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Citurgia Biochemicals Ltd.

BSE: 506373 Sector: Industrials
NSE: CITURGIBIO ISIN Code: INE795B01023
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Citurgia Biochemicals Ltd. (CITURGIBIO) - Director Report

Company director report

Directors' Report To The Members

The Directors present the audited Balance Sheet and Profit & Loss Account togetherwith their Report thereon for the Financial Year ended 31st March 2012:

Financial Results (Rs. in lacs)
For the period from 01st April 2011 to 31st For the period from 21st April 2010 to 31st
March 2012 March 2011
GROSS TURNOVER - -
Other Income - -
Provision for interest written back - -
(Loss) before interest & Depreciation (31.06) (17.49)
Interest Charge: (0.01)
(Loss) before Depreciation (31.07) (17.49)
Depreciation (72.30) (81.21)
(LOSS) BEFORE TAXATION (103.37) (98.70)
Add: Effects of Restructuring :-
Provision for Retrenchment Compensation/ VRS
Interest
Provision for Statutory Liabilities
Unsecured Loans Written Back
Unsecured Creditors Written Back
Profit/ Loss before tax (103.37) (98.70)
Provision for Retrenchment Compensation/ VRS
Written Back
TAXATION

-

Deferred Tax Written Back
Current Income Tax
(LOSS) AFTER TAXATION (103.37) (98.70)
(Less) Restructuring of Share Capital
Add: Balance brought forward from Previous Year: (2723.72) (2625.02)
BALANCE CARRIED TO BALANCE SHEET (2827.09) (2723.72)

Working Results

The Company's operations at calcium carbonate division remained suspended through outthe year for the want of working capital and clearance from the Uttarakhand EnvironmentProtection and Pollution Control Board. The Company than entered in the work ofconstruction of Building at Rishikesh site and entered in the Real Estate Business intheir Real Estate Division of the Company which was also challenged by local authoritiesin the Uttrakhand High Court and the construction work was stayed by Hon'ble High Court ofUttrakhand and the matter still pending in Supreme Court of India. The Company has notearned any revenue during the last year because the Company has not made any operationalactivity during the year because the Company has not made any operational activity duringthe year due to to disputes pending in the courts.

The Company has incurred a loss after tax of Rs. 103.37 Lacs during the financial year2011 -12 against a loss after tax of Rs. 98.70 Lacs in the previous year.

In View of the accumulated losses the Directors do not recommended payment of anydividend.

Industrial Relations:-

Pursuant to the mentioned rehabilitation Scheme by Hon'ble BIFR all the workers atCalcium Carbonate division opted for Voluntary Speculation Scheme (VSS) and as such theirare no workers in this division of the company. However relations with staff or otherdivision have been very cordial throughout the year.

Rehabilitation Scheme:

The Rehabilitation Scheme passed by Hon'ble BIFR are stayed by the Hon'ble UttrakhandHigh Court and matter still pending before Supreme Court of India.

Future Plans:

All the future plan of the Company will be established as per Order of Court the matteris pending in Supreme Court of India.

Fixed Deposits:

The Company has not accepted any fixed deposits during the year under review.

Insurance:

Due to paucity of funds the Company has not renewed the insurance policies withrespect to the properties of the Company. Adequate security arrangements have howeverbeen made.

Directors:

Mr. Chandra Shekhar retires Director of the Company retires by rotation and beingeligible offers himself for re-appointment.

Mr. Ashok Marwah was appointed as the Additional Director w.e.f. 10thOctober 2011 in the Board Meeting held on 10th October 2011. He holds officeupto the date of the ensuing Annual General Meeting. A Notice has been received in writingfrom the Members proposing his appointment as the Director.

Director's Responsibility Statement

Director's Responsibility Statement under Section 217(2AA) of the Companies Act 1956the Directors based on the representations received from the Operating Managementconfirm that:

a. in the preparation of the annual accounts of Citurgia Biochemicals Limited (theCompany) the applicable accounting standards have been followed alongwith properexplanation relating to material departures;

b. they have in selection of the accounting policies consulted the statutory auditorsand applied them consistently and made judgements and estimates that are reasonable andprudent so as to give a true and fair view of the state of affairs of the company as at31st March 2012 and of the Company for the year ended 31st March2011;

c. they have taken proper and sufficient care of the best of their knowledge andability for the maintenance of adequate accounting records in the accordance with theprovisions of the Companies Act 1956 for safeguarding the assets of the Company andpreventing and detecting fraud and other irregularities;

d. they have prepared the annual accounts on a going concern basis.

Corporate Governance:-

A separate report on Corporate Governance is being incorporated as a part of the AnnualReport alongwith a certificate from the Auditors of the Company regarding compliance ofthe conditions of Corporate Governance which is annexed to the Directors' Report.

Personnel

The Company has no employees covered under Section 217(2A) of the Companies Act

1956.

