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Birla Transasia Carpets Ltd.

BSE: 503823 Sector: Industrials
NSE: N.A. ISIN Code: INE646O01013
BSE LIVE 13:00 | 02 Dec 5.77 -0.30
(-4.94%)
OPEN

6.31

HIGH

6.31

LOW

5.77

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 6.31
PREVIOUS CLOSE 6.07
VOLUME 295
52-Week high 20.20
52-Week low 5.26
P/E
Mkt Cap.(Rs cr) 1.64
Buy Price 5.77
Buy Qty 582.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.31
CLOSE 6.07
VOLUME 295
52-Week high 20.20
52-Week low 5.26
P/E
Mkt Cap.(Rs cr) 1.64
Buy Price 5.77
Buy Qty 582.00
Sell Price 0.00
Sell Qty 0.00

Birla Transasia Carpets Ltd. (BIRLATRANSCARP) - Director Report

Company director report

BIRLA TRANS ASIA CARPETS LIMITED ANNUAL REPORT 2009-2010 DIRECTOR'S REPORT Dear Members, Your Directors have pleasure in presenting the 35th Annual Report on the operations of the Company together with the Audited Statement of Accounts for the financial year ended on March 31, 2010. FINANCIAL RESULTS (Rs. in lacs) For the year ended 31.03.2010 31.03.2009 Net Sales and other Income 171.60 162.59 Total Expenditure 288.61 250.35 Profit/(Loss) before interest (117.01) (87.76) depreciation & prior period adjustments Interest 22.46 57.18 Depreciation 29.54 29.23 Prior Period Adjustments 0.00 0.04 Net Profit/(Loss) before Tax (169.19) (174.21) Provision for FBT 0.00 1.32 Net profit/(loss) after tax (169.19) (175.53) Surplus/(Deficit) b/f (3455.52) (3279.99) Surplus/(Deficit) c/f (3624.75) (3455.52) OPERATIONS During the year the company has achieved net sales of Rs. 166.02 Lacs as against Rs.150.75 Lacs in the previous year. The Company has incurred a net loss of Rs. 169.19 Lacs during the year as against loss of Rs. 175.53 Lacs in the previous year. During the period under review, the Company has produced 19,772 sqm. of carpets and and sold 31,296 sqm. of carpets. Owing to rationalization of work force and implementing measures for rehabilitation, the company could achieve improved performance in compared to previous years. On completion of restructuring and grant of relief package as proposed by the Company to BIFR, OA and concerned parties the performance is expected to further improve. REFERENCE BEFORE BIFR The Company pursuant to the directives of BIFR, New Delhi in last hearing had submitted comprehensive proposal rehabilitation seeking need based relief and concessions for expeditious revival of the Company. Punjab National Bank the Operating Agency has discussed the proposal in Joint meeting and forwarded its report that on conversion of Inter Corporate Deposits into equity and on grant of relief and concession, the company's networth is expected to be positive on implementation of the rehabilitation scheme. DIVIDEND In view of accumulated losses your Directors are not in the position to recommend any dividend for the period under report. DIRECTORS Mr. R.S. Juneja, Director of the Company, retires by rotation and being eligible offers himself for re-appointment. PUBLIC DEPOSITS The Company has not accepted any deposit within the meaning of Section 58A of the Companies Act, 1956 and the rules made thereunder. AUDITORS M/s LKM & Co, Chartered Accountants, Statutory Auditors of the Company hold office till the conclusion of the forthcoming Annual General Meeting and are eligible for re-appointment. AUDITOR'S REVIEW With respect to the Auditor's qualification referred to in Clause (vi) (a) we wish to inform you that the promoters have proposed to convert ICD into equity shares of the company. Hence non provision of Interest and other observations are self explanatory. The company had proposed payment of overdue liabilities in suitable installments seeking relief and concessions as per prevailing guidelines in scheme submitted to BIFR, New Delhi. INDUSTRIAL RELATIONS The Company enjoyed harmonious relations with employees through out the year. CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO. a. Conservation of Energy The operation involves low level of energy consumption. Wherever possible energy conservation measures have already been implemented. However, efforts to conserve and optimize the use of energy through improved methods and other measures will further continue. b. Absorption of Technology The Technology has been fully absorbed by the Company. Foreign Exchange Earnings & Outgoings During the year under review, details of Foreign Exchange earnings and outgo are as follows: Foreign Exchange Earnings : NIL (In Indian Rupees) Foreign Exchange Outgo : (In Indian Rupees) Import of Machinery : Rs. 1,52,96,450/- CORPORATE GOVERNANCE As per Clause 49 of the Listing Agreement entered into with the Stock Exchanges, Corporate Governance is not applicable to the Company as the paid-up capital of the company is less than Rs. 3 Crores but still your company follow Corporate Governance of highest standards. PARTICULARS OF EMPLOYEE'S None of the employees is in receipt of remuneration for the year, which in aggregate was more than the limit prescribed under Section 217 (2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 as amended. DIRECTORS' RESPONSIBILITY STATEMENT Pursuant to the requirement under section 217(2AA) of the Companies Act, 1956 with respect to Directors' Responsibility Statement, it is hereby confirmed: 1. That in the preparation of the annual accounts for the financial year ended 31st March 2010, 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 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 the act for safeguarding the asset of the Company and for preventing and detecting fraud and other irregularities; and 4. That the Directors had prepared the annual accounts for the financial year ended 31st March, 2010 on a going concern basis. ACKNOWLEDGEMENT Your Directors acknowledge with gratitude the continuing co-operation and assistance rendered by the Central Government, State Government, Financial Institutions, Banks, Suppliers and other organizations in the working of the Company. The Directors also wish to place on record their deep sense of appreciation for the dedicated services rendered by the officers, staff and (workmen of the Company. The Board takes this opportunity to express its deep gratitude for the continuous support received from the shareholders. For and on behalf of the Board of Directors Arun Singhi Purushottam Sharma Director Director Place: Sikandrabad Dated: 30th July, 2010.

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