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Cana Glass Ltd.

BSE: 515137 Sector: Industrials
NSE: N.A. ISIN Code: INE155F01013
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Cana Glass Ltd. (CANAGLASS) - Director Report

Company director report

CANA GLASS LIMITED ANNUAL REPORT 2004-2005 DIRECTOR'S REPORT To The Members, Your Directors present herewith the Sixteenth Annual Report of your Company together with the Audited Accounts for the period ended 31st March 2005. 1. FINANCIAL RESULTS (Rs. in Lacs) Year Ended Year Ended 31/3/2005 31/3/2004 Sales and other income 1.11 0.00 Gross loss before interest and depreciation (8.35) (58.39) Add: Interest and finance charges (198.97) (205.84) Depreciation (43.63) (43.72) Net loss (250.94) (307.95) Add: Loss brought forward (3107.88) (2799.93) Loss C/F (3358.82) (3107.88) 2. DIVIDEND Your Directors do not recommend any dividend on the Equity Share Capital of the Company as the company is having accumulated losses. 3. OPERATIONS The operations of the company has shut since 28th February 2003 due to disconnection of power by the MSEB. The management is constantly trying to raise funds from private financiers for the purpose of One Time Settlement with the IDBI and UBI and for restart of the production operations at the plant. The Board for Industrial & Financial Reconstruction (B.I.F.R) in its hearing held on 01.07.2004, issued an order for winding up of the Company u/s. 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985. The Company has filed an appeal with the Appellate Authority of Industrial and Financial Reconstruction under section 25 of the Sick Industrial Companies (Special Provisions) Act, 1985 along with a suitable Rehabilitation Scheme. The said appeal is registered with the authorities. The Rehabilitation Scheme envisages an One Time Settlement with the IDBI & UBI. The management is constantly trying to raise funds required for OTS and restart of the production operations. The management was successful in arriving at a One Time Settlement with the IDBI & UBI, full payment towards the same is still pending. 4. DIRECTORS Mrs. Sunita Hariharan retire by rotation at the forthcoming Annual General Meeting and being eligible offer himself for re-appointment. 5. CONSERVATION OF ENERGY. TECHNOLOGICAL ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO In terms of Section 217(1)(e) of he Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, your Directors wish to state that the same is given in the Annexure forming part of this Report. 6. FIXED DEPOSITS The Company has not accepted any deposits from the public. 7. PARTICULARS OF EMPLOYEES Particulars of Employees as required under Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975, as amended is not given as there was no employee drawing the salary as per the limits mentioned in the said Section and Rules. 8. CORPORATE GOVERNANCE Your Director wish to state that since the Company is non operational due to various reasons as stated above, the Company is not in a position to implement any of the provisions of the Corporate Governance. 9. LISTING OF SHARES The Company's shares are listed on Mumbai Stock Exchange. The Company has not paid listing fees for the year 2002-2003, 2003-2004, 2004-2005 & 2005- 2006. 10. INSURANCE The insurance cover on assets of the Company are yet to be renewed. 11. HUMAN RESOURCES The Company appreciates the value of maintaining high morale amongst its employees and has always endeavored to keep it at highest level. The management is having detailed discussions with Union and its Committee Members for arriving at a settlement amount of the dues payable to the workers. 12. AUDITORS M/s. P.R.G Pai & Co., Chartered Accountants retire at the forthcoming Annual General Meeting and being eligible offer themselves for re- appointment. You are requested to appoint them and fix their remuneration. 13. DIRECTORS RESPONSIBILITY STATEMENT That in the preparation of the Actual Accounts, the applicable accounting standards has been followed alongwith proper explanation relating to material departures. That the directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give 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 year. That the directors had 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. That the directors had prepared the Annual Accounts on a going concern basis. 14. ACKNOWLEDGMENT The Board wishes to place on records its appreciation to all its bankers, shareholders, creditors, customers and employees for their co-operation. By Board of Directors For CANA GLASS LIMITED MANAGING DIRECTOR Registered Office : 66, Udyog Bhavan, Sonawala Road, Goregaon (East), Mumbai 400 063. Place : Mumbai Dated : 30th August 2005 ANNEXURE A Information as per Section 217(1) (e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the report of Board of Directors) Rules, 1988. A. CONSERVATION OF ENERGY a. Energy conservation measures taken. 1. The company has gone in for double pass regenerative furnace which is relatively fuel efficient. 2. The factory Shed has been designed with a view to maximise utilization of natural light in the plant. The plant also has a forced ventilation system which obviates the necessity of Air Circulators thereby conserving energy. 3. Appropriate gauges have been installed to control and monitor the consumption of LPG and Furnace oil. 4. Motors of optimum capacity are being used. b. ADDITIONAL INVESTMENTS AND PROPOSALS FOR REDUCTION OF CONSUMPTION OF ENERGY Efforts are being made to locate the other possible areas where the conservation of energy can be effected. Further, investments will be considered after identification of these key areas. c. IMPACT OF THE ABOVE MEASURES Energy consumption is under strict control. d. TOTAL ENERGY CONSUMPTION AND ENERGY CONSUMPTION PER UNIT OF PRODUCTION FORM A 01.04.2004 01.04.2003 to to 1. Power & Fuel consumption : 31.03.2005 31.03.2004 Electricity - Purchased (Units) Nil Nil Total amount (Rs.) Nil Nil Rate per unit (Rs.) Nil Nil High Speed Diesel : For: Generation of Power Purchased (Ltrs) Nil Nil Total amount (Rs.) (Inclusive of Generator Rent) Nil Nil Rate per unit (Rs.) Nil Nil Furnace Oil Consumed (Ltrs) Nil Nil Total Amount (Rs.) Nil Nil Rate per Ltrs (Rs.) Nil Nil Liquified Petroleum Gas Consumed (Kgs) Nil Nil Total amount (Rs.) Nil Nil Rate per Kgs (Rs.) Nil Nil Light Diesel Oil Consumed (Ltrs ) Nil Nil Total amount ( Rs.) Nil Nil Rate per Ltrs (Rs.) Nil Nil 2. Consumption of power and fuel per unit of production not ascertainable as the company's products are of assorted sizes. B. TECHNOLOGY ABSORPTION e. Efforts made in technology absorption are as under: FORM B RESEARCH & DEVELOPMENT (R & D) 1. Specific areas in which R & D carried out by the company - Thrust areas identified for carrying out R & D activities included :- a. Product improvement b. Product development c. Process improvement 2. Benefits derived as a result of above efforts - R & D efforts undertaken by the company have produced positive results and the quality of the product has been accepted by the Consumer industries. 3. Future plans of action : To effect further improvements in the areas already selected for carrying out R&D. TECHNOLOGY ABSORPTION ADAPTION AND INNOVATION 1. Efforts in brief, made towards technology absorption , adaptation and innovation :- The company has fully absorbed the technology for production . 2. Benefits derived as a result of above efforts: The aforesaid efforts has resulted in attainment of satisfactory quality standards 3. Information regarding imported technology : Wholly indigenous technology is being used. C. FOREIGN EXCHANGE EARNINGS AND OUTGO. a. Total foreign exchange used and earned . i. Used-CIF value of imports of Raw material-Nil (Rs. Nil) ii. Earned-FOB value of exports Nil (2003-2004 Nil) For and on behalf of the board (P.K. PILLAI) Chairman & Managing Director Place : Mumbai Dated : 30.08.2005

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