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Shree Ganesh Knit (India) Ltd.

BSE: 530653 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Shree Ganesh Knit (India) Ltd
NSE 05:30 | 01 Jan Shree Ganesh Knit (India) Ltd

Shree Ganesh Knit (India) Ltd. (SHGANESHKNIT) - Director Report

Company director report

SHREE GANESH KNIT (INDIA) LIMITED ANNUAL REPORT 2004-2005 DIRECTOR'S REPORT To Dear Members The Directors have pleasure to presenting the Fifteenth Annual Report of the Company along with Audited Accounts for the Year ended 31st March, 2005. FINANCIAL RESULTS The Financial results of the Company for the year under review are as under: 2004-2005 2003-2004 Income 0.07 0.39 Expenditure 1.28 3.28 Loss on sale of Assets 47.52 - Gross Loss before Depreciation (48.78) (2.89) & Taxation Depreciation - - Loss before Taxes (48.78) (2.89) Loss after Taxes (48.78) (2.89) DIVIDEND Your Directors do not recommended any dividend for the year under review. OPERATIONS The Directors have reporting in last Director's Report that Manufacturing at Narol Factory has been discontinued. The Directors Report that Company could not restart Operation during Current Year. The Company has sold off Plant & Machinery during directive from court and deposited sales proceed against Excise Case. The Company operations are closed and directors do not for see further opportunities. The investments was sold of during the year. AUDITORS The Auditors remarks in Audit Report and Notes forming part of Accounts are self Explanatory. The present Auditors of the Company M/s D.A. Rupawala & Associates, Chartered Accountants, Ahmedabad retire at the ensuing Annual General Meeting and being eligible offer themselves for reappointment. PROSPECTS Due to uncertain political situation and depressed economy the current year cannot be easily foreseen. STOCK EXCHANGE The Shares of the Company are listed on Mumbai, Ahmedabad and Calcutta Stock Exchanges. The Company has not paid Listed Fees to Any Stock Exchanges. EMPLOYEE RELATIONS Relation between the employees and the management continued to remain cordial during the period under review. Information as per sec.217 (2A) of the Companies Act, 1956 stoods with the Companies Rules, 1975 and as amended by the Companies Act, 1988 is 'NIL'. DIRECTORS In accordance with the requirements of the Companies Act, 1956 and the Company's Articles of Association, Shri Kamal Kumar Dugar of the Company is due to retire by rotation and are eligible for re-appointment. DIRECTORS RESPONSIBILITY STATEMENT Your Directors confirm (i) That in the preparation of the Annual Accounts the applicable accounting standards have been followed. (ii) That the Directors have selected such accounting policies and applied them consistently subject to (i) and made judgements and estimates that are 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 ended 31st March, 2005 and of the Loss of the Company for that year. (iii) 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. (iv) That the Directors have prepared the Annual Accounts on a going concern basis as the restructuring and various proposals is under active consideration of Directors. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGES/OUTGO The Company has suspended manufacturing activities. Thus conservation of energy, Electricity consumption and technology Absorption is not applicable. There is no foreign exchange earning and outgo during the year. CORPORATE GOVERNANCE REPORT The Company has not Complied with Clause 49 of The Listing Agreements pertaining to Corporate Governance due to various factors like liquidity crunch, non-availability of individual willing to be independent directors etc. However Board is taking steps to adhere to Listing Agreement. ACKNOWLEDGEMENT The Directors wishes to thanks, the Employees, Bankers and Shareholders of the Company. For & Behalf of the Board of Directors Director DATE : 04.09.2005 PLACE : Ahmedabad