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Sonu Synthetics Ltd.

BSE: 512491 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Sonu Synthetics Ltd
NSE 05:30 | 01 Jan Sonu Synthetics Ltd

Sonu Synthetics Ltd. (SONUSYNTHETICS) - Director Report

Company director report

SONU SYNTHETICS LIMITED ANNUAL REPORT 2005-2006 DIRECTOR'S REPORT To, The Members, Your Directors are presenting the Twenty First Annual Report for the year ended 31st March 2006. (Rs. in Lacs) FINANCIAL RESULTS 2005-2006 2004-2005 Sales & other turnover 876.70 4972.99 Gross Profit Before Depreciation & Financial charges 91.29 462.60 Less : Financial Charges (162.32) (790.85) Depreciation (42.41) (210.60) Profit/Loss Before Taxation (296.07) (538.85) Add: Brought forward loss (4405.10) (3866.25) Less : Profit of Sale of Assets 1082.66 - Loss carried to Balance Sheet (3618.46) (4405.10) OPERATIONS There is no business operations for the year under review. DIVIDEND In view of the losses incurred during the year under review, your Directors regret their inability to declare any dividend for the year. DIRECTORS Mr. Bishambharlal Kaseruwala Director retires at this Meeting and being eligible offers himself for re-appointment. DIRECTORS' RESPONSIBILITY STATEMENT: Pursuant to the requirements Under Section 217 (2A) of the Companies Act, 1956 with respect to Director's Responsibility statement it is hereby confirmed: a. That in the preparation of the Annual Accounts for the Financial year ended 31st March 2006, the accounting standards has been followed alongwith proper explanation relating to material departures; b. That the Directors had selected such accounting policies and applied them consistently and made judgements and estimates that were 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 31st March 2006 and of the Profit or Loss of the company for the year under review; c. That the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; d. That the Directors had prepared the accounts for the financial year ended 31st March 2006 on a going concern basis, however owing to the present scenario Directors reserves their assumption of going concern basis for the coming years. PARTICULARS OF EMPLOYEES The details as required under Section 217 of the Companies Act, 1956 are not applicable as no employees is drawing salary of Rs. 24,00,000/- per annum or Rs. 2,00,000/- per month if employed for the part of the year. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING & OUTGO The Company stopped all its manufacturing activities, hence no report is to be given. LISTING COMPLIANCE The company's shares are listed at Mumbai & Ahmedabad Stock Exchanges. As per the letter dated 30th March 2004 the Equity shares of the company are to be traded in de-mat form. The company had not signed agreements with Central Depository Services (India) Limited and National Securities Depository Limited for de-mat of the Equity shares. The Company had not paid listing fees of Mumbai and Ahmedabad Stock Exchange for the current year and previous years. The Company shall make the payment of fees as the Cash Flow, position improves. The trading of the Equity shares of the company are under suspension at both the stock exchanges. CORPORATE GOVERNANCE As required a report of Corporate governance under clause 49 of listing agreement to be enclosed with the Director's report. AUDITORS The retiring Auditor M/s. Neeta & Company, Chartered Accountants expressed their willingness for re-appointment. The Board recommends their appointment as the Auditors of the Company. AUDITORS REPORT: The qualifications, observations and suggestions made by the Auditors in their report are self-explanatory. In view of the extra-ordinary circumstances developed with taking over possession of the Silvassa Unit forcibly by ARCIL since 6th June, 2005, and further to floods in July 2005. Board of Directors of the company is not in position to take appropriate measures for complying with the statutory requirements accordingly. In view of the absence of the official communication by ARCIL, since 6th June 2005 the Board of Directors are not in position to give an effective reply to all the observations and qualifications made by the Auditors in their reports, Annexure to the Auditors reports and Notes on accounts. FIXED DEPOSITS During the year, the company has not accepted deposits to meet the pressing payment obligations. There is no unclaimed /unpaid deposits. None of the deposits have matured for payment. ACKNOWLEDGMENTS: Your Directors acknowledge with gratitude the co-operation extended by Government/semi Government authorities. Your Directors also place on record their appreciation for sincere services rendered by Employees. FOR AND ON BEHALF OF THE BOARD Place : Mumbai GHANSHY AMDAS DEORA Date : 2nd September, 2006 CHAIRMAN