KRISHNA SYNTHETICS LIMITED
ANNUAL REPORT 2007-2008
Your Directors have pleasure in presenting the Twentieth Annual Report of
the company together with the Audited Statement of Accounts for the year
ended 31st March, 2008.
Year Ended Year Ended
(Rs. in lacs) (Rs. in lacs)
Job Work Charges 17.36 23.23
Interest Amount from PICUP written back - 36.39
Other Income 5.57 0.14
Total Income 22.93 59.76
Profit /(Loss) before Interest &
Depreciation 0.22 15.73
Interest - -
Depreciation 7.21 7.60
Profit/(Loss) for the year (6.99) 23.33
Loss from earlier years brought forward 450.17 473.31
Loss carried forward to Balance Sheet 457.16 450.17
The Company's reference with BIER is still pending. No hearing took place
in the year under review.
Smt. Slochan Aggarwal, who retires by rotation and being eligible offers
herself for re-appointment.
In view of the inadequacy of the profit, Shri R.P. Aggarwal, Mg. Director
has not drawn any emoluments from the Company during the year.
No deposit from Public have been taken which are covered u/s 58-A of the
Companies Act, 1956.
No dividend is proposed to be declared in view of inadequacy of the
M/s S.P. Aggarwal & Company, Chartered Accountants, Statutory Auditors of
the company, retire at the forthcoming Annual General meeting. Being
eligible, they offer themselves for re-appointment. Your directors
recommend their appointment.
None of the employees is covered in terms of section 217(2A) of the
Companies Act, 1956 read with the Companies Act, 1956 read with the
Companies (Particulars of employees) Rules 1975.
The Company continued to maintain harmonious and cordial relations with its
staff and workers,
DIRECTOR'S RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies Act ,1956 the Directors of
your company declare as under:
(i) That in the preparation of the Annual Accounts, the applicable
accounting standards had been followed alongwith proper explanation
relating to material departures.
(ii) That the directors had selected such accounting policies and applied
them consistently made judgements and estimates that are reasonable 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.
(iii) That the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the provision
of this Act for safeguarding the assets of the company and for preventing
and detecting fraud and other irregularities.
(iv) That the directors had prepared the annual accounts as an ongoing
Your Directors acknowledge with gratitude the co-operation and assistance
given by Financial Institutions, Bankers, customers and employees of the
company during the year under review.
For and on behalf of the Board
Place: New Delhi (R.P. Aggarwal)
Dated: August 30,2008 Managing Director
ANNEXURE TO DIRECTORS REPORT
As required u/s 217(1-E) the Companies Act, 1956 read with companies
(Disclosure of particulars in the Report of the Boards of Directors) Rule,
1988. The relevant information is given below :
(A) Conservation of Energy:
Abundant care and attention has been exercised in order to minimize the
consumption of fuel and Power.
(B) Foreign Exchange:
There is no Foreign Exchange earning and outgo in the year under