Mar 31, 2014
DEAR MEMBERS,
The Directors submit herewith 31st Annual Report and the Audited
Accounts for the Financial Year ended 31* March 2014. FINANCIAL
HIGHLIGHTS
(Rs. In lacs)
Particulars For the F.Y. For the F.Y.
Ended 31.03.2014 Ended 31.03.2013
Turnover/Other Income 105.45 48.88
Earnings before Tax
and Depreciation 47.67 3.91
Depreciation and amortization
expenses 181.80 182.22
Profit/(Loss) before Tax (134.13) (178.31)
Provision for Taxation 0.00 0.00
Profit/(Loss) after Taxation (134.13) (178.31)
Prior Period Items 0.00 0.15
Profit/(Loss) for the Year (134.13) (178.46)
DIVIDEND
In view of the losses suffered by the company for the year under
review, your Management does not recommend any Dividend for the year.
OPERATIONS:
During the period under review, the turnover/ other income of the
company was Rs. 105.45 Lacs (Previous year Rs. 48.86 Lacs) which
pertains to miscellaneous income and derived from the job work. The
board of the company is currently looking for an associate to re-start
the activities of the company. In this area, the board has conducted
many meetings with various professionals and industeialists and is in
the process of finalizing the suitable associate.
REFERENCE TO BIFR:
As you are aware we are a BIFR declared sick company and at hearing
held on 5th February 2009 to consider the suggestions/objections to the
Draft Rehabilitation Scheme, the BIFR observed that the company has
sought so many relief and concessions from various Central and State
Governments and without giving sufficient opportunity to the concerned
Departments, the DRS cannot be sanctioned. Therefore, the BIFR Bench
appointed State Bank of India as the Operating Agency under section
17(3) of SICA with directions to formulate a DRS after holding a joint
meeting with all concerned agencies. The bench further In its hearing
dated 2nd May 2011directed that name of Bank of Saurashtra to be
deleted from the mailing list. The SBI (OA)was also directed to
complete all its formalities of acquiring information of the case
within period of four weeks of hearing. Company is directed to provide
all assistance to SBI. As directed, the company provided all the
requisite details to SBI (OA) and thereafter, the SBI (OA) has
submitted fully tied up DRS with the BIFR, which is still pending for
sanction.
INTERNAL CONTROLS & ADEQUACY
Your Company has adequate system of internal controls to ensure that
all assets are insured adequately and safeguarded, transactions are
authorized, optimum utilization of resources, reporting of financial
transactions and compliance with applicable law and regulations. Your
company has not undertaken business operations in the F.Y. 2013-14.
MANAGEMENT DISCUSSION AND ANALYSIS:
In accordance with the listing agreement, the Management Discussions
and analysis report is annexed hereto and forms part of this report.
CORPORATE GOVERNANCE
The Report on the Corporate Governance together with the Auditors
Certificate regarding the Compliance of Corporate Governance annexed
below and forms part of this Report.
FIXED DEPOSIT
Your Company has not Invited nor accepted any Fixed Deposits under the
Companies (Acceptance of Deposits) Rules, 1975.
DIRECTORS
During the year under review, there was no change in the directorship
of the company. As on date. Mrs. J. K. Bakshi, Chairperson and Managing
Director, Mr. H. K. Vyas, Director, Mrs. Sheena Sarup, Non-executive
and Independent Director and Mr. Shiv Kumar Vasesi, Non-executive and
Independent Director are on the Board of the company.
On 3rd day of September 2014, the term of Mrs. J. K. Bakshi as
Chairperson cum Managing Director comes to an end. As such, she is
being re-appointed as Chairperson cum Managing Director for a further
period of five years w.e.f. 4th day of September 2014.
RE-ISSUE OF FORFEITED EQUITY SHARES
The Board of directors in its meeting held on 4th day of September 2014
has decided to re-issue 5,08200 forfeited equity shares on preferential
basis to M/s Jit Family Trust the promoter group of the company subject
to the approval of members of the company by passing the Special
Resolution in the Annual General Meeting of the company to be held on
29th September 2014 and the other approvals of the Bombay stock
exchange, SEBI regulations and the rules made thereunder.
