GARLON POLYFAB INDUSTRIES LIMITED
ANNUAL REPORT 2007-2008
Your directors present herewith the Eighteenth Annual Report and Audited
Statement of Accounts for the year ended 31st March, 2008.
(Rs. in lacs)
Current year Current year
ended 31.3.2008 ended 31.3.2007
Turnover Nil Nil
Profit/(loss) before (2.00) (1.67)
Interest & Depreciation
Less: Interest & Financial Charges 28.99 28.95
Less: Depreciation 9.08 10.54
Profit/(Loss) before Tax (40.08) (41.46)
Less: Provision for Taxation Nil Nil
Net Profit/Loss) (411.08) -
Add: Surplus/(Deficit) brought forward
from previous year (1015.85) (974.82)
Less: Previous year adjustment - -
Surplus/(Deficit) carried to Balance Sheet (1055.95) (1055.95)
The operation of the company remained suspended during the year and as
result impact of the financial charge, due to the Institutions and banks
the company has posted a loss of Rs 40.08 lacs.
In view of the Losses your directors regret their inability to recommend
any dividend for the year.
Due to heavy losses incurred during the previous years the entire Net Worth
of the company had ended on 31/10/2000 and your company had become a Sick
Industrial Company in terms of Section 3(1) (O) of the Sick industrial
Companies (Special Provisions) Act, 1985 (SICA). However the company has
settled It's dues with State Bank of India. Necessary reference under
section 15 of the SICA was made to the Bard for Industrial and Financial
Reconstruction (BIFI) which is still pending.
Further, U.P. Financial Corporation the main Secured Creditor of the
company have already taken over the Physical Possession of the Unit i.e. at
the Assets of the Company, located at Rania. Kanpur (Debat) on 28/6/2003
under Sec.13/4 of Securitization and Reconstruction of Financial Assets
and Enforcement of Security Interest Act. The Assets of the company are
still in possession of UPFC. lying unsold.
There have been no fresh litigations or orders against your company during
Your company has not accepted any deposits from the Public with in the
meaning of Section 58-A of the Companies Act, 1956.
Pursuant to the provisions of the Companies Act, 1956 read with Article 125
of the Articles of Association of the company Shri Vishal Garg, Director of
the company, retires by rotation and being eligible offers themselves for
M/s P.D. Agarwal & Co., Chartered Accountants, Kanpur retire at the
forthcoming Annual General Meeting and being eligible, offer themselves for
re-appointment. The observations made in the Auditors' Report read with
notes to the accounts are self explanatory and do not call for any further
Industrial relations continued to be cordial during the year under review.
Since none of the employees of the company has in receipt of remuneration
in excess of the limits specified, the particulars of employees a required
under section 217 (2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rule, 1975 as amended are not required to be
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
As the Company had carried out only trial runs and no regular manufacturing
activity was carried out during the year, hence, there is nothing to report
pursuant to Section 217 (1) (e) of the Companies Act, 1956 read with
companies (Disclosure of Particulars in the Reports of Board of Directors)
DIRECTOR'S RESPONSIBILITY STATEMENT IN TERMS OF SECTION 217 2(AA) OF THE
COMPANIES ACT, 1956:
Your Directors have prepared financial statements in conformity with
generally accepted accounting Principles so as to ensure that they give
true and fair view of the state of affairs of the company at the end of the
financial Year and the profit & loss of the company for the period.
Your Directors hereby confirm that:
(i) In the preparation of the financial statement applicable accounting
standards have been followed.
(ii) Appropriate accounting policies have been followed and applied
(iii) All the books of accounts and statutory are registers have been
properly maintained and proper and sufficient care has been taken for
safeguarding all the assets and other interest of the company and
preventing and detecting fraud and other irregularities.
(iv) The Directors had prepared the Annual accounts on going concern basis.
INFORMATION UNDER LISTING AGREEMENT:
The Shares of the Company are listed at Ahmedabad, Delhi, Jaipur, Kanpur
and Mumbai Stock Exchanges.
The company, has not paid listing fee due to financial constraints, however
provisions for the same have been made in the Books of accounts.
The Directors acknowledge with gratitude the assistance received by the
company from Shareholders Employees and other.
For and on Behalf of the Board
Date : 30th August, 2008.