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Krishna Synthetics Ltd.

BSE: 514404 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Krishna Synthetics Ltd
NSE 05:30 | 01 Jan Krishna Synthetics Ltd

Krishna Synthetics Ltd. (KRISHNASYNTH) - Director Report

Company director report

KRISHNA SYNTHETICS LIMITED ANNUAL REPORT 2007-2008 DIRECTOR'S REPORT 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. FINANCIAL RESULTS: Year Ended Year Ended 31.03.2008 31.03.2007 (Rs. in lacs) (Rs. in lacs) INCOME 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 BIFR REFERENCE: The Company's reference with BIER is still pending. No hearing took place in the year under review. DIRECTORS: 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. DEPOSITS: No deposit from Public have been taken which are covered u/s 58-A of the Companies Act, 1956. DIVIDEND: No dividend is proposed to be declared in view of inadequacy of the profits. AUDITORS 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. PERSONNEL: 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. INDUSTRIAL RELATIONS: 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 concern basis. ACKNOWLEDGEMENT: 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 consideration.