INFORMATION UNDER SECTION 217 (2A) OF THE COMPANIES ACT 1956
None of the employees was in receipt of remuneration exceeding the
limit specified under Section 217 (2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY
Particulars with respect to Conservation of Energy, Technology
Absorption as per section 217(9) (e) of the Companies Act, 1956 read
with Company''s (Disclosure of particulars in the Board of Directors)
Rule, 1988 for the year ended 31st March 2014 are annexed to this
report.
STATUTORY AUDITORS
M/s. Jayesh Sanghrajka & Co., Chartered Accountants, Mumbai, Statutory
Auditors of the Company retire at the conclusion of the ensuing Annual
General Meeting and being eligible have offered themselves for
re-appointment.
AUDITOR''S REPORT
Your Directors are of the view that Notes to the Accounts adequately
provide the necessary information and answer the observations of the
Auditors in their Report. Reference to the Company being sick is being
taken up separately as required under the provisions of the Sick
Industrial Companies (Special Provisions) Act 1986. The Company has
received confirmation from them to the effect that their
re-appointment, if made, would be within the prescribed limits under
Section 224(1B) of the Companies Act, 1956 and also that they are not
disqualified for such reappointment within the meaning of Section 226
of the said Act. The Notes on Accounts referred to in the Auditors
Report are self-explanatory.
DIRECTOR''S RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217(2AA)
OF THE COMPANIES ACT, 1956 (AS AMENDED)
The Directors confirm that:-
1. In the preparation of the Annual Accounts, the applicable
accounting standards issued by the Institute of Chartered Accountants
of India and the requirements of the Companies Act, 1956, to the extent
applicable to the Company, have been followed, along with proper
explanation relating to material departures
2. They have selected such accounting policies and applied them
consistently and made judgments and estimates are reasonable and
prudent, so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year and of the profit or loss
of the Company for that period;
3. They have taken proper and sufficient care of the maintenance of
adequate accounting records, in accordance with the provision of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; and
4. The annual accounts are prepared on a going concern basis.
ACKNOWLEDGEMENTS
Your Board acknowledges with gratitude the co-operation and assistance
of the Government Departments. Ministries and Departments of the Union
Territory of Daman as well as other Authorities for their support and
assistance. Your Directors are happy to place on record their gratitude
to the employees at all levels for their commitment and dedicated
efforts. The Directors are also thankful to the Shareholders for their
continued support to the Company.
On behalf of the Board
sd/-
Place: Mumbai J.K. Bakshi
Date: 4th September, 2014 Chairperson &
Managing Director
DIN-00256653
Mar 31, 2013
The Directors submit herewith 30th Annual Report and the Audited
Accounts for the Financial Year ended 31st March 2013.
FINANCIAL HIGHLIGHTS
(Rs. in lacs)
For the
F.Y. Ended
31.03.2013 For the
F.Y. Ended
31.03.2012
Particulars
Turnover/Other Income 48.86 62.13
Earnings before Tax and Depreciation 3.91 27.37
Depreciation 182.22 182.22
Profit/(Loss) before Tax (178.31) (154.85)
Provision for Taxation 0.00 0.00
Profit/(Loss) after Taxation (178.31) (154.85)
Prior Period Items 0.15 0.00
ProfitZ(Loss) for the Year (178.46) (154.85)
DIVIDEND
In view of the losses suffered by the company for the year under
review, your Management does not recommend any Dividend for the year.
OPERATIONS:
During the period under review, the turnover/ other income of the
company was Rs. 48.86 Lacs (Previous year Rs. 62.13 Lacs) which
pertains to miscellaneous income and derived from the job work.The
board of the company is currently looking for an associate to re-start
the activities of the company. In this area, the board has conducted
many meetings with various professionals and industeialists and is in
the process of finalizing the suitable associ- ate.
