Mar 31, 2014
The Members of
VAPI ENTERPRISE LIMITED,
(Formerly Known as Vapi Paper Mills Limited )
The Directors have pleasure in presenting the 40th Annual Report of
the Company together with Audited statement of Accounts for the year
ended 31st March, 2014.
1. FINANCIAL RESULTS :
(Rupees in Lacs)
2013-14 2012-13
Net Sales and Other Income 108.37 95.51
Gross Profit / (Loss) 52.43 (132.59)
Less: Depreciation 14.85 14.89
Profit / (Loss) before Tax 37.58 (147.48)
Less : Provision for Income Tax - -
Deferred Tax - -
Net Profit / (Loss) After Tax 37.58 (147.48)
Less: Extra Ordinary Items (7.18) (20.34)
Net Profit / (Loss) After Tax & Extra
Ordinary Items 30.40 (167.82)
Add : Balance of Profit/(Loss)
brought forward (1621.22) (1453.40)
Surplus available for Appropriations: (1590.82) (1621.22)
Surplus / (Deficit) carried to Balance
Sheet (1590.82) (1621.22)
2. DIVIDEND:
The Directors do not recommend any Dividend on Equity Shares for the
year ended 31st March, 2014
3. OPERATIONS:
The Company has earned Net Revenue of Rs. 108.37 lacs during the year.
The company has earned Net Profit of Rs. 30.39 lacs during the year.
The cash profit from operations pertaining to current year mentioned
above is Rs. 52.43 lacs.
The company and the management continue to look for opportunities to
enter new businesses at the opportune time of the business cycle. As
per the conservative policy of the company, the management will take
value enhancing decisions at the appropriate time.
As the company is not presently engaged in any manufacturing
operations, disclosures pursuant to section 217(1) (e) of the Companies
Act, 1956 related to Conservation of Energy, Power and Fuel
Consumption, Particulars with respect to Absorption, Adaption and
Innovation, Foreign exchange Earnings and Outgo is not applicable and
does not require any additional disclosures except that included in the
notes to accounts.
4. FIXED DEPOSITS:
At the end of the financial year, there was no overdue Deposits.
5. DIRECTORS:
In accordance with the provisions of the Companies Act, 1956, Smt.
Laxmiben J. Patel retires by rotation at the ensuring Annual General
Meeting and being eligible, offer himself for re-appointment.
6. DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to Sub Section (2AA) of Section 217 of the Companies Act,
1956, the Board of Directors of the Company hereby state and confirm
that:
i. In the preparation of the Annual Accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit of
the Company for that year;
iii. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv. The Directors have prepared the annual accounts on a going concern
basis.
7. INSURANCE:
The Insurable interest in all the properties of the company including
buildings and other assets have been adequately insured considering the
age, condition and useful life.
8. DISCLOSURE OF PARTICULARS:
Information required under the Companies (Disclosure of Particulars in
Report of Board of Directors) Rules, 1988, relating to conservation of
energy, technology absorption and foreign exchange earnings and outgo
is not required to be attached as the company did not carry out any
manufacturing activities during the year.
9. PARTICULARS OF EMPLOYEES:
Information pursuant to Section 217 (2A) of the Companies Act, 1956
read with Companies (particulars of Employees) Rules, 1975 as amended
is not attached as the company did not have any such employee employed
during the year under review.
10. CORPORATE GOVERNANCE:
The provisions of clause 49 of Listing Agreement with Mumbai Stock
Exchange relating to Corporate Governance are not yet applicable to
your company as paid-up capital of the company is below prescribed
limit.
11. AUDITORS:
M/S Chirag N. Shah and Associates, Chartered Accountants retire at the
forthcoming Annual General Meeting and being eligible, offer themselves
for re-appointment. You are requested to appoint Auditors to hold
office until the next Annual General Meeting and fix their
remuneration.
12. AUDITORS REPORT OBSERVATIONS:
Your Directors refer to the observations made by the Auditors in their
report and wish to inform as under: 1. The reference to the
qualification with respect to the realisability of Long Term Deposits,
Loans and Advances and Trade Payables, the Directors wish to state that
these are accounted for with maximum prudence and conservative
accounting approach and in the opinion of the Directors are fully
realizable.
Maximum effort is being pursued to obtain confirmation certificates
from such parties in order to satisfy Audit requirements.
