| The Directors are submitting herewith their report together with
Audited Accounts for the year ending 30th September 2013.
The Company incurred a Loss of Rs.500.18 lacs for the year under report
as shown below:
Rs.
Net Loss before depreciation and
provision for taxation 4,82,55,653
Add: Depreciation for the year 17,62,014
Net Loss before provision for
taxation carried over to 5,00,17,667
Balance sheet
The cumulative loss as at 30.9.2013 was Rs.1866.75 lacs.
The present status of the Company is brought out in the notes to
Accounts.
The members are aware that the company has been declared sick and
reference made to BIFR for revival and the same was abated at the
instance of the Banks and the BIFR order was set aside by the Hon'ble
High Court in 2011. The case is pending before BIFR. The company has
simultaneously submitted revival plan with funds provided by the New
Investors. The secured creditors and other liabilities have been
settled during the year. The company is awaiting sanction of the
revival scheme from BIFR.
DIVIDEND
No dividend is being recommended for the year ended 30.9.2013.
DIRECTORS
Mr. T Govindarjan, Director retires at this Annual General Meeting and
being eligible offers himself for re-appointment.
AUDITORS
The Company's Auditors M/s. P.B.Vijayaraghayan & Co, Chartered
Accountants, retires at the conclusion of this Annual General Meeting
and being eligible, and offer themselves for re-appointment.
As regards the Auditors' qualifications in their report, the
explanations given in the notes on Accounts are self-explanatory.
PUBLIC DEPOSIT
The directors hereby report that the company has not accepted any
deposit from the public during the year under review.
PARTICULARS OF EMPLOYEES
No employees were covered under the purview of Section 217 (2A) of the
Companies Act, 1956 read with Companies Particulars of Employees Rule,
1975.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
As the operations of the Company are at low level, and the power
consumption was at minimum level, there is no scope for further
improvement in this area.
DIRECTORS'RESPONSIBILITY STATEMENT
As per the Companies (Amendment) Act, 2000 your Directors have to give
their responsibility statement which is as follows:
1. That in the preparation of the annual accounts, the applicable
accounting standards had been followed along with proper explanation
relating to material departures.
2. That 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 the
profits or loss of the Company for that period.
3. That 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.
4. That the Directors had prepared the annual accounts on a going
concern basis.
CORPORATE GOVERNANCE
A separate report on Corporate Governance together with Practicing
Company Secretary Certificate regarding compliance of conditions of
Corporate Governance forms part of the annual report.
For and on behalf of the Board.
Place: Chennai K.Nadanasundaram T. Govindarajan.
Date: October 2013. Directors. |