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Pretto Leather Industries Ltd.

BSE: 526691 Sector: Others
NSE: N.A. ISIN Code: INE384M01015
BSE 00:00 | 02 Mar Pretto Leather Industries Ltd
NSE 05:30 | 01 Jan Pretto Leather Industries Ltd
OPEN 0.37
PREVIOUS CLOSE 0.37
VOLUME 19050
52-Week high 0.37
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.37
CLOSE 0.37
VOLUME 19050
52-Week high 0.37
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Pretto Leather Industries Ltd. (PRETTOLEATHER) - Director Report

Company director report

DIRECTOR

Your Directors have Pleasure in Presenting the Annual Report together with auditedstatement of accounts for the year ended 31st March 2013.

WORKING RESULTS (Amount in Rs)
Particulars 31-3-2013 31-03-2012
Total Income 5042100 15496689
Depreciation 281473 268380
Profit(Loss) before Tax (179936) (3384667)
Provision for Tax-FBT 0 -7475
Profit (loss) after Tax (179936) (3377192)

OPERATIONS AND FUTURE PLANS

The operations for the year under review show a loss (after Tax) of Rs. 179936-

The Company has not been active for the past seven years due to a severe financialcrisis for the past three years the Company was in the process of gradually liquidatingall debts with various Banks and Financial institutions. Your Directors are glad to reportthat during the year under review the Company has closed all loans and is a debt freecompany from this year. The entire amounts required for closing the debts was bought in bythe directors and is reflected as unsecured loans in the Balance Sheet. The Directors feelthat having addressed the issue of clearing the debts it is appropriate time to startplanning for the future. It is sincere intention of the Directors to bring value to theShareholders. But the current economic environment being what it is we will have to chooseour path with care and caution.

Your Directors are pleased to report that a study for the revival of the business isalready commissioned and is underway. The assignment has been entrusted to a reputedconsultancy organization who will examine the feasibility including the strategy.

Your Directors are also looking and examining other business options includingacquisition of running businesses as well as other good viable opportunities where somevalue and synergies can be perceived. It is our Objective that we commence activities inmanufacturing of shoes and consolidate the clients again. We would like to see thatCompany is en route to generating a healthy top line and bottom line.

DIVIDEND:

Since the Company could not generates any profits management does not propose anydividend for the year 2013.

DIRECTORS

During the year under review Mrs. Namita Saxena has given Resignation from theDirector/Promoter of the Company w.e.f 30/06/2012.

During the year under review

During the under review Shri Vinod Kumar Dhama Director retire at the ensuring AnnualGeneral Meeting and being eligible offers themselves for reappointment.

Mr. Dinesh Malik Director retire at the ensuring Annual General Meeting and beingeligible offers themselves for reappointment.

DIRECTORS’ RESPONSIBILITY STATEMENT

Your Directors State:

i) that in the preparation of the annual accounts the applicable accounting standardshad been followed along with proper explanations relating to material departure;

ii) that the Directors had selected such accounting policies and applied themconsistently and made judgements and estimates that ate reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and the loss of the Company for the period;

iii) That the Directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 1956for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities.

iv) That the Directors had prepared the annual accounts on going concern basis.

FIXED DEPOSITS

Your company has neither invited nor accepted any Fixed deposits from the public duringthe financial year under review.

CORPORATE GOVERNANCE ABD COMPLIANCE CERTIFICATE:

Separate notes on Corporate Governance and Management Discussion and Analysis Reportare set out as Annexure "A" and "B" respectively. A Certificate fromthe Auditor of the Company certify ing compliance conditions of Corporate Governance asstipulated under Clause 49 of' the Listing Agreement is attached to this report.

LISTING AGREEMENTS REQUIREMENTS.

The securities of your company are listed at Bombay Stock Exchange.

BUY-BACK OF SHARES

PARTICULARS OF THE EMPLOYEES:

None of the employees employed during the year was in receipt of remuneration in excessof the Prescribed limit specified in section 217 (2A) of the Companies Act 1956 Hencefurnishing of particulars under the Companies ( Particulars of Employees) 1975 does notarise.

AUDITORS

M/s I.P. PASRICHA & CO. Auditors of the Company retire at the ensuing AnnualGeneral Meeting. They have expressed their willingness for reappointment.

’CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION

During the year under review there were no activities which required heavyconsumption of energy. However adequate measures have been taken to make sure that thereis no wastage of energy. Since the requisite information with regard to the conservationof energy technology absorption (Disclosures of Particulars in the report of Board ofDirectors) Rules is irrelevant/not applicable to the company during the year under reviewthe same are not reported.

FOREIGN EXCHANGE EARNINGS AND OUTGO:

The Company has no foreign exchange earnings and outgo during the Financial Year endedon 31st March 2013.

ACKNOWLDGEMENTS

The Board of Directors wish to place on record their appreciation for the co-operationand support of the Company’s Bankers its valued customers employees and all otherintermediaries concerned with the company’s business.

Your directors sincerely thank all members for supporting us during the difficult days.We look forward to your continued support and reiterate that we are determined to ensurethat the plans are successfully implemented.

Place: Bareilly (U.P.) For Pretto Leather Industries Limited
Date: 03.09.2013 Director