REFERENCE TO BIFR:
As you are aware we are a BIFR declared sick company and at hearing
held on 5W February 2009 to consider the suggestions/objections to the
Draft Rehabilitation Scheme, the BIFR observed that the company has
sought so many relief and concessions from various Central and State
Governments and without giving sufficient opportunity to the concerned
Departments, the DRS cannot be sanctioned. Therefore, the BIFR Bench
appointed State Bank of India as the Operating Agency under section
17(3) of SICA with directions to formulate a DRS after holding a joint
meeting with all concerned agencies. The bench further in its hearing
dated 2nd May 2011 directed that name of Bank of Saurashtra to be
deleted from the mailing list. The SBI (OA)was also directed to
complete all its formalities of acquiring information of the case
within period of four weeks of hearing. Company is directed to provide
all assis- tance to SBI. As directed, the company provided all the
requisite details to SBI (OA) and thereafter, the SBI (OA) has
submitted fully tied up DRS with the BIFR, which is still pending for
sanction.
INTERNAL CONTROLS & ADEQUACY
Your Company has adequate system of internal controls to ensure that
all assets are insured adequately and safeguarded, transactions are
authorized, optimum utilization of resources, reporting of financial
transactions and compliance with applicable law and regulations. Your
company has not undertaken business operations in the F.Y. 2012-13.
MANAGEMENT DISCUSSION AND ANALYSIS:
In accordance with the listing agreement, the Management Discussions
and analysis report is annexed hereto and forms part of this report.
CORPORATE GOVERNANCE
The Report on the Corporate Governance together with the Auditors
Certificate regarding the Compliance of Corporate Governance annexed
below and forms part of this Report. FIXED DEPOSIT
Your Company has not invited nor accepted any Fixed Deposits under the
Companies (Acceptance of Deposits) Rules, 1975.
DIRECTORS
During the year under review, Mrs. Swinder Kaur Bindra, Director of the
company, ceased from the directorship of the company due to death
occurred on 25th July 2013. Mr. Gurjit Singh, Director of the company,
ceased from the directorship of the company due to death occurred on
21st August 2013. Mr. H.K.Vyas will retire by rotation at the
forth-coming Annual General Meeting of the Company and being eligible,
has offered himself for re-appointment. Mr. Shiv Kumar Vasesi has been
appointed as an additional director on 11.06.2013 and Mrs. Sheena Sarup
has been appointed as an additional director on 23.08.2013. As on date,
Mrs. J. K. Bakshi, Chairperson and Managing Director, Mr. H. K. Vyas,
Director Mrs. Sheena Sarup, Director and Mr. Shiv Kumar Vasesi,
Director are on the Board of the company.
INFORMATION UNDER SECTION 217 (2A) OF THE COMPANIES ACT 1956
None of the employees was in receipt of remuneration exceeding the
limit specified under Section 217 (2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY
Particulars with respect to Conservation of Energy, Technology
Absorption as per section 217(9) (e) of the Companies Act, 1956 read
with Company''s (Disclosure of particulars in the Board of Directors)
Rule, 1988 for the year ended 31s'' March 2013 are annexed to this
report. STATUTORY AUDITORS
" M/s. Jayesh Sanghrajka & Co., Chartered Accountants, Mumbai,
Statutory Auditors of the Company retire at the conclusion of the
ensuing Annual General Meeting and being eligible have offered
themselves for re-appointment.
AUDITOR''S REPORT
Your Directors are of the view that Notes to the Accounts adequately
provide the necessary information and answer the observations of the
Auditors in their Report. Reference to the Company being sick is being
taken up separately as required under the provisions of the Sick
Industrial Companies (Special Provisions) Act 1986. The Company has
received confirmation from them to the effect that their
re-appointment, if made, would be within the prescribed limits under
Section 224(1 B) of the Companies Act, 1956 and also that they are not
disqualified for such reappoint- ment within the meaning of Section 226
of the said Act. The Notes on Accounts referred to in the Auditors
Report are self-explanatory.
DIRECTOR''S RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217(2AA)
OF THE COMPANIES ACT, 1956 (AS AMENDED)
The Directors confirm that:-
1. In the preparation of the Annual Accounts, the applicable
accounting standards issued by the Institute of Chartered Accountants
of India and the requirements of the Companies Act, 1956, to the extent
applicable to the Company, have been followed, along with proper
explanation relating to material departures.
