Rate Nil Nil
3. Fumace Oil
Quantity (K.ltrs) Nil Nil
Total Cost Nil Nil
Rate/Unit Nil Nil
4. Other Internal Generation
Quantity Nil Nil
Rate/Unit Nil Nil
CONSUMPTION PER UNIT OF PRODUCTION
Product: Ceramic Tiles Nil Nil
Electricity (Units Per M. Ton) Nil Nil
Kerosene Oil (Litre per M. Ton) Nil Nil
Coal Nil Nil
Other Nil Nil
(B) TECHNOLOGY ABSORPTION
Research and Development (R&D)
1. Specific areas in which R&D carried out by the Company The Company
has not carried out R&D activity during the year.
2. Benefits derived as a result of the above R&D Not applicable
3. Future Plan of action. The Company does hot have any future plans
as at present.
4. Expenditure on R & D
(a) Capital Nil Nil
(b) Recurring Nil Nil
(c) Total Nil Nil
(d) Total R&D Expenditure as a percentage
of total turnover Nil Nil
Technology Absorption, Adaptation and Innovation
1. Efforts, in brief, made towards technology Nil Nil
absorption, adoption and innovation
2. Benefits derived as a
result of the above Not applicable Not applicable
efforts, e.g. product development import
substitution etc.
3. In case of imported
technology (Imported The Company has not imported any
during the last 5 years
reckoning from the technology so far.
financial year.)
Following information may be furnished.
(a) Technology imported Not applicable Not applicable
(b) Year of import Not applicable Not appficable
(c) Has technology been fully absorbed Not applicable Not applicable
(d) If not fully absorbed areas
where this Not applicable Not applicable
has not taken place, reasons therefore
and future plans of action
(C) FOREIGN EXCHANGE EARNING AND OUTGO
(a) Activities relating to exports initiatives Nil Nil
taken to increase exports market for
product services, and export plans.
(b) Total Foreign exchange used and earned. Nil Nil
For & on behalf of me Board of Directors
PLACE: Botalganj, Distt. Mandsaur (V.K. JAIN)
DATED: 13th August, 2002 CHAIRMAN & MANAGING DIRECTOR
Mar 31, 2000
The Directors have the pleasure in presenting their Eleventh Annual
Report together with the Audited Accounts for the year ended 31st
March, 2000.
FINANCIAL RESULTS :
For the Year For the Year
ended 31-3-2000 ended 31.3.99
(Rs. In Lacs) (Rs. In Lacs)
Sales & Other Income 14.95 23.78
Gross Profit before interest
Depreciation and Taxes (-) 69.29 (-) 20.95
Interest 2.55 0.31
Depreciation 24.20 36.63
Net Profit before taxes (-) 96.04 (-) 57.89
Net Profit after tax
(Carried to Balance Sheet) (-) 96.04 (-) 57.89
As reported last the ferro chrome project had to be closed. The Ceremic
tiles division also faced difficult market conditions during the year.
The company had taken up additional activity of manufacturing sanitary
ware, which also could not be continued due to unremunerative market
conditions. The operations of the company's Plant had to be kept
suspended.Since last week of May 1999. The figure of net loss of Rs.
96.04 lacs includes Rs. 77.26 lacs being the loss on sale of machinery.
DIVIDEND :
In view of losses suffered by the company, your directors are unable to
recommend dividend for the year.
FUTURE OUTLOOK :
The market conditions still persist to be unfavourable, your directors
are however, looking for new opportunities to come out of the crunch.
DIRECTORS :
Shri N.D. Parekh retires by rotation and is eligible for reappointment.
PUBLIC DEPOSITS :
The company has neither invited nor accepted any deposits from the
public during the year.
PARTICULARS OF EMPLOYEES :
Since no employee was in receipt of remuneration in aggregate of Rs.
3,00,000/- or above during the year while employed through the year or
at the rate of not less than Rs. 25,000/- per month, if employed for
part of the year, statement showing information under section 217 (2A)
of the companies Act, 1956 has not been furnished.
PARTICULARS U/S 217 (1) (E) OF THE COMPANIES ACT, 1956
The particulars to be disclosed as required U/s 217 (1)(e) of the
Companies Act, 1956 read with (Disclosure of particulars in the Report
of the Board of Directors Rules, 1988) are detailed in annexure to this
report.
The company has neither faced nor envisages any Y-2K problem.
AUDITORS :
You are requested to appoint auditors and fix their remuneration. The
retiring auditors M/s C.H. Padliya & Co. are eligible for reappointment.
(A) CONSERVATION OF ENERGY
(A) ENERGY CONSERVATION MEASURES TAKEN.