2. A large majority of the fixed assets of the company consists of
land, building, road works, general electrification, water works and
general maintenance equipment. The fixed assets related to machinery
and old stocks and stores and spares have largely been disposed of or
written of. Hence the company is in the process of compiling the
revised fixed assets register and which will be completed in due course
to satisfy Audit requirements.
3. The company''s accounts are being reported as a going concern
inspite of negative networth of the company as the company is
generation cash profits and in the opinion of the Directors, the
company will eventually turn networth positive. The Directors will also
explore mechanisms to infuse funds into the company in order to return
to netwoth positive.
4. Unsecured Loans received by the company are primarily ICD from
group companies and loans from Directors. These were taken to meet
pressing and heavy financial needs of the company in the past. These
loans are non-interest bearing and have been fully disclosed in the
notes concerning related party transactions. Apart from these loans,
the company has not accepted any unsecured loans from the public.
For and on behalf of the Board
Sd/- Sd/-
Manoj R. Patel Rajeev R. Patel
DIN No. 00485197 DIN No.00510532
Place : Mumbai
DATED : 31th May, 2014 (Managing Director) (Director)
Mar 31, 2013
To, The Members of VAPI PAPER MILLS LIMITED,
The Directors have pleasure in presenting the 39th Annual Report of the
Company together with Audited statement of Accounts for the year ended
31st March, 2013.
1. FINANCIAL RESULTS : (Rupees in Lacs)
2012-13 2011-12
Net Sales and Other Income 95.51 85.05
Gross Profit / (Loss) (132.59) 39.12
Less: Depreciation 14.89 9.90
Profit / (Loss) before Tax (147.48) 29.22
Less : Provision for Income Tax - (0.16)
Deferred Tax - -
Net Profit / (Loss) After Tax (147.48) 29.38
Less: Extra Ordinary Items (20.34) -
Net Profit / (Loss) After Tax & Extra
Ordinary Items (167.82) 29.38
Add : Balance of Profit/(Loss)
brought forward (1453.40) (1482.78)
Surplus available for Appropriations: (1621.22) (1453.40)
Surplus / (Deficit) carried to Balance Sheet (1621.22) (1453.40)
2. DIVIDEND:
The Directors do not recommend any Dividend on Equity Shares for the
year ended 31st March, 2013
3. OPERATIONS:
The Company has earned Net Revenue of Rs. 95.51 lacs during the year.
The company has incurred Net Loss of Rs. 167.82 lacs during the year.
The category of other expenses for Fy 2012-2013 include a onetime
expense on account of write offs against bad debts, loans and advances
and other balances, related to the discontinued manufacturing and
financing activities of the company to the amount of Rs. 187.02 lacs.
The operating profit for the year excluding these write offs mentioned
above is Rs. 19.20 lacs. The cash profit from operations pertaining to
current year excluding these write offs mentioned above is Rs. 34.09
lacs.
The company and the management continue to look for opportunities to
enter new businesses at the opportune time of the business cycle.
Currently, the economy is in a stressed environment, and as per the
conservative policy of the company, the management will take value
enhancing decisions at the appropriate time.
4. FIXED DEPOSITS:
At the end of the financial year, there was no overdue Deposits.
5. DIRECTORS:
In accordance with the provisions of the Companies Act, 1956, Smt.
Rajeev R. Patel retires by rotation at the ensuring Annual General
Meeting and being eligible, offer himself for re- appointment.
6. DIRECTORS'' RESPONSIBILITY STATEMENT:
Pursuant to Sub Section (2AA) of Section 217 of the Companies Act,
1956, the Board of Directors of the Company hereby state and confirm
that:
i. In the preparation of the Annual Accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit of
the Company for that year;
iii. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv. The Directors have prepared the annual accounts on a going concern
basis.
7. INSURANCE:
The Insurable interest in all the properties of the company including
buildings and other assets have been adequately insured considering the
age, condition and useful life.
8. DISCLOSURE OF PARTICULARS:
Information required under the Companies (Disclosure of Particulars in
Report of Board of Directors) Rules, 1988, relating to conservation of
energy, technology absorption and foreign exchange earnings and outgo
is not required to be attached as the company did not carry out any
manufacturing activities during the year.
