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Padam Cotton Yarns Ltd.

BSE: 531395 Sector: Industrials
NSE: N.A. ISIN Code: INE448D01017
BSE LIVE 12:23 | 03 Jul Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 22.20
PREVIOUS CLOSE 23.35
VOLUME 51
52-Week high 23.35
52-Week low 22.20
P/E 2220.00
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 22.20
Sell Qty 875.00
OPEN 22.20
CLOSE 23.35
VOLUME 51
52-Week high 23.35
52-Week low 22.20
P/E 2220.00
Mkt Cap.(Rs cr) 9
Buy Price 0.00
Buy Qty 0.00
Sell Price 22.20
Sell Qty 875.00

Padam Cotton Yarns Ltd. (PADAMCOTTON) - Director Report

Company director report

DIRECTOR

Dear Shareholder(s)

Your Directors have the pleasure in presenting their 20th Annual Report together withthe audited accounts of the Company for the year ended on 31st March 2014

WORKING RESULTS

Your Directors regret to inform you that there was no commercial activity during theyear under review as the entire Plant & Machinery and major part of the Building hadgot damaged in July 2002 due to major fire in the factory premises. The insurance claimof Rs.52951550/- is still pending for decision with the Honorable National ConsumerDispute redressal Commission New Delhi. How-ever it has received an amount of Rs.439.13Lacs in the protest a/c against the bank guarantee.

How-ever your company has operating revenues of only Rs.167.24 Lacs against a tradingincome of Rs. 2.09 Lacs during the previous year. Barring some un-forseen circumstancesyour directors are hopeful to give better results in terms of sales/ profits in the yearsto come.

DIVIDEND

With a view of non availability of the profits during the year your directors do notrecommended the payment of any dividend.

DEPOSITS

During the year under review you company is having any loans outstanding.

INFORMATION PURSUANT TO SECTION 217 OF THE COMPANIES ACT 1956.

The information in accordance with the provisions of Section 217(1) (e) of thecompanies Act 1956 read with Companies (Disclosure of Particulars in the Report of Boardof Directors) Rules 1988 regarding conservation of energy technology absorptioninformation relating to activities pertaining to exports; initiatives taken to increaseexports; development of new export markets for products and services; export plans;foreign exchange earnings and outgo is attached as Annexure I and forms an integral partof this report.

UNDER SECTION 2A

The information under Section 217 (2A) of the Companies Act 1956 read with Companies(Particulars of Employees) Rules 1975 as amended may be treated as nil as no employeereceived remuneration in excess of the limits prescribed under the section.

UNDER SECTION 2AA

DIRECTORS' RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information andexplanations obtained by them your Directors make the following statements in term ofsection 217 (2AA) of the Companies Act 1956 :

1. That in the preparation of the annual accounts the applicable accounting standardshave been followed along with proper explanation relating to material departure if any.

2. The directors had 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 at the end of the financial year and ofthe loss of the Company for that year.

The proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 1956 forsafeguarding the assets of the Company and for preventing and detecting frauds and otherirregularities.

4. The Annual accounts for the year ended 31st March 2014 have been prepared on agoingconcern basis.

AUDITORS

M/s Viney Goel & Associates Chartered Accountants the Company's Auditors shallretire at the conclusion of the ensuing Annual General Meeting and being eligible offersthemselves for re-appointment. The Auditors have informed that their re-appointment ifmade shall be within the limits prescribed under Section 224 (1B) of the Companies Act1956. The qualifications given by the Statutory Auditors regarding disputed excise dutywere placed before the board and were discussed in detail. As the paragraphs are selfexplanatory no further details are given here.

DIRECTORS

In accordance with the Mr. Vivek Gupta and Mr. Harbajan Singh retire by rotation and atthe forthcoming Annual General Meeting and being eligible offers themselves forre-appointment. The company has also received notices under Section 160 of the CompaniesAct 2013 from members proposing his candidature of Mr. Harbhajan Singh (DIN NO:005305233) and Mr. Satwant Singh (DIN NO: 00530516) Directors office of IndependentDirectors on the Board of the Company and to hold office for the five consecutive yearsfor a term up to 29th July 2019 not liable to retire by rotation.

CORPORATE GOVERNANCE REPORT

As per clause 49 of the Listing Agreement entered with the Stock Exchange a separatereport on Corporate Governance practices followed by the Company together with thecertificate of the Statutory Auditors of the Company is attached as Annexure II of thereport. ACKNOWLEDGEMENT

Your Directors would like to thank Banks Central/State Government Departments fortheir continued support and assistance. Your directors would also like to thank allofficers and employees of the company without whose efforts it could not have beenpossible to obtain the results.

By Order of the Board of Directors

For Padam Cotton Yarns Limited

Sd/- Sd/-
Place : Karnal. Rajev Gupta Vivek Gupta
Dated : 30th July 2014. Director Director

Annexure-I

Form - A

FORM FOR DISCLOSURE OF PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY

A. POWER AND FULE CONSUMPTION
1. Electricity 2012-13 2013-14
a) Purchased
Units Nil Nil
Total amount Rs. In Lacs Nil Nil
Rate/Unit (Rs) Nil Nil
b) Own generation
(i) Through Diesel Generator.
Total Units Nil Nil
Unit per Ltr of Diesel Oil Nil Nil
Cost/Unit (Rs) Nil
(ii)Through Steam Turbine/Generator.
Units Nil Nil
Unit per Ltr of fuel oil/gas Nil Nil
Cost/Unit (Rs) Nil Nil
2. Coal
Quantity (Tonnes) Nil Nil
Total Cost Nil Nil
Average Rate (Rs) Nil Nil
3. Furnace Oil
Quantity (k.Ltr) Nil Nil
Total Amount Nil Nil
Average Rate (Rs) Nil Nil
4. Others/internal generation
Quantity (Tonnes) Nil Nil
Total Cost Nil Nil
Rate /unit (Rs) Nil Nil

B. Consumption per unit of production

Standard 2013-14
Production (with details) NIL
unit Kg.
Electricity NIL
Furnace oil NIL
Coal NIL
Others NIL

Form-B

ENERGY CONSERVATION TECHNOLOGY ABSORPTION

As per the requirement of the company (Disclosure of particulars in the report ofDirectors) rule 1988 necessary particulars are given below:

a) Production process of the Company is not energy intensive discipline to switch offlights and machines tools when not working is prevalent.

b) Being a conventional Industry there is no activity of research and development.

c) There is no significant pollution of Air & Water involved in the manufacturingprocess of the company.

Form-C
Foriegin Exchange
a) Activities relating to export Nil
b) Foreign exchange earning & outgo Nil

 

BY ORDER OF THE BOARD

By Order of the Board of Directors

For Padam Cotton Yarns Limited

Sd/- Sd/-
Place : Karnal. Rajev Gupta Vivek Gupta
Dated : 30th. July 2014. Director Director