The Company has been taking specific care in using better quality of
Raw material thereby reducing the energy consumption.
(B) ADDITIONAL INVESTMENT AND PROPOSALS, IF ANY, BEING IMPLEMENTED FOR
REDUCTION OF CONSUMPTION OF ENERGY.
The company does not have any proposals, to make additional investment
in this regard.
(C) IMPACT OF MEASURES (A) AND (B) ABOVE FOR REDUCTION OF ENERGY
CONSUMPTION AND CONSEQUENT IMPACT ON THE COST OF PRODUCTION OF GOODS.
The selection of better quality of Raw Material has helped marginally
in keeping the cost of energy consumption per unit of production
consistent.
(B) TECHNOLOGY ABSORPTION
Research and Development (R&D)
1. Specific areas in which R&D carried out by the Company. :
The Company has not carried out R&D activity during the year.
2. Benefits derived as a result of the above R&D : Not applicable
3. Future Plan of action. :
The Company does not have any future
4. Expenditure on R & D :
(a) Capital : Nil
(b) Recurring : Nil
(c) Total : Nil
(d) Total R & D Expenditure as a percentage of total turnover. : Nil
Technology Absorption, Adaptation and Innovation
1. Efforts, in brief, made towards technology absorption, adaption and
innovation : Nil
2. Benefits derived as a result of the above efforts, e.g. product
development import substitution etc. : Not applicable
3. In case of imported technology (Imported during the last 5 years
reckoning from the financial year.) :
The Company has not imported any technology so far.
Following information may be furnished.
(a) Technology imported : Not applicable
(b) Year of import : Not applicable
(c) Has technology been fully absorbed : Not applicable
(d) If not fully absorbed areas where this has not taken place, reasons
therefore and future plans of action : Not applicable
(C) FOREIGN EXCHANGE EARNING AND OUTGO
(a) Activities relating to exports initiatives taken to increase
exports market for product services, and export plans. : Nil
(b) Total Foreign exchange used and earned. : Nil
Mar 31, 1999
DIRECTORS' REPORT
The Directors have the pleasure in presenting their Tenth Annual Report
together with the Audited Accounts for the year ended 31st March, 1999.
FINANCIAL RESULTS :
For the year For the year
ended 31.03.99 ended 31.03.99
(Rs. in Lacs) (Rs. in Lacs)
1. Sales & Other Income 23.78 71.49
2. Gross Profit before interest,
Depreciation and Taxes (-) 20.95 (-) 26.32
3. Interest 0.31 5.77
4. Depreciation 36.63 33.50
5. Net Profit before taxes (-) 57.89 (-) 65.59
6. Net Profit after taxes
(carried to Balance Sheet) (-) 57.89 (-) 65.59
As reported last the ferro chrome project had to be closed. The
Ceramic tiles division also faced difficult market condition during the
year. The company has taken up additional activity of manufacturing
sanitary ware.
DIVIDEND :
In view of losses suffered by the Company, the Directors are unable to
recommend dividend for the year.
FUTURE OUTLOOK :
In face of the continuing market recession the Company is striving to
come cut of the crunch and the Directors are hopeful that the market
conditions will improve soon.
DIRECTORS :
Shri S. L. Jain has resigned from and relinquished the post of Director
& Managing Director of the company w. e. f. the afternoon of
30.06.1999. The Board places on record its sincere appreciation for
the valuable service and able guidance provided by Shri Jain to the
Company during the tenure of his Directorship.
Shri Vinod Kumar Jain has been appointed as the Managing Director of
the Company w.e.f. 30.06.1999.
Shri Pankaj Jain has been appointed as Additional Director of the
Company w.e.f. 30.06.1999.
Shri Sunil Parekh retires by rotation and is eligible for
reappointment.
PUBLIC DEPOSITS :
The Company has neither invited nor accepted any deposits from public
during the year.
PERSONNEL :
Relations between the management and employees nave remained cordial
during the year. The Director place on record their appreciation for
the contribution made by the employees at all levels of operations of
the company during the year.
PARTICULARS OF EMPLOYEES :
Since no employee was in receipt of remuneration in aggregate of Rs.
3,00,000/- or above during the year while employed throughout the year
or at the rate of not less than Rs. 25,000/- per month, if employed for
part of the year, statement showing information Under Section 217 (2A)
of the Companies Act, 1956 has not been furnished.
PARTICULARS U/S 217 (1) (e) OF THE COMPANIES ACT, 1956 :
The particulars to be disclosed as required U/s 217 (1) (a) of the
Companies Act, 1956 reed with (Disclosure of Particulars in the Report
of the Board of Directors) Rules, 1988 are detailed in Annexure to this
Report.
