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BILATI (ORISSA) LIMITED
ANNUAL REPORT 2005-2006
DIRECTOR'S REPORT
Your Directors herewith submit the Audited Accounts for the year ended 31st
March, 2006 along with their report as follows:
FINANCIAL RESULTS
(Rs. in Lacs)
2005-2006 2004-2005
Turnover during the year 12.02 12.52
Conversion Income - 1.45
Bank dues written back 131.30 123.14
Profit before Depreciation 87.83 20.22
Depreciation for the year 100.89 102.32
Miscellaneous Expenses Written Off 5.84 5.84
Profit / (Loss) for the year before Tax (18.90) (87.94)
Provision for Taxation - -
Fringe Benefit Tax 0.15 -
Profit / (Loss) after Tax (19.05) (87.94)
Prior years adjustment - -
Surplus/Deficit carried forward to the
Profit a Loss Account (19.05) (87.94)
Your Directors regret that no substantial activity could be carried out
during the year and there is loss incurred by the Company for this year and
are unable to recommend any dividend.
PERFORMANCE
In spite of the best efforts made, the Company could not secure need based
working capital and for keeping the plant in good operating conditions a
marginal production of tomato paste was carried out during the year.
However, the Company has produced 330 MT of Tomato paste during the current
financial year. The Company has also negotiated One Time Settlements with
Orissa State Cooperative Bank (OSCB) and OSCB recommended to State Govt,
for approval.
The Company is continuing as a Sick Industrial Company within the meaning
of Section 3(1)(0) of Sick Industrial Companies (Special Provisions) Act,
1985 and the accumulated losses of the Company as on 31st March, 2006 has
exceeded the net worth of the Company as defined in Section 3(ga) of Sick
Industrial Companies (Special Provisions) Act, 1985. The Company has
registered itself as a sick company with the Board for Industrial and
Financial Reconstruction (BIFR).
FUTURE PROSPECTS
Your Company has prepared Revival Plan and is confident of securing need
based working capital to man the unit after making arrangements by way of
One Time Settlements with the present term lenders.
DIRECTORATE
Mr. Hawa Singh Chahar and Mr. S. Sen retire by rotation at the ensuing
Annual General Meeting and being eligible offer themselves for re-
appointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING AND
OUTGO
The information required under 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 as amended are set out in Annexure 'A' which
forms part of this Report.
AUDITORS
The Auditors M/s L. N. More & Co., Chartered Accountants, Cuttack retire at
the ensuing Annual General Meeting and being eligible offer themselves for
re-appointment.
COMMENT ON AUDITORS' REPORT
The Report of the Auditors read together with the Notes on Accounts is
self-explanatory and needs no further clarification.
PARTICULARS OF EMPLOYEES
There is no employee in terms of Section 217(2A) of the Companies Act,
1956.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217 (2AA) of the Companies Act,
1956 with respect to Directors' Responsibility Statement, it is hereby
confirmed
(i) That in the preparation of the accounts for the year ended 31st March,
2006 the applicable accounting standards have been followed along with
proper explanation relating to material departures ;
(ii) That the Directors have 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 and of the profit or loss of
the Company for the year under review ;
(iii) That the Directors have 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 ;
(iv) That the Directors have prepared the accounts for the year ended 31st
March, 2006 on a 'going concern' basis.
COMPLIANCE OF CLAUSE 49 OF THE LISTING AGREEMENT
Compliance of conditions of Corporate Governance as stipulated under Clause
49 of the Listing Agreement is applicable to the Company from the financial
year later than 31st March, 2003. Since the Company is in the process of
implementing the conditions required for compliance of the statutory
requirements of Corporate Governance, the certificate from the auditors
regarding compliance of conditions of Corporate Governance is not attached.
ACKNOWLEDGEMENT
The Directors acknowledge with gratitude the co-operation extended by the
Banks, State Government, Suppliers, Customers, Shareholders and solicit
their continued support. The Directors also wish to place on record the
dedicated services rendered by the Executives, Staff and Workers.
For and on behalf of the Board
M. MOHANTY
Wholetime Director
Registered Office :
Bilati (Orissa) Ltd.
'OSIL HOUSE'
Gangadhar Meher Marg
Bhubaneswar - 751 024
Dated : 20th October, 2006
Annexure - 'A'
INFORMATION 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 AS AMENDED
A. CONSERVATION OF ENERGY:
(a) Energy conservation measures taken
The Company has installed evaporators in triple effect (4 stages) for
minimising energy usage.
(b) Impact of measures of (a) above for reduction of energy consumption and
consequent impact on the cost of production of goods
Cost of energy will be reduced with consequent increase in volume of
production.
(c) Total energy consumption and energy consumption per unit of production
in Form A :
(A) Power & Fuel Consumption
1. Electricity 2005-2006 2004-2005
Purchased Unit (KWH) NIL NIL
Total Amount (Rs.) NIL NIL
Rate/Unit (Rs.) NIL NIL
2. Furnace Oil / Diesel
Quantity in (K.Ltrs.) 9,846 40
Total Amount (Rs.) 3,01,018 7,71,218
Average Rate (Rs. Per K.Ltr.) 30,573 19,280
(B) Consumption per Unit of Production
1. Products
Tomato Paste (MT) 37,546 40,698
Totapuri Mango Pulp /
Concentrate (MT)
2. Electricity (KWH)
Tomato Paste NIL NIL
Totapuri Mango Pulp / Concentrate NIL NIL
3. Furnace Oil (K. Ltrs.)
Tomato Paste 1/2 KI 1 KI
Totapuri Mango Pulp / Concentrate
Others Not Applicable Not Applicable
B. TECHNOLOGY ABSORPTION:
Efforts made in Technology absorption in Form B :
(A) Research & Development
1. Trials / Testing of Indian and imported varieties of tomato and papaya
seeds, resulting it substantial increase in production per acre.
2. Integrated pest management and virus production for biological control
of paste to reduce cost of cultivation of farmer..
2005-2006 2004-2005
Rs. In Lacs Rs. in Lacs
3. Expenditure on R & D NIL NIL
(B) Technology Absorption, Adaptation & Innovation
1. In house filling system designed and produced for can filling.
C. FOREIGN EXCHANGE EARNINGS & OUTGO: 2005-2006 2004-2005
Rs.in Lacs Rs. in Lacs
Foreign Exchange Earnings
(C & F for goods) NIL NIL
Foreign Exchange outgo NIL NIL
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