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Maniyar Plast Ltd.

BSE: 526321 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Maniyar Plast Ltd
NSE 05:30 | 01 Jan Maniyar Plast Ltd

Maniyar Plast Ltd. (MANIYARPLAST) - Director Report

Company director report

MANIYAR PLAST LIMITED ANNUAL REPORT 2002-2003 DIRECTOR'S REPORT To The Members, The Directors are placing herewith the Nineteenth Annual Report together with Audited Statement of Accounts for year ended 30th September, 2003. 1. FINANCIAL RESULTS: The financial results for the period ended on 30.09.2003 as compared to the previous year are as under: ( Lacs) Current year Previous year ended ended 30.09.2003 30.09.2002 Gross Sales 1678.24 1552.31 Profit/ (Loss) before interest, (179.11) (136.61) Depreciation and Taxation Less: Interest 1020.30 1022.45 Depreciation 240.53 223.85 Provision for taxation - 1260.83 12.30 Profit/Loss after taxation (1439.94) (1392.92) Add: Balance b/f Less Adjustment relating to previous year - - Surplus available for appropriation - - Dividend on equity shares - - Transfer to General Reserve - - Carried forward to next year -6689.30 -5249.36 2. DIVIDEND In view of huge losses during the last and current year, directors are not in a position to recommend any dividend. 3. REVIEW OF OPERATION: The year in retrospect was a tough one for the Indian Industry in general. The moulded furniture industry was not an exception to it Though there was increase in the sales in general the margins remained very low. Raw Material prices have remained a key factor in the operations which during the calendar 2002 saw its all time peak and remained the same more or less during the part of this year. The fluctuating level of input prices and intense competition from small producers have contributed to further loss in the moulded furniture products. The sale of the moulded furniture products marginally increased due to the introduction of the new models and improvement in the old models. The company is looking for tie-up with other small manufacturers for their moulds to manufacture chairs in the Company's name and get favourable market for its existing . range of products. The turnover of the Company for the period under priew was Rs. 1678.24 Lacs against the turnover of Rs.1552.31 Lacs in the preceding year registering an increase in the turnover by around 8% on annualised basis. The Profit before interest and depreciation continued to be negative at Rs.179.34 Lacs, As per the directions of the Hon. BIFR, the Company had submitted a revival proposal to IDBI, and in the joint meeting held on 12/09/2003 with IDBI & all the bankers, it had been decided to conduct a Techno Eco Viability study (TEV) of the Company, As soon as the (TEV) Study Report is approved by the Banks and IDBI, it will be submitted to Hon. BIFR for its approval and a revival plan will be chalked-out. The Company had gone in appeal with Hon-AAIFR, which came late and the advertisement by IDBI for change of mgt. was already published in the newspaper, hence the Company withdraw its appeal. 4. PROSPECTS FOR THE CURRENT YEAR: Though the sale of the Moulded Furniture products increased in the past year, the impact of the increased sale could not be seen on the profitability. The Company is sure to weave profit in the current year if the interest burden is waived off as per the revival proposal submitted to IDBI. Moreover with the availability of funds the Company can utilise the capacity of its machines to the full extent. The Company is also planning to introduce new models further as per the market taste and consumer demand in the current year by doing tie-up with other small manufacturers in the wine segment Though some of the Court cases have been solved, many are still pending. The Company is taking all measures to recover the dues against the cheques bounced by the distributors and is selling the goods on cash payment basis only. The directors are targeting to get highest level of output from the woven sacks segment as well. With the introduction of the new labour law by the Government for 50 Kg. packing the Company is confident that the demand for its product woven sacks will definitely increase Margins are sure to increase at; the demand will increase for the bags. The government has already allowed the Sugar industry to pack 20% Sugar. In Plastic Wovon Flogs It is also expected that the packing of Food Grains will also be allowed in the Plastic bags, thereby resulting in higher profit margins. Now that new models have been introduced and with increase in the demand for the bags the Directors certainly feel that the lost market share could be gained and there will be a huge increase in the sales of the Company in the current year. 5. DIRECTORS RESPONSIBILITY STATEMENT: Pursuant to the requirements under section 217 (2AA) of the Companies Act, 1956, it is hereby confirmed. i) That in the Preparation of the Annual Account for the year ended on 30th Sept., 2003, the applicable Accounting standards have been followed. ii) That the Directors selected such accounting policies and applied them consistently and made judgements and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at the end of the financial year. iii) That the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the companies Act, 1956 for safe guarding the assets of the company and for preventing and detecting fraud and other irregularities. iv) That the Directors had prepared the accounts for the year ended 30th Sept, 2003 on a going concern basis. 6. FIXED DEPOSIT The Company has not accepted any Fixed Deposits from the public during the period. 7. DIRECTORS Mr. Ashok Jawale retired by rotation and is eligible for reappointed. 8. AUDITORS Members are required to appoint Auditors and fix their remuneration. M/s S.G. Deshpande & Associates, Chartered Accountants, Jalgaon the retiring Auditors, are eligible for reappointment. The company has received a Certificate from them to the effect that their appointment if made, will be within the prescribed limits under Section 224 (1B) of the companies Act 1956. 9. AUDITORS REPORT The auditors have submitted their Report alongwith Notes on Accounts for the year ended 30/092003. Your Directors are of the opinion that Notes, comments. remarks of the Auditors are self explanatory and therefore, do not call for any further comments arid explanations. 10. PARTICULARS OF EMPLOYEES The Company is having no employee drawing salary of Rs. 24,00,000/- P.A. or more or Rs. 2,00,000/- per month or more for a part of the year in pursuance of the provisions of Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rule 1975, as amended. 11. MATERIAL CHANGES During the period under review the Company has purchased one Chair Mould in Moulded Furniture Plant & one Automatic Cutting & Printing Machine in woven sacks plant, both the Assets were of worth Rs. 51.50 Lacs. 12. ENVIRONMENTAL FACTOR The by-products & wastes generate by Company's production process are not hazardous and dangerous to the surrounding atmosphere & pollution of the Company. 13. ACKNOWLEDGEMENTS: Yours Directors wish to place on record their appreciation of the continuous support received by the Company from IDBI, UBI, BOI, SBI, its Bankers, Business Association as well as the employees. 14. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE EARNING AND OUTGO Additional information on conversation of energy, technology absorption and foreign exchange earning and outgo as required to be disclosed in terms of Section 217 (1) (e) of the Companies Act, 1958, is annexed. For and on behalf of the Board, Place : Jalgaon, Y. K. MALPANI Date : 29th November, 2003 (Executive Director) FORM A FORM FOR DISCLOSURE OF PARTICULARS WIT'" RESPECT TO CONSERVATION OF ENERGY A. Power and FaN Consumption 1. Electricity 2003-2004 a. Purchased Units (KWH) : 35,00,445 Total Amount (Rs.) 1,29,33,956 Average rate per Unit (Rs.) : 3.69 b. Own Generation Through Diesel Generator Units (KWH) N.A. Units/litre of diesel oil Cost/Unit 2. Furnance Oil and LSHS Qty (MT) - B. Consumption per Unit of Production Electricity Consumption (KWH)MT @1021.17 units per MT Form 'B' is not applicable as there are no R&D expenses Rs. in Lacs C. Foreign Exchange Earned (FOB) 35.82 Lacs approx. Incurred 0.15 Lacs