AUDITORS :
You are requested to appoint Auditors and fix their remuneration. The
retiring Auditors M/s. C.H. Padiya & Co., are eligible for
reappointment.
ANNEXURE TO DIRECTORS REPORT FOR THE YEAR 1998-99
PARTICULARS U/S 217(1) (E) OF THE COMPANIES ACT, 1956
(A) CONSERVATION OF ENERGY
(a) ENERGY CONSERVATION MEASURES TAKEN.
The Company has been taking specific care in using better quality of
Raw material thereby reducing the energy consumption.
(b) ADDITIONAL INVESTMENT AND PROPOSALS, IF ANY, BEING IMPLEMENTED FOR
REDUCTION OF CONSUMPTION OF ENERGY.
The company does not have any proposals, to make additional investment
in this regard.
(c) IMPACT OF MEASURES (a) AND (b) ABOVE FOR REDUCTION OF ENERGY
CONSUMPTION AND CONSEQUENT IMPACT ON THE COST OF PRODUCTION OF GOODS.
The selection of better quality of Raw Material has helped marginally
in reducing the cost of energy consumption per unit of production. The
Company expects to further reduce energy consumption par unit of
production in current year.
(B) TECHNOLOGY ABSORPTION
Research and Development (R&D)
1. Specific areas in which R&D The Company has not carried out
carried cut by the company. R&D activity during the year.
2. Benefits derived as a result
of the above R&D. Not applicable.
3. Future plan of action. The Company proposes to carry out
R&D for Manufacturing of fertilisers
from the slag. (Waste generated from
production)
4. Expenditure on R&D
(a) Capital Nil Nil
(b) Recurring Nil Nil
(c) Total Nil Nil
(d) Total R&D Expenditure as a Nil Nil
percentage of total turnover.
Technology Absorption, Adaptation
and Innovation
1. Efforts, in brief, made Nil Nil
towards technology absorption,
adaptation and innovation
2. Benefits derived as a result Not applicable Not applicable
of the above efforts, e.g.
product development import
substitution etc.
3. In case of imported The Company has not imported any
technology (Imported during the technology so far.
last 5 years reckoning from the
financial year.)
Following information may be furnished.
(a) Technology imported Not applicable Not applicable
(b) Year of import Not applicable Not applicable
(c) Has technology been fully
absorbed. Not applicable Not applicable
(d) If not fully absorbed areas
where this has not taken place, Not applicable Not applicable
reasons therefore and future
plans of action
(C) FOREIGN EXCHANGE EARNING AND OUTGO
(a) Activities relating to Nil Nil
exports initiatives taken to
increase exports market for
Product services, and export
plans.
(b) Total Foreign exchange Nil Nil
used end earned.
Mar 31, 1998
The Directors have the pleasure in presenting their Ninth Annual Report
together with the Audited Accounts for the year ended 31st March, 1998.
FINANCIAL RESULTS :
For the year For the year
ended 31.03.98 ended 31.03.97
(Rs. in Lacs) (Rs. in Lacs)
Sales & Other Income 71.49 488.87
Gross Profit before interest,
Depreciation and Taxes (-) 26.32 (-) 125.35
Interest 5.77 15.99
Depreciation 33.50 24.95
Net Profit before taxes (-) 65.59 (-) 166.29
Net Profit after taxes (carried
to Balance Sheet) (-) 65.59 (-) 166.29
The Ferro Chrome Plant of the Company remained closed during the year
owing to hike in power tariff rates and erratic power supply. The
Company's new division of manufacturing Ceramic Tiles had commenced
operations w.e.f. 01.07.97, which had also to remain idle for about a
quarter due to recessionary market trends.
DIVIDEND :
In view of losses suffered by the Company, the Directors are unable to
recommend dividend for the year.
DIVERSIFICATION :
As reported last, the Company had diversified its activity by setting
up Ceramic Division for manufacture of Ceramic Tiles, which came into
operation as planned w.e.f. 01.07.97. Owing to unremunerative yield
price and recession the plant had to remain idle from the last quarter
of the year under review.
FUTURE OUTLOOK :
In face of the continuing market recession the Company is striving to
come out of the crunch and the Directors are hopeful that the market
conditions will improve soon.
DIRECTORS :
Shri N. D. Parekh and Shri V. K. Jain retire by rotation and are
eligible for reappointment. Shri Pankaj Jain resigned from the Board
w.e.f. 18.11.97. The Board records its sincere appreciation for the
valuable services rendered by Shri Pankaj Jain as a director of the
Company since its incorporation.
