| The Members Belapur Industries Ltd.
The Board of Directors present their Fifty-Eighth Annual Report
together with the Audited Accounts for the year ended on 31st March
2014.
2. FINANCIAL RESULTS : 2012 -2013
2013-2014 2012-2013
Rupees Rupees
Sales /Service Charges -
Other Income 1,58,50,885 2,60,10,542
1,58,50,885 2,60,10,542
Total Expenditure 1,53,66,580 2,02,92,081
Financial Expenses 1,31,233 1,32,009
Deffered Exp. on Sand Pits - -
Gross (Loss) / Profit before Depreciation 3,53,072 55,86,452
Depreciation 1,43,689 13,04,792
Income Tax Paid (On Refund) / - -
Debit Balance Written - -
Net (Loss)/Profit after Depreciation (7,90,617) 42,81,660
(7,90,617) 42,81,660
(Loss) brought from Previous Year (3,70,16,199) (4,12,97,859)
(Loss) Carried Forward (3,78,06,816) (3,70,16,199)
3. DIVIDEND:
The Directors regret their inability to recommend Dividend for the year
due to loss carried forward by the Company.
4. Grapes: The Board of Directors were satisfied with the grapes
plantation and were expecting a Good result during the financial year
ended 31st March 2014. But regret to state that due to Poor Monsoon of
the plantation was damaged. Thus there was no other alternative, than
to go for some other agricultural Products, in order to cover the
damages.
5. DIFFERENTIAL LEVY SUGAR PRICES:
The Members may be aware that the Company had already received from the
Ministry of Finance Differential amount in the year 1996-97 towards
differential Levy Sugar Price for the seasons 1974- 75 to 1979-80 as
per revised price notification issued by Government as per the Order of
the Supreme Court dated 22nd September 1993.
While fixing the revised prices the Government ignored the element of
additional cane price payable by the Sugar producers under Clause 5Aof
the Cane (Control) Order 1966. The Industry therefore filed a Civil
Application in the Supreme Court for an appropriate direction to the
Union Government to amend the rectifications of refixation of levy
prices taking into account the liability of the sugar producers under
Clause 5A of the Sugar Cane (Control) Order 1966. The Supreme Court by
its judgement dated 28th January 1997 vindicated the stand and directed
the Union Government to issue and directed to issue an additional
revised prices for the seasons 1974-75 to 1979-80 as per Order dated
31st July 1998. However the claims for difference in prices is yet to
be settled by the Government. The Company is vigorously following up
the matter to get the differential amount including differential amount
including differential amount in respect of supplies for Army Purchase
and Exports.
6. DIRECTORS:
As per the requirements of the Companies Act, 1956 and the Articles of
Associations of the Company Shri. B. B. PATIL is due to retire at the
ensuing Annual General Meeting and being eligible offers himself for re
appointment.
EXTRACT OF DIRECTOR'S REPORT
In accordance with the provisions Section 149 of the Companies Act,
2013, every listed Company is required to appoint at least 1/3 of its
Board of Directors as Independent Directors.
The Company has received requisite notice in compliance with the
provisions of Section 160 of the Companies Act, 2013 proposing Mr.
Kiran Kantilal Patel, Mr. Sadanand Bapu Mandlik & Mr. Malik Mansurali
Keshwani, as Independent Directors of the Company as well as
declarations from Mr. Kiran Kantilal Patel, Mr. Sadanand Bapu Mandlik &
Mr. Malik Mansurali Keshwani that they meet with the criteria of
independence as provided in Section 149(6) of the Companies Act, 2013.
Hence in accordance with the provisions of Sections 149,150,152 and
other applicable provisions, if any of the Companies Act, 2013 read
with Schedule IV to the Companies Act, 2013 (including any statutory
modification(s) or re-enactment thereof for the time being in force)
the Board recommends appointment of Mr. Kiran Kantilal Patel, Mr.
Sadanand Bapu Mandlik & Mr. Malik Mansurali Keshwani, as Independent
Directors of the Company for the consecutive term of five years w.e.f.
01.10.2014.
7. DEPOSITS:
The Company has not accepted any deposits from the public during the
year under Report.
8. PARTICULARS OF EMPLOYEES:
Particulars of Employees, as required under Section 217(2A) of the
Companies (Particulars of Employees) Rules, 1975 are not given since
none of the employees has drawn remuneration in excess of the amount
prescribed thereunder.
9. AUDITORS'REPORT:
Observations made in the Auditors' Report are self explanatory; do not
call for any further comments under Section 217(3) of the Companies
Act, 1956.
10. AUDITORS
M/s. N. S. Naik & Company - Chartered Accountants, Shrirampur, Auditors
of the Company retire at the Annual General Meeting and being eligible
offer themselves for re-appointment. The Company has received a letter
confirming their eligibility and willingness to be re-appointed as
Auditors of the Company. The Members are requested to appoint Auditors
for the Current Year and fix their remuneration.
11. POLLUTION, ENVIRONMENT AND SAFETY:
Adequate anti pollution measures for the protection of environment and
industrial safety have been taken at our Harigaon Factory. Such
measures are being reviewed from time to time to ensure full compliance
with statutory requirements.
12. REGISTRAR OF TRANSFER AGENTS:
The Securities & Exchange Board of India (SEBI) has made for all listed
Companies to have a common agency for physical and electronic share
registry work by 31st March 2003. Accordingly the Company has appointed
Purva Sharegistry (I) Pvt. Ltd., (R &TA) with effect from 01.04.2003
to handle physical and electronic registry work.
13. DIRECTORS' RESPONSIBILITY STATEMENT PERSUANT TO SECTION 217 (2AA)
OF THE COMPANIES ACT, 1956:
In compliance of Section 217 (2AA) of the Companies Act, 1956 as
amended by the Companies (Amendment) Act, Directors of your Company
confirm: that the applicable accounting standards have been followed in
the preparation of final accounts and that there are no material
departures; that such accounting policies have been selected and
applied consistently and such judgements and estimates made are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as at March 31, 2014 and of the loss of the
Company for the year ended on that date; that proper and sufficient
care has been taken 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; that the annual account have been
prepared on a going concern basis.
14. AUDIT COMMITTEE:
The Company has constituted Audit Committee as per provisions of
Companies Act, 1956 comprising of Shri. Avinash Adik, Shri B.B. Patil,
and Shri R.T. More Directors of the Company.
15. COMPLIANCE CERTIFICATE:
As required to Section 383 A of the Companies Act 1956, the Compliance
Certificate for the year ended 31st March 2014 from the Practising
Company Secretary has been attached to the Directors report.
16. ACKNOWLEDGEMENT:
We record our appreciation for the co-operation received from our
employees, and the Government of Maharashtra during the year. The Board
of Directors also express itsgratitude to all the shareholders ofth
Company for having shown big deal of patience and giving support to the
present Management in taking steps for revival of the Company.
By order of the Board of Directors
G W Adik
Shrirampur, 29th May 2014 Chairman & Managing Director |