| The Directors have pleasure in presenting their Annual Report together
with the Audited Accounts fortheyear ended 31st March, 2013.
FINANCIALHIGHUGHTS: Round off to nearest Rs/Lakhs
Current
Year Previous
year
(12 months
period) (12 months
period)
ended
31.3.2013 ended
31.3.2012
Income [Sales] 7 2
Profit (Loss) before depreciation
and Write back of liabilities
& provisions (1110) (817)
Depreciation
Liabilities and Provisions no
longer required written back
Prior period adjustment (76)
Waiver of unsecured loan 200
Profit/(Loss) before taxation (1110) (693)
Deferred Tax Asset (Net)
Balance brought forward from previous year (2688) (1995)
Profit/(Loss) : Carried to Reserve and
Surplus/Balance Sheet (3799) (2688)
OPERATIONS AND PROSPECTS
During the year under review your Company has registered a total loss
of Rs. 3799 Lakhs. Both the furnaces of the Company has been lying
closed during the year and there has been complete suspension of
Company's commercial and industrial activities. However the management
is making all efforts to start the production within short period of
time. Your directors are hopeful for the bright future of the Company
in the years to come.
DIVIDEND
In view of the loss sustained in the year under review the Directors
regret that they are unable to recommend any dividend.
COMMENTON AUDITORS'QUALIFIED OPINION
As regards Auditors' comments in their Report on financial results for
the year Company's submissions have been given as under:
Regarding Comment No. (a)
Due to closure of the factory and no person in the secretarial
department it was not possible to publish the unaudited financial
results within the prescribed time limit.
Regarding Comment No. (b)
Yes, both the furnaces of the Company are closed and the Company is
striving hard to start its production.
Regarding Comment No. (c)
All the fixed assets and inventories are intact in the plant and the
company is properly up keeping and maintaining it in a running
condition.
Regarding CommentNo. (d)
Balance of the unsecured loan will be converted into preference shares
as soon as the plant starts.
Regarding Comment No.(e)
Employees Group Gratuity Policy with LIC of India wiJJ be renewed when
the production starts and when the company is in financial stability.
Loan taken from the Gratuity Fund will be repaid when funds will
generate.
Regarding Comment No. (m)
The recommendations and suggestions are noted by the directors.
Regarding Comment on Annexure to para (1 )(vii)
Internal audit could not be conducted because of the closure of the
factory. It will be taken up shortly.
Regarding Comment on Annexure to para(1)(ix)
In view of revenue generation being Zero there has been acute shortage
of funds to pay the dues on time. However the management is taking
efforts to makeup the dues as early as possible.
CORPORATEGOVERNANCE
The details of Corporate Governance as stipulated in Clause 49 of the
Listing Agreement with the Stock Exchanges are given in Annexure
forming part of the report.
CONSERVATIONOFENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO
Information pursuant to Section 217(1)(e) of the Companies Act, 1956
read with Companies (Disclosure of Particulars in the Report of the
Directors) Rules 1988 is annexed hereto forming part of the report.
RELATEDPARTY TRANSACTIONS
A statement of related party transactions pursuant to Accounting
standard 18 is given in Note 31 of the Accounts.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors'
hereby confirm that:
1. In preparation of Annual Accounts for the financial year ended 31st
March, 2013, applicable accounting standards have been followed along
with proper explanation relating to material departures.
2. Appropriate Accounting Policies have been selected consistently and
judgments and estimates have been made that are reasonable and prudent
so as to give a true and fair view of the state of affairs of the
Company as at 31st March, 2013 and of the profits and loss for the
period from 1st April 2012 to 31st March 2013.
3. 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.
4. The Annual Accounts for the financial year ended 31st March, 2013
have been prepared on a going concern basis.
PARTICULARSOF EMPLOYEES
No Employee of the Company was in receipt of remuneration exceeding the
limits prescribed under section 217(2A) of the Act read with the
Companies(Particulars of Employees) Rules, 1975.
DIRECTORS
Mr. Vijay Joshi, Wholetime Director, retires by rotation and being
eligible for re-appointment.
AUDITORS
M/s. D. Basu & Co.,Chartered Accountants retire and are eligible for
reappointment.
PERSONNEL
There has been complete suspension of Company's Industrial activities.
APPRECIATION
The Board wishes to place on records its-sincere appreciation for the
continued assistance and support extended to®the Company by its
Customers , Bankers, Vendors, Government Authorities and Employees.
Your directors acknowledge with gratitude the encouragement and support
extended by our valued Shareholders.
Registered Office : On behalf of the Board of Directors
3, Hungerford Street
Kolkata-700017 R.Dosi
Dated : 7th September, 2013 Director
|