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Shree Rajivlochan Oil Extraction Ltd.

BSE: 530295 Sector: Industrials
NSE: N.A. ISIN Code: INE418K01015
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Shree Rajivlochan Oil Extraction Ltd. (SHRAJIVOIL) - Director Report

Company director report

SHREE RAJIV LOCHAN OIL EXTRACTION LIMITED ANNUAL REPORT 2006-2007 DIRECTORS' REPORT Dear Shareholders, SHREE RAJIV LOCHAN OIL EXTRACTION LIMITED Your Directors have pleasure in presenting the Annual Report of the Company with the Audited Statement of Accounts and the Auditors' Report thereon for the Financial year ended 31st March, 2007. The summarized financial result for the year ended 31st March 2007 are as under: FINANCIAL RESULTS: (Rs. in lacs) Year ended Year ended 31.03.2007 31.03.2006 Sales 616.70 694.55 Other Income 13.62 9.72 Total Income from Operations 630.32 704.27 Profit before Interest, Depreciation and Tax 24.50 12.40 Finance Charges 12.33 7.95 Depreciation for the year 7.10 7.84 Profit before Tax 5.07 1.61 Less: Provision for Income Tax & Fringe Benefit Tax 3.67 2.83 Add: Net Deferred Tax Asset 1.32 1.44 Net Profit after Tax 2.73 0.22 Add: Balance brought forward from previous year (0.87) (1.08) Profit available for appropriations 1.86 (0.87) DIVIDEND AND TRANSFER TO RESERVES: In view of the accumulated losses your Directors could not recommend any dividend on the equity share capital of the Company for the year ended 31st March, 2007. OPERATIONS: Your company has produced 976.055 Quintals of Crude Oil in comparison to 1201.3 Quintals during previous year. Your Company also produced 7952.339 Quintals of Deoiled Cake in comparison to 9379.35 Quintals during the previous year. The reason for decline in production was sluggish market demand during the previous year. The Company's Gross Turnover for the Financial Year 2006-07 was Rs.616.70 lacs as compared to 694.55 lacs during the previous year. FOREIGN EXCHANGE EARNINGS AND OUTGO: There is no foreign Exchange earnings or expenditure during the year under report. PARTICULARS OF EMPLOYEES: None of the employees of the Company was in receipt of remuneration in excess of limits prescribed under Section 217(2A) of the Companies Act, 1956. Hence, particulars as required under the Companies (particulars of Employees) Rules, 1975 are not given. DIRECTORS: In accordance with the provisions of the Companies Act, 1956 and the Company's Articles of Association Shri Harish Raheja retire by rotation at the ensuing Annual General Meeting and being eligible offer himself for reappointment. With a view to comply with the provisions of Listing Agreement Shri Ravi Gulwani was appointed as an Additional Director in terns of Section 260 of the Companies Act, 1956 in the meeting of the Board held on 1st January 2007 to act as Non executive Independent Director of the Company. As per the provisions of Section 260 his tern of office is only up to the date of ensuing AGM. Therefore the members are requested to appoint him as a Director of the company. The company has received notice from a member pursuant to section 257 of the Companies Act, 1956 signifying his intention to propose the candidature of Shri Ravi Gulwani as the Director of the company. DIRECTORS' RESPONSIBILITY STATEMENT: In accordance with the provisions of Section 217(2AA) of the Companies Act, 1956, your Directors state: (i) That in the preparation of the annual accounts, the applicable accounting standards have been followed: (ii) That your Directors have selected such accounting policies and applied them consistently and made judgement and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period; (iii) That your Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of your company and for preventing and detecting fraud and other irregularities; and (iv) That your Directors have prepared the annual accounts on a going concern basis. CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION: Information on Conservation of Energy; required to be disclosed under Section 217 (1) (e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the report of the Board of Directors) Rules, 1988, is provided as Annexure to this report. AUDITORS: M/s S.K. Bhamkar & Associates, Chartered Accountants, Auditors of the Company, hold office until the conclusion of the forthcoming Annual General Meeting and being eligible have offered themselves for reappointment. The Company has received a certificate from them to the effect that their re- appointment, if made, would be within the limits prescribed under Section 224 (IB) of the Companies Act, 1956. AUDITORS' REPORT: The Auditors in their Report have not made any qualifying remark. CORPORATE GOVERNANCE: A Management Discussion and Analysis, Corporate Governance Report and a Certificate from the Auditors' regarding compliance with the code of Corporate Governance as required as per Clause 49 of the Listing Agreement with the Stock exchanges are made part of the Annual Report. ACKNOWLEDGEMENTS: The Board expresses its sincere gratitude to the shareholders, bankers especially State Bank of Saurashtra, Union Bank, HDFC Batik, Dena Bank, Indusind Bank, State and Central Government Officials and clients for their continued support. The Board also wholeheartedly acknowledges with thanks the dedicated efforts of all the staff and employees of the Company. For and on behalf of the Board of Directors Date : 10th August, 2007 (SANJAY RAHEJA) Place: Raipur Chairman ANNEXURE 'A' TO THE DIRECTOR'S REPORT. STATEMENT CONTAINING PARTICULARS PURSUANT TO COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF DIRECTORS) RULES, 1988 AND FORMING PART OF DIRECTOR'S REPORT. A. CONSERVATION OF ENERGY: (A) Energy Conservation Measures Taken: Your company has not undertaken any energy conversation