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Radiant Rotogravure Ltd.

BSE: 531526 Sector: Industrials
NSE: N.A. ISIN Code: INE864C01017
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Radiant Rotogravure Ltd. (RADIANTROTOGRAV) - Director Report

Company director report

RADIANT ROTOGRAVURE LIMITED ANNUAL REPORT 2003-2004 DIRECTOR'S REPORT TO THE SHAREHOLDERS The Directors of your Company submit the Sixteenth Annual Report together with the audited statement of accounts of the Company for the year ended 31st March, 2004. FINANCIAL RESULTS : As at 31st March, 2004 As at 31st March, 2003 Rs. Rs. Rs. Rs. Operating Profit/ (Loss) for the year 10,00,098 (1,92,54,555) Add: Interest 1,33,95,878 1,39,34,297 Depreciation 36,49,771 (1,70,45,649) 65,74,594 (2,05,08,891) (1,60,45,551) (3,97,63,446) Add : Balance brought from Previous year (7,84,43,534) (3,19,80,088) (9,44,89,085) (7,17,43,534) Add : Deferred Tax Assets - (67,00,000) Balance Carried to Balance Sheet (9,44,89,085) (7,84,43,534) DIVIDEND : Your Directors do not recommend payment of dividend for the year ended 31.03.2004 due to loss during the year under review. GENERAL REVIEW : Your Company registered net loss of Rs.160.45 lacs during the year under review mainly due to high raw material consumption, low capacity utilisation and incidence of interest. There is continued frequent interruption in production for lack of inputs feeding in time. Your Company continued to reel under problem of working capital finance. The Company continued to default in payment of interest and instalments of term loans to the Bank, State Bank of India and Term Lending Institutions namely WBFC and WBIDC. The Cash credit account of the Company with State Bank of India which was running NPA was later on regularised with sanction of long awaited Restructuring cum Rehabilitation scheme in August, 2003 which inter-alia included conversion of irregularity in the cash credit account in Working Capital Term Loan (WCTL), funding of interest (FITL), besides sanctioning of additional working capital. Likewise, similar restructuring in the form of funding of interest, rescheduling the instalments of Term Loans was done by WBIDC & WBFC too. The promoters also contributed to the Rehabilitation scheme as stipulated. Your company extends its sincere gratitude to the Bank and Financial institutions for their support to help rehabilitation of the Company. The short coming in the Restructuring cum Rehabilitation scheme was that a shorter a moratorium period for payment of interest and instalment was provided. The scheme, firstly, sanctioned by SBI in August '03 got accent of WBIDC & WBFC by end of the year 2003. The scheme practically became operative only by early 2004. Your company made it's best efforts to restore the supply line, orders from the valued customers as well as restore the production line. It is obvious that it was not to be accomplished in duration of days. Despite that your company was making steady progress, it was a time consuming exercise before attaining normalcy. The payment of interest and- repayment instalments as revised under the afore-mentioned scheme started falling payable to WBIDC/WBFC. Though, as back as in January 2004, your Company approached WBIDC/WBFC, inter-alia for extending moratorium period to provide opportunities to the Company to revitalise the financial strength on long term basis. However the State Financial Corporations, viz, WBIDC and WBFC by exercising their powers U/S 29 read with Section 30 of the State Financial Act took physical possession of the Factory of the Company at Howrah on 29.07.2004. The Registered Office of your Company was also situated there which also stand locked since then. Consequently, the operations of your Company has became stand Still. It is pertinent to note that the Bank has not initiated any course of action against the Company. The stocks and specified machines absolutely hypothecated to the Bank also stand locked. FUTURE OUTLOOK : Your company is contemplating to make application u/s 15 of the Sick Industrial Companies Special Provisions) Act, 1985 to Board for Industrial and Financial Reconstruction (BIFR). COMMENTS ON AUDITORS REPORT : 1. The clause ix (a), it is stated that there has been some delay in case of payment of Provident Funds and no payment has been made in case of Employees' State Insurance. There has been delay in payment of the above dues due to insufficient fund. However all payment of statutory dues have been made subsequently. 2. All other qualifications in Audit Report has sufficiently been explained in Schedule 14 being ' Notes on Accounts'. PARTICULARS OF EMPLOYEES : The Board wish to place on record its appreciation of the services rendered by Executives, Staff and workers at all levels during the year under review. However none of the employees fall under the purview of Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of employees) Rule 1975. DIRECTORS RESPONSIBILITY STATEMENT : Pursuant to section 217(2AA) of the Companies Act, 1956, the Directors, based on the representations received from the Operating Management, confirm that : 1. In the preparation of annual accounts, the applicable accounting standards had been followed along with proper explanations relating to material departures. 2. The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give true and fair view of the state of the affairs of the company at the end of the financial year and profit of the company for that period. 3. The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act for safeguarding the assets of the Company for preventing and detecting fraud and other irregularities. 4. The directors had prepared the accounts for the period on a going concern basis. PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO : The particulars required under section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of the particulars in the Report of Board of Directors) Rules 1988 forming part of Directors' Report are annexed. DIRECTORS : In accordance with the requirement of the Companies Act, 1956 and the Articles of Association of the Company, Shri U. Kejariwal, Director is going to retire by rotation and being eligible has offered himself for re- appointment. AUDITORS : M/s. R.C. Jhawer & Co. Chartered Accountants, the auditors of the Company, retires and being eligible offer themselves for re-appointment. For and On behalf of the Board of Directors Howrah S.K. PAHARIA Dated : 27th August, 2004 Director ANNEXURE TO THE DIRECTORS' REPORT Information pursuant to Section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 forming part of Director's Report. A. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND EXPENDITURE ON R&D : The manufacturing activities were at a very low ebb through out the financial year under Report. The Unit was closed and taken over by State Financial corporations on 29.07.2004 and hence no efforts of your Company in regard to Conservation of Energy and Technology Absorption and that no expenditure incurred on R&D during the year under review. B. FOREIGN EXCHANGE EARNINGS AND OUT GO : Earnings in Foreign Exchange : Nil Out go in Foreign Currency : Nil For and On behalf of the Board of Directors Howrah S.K. PAHARIA Dated : 27th August, 2004. Director