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Hansaflon Plasto Chem Ltd.

BSE: 526079 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Hansaflon Plasto Chem Ltd
NSE 05:30 | 01 Jan Hansaflon Plasto Chem Ltd

Hansaflon Plasto Chem Ltd. (HANSAFLONPLASTO) - Director Report

Company director report

HANSAFLON PLASTO CHEM LIMITED ANNUAL REPORT 2006-2007 DIRECTOR'S REPORT The Shareholders. Your Directors have the pleasure in presenting the Sixteenth Annual Report and that of the Auditors together with the audited Balance Sheet as at 31st March 2007 and the Profit and Loss account for the year ended on that date. FINANCIAL RESULTS Rs. IN LACS Particular Year Ended Year Ended 31.3.2007 31.3.2006 1. Sales/Income from Operation 1856.54 278.85 and Other Income 2. Total Expenditure 739.16 227.43 3. Tax 0.06 0.05 4. Net Profit 1117.32 51.37 COURSE OF BUSINESS AND OUTLOOK During the year company has progressed well and is on the verge of coming out of sickness and will be on the path of becoming a profitable company. The board of directors have plans for the year which will increase the turnover of the company and in turn will improve profitability of the company as well. However, there are great challenges ahead not only for your company but for the industry as a whole. With the continued confidence of all our associates, we will aggressively meet those challenges with renewed faith in our company and the future that we all share. FIXED DEPOSIT The Company has not accepted any fixed deposit during the year. DIRECTORS Mrs. Rajni Aggarwal, Director of the Company retires at ensuing Annual General Meeting and being eligible, offer herself for re-appointment. The Board recommends her appointment. AUDITORS M/s. Alok Mittal & Associates, statutory Auditors of the company retire at the conclusion of the ensuing Annual General Meeting and are being eligible for re-appointment. Accordingly a resolution is being submitted to the members for their re-appointment and to fix their remuneration for the current year. The Board recommends their re-appointment. STATUTORY DISCLOSURES Foreign Exchange earning and outgo: The total foreign exchange outgo during the year was Rs. Nil towards the import of raw materials, components and traveling. During the year the foreign exchange earning were nil. DIRECTORS RESPONSIBILITY STATEMENT Directors hereby declare: 1. that in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures. 2. that the directors have selected such accounting policies and applied them consistently and made judgments 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. 3. that the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities subject to the inherent limitations that should be recognized in weighing the assurance; 4. The directors have prepared the annual accounts on a going concern basis. EMPLOYEE RELATIONS Employee relations throughout the company were harmonious. The board wishes to place on record its sincere appreciation of the devoted efforts of all employees in advancing the company's vision and strategy to deliver another record performance. AUDIT COMMITTEE It comprises of Mr. Vinod Pant & Mr. Rajeev S. Aggarwal Directors of the Company. The audit committee shall meet at least thrice a year. One meeting shall be held before finalization of annual accounts and one every six months. LISTING OF EQUITY SHARES Shares of your Company are listed on the Mumbai Stock Exchange. ACKNOWLEDGEMENT Your Directors would like to express their grateful appreciation for the support and co-operation of all the shareholders. On behalf of all the company's stakeholders who benefit from the hard work of the employees and continued assistance received from various state and central government authorities, financial institutions and banks. On behalf of the Board of Directors Sd/- RAJEEV S. AGGARWAL (MANAGING DIRECTOR) Place : New Delhi Date : 28.08.07