Auditors

M/s Ranjan Gupta & Co. Chartered Accountants retire at the forthcoming AnnualGeneral Meeting and offer themselves for re-appointment.

Conservation of Energy Technology Absorption Foreign Exchange earnings and Outgounder Section 217(1)(e) of the Companies Act 1956.

The information pursuant to Section 217(1)(e) of the Companies Act 1956 read with theCompanies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988 isgiven in the annexure to this Report.

Registered Office: On behalf of the Board of Directors
46 Guru Govind Singh Road AKSHOD KUMAR SHARMA
Near J.J. School (EXECUTIVE DIRECTOR)
Mulund Colony
Mulund (West)
Mumbai 400 082.
Mumbai 04th September 2012

ANNEXURE TO THE DIRECTORS' REPORT

INFORMATION AS PER SECTION 217(1)(e) READ WITH THE COMPANIES (DISCLOSURE OF PARTICULARSIN THE REPORT OF BOARD OF DIRECTORS) RULES 1988.

(A) CONSERVATION OF ENERGY

(a) Measures taken : Nil
(b) Additional Investments & Proposals : Nil
(c) Impact of measures at (a) and (b) : Not Applicable

(d) Total energy consumption and energy consumption per unit of production:

FORM A

A. Power and Fuel Consumption:

Calcium Carbonate Division

2011-12 2010-11
1. Electricity:
(a) Purchased:
Units '000 KWH Nil Nil
Total amount Rs./lac

Nil

Nil
Rate/ Unit Rupees

Nil

Nil

(b) Own Generation:
(i) Through Diesel
Generator: '000 KWH Nil Nil
Units per ltr. Of Diesel Oil for
DG Set KWH

Nil

Nil

Cost/Unit Rupees

Nil

Nil

(ii) Through Gas
Engine:
Co-generation Plant '000 KWH Nil Nil
Units per SM^3 of Gas KWH

Nil

Nil

Cost/ Unit Rupees

Nil

Nil

2. Coal:
Quantity M.T. Nil Nil
Total Amount Rs./lac

Nil

Nil
Average Rate Rupees

Nil

Nil

3. Furnace Oil/
Residual Furnace Oil:
Quantity K.Ltrs. Nil Nil
Total Amount Rs./lac

Nil

Nil
Average Rate Rupees

Nil

Nil

4. Others:
(a) Pearl Coke:
Quantity M.T. Nil Nil
Total Amount Rs./lac

Nil

Nil
Average Rate Rupees

Nil

Nil

(b) Charcoal:
Quantity M.T.

Nil

Nil

Total Amount Rs./lac

Nil

Nil

Average Rate Rupees

Nil

Nil

(c) Kerosene Oil:
Quantity K.Ltrs. Nil Nil
Total Amount Rs./lac

Nil

Nil
Average Rate Rupees

Nil

Nil

(d) Natural Gas:
Quantity 000' SM^3

Nil

Nil

Total Amount Rs./lac

Nil

Nil

Average Rate Rupees

Nil

Nil

B. Consumption per unit of production:

2011-12 2010-11
Electricity KWH/MT

Nil

Nil

Coal MT/MT

Nil

Nil

Furnace Oil/Residual Furnace Oil KL/MT

Nil

Nil

Coke MT/MT

Nil

Nil

Charcoal MT/MT

Nil

Nil

Biogas M3/MT Nil Nil
Kerosene Oil KL/MT

Nil

Nil

Natural Gas SmA3/MT Nil Nil

(B) TECHNOLOGY ABSORPTION:

FORM B

Note: The Company's manufacturing operations continued to be suspended since March 2003till date. Other relevant information has been given in the Director's report under thehead 'Operations' and 'Industrial Relations.'

A. RESEARCH AND DEVELOPMENT (R&D)

1. Specific areas in which R&D carried out by the Company: Nil
2. Benefits derived as a result of above R&D: Nil
3. Future plan of Action: Nil
4. Expenditure on R&D:
Rs. in lacs
(a) Capital Nil
(b) Recurring Nil
(c) Total

Nil

(d) Total R & D expenditure as a Percentage of total turnover Nil
B. TECHNOLOGY ABSORPTION ADAPTATION AND INNOVATION:
1. Efforts in brief made towards technology absorption adaptation and innovation: Nil
2. Benefits derived as a result of the above efforts: Nil
3. Information regarding technology imported during the last 5 years: Nil
(C) FOREIGN EXCHANGE EARNINGS AND OUTGO:
(a) Activities Relating to Exports:
There were no exports during the year under review.
(b) Total Foreign Exchange used and earned:
Used (including raw materials spare parts capital goods and other expenditure) Nil
Earned Nil

 

On behalf of the Board of Directors
AKSHOD KUMAR SHARMA
Mumbai 04th September 2012 (Executive Director)