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Graintec India Ltd.

BSE: 519158 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Graintec India Ltd. (GRAINTECINDIA) - Director Report

Company director report

GRAINTEC INDIA LIMITED ANNUAL REPORT 2003-2004 DIRECTOR'S REPORT To the Shareholders Your Directors present the Seventeenth Annual Report together with Audited Annual Accounts for the year ended 31st March, 2004 (Rs. In Lac) 1. FINANCIAL RESULTS 2003-04 2002-03 Gross Revenue (including Misc. Income) 6068.35 9183.97 Gross Profit / (Loss) 41.77 73.20 before Financial Charges and Depreciation Financial Charges 41.69 43.79 Depreciation 291.47 290.70 Write Offs. 5.40 5.40 Income Tax Appropriations - - Profit / (Loss) (179.69) (268.71) 2. OPERATIONS: During the year under review, the company achieved sales and other income of Rs. 6068.35 Lacs as against Rs.9183.97 Lacs in the previous year, showing a decrease of 34%. The profit before depreciation, interest and tax was Rs. 41.77 Lacs as compared to Rs. 73.20 Lacs during the previous year. During the year, company has continued its agreement with PEPSI for milling of Basmati on custom basis. 3. FUTURE PROSPECTS: To Augment its resources, during the year, your Company has signed an agreement with Mahindra Intertrade Limited, Mumbai for milling and storage of Basmati. 4. SAFETY, POLLUTION CONTROL AND QUALITY CONTROL: Your company is committed to achieve and maintain at all levels safety in plant operations for which safety provisions have been made and are checked periodically. The company has a well equipped laboratory to ensure quality control of its raw material and products and stringent quality control norms have been incorporated. 5. DIRECTORS: Sh. Vinay Mittal retires at the ensuing Annual General Meeting. Being eligible for reappointment offers himself for himself for the same. Sh. Ramesh Vangal, Director, resigned from the directorship of the Company during the year under review and the Board accepted the same. 6. DIRECTORS' RESPONSIBILITY STATEMENT: Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors confirm that (i) in the preparation of the annual accounts, the applicable accounting standards have been followed ; (ii) appropriate accounting policies have been selected and applied consistently, and have made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2004 and of the loss of the Company;for the year ended 31st March, 2004. (iii) properand 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 for preventing and detecting fraud and other irregularities , and (iv) the annual accounts have been prepared on a going concern basis. 7. LISTING: The Shares of the Company are listed at Ludhiana Stock E :change Association Limited and Delhi Stock Exchange Association Limited, the Company has paid the listing fee to the aforesaid Stock Exchanges for the financial year 2004-2005. 8. CORPORATE GOVERNANCE: The company has in place a system of Corporate Governance. A separate report on Corporate Governance forming part of the Annual Report of the Company is attached herewith to. A Certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated under the Corporate Governance Clause of Listing Agreements is annexed to the report on Corporate Governance. 9. AUDITORS: The Auditors, M/s Mehrotra Sharma & Associates, Chartered Accountants. Chandigarh retire at the Gonctusipn of iorihcoming Annual General Meeting and are eligible for re-appointment. 10. AUDITOR'S REPORT: The Auditors Report on the Accounts is self - explanatory and requires no comments 11. PERSONNEL: Information pursuant to Section 217 (2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rules, 1975 is enclosed and forms part of this report. Harmonious employer-employee relations prevailed throughout the year. 12. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO: Information as per Section 217(1) (e) read with Companies (Disclosure of particulars in the report or' Board of Directors ) Rules, 1988 are annexed hereto and form part of this report. 13. DIVIDEND: The Board of Directors of the Company has not recommended any dividend for the year under review. 14. ACKNOWLEDGMENTS: The Board of Directors expresses its gratitude to all India FIs, consortium Bank Members, Govt. of Punjab, Central Govt. for continued valuable co- operation and support to rehabilitate the Company. For and on behalf of Board of Directors. for GRAINTEC INDIA LIMITED Place : Chandigarh (Pardeep Marwaha) (M.B.S. Sandhu) Date : 31-07-2004 Director Executive Director ANNEXURE TO THE DIRECTORS' REPORT INFORMATION AS PER SECTION 217 (1) (e) READ WITH COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTOR(S)) RULES, 1988 AND FORMING PART OF THE DIRECTORS' REPORTS FOR THE YEAR ENDED 31ST MARCH 2004: 1. CONSERVATION OF ENERGY: The company has over the previous year taken several steps to conserve energy wherever possible. This continues to remain the thrust area with studies, discussions and analysis being undertaken regularly for further improvements. FORM - A: PARTICULARS UNIT 2003-04 2002-03 A) POWER AND FUEL CONSUMPTION: 1. ELECTRICITY a) Purchased (Units in Lac) 33.90 46.85 Total amount (Rs. in Lac) 143.71 174.44 Rate per unit (Rs.) 4.24 3.72 b) Own generation through Diesel Generator (Units in Lac) 0.41 0.54 Total amount (Rs. in Lac) 2.30 3.28 Rate per unit (Rs.) 5.67 6.03 2. COAL (USED IN BOILER) Quantity (MT) Total Cost (Rs. In Lac) Average rate (Rs. / MT) 3. DIESEL (USED IN BOILER) Quantity (K. Litre) Total Cost (Rs. In Lac) Average rate (Rs. / Litre) B) CONSUMPTION PER UNIT OF PRODUCTION 1. Rice - - Electricity Coal _ _ Steam(Parboiled Rice) Other _ _ 2. Product (Solvent Ext. Oils) Electricity Coal _ _ Diesel Steam _ _ Other 3. Product (Vanaspati) Electricity _ _ Coal _ _ Diesel _ _ Steam Other 2. TECHNOLOGY ABSORPTION: Efforts made in technology Absorption are furnished in Form- B AS UNDER: FORM - B TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION: 1. Efforts made: The products are checked with reference to the quality control on random basis. In house laboratory has been maintained, where in various lots of product are continuously passed through stringent quality control tests. Efforts are also on to adopt more innovative measures for upgradation of technology whereby much better quality product can be produced. 2. Benefits derived as results of the above efforts. a) Wastage has been reduced considerably b) Pollution control measures have been adopted as per the desirable norms. 3. Particulars of technology imported in the last five years. a) Technology imported Nil b) Year of Import Nil c) Had technology been fully absorbed Nil 3. FOREIGN EXCHANGE EARNING AND OUTGO: (Rs. In Lac) 2003 -04 2002 -03 a) Foreign Exchange earned - - (FOB value of exports) b) Foreign Exchange used 1931.73 3568.07 (CIF value of imports & expenditure in foreign currency)