INDIAN EXTRACTIONS LIMITED
Your Directors have pleasure in presenting 57th Annual Report together withthe Audited Statement of Accounts for the financial year ended 31st March,2013.
|FINANCIAL RESULTS: ||Current Year ||Previous Year |
| ||Rs. ||Rs. |
|Profit /(Loss] for the year before providing for || || |
|Depreciation and interest and exceptional items ||19,42,629 ||(80,46,736) |
|Less: Interest ||(41,07,754) ||(2,06,29,852) |
|Less: Depreciation ||(6,61,745) ||(21,46,205) |
|Loss after Depreciation ||(28,26,870) ||(3,08,22,793) |
|Add: Exceptional Income ||7,01,992 ||3,12,59,990 |
|Provision for taxation ||- ||- |
|Profit / (Loss) after tax ||(21,24,878) ||4,37,197 |
|Accumulated loss brought forward from previous year ||(4,37,07,448) ||(4,41,44,645) |
|Profit & Loss a/c amount carried forward to balance sheet ||(4,58,32,326) ||(4,37,07,448) |
Your Directors express their inability to recommend declaration of any dividend for theyear ended 31st March, 2013 due to losses.
As you are aware and communicated during last year report, the Company has exited fromsolvent extraction and edible oil manufacturing and business considering variousuncontrollable variables and continuous losses with a view to protect stakeholders' value.The assets monetization has helped the Company to cut losses and also totally repaid itsbanking liabilities and other obligations.
The Company operations resulted in a turnover of Rs. 2.91 Cr as against Rs. 9.80 Cr forthe previous year. Profit before interest and depreciation amounted to Rs. 19.43 lacs asagainst Loss of Rs. 80.47 Lacs in the previous year. The net loss for the year endedamounted to Rs. 21.25 lacs after taking into account exceptional income of Rs. 7.02 Lacs.
PROSPECTS & DEVELOPMENTS:
Post exit from core business, the management has undertaken systematic study forentering into the business of Chemical exports, Commodity trading, Groundnut trading,Warehousing and Merchant exports business and bearing unforeseen circumstances themanagement is expect to enter into the same in due course in a focused manner to yieldbenefits from the same. However the same has been delayed due to conservative and cautiousapproach by the management in view of various external unfavorable factors together withbusiness uncertainties associated in new areas planned to be entered particularly underprevailing economic circumstances.
The Board and the Management of the Company are confident of getting diversified intonew business areas in due course with a view to enhance stakeholder's value and createsustainable business model for the future of the Company.
Shri Anand R. Dalai and Shri Ankur M. Maneck are retiring at the ensuing Annual GeneralMeeting. Being eligible, offer themselves, for reappointment as Directors. Your Directorsrecommend their reappointment.
The information pursuant to Clause 49 of the Listing Agreement with the Stock Exchangeis given in Annexure-I forming part of this report.
PARTICULARS OF THE EMPLOYEES:
There are no employees to whom the disclosure requirements u/s.217[2A) of the CompaniesAct, 1956 read with the Companies [Particulars of Employees) Rules, 1975 as amended apply.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information as per Section 217[2A) of the Companies Act, 1956 read with theCompanies [Disclosure of particulars in the report to the Board of Directors) Rules, 1988is not applicable since the Company has not carried out any manufacturing activity duringthe year.
There were neither overdue Fixed Deposits nor new Fixed Deposits have been acceptedduring the year.
All the properties and insurable interest of the Company are adequately insured.
As required under Section 217 of the Companies Act, 1956 the Directors hereby confirmthat:
i) in the preparation of the Annual Accounts, the applicable Accounting Standards havebeen followed along with proper explanation relating to material departures;
ii) the Directors have selected such accounting policies and applied them consistentlyand made judgment and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe loss of the Company for that period;
iii) the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of Companies Act, 1956 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities to the best of their knowledge and ability;
iv) the Directors have prepared the Annual Accounts on a "Going Concern"basis.
EXPLANATION ON AUDITORS REPORT:
The notes to the accounts referred to in the Auditors Report are self explanatory andtherefore do not call for any further comments.
You are requested to reappoint Auditors and fix their remuneration.
Your Directors wish to place on record their appreciation for the continued supportreceived from shareholders, vendors, depositors of the Company and Union Bank of India.The Directors also wish to record their appreciation of the employees at all levels fortheir committed efforts and contribution during the difficult phase of the Company.
For and on behalf of the Board
S. B. JHAVERI
CHAIRMAN & MANAGING DIRECTOR
Dated: 14th August 2013