Mar 31, 2014
Dear members,
The Directors in present herewith the Twenty First Annual Report
together with the Statement of Accounts for the year ended March 31,
2014.
FINANCIAL RESULTS
2013-14 2012-13
(Rs. In lacs) (Rs. in lacs)
Sales and Other Income 000 000
Profit/(Loss) before Depreciation (3.16) (3.28)
Less : Depreciation (3.94) (4.74)
Profit/(Loss) before Tax (7.10) (8.01)
Less: Provision for FBT/ Earlier Tax NIL NIL
Profit/(Loss) after Tax (7.10) (8.01)
Less Exceptional Item/Prior period adjustment NIL NIL
(7.10) (8.01)
Profit/(Loss) brought forward from
previous year (843.34) (835.33)
Balance carried to Balance Sheet (843.34) (843.34)
DIRECTORS AND KMP''s
Mr Suresh Iyer retires by rotation at the ensuing Annual General
Meeting and, being not eligible, he will not be re-appointment.
Mr. Mahendra Kumar Bothra; whole-time Director; retires by rotation at
the ensuing Annual General Meeting and, being eligible, he has offered
himself for re-appointment.
Mr. Manakchand Bothra; an experienced person in the respective field
is hereby proposed to be appointed as a Chief Financial Officer as per
the new Companies Act 2013.
DIRECTORS'' RESPONSIBILITY STATEMENT:
Your Directors confirm that:
(i) in preparation of the annual accounts, 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 consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of Profit or Loss
of the Company for that period.
(iii) the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
(iv) the directors had prepared the annual accounts on going concern
basis.
CORPORATE GOVERNANCE
As per the requirement of listing agreement with the Stock Exchanges,
your Company has complied with the requirements of Corporate
Governance in all material aspects.
A report on Corporate Governance together with a certificate of its
compliance from the Statutory Auditors, forms part of this report.
FIXED DEPOSITS
The Company has no fixed deposits.
AUDITORS
M/s. Jain & Kothari, Chartered Accountants, Mumbai retire as auditors
and, being eligible, offer themselves for re-appointment for the term
of three years as per the new Companies Act 2013, provisions; subject
to yearly revival of the terms of appointment by the management.
You are requested to appoint Auditors and to fix their remuneration.
AUDIT REPORT
Note to point No. 8 of Auditors Report.
(i) As the management is hopeful of reviving the business by starting
the trading & agency business, the accounts are prepared on going
concern basis despite of closure of unit and absences of substantial
business activities.
(ii) As the Company is negotiating with the bank & GSFC and the
liability if any shall be provided in the year of settlement.
Therefore no provisions has been made in the accounts for the interest
liability on various Bank Loans & GSFC loan as the loan accounts have
been classified as NPA by the company''s Banker Canara Bank/GSFC and
accordingly stopped charging interest.
(iii) The Management has so far not taken any steps for assessment of
valuation of the assets for the requirement of AS 28 -impairment of
assets but in near future the management will do the necessary
requirement for the same.
Further Clarifications with regards to physical verification:
The Company''s Unit at Silvassa is in the possession of the Bankers;
and the Management was not allowed to enter the premises/Unit, until
any settlement is done; so the Management could not give any physical
verification records to the Auditors.
CONTINGENCY
The Commissioner of Central Excise & Customs has raised a demand
amounting to Rs.1,65,20,069/- towards various duties, fine & penalty,
due to the non-fulfilment of export obligations & the closure of unit
II of Silvassa. The company has already filed an appeal against the
demand with an appropriate authority.
The Auditors'' Report read with the notes to the accounts referred to
therein are self-explanatory and, therefore, do not call for any
further comments.
EMPLOYEES
The Company does not have any employee whose particulars is required
to be given pursuant to the provisions of section 217(2A) of the
Companies Act. 1956 read with the Companies (particulars of employees)
Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO:
During the year, the Company had strict control on wasteful electrical
consumption. Light and power were switched off whenever not necessary.
The Company does not need any technology for its existing business.
There was no Foreign Exchange Earnings/Outgo during the financial
Year.
LISTING
The Equity Shares of the Company are listed on Mumbai, Stock Exchange.
The Company has not paid the Annual listing fees to Stock Exchanges
for the year 2013-2014.
ACKNOWLEDGMENTS
Your Directors convey their gratitude to Canara Bank/GSFC for their
continued assistance and support. The Directors also wish to place on
record their admiration and appreciation of the hard work put in by
all staffs and workers of the Company.
