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Bee Electronic Machines Ltd.

BSE: 517203 Sector: Engineering
NSE: N.A. ISIN Code: INE038E01014
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Bee Electronic Machines Ltd. (BEEELECTRONICS) - Director Report

Company director report

BEE ELECTRONIC MACHINES LIMITED ANNUAL REPORT 2011-2012 DIRECTOR'S REPORT The Members, Your Directors are pleased to present the 30th Annual Report of your Company together with the Audited Statement of Accounts and the Auditors' Report of your company for the financial year ended, 31st March, 2012. The summarized financial results for the year ended 31st March, 2012 are as under: 1. Financial Results Particulars For the financial For the financial year ended year ended 31st March, 2012 31st March, 2011 Amount in Rs. Amount in Rs. Sales & Other Income 20.06 59.39 Gross Profit/(Loss) (2.12) 7.50 Less: Depreciation 5.99 21.39 Profit/(Loss) before exceptional item. (8.11) (13.89) Exceptional Item - Interest provision written back 1314.96 Nil Profit/(loss) before tax 1306.85 (13.89) Less: Tax Nil Nil Profit/(loss) after tax 1306.85 (13.89) 2. Review of Operation The Company has achieved the sales and other income of Rs.20.16 lacs against Rs.59.16 lacs reported last year. Based on the discussions with the secured creditors with regard to proposed One-Time settlement, the interest component provided for in the books amounting to Rs 1314.96 lacs is written back as income and recorded as an exceptional item during the year under review. There was a profit after tax of Rs. 1306.85 lacs during the year under review as compared to the net loss after tax of Rs.13.89 lacs reported last year. The Company's plants were temporarily closed and there was no production. Your Directors are continuously looking for avenues for future growth of the Company. 3. Sick Industrial Company As the net worth of the Company had been fully eroded, the Board of Director's had made a reference to the Board for Industrial and Financial Reconstruction (BIFR). The Company's reference before the Hon'ble BIFR had come up for hearing and the Company has been declared as a Sick Industrial Undertaking. The Hon'ble BIFR has appointed Canara Bank as the Operating Agency and has also directed that a Draft Rehabilitation Scheme be prepared. The Board has at the last instance directed that the surplus assets of the Company be sold through an Asset Sale Committee and that the proceeds from the same be used to settle the dues of the secured creditors and statutory dues. In the meanwhile, Company has been asked to submit the Draft Rehabilitation Scheme to the Operating Agency. The work on the same is underway. 4. Dividend The Directors taking into account that there is no surplus from operation do not recommend any dividend for the year ended 31st March, 2012. 5. Listing The Company's Equity Shares are listed on the Mumbai Stock Exchange. During the year, the Company has paid the pending annual listing fees of Mumbai Stock Exchange upto the year 2011-12 6. Directors Mr. K. Sudesh Kumar Acharya, Director retires by rotation at the ensuing Annual General meeting and being eligible offers himself for re- appointment. 7. Particulars of Employee There is no employee in the Company whose particulars are required to be given under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended. 8. Auditors' Report The observations of the auditors in their report are self-explanatory and are dealt within the Notes to Accounts at appropriate places and therefore, in the opinion of the Directors, do not call for further comments. The Management however continues to make efforts to recover the doubtful loans and advances and hence no provisions have been made. The Management on the other hand is also endeavoring to reach an understanding with the secured lenders of the Company and hence no interest provisions have been made. 9. Auditors M/s. Shankarlal Jain & Associates, Chartered Accountants, having its office at Princess Street, Mumbai retire at the ensuing Annual General meeting of the Company and being eligible offer themselves for re-appointment. Your Directors recommend their re-appointment as Statutory Auditors of the Company and request the members to appoint them and fix their remuneration. 10. Directors' Responsibility Statement Pursuant to Section 217(2AA) of the Companies Act, 1956 the Board of Directors of the Company confirms that- a) In preparation of the Annual Accounts, the applicable accounting standards have been followed with proper explanation relating to material departures, if any. b) 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 or loss of the company for that period. c) The Directors have 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. d) The Directors have prepared the Annual Accounts on a going concern basis. 