R S PETROCHEMICALS LIMITED
ANNUAL REPORT 2006-2007
Your directors have pleasure in presenting the 15th Annual Report together
with the Audited Accounts of your Company for the year ended 31st March
1. FINANCIAL RESULTS:
(Rupees in Lacs)
Particulars Year Ended Year Ended
Net Sales/Other Income 0.00 16.89
Profit before depreciation (-) 1.18 8.92
Depreciation 0.00 6.58
Net Profit/loss before tax (-) 1.18 2.16
Provision of Taxation/Income Tax W/Off 0.01 0.00
Profit after tax (-) 1.17 2.16
2. PERFORMANCE REVIEW:
No activity of production of any kind and sales had taken place during the
year under review. Your Directors are making sincere efforts and
endeavoring to revive the manufacturing facility by in collaboration with
some strategic partner.
Sh. Iqbal Singh, Director retire by rotation at the ensuing Annual General
Meeting and being eligible offers himself for re-appointment.
4. DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to requirement under Section 217(2AA) of the Companies Act, 1956
with respect to Directors' Responsibilities Statement, it is hereby
a) That in the preparation of the annual accounts for the financial year
ended 31st March 2007, the applicable accounting standards had been
followed along with proper explanation relating to material departures.
b) That the Directors had selected such accounting policies and applied
them consistently and made judgments and estimates that were reasonable and
prudent so as to give a true and fair view of the state of affairs of the
Company at the end of the financial year and of the profit or loss of the
Company for the year under review.
c) 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 safeguarding the assets of the
Company and for preventing and detecting fraud and other irregularities.
d) That the Directors had prepared the accounts for the financial year
ended 31st March, 2007 on a going concern basis.
5. FIXED DEPOSITS:
The Company has not accepted any deposits under Section 58-A of the
Companies Act, 1956 during the year under review.
M/s P.C. Goyal & Co., Chartered Accountants, Ludhiana, statutory auditors
of the Company, retire at the conclusion of ensuing Annual General Meeting
and being eligible offer themselves for re-appointment.
7. INFORMATION PURSUANT TO SECTION 217(3) OF THE COMPANIES ACT, 1956:
It is submitted that the Auditor's Report and notes on accounts referred to
by the auditors in their report are self-explanatory. Replies by the
directors to queries raised by the auditors in their report-dated
01.09.2007 are given as an addendum to directors' report.
8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO:
As required under Section 217(1)(e) of the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988, the
information in this regard is NIL as there was no activity of production or
sales during the year.
9. PARTICULARS OF EMPLOYEES:
None of the employees is covered under the provisions of Section 217(2A) of
the Companies Act, 1956 read with the Companies (Particulars of Employees)
The directors wish to place on record sincere thanks to the shareholders of
the company for the confidence reposed by them in the management.
For & on behalf of the Board
Place: Ludhiana Mohinder Singh
Date : 01.09.2007 Director