2. They have selected such accounting policies and applied them
consistently and made judgments and esti- mates are reasonable and
prudent, so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year and of the profit or loss
of the Company for that period;
3. They have taken proper and sufficient care of the maintenance of
adequate accounting records, in accordance with the provision of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; and
4. The annual accounts are prepared on a going concern basis.
ACKNOWLEDGEMENTS
Your Board acknowledges with gratitude the co-operation and assistance
of the Government Departments,Ministries and Departments of the Union
Territory of Daman as well as other Authorities for their support and
assistance. Your Directors are happy to place on record their gratitude
to the employees at all levels for their commitment and dedicated
efforts. The Directors are also thankful to the Shareholders for their
continued support to the Company.
On behalf of the Board
Place: Mumbai JK. Bakshi
-sd-
Date: 2nd September,2013 Chairperson $ Managing Director
Mar 31, 2010
The Directors submit herewith 27th Annual Report and the Audited
Accounts for the Financial Year ended 31st March 2010.
FINANCIAL HIGHLIGHTS (Rs. in lacks)
Particulars For the FY. For the F.Y.
Ended 31.03.2010 Ended 31.03.2001
Turnover 36.78 133.03
Earnings before Interest and
Depreciation (54.82) (170.50)
- Depreciation 182.22 180.73
- Financial Charges 0.35 0.90
Proflt/(Loss) before Tax (237.30) (352.13)
Provision for Taxation 0.00 0.99
Proflt/(Loss) after Taxation (237.39) (353.12)
Prior Period Items 3.18 34.54
Profitl/(Los8) for the Year (240.57) (387.66)
Surplus/(Deflclt) from
Previous Year brought
forward (6788.24) (6400.58)
Surplus/(Deficit) Carried
to Balance Sheet (7028.81) (6788.24)
DIVIDEND
In view of the toss for the year under review your Management does not
recommend any Dividend for the year.
OPERATIONS:
During the under review the turnover of the company was Rs. 36.78 Lacs
(Previous year Rs. 133.93 Lacs) which includes miscellaneous income and
write off of expenses to the extent of Rs 31.52 Lacs. The board of the
company is currently looking for an associate to re-start the
activities of the company. In this area, the board has conducted many
meetings with various professionals and industeialists and is in the
process of finalizing the suitable associate.
REFERENCE TO BIFR:
As you are aware we are a BIFR declared sick company and at hearing
held on 5th February 2009 to consider the suggestions/objections to the
Draft Rehabilitation Scheme, the BIFR observed that the company has
sought so many relief and concessions from various Central and State
Governments and without giving sufficient opportunity to the concerned
Departments, the DRS cannot be sanctioned. Therefore, the BIFR Bench
appointed State Bank of India as the Operating Agency under section
17(3) of SICA with directions to formulate a DRS after holding a joint
meeting with all concerned agencies. Company preferred an appeal before
the AAIFR which has been admitted and the case is posted for completion
of pleadings on 20th August 2010. on the date fixed hereing on 20th
August 2010 the company has withdrawn sucessfully the case from AAIFR.
We hope to receive approvals of concerned authorities for its revival
and restructuring plans and which will hopefully reflect in the
financials for the year ending 31st March 2011.
FUTURE OUTLOOK
The Government of India have identified the field of Technical Textiles
in which the Non-Woven Industry is an important component as a key
growth area and the industry has been made eligible for support and
encouragement under the Technology Upgradation Funding Scheme (TUFS).
Your Directors are confident the company will be rehabilitated by
restructuring of the loans and bringing in fresh funds from fresh
investment into the company.
International outlook and demand for the Non-Woven Industry continues
to be in a growth and Technology Upgradation mode. There have been
substantive developments in the manufacturing technologies and the
Plant & Equipment for the production of these products and the future
viability of any player in this field is to a large extent dependent
upon successful achievement of these parameters. Such steps will
require new investment in Plant, Equipment and Technological Up
gradation. Your company will make sincere and intensive efforts to
re-structure its financial position and to take advantage of the good
future outlook that exists for the industry and its business as soon as
possible. Your Companys imported plant has continuously being giving
operational and breakdown problems. Intensive efforts were made to
repair and renovate the plant in spite of lack of cooperation from the
plant suppliers.
INTERNAL CONTROLS & ADEQUACY
Your Company has adequate system of internal controls to ensure that
all assets are Insured adequately and safeguarded, transactions are
authorized, optimum utilization of resources, reporting of financial
transactions and compliance with applicable law and regulations.
