SUNCITY INDUSTRIES LIMITED
ANNUAL REPORT 2003-2004
Yours directors have pleasure in presenting the Sixteenth Annual Report
together with the Audited Accounts of the company for the period ended on
31st March 2004.
The Company's working result for the period under Report with comparative
figure of the last years as under:
(Rs. in Lacs)
Sales Trading 113.35 0.00
Other Income 5.60 2.84
Total 118.95 2.84
Profit after interest before depreciation (16.72) (10.31)
Less: Depreciation 0.00 0.00
Profit before Tax (16.72) (10.31)
Net Profit for the year (16.72) (10.31)
Add: Surplus from previous year
brought forward (1672.74) (1662.43)
Balance carried over the Balance Sheet (1135.03) (1672.74)
Yours directors do not propose any dividend for the year ended on 31st
Due to working capital constraints, the unit remained unoperational
throughout the year. One-time settlement was done with IDBI and RIICO as
full and final settlement of their entire dues against the payment of
Rs.210.00 Lacs and Rs.43.35 Lacs respectively. In order to pay the above
settlement amount the company has taken an advance of Rs.250.00 Lacs from
M/s Design Crescendo. Jodhpur with the understanding to sale them the
assets of the company after getting the title / charge released from the
The Company has not accepted any deposit within the meaning of Section 58A
of the Companies Act, 1956. INFORMATION UNDER SECTION 217(1) (e) OF THE
COMPANIES ACT, 1956 relating to the conservation of energy, technology,
RESEARCH AND DEVELOPMENT
No research and development activity took place as the unit was
unoperational during the period.
PARTICULARS OF EMPLOYEES
Your company has NO employee of the category specified in section 217(2A)
of the Companies Act, 1956 During the year.
Company's. Statutory Auditors M/s Rajkumar Sanklecha & Co. Chartered
Accountants, are retiring at the ensuring Sixteenth Annual General Meeting
and the proposed to be re-appointed for the next year.
Explanation on remarks given by the Auditors in their report
1. The Company has advanced to some parties or contractors for supply of
material and services but the same could not be received /availed due to
shut down of the plant. As the parities were given advances for supply of
material/ services no interest can be charged as per normal business terms.
2. As the company has no, staff, the fixed assets register could not be
3. The loans & advances are only to the suppliers and service provides and
security deposit with Govt. Deptt. Such as electricity board, telephone
deptt. etc. Hence no question charging any interest or any guarantee from
4. Company has no activity of sale of any product other then its own
products and by products, hence need to maintain such records.
5. The notes on account as given in schedule 18 are self explanatory and
required no further comments.
Shri Ashok Kumar Chhugani retires by rotation and being eligible offers
himself for reappointment.
DIRECTOR'S RESPONSIBILITY STATEMENT
In the presentation of the annual Accounts, applicable Accounting Standards
have been followed.
i. The accounting policies are consistently applied and reasonable, prudent
judgement and estimates are made so as to give a true and fair view of the
state of affairs of the Company at the end of the Financial Year.
ii. 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 for safeguarding the assets of the company
and for preventing and detecting fraud and other irregularities.
iii. That the Directors had prepared the Annual Accounts on a going concern
The Director would like to place on record their appreciation for the
valuable co-operation extended to the Company b% the employees of the
company. Departments of the Central and State Government RIICO, IDBI, State
Bank of Bikaner & Jaipur, the customers and suppliers and other business
associates for the smooth operation of the company.
For and on Behalf of the Board
Date : 26.05.2004 GOVIND CHHUGANI
Place : Jodhpur Managing Director