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Kothari Global Ltd.

BSE: 519176 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Kothari Global Ltd
NSE 05:30 | 01 Jan Kothari Global Ltd

Kothari Global Ltd. (KOTHARIGLOBAL) - Director Report

Company director report

KOTHARI GLOBAL LIMITED ANNUAL REPORT 2009-2010 DIRECTOR'S REPORT TO THE MEMBERS 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. FINANCIAL HIGHLIGHTS (Rupees in Lacs) Year Ended Year Ended 31st March, 31st March, 2010 2009 Sales 16.51 - Other Income 38.03 36.37 54.54 36.37 Profit/(Loss) before Interest, Depreciation & 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 DIVIDEND In view of losses suffered by the Company, Directors regret their inability to recommend dividend. OPERATIONS (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. DEPOSITS Your Company has not accepted any deposits from the public during the year under review. CONSERVATION OF ENERGY / TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS/OUTGO. 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 self explanatory. DIRECTORS RESPONSIBILITY STATEMENT Statement under sub-section (2AA) of Section 217 of the Companies Act, 1956: 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 given. 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. PERSONNEL 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. ACKNOWLEDGEMENT 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 MANAGING DIRECTOR Place : Kolkata Date : 25th Aug, 2010.