SUNRISE ZINC LIMITED
ANNUAL REPORT 2010-2011
The Share Holding Members of the Company,
Your Directors hereby present to you the 17th Annual Report along with the
Audited Accounts for the year ended 31st March, 2011.
Members were informed that on the orders of the Hon'ble High Court of
Bombay (Goa Bench), the Goa State Pollution Control Board had asked the
Company to close the Plant, and since 23-11-2007, the Plant has been
closed. No production or activities were carried out this year.
We have to further inform that on 3 rd October 2008, the Secured Lenders
led by State Bank of India took over possession of all the Assets-Fixed as
well as Inventories-invoking the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest Act, 2002, your
Directors could not operate from the premises at Industrial Estate,
Since the values of all the Fixed Assets and Inventories with the Company
have been brought to NIL, the accounts were prepared accordingly
transferring their values to the Secured Lenders.
Further on getting letters of waivers from the unsecured lenders, their
loan/credits amounts are no longer being treated as Liabilities.
OPERATIONS ON BOURSES:
As no assets have been left with the Company there can be no activity;
hence the shares/stocks of the Company remain suspended ON BSE.
M/s Pradeep Kulkarni & Associates continued to be the Auditors of the
DIRECTORS RESPONSIBILITY STATEMENT:
Your Directors confirm that;
a) In preparations of Annual Accounts the applicable accounting standards
have been followed.
b) Such accounting policies have been selected and applied consistently and
such judgments and estimates have been made which are reasonable and
prudent so as to give a true and fair view of the state of affairs of the
Company for the period under review.
c) Proper and sufficient care has been taken for maintenance of adequate
accounting records in accordance of the provisions of the Companies Act,
1956 for safe guarding the assets of the Company.
d) The Annual Accounts have been prepared on a going concern basis.
CONSERVATION OF ENERGY:
There is no significant consumption of energy.
Since the Company activity level does not call for any technology
absorption, no thought is envisaged on this aspect for the year under
For SUNRISE ZINC LIMITED
DATE : 15.07.2011.