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Oxford Industries Ltd.

BSE: 514414 Sector: Industrials
NSE: N.A. ISIN Code: INE114D01015
BSE LIVE 15:14 | 15 Jun Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 0.86
PREVIOUS CLOSE 0.82
VOLUME 316
52-Week high 0.88
52-Week low 0.73
P/E 0.76
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.86
Sell Qty 684.00
OPEN 0.86
CLOSE 0.82
VOLUME 316
52-Week high 0.88
52-Week low 0.73
P/E 0.76
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.86
Sell Qty 684.00

Oxford Industries Ltd. (OXFORDINDS) - Director Report

Company director report

DIRECTORS

To

The Members Oxford Industries Ltd.

Your Directors are presenting their 33rd Annual Report together with Audited Accountsfor the year ended on 31st March 2014.

1. FINANCIAL RESULTS:

2013-14 2012-13
(Rupees in Lacs) (Rupees in Lacs)
(i) Profit / (Loss) before Interest Depreciation and Taxation (12.29) (6.71)
(ii) Less: Interest Charges 18.19 13.55
(iii) Profit / (Loss) before Depreciation and Tax (30.48) (20.26)
(iv) Depreciation 0.23 0.23
(v) Net Profit/ (Loss) before Tax (30.71) (20.49)
(vi) Provision for Taxation:
Current Tax
Deferred Tax -Net (0.07) (0.07)
(vii) Net Profit/ (Loss) after Tax (30.64) (20.42)
(viii) Prior Years Adjustments
(ix) Net Profit / (Loss) (30.64) (20.42)
(x) Balance Profit/(Loss) brought forward (3427.03) (3406.61)
(xi) Balance Profit/ (Loss) carried forward (3457.67) (3427.03)

2. DIVIDEND:

Your directors regret their inability to recommend any dividend for the year.

3. OPERATIONS:

As already reported Indian Bank (Lead Bank) had auctioned both the facilities of thecompany i.e. weaving unit and process house at Ankleshwar under The Securitisation andReconstruction of Financial Assets and Enforcement of Security Interest Act 2002(SARFAESI Act) in February 2012. During the year under review there was no income fromoperations/sales and the net loss was Rs. 30.64 lacs. Interest payable to banks/institutions has not been provided for the year under review due to the reason that a casein Debt Recovery Tribunal (DRT) Mumbai had been filed by Indian Bank for recovery of duesof all consortium members which is going on.

4. INDUSTRIAL RELATIONS:

The company always believes in cordial relationship with the employees and considersthem as most valuable asset for any organization.

5. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO:

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 isannexed to this report.

6. PARTICULARS OF EMPLOYEES:

As required under the provisions of Section 217(2A) of the Companies Act 1956 noemployee of the Company is in receipt of the remuneration exceeding the limits specifiedin the said section.

7. FIXED DEPOSITS:

During the year the Company has not invited / accepted any deposits from the publicattracting the provisions of Section 58-Aofthe Companies Act 1956.

8. DIRECTORS:

Shri Abdemanaf A. Hararwala Director of the Company retires by rotation at ensuingAnnual General Meeting and being eligible offers himself for appointment as IndependentDirector of the company in terms of Section 149 and other applicable provisions of theCompanies Act 2013.

The details as required under Clause 49 of the Listing Agreement with the StockExchanges with regard to Directorship and membership of Committee etc. are given in thesection of Corporate Governance elsewhere in this Annual Report.

9. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to the provisions of section 217 (2AA) of the Companies Act 1956 withrespect to Directors' Responsibility statement it is hereby confirmed that:

(i) in preparation of the annual accounts the applicable accounting standards havebeen followed and that there are no material departures from the same except for notproviding of interest on secured loan balances availed from consortium of bankersfor theyear under review as a case is going on in Debt Recovery Tribunal(DRT) Mumbai filed byIndian Bank.

(ii) the directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company as at March 31 2014 and of the loss ofthe Company for the year ended on that date;

(iii) the directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 1956and for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities; and

(iv) the directors have prepared the annual accounts of the Company on a Going Concernbasis.

10. STATUTORY AUDITORS:

M/s. R A N K & Associates Chartered Accountants Mumbai Statutory Auditors of theCompany retires at the ensuing Annual General Meeting and being eligible offer themselvesfor re-appointment. The Company has received a certificate from the auditors that theirappointment if made would be within the prescribed limits under Section 224 (1-B) of theCompanies Act 1956. The board recommends their re-appointment.

11. AUDITOR'S OBSERVATIONS:

Clarifications / explanations on the observations made by the Auditor's in the AuditReport are as follows:

Indian Bank (Lead Bank) had filed a case in Debt Recovery Tribunal (DRT) Mumbai onbehalf of consortium bankers for recovery of dues hence interest for bankers/institutionhas not been provided for the year. Indian Bank had auctioned both the manufacturingfacilities of the company under SARFAESI Act in February 2012.

Huge losses and deficit in current assets have been due to very low utilization ofproduction facilities during the past which in turn was on account of paucity of workingcapital. The annual accounts of the Company have been prepared on a Going Concern basis.

Since the notes to the accounts as referred in the Auditors' Report are selfexplanatory for all other observations of the Auditors no further clarifications arerequired from the Management.