FOR AND ON BEHALF OF THE BOARD
MAHENDRA KUMAR BOTHRA
CHAIRMAN & MANAGING DIRECTOR
Place : Mumbai
Date: 28/08/2014
Mar 31, 2010
The Directors in present herewith the Eighteenth Annual Report
together with the Statement of Accounts for the year ended March 31,2010.
FINANCIAL RESULTS
2009-10 2008-09
(Rs. In lacs) (Rs. in lacs)
Sales and Other Income 3.79 1.93
Profit/(Loss) before Depreciation (0.54) (109.63)
Less: Depreciation 8.88 11.24
Profit/(Loss) before Tax (8.34) (120.87)
Less: Provision for FBT/ Earlier Tax NIL (0.10)
Profit/(Loss) after Tax (8.34) (120.97)
Less Exceptional Item/Prior period adjustment
NIL NIL
(8.34) (120.97)
Profit/(Loss) brought forward from
previous year (807.06) (686.09)
Balance carried to Balance Sheet (815.40) (807.06)
DIRECTORS
Mr. Mahendra Kumar Bothra retires by rotation at the ensuing Annual
General Meeting and, being eligible, he has offered himself for
re-appointment.
Mr. Suresh Kumar Iyer retires by rotation at the ensuing Annual General
Meeting and, being eligible, he has offered himself for re-appointment.
DIRECTORS RESPONSIBILITY STATEMENT:
Your Directors confirm that:
(i) in preparation of the annual accounts, 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 consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of Profit or Loss
of the Company for that period.
(iii) the Directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of this Act for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
(i v) the directors had prepared the annual accounts on going concern
basis.
CORPORATE GOVERNANCE
As per the requirement of listing agreement with the Stock Exchanges,
your Company has complied with the requirements of Corporate Governance
in all material aspects.
A report on Corporate Governance together with a certificate of its
compliance from the Statutory Auditors, forms part of this report.
FIXED DEPOSITS
The Company has no fixed deposits.
AUDITORS
M/s. Jain & Kothari, Chartered Accountants, Mumbai retire as auditors
and, being eligible, offer themselves for re- appointment. You are
requested to appoint Auditors and to fix their remuneration.
AUDIT REPORT
Note to point No. 4 (f) of Auditors Report.
(i) As the management is hopeful of reviving the business by starting
the trading & agency business, the accounts are prepared on going
concern basis despite of closure of unit and absences of substantial
business activities.
(ii) As the Company is negotiating with the bank &. GSFC and the
liability if any shall be provided in the year of settlement. Therefore
no provisions has been made in the accounts for the interest liability
on various Bank Loans & GSFC loan as the loan accounts have been
classified as NPAby the companys Banker Canara Bank/GSFC and
accordingly stopped charging interest.
(iii) The Management has so far not taken any steps for assessment of
valuation of the assets for the requirement of AS 28 - impairment of
assets but in near future the management will do the necessary
requirement for the same.
CONTINGENCY
The Commissioner of Central Excise & Customs has raised a demand
amounting to Rs. 1,65,20,069/- towards various duties, fine & penalty,
due to me non-fulfilment of export obligations & the closure of unit II
of Silvassa. The company has already filed an appeal against the demand
with an appropriate authority.
The Auditors Report read with the notes to the accounts referred to
therein are self-explanatory and, therefore, do not call for any
further comments.
EMPLOYEES
The Company does not have any employee whose particulars is required to
be given pursuant to the provisions of section
217(2A)oftheCompaniesAct. 1956 read with the Companies (particulars of
employees) Rules, 1975.
CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPOTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO:
During the year, the Company had strict control on wasteful electrical
consumption. Light and power were switched off whenever not necessary.
The Company does not need any technology for its existing business.
There was no Foreign Exchange Earnings/Outgo during the financial Year.
LISTING
The Equity Shares of the Company are listed on Mumbai, Stock Exchange.
The Company has paid the Annual listing fees to Stock Exchanges for the
year 2009-2010.
ACKNOWLEDGMENTS
Your Directors convey their gratitude to Canara Bank/GSFC for their
continued assistance and support.
FOR AND ON BEHALF OFTHE BOARD
MAHENDRA KUMAR BOTHRA
CHAIRMAN & MANAGING DIRECTOR
Place: Mumbai
Date: 02.09.2010