Special emphasis has been given to product quality, new products
development and cost control areas.
MANAGEMENT DISCUSSION AND ANALYSIS
In accordance with the listing agreement, the Management Discussions
and analysis report is annexed hereto and forms part of this report.
CORPORATE GOVERNANCE
The Report on the Corporate Governance together with the Auditors
Certificate regarding the Compliance of Corporate Governance annexed
below and forms part of this Report.
FIXED DEPOSIT
Your Company has not invited nor accepted any Fixed Deposits under the
Companies (Acceptance of Deposits) Rules, 1975.
DIRECTORS
During the year under review, Mrs. Swinder Kaur Bindra has been
appointed as additional director of the company by the Board of
Directors on 10th August 2010 and whose term is due to expire at the
ensuing Annual General Meeting and has been proposed to be appointed as
director under section 257 of the Companies Act, 1956. Mr. Gurjit
Singh,Director of the company, will retire by rotation at the forth-coming
Annual General Meeting of the Company and being eligible, has offered
himself for re-appointment. As on date, Mrs. J. K. Bakshi, Chairperson
and Managing Director, Mr. H. K. Vyas, Director Mr. Gurjit Singh,
Director and Mrs. Swinder Kaur Bindra, Additional Director are on the
Board of the company.
INFORMATION UNDER SECTION 217 (2A) OF THE COMPANIES ACT 1956
None of the employees was in receipt of remuneration exceeding the
limit specified under Section 217 (2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY
Particulars with respect to Conservation of Energy, Technology
Absorption as per section 217(9) (e) of the Companies Act, 1956 read
with Companys (Disclosure of particulars In the Board of Directors)
Rule, 1988 for the year ended 31* March 2010 are annexed to this
report.
STATUTORY AUDITORS
M/s. Jayesh Sanghrajka & Co., Chartered Accountants, Mumbai, Auditors
of the Company retire at the conclusion of the ensuing Annual General
Meeting and being eligible have offered themselves for re-appointment.
AUDITORS REPORT
Your Directors are of the view that Notes to the Accounts adequately
provide the necessary information and answer the observations of the
Auditors in their Report. Reference to the Company being sick is being
taken up separately as required under the provisions of the Sick
Industrial Companies (Special Provisions) Act 1986. The Company has
received confirmation from them to the effect that their
re-appointment, if made, would be within the prescribed limits under
Section 224(1 B) of the Companies Act, 1956 and also that they are not
disqualified for such reappointment within the meaning of Section 226
of the said Act. The Auditors has also submitted peer review
certificate issued by the Peer Review Board of the Institute of
Chartered Accountants of India, New Delhi as required under the listing
agreement. The Notes on Accounts referred to in the Auditors Report are
self-explanatory and therefore do not call for any further comments.
INDUSTRIAL RELATIONS & HUMAN RESOURCES
During the year under review, your Company had cordial industrial
relations with its employees and measures to im- prove human relations
including management development at all levels were continued.
DIRECTORS RESPONSIBILITY STATEMENT AS REQUIRED UNDER SECTION 217(2AA)
OF THE COMPANIES ACT, 1956 (AS AMENDED) The Directors confirm that:-
1. In the preparation of the Annual Accounts, the applicable
accounting standards issued by the Institute of Char- tered Accountants
of India and the requirements of the Companies Act, 1956, to the extent
applicable to the Company, have been followed, along with proper
explanation relating to material departures.
2. They have selected such accounting policies and applied them
consistently and made judgments and estimates are reasonable and
prudent, so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year and of the profit or loss
of the Company for that period;
3. They have taken proper and sufficient care of the maintenance of
adequate accounting records, in accordance with the provision of the
Companies Act, 1956 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities; and
4. The Company is a going concern.
ACKNOWLEDGEMENTS
Your Board acknowledges with gratitude the co-operation and assistance
of the Government Departments.
Ministries and Departments of the Union Territory of Daman as well as
other Authorities for their support and assistance. Your Directors are
happy to place on record their gratitude to the employees at all levels
for their commitment and dedicated efforts. The Directors are also
thankful to the Shareholders for their continued support to the
Company.
On behalf of the Board
Place: Mumbai J.K. Bakshl
Date: 25th August.2010 Chairperson & Managing Director
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