Your Directors have pleasure in presenting the Annual Report along with the auditedstatement of Accounts for the year ended 31st March 2015 .
The highlights ofthe financial results for the Current financial yearended 31stMarch 2015 are :
Rs in Lakhs
| ||31.3.2014 ||31.3.2015 |
|TOTAL INCOME || || |
|Sales ||40.20 ||129.72 |
|TOTAL ||40.20 ||129.72 |
|TOTAL EXPENDITURE || || |
|Raw Materials ||28.66 ||43.71 |
|Operations and Other Exp. ||11.42 ||39.85 |
|Depreciation ||6.25 ||10.80 |
|Profit / (Loss) ||-6.14 ||35.36 |
During the year the company has made a profit. There is an increase in the turnover ascompared to the previous year. The Profit for the current year is Rs 35.36 lakhs ascompared to a loss of Rs. 6.14 lakhs in the previous year.
In lieu of the recessionary trend in the market in general the outlook for the currentyear is not very attractive. The Company is trying hard to recover the fixed and variablecosts and it has also adopted various cost reduction measures.
DIRECTORS' RESPONSIBILITY STATEMENT:
In accordance with the provisions of Section 134(5) of the Companies Act 2013 yourdirectors confirm that:
i. in the preparation of the annual accounts for the year ended March 312015 theapplicable accounting standards have been followed and there has been no materialdepartures from the same;
ii. the Directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company as at March 312015 and of the profit/loss of the Company for that period;
iii. the Directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the company and for preventing and detecting fraud and otherirregularities;
iv. the Directors had prepared the annual accounts on a going concern basis
v. The Director had devised proper systems to ensure compliance with the provisions ofall applicable Laws and that such systems were adequate and operating effectively.
vi. The Directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively.
AUDITORS AND AUDITORS' REPORT:
M/s Ajay B. Garg Chartered Accountants Mumbai bearing ICAI Membership No. 032538Statutory Auditors of your Company retires at the ensuing Annual General Meeting and areeligible for re-appointment. The Company has received a letter from them to the effectthat their re-appointment if made would be within the limits prescribed under Section139(2) of the Companies Act 2013 and that they are not disqualified for such re-appointment within the meaning of Section 141(1) of the Companies Act 2013.
The Notes on Accounts referred to in the Auditors' Report are self-explanatory.
PARTICULARS OF EMPLOYEES:
The Information required under section 197 read with Rule 5(1) of the Companies(Appointment of Remuneration of Managerial Personnel) Rules 2014 regarding employees tothe Directors Report is not appended as no employees is in receipt of remunerationexceeding the prescribed limits.
PERSONNEL AND WELFARE
Your Directors appreciation for the dedicated efforts put in by all the employeesexpress their sincere and for their continued contribution for ensuring improvedperformance of your company during the year.
The Industrial Relations continued to be generally peaceful and cordial at all thedepartments of the Company.
The Company does not have any subsidiary.
Properties and Assets of the Company are adequately insured
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
In terms of clause 49 of the Listing agreement with the Stock exchange the ManagementDiscussion and analysis Report is appended to this report.
Your company has always strived to incorporate appropriate standards for good corporategovernance. As a listed Company all required measures are taken to comply with theAgreement with the Stock Exchanges. A separate report on Corporate Governance along with aCertificate from the Auditor form part of this report.
In view of conversing the resources and the new commitments in terms of the Order bookposition the Directors are unable to Declare any Dividend for the current year.
INTERNAL CONTROL SYSTEMS :
The Company always believes that free hand in functioning transparency systems andcontrols combined together are important factor in the success and growth of anyorganization.
Audit committee of Directors is responsible for implementing adequate systems andcontrols for all the activities in the Company. They monitor strengthen and modify thesefrom time to time to meet the changing requirements of the Company.
FIXED DEPOSITS :
The Company has not accepted and or renewed fixed deposits from the public during theyear ended 31st March 2015.
Your Directors wish to take this opportunity to express deep sense of gratitude to theFinancial institutions and especially M/s HDFC Bank and Union Bank for continuedguidance and support.
At this point the Directors would also like to place sincere appreciation for the totalcommitment dedication and hard work put in by the Staff and the Workers of the Companyfor its success.
| ||FOR AND ON BEHALF OF THE BOARD |
| ||For Prakash Solvent Extractions Ltd. |
| ||L.T. Punjabi |
| ||Director. |
|Date : 5th Sept 2015. || |
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS/ OUTGO:
PARTICULARS OF TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO AS PERSECTION 134 OF THE COMPANIES ACT. 2013 READ WITH ( DISCLOSURES OFPARTICULARS IN THE REPORT OF DIRECTORS ) RULES . 1988 FOR THE PERIOD ENDED31st MARCH 2015.
A. Conservation of Energy :
The company continues to give high priority to conservation of energy on an ongoingbasis. Some of the significant measures adopted are :
i. Installation of Capacitors for improvement of power factor.
ii. Replacement of energy efficient Electrical motors
iii. Installation of UV sheets to reduce lighting consumption during the day time.
iv. Improvement in power factor by distribution of load.
B. Technology Absorption :
The Company is continuously monitoring the manufacturing process and trying to achievemaximum production output from the existing Process.
C. Technology Absorption adoption and innovation :
The technology used for manufacture of various products is fully absorbed and newinnovations in process control cost reduction and quality improvement are made on acontinuous basis. The Company has not imported any technology during last 5 years.
D. Foreign Exchange Earnings and Outgo :
|i. Foreign Exchange Earned ||NIL |
|ii. Outgo of Foreign Exchange ||NIL |
|iii. Expenditure in Foreign Currency ||NIL |
|iv. Net Foreign Exchange Earned ||NIL |