PUBLIC DEPOSITS :
The Company has neither invited nor accepted any deposits from public
during the year.
PERSONNEL :
Relations between the management and employees have remained cordial
during the year. The Directors place on record their appreciation for
the contribution made by the employees at all levels of operations of
the company during the year.
PARTICULARS OF EMPLOYEES :
Since no employee was in receipt of remuneration in aggregate of Rs.
3,00,000/ or above during the year while employed throughout the year
or at the rate of not less than Rs. 25,000/ per month, it employed for
part of the year, statement showing information Under Section 217(2A)
of the Companies Act, 1956 has not been furnished.
PARTICULARS U/S 217(1)(e) OF THE COMPANIES ACT, 1956 :
The particulars to be disclosed as required U/s 217(1)(e) of the
Companies Act, 1956 read with (Disclosure of Particulars in the Report
of the Board of Directors) Rules, 1988 are detailed in Annexure to this
Report.
AUDITORS :
You are requested to appoint Auditors and fix their remuneration. The
retiring Auditors M/s. C. H. Padliya & Co., are eligible for
reappointment.
ANNEXURE TO DIRECTORS REPORT FOR THE YEAR 1997-98 PARTICULARS U/s
217(1)(e) OF THE COMPANIES ACT, 1956
(A) CONSERVATION OF ENERGY
a. ENERGY CONSERVATION MEASURES TAKEN
The Company has been taking specific care in using better quality of
Raw material thereby reducing the energy consumption.
b. ADDITIONAL INVESTMENT AND PROPOSALS, IF ANY, BEING IMPLEMENTED FOR
REDUCTION OF CONSUMPTION OF ENERGY
The company does not have any proposals, to make additional investment
in this regard
c. IMPACT OF MEASURES (a) AND (b) ABOVE FOR REDUCTION OF ENERGY CONSUMPTION AND CONSEQUENT IMPACT ON THE COST OF PRODUCTION OF GOODS.
The selection of better quality of Raw Material has helped marginally
in reducing the cost of energy consumption per unit of production. The
Company expects to further reduce energy consumption per unit of
production in current year.
B. TECHNOLOGY ABSORPTION
Research and Development (R&D)
Specific areas in which R&D The Company has not carried out
carried out by the company. R&D activity during the year.
Benefits derived as a result
of the above R&D. Not applicable.
Future plan of action. The Company proposes to carry
out R&D for Manufacturing of
fertilisers from the slag.
(Waste generated from
production)
Expenditure on R&D
a. Capital Nil Nil
b. Recurring Nil Nil
c. Total Nil Nil
d. Total R&D Expenditure as a
percentage of total turnover. Nil Nil
Technology Absorption, Adaptation and Innovation
1. Efforts, in brief, made towards
technology absorption, adaptation
and innovation Nil Nil
2. Benefits derived as a result of Not applicable Not applicable
the above efforts, e.g. product
development import substitution
etc,
3. In case of imported technology The Company has not imported any
(Imported during the last 5 years technology so far.
reckoning from the financial year.)
Following information may be
furnished,
a. Technology imported Not applicable Not applicable
b. Year of import Not applicable Not applicable
c. Has technology been fully
absorbed. Not applicable Not applicable
d. If not fully absorbed areas
where this has not taken Not applicable Not applicable
place, reasons therefore and future
plans of action
C. FOREIGN EXCHANGE EARNING AND OUTGO
a. Activities relating to exports
initiatives taken to increase
exports market for product services,
and export plans. Nil Nil
b. Total Foreign exchange used and
earned, Nil Nil
Mar 31, 1997
The Directors have the pleasure in presenting their Eighth Annual Report together with the Audited Accounts for the year ended 31st March, 1997.
FINANCIAL RESULTS For the year For the year
ended 31.03.97 ended 31.03.96
(Rs.in Lacs) (Rs. in Lacs)
1 Sales & Other Income 48.87 1420.88
2. Gross Profit before interest,
Depreciation and Taxes (-)101.00 196.27
3 Interest 15.99 25.73
4. Depreciation 24.95 16.89
5. Net Profit before taxes (-)141.94 153.65
6. Net Profit after taxes
(carried to Balance Sheet) (-)141.94 110.65
The Company has suffered set back during the year. The plant remained
closed for a period of about 3 months due to strike call by the Madhya
Pradesh Ferro Chrome Manufacturers Association in protest against hike in power rates by the M. F. Electricity Board. The production was further affected due to irregular power supply and frequent power cuts
imposed by the State Electricity Board.
DIVIDEND
In view of losses suffered by the Company, the Directors are unable to recommend dividend for the year.