11. Particulars of Energy Consumption, Foreign Exchange and Outgo As required under Section 217 (1) (e) of the Companies Act, 1956 read with Companies (Disclosures of Particulars in the Report of The Board of Directors) Rules, 1988, the relevant information is as stated below - The Company's operations involve low energy consumption. Wherever possible, energy conservation measures are being implemented. The Company is not involved in any Research and Development program presently. The foreign exchange earning and outgo were nil. 12. Corporate Governance Pursuant to Clause 49 of the Listing Agreement with the Stock Exchange, a compliance report on the Corporate Governance is required to form a part of the Annual Report along with the Auditors Certificate on its compliance. The Company has taken necessary steps to comply with all the provisions of Corporate Governance to the extent possible. The Management Discussion and Analysis forms part of the Annual Report. A declaration by the Whole time Director regarding the compliance with the Code of Conduct also forms part of the Annual Report. 13. Acknowledgements Your Directors place on record their gratitude for the continuing support of Shareholders, Bankers and Business associates at all levels. For and on behalf of the Board Sd/- Sd/- Abhilasha Bhargava K Sudeshkumar Acharya Whole time Director Director Date : 31st July 2012 Place: Mumbai MANAGEMENT DISCUSSION & ANALYSIS INDUSTRY STRUCTURE & DEVELOPMENT The Company is presently engaged in manufacturing, marketing and providing after-sales service support on a diverse range of Photocopier machines. Presently, the Company operates in two segments i. e. marketing and providing After-Sales-Service support. The Industry in general has been going at the rate of 30 - 35% per annum in the past with bulk of the business coming in from the replacement market. However, the growth in the past few years has been impacted due to global recession. The Company does not forsee an immediate change as the market is saturated. There is a need for better product offering. However, given the Company's present financial position, the Company is not suitably poised to address a larger chunk of the market and has to content itself with offering the best that it can, given its present situation, to retain its existing customers. FUTURE OUTLOOK The Company has enjoyed good tie-ups in all its major segments of operations. Its erstwhile Principals have been specialized global companies with niche product range and global acceptance. The Company keeps monitoring the marketing opportunities for enhancing its product offerings in tune with the growing needs. However, at times finds itself restricted due to its financial constraints. THREATS The major challenges that the Company is faced with in the Office Automation Industry is product obsolescence and the inability of the Company to offer a diverse range of Office Automation products. The Company tries to hedge against technological and product obsolescence by ensuring that the products offered meet competition standards. The Company also faces the threat of cheap imports from East European and China based suppliers. RISK MANAGEMENT The Company is exposed to risks from various fronts - manpower; product offerings and the like. The Company tries to stem counter these risks to the best of their ability in the given set of circumstances. INTERNAL CONTROL SYSTEM The Management Information & Review System is an important tool of Company's Control Mechanism. Clearly defined rules, responsibilities and objectives are set out at the beginning of the year for all concerned who are entrusted with the operational responsibilities. Monitoring mechanisms are in place and all policy decisions need to be cleared by the top management. HUMAN RESOURCES/INDUSTRIAL RELATIONS The Company recognizes that good human resource development is essential for the success, growth and improvement of the Company. The Company's constant endeavor has been to attract, retain and nurture human potential by developing a culture of values. Your Company would like to record the whole-hearted support and dedication received from employees at all levels. CAUTIONARY STATEMENT Statements in the Management discussion and Analysis describing the Company's objectives, projections, estimates, expectations may be 'forward looking statements' within the meaning of applicable securities, laws and regulation. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Company's operations include economic conditions, change in the Government regulations, tax laws and other statutes and other incidental factors. Other matters such as operational and financial performance etc., have been discussed under the respective heads in the Directors' Report.

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