KOTHARI GLOBAL LIMITED
ANNUAL REPORT 2009-2010
KOTHARI GLOBAL LIMITED
Your directors are presenting the 19th Annual Report and Audited Accounts
of the Company for the year ended on 31st March 2010.
(Rupees in Lacs)
Year Ended Year Ended
31st March, 31st March,
Sales 16.51 -
Other Income 38.03 36.37
& Tax 32.00 (38.48)
Less : Financial Charges 10.03 639
Profit before Depreciation
& Taxation 21.97 (44.87)
Less: Depreciation 86.89 86.89
Profit/(Loss) before Tax (64.92) 131.76)
Less: Provision for
Taxation (FBT) (0.00) (0.32)
less: Adjustment of earlier
year Taxatation (0.02) (0.00)
Net Profit after Tax (64.94) (132.08)
Profit/(Loss) for the Year (64.94) (132.08)
Add: Balance in Profit and Loss (3348.42) (3216.34)
Account brought forward
Balance in Profit and Loss
Account Carried over (3413.36) (3348.42)
to the Balance Sheet
In view of losses suffered by the Company, Directors regret their inability
to recommend dividend.
(1) During the year the main income of the company was by way of lease of
its solvent plant in addition to it, The company did trading business in
flowers first time and recorded a trading turn over of Rs 16.51 lacs during
the year . After all the expenses it incurred net loss of Rs 64.94 lacs
against the loss of Rs 132.08 lacs of the previous year.
2) The Company has renewed & repaired its solvent plant and has given it on
lease to other party for their production. The company has been declared
sick by the BIFR . The company has prepared rehabilitation scheme and
submitted to the BIFR. The Hon'ble BIFR rejected our rehabilitation scheme
and passed an order on 19/06/03 directing 'change in management of the Co.'
An writ petition being no. 1991/2003 against said order was filed by the Co
in the Hon'ble High Court at Kolkata, and the case was restored to the
A.I.F.R. The A.I.F.R has quashed the order of the BIFR and directed the
company to file another rehabilitation scheme with the BIFR and the same
has been filed by the company which is under consideration of the BIFR.
Your Company has not accepted any deposits from the public during the year
CONSERVATION OF ENERGY / TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
The particulars required under Section 217(I)(e) of the Companies Act,
1956, read with the Companies (Disclosure of Particulars in the Report of
the Board of Directors) Rules, 1988, are not applicable to the company as
there were no manufacturing activities,by the company.
AUDITOR'S QUALIFICATION IN THEIR REPORT
As required Auditors Qualification in Para - 4 e (i) , and 4 g of their
Report your attention is drawn to Note No. 3,4 & 6 respectively of Schedule
P ' Notes forming the Part of the Accounts' to the Balance Sheet which are
DIRECTORS RESPONSIBILITY STATEMENT
Statement under sub-section (2AA) of Section 217 of the Companies Act,
In the preparation of the Annual Accounts,
i. The applicable accounting standards have been followed and wherever
required, proper explanations relating to material departures have been
ii. the Directors have selected such accounting policies and applied them
consistently and made judgements 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 he
company for that period.
iii. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing and detecting
fraud and other irregularities.
iv. The accounts have been prepared on a going concern basis. AUDITOR
The auditors M/S P.C. Surana & Co., Chartered Accountants, retire at the
conclusion of the forthcoming Annual General Meeting and eligible for re-
appointment have furnished a certificate for the eligibility for the re-
appointment under section 224 (IB) of the Companies Act, 1956 and have
indicated their willingness to continue.
As no employees salary/remuneration were of an amount equal to or more than
limits specified under section 217(2A) of the Companies Act, 1956 details
of information under section 217 (2A) of the Companies Act, 1956 has not
been provided herewith.
Your Directors take this opportunity to acknowledge the trust reposed in
your Company by its shareholders, bankers and clients. Your Directors also
keenly appreciate the dedication & commitment of all the employees.
By Order of the Board Date
FOR KOTHARI GLOBAL LIMITED
NIRMAL KUMAR KOTHARI
Place : Kolkata
Date : 25th Aug, 2010.