measures. (B) Additional Investments and proposals, if any being implemented for the reduction of energy consumption: None at present (C) The impact of measures at (A) and (B) above, for reduction of energy consumption and consequent impact on the cost of production of goods: Not applicable. (D) The required data in form A of the Annexure to the aforesaid Rules as applicable are furnished below: I. POWER AND FUEL CONSUMPTION: Particulars Units in KWA in Total Amount Average Amount lacs Rs. In lacs per Unit/ Ltr/MT Current Previous Current Previous Current Previous Year Year Year Year Year Year Electricity 605710 666215 2694632 2828565 4.45 4.25 Purchased (No. of units in lacs) II. CONSUMPTION PER UNIT OF PRODUCTION: Particulars A B C D E F Electricity 00 00 605710 666215 Crude Oil 976.055 1201.30 976.055 1201.30 620.57 554.58 Deoiled Cake 7952.339 9379.35 7952.339 9379.35 76.17 71.03 A = Production - (Units in MTs / units) Current Year B = Production - (Units in MTs / units) Previous Year C = Consumption - (Units in MTs / Units) Current Year D = Consumption - (Units in MTs / Units) Previous Year E = Per Unit Consumption - (Units in MTs / Units) Current Year F = Per Unit Consumption - (Units in MTs / Units) Previous Year B. TECHNOLOGY ABSORPTION: RESEARCH AND DEVELOPMENT (R & D): (a) Research arid Development: 1. Specific Area vi R& D : The Company has not taken up any R & D carried out by the Company activities. 2. Benefits derived as a result : Not Applicable of the Above R & D 3. Future plan of action : Not yet decided 4. Expenditure on R & D : Nil For and on behalf of the Board of Directors Date : 10th August, 2007 (SANJAY RAHEJA) Place: Raipur Chairman MANAGEMENT DISCUSSION AND ANALYSIS: The management of your Company is pleased to present the discussions and analysis on the industry structure, developments, future outlook and operating and financial performance. I. INDUSTRY STRUCTURE AND DEVELOPMENT: a) Industry Scenario: The per capita consumption of vegetable oil is relatively low in India leaving a scope for market. expansion consistent with high disposal income in future. Keeping in view the rising input costs of account of imports, various measures are being taken by the Government to step up the domestic oil seed production arid moderate import duties with a view to ensure adequate availability and price stability, taking into account the equitable view towards various stakeholders such as domestic farmers, industry, consumers etc. b) Industry out look: The introduction of Value Added Tax has brought in the much needed uniformity and transparency in the edible oil industry. The industry is in the process of consolidation with the large domestic and multinational entities having strong business capabilities, efficiencies in logistics, operations in strategic locations and strong consumer focus and seeking opportunities to expand the growing market share. c) Risks and Concerns: Your company's business is exposed to price fluctuations on its major raw materials with bulls of them being agro based and subject to market price variations during the year. Prices of these commodities continue to be linked to both domestic and international prices, which depend oil the various external factors like good monsoon in the country, import / exports, international crop size etc. The setting tap of commodity exchange and introduction of commodity futures and other hedge strategies in the country has opened up reasonable opportunities for the industry to hedge and manage the impact of these price fluctuations. II. ANALYSIS & DISCUSSION OF FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE: Your company has produced 976.055 Quintals of Crude Oil in comparison to 1201.3 Quintals during the previous year. Your Company also produced 7952.339 Quintals of Deoiled Cake in comparison to 9379.35 Quintals during the previous year. The reason for decline in production was sluggish market demand during the previous year. The Company's Gross Turnover for the financial Year 2006-07 was Rs.616.70 lacs as compared to 694.55 lacs during the previous year. III. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY: Monthly information system is backbone of our internal control system. Roles and responsibilities for all managerial positions have been clearly defined. All operating parameters are closely monitored and controlled. The management also regularly reviews the operational efficiencies, utilization of fiscal resources, and compliance with laws so as to ensure optimum utilization of resources and achieve better efficiencies. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES/INDUSTRIAL RELATIONS FRONT: The employees are basically its human resource assets. They have played significant role in growth of the Company and enabled Company to deliver superior performance during the year. The Company has initiated several steps for overall development, training and welfare of its human resource asset and progress is monitored on regular basis. Employee relations have continued to remain cordial during the year under review. CAUTIONARY STATEMENT: Statements in the Management Discussion and Analysis describing the company's objectives, projections, estimates, expectations may be 'forward- looking statements' within the meaning of applicable securities laws and regulations. Actual results could defer materially from those expressed or implied. Important factors that could make a difference to the company's operations include economic conditions affecting demands/supply and price conditions in the domestic markets in which the company operates; changes in the Government regulations, tax laws and other statutes and other incidental factors. For and on behalf of the Board of Directors Date : 10th August, 2007 (SANJAY RAHEJA) Place: Raipur Chairman