9. PARTICULARS OF EMPLOYEES:
Information pursuant to Section 217 (2A) of the Companies Act, 1956
read with Companies (particulars of Employees) Rules, 1975 as amended
is not attached as the company did not have any such employee employed
during the year under review.
10. CORPORATE GOVERNANCE:
The provisions of clause 49 of Listing Agreement with Mumbai Stock
Exchange relating to Corporate Governance are not yet applicable to
your company as paid-up capital of the company is below prescribed
limit.
11. AUDITORS:
M/S Chirag N. Shah and Associates, Chartered Accountants retire at the
forthcoming Annual General Meeting and being eligible, offer themselves
for re-appointment. You are requested to appoint Auditors to hold
office until the next Annual General Meeting and fix their
remuneration.
For and on behalf of the Board
SD/- SD/-
Place : Mumbai Manoj R. Patel Rajeev R. Patel
Dated : 15th July, 2013 (Managing Director) (Director)
Mar 31, 2012
To, The Members of VAPI PAPER MILLS LIMITED,
The Directors have pleasure in presenting the 38th Annual Report of
the Company together with Audited statement of Accounts for the year
ended 31st March, 2012.
1. FINANCIAL RESULTS :
(Rupees in Lacs)
2011-12 2010-11
Net Sales and Other Income 85.05 120.26
Gross Profit/(Loss) 39.12 15.20
Less: Depreciation 9.90 4.73
Profit/(Loss) before Tax 29.22 10.47
Less: Provision for Income Tax 8.84 -
Deferred Tax - -
Net Profit/(Loss) After Tax 20.38 10.47
Less: Extra Ordinary Items - 430.38
Net Profit/(Loss) After Tax
& Extra Ordinary Items 20.38 (419.91)
Add : Balance of Profit/(Loss)
brought forward (1242.91) (823.00)
Surplus available for
Appropriations: (1222.53) (1242.91)
a) Proposed Dividend - -
b) Tax on Dividend - -
Surplus/(Deficit) carried
to Balance Sheet (1213.53) (1242.91)
2. DIVIDEND:
The Directors do not recommend any Dividend on Equity Shares for the
year ended 31st March, 2012.
3. OPERATIONS:
The Company has earned Net Revenue of Rs. 85.05 Lacs from Job work.
Lease Income and other miscellaneous income during the year. The
company has incurred Net Profit of Rs. 29.38 Lacs during the year.
4. FIXED DEPOSITS:
At the end of the financial year, there was no overdue Deposits.
5. DIRECTORS:
In accordance with the provisions of the Companies Act, 1956, Smt.
Laxmiben J. Patel retires by rotation at the ensuring Annual General
Meeting and being eligible, offer himself for re-appointment.
6. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to Sub Section (2AA) of Section 217 of the Companies Act,
1956, the Board of Directors of the Company hereby state and confirm
that:
i. In the preparation of the Annual Accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit of
the Company for that year;
iii. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv. The Directors have prepared the annual accounts on a going concern
basis.
7. INSURANCE:
The Insurable interest in all the properties of the company including
Building have been adequately insured.
8. DISCLOSURE OF PARTICULARS:
Information required under the Companies (Disclosure of Particulars in
Report of Board of Directors) Rules, 1988. relating to conservation of
energy, technology absorption and foreign exchange earnings and outgo
is not required to be attached as the company did not carry out any
manufacturing activities during the year.
9. PARTICULARS OF EMPLOYEES:
Information pursuant to Section 217 (2A) of the Companies Act, 1956
read with Companies (particulars of Employees) Rules, 1975 as amended
is not attached as the company did not have any such employee employed
during the year under review.
10. CORPORATE GOVERNANCE:
The provisions of clause 49 of Listing Agreement with Mumbai Stock
Exchange relating to Corporate Governance are not yet applicable to
your company as paid-up capital of the company is below prescribed
limit.
11. AUDITORS:
M/S Manubhai & Company, Chartered Accountants retire at the forthcoming
Annual General Meeting. The Directors place a vote of thanks for their
long standing service to the Company over the years. You are requested
to appoint new Auditors to hold office until the next Annual General
Meeting and fix their remuneration at the Annual General Meeting.
12. PERSONNEL:
The Industrial Relations remained cordial at all levels during the year
under review.
