TO THE MEMBERS:
Your Directors have pleasure in presenting herewith their 39th Annual Report togetherwith the Audited statement of Accounts of the Company for the year ended 31st March 2014.
|PARTICULARS ||2013-14 ||2012-13 |
| ||(in Rs) ||(in Rs) |
|Revenue from Operations (Gross) ||447445300 ||341367485 |
|Less : Excise Duty & Sales Tax ||17261167 ||9445501 |
|Revenue from Operation (Net) ||430184133 ||331921984 |
|Add.: Other Income ||2389204 ||9414803 |
|Total Revenue ||432573337 ||341336787 |
|Less: Total Expenses ||432184151 ||340476129 |
|Profit / (Loss) before Depreciation ||389186 ||860658 |
|Add / (Less) Depreciation ||(2652603) ||3058026 |
|Profit / (Loss) before Tax ||(2263417) ||(2197368) |
|Less / Add: Provision for Income Tax || || |
|Add: Income Tax adjustment for earlier years || ' || |
|Profit / (Loss) After Tax ||(2263417) ||(2197368) |
|Debit Balance Brought-forward from previous year ||(927008749) ||(924811381) |
|Profit / (Loss) available for Appropriation ||(929272166) ||(927008749) |
|Loss: Carried to Balance-sheet ||(929272166) ||(927008749) |
In view of the continuous losses incurred your Directors are unable to recommend anydividend for the year under review.
The Company has achieved higher turnover of Rs. 432573337 which is higher by 26.3%from that of the previous year despite the market being very competitive.
PROSPECTS & FUTURE GROWTH :
Considering the increase in the construction building and infrastructure sectors asteady growth is envisaged for this industry. Commercial production from the Company'sMargherita Unit will start very shortly which will lead to increase in the turnover ofyour Company.
The Company's commitment to high standards of quality and on time delivery continuesagainst competitive price pressure.
ENVIRONMENT. HEALTH AND SAFETY:
The Company's commitment to high level of safety health and environment for all itsstake holders employees customers vendors business associates and neighborhood.
HUMAN RESOURCE MANAGEMENT:
Focused human resource(H.R.) initiatives are being taken for training and development.The relations between the employees and the management continues to remain cordial.
In terms of the relevant provisions of Articles of Association of the Company and theCompanies Act 1956 Sri N. G. Paul Director will retire by rotation and being eligibleoffers himself for reappointment.
In terms of provisions of Sections 149150152 and other applicable provision of theCompanies Act 2013 and the rules prescribed there under the non-retiring IndependentDirectors shall be appointed with effect from the date of ensuing Annual General Meetingi.e. 29/09/2014. To comply with these provisions Sri Abhijit Sarkar and Sri Brij GopalJaju were appointed as independent directors for a period of 5 (five) years and they willretire thereafter. Miss Malvika Periwal has been appointed as a Lady Director in the boardin terms of Listing Agreement and recent changes in the Companies Act 2013.
DIRECTOR'S RESPONSIBILITY STATEMENT:
Pursuant to Section 217(2AA) of the Companies Act 1956 the Directors based on therepresentations received from the Operating Management confirm that:
i) In the preparation of the Annual Accounts the applicable accounting standards havebeen followed and that there are no material departures.
ii) In consultation with the Statutory Auditors appropriate accounting policies havebeen followed and applied consistently and judgments and estimates have been made that arereasonable and prudent so as to give a true and fair view of the state of affairs of theCompany as at March 312014 and of the loss for the year ended on that date.
iii) To the best of their knowledge ability and proper and sufficient care has beentaken for the maintenance of adequate accounting records in accordance with applicableprovisions of the Companies Act 1956 for safeguarding the assets of the Company and forpreventing and detecting fraud and other irregularities if any.
iv) The Annual Accounts have been prepared on a going concern basis.
The Company has paid in full a sum of Rs. 1246.78 Lacs as principal and a sum of Rs.14862284/-. i.e. Rs. 148.62 Lacs towards total interest. The Promoters have paid a sumof Rs. 93.10 Lacs towards purchase of shares as per the directions of BIFR from SASFSTANDARD CHARTERED BANK SBI & STATE BANK OF MYSORE No dues Certificate have beenreceived from SCB SBI and SBM. The company awaits NOC from SASF.
INFORMATION PURSUANT TO SECTION 217 OF THE ACT 1956:
The information required under section 217(2A) of the act 1956 read with the Companies(Particulars of Employees) rules 1975 as amended by the Companies (Particulars ofEmployees) Amended Rules 2011 is not furnished as there is no employee drawingremuneration exceeding the prescribed limits.
CONSERVTION OF ENERGY. TECHNOLOGY ABSORPTION:
Information required under Section 217(1 )(e) of the Companies Act 1956 read withCompanies (disclosure of particulars in the report of Board of Directors) Rules - 1988 isenclosed as Annexure-1.
The Members are requested to appoint the Auditors for the current year and fix theirremuneration. M/s. JHUNJHUNWALA & CO. Chartered Accountants having Firm RegistrationNo. 302169E Kolkata the existing Auditors' of the Company have furnished theCertificates of their eligibility for re-appointment under Section 141 of the CompaniesAct 2013 (Corresponding Section 224 of the Companies Act 1956).
In terms of the Listing Agreement a report on Corporate Governance along with theAuditors' Certificate on its compliance is annexed which is forming part of the AnnualReport.
Your Directors' place on record their appreciation to the continued supportco-operation and assistance from the Shareholders Customers Suppliers Employees andEmployees' Union and other business associates including various Central and StateGovernment Agencies and Bankers.
|Head Office: ||For and on behalf of the Board |
|5 Fancy Lane || |
|Kolkata - 700 001 || |
| ||P. PERIWAL |
|Dated : 21st August 2014. ||(Vice-Chairman & Mg. Director) |
A. Power and Fuel Consumption
| ||Current Year ||Current Year |
| ||2013-14 ||2012-13 |
| ||(in Rs.) ||(in Rs.) |
|1. Electricity || || |
|(a) Purchased (Units) ||554464 ||287321 |
|Total Anount (Rs.) ||4155358 ||2281978 |
|Rate / Unit ||7.49 ||7.94 |
|(b) Own Generation through Diesel Generator || || |
|Units (Litres) ||37190 ||22500 |
|Units per litre of diesel Oil ||3.00 ||3.40 |
|Total Units of Power ||111548 ||76452 |
|Total Amount (Rs.) ||2091892 ||1151652 |
|Cost per Unit ||18.75 ||15.06 |
|2. Furnace Oil ||0 ||0 |
|Quantity (K. Litre) ||0 ||0 |
|Total Amount (Rs.) ||o. ||0 |
|Average rate per Litre ||0 ||0 |
|2(a) Wood || || |
|Quantity (M. Tons) ||480 ||436 |
|Total Amount (Rs.) ||1728232 ||1526427 |
|Average rate per Ton ||3600 ||3500 |
|B. Consumption per unit of Production || || |
|Decorative Laminated Boards (Nos.) Total Prodn. ||423527 ||240845 |
|Electricity (Unit / Unit of Prodn.) ||1.57 ||1.19 |
|Furnace Oil (Ltr. / Unit of Prodn.) ||- ||- |
|Wood (Kgs. / Unit of Prodn.) ||1.13 ||1.81 |