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Global Knitfab Ltd.

BSE: 531895 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
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Global Knitfab Ltd. (GLOBALKNITFAB) - Director Report

Company director report

GLOBAL KNITFAB LIMITED ANNUAL REPORT 2010-2011 DIRECTOR'S REPORT Dear Shareholders, Your directors have pleasure in presenting the 17th Annual General Report of your company with the audited balance sheet as on 31st March, 2011, profit & loss account for the year ending on that date and Auditors' Report thereon. 1. FINANCIAL RESULTS: (Rs. in Lakhs) PARTICULARS 2010-2011 2009-2010 Sales 333.54 361.47 Net Profit (549.68) (450.46) 2. PERFORMANCE REVIEW: The company has produced 54786 dozen pair of socks during the period under review as compared to 60873 dozen pair of socks produced during the previous year. The company achieved a turnover of Rs 333.54 lakhs as compared to Rs 361.47 lakhs turnover achieved during the previous year. As their was an decrease in sale as compare to previous year so your directors are hopeful that the company will do well in the coming financial year. The company incurred again loses during the period under review. Your directors are quite optimistic that in the next financial year the performance of the company will improve. 3. DIVIDEND: Since the company has not made any profits during the year, your Directors have not recommended dividend for the year under review. 4. FUTURE PROSPECTS: With the firm footing in the domestic front during the year the company is expecting an upward in the sales figure. The company is exploiting all areas to achieve higher sales. It has explored the merchant exports, job work, input sales etc. 5. SICK COMPANY: The board of industrial & financial Reconstruction (BIFR) has registered our reference for registration our company as a sick industrial unit and the case was registered as case no. 15/2005 dated 13.1.2005. 6. PUBLIC DEPOSITS: The company has not accepted Public Deposit during the financial year. 7. PERSONNEL: No employees was in receipt of remuneration exceeding Rs.24,00,000/- for the year or Rs. 2,00,000/- per month if employed for part of the year. 8. AUDITORS: M/s KJMA & Associates., Chartered Accountants appointed as auditors to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting. 9. DIRECTORS: Sh. S.K. Gupta is retiring by rotation at the conclusion of the forthcoming Annual General Meeting. He is being eligible offer himself for reappointment. Your directors recommend his reappointment. 10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING & OUTGO: The company has taken adequate steps for the conservation of energy. The company has earned nothing in foreign exchange as compared to Rs. 0.66 Lacs earned during the previous year. 11. DIRECTORS' RESPONSIBILITY STATEMENT: Pursuant to the amended provisions of section 217(2AA) of the companies Act, 1956 the directors of the company undertake: a) That in the preparation of Annual Accounts, the accounting standards have been followed. b) That the accounting policies have been applied consistently and the judgments and estimates made in the preparation of accounts are reasonable and prudent. c) That proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and preventing and detecting fraud and other irregularities. d) That the annual accounts have been prepared on a going concern basis Management Discussion & Analysis Report: The company is engaged in the manufacture and sale of socks of cotton and blends. The quality of the products of the company is widely accepted by the clients in India and abroad. In the year under report the company has concentrated on its own brand 'KOTON' in the Indian market. The competition in the domestic front being severe, it will take time to fully establish our brand in the Indian market. The distribution network is being strengthened. The management being confident of the quality of the product hopes that the year 2010-2011 will see an upward trend in the domestic sales. All over the Board of the company is hopeful that the financial year will be a mix of domestic and merchant export sales and once again the company will see an upward trend of sales. The discussion on financial performance of the company is covered in the Directors' Report. LISTING: The company has not paid Annual Listing Fees for the three years to Ludhiana Stock Exchange due to insufficient funds. The company has completed all the formalities respect to the delistment of its shares from Delhi stock exchange but is still awaiting the permission from it. The Stock Exchange is neither giving permission for delistment nor making any communication with us in this regard, thus Listing fees has not been paid company to Mumbai stock exchange. ADDENDUM: Pursuant to provisions of sec 217(3) of the Companies Act, 1956 read with CI (ix)(a)(b) of the Auditors' Report is to inform you that the company has regular in deposit amount to provident fund and ESI during the year under as on the date of this report there is no pendency in either of Provident fund or of ESI. Except contested amount of Rs. 94,000. ACKNOWLEDGEMENT: Your Directors are pleased to place on record their sincere gratitude to the Government, Financial Institutions, bankers and Business Constituents for their continued and valuable co-operation and support to the company. Your Directors also express their deep appreciation and gratitude for the devoted and sincere services rendered by workers, staff and executives at all levels of the company during the year. FOR AND ON BEHALF OF THE BOARD Place: Chandigarh Ashwani Gupta Sushil Gupta Date : 01.09.2011 (Mg. Director) (Chairman) ANNEXURE TO THE DIRECTORS' REPORT I. INFORMATION AS PER SECTION 217(1)(e) READ WITH COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS RULES, 1988 AND FORMING PART OF THE DIRECTORS REPORT FOR THE YEAR ENDED 31st MARCH,2011. A. CONSERVATION OF ENERGY: Due care has been taken to ensure energy conservation & efficient consumption of fuel during the year. FORM-A Particulars Unit 2010-2011 2009-2010 1. Electricity a) Purchased Units (KWH) 296376 265929 Total Amount (Rupees) 15,33,549 13,37,278 Rate per Unit (Rs/KWH) 5.17 4.65 b) Own Generation: Through Diesel Generator Units (KWH) 3987 21032 Units/Ltr of Diesel (KWH) 3.76 3.80 Cost per Unit (Rs/Unit) 9.27 7.90 2. Consumption per unit of Production Socks:- Electricity (KWH) 13.71 8.50 H.S.D (Ltrs) 0.05 0.96 3. Consumption per unit of Production Leggings:- Electricity (KWH) 1.72 1.89 H.S.D (Ltrs) 0.07 0.15 B. PARTICULARS AS PER FORM-B: 1. Research and Development: The efforts have been continued on productivity improvement, quality improvement & higher efficiencies. 2. Technology Absorption, Adaptation and Innovation: The Company Does not have any technical collaboration and Company's personal have been trained by overseas machinery supplier in the operation & maintenance of the plant & process techniques. II. FOREIGN EXCHANGE EARNING AND OUT GO: Particulars 2010-11 2009-10 Earnings - 0.68 Outgo - -