| Dear members
The Directors have pleasure in presenting the 22nd Annual Report
together with Audited Statement of Accounts for the year ended 31st
March, 2014.
FINANCIAL HIGHLIGHTS : 31st March, 2014 31st March, 2013
(Rs. in Lacs) (Rs. in Lacs)
Sales 3434.29 3412.32
Profit/(Loss) before Interest (92.08) (246.92)
and Depreciation
Less: Finance Cost 1019.53 978.12
Profit / (Loss) before Depreciation (1111.61) (1225.04)
Less: Depreciation 39.35 213.25
Profit / (Loss) for the year (1150.96) (1438.29)
Less : Fringe Benefit Tax - -
Net Profit /(Loss) (1150.96) (1438.29)
Add: Balance b/f from the Previous year (21419.55) (19981.26)
Balance carried to Balance Sheet (22570.51) (21419.55)
OPERATIONS, MANAGEMENT DISCUSSION AND ANALYSIS :
The Year under review continued to remain glum due to continued
economic recession and crisis in European & North American markets. As
a result, Turnover increased marginally to Rs. 34.34 crores as against
Rs. 34.12 crores in the previous year. However, the Company's efforts
over the past years to enhance its presence in the domestic sector bore
fruit and by penetrating the Institutional segment, there was a
significant rise of over 60% in Domestic Sales. Due to overall decrease
in Turnover and increase in input costs the Company suffered cash loss
of Rs. 0.92 crores as against Rs. 2.47 crores in the previous year.
The Company is also making fresh and vigorous efforts to improve its
performance in the world market, particularly Europe, Japan and the
Middle East countries.
During the year under Review the Company continued to be under BIFR as
a Sick Industrial Undertaking.
BUSINESS OUTLOOK :
The American and European economic crisis is continuing to affect the
order situation adversely. The Company is tapping new markets in Japan
and in Middle-East countries. The on-going competition with China is
also making it difficult to generate fresh business in countries where
China was making its presence felt in a big way. To be more competitive
in the domestic market, the management is pursuing with the government
authorities for de-bonding of its processing unit.
DEPOSITS :
Your Company has not accepted any deposit within the meaning of Section
58A of the Companies Act, 1956 and the rules made thereunder.
DIRECTORS' RESPONSIBILITY STATEMENT :
In compliance of Section 217 (2AA) of the Companies Act, 1956, your
Directors state as follows:
a) That in the preparation of accounts, applicable accounting standards
have been followed.
b) That appropriate accounting policies have been selected and applied
consistently with reasonable and prudent judgements and estimates so as
to give true and fair view of the state of affairs of the Company.
c) That proper and sufficient care have been taken for the maintenance
of adequate accounting records for safeguarding assets and for
preventing fraud and other irregularities.
d) That the Annual Accounts have been prepared on a going concern
basis.
CORPORATE GOVERNANCE:
As a Listed Company, necessary measures are taken to comply with the
Clause 49 of the Listing Agreements with the Stock Exchanges. A report
on Corporate Governance along with a certificate from the Auditors is
annexed hereto and forms a part of this Report.
AUDITORS' REPORT :
The observations of the Auditors' Report have been dealt with in the
Notes to the Financial Statement, and being self-explanatory, do not
call for any further clarifications.
DIRECTORS :
Mr. N. B. Kharpkar (DIN : 06373389) retires by rotation at the ensuing
Annual General Meeting and, being eligible, offers himself for
re-appointment.
Mr. N. K. Garg (DIN : 01648057) retires by rotation at the ensuing
Annual General Meeting and, being eligible, offers himself for
re-appointment.
During the Year 2013-2014, Mr. P. P. Chowdhury (DIN : 01460839) has
been ceased as Director of the Company w.e.f. 06.03.2014.
Mr. S. K. Rathi (DIN : 01386151), and Mr. Kamal Sharma (DIN : 02946513)
have been appointed as an Additional Directors of the Company w.e.f.
31.12.2013. Appropriate Resolutions seeking your approval for their
appointment are appearing in the Notice convening the Annual General
Meeting.
AUDITORS :
M/s S. S. Kothari & Co., Chartered Accountants, retire at the ensuing
Annual General Meeting and are eligible for re-appointment.
COST AUDITOR
Your Company had appointed M/s Manisha & Associates, Cost Accountants,
as Cost Auditors, with the approval of the Central Government, for
audit of cost records maintained by the Company for the financial year
2014-2015.
SECRETARIAL AUDITOR
In terms of Section 204 of the Companies Act 2013, the Board of
Directors at their meeting held on 29th May, 2014, have appointed M/s
K. K. Sanganeria & Associates, Practicing Company Secretaries, as
Secretarial Auditor, for conducting Secretarial Audit of the Company
for the Financial Year 2014-15.
PARTICLUARS OF EMPLOYEES :
The Company has no employee whose remuneration is more than the limit
specified in Section 217 (2A) of the Companies Act, 1956
ADDITIONAL INFORMATION :
The statement showing required particulars pursuant to Section 217(1)
(e) of the Companies Act, 1956 and the rules framed thereunder is
annexed hereto and forms part of this report.
INDUSTRIAL RELATIONS :
Industrial Relations continued to remain cordial throughout the year.
Your Directors wish to place on record their appreciation for dedicated
and sincere services rendered by the executives, staff and workmen at
all levels.
ACKNOWLEDGEMENT:
Your Directors acknowledge with gratitude the co-operation and
assistance received from the Central and State Government, Financial
Institutions, Banks, Shareholders and others during the year under
review.
On Behalf of the Board
Place: Kolkata N. K. Garg S. K. Rathi
Date : 29th May, 2014 Executive Director Director |