DIVERSIFICATION
In view of the adverse conditions being faced by the Ferro Chrome Industry in the State the Directors had decided to diversify in other
profitable activities. In this direction, the directors identified the activity of manufacturing of Ceramic Glazed Tiles and other Ceramic items and have set up a project for manufacturing Ceramic Glazed Tiles at the existing factory premises at Botalganj, near Mandsaur. This project has been completed within record time and is going to commence production w.e.f. 01.07.1997.
FUTURE OUTLOOK:
The directors are optimistic of getting desirable results from the new
activity and are also looking for other profitable areas.
DIRECTORS:
Shri S. L. Jain and Shri Sunil Parekh retire by rotation and are eligible for reappointment.
PUBLIC DEPOSITS:
The Company has neither invited nor accepted any deposits from public
during the year.
PERSONNEL:
Relations between the management and employees have remained cordial
during the year. The Directors place on record their appreciation for
the contribution made by the employees at all levels of operations of
the company during the year.
PARTICULARS OF EMPLOYEES:
Since no employee was in receipt of remuneration in aggregate of Rs.
3,00,000/- or above during the year while employed throughout the year
or at the rate of not less than Rs. 25,000/- per month, employed for
part of the year, statement showing information Under Section 217 (2A)
of the Companies Act, 1956 has not been furnished.
PARTICULARS U/S 217(1) (e) OF THE COMPANIES ACT, 1956:
The particulars to be disclosed as required U/s 217(1) (e) of the
Companies Act, 1956 read with (Disclosure of Particulars in the Report
of the Board of Directors) Rules, 1988 are detailed in Annexure to this
Report
AUDITORS:
You are requested to appoint Auditors and fix their remuneration. The
retiring Auditors M/s C.H. Padilya & Co., are eligible for
reappointment.
ANNEXURE TO DIRECTORS REPORT FOR THE YEAR 1996-97 PARTICULARS U/s 217(1) (e) OF THE COMPANIES ACT, 1956
CONSERVATION OF ENERGY
ENERGY CONSERVATION MEASURES TAKEN.
The Company has been taking specific care in using better quality of
Raw material thereby reducing the energy consumption.
ADDITIONAL INVESTMENT AND PROPOSALS, IF ANY, BEING IMPLEMENTED FOR
REDUCTION OF CONSUMPTION OF ENERGY.
The company does not have any proposals, to make additional Investment in this regard
IMPACT OF MEASURES (a) AND (b) ABOVE FOR REDUCTION OF ENERGY
CONSUMPTION AND CONSEQUENT IMPACT ON THE COST OF PRODUCTION OF GOODS
The selection of better quality of Raw Material has helped marginally
in reducing the cost of energy consumption per unit of production. The
Company expects to further reduce energy consumption per unit of
production in current year.
TECHNOLOGY ABSORPTION
Research and Development (R&D)
1. Specific areas in which R&D The Company has not carried out
carried out by the company R&D activity during the year.
2. Benefits derived as a result Not applicable
of the above R&D.
3. Future plan of action The Company proposes to carry out
R&D for Manufacturing of textilisers
from the slag. (Waste generated from
production)
4. Expenditure on R&D of Not applicable Not applicable
total Turnover
(a) Capital Nil Nil
(b) Recurring Nil Nil
(c) Total Nil Nil
(d) Total R&D Expenditure as a Nil Nil
percentage of total turnover
Technology Absorption, Adaptation and Innovation
1. Efforts, in brief, made
towards technology absorption,
adaptation and innovation Nil Nil
2. Benefits derived as a result Not applicable Not applicable
of the above efforts, e.g.
product development import
substitution etc.
3. In case of imported technology The Company has not imported any
(Imported during the last 5 technology so far,
years reckoning from the
financial year.)
Following information may be furnished.
(a) Technology imported Not applicable Not applicable
(b) Year of import Not applicable Not applicable
(c) Has technology been fully
absorbed, Not applicable Not applicable
(d) If not fully absorbed Not applicable Not applicable
areas where this has not
taken place, reasons therefore
and future plans of action
(C) FOREIGN EXCHANGE EARNING AND OUTGO
(a) Activities relating to
exports initiatives NIL NIL
taken to increase exports
market for product services,
and export plans.
(b) Total Foreign exchange used and
earned. NIL NIL
Mar 31, 1996
Your Directors have the pleasure in presenting their
Seventh Annual Report together with the Audited Accounts
for the year ended 31st March, 1996.
