Your directors are presenting before you the 27th Annual Report of the Company for theyear ended 31.3.2013.
| ||2012-2013 ||2011-2012 |
| ||(Rs. in Lacs) ||(Rs. in Lacs) |
|Sales & other Receipts ||1668 ||1757 |
|Loss/Profit for the year before financial cost & depreciation ||(214) ||(171) |
|Financial Cost ||- ||150 |
|Depreciation ||6 ||6 15 6 |
|Loss/Profit before tax ||(220) ||(327) |
|Tax expenses/Deferred Tax ||69 ||5 7 |
|Loss/Profit for the year ||(151) ||(270 ) |
|Add : Balance Brought || || |
|Forward from last year ||(1593) ||(1323) |
|Balance carried to Balance Sheet ||(1744) ||(1593) |
OPERATIONAL HIGHLIGHTS & FUTURE PROSPECTS
During the year under consideration the Turnover and Other Receipts stands at Rs 1668Lacs as against Rs. 1757 Lacs in the previous year. The Net Loss for the year afterfinancial cost and depreciation stands at Rs. 151 lacs (Prev.Year Rs. 270 lacs) whichafter adjustment of brought forward losses etc has been carried to Balance Sheet. Duringthe year under review the Company continued to dojob work by processing Soyabean seed onbehalf of other reputed parly and has earned processing income. The Quantity of Soyabeanprocessed on job work basis was 25583 MT as against 41442 MT inthe previous year. Due tounfavourable situation in the Soya trade and consequential disparity lesser quantity ofsoyabean seed was provided to the Company for processing and hence the job workarrangement was not profitable in this year also. With the improvement in the world marketscenario your Directors expect Soya business and job work quantity o t improve in future.
Due to carryover losses no dividend is declared.
No dividend was received on investments made in the shares of Girdharilal Sugar AndAllied Industries Ltd.
During the year under review assets worth only Rs. 3.39 Lacs were acquired.
The company did not invite or accept any deposit from the Public during the year undersection 58A of the Companies Act 1956.
REFERENCE TO BIFR
The Company continues to be a sick company duly registered with BIFR as Case No.449/02. The Operating Agency has already submitted a modified rehabilitation package whichis under consideration of BIFR.
Shri Uttam Bubna Director of the Company retire by rotation and being eligible offerhimself for reappointment. In view of the valuable contribution made by Shri Uttam Bubnafor the progress of the company the Board of Directors recommend his reappointment asDirector of the company.
PARTICULARS OF EMPLOYEES
The statement pursuant to the provision of section 217 (2A) of the Companies Act 1956and Companies (Particulars of Employees) Rules 1975 is not required since none of theemployee has drawn not more than Rs.6000000/- per annum or Rs.5000007- per monthduring the relevant year.
The statutory Auditors of the Company M/s. M. Mehta & Company CharteredAccountants Indore retire and being eligible offer themselves for reappointment.
The notes to the account referred to in the Auditor's Report are self explanatory andare properly dealt within Schedule of the Annual Accounts.
Your Directors however would like to briefly clarify the Auditors' Qualification inother matters of their Report as follows:-
.i The Company.s Banker has already remitted part of unclaimed/unpaid Share ApplicationMoney to the credit of Investors Education and Protection Fund in compliance of Provisionof Section 205C of the Companies Act 1956. Efforts are being made for remitting thebalance portion.
ii. Auditors Note regarding adoption of AS-15 has been dealt exhaustively in scheduleattached to Annual Accounts
iii. No Provision has been made in the Account in respect of demand of Sales Taxsincethe company has appealed against such demand before the Higher Authorities
iv. The Company has not provided interest on loan because the company is a sick Companyduly registered with BIFR and is facing liquidity crunch.
DIRECTORS' RESPONSIBILITY STATEMENT
The Board of Directors of the Company confirms:
i that in the preparation of the annual accounts the applicable accounting standardshave been followed and there has been no material departure;
ii. that the selected accounting policies were applied consistently and the directorsmade judgments and estimates that are reasonable and prudent so as to give a trueand fair view of the state of affairs of the company as at March 31' 2013 and of the lossof the company for the year ended on that date;
iii. that proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 1956 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities.
iv. that the annual accounts have been prepared on a going concern basis.
A Report on Corporate Governance is enclosed.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING/OUTGO
The information required under section 217 (1) (e) of the Companies Act 1956 readwith Companies (Disclosure of particulars in the report of the Board of Directors) Rules1988 with respect to these matters is appended hereto and forms part of this report.
The company continued to maintain cordial relations with its employees at all levels.
Your Directors acknowledge with gratitude support received by the company from BankCentral Govt. State Govt.
|Employees and others. ||BY ORDER OF THE BOARD |
| ||For PREMIER PROTEINS LIMITED |
|DATE : 31.08.2013 ||RAJES H AGRAWAL |
|PLACE: INDORE ||CHAIRMA N & MANAGING DIRECTOR |