13. ACKNOWLEDGEMENT:
Your Directors sincerely record their appreciation with gratitude for
the continued support and assistance extended to the Company by the
Bank and various Government Departments and Agencies.
By order of the Board
Manoj R. Patel
Managing Director
Place: Mumbai
Dated: 1st August, 2012
Mar 31, 2010
The Directors have pleasure in presenting the 30th Annual Report of
the Company together with Audited statement of Accounts for the year
ended 31st March, 2010.
1. FINANCIAL RESULTS:
(Rupees in Lacs)
2009-10 2008-09
Net Sales and Other Income 683.68 1916.53
Gross Profit / (Loss) (337.67) 155.15
Less: Depreciation 50.71 71.59
Profit / (Loss) before Tax (388.38) 83.56
Less : Provision for Income Tax - -
Fringe Benefit Tax - 1.10
Deferred Tax Net Profit / (Loss)
After Tax (388.38) 82.46
Less: Extra Ordinary Items 5.97 14.69
Net Profit / (Loss) After Tax
& Extra Ordinary Items (394.35) 67.77
Add : Balance of Profit/(Loss)
brought forward (428.S5) (496.42)
Surplus available for Appropriations: (823.00) (428.65)
a) Proposed Dividend - -
b) Tax on Dividend - -
Surplus / (Deficit) carried to
Balance Sheet (823.00) (428.65)
2. DIVIDEND:
The Directors do not recommend any Dividend on Equity Shares for the
year ended 31st March, 2010.
3. OPERATIONS:
During the year, Company has achieved a Production of 3,947 MT of Paper
and Paper Board against Production of 8,008 MT achieved during the
previous year. The production of Engineering Division during the year
was 10 Units against production of 38 Units achieved during the
previous year. The Gross turnover(excluding other income ) during the
year was Rs.6.90 Crores against Rs.15.62 Crores in the previous year.
The Manufacturing operations of the company have been suspended with
effect from 7th November, 2009 due to uneconomical scale of operations
resulting into continuous losses during past few years. The Paper Pant
at Vapi have been disposed off and your Directors are now exploring the
possibilities to diversify its activities into area which are
profitable in the long run.
4. FIXED DEPOSITS:
At the end of the financial year, there was no overdue Deposits.
5. DIRECTORS:
In accordance with the provisions of the Companies Act, 1956, Smt.
Laxmiben J.Patel retires by rotation at the ensuring Annual General
Meeting and being eligible, offer herself for re-appointment.
6. DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to Sub Section (2AA) of Section 217 of the Companies Act,
1956, the Board of Directors of the Company hereby state and confirm
that:
i. In the preparation of the Annual Accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures;
ii. The Directors have selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the profit of
the Company for that year;
iii. The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
iv. The Directors have prepared the annual accounts on a going concern
basis.
7. INSURANCE:
The Insurable interest in all the properties of the company including
Building have been adequately insured.
8. DISCLOSURE OF PARTICULARS:
Information required under the Companies (Disclosure of Particulars in
Report of Board of Directors) Rules, 1988, relating to conservation of
energy, technology absorption and foreign exchange earnings and outgo
is annexed hereto and forms a part of this report.
9. PARTICULARS OF EMPLOYEES:
Information pursuant to Section 217 (2A) of the Companies Act, 1956
read with Companies (particulars of Employees) Rules, 1975 as amended
is not attached as the company did not have any such employee employed
during the year under review.
10. CORPORATE GOVERNANCE:
The provisions of clause 49 of Listing Agreement with Mumbai Stock
Exchange relating to Corporate Governance are not yet applicable to
your company as paid-up capital of the company is below prescribed
limit.
11. AUDITORS:
M/S Manubhai & Company, Charteted Accountants retire at the forthcoming
Annual General Meeting and being eligible, offer themselves for
re-appointment. You are requested to appoint Auditors to hold office
until the next Annual General Meeting and fix their remuneration.
12. PERSONNEL:
The Industrial Relations remained cordial at all levels during the year
under review.
13. ACKNOWLEDGEMENT:
Your Directors sincerely record their appreciation with gratitude for
the continued support and assistance extended to the Company by the
Bank and various Government Departments and Agencies.
For and on behalf of the Board
Place : Mumbai Manoj R. Patel Rajeev R. Patel
DATED : 31st August, 2010 Managing Director Director
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