Your company had done extremely well during the first six
months of the year in retrospect. The second half of the
year, however, witnessed a grim situation caused by cheaper
imports of H.C. ferro chrome, which has severely hit the
indegenous manufacturers, which still persists. The
production was also adversely affected due to powercut
imposed by the M.P. Electricity Board. But for the above
reasons your Company could have achieved still better
results. Inspite of the un-remunerative prices over a part
of the year and import from overseas your company has
turned the corner during the year recording a Net Profit of
Rs.110.65 lacs.
DIVIDEND:
In view of expansion plans taken up by the company, your
Directors have decided to skip dividend for the year.
EXPANSION PLANS:
The Expansion plans taken up by your Company had been
completed during the year which went into stream w.e.f.
1.11.1995. The entire expenditure on the creation of
additional facilities enhancing the capacity to 11000 TPA
has been financed with the company's own resources of
Internal Accruals.
FUTURE OUTLOOK
Barring unforeseen circumstances, your Directors are
optimistic about the future of the Industry.
DIRECTORS:
Shri N.D. Parekh and Shri Pankaj Jain retire by rotation
and are eligible for reappointment.
PUBLIC DEPOSITS:
The Company has neither invited nor accepted any deposits
from the public during the year.
PERSONNEL:
Relations between the management and employees have
remained cordial during the year. Your Directors place on
record their appreciation for the contribution made by the
employees at all levels of operations of the company during
the year.
PARTICULARS OF EMPLOYEES:
Since no employee was in receipt of remuneration in
aggregate of Rs.3,00,000/- or above during the year while
employed throughout the year or at the rate of not less
than Rs.25000/- per month, if employed for part of the
year, statement showing information Under Section 217(2A)
of the Companies Act, 1956 has not been furnished.
PARTICULARS U/S 217 (1) (e) OF THE COMPANIES ACT, 1956.
The particulars to be disclosed as required U/S 217 (1) (e)
of the Companies Act, 1956 read with (Disclosure of
Particulars in the Report of the Board of Directors) Rules,
1988 are detailed in Annexure to this Report.
AUDITORS:
You are requested to appoint Auditors and fix their
remuneration. The retiring Auditors M/s. C.H. Padliya &
Co. are eligible for reappointment.
(A) CONSERVATION OF ENERGY
(a) ENERGY CONSERVATION MEASURES TAKEN
The Company has been taking specific care in using better
quality of Raw material thereby reducing the energy
consumption.
(b) ADDITIONAL INVESTMENTS AND PROPOSALS, IF ANY, BEING
IMPLEMENTED FOR REDUCTION OF CONSUMPTION OF ENERGY.
The Company does not have any proposals, to make additional
investment in this regard.
(c) IMPACT OF MEASURES (a) AND (b) ABOVE FOR REDUCTION OF
ENERGY CONSUMPTION AND CONSEQUENT COMPACT ON THE COST OF
PRODUCTION OF GOODS
The Selection of better quality of Raw Material has helped
marginally in reducing the cost of energy consumption per
unit of production. The company expects to further reduce
energy consumption per unit of production in current year.
(d) TOTAL ENERGY CONSUMPTION AND ENERGY CONSUMPTION PER
UNIT OF PRODUCTION POWER AND FUEL CONSUMPTION
(B) TECHNOLOGY ABSORPTION
Research and Development (R&D)
1. Specific areas in which R&D The Company has not Carried
carried out by the company out R&D activity during the
year.
2. Benefits derived as a result Not applicable
of the above R&D
3. Future plan of action The Company proposes to
carry out R&D for manufactu-
ring of fertilisers from
the slag. (Waste generated
from production)
4. Expenditure on R&D of total Not applicable Not applicable
turnover
(a) Capital Nil Nil
(b) Recurring Nil Nil
(c) Total Nil Nil
(d) Total R&D Expenditure Nil Nil
as a percentage of total
turnover
Technology Absorption, Adaptation and Innovation
1. Efforts, in brief, made
towards technology absorption
adaptation and innovation Nil Nil
2. Benefits derived as a result
of the above efforts, e.g.
product development
import substitution etc. Not applicable Not applicable
3. In case of Imported techno- The Company has not imported
logy (Imported during the any technology so far.
last 5 years reckoning from
the beginning of the financial
year)
Following information may
be furnished.
(a) Technology imported Not applicable Not applicable
(b) Year of Import Not applicable Not applicable
(c) Has technology been Not applicable Not applicable
fully absorbed
(d) If not fully absorbed Not applicable Not Applicable
areas where this has
not taken place, rea-
sons therefore and
future plans of action
(C) FOREIGN EXCHANGE EARNING AND OUTGO
(a)Activities relating to Nil Nil
exports initiatives taken
to increase exports
market for product
services; and export
plans.
(b) Total Foreign exchange Nil Nil
used and earned
Mar 31, 1995
Your Directors have the pleasure in presenting their Sixth
Annual Report together with the Audited Accounts for the
year ended 31st March, 1995.
FINANCIAL RESULTS:
For the year For the year
ended on ended on
31.03.1995 31.03.1994
(Rs. in Lacs) (Rs. in Lacs)
1. Sales & Other Income 1122.75 633.50
2. Gross Profits before Interest 46.23 36.00
Depreciation and Taxes.
3. Interest 14.78 15.36
4. Depreciation 10.88 11.04
5. Net Profit before taxes 20.57 9.60
6. Net Profit after Taxes 20.57 9.60
The Ferro Chrome Industry, had a lean period during a part
of the year in retrospect. However, your Company has fared
quite well during the year recording an increase of 77% in
its turnover as compared to the previous year resulting in
114% increase in its net profit.
DIVIDEND:
In view of expansion plans taken up by the company, your
Directors have decided to skip dividend for the year.
EXPANSION PLANS:
It gives pleasure to our Directors to inform that towards
their commitment for expansion and diversification the
existing capacity of the plant has been doubled from
5470 TPA to 11000 TPA by installing additional machinery at
an economic cost of Rs. 1.20 Crores, which has been
financed by the internal accruals of the Company. The
implementation of the enhanced capacity is expected by
August, 95.
Your Directors have also decided to invest in the Equity of
M/s Pooja Ferro Alloys Pvt. Ltd. Goa, a profit making
company enjoying various fiscal and situational advantages
including Tax Holidays and power Supply at subsidised rates.
Your Directors are hopeful of getting reasonable returns
from the investment.
FUTURE OUTLOOK:
In the wake of the new Economic Policy of the Government of
India, your Directors foresee a brighter future for the
industry.
DIRECTORS:
Shri M.P. Mahipal, Shri Ratan Mahipal and Shri Pradeep
Mahipal have, during the year, ceased to be Directors of
the Company, while Shri Jitendra Kumar Parekh, Shri V.K
Jain and Shri. S.K. Jain have resigned from the Board.
Shri Sunil Parekh and Shri Vinod Kumar Jain retire by
rotation, and being eligible, offer themselves for
reappointment.
PUBLIC DEPOSITS:
The Company has neither invited nor accepted any deposits
from the public during the year.
PERSONNEL:
Relations between the management and employees have
remained cordial during the year. Your Directors place on
record their appreciation for the contribution made by the
employees at all levels of operations of the company during
the year
PARTICULARS OF EMPLOYEES:
Since no employees was in receipt of remuneration in
aggregate of Rs. 3,00,000/- or above during the year while
employed throughout the year or at the rate of not less than
Rs. 25000/- per month, if employed for part of the year,
statement showing information Under Section 217(2A) of the
Companies Act, 1956 has not been furnished.
PARTICULARS U/S 217 (1) (e) The COMPANIES ACT, 1956
The particulars to be disclosed as required U/S 217(1)(e)
of the Companies Act 1956 read with (Disclosure of
Particulars in the Report of the Board of Directors) Rules,
1988 are detailed in Annexure to this Report.
AUDITORS:
You are requested to appoint Auditors and fix their
remuneration. The retiring Auditors M/s. C.H. Padliya & Co.
are eligible for reappointment.
(A) CONSERVATION OF ENERGY
(a) ENERGY CONSERVATION MEASURES TAKEN
The Company has been taking specific care in using better
quality of Raw Material thereby reducing the energy
consumption.
(b) ADDITIONAL INVESTMENTS AND PROPOSALS, IF ANY, BEING
IMPLEMENTED FOR REDUCTION OF CONSUMPTION OF ENERGY.
The Company does not have any proposals, to make additional
investment in this regard.
(C) IMPACT OF MEASURES (a) AND (b) ABOVE REDUCTION OF
ENERGY CONSUMPTION AND CONSEQUENT COMPACT ON THE COST OF
PRODUCTION OF GOODS.
The Selection of better quality of Raw Material has not
helped considerably to the Company in reducing the cost of
energy consumption per unit of production. However the
company expects to reduce energy consumption per unit of
production in current year.
(d) TOTAL ENERGY CONSUMPTION AND ENERGY CONSUMPTION PER
UNIT OF PRODUCTION POWER AND FUEL CONSUMPTION.
K (B) TECHNOLOGY ABSORPTION
Research and Development (R&D)
1. Specific areas in which R&D The Company has not Carried out
carried out by the company R&D activity during the year.
2. Benefits derived as a result Not applicable
of the above R&D
3. Future plan of action The Company proposes to carry
out R&D for manufacturing of
fertilisers from the slag.
(Waste generated from production)
4. Expenditure on R&D Not applicable Not applicable
of total turnover
(a) Capital NIL NIL
(b) Recurring NIL NIL
(c) Total NIL NIL
(d) Total R&D Expenditure as a
Percentage of total turnover NIL NIL
Technology Absorption, Adaptation and Innovation
1. Efforts, in brief, made
towards technology absorption NIL NIL
adaptation and innovation.
2. Benefits derived as a result
of the above efforts,
e.g. product development import
substitution etc Not Applicable Not Applicable
3. In case of imported technology The Company has not imported any
(Imported during the last technology so far.
5 years reckoning from the
beginning of the financial year)
following information may be
furnished.
(a)Technology imported Not applicable Not applicable
(b)Year of import Not applicable Not applicable
(c)Has technology been fully
absorbed Not applicable Not applicable
(d)If not fully absorbed areas
where this has not taken
place, reasons therefore
and future plans of action. Not applicable Not applicable
(C)FOREIGN EXCHANGE EARNING AND OUTGO
(a) Activities relating to exports
Initiatives taken to increase
exports market for product
services; and export plans. NIL NIL
(b) Total foreign exchange used and
earned NIL NIL
Mar 31, 1994
The Directors present their 5th Annual Report of the Company for the year ended 31st, March, 1994.
Financial Results:
The Company has during the year, recorded a 70% increase in its turnover over the previous year. The Progits are however lower due to overall increase in cost of inputs.
Future Outlook:
With the expectations of the Steel indusry. Turning the corner, your Directors are hopeful of achieving better results in the current year.
The Directors are also planning to take up expansin and diversification activities in better remunerative and profitable areas.
Public Deposits:
The Company has not accepted any deposits from the public during the year under review.
(A) Conservation of Energy:
(a) Energy Conservation measures taken:
The Company has been taking specific care in using better quality of Raw Material thereby reducing the energy consumption.
(b) Additional investments and proposals if any, being implemented for reduction of consumption of energy.
The Company does not have any proposals, to make additional investment in this regard.
(c) Impact of Measures (a) and (b) above for reduction f energy consumption and consequent impact on the cost of production of goods
The selection of better quality of Raw Material has helped the Company in reducing the cost of energy consumption per unit of production.
(B) Technology Absorption:
Research and Development (R&D)
1. Specific areas in which R & D carried out by the Company
The Company has not carried out an R & D activity during the year.
2. Future Plan of action:
The Company proposes to carry out R & D for manufacturing of fertilisers from the slag. (waste generated from production0
3. Expenditure on R&D of total turnover
(a) Capital Nil
(b) Recurring Nil
(c) Total Nil
(d) Total R & D Expenditure as a percentage of total turnover Nil
Technology Absorption, Adaptation and Innovation
1. Efforts in brief, made towards technology absorption adaptation and innovation: Nil
2. Benefits derived as a result of the above efforts. e.g product improvement, cost reduction, product development, import substitution etc.: Not applicable
3. In case of imported technology (imported during the last 5 years reckoning from the beginning of the financial year) following information may be furnished:
The Company has not imported any technology so far.
(C) Foreign Exchange Earnings and Outgo:
(a) Activities relating to Exports: Nil
Initiatives taken to increase exports, development of new export market for product services; and export plans.
(b) Total foreign exchange used and earned: Nil
Mar 31, 1993
Fourth Annual Report
FUTURE OUTLOOK:
The Company's working during the current year has improved
registering a turnover of Rs. 164.21 Lacs during the first
quarter of current year. The Company's product has been well
received in the market. Your directors are confident of
achieving excellent results, in the current year.
PUBLIC DEPOSITS:
The Company has not accepted any deposits from the public during
the year under review.
CONSERVATION OF ENERGY
ENERGY CONSERVATION MEASURES TAKEN
The Company has been taking specific care in using better quality
of Raw material thereby reducing the energy consumption.
ADDITIONAL INVESTMENTS AND PROPOSALS, IF ANY, BEING IMPLEMENTED
FOR REDUCTION OF CONSUMPTION OF ENERGY.
The Company does not have, any proposals, to make additional
investment in this regard.
IMPACT OF MEASURES (a) AND (b) ABOVE FOR REDUCTION OF ENERGY
CONSUMPTION AND CONSEQUENT IMPACT ON THE COST OF PRODUCTION OF
GOODS.
The selection of better quality of Raw Material has helped the
Company in reducing the cost of energy consumption per unit of
production.