12. COST AUDIT:

During the year the company was not having any manufacturing facilities as both thefacilities of the company i.e. weaving unit and process house at Ankleshwar wereauctioned by Indian Bank (lead Bank) under SARFAESI Act in February2012 and henceprovisions for Cost Audit are not applicable to the Company for the year under review.

13. CORPORATE GOVERNANCE:

The Company has generally complied with the corporate Governance code as stipulatedunder clause 49 of the listing agreement with Bombay Stock Exchange. A separate report oncorporate governance along with a certificate from the auditors confirming thecompliance except as otherwise mentioned is annexed and forms part of the Director'sreport.

14. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE:

The Board of Directors in their meeting held on May 30 2014 have constituted aCorporate Social Responsibility (CSR) committee in line with the provisions of CompaniesAct 2013 comprising of Shri Abdemanaf A.Hararwalaas chairman and Shri Mazher. N.Lai laand Shri Huned Hararwalaas members.

15. ACKNOWLEDGEMENTS:

Your Directors express their gratitude to all stakeholders.

For and on behalf of the Board of Directors of
OXFORD INDUSTRIES LTD.
Place: Mumbai MAZHER N.LAI LA
Date: 12th August 2014 Chairman & Managing Director

ANNEXURE TO DIRECTORS' REPORT

Information as per Section 217(1 )(e) of the Companies Act 1956 read with Companies(Disclosure of Particulars in the Report of the Board of Directors) Rules 1988 andforming part of the Director's Report for the year ended 31st March 2014.

(A) CONSERVATION OF ENERGY:

(a) Indian Bank (Lead Bank) auctioned both the facilities of the company i.e. weavingunit and process house at Ankleshwar under SARFAESI Act in February2012. The company doesnot have any manufacturing facility.

(b) Total energy consumption per unit of production in prescribed Form"A":-Required details are set out in Form "A" annexed to this report..

(B) TECHNOLOGY ABSORPTION:

Required details are set out in form "B" annexed to this report.

(C) FOREIGN EXCHANGE EARNINGS AND OUTGO:

The particulars regarding foreign exchange earnings and outgoings appear in the notesforming part of the accounts in Note No. 04.

Ilnformation as per section 217(1)(e) of the Companies Act 1956 read with Companies(Disclosure of the particulars in the Report of the Board of Directors) Rules 1988 andforming part of the Directors' Report for the year ended on 31 st March 2014.

FORM "A"

(See Rule 2)

FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY

A. Power and Fuel Consumption: (*) UNITS 2013-14 2012-13
1. Electricity
(a) Purchased Units-KWH In lacs
Total Amount Rs. Lacs
Rate / Unit Rs.
(b) Own Generation
(i) Through Diesel Generator-KWH In lacs
Unit per Litre of Diesel / Oil Unit/Ltr.
Cost/Unit Rs.
(ii) Through Steam Turbine/Generator In lacs
2. Coal (Steam Coal-used in boilers)
(a) Quantity In lacs Kg.
(b) Total Cost Rs. in lacs
(c) Average rate/tone Rs.
3. Furnace Oil (H.S.D.) K/Ltr.
4. Others/Internal Generation
B Consumption per unit of production: (*)
Electricity Unit/Kg.
Furnace Oil Unit/Kg.
Coal Unit/Kg.
Others Unit/Kg.

(*) Indian Bank (Lead Bank) had auctioned both the manufacturing facilities of thecompany i.e. weaving unit and process house at Ankleshwar under SARFAESI Act in February2012 . The company did not have any manufacturing facility during the year.

For and on behalf of the Board of Directors of
OXFORD INDUSTRIES LTD.
Place: Mumbai MAZHER N. LAI LA
Date :12th August 2014 Chairman & Managing Director

Information as per section 217(1 )(e) of the Companies Act 1956 read with companies(Disclosure of particulars in the report of the Board of Directors) Rules 1988 andforming part of the Directors' Report for the year ended on 31st March 2014.

FORM "B" (See Rule 2)

FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO TECHNOLOGY ABSORPTION (#)

1 Specific area in which R&D has been carried out by the company Not Applicable
2 Benefits desired as a result of (1) Not Applicable
3 Future plan of action Not Applicable
4 Expenditure on R & D 2013-14 2012 - 13
(Rs.Lacs) (Rs.Lacs)
(a) Capital 0.00 0.00
(b) Recurring 0.00 0.00
(c) Total 0.00 0.00
(d) Total R&D Expenditure as a percentage of total turnover 0.00% 0.00%

 

5 Technology Absorption and Innovation:
(1) Efforts in brief made towards technology absorption adaptation and innovation Not Applicable
(2) Benefits desired as a result of (1) Not Applicable
6 In case of technology imported during the last 5 years reckoned from the beginning of the financial year the following information may be furnished.
(a) Technology imported Not Applicable
(b) Year of import Not Applicable
(c) Has technology been fully absorbed Not Applicable
(d) If not fully absorbedareas where this has not taken place reasons and therefor future plan of action. Not Applicable

(#) Indian Bank (Lead Bank) had auctioned both the manufacturing facilities of thecompany i.e. weaving unit and process house at Ankleshwar under SARFAESI Act in February2012 . The company did not have any manufacturing facility during the year.

For and on behalf of the Board of Directors of
OXFORD INDUSTRIES LTD.
Place: Mumbai MAZHER N. LAI LA
Date :12th August